## **A Registered Educational Charity**
## **REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED**
**31 JULY 2021**
**Charity No: 310024**
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
|**Contents**|**Page**|
|---|---|
|Governors, officers and advisors|1|
|Report of the Governing Body|4|
|Report of the Auditors|22|
|Consolidated Statement of Financial Activities|24|
|Balance Sheets|25|
|Consolidated Cash Flow Statement|26|
|Accounting Policies|27|
|Notes to the Financial Statements|30|
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
## **GOVERNORS**
The Governors of the school, all of whom served during the year, are as follows: Lord Deighton KBE (chair) Mr G.W. James MA (vice chair) (retired November 20) Mrs S.A. Bennett BA (special interest: Safeguarding) Mr O.L. Carlstrand BSc CEng MICE (special interests: Estates & Buildings, Senior School, Friends of KCS) Mr C.G. Hale MA LLM Mrs S.A.B. Hobbs BA PGCE (special interest: Safeguarding) Mr D.G. Ingram MA (special interests: Health & Safety and premises, Outreach & Bursaries) Sir R.M. Jay BA QC (chair of Appeals, Disciplinary and Complaints Committee) Prof D.A. Lievesley CStat AcSS CBE Mr I.A. Macmillan BSc ACA MBA (special interests: Sports and Games, support staff) Mrs A. Ng BSc FCA Dr C Okelo BSc MD (appointed December 20) (special interest: Junior School) Mr R.J. Parker MA Ms J.L. Robinson BA PGCE M.Ed Mrs J.G. Sarpong BSc MBA (special interest: Equality, Diversity and Inclusion, GDPR) Professor B. Szczepek Reed (resigned July 21) Mr M.D.J. Sharp BA (Special interest: Performing Arts) Mr G.C. Slimmon MA MBA (appointed vice chair November 20) Mr P.J.L. Strafford BA MBA Mrs D.A. Walls BA (special interest: Partnerships) (resigned July 21)
Members of the Finance and Planning Committee:
Mr G.C. Slimmon MA MBA (chair) Lord Deighton KBE Mr O.L. Carlstrand BSc CEng MICE Mr G.W. James MA (retired November 20) Mr IA Macmillan BSc ACA MBA (joined committee June 21) Mrs A Ng BSc FCA (joined committee October 20) Mr R.J. Parker MA Mr P.J.L. Strafford BA MBA (stepped down from the committee March 21)
Mr P.J.L. Strafford BA MBA (chair) Mr O.L. Carlstrand BSc CEng MICE Lord Deighton KBE Mr G.W. James MA (retired November 2020) Mr D.G. Ingram MA Mrs J.G. Sarpong BSc MBA Mr G.C. Slimmon MA MBA (joined committee March 21)
Members of the Education Committee:
Ms J.L. Robinson BA PGCE M.Ed (chair) Mrs S.A. Bennett BA Mrs S.A.B. Hobbs BA PGCE Prof D.A. Lievesley CStat AcSS CBE Mr M.D.J Sharp BA Mrs D.A. Walls BA (resigned July 21)
Members of the Estate Projects Implementation Committee:
Mr O.L. Carlstrand BSc CEng MICE (chair) Mr D.G. Ingram MA
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## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
Governor Board Members of KCS Enterprises Limited:
Mr G.C. Slimmon MA MBA (chair) Mr R.J. Parker MA
Governor Board Members of K College School Wimbledon (International) Limited:
Mr C.G. Hale MA LLM
Mr G.W. James MA (retired November 20 and co-opted to KCSW(I) board December 20) Mr P.J.L. Strafford BA MBA
## **OFFICERS**
Head Master Mr A.D. Halls OBE MA (retired July 2021) Acting Head Ms Jude Lowson MA (March 21) Headmaster of the Junior School Dr G.A. Silverlock BEd MLitt PhD (retired August 21) Bursar/Secretary to the Governors Mrs AM. Clarke MA Address: Southside Wimbledon Common London SW19 4TT www.kcs.org.uk 020 8255 5300
## **ADVISERS**
Solicitors: Farrer & Co London WC2A 3LH Veale Wasbrough Vizards Orchard Court Bristol BS1 5WS
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## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
Auditors: Haysmacintyre LLP Chartered Accountants Registered Auditors 10 Queen Street Place London EC4R 1AG Insurance Brokers: Marsh Limited Capital House 1-5 Perrymount Road West Sussex RH16 3SY Bankers: NatWest 16 Wimbledon Hill Rd London SW19 7NN
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## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
The governors present their annual report, together with the audited financial statements, for the year ended 31[st] July 2021 ) and Wimbledon Common WCPS The senior school, junior school The senior
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
Reference and administrative information is set out on pages 1 to 3 and forms part of this report. The financial statements Char Second Edition, effective 1 January 2019) _._
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **History and Constitution**
K College School
In 1897 K e School moved from its premises in the Strand to its present site in Wimbledon. In 1909, by virtue became separately incorporated and all the powers, duties and functions of the Corpo 310024.
## **The Corporation**
The Statutes of the Corporation were revised by a scheme sealed on 24[th] October 2008 by the Charity Commissioners and amended by resolution in December 2010, March 2011, December 2014, March 2018, December 2018 and December 2019. The following are eligible for membership of the Corporation: -
- i) Governors elected at a general meeting of the Corporation, held annually in January. ii) People unconnected with the schools who have contributed £1,500 for the purposes of the Corporation. iii) Former pupils or parents of pupils or former pupils of who have contributed £500. iv) Members of staff of who have contributed £100.
The Corporation currently has 798 members living in all parts of the world. Presently, 612 members are contactable by the Corporation.
chair of the governing body
## **The Governing Body**
The governing body consists of up to 26 members, of whom one, the Bishop for the time being of the Diocese of Southwark, is an ex-officio member; twelve are appointed by the Corporation; four are appointed to represent academic institutions and the remainder are co-opted members. Provision is made for the appointment of the following representative governors: -
- One by the Hebdomadal Council of the University of Oxford
- One by the Senate of the University of London
Each of the governors (except the ex-officio governor) is appointed for a term of three years and may serve up to four governors. The Committee particularly considers diversity, competence, specialist skills and availability. New governors receive induction training from the head and other officers of the school as appropriate. Governors also receive training from appropriate external organisations.
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**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
## **Organisation**
## **Governing body**
The statutes require that the rights, powers, duties and functions vested in the Corporation are to be exercised by the governing body on its behalf.
Accordingly, the governing body has power to decide matters of policy relating to the schools and to make major decisions affecting the affairs of the schools. It is specifically required to keep accounts, to determine tuition fees and salaries, to as for Health and Safety.
Implementation of the governing body decisions is ultimately the responsibility of the head master, who, with the bursar, oversees the business and support side of the Corporation. Committee members are shown on pages 1-2.
The governance of the Corporation was last fully reviewed in December 2020 resulting in minor revisions to the rules and remits of the governing body and the committees. Minor updates to the statutes were made in December 2019 to enable meetings of the governing body and Corporation to take place by electronic means. Meetings of the governing body and of all governor and executive committees mostly took place remotely in the reporting period, in line with government pandemic guidelines.
The governing body retains overall responsibility and meets at least three times a year. It also holds a regular strategy day to examine strategic matters. The board focused attention this year on dealing with the financial and operational impact of COVID 19 and teacher assessed grades as well as reviewing policies and practices related to pastoral and safeguarding In April 2021, the school s governors commissioned a panel of independent safeguarding and ED&I experts to examine attitudes, behaviour, discipline, curriculum, systems, practices, pastoral care, education, training, governance, and culture at the school. The recommendations of the panel, published very recently, are on our website. The school has accepted all the recommendations and has a comprehensive pastoral, safeguarding and ED&I action plan in place, working with alumni, third party experts and current staff and pupils to deliver it. Governors also completed a board effectiveness review.
In June 2021 the board appointed the new head, Dr Anne Cotton, who will commence in September 2022, following Mr period. Mr Edward Lougher was appointed as head of the junior school with effect from September 2021, following the retirement of Dr Gerard Silverlock after 15 years of service. The governors also appointed Mr Andrew Forbes as head of WCPS with effect from January 2022, following the retirement of Mrs Tracey Buck after over 14 years of service to the school.
The Finance and Planning Committee sits at least four times a year prior to governing body meetings. Its remit is to monitor and direct as appropriate the financial affairs of the school, including bursary provision, budget setting, fee setting and reviewing management accounts. This year, the committee considered long term financial plans, including fundraising and the establishment of an endowment fund, the potential launch of an online learning commercial platform, the shortScheme and ongoing liabilities with respect to the closed non-teaching staff pension scheme. The committee also consequent fee variation following the COVID-19 pandemic. They also monitored the cash flow situation of KCS reports about the KCSWI operation.
The Education Committee sits at least once a term. It assists and support the heads in their oversight of educational monitoring the provision of remote learning.
Committee (GAC) and the Estate Projects Implementation Committee (EPIC) sit as regularly as necessary. The GAC identifies current or future strategic gaps of personnel on the main board or its sub committees, making recommendations to the board. This year the GAC has focussed on increasing diversity on the governing body and one governor now has this particular responsibility and sits on an Equality, Diversity and Inclusivity Committee with senior staff and pupils. This committee oversees matters relating to ED&I in the school. EPIC monitors Sustainability strategy.
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**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
Whilst no standing committee exists to hear appeals, disciplinary matters and complaints, a governor is nominated as a standing chair and other members are selected, based on availability and skills, should such a committee be required. This committee, when formed, is known as the Appeals, Disciplinary and Complaints Committee (ADCC). The Health and Safety governor meets with the bursar and the head of support services to review the annual Health and Safety report. executive attend all govern
will meet regularly from the autumn term 2021.
There is a rota of policies for sub committees and the main board to approve; the board receives a full and comprehensive audit and report on safeguarding of all the Corporation schools annually. An update is also provided on safeguarding and compliance each term.
In addition to committee responsibilities, governors are assigned a special interest which enables him or her to support specific aspects of school life. This means that staff and pupils have the opportunity to liaise directly with a responsible governor. Governors regularly attend school productions or staff events as appropriate. During the lockdown period, governors held meetings and met staff remotely as appropriate. The Education Committee receives an update from a different department from the junior school and senior school at every meeting. The heads of the senior school and the junior school present termly to the GB and the Education Committee on progress and the head of WCPS presents to both annually. The Board also sets aside time during each board meeting to consider one specific aspect of training, school strategy or operation. This year, the Board received training in governance, peer on peer abuse and equality, diversity and inclusivity.
## **Management board**
The head master, the headmaster of the junior school, the senior school deputy heads, the pastoral head of the junior school and the bursar form the Management Board, which meets half-termly. The financial controller and compliance officer are non-voting members. The Management Board undertakes the general and administrative management of the schools and reports to the appropriate governor committee depending on the matter being considered. The Pre-Prep Management Board meets termly and consists of the headmaster and deputy heads of KCJS, the head of WCPS and the bursar. The financial controller and compliance officer are non-voting members. This year, the pre-prep management board reviewed the plans for and implementation of both remote learning and the school re-opening. It also reviewed and revised the admissions timetable.
## **Related Entities**
The Corporation has two wholly owned trading subsidiary companies; KCS Enterprises Limited, which is responsible for managing the sports club, school shop and the commercial letting activities of school facilities, and KCS Wimbledon (International) Limited, which is responsible for with Charity Commission guidance, the governors ensure that the charity maintains appropriate connections with these trading subsidiaries and regularly assesses the potential risks to the charity from these trading activities. These are logged ls on both of these companies can be found in notes 11 and 23 to the Accounts.
## **KCS Enterprises Ltd**
board, chaired by one of the main board governors, which meets twice yearly and reports to the governing body.
The managing director of KCS Enterprises reports into the bursar. KCS Enterprises manages the school shop as well as lettings throughout the site. It is also responsible for restrictions have been lifted it has reopened successfully and is performing well.
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## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
This is a separate entity whose entire share capital is owned by the Corporation of has its own board, comprising three main board governors, an external director and three senior staff, which meets termly and reports to the governing body. The director of overseas schools reports into the head master, with a dotted line into the bursar. He meets regularly with both and produces an annual budget and termly reports. KCSW(I) opened two schools in September 2018 in China and a school in Bangkok in September 2020. A licence and service contract with an existing school in Monaco was signed in August 2020 and a Licence and Know-how agreement for a school in Chengdu, China in December 2020. The Chengdu school opened in September 2021.
These schools all operate under a licensing agreement model, although KCSW(I) works closely with the operator in the territory and with the executive teams of the schools. Tw
the board of the Monaco school.
further opportunities in territories identified as having a demand for British independent education and is also approached by potential partners interested in collaborating.
academic standards as well as levels of pastoral care and by putting appropriate systems in place to ensure that the overseas operations do not impact on the provision of education in our core UK schools or on the reputation of the Corporation. All contracts with third parties are entered into via the trading subsidiary KCSW(I), not the Corporation
## **Other related entities**
Information on the is set out in note 23 to the Accounts.
The are generous contributors to the financial and social well-being of the senior school and the junior school, as are the **Friends of WCPS.** Their support is warmly acknowledged; the Friends of the schools gifted £67k to the Corporation during the year. Further information is provided in note 24 of the Accounts.
## **Risk Management**
The governing body is responsible for overseeing the management of the risks faced by the schools and Corporation. Detailed oversight of risk is delegated to the Finance and Planning Committee which is assisted by the bursar. Risks are processes is undertaken annually and submitted to the governing body for approval.
The key controls used include:
- Formal agendas for all committee and board activity;
- Detailed terms of reference for all committees and the Management Board;
- Comprehensive strategic planning, budgeting and management accounting;
- Established organisational structures and lines of reporting;
- Appointment of a full-time compliance officer, reporting regularly to governors;
- Formal written policies, clear authorisation and approval levels; and
- Vetting procedures as required by law for the protection of children.
- Discrete risk management matrixes for the trading subsidiaries.
the governors were:
**The COVID-19 pandemic.** The closure of potential impact and risks in the financial year, and on a projected basis. Although it is impossible to be certain about how the situation may now develop, assumptions underpinning future projections were challenged, including pupil numbers. The risk register was fully updated with a COVID-19 appendix.
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**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
hools responded to the site closure by delivering a high quality online teaching and pastoral provision which was well received by parents and pupils. The governors effected a 5% variation in the spring term fees for pupils in the junior and senior schools and a 10% variation in spring term fees for those in WCPS. Governors had previously announced that fees would remain at 19/20 levels for the academic year 20/21. A number of parents requested short-term hardship fee assistance, payment plans or payment holidays, in the wake of the economic consequences of the pandemic. The school made individual arrangements with each of these parents where appropriate, and debt has been managed prudently. The school has built in a contingency for bad debt going forward.
Ancillary income from KCS Enterprises was significantly negatively impacted by the consequent suspension of memberships, as well as by the cancellation of all lettings. The business continued to operate profitably although cash flow was impacted during the year; to manage this the directors took out a bounce back loan and a Coronavirus Business Interruption Loan to provide a temporary cash injection. The business quickly stabilised and has gone on to deliver a small positive outturn at year end.
To offset fee variation losses in the school, budgets were recast, and operational savings identified. No claims were made on the Coronavirus Job Retention Scheme by the school. Ancillary income from KCSW International remained strong and there was no loss reported as a result of the pandemic. This diversified income stream remains important for the Corporation and its public benefit ambitions.
Borrowings were considered by the governors, and they were satisfied that the Corporation is not in breach of any related terms and covenants currently, and for the projected period based on the underlying assumptions. The school continues to operate prudently and to continue to exercise tight cost control.
Pupil numbers remain strong and in fact the Corporation reported its highest pupil numbers ever in September 2020.
Health and safety challenges were mitigated by a series of carefully implemented control measures, documented in a risk assessment and by the new Social Distancing Officer, in charge of executing COVID-19 strategy on the grounds. The school operates as a COVID-19 secure workplace and educational setting; best practice is reflected in a number of policies and procedures designed to maintain safe operation for staff and pupils. This is a dynamic situation and n with the Pandemic Planning Group, met regularly to discuss issues and latest guidance, amend risk assessments, monitor effectiveness of policies and procedures and to plan ahead.
**Safeguarding** Invited movement raised serious issues around peer-on-peer abuse throughout the er 2021 and the school has developed a comprehensive action plan to address all these recommendations.
er
**The political landscape** . The last year presented some challenges to the independent sector. As part of their forward planning this year governors have further carefully scrutinised the plan for future capital commitments of the Corporation, based on their assessment of these ris income streams remain diversified beyond fee income alone. At the same time, the schools continue to support the d outreach programme. Separately, in response to external regulatory guidance, the school continued to operate anti-money laundering measures over the year.
**The economic climate adversely affecting affordability and pupil numbers** . Whilst this risk has increased in light of COVID-19 and the continuing uncertainties regarding the final terms of the BREXIT deal, the school has not yet witnessed any changes in recruitment patterns to cause concern. The school roll is currently at its highest to date. However, monitoring of demand at every recruitment stage and conservative forecasting remain integral to financial planning alongside the policy to minimise the level of fee increases where possible. The school also canvasses the opinion of parents and of staff and pupils through several mechanisms designed to identify any issues and to take steps to address them.
Additionally, the school remains committed to expanding its bursary programme at 11 plus; the head master has continued to work with donors this year and has been successful in delivering transformational gifts to assist bursary ould fully change its structure to that of a 7-11 and 11-18 school. This means that there would be no 11-13 year olds in the junior school after that date, thereby completing the full transition to an 11 plus internal and external entry into the senior school, in line
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## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
with most other day schools in the country. This move will increase the accessibility o from state primary schools. The external 13 plus entry point into the senior school will remain. Preparations are now complete for this change.
**Cost of the support staff defined benefit pension scheme recovery plan** . Following consultation, the support staff defined benefit pension scheme was closed on 31[st] July 2016. This has been replaced by a defined contributions scheme which makes financial planning easier. A recovery plan is in place to manage the defined benefits scheme deficit. The actuarial triennial valuation conducted in August 2019 reported a decrease in the value of the deficit. This improvements to discount rates and slowdown in mortality improvements. The school has agreed with the Trustees that it will continue to phase its reduced repayments over the planned five year period and it continues to forecast prudently on this risk element, to mitigate against any negative movements in future.
The governors carefully examined September 2019. On balance, the governors felt that this was still a proportionate benefit to offer teaching staff in the interests of recruiting and retaining staff of the highest calibre and the Corporation does not currently plan to leave the scheme; governors will monitor developments with peer group schools in the sector and any changes as a result of the McCloud judgement. The governing body will continually assess the affordability both of the current level of contributions and any further rises.
**Overseas**
. The governors are
developments. In addition to legal agreements whi to manage these developments.
Through the risk management processes established for the Corporation, the governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
## **Energy and the Environment**
Under new SECR (Streamlined Energy and Carbon Reporting) guidelines, the school is reporting for the first time its factors and validated by an external specialist.
The SECR disclosure presents our carbon footprint within the United Kingdom across Scope 1,2 emissions, an appropriate intensity metric, the total energy use of electricity, gas and transport fuel and an energy efficiency actions summary taken during the relevant financial year. Scope 3 emissions will be considered for inclusion in future years. The largest proportion of emissions arises from gaseous fuel combustion, primarily for heating and hot water. As schools require a comfortable environment for student and staff wellbeing, this is as expected. The second largest proportion of emissions arises from electricity usage, primarily for lighting, ventilation systems, kitchen equipment and IT.
_Source: Bahtia and Ranganathan, 2004_
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## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
|Year to 31stJuly 2021||
|---|---|
|Energy consumption used to calculate emissions (kWh)|6,412,493|
|Emissions from combustion of gas (Scope 1) tCO2e|961|
|Emissions from combustion of fuel for transport purposes (Scope 1) tCO2e|15|
|Emissions from purchased electricity (Scope 2, location-based) tCO2e|343|
|Total gross tCO2e based on above|1,319|
|Intensity ratio (tCO2e/square feet)|0.004388|
The school recently undertook an environmental audit and has set up an Environment and Sustainability Committee to work through a detailed action plan for improvements in this area in all aspects of school life. Staff from every section of the school sit on the committee, and they work closely with student environment groups. Reports are made to governors. It ensures all new facilities meet stringent BREEAM standards and is working through an energy reduction plan, while also balancing the requirements for a site with heritage buildings. Other initiatives include the ongoing replacement of fluorescent and halogen light bulbs with energy saving LED, the hire of an electric coach, insulation of all loft spaces, installation of solar panels, a ban on single use plastic bottles, changes to the lunch menu, move to recycled resources and a system to set environmental standards in all procurement policies.
## **OBJECTS, AIMS, OBJECTIVES AND ACTIONS**
## **Charitable Objects**
is the advancement of education. There has been no change to the objects during this year.
## **Aims**
In meeting the objects, the Corporation supervises the schools which are independent day schools for pupils who are educated up to the age of university entrance. The schools are committed to equality, diversity and inclusivity and have the pastoral care of the pupils at the heart of all that they do. The school seeks to provide academic education of high quality, extended by a broad range of cultural and sporting opportunities and supported by a responsive and sensitive pastoral system and a clear moral framework. The Corporation recognises its charitable role within the wider community and its duty to develop responsible, respectful citizens; all pupils of the schools are encouraged to think independently, to never tolerate any discriminatory or unacceptable behaviour and to co-operate with their teachers and each other in the pursuit of excellence in whatever they undertake.
The Corporation also co-operates with local schools, charities and other organisations to widen public access to the schooling provided and its facilities. In furtherance of these aims, the governing body has complied with the duty in the concerning the operation of the public benefit requirement under that Act. This year, the governors updated the aims and ethos to reflect their commitment to using surplus to fund bursaries as well as to their environmental agenda.
1. To provide an education for boys aged 7 to 18 and girls aged 16 to 18 which enables each pupil to develop an independent and searching mind, to take pleasure in the life of ideas, and to do his or her best in public examinations
-
Sport, Music, Art, Drama,
in these areas.
3. To provide a safe, friendly and supportive environment in which each pupil can feel valued as an individual and where he or she learns that his or her own attitude to others is fundamental to the success of this aim.
4. To preserve the Christian framework of the school so that the values of Christian teaching can be seen to underpin the school, albeit unobtrusively and in such a way that those of other faiths feel that their beliefs are treated with equal respect and tolerance.
5. To be a school where boys and girls from all backgrounds and ethnicities feel equal and at home and where their pastoral, social and academic needs are met in an atmosphere of mutual respect and support.
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## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
College School and its partnership schools
## in the maintained sector.
7. To seek, where possible and appropriate, to utilise surplus funds to support bursaries, maintained sector partnerships and any other related initiatives.
8. To help each pupil to recognise the value of the commitments he or she makes to others, as well as to his or her own studies. In doing this, to understand his or her responsibility to the wider community-locally, nationally and internationally - not only that of the school.
9. To appoint and assist with the development of talented and inspirational staff and to seek able individuals to serve as governors and to use their experience to help the school to map out a successful future.
10. To seek to operate in an environmentally responsible and sustainable manner.
The governors are satisfied that the school has closely examined its delivery of these over-arching aims this year and has sought external guidance and support where appropriate to do so.
## **Objectives for 2020/21**
Particular objectives during 2020/21 were to:
1. Manage the implications of the COVID-19 pandemic so that pastoral and academic standards are maintained at the highest level throughout
2. Continue to provide the highest quality education possible and support pupils with the changed teacher assessed examination structure
3. Embed equality, diversity and inclusivity in all aspects of school life
4. Prepare for the full transition to a 7-11 and 11-18 school from September 2021
5. Complete a full curriculum review including iGCSE provision
6. Develop and grow the online learning offering
7. Continue to develop the international schools programme
8. Grow funds to support bursaries and partnerships via new, commercial income and donations
9. Grow the partnership programme, including further summer school programmes
10. Continue to deliver the digital strategy and enhance IT provision across the school
11. Narrow the gender pay gap.
## **Actions to achieve objectives**
- continue to provide outstanding education of the highest
- quality. Within each of the schools, the aim has been the promotion and achievement of an appropriate balance between academic achievement, wide-ranging co-curricular activities, community service and supportive pastoral care. Although the closure of the physical site presented many challenges to this objective, the online teaching and co-curricular provision over this period continued to be of a very high standard. Pupils continued to make excellent progress and the teacher assessed examination results continue to reflect the very high academic standards at
- From a pastoral perspective, the school continued to invest significant time and effort in its pastoral provision, with tutors, houses and counsellors all working together to support pupils. This provision was maintained remotely. A specific action plan to address school and sector wide issues about peer-on-peer abuse and safeguarding were launched in summer 2021. With the help of the panel of independent experts, the school has reviewed and is improving all its safeguarding and equality, diversity and inclusivity provisions.
- Due to the disruption caused by the pandemic, the senior school did not conduct a full curriculum review during the year. The lower school curriculum was reviewed during 2020-21 in preparation for the structure change in September 2021.
- The international programme continued to grow over the period. Due to COVID-19 scheduled visits, trips and international schools has taken place.
- Planning was completed for the new school structure, whereby the junior school will be for pupils 7-11 and the senior school for 11-18, which will take place from September 2021. Pupils will still be able to join the senior school at 13, but by far the larges
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## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
wish to widen access from primary schools. During the year, senior staff and governors have set out clearly their s and a working group has been established to focus on these issues. A governor now has specific responsibility for this.
The Corporation has for a long time put great store on sharing its resources with local schools (through its Partnership programme, which has received recognition at national levels), and with members of the local community, and of reducing the financial b provided. Bursaries of funding levels of up to 100% of fees plus extras were awarded at year 7 and sixth form entry during the year 67 pupils received fee assistance for all or part of the year 2020-21. In September 2020, 40% of quarter received fee assistance. Further terprises and from our international projects continued to grow. Consideration was given and plans put in place for establishing an endowment fund to provide funding for bursaries in perpetuity. However, these have had to be put on hold due to the pandemic.
- The school continues to roll out its digital strategy. One of the most significant moves was to migrate to One Drive and Microsoft Teams, which meant the move to online teaching and working from home was as smooth as could have been hoped. A KCS online commercial offering is being investigated.
- The school continues to report against the gender pay gap requirements. The median gender pay gap of the Corporation on the snapshot date of April 2020 was within the average within its peer group in the sector. A working party will continue to review our recruitment and employment practices to ensure that equality, diversity and inclusivity is embedded within them.
## **Principal Activities during the Year**
During the year, the Corporation has provided education in Wimbledon, London SW19, as follows:
|||||||||||**Average**|**number of pupils**|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||**Age**||**2020/21**|**2019/20**|
|||||||||11|18|1,029|1,003|
|||||||||7|13|445|435|
|Wimbledon Common|||||Preparatory||School|4|7|163|168|
|||||||||||1,637|1,606|
## **Public Benefit**
The Corporation provides education to 1,637 pupils who would otherwise be educated in maintained schools at public expense. However, the Corporation recognises that it has wider responsibilities to the community at home and abroad and to as benefit it provides: bursaries; outreach; community projects; and community access.
## **Bursaries**
It has always been the policy of the governing body that the distinctive allbe restricted only to those families who could afford the full fees. The governors positively encourage applicants from diverse religious, ethnic and financial backgrounds.
In 2020-21, the senior school provided entrance bursaries at various entry points between ages 11 to 16 as well as bursaries in both the senior school and the junior school to those who have a change of circumstances which makes paying the fees difficult. Bursaries of up to 100% of the fees plus extras are available subject to the candidate meeting the and lunch costs. In the year ended 31[st] July 2021 the Corporation gave fee remission for bursaries to 67 pupils aggregating £1,255,000 (2019-20: 65 pupils aggregating £1,113,000) which has been shown in these accounts. Included in these figures are 100% bursaries awarded to 44 pupils.
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## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
Enterprises Limited and KCS Wimbledon (International) Limited). This year KCS Enterprises gift aided £33,000 (2020: £106,000) to the school towards bursary funding and KCSW(I) contributed £1,860,000 (2020: £759,00).
## **Grant-Making Policy**
The Corporation sets aside funds, and raises money, to support means-tested bursaries and scholarships. In particular, the Corporation has been building a bursary fund from various income sources to support future requirements. Bursaries, which range from 10% to 100% of the tuition fees, plus extras, are offered to parents/guardians of pupils who could not omprehensive assessment of financial need, using external assessors.
These bursaries are re-
ed amount scholarships based on merit. In the year ended 31[st] July 2021 the value of scholarships, grants and bursaries available to the pupils of both the senior school and junior school amounted to £1.5m (2019-20 £1.4m).
## **Volunteers**
Alumni, Friends of KCS, parents and members of the local community assisted and s educational and cultural activities throughout the year, despite restricted site access. The governing body would like to record its appreciation of this continuing support.
## **Partnerships, Outreach, Community Projects and Access**
Due to the COVID-19 pandemic, 2020-21 has proven to be a most challenging one for partnership and outreach activities. pupils working within year group bubbles.
The community project programme had to be curtailed as a result of the pandemic. However, following some pilot online projects in the autumn term, over 100 pupils in the lower fifth and lower sixth were involved in nineteen weekly projects on Friday afternoons in the spring and summer terms, adapting to different circumstances depending on which COVID 19 restrictions were in place in relation to pupils mentoring primary school pupils in a book club through weekly small group discussions. Sixth form pupils worked with their peers from four partnership schools in order to embark on joint research to create cross curricular projects which break the bounds of examination specifications, encouraging original lines of enquiry and creativity. The end results were most impressive with a wide range of subject areas covered - historical, medical, geographic, and economic. Academic support sessions took place for a local special school. The well-establ
Academy continued via live Zoom sessions, while interactive recorded lessons were devised for primary schools to support English, Drama and Maths, as well as for secondary Science. Perseid special school pupils have accessed a programme of recorded computing lessons. All of these recorded lessons featured online quizzes to to give feedback and test learning. Jazz performances were created for primary schools and local care homes, with elderly peop via a pen pal scheme.
Furthermore, the new online possibilities for partnerships enabled our first weekly project to take place with a university. focusing on pathology to be used for 1 ~~1 1~~ 4-year-olds in conjunction Hospital. This subsequently led to a series of workshops with partner schools. These weekly projects upils stating that they could empathise with others rising from 84% in January to 98% in May.
_was most proud when I saw the progress they made from week to week when they remembered specific techniques [that] we had taught them and which they incorporated into their writing._
One of the primary partnership school pupils said, _I loved it! The older children were cool to meet! I really enjoyed the computer work._
During the spring term almost 100 partner school Wimbledon ISSP pupils in Year 11 attended GCSE reinforcement classes in Maths, English, German, Spanish, French, Biology, Physics and Chemistry
classes ensured that the pupils were able to revise topics in
13
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
order to increase levels of performance in the lead up to the awarding of teacher assessed grades. The sessions had a significant impact on the studies of the pupils attending, with one pupil stating,
**----- Start of picture text -----**
. A
**----- End of picture text -----**
_The practi_ . A _they were incredibly helpful, and_ . Even though the sessions took place remotely, one
During the course of the year, a number of events were run as part of the senior aspirations programme for partnership school pupils who would be first generation university scholars. Over 40 Year 11 senior aspirations pupils from four schools attended an afternoon of workshops run by Future Foundations in January focusing on preparing for university. The feedback has shown that many pupils started to consider university as a result of these sessions, when they previously thought it was not _I have learnt that I can do more to affect my own future for th_ . Just before February half term, the Year 11 students visited Royal Holloway University of London via an online event. This enabled them to meet current students, hear more about university and provided an opportunity to ask questions about the application process.
College London, which featured taster university lectures, talks about university life and a Q & A session with student ambassadors. 90 year 9 and 10 pupils attended r
Debating, Chinese, Drama, Geography, Engineering, Ancient Greek and Computing. One pupil reflected _was] the introduction to Chinese, it was very easy to follow, fun and_
While Covid impacted the number of pupils who were able to access our support in their Oxbridge and Medicine -tailored support to be given to partnership pupils. 22 students from Ursuline, Wimbledon College, Grey Court, Hollyfield, and the Coombe sixth form received personal statement advice, interview practice via video call, and live online extension classes. 11 of these candidates were called for interview, from which three offers were made.
Partnership and former purchase laptops for disadvantaged children at four partnership secondary schools. This has included a donation and assistance in the liaison with partnership schools. The Wimbledon partnership continues to be beneficial in helping teachers with career development. A member of staff King will be a new and innovative way of providing professional courses are open to teachers in the senior and junior school and the Coombe
Federation.
as Executive Head of ensuring that close links between Coombe . Partnership schools will continue to be represented on the governing body with a new appointment anticipated to be made towards the beginning of next academic year. continue to be governors of local schools. The director of the programme is on the steering group of the Schools Together Group and chairs transitions into the Schools Partnership Alliance.
## **Charitable Giving**
Both the pupils and staff of the schools have undertaken activities to raise funds for other charities. This year the junior school and senior school raised a total of nearly £39k. This included support for Shooting Star and St Raphaels hospices, London Air Ambulance, Perseid school, well as for Obera schools.
## **Community Access**
In addition to the access provided through the partnership programme and community projects outlined above, the school also encourages use of the school facilities by various charities and community groups including various sports clubs and Northwest Residents Association, although usage has been impacted by the pandemic.
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**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
## **REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR**
## **External measures of success**
_The Sunday Times Parent Power_ Schools Guide 2021 identified the highest-achieving schools in the UK by their 2019 -educational independent school in London for the fourth consecutive year.
## **Academic performance**
Pupils within the schools continue to deliver strong academic performances, despite final examinations being cancelled once again in summer 2021 due to the Covid-
and coursework which was marked by external examiners. Core components (i.e. the theory of knowledge and extended essays) were also fully examined as usual. Grades for A levels and IGCSEs were awarded by way of teacher/school assessed grades. Teachers were asked to provide a holistic evidence-based judgment of the performance standard of a pupil in each subject. At King's, pupils sat in school summer assessments which were used as the basis for evidence-based grades in almost all cases, together with coursework in some subjects.
score of 42.9 (2021) with a cohort size of 54. 12 pupils obtained the full 45 points and another 14 pupils obtained 44 points. In A levels, nearly 40% of the cohort obtained 4 A* grades and approximately two-thirds obtained at least 3 A* grades. In (I)GCSE qualifications, 45% of the cohort achieved at least ten grades at grade 9 and over three quarters achieved at least ten grades at 9 or 8.
secured their firm or insurance choice. 20 post-qualification applicants secured university places in the UK. 13 leavers accepted places to study in North America.
Pupils have continued to excel in broader academic pursuits:
- An upper sixth pupil was selected as one of 30 semi-finalists out of around 60,000 registrants in 202 countries for the Breakthrough Junior Challenge
- Four lower sixth mathematicians were invited to join Maths masterclasses at the Royal Institute hysics Olympiad
- A lower sixth pupil won the Monetary Policy Essay Prize Competition run by the Institute of Economic Affairs A lower sixth pupil was runner up in the Lord Toulson Essay Prize in Law
- A lower sixth pupil was awarded third place in the Newnham College Music Essay Prize
- An upper fifth pupil was awarded runner up in the Oxford Scientist Writing Competition
- Two upper sixth pupils reached the national final of the Oxford Union debating competition
- A lower sixth pupil was runner up in the Best Inventive Idea category of Minds Underground 2021 Essay competition
- Two pupils were awarded Distinction in the UK Linguistics Olympiad
All the upper remove junior school boys who wished to transfer into the senior school did so successfully, with only four boys leaving for other schools. From year 8, eight junior school boys won senior school academic scholarships and six also won awards in art, music, drama and sport. From year 7, eight boys won academic scholarships with a further three awards in sport. From year 6, eight boys won academic scholarships with a further five awards in music and sport.
Boys leaving Wimbledon Common Preparatory School all achieved entry into high quality junior schools, including twentythree who joined KCJS.
## **Music, Art, Drama, Sports and other achievements**
## **Music**
were used to inspire pupils and to enable them to continue to develop their musical talents.
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**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
Almost as many concerts, showcases, competitions and recitals were held during the year as usual, most of which were and orchestral concert, chamber music masterclasses, a choir soirée and a Beethoven celebration concert. There were also solo masterclasses for singers, violinists, pianists, cellists, and flautists. Some of these were live for the musicians, whilst others during lockdown were held on Zoom. Notably, there were inspiring talks, demonstrations and masterclasses given by Nick Trygstad, principal cellist of the Hallé Orchestra, Ruth Rogers, leader of the London Mozart Players, and the baritone Roderick Williams. These gave wonderful opportunities for pupils to prepare solo repertoire and to receive encouragement and expert critique from world class professionals.
DipABRSM, two with distinction in violin and singing, whilst another pupil has gained the prestigious LRSM diploma for voice. Four pupils have gone on to study Music at leading conservatoires, with two gaining violin scholarships to the Royal Academy of Music.
In the junior school, an impressive number of instrumental lessons, ensembles and music clubs also continued to occur each week, together with concerts and performance opportunities ranging from informal recitals to more formal events,
## **Art**
2020/21 was another very different year for the department. Yet again our students missed out on having an exhibition and missed out on a great amount of time in the studio. However, we continued to be impressed by their work ethic and creativity, and we also turned to an alternative option to be able to showcase the work of our students, running two online exhibitions, the junior school show in December and January and the GCSE, A level and IB end of year exhibition. We were hugely impressed by the incredible art produced by many of our pupils, and especially the commitment of our exam year groups who went the extra mile to create the best possible body of work following a turbulent two years of study. During times of remote learning, we continued to use our whole school online gallery which we developed the previous year to showcase the breadth of work completed across the senior and junior schools. This was an excellent creative side of the school from home.
The middle school Art club, held on Tuesday and Thursday lunchtimes, has continued to be popular and an excellent opportunity for students to experiment and explore many processes and techniques. Photography club has also continued to go from strength to strength.
Our usual busy schedule of trips was very much reduced last year, but we did manage to run a few sixth form exhibition trips in Central London as part of the senior school Art enrichment programme of gallery visits. Sixth form also developed their skills through a number of life drawing sessions while rules allowed.
Across the whole school, our students participated in a range of competitions, including our annual house Art competition, which Glenesk won, and the RA summer exhibition competition. One of our current sixth form students worked with his head of house to create a life drawing event which now runs as part of the house events calendar and is judged and organised through the Art department. We have also had a group of our students start to produce an Art magazine, looking at research, trips and work completed last year, this will be published this term and will continue in the form of a shorter newsletter/bulletin for the remainder of the year.
The Junior School show at Christmas was based around the theme of time. Every boy had at least one piece featured in the online show, where a variety of techniques were in evidence including printmaking, photography, animation, and painting.
## **Drama**
## CO-CURRICULAR
of the performing arts. Involving a collaboration of over 60 students in the creative fields of dramatic and musical performance, direction, design and film production, the final film showcased a dazzling array of talent for all to enjoy. During those most extraordinary of times, the film truly represents the commitment, collaboration and pursuit of creative excellence that is the hallm
16
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
The House Plays Festival continued through lockdown, with lower sixth pupils working extremely hard to adapt their pieces for the digital world and collaborating online with students from fourth form to sixth form. Alverstone produced a gleefully anarchic and zany Accidental Death of an Anarchist; Glenesk a faithful adaptation of The Office Training episode Sugar; Layton a powerful adaptation of Twelve Angry Men; Maclear a joyous and expertly crafted collection of comedy sketches called Rolling with the Times; and Major a highly original and comedic take on Macbeth for the modern age, called MacGeoff.
In the summer term, six co-curricular performances took place to make up for all that lost time! The upper sixth performance project (offered as an elective to allow the departing students an opportunity to collaborate creatively on their passion projects) became the Drama Revue a selection of comedic and dramatic scenes. The middle school production, traditionally starring students from fourth form and lower fifth, was split in two this year. Supported by Davina Barron, the fourth form Drama Club wrote, directed and performed an entirely original adaptation of Frankenstein, complete with haunting soundscapes, tumultuous lighting designs and special effects makeup (all designed by the students themselves) to add to the gothic mood! The lower fifth dramatists, directed by James Trapmore, a fiscal fable for our times. The sixth form play this year no doubt delighted and disturbed audiences in equal measure. The lower school production, directed by Harriet Feeny, showcased four Dark Tales to delight and thrill the audience: included in these stories are The Hound of the Baskervilles, The Tell-Tale Heart, The Minotaur and Ragnarok. Born from devising in the year 7 and 8 drama clubs, and designed by the year 8 Technical Theatre club, these delighted with their creative and stylistic approaches.
Individual successes this year have included a place for one leaver at Trinity Drama school in Ireland, and a professional sixth enjoying a more relaxed exploration of new plays, whilst the lower sixth have been dedicating their time to developing their improvisation and devising skills as they explore several stimuli ahead of a future Edinburgh Fringe Festival trip. A special KCS Theatre Co. alumni week was held in the summer holiday, allowing recently graduated students to collaborate on original creative work.
## CURRICULAR
The Drama department was delighted to be able to host the final of the fourth form Monologue Competition in Collyer Hall Theatre on 12th November 2020. All fourth form Drama students had performed a monologue in class, and 20 boys progressed to the final. Other highlights of the year included the Year 7 and 8 Storytelling project (led by Ben Bransfield, Harriet Feeny and James Trapmore), where every single student from the year groups took part in a Fantasy Fairytale League online, collaborating in teams of four to improvise fairy stories. The Year 7 dramatists also created some wonderful silent films; the 4th form dramatists several original short films of their own devising; and the L5th some highly impressive physical theatre pieces based around famous foreign films.
The dedicated GCSE students have embraced and overcome the challenge of lockdown this year, embarking on their devising pieces in the digital classroom, and fully realising them on the CHT stage upon their return to school. Their return to the CHT stage in such style! The GCSE classes also completed their Scenes examinations, performing an array of dramatic monologues ranging from Hamlet to Don Juan: it proved to be an exceptional evening of drama. Hot on their heels were the students of the IB Literature and Performance cohorts: the U6th brought their directorial and performance visions to life for their trans King Lear. Several of the students trained with Squire Stage Combat to depict the final fatal clash of sabres, and the students performed in full Elizabethan costume to a delighted audience of KCS Theatre Co. students.
A key dramatic highlight from the junior school was the assembly to mark Remembrance Day in the autumn term 2020.
## **Sports**
from Covid-19, and whilst there were very few opportunities against other schools at the start of the year, there were many creative ide
constructed whereby pupils, for example, were set challenges to run as far as they could in an allotted timeframe or complete a distance as quickly as they could. Opposition schools included Caterham, RGS Guildford, Sevenoaks to name
17
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
just three. We also used the link with the International School of Monaco to create several sporting competitions and challenges that were no longer restricted by travel time to and from a fixture!
It was not until the summer term when we began to see fixtures and tournaments against other schools, and it was great to see full fixture blocks return in cricket and tennis. We saw large numbers of pupils wanting to represent the school after such a long break and whilst the teams initially had to be in bubbles, we did work out that we could have almost fielded seven cricket teams. We had a record number of pupils involved in a tennis fixture versus Charterhouse, and we have seen increasingly more mixed tennis opportunities too in the doubles format of the game. The rowing season also st VIII placing second at the National Schools Regatta just behind a strong Eton boat.
In terms of representative honours for individuals, we have pupils across a variety of age groups playing cricket for Surrey and Middlesex CCC and rugby for Harlequins RFC. We have one pupil playing football for AFC Wimbledon and multiple rowers trying to compete for England and Great Britain.
## **Development Office report**
## **Approach**
engagement.
## **Fundraising**
2020/21 saw total receipts of £1,012k (2019-20: £987k), of which £771k (2019-20: £558k) was for bursaries and £158k was donations from legacies. The remainder was for renewal of the school site (music and sport particularly) but also for our partnership programme.
## **Fundraising code of practice**
No professional fundraisers carried out any fundraising activities on behalf of the School during the year. The School is formally registered with the Fundraising Regulator demonstrating our commitment to 'good fundraising practices'. The School also adheres to the Code of Fundraising Practice and is a member of the Institute of Development Professionals in Education (IDPE) and CASE Europe (Council for Advancement and Support of Education). There are no instances to report of the School failing to comply with fundraising standards or schemes for fundraising regulation and the School received no complaints about its fundraising activity during the year. The School adheres to the General Data Protection Regulation (GDPR), which came into effect in May 2018.
## **REVIEW OF FINANCIAL ACTIVITIES AND RESULTS FOR THE YEAR**
The Corporation aims to generate a surplus to finance the ongoing capital expenditure needed to upgrade the educational services and facilities so that it can continue to offer the high quality education expected of the schools.
The governors effected a 5% variation in spring term fees for pupils in the junior and senior schools and a 10% variation in spring term fees for those in WCPS, as a result of the physical closure of the sites over the pandemic lockdown. consequent suspension of memberships, as well as by the cancellation of all lettings. KCSWI continued to perform well.
The budgeted operating surplus was 7.5% and the Corporation achieved 12.5% or £4.041m (2019-20: 12.2% or £3.714m). This is driven partly by lower than expected use of contingencies, tight cost control and higher than expected other income.
The wholly owned subsidiary and trading company, KCS Enterprises Limited, continues to manage the letting and hiring of facilities at the school. For the year ended 30[th] April 2021 the trading company has made a donation under gift aid of £33,000 (2019-20: £106,000). The outturn was significantly lower than budget and lower than last year due to the The directors took out a bounce back loan and a Coronavirus Business Interruption Loan to provide a temporary cash injection due to a cash flow issue mid year. The business quickly stabilised and has gone on to deliver a positive outturn at year end.
18
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
The wholly owned subsidiary and trading company, KCS Wimbledon (International) Limited, continues to manage the 2018 and the Bangkok school opened in September 2020. A deal with the International School of Monaco was signed in September 2020. For the year ended 31st July 2021 the trading company made a profit of £1,891m (2019-20 £796k) and gift aided £1.86m to the Corporation. There was no impact on income as a result of the pandemic.
Overall, the consolidated income for the year was £37.745m (2019-20: £35.715m, up 5.6%) and expenditure was £33.311m (2019-20: £31.782m, up 4.8%) producing net income of £4.434m (2019-20: £3.933m). Bank borrowing is at £6.376m (2019-20: £7.190m).
## **RESERVES POLICY**
At the end of the year 2020/21, the Corporation had total reserves of £68,609k. Of these funds, £10k related to endowment funds, £3,707k reflects unexpended restricted funds where there are donor-imposed restrictions on how the funds are to be applied, and the school has chosen to designate funds of £4,264k.
The remaining unrestricted funds, before the pension deficit of £4,279k, amount to £64,909k. As with many independent fabric of the school estate. The net book value of the fixed assets, less loans taken out to finance these developments, amounts to £66,037k at the year end. On the basis of this specific definition, the Corporation has no free reserves.
As a result, the governors do not consider free reserves, but adopt a strategic approach to ensure that the medium to longer term strategy of the school, incorporating both development and operational cash flow requirements, are monitored regularly through the relevant committees and ultimately by the Board. At the year end, the governors are content that the reserves and cash position is in line with its strategy and sufficient headroom is available to manage the day to day operations of the school. This remains the case during the COVID-19 pandemic.
This position is acceptable in a stable economic environment if appropriate loan facilities are secured (and with unrestricted cash holdings) our current overdraft facility is £1.75m.
Restricted funds are used as set out by donors. Where the direction is not specific, restricted bursary funding is used at a rate that minimises use of fee income without affecting the long-term sustainability of the bursary fund. Restricted project funds are used for specific projects as they occur on the soonest appropriate project.
Designated funds are used as the specific project/activity is undertaken. The largest portion of these funds is for bursaries.
## **INVESTMENT POLICY AND OBJECTIVES**
sources, including the Fees in
charges to be kept to a minimum.
The fee discount rates offered on deposits into the Fees in Advance (Composition) Scheme are reviewed regularly.
## **CAPITAL EXPENDITURE**
The Corporation has undertaken significant major infrastructure capital expenditure over recent years to maintain the standard of the facilities at the schools. In the last few years it has constructed a major sports pavilion at Kingsway, redeveloped the front entrance, and built a new quad and multi-use games area. Following dining room and kitchen refurbishment, in February 2016 a new classroom block was completed consisting of a 150-seater hall, six large classrooms, three offices and one meeting room and was opened by the Secretary of State for Education. The New Music School, including a 200-seater concert hall, rehearsal room, four classrooms and 16 individual practice rooms was completed in early 2018. The first XV pitch has been restored (following the completion of the New Music School works), ready for pupil use at the end of the autumn term 2018. Construction of the new Sports Centre was completed in June 2019, comprising a six-court sports hall, 25 metre swimming pool, large exercise area, strength and conditioning room, aerobic studio and changing for 180 pupils, amongst other facilities. In addition, from September 2019, the school had six tennis courts and three cricket nets on site. A £4.5m loan to assist with the final phasing of funding of the sports facility, and for environmental initiatives is planned for the immediate future.
19
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
## **FUTURE PLANS**
The Corporation has an ambitious development programme for both the delivery of education and the improvement of the infrastructure. The key objectives for 2021/22 are to:
1. To continue to deliver high quality individualised pastoral care for all pupils
2.
3. To continue to navigate the school through the educational and operational challenges of the pandemic
4. To ensure pupils receive the highest standard of educational experience and the best preparation for higher education
5. To respond to the changing digital landscape
6. To ensure sustained high numbers of pupil applications at all entry levels
7. To recruit, develop and retain the highest quality staff
8. To grow and develop the bursary programme, to explore the set up an endowment fund and to explore other avenues of ensuring our education reaches a broader audience
9. To generate sufficient income to provide an outstanding educational experience, and to grow non-fee income to do so, including exploring the establishment of an online school and growing our international schools programme
10. To develop our environmental and sustainability credentials
11. To revisit our strategic planning process
12. To continue to build staff morale and confidence
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## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
The governors are responsible for preparing the annual report and the financial statements in accordance with applicable
financial statements for each financial year which give a true and fair view of the state of affairs of the Corporation and of the profit or result of the Corporation for that period. In preparing those financial statements, governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- 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 which disclose with reasonable accuracy at any time the financial position of the Corporation and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Corporation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the Governing Body
Southside Wimbledon Common London SW19 4TT
Lord Deighton Chairman of the Governing Body
21
**GOVERNORS OF**
**INDEPENDENT**
## **Opinion**
comprise Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Cash Flow Statement and the 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:
- 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.
## **Basis 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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial 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 in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The Governors are responsible for the other information. The other information comprises the information included in the Report of the Governing Body. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **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 us to report to you if, in our opinion:
- adequate 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.
22
**(continued)**
## **Responsibilities of Governors for the financial statements**
statement on page 21 **,** the Governors 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 Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.
## **onsibilities 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 that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliances with laws and regulations related to the regulatory requirements of the Charity Commission and the Independent Schools Inspectorate (ISI), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charities SORP (2019) and payroll taxes.
the risk of override of controls) and determined that the principal risk was related to the recognition of voluntary income. Audit procedures performed by the engagement team included:
- Enquiries of management regarding 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;
- Reviewing the controls and procedures of the charity, particularly in relation to the recording of income and processing of payments and payroll, to ensure these were in place throughout the year, including during the Covid-19 remote working period;
-
- Reviewing and testing journal entries made in the year, particularly those made as part of the year end financial reporting process; and
- Challenging assumptions and judgements made by management in their critical accounting estimates which comprise depreciation, bad debt provision, accruals and deferred income.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting www.frc.org.uk/auditorsresponsibilities
## **Use of our report**
This
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 Governors those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the this report, or for the opinions we have formed.
Haysmacintyre LLP 10 Queen Street Place Statutory Auditors London Date: 7 January 2022 EC4R 1AG
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
23
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021**
|||**Unrestricted funds**|**Unrestricted funds**|**Restricted and**|**Total**|**Total**|
|---|---|---|---|---|---|---|
|||**School**|**Designated**|**Endowed Funds**|**2021**|**2020**|
||**Notes**||||||
|**INCOME FROM:**|||||||
|**_Charitable activities_**|||||||
|Tuition fees|1|32,215|-|-|32,215|30,405|
|Ancillary income|2|1,461|-|-|1,461|1,591|
|**_Other trading activities_**|||||||
|KCS Enterprises income|11|632|-|-|632|778|
|KCSW International income|11|2,338|-|-|2,338|1,205|
|**_Investments_**|3|20|-|-|20|56|
|**_Donations_**|4|79|158|842|1,079|1,680|
|||----------------|-----------------|-----------------|--------------|--------------|
|**Total income**||36,745|158|842|37,745|35,715|
|||---------------|-----------------|------------------|---------------|---------------|
|**EXPENDITURE ON:**|||||||
|**_Raising funds_**|||||||
|KCS Enterprises costs||590|-|-|590|657|
|KCSW International costs||418|-|-|418|374|
|Finance and other costs|9|235|-|-|235|257|
|Fundraising costs||60|-|-|60|267|
|||-----------------|-----------------|-----------------|--------------|--------------|
|||1,303|-|-|1,303|1,555|
|||-----------------|-----------------|-----------------|--------------|--------------|
|**_Charitable activities_**|||||||
|School operating costs and|||||||
|grant-making|5|31,485|-|523|32,008|30,227|
|||-----------------|-----------------|-----------------|--------------|--------------|
|**Total expenditure**|5|32,788|-|523|33,311|31,782|
|||-----------------|-----------------|----------------|--------------|--------------|
|**Net income before transfers**||3,957|158|319|4,434|3,933|
|Transfers between funds|18, 19|54|-|(54)|-|-|
|||-----------------|----------------|----------------|------------|------------|
|**Net income**||4,011|158|265|4,434|3,933|
|Pension scheme actuarial gain/ (loss)||112|-|-|112|(926)|
|||----------------|---------------|----------------|---------------|---------------|
|**Net movement in funds**||4,123|158|265|4,546|3,007|
|**Fund balances at 1 August**|||||||
|**2020**||56,507|4,104|3,452|64,063|61,056|
|||--------------|------------|--------------|---------------|---------------|
|**Fund balances at 31 July 2021**||60,630|4,262|3,717|68,609|64,063|
|||=======|======|=======|=======|=======|
2020 and 31 July 2021, therefore the net movement in £36,712k (2020: £34,677k) and its net income was £4,409k (2020: £3,938k).
Comparative information for the statement of financial activities is given in Note 25 to the accounts.
24
**BALANCE SHEETS AT 31 JULY 2021**
||||**Group**|**Charity**|**Charity**|
|---|---|---|---|---|---|
|||**2021**|**2020**|**2021**|**2020**|
||**Notes**|||||
|**FIXED ASSETS**||||||
|Tangible|10|72,413|74,340|72,407|74,333|
|Investment in subsidiaries|11|-|-|-|-|
|||---------------|---------------|-----------------|-----------------|
||||||74,333|
|**Debtors:**amounts falling due after one||||||
|year|12|482|964|482|964|
|**CURRENT ASSETS**||||||
|Stock||139|106|-|-|
|Debtors|12|1,198|514|3,067|1,354|
|Cash and cash equivalents||14,483|9,851|12,551|8,841|
|||---------------|---------------|----------------|----------------|
|||15,820|10,471|15,618|10,195|
|||----------------|----------------|-----------------|-----------------|
|**CREDITORS:**due within one year|14|8,687|8,435|8,503|8,147|
|||-----------------|-----------------|-----------------|-----------------|
|**NET CURRENT (LIABILITIES)/**||7,133|2,036|7,115|2,048|
|**ASSETS**||||||
|||-----------------|-----------------|-----------------|-----------------|
|**TOTAL ASSETS LESS CURRENT**||||||
|**LIABILITIES**||80,028|77,340|80,004|77,345|
|**CREDITORS:**due after more than one||||||
|year|15|(7,140|(8,886)|(7,140)|(8,886)|
|Pension fund deficit|6|(4,279)|
(4,391)|(4,279)|(4,391)|
|||-----------------|-----------------|-----------------|-----------------|
|**NET ASSETS**|16|68,609|64,063|68,585|64,068|
|||========|========|========|========|
|**Represented by:**||||||
|Endowed funds|17|10|10|10|10|
|Restricted funds|18|3,707|3,442|3,707|3,442|
|Unrestricted funds||||||
|School funds|19|64,909|60,898|64,885|60,903|
|Pension reserve|19|(4,279)|
(4,391)|(4,279)|(4,391)|
|||-----------------|-----------------|-----------------|-----------------|
|||60,630|56,507|60,606|56,512|
|Designated funds|19|4,262|4,104|4,262|4,104|
|||-----------------|-----------------|-----------------|-----------------|
|||68,609|64,063|68,585|64,068|
|||========|========|========|========|
The financial statements were approved and authorised for issue by the Governing Body on 9 December 2021 and were signed on its behalf by:
Lord Deighton Chairman of the Governing Body
G C Slimmon
Chairman of the Finance and Planning Committee
25
**CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2021**
|**CASH FLOW FROM OPERATING ACTIVITIES**||**2021**|**2021**|||**2020**|||
|---|---|---|---|---|---|---|---|---|
|**Net income for the year**|4,434||||3,933||||
|Depreciation|2,893||||2,856||||
|Bank interest and other investment income|(20)||||(56)||||
|Increase in stock|(33)||||(13)||||
|Decrease/(increase) in debtors|(202)||||610||||
|(Decrease) / Increase in creditors and fees in advance|(331)||||384||||
||-----------------||||-----------------||||
|||||6,741|||7,714||
|**INVESTING ACTIVITIES**|||||||||
|Investment income received|20||||56||||
|Purchase of tangible fixed assets|(973)||||(1,911)||||
||--------------||||--------------||||
|||||(953)|||(1,855)||
|**FINANCING ACTIVITIES**|||||||||
|Bank loan repayments|(864)||||(482)||||
|Net (decrease)/increase in fee composition scheme|||||||||
|liabilities|(342)||||(15)||||
|New loan finance received|50||||-||||
||--------------||||--------------||||
|||||(1,156)|||(497)||
|||||---------------|||---------------||
|**(DECREASE)/INCREASE IN CASH AND CASH**||||4,632|||5,362||
|**EQUIVALENTS**|||||||||
|**Cash and cash equivalents at 1 August**||||9,851|||4,489||
|||||---------------|||---------------||
|**Cash and cash equivalents at 31 July**||||14,483|||9,851||
|||||=======|||=======||
|**ANALYSIS OF CHANGES IN NET DEBT**|**Balance at 1**||**Cash flows**||**Other**|**Balance**||**at**|
||**August 2020**||||**movements**||**31 July 2021**||
|Cash and cash equivalents|9,851|||4,632|-||14,483||
|Loans due within one year|(847)|||814|(1,535)||(1,568)||
|Loans due after more than one year|(6,343)||||1,535||(4,808)||
||---------------|||---------------|---------------||---------------||
|**Net (debt)/funds**|**2,661**|||**5,446**|**-**||**8,107**||
||=======|||=======|=======||=======||
26
**COLLEGE SCHOOL**
**ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2021**
## **a. Statement of compliance**
The financial statements are prepared under the historical cost convention as modified to include the revaluation of investments. The format of the financial statements has been presented to comply with the Charities Act 2011, FRS102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ and the Statement of Recommended Practice Accounting and Reporting by Charities (Second edition, effective 1 January 2019). The Corporation is a Public Benefit Entity as defined by FRS102.
## **b. General information**
The Corporation is a charity registered in England and Wales (charity number: 310024) and its registered office address is: Southside, Wimbledon Common, London SW19 4TT.
- **c. Basis of Accounting**
The financial statements have been prepared under the Charities Act 2011 on the historical cost convention, as modified by the valuation of listed investments, which is consistent with the prior year.
## **d. Basis of Consolidation**
These financial statements consolidate the results, assets and liabili
- **e. Going concern**
Having reviewed the funding facilities available to the School, together with the expected ongoing demand for School and group has adequate resources to continue its activities for the foreseeable future, and consider there were no going concern basis when preparing the financial statements.
## **f. Significant judgments and sources of estimation uncertainty**
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting The key judgements that have been applied by management relate to:
The residual values and useful economic lives of tangible fixed assets The actuarial assumptions which underpin the valuation of the defined benefit pension scheme liability
The following principal accounting policies have been applied:
## **g. Income and endowments**
All income and endowments are recognised when the criteria of entitlement, measurement and probability of receipt have been satisfied.
Tuition fees, less any allowances, bursaries or scholarships awarded, are recognised in the period in which the service is provided.
Trading income is recognised in the period in which the goods are sold or the services are provided.
Donations are accounted for on a received basis. Legacies are recognised on a receivable basis, when the conditions of entitlement, probability and measurement are met. Where the probability and/or measurement criteria for legacies and donations are not satisfied as at the balance sheet date but subsequent events resolve the uncertainty such that the criteria are met, an adjustment is made to recognise the income.
Grants, investment income, including interest receivable, and other miscellaneous income are accounted for on a receivable basis.
Income from the endowment funds is split between restricted and unrestricted funds according to the specific terms of each fund.
27
**ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2021**
## **h. Expenditure**
Expenditure is recognised as soon as the related liability is incurred and has been classified under headings that aggregate all costs relating to that category. Liabilities are recognised as soon as there is a legal or constructive obligation committing the Corporation to the expenditure.
Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s).
Expenditure on raising funds comprises trading costs, fundraising costs and finance costs.
Expenditure on charitable activities comprises expenditure directly related to the provision of education.
Support costs represent indirect costs relating to raising funds and the Corporation ies. Governance costs are included within support costs and comprise the costs of running the charity, including requirements, such as costs of Board meetings and of preparing the statutory accounts.
## **i. Tangible Fixed Assets and Depreciation**
Tangible fixed assets are initially recognised at cost. In accordance with the transitional provisions of FRS102, the School buildings are recognised using the most recent valuation, as at 31 July 2000, as deemed cost.
Depreciation is provided on fixed assets to write off their cost less estimated residual value over their estimated useful economic life by equal annual instalments as follows:
School buildings 2% to 10% per annum Motor vehicles and computers 25% per annum Boats, audit visual, ground and sports equipment 20% per annum Catering equipment and furniture 12.5% per annum Building services and musical instruments 10% per annum
Freehold land is not depreciated because it is considered to have an indefinite useful economic life. Residential properties are not depreciated because their residual value is considered to be sufficiently high that depreciation would be immaterial.
The carrying values of tangible fixed assets are reviewed for impairment in accordance with the requirements of FRS102.
- **j. Investments**
Listed investments are recognised at market value.
Investments in subsidiaries are recognised at cost.
## **k. Stock**
Stock represents goods held for resale and is valued at the lower of cost and net realisable value.
## **l. Basic financial instruments**
Basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable are measured at amortised cost as follows:
## _Cash and cash equivalents_
Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.
## _Debtors and creditors_
Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from impairment are recognised as expenditure.
28
**ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2021**
## _Bank borrowings_
Liabilities for borrowings which are subject to a market rate of interest are measured at the value of the amount advanced, less capital repayments.
## _Fee composition scheme_
This is a scheme whereby parents and other make advance payments which, together with the discount accruing recognised as a liability and the amount of discount crystallised in the year is included in the Statement of Financial Activities
## **m. Pensions**
The C
and advised to the Corporation by the Scheme Administrator. The Scheme is a multi-employee pension scheme so it is not possible to identify the assets and liabilities of the scheme which are accountable to the Corporation. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme.
The Corporation has contributed to a defined benefit pension scheme for many of its non-teaching staff which is wholly funded by contributions from the Schools at rates determined by independent actuaries in the light of regular valuations. Such contributions are held in trustees administered funds completely independent of the This scheme is accounted for as a defined benefit scheme in accordance with FRS102 and the details of the movements on the scheme deficit are set out in note 6. This scheme was closed on 31 July 2016 and any members transferred to the group personal pension plan.
The Corporation also contributes to a group personal pension plan for non-teaching staff. This scheme is compliant with the requirements of auto-enrolment.
## **n. Leases**
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
## **o. Funds**
_General Funds_
The surplus from normal activities of the Corporation is transferred to the General Reserves.
## _Designated funds_
Bursary Fund
The Governors have established a separate designated fund to provide support to bursaries in future years.
## KCS Centenary Challenge Fund
The Centenary Challenge Appeal was launched on 14 September 1998 to fund the construction of a new art and design technology building and the refurbishment of the KCJS science building and to finance additional bursaries. The proceeds of the appeal less administration costs are credited to this fund. Donations specifically for bursaries, and 25% of other net receipts, are transferred to the designated Bursary Fund.
## Legacy funds
Legacy funds consist of legacies received which have been designated for specific purposes by the Governors.
## _Endowed funds_
## Julian Belchamber Memorial Fund
The Corporation received a donation under a trust deed to be invested separately, with the investment income arising to be applied towards specific prizes, which are awarded every two years.
## _Restricted funds_
A number of donors provided funds to the Corporation to be applied towards specific capital and revenue items.
The Scholarships Trust Funds include the John Cutler Fund, Edgell Hunt Fund, Forest Fund, Inglis Fund, William Fund, Rothschild Fund, Sambrooke Fund, Ward Fund and Cleaver Fund. The aim of the Scholarships Trust Funds Trust funds include the Organ Fund, Frank Hole Fund, Carmichael Bequest Fund, Trevalan Trust Fund, JHG Maltby Memorial Prize Fund, A Perry Fund, ITN Gaby Rado Award Fund, Vikram Singh Memorial Fund, Louisa Lewisohn Memorial, Thomas Wilton Prize, Arthur Beatty Prize and Charlie Bartlett Prize.
29
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
|**1.**|**TUITION FEES**|**2021**|**2020**|
|---|---|---|---|
|a)|Fees receivable consist of:|||
||Gross fees|33,353|31,307|
||Less: Discounts and staff allowances|(100)|(88)|
||Scholarships|(283)|(302)|
||Bursaries|(1,255)|(1,114)|
|||---------------|---------------|
|||31,715|29,803|
||Add: Bursaries paid for by restricted funds|500|602|
|||---------------|---------------|
|||32,215|30,405|
|||=======|=======|
|b)|The total amount earmarked for scholarships and bursaries is as follows:|||
||- Scholarships and bursaries paid by general funds|1,038|814|
||- Bursaries paid for by restricted funds|500|602|
|||------------|------------|
|||1,538|1,416|
|||======|======|
|**2.**|**ANCILLARY INCOME**|**2021**|**2020**|
||Other tuition|483|526|
||Catering|803|874|
||Commissions on insurance|11|12|
||Other|164|179|
|||--------------|--------------|
|||1,461|1,591|
|||=======|=======|
|**3.**|**BANK AND INVESTMENT INCOME**|**2021**|**2020**|
||Bank interest|20|56|
|||-------------|-------------|
|||20|56|
|||======|======|
30
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
|**4.**|**DONATIONS AND GRANTS**|**2021**|**2020**|
|---|---|---|---|
||**School**|||
||The Friends of Kings College School Fund|57|58|
||Friends of WCPS|10|14|
||CJRS grant|-|577|
||Other|12|6|
|||--------------|--------------|
|||79|655|
|||--------------|--------------|
||**Designated**|||
||Legacy funds|158|202|
|||--------------|--------------|
|||158|202|
|||--------------|--------------|
||**Restricted funds**|||
||Building Renewal Fund|20|17|
||11+ Bursary Fund|385|110|
||Bursary Fund|386|448|
||Music School Fund|3|86|
||Sports Facilities Fund|23|74|
||Raising Aspirations Funds|1|4|
||Boat Fund|14|74|
||Other|10|10|
|||------------|------------|
|||842|823|
|||------------|------------|
|||1,079|1,680|
|||======|======|
31
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **5. ANALYSIS OF EXPENDITURE**
|**ANALYSIS OF EXPENDITURE**|||||
|---|---|---|---|---|
||**Staff**||||
||**Costs**|**Other**|**Depreciation**|**Total**|
|**2021**|||||
|**_Costs of generating funds_**|||||
|KCS Enterprises|372|215|3|590|
|KCSW International|310|108|-|418|
|Finance and other costs|-|235|-|235|
|Fundraising|47|13|-|60|
||----------------|-----------------|-----------------|-----------------|
||729|571|3|1,303|
||----------------|-----------------|-----------------|-----------------|
|**_Charitable activities_**
and grant-making|||||
|Teaching|16,553|885|-|17,438|
|Catering and welfare|859|559|-|1,418|
|Premises (including depreciation)|1,058|3,675|2,890|7,623|
|Support costs|2,971|2,035|-|5,006|
|Grants|-|-|-|-|
||----------------|-----------------|-----------------|-----------------|
||21,441|7,154|2,890|31,485|
||----------------|-----------------|-----------------|-----------------|
||22,170|7,725|2,893|32,788|
||========|========|========|========|
|**2020**|||||
|**_Costs of generating funds_**|||||
|KCS Enterprises|365|289|3|657|
|KCSW International|212|162|-|374|
|Finance and other costs|-|257|-|257|
|Fundraising|204|63|-|267|
||----------------|-----------------|-----------------|-----------------|
||781|771|3|1,555|
||----------------|-----------------|-----------------|-----------------|
|**_Charitable activities_**
and grant-making|||||
|Teaching|15,778|1,130|-|16,908|
|Catering and welfare|781|496|-|1,277|
|Premises (including depreciation)|1,048|3,378|2,853|7,279|
|Support costs|2,845|1,210|-|4,055|
|Grants|-|708|-|708|
||----------------|-----------------|-----------------|-----------------|
||20,452|6,922|2,853|30,227|
||----------------|-----------------|-----------------|-----------------|
||21,233|7,693|2,856|31,782|
||========|========|========|========|
32
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
|**6.**|**SALARIES AND WAGES**|**2021**|**2020**|
|---|---|---|---|
||Wages and salaries|16,725|15,942|
||Social security|1,828|1,747|
||Pension costs|3,505|3,376|
||Other|112|168|
|||----------------|----------------|
|||22,170|21,233|
|||----------------|----------------|
Included in staff costs above are termination payments amounting to £26k (2020: £111k).
The number of employees is given below:
||**Headcount**|**Headcount**|**Full time**|**equivalent**|
|---|---|---|---|---|
||**2021**|**2020**|**2021**|**2020**|
||**No.**|**No.**|**No.**|**No.**|
|Teaching staff|196|188|180|173|
|Teaching support|67|65|44|47|
|Support staff|128|126|103|104|
|Trading activities|15|14|12|11|
||----------------|----------------|----------------|----------------|
||406|393|339|335|
||----------------|----------------|----------------|----------------|
The number of employees whose salary exceeded £60,000 per annum was:
||**2021**|**2020**|
|---|---|---|
||**No.**|**No.**|
|£ 60,001 - £ 70,000|28|30|
|£ 70,001 - £ 80,000|24|24|
|£ 80,001 - £ 90,000|5|5|
|£ 90,001 - £100,000|3|5|
|£100,001 - £110,000|1|-|
|£120,001- £130,000|1|-|
|£130,001 - £140,000|1|1|
|£170,001 - £180,000|-|1|
|£180,001 - £190,000|1|-|
|£280,001 - £290,000|-|1|
|£310,001 - £320,000|1|-|
||======|======|
## **Remuneration of key management personnel**
The Governors, who receive no remuneration, together with the Management Board plus the Head of WCPS prepersonnel amounted to £1,575k (2020: £1,448k). Three members of the key management personnel are parents of pupils at the School and benefited from fee discounts in line with other staff.
## **Pension Schemes**
for the year includes contributions payable to the TPS of £2,551k (2020: £2,431k) and at the year-end £NIL (2020 - £Nil) was accrued in respect of contributions to this scheme.
The TPS is an unfunded multiRegulations 2010 (as amended) and T Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
33
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.
The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the the 2015 reforms to Public Service Pensions including the Te
judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The go
Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.
The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. The consultation closed to response on 19 August 2021 and the Government is currently analysing the responses.
In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.
Until the cost cap mechanism review is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.
A number of nonby a trust deed and administered in accordance with the rules by Trustees. The Scheme closed to existing ts are invested in, and benefits under the scheme are secured by, a Group with profits Policy with the Prudential Assurance Company Limited. The Trustees are advised on the financial state of the scheme at least every three years by an actuary, who makes recommendations as to the total contributions, which should be paid to provide the benefits. The Corporation has a commitment to make good any actuarial deficit. Members are not contracted out of the State Earnings Related Pension Scheme.
A full triennial valuation was carried out by a qualified independent actuary as at 1 August 2020 which showed the scheme had a deficit of £539k. A formal recovery plan has been put in place to eliminate the deficit by paying £132k in the year to 31 July 2021, and for a further four years. The Corporation made contributions £259k in the prior year in respect of the previous deficit recovery plan.
34
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **6. SALARIES AND WAGES (continued)**
Accounting rules require the Corporation to disclose additional information in accordance with the requirements of FRS102, as follows:
|The major assumptions used by the actuary|**At**|**At**|**At**|
|---|---|---|---|
|were:|**1 August 2021**|**1 August 2020**|**1 August**|
||||**2019**|
|Discount rate|1.74%|1.49%|2.25%|
|Rate of increase in salaries|n/a|n/a|n/a|
|Inflation assumption|3.4%|3.0%|3.4%|
|Rate of increase in pensions in payment|3.4%|3.0%|3.4%|
|Post retirement mortality|S2PXA, CMI|S2PXA, CMI|S2PXA, CMI|
||2019 with1.25%|2018 with|2017 with|
||underpin|1.25% underpin|1.25% underpin|
|Life expectancy for 65 year old male|21.6 years|21.5 years|22.0 years|
|Life expectancy for 65 year old female|23.8 years|23.4 years|23.9 years|
The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions which, due to the timescale covered, may not necessarily be borne out in practice.
||**Value at**|**Value at**|**Value at**|
|---|---|---|---|
||**1 August**|**1 August**|**1 August**|
||**2021**|**2020**|**2019**|
|Scheme assets|5,564|4,921|4,915|
||--------------|--------------|--------------|
|Top market value of assets|5,564|4,921|4,915|
|Present value of scheme liabilities|(9,843)|(9,312)|(8,380)|
||--------------|--------------|--------------|
|Deficit in the scheme|(4,279)|(4,391)|(3,465)|
||=======|=======|=======|
|||**2021**|**2020**|
|**Amounts recognised in expenditure**||||
|Net interest cost||66|77|
|||--------------|--------------|
|**Total**||66|77|
|||======|======|
|Actual return on scheme assets||539|(44)|
|||======|======|
|**Changes in the present value of the Defined**|**Benefit Obligation**|||
|Opening defined benefit obligation||9,312|8,380|
|Interest cost||139|189|
|Actuarial (gains)/losses:||||
|- Changes in assumptions||237|962|
|- Experience losses||183|(137)|
|Benefits paid||(28)|(82)|
|||--------------|--------------|
|||9,843|9,312|
|||======|=======|
35
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **6. SALARIES AND WAGES (continued)**
|**Changes in the Fair Value of Plan Assets**|||
|---|---|---|
|Opening fair value of plan assets|4,921|4,915|
|Interest on plan assets|73|112|
|Actual return less interest on plan assets|466|(156)|
|Total contributions paid|132|132|
|Benefits paid|(28)|(82)|
||--------------|--------------|
||5,564|4,921|
||======|=======|
The School expects to contribute £132,000 to its defined benefit pension scheme in the next twelve months.
## **Major Categories of Scheme Assets as a Percentage of Total Plan Assets**
The assets of the Scheme consist mainly of unitised with profits policy with the Prudential. The asset figures
The major percentage split of the Scheme assets as a percentage of total plan assets were as follows:
||**2021**|**2020**|
|---|---|---|
||**%**|**%**|
|Unitised with profits policy|91|92|
|Mobius Life Portfolio|8|8|
|Cash|1|-|
||--------------|---------------|
||100%|100%|
||======|=======|
## **Sensitivity analysis**
The results of the scheme valuation are sensitive to changes in the key actuarial assumptions. The following table illustrates the sensitivity of the liabilities to changes in assumptions, considered in isolation:
|**Change in assumption**|**Approximate increase in**|**Approximate increase in**|
|---|---|---|
||**liabilities**|**liabilities**|
||**%**||
|Discount rate reduced by 1.0%|31.5%|3,101|
|Inflation assumption increased by 1.0%|17.4%|1,713|
|Increase in life expectancy of 1 year for a member
retiring at 65|3.1%|305|
A GPP Pension Scheme was introduced in February 2012. In 2020/2021 the Corporation contributed 10% of the this scheme under auto-enrolment, the employ 4% of gross pay.
2020/21 was £3,505,000 (2019/20: £3,376,000). £0 (2020: £0) was payable to the schemes at the year end.
36
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **7.**
|**EXPENDITURE**|**EXPENDITURE**|**EXPENDITURE**|**EXPENDITURE**|**EXPENDITURE**|**EXPENDITURE**||**2021**|**2020**|
|---|---|---|---|---|---|---|---|---|
|Expenditure|includes:||||||||
|remuneration|||||||||
|- for audit|||||||36|35|
|- for other services|||||||8|21|
|Operating lease||||rentals|||101|107|
||||||||2|2|
|Depreciation|||||||2,894|2,856|
||||||||======|======|
liability insurance to protect it and the Governors
from losses arising from the neglect or default of its Governors, employees or agents.
There were no expenses reimbursed to Governors in the current year (2020: £Nil).
## **8. TAXATION**
No taxation liability arises on the results for the year because of the charitable status of the Corporation.
|**9.**|**FINANCE AND OTHER**|**2021**|**2020**|
|---|---|---|---|
||**COSTS**|||
||Bank overdraft and loans|135|156|
||Composition fee discount|77|78|
||Other loans|-|-|
|||-----------------|-----------------|
|||212|234|
||Other finance costs|23|23|
|||-----------------|-----------------|
|||235|257|
|||========|========|
Bank overdraft and loans finance costs include arrangement fees.
37
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
|**10.**|**FIXED ASSETS - TANGIBLE**|**Freehold**|**Residential**|**School**|**Other**||
|---|---|---|---|---|---|---|
||**Group and charity**|**Land**|**Property**|**Buildings**|**Assets**|**Total**|
||Cost or valuation||||||
||At 1 August 2020|1,660|5,176|89,670|3,187|99,693|
||Additions|-|-|590|383|973|
||Disposals|-|(7)|-|(445)|(452)|
|||-----------------|-----------------|-----------------|-----------------|-----------------|
||At 31 July 2021|1,660|5,169|90,260|3,125|100,214|
|||-----------------|-----------------|-----------------|-----------------|-----------------|
||At valuation|-|-|21,827|-|21,827|
||At cost|1,660|5,169|68,433|3,125|78,387|
|||-----------------|-----------------|-----------------|-----------------|-----------------|
|||1,660|5,169|90,260|3,125|100,214|
|||-----------------|-----------------|-----------------|-----------------|-----------------|
||Accumulated depreciation||||||
||At 1 August 2020|-|-|23,817|1,536|25,353|
||Charge for year|-|-|2,249|644|2,893|
||Disposals|-|-|-|(445)|(445)|
|||-----------------|-----------------|-----------------|-----------------|-----------------|
||At 31 July 2021|-|-|26,066|1,735|27,801|
|||-----------------|-----------------|-----------------|-----------------|-----------------|
||Net book value||||||
||At 31 July 2021|1,660|5,169|64,194|1,390|72,413|
|||=======|=======|========|=======|========|
||At 31 July 2020|1,660|5,176|65,853|1,651|74,340|
|||=======|=======|========|=======|========|
£217,000 (2020: £271,000). The fixed assets above are wholly used for direct charitable purposes. Group fixed assets include £5,369 (2020: £6,865 company, KCS Enterprises Limited.
38
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
|**11.**|**INVESTMENT IN SUBSIDIARIES**|**INVESTMENT IN SUBSIDIARIES**|**INVESTMENT IN SUBSIDIARIES**|**INVESTMENT IN SUBSIDIARIES**|**INVESTMENT IN SUBSIDIARIES**|**INVESTMENT IN SUBSIDIARIES**|**INVESTMENT IN SUBSIDIARIES**|||||**2021**|**2020**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||**£**|**£**|
||Investments in subsidiaries consist of:|||||||||||||
||Shares in KCS Enterprises Limited|||||||||||2|2|
||Shares in|||||||||||1|1|
|||||||||||||-------------|--------------|
|||||||||||||3|3|
|||||||||||||======|======|
The Corporation owns 100% of the issued ordinary share capital of KCS Enterprises Limited (KCSE), a company registered in England and Wales (company number: 01882088) Sports Club, School Shop and the commercial letting of School facilities. It exists to generate a financial surplus
(International) Limited (KCSWI), a company registered in England and Wales (company number: 08823400). The company was incorporated on 20 December 2014. The company's activities comprise of developing opportunities to set up international schools outside the UK with regional partners. It exists to generate a financial surplus to further the Corporation's charitable objectives.
||**KCSE**||**KCSWI**||
|---|---|---|---|---|
||**Year ended 30**|**April**|**Year ended 31 July**||
|Profit and loss account|**2021**|**2020**|**2021**|**2020**|
|Turnover
external|632|773|2,338|1,205|
|Turnover
intragroup|3|5|-|-|
|Cost of sales|(401)|(432)|-|(2)|
||-------------|-------------|-------------|-------------|
||234|362|2,338|1,203|
|Administration expenses|(192)|(236)|(447)|(407)|
||-------------|-------------|-------------|-------------|
|Operating profit/(loss)|42|111|1,891|796|
|Gift Aid payment to Corporation|(33)|(106)|(1,860)|(805)|
|Taxation|(2)||(6)||
||-------------|-------------|-------------|-------------|
|Profit/(loss) for the year|7|5|25|(9)|
||======|======|======|======|
|||**KCSE**|**KCSWI**||
|---|---|---|---|---|
||**As at 30 April**||**As at 31 July**||
|Balance sheet|**2021**|**2020**|**2021**|**2020**|
|Tangible fixed assets|5|7|-|-|
|Current assets|198|309|1,896|875|
|Current liabilities|(195)|
(314)|(1,880)|(884)|
||-------------|-------------|--------------|--------------|
|Net assets/(liabilities)|8|2|16|(9)|
||======|======|======|======|
39
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
|**12.**|**DEBTORS**||**Group**|||**Charity**||
|---|---|---|---|---|---|---|---|
|||**2021**||**2020**|**2021**||**2020**|
|a)|Amounts falling due within one year|||||||
||Fee debtors|54||42|54||42|
||Other debtors and prepayments|1,144||472|3,013||1,312|
|||-------------||-------------|-------------||-------------|
|||1,198||514|3,067||1,354|
|||======||======|======||======|
|b)|Amounts falling due after one year|||||||
||Proceeds from sale of The Rowans|482||964|482||964|
|||======||======|======||======|
The proceeds from the sale of The Rowans are due in 2022 and 2023. The movement from the prior year relates to the amount being recognised within other debtors as it is due within one year.
## **13. BANK OVERDRAFT**
The Corporation has an overdraft facility of £1,750,000, which is secured on the freehold property of the Corporation and interest is charged at 2% over the base rate.
## **14.**
|**CREDITORS: amounts falling due**||**Group**|||**Charity**|
|---|---|---|---|---|---|
|**within**||||||
|**one year**|**2021**||**2020**|**2021**|**2020**|
|Trade creditors|462||485|450|
427|
|Fee deposits|3,389||3,376|3,389|
3,376|
|Fee Composition Scheme (see note 15a)|1,294||1,434|1,294|
1,434|
|PAYE and National Insurance|486||456|477|
449|
|Accruals and deferred income|1,488||1,837|1,375|
1,614|
|Bank loans (notes 15b)|1,568||847|1,518|
847|
||-------------||-------------|-------------|
-------------|
||8,687||8,435|8,503|
8,147|
||======||======|======|
======|
40
**T NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
|**15.**|**CREDITORS: amounts falling due after one year**|**CREDITORS: amounts falling due after one year**|**Group and charity**|**Group and charity**|
|---|---|---|---|---|
||||**2021**|**2020**|
||Fee Composition Scheme (see note 15a)||2,231|2,433|
||Bank loans|other (note 15b)|4,808|6,343|
||Other liabilities and charges (note 15c)||101|110|
||||-------------|-------------|
||||7,140|8,886|
||||======|======|
|**a.**|**Fee Composition Scheme**||**2021**|**2020**|
||Within one|to two years|758|889|
||Within two|to five years|1,133|1,098|
||After five years||340|446|
||||-------------|-------------|
||Due after one year (note 15)||2,231|2,433|
||Within one|year (note 15)|1,294|1,434|
||||-------------|-------------|
||||3,525|3,867|
||||=======|=======|
The balance represents the accrued liability under contracts. The movements during the year were:
||**2021**|**2020**|
|---|---|---|
|Balance at 1 August 2020|3,867|3,882|
|New contracts|1,579|1,883|
|Amounts accrued to contracts|77|78|
||--------------|--------------|
||5,523|5,843|
|Refunded schemes|(111)|-|
|Amounts utilised in payment of fees|(1,887)|(1,976)|
||--------------|--------------|
|Balance at 31 July 2021|3,525|3,867|
||======|======|
41
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **15. CREDITORS: amounts falling due after one year (continued)**
## **b. Bank loans**
Bank loans are secured on certain Corporation properties and are repayable over the next six years as set out in the table below. Interest is charged at 0.55% over the base rate on loans totalling £2.7m and at 2.66% on the loan totalling £4.1m.
||**2021**|**2020**|
|---|---|---|
|Between one and two years|1,504|1,518|
|Between two and five years|3,138|4,231|
|In more than five years|166|594|
||-------------|-------------|
||4,808|6,343|
|Repayable within one year|1,568|847|
||-------------|-------------|
||6,376|7,190|
||======|======|
## **c.**
## **Other liabilities**
Other liabilities totalling £101k (2020: £110k) P
## **16. ALLOCATION OF NET ASSETS BETWEEN FUNDS**
||||**Net**|||
|---|---|---|---|---|---|
||**Fixed**|**Long term**|**Current**|**Long term**||
|**2021**|**Assets**|**Debtors**|**Assets**|**Liabilities**|**Total**|
|The net assets are held for the||||||
|various funds as follows:||||||
|Endowed funds|-|-|10|-|10|
|Restricted funds|-|-|3,707|-|3,707|
|Unrestricted funds:||||||
|- School funds|72,413|482|(846)|(7,140)|64,909|
|- Pension reserve|-|-||(4,279)|(4,279)|
|- Designated funds|-|-|4,262|-|4,262|
||-------------|-------------|---------------|---------------|---------------|
||72,413|482|7,133|(11,419)|68,609|
||=======|=======|=======|=======|=======|
||||**Net**|||
||**Fixed**|**Long term**|**Current**|**Long term**||
|**2020**|**Assets**|**Debtors**|**Assets**|**Liabilities**|**Total**|
|The net assets are held for the||||||
|various funds as follows:||||||
|Endowed funds|-|-|10|-|10|
|Restricted funds|-|-|3,442|-|3,442|
|Unrestricted funds:||||||
|- School funds|74,340|964|(5,520)|(8,886)|60,898|
|- Pension reserve|-|-|-|(4,391)|(4,391)|
|- Designated funds|-|-|4,104|-|4,104|
||-------------|-------------|---------------|---------------|---------------|
||74,340|964|2,036|(13,277)|64,063|
||=======|=======|=======|=======|=======|
42
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
|**17.**|**ENDOWED FUNDS**|**Balance at**||||**Balance at**|
|---|---|---|---|---|---|---|
|||**1 August**|||**Unrealised**|**31 July**|
|||**2020**|**Income**|**Expenditure**|**Gains/**|**2021**|
||||||**(losses)**||
||Julian Belchamber Memorial|10|-|-|-|10|
||Fund||||||
|||=====|======|=======|========|======|
||There were no movements on this|fund in the prior|year.||||
|**18.**|**RESTRICTED FUNDS**|**Balance at**||||**Balance at**|
|||**1 August**||||**31 July**|
|||**2020**|**Income**|**Expenditure**|**Transfers**|**2021**|
||Scholarships Trust Funds|263|-|-|-|263|
||Bursary Fund|1,422|386|(164)|-|1,644|
||11+ Bursary Fund|1,633|385|(336)|-|1,682|
||Junior School Aspirations Funds|1|-|-|-|1|
||Building Renewal Fund|-|20|-|(20)|-|
||Dining Room Floor Fund|-|-|-|-|-|
||Other Trust Funds|71|6|(6)|-|71|
||Sports Equipment Fund|5|-|-|(3)|2|
||Music School Fund|1|3|-|(3)|1|
||Sports Facilities Fund|-|23|-|(23)|-|
||Raising Aspirations|-|-|-|-|-|
||Boat Donation|34|14|(14)|(5)|29|
||Partnerships|6|1|-|-|7|
||Maths Fund|4|-|(1)|-|3|
||HMCK Charity Fund|-|4|-|-|4|
||Senior Library Fund|2|-|(2)|-|-|
|||-------------|-----------|----------|------------|-------------|
|||3,442|842|(523)|(54)|3,707|
|||======|======|=======|======|======|
The transfers between funds are all in respect of capital expenditure incurred during the year in accordance with the restrictions on each fund.
43
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
|**18.**|**RESTRICTED FUNDS**|**Balance at**||||**Balance at**|
|---|---|---|---|---|---|---|
||**(continued)**|**1 August**||||**31 July**|
|||**2019**|**Income**|**Expenditure**|**Transfers**|**2020**|
||Scholarships Trust Funds|265|-|(2)|-|263|
||Bursary Fund|1,296|448|(260)|(62)|1,422|
||11+ Bursary Fund|1,803|110|(342)|62|1,633|
||Junior School Aspirations Funds|2|-|(1)|-|1|
||Building Renewal Fund|-|17|-|(17)|-|
||Dining Room Floor Fund|-|4|-|(4)|-|
||Other Trust Funds|71|4|(4)|-|71|
||Sports Equipment Fund|8|-|-|(3)|5|
||Music School Fund|-|86|(31)|(54)|1|
||Sports Facilities Fund|454|74|-|(528)|-|
||Raising Aspirations|-|-|-|-|-|
||Boat Donation|28|74|(63)|(5)|34|
||Partnerships|2|4|-|-|6|
||Maths Fund|6|-|(3)|1|4|
||Senior Library Fund|2|2|(2)|-|2|
|||-------------|-----------|----------|------------|-------------|
|||3,937|823|(708)|(610)|3,442|
|||======|======|=======|======|======|
The West Barnes Lane Fund was transferred to General reserves on the completion of those projects.
|**19.**|**UNRESTRICTED FUNDS**|**Balance at**||||**Balance at**|
|---|---|---|---|---|---|---|
|||**1 August**|||**Transfers**|**31 July**|
|||**2020**|**Income**|**Expenditure**|**Gains/(losses)**|**2021**|
||General reserves|56,633|36,745|(32,788)|196|60,786|
||Revaluation reserve (note 23)|4,265|-|-|(142)|4,123|
|||--------------|--------------|--------------|--------------|--------------|
||School funds|60,898|36,745|(32,788)|54|64,909|
||Pension reserve|(4,391)|-|66|46|(4,279)|
|||--------------|--------------|--------------|--------------|--------------|
|||56,507|36,745|(32,722)|100|60,630|
|||======|======|=======|======|======|
||KCS Centenary Challenge Fund|672|-|-|-|672|
||Legacy funds|445|158|-|-|603|
||Bursary fund|2,987|-|-|-|2,987|
||Other designated funds|-|-|-|-|-|
|||-------------|-----------|----------|------------|-------------|
||Designated funds|4,104|158|-|-|4,262|
|||======|======|=======|======|======|
44
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
|**19.**|**UNRESTRICTED FUNDS**|**Balance at**||||**Balance at**|
|---|---|---|---|---|---|---|
||**(continued)**|**1 August**|||**Transfers**|**31 July**|
|||**2019**|**Income**|**Expenditure**|**Gains/(losses)**|**2020**|
||General reserves|52,264|34,676|(31,060)|753|56,633|
||Revaluation reserve (note 23)|4,407|-|-|(142)|4,265|
|||--------------|--------------|--------------|--------------|--------------|
||School funds|56,671|34,676|(31,060)|611|60,898|
||Pension reserve|(3,465)|-|55|(981)|(4,391)|
|||--------------|--------------|--------------|--------------|--------------|
|||53,206|34,676|(31,005)|(370)|56,507|
|||======|======|=======|======|======|
||KCS Centenary Challenge Fund|672|-|-|-|672|
||Legacy funds|243|202|-|-|445|
||Bursary fund|2,987|-|-|-|2,987|
||Other designated funds|1|-|-|(1)|-|
|||-------------|-----------|----------|------------|-------------|
||Designated funds|3,903|202|-|(1)|4,104|
|||======|======|=======|======|======|
|**20.**|**REVALUATION RESERVE**||||**2021**|**2020**|
||Balance at 1 August 2020||||4,265|4,407|
||Difference between historical cost depreciation charge and the actual||||||
||depreciation charge for the year on school buildings re-valued on|||31 July|(142)|(142)|
||2000||||||
||||||-------------|-------------|
||Balance at 31 July 2021||||4,123|4,265|
||||||======|======|
||See note 11 for details of 31 July 2000 revaluation.||||||
|**21.**|**OPERATING LEASE COMMITMENTS**||||**Equipment**||
||At 31 July 2021 the Corporation had the following commitments||||**2021**|**2020**|
||under operating leases payable:||||||
||Within one year||||52|85|
||After one year but within five years||||57|101|
||||||------------|------------|
||||||109|186|
||||||======|======|
|**22.**|**CAPITAL COMMITMENTS**||||**2021**|**2020**|
||Authorised and contracted||||553|462|
||||||======|======|
45
**THE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **23. RELATED PARTY TRANSACTIONS**
## **(a) Parent governors**
Five governors are parents of children at the School and paid school fees at normal rates for ten children during the year.
## **(b) Subsidiary companies**
The Corporation has taken advantage of the exemption within FRS102 from disclosing transactions with its wholly Wimbledon (International) Limited.
## **(c) Pension Scheme**
Scheme during the year. A Chamberlain who retired as a Governor of the Corporation in January 2020, also J Mather-Johns is a membernominated Trustee of the Scheme
During the year, the School made contributions of £132,000 to the Scheme. No amounts were due as at the year end.
## **(d)**
The club receives limited administrative support. Further information can be provided by the Secretary to the Governors.
rporation, for the use of games
pitches at Arthur Road, Motspur Park, owned by the Corporation.
## **24. CONNECTED CHARITIES**
## **(a)**
The object of The Friends is to advance the education of pupils at KCS and KCJS. In furtherance of this object the Friends may:
- a) Develop more extended relationships between the staff, parents and others associated with KCS and KCJS. b) Engage in activities which support KCS and KCJS and advance the education of the pupils attending.
- c) Provide and assist in the provision of facilities for education at KCS and KCJS not normally provided by the Governing Body.
The Friends gifted £57,225 to KCS and KCJS during the year (2020: £56,819).
## **(b) The Friends of Squirrels (Charity No: 1139036)**
The object of the Friends is to advance the education of pupils at Wimbledon Common Preparatory School. The Friends gifted goods to the value of £10,256 to WCPS during the year (2020: £14,300).
46
**NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021**
## **25. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
|**ACTIVITIES**||||||
|---|---|---|---|---|---|
|||**Unrestricted funds**||**Restricted and**|**Total**|
|||**School**|**Designated**|**Endowed Funds**|**2020**|
||**Notes**|||||
|**INCOME FROM:**||||||
|**_Charitable activities_**||||||
|Tuition fees|1|30,405|-|-|30,405|
|Ancillary income|2|1,591|-|-|1,591|
|**_Other trading activities_**||||||
|KCS Enterprises income|11|778|-|-|778|
|KCSW International income|11|1,205|-|-|1,205|
|**_Investments_**|3|56|-|-|56|
|**_Donations_**|4|655|202|823|1,680|
|||----------------|-----------------|-----------------|--------------|
|**Total income**||34,690|202|823|35,715|
|||---------------|-----------------|------------------|---------------|
|**EXPENDITURE ON:**||||||
|**_Raising funds_**||||||
|KCS Enterprises costs||657|-|-|657|
|KCSW International costs||374|-|-|374|
|Finance and other costs|9|257|-|-|257|
|Fundraising costs||267|-|-|267|
|||-----------------|-----------------|-----------------|--------------|
|||1,555|-|-|1,555|
|||-----------------|-----------------|-----------------|--------------|
|**_Charitable activities_**||||||
|School operating costs and||||||
|grant-making|5|29,519|-|708|30,227|
|||-----------------|-----------------|-----------------|--------------|
|**Total expenditure**|5|31,074|-|708|31,782|
|||-----------------|-----------------|----------------|--------------|
|**Net income before transfers**||3,616|202|115|3,933|
|Transfers between funds|18, 19|611|(1)|(610)|-|
|||-----------------|----------------|----------------|------------|
|**Net income**||4,227|201|(495)|3,933|
|Pension scheme actuarial gain/ (loss)||(926)|-|-|(926)|
|||----------------|---------------|----------------|---------------|
|**Net movement in funds**||3,301|201|(495)|3,007|
|**Fund balances at 1 August**||||||
|**2019**||53,206|3,903|3,947|61,056|
|||--------------|------------|--------------|---------------|
|**Fund balances at 31 July 2020**||56,507|4,104|3,452|64,063|
|||=======|======|=======|=======|
47