THE CORPORATION OF KING'S COLLEGE SCHOOL A Registered Educational Charity REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Charity No: 310024 THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Contents Pasé Governors, ofticers and advi50r5 Report of the Governing Body ReporE of the Auditors 24 Con501idated Staternenr of Financial Acvvitie5 27 Balance Sheets 28 Consolidated C35h Flow Statement 29 Accounting Policies 30 Noies to the Financial Statements 34 THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 GOVERNORS The Governors of the schpol, all olwhom Served during the year, are a5 follows.. Lord Dei%hton KBE (chairl Mrs S.A. Bennet£ BA (special inrere5f: 5afe2uardingl Mr O.L. Carlstrand Bsc CEng MICE {retired November 2021} Mr C.G. Hale MA LLM Mrs S.A.B. Hobb5 BA PGCE (special intere5t= Saleguarding) Mr D.G. Ingrim MA (special interests.. Health & Safety and premi5e5. Outreach & Bursarle5J Sir R.M. liy BA nr (chair ol App•ali. Diisciplinary and Lomplaints Committee IADCC). The Health and Safery governor meers with the bursar and the deputy bursar to review the annual HÈalih 2nd Safety reporL A governor has been appointed to oversee the schools. compliance with GDPR. The appropriate members of the schools, executive attend all governor5, meeiings ocher than the Governors, Appointments Comrnittee, which the bursar ac¢end5. There is i rota of policie5 for sub committees and the maiTh board to approve- the board receives a full and comprehensive audit and report on safeguardinz of all the CorDoration schoo15 annually. An Upda￿ is also provided on 5afe£uardinR and compliance each term. Gn¥grnrkv4' Invrtlv#*v>Èntr In *rhrsfAI lifp_ In addition to tommittee re5pon5ibilities, governor5 are a55igned a special In￿rest which enables them to support specific -pcct& ef ￿chOOl liFe. Thie meanE that staff and pupilw havé thè opportunity to lil¢Sg dirnctly with ll r4sponiibl• governor. Governors regularly attend school productions or pupil and stsff events as appropriats. The Education Commlttee receives an update from a dilferent departmenc from the junior school 2nd Senior school at eyery meeting and meets staff infoi-mallr. The head and the hEadmdster of the junior Jchool present termlx to thr GB &nd th¢ Educatlon Committce on progress and the heid 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 opera¢ion. This year, the 8oard received training in health and safety. educarlonal Erends and decarbon15ailon. The Board was delighted wilh the excellent ISI inspections of both King's and WCP5 (his year and has passed its thanks to the Sratl lor all their hard work. Managemènt boavd The head. the headmastsr of the junior school. the senior school deputy heads, the pastoral head of the junior School and the bursar form the Management 802rd, which meets half-termly. The fiThanci21 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 dependlng on Ihe matier being considered. This year the managernent board focused on bedding down the structural change to the I￿niOr ind Senior schools, the ISI Inspectlon, implementing the ED&1 strategy. bursary and ovtreach Strategy. school crips. digital strategy and family friendly policies. The Pre-Prep Management B¢yard meets termly and consists of the headrnaster and depuLy heads of KCJS, the head of WCPS and the bursar. The lin2ncial controller and compliance offi established. ￿l￿wIn￿ for closer focu- on Dtratsgic mattorg in pxlsting mpgting beNeen senior s£aff, and the School set out a detailed 2nd arnbitious management action plan for the year which was revlewed carelully on a hall termly basis by a newly formed tommittee of senior staff in order for progres5 against these objectives to be susralned. Principal Activities during the Year Duiing the year, the Corporation has provlded education in Wimbledon, London SW19, as follows.. Average number vf yupils 2021122 2020121 King's College School King'5 College junior School Wimbledon Common Preparawry School 190 286 164 1.029 445 163 1.640 1,637 Public Benefit The Corporation provide5 education to 1,640 wpils who would otherwise be educated In mainta5ned schools at publie expense. However. the Corporation recognises that it has wider respon5ibilitles to the community at home and abroad 2nd to a5SlSt in making the educatlon offered at King's more accessible. There are four additional eleFnents in the public benefit st provide5.' bursarie5: Outreach.. community projects,. and cornmunity access. Bursaries li ha5 always been the policy of the governin8 body that Ehe distinctive all-round educa￿On offered by King's should nor be restri[￿d only to Ih05e families who could afford che fitll fees. The governors posiiively encourage applicants from d+ver5e religious, echnic and financial backgrounds. In 2021-22. tha senior schod provided entrance bursaries at various en¢ry polnts be￿ten ages I I to 16 as well as bursaries in both the 5enlor school and the junior school ¢0 those who have 2 chiinge ol circun15tances which makes paying the fees difficult. Bursaries of up io l 00% of the lees plus extras are aY2112ble subject to the candidate meeting the respective srhool's entrance requiremen¢s. Depending on need, bursaries can also include support lor ￿nIfOrM, trdnsport and lunch costs. In Lhe year ended 31, july 2022 the Corporadon gave lee remission lor bursaries to 69 puplls aggregating £1.359,000 {2020-21.. 67 pupils aggregating Cl,255.0001 which ha5 been shown IN these accounts. Included in the5È figure5 are l 00% bursarie5 awarded 10 44 pupils, Funds for bursaries are provided from lee income, donations, and by the Corporation's trading compinies (KCS Enterprises knmited and KCS Wimbledon Ilnternationall Limited). This year KCS Enterprises gift aided 1565.000 (2021.. £33,000) to the school towird5 bursary funding and KCSW{11 contr*buted £2.028,00012021.. £1,860,(MI. 12 THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Grant-making Policy The Corporation sets aside funds, and raises money, to suppon means-tested bursaries and scholarships. In partitular, rhe Corporation has been building a bursary fund from various income source5 to supportfuture requirements. Bursariés, which range from l 0% t(} l 00% of the tuition lees, plus Èxrr&s, are offered to P3rentslguardi2ns of pupils who could not oiherwise afford to send their children to King's based on a comprehenslye assessment of financial need. using external asse550rs. These bursarie5 are re-as5¢5sed annually and miy change during a pupil's time at che school depending on changes to their financial situation. King'5 a150 offers a limited number of fixed amount scholarships based on merit. In the year ended 31" july 2022 the value ol scholarships. grants and bursaries available to the pupils of both the gÈnior sehool And j*inior School amounted to £1.7m12020-21 £1.5m). VoluntÈÈtr¥ Alumni, Friend5 of K￿ parents and members of the loc21 community assisted and supported the Corporation's odueatitsrh213nd ¢ultural activitles throushout the Ycthr. fhc soycrnins body would lik¢ to r¢eord its appreciation of thi3 continuing 5UPPOrt. Partnorships Outreach Community Project5 A££es> The 2021-22 academic year saw the return to in-person partnership project5 for the whole year, this was the first ￿me thai Ihi5 had been Ehe case 51nce rhe 2018-1 ? academic year. Vvè were a150 delightsd to welcome Wirnbledon Lollege as the tsnth member of the Wimbledon ISSP. ThE rommunliy prolecr pro8fdmme on Friday afternoons enabled almost 400 Kings puwls ¢0 take part In weekly actyvitses with a wide range of local schools and oryJnisation5. This year a new swimming projeci began wlth Christ Church Primary School. The younger pupils were able to use the King's 5wimmirsg pool each week for their Swimming lessons led by King's pupi15 under the guidarjce of swimming coaches. Further additions to the programme included Robotics with Pelham Primary School. One Kin8'5 pupil was delighced Ehat they were- helping children hoprfulty discover a Potentiolly lif￿ong Po$sion for robotics, computer science, ond technology in generol In conjunetion with the Royal Institution centre for climate change Innovation. a new prolect visited a number ol local primary Schools educating pupils on how they could turn their school inro a'Sust21nable Super School,. Groups of pupils at each school were invited to present th￿r ideas with the winner5 proceeding to the finals held at The Natural History Museurn {NHM). The winners faced a panel of expert5 from the Royal Institute. Grantham Institute of Climate Change and Angry Monk. The final new prolecc for thi5 year wa5 Drawing Together vhicli enabled 150 pupi15 from lour prlm?ry schools 10 rake part in PfdCtic31 arc workshops throughout the year led by King's students. The'Frlday Afternoon Blues. ￿nd. travelled to MÈrton Abbey Primary School to teach jazz improvisation to children as part of the Jazz in The Commun*ty' project. The Klng's pupil& in conjunction with Merton Music, tsught the chlldren how to experiment with 2nd develop mtsslcal (deas. progres51rsg from basic rhythm5 through clapping all the ￿&Y up to sophisticated solos on insrruments from glockenspiel to guitar. which were showc35ed in our final concerL During thi5, there were collaborative performances of a variety of pieces frotn 'Swing Low. Sweet Chariot, to our very own 'Frtday Afternoon 81ue5'. as well as some solo offerings from tlie children which showcased their enthusiasm and talent. One King's pupll said, 'Seeing the mL15ical progress made over the weeks was hugely s3tisfying and the excitement and enthtssiasm each child showed, even just in playing 2 few barg uf improvised 8loclLI1vldl J. Iii Lljy )yi iiig iei-111, the Winibledon ISSP were delishted to be invited to take pari in the Globe Theatre's Ploying Shakespeare Deutsche Bonk, attending a series 015ix workshops and visiting the Globe lor the performance of Macbeth. Thi5 allowed the 90 year 9 pupils from 9 Schools to reilly engage with the text. get to know the (alobe Theatre and develop their knowledge of 5hakespeare2n 13nguage con51derably. Oiie Student, following the final workshop, mentioned that she had joined Ihe Globe Youih Theatre as a result of this course. Others referred to the fact that they were inspired to coriTinue studying Drama for A level and BTEC. Whilsi miny spoke about ihe whole experience increasing confidence levels, especially in relation to publie speaking, and some referring to incorporating performance technique5, which had been learnt, into their future acting. These included tone of Yoice, body language and Eefteral acting sktlls. One student added. .1 learnt about the technique5 rhat actors use to deliver che performance to a high and engagin& Standard. I saw this in action when we wAwhed the performance of the play live at The Globe,. Pupils all agreed that the practical natur¢ of the workshops made them incredibly fun. Senior Aspiraiion5 year l O pupi15 Vlslted King's College London to learn more about university life, have a tour of the Strand campus and attend a taster lecture. One p￿P11 53id Lhkt rhe best thing about the trtp was, 'Underst￿ding more 7hoiit my future and how to structure it successlully.. They also went to the Wesr End lor a performance of 'Ocean 2¢ the End of the Lane.. Pupils comEnented afterwards that they were particularly inspired by the use of physical theatre and props in the show. In the summer term year l O pupils atcended workshops in Geography. Compu¢iTig and Greelc whilst ye&r 9 pupils co¥erod Chin&zt), Music 2nd Eng¥n99tyng which w@ro lod by %nA piipil%. Year I I pupils v￿sited Royal Holloway Univers4ty ol London to leara more about possible cour5e5, discover more about scholarships #nd experience a carnpus universiry. They algo xttended workshops led by Future Foundations following which one pupil said that they wovld be 'dedicaiing some time to the research ol universities I'd like w go to, understand what I can and can't do and use my ski115 to my advantsge, and do what l am P￿S1Onate about,. as a result ofthe workshop5. At the end of the academic year the Open Door Project took plate for thÈ first time since 2019. This involved 90 pupils from three primwy schoo15 taking part in sports and 60 frorn two primary schools devising a theatrical show 'The Snow QuEen'. Tlie pTL)jecc was led by student leaders from King's and two partner secondary schoo15 WiLh the final performance and tournament attsnded by parents, tsachers and the Mayor ol Merton. Cheryl Seabrool<, che teacher in charge from Sc Mark's Said, 'You worked 50 hard and ir really showed in the ouistanding p¢rformance by all pupils and student leaders in the productioTr. We are really looklng forward EO next year'5 Opeii Doorb Pl￿1el( alreadyll Whilst one of the student leader5 Said, 'The best Ihing about che week was seelng the kids engage in the sports so much 25 well as building relationship5 with people I may otherwise not have,. We continue to offer UCAS support to Oxbridge and medicine applicants. and last year the ntsmber of ptspils ewaging with our support returned to the high levels we saw before the pandemic began. 35 ptspils froffl Coomb& Gil'15, Coombe Boys, Grey Court, Ursuline, Wimbledon College and Raynes Parl< High School received individually-callored support lor their applicdtlons chrough It￿nding extension classes, receiving personal sutement support and advice, and attending mock I￿terVIewS in person or over video call. Of those 35 pupils, 22 were called lor interview by Oxford or Cambridze. and ten were offered places. The Wimbledon parEnership continues to be beneficial in helping teachers with career development. Two King'5 teachers complered teacher training placements at schools within the partnershlp. Thè King s Teaching and Learning Pt2tform {KTLPI will be a new and innovafive way of providing professional learning to the King'5 community and these courses will be open to tsachers Irom Harri5 Academy Wlmbledon frorn September 2023. K4llg5 2rringed two tsaching placements for PGCE students at Roehampton Unlversity, one in Drama and one in History. 14 THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 We are delighted thatjo Larizadeh. Head of Harrts Acidemy Wimbledoni joined the governing body of King5 this year. Several KIDg's scaff continue to be sovernors of local schools. The Partnerships and Outreach department 15 very grnteful to the Friends of King's lor their generous sponsorship of many aspects of rhe programme. Without this, rhe opportunities lor 311 students involvÈd would be much reduced. Charitable Giving Both the pup115 and staff of the schools have undertaken activities to raise funds for oiher chari¢ies. This year the junior school and senior school raised a total of nearly £45k. This included 5(Fpport for Shoot6ng Star and St Raphael 5 hospices. Perseid school. Save the Children, Ananyd Trust. the disasters emeryency fund wd other UK charities as well as for Obera schools. Comrnunity Access In addition to the access provided through the pamiership programme and community projects outlined above. the school 21so encourAgg.< iJ%p Af Èrhnnl tsriliti•s by vlrlous eharit105 2nd community groups includins vartou- theatre groups and Northwest Residents Association. -ports and REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR External measures of succe55 King's has been shortti5Led for the Independent Boys, School of the Year award and Independent khool of the Year for Community Outreach award at the Independent khoo15 of the Year award. Academic pèrformance At IB higher level. 72% of exams were awarded the top grade 7 and 99% were awarded 7 or 6. At IB standard level, 69% of exam5 were grade 7. The average 18 Dlplom& Programme POiTSts score was 42.1 lout of 45}- 13 pupils gained the full 45 points and 38 pupils gained at leRst 43 points. At A level, 68% of all exams were graded A* and 94% of exams achleved at leart a grade A. 73 pupi15 achieved three or more A* grades, with 41 achieYiDg four or more A* grade5. Considering the upper 51Xth as 2 whole, 69% of all eximinations were awarded an A* or IB HL 7 and 96% of all examinaiions were awarded A*IA or IB HL 716. At {l)GCS& 73% of all IIIGCSES were aw&rded grade 9. 91% were awarded 918. and 9B% were awarded at least a grade 7. In cwm5 of university desri¢Mtions, 93% of our pupils Wlth a place In this yexr's cycle werÈ Accepted into their firm choice of university ind 99% were accepted Into their firm or insurance choic& It was a very successful year for medics {15 gchieved places in a competitive applications environment), and pupils with i￿ternatIonal offers all made their place5, and head off to extiting plAcp% aroiind the world, including Harvard, 8rown. Chicago, MCGIII and Bocconi. Pupi15 have COn￿nUed to excel In broader academic and other pursuits.. Two uppér sixth pupils won the loutes Oratoires ar the Institut Francais. In the Lingut3tics Olympiad, five pup115 achieved a bronze award, three Silver and one gold. Sixth form pupils reached the finals of the Spanish National Debate. Oxford Union Nitional Debating and c￿brIdge UniDn National Debadn& Upper 51xth pupils were invited to partiCiP2te in the Brltlsh Mathematics and Physics Olympiad - round 2. all upper sixt puplls who entered the Chemistry Olympiad came away with gold or silver awards and in the Cambridge Chemistry Challenge seven pupi15 obtained gold awards. Three upper fifth puplls reachÈd the national finals of the Fl in Sehool$ STEM challenge. A lower sixth pupil wrote an article for Imperial College London's Science joumali5rn competition and won first pla" They devised a wide range of responses. dealing very sensitively and mitsjrely with the MI￿rI￿. Ind working bÈxutilully together ro perform *tsd design four or(gin741 piece5. Tl)e IB DP Litsrature and Performance pupils presented a showo5e ol their drama work. It be83n in the Drama Studio with the upper sixth, who staged Unquiet Slumbers, their atmospherici passionate and physically invcntivc'rranslorrnation, of the novel Wuthering Height5 by Emily Bronte. The lower sixth then launched into scenes of bickering love rivals from Sh2kespeire's Much Ado About No¢hin& The action spilled out of the Drama Studio, into the Internarional Garden and across ro the Cotman Gallery, with rhe audlence pi-otnentdlng in pur5UltI After some la5hmob Swing dancin8, furLlier hilarious scenes of slapstlck played our in the theatre, which was beautifully decked out to suggest the glitz and Gatsby- e5que glamour of the roaring twenrie5, 19 THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Our super theatre technical teatn devised an exciting new challenge for our fourth form Drama pupils as p3rt of their introduction to technical theatre this cerm. The pupils were presenod wich a provocatsve and menacing stage environment and a 'menu' of Sound elfetts and Ilghting States. The pupils creaied and pertormed 5horL original scenes In response to these design elements. as well a5 tryitig their hand at drawing up accompanying lishring and sound des￿n. The upper filch GCSE Drama pupils presented their examination scene5 in Collyer Hall at the end ol April. They perforrned extract5 from celebrated. challenging dr?matic texts with great commitment, plunging the audience Into interroption rooms, the tense world ol hit-men, dystopian futures, a poker Aame and the biclcerings of the metropolitan elite. The A-level devising group's adaptation of Dorian Gray brings ro life the darkness of ihe lafe-viciorian ern in the grotesque and unnerving style of Steven Berl(olf, providing thrills and chllls in equal measure lor an enthralled audience. Tiickpd AWAY in thg. intimxte And tnoudily-lit Drama Studio. away frorn the blazing 5un5hine and lunchtime bustle. the lower fifth GCSE Drama pupils performed scenes of grief, arnbition, fear and datnnation from Doctor Faustus by Christopher Marlowe and A Monster Calls by Patr5ck Ness and Adam Peck. We were also Yery lucky to be ible to take Eenior acad*mir dYdmatitt£ on thr•4 trips of notg.. Punchdrunli'g immorgivo Burnt r.iry. Th• fiAll iyjyi¥¥iJ • dviioLivii uiidvT a LT USL LU i>¥ ijiVVSLEd SEVald¢ely. wi¢li diE iiiYe&tmeiii income arising to be applied towards specific prizes, which are awarded every two year5. Resrriaed fund5 A number of donors provided funds to the Corporarion to be applied towards specific capital and revenue items. The Scholarships Trust Funds 5nclude the john Cuder Fund, Edgell Hunt Fund, Forest Fund, Ingis Fund. Wllllam Fund. RDthschild Fund, Sambrooke Fund, Ward Fund and Cleaver Fund. The aim of the Scholarships Trust Funds is to idminister speufic donations and to yant scholarships in accordance with the donors, wishes. The Other Trust funds inclvde the Organ Fund, Frank Hole Fund, Carmichael Beque5r Fund. Trevalan Trust Fund, IHG Maltby Mernorial Prize Fund, A Perry Fund. ITN Gaby Rado Award Fvnd. Vikram Singh Memorial Fund, Louisa Lewisohn Memorial, Thomas Wilton Prize. Arthur Beatty Prize and Charlie Bartlett Prize. 33 THE CORPORATION OF KING'S COLLEGE SCHOOL NnTFS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 TUITION FEES 2022 £'ooo 2021 £'ooo reE5 fEiEIVdblv Lvllbybl vf. Gros5 lees Less.. Discounts and staff alloWan￿S Scholarships Bursaries 34,995 {601 (29n 11,3591 33.353 11001 {2831 11.2551 JJ,279 800 31,715 500 Add.. Bursaries paid for by restrlttÈd funds 34,079 32,215 bl The total amount earmarked for scholarships and bursariès is as follows: Scholarships arbd bursaries paid by general lunds Bur5&rles paid lor by restricted fund5 8S6 800 1,038 500 1,656 1,538 ANCILLARY INCOME 2022 £'ooo 2021 £'ooo Other tuition Catering Commissions on insurdvce Other 676 1,224 483 803 135 2,043 1,458 BANK AND INVESTMENT INCOME 202Z £'ODO £*ooo Ban1< *ntere5t 28 28 34 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (contiwlued) FOR THE YEAR ENDED 31 JULY 2022 DONATIONS AND GRANTS 2022 £'ooo 2021 £'ooo School The Friends of K(ngs College 5th001 Fund Friends of WCP5 Ocher 63 21 23 57 10 12 107 79 Designated Le￿¢Y funds 2.025 158 2.025 158 Restricted fund5 Building Renewal Fund I i + Burs#ry Fulld Bursary Fund Music School Fund Sports FF4cilities Fund Raising Aspiration5 Funds Boat Fund Odi¥J 20 38S 386 204 283 23 517 842 2.649 1.079 35 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 JULY 2022 ANALYSIS OF EXPENDITURE Staff Costs Othcv D¢prtsCiatJo*i Tot*l £'ooo 2022 Costs of generating funds KCS Enterprises KCSW International Finance and othèr costs Fundraising 'ooo £'ooo £'ooo 393 483 307 703 627 180 180 52 69 945 683 Charftable oc¢ivitie5 The School's operating costs and grant-making Teaching C2tering and wellare Premises (including depreciation) Support costs 17,354 865 1,087 3,103 28 1,466 B59 3,781 18.820 1,724 7,784 4,604 87 2,916 GovÉrnarJC@ crJ£t< Grants 59 22.437 7.&66 ?.91A 33.019 23,382 8,349 2.919 34,650 2021 Costs of genen7ting fvnds KCS Enierprlses KCSVV Internatlonal FI￿￿nCe and other costs undraising 372 31D 215 108 235 590 418 235 47 729 571 1.303 Choritable octivitles The School'5 operating costs and grant.making Te2ching Catering and wellare Premises (including depreciation) Supptsrt costs Gnvg_rnance costs 14553 859 1,058 2,947 24 885 559 3,675 1,987 48 17,438 2,890 7.623 4,934 72 Grants 21,441 7,154 2,890 31.485 22.170 7,725 2.893 32,788 36 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continu¢d) FOR THE YEAR ENDED 31 JULY 2022 SALARIES AND WAGES 2022 £'ooo 2021 £'ooo Wages and salarie5 Social security Pension cosis 17,537 1,961 3,747 137 16.725 1.828 3.505 Other 23,382 22,170 Included in staff costs above are termination payments amoundnE to £50k12021.. £26k). Th* number ol gmployag£ is g¢von below.. Headtount Full time equivalent 2022 2021 No. 2022 2021 Teaching staff T¥&LliiTig bvypur L Support staff Trading activities 201 72 125 17 196 67 128 15 182 41 102 180 44 103 12 415 342 339 The number of èmployees whose salary exceeded £60,000 per annvm was.. 2022 2021 £ 60,001- £ 7QOOO £ 70,001 £ 80.000 £ 80.001- £ 90,000 £ 90,001 £100.000 £ioo.001 £110,000 £120.001 £130,orx) £130,001 £140,000 £180.001 £190,000 £190.001- £200,000 £200,001 £210,000 £210,001 £220,000 £310,001 £320,000 42 26 28 24 Remuneration of key managemBnt personnel The Governors. who receive no remuneration. iogether with the Management Board plus the Head of WCPS pre.prep} comprise the School'5 key management personnel. The aggregate remuneration for key management personnel amounted to £1.353 k {2021.. £1.575k). Pension Scheme$ The Sch¢JoI participates in the Teachers. Penslon Scheme I'the TPS'I for its teaching stall. The pension ch2fEe for the year include5 contributions payable to the TPS of £2,7 IOk12021.. £2,S51 kl and at the yvarvend £ NIL P021 £Nill was aCcr￿ed in respecc of contribution5 to this scheme. The TPS 15 an unfunded mulii-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Te2chers' Pensiofi Scheme Regulations 2014 {Rs amended). Member5 contribute on 2 "pay as you go" basis with Contributions from mernbers and the etnployer being crodited to the Exchequer. Re￿reMent and other pension benefits are paTrd by public funds provided by ParliamenL 37 The employer Contribution rate is set by the Secretary of State following scheme valuafions undertaken by the Government Actuary's Deparcmont. Thp rprpTht artiJ2ri31 vxlu2ti0n ol the TPS was prepared as at 31 March 2016 and the Valuation Repor( which wa5 published March 2019. confirmed that the employer contributlon rate for the TPS would increase from 16.4% to 23.6% Irorn I September 2019. Employer5 are also required to par a Jcheme administr&t*on levy of 0.08% siving i tot#1 &mploy•r contribution rJt• nf ?I.AA%. The 31 March 2016 Valuatiofi Report was prepared in accordance with the benefits set out in the s£heme re8ularlon5 iiwid uii¢J¥i Lliv dvvi uaih specified in the Directls cost cap mechanism, in january 2019 announced a pluse to the cost cip mechanism following the Court ol Appeal's ruling In the McCloudlS3rgeant case 3nd until there is cerLainty about the value of pensio￿$ to employoèg from April 1015 onwArAq Thp Pail%9 wxs liftÈd in July 2020. and a consultation was launched on 24 lune 2021 on prop05Èd changes to the cost control mechanism lollowlng a review by the Government Actuary. Following a public consultation, rhe GOvern￿e￿¢ have accepted three key proposals recommended by the Government Aetuary and Jrc Dirnihs to implgmènt th4£• chxnges in timp Inr fhp ?(J?.O vAliJaticJng. Tlie 2016 cost control valuations have since been completed In january 2022, and the results Indicated that there w(Juld liv Llidiiges 10 beTrefitr or member contrtbution5 rcguircd. The results of tho cost cap valuation ar nor vsed to Set the employer contributyon rate, and HM Treasury ha5 conlirmod that any changes to the employer contributlon rak resuldng from the 2020 valuations will talce elfect in April 2024. Until the 2020 valuation is completed it is not posslble to conclude on any finincial impact or future changes to the contribution rates of the TPS. Accordingly. no proyision for any additional past benefit pension costs is included Sn these tinancial statements. A number of non-teaching 5tsff are delerred mÈmbers of the King's College School Pension 5rheme, constiwted by a trust deed and adminisiered in accord3nce with the rules by Trustees. The Scheme c105ed co exisrlng members on 31 july 2016. The Schetne's asKetS 3re invested in, and benefits under the Scheme are secured by. a Group wich profits Policy with thÈ Prudential As5ur3nce Company Limited. The Trusteès are advised on the financtal $￿te of Lhe scheme ai leasi every three year5 by an actLtary, who m21ces recommendati005 a5 to the total contribuiions, which should bo p￿d LO provide the benefits. The Corporation has a commiimeni to tnake good any actvirial deficiL Member5 are not contracted out of the Stste E3rn¢ngs Related Penslon Scheme. A full Iriennial valuation was carried out by a qualified Independent actuary as lt l A¢Jgust 2020 which showed the scheme had a deficit ol É539k. A formal recovery plan has been put in place to eliminate the deficit by pawng Ll 32k per year lor five ywdrs. The Corporatloll P3id £132k in the year to 31 july 2022 and tn the prior year, 38 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THF FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022 SALARIES AND WAGES {continued) Accounrlng rules require the Lorporation to disclose additional Information In accordance wilh the requirernents of FRS102. as follows.. I he major assump￿onS used by the actuary were.. At At At l August 2022 1 August 2021 1 August 2020 Discount rate Rate of increase in salaries Inflation assumptlon Ra* of increase pen5ion5 in payment P05t retirement mortality 3.6% nla nla 3.4% 3.4% 3.4% 3.4% S2PXA. CMI S2PXA, CMI 2020 2019 with1.25% 1.25% underpin underpin 1,74% 1.49% nla 3.0% 3.0% S2PXA, CMI 2018with 1.25% underpin Life expectancy for 65 year old male Life expectancy for 65 year old female 21.6 yèyrs 23.7 yèars 21.1 yBar6 23.8 years 21.5 ycar5 23.4 years ThÈ sssiimptinnr iit•rf hy thg 2uu?ry *r• th• buit os£lmates £hO￿￿n from a rllngo ol p033ible actuari41 Issumprions which. due to the timèscale coverèd. may not necessarily be borne out in practice. The assEts in the schemtr. whlch gxrliJA¢k rglxting to mgmb•rs' Avcs wer Value at Value at l August Value at l Augu&* 158llSt 2022 £'ooo 2021 'ooo 2020 'ooo Scheme assets 6,049 5,564 4,921 Top market value of assets Present value of scheme liabilities 6.049 17.0871 S,564 19,8431 4,921 {9,312} Deficit in the scheme {1.0381 {4,279) 14.3911 2022 £'ooo 2021 'ooo Amounts recognised in expenditure Nei interest cost 74 66 Total 74 66 Actual return on scheme a5Sèts 385 539 Change5 Tn the ppe5ent valuÈ of the Defined Benefit Obligation Opening defined benefit obligation Interest Cost Actuarial Igainsl1105ses-. Change5 in assumptions Experience losse5 Benefits paid 9.843 9,312 139 13.4391 544 132) 237 183 (281 7,087 9,843 39 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THÈ FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022 SALARIES AND WAGES (continued) 2022 £'ooo 2021 £'ooo Changes in the Fair Value of Plan A55et5 Opening lair value of plan asse¢5 InteresL on plan asset5 Actual return less interest on plan assec¥ Total contributions paid Benefits paid 5,564 97 288 132 {321 4.921 73 466 132 1281 6,049 5,564 The School expects to contribute £132,000 tg its defined benefit pensi{￿ scheme in the next twelve months. Maior ol SthÈme Assets as a Percentate of Total Plan A5set5 The assets of the Scheme consist mainly of unit15ed with profits pollcy with the Prudenti￿. The asser figures cxclud¢ a#S*tG relating to m•mbor4' AVC'S. The major percentage split of the Scheme assets a$ a percentage of total plan assets were as follow5.. 2022 2021 Unit15Èd with profits policy Mobius Life Portfolio Cash 91.0 8.6 loo% loo% SeTr5iti¥ity analys1S The results of Lhe scheme valuation are sensitive to changes in the key artlJ3rial assumptions. The following rable illustratr5 the sensitivity ol the liabilitSes to changes in assumptions. considered in isolation.. Change in a$5umptign Approximate increase in liabilitie5 Approximate increase in liabilitie5 iooo 1232 1,233 Discount rate reduced by 1.0% Inflation assutnption increased by 1.0% Increase in lile expec¢2ncy al l ye3r for a member retiring at 65 31,5% 17.4% 3.1% 220 A GPP Pension Scheme was Introduced in Febrajary 2012 11) 202112022 thÈ Corporation contributed l 0% of the employees, gross pay and the employees contributèd a minimum amount of 5%. For employees who have joined thi5 scheme under auto-enrolment, the employers, and employee5, contribution5 were 4% of gross pay. The Corporation's Lotal contributions under the three scheme5 in 2021122 was £3,747,000 {2020121: £3,505,000}. £012021.. £0) was paydble to the scheme5 ar the year end. 40 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (cvntinued) FOR THE YEAR ENDED 31 JULY 2022 EXPENDITURE 2022 'ooo 2021 £'ooo £xpenditure includes.. Auditor5, remuneracion lor audlt for orher serytces Operating lease rentals Govei-nors, liability iniurantÈ Depreciation 39 36 2.919 2,894 As in previous yeirs the Corporation has tal¢en outGovernors' liability insurance to protec¢ Itand the Governors from1055e5 ari51ng from tlie neglect or defa*Jl£ ol its Governors, employees or agents. There was £453 of travel expenses reimbursed to one Governor in the current year12021.. £Nill. TAXATION No taxation liability arises on the result5 for the year because of the charltknle statu5 of the Corporation. FINANCE AND OTHER COSTS 2022 2021 £'ooo £'ooo Bank overd*aft and loans Composition lee discourbt 91 68 135 77 159 21 212 23 Oiher finance costs 190 235 Ban1¢ overdralt and loans fsnance costs include arrangément fèes. 41 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {continu•d) FOR THE YEAR ENDED 31 JULY 2022 10. FIXED ASSETS- TANGIBLE Group and charity Freehold Residential School Land Property Buildings £'ooo £'ooo £'ooo Other Assets £'ooo Total £'ooo Cosi or valuation At l August 2021 Additions Disposals 1,660 5.169 867 (3.3841 90,260 iuy 3,125 34U 15671 100.214 1.996 (3,9511 At 31 july 2022 1,660 2,652 91,049 2.898 9&259 At Yalvation At cost 21,827 69,222 21.827 76.432 1,660 2,652 2,898 1.660 2.652 91.049 2.898 98.259 Accumulared depreciation At l Au8ll&t 2021 Charge for year D¢sp0521s ?A,nA 2.326 ,7.14 593 {5671 ?.7.801 2,919 {567} At 31 July 2022 28,392 1,761 30.153 Nei book walue At 31 july 2022 1.660 2,652 62,6S7 68,106 Atjl luly2U21 1,660 5.16? 64,1?4 1.3?Q 72.413 Fixed assets under construction or recently acquired which have not been deprectated amount to £ 88,00012021.. £217,000). The fixed assets 2bove are wholly used for direc¢ ch3ritible purposes. Grovp fixed assets includÈ £4.304 {2021.. £5,369) In respect of other fixed a55ets which are held by the School's subsldi2ry comp3nyi KCS Enierprises Limited. 42 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO Tiic fiNANCIAL STATEMENTS (LviILiiiuvd) FOR THE YEAR ENDED 31 JULY 2022 INVESTMENT IN SUBSIDIARIES 2022 2021 Investments in subsidiaries consist of.. Shares in KCS Ellterprises Limited Share5 in King5 College School, Wimbledon (Internationall Limited The Corporation owns [00% of the issued ordinary share capital of KCS Enterprise5 Llmited (KCSEI, a company reglsiered in England and Wale5 (company number.. O18820B81. The company'5 activities include provision of a Sports Club, khool Shop ind the commercla1 lett1￿ of School fJcilities. It exists to zenerate a financial surplus tcs further the Corporation's charitable objectives. The Corporation own5 1007g of the issued ordinary sh2rÈ t3Pit21 01 Kin8'< f.nllpgp £rhnnl, Wirnbl*rJon {Internationall L5mited (KCSWI), a company registered in England and Wales (company number.. 088234001. The company wa5 iocorporated on 20 December 2014. The company'5 activities comprise of developing npprtrliinitip4 to g>t up intom*don>l schools outiidg thg UK with r￿lon31 partner&. It exi#ts tts s¢ncratc financial surplu5 to further the Corporation'5 charitsble objectives. KCSE Year ended 30 April 2022 Z021 'ooo £'ooo iccswi Year ended 31 July 2022 2021 É'ooo É'ooo Profit and loss account Turnover- ex￿rnal rurnover- Inrragroup Cost of sales 1,289 632 2,685 2,338 1533) (401) 762 (197) 234 1192) 2,685 16611 2,338 {447} Administration expenses Operating profitll10551 Gift Aid payment ¢0 Corporatlon Taxation 565 1565) 42 (331 121 2,024 {2,028) 11.8601 161 Profitllloss) for the year 14) 25 KCSE As at 30 April 2022 2021 É'ooo £'ooo KCSWI A$atJl July 2022 2021 É'ooo 'ooo Balance Sheet Tangble fixed assets Current assets CurrÈnt liabilities 762 1758) 198 11951 2,048 12,036} 1,896 11,8801 Net assetsl{liabiliiie51 16 43 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIJIL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022 12. OTHER INVESTMENTS 2022 £'ooo 2021 £'ooo Listed inyestments Investment properLY 96 3.850 3,946 The listed investment is a ￿striCtsd donètion o15hares. 13. DEBTORS Group Charity 2022 I'ooo 2021 £'ooo 2012 £'ooo ?n?I £'ooo Amount5 falling due within one year F¥tt d¥iJLUi Ocher debtors and prepaymencs 34 1.957 54 1,144 34 4.505 54 3,013 1,198 ),067 Ar[￿untS filling due after one year Proceeds from s&le ol The Rowans 482 482 The delerred proceeds from the sale of The Rowans were due july 2022 and july 2U23. L41Jlk w2S received on 29 july 2022. The amounc dtje in july 2023 h35 been re-allocated to d(te within one year and is included within other debtors and prepayments. 14. BANK OVERDRAFT The Corporation has overdraft facility ol £1,750,000, which is 5etured on the freehold property ol the Corporation int•r#%t 1¢ rhar8pA At 2% ovÈr Ehe base rate. 15. CREDITORS: amounts falling dtse within one year Group Charity 2021 £'ooo 2021 £'ooo 2022 £'ooo 2021 £'ooo Trnde creditors Fee deposits Fee Composlclon Scherne15ee no¢e 16dl PAYE and National Insurance Accrua15 and deferred income Bank loan5 (notes 16bl 505 3,214 976 36 1,178 384 462 3,389 1,294 486 1.488 1.568 482 3.214 976 450 3.389 1,294 477 1,375 1,518 1,031 6,293 8,687 6.087 8.503 44 THE CORPORATION OF KINGIS COLLEGE SCHOOL NOTES TO TI IE. fJNANCIAL STATEMENTS (LuiILiwiuEd) FOR THE YEAR ENDED 31 JULY 2022 CREDITORS: amounts falling due after one year Group and charity 2022 2021 £'ooo £'ooo Fee Composition Scheme (see note 16al Bank loan5- Other (note 16bl Oiher liabilitie5 2nd charges Inote 16c) 2.105 1.387 2.231 4,B08 3,583 7.140 Fee Composition Schème 2022 £'ooo 2021 É'ooo Within one to two years Within two to five years Ariel- fiye y¢ai 5 693 758 223 340 Due after one year (note 16) Vvithin tsne year InoLe 161 2,105 976 2.231 1,294 3,081 3.525 Thè balance represents the accrued liability Under contracts. The movements durlnR the year we 2022 £'ooo 2021 £'ooo Balance at l August 2021 ew contracts Amount5 accrued to contracrs 3.525 1.283 68 3,867 1.579 4.876 11791 5,523 Relunded Schemes Amounts Ufilised in payment of fees {1,8871 Balance at 31 july 2022 3.081 3.525 45 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (eontinii@d) FOR THE YEAR ENDED 31 JULY 2022 I O. CREDITORS: amounts falllng due after one year (continued) Ilank loan5 Bank loan5 are secured on certZTll Corporation propertie5 and are repayable over the next five years as set out in the table below. Interest is charged at 0.55% ovèr the base raie on Ihe102ns. One loan was fully repaid during the year. The remaining loan5 were lully repaid In Uctober IUIL 2022 £'ooo 2021 £'oDg Between one and two years Betweerb two 2nd five years In more than five years 384 1,003 1.504 3,138 166 1.387 384 4,808 1.568 Repayable within one ye 1,771 6,376 Othttr liabiliticj Other liabilitie5 toralling £ IOOk12021.. £1 l Ok) consist of provisions for pènsions not funded through the Teachers, Pension Scheme or the School's Defined Benefits Scheme. £9,000 is due within one year. ALLOCATION OF NET ASSETS BETWEEN FUNDS Net Current A55et5 É'ooo Fixed Assets É'ooo Lon8 term Debtors £'ooo Long term Liabilities L'ooo 2022 Total £'ooo The net assets are held for ihe various fund5 a5 follows.. Endowed f￿ndS RestricEed funds Unrestricted f￿rydS'. School funds Pension reserve Designated funds io 3,379 96 3.283 71,956 2,61 13,5831 11,0381 70,984 {1,0381 6,287 6,287 72,052 14,6211 79.622 Net Current Assets £'ooo Fixed Assets 'ooo Long term Debtors £'ooo Long term Liabilities £'ooo 2021 Total 'DOO The net assets are held lor the arious funds as follow5.. Endowed funds Restricted lunds UnrestrlcEed fund5- School lunds Pension reserve Oe51gnated funds 10 3.707 10 3,707 72,413 482 {8461 17.1401 {4.2791 64,909 14.279) 4,262 4,262 72,413 482 7.133 69,609 46 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THÈ FINANCIAL STATEMENTS (coiitiiiued) FOR THE YEAR ENDED 31 JULY 2022 18. ENDOWED FUNDS Balance at l AuRust 2021 Balance at 31 July 2022 Unrealised Gainsl (1055es) L'ooo Income Expenditure 'ooo £'ooo £'ooo £iooo Julian Belchamber Memorial fund 10 There were no movements on this fund in the prior year. 19. RESTRICTED FUNDS Balance at l August 2021 JI July 2022 Income Expenditure Transfer5 and revaluation £'ooo £'ooo £'ooo £'ooo £'ooo Scholarships Trust Fund5 Btsrsary Fund 11 + 8ursary Fund Junior School Aspirations Funds Building Renewal Fund OEher Trust Funds Sports Equipment Fund Music khool Fund Spor15 Facilities Fund Boai DoniElon Partnerships Maths Fund HMCK Charlcy Fund 263 1.644 1,682 262 1.391 1,627 283 204 {4491 (3511 {971 92 121 151 {2) 71 12} 19 29 {51 24 (31 3,707 517 1812) 133) 3.379 The transfers between fund5 are all in respect of capltal expenditure incurred during the year in accordance with Ehe re5tric(ion5 on each fund. 47 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continii#A) FOR THE YEAR ENDED 31 JULY 2022 19. RESTRICTED FUNDS tments un¢Jer operaLiftg le3se5 payable.. Within one year After one year but within yèar5 80 52 57 109 23. CAPITAL COMMITMENTS 2022 £'ooo 2021 É'ooo Authorised and contrdtted 374 553 49 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continuod) FOR THE YEAR ENDED 31 JULY 2022 24. RELATED PARTY TRANSACTIONS (a) Parent governor5 Six governors are parents of thildren at the School and paid school fees 3t normal rates for lourteen chlldren during the year. (b) Subsidiary companies The Corporation has raken adwtage of the exemption Wifhin FRS102 from disc1o5ing transactions with its wholly owned subsidiaries. KCS Enterprises knmitsd and Klng's College School, Wimbledon IlnternatlODall Limited. tricted School Designated Endowed Funds £'ooo £'ooo £'ooo Total 2021 £'ooo Notes INCOME FROM: Charitable a¢tlvities Tuirion fees Ancillary Trncome Other troding o¢tivltle$ KCS Enterprisès incorne KCSW International income Investments Donations 32,215 1.458 32,215 1,458 636 2,338 19 79 636 2,338 19 1.079 158 842 Total income 36,745 158 842 37,745 EXPENDITURE ON.. Rolslng fund5 KC_£ Fnt