2022-07-31-accounts

KINGSWOOD BATH Kingswood School ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS forthe year ended 31 July 2022 Charity Registration Number.. 309148

Kingswood School CONTENTS Foreword by the Headmaster of Kingswood School & Princip81 of Kingswood Foundation Governors. Key Management Personnel and Advisers Governor5, Report 7-16 Independent Auditor's Report to the Governing Body of Kingswood School 17-19 Consolidated Statement of Financial Activities 20 Consolidated and khool Balance Sheets 21 Con501idated Statement of Cash Flows 22 Notes to the Financial Statements 23-44

King5wood School FOREWORD Ir Annual Report of The Trustee5 of Kingswood School Foreword by the Headmaster of King5wood School & Principal of Kingswood Foundation rhis was the year when the school life that we know and love, carne roaring back to sornething approaching normality. It IS alway5 a privilege as Headmaster to pen the opening words to this foreword, and it feels especially so at the end of my second vear at the helm, havine now experienced the great spirit of our pupils in action. and had a chance to meet many of our parents and alumni who are so supportive ol our efforts. Many congratulations are due to our Year 13 leaver5 who celebrated outstanding A Level results over the summer, with 67% of èll Brades at A. or A. 88% at A. B and a 100% pass rate. This is Kingswood's best ever outcome, considerèbly ahead even of the results achieved in 2020 and 2021. Well over half the cohort achieved 3 A'IA grades or better. We are equally delighred for our 8TEC Sport cohort who all achieved Distinctions. Holding such strong results. 86% of those who applied gained acceptance at their first-ehoice university. with the number rising to 95% into either their first or insurance choice. Two thirds of these Students are off to Rus5È11 Group univer51ties (including Oxbridgel and the three student5 who gained place5 to read medicine take the total who have received rnedical school place5 over the last three years to 5iXteen. We are very proud of our young people who showed characteristic ambition and resilience to achieve such excellent results, despite the disruption they have @xperienced over the last few years. GCSE results day was similarly joyful with the Year 11 cohort also bucking the national trend and achieving results in line with last year. With 57% of all results awarded at grades 9 and 8, and 76% at grades 9- 7, Students have achieved very highly across both GCSE and IGCSE examination5. The picture is an excellent one acros5 the breadth of the curriculum with the Science5, Humanities and Creative Arts all enjoying stellar results. Year 6 pupils also performed well in their end of year 5tandardised asse55ment5 Wlth the data collected and analysed eKternally. The results show that all children at Kingswood Prep School made progress over the course of the year. with the vast majority making expected or morè than èxpected proÉress. and the mean standardised asse55ment scores for thè core subjects of English and Maths proving to be a good margin higher than the national average. As a School with a broad intake this is a positive set of The academic achievement of our pupils has it5 roots in the quality of our teaching and learning, and a prevailing culture which celebrates aspiration and success. But it is part and parcel of our belief in developinE we51-rounded young people who feel

Kingswood School FOREWORD known as individuals, valued for the contributions they make, and who carry a sense of self-worth that underpins a desire to be the best ver5ion% of themselves, even as they celebrate the succes5 of other5. Such excellent outcomes are, of course. a tearn effort. l arn thankful to our teachers who guided our pupils Wlth such expertise and offered such wonderful pastoral care, and a550 to our parents for working with us in constructive partnership. Our reputation as a School where pupils learn as much tsutside the classroom as they do within it is well earned. and it was heart-warmlng to witne5S 50 rnany young people developing their existing talents and taking advantage of the rnany opportunities to find new ones. The busy co-curricular life of the school tontinues to strongly influence the character development of our pupils and the formation of impressive personal qualities. The rugby season produced a story that for me highlighrs the Kingswood spirit and all that sport and competition leèches about life. All season, our 1st XV played with grit, determination, bravery and an indefatl8able team spirit- despite this, match win5 retnained elusive. The way the team played however was a great eK3mple to our U16A team who, In turn, exhibited the very same qualities and who. in contrasi, enjoyed an unbeaten season. This vignette is a microcosm of so many areas of school life,. we of course play to win, but it's not the winning or105ing that is important. but the content of your character and how you play the game, and these two contrastinE Stories both hold the same core truth. exhlblted by our teams, about the importance of winnin8 Wlth humility and losinB with good grace. If the greatest commandment is to love, it follows that the m05t important school rule Is to be kind. It is uplifting to lead community where this is so hardwired into everyday life and, to this end, it wa5 a pleasure to be back in our lovely chapel this Year with our new chaplain, Rev Katy, challenging our pupils to develop a philosophy to look beyond themselves. responding to the needs of others. The Charity and Service committee had a busy year helping to co-ordinate the work our pupils do in the local community 8nd raise funds for pupil 5eleeted charities. The take up for our sixth form mentoring training ha5 been reallv encouraging and l am pleased that we are working with a local charity. Mentoring Plus, to pilot a scheme where sixth form students get out into local primary schools and use their training as mentors and role models to pupils in the younger years. l always maintain that a school that sin8S $5 a school at ease with itself, and so was delighted to see the quality of congregational slnging improving over the year as our pupils made up for the lack of music and singing that was a feature of the pandemic years. Our chapel organ ha5 been given a complete overhaul, Ihanks to some very generous donations from alumni, and we will be looking to raise the roof in the coming year. I hope that john Wesley would be pleased that down the ages we have taken him seriously when he said that -an ounce of love Is worth a pound of knowledge." We are of course all about the acquisition of knowledge, skills and intellectual mastery, but we are also about developing all elements of what it mean5 to be human.. mlnd, body and spirit. This demand5 a commitment to a really balznced approach to education. The achievements and personal development of our pupils durlng the year demonstrate Kin8swood's ongoing commitment to excellent educational standards, as well as our deep conviction that personal care for individuals allow5 them to flourish, even in the most challenBin8 of circumstances. Andrew Gordon-Brown November 2022

Kingswood School GOVERNORS, KEY MANAGEMENT PERSONNEL AND ADVISERS Governors On 24 August 2001, the King5wood School Governor5 became a body corporate called King5wood School Trustee Lirnited. company number 04253059. With effect from that date, the cornpany called Kingswood School Trustee Limlted became the governing body of the charity. The Board of Governors of Kingswood School are the director5 of Kingswood School Trustee Limited. They have served in office throughout the year except where indicated. 131 141 151 Mr P Baines Mrs S Bond MSC MCSP MMACP Mrs H Bools 8DS FDS M'orth MSC Mr l Falconer BSC Mr P Freeman CBE QC Miss E Garner BA CA CPFA Mr M Gordon Mr S Holliday MA Mr RHill Mr G Hinchley Mr D Humphreys BA IEx-Officiol Prof D Lane PhD CBE FREn8 FRSE MrDLau Mr T Lindsay MA Dr C Millington Mrs D Nancekievill MA Bmus PGCE Hon ARAM Reverend Dr J Pye MA PhD (Ex Officiol Major Genera1 A Raper MA C8 CBE (Retdl Mr C Stafford BA Mrs M Smlth Bsc MrA Tait Bsc Mr5 S Thomas BA PGCE Mr O Warmann BAIHonsl PGCert Retlred Oct 21 Actin8 Chair Oct 21-July 22 Retired Oct 21 Appointed Apr 22 Appointed Apr 22 Appointed Apr 22 Chair from Aug 22 Appointed Apr 22 Appointed Apr 22 11!lill Appointed Apr 22 Appointed Apr 22 Retired Oct 21 Throughout the year, the prlmary activities of the Board of Governors were tarried out through seven 5ub-ctsmmittee5. Committee membership is highlighted above with the Chair annotated by asterisk I'l. ill Cornpliance and Safe8uardin8 Committee 121 Education and Pastoral Committee 131 Finance and Estates Committee 141 Over5ea5 Cotnmittee 151 Nominations & Renumeration Committee 161 strategy Committee 171 Executive Comrnittee

Kingswood School GOVERNORS, KEY MANAGEMENT PERSONNEL AND ADVISERS The directors of Kineswood School Trustee Limited for the purposes of this report and the financial statements wi11 be referred to a5 'Governors' of Kingswood School and are considered, together with those listed below, key personnel for the purposes of FRSIO2. Key Management Personnel Mr A S Gordon-Brown Msc Headmaster of Kingswood School and Principal of Kin85wood Foundation Senior Deputy Head of King5wood School Bursar and Clerk to the Governor5 Headmaster Kiri swood Prep School Deputy Head IAcademicl Kingswood School. Senior Deputy Head of Kingswood School from sept 22. Senior Deputy Head of Kin8swood Prep Schoo1 Deputy Head (Academic) Kingswood Prep School Chaplain Director of People & Culture Director of Information Technology Director of Development and Fundraising Director of Admissions, Marketing and Communication Director of Finance & Operations and Clerk to the Governors Deputy Head (Academicl Kingswood School Deputy Head IPa5torall Kingswood School Deputy Head (Academic) and Head of Learning Support Kingswood Prep School Mr G D Opie BEd Retired Au8 22 Mr S J Vickery MA MSC Mr M R Brearey BA Mr J M Davies MA Left Dec 21 Ms H Worrall MEd, BA Mrs K Wilkinson BA Left Aug 22 Rev K Thomas 8Th MLitt Mrs K Dieklnson P8Dip HRM Mr A T Francomb BSC Mr G N Papenfus CFRE Mrs H C Drew BA Mr A N Neale Appointed Sept 22 Dr R E Mcllwaine PhD Msc Appointed Sept 22 Mr l Matthews BA (Honsl Appointed Sept 22 Mrs H D'souza BA (Honsl Appointed Sept 22 Reglstered Address Kingswood School Lansdown Road Bath BAI 5RG Advisor5 to the Foundation Bankers Barclays Bank PIC 4-5 Southgate Street Bath BAI IAQ

Kingswood School GOVERNORS, KEY MANAGEMENT PERSONNEL AND ADVISERS Solicitors Stone King LLP 13 Queen Square Bath BAI 2HI Auditor Haysmacintyre LLP 10 Queen Street Place London EC4R IAG Insurance Agent Hettle Andrews 2 Brunswick Square Birmingham BI 2LP

Kingswood School GOVERNORS, REPORT For the year ended 31 July 2022 The governors present their annual report together with the financial statements and auditor's report of the charity for the year ended 31" July 2022. Unless specified the term 'School' refers to the Foundation15enior and Prep Sthooll. Governance, Strurture and Management Governin8 document The unincorporated Charity, Kin8swood School, was constituted under the provisions of the Methodist Independent Education Trust Deed 1903 and subsequent schemes of 19 August 1953 and 5 June 1974 35 amended by the scheme Sealed 27 March 1997 and 24 August 2001. It is a re8lStered charity, number 309148. On 24 August 2001, the Governors of the School became a body corporate ¢a11èd Kingswood School Trustee Limited, company number 04253059. With effect from that date, the company called King5wood School Trustee Limited became the sole governin8 trustee of the charitv. In July 2019. the Articles of Assoclation were amended lafter agreement by the Methodist Confèrencel to permit an increase in the number of governors from 18 to 24. Group framework Kin8swood School has three subsidiaries, Kingswood Enterprises Limlted Ico. Reg. No. 02545441, Kin8swood International Limited (Co. Re8. No. 105197131 and Ferens Posnett Limited (Co. Reg. No. 113765071 as well as a subordinate charity, Kingswood Schotsl Development Fund (Charily Reg. No. 3102291. Kingswood Enterprises Limited is involved in commercial lettings, property management and the rental of mlnibus service5 for the benefit of the School. Kingswood International Limited is involved in delivering educational consultancy and turriculum materia15 overseas. Ferens Posnett Limited is a dormant company that Is involved in providing financing services for School projects. The charity, Kingswood School Development Fund. is held in suspended animation- it5 rnain objects are to fundraise and apply the annual income of the charity for such charitable purpose5 as the Governors shall determine. Organlsatlonal structure and declslon-makin8 The School governors, as the body corporate of the Charity, have a legal responsibility for the overall managemènt of the School and it5 Strategic direction. Governors benefit from presentations by staff, charity and education experts as well as meeting5 Wlth staff. students and parents. As described earlier, goveTnors execute their responsibi5ity through the seven sub-committees of the Board. In 2018. two sub-committèes were added to the previous five. recognising the growth in compliance and 5afeÈuarding matter5 and overseas developments. Each sub-committee and the main Board meer iermly. All sub<ommittee Chairs are invited to the termly Strategy Committee, formerly a function of the Executive Committee. The Headmaster of Kingswood School and Principal of the King5wood Foundation is responsible to the Chairrnan for the management of the Foundation. He achieves this wlth the support of the Senior Deputy Head, Director of Finance and Operations, Headrnaster of Kingswood Prep School and member5 of the Foundation Leadership Team IFLTI and addltlonally by the Senior Management Teams at KPS and the Senior School. Recruitment and training of Governors The appointment of governors is confirmed at meetings of the rnain Board on the recommendation of the Nominations Cornmittee. Governance audits take place annually to ensure that a broad range of skills exist acr055 Board members. New 8overnor5 are selected to augment these Skills and undergo an internal inductlon process. arranged by the Clerk to the Governors. Ongoin8 training is arranged through AGBIS and other bodies within the Independent Schools Council. The Chairman of Governors attends an annual meeting organi5ed by thè Methodist Independent Schoo15 Trust IMISTI. An annual "Away Day" is organised for Governors to meet colleetlvely off site to di5CU55 Strategi¢ plans, governance and education topics.

Kingswood School GOVERNORS, REPORT For the year ended 31 July 2022 The remuneration of the Headmaster and Principal of the Foundation 15 set by the Executive Committee. Other key management personnel are remunerated with the objective of providing appropriate incentives to encourage enh3neÈd performance and rewarding them fairly and responsibly for thelr Individual conrributions to the Foundation's 5ucce55. AGBIS benchmark data is used to guide the remuneration of key management personnel. Employment Pollcy and Equallty Act Being a comrnitted equal opportunities employer, the School takes every possible step to ensure that employees are treated equally and fairly. The principle of equal opportunities, as defined by the Equality Act 2010, inform5 our employment policies and practice. The School ensures that consultation with employees or their representatives ha5 continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Communication with employees continues through normal management channels in a variety of form5, including the Intranet, INSET and other extraordin3ry notices as required. For the fifth year. the School reported Its Gender Pay data and publlshed the resu115 on its website. The School re*mphasised its strategic commitment to reduce and to eventually elirninate the current gap and we are proactively working towards this. Object, aims and objectives Charftable oblect As set out in the School's Articles of Association.. The advancement of education and learninB for children. Aims, objective5 and intended impart Kingswood School aims to challenge its Student5 to realise their academic potential,. however, the School measures a child's worth by more than examination results. It seeks to est3bli5h the develtspment of character, talent, responsibility and independence as the irllportant foundation for adult life. It provides students with the opportunities to develop these qualities and, through a comprehensive pastoral structure, aims to @ive them the support they need as they mature. Kingswood aims to give children a sense of joy in their own achievement and that ol other5, balanced by a strong Sense of humility, modesty and teamwork. It endeavours to foster a love of learning, the ability to reason and make considered judgments, the courage to question assumptions. a commitrnent to community. a willingness to lead and to serve. and an appreciation and understanding of others. The beneficiaries include.. young people whose education is funded through fee inwme, donation5, bursaries and scholarships,. the local community which benefits from appropriate access to the School's facilities,. a number of charitie5 based in the UK and worldwide for whom funds are raised at the School,. the Eeneral public are the ultimate beneflclaries of the School's hSgh-quallty educaiional system and the Social values that it generates.

Kingswood School GOVERNORS, REPORT For the year ended 31 July 2022 Achlevements and Performance The highlights of the School year appear in the Prlncipal's foreword to this report and the governors are pleased with the excellent pro8ress made by the Foundation Leadership Team in accordance with the Annual Development Plan. Our recent record exam results attest to thè fact that academic success is very Important, but our Kingswood ethos means that this must be part of the well-rounded development of each individual through a fotus on nurturing their talents. The Governors are delighted that Kingswood continues to produce significant success in boys, and girls, sports, drama, mu51C, Outdoor education lincluding Ten Tors, the Duke of Edinburgh award scheme) and the many other extra-curricular activities on offer. King5wood 15 a boarding and day school which provldes education to girls and boys aged from 9 months to 18 years. The Garden now comprises of 100 children, with current numbers in the Prep School at 408 and 859 in the Senior School. Entry to the Senior School 15 predominantly in Year 7, with a smaller intake at Year 9 and into the Lower 6 Form. Approximately one quarter of senior students board and the majorlty of day pupils live within 45 minutes of the School. The Governors and the Senior ManagementTeam continue to balance fee affordabillty with the provision of high qualityeducation Set against a backdrop of developing and maintaining existing infrastructure. In 2018. the Governors commissioned a number of survey5 to deepen the School's understanding of its parent base and it continues to receive benchmark information from organisations such as the ISC, HMC, ISBA and Baines Cutler. The aim 15 to attract children from a diversity of backgrounds and to prepare students with the tools they need to suC￿ed in the increasingly changing and complex world beyond school. In the last three years, extensive investment has been made at the Prep School with modern, state-of-the-art facilities and a purpose-built nursery. We cannot deliver our strategy on school fee income alone. We need also to generate non fee income throu8h Kingswood Enterprises and through donations. We have invested in areas of the school eslate to address essential building compliance and to further enhance social 3reas for our students and staff. These projerts have included compliance works in Beaconfield, a boarding house that has been out of action due to compliance issues.. installation of a new Sixth Form social provision, called the Associate Café and an upgrade to staff facilities in the Posnett staff Hub. Planning for our 275, anniversary year in 2023 is well advanced and the 275 campaign Is now live wlth the aim of ralsing £2.75rn in our 275, year, to support transformational bursaries into the sixth form, the refurbishtnent of the Dixon Centie into a space that will allow for expanded numbers and be a better pre-university. pre-employment preparation for our sixth formeis, and Kingswood Cookery school for which planning applicatlon has been submitted. We are enormously grateful to the generoiity of our prep school parents who together have donated the funds for a new outdoor play area. Financial Review and Yearly Results A summary of the financial results for the year is set out in the consolidated statement of financial activities in the Finanual Statements. The net movement in funds showed an overall increase of £1,076,165 12021.. increase of £375,541) before an unrealised10ss on investments of £14,59612021.' unreali5ed gain of £24,957). Income. The total fee income for the year, after scholarships, bursaries and other remi55ions comprised £19,982,966 12021.. £17,824,1381. Scholarships. bursaries and remissions totalled £2,148,25612021'. £2,718,847) of which £3,643 12021.. £1.6611 was funded by external grants. The decrease in rerri55ions is due to fee refunds and discounts being issued in 20-21 due to the school bein8 closed durin8 ctsvid-19, unlike in 21-22 where the school did not grant any refund5 or discounts in relation with covid-19. School fees rose by 2.5%. Ancillary income was £1,473,20412021.. £1,192,389), which included donation income of E398.16112021.' £196,009). Expenditure. Total expenditure was £20,379,13712021'. £18,746.6021, of which 69% is represented by Foundation staff costs.

Kingswood School GOVERNORS, REPORT For the year ended 31 July 2022 Group assets. The School's total net a55et5 of £13,571,92612021.' £12,505,545) at year-end included £1,168,97612021'. £1,170,001) endowment fvnds, £2,222.96312021'. £1,859.4711 restricted funds and £10,179,98712021.. £9,476,073) unrestricted funds. The net book value of fixed assets totalled £21,731,53412021'. £21.513.7041. Net current liabilities totalled £1,631,03512021.. £2.024,6231 and long-lerm liabilities £6,952,44912021= £7,404.4721. Loans. The School has c*ne fixed interest rate term loan, two variable loans and a further unsecured Charity Commission- agreed loan frorn Endowment Funds to fund the development of the School's facilities. The fixed and variable loans are secured on specified tangible assets of the School. Repayment is proceeding on schedule. The movements in fixed asset5 during the year are set out in note 11 to the financial statements. The School spent £1.181,726 on capital expenditure during the year12021.. £928,204>. As an educational charity, the School has a tax exemption on its educational activities and its Investment income. Investment pollcy. The long term objective of the investment policy has been to at least maintain the value of the endowment funds Iless the substantial withdrawal in June 20181 in real terms11.e. to match inflation a5 measured by the Retail Price Index, the increase in salaries, and other relevant indicatorsl and to take all further gains as income. Inve5tmÈnts are governed by thè Trust Deed. The School at present invests funds through the Central Fin3nce Board of the Methodist Church, which report5 annually to the Methodist IndependÈntSchools Trust that it has reviewed its policies and is making the best investment on behalf of all Methodist Schoo15. The investment portfolio follows ethical principles f investment. The investrnent performance in the year was down about 3.6%. Reserves policy. The Founcjation's reserves policy Is to maintain sufficient unrestricted income reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall. Like many schools. the School ends the year with a nèt current liabilitie5 figure. At year end the School has access to an available overdraft facility of Elm. The @overnors are Satisfied that the Schoo1 ha5 sufficient financing available to meet its workin8 capital and investment requirements. The Financial Statements show the assets and liabiliries attributable to the various funds bv type and summarises the year'5 movements in each fund. In comrnon with most schools, the Charity operates with negative 'free reserve5', but the Governors are sat15fied that external finance would provide an additional 'safety net, if it should be required. The Governors are satisfied that the current level ol reserves are in line with policy, but wish to emphasise that a contingency or reserve fund is something being actively considered In the Forward Plan. strategic Risk Management The B03rd of Governors is responsible for putting in place strategies to mitigate major risks to the Foundation. The Board formally reviews the Risk Register annually and governors are represented on the termly meetings of the Risk Managemènt Corllmittee, chaired by the Director of Finance and Operations. This Committee tdentifie5, assesses and consider5 rnitl8ation and control mechani5m5. The significant risks, as identified by the committee and endorsed by the Board comprise.. Safeguarding. Ensuring that appropriate identification, control and reporting mechanism5 are in place to ensure that children are kept safe. The reputational damage of a failure in 5afe8uardin8 would severely impact the Foundation.. for this reason it is the highest placed risk. The school has a robust DSL structure acr055 both the Prep and Senior school5. Coronavlrus. Whilst relative normality has resumed; the residual le8acy Still poses a risk on the performance of the school,. whether thavs financial stability of the parent body, or through staff absence5. For that reason, COVID should at thi5 Stage sti11 remain a focu5 ptsint. Financlal. Retaining pupll numbers (boarder5 and day students) to ensure ihat a predictable and stable financial plan can be constructed. A significant drop in pupils would severely impact the financial health of the F(>undation. In addition, potential threats to income and expenditure in the independent sector are modelled by the Strategic Planning Committee. Whilst numbers are lookin8 very positive,. on the political horizon, the financial sustainability of independent schools remains in the balance, should there be a change of Government to one which does not support the ethos of private education. However, we remain positive in both our current admissions forecasts and with a new Director of io

Kingswood School GOVERNORS, REPORT For the year ended 31 July 2022 Finance and Operations in post (September 20221, we will be remain focussed on financial efficiencies, regardless of what the political outcome may be. Estate. Understanding the condition and maintaining existlng infrastructure whilst creating an emergency contingencv fund to cater for unexpected building failures across the estate remains a priority. The 2020 Condition Survey h35 produced a rich set of data for consideration at the Finance & Estates and at the main Board Committee and continues to be used to inform current spend. Compliance issues remain a challenging area, especially concerning asbestos, legionella and Radtsn gas. The Risk Management Committee regularly receive reports and take attion where necessary. Reputational. The continued success of the School is dependent on continuing to attract applicants in 5ufFicient numbers by maintaining the highest educational and pastoral standards. To mltigate this risk, the Foundation ensures pupils. success, achievements and welfare are closely monitored and reviewed. This has been exceptionally difficult during the pandemlc and innovative means have been sought to mitigate risk5 to the School'5 Teputation. The Black Lives Matter and Everyone's Invited movements have focussed attention on the School's Diversity and Inclusion policy,. thls has led to the appointment of a new post, the Foundation Diversity and Inclusion Champion. The Governors are of the opinion that appropriate measures have bÈen put in place to mitigate significant risks. Sub-committees. strategic plannin& budgetin8, levels of authorisation, written policie5 arid audits contrlbute to addressing risk factors,. however, it Is recognised that an absolute assurance cannot be provided. Future Plans The Board continues to map out the strategic direction for the Foundatlon. The Annual Development Plan 2022123 supports the Kingswood Foundati(>n Strategy which builds upon the document entitled 'Kingswood 2025,, which sets Out the context in which the school operates and its short to medium term aspirations. The plan is dynamic and subject to ongoing review and updating irs the light of changing circumstances both within the school and in external factor5 which impact on the school. Our plan is centred around four 5tratè8ic prioritie5.' Care for Each Individual, Educate for Life, Serve the Community and Live Sustainably. With our pupils atthe heart of everythingwe do. these core priorities are our focus as we pursue the 8oal of excellen in all areas of school life a5 one Kin8swoDd Foundation. It is important to continue to build on the academic and co-curricular success of the School, whilst seeking to broaden recruitment (sometimes with fee a551Stancel from a wide-ran8e of family backgrounds. The Foundation is enriched by overseas student5 and this, together with a vibrant Sixth Form, is another major area of development. The Foundation must maintain the very healthy numbers of student5 in the Prep and Senior School, with targets set lor the recently integrated marketin8 and adrni55ions teams. The Board has emphasised the importance of Teaching out to its alumni, parent body and other parties to pursue comrnon 8oals of friendship, mutual coopeiation and the development of various projects. To this end, the Kingswood Comrnunity Network has been established. Board members frequently attend seminars on a wide range of independent school topics a5 organised by AGBIS, ISBA and other bodies of ISC. The Chairman, Principal. Director of Finance and Operations and other key management personnel attend a range of events hosted by the Mèthodist Schools Independent Trust Imlsn. The Board also embraces, celebiates and wishes to deepen the understanding of the School's near 275 year herita8e of Methodist educatlon. More specifically, the Board 15 committed to a number of future plans.. To maintain a healthy number of students, circa 1300, across the Foundation, enabling them lalong5ide all members of stafQ to thrive and to fulfil their potential. To continue to refine the academic offering through the delivery of regular education reviews. li

Kingswood School GOVERNORS, REPORT For the year ended 31 July 2022 To consolidate our strong position now that the number of primary (Prep) and nursery children has reached full complement. To rnaintain the achievement of a modest annual returring financial surplus and cash reserve in order to 5UPPOrt continued investment in fee-assistance (particularly transformatlonal bursaries) and facilities. To develop and review the Foundation Strategic Plan and the linked io year Forward Plan. To model the financial impact of less favourable political, economic and charity Strategies. Where appropriate, to develop partnerships overseas. To develop and deliver the Estates Master Plan. specially to address key cornpliance issues, along with remodellin8 teaching and learninglboardingl Social spaces to allow for current and future capacity. Public Benefit and Community Engagement The Board recognises fully its obligations under section 17 of the Charities Act 2011 to operate a considerable benefit to the public. The Board has made significant provision to broaden the access to a King5wood education. Fee Assistance- broadenlng access to edu￿tIOn An extensive bursary and scholarship pro8ramme enables students from a wide rHn8e of backgrounds within our local cornmunitv to benefit from thè opportunities which a Kin8swood education provides. The Foundation supports 410 pupi15 Wlth financial assistance in the forrn tsf bursaries. scholarships, MOD/FCDO and staff discount schemes. The award of financial assistance is means-tested on an annual basis, ranging from awards of 25% to +lOO% (which include support for travel to school, educational trips and uniforml. The second year of a partnershlp wlth Quadstar saw two further Year 12 students join the School on a transforrnational boarding bursary, fundinE academic and boarding fee5 and additional support for academic enrithment and equipment. To wlden access vet further, the School hi8hliBhts potential sources of externa1 funding where appropriate and partNer5 With Springboard to identify those students whts may benefit greatly from a Kin85wood experience, with two Springboard students currently in the Sixth Form. Where there is a Sudden change in family circumstances, the School will Consider financial assistance to allow a pupil to reach the next natural break in their education. In addition. the schDoI is currently supporting two children whose education has been interrupted by conflict In Ukraine and Afghanistan, and has partnered with charities in each country to identify these ¢hi1dren. The School believes that nurturing talent is important and therefore a number of academic. sporting, musical and dramatic stholarships are awarded. These range from IOYO to 15%, with 200 children from a broad range of backgrounds benefitting. Due to the war in Ukraine, the FLT agreed a number of payment plans lor students from Ukraine and Ru55ia who were impacted at a critical time in their educatitsn. We also provlde tangible support to the Armed Forces by offering fee concession5 of up to 20% of the basic boaTding fee5 to rnembers of Her Majesty's Armed Forces,. this is currently utilised by 57 boarders. As part of the 275 Anniversary celebrations, the 275 Campaign will seek to raise funds for further Transformational bursarie5, either through single donations or through the expansion of the Ten for One scheme (whereby ten donor partner to support a student). 12

Kingswood School GOVERNORS, REPORT For the year ended 31 July 2022 Partnering Wlth the maintained sector The Board strongly believes that the School must continue to forge link5 Wlth local maintained schools. To meet this aim, the Headmaster has appointed a member of staff with the Specific responsibility for community outreach. The activities that the School now undertakes build5 on the sound foundation established over the last decade. The staff provide specialist master classes and coaching in languages. science, technology and rnathematlC5 for local schools as well as those further afield. They also serve on specialist academic and technical bodiès. speak at conferences, design frameworks for development programmes for teachers and serve as teacher mentors. The School hosts external training providers and offers places to colleagues from partner schools at sub5idised rates or free of charge. The COVID pandemic presented 518nificant logistlcal challenges in terms of working with partner schools. As the School has emerged from the pandemic, however, it has restarted collaboration in a number of areas a5 well as finding new partnership opportunities. Examples of partnership work with other schools includÈ.' Promoting peer-mentoring across the city of Bath by inviting representatives of all the Bath 5¢hooSs to a pre5ent3tiori given at King5wood by Mentoring Plus. This ha5 resulted in a number of 5choo15 in the city re-starting or beginning mentoring initiatives Within their own communities. Kin8swood has also paid for 8 students from Oldfield School to be trained a5 peer mentors within their own setting. Re-starting Mentoring partnership with St Andrew'5 Primary School. 13 members of our Lower Sixth were trained as mentors by Mentoring Plus, at the School's expense. and then spent 10 weeks mentoringYear516 children at StAndrew's. Opening up Klngswood online lectures to the maintained secondaryschools in BANES, Such 35 a lecture bysir Alan YarTOW. Opening up three different author talks to a total of around 100 pupils from two partner maintained primary schools. Offering heavily discounted place5 on Youth Mental Health FirstAid Course to 4 colleagues from local malntained schools. Offering a local maintalned school. Oldfield. a free subscription to'Teen fiPS'. Hostln8 'The Safe Cup, a football tournament for Years 7-9 girls in conjunction with Avon and Somerset Police to raise awarene55 of gendei inequality and hate crime. A number of local maintained schools participated. The School's MIDAS trainer has trained two members of staff at St Marl5 PTimary school pro bono. We have also loaned minibuses to St ma￿5, St Stephen's Primary School and St Mark's Secondary School. Inviting a total of 13 students from 4 lotal schools to attend Oxbridge se55i9ns, including a practice interview day. Our Head of DT has been supporting the DT Department at St Gregorls with 3D Printing technology. Sharlng of School facilitles The Board wish to e￿end the use of the School's 5POrts and recreation facilities across the local community providing either free or subsided hire. Extensive ￿se is made of the School'5 facilities throughout the year by local group5 and organisation5, coordinated through the widespread 3¢tivlties of the Commercial Manager. Examples in recent years include.. Sorner5et CCC and Wiltshire CCC Cricket Academy and Bitton Cricket Club using the first Xl cricket pitch. Larkhall Youth Football club uslng the Upper playing field5, both Astroturf and the sports hall once a week. Abbot Alphege and Weston All Saints Primary make extensive use of the swimming pool. Bath Breasi Cancer Group use the Swimming pool on a minimal donation for each se55ion once a week. St Stephen'5 use the Upper playing fields free of charge to run after school football clubs. 13

Kingswood School GOVERNORS, REPORT For the year ended 31 July 2022 Visiting prlmary schools use the athletics facility for a 5POrts day. Various other Bath sporting clubs use our sports facilities for re8ul8r or one-off training, tournaments and events. Allowing the publlc in north Lansdown to rarnble across the Upper during Lockdown for exercise. Bath Theatre School and Zennith use the Theatre regularly throughout the year at a reduced rate. St Stephens. St Marys and St Saviours have also benefited from our minibuses being offered with drivers to provide shuttle Services to local activities in Bath. Oldfield School use our Upper Playing fields and Astro turffor sport assessment days. Julian House uses the pavilion as one of their checkpoints twice a year for their charity walks where we also prtsvide complimentary tea and coffee for the walkers. Avon Police usinB the Playing f1eld5 for a girl's football tournament to increase inclLSSiOn. Open Christrnas use the Dining Hall each year on Christmas Day to provide a Christmas lunch to those less fortunate. One of the hi8hli8hts of the academic year is the hosting of the Model United Natlons Conference. Schools nation-wide, independent and maintained, are welcorned to Kin8swood f()r a series of lively and topical debate5. This year, the 31st, involved 300 students representing 64 UN member states gathered for 2 days of debate on issues facing the global cornmunity. We 3150 normally h05t a number of music event5 and workshops that the public can attend and to which local schools are invited. The Sthool sponsors theannual Bath Music Festival with a live performance held forthe public in central Bath. Theschool also sponsors part of the Bath Literary Festival and also hosts two acclaimed readin8 and book competition5, the South West Regional Heat for the Kids Lit Quiz and the Centurion Book Awards. The School is extremely proud to open its doors on Chri5trna% Day to over 300 less fortunate members of the public who are served a festive lunch by a local charity. This is now the 14 year of our'open Christmas,. Further examples of public benefit can be found at www.kin swood.barh.sch.uk about-us communit -en ernent. The Board fully recognises its obligations under section 17 of the Charities Act 2011 to operate a considerable benefit tothe public. The Board has Made significant provision to broaden the acce55 to a Kingswood education and to ensure that its facilitie5 are ccessible for ex gratla Use. Fundraislng and other fomis of charitable support Charity fundraising is an integral part of the culture and life of the School, either through the efforts of individual students or as part of the School's overall charity initiatives. At a more gener81 level, staff and students regularly Taise funds through various personal and group initiative5 in aid of a range of local, nationa1 and international charities. We believe that this focus on charity and community work Not only benefits others but also develops a sense of Social responsibility among the pupils which brings long-term benefits. In keepingwith our commitment to a holistlc education and our outward-looking approach, we seek to engage in a wide ran8e of activities within our local community which we hope will be of significant benefit to all those involved. We estlmate that in exce55 of £30.000 is raised by the Ftrundation in support of charities in a normal year. In the past 12 months, notable charitable projects include.. The Malawi Charities project is a long-establi5hed fundralsing initiative where the School 15 partnered with three education charities in Malawi. Every two years a group of 40 Students visit schools in Malawi to assist with building and maintenance projects and raise funds lor the provision of further education facilities. The next trip is due in 2023. This year Klngswood ha5 continued to support this charity, through initiatives such as the 'Malawi Market., Yeèi 10 and 11 Ba115,' A Year 9 Charity garnes night., an external Bridge Day,. a Year 7 student sponsored swim,. Dog Beds 5ale,' and donations from the Cornmemoration Service. julian House and Hope for Homes are two other prominent charities where the School raises significant funds through sponsored activities, jumble sales and other events such a5 the Julian House Big Bath Sleep-out. Whilst some of these activities are teacher led, many of these events are independently organised alld led by the students. 14

Kingswood School GOVERNORS, REPORT For the year ended 31 July 2022 Kingswood has had regular collections for the Bath Foodbank in recent years and the School continued to support throughout 2021-22, by ralsing awareness in school newsletters. The sthool published Sinks to alternative way5 of donating, lists of items which are currently in short supply, and rerninder5 to conslder the Foodbank when parents and pupils were dtsinE their shoppin8. The School also continued to support the Genesis Trust by publicising fundraising initiètives in our new51etter. This year the Lent 40 days of Gratitude focu5 encouraged donations to the Foodbank and there was a special Easter Egg appeal which was well responded to. Children'5 books have also been collected during the Autumn half term for familie5 using the Food Bank Kingswood supported the Life Project. Bath, through a cake sale and sponsorship for the Bath Half Marathon in October 2022. The cake sale raised E150 towards 3 grand total of El,400. Kingswood held a 5chool-wide 'Austerity Lunch,, which raised over £800 for the Ukraine appeal. The Cornmemoration service and Leavers Music Concert also added to the DEC appeal. Kingswood regularly holds a 'Pink Day, raising money for Cancer Research. In 2021 this raised about £800. King5wood is a regular supporter of the Royal British Legion Poppy Appeal. In November 2021, over £300 wa5 raised for this cause. Students in November 2021 and again in 2022 created and wrote Christmas Cards for a BANES Bath project for those who wouldn't otherwise receive them. In the summer of 2022 the School's PE Department organised a Touch Rugby Festival in aid of Masiphumelele RFC In South Africa. raising over £1,000 for that cause. Mlddle House continued its support of Jemima Layzell Trust and Paul's Place through a clean up second hand boot sale, raising £300. Fonthill competed in Race for Life Pretty Muddy, giving up time in their Summer holiday. The total raised was £913 + £169 gift aid- a11 for Cancer Research. Fonthill Candy Canes raised £677 for Restart Africa (house charity for many years). Fonthill Ice Cream Week raised £500 for the DEC Ukraine Crisis Appeal. Year 9 had a Food Poverty Awareness Day in July 2022 as part of the Methodist Global Student Challenge led by Garrod Musto. This will lead to local action charitable projects. other charities which the school ha5 Supported in 2021-2022 include Help for Heroes: Hami Nepal Youth Organisation,. Eagles Malawi- Off the Record,. Dorothy House Hospice, Young Minds, All We Can,. and Breast Cancer Care UK. It should be noted that the School only fundraises from known supporters and does not appeal to the general public. The School 15 registered with the institute of fundraising. Staff involved with fundraising follow best practice guidance issued by the institute of fundraising and do not engage with third party fundraiser5. No complaints were received the year relating to fundraisin8. Statement of Governors, Responslbllltles The Governors are responsible for preparing the Governors, Annual Report and the financial Statements in accordance with applicable law and United Kingdom Atetsunting Standards (United Kingdom Generally Accepted Accounting Practice). Is

Kingswood School GOVERNORS, REPORT For the year ended 31 July 2022 The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial year which glve a true and fail view of the state of affairs of the School and group and Of the incoming resources and application of resources of the School and group for that period. In preparing these financial statements. the Governors are required to.. select suitsble accounting policies and then apply thern consistentlv.. observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed. subject to any material departures distlosed and explBined in the financial statements,. and prepare the financial statements on the going concern basss unless it is inappropriate to presume that the School will continue in business. The Governors are responsible for keeping proper accountin8 records that disc105e with reasonable accuracy at any time the f1nancial position of the School and group and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the School and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Governor5 are responsible for the Maintenance and integrity of the School and financial information included on the School's website. Legislation in the United Kingdorn governing the preparation and di55emin3tion of financial statements may differ from legislation in otherjurisdictions. Approved by the Board of Governors on .Ib1.11.1.2011 and signed on its behalf by.. T Lindsav Chair of Governors, on behalf of Klngswood School Tru5teÈ Limited 16

Kingswood School INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF KINGSWOOD SCHOOL For the year ended 31 July 2022 Oplnion We have audited rhe financial statements of Kingswood School for the year ended 31 july 2022 which comprise the Con501idated Statement of Financial Activities. the Con501idated and Schoo18alance Sheets, the Consolidated Statement of Cash Flows and note5 to the financial statements, including a sumrnary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion, the financial statements.. give a true and falr view of the state of the group's and of the parent charity's affairs as at 31 july 2022 and of the group, net movement in funds for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirement5 of the Charilies Act 2011. Basis for oplnlon We have been appointed a5 auditor under section 144 of the Charitie5 Att 2011 and report in accordance with the Act and relevant iegulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitles under those standards are further described in the Auditor's resporsibilitiès for the audit of the fsnancial statements section of our report. We are independent of the group 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 iequirements. We believe that the audit evidence we have obtained is Sufficient and appropriate to prc>vide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the trustees, use of thè Èoing 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 event5 or conditions that, individually or collectively, may cast significant doubt on the 8roup's ability to continue as a going concern for a period of at least twelve months from when the financial statement5 are authorised for issue. Our responsibilities and the responsibilitles of the trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The trustees are responsible for the other information. The other Informatlon comprises the information included in the Governors, Report and Headmaster's Report. Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise èxplicitly stated in OUT report, we do not express any form of 355urance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and. in doing so, con5idef whether the other information is materially incon515tent with the financial statements or our knowledge obtained in the audit OT Otherwlse appears to be materially misstated. If we identify such material inconsistencie5 or apparent material misstatement5, we are required to determine whether there is a material misstaiement in the financial statement5 or a material misstatement of the other informètion. 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. Matters on which we are required to report by exception We have nothing to report in respect of the ftsllowing matters in relation to which the Charities (Accounts and Reports) Re8ulations 2008 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charity,. or suffitient accounting record5 have not been kept,. 01 the parent charity financial statements are not in agreement with the accounting records and return5- or we have not received all the information and explanations we require for our audlt. 17

Kingswood School INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF KINGSWOOD SCHOOL For the year ended 31 July 2022 Responsibilities of trustees for the financial statements As explained more fully in the trustees, respon5ibilitles statement set out on page 15 the trustees are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In prep3rin8 the financial 5taternentS, the trustees are responsible for assessing the group's and the parent charity's ability to continue as a goin8 concern. disc105in& as applicable, matters related to going concern and using the going contein basis of accounting unle55 the trustees either intend to liquidate the group or the parent charity or to cease operation5, 01 have no realistic alternative but to do so. Audltor's responsibilitiès for the audit of the linzntial statements OUT objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstaternent, 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 a¢¢ordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and aTe considered material if, individually or in the aggregate, they could reasonably be expected to influence the etonomic decisions of users taken on the basis ol these financial statements. Irregularities, including fraud, are in5tènces of non-compliance with laws and regulations. We design procedure5 in line with our responsibilities, outlined above. to detect rnaterial misstatement5 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, Sncluding fraud 15 detailed below.. Based on our understanding of the group and the environrnènt in which it operate5, we identified that the principal risks of non- compliance with laws and regulations related to the independent school regulations, safeguarding re8ulation5, health and sÈfety requirements, GDPR, ernployment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We a150 ¢onsldered those law5 and regulations that have a direct impact on the preparation of the financial statement5 such as the Charities Act 2011 and the Charities SORP and conslder other factors such as payroll tax. We evaluated management'5 incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controlsl. and determined that the principal risks were related to the improper recognition of revenue and management bia5 in accountlng estimates. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulator5 and tax authorities; Di5CU55ions with managerrent including consideration of known or suspected instances of non-compliance wlth laws and regulation and fraud., Evaluating management's controls designed to prevent and detect irre8ularitie5', Identifying and testing journals, in particular journal Énrries posted at the year end,. and Challenging assumptions and judgement5 made by management in their critical accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial staternents or non-compliancewlth regulation. This risk increase5 the more that cornp1iance with a law or regulation is remtsved from the event5 and transactions reflected in the financlal statements, as we will be less likely to become aware of instances of non-cotnpliance. The risk 15 also greater regarding irregularitie5 Occurring due to fraud rather than error, as fraud involves intentional concÈ3lment. forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial 5taternenrs is located on the Financial Reporting Council'5 website at.. www.frc.orB.uk/auditor5rÈsponsibilities. This des¢rlption form5 part of our auditor's report. Use of our report This Teport is made solely to the chariws trustees, as a body. in accordance with Section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work ha5 been undertaken so that we rnight state to the charity's trustees those matter5 we are required to state to them in an Auditor's report and for no other purpose. To the fvlle5t extent permitted by law. we do not accèpt or assume responsibility to anyone other than the charity's trustees as a body for our audit work. for this report. or for the opinions we have formed. 18

Kingswood School INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF KINGSWOOD SCHOOL Forthe year ended 31July 2022 Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R IAG Date.. 22 December 2022 Haysmacintyre LLP 15 eligible to act as an audTtor in terms of section 1212 of the Companies Act 2006 19

Kingswood School CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 July 2022 Unrestricted funds 2022 Restricted fund5 2022 Endowed funds 2022 Total funds Total funds Notes 2022 2021 Income and endowments from: Charitable activities.. School fees Ancillary tradlng incorne 19,986,609 813.992 13,6431 19,982.966 813,992 17,824,138 629,585 20,800,601 13,6431 20.796.958 18,453,723 Other trading activities.. Fundraising tradlng Other tradin8 income Investment income Donations and grants Other Income 221.tx)9 39,866 176 16,954 3,944 221,009 39,866 176 398,161 3,944 65,757 15.138 ioi 481,808 105.616 381,207 io Total Sncome 21,082,550 377,564 21.460,114 19,122.143 Expenditure: Raisin@ funds.. Fundraising trading Financing Costs 239.038 306,780 239,038 306,780 143,832 273,250 545,818 545,818 417,082 Charitable activities.. Education and grant making 19,831.759 1,560 19,833,319 18.329,520 Totsl expenditure 20,377,577 1,560 20.379,137 18,746.602 Net Income I lexpenditurel before investment galnslllossesl 704,973 376,004 1,080.977 375,541 Gains I (Losses) on inve5trnents 12 11,0591 112,5121 11.0251 114.5961 24.957 Net Income I lexpenditurel 703,914 363,492 11,0251 1,066.381 400,498 Net movement In funds 703,914 363,492 11,0251 1.066,381 400,498 Fund balances brought forward 25 9,476,073 1,859,471 1,170.001 12.SQ5.545 12,105,047 Fund balan￿$ carried forward 10,179,987 2,222,963 1,168,976 13.571,926 12,5D5,545 Note 25 comprise5 the consolidated SOFA for 2021. 20

Kingswood School CONSOLIDATED AND SCHOOL BALANCE SHEETS as at 31 July 2022 Consolidated 2022 2021 School 2022 2021 Notes Fixed assets Intan8ible assets Tangible assets Investment assets Ilb 17,404 17.404 113 21,731,534 21,513,704 21,712,578 21.513.704 12 406.472 420,936 408,472 422,936 22.155.410 21,934,640 22,138,454 21.936.640 Current assets Stock Debtors Cash at bank and in hand 2,253 511,139 882,517 4,710 394.274 272.480 13 617,160 817,821 486,806 267,568 1.395.909 671,464 1,434,981 754,374 Creditors.. amounts falllng due within one year 14 13,026,944) 12,696,087) 13.051.971) 12,751,035) Net current liabilities 11,631,035) 12.024,6231 11,616,990) 11,996.6611 Total asset5 les5 current liabilitles 20.524.375 19,910,017 20,521,464 19,939.979 Creditors- amounts fallin8 due after more than one year.. Bank loan 15 16.952,4491 17,404,4721 16,952,449) 17,404,472) Net assets 13,571,926 12,5D5,545 13.569,015 12,535,507 Financed by.. Endowed fund5 Restricted funds Unrestricted funds 18a 1,168,976 18b 2,222,963 18c 10,179,987 1,170,001 1.168.976 1.859,471 2,222,963 9,476,073 10,177,076 1.170,(X)I 1,859,471 9,506,035 Total funds 17 13,571,926 12.505,545 13,569,015 12,535.507 The notes on pages 23 to 44 forrn an integral part of these Flnancial Statements. ved an authorised by the Governing Body on 16.12.ZOIL and signed on its behalf bv.. Mr T Lindsav Chair of Governors, on behalf of Kingswood School Trustee Limited 21

Kingswood School CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 July 2022 2022 2021 Notes Cash flow from operatlng actlvlties.. Cash Benerated by operations Interest paid 23 2,501,871 306 780 2,123,339 273 250 Net cash from operating adivltles 2,195,091 1,850,089 Cash flows from investing actlvltles.. Dividend5, interest and rent5 from Investments Purchase ol intangible assets Reteipt from disposal of fixed assets Purchase of tangible assets Investment 8ains/losses 46 126.1051 16 11,181,726) 114,5961 1928,2041 24,957 Net cash used by Snvestlng activitles 11,222.3811 1903.2311 Cash flows from flnancin8 activities: Repayments of loans Cash inflows from new loans 1362,6731 1366,3121 Net cash used by flnancln8 actlvlties 1362.6731 1366,3121 Movement in cash 610,037 580,546 Cash and tash equlvalents at the beginnlng of the reportin8 period 272,480 1308,0661 Cash and cash equivalènts at the end of the reporting period 882.517 272,480 Analysls of cash and cash equlvalents: Cash at bank and in hand 882,517 272,480 Charity law requlres separate administration of the cash flows of endowed and other restricted funds of the School. This constraint does not adversely affect group cash flows as stated above. The notes on pages 23 to 44 form part of these Financial Statements. 22

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 ACCOUNTING POLICIES Charity Information Kingswood School 15 a registered charity in England and Wales. The re815tered office is Kingswood Schoo1, Lansdown Road, Bath, BAI 5RG. Kingswood School meets the definition of a public benefit entity under section 34 of FRS 102. Assets and liabilities are initially recognised at historical cost or tran53Ction value, unless otherwise stated in the relevant accounting policy. The principal objectives of the charity are detailed in the Governors. report found on pa8e 7 of these financial statements. The financial Statements are prepared in sterlin& which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Basis of preparatlon The financial statements have been prepared in accordance wlth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanelal Reportlng Standard applieable in the UK and Republic of Ireland IFRS 1021 leffective l October 20191- (Charities SORP IFRS 10211 and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The accounting policies disclosed have been applied consistently throughout the current and preceding year. The financi31 statements have been prepared to give a 'true and fairf view and have departed from the Charitie5 (Account5 and Reports) Regulations 2W8 only to the extent required to provlde a 'true and fair view,. Thi% departure has involved followinB Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Retommended Practice effective from l April 2005 which has since been withdrawn. Reduced disclosures FRS 102 allows qualifying entitie5 certain disclosure exemptions. The school has only taken advantage of the exemptions for the following disclosure requirements.. Section 1.12lbl "Statement of Cash Flows" notes and disclosures. Presentation of an entity only Statement of Cash Flow and related Going concern At the balance sheet date the 8roup hèd net current liabilities of £1,637,11012021 net current liabilitie5 E2.024.6231 and therefore the Governors have considered whether it 15 appropriate to prepare financial statements on the going concern basis. These financial statements have been prepared on a going concern basis, which the Governors consider to be appropriate based on the results for the year ending 31 july 2022 and cash flow projections prepared for the period 31 July 2023 and beyond. The cash flow projections Indicate thattheGroup will be able to meet its liabilities as theyfall due and togetherwlth current arrangernents with the School's bankers indicate that the School will be able to operate within the f8cilities currently available. Furthermore, the School's bankers are satlsfied that the School will meet its bank covenants going forward based on current forecasts. The Trustees have no reason to believe that the current overdraft facility will not be continued. This facility was agreed with the School's bank which is aware that the termly fee income receipts lead to significant fluctu3tion% in cash requirements and the flexibility Of the overdraft represents Cost effective borrowing. The Trustees have identifled no material uncertalnties and for these reasons they have concluded that it is appropriate to t15e the 80ing concern basi5 in the preparation of these accounts. 23

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022

Basis of consolidation

The consolidated statement of financial activities, balance sheet and statement of cash flows include the financial statements of Kingswood School, its subsidiaries, Kingswood Enterprises Limited (Co. Reg. No. 0254544) and Kingswood International Limited (Co. Reg. No. 10519713) as well as its subordinate charity, Kingswood School Development Fund (Charity Reg No. 310229) made up to 31 July 2022. Kingswood Enterprises Limited is involved in commercial lettings, property management and the rental of minibus services for the benefit of the School. Kingswood International Limited is involved in promoting the Kingswood School way of education to overseas partners and developing education opportunities to overseas markets. Kingswood School Development Fund's main objects are to fundraise and apply the annual income of the charity for such charitable purposes as the Governors shall determine. The results of the subsidiaries are consolidated on a line by line basis, with all inter group sales and profit eliminated fully on consolidation. Kingswood International Limited is exempt from audit under section 479A of the Companies Act 2006 and therefore the results of this entity are unaudited.

Fees and similar income

Fees receivable, 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, but include contributions received from restricted funds for scholarships, bursaries and other grants. Fees received for education to be provided in future years are carried forward as deferred income in the balance sheet.

Donations and legacies

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 "restricted funds" where these wishes are legally binding on the Governors. Donations required to be retained as capital in accordance with the donor's wishes are accounted for as "endowments"; permanent or expendable according to the nature of the restriction. Legacies are recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability.

Job Retention Scheme government grant

Job Retention Scheme income is recognised once the school has confirmed that it is entitled to the income, the amount can be reliably estimated, and receipt is probable.

Expenditure

Expenditure is accounted for on an accruals basis. The allocation of expenditure between direct charitable and costs of raising funds is a subjective split based upon the Bursar's best estimate of the resources input to these different parts of the School's operations in the year. 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 external audit, any legal advice for the Governors and all costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory Financial Statements and satisfying public accountability.

Employee Benefits

The School contributes to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS 102 section 28 therefore, the scheme is accounted for as a defined contribution scheme.

The School also contributes to individual personal pension schemes for non-teaching staff, at 5% of annual basic pay, which is treated as a defined contribution scheme. The costs of contributions to these funds are charged to the revenue account in the accounting period for which they are payable.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the School is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

24

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 Flxed asset5 Expenditure on fixed asset5 is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Rèpair, renovation and replacement expenditure is written off as expenditure in the statement of financial activities. Normally items costlng1ess than £l.000 are written off as an expense as acquired. The School's land and buildings are owned by The Methodist Independent Schools Trust, but are included in these Financial statements as 5ubst3nti3lly 311 of the risks and rewards of ownership are with the School. Land is not depreciated. Buildings are depreciated at rates calculated to write off the cost less their estimated useful resldual values on a straight line basls over the expected useful econornic life of e3¢h building. The range of annual rate5 used for this purpose is bètween 20 and 50 years. Depreciation Is provided against all other assets, on a straight line basis at rates ¢al¢ulared to write them off over their useful life using the following rates.. Furniture and plant Motor vehicles IT Equipment 10-50% 20% 33.3% Assets under the wur5e of construction are not depreciated until they are brought into use. Intangible fixed assets Intangible asset5 are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairmènt losses. Amortisation is recogni5ed so as to write off the cost or valuation of assets le55 their residual values over their useful lives on the following bases.. Software Istraight linel 33.3% Impairment of fixèd assets At each reporting end date, the charity reviews the carrying amounts of Its iangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment 105s. If any such indication exists, the recoverable amount ol the a55et is estimated in order to determine the extent of the irnpairment loss lif anyl. Where it is not possible to e5timatÈ the recoverable amount of an individual asset, the charity estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amounrls the higher of fair value le55 Costs to sell and value in use. In assessing value in use, the estimated future cash flows are di5COUllted to their present value using a pre-tax discount rate that reflects current market assessment5 olthe time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an a55et lor cash-generating unit) is estimated to be le55 than its carrying amount, the carryin8 amount of the asset lor ca5h-8eneratin8 unit) is reduced to its recoverable amount. An impairment Ioss is recognised immediately in the statement of financial activities. Recognised impairment losses are reversed if, and only if, the reasons for the impairment1055 have teased to apply. Where an impairment105s subsequently reverses, the carrying amount of the assei lor cash-generating unit) is increased to thÈ revised estimate of its recoverable amount. but 50 thatthe increased carrying amount does not exceed the carrying amount that would have been deterrnined had no impairment10ss been recognised for the asset lor ca5h-geneiating unit) in prior years. A reversal of an impairment 1055 is recognised immediately in the stètement of financial activities. Investments and investment intome Investment incorne is accounted for on a receivable basis and cornprises dividend income and Interest. In accordance with the SORP, investments are shown in the balance Sheet at their market value. Gains and losses on Investment a55etS Changes in thÈ valuation of investrnents during the year are shown as gains OT losse5. Gains and losses arising frorn the dlsposal of assets are the difference between the Sale proceèds and the market value at the beginning of the year. 25

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 Stocks stock5 are valued at the lower of cost and net realisable value after due allowance for obsolete and slow moving stocks. Flnancial instruments The charity ha5 elected to apply the provisions of Section 11 'Ba5ic Financial Instruments, and Section 12 '0ther Financial Instruments Issue5, of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charitv becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial staternents, when there is a legally enforceable right to set off the recognised amounts and there 15 an intention to settle on a net basi5 or to reali5e the asset and settle the 51abllity simultaneously. Bu5icfintsnclul osset5 Basic financial assets. which include trade and other receivables 3nd cash and bank balances, are initially measured at transaction price including transattion costs and are subsequently carried at amortised cost Using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset Is measured at the present value of the future receipts discounted at a rnarket rate of interest. Impoirn?entoffinun¢lol asset5 Financial assets. other than those held at fair value thrcsu8h proflt or loss, are assessèd for indicators of impairment at each reporting end date. Financial asset5 are impaired wherè there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset. the estimated future cash flows have been affected. If an a55et 15 itnpaired. the impairment loss is the difference between the carrying amount and the present value of the estirnated cash flows discounted at the asset's original effective interest rate. The impairment105s is recognised in profit or loss. If there is a decrease in the impairment1055 arising from an event occurring after the impairment was recognised, the impairment 15 reversed. The reversal is such that the current carrying amount does not exceed what the carryin8 amount would have been, had the impairment not previously been recognised. The impairment reversal Is recognised in profit or 105$. Derecognition oAAinoncial ¢755ets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entitv. or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to Sell the asset in its entirety to an unrelated third party. CltsssilAcution offinortcial Ilubllities Financial liabilities and equity instruments are classified according to the substance of the contractual arr3nEements entered inlo. An equity instrument is any contract that evidences a resldual interest in the assets of the company after Basicfinoncialliubilities Basic financial liabilities. including trade and other payables, bank loans, and advance fee payments. are initially recognised at transaction price unle55 the arrangement constitutes a financing transaction, where the debt instrurnent is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amort15ed cost. using the effective interest rate method. Derecognition offlnanciol liubllltles Financial liabilities are derecognised when, and only when, the chafltvs tontractual obli8ation5 are discharged. cancelled, or thÈy expire. 26

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 Equlty instruments Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable. net of direct costs of issuing the equity in5trumÈnts. They are subsequently rneasured at fair value usin8 observable market inputs and outputs. Permanent endowment funds The School holds investments donated under perrnanent endowment. Income arlsing on the Perrnanent Endowment Fund investments is treated as restricted income of the School. Restrirted funds Restricted fund5 are subject to specific conditions by donors as to how they may be used. The purpose5 and u5e5 of the restricted funds are set out in the note5 to the Financial Statements. Unrestricted funds The General Funds comprise the accumulated surplus. As such the Governors considerthese funds to be Unrestricted Fund5 within thÈ definitions contained in the Charitie5 Acts in that they are funds over which they have complete discretion as to their use. CRITICAL ACCOUmNG JUDGEMENTS AND ESTIMATES In the application of the charity's accounting policies, The Trustees are required to make judgements. estimates and assumptions about the carrying amount of a55ets and liabilitie5 that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant, for example the useful economic life of f1xed assets. Actual results may differ from these estimates. The estimbtes and underlyin8 assumptions are revlewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future period5. SCHOOL FEES 2022 2021 Thé School's unrestricted fee income comprised.. Gross fees Less.. Total bursarles. grants and allowances 22.127,579 20,541.324 12,148,256) 12,718,847) 19.979,323 17,822.477 Add back.. Scholarships, Grants etc. paid for by restricted funds 3.643 1,661 19,982,966 17.824.138 27

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022

4 INCOME FROM SUBSIDIARY’S TRADING ACTIVITIES

• (a) The School owns 100% of the 1,000 £1 ordinary share capital of Kingswood Enterprises Limited

• (Co. Reg No 02545442), which provides minibus services to the School and obtains commercial lettings.

Its trading results for the year, as extracted from the audited Financial Statements, are summarised below:

	2022	2021
	£	£
Turnover	299,888	112,379
Cost of sales	(191,644)	(63,539)
	----------------------	-------------------------
Gross profit	108,244	48,840
Administration	(16,540)	(8,663)
	----------------------	-------------------------
Operating profit	91,704	40,177
Over accrual of gift aid in 19-20	-	26,498
Donation to the School	(56,542)	(37,760)
Retained profit/(loss)	35,162	28,915
	==========	===========

The net assets of Kingswood Enterprises Limited at year end were £49,718 (2021: £33,513). Gross assets at year-end were £175,623 (2021: £99,467). Gross liabilities were £125,905 (2021: £65,954). During the year £56,542 (2021: £37,760) has been accrued for gift-aid relating to the financial year 21-22.

• (b) The School owns 100% of the 1,000 £1 ordinary share capital of Kingswood International Limited

• (Co. Reg No 10519713), which promotes the Kingswood School way of education to overseas partners and developing education opportunities to overseas markets.

Its trading results for the year, as extracted from the audited Financial Statements, are summarised below:

	2022	2021
	£	£
Turnover	-	-
Cost of sales	(33)	(80)
	----------------------	-------------------------
Gross profit	(33)	(80)
Administration	(2,256)	(39,239)
	----------------------	-------------------------
Operating loss	(2,289)	(39,319)
Donation to the School	-	-
Retained profit/(loss)	(2,289)	(39,319)
	==========	===========

The net liabilities of Kingswood International Limited at year end were £63,763 (2021: £61,474). Gross assets at year-end were £29 (2021: £162). Gross liabilities were £63,792 (2021: £61,636). Kingswood International Limited is exempt from audit under section 479A of the Companies Act 2006 and therefore the results of this entity are unaudited.

28

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 Icl The Trustees of Kingswood School Development Fund are the same as the Governors of Kingswood School Trustees Limited and therefore Kingswood School Development Fund is viewed as being a subordinate charity under the terms of the SORP IFRS1021. The Kin8swood School Development Fund was dormant In the Current and prior periods. ANCILLARYTRADING ANDOTHER INCOME 2022 2021 Ancillarytrading income: Entrance and registration fee5 Special educational needs income Fees for extracurricular courses School meals Fees in lieu of notice and forfeited deposits 50,396 72,920 35,727 630,445 24,504 56,119 59,667 30.031 446,933 36,835 813,992 629,585 Artivitiès for gèneratlng funds.. Courses and sub-lèttinES 39.866 15,138 All ancillary trading Income and ralsing funds are unrestrlcted In the current and prlor year. DONATIONSANDGRANTS Unrestricted funds 2022 Restricted Endowment funds funds 2022 2022 Total 2022 Donations and Le8acies Grants 16,954 381,207 398,161 16,954 381,207 398,161 Unrestricted funds 2021 Restrlcted Endowment funds funds 2021 2021 Total 2021 Donations and Legatles Grants 114.8891 285,799 210.898 196.009 285,799 270.910 210.898 481.808 29

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 NET INCOME FOR THEYEAR Net income in the year is stated after.. 2022 2021 Charltable expenditure includes.. Depreciation for owned asset5 Amortisation of intangible assets Bank loan and overdraft interesr payable 962,633 8,701 191,462 1.088,567 1,430 205,794 Governance costs intlude In support COStS: Auditols remuneration.. for 8udit services for non-audit services (tax advice and accounts prep support) 30,100 2,640 31,445 2.400 Total staff costs comprised.. Wages and salaries Social security costs Pension contribution5 11,178,001 10,363,563 1,116,103 1,006,124 1.686.773 1,559,398 13,980,877 12,929.085 The average number of full time equivalent employees in the year was 30112021.. 2931 of which 12212021.. 1191 were teaching staff. The average headcount in the yèar was 43912021.. 4551. During the year termination payments were made to nine employees totB11ing £88.46212021.' £89,7261. Neither the Eovernors nor person5 connected with them received any remuneration or other benefits from the School or any connected org3nisation. except for the reirnbursement of expenses for travel, subsistence and trainin8 of the Governors for £36712021.. £1,725). The number of higher paid employees was.. 2022 No. 2021 No. £60,000- £70,000 £70,IX)1- £80.000 £80,001- £90,000 £90,CX)I- £IOO,000 £110,001- £120.000 £120,001- £130.000 £180,001- £190,000 £200,001- £210,000 io io 18 16 Contribution5 to the Teachers. Pension Scheme were made for the benefit of 1312021.. 121 higher paid employees totalling £249,50212021.' £226,5101. Contributions payable into the non-tea¢hing staff personal pension 5cheme5 for 512021: 41 higher paid employees amounted to £28,02512021.' £15,3421. 30

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 EXPENDITURE IUNRESTRICTEDI Amortisation Staff costs Other cost5 & Oepreciation Toral 2022 Cost of charitable activities.. Teaching Welfare Premises Supprirt cost5 of schooling 9.921,118 1,908,897 660,884 1,460,897 690,127 1.110,935 1,756.052 1,315.873 10,611,245 3.019.832 3,383,215 2,776,770 966,279 School's operatin8 Costs 13,951,796 4,872.987 966,279 19,791,062 Governance costs 40,697 40,697 Costs of raising funds: Fundraising trading- other Financing costs TradinE Costs of KEL Trading costs of KIL 83,846 306,780 118.824 969 83,846 306,780 154,223 969 29,081 6,318 Total for Group 13,980,877 5.424,103 972,597 20,377,577 Amortisation Staff costs Other costs & Depreciation Total 2021 Cost of charitable activitie5'. Teaching Welfare Premises Support Costs of schooling 9,302,620 1,760,657 619.668 1,224,591 535,469 981.354 1,631,697 1,136,248 9.838.089 2,742,011 3,341,363 2.360.839 1,089.998 School's operatin8 Costs 12,907,536 4,284,768 1,089,998 18,282,302 Governance costs 44,767 44.767 Costs of raislng funds: Fundraising trading- other Financing costs Trading costs of KEL Trading costs of KIL 91,985 273,250 14,5801 34,879 91,985 273,250 16.969 34,879 21.549 Total for Group 12,929,085 4,725,069 1.089.998 18.744,152 31

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 ANALY515 OF SUPPORT COSTS Educational Operations 2022 Admin Operations 2022 Governance Recruitment & Advertising 2022 Total 2022 2022 Audit Services- Audit Fee5 Non audit fees Independent Schools Inspection Governorfs Expenses Technology Costs Other Support Costs Support Staff Costs Legal & Professional Costs Staff training and expenses Pupil Recruitrnent Staff Recruitment Other 30,100 2,640 7,591 366 30,100 2.640 7,591 366 30,535 726,153 1.460.897 61,760 52,015 298.624 53.401 93,385 30.535 45,541 18,162 677,705 1,442,735 61,760 52,015 2,907 298.624 4,560 48,841 93.385 94,238 2.376.441 40,697 306,091 2,817,467 Staff costs are apportioned based on those emp5oyees who are ernployed in the different activities of the school. Other support costs relate to general office and sundry costs such as stationery and telephones. Governance costs relate to accountancy services, the independent school's inspection charge and Governor expenses provided to assist the Governors in the performance of their responsibilitie5. Educaiional Operation5 2021 Admin Operatlons 2021 Governance Recruitment & Advertising 2021 Total 2021 2021 Audit Services- Audit Fees Non audit fee Independent Schools Inspection Governorfs Expense5 Technology Costs Other Support Cost5 Support Staff Costs Legal & Professional Costs Staff training and expenses Pupil Recruitment Staff Recruitment Other 31,445 2,400 9.197 1,725 31.445 2,400 9.197 1,725 20,923 681,482 1,307,530 34,137 13,271 191.717 85,710 26,071 20.923 43,844 9,215 635,421 1,298,315 34.137 13.271 2,217 191,717 85,710 26.071 73,982 2,007,215 44,767 279,644 2,405,608 32

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 io OTHER INCOME 2022 2021 Other/Mlseellaneous income 3,944 105,616 3,944 105,616 Ila TANGIBLE FIXED ASSETS GROUP ANDSCHOOL Assets In course of constnjttion Subsidiary plant and equipment Subsidiary motor vehicles Freehold property Motor vehicles Furniture and plant School total Group C05T At l August 2021 Additions Disposa15 28,998,493 760,414 169,300 125,115 7,158,658 28,082 367,956 36,451,S66 1,156,452 71,626 75.181 36,598.373 25,274 1.181,726 113,0071 113,0071 At 31 July 2022 29,758,907 197.382 125,115 7.526.614 37,608.018 71,626 87,448 37,767,092 DEPRECIAfioN At l August 2021 Charge for year Disposals 8,376,487 505,664 125,115 6.436,260 451,914 14.937,862 957.578 71,626 75,181 6,318 113,W71 15,084,669 963,896 113,OD7) At 31 July 2022 8,882,L51 125,115 6,888,174 15,895,440 71,626 68.492 16,035,558 NETBOOK VALUE5 At 31 July 2022 20￿76,755 197,382 638.440 21.712,578 18.956 21,731,534 At l August 2021 20.622,006 169,300 722,398 21,513,704 21,513,7Q4 33

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 july 2022 Ilb INTANGIBLE FIXED ASSETS GROUP AND SCHOOL Software Cost At l August 2021 Additions 164,331 26,105 At 31 July 2022 190.436 Amortlsatlon At l August 2021 Charge 164,331 8,701 At311uly2022 173,032 Net book value At 31 july 2022 17,404 At 31 july 2021 Intangible Assets relate to purchased software technology. Arnortlsation is included in the Statement of Financial Activities within Charitable activities. costs. 12 INVESTMENTS GROUP Un- Endowed restricted Unrestricted RestrictedEndowment Cash Cash Total At l August 2021 Accumulated Interest Revaluations 10,975 196,770 45,307 129,695 38,189 420,936 132 132 114,5961 11,0591 112,5121 11,0251 Balance at 31 july 2022 9.916 184,258 44,282 129,695 38,321 406,472 Historie cost 1,777 65,495 88,530 121,286 31,326 308,414 34

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 SCHOOL Un- Endowed restricted Unrestricted RestrlctedEndowment Cash Cash Total At l August 2021 Additions Revaluations 12,975 196.771 45,307 129,695 38,188 132 422,936 132 114,5961 11.0591 112,5121 11,0251 Balance at 31 July 2022 11,916 184,259 44.282 129.695 38.320 408.472 Historic cost 2,777 65,495 88,530 121,286 31,326 309,414 The vnrestrirted investment shown within the school note above Includes the investment in two subsidiaries. This is a lOO% holding in the 1,000 £1 ordinary shares of Kingswood Enterprises Limited and Kingswood International Limited, both Companies incorporated in the United Kingdom. Kingswood Enterprises Limited provide5 services in property management. commercia1 lettings and minibus Services. Kin8swood International Limited promotes the Kingswood School way of education to overseas partners and develop5 education opportunities to oversea5 markets. Restricted and endowed investments are held in investment fund units whose funds are invested in a wide variety of stocks and shares. The cash deposits are held by the investment managers and interest accumulate5 monthly. 13 DEBTORS Consolidated 2022 2021 School 2022 2021 Due within one year.. School fees Trade debtors Amounts owed by group undertakings Gift aid receivable from sub5idiarv Other debtors Prepayment5 and accrued income 318,648 12,968 238,526 2,399 318,648 238.526 62,472 56,542 85,666 93,832 57,196 37.760 65,845 87,479 85,691 93,832 65,870 87,479 511,139 394,274 617,160 486,806 35

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for ihe year ended 31 July 2022 14 CREDITORS.. amounts falllng due within one year Consolidated 2022 2021 School 2022 2021 Current instalments due on bank loan Trade Creditors Amounts owed to subsidiary companies Taxation and Social securitv Finance leases Other creditors Deposits received in advance Accrua15 and deferred income Advance fèes 547,341 510,497 457,991 536,092 547,341 510,494 91.775 285,268 131,571 364.592 465,250 174,527 481.153 457,991 536.091 81,105 281,332 141,076 366,182 465,250 234,113 481.153 16,4781 196.848 179,355 457,200 255,168 619,911 196,848 177,766 457,200 224.123 619.911 3.026,944 2,696.087 3,051,971 2,751,035 Deferred Income Analysis 2022 2021 At I Au8U5t 2021 Income received for future residential courses 14,878 15,052 1,893 12,985 Balance at 31 July 2022 29,930 14,878 2022 2021 Advance Fee Payments Amounts due within one year 481,153 619.911 481,153 619,911 The balance represents the accrued liability under the contracts. The movements during the year were.. 2022 2021 Balance at l August 2021 Movement in the year 619,911 721,700 1138,7581 1101.7891 Balance at 31 July 2022 481,153 619,911 36

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 15 CREDITORS: amounts fallin@ due after more than one year Consolidated 2022 2021 School 2022 2021 Bank loan 6,952,449 7,404,472 6,952,449 7,404,472 6,952,449 7,404,472 6,952,449 7,404,472 16 BORROWINGS Consolidated 2022 2021 School 2022 2021 Bank loans 7,499,790 7,862.463 7.499,790 7,862,463 7,499,790 7,862,463 7,499,790 7,862,463 Payable within one year Payable after one year 547,341 6,952,449 457,991 7,404,472 547,341 6,952,449 457,991 7,404,472 7,499,790 7.862.463 7.499,790 7.862,463 The School and Group have the facility of three loans and an overdraft facility provided by Barclays Bank plc, under composite overdraft arrangements with ihe Board of the Division of Finance of the Methodist Church covered by a legal charge on freehold property IN 83th. At 31 july 2￿1, there was a 1è831 charge in favour of the Board of the Division of Finance of the Methodist Church, over property described in an indenture dated 19 July 1852 and an indenture of conveyance dated 31 Oecember 1863. Property comprlsed in this charge is to be taken by the Bank as security for the loan and overdraft facility. The balance of the fixed loan is repayable by Februaiy 2033 and has an interest rate of 2.1%. The balance ol thefirstvariable loan Is repayable by November 2034 and has an interest rate of 1.6%. The balance of the second variable loan is repayable by November 2038 ènd has an interest rate of 1.55%. 37

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 july 2022 17 NET ASSETSOFTHE FUNDS OFTHESCHOOLANDGROUP The Group's net assets belon8 to the various funds (including Advance Fee51 as follow5- Net current Assets/ Fixed Assets Investments Long term Fund balances Endowment funds Restricted funds Unrestricted funds 173,976 995,0(X) 1,168,976 184.258 2,038,705 2,222,963 48,238 14.664.740) 16,952.4491 10.179.987 21,748,938 21.748,938 406,472 11,631,0351 16,952,449) 13,571.926 The School's net assets belon8 to the variou5 funds (including Advanced Fees) as follows.. Net current Assets/ Fixed Assets Investrnent5 Long term Fund balances Endowment funds Restricted funds Unrestricted funds 173.976 995.000 1,168,976 184,258 2,038,705 2,222.963 50,238 14,650,695) 16,952,4491 10,177,076 21,729,982 21,729,982 408.472 11,616,990) 16,952,4491 13,569,015 On 19 June 2018. the School received the approval of the Charity Commission to transfer £995,000 of the School's Endowmentfund5 to offset the capital purchase of the new build at KP5. TheAgreement made specific referenceto interest and capital payments.. Interest on the loan at the rate of 3%, to be reviewed annuallv. The Borrower shall repay the loan in ten equal instalments commencing on the fifth anniversary of this A8reernent and thereafter on each anniversary of thls Agreement until 2033. The Charity Comrni5%ion also approved the use of a subsidiary company, Ferens Posnett Limited (Reg. Co. No. 113765071 to redu￿ the conflict of interest between Kingswood School Trustee Limited and the Kin8swood School endowed funds. 38

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 july 2022 18a ENDOWED FUNDS.. MOVEMENTS IN THE YEAR Balance at l AuÉust 2021 Transfers and Balance at Amounts invesrment 31Julv expended losses 2022 Income Endowment funds Scholarships, bursaries Prizes and medals Other funds 1,162,492 2,283 5,226 19311 1,161,561 1941 2.189 S.226 School & Group 1,170,001 11,0251 1,168,976 aalance at l August 2020 Transfers and Balance at Amounts investment 31 July expended gains 2021 Income Endowmerrt funds Scholarships, bursaries Prizes and medals Other funds 1,158,625 2.003 5.226 3,867 280 1,162,492 2,283 5,226 School & Group 1,165,854 4,147 1.170,001 The Scholarship Funds The net a55ets represent the historical monetary value of some 19 individual gifts from benefactors of the Schotsl, together with. since 1977, the accumulated surplu5 of income over expenditure. The income and èxpenditure is shown within the restrlcted funds. The Prizes and Medals Fund The net assets represent the historical monetary value of some 19 individual gifts from benefactors of the School. The income and expenditure is shown within the restricted funds. 18b RESTRICTED FUNDS.. MOVEMENTS IN THE YEAR Balan￿ at l August 2021 Transfers and Amounts investment expended losses Balan¢e at 311uly 2022 Income Restricted funds Bursary fund Other restrlcted funds Development 221,648 9,487 1,628,336 13,6431 112,5121 205,493 9,487 2.007.983 381.207 11.5601 School 1,859,471 377,564 11,5601 112.5121 2,222,963 Kingswood School Development Fund Group 1,859,471 377.564 11,5601 112.5121 2,222,963 39

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 Balance at l Aueust 2020 Transfers and Amounts investment expended gains Balance at 31 july 2021 Income Restrlcted funds Bursary fund Other restricted funds Oevelopment 202,487 9,487 1,421,549 1,661 1.0 209.237 11,6611 11,ocoi 12,4501 19,161 221.648 9,487 1.628.336 School 1.633.523 211,898 15,1111 19,161 1,859,471 Kingswood School Development Fund Group 1,633,523 211,898 15,1111 19,161 1,859,471 Bursary fund This fund represents monies given to the School specifically to invest for the provision of bursaries and gifts to support pupils. Other restricted fund5 These relate to several small restricted fund5 which have been donated during the year and are expended in accordance with the donor's wishes. Klngswood Prep School IKPSI capital restrirted fund. This fund has received income from donations for the capital project at the new build at KPS. A proportion of these donations were spent in the year with the balance to be u5Èd before the completion of the capital project in November 2018. 18c UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at l August 2021 Transfers and investment losses Balan￿ at 31 July 2022 Income Expenditure Unrestricted funds Gener31 reserve 9,206,034 20,782.094 120.109.9931 11,0591 9,877.076 Deslgnated funds Bursary fund 300,000 300.000 Sthool 9,506,034 20,782,094 120,109,993) 11,0591 10,177,076 Kingswood Enterpri5e5 Ltd 32,512 299,888 1264.7271 67.673 Kingswood International Ltd 162,4741 12,2881 164,7621 Group 9,476,072 21,081,982 120,377,008) 11,0591 10,179,987

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 In the financial year 2012113 the governors designated £300,(N)O for future bursaries to be given agalnst school fee5. Balance at l August 2020 Transfers and Balance at Investment 31July gains 2021 Income Expenditure Unrestricted funds General reserve 9.025,229 18,800,527 118,621,370) 1.649 9,206.035 Deslgnated funds Bursary fund 300,000 3(K).000 School 9,325.229 18,800,527 118,621,370) 1,649 9,506,035 Kingswood Enterprise5 Ltd 3,596 112,379 183,4631 32.512 Kingswood International Ltd 123,1551 139.3191 162,4741 Group 9,305.670 18,912,906 118,744,1521 1,649 9,476,073 19 PENSION SCHEMES The School participate5 iri the Teachers, Pension Scheme 1.the TPS.) for its teaching staff. The pension charge for the year Includes contributions payable to the TPS of £1,413,87712021.. £1.342,9321 and at the year-end £012020.. £0) was accrued in respect of contributions to thi5 scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teacher5, Pensions Regulations 2010 la5 arnendedl and The Teachers, Pension Scheme Regulations 2014 la5 amended). Members contribute on a -pay as you go" basis Wlth contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliarnent. The employer contribution rate is Set by the Secretary of State following scheme valuations undertaken by the Government Actuar¢s Department. The most recent actuarial valuation of the TPS wa5 prepared as at 31 March 2016 and thevaluation Report, which wa5 published in March 2019. confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from I September 2019. Employer5 are a150 required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%. 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,. Thi% case has required the court5 to consider cases regarding the implementation of the 2015 reforrns to Public Service Pensions including the Teachers, Penslons. On 27 June 2019 the Supreme Court denied the govemment permission to appeal the Court of Appeal's judgment that transltlonal provisions introduced to the reformed pension scheme5 in 2015 gave rise to unlawful age discrimination. The Eovernrnent is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer 3nd member representatives to agree how the discriminations will be Temedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which member5 will be able to choose 41

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for thÈ year ended 31 July 2022 either legacy or reformed scheme benefits in respect of their service during the period between l April 2015 and 31 March 2022 at the point they become payable. The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen chanEes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of thi5 Cost cap mechanism, in january 2019 announced a pause to the c05t cap mechanism following the Court of Appeal's ruling in the McCloud/s3rgeant case and until there 15 certainty about the value of pensions to employees from April 2015 onwards. The pause wa5 lifted in July 2020. and a consultation was launched on 24 June on proposed changes to thè c05t control mechanism followin8 a review by the Government Actuary. Following a public consultation, the Government haveaccepted three key prtsposals recommended by the Governrnent Actuary, and are aiming to implement these changes in time for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The result5 Of the cost cap valuation are not Used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024. Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future chan8es to the contrlbution rates of the TPS. Accordingly, provlslon for any additional past benefit pension costs is included in these financial statements. 20 RELATED PARTY TRANSACTIONS The key management personnel are deemed to be the Trustees, the Senior and Prep Headmasters. the Bursar IDirector of Flnance and Operations), 4 deputy heads and 4 directors as listed on Page S of the accounts. Their total remuneration costs including employer's Nl and pension in the year were £1,218,13112021.. £1.191,7231. During the year the school received gift aid income from Kingswood Enterpri5e5 Ltd of £56,54212021.. £37,760). The school charged Kingswood Enterprises Limited £77,04512021.. £44,721) for Minibus driving services. theatre and admin charges and Catering service5. It paid £78.87912021.' £46,6211 to Kingswood Enteiprise5 Ltd in respect of the Supply of minibuses and othervehicles as well as the School shop. At the year-end £91,774.7512021'. £81,105) wa5 due to Kingswood Enterprises Ltd. At the year-end £62,47212021.- £57,196) was due to Kingswood School Ltd from Kinsswood International ￿rnited. There were no other transactions between Kingswood School Ltd and Kingswood International Ltd. 21 ULTIMATE PARENT UNDERTAKING The ultirnate parent undertaking and controlling party is Kingswood School Trustee Limited, of Lansdown Road, Bath BAI 5RG, a company incorporated in England and Wales. 42

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 july 2022 22 NET DEBT RECONCILATION Brought forward Cash flow Carried forward Cash at bank and in hand 272,480 610,037 882,517 272,480 610.037 882,517 Finance leases Debt due in more than one year Debt due within one year 1196,8481 17,404,4721 1457,9911 55,772 1141,0761 452,023 16,952,449) 189,3501 1547,3411 17,786,8321 1,028,482 16,758,3501 23 RECONCILIATION OF GROUP NET INCOME TO NET CASH INFLOW FROM OPERATIONAL ACTIVITIES 2022 2021 Net income 1,080,977 375.543 Adlustments for: Investment Eains Interest received Net financin8 C05t5 Depreciation and amortisation 14,596 11761 306,780 972,597 124.9571 lioil 273,250 1,089,998 2,374,774 1,713,733 Ilncrea5el/Decrease in stc>ck Iincrea5el/Decrease in debtors Incre3se/lDecreasel in creditors 2.457 1116,8651 241,505 441 148,246 260,919 Net cash provided by operating activities 2,501,871 2,123,339 24 CONTINGENT LIABILITY There remains a contingent liability for an additional mandatory school compliance matter. This matter relates to an ongoing estates issue, where the School are working diligently with outside 38encies to mitigate any further risk. It is not Clear at this stage whether there will be any financial c05t to the School and if there 15, how much the cosr will be. 43

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 25 CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES- 2021 Unrestricted funds 2021 Restricted fund5 2021 Endowed funds 2021 Total funds Total funds Notes 2021 2020 Income and endowments from: Charitable activities.. School fee5 Ancillary trading income 17,825,799 629,585 11,6611 17,824.138 629,585 16,202,791 513.435 18,455,384 11,6611 18.453.723 16,716,226 Other trading activitie5'. Fundraising trading Other trading income Investment incorne Donations and grants Other Income 65,757 15,138 ioi 270,910 105,616 65,757 15,138 ioi 481,808 105.616 223,326 85,706 355 776.072 518,729 210.898 io Total income 18,912,906 209,237 19.122.143 18,320,414 Empendlture: Raising funds: Fundraising trading Financing costs 143.832 273,250 143,832 273,250 415,590 327.552 417.082 417,082 743.142 Charitable activities.. Education and grant making 18,327,070 2.450 18,329,520 17.871,772 Total expenditure 18,744,152 2.450 18.746.602 18,614.914 Net Income I lexpenditurel before investment gainslllosse51 168,754 206,787 375,541 1294,5001 Gains I ILosse51 on inve5trnents 12 1,649 19,161 4,147 24,957 115,1301 Net Income / lexpenditurel 17Q,403 225,948 4,147 4￿,498 1309,6301 Net movement in funds 170,403 225,948 4,147 400.498 1309,6301 Fund balances brought forward 25 9,305,670 1,633,523 1,165,854 12,105.047 12,414,677 Fund balances carrled forward 9,476,073 1,859,471 1,170,001 12,505,545 12,105,047