THE CORPORATION OF KING'S COLLEGE SCHOOL A Registered Educational Charity REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Charity No: 310024 THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Contents Page Governors, Officer5 and Advisors Report of the Governing Body Report of the Auditors 23 Consolidated Statement of Financial Activities 26 Balance Sheets 27 Consolidated Cash Flow Statement 28 Accounting Policies 29 Notes to the Financial Statement5 33 THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 GOVERNORS The Governors of the school, all of whom served during the year, are as follows: Lord Deighton KBE (chair) Mrs S.A. Bennett BA Dr S. Gawley {special interest: Safeguarding) Mr C.G. H21e MA LLM Mrs S.A.B. Hobbs BA PGCE (Special interest.. WCPS) Mr D.G. Ingram MA (special interests.. Health & Safety and premises, estates, Outreach & Bursaries) Sir R.M. Jay BA QC (chair of Appeals, Disciplinary ind Complaints Committee) Mrs JA Larizadeh BA PGCE (special interest.. partnerships) Mr l.A. Macmillan Bsc ACA MBA (special interests: Sports and Games, support staff) Mr5 A. Ng Bsc FCA (special interest: senior school) Mr T. Oki BA Mr R.J. Parker MA (special interest.. Friends of KCS) Mr J.A. Prager BA Ms l.L. Robinson BA PGCE MEd (special interest: junior school ind performing arts) Mrs J.G. Sarpong Bsc MBA {special interest.. Equality, Diversity and Inclusion, GDPR) Mr G.C. Slimmon MA MBA (vice chair,. chair of K.C.S Enterpri5e5) Mr A.M. Stockil BA MBA Mr P.J.L. Strafford BA MBA Ms J. Whyte (resigned June 2024) Members of the Finance and Planning Committee: Mr G.C. Slimmon MA MBA (chair) Lord Deighton KBE Mr D.G. Ingram MA Mr l.A. Macmillan Bsc ACA MBA Mrs A. Ng Bsc FCA Mr R.J. Parker MA (F&P chair from 1.8.24) Members of the Governors, Appointments Committee.. Mrs J.G. Sarpong Bsc MBA (chair) Lord Deighton KBE Mr D.G. Ingram MA Ms J.L. Robinson BA PGCE MEd Mr G.C. Slimmon MA MBA Members of the Education Committee: M5 J.L. Robinson BA PGCE MEd (chair) Mrs S.A.B. Hobbs BA PGCE Mrs J.A. Larizadeh BA PGCE Mr J.A. Prager BA Members of the Safeguarding Committee Dr S. Gawley (chair) Mrs S.A. Bennett BA Mr D.G. Ingram MA Mrs J.G. Sarpong Bsc MBA Ms J. Whyte (resigned June 2024) Members of the Equality Diversity 2nd Inclusivicy Committee Mrs J.G. Sarpong Bsc MBA (chair) Mr T. Oki BA THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Mr J.A. Prager BA Ms J. Robinson BA PGCE MEd Members of the Estate Projects Implementation Committee: Mr D.G. Ingram MA (chair) Governor Board Members of K.C.S Encerprises Limited: Mr G.C. Slimmon MA MBA (chair Mr R.J. Parker MA Governor Board Members of King's College School Wimbledon {International) Limited.. Mr C.G. Hale MA LLM Mr P.J.L. Scrafford BA MBA Mr A.M. Stockil BA MBA OFFICERS Head Dr Anne Cotton BA, MA, Mst, DPhil (Oxon), M.Ed. Headmaster of the Junior School Mr EH Lougher BA Hons PGCE MSC (Oxon) Bursar Mr Andrew Stewart (acting bursar 1.8.23-16.4.24) Mr Dave Navarro Bcom (Hons) I LLB (bursar from 17.4.24) Addre55'. King's College School Southside Wimbledon Common London SWI 9 4TT www.kcs.oi" 020 8255 5300 ADVISERS Solicitors; Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Auditors.. Crowe U.K LLP Registered Auditors 2. Floor 55 Ludgate Hill London EC4M 7JW Insurance Brokers: Marsh Limited Capital House 1-5 Perrymount Road West Sussex RH16 3SY Bankers: Natwest 16 Wimbledon Hill Rd London SWI 9 7NN THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 The governors present their annual report, together with the audited financial statements, for the year ended 31. July 2024. The report covers the 2Ctivities of The Corporation of King's College School, which owns, operates 2nd manages King's College School I'the senior school,), King's College Junior School I'the junior school,) and Wimbledon Common Preparatory School {'WCPS'I. The senior school, junior school and WCPS are together called 'the schoo15'. The senior school and junior school are together called 'King's'. REFERENCE AND ADMINISTRATIVE INFORMATION Reference and administrative information 15 Set out on pages I to 3 and forms part of chi5 report. The financial statements omply with current statutory requirement5 and the Statement of Recommended Practice "Accounting and Reporting by Charities" (Second Edition, effective I january 2019)("SORP"). STRUCTURE, GOVERNANCE AND MANAGEMENT History and Constitution King's College School was founded by Royal Charter in 1829 as the junior dep2rtment of King's College London. In 1897 King's College School moved from its premises in the Strand to its present site in Wimbledon. In 1909, by virtue of the King'5 College London (Transfer) Act 1908, King's College School became separately incorporated and all the powers, duties and funccions of the Corporation of King's College London passed to the newly constituted Corporation of King's College School ('The Corporation,). The Corporation holds charitable status and is registered as number 310024. The Corporation The Statutes of the Corporation were revised by a scheme sealed on 24 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: Governor5 elected at a general meeting of the Corporation, held annually in January. People unconnected with the schools who have contributed £1,500 for the purposes of the Corporation. Former pupils or parents of pupils or former pupils of King's College School who have contributed £500. Members of staff of King's College School who have tontributed £ l 00. iv The Corporation currently has 771 members living in all part5 of the world. Presently. 571 members are contactable by the Corporation. A detailed report on the Corporation's progress during the previous year is submitted by the chair of the governing body at the Corporation s annual meeting in January. 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 ippointed by the Corporation,. four are ippointed to represent academic institutions and the remainder are co-opted member5. Provision 15 made for the appointmen¢ of the following representative governors.. Two by ehe Council of King's College London 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 terms. The governing body has i Governors, Appointments Committee which recommends potential candidates as governors. The Committee particularly considers diversity, competence, specialist skills and availabi5ity. New governors receive induction training from the head and other officers of the school as appropriate. Governors also receive training from appropriate external organisations. THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 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 mijor decisions affecting the affairs of the schools. It is specific211y required to keep accounts, to determine tuition fees and salaries, to make senior appointments 2nd to take responsibility for the Corporation's estates, buildings and equipment as well as for Health and Safety. Implementation of the governing body decisions is ultimately the responsibility of the head, who, with the bursar, oversees the business and support side of the Corporation. Committee member5 are shown on pages 1-2. The governing body retains overall responsibility and meets at least three times a year. It also holds a regular strategy d2y to examine Strategic matters. The board focused attention this year on the implications of the government's imposition of VAT on independent school fees, finalising the School's revised mi55ion and aims and subsequently embedding them in the daily life of the school, the new strategic plan to 2029 (which is the school's bicentenary), inspection, the establishment of the new King's College School bursaries foundation, futures education and staff welfare as well a5 maintaining its long-term focus on EDI, partnerships 2nd growing non-fee income. The governors were delighted to acquire a new local education site in Wimbledon and are carefully considering how best to use it to maximise the school's educational offering. The Finance and Planning Committee sits at least four time5 a year prior to governing body meetings. Its remit is to monitor and direct as appropriite the financial affairs of the school, including bursary provision, budget setting, fee setting, remuneration and reviewing management account5. This year, the committee focused on VAT, the establishment of the new King's College School bursaries foundation, tendering the atjdit contract and selecting a new accounting system as well as maintaining its careful monitoring of the teachers. pension scheme. The Education Committee sits once a term. It assists and support the head and the junior school headmaster in their oversight of educational provision at King's. It scrutinises key policies and receives reports from members of academic staff. The safeguarding committee meets termly. The committee assists the governing body in fulfilling it5 oversight responsibilities for safeguarding at the school and provides additional support for the nominated safeguarding governors. It agrees, monitors, reviews and evaluate5 all relevant policies, Strategies and procedures including staff 2nd governor training 2nd pupil feedback. The Estate Projects Implementation Committee (EPIC) monitors and directs ill major expenditure on capital projects 2nd oversees the school's Environmentsl and Sustainability strategy. This year the commitcee reviewed the estates development plan and environmental initiatives as well as carefully considering the capital purchase of the new local si¢e. The Governors. Appointments Committee {GAC) identifies current or future strategic gap5 of personnel on the main boird or its sub committees, making recommendatioris on appointments to the board. The Equality, Diversity and Inclusivity Committee meets termly and is chaired by the governor with responsibility for ED&I. This committee oversees matters relating to ED&1 in the school. Whilst no standing committee exists to hear appeals. disciplinary matters and comp12ints, a governor is nominated as a standing chair and other members are selected, based on availability and skills, should such 2 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 deputy bursar to review the annu21 Health and Safety report. A governor oversees the schools, compliance with GDPR. The appropriate members of the Schools, executive attend all governors, meetings other than the Governors, Appointments Committee, which the clerk to the governors attends. THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 There is a rota of policies for sub committees 2nd the main boird to approve. the board receives i full and comprehensive audit and report on safeguarding of all che Corporation schools annually. An update is a150 provided on safeguarding and ompliance each term. The board receives termly reports from the heads, detailing school accivities and progress against the strategic plan. The head and the headmaster of the junior school present termly to the GB and the Education Commitcee on progress and the head of WCPS presents to both annually. Governors, involvement in school life In addition to committee responsibilities, governor5 may be assigned a special interest which enable5 them to 5UPPOrt specific aspects of school life, li2ising directly with staff 2nd pupils as appropriate. Governors regu12rly attend school productions or pupil and staff events as appropriate. The Education Committee receives an update from a different department from the junior school alld l or Senior school at every meeting and meet5 Staff informally. The boird also 5et5 aside time during each board meeting to consider one specific aspect of training, school strategy or operation. Thi5 year, the board received presentation5 on the financial landscape for schools, inspection and in-house teacher training and development. Management board The head, the headmaster of the junior school, the deputy heads of the senior school and the junior school, and the bursar form the Management Board, which meets half-termly. The finance director and director of development are non- voting members. The Management Board oversees the gener21 ind administrative manigement of the schools and reports to the appropriate governor committee depending on the matter being considered. This year the management board focused on the revised mission and aim5, the new operational plan developed to support the new Strategic plan, and on Staff welfare, inspection, bursaries, digital strategy, and school routines as well as maintaining its review of EDI, safeguarding, pupil welfare, pupils, academic progress. staffing matters, inspection and school finances. The board also regularly reviewed KPIS, health 2nd safety, complaints and the risk register. The members of the management board also form the policy scrutiny groupi which meets half termly to review policies according to a planned schedule. The head of compliance is a non-voting member. The Pre-Prep Management Board meets termly and consiscs of the headmaster and deputy head of the junior school, the head of WCPS and the bursar. The finance director is a non-voting member. The heid also attends these meetings. This year, the pre-prep management board maintained its review of academic matters, sifeguarding, health and safety, KPIS, Staffing, inspection preparation and pupil numbers and agreed plan5 for internal remodelling co create another Reception classroom. Related Entities The Corporation has two wholly owned trading subsidiary companies; K.C.S Enterprises Limited, which is responsible for managing the sport5 club, school shop and the commercial letting accivities of school facilitie5, and King'5 College School Wimbledon (International) Limited, which 15 responsible for managing the schools, commercial overseas educational activities. In line with Charity Commission guidance, the governors ensure that the charicy maintains appropriate connections with these trading subsidiaries and regularly 2ssesses the potential risks to the charity from these trading activities. These ire logged in the charity's risk management mitrix and in each subsidi2ry's risk management matrix. Further detai15 on these companies can be found in note I l. K.C.S Enterpri5e5 Ltd This is a separate entity whose entire share c2Pit21 is owned by the Corporition of King's College School. K.C.S Enterprises has its own 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 reporcs to the bursar. K.C.S Enterprises manages the school shop as well as lettings throughout the site. It is also responsible for the running of the King's Club. which operates the school's sport5 facilities on a commercial basis. King's College School Wimbledon (International) Ltd This is a separate entity whose entire share capital is owned by the Corporation of King's College School. King's College School Wimbledon Ilntern2tional) has ics own board, comprising three main board governors, an external director and THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 three senior staff, which meets termly and reports to the governing body. The director of international schools reports into the head. He meets regularly with the head and produces an annual budget and termly reports. In China, KCSW(I) works with three schools in a consultancy capacity. It opened a school in Bangkok in September 2020 and signed a licence and service contract with an existing School in Monaco in August 2020. A contrict to open a school in Vietnam was signed during the year. KCSW{l} works closely with the operator in the territory in Bangkok and with the executive teams of all overseas schools. Two representatives from King's sit on the governing body of the Bangkok school, one is 2 former King's Chair of Governors, and one is the current Chair of KCSW(I). There is no finincial commitment from King's or KCSW(l} to new ventures abroad. KCSW(l) continues to explore further opportunities in territories identified as having a demand for British independent educition and is also approached by potential partners interested in collaborating. Risk is managed through careful selection of partners, who share King's values 2nd commitment to delivering high academic 5tandard5 a5 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 schoo15 or on the reputation of the Corporation. All contracts with international partners are entered into via the trading subsidiary KCSW(l), not the Corporation of King's College School. King's College School bursaries foundation A new foundation has been set up to fund bursaries. It wa5 registered with Companies House in March 2024 and will be registered with the Charity Commission in autumn 2024. Trustees have been appointed and their first meeting was October 2024. Other related entities Information on the Old King's Club is set out in note 23 to the Accounts. The membersof King's College School are generous contributor5 to a wide variety of projects benefiting the pupils of the Senior and junior school, as are the Friends of Squirrels. Their support is warmly 2cknowledged,' the Friends of the schools gifted £74k to the Corporation during the year. Further information is provided in note 24 of the A¢count5. Risk Management The governing body is responsible for overseeing the m2nagement of the risks faced by the schools and Corporation. Detailed oversight of risk is delegated to the Finallce and Planning Committee. Risks are identified, assessed, and controls established throughout the year. Risl Fulham FC, ISFA National football squad, Surrey badminton and England hockey. In rugby, coaches focused on the safety of players and the implementation of the new tackle height laws. The school continued to lead the way in terms ol non-contact delivery with regular competitive tournaments for pupils that opt for this version of the game. The U14A team went unbeaten during the autumn term and the15t XV had seven pupils involved from U5th which bode5 well for future years. In football, the U13s were ISFA National Cup quarter-finalists and ISFA National Shield winners. The I, and 2. Xl were semi-finalists in the London Cup and the I. Xl were Trinity cup winners. Two pupils were selected for the England U14 age group next year, one pupil was selected for the U15 ISFA National team next year and another pupil captained the ISFA U18 National football team. The U I l A team defended their title as the Hampton Prep tournament champions whilst the U8A team were crowned plate winners of the KCJS Centenary football tournament. In hockey, the senior boys, sides have excelled in the indoor competitions, with the U16's reaching the regional final5, and in the Lower School. the U12A's celebrating winning the county cup for the first time. We have also had some individual success with one pupil selected to play for the England U16 team. In swimming, the year seven and eight teams became London league champion5 and the U135 reached the ESSA national fina15, finishing in the top 15 in both relays. In basketball, the U14 team made the LISBA Finals day. falling agonisingly short in the final to finish second. Two pupils represented the South London LISBA U18 All Stars. In netball, the I" Vll reached round two of the ISNC plate competition. In cricket, the I, Xl won 17 games of cricket during the season which wa5 the most successful in recent history. The U15A became Surrey champions in the ESCA T20 cup, beating St Paul's, Epsom College and Whitgift. They represented Surrey in che next round against the Middle5ex champions Harrow, only to lose agonisingly in the final over. The U13A were runner5 up in the Surrey County Cup and made it to the final of the U13 Watcyn Evan5 trophy where they were beaten by Epsom College. In tennis, OK'S have been getting great publicity on the International stage and we look forwkrd tQ Seeing this continue for years to come. Top individual successes in the year were one of our U IOS being crowned National Champion, numerous pupils representing both Middlesex 2nd Surrey, and a huge amount of individual success at region21 and national level tournaments. U18 gir15 were crowned Surrey Champions, Rooth2m Shield runners-up ind National Plate Champions. The U12 boys were Surrey Festival winner5 & National regional runners-up, with U13, 14 & 15 boys coming out 3 best in the county. The U18s boys also had a successful campaign, coming out in 3, place multiple times. to very strong Ewell Castle & Reeds outfits, Racquet sports it King's continue to grow with a high number of participants at clubs. The U16 squash team won bronze in the National Plate competition, with all players in the team being U15. Table Tennis had a strong year, with one pupil winning the South London individuals at U16. as well as the U13 having a strong season in the London League. In badminton we had wins against Hampton, Ep50m and Reeds as well as competing at the London Summer Schools tournament. In athletics, three pupils were selected to represent Merton in high jump. javelin and triple jump. It was wonderful to see a huge group of 36 pupils trkvel to the Wimbledon Park Stadium for this event. A good number of pupils also competed in the TCS London Mini Marathon on The Mall, ranging from Year 7 to Lower 6 . One pupil won a silver medal in U17 5teeplecha5e at the English National Championships. Rowing was once again a highlight with no fewer than three medals at this year's National School's Regatta for the J14 2. octo, J16 2. Vlll and J16 1, Vlll. The J155 set a new school best J15 time over 2k during a strong 2. place showing at 19 THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Marlow Regatta and the senior girls won a silver med21 at the B211 Cup Regatta. The senior boys, squ2d has 2nother stellar year, with a 5, place in champ Vllls at National Schools Regatta, making the quarter final at Henley Royal Regatta and 51X of this squad representing the country over the Summer at the three main international regattas, including a fantastic 4, place at the Junior World Championships for one U6th rower. It was a magnificent year for junior school sport, with the U I l A football team defending their title as the H2mpton Prep tournament champions, whilst the U8A team were crowned plate winners of the KCJS Centenary football tournament. In JS rugby, the U I l As went unbeaten it the Rosslyn Park 7s, whilst the U I OAS went unbeaten it Trinity 75. In crickeL the U I l As got to the semi-finals of the Surrey Prep Schools Cup. In athletics, two U I I representatives from the Junior School qualified for the National Prep Schools Athletics in shot put 2nd 800m. Our Year 4s, 5s and 6s were also winners of the Thomas's Athletics Championship. In cross county, the U8s and U9s placed I. overall in the Danes Hill Cross Country. Finally in swimming, the U I OIU I I relay squad finished 3, overall in the Nationals Final. Development Office report Transforming our school through our philanthropic community Philanthropy has shaped King's and the lives of our pupi15 for almost 200 years. Throughout that period, philanthropy has helped enable us to offer the very best education for our pupi15 and our generous supporters help us to achieve our wider social aim5, in particular, opening our doors to those who otherwise would not have the opportunity to study at King's. Our bursary programme continues to benefic a wide range of pupils, Ind we want to build upon our successes in the coming years, increasing our bursary provision in the future through the establishment of the King's College School Bursaries Foundation. Approach King's College School is committed to maintaining the highesc standards of ethical behaviour in fundraising and alumni engagement. Fundraising 2023-24 saw total donations £955,000 (2022-23: £507,000), of which £649,000 (2022-23.. £217,000) was for Bursaries and the Bursaries Foundation. The remainder was for renewal of the school site (music and sport pirticulirly) Ind other specific project5 including our Partnership, Rowing and Entrepreneurship programmes. Within the total donation, £201,000 was donations from legacies (2022-23.. £21,000). Fundraising code of practice No external professional fundraisers carried out iny fundraising activities on behalf of the school during the year. The school is formally registered with the Fundraising Regulator demonstrating our commitmenc 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 IIDPEI 2nd CASE Europe (Council for Advancement and Supporc of Education}. There are no instances to report of the school failing to comply with lundraising standirds 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 Corporitloll aims to generate 2 surplus to finince the ongoing capitsl expenditure needed to upgrade che school's educ2tion21 services and facilities so that it can continue to offer the high-quality education expected of the schools. The Corporation achieved an operating Surplus of 16Yo or £7.962m (2022_23: 167¢ or £6.960m). This is driven by the increase in trading activities via the subsidiaries and also tight cost control across the Corporation. Income increases were due to favourable interest rates in the last financi21 year resulting in higher than expected investment income. The wholly owned 5ub5idiary and trading company, KCS Enterprises Limited, continues to manage the letting 2nd hiring of facilities at the school. For the year ended 30, April 2024 the trad￿ng company has made a donation under gift aid of £595k (2022-23.. £51 Ok). 20 THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 The wholly owned subsidiary ind trading company, King's College School Wimbledon (International) Limited, continues to manage the Corporation 5 overseas schools, project5. For the year ended 31" July 2024 the trading company made a profit of £4.765m {2022-23 £3.271 m) and gifc aided £3.502m to the Corporation. Over211, the con501idated income for the yeir was £50.890m (2022-23.. £44.679m up147.) and expenditure was £43.534m {2022-23: £39.089m up I IY.) producing net income of £7.342m {2022-23: £5.590m). RESERVES POLICY At che end of the year 2023124, the Corporation had total reserves of £94.748m. Of these funds, £ l Ok related to endowment funds, £3.119m 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 fund5 of £6.509m. The remaining unrestricted fund5 amount to £85.1 IOM. As with many independent schools, King's works towards an agreed strategic development plan and has continued, over the years, to invest in the fibric ol the school estate. The net book value of the tangible fixed assecs, amounts to £63.943m at the year end. A policy of site improvement can result in positive or negative free reserves, dependent on the timing of capital projects. Pension reserve revaluitions year on year will also impact free reserves. At the year end, the Corporation had positive free reserves of £21.167m. The governors do not consider free reserves but adopt 2 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 posltion are in line with it5 strategy and sufficient headroom is available to manage the day-to-day operations of the school. Restricted funds are used according to the donors, instructions. Where the purpose 15 llot specifically directed, restricted bursary funding is used in a way chat ensures the long-term sustainability of the bursary fund. Restricted project fund5 are applied to specific protects at the earliest appropriate opportunity. Designated funds are used as the specific projectlac¢ivity is undertaken. The largest portion of these funds is for bursaries. INVESTMENT POLICY AND OBJECTIVES The Corporation's policy, unless specifically instructed otherwise, is to credit cash from all sources, including the Fees in Advance (Composition} Scheme, ¢0 the Corporation's main bank account. This allows bank borrowings and interest charge5 to be kepc to a minimum. The fee discount rates offered on deposits into the Fee5 in Advance (Composition) Scheme are reviewed regularly. CAPITAL EXPENDITURE Capical expenditure in recent years has concentrated on the upkeep of facilities, health and safety15tatutory compliance, improving pupil experience and environmentlsustainability. Projects in 2023-24 included lab upgrades, completion of the refurbishment of che Reeve building, roof repairs. and the creation of an OKC football pitch. The school installed a borehole in 2023 in order to reduce the school's mains water usage. A condition survey was completed to survey all the school's buildings and from which an estates management p12n has been developed. FUTURE PLANS new strategic plan for 2023-29 has been drawn up, based on discussions and feedbac1< from across our school community, including pupils, staff, governors, parents, alumni, partnership schools and feeder schools. The key objectives for 2024125 are: Health, wellbeing and safeguarding - continuing to ensure that safeguarding and wellbeing are central to school life, and enhancing our whole School approach to supporting mental heilth, pastoral care and the tutorlcutee relationship, together with the development of our personal, social and health education {PSHE) programme 21 THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 2. Kindness at King's - promoting our school values. f05tering empathy and deepening our engagement with issues around equality, diversity 2nd inclusivity (EDI}, to ensure that our community represents a welcoming and inclusive communi¢y in which 2ny individu21 may feel that they can belong Intellectual engagement and creativity- continuing to promote high academic standards, extending opportunities for scholarship and academic enrichment, and embedding the King's profile 4. Inspiration through opportunity continuing to support the development of the whole child, through our co- curriculum, while developing our Mind, Spirit, Heart co-curricular progrimme and developing King's Arts Leadership and skills for future lives - developing broad ranging ski115 ¢0 equip pupils for their futures, including critical thinking, oracy, empathy and digital Skills, alongside offering a programme of leadership throughout the school, enhancing pupil voice channels 2nd advocacy including peer mentoring across all year groups 6. Life beyond King's- continued focus on the World Beyond school and Life at 25 through our careers and futures programme, business and entrepreneurship programme, and work experience 7. Community and social responsibility - continuing to embed 5UStainable partnerships with our local community. including through King's Arts. Developing and supporting staff - offering opportunities for staff to access excellent professional development Sapienter, an extensive in-house progrimme of CPD and through our in-house teacher training programme, as well as wellbeing support 9. Maintaining excellent governance and strong systems - including through our ongoing proce55 of policy scrutiny and review l O. International perspec¢ives through the year groups I l. Growing our endowment for bursaries through our fundraising activity embedding a programme of cultural awareness and international engagement STATEMENT OF GOVERNORS, RESPONSIBILITIES The governors are re5pon5ible for preparing the annual report and the financial statements in accordance with applicable law and the United Kingdom's Generally Accepted Accounting Practice. The Corporation's Statutes and the laws applicable to charities in England and Wales require the governors to prepare financial statement5 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 ind enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the kssets of the Corporktion ind hence for taking reasonable steps for the prevention 2nd detection of fraud and other irregularities. On behalf of t overning Body Southside Wimbledon Common London SW19 4TT Lord Deighton Chair of the Governing Body 22 INDEPENDENT AUDITORS, REPORT TO THE GOVERNORS OF THE CORPORATION OF KING'S COLLEGE SCHOOL Opinion We have audited the financial statements of The Corporation of King's College School ('the charity,) and its Subsidiaries ('the group,) for the year ended 31 July 2024 which Consolidated Statement of Financial Activities, Balance Sheet5, Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financi21 reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting St2ndard5, including Fininciil Reporting Standard 102 The Fin2nci21 Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statement5: give a true and fair view of the state of the group's and the parent charity's affair5 as at 31 July 2024 and of the group's income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in 2ccord2nce with International Standards on Auditing (UK) (ISA5 {UK)} and applicable law. Our responsibilities under those stindirds are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Vve believe that the aLSdit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertsinties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's or 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 trustees Wlth respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of a55urance conclusion thereon. Our re5pon5ibility 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 inconsistencie5 or apparent material misstatements, we are required to determine whether this gives rise to a miterial misstatement in the financial statements themselves. 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 lact. We have nothing to report in this regird. 23 INDEPENDENT AUDITORS, REPORT TO THE GOVERNORS OF THE CORPORATION OF KING'S COLLEGE SCHOOL (continued) Matters on which we are required to report by exception We have nothing to report in respect of the following mitters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the financial statements is incon515tent in any material respect with the trustees, report., or sufficienc and proper accounting records have not been kept by the parent charity,. or the financial statements are not in agreement with the accounting records and returns,, or we have not received all the information and explanation5 we require for our audit. Responsibilities of Governor5 for the financial statements As explained more fully in the Governors, responsibilities statement on page 22 and 23, the Governors are responsible for the preparation of the finincial statements and for being satisfied that they give a true ind 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. In preparing the financial statements, the Governors 2re responsible for assessing the group's and the parent charity's ability to continue as a going concern, disclosing, a5 applicable, matters related to going concern 2nd using the going concern basis of iccounting unle55 che Governors eicher intend to liquidite the group or the parent charity or to cease operations, or have no realistic alternative but co do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section of the Charities Act 201 l. and report in accordance with the Acts 2nd relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as 2 whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that in audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exist5. 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. Details of the extent to which the audit was considered capable of detetting irregularities, including fraud and non- compliance with laws and regulations are set out below, A further de5crip¢ion of our responsibilities for the audit of the financial Statements Is locLted on the Financial Reporting Council's website at.. .frc.or .ukJauditorsres on ibilities. Thi5 description form5 part of our auditor's report. Irregularities, incltjding fraud, are instances of non-compliance with laws 2nd regulations. We identified and a55essed the risks of material mi5Stacement of the financial statements from irregularities. whether due to fraud or error, and discu55ed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those law5 and regulations th2c have 2 direct effect on the determination of material amouncs and disclosures in the financial statemencs. The laws and regulations we considered in this context were the Charities Act 201 I together with the Charities SORP {FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of ocher laws and regulations that do not have a direcc effect on the financial statements but compliance with which might be fundamental to the charity's and the group's ability to operate or to avoid a material pen21ty. We klso considered the opporcunities and incentives that may exist within the chirity and the group for fraud. The law5 and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Charity Commission regulitions, General Data Protection Regulacion (GDPR), Taxation legislation and Employment legislation. 24 INDEPENDENT AUDITORS, REPORT TO THE GOVERNORS OF THE CORPORATION OF KING'S COLLEGE SCHOOL (continued) Extent to which the audit was considered capable of detecting irregularities. including fraud Auditing Standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Tru5tee5 and other management and inspection of regulatory and leg21 correspondence, if any. We identified the greatest risk of material impact on the fin2nci21 statements from irregularities, including fraud, to be within the override of controls by management. Our audi¢ procedures to respond to these risks included enquiries of management, and the Finance & Planning Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there 15 an unavoidable risk that we may not have detected some materikl misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non- detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charity'5 trustees, a5 a bodyi in accordance with Part 4 of the Charities (Account5 and Reports) Regulations 2008. Our audit work has been undertaken so that we might State to the charity's trustees those matters we are required to state to them in an auditor'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 charity and the charity's trustees as a body for our audit work. for this report, or for the opinions we have formed. Crowe U.K. LLP Statutory Auditor London 8 January 2024 Crowe U.K. LLP is eligible for appointment as audltor of the charity by virtue of tts eligibility for appointment 3$ auditor ol a company under sectlon 1212 of the Comp3nie5 Act 2006. 25 THE CORPORATION OF KING'S COLLEGE SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Unrestricted funds Restricted and School Designated Endowed Funds £'ooo £'ooo É'ooo Total 2024 £'ooo Total 2023 £'ooo Notes INCOME FROM: Choritable octivities Tuicion fees Ancillary income Other troding activities KCS Enterprises income KCSW Internationil income Investments Donations 38,636 3,979 38,636 3.979 35,883 3,307 1,445 4,764 1,034 87 1,445 4,764 1,034 1,032 1,386 3,271 232 600 201 744 Total income 49,945 201 744 50,890 44,679 EXPENDITURE ON: Raising funds KCS Enterprises costs KCSW International costs Finance and other costs Fundraising costs 860 1,401 76 409 860 1,401 76 409 744 840 85 279 2,746 2,746 1,948 Charitable activities School operacing costs and grant-making 40,246 556 40,802 37,141 Total expenditure 42,992 556 43,548 39,089 Net income before transfers Transfers between funds 6,953 201 188 7,342 5,590 19, 20 Net income 6,953 201 188 7,342 5,590 Investment property gain Pension scheme actuarial (loss)Igain 1,009 1.009 943 Net movement in funds Fund balances at l August 2023 7,962 201 188 8,351 6,533 77,148 6,308 2,941 86,397 79,864 Fund balances at 31 July 2024 85,110 6,509 3,129 94,748 86,397 The Corporation's endowment fund5 amounted to £ l Ok as at l August 2023 and 31 July 2024, therefore the net movement in funds presented above also represents the group's net income for the year. The parent charity's gross income for the year was £47.820k12023.. £42,767k} and it5 net income was £7,090k (2023.. £5,1841<). Comparative information for the statement of financial activities is given in Note 26 to the accounts. 26 THE CORPORATION OF KING'S COLLEGE SCHOOL BALANCE SHEETS AT 31 JULY 2024 Group 2023 £'ooo Charlty 2024 £'ooo 2024 £'ooo 2023 £'ooo Notes FIXED ASSETS Tangible Intangible assets Investment in subsidiaries Other investments 63,943 48 66,033 63,857 48 65,936 loa 4,975 3,945 4,975 3,942 68,966 69,978 68,883 69,881 CURRENT ASSETS Stock Debtors Cash and cash equivalents 134 1,661 52,008 1,701 24,699 5,304 48,005 4,197 21.771 53,803 26,519 53,309 25,968 CREDITORS: due within one year (12,991) (7,748) (12,605) (7,477) NET CURRENT ASSETS 40,812 18,771 40,704 18,491 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: due after more than one 109,778 88,749 109.587 88,372 year Pension fund surplusl(deficit) (15,030) (2,352) (15,030) (2,352) NET ASSETS 17 94,748 86,397 94,557 86,020 Represented by: Endowed funds Restricted funds Unrestricted funds School funds Pension reserve 18 10 3,119 3,119 2,931 2.931 20 20 85,110 77,148 84,919 76,771 85,110 6,509 77,148 6,308 84,919 6,509 76,771 6,308 Designated funds 20 94,748 86,397 94,557 86,020 The financial statements were approved and iuthorised for issue by the Governing Body on I l Dece gigned on its behalf by.. ber 24 and were Lord Deighton Chairman of the Governing Body R Parker Chairman of anc ommittee 27 THE CORPORATION OF KING'S COLLEGE SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024 2024 2023 £'ooo £'ooo £'ooo £'ooo CASH FLOW FROM OPERATING ACTIVITIES Net income for the year Depreciation Ban1< interest and other investment income Decrease l (increase) in stock Decrease in debtors (Decrease)l increase in creditors Increase in fee deposits (Increase) in realised gain5 from Investments 7,342 3,565 (1,034) (15) 40 (415) 82 (21) 5,590 2,911 (232) 531 1,330 199 9,544 10,346 INVESTING ACTIVITIES Investment income received Purchase of tangible fixed assets Purchase of intangible assecs 1,034 (1,475) (48) 232 (838) 1489) (606) FINANCING ACTIVITIES Bank loan repayments Net increase in fee composition scheme liabilities New loan finance received 18,254 373 18,254 (1,398) INCREASE IN EQUIVALENTS CASH AND CASH 27,309 8,342 Cash 2nd cash equivalents at l August 2023 24,699 16,357 Cash and cash equivalents at 31 July 2024 52,008 24.699 ANALYSIS OF CHANGES IN NET DEBT Balance at I Cashflows August 2023 £'ooo Balance at 31 July 2024 £'ooo £'ooo Cash and cash equivalents 24,699 27.309 52,008 Net (debt)Ifunds 24,699 27,309 52,008 28 THE CORPORATION OF KING'S COLLEGE SCHOOL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2024 Statement of compliance The financial statement5 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 201 I, FRS102 The Financial Reporting Stondard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice Accounting and Reporting by Charities (Second edition, effective l January 2019). The Corporation is a Public Benefit Entity as defined by FRS S 02. b. General information The Corporation is 2 charity registered in England and Wales (charity number.. 310024) and its registered office address is: Southside, Wimbledon Common, London SWI 9 4TT, a515 of Accounting The financial scatements have been prepared under the Charities Act 201 l 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 con501idate the results, assets and liabilitie5 of the Corporation's trading subsidiaries KCS Enterprises Limited and King's College School, Wimbledon (International) Limited on a line by line basis. Going concern Having reviewed the funding facilitie5 available to the School, together with the expected ongoing demand for places, and the School's future projected cash flows, and budgets for more than 12 months from the date of signing, the Governors h2ve a reason2ble expectation that the School and group has adequate resources to continue its activities for the foreseeable luture, and consider there were no material uncertainties over the School's financial viability. Accordingly. they also continue to adopt the going concerll basis when preparing the financial statements. f. Significant judgments and sources of estimation uncertainty The preparation of financial statement5 in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Corporation's accounting policies. The key judgements thit 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 value of the investment property 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 15 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 2nd measurement are met. Where the probability andlor measurement criteria for legacies and donations are not satisfied as it the balance sheet date but subsequent events re501ve the uncertainty such that the criteria are met, an adjustment is made to recognise the income. 29 THE CORPORATION OF KING'S COLLEGE SCHOOL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2024 Grancs, 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 fund5 according to the Specific terms of each fund. King's College School, Wimbledon Ilnternation21) Limited's income related to two contracts has been reassessed resulcing in retained earnings increasing to £242,273 and prior year profits increasing by £61,815. Income and expenditure relating to school trips ha5 now been reflected in the Comparative Statement of Financial Activities, increase income and expenditure by £1.141 m in 2023. h. Expenditure Expenditure is recognised as soon as the related liability is incurred 2nd his been cla55ified under headings that aggregate all costs relating to that category. Liabilities are recognised as soon as there is a legal or constructive obligation commitcing 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(5). Expenditure on raising funds comprises trading costs, fundraising costs and finance costs. Expendittjre on charitable activities comprises expenditijre directly related to the provision of education. Support costs represent indirect costs relating to raising funds and the Corporation's charitable activities. Governance costs 2re included within support costs and comprise the cost5 of running the charity, including audicors, remuneration, certain legal costs and all costs of complying with constitutional and statutory requirements, such as costs of Board meetings 2nd of preparing the statutory accounts. Tangible Fixed Assets and Depreciation Tangible fixed assets are initially recognised at cost. In accordance with the transicional provisions of FRS 102. the School building5 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 residu21 value over their estimated Useful economic life by equal annual instalments as follows: School buildings & Residences Motor vehicles and computers Boats, iudit VlSU31I ground and sports equipment Catering equipment and furniture Building services 2nd musical instruments 2Yo to Ioyts per annum 25Y¢ per annum 20Yo per annum 12.5/ per 2nnum IOY. per annum Freehold12nd is not depreciated because it is considered to have an indefinite useful economic life. The carrying values of tangible fixed assets ire reviewed for impairment in accordance with the requirements of FRS 102. Intangible Assets- Trademarks Trademarks are recognised as incangible assets as it is probable that future economic benefits attributable to the assets will flow to the organisation and the cost of the asset can be measured reliably. Trademarks that are purchased or internally developed are initially recorded ac cost. This includes ¢05t5 directly attributable to acquiring and registering the trademark. Trademarks are considered to have a finite useful life and are amortised on a 5traight-line basis over their estimated useful life, which is determined to be l O years. The amortisation period and useful life will be reviewed annually. k. Investments Listed investments are recogni5ed at marlcet value. Investment properties are stated at market Value at the balance sheet date. The SOFA includes the net gains 2nd losses arising on revaluations in the year. The propercy 30 in the portfolio are revalued by a professional valuer who 15 qualified for the purposes required, based on market knowledge, at least every three years. Losses arising on revaluation of any property are recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equityi in respect of that asset. Any gains arising on revaluation are recognised in other comprehensive income only where the group has discretion over the timing of the a55et'5 di5P05al. Investments in subsidiaries are recognised at cost. Stock Stock represents goods held for resale and is valued at the lower of cost and net realis2ble value. Basic ftnancial instruments Basic financial instruments transactions that result in the recognition of financi21 assets and liabilitie5 like trade and other accounts receivable and payable are measured at amortised cost a5 follows; Cash and c05h equivolents Cash and cash equivalent5 includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of four months or less and bank overdrafts. Bank overdrafts, when applicable. are shown within current liabilities. Debtors ond creditors Debtors and creditors are measured at the trans2Ction price less any provision for impairment. Any 105ses arising from impairment are recognised a5 expenditure. Bonk borrowings Liabilities for borrowings which are subject to 2 market rate of interest are measured at the value of the amount advanced, less capit21 repayments. Fee composition scheme This is a scheme whereby parents and others make advance payments which, together with the discount accruing thereon, provide for a set contribution each term towards the pupils, fees. The capital portion outstanding is recogni5ed as a liability 2nd the amount of discount cry5tallised in the year is included in the Statement of Financial Activities Pensions The Corporation contributes to the Teachers, Superannuation Scheme at rates set out by the Scheme Actuary 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 li2bilities of the scheme which are accountable to the Corporation. In accordance with FRS102 therefore, the scheme is accounted for as 2 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 Corporation's fininces. 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 a150 contributes to a group personal pension plan for non-teaching staff. Thi5 scheme is compliant with the requirements of 2Uto-enrolment. In September 2024 the school introduced a new alternative pension scheme for teaching staff. The Aviva pension Trust for Independent schools (APTIS) is a defined contribution scheme set up by Aviva, written specifically for the Independent School Sector. o. Leases Rentals paid under operating leases are charged to income on i straight line basis over the lease term. 31 THE CORPORATION OF KING'S COLLEGE SCHOOL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2024 Fund5 Designoted funds Bursary Fund The Governors have established a separate designated fund to provide support to bursarie5 in the coming years. KCS Centenary Chlllenge Fund The Centenary Challenge Appeal was launched on 14 September 1998 to fund the conscruction 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 fijnd. Donations specifically for bursaries, and 25Yo of other net receipts, are transferred to the designited Bursary Fund. These funds will support the work of the The King's College School Bursaries Foundation and will be spent and invested accordingly. Legacy fund5 Legacy funds consist of legacies received which have been designated for specific purposes by the Governors. These funds will support the work of the The King's College School Bursaries Foundation and will be spent 2nd invested accordingly. 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 awirded every two years. Restricted funds A number of donors provided funds to the Corporation to be applied towards specific capital and revenue icems. The Scholar5hip5 Trust Funds include the John Cutler Fund, Edgell Hunt Fund. Forest Fund, Inglis Fund, Vvilliam Fund, Rothschild Fund, Sambrooke Fund, Ward Fund and Cleiver Fund. The aim ofthe Scholarships Trust Fund5 is to administer specific donations and to granc scholarships in accordance with the dollors, wishe5. The Other Trust funds include the Organ Fund, Frank Hole Fund, Carmichael Bequest Fund, Trevalan Trust Fund, JHG Maltby Memoriil Prize Fund, A Perry Fund, ITN Gaby Rado Award Fund, Vikram Singh Memorial Fund, Louisa Lewisohn Memorial, Thomas Wilcon Prize, Arthur Beatty Prize 2nd Charlie Barclett Prize. Generol Funds The surplus from normal activities of the Corporation is transferred to che General Reserves. 32 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 TUITION FEES 2024 £'ooo 2023 £'ooo Fees receivable consist of: Gross fees Less- Discounts 2nd sttff 211ow2nces Scholarships Bursaries 40,265 (118) (294) (1,677) 37,071 (95) {291) (1,602) 38,176 460 35,083 800 Add.. Bursaries paid for by restricted funds 38,636 35,883 The total expenditure in year for scholarships and bursaries is a5 follows: Scholarships and bursaries paid by general funds Bursaries paid for by restricted funds 1,093 800 460 1.971 1,893 ANCILLARY INCOME 2024 £'ooo 2023 £'ooo Other tuition Catering Commissions on insurance Other Trip Income 443 1,548 587 1,346 426 1,562 231 3.979 3,307 BANK AND INVESTMENT INCOME 2024 £'ooo 2023 £'ooo Bank interest 1,034 232 1.034 232 33 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 DONATIONS AND GRANTS 2024 £'ooo 2023 £'ooo School The Friends of Kings College School Fund Friends of WCPS Other 75 93 87 104 Designated Legacy funds 201 21 201 Restricted funds Building Renewal Fund I l+ Bursary Fund Bursary Fund Music School Fund Sports Facilities Fund Boat Fund Other 45 604 37 180 35 38 183 59 744 475 1,032 600 34 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 ANALYSIS OF EXPENDITURE Staff Costs £'ooo Other £'ooo Depreciation £'ooo Total £'ooo 2024 Costs of generatffng funds KCS Enterprises KCSW Internation21 Finance and other costs Fundraising 427 818 420 583 76 103 860 1,401 76 409 306 1,551 1,182 2,746 Charitable activities The School's operating costs and grant-making Teaching Catering and welfare Premises (including depreciation) Support costs Governance c05t5 Restricted spend on bursaries 19,585 1,103 1,288 3,546 38 3,404 1.012 4,371 2,282 65 556 22,989 2,115 9,211 5,828 103 556 3,552 25,560 11,690 3,552 40,802 27,111 12,872 3,565 43,548 Staff Costs £'ooo Other £'ooo Depreciation £'ooo Total £'ooo 2023 Costs of generating funds KCS Enterprises KCSW Internation21 Finance 2nd other costs Fundraising 406 596 325 244 85 98 744 840 85 279 1,183 752 1,948 Charitable octivities The School's operating costs and grant-making Teaching Catering and welfare Premises (including depreciation) Support costs Governance costs Restricted spend on bursaries 18,323 939 1,156 3,161 33 2,852 937 3,883 1,988 43 928 21,175 1,876 7,937 5,149 76 928 2,898 23,612 10,631 2,898 37,141 24,795 11.383 2,911 39,089 35 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 SALARIES AND WAGES 2024 £'ooo 2023 £'ooo Wages and salaries Social security Pension costs Other 20,702 2,258 4,101 50 18,723 2,101 3,951 20 24,796 Included in staff costs above are termination payments amounting to £Ok (2023: £188k). The number of employees is given below.. Headcount 2024 2023 Teaching staff Teaching support Support staff Trading activities 232 83 159 54 230 64 125 24 528 443 The head count increase in support staff is a5 a result of additional fixed term exam invigilators that were recruited to provided Support during examination periods. The number of employees whose salary exceeded £60,000 per annum was: 2024 2023 £ 60,001 £ 70,000 11 46 25 43 £ 70,001 £ 80,000 £ 80,001 £ 90,000 £ 90,001 £ 100,000 £ioo,001 £i10.000 £120,001- £130.000 £130.001 £140,000 £140,001 £150,000 £160,001 £170,000 £250,001 £260,000 £280,001 £290,000 The 2023 salary banding for £250,001 £260,000 includes one individual s salary for eleven months of the year. The 2023 full year comparative would be in banding £270,001-£280,000. Remuneration of key management personnel The Management Board plu5 the Head of WCPS pre-prep comprise the School's key management personnel. The aggregate remuneration for key management personnel amounted to £1,457k (2022.. £1,104k). Pension Schemes The School participates in the Teachers, Pension Scheme {"the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £3,216k {2023: £2,644K) 2nd at the year-end £0 (2023 £0) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension Scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teichers, Pension Scheme Regulacions 2014 (as amended). Members contribuce on a 'pay as you go" basis with contribution5 from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. 36 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period l April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provide5 them with the greater benefits, and in preparing the 2020 valuation has valued the 'greiter v21ue' benefits for groups of relevant members. The employer contribution rate for the TPS is 28.6/, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68Y.. A number of non-teaching staffare deferred members of the King's College School Pension Scheme. constituted by a trust deed and administered in accordance with the rules by Trustees. The Scheme closed to existing member5 on 31 July 2016. The Scheme's assets are invested in, and benefit5 under the scheme are secured by, a Group with profit5 Policy with the Prudenti21 Assurance Company Limited. The Trustees are Idvised on the financial state of the scheme at least every three years by an actL12ry, who makes recommendations is 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 l August 2022 which showed the scheme had a deficit of £539k. A formal recovery plan has been put in plice to eliminate the deficit by paying £132k per year for five years. The Corporation paid £132k in the year to 31 July 2024 and in the prior year. 37 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 SALARIES AND WAGES (continued) Accounting rules require the Corporation to disclose additional information in accordance with the requirements of FRS102, a5 follows: The major assumptions used by the ictuary were: At 31 July 2024 At 31 July 2023 At 31 July 2022 Discount rate Rate of increase in silaries Inflation assumption Rate of increase in pensions in payment Post retirement mortality 5.00/ nla 3.20/ 3.2/ S2PXA, CMI 2022 with 1.25% underpin 5.10Y. nla 3.50Y. 3.5Y. S2PXA, CMI 2021 with 1.25/0 underpin 3.60/ nla 3.40/. 3.04/. S2PXA, CMI 2020 wich 1.2570 underpin Life expectancy for 65 year old m21e Life expectancy for 65 year old female 21.1 year5 23.2 years 20.6 years 22.9 years 21.6 years 23.7 years The assumptions used by the actuary are the best estimate5 chosen from a range of possible actuarial assumptions which, due to the timescale covered, may not necessarily be borne out in practice. The assets in the scheme, which exclude assets relating to members, AVCS, were.. Value at 31 July 2024 £'ooo Value at Value at 31 July 2023 31 July 2022 £'ooo £'ooo Scheme assets 6,581 6,182 6,049 Top market value of assets Present value of scheme liabilities 6,581 (5,231) 6,182 {5,207} 6,049 (7,087) Surplusl (deficit) in the stheme 1,350 975 (1,038) 2024 £'ooo 2023 £'ooo Amounts recognised in expenditure Net interest (491 37 Total (491 37 Actual return on scheme assets 418 66 Changes in the present value of the Defined Beneftt Obligation Opening defined benefit obligation Interest cost Actuarial {gains)1105ses: Chinges in assumption5 Experience losses Benefits paid 5,207 266 7,087 255 55 (146} (66) 5,231 5,207 38 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 SALARIES AND WAGES (continued) 2024 £'ooo 2023 £'ooo Changes in the Fair Value of Plan Assets Opening fair value of plan assets Interest on plan assets Actual return less interest on plan assets Total contributions paid Benefits paid 6,182 315 103 132 (151) 6,050 218 (152) 132 (66) 6,581 6,182 The School expects to contribute £0 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 conslst mainly of unitised with profits policy with the Prudential. The asset figures exclude assets relating to members. AVC'S. The major percentage split of the Scheme assets as a percentage of total plan assets were as follows: 2024 2023 Unitised with profits policy Mobius Life Portfolio Cash 89.1 10.4 90.3 i ooy. i ooy. Sensitivity analysis The results of the scheme valuation are sensitive to changes in the key actuarial assumptions. The following table illustr2tes the sensitivity of the liabilitie5 to changes in assumptions, considered in isolation: Change in assumption Approximate increase in liabilities Approximate increase in liabilities £'ooo 1,240 926 Discount rate reduced by l.OY. Inflation a55umption increased by l.0/ Increase in life expectancy of l year for 2 member retiring at 65 162 A GPP Pension Scheme was introduced in February 2012. In 202312024 the Corporation contributed l Oyo ofthe employees. gross pay and the employees contributed a minimum amount of 5/. For employees who have joined this scheme under auto-enrolment, the employers, and employees, contributions were 4/0 of gross pay. The Corporation's total contributions under the three schemes in 2023124 was £3,969,415 (2022123.. £3,774,234). In September 2023 an alternative teacher's pension scheme wis launched. The Aviva Pension Trust for Independent Schools. Employer contributions were 22Yo. and employee'5 contributions were l O°A. 39 THE CORPORATION OF KING'S COLLEGE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024 EXPENDITURE 2024 £'ooo 2023 £'ooo Expenditure includes: Auditors, remuneration for audit for other service5 Operating lease rentals Governors, liability insurance Depreciation 52 44 120 108 3,565 2,916 As in previous years the Corporation has tal