KINGSWOOD BATH Kingswood School ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 August 2024 Charlty Registration Number= 309148 Kingswood School CONTENTS Foreword by the Headmaster of Kingswood School & Principal of KinEswood Foundation Governors. Key Management Personnel and Advisers Governors, Report 7-18 Independent Auditorfs Report to the Governing Body of Kingswood School 19-21 Consolidated Statement of Fi nancial Activities 22 Consolidated and School Balance Sheets 23 Consolidated Statement of Cash Flows 24 Note5 to the Financial Statements 25-50 Kingswood School FOREWORD BY THE HEADMASTER Annual Report of The Trustees of Kingswood School Foreword by the Headmaster of Kingswood School & Principal of Kingswood Foundation This year has been one of steady growth and success for Kingswood Senior School. Our 120-acre campus in the world heritage citv of Bath continues to provide a supportive and nurturing environment for our more than 1300 pupils across the Foundation. This year, we welcomed 120 new Year 7 pupils, with half joining us from Kingswood Prep School IKPSI and the remainder coming from a range of schools, including 14 boarders. Additional pupils joined the Prep School, a5 well as entry into Year 9 and Year 12, including boarders from both the UK and overseas. Our community remains diverse and inclusive, with 20Yo of our pupils boarding and representin8 over 20 nationalities. The Nursery 15 at full capacity, and the quality of the Pre-school curriculum is helping children settle quickly when they move into Reception. This year's public examination results have been outstanding. At A Level, 50% of grades were A* or A, with 810A of results at A. B, and a IOOYO pass rate. Our BTEC students performed equally well, with every candidate achieving distinctions. Students achieved success across a broad range of subjects, from Creative Arts, where 100% of pupils earned A'.B grades in Art, Design Technology, and Drama, to sfEM and Humanitie5 5ubject5, where over 90% secured A*_B in Economics, Politics, and History. Ten students achieved three or more A* grades. Our Sixth Form leavers, university destinations were equally impressive, with 81% securing their first-choice institutions, including offers to Ru55ell Group universlties, seven students gaining places to study Medicine or Veterinary Science and four to Oxbridge. Our GCSE students also performed admirably, with 63% of grades at 7-9 and 41% at 8-9, alongside four pupils achieving straight 9s. SLiccess extended to supra-curricular activities, with pu pils excelling in events such as Science and Maths Olympiad5, CREST awards, and national competitions in subjects like Linguistics and Philosophy. In our Prep School, pupils have also shone, with 95% achieving average or above in standardised English tests and an impressive 99.5% in Maths well above national benchmarks. These results reflect the hard work of both pupils and staff in creating a Strong foundation for future learning. We were delighted with 15 children gaining scholar5hip5 to the Senior School. High expectations with low anxiety continue to be our trademark approach to teaching and learning Kingswood continues to focus on more than academic excellence, embracing a holistic approach that nurtures the rnind. body, Kingswood School FOREWORD BY THE HEADMASTER and spirit. We are committed to offering a broad and balanced education, where learning extends beyond the classroom. Pupils are encouraged not only to excel in their Studies but also to explore new talents, engage with peers, and embrace the many opportunities available. Our sports programme continues to be 3 significant part of school life, with many pupils participating at both local and national levels. The Year 8 girls, hockey team reached the National Finals, while OLtr Senior 1st XV rugby and 1st Xl hockey teams enjoyed excellent seasons. Participation rates remain strong, with all year groups involved, supported by internal matches ensuring every pupil has the opportunity to compete. The performing arts have seen another exceptional year. Our major School productions, including Matilda and Blue Stockings, were celebrated for their creativity and professionalism, while pupils also excelled in LAMDA exams, achieving distinctions or merit5 across all 59 entries. A particular highlight in Music was our collaboration with alumni Okiem and Otty Warmann, whose concert raised £25,000 for our bursary fund, thanks to the generou5 5UPPOrt of our school community. The Music Department closed the year with a tour to Barcelona, having performed across the City of Bath as part of the Party in the City earlier in the year. Prep School life continues to be vibrant and full of energy. School music takes place every morning before lesson5, Wlth choirs, orchestras, and ensembles providing a lively start to the day. Bespoke time is Set aside for Art, and the STEM curriculum remains a standout feature. Last year, the school was honoured to receive the award for 'STEM Prep School of the Year., With 70 extraturricular clubs offered after school and pupils competing in National Finals for Hockey and Netball, there is much to celebrate. Service to others remains a cornerstone of King5wood's mission. Our pupils collectively volunteered over 4,500 hour5 through initiatives such as the Duke of Edinburgh Award and supported more than 40 organisations in the local community. Partnership work has grown significantly, with pupils engaging with projects like the Genesis Trust's Life Project and Mentoring Plus, while charity fundraising efforts across the school raised over £29,000. We are proud of our pupils, ongoing commitment to supporting others and contributing to society. At the Prep School this year, following the success of raising over £10,000 for Julian House and the Foodbank, over £5,000 was raised for Pets as Therapy. The Charity Committee and Choir also undertook excellent work within the local community. As part of our 275th anniversary celebrations, we launched a campaign to 5UPPOrt three transformational initiatives= Sixth Form bursaries to attract talented pupils regardless of f1nancial background, to start fundraising for a state-of-the-art cookery school, and the refurbishment of our Sixth Form spaces to prepare students for life beyond King5wood. Thanks to the generosity of alumni and parents, these projects are well underway, with the renovation of the Dixon building already transforming the student experience. In addition to the Dixon renovation, there have been extensive upgrade5 and maintenance work across the school site. Work on the facades of the Art and Music buildings are underway, as well as the relocation of the Learning Support department, upgrades to the theatre foyer and landscaping to the main entrance alongside infrastructure upgrades in readine55 for a device rollout. A5 we look back on the year, we remain committed to providing a well-rounded education that foster5 both academic and personal development. It is a privilege to lead such a supportive and caring school community, and I would like to thank everyone- pupils, staff, parents, and alumni for their contributions to another successful year at Kingswood. Andrew Gordon-Brown, September 2024 Kingswood School GOVERNORS, KEY MANAGEMENT PERSONNELAND ADVISERS Governors On 24 August 2001, the Kingswood School Governors became a body corporate called Kingswood School Trustee Limited, company number 04253059. With effect from that date, the company called Kingswood School Trustee Limited became the governing body of the charity. The Board of Governors of Ki ngswood School are the director5 of Kingswood School Trustee Limited. They have seNed in office throughout the year except where indicated. Throughout the year, the primary activities of the Board of Governors were carried out through 4 Committees, plus the Governing Board. Committee membership is highlighted below. Liaison & Governance Finance & Resources Member Education & Pastoral Member Development & Marketing Member Mr P Baines Mrs H Boo15 BDS FDS M'orth Msc Mrs Jessica Briggs BA Mr l Falconer BSC Ms J Fenn FCCT IEx-Officiol Mr P Freeman CBE KC Mrs E Bowers (nee Garner) BA CA CPFA Mr M Gordon Mr R Hill MrG Hinchley Prof D Lane PhD CBE FREng FRSE MrDLau Mr T Lindsay MA Dr C Millin ton Mrs D Nantekievill MA Bmus PGCE HonARAM Rev Dr J Pye (Ex Officiol Major General A Raper MA CB CBE (Retdl Mrs M Smith Bsc MrA Tait BSC Mr O Warmann BAIHon51 PGCert Retired Aug 24 Member Member Member Chalr Chair Member Member Member Chair Member Retired Dec 23 Member Member Member Retired Dec 23 Chair of Govs Member Member Chair Member Member Member Chair Retired July 24 Member Member Member Member Member Member The director5 of Kingswood School Trustee Limited for the purposes of this report and the financial statements will be referred to as 'Governors' of Kingswood School and are considered, together with those listed below, key personnel for the purposes of FRSIO2. Kingswood School GOVERNORS, KEY MANAGEMENT PERSONNEL AND ADVISERS Key Management Personnel Mr A S Gordon-Brown Msc Headmaster of Kingswood School and Principal of Kingswood Foundation Director of Finance & Operations and Clerk to the Governor5 Headmaster Kingswood Prep School MrA E Neale Mr M R Brearey BA Mrj M Davies MA Deputy Head (Academic) and Vice Principal Kingswood Schoo5. Senior Deputy Head of Kingswood Prep School Chaplain Leftluly 24 Ms H Worrall MEd, BA Rev K Thomas BTh MLitt Mrs K Dickinson PgDip HRM Director of People & Culture MrA T Francomb Bsc Director of Information Technology Mr G N Papenfu5 CFRE Director of Development and Fundraising Director of Admissions, Marketing and Communication Deputy Head (Academic) Kingswood School Deputy Head IPastorall Kingswood School Senior Deputy Head & Vice-Principle of Foundation Left December 23 Mrs H C Drew BA Dr R E Mcllwaine PhD Msc Mrj Matthews BA (Honsl Mrj W Davies MA (Oxonl MEd Registered Address Kingswood School Lansdown Road Bath BAI 5RG Advisors to the Foundation Bankers National Westminster Bank 39 Milsom Street Bath BAI IDS Sollcltors Stone King LLP 13 Queen Square Bath BAI 2HJ Kingswood School GOVERNORS, KEY MANAGEMENT PERSONNEL AND ADVISERS Auditor Haysmac 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 August 2024 The governors present their annual report together with the financial statements and auditor's report of the charity for the year ended 31" August 2024. Unless specified, the term 'School' refers to the Foundation (Senior and Prep School). Governance, Structure and Management Governing document The unincorporated Charity, Kingswood 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 as amended by the Scheme sealed 27 March 1997 and 24 August 2001. It is a registered charity, number 309148. On 24 August 2001, the Governors of the School became a body corporate called Kingswood School Trustee Limited, company number 04253059. With effect from that date, the company called Kingswood School Trustee Limited became the sole governing trustee of the charity. In july 2019, the Articles of A550ciation were amended (after agreement by the Methodist Conference) to permit an increase in the number of governors from 18 to 24. Group framework Kingswood School has three subsidiaries, Kingswood Enterprise5 Limited (Co. Reg. No. 02545441, Kingswood International Limited (Co. Reg. No. 105197131 and Ferens Posnett Limited Ico. Reg. No. 113765071 as well as a subordinate charity, Kingswood School Development Fund (Charity Reg. No. 3102291. Kingswood Enterprise5 Limited is involved in commercial lettings, property management and the rental of minibus services for the benefit of the School. King5wood International Limited is involved in delivering educational consultancy and curriculum materials 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,. its main objects are to fundraise and apply the annual income of the charity for such charitable purposes as the Governors shall determine. Organisational structure and decision-making The School governors, as the body corporate of the Charity, have a legal responsibility for the overall management of the School and its strategic direction. Governors benefit from presentations by staff, charity, and education experts as well as meeting5 Wlth staff, students and parents. As described earlier, governors execute their responsibility through the 4 main Committees of the Board. Each Committee and the main Board meet termly. All Committee Chairs are members of the Liaison & Governance Committee and all governors are invited to the annual Strategy planning day. There are also several staff-led sub-committees of which governors are members. The Headmaster of Kingswood School and Principal of the Kingswood Foundation is responsible to the Chair of Governors for the management of the Foundation. He achieves this with the support of the Senior Deputy Head, Director of Finance & Operations, Headmaster of Kingswood Prep School and member5 of the Foundation Leadership Team IFLTI and additionally by the Senior Management Teams at KPS and the Senior School. Recruitment and training of Governors The appointment of governor5 15 confirmed at meetings of the main Board on the recommendation of the Liaison & Governance Committee. Governance audits take place annually to ensure that a broad range of skills exist across B02rd members. New governors are selected to augment these skills and undergo an internal induction process, arranged by the Clerk to the Governor5. Ongoing training 15 arranged through AGBIS and other bodies Wlthin the Independent Schools Council. The Chair of Governors attends an annual meeting organised by the Methodist Independent Schools Trust IMISTI. An annual 'Away Day" is organised for Governors to meet collectively off site to discuss strategic plans, governance and education topics. Kingswood School GOVERNORS, REPORT For the year ended 31 August 2024 The remuneration of the Headmaster and Principal of the Foundation is set by the Governors. Other key management personnel are remunerated with the objective of providing appropriate incentives to encourage enhanced performance and rewarding them fairly and responsibly for their individual contribution5 to the Foundation's success. AGBIS benchmark data is used to guide the remuneration of key management personnel. Employment Policy and Equality Act Being a committed equal opportunities employer, the School takes every possible step to ensure that employees are treated equally and fairly. The principle of equal opportunities, a5 defined by the Equality Act 2010, informs our employment policie5 and practice. The School ensures that consultation with employees or their representative5 has 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 interest5. Communication with employees continues through normal management channels in a variety of forms, including the Intranet, INSET and other extraordinary notices as required. For the 7th year, the School reported it5 Gender Pay data and published the results on its website. The School re-emphasised its strategic commitment to reduce and to eventually eliminate the current gap and we are proactively working towards this. Object, aims and objectives Charitable object As set out in the School's Article5 of Association.. The advancement of education and learning for children. Aims, objectives and intended impact Kingswood School aims to challenge its students to realise their academic potential- however, the School measures a child's worth by more than examination results. It seeks to establish the development of character, talent, responsibility and independence as the important foundation for adult life. It provides students Wlth the opportunities to develop these qualities and, through a comprehensive pastoral structure, aim5 to give them the support they need as they rnature. Kingswood aims to give children a sense of joy in their own achievement and that of others, 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 judgrnents, the courage to question assumption5, a commitment to community, a willingness to lead and to Serve, and an appreciation and understanding of others. The beneficiaries include.. young people whose education 15 funded through fee income, donations, bursaries and scholarships,. the local community which benefits from appropriate acce55 to the School's facilities,. a number of charit￿eS based in the UK and worldwide for whom funds are raised at the School- the general public are the ultimate beneficiaries of the School's high-quality educational system and the social values that it generates. Kingswood School GOVERNORS, REPORT For the year ended 31 August 2024 Achievements and Performance The highlights of the School year appear in the Principal's foreword to this report and the governors are pleased with the excellent progre55 made by the Foundation Leadership Team in accordance with the Annual Development Plan. Our track record of excellent public exam results attests to the importance that we attach to the academic achievement of our pupils, but our Kingswood mission and identity mean5 that this must be part of the well-rounded development of each individual through a focus on nurturing their talents and guiding them towards a personally developed life philosophy, underpinned by kindness and compassion. The Governors are delighted that Kingswood continues to produce significant success in boys, and girls, sports, drama, music, outdoor education (including Ten Tors, the Duke of Edinburgh award scheme) and the many other extra- curricular activities on offer. Kingswood is a boarding and day school which provides education to girls and boys aged from 9 months to 19 years. The Garden now comprise5 Of 83 children, with number5 in the Prep School at 330 and 895 in the Senior School during the year. Entry to the Senior school is predominantly in Year 7, with a smaller intake at Year 9 and into the Lower 6th Form. Approximately one quarter of senior students board and the majority of day pupils live within 45 minutes of the School. We are the largest independent school in Bath, having Steadily grown our m3rket Share in recent years. We know that a key rea50n parents choose Kingswood for their children is because of our very strong focus on the importance of pastoral care as the cornerstone that underpins our broad and balanced educational offering. The Governors and the Senior Management Team continue to balance fee affordability with the provision of high-quality education Set against a backdrop of developing and maintaining existing infrastructure. They make use of regular survey data to deepen the School's understanding of its parent base and it continues to receive benchmark information from organisation5 such as the ISC, HMC, IS8A arnd Baines Cutler. The aim is to attract children from a diversity of backgrounds and to prepare students with the tools, ski515, and personal qualities they need to lead meaningful lives in the workplace, in their communities and in their relationships with others. We have invested in areas of the school estate to address essential building compliance and to further enhance social are35 for our students and staff. These projects have included works in Beaconfield, a boarding house that has been out of action due to compliance i5sues,' installation of a new Sixth Form social provision, called the Associate Café and an upgrade to staff facilities in the Posnett Staff Hub. We continue to upgrade and expand the facilities in our Dixon Sixth form centre with the creation of some additional study spaces for our growing sixth form cohort. We have worked over the year with a firm of architects to develop site development plan to help us optimise the use of existing stock of building5 and to guide our future capital development priorities. Our fundraising campaign lin ked to our 275 anniversary closed during the academic year 23124. Fundraising has successfully enabled the refurbishment of the Dixon Sixth Form centre, funding for transformational bursaries and the planned cookery school. With total raised at £390,399. we thank our donors and those who have given so generously of their time to support this campaign. Kingswood School GOVERNORS, REPORT For the year ended 31 August 2024 Financlal Review and Yearly Results A summary of the financial result5 for the year is set out in the consolidated statement of financial activities in the Financial Statements. The net movement in funds showed an overall increase of £1,981,942 12023.. decrease of £672,981) before an unrealised gain on investments of £16,41112023.' £11,113). Income. The total fee income for the year, after scholarships, bursaries and other remissions comprised £23,513,405 12023.. £21,053,6091. Scholarships, bursaries, and remissions totalled £2,617,81712023'. £2,443,214) of which £11,035 12023.. £6,372) was funded by external grants. School fees rose as follow5.. Nursery 7.5%, Reception 5.5Yo, KPS 7%, KS Day 7%, UK boarding 7.5%, International boarding IO%. Ancillary income was £2,069,80612023'. £1,882,542), which included donation income of £503,34312023.. £537.0891. Expenditure. Total expenditure wa5 £23,601,26912023'. £23,609,132), of which 66% is represented by Foundation staff costs. Group asset5. The school's total net assets of £14,886,18512023.' £12,887,832) at year-end included £1,170,37612023'. £1,167,474) endowment funds, £2,746,198 12023.. £2,740,0621 restricted funds and £10,969,611 12023: £8,980,296) unrestricted funds. The net book value of fixed 3s5ets totalled £23,565,198 12023.. £22,591,2301. Net current assets totalled £2,402,04512023: net current liabilities of £2,385,701) and long-term liabilities £11,787,72612023.. £7,900,000). Loans. The School entered into a new banking relationship in 2023 and now ha5 one variable loan and a further unsecured Charity Commi55ion-agreed loan from Endowment Fund5 to fund the development of the School'5 facilitie5 of which the first repayment was made in the year. The fixed and variable loans are secured on specified tangible assets of the School. Repayment is proceeding on schedule. The movements in fixed assets during the period are set out in note 11 to the financial Statements. The Schoo5 spent £2,027,851 on capital expenditure during the period12023'. £2,011,916). As an educational charity, the School currently had a tax exernption on its educational activities and its investment incorne for the year ended 31 August 2024. Investment policy. The long-terTll objective of the investment policy has been to at least maintain the value of the endowment funds (less the substantial withdrawal in June 20181 in real terms li.e. to match inflation as measured by the Retail Price Index, the increase in salaries, and other relevant indicators) and to take all further gains as income. Investments are governed by the Trust Deed. rhe School at present invests funds through the Central Finance Board of the Methodist Church, which reports annually to the Methodist Independent Schools Trust that it has reviewed its policies and is makin8 the best investment on behalf of all Methodist Schools. The investment portfolio follows ethical principles of investment. The investment performance in the period wa5 up about 3.8%. Reserves policy. The Foundation'5 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. The target set by governors is £1.4m with an absolute minimum of £750,000. In 23124 the School ends the year with a net current asset figure due to the reserves built by Fees in Advance Scheme. The governors are satisfied that the School has sufficient financing available to meet its working capital and investment requirements. The Financial Statements show the assets and liabilitie5 attributable to the variou5 funds by type and summarise5 the year's movements in each fund. The Governors are satisfied that the current level of reserves is in line with policy. Strategic Risk Management The Board of Governors 15 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 committees and take ownership of their relevant sections of the register. Each Committee identifies, assesses, and considers mitigation and control mechanisms. The Foundation Leadership Team review5 the risk register termly and contributes to the identification and management of the risks. The risks are separated into categories, as identified by the FLT, committees and by the Board. The highest risks are the key focus and each categories have high priority ri5k5 which comprise of.. io Kingswood School GOVERNORS, REPORT For the year ended 31 August 2024 Financial Risk Government changes (VAT on fees/Budget changes- employer costs) Pupil Roll Insufficient Cash Reserves Health and Safety ongoing compliance Strategic Unfavourable IS Inspection Reports (reputational issue) Compliance Historical safeguarding cases Property compliance and condition issues Out of school educational visits/trips- potential incidents/accident5 Operational Cyber Security- effective management of network systems. The last Governor review of the Risk Register took place in March 2025. The Governors are of the opinion that appropriate monitoring and measures have been put in place to mitigate significant risk5. Sub-committees, strategic planning, budgetin8, levels of authorisation, written policies and audits contribute 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 Foundation as laid out in the Foundation Strategic Plan. The Annual Development Plan 2023124 details the actions that were our agreed focus for the year, and against which our progress this year has been very good. Our plan is centred around four strategic priorities.. Care for Each Individual, Educate for Life, Serve the Community and Live Sustainably. With our pupils at the heart of everythin8 we do, these core priorities are our focus as we pursue the goal of excellence in all areas of school life as one King5wood Foundation. The plan is dynamic and subject to ongoing review and updating in the light of changing circumstance5 both within the school and in external factor5 which impact on the school. The political headwinds facing the independent schools, Sector are a source of concern and we are engaged in a range of scenario planning about how we might mitigate the consequences of possible changes to the current tax arrangements of educational charities. 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 assistance) from a wide-range of family backgrounds. The Foundation is enriched by overseas students and this, together with a vibrant Sixth Form, is another major area of development. The Foundation must maintain the very healthy numbers of students in the Prep and Senior School, with targets set for our integrated marketing and admissions team. The Board has emphasised the importance of reaching out to its alumni, parent body and other parties to pursue common goals of friendship, mutual cooperation and the development of various projects. To thi5 end, the Kingswood Community network has been e5tabli5hed. Board member5 frequently attend seminars on a wide range of independent school topics as organised bv AGB15, ISBA and other bodies of ISC. The Chairman, Principal, Director of Finance and Operations and other key management personnel attend a range of event5 hosted by the Methodist Schools Independent Trust IMISTI. The Board also embraces, celebrates and wishes to deepen the understanding of the School's 275 year heritage of Methodist education. More specifically, the Board is committed to a number of future plans.. li Kingswood School GOVERNORS, REPORT For the year ended 31 August 2024 To maintain a healthy number of students, circa 1300, across the Foundation, enabling them lalongside all members of staff) to thrive and to fulfil their potential. To continue to refine the academic offering through the delivery of regular education reviews. To consolidate our strong p051tion now that the number of primary (Prep) and nursery children has reached full complement. To maintain the achievement of a modest annual recurring financial surplus and cash reseNe in order to support continued investment in fee assistance Iparticularly transformational bur5arie51 and facilities. To develop and review the Foundation Strategic Plan and the linked 5 year business plan. To model and prepare for the financial impact of less favourable political, economic and charity strategies. To develop and deliver the Estates Master Plan, specially to address key compliance issues, along with remodelling teaching and learning, boarding and 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 acce55 to a Kingswood education. Fee Asslstance- broadening access to education An extensive bursary and scholarship programme enables students from a wide range of backgrounds within our local community to benefit from the opportunities which a Kingswood education provides. The Foundation supports 431 pupils with financial 3S51St3nce in the form of bursaries, scholarships, MODIFCDO and staff discount schemes. The award of financial a5515tance is means-tested on an annual basis, ranging from 5% to +lOO% (which include support for travel to school, educational trips and uniforml. The third year of a partnership with Quad5tar saw a total of three students supported on a transformational boarding bursary, fundin8 academic and boarding fees and additional support for academic enrichment and equipment. To widen access yet further, the School highlights potential sources of external funding where appropriate and partners with Springboard to identify those students who may benefit greatly from a Kingswood experience, with two current Springboard students. 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 school 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 children. The School believes that nurturing talent is important and therefore a number of academic, sporting, musical and dramatic scholarships are awarded. These range from IO% to 15Yo, Wlth 200 children from a broad range of backgrounds benefitting. We also provide tangible support to the Armed Forces by offering fee concessions of up to 200A of the basic boarding fees to member5 of His Majesty's Armed Forces,. this is currently utilised by 58 boarders. As part of the 275, Anniversary celebrations, the 275 Campaign continued to raise funds for further Transformational bursaries, either through single donations or through the expansion of the Ten for One scheme (whereby ten donors partner to support a student). 12 Kingswood School GOVERNORS, REPORT For the year ended 31 August 2024 Community Engagement King5wood has established a comprehensive and robust community engagernent framework that encompasses a wide range of activities and programs aimed at fostering meaningful connections with local, national, and international communities. These initiatives are designed to not only provide support to the community but a150 instil a sense of social responsibility and active citizenship in Kingswood's students and staff. By engaging with diverse communities, Kingswood seeks to create a positive impact and contribute to societal well-being on multiple levels. Current Engagement Strategies Kingswood emphasises doing all the good it can, with more than 700 students and staff across the Foundation actively involved in various community engagement activities, showcasing their commitment to making a difference. Collaborations extend to 230 schoo15 and educationa1 institutions worldwide, both national and international, fostering knowledge exchange and c¢Jltural understanding. Approximately 300 teachers and educational leaders engage with prograrn5 like ISTip & CPD, Mental Health Training, and others, reflecting a dedication to professional development and support. Direct benefits reached 2,000 students through dynamic activities such as climate conferences, sports festivals, and drama performances, enriching their educational experience. A positive impact has been made on 5,500 community members through events like music festivals, literary festivals, and sports activities, promoting cultural enrichment and community spirit. In terms of time investment, approximately 6,000 hours have been dedicated to community engagement, highlighting the significant commitment of time and effort by Kingswood'5 community. The social value is further demonstrated by the active participation of 113 students in the Duke of Edinburgh program, contributing to a wide array of Service activities and personal development. Over 550 students are involved in various activitie5 SUPPOrting local and global initiatives, reinforcing Kingswood's dedication to global citizenship. This engagement has involved 4,500 hours of volunteering, including coaching, service to others. support to charities, and environmenta5 conservation work. An additional 1,200 hours have been contributed through broader community activities, further demonstrating the breadth of Kingswood's engagement, and a further 700 through curriculum initiatives such as the John Wesley Challenge exploring issues of food insecurity in Bath. The estimated value of the Duke of Edinburgh activities is £24,000, reflecting the tangible impact of these contributions. Other community activities and social benefits derived from the use of facilities have an estimated value that exceeds those of the Duke of Edinburgh attivities, showcasing the extensive reach and impact of Kingswood's initiative5. Kingswood's extensive community engagement initiatives demonstrate a profound commitment to fostering relationships and making a positive impact on society. By developing strategic partnerships, optimi5ing resource allocation and focusing on high- impact projects, Kingswood can continue to be a leader in both local and global community engagement. Partnering with the malntained sector The Board strongly believes that the School must continue to forge links with local maintained schools. To meet this aim, the Headmaster has appointed a member of staff with the specif1c responsibility for community outreach. The activities that the School now undertakes builds on the sound foundation established over the last decade. The staff provide specialist classes and coaching in science, technology, and mathematics for local schools. They a150 serve on specialist academic and technical bodie5, speak at conferences, design framework5 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 subsidi5ed rates or free of charBe. The School has developed some long-established partnership projects as well as always seeking new opportunities to work with schools in the maintained sector, particularly locally. Sharing of School facilities One of the highlights of the academic year is the hosting of the Model United Nations Conference. Schools nation-wide, independent and maintained, are welcomed to Kingswood for a series of lively and topical debates. This year, the 34th, involved 13 Kingswood School GOVERNORS, REPORT For the year ended 31 August 2024 over 300 students from 25 schoo15 representing 73 UN member states gathered for 2 days of debate on issues facing the global community. The Schoo5 hosts sessions for 6th form pupils from local state schools who are planning to apply for Medicine. They take part in an interview practice and have the opportunity to meet medical professionals who share their knowledge and expertise with the students. We also host a number of music events and workshops that the public can attend and to which local schools are invited. The School is a sponsor of both the 8ath Literary Festival and Children's Literature Festival, welcoming authors to the School, as well as the annual Bath Music Festival, with a live performance held for the public in central Bath. The School is extremely proud to open its doors on Christmas Day to over 300 member5 of the public who live alone who are served a festive lunch by a local charity. This is now the 16, year of our 'Open Christmas,. The Board a150 wish to extend the use of the School's sports and recreation facilities across the local community providing either free or subsided hire. Extensive use 15 made of the School's facilities throughout the year by local group5 and organisations, coordinated through the widespread activities of the Commercial Manager. Examples in recent years include.. Oldfield School made use of our tennis courts whilst theirs were under construction this summer Bath Rugby has discount on our sports facility hire Swainswick Church School used our grounds and pavilion at the Upper for their staff inset day team building and wellbeing exercise We offer free use of the pavilion fortnightly for Ukraine community meetings Larkhall Youth Football club use the Upper playing fields, both Astroturf and the sports hall once a week. Abbot Alphege and Weston All Saints Primary make extensive use of the swimming pool. Bath Breast Cancer Group use the Swimming pool on a minimal donation for each session once a week. Various other Bath sporting clubs use our sports facilities for regular or one-off training, tournarnent5 and events. Julian House uses the pavilion as one of their checkpoints twice a year for their charity walks where we a150 provide complimentary tea and coffee for the walker5. Open Christmas use the Dining Hall each year on Christmas Day to provide a Christmas lunch to those less fortunate. Bath Canoe club use the pool once a week at no charge, in exchange for the School having use of their canoes. Hayesfield Girls School have used our swimming pool for training sessions Further examples of public benefit can be found on htt kindness-launch-of-the-im act-re ort www.kin swood.bath.sch.uk news 2024-12-02 a-culture-of- Fundraising and other forms of charitable support Charity fundraising is an integral part of the culture and life of Kingswood, either through the effort5 of individual students or as part of the School's overall charity initiatives. At a more general level, staff and student5 regularly raise funds through various personal and group initiatives in aid of a range of local, national, and international charities. We believe that this focu5 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 keeping with our commitment to a holistic education and our outward-looking approach, we seek to engage in a wide range of activities within our local community which we hope will be of significant benefit to all those involved. Just under £30,000 was raised by the Foundation in support of charities this year. Tutor groups and Houses fundraised for the following organisations during the year.. LOCAL- Je55ie May Trust,. Life Project, Bath,. Bath Ml ND,. Bath Theatre Wonder fund,. Genesis Trust- Dorothy House- Butterflies Haven & fime is Precious,. Julian House,. Bath Cats and Dogs NATIONAL- Young Minds,. Black2Nature; Rainbow FouT)dation; MOVEMBER Men's Mental Health Charity,. MIND,. Doddie MND,. the Royal British Legion Poppy Appeal,. Action for Children,. Malala Foundation,. the Book Trust,. Against Breast Cancer,. Ben Saunders Foundation,. Help for Heroes,. Mobility Trust,. Wild Hogs Hedgehog rescue 14 Kingswood School GOVERNORS, REPORT For the year ended 31 August 2024 INTERNATIONAL- British Red Cross appeals for Morocco, Libya, Ukraine, and Israel/Palestine; Save the Children; Libumba Eswatini- Masiphumelele RFC,. Restart Africa INTERNATIONAL MALAWI- We continue to have a focus on Malawi, one of the poorest countries in the world. In addition to m3intaining long-term giving to Chankhasi School and the Chuma Community, we have extended our focus to include raising money for Mary's Meals in Malawi,. Eagles Malawi,. and MBora Malawi. We have ceased to raise money for charities where we cannot guarantee how funds are spent or where we differ on what constitutes good development. Fundraising Activities Pupil-led events have included bake sales, sausage roll sales, a lernonade sale, plant sales, selling Candy Canes, making dumplings, Concerts, a staff Panto, MUFfi days Inon-school uniforml, walks, races, a Valentine's Meal,. UpperFest which included lots of traditional garnes, a swimathon, moustache growing, a Party space, sporting Rugby Bands. Funds for our big charity focus in Malawi have been raised through a Jumble Sale, Bridge Day, our Annual Christmas Market and through donations at Services. Students also supported charities by means other than fundraising.. 333 kilos of food was brought in for a Harvest appeal and throughout the year Advent calendars. Easter eggs and children's books were also sent to the local Food Bank Backpacks were filled with daily use products for a Homeless Project Students wrote Christrnas Cards for a BAN ES Bath project. Tutor groups took turn to host six Afternoon Teas for local residents living alone The Social Justice group gardened with members of the Life Project (living with disabilities) Year 9 had a Food Poverty Awarene55 Day It should be noted that the School only fundraises from known supporters and does not appeal to the general public. Staff involved with fundraising follow best practice guidance and do not engage with third party fundraisers. No complaints were received in the year relating to fundraising. 15 Kingswood School GOVERNORS, REPORT For the year ended 31 August 2024 Energy Statement UK energy use and associated greenhouse gas emissions Annual energy usage and associated annual greenhouse gas I'GHG") emissions are reported pursuant to the Companies IDirectors' Report) and Limited Liability Partnerships IEnergy and Carbon Report) Regulations 20181"the 2018 Regulations") that came into force I" April 2019. The school has opted to include this report for the financi31 year 23-24, however, it is not a requirement 8iven the school is not a company. Organlsatlonal boundary In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those assets owned or operated within the UK only as defined by the operational control boundary. This includes boarding houses, staff accommodation, several educational buildings, a dedicated medical centre, a large astro turf pitch and scope one company-owned vehicles, including estate vehicles and minibuses, all controlled during the reporting period. No scope three busine55 travel in employee- owned or hire vehicles Igrey fleet) is reported. Reporting period The annual reporting period is I" September to 31" August each year and the energy and carbon emissions are aligned to this period. Quantification and reporting methodology The 2019 UK Government Environmental Reporting Guidelines and the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) were followed. The 2024 UK Government GHG Conversion Factors for Company Reporting were used in emission calculations. The report has been reviewed independently by Zenergi Limited (trading a5 Briar Consulting Engineers Limited). The electricity and gas consumption were compiled from invoice records and consumption reports. Where usage did not cover the reporting period, consumption was apportioned using the pro-rata estimation technique. Fuel cost report was used to calculate energy use and emission5 associated with company owned vehicles. Gross calorific values were used as per Government GHG Conversion Factors. The associated emissions are divided into mandatory and voluntary emissions according to the 2018 Regulations, then further divided into the direct combustion of fuels and the operation of facilities Iscope 11, indirect emissions from purchased electricity Iscope 21 and further indirect emission5 that occur because of site activities but occur from sources not owned or controlled bv the organisation Iscope 31. Breakdown of energy consumption used to calculate emissions Ikwhl.. i¥IAndfitoi- Gas $ 488.564 Piii'chiL scd electricilk froni the grid 1 ?98.361 Triinspoit fiiel Tot￿1 ettergy (maiidatorv) Note: flgures may not sum due to rounding 6,788,266 16 Kingswood School GOVERNORS, REPORT For the year ended 31 August 2024 Breakdown of emissions associated with the reported energy use ItCO2el: Scope I TrLlSt-owned veliicles Scope 2 Pur¢l)ased electricity Ilocaiioii-basedl Totlll gross eillissiuns {mand#tory) Note: figures may not sum due to rounding ?68.8 1,273.0 Intensity ratio Two intensity ratios are reported showing emissions ItC02el per pupil and per square meter floor area. Emi55ions per pupil is the recommended ratio for the sector for con515tency and comparability and pupil numbers are based on the Autumn 2024 Census. Emissions per square meter fSoor area is reported to reflect the energy efficiency of the buildings, which are the source of most emissions. fv[Und￿tvr emissions onl Tonnes of C.O?e pei- piipil Toiiiies of C.O?e per square ii)eter flooi. area 0.997 Energy efficiency action durin8 current financial year In the reporting period September 2023- August 2024, the School has taken the following energy efficiency actions: Installed pool cover to maintain temperature which will lead to reduced energy consumption. Upgraded LED to Dixon Centre, Theatre, Dining Hall, Sports Hall, Feren5 classroom and Art and DT blocks which will lead to reduced electricity consumption. Occupancy Sensors installed on 68 study rooms in the Dixon and the sports hall to control lighting and reduce electricity consumption. New double glazed windows replaced throughout Fonthill boarding house and Main school building. Kingswood Foundation remains committed to reducing its carbon footprint and continues to look out for new energy saving and funding opportunities going forward, with plans to install new boilers and 8MS controls on all new boilers. 17 Kingswood School GOVERNORS, REPORT For the year ended 31 August 2024 Statement of Governors, Responsibilities The Governors are responsible for preparing the Governors, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Governors are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charitie5 SORP,. make judgments and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the School will continue in business. The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charitie5 Act 2011. They are also responsible for safeguarding the assets of the Foundation 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 Kingdom governing the preparation and di55emination of financial statements may differ from legislation in other jurisdictions. Approved by the Board of Governors on 20iS and signed on its behalf by Mr P Baine5 Chair of Governors, on behalf of Kingswood School Trustee Limited 18 Kingswood School INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF KINGSWOOD SCHOOL For the year ended 31 August 2024 Opinion We have audited the financial 5tatement5 of Kingswood School for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and School Balance Sheets, the Cons01 idated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the group's and of the parent charity's affairs as at 31 August 2024 and of the group's 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 requirements of the Charities Act 2011. Bas15 for opinion We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may c25t significant doubt on the group's ability to continue a5 a going concern for a period of at least twelve months from when the financial statement5 are authorised for issue. Our responsibilitie5 and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The trustees are responsible for the other information. The other inform2tion comprises the information included in the Governors, Report and Headmasterfs Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5statement5, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require u5 to report to you if, in our opinion.. 3deqkJate accounting records have not been kept by the parent charity; or sufficient accounting records have not been kept,. or the parent charity financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. 19 Kingswood School INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF KINGSWOOD SCHOOL For the year ended 31 August 2024 Responsibilitie5 of trustees for the financial statements A5 explained more fully in the trustee5' responsibilities statement set out on page 18 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as 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 preparing the financial statements, the trustees are responsible for assessing the group's and the parent charity's ability to continue as a going concern, di5cIosing, as applicable, matters related to goin8 concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non- compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employnient law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statement5. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charitie5 Att 2011 and the Charities SORP and consider other factors such as payroll tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risk5 were related to the improper recognition of revenue and management bias in accounting estimate5. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and tax authorities,. Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud,. Evaluating marnagement's controls designed to prevent and detect irregularities- Identifying and testi ng journals, in particular journal entries posted at the year end,- and Challenging assumptions and judgements 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 a material misstatement in the financi21 statements or non-compliance with regulation. This risk increase5 the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made 501ely to the charity's 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 has been undertaken so that we might State to the charity's trustees those matters we are required to state to them in an Auditor'5 report and for no other purpose. To the fullest extent 20 Kingswood School INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF KINGSWOOD SCHOOL For the year ended 31 August 2024 permitted by law, we do not accept 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. Hoty LLf Haysmac LLP Statutory Auditors 10 Queen Street Place London EC4R IAG Date: 13 May 2025 Haysmacintyre LLP is eligible to act a5 an auditor in terms of section 1212 of the Companies Art 2006 21 Kingswood School CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 August 2024 Unrestricted Aestricted funds funds Year ended 31 Year ended 31 August 2024 August 2024 Endowed funds Total funds Total funds Note Year ended 31 Year ended 31 13m ended 31 August 2024 August 2024 August 2023 Income and endowments from: Charitable activities.. School fees Ancillary trading income 23,524,440 940,479 111.0351 23,513,405 940,479 21,053,609 851,640 24,464.919 111,0351 24,453,884 21,905,249 Other trading activities= Fundraising trading Other trading income Investment income Donations and grants 192,929 355,239 77,816 80 192,929 355,239 77,816 503,343 182,483 309,618 1,712 537,089 503,263 Total income 25,090,983 492,228 25,583,211 22,936,151 Expenditure: Raising funds.. Fundraising trading Financing costs 440,310 687,036 440,310 687,036 515,094 575,285 1,127,346 1,127,346 1,090,379 Charitable activities.. Education and grant making 22,473,545 378 22,473,923 22,518,753 Total expenditure 23,600,891 378 23,601,269 23,609,132 Net income / {expenditurel before investment gains/llossesl 1,490,092 491,850 1,981,942 1672,9811 Gains / ILossesl on investments 12 891 12,618 2,902 16,411 111,1131 Net Income l {expenditure} 1.490,983 504,468 2,902 1,998,353 1684,0941 Transfers 18b 498,332 1498,3321 Net movement in funds 1,989,315 6,136 2,902 1,998,353 1684,0941 Fund balances brought forward 24 8,980,296 2,740,062 1,167,474 12,887,832 13,571,926 Fund balances carried forward 10,969.611 2,746,198 1,170,376 14,886,185 12,887,832 Note 24 comprises the consolidated SOFA for 2023. 22 Kingswood School CONSOLIDATED AND SCHOOL BALANCE SHEETS as at 31 August 2024 Consolidated School 2024 2023 2024 2023 Notes Fimed assets Intangible assets Tangible assets Investment assets Ilb 91,958 23,565,198 614,710 85,879 22,591,230 496,424 91,958 23,544,061 616,710 85,879 22,558,659 498,424 Ila 12 24,271,866 23,173,533 24,252,729 23,142,962 Current assets Stock 21 1,582 5,846,050 1,807,393 Debtors 13 5,116,993 9,646,946 5,231,716 9,574,039 5,977,146 1,765,643 Cash at bankand in hand 14,763,960 7,655,025 14,805,755 7,742,789 Creditors: amounts falling due within one year 14 112,361,915) 110,040,726) 112,380,706) 110,092,859) Net assets / Iliabilitiesl 2,402,045 12,385,701) 2,425,049 12,350,070) Total assets less current liabilities 26,673,911 20,787,832 26,677,778 20,792,892 Creditors: amounts falling due after more than one year: Bank loan and fees received in advance 15 111,787,726) 17,900,000) 111,787,726) 17,900,000) Net assets 14,886,185 12,887,832 14,890,052 12,892,892 Financed by: Endowed funds 18a 1,170,376 2,746,198 10,969,611 1,167,474 2,740,062 8,980,296 1,170,376 2,746,198 10,973,478 1,167,474 2,740,062 Restricted funds 18b Unrestricted funds 18c 8,985,356 Total funds 17 14,886,185 12,887,832 14,890,052 12,892,892 The notes on pages 25 to 50 form an integral part of these Financial Statements. Approved and authorised by the Governing Body on .L&L....fy4i14 ..2.¥.LJ and signed on its behalf by: MrP Baines Chair of Governors, on behalf of Kingswood School Trustee Limited 23 Kingswood School CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 August 2024 Year ended 31 August 2024 13m ended 31 August 2023 Notes Cash flow from operating activities: Cash generated by operations Interest paid 23 10,644,124 687 036 3,344,254 575 284 Net cash from operating activities 9,957,088 2,768,970 Cash flows from investing actlvities: Dividends, interest and rents from investments Purchase of intangible assets Purchase of tangible assets Investment gains/losses 75,442 182,0371 12,027,851) 16,411 150 1121,9251 12,011,916) 111,1131 Net cash used by Investing activitie5 {2,018,035} (2,144,804) Cash flow5 from financlng activities". Repayments of loans Repayrnent of endowment loan Cash inflows from new loans 17,499,7901 199,5001 7 900 000 199,5001 Net cash used by financing activities 199,500) 300,710 Movement in cash 7,839,553 924,876 Cash and cash equivalents at the beginning of the reporting period 1,807,393 882,517 Cash and cash equivalents at the end of the reporting period 9,646,946 1,807,393 Analysis of cash and cash equivalents: Cash at bankand in hand 9,646.946 1,807,393 Charity law requires 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 note5 on pages 25 to 50 form part of these Financial Statements. 24 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 ACCOUNTING POLICIES Charity information Kingswood School is a registered charity in England and Wale5. The registered office is Kingswood School, Lansdown Road, Bath, BAI 5RG. King5wood 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 transaction value, unless otherwise stated in the relevant accounting policy. The principal objectives of the charity are detailed in the Governors, report found on page 8 of these financial statements. The financial statements are prepared in sterSing, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Basis of preparation The financial statements have been prepared in accordance with Accounting and ReportinB by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l October 20191- (Charities SORP IFRS 10211 and the FInanc￿al Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The accounting policie5 disc105ed have been applied conslstently throughout the current and preceding year. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities IAccounts and Reportsl Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 i55ued on 16 july 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. Reduced disclosures FR5 102 allows qualifying entities certain disclosure exemptions. The school has only taken advantage of the exemptions for the following disclosure requirements.. Section 1.12lbl "Statement of Cash Flows" and disc105ures. Presentation of an entity only Statement of Cash Flow and related notes Going concern 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 August 2024 and cash fSow projections prepared for the period 31 August 2025 and beyond. The cash flow projections indicate that the Group will be able to meet it5 liabilitie5 as they fall due and together with current arrangements with the School's bankers indicate that the School will be able to operate within the facilities currently available, Furthermore, the School's bankers are satisfied that the School will meet it5 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 fluctuations in cash requirements and the flexibility of the overdraft represents cost effective borrowing. The Trustees have identified no material uncertaintie5 and for these reasons they have concluded that it is appropriate to use the goin8 concern basi5 in the preparation of these accounts. 25 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 Basis of consolidation The consolidated statement of financial activities, balance sheet and statement of c3sh flows include the financial statement5 of Kingswood School, its subsidiaries, Kingswood Enterprises Limited (Co. Reg. No. 02545441 and Kingswood International Limited Ico. Reg. No. 105197131 a5 well as Its subordinate charity, Kingswood School Oevelopment Fund Icharity Reg No. 3102291 made up to 31 August 2024. Kingswood Enterprises Limited is involved in commercial lettings, property rranagement and the rental of minibus services for the benefit of the School. Kingswood International Limited is involved in promoting the Kir)gswood School way of education to overseas Partners and developing education opportunities to overseas markets. Kingswood School Development Fund'5 main objects are to fundraise and apply the annual income of the charity for such charitable purposes as the Governor5 shall determine. The results of the subsidiaries are consolidated on a line-by-line ba515, Wlth all inter group sales and profit eliminated fully on consolidation. Fees and similar income Fees receivable, charges for services and use of premises are accounted for in the period in which the se￿iCe is provided. Fees receivable are stated after deducting allowance5, scholarships and other remissions granted by the School, but include contributions received from restricted funds for scholarships, bursaries and other grant5. 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. 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 resource5 input to these different parts of the School's operations in the year. The irrecoverable element of VAT is iricluded with the item of expense to which it relates. Governance costs comprise the c05t5 of running the charity, including strategic planning for it5 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 rate5 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 a150 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. 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. Fixed assets Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of a55et5 of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the statement of financial activities. Normally items costing less than £1,000 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 substantially all of the risks and rewards of ownership are with the School. Land is not depreciated. Building5 are depreciated at rates calculated to write off the c05t less their estimated useful residual value5 on a strai8ht line basis over the expected useftjl economic life of each building. The range of annual rates used for this purpose is between 20 and 50 years. 26 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 Depreciation is provided against all other assets, on a straight line basis at rates calculated 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 course of construction are not depreciated until they are brought into Use. Intangible fixed assets Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised so as to write off the cost or valuation of assets le55 their residual values over their useful lives on the following base5: Software Istraight line) 33.3% Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible a55et5 to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the a55et is estimated in order to determine the extent of the impairment loss lif anyl. Where it is not P055ible to estimate the recoverable amount of an individual asset, the charity estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less Costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the 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 asset lor cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset lor cash-ger)er3ting unitl is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of financial activities. Reco8nised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset lor cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset lor cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the statement of financial activities. Investments and investment income Investment income is accounted for on a receivable basi5 and comprises dividend income and interest. In accordance with the SORP, investments are shown in the balance sheet at their market value. Gains and105ses on investment asset5 Changes in the valuation of investments during the year are shown as gains or losses. Gains and losses arising from the disposal of assets are the difference between the sale proceeds and the market value at the beginning of the year. Stocks Stock5 are valued at the lower of cost and net realisable value after due allowance for obsolete and slow moving stocks. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the in5trurnent. 27 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 8oslcfinancial assets Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction 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 market rate of interest. Impoirment offinoncial 05set5 Financial assets, other than those held at fair value through profit or Soss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where 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 asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment Ioss Is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount doe5 not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognltlon ofAinanciol assets Finarncial assets are derecogni5ed only when the contractual right5 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 entity, or if some significant risks and reward5 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. ClassiAicotion oAAlnoncial liabilities Financial liabilities and equity instruments are classified accordinB to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its Baslcfinoncial liobilitie5 Basic financial liabilities, including trade and other payables, bank loans, and advance fee payments, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present valLJe of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortlsed cost, using the effective interest rate method. Derecognition offinanciol liabilities Financial liabilities are derecognised when, and only when, the charity's contractual obligations are discharged, cancelled, or they expire. 28 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 Equity 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 instruments. They are subsequently measured at fair value using observable market inputs and outputs. Permanent endowment funds The School holds investments donated under permanent endowment. Income arising on the Permanent Endowment Fund investments is treated as restricted income of the School. Restricted funds Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the Financial Statements. Unrestricted fund5 The General Funds comprise the accumulated surplus. As such the Governors consider these funds to be Unrestricted Fund5 Wlthin the definitions contained in the Charities Act5 in that they are funds over which they have complete discretion as to their use. CRITICALACCOUNTING 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 liabilities 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 fixed assets. Actual results may differ from these e5timate5. The estimates and underlying assumptions are reviewed 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 periods. SCHOOL FEES 2024 Period ended 31 August 2023 The School's unrestricted fee income comprised.. Gross fees 26,120,187 12,617,817) 23,490,451 12,443,214) Less.. Total bursarie5, grants and allowances 23,502,370 21,047,237 Add back.. Scholarships, Grants etc. paid for by restricted funds 11,035 6,372 23,513,405 21,053,609 29 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 INCOME FROM SUBSIDIARY'S TRADING ACTIVITIES lal The School owns 100% of the 1,000 £1 ordinary share capital of Kingswood Enterprises Limited (Co. Re8 No 025454421, which provides minibus services to the School and obtain5 commercial lettings. Its trading results for the year, as extracted from the audited Financial Statements, are summarised below: 2024 Period ended 31 August 2023 Turnover 292,416 1203,8301 265,107 1158,3341 Cost of sales Gross profit Administration 88,586 123,1991 106,773 123,5111 Operating profit 65,387 83,262 Donation to the Sthool 169,2841 189,6781 Retained profit/llossl 13,8971 16,4161 The net assets of Kingswood Enterprises Limited at year-end were £43,543 12023.. £29,688). Gr055 assets at year-end were £149,39612023.. £166,031). Gross liabilitie5 were £105,85312023.. £136,343). During the year £69,28412023.' £89,6781 has been accrued for gift-aid relating to the financial year 23-24. The gift-aid donation in the year was greater than the profit due to using up reserves built up in previous years. 30 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 Ibl The School owns 100% of the 1,000 £1 ordinary share capital of Kingswood International Limited (Co. Reg No 105197131, 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 Financial Statements, are summarised below: 2024 Period ended 31 August 2023 Turnover Cost of sale5 1371 1371 Gross profit Administration 1371 11, 1921 1371 11,5181 Operating loss 11,2291 11,5551 Donation to the School Retained profitlllossl 11,2291 11,5551 The net liabilities of Kingswood International Limited at year-end were E66.54712023.. £65,318). Gross assets at year-end were £2512023.. £21. Gross liabilities were £66,57212023.. £65,320). Kingswood International is exempt from audit under section 479A of the Companies Act 2006 and therefore results of this entity are unaudited. Icl The Trustees of King5wood School Development Fund are the same as the Governors of Kingswood School Trustee5 Limited and therefore Kingswood School Development Fund is viewed as being a subordinate charity under the terms of the SORP IFRS1021. The Kingswood School Development Fund was dormant in the current and prior periods. 31 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 INVESTMENT INCOME AND GAINS Unrestricted funds Restricted funds Endowment funds Total 2024 2024 2024 2024 Income from investment property and other interest Interest receivable 222 222 77,594 77,594 77,816 77,816 Unrestricted funds Restricted funds Endowment funds Period ended Period ended Period ended 31 August 2023 31 August 2023 31 August 2023 Total Period ended 31 August 2023 Income from investment property and other interest 69 69 Interest receiv3ble 1,643 1,643 1,712 1,712 32 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 ANCILLARY TRADING AND OTHER INCOME 2024 Period ended 31 August 2023 Anclllary trading income: Entrance and registration fees Special educational needs income Fees for extracurricular course5 School meals Fee5 in lieu of notice and forfeited deposits Miscellaneou5 income 57,861 45,049 2,060 793,180 40,427 1,902 54,750 57,328 29,450 686,516 20,725 2,871 940,479 851,640 Activities for generating funds: Courses and sub-lettin85 355,239 309,618 All ancillary trading income and raising funds are unrestricted in the current and prior year. DONATIONS AND GRANTS Unrestricted funds 2024 Restricted funds Endowment funds 2024 2024 Total 2024 Donations and Legacies 80 503,263 S03,343 Grants 80 503,263 503,343 Unrestricted funds Period ended 31 August 2023 Restricted funds Endowment funds Total Period ended Period ended Period ended 31 August 2023 31 August 2023 31 August 2023 Donations and Legacies Grants 1,386 535,703 537,089 1,386 535,703 537,089 33 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 NET INCOME FOR THE PERIOD Net income in the period is stated after.. 2024 Period ended 31 August 2023 Charltable expenditure includes: Depreciation for owned assets Amortisation of intangible assets Bank loan and overdraft interest payable 1,053,882 75,958 557,614 1,152,221 53,450 454,013 Governance costs include in 5UPPOrt Costs: Auditor's remuneration.. for audit services 38,524 2,450 35,204 3,036 for non-audit services (tax advice and accounts prep support) Total staff costs Comprlsed: Wages and salaries Social security C05tS Pension contributions 12,240,265 1,244,746 2,034,523 12,673,984 1,274,094 1,958,592 15,519,534 15,906,670 The average number of ful l-time equivalent employees in the year was 30012023.. 3101 of which 12912023.. 1321 were teaching staff. The average headcount in the period was 415 12023.. 4681. During the period, termination payments were made to employees totalling £10,05112023.. £5,000). Neither the governors nor persons connected with them received any remuneration or other benefits from the School or any connected organisation, except for the reimbursement of expenses for travel, subsistence and training of the Governors for £4,380 12023: £5,465). 34 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 The nurnber of higher paid employees was.. Period ended 31 August 2023 No. 2024 Year ended 31 July 2023 No. £60,000- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £ioo,ooi- £iio,000 £230,001- £240,000 £240,001- £250,01)0 li 17 io 25 34 20 Contributions to the Teachers, Pension Scheme were made for the benefit of 1912023.. 281 higher paid employee5 tolalling £341,80012023'. £455,505). Contributions payable into the non-teaching staff personal pensiori Schemes for 512023.. 61 higher paid employees amounted to £22,88312023.. £36,4131- The gross salary of the highest paid staff member wa5 in the £190,000 - £200,000 bracket. In line with 22-23, the value in the table above includes salary in lieu of employer pension contributions. 35 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 EXPENDITURE {UNRESTRICTEDI Total Year ended 31 August 2024 Staff costs Other costs Amortisation & Depreciation Cost of charitable activities.. Teaching Welfare 11,121,957 2,140,045 687,822 1,554,682 714,338 1,426,738 2,072,146 1,573,407 11,836,295 3,569,026 3,876,132 3,128,089 2,243 1,116,164 Premises Support costs of schooling School's operating costs 15,504,506 5,786,629 1,118,407 22,409,542 Governance costs 64,003 64,003 Costs of raising funds: Fundraising trading - other Financing costs Trading costs of KEL Trading costs of KIL 303,524 687,036 110,288 37 303,524 687,036 136,749 37 15,028 11,433 Total for Group 15,519,534 6,951,517 1,129,840 23,600,891 Total Period ended 31 August 2023 Staff costs Other costs Amortisation & Depreciation Cost of charitable activities.. Teaching Welfare 11,442,896 2,144,962 776,273 1,514,793 638,668 1,091,193 2,091,244 1,571,098 12,081,564 3,238,585 4,058,798 3,085,891 2,430 1,191,281 Premises Support costs of schooling School'5 operating costs 15,878,924 5,392,203 1,193,711 22,464,838 Governance costs 52,315 52,315 Costs of raising funds.. Fundraising trading - other Financing costs Trading costs of KEL Trading costs of KIL 394,501 575,285 80,850 37 394,501 575,285 120,556 37 27,746 11.960 Total for Group 15,906,670 6,495,191 1,205,671 23,607,532 36 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 io ANALYSIS OF SUPPORT COSTS Educational Operations Admin Operations Governance Recruitment & Advertlsin8 Total Year ended 31 August 2024 Audit Services - Audit Fees Non auditfee Independent Schools Inspection Governor's Expenses Technology Costs Other Support Costs Support Staff Costs Legal & Professional Costs Staff training and expense5 Pupil Recruitment Staff Recruitment Other 38.524 2,450 18,649 38,524 2,450 18,649 4,380 4,380 298,371 443,492 1,685,350 197,337 32,990 358,216 45,184 67.149 298,371 273,249 1,629,513 197,337 32,990 170,243 55,837 358,216 45,184 67,149 226,080 2,431,460 64,003 470,549 3,192,092 Staff costs are apportioned based on those employees who are employed 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 responsibilities. Educational Operations Admin Operations Governance Recruitment & Advertising Total Period ended 31 August 2023 Audit Services - Audit Fees Non audit fee Independent Schools Inspection Governorfs Expenses Technology Costs Other Support Costs Support Staff Costs Legal & Professional Costs staff training and expenses Pupil Recruitment Staff Recruitment Other 35,204 3,036 8,610 35,204 3,036 8,610 5,465 5,465 347,465 441,765 1,647,700 242,823 57,981 310,299 37,858 347,465 323,616 1,625,409 242,823 57,981 93,604 22,291 24,545 310,299 37,858 115,895 2,635,152 52,315 334,844 3,138,206 37 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 Ila TANGIBLE FIXED ASSETS GROUP AND SCHOOL Assets in course of construction Subsidiary plant and equipment Subsidiary motor vehicles Freehold property Motor vehicles Furniture and plant School total Group total At I September 2023 Addition5 31,625,432 1,701,047 8,004 136,328 7,824,596 5.912 320,892 39,594,360 2,027,851 71,626 113,023 39,779,009 2,027,851 At 31 August 2024 33,326,479 13.916 136,328 8,145,488 41,622.211 71,626 113.023 41,806,860 DEPRECIAfioN At I September 2023 Charge for year 9.556,199 656,881 127,545 7.351.958 2.243 383.325 17,035,702 1,042,449 71,626 80,452 11,433 17,187,780 1,053,882 At 31 August 2024 10,213,080 129.788 7,735,283 18,078,151 71,626 91,885 18,241,662 NETBOOK VALUES At 31 August 2024 23.113.399 13.916 6,540 410,205 23.544.060 21.138 23.565.198 At I SepterTtber 2023 22,069.234 8,004 8.783 472.638 22,558,659 32,571 22,591,230 38 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 Ilb INTANGIBLE FIXED ASSETS GROUP AND SCHOOL Software Cost At I September 2023 Additions 312,361 82,037 At 31 August 2024 394,398 Amortisation At I September 2023 Charge 226,482 75,958 At 31 August 2024 302,440 Net book value At 31 August 2024 91,958 At I September 2023 85,879 Intangible Assets relate to purchased software technology. Amortisation is included in the Statement of Financial Activities within Charitable activities, costs. 39 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 12 INVESTMENTS GROUP Unrestricted Restricted Endowed Unrestricted Endowment Cash Cash Total At I September 2023 Accurnulated Interest Additions Revaluations 10,937 173,626 142,280 129,695 39,886 2,375 496,424 2,375 99,500 16,411 99,500 2,902 891 12,618 Balance at 31 August 2024 11,828 186,244 244,682 129,695 42,261 614,710 Historic cost 1,777 65,495 88,530 121,286 31,326 308,414 SCHOOL Unrestricted Restricted Endowed Unrestricted Endowment Cash Cash Total At I September 2023 Accumulated Interest Additions Revaluations 12,937 173,627 142,280 129,695 39,885 2,375 498,424 2,375 99,500 16,411 99,500 2,902 891 12,618 Balance at 31 August 2024 13,828 186,245 244,682 129,695 42,260 616,710 Historic cost 2,777 65,495 88,530 121,286 31,326 309,414 The unrestricted investment shown within the school note above include5 the investment in two subsidiarie5. 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 provides services in property management, commercial lettings and minibus services. Kingswood International Limited promotes the King5wood School way of education to overseas partner5 and develops education opportunities to over5ea5 markets. Restricted and endowed investments are held in investment fund units whose funds are invested in a wide variety of stock5 and shares. The cash deposits are held by the investment managers and interest accumulates monthly. 40 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 13 DEBTORS Consolidated School 2024 2023 2024 2023 Due within one year- School fees debtor5 Trade debtors Amounts owed by group undertakings Gift aid receivable from subsidiary Other debtors Prepayments and accrued income Taxation and social security 4,848,065 6,654 5,463,191 9,932 4,848,065 5,463,191 65,272 69,284 45,229 203,866 63,802 89,678 91,414 269,061 45,229 213, 196 3,849 91,414 281,513 5,116,993 5,846,050 5,231,716 5,977,146 14 CREDITORS.. amounts falling due within one year Consolidated School 2024 2024 2023 2023 Current instalments due on bank loan Trade creditors Amounts owed to subsidiary companies Taxation and Social security Pension costs 143,977 1,206,279 143,977 1,206,279 269,245 269,245 54,453 99,605 287,985 177,954 197,044 284,581 522,531 456,083 7,616,330 228,973 288,671 177,954 170,077 282,699 44,191 90,689 44,191 69,200 345,128 592,802 681,321 7,231,147 Finance leases Other creditors 347,011 592,802 693,611 7,231,147 2,012,208 Deposits received in advance Accruals and deferred income 522,531 436,774 7,616,330 228,973 Deferred income- Autumn term bills Advance fees 2,012,208 12,361,915 10,040,726 12,380,706 10,092,859 41 Kingswood School NQTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 Deferred Income Analysis 2024 2023 At I September 2023 Income received for future residential course5 8,524,370 11,293,223) 29,930 8,494,440 Balance at 31 August 2024 7,231,147 8,524,370 2024 2023 Advance Fee Payments Amounts due within one year Amounts due within two years Amounts due within three years Amounts due within four years Amounts due within five years Amounts due within six years Amount5 due within seven years Amounts due within eight years Amounts due within nine years 2,012,208 1,558,180 1,098,004 577,032 411,869 212,791 93,651 60,322 19,854 228,973 Balance at 31 August 2024 6,043,911 228,973 The balance represents the accrued liability under the contracts. The movements during the period were.. 2024 2023 Balance at I September 2023 Movement in the period 228,973 5,337,721 481,153 1252,1801 Balance at 31 August 2024 5,566,694 228,973 42 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 15 CREDITORS: amounts falling due after more than one year Consolidated School 2024 2023 2024 2023 Bank loan 7,756,023 4,031,703 7,900,000 7,756,023 4,031,703 7,900,000 School fees received in advance 11,787,726 7,900,000 11,787,726 7,900,000 16 BORROWINGS Consolidated School 2024 2023 2024 2023 Bank loans 7,900,000 7,900,000 7,900,000 7,900,000 7,900,000 7,900,000 7,900,000 7,900,000 Payable within one year Payable after one year 143,977 7.756,023 143,977 7,756,023 7,900,000 7,900,000 7,900,000 7,900,000 7,900,000 7,900,OIXJ The School and Group had the facility of three loans and an overdraft facility provided by Barclays Bank plc, under composlte overdraft arrangements with the Board of the Division of Finance of the Methodist Church covered by a legal charge on freehold property in Bath up until May 2023. In May 2023, the School and Group moved banking provider5 and now have the facility of one loan and an overdraft facility provided by Natwest Bank. At 31 July 2001, there was a legal 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 December 1863. Property comprised in this charge is to be taken by the Bank as security for the loan and overdraft facilitv. The variable loan with N3tWest has an interest rate of 1.83%. 43 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 17 NET ASSETS OF THE FUNDS OF THE SCHOOL AND GROUP The Group's net a55ets belong to the various funds (includin8 Advance Feesl as follows.. Fixed Assets Investments Net current Asset51lLiabilities1 Long term Fund balances Endowment funds 374,376 186,244 54,090 796,000 2,559,954 1953,9091 111,787,726) 1,170,376 2,746,198 10,969,611 Restricted fund5 Unrestricted fund5 23,657,156 23,657,156 614,710 2,402,045 111,787,726) 14,886,185 The School's net a55ets belong to the various funds lincluding Advanced Fees) as follows.. Fixed Assets Investments Net current AssetsllLiabi litiesl Long term Fund balances Endowment funds 374,376 186,245 56,089 796,000 2,559,953 1930,9041 1,170,376 2,746,198 10,973,478 Restricted funds Unrestricted funds 23,636,019 111,787,726) 23,636,019 616,710 2,425,049 111,787,7261 14,890,052 On 19 June 2018, the School received the approval of the Charity Cornmission to transfer £995,000 of the School's Endowment fund5 to offset the capital purchase of the new build at KPS. The Agreement made specific reference to interest and capital payments.. Interest on the loan at the rate of 3%, to be reviewed annually. The Borrower shall repay the loan in ten equal instalments commencing on the fifth anniversary of this Agreement and thereafter on each anniversary of this Agreement until 2033. The first repayment of £99,500 was made during the year 22-23. The Charity Commission also approved the use of a 5ubsidi2ry company, Ferens P05nett Limited (Reg. Co. No. 113765071 to reduce the conflict of interest between Kin8swood School Trustee Limited and the Kingswood School endowed funds. 44 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 18a ENDOWED FUNDS: MOVEMENTS IN THE PERIOD Balance at I September 2023 Amounts expended Transfers and investment1055es Income Balance at 31 August 2024 Endowment funds Scholarships and bursaries Prizes and medals 1,160,182 2,066 5,226 2,775 127 1,162,957 2,193 5,226 Otherfunds School & Group 1,167,474 2,902 1,170,376 Balance at l August 2022 Amounts expended Income Transfers and investment losses Balance at 31 Au8USt 2023 Endowment funds Scholarships and bursaries Prizes and medals 1,161,561 2,189 5,226 11,3791 11231 1,160,182 2,066 5,226 Other funds School & Group 1,168,976 11,5021 1,167,474 The Scholarshlp Funds The net assets represent the historical monetary value of some 19 individual gifts from benefactors of the School, together with, since 1977, the accumulated surplus of income over expenditure. The income and expenditure is shown within the restricted funds. The Prlzes 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. 45 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 18b RESTRICTED FUNDS: MOVEMENTS IN THE PERIOD Balance at I September 2023 Income Amounts expended Transfers and inve5tment105ses Balance at 31 August 2024 Restricted funds Bursary fund Other restricted funds 188,489 9,487 2,542,086 111,0351 12,618 190,072 9,487 2,546,639 Development 503,263 13781 1498,3321 School 2,740,062 492,228 13781 1485,7141 2,746,198 Kingswood Development Fund Group 2,740,062 492,228 13781 1485,7141 2,746,198 Balance at l August 2022 Amounts expended Transfers and investment105ses Balance at 31 August 2023 Income Restricted funds Bursary fund Other restricted funds Development 205,493 9,487 2,007,983 16,3721 110,6321 188,489 9,487 2,542,086 535,703 11,6001 School 2,222,963 529,331 11,6001 110,6321 2,740,062 Kingswood Development Fund Group 2,222,963 529,331 11,6001 110,6321 2,740,062 During the year, there wa5 a fund transfer of £498,332 between restricted funds and unrestricted funds. Thi5 relates to monev donated for specific projects Irestrictedl in previous years which has been spent out on those projects from unrestrirted funds during the year ended 31 August 24. ursary fund This fund represents monies given to the School specifically to invest for the provision of bursaries and gifts to support pupils. Other restricted funds These relate to Several small restricted funds which have been donated during the year and are expended in accordance with the donor'5 wishes. 46 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 18c UNRESTRICTED FUNDS: MOVEMENTS IN THE PERIOD Balance at I September 2023 Transfers and investment losses Balance at 31 August 2024 Income Expenditure Unrestricted fund5 General reserve 8,685,356 24,798,567 123,309,667) 499,223 10,673,479 Designated fund5 Bursary fund 300,000 300,000 School 8,985,356 24,798,567 123,309,6671 499,223 10,973,479 Kingswood Enterprises Ltd Kingswood International Ltd 61,257 166,3171 292,416 1289,9951 11,2291 63,678 167,5461 Group 8,980,296 25,090,983 123,600,891) 499,223 10,969,611 In the financial year 2012113 the governors designated £300,000 for future bursaries to be given against school fees. Balance at l August 2022 Transfers and investment losses Balance at 31 August 2023 Income Expenditure Unrestricted funds General reSe￿e 9,877,076 22,141,713 123,334,454) 1,021 8,685,356 Designated funds Bursary fund 300,000 300,000 School 10,177,076 22.141.713 123,334,454) 1,021 8,985,356 Kingswood Enterprises Ltd Kingswood International Ltd 67,673 164,7621 265,107 1271,5231 11,5551 61,257 166,3171 Group 10,179,987 22,406,820 123,607,532) 1,021 8,980,296 47 Kingswood School NOTE5 TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 19 PENSION SCHEMES The School participates in the Teachers, Pension Scheme I'the TPS'I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,707,06712023: £1,645,867) and at the year-end £012023.. £177,954) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Member5 contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS wa5 prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy scheme5 for the period l April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the 'greater value, benefits for groups of relevant members. The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. 20 RELATED PARTY TRANSACTIONS The key management personnel are deemed to be the Trustees, the Senior and Prep Headmasters, the Director of Finance and Operation5, 5 deputy head5, the Chaplain and 4 directors as listed on Page 5 of the account5. Their total remuneration costs including employer's Nl and pension in the year were £1,438,67812023.' £1,557,781). During the period the school received gift aid income from Kingswood Enterpri5e5 Ltd of £69,28412023'. £89,678). The school charged Kingswood Enterprises Limited £97,587 12023.. £80,724) for Minibus driving services, theatre and admin charge5 and Catering 5ervice5. It paid £99,48712023= £82,624) to Kingswood Enterprises Ltd in respect of the supply of minibLJses and other vehicle. At the year-end £54,45312023.' £99,605) was due to Kingswood Enterprises Ltd. At the year-end £65,27212023.. £63,802) was due to Kingswood School Ltd from Kingswood International Limited. There were no other transactions between Kingswood School Ltd and Kingswood International Ltd. 21 ULTIMATE PARENT UNDERTAKING The ultimate parent undertaking and controlling party is Kingswood School Trustee Limited, of Lansdown Road, Bath BAI 5RG, a company incorporated in England and Wales. 48 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 22 NET DEBT RECONCILATION Brought forward Cash flow Carried forward Cash at bank and in hand 1,807,393 7,839,553 9,646,946 1,807,393 7,839,553 9,646,946 Finance leases 1197,0441 17,900,0001 106,355 13,887,726) 1143,9771 190,6891 111,787,726) 1143,9771 Debt due in more than one year Debt due within one year 16,289,651) 3,914,205 12,375,446) 23 RECONCILIATION OF GROUP NET INCOME TO NET CASH INFLOW FROM OPERATIONAL ACTIVITIES 2024 Period ended 31 August 2023 Net income 1,981,942 1672,9811 Adjustments for: Investment gain5 Interest received Net financing costs Depreciation and amortisation 116,4111 177,8161 687,036 1,129,840 11,113 11,7121 575,285 1,205,671 3,704,591 1,117,376 Ilncreasel/Decrease in stock IlncreasellDecrease in debtors Increase/lDecreasel in creditors 1,561 729,057 6,208,915 670 15,334,911) 7,561,119 Net cash provided by operating activitie5 10,644,124 3,344,254 49 Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 24 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES- 13 MONTH PERIOD ENDED 31 AUGUST2023 Unrestricted Restricted funds Endowed funds Total funds Total funds funds Note Period ended 31 Period ended 31 Period ended 31 Period ended 31 August 2023 August 2023 August 2023 August 2023 2022 Income and endowment5 frorn: Charitable activities.. School fees Ancillary trading income 21,059,981 851,640 16,3721 21,053,609 19,982,966 851,640 813,992 21,911,621 16,3721 21,905,249 20,796,958 Other trading activities.. Fundraising trading Other trading income Investment income Donations and grants Other Income 182,483 309,618 1,712 1,386 182,483 309,618 1,712 537,089 221,009 39,866 176 398,161 3,944 535,703 io Total income 22,406,820 529,331 22,936,151 21,460,114 Expenditure: Raising funds.. Fundraising trading Financing costs 515,094 575,285 515,094 575,285 239,038 306,780 1,090,379 1,090,379 545,818 Charitable activities.. Education and grant making 22,517,153 1,600 22,518,753 19.833,319 Total expenditure 23,607,532 1,600 23,609,132 20,379,137 Net lexpenditurel / income before investment gainslllosses) 11,200,712) 527,731 1672,9811 1,080,977 Gains / ILossesl on investments 12 1,021 110,6321 11,5021 111,1131 114,5961 Net (expenditure) l income 11,199,6911 517,099 11,5021 1684,0941 1,066,381 Net movement in funds 11,199,691) 517,099 11,5021 1684,0941 1,066,381 Fund balances brought forward 24 10,179,987 2,222,963 1,168,976 13,571,926 12,505,545 Fund balances carried forward 8,980,296 2,740,062 1,167,474 12,887,832 13,571,926 50