KING'S HOUSE SCHOOL TRUST (RICHMOND) LIMITED IA Charltable Company Limited by Guarantee) REPORT AND CONSOLIDATED ACCOUNTS YEAR ENDED 31 AUGUST 2023 Company Re8lStered Address.. 68 Kings Road. Richrnond. Surrey. TWIO 6ES Cotnpany Re8lStered No.. 590559 Charity Registered No.. 312669
KING'S HOUSE SCHOOt TRUST IRICHMONDI LTO ANNUAL REPORT AND ACCOUNTS Icontinuedl YEAR ENDED 31 AUGUST 2023 The Govemors are delighted to present their anntsal report incorporatin8 the Strategic report for the year ended 31 August 2023 under rhe Charities Art 2011. together with the audited account5 for the year. which are prepared to meet the requirement5 of a director5, reportand accounts for Companie5 Act purposes, theTrust Deed and the Charities SORP IFR51021. The Governors of the School and the Dlrettors of the trading Subsidiary freely give their tirne and expertlse to support the Charlty. None of the Governor5 receive remuneration or other benefit frorn their work with the charity. Any contractual relationship must be disclosed, and notes of interest are retalned In wrStten form. The khool is fortunate to be supported by parents through the Friends of King's House School and dursng the year the Friends held a nurnber of event5, which are alway5 well attended. The Governors are grateful for their comm*tment and contribution to the school. which. this year. totalled £19,242 and was prlmarily used to purchase new play8round equipment across the School and Nursery sites. REFERENCE AND ADMINISTRATIVE INFORMATION The School 15 a Public Benefit Entity registered as è charity in England and Wales and a company Ilmited by guarantee. It was incorporated on 17 September 1957 lcompany nurnber.. 5905591 and registered as a charityon 31 July 1964 Icharity number.. 3126691. Kinds House School Enterprises Ltd wasconstituted as a body corporate limited byguarantee on 21 May 2010 Icompany number.. 072614241. The Directors of the charitable company are the Trustees for the purposes of charlty law and a Governors of the School. In the event of the charitable company being wound up, the Ilabllity in SpeCt of the 8uarantee is lirnited to £1 per Director of the charitable tompanv. The address of its registered office is 68 Kings Road, Richmond upon Thames, Surreyi TWIO 6ES The inft>rmation Included on pages I to 4 forms part of this report.
KING'S HOUSÉ SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS Icontinuedl YEAR ENDED 31 AUGUST 2023 Governors. Officer5 and Advisers The Kin8's House School Governors are the charity trustees of the King's House School tharity. They have all served in office throughout the year, except where Indlcated. Togeiherwlth past Governors Iwho setved in the year as indicated), they are.. Occupation Date of appoirtrnentlresiKnatSon David Barbour Dan Boorman Julian Davi50n Adrian Edwards Richard Gale Jen Geor Dr Sarah Ann Hend Investment Mana er Deputy Head. Bishopgate School Private E Mana ement Consultant om any Director HR Consultant Head, Ham 19 November 2015 3 December 2021 2Au U5t 2017 8 Janua 2020 11 September 2021 4 December 2018 27 June 2018 ton School EÉI Christine Lavert James Owen lisa Peacock Chri5 Pollitt Peter Scott Dr Suman 31a Sornalin Catherine Urch Dr Richard Ward Ivite Chairl Paul Williams Chair hartered Accountant hartered SuThe orlFund 8arrister House Master. Harrow School Pro ramme Direclor retired Medical Doctor Medical Practitioner ompany D1ctOr econd Master. E 19 November 2015 6 July 2017 9 Janua 2020 23 June 2021 7 March 2023 24 June 2023 23 lune 2015 retired 24 Jul 2023 4 December 2018 21 March 2019 (retired 24 Jul 20231 Mana ham som Colle Whilst responsibilityfor the daily management of the School rests with the Head. Governors retain overall responsibility for all aspects of the School's overreaching Strate8ic direction and conduct. To assist in discharging this responsibility. the Goverryors have created 5ub%Drnmittee5 to deal wth finance, developrnent, 5taffin8 and educational and pastoral matters, as well a5 udhoc 8roup5 whenrequired. Membershlps of committees durSn8 the year ended 31 Augusi 2023 and up to 7 December 2023 were.. Finance & Development Committee IFOC) Julian D3vison (Chairl Adrian Edwards Richard Gale Christine Laverty Dr. Rithard Ward Peter kott Human Resources Committee Jenny George (Chairl Dr. Sarah Ann Hendry Christine Laverty Paul Williarns. Safeguardln8 Comrnlttee Dan Boorrnan (Chairl Jenny George Lisa Peacock Dr. Sumangala Somalingam Edu¢atlonal & Pastoral Commlttee IEPCI Dr. Sarah Ann Hendry (Chairl Jenny George Katie Urch Chris Pollitt Dr. Sumangala Sornalingarn Nominations Committee Health & Safety CommFttee Jarnes Owen Christine Laverty Dr. Richard Ward Bursarles and Publlc Benefft Commlttee Ltsa Peacock Ichairl Peter Scott Katie Vrch Paul Williams. 'Retired
KING'S HOUSE SCHOOL TRUST IRICHMOfrIDI LTO ANNUAL REPORT AND ACCOUNTS Icontinuedl YEAR ENDED 31 AUGUST 2023 GOVERNORS AND CHARITYTRUSTEES Icontinuedl Governors. Officers and Ad¥isers Icontinuedl Kintys House School Enterprises Ltd IKHSEI is a wholly owned subsidiary of King's House School. incorporated to manage the School's tradlng operatlons Iprlnclpally lettlngsl. The DIrtorS of the Company are., David Barbour Louls Mather Mark Silver Appointed 1911112015 Appointed 101712018 (Chair.. Frtsm iil11120191 Appointed.. 1110612019 Appointed.. 2510412023 Cindy Yendell Peter Scott The Board of Governor5 15 a 5elf-appointed body, with a policy for selecting and recruiting new rnernbers. who are elected to the Board by existing Governors. Service on the Board is a maximurn of two terms of four years. The same arrangement applies to KHSE. KEY MANAGEMENT PÉRSONNEL Head MarkTurner Deputy Head Head of Pastoral Care Martin Shore Alex Churcher Head of Junlor Department Head of Nursery Bursar, Company Secretary and Clerk to the Governors Simon Gower Jane O'Brien John Loveland The Head manages the day to day operation of the School through the Senior Management Team ISMTI. which comprsses the key management personnel listed above. The Bursar mana8es the day to day operation of the Enterprise Company through the Enterprise Mana8er. Prlnclpal addres5 of Charlty Prlnclpol address of Klng's House 5¢hool Enierprfses Ltd 68 Kin8$ Road Richmond Upon Thames Surrey TWIO 6ES 68 King5 Road Richmond Upon Thames Surrey TWIO 6ES Websltes.. www.kin www.kin shwse5 shousekhool.or ort round.co.uk OUR ADVISERS Audltors Haysma¢lntyre LLP IOQueen Street Place, Lendon EC4R IAG 1st Floor. 39Threadneedle Street. London, EC2R 8AU The Orlel, Sydenham Road, Gulldford, Surrey, GUI 3SR Bankers Utyyd¥TSB &nk pl Moore Barfow Witltors SollcltNs knsuranEe Brok¢rs ettAndrew$ 2 Brunswicksquare. 81m)In8ham. 812LP
KING'S HOUSE SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT ANO ACCOUNTS Icontinuedl YEAR ENDED 31 AUGUST 2023 OBJECTS AND ACTIVITIES.. The Charitableobjects of the School are set out in itsTrust Deed and the main activitie5 undertaken to furtherthe charity's purposes forthe public benefit are to carry on and develop King's House School in Richmond, Surrey and 3ny other school. This includes the provision of boardinB andlor day 5choolin8 IOT children of elther sex anywhere in the world. Ancillary to its main charitable purpose. the charity also rnakes its facilities. and particularly its playln8 flelds, available to local residents, charltable organisatlons and schools. Alms Within these Objects, the School's strategic aims as an educational charity for children are.. To provide an environment where the pupils feel supported and safe, and where their welfare and safe8uardSng are paramount. To offeran educatioTh in which the pupils experience a high quality, broad and balanced currSculum, which engages and challenges them whilst developing their knowledge. understanding and skllls across the areas of learning Ilinguistic. mathematical. scientific. technological. human and so£ial, physical and aesthetlc and creative education). To attract and retain pupils who will benefit from and contribute to the education that is on offer at King's House. 4. To attract, support, retain and develop teaching and support staff of the hlEhest calibre, who will enhance the provision to the pupi15 here. 5. To bulld and malntaln facilltles whlch enhance the education and care offered by the khool. 6. To ensure that the khool continues to be in a strong posStlon Ilnanclally, is efficiently run and 15 able to deliver on its èirns whilst keeping the fees on an affordable footlng. To enhance the reputation of Kin<s House school and to bulld stronger links with the wider community. including parents and alumnl. To meet and, where appropriate, exceed all required standards for a high-quality independent school. The School is an equal opportunities employer, committed to a working environrneni that is free from dlscrimlnation and will make reasonable 3djustrnentS to meet the needs of staff or pupi15 who are or become disabled. The School has an equality. diversity 3nd inclusion IEDII working group made up of staff from various departments of the school, who meet regularly with governors to focus on increas¢ng the diversity of staff and puplls and to ensure that all school practices and opportunities are fair and transparent. The School uses Common Entrance results and senior 5thool entry to monitor Its success and the performance of the pupils rernains a Source of great sat15faction. particularly as the School Is non-selettive in the early year5, taking pupils of all abilities into the Nursery and Reception years. The School considers other rnea5ure5 of 5uEce55, such as individual and team sporting achievements and achievements in perforrning arts, music, design technology anil art. The extent to which parents are involved in school lrfe is also monitored. as the Governors consider parental involvement as key to the continued success of the School. The School remains committed to working with the comrnunbty and seeks to increase pupil nurnbers travellin8 to xhool by school Provided and public transport. Where thls is nor practicable. the School encourages pupils to cycle, walk or share lifts with each other. This activity to minimize the impact on local traffic is reflected in the School's accreditatio with the Transport for London STARS scheme. Artivities The objectives reflect the educational aim5 and the eth05 olthe School and the importance of maintaining and enhancing its academic su¢¢ess. These objert¥ves are, however, set in the context of the broader goals Set for the School and it5 pupils. and a wide ran8e of extra<urri£ular activities is provided throughout the school. In March 2023, the School announced it5 decision to extend co-education beyond the current Nyrsery. The first girfs will be able to join Reception and Year l in September 2024, and co-education will then be phased in year-by-year. This decision has Iieen driven by 8rowin8 demand from parents for a co-ed prep school in Richmond. In June 2023, the School was inspected by the Independent Schools Inspectorate and was rated excellent Sn all areas ol educational quality and met all areas of the complSance Inspection.
KING'S HOUSE SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS Icontinuedl YEAR ENDED 31 AUGUST 2023 In setting the objectives and planning activities, the Board and Senior ManagementTeam havegiven careful consideration to the Charity Commission's 8eneral guidance on public benefit and, in particular, to its supplementary public benefit guidance on char8in8 for services. To underline the value placed on continuity for families. a discount Is offered to parent5. The School continues to develop its outreach initiatives. induding bursary awards, and to maximise the use of its estates and sportin8 facilities by others<hool andcommunitV8roups forthe benefit of children of both sexes, as well as promoting 5POrt in the community. The Bursaries and Public Benefit Committee review outreach initiative5 annuallyi including bursary awards. A list of other schoo15 and community clubs is rnaintained and detai15 are logged on the Schoo15 Together website. The School is committed to safeguarding and promoting the welfare of the pupils and expects all staff and volunteers to share th¢$ commitment. Parent5 are given re8ular information èbouttheirchildren's social and academic progress throu8h parents, evenings, in additiorb to the traditional end of term and year report5. Regular contact with pantS is maintained throughout the year through informal contact and through the biweekly newsletter. web51te and 50cial edia platform5. All pupils have a Form Tutor who is responsible for their pastoral care and academic development. In addition. within the Senior Department there are dedicated Heads of Yearfrorn Year S upwards. and external speakers are invited tothe school to speak to the pupils about personal and internet safety and a range of pastoral i5sue5. The School offers a broad curriculum and is proud Df the advancement in recent years in areas such as computing, design technoI08y, music, artand drama. Computln8 lstaught as a dlscrete sublertfrom Nursery onwards by a specialist teacher, allowing pupi15 to add depth to their subject knowled8e, such as learning textual pro8rammln8 from Year S Ipythonl and Year 7 IHTMLI. In design technology. learning is termly project based. incorporating theory and practical rnodules. Pupils are exposed to technology through computer alded design IC4DI and computer aided manufacturing (CAMI. The Art Departmenr has a fully functlDnSnÉ art studlo, equlpped with a klln to enable work on ceramics projects, as well as other mediums such a5 print making, paintin& drawing and photoshop. The Music Department is committed to providing a stimulating and chèllengin8 all-round musrc education. whllst tskins care to identify and nurture individual talent and maximise pupi15' Potential. The 12 peripatetic teachers offer indlvidual lessons sn piano, violin, cello, flute. clarineL saxophone, all brass, guitar. drum and voice. Many pupils tske part in ABRSM exams and there are many co-curricular activrties such as ensembles. orchestra, rock bands and traditional choirs. highlight in the year is the annual summer concert at the King's House School Sports Ground. Drama encourages every boy to perform, be it in class. a55emblies or a5 part of a production. Drama is used to farilitate key social and communicative skills and emotional literacy and we have two LAMDA qualified teachers wthin the tearn. On the 5POrting front, the School continue5 to 80 from strength to strengthi participating in fè8ional football and cricket competitions and boys representing the county. In football, the I" Xl finished 3rd in the Independent AsSOCl3tion of Prep schools 7 a-side N3tional Finals. Rugby has been strong across the board, as evidenced by nurnerous ex-pupils going on to achleve under-16 places at Harlequins and London Irlsh. In cricket, the school has a number of boys currently in trials for the county representative teams and one boy has Éalned a Wlnehester Sports Scholarship. The School also had n¥0 boys compete in the National Swimming Fnal$. Pupils are encouraged to contribute to the development of the school. aThd there are many opportunities for the pupil voice to be heard. includin8 eco-teams, school council. house competitions. charity votes, year group forums and the range of lunchtime clubs. For the alumni, a reUnrt event was or8anised in June 2023, which irncluded formei teachers and parents. Over Itx) people attended an evening reminiscing and catching up with old friend5 and colleague5. Over the last couple of year5, there has been a focus on 8rowin8 the alumni database, to foster an engaged community and potential network of volunteers and networkin8 Opportunities. The khool has an envSronrnental commlttee made up of pupils from each year group in the Senior Department, who are working on various initiatives as part of the Eco Schools accreditation scheme. The School holds the Eco-schools Green Fla& which recognises the work done by pupils to make the school more environmentally friendly and raise eco- awareness in fellow pupi15. The School continue5 to investigate ways to irnprove sustainability and reduce waste through the use of biodegradable food containers in the dining rooms and green bin5 for recycling food waste. The waste anagement Irecy¢lin8 partner can process much of the waste, for example, they have plastic, metal and glass recyclin& anaerobic digesters, composting, gas to energy plant5 and refuse-derived fuel.
KING'S HOUSE SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS l¢onilnuedl YEAR ENDED 31 AUGUST 2023 8ursory Pollcy It is important to the School that access to the education offered is not restricted to those who can afford the fees. It is the School's belief that puplls benefit from learnin8 Wlthln a diverse community and this is reflected in the provision of bursaries. The Governors view bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the lees. can acce5S the education the School offer5. Bursary Awards are available to all pantS183rdlans of children entering anv vear group from Year 3 up to Year 6 and are made at the discretion of the Governing Body on the basis of parentsl means or to relieve hardship where a pupil's Education and future prospects would otherwise be at risk Ifor exarnple in the Case of redun¢Jancyl. The School has appointed an independent company, Bursary Administration knmited, to assess applications and make recornrnendations for or against an award. The final decision on awards remains with the School. Information about fee assistance through bursaries Is 3vatlable to all who apply to the School and is published on the website.
KING'5 HOUSE SCHOOL TRUST IRICHMONDI LTO ANNUAL REPORT AND ACCOUNTS Icontinuedl YEAR ENDED 31 AUfjUST 2023 STRATEGIC REPORT A5 in previous years, key objectives inclLtded: To maontsln the present lowteacher: pupll ratlo, whlth thè School belleve5 8lvt5 pupilsthè ntt•ssarytlmetodevelop academlc, sportln8. artlstl¢ and so¢lal skllls. Measurement Ss easyto assess from pupil and staff numbers. Pupil achievements in academic, sporting, music, drama, and other activities SUPPDrt our belief in the benefits of maintaining the ratio. The ratio remains low at just undef l..10. To malntzln the current hlgh standards of academlc achSevernent at Common Entrance and scholarshlp level. To idèntify and support appropriatelythe academlc nted5 of the pupils. The Common Entrance (Year 81 and stholarship re5uIt5 Iyears 6 and 81 are a measure of success. The leaving cohort in 2023 achieved a total of 7 awards over a good range of disciplines e.8. a¢adernic, sport5, music and drama, all g3ined places at their chosen senior schools. Performance is measured through educational assessment tools which track individual pupil progress. Ongoin8 external subjecr reviews assess the Quality ol teachin8.
KING'S HOUSE SCHOOI TRUST IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS l<ontlnuedl YEAR ENOED 31 AUGUST 2023 STRATEGIC REPORT l¢ont5nuedl To develop social and culturzl awareness in pupils through a programme of events to encoura8e greater social awarenes$ and partldpation. Other activities include assemblies, PSHE, external speakers and outreach activities through the pupils, Charity Committee. Durlng the year, the School also supported charities Including Shooting Star, Movember. MACS. Guide Does, Skylarks, Richmond AID, Royal British legion, Stargardt, SPEAR and Vineyaid Community. DonatK)ns totalled £13,902. In addltlon to the mairn school activity, the khool continues to foster relationships with the Cornrnunity by hosting number of local residents. ClbS and charity events in the school buildlngs and particularly at the sports ground, including the Riana Community 5urnrner 5POrting activities and a partnership with the Civil Service Football Club forgirls. football ¢oa£hin8. FollowSng the 11ftSn8 of Covid-19 restrirtions, Maths Ma5terclasses were restarted. to whith Year 6 pupils from nei8hbourSn8 schools and members of the Royal Institute of Maths are invited. to provide the rnost valuable experience5 for the pupils.
KING'S HOUSE SCHOOL TRUSY IRICHMONDI LTD ANNUAL REPORT AND ACCOUNT5 Icontinuedl YEAR ENDED 31 AUGUST 2023 RATEGIC REPORT lcontlnuodl To Contributé to thè vrider community by enabling participation in a range of 5POrtrngi retreational and tdutational artivitles. As well as the Internal awards and external Branis, the School has focused on Increasin8 its publlc beneflt and community outreach work at the sport5 groiJnd5. as that is where the biggest ifflpact on the cornrnunity can be achieved. A number of local state schools and community clubs have regular access to the facilities. either at a substantially discounted rate or wlthout charge. During 2022- 2023.. Inttrnal Awards I pupil received means-tested bursarylhardshlp awards.. 7 pupils received Sibling & Staff discounts= £1,174 £14,202 Emternal Awards A grant was made to RNC5F Isee belowl to support disadvantaged chlldren in assisted boarding pla$.. £20,000 A grant wa5 rnade to a Ioc31 primary school to 5UPPOrt the provision of sport and pupil welfare.. £25.634 A 8rant Wa5 rnade to The School and Farnily Works social enterprise (see below) to fund one multi-farnily therapy 8roup to support local children with Complex needs to promote thelr success at school.. £20,0(KI Continuznce of charitable support. The School continues to support the Royal National Children's spngbOard Foundation IRNCSFI. through parental voluntary contributions of £5,400 and a direct donation of £14,6, in its mission 'to improve and transform the lives of youn& di5advaThtaged children by supporting their educational opportunitie5 in both state and independent boarding schools. By doing thi5, we seek to improve their educational attainment. employability and aspirations,. The School also supports The School and Farni Work5 charty in their aim to 'offer flexible. therapeutic, £ornmunity based services that enable 5choo15 and families to work together to help vulnerable children achieve educational success, via their 'transformlnE lives Initiatwe,. Through this partnership, the School has established a dlrect link with a local prSmary school and Is funding a sports apprentice and pupil eounsellrng. io
KING'S HOUSE SCHOOITRUST IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS Icontinuedl YÉAR ENDED 31 AUGUST 2023 STRATEGIC REPORT Icontlnuedl ACHIEVEMENTS AND PERFORMANCE Pupllnumber5 Educatlonal actlvStSes for boys from the ages of 4 10 13 are tarried out in the Junior Department and Senior Department buildings. In addition. the Nursery premises provide pre-school facilities for boys and girls aged 3 and 4. The Junlor an4Y Senior Departments averaged 37712022.. 3721 pupils. Numbers in the Nursery averaged SO12022= 541. A¢#deml¢ The School resolves to keep up the academic, sporting and artistic standards forwhich it has become known. and continue the developrnent of it5 prernise5 to meet the needs of the pupi15 m¢)vsng forward. Atotal of 7 awards were achieved across a range of disciplines including academic, music and sport. Destination of pu pils.. day schools Fiqure l.. Cornprlrison oAseniorschools (DA YJ 2022..2023 The chart labovel shows the mix of Senior day schools in 2022 and 2023 forthe Year8 Cohort. Atthe end of 2023, 8 pupils moved on to St Paul's, 6 Pupils to Reed's, and 3 to Harnpton. The School is extrernely proud of the range and breadth of day Schools selerted. Of the Year 8 cohort, 28 moved on to senior day schools in autumn 2023, and 16 selected boarding schools. Of the Year 6 leavers, the boys went to a selectien of day schools includin8 Brighton Colle8e, Emanuel, King's College School. and St P3uI'5.
KING'S HOUSE SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS Icontlnuedl YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT Iconlinuedl Destination of pupils.. boarding Figure 2.. Cornpt7rf50n olsenlorschools (BOARDIIIGJ 2022..2022 Boarding choices also vary year by year. In 2023, 16 pupils boarded, in¢ludSnE 5 to Epsom, 3 to Cranleigh and 2 at Charterhouse. As a non-selective school. the School is pioud that all its Year 8 boys gained places at their chosen schools. reflecting the School'5 comrnitment to a broad curriculum which allow5 each pupil to achieve their potential. Flnt7nclol Revlew The main Source of incorne for the School is through fee incorne charged for the provision of education. In the 2022- 2023 school year, the fee5 charged ranged from £2,720 for 5 moming5 in Nursery, £5,000 for Reception and £6,530 in the Senior Department. The maSn expenditure of the S¢hool is staff salaries. Staff are key to the ongoing success of the School and the S¢h¢)ol, therefore. Eontinues to invest in the hi8hest standard of teaching and adrnini51rative staff. The School is also committed to ensuring continued professional development for all staff. Premises costs are the second rnajor expense of the School and. this year, further n0¥atitsn work was undertaken both at the 5POrts ground and the teaching sites in Richrnond. 12
KING'S HOUSE SCHOOL TRUST IRICHMONOI LTD ANNUAL REPORT AND ACCOUNT5 l¢ontinuedl YEAR ENDED 31 AUGUST 2023 STKATEGIC REPORT Icontlnuedl Accounts Summary Year endlng August 2013 £7.493.496 £883.370 £8.376,866 £14,667.8671 £12,846,986) £17.514.8531 £862.013 Year endlng August 2022 £7.034,667 £443,609 £7.478.276 £14.380.7431 £12,817,020) £17.197,7631 £280.513 Fee Income Other Income Total Sncome Staff costs Other costs Total Expenditure Net incoming resources on School activities Trading Subsidiary Income 8enerated through lettings ExpendSture Enterprise Cornpanls operating profit Cornbined Surplus for the year The parents have the peace of mind of knowing that the Board is continuing its strategy of deploying all net incoming resources to investing in the educational purposes and tsbric of all the school sites, in line with the School's Objects. £860.832 El577,3901 £283,442 £1,145,455 £873.430 1£445.0011 £428,429 £708,942 As an educational charity, the School enjoys tax exemption on its educational activities and on its investment incorne and gains, provided these are applSed for charirable aims. The School is entitled to an 80% reduction in busine55 rates on the property occupied for charitable purpose5. The finaneial benefits received from these tax exemptions are all applied for educational purposes and indirectly help masntain the bursary policie5 and public benefit attivlties. Howeve¥, as an educatlonal charlty, the School is unable to reclaim input VAT on costs. as it ¢5 exernpt for VAT purp05e5. The School also pays tax as an employer through National Insurance contrlbutions. FUre Wons The Board of Governor5 held their annual Vision Day in Ottober 2023, to revlew the present position of the School in relation to the strategic Development Plan ISDPI and assess potential threats. weakne55es, opportunities and strengths The Board has ratlfled the intention to continue the currentstrategies ol Maintaining the School'5 Posltion in 3 competitive market by Investing to provide a high quallty education for the pupils. Achieving a high standard of acadernic re5uIt5 15 constant airn, whilst rnaintaining the breadth and depth of the educatSon prov4ded. The major development project for the Senior Department remains a key prtority for the Board and plannlng permission was formally granted on 10 June 2022. This scheme seeks to replace several poor-quality school buildings Wlth a state-of- the-art rnusic. arts and teaching block. 5UPPOrted by a creative landscaping plan and some furtsI$hMent works to the existin8 buildin8S. 13
KING'S HOUSE SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS l¢ontlnuedl YÉAR ENDED 31 AUGU5T2023 STRATEGIC REPORT Icontinuedl Future Plons Icontlnuedj The School Sees the key benefrts of this scherne as follows.. Better quality learning and teaching environrnent5 for pupils and staff and for those community group5 who benefit from being able to use the School. Greatly enhanced landscape around the buildings. providing additional native wildflower, shrub and tree plantin& as well as flexible play spa£e and outdoor learning envlronments. Rationalised and improved accommodation, which 15 easier to navigate, rnore accessible and inclusive for a wider ran8e of user5. 8uilding5 constructed to rigorous sustainability crtteria and standards. resuhing in highly efficient and sustainable buildings on site and contributing to reducing carbon use. Heritage benefits, through the removal of unsightly buildin8S that have been added in a piecemeal way since the main VictorLan buildin8$ We constructed. The profile of the 5POrtS 8round is to be increased through 3 prograrnrne of refurbishment and re-branding. in particular to raise the recognition of the link with the School. New signage and advertisin8 across the site have been installed, as well as the re-launch of the website. In recent year5. the School ha5 built a second Ru8by / Football 3G, a 'Gen2 ATP" multi- use surface primarily for hockey. netball and tennis. new cricket nets, upgraded two tennis courts and re-surfaced the car park. These facilities are for School and Community use. The School has also taken into account the QUestS from parents for extended'wrap around. care and currently provides Ear Birds startin8 at 8am and a range of after-school a£tivities until S,30prn. Maintainin8 and. where necessary, developing the fabric and facilities of the School are central to its strategy. There is a programme of planned maintenance and investment in the Icr network. Chromebooks We introduced to Year 7 In October 2019 and, with the success seen during the period of lockdownlremote learning, over the summer, the School invested in additional Chromebooks for Year 6 and Year 8. The School has alsotaken the opportunltyto refurblshthe central lobby In the Senior Department and upgradethe Nursery outside spaces. With the announcement that the School w511 be taking girls into the Junior Department from September 2024, work is underway to ensure the buildings comply with regulation and provide a suitable co-educational environment. The School has rlecided to increase tuition fees for the acadernic year 2023-2024 by 5.5% to reflect the underlying inflationary pressure lelt acr05S the cosi base. Fortunately, pupil numbers. overall, rernain good, but the risk of lurther disruption both to the pupils. education or operation of the sports ground from Covid-19 or other factors beyond the School's dtTert control, has made the School carefully consider any discretionary projects (see risk analysis below). However, with stron8 cash reserves and no debt, the Governor5 are confident that the School wsll have sufficient cash resources to continue to operate successfully in the current environment. Rlsk Monogement The Governors have a risk management strategy that comprises: An annual review of the principal risk5 and uncertainties that the School faces.. The establishment of policies, systems and procedures to mitigate those risks identified in the annual review,. The implementation of procedures designed to minimi5e or manage any potential irnpact on the School, should those risks materialise. 14
KING'S HOUSE SCHOOL TRUST IRICHM¢)NOI LTD ANNUAL REPORT AND ACCOUNTS Icontinuedl YEAR ÉNDED 31 AUGUST 2023 STRATEGIC REPORT l¢ontlnuedl Principul Risks The Governors have coThsidered the prFncipal risks and uncertainties facing the School. The Risk Register is reviewed by Governors in full once a year, and risks are considered at each governor meeting. An example of key risks identified during the year is as follows.. Risk Description l update Political and Tax Risks Risk of VAT bein8 introduced on school fees via a Finance Act and removal of business rates charitable relief180%1. Increasing costs, primarily driven by the increases in Teachers, Pension provision* putting additional pressure on fee increases and lon8 terrn affordability. War in Ukraine and increased political instability globalty. BREXIT uncertainty. Pupils frorn European countries (outside Russia) have increased in the latest ISC census. However. long-term Brexit impact on the sector rernain5 unclear. Pandemic Pandemic resulting in School or year group closure and transition to remote learning. Requests for fee discounts and affordability issues for parents. Economic and Operational Risks Rising inflation and cost of1Sving pressures, Smpactlng the affordabS11ty of prlvate educatlon for parents and staff salary levels. Demographic risk as parents cannot afford to live in Richmond or relocating further from London. Affordabillty of strate8ic development projects due to infflaiion and rising interest rates. Tethno108Y Increasing cyber-attacks across the sector. Ransornware Infertion from eKternal hacks. The rnain funding of the School is through fee income and. therefore. uncertainties over future pupil numbers are always a factor for consideration. In order to minimise this risk. the School has invested significantly In the marketing-buildin8 block5- required to improve pupil numbefs and develop the brand throu8h the web51te, social rnedia platforms and targeted advertisin8 campaigns, The traditional method of ma8azine advertising and mail drop5 are not considered to be productive and have been discontinued. except for one or tt¥o carefully chosen publications. The changing political and economic landstape is Ckjsely followed ihrou8hout the year, particularly in relation to 5U88e5ted irnp05ition of VAT on School fees. Member5 of the Senior Mana8ement Team and Governors attend seminars and èriefings throughout the year to keep abreast of industry issues. The School participates in a number of industry survey5 to a5SlSt with setting fees and 5alarie5. In addition. the School survey5 parents and staff regularly, and pupil feedback is obtained through a variety of Pupil Voice groups. These sutveys are reviewed by the Finance and 5tafflnÉ Committees to Inform the Strate8Sc Development Plan and asslst Sn budget setting. The Governors have ensured that full insurance is in place to mitigate financial risk. The increasing risk of cyber-attack has been assessed and additlonal insurance has been put into effect to mitigate the potential irnpact of Such attacks. Training has been provided to all Siaff to raise awareness of the potential cyber risks both at school and at home. 15
KING'S HOUSE SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS Icontinuedl YEAR ENDED JI AUGUST 2023 STRATEGIC REPORT Icontlnuedl PrinripulRisks Icontinuedj The School works hard to ensure that debtors are well managed and the Finance Comrnittee reviews Outstanding debts On a termly ba515. The School offers the option for parents to pay fees in advance to support the c3sh flow. Through the Health and Safety Committee, risks to staff, pupils and visitor5 are considered. The Health and Safety ¢omrnittee review5 all 1c1dent report5 and considers the reports frorn independent specialists engaged to undertake health and s3fety, fire and security audits of the school premises. Last year a health and safety audit was commissioned by the School through an Independent consultancy, and fSndings and actions are were addressed during this academic year. The Safeguarding Governors undertake termly rewews to ensure that staff are familiar with all safeguarding pr¥tices and prts¢edures and have beev adequately trained They a150 review the terrnly Complaint5 Report. Cornpliance issues are considered by each Sub-committee. according to Its terms of reference. POLICIES Investment Polky The Govemors believe that investment in the development of the School's facilities is a key priority and, accordinglyi make limited external investments. The School continues to monitor the market value of its properties in relation to their book Value. The School'5 bankers hold a charge in theform of a first legal mortgage over certain oftheschool's land and buildings. Policie5 ondprocedure5 The School is grateful for Governor5, SUPPOrt in area5 of Child Protection and Safeguarding. Appropriate Safer Recruitln8 training has been undertaken by member5 of the Governing Body in order to help in area5 of recruitrnent and to rneet current re8ulatory and inspertion guideline5. All Governors have received training in Safeguarding Children. The School's CompliaTrce Officer en5ure5 that all re8ulatory poliries are kept up to date, and these and othe¥ Policies are reviewed internally and emternally durin8the year as appropriate. Re5eThes The Board regularly review5 the General Fund and the designated funds to ensure that they are at appropriate levels. Two designated funds are Set aside and built up each year. The Property Fund has increased in 2023 to £6,710.365. The Bursary Fund has increased in 2023 to £109,146 after a transfer to it of £60,000 and awards made of £60.619. The General Fund stood at £4,889,285 at year end. Transfer5 are rnade to the Property Fund when there are SLtrplus funds available, to reflect the reinvestment of the School's 5urpluse5. In common with other independent schools. the Board has invested substantial Sums into new school building5 in recent year5 and ha5 a continuing prograrnme of refurbishment. redevelopment and investrnent to rnaintain excellent teaching facilitie5 for our pupil5. The purpose of the Bursary Fund 15 to offer a5515tance to boy5 who may benefit from independent educatrofi and to help existing parents who may suffer sudden financial difficulties, Addicionally, the charity plans to continue developing Its outreach initiatives, and to draw from the Bursary fvnd to support charities that are focused on improving the lives of disadvantaged young Children. The Board is comfortable that the cUrnt level of free reserves of £3,185.676 is sufficient to meet the operating requirements of the School and is equivalent to approximately six months, expenditure. However, given the increasinglv uncertain times, the 8oard has initiated a project to determine both a minirnum and target level of free reserves for ihe School. 16
KING'S HOUSE SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT ANO ACCOUNTS l¢oniinuedl YEAR ENDED 31 AUGUST 2023 STFLATEGIC REPORT Icontinuedl Reserves l¢ontlnuedl The Board considers that, given the strength of the tharlty's balance sheet, the stable cash flow from full student rolls, the bank facility that can be called upon if the need arises and sts contlnuln8 popularity, the School has sufficient reserves to continue as a 80ing concern in the future. FUNDRAISING The School is not reglstered wlth the Fundralslng Regulaiorand has not engaged In professlonal fundralsSng durlnE the year. Any fundraising activities ald of charitles supported by the School and the Pupil's Charity Commlttee, are notified to parents during the year through the blweekly newsletter, whlch Is emailed to parents. There were no complalnts received during the year and the School has robusi policies in place re8ardln8 vulnerable people and treating donors fairly. 5TRucfuRE. GOVERNANCE AND MANAGEMENT Governlng Document The School is 8overned bythe charitable Trust Deed dating from 1957 and last arnended in 2009. The Articles of Association were amended and updated in December 2018 and registered at both Companies Plouse and the Charity Commission. Re¢rultmentand Trnlninq olGobErnor5 The Govemors are elected at a fvll fjovernin8 Body meetin8. Governors a appointed by ihe Board for two terms of 4 years. Procedures are in place to identify and recruit suitable individuals to provide stren8th and balance to the Board. Key areas of expertise considered are education, finance, child welfa, le8al, property and human resources. On appointment. Governor5 are inducted into the workings of the Charity, and briefed on their legal obligations under charity and cornpany law. They are provided with a copy of the charity's Memorandum and Articles of Association, the Board StTUCture, comrnittees and decision-making process. New Governors are briefed on the recent financial and acadernK perforrnance of the School and trading subsidiary. Governors are encouraged to attend. and do attend, events at the school, in-5chool training sessions and external 5erninars held by the Association of Governing B(Klie5 of Independent Schools IAGBISI, the Independent khools, 8ur5ars' Association (ISBAI and other professional bodies includin8 haysmacintyre and aeeredited child protECtion training. They have acce55 to a variety of publications relating to 8overnanee and deVelrnentS in education, which are tirculated to all member5 of the Governin8 Bodv. Orqonisrtlon•lManagement As trustees of the Charity, Governors determine the policy of the School, and are legally responsible for the overall management and control of KinB'S House School. Dayto day mana8ement is delegated to the Senior Mana8ement Team. 17
KING'S HOUSE SCHOOL TRUST IRICHMONOI LTD ANNUAL REPORT AND ACCOUNT5 l¢ontinuedl YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT Icontinuedl OrgJni$4tlOllolM#n#gement (¢ontlrtuedl Sub Committee 8ursaiies and Publlt eeMfftCurnTnlllee What it does Meets bt a rninimurn once a year to review the School'5 buTsary and public benefit provision and make recommendatlons for the follow*n8 year. Educaikin & Pastoral Committee IEPC) Meets each term to reeW the Schooys academic achievements and pastoral care Hnance & i)evelopmentCommlttee IF Meets each term to review the financlal performance of the School. Approve5 the annual budget. Rle5 the audited accounts and annual report for approval by the Board. Revlews devekpment prolects and makes recommendatlons to the Board based on the khool's Strateglc Development Plan. Review5 the Risk Re8lSterannually, and as5es5e5 ri5b termly. Human Re50ur¢es Commrttee IHRCI Meet5 each term to review tErrns and conditions of employment lincludin8 rernunerationl of all staff including key pery)nnel. Provides an alternative forurn for personnel Issue5 Outside the usual mana8ement procedu. Heahh & Safety Commthe IHSCI Meets each terrn to Teview issues relating to healt safety and welfare of pupils. staff and visitors. Reviews policies and ensures procedures are effectNe. 14omlnatiofis Committee INCI Meet5 annualty to a55e55 the Governor5, self-evaluation questionnaires. Reviews Governors. ski115 matrix and plan5 recruitmentof Governors. SakBuardlni Comfflltle¢ Meets each term to review all 5afeEuardin8 is$5 and policies and SinEle Central Register. Ensuresthat all staftarerecrulted In accordancewlththe Safer Retruitment Policy. EureS that Safegvarding matters are effectively dealt with. Conducts audits to ensure all staff are aware of Safeguarding procedures and practlces. Rel•tedp¢¥rtles None of the Governor5 receive remuneration or other benefit from theirwork with the School. Any contractual relationship must be disclosed and notes of irsterest are retained in written form. Many of the Govemor5 are parents of former pupils of the School. however. it Is a Board policy that no current parents are recruited to join the Board. As a cornpany limited by guarantee. the School has set up a Register of Persons wrth Significant Control. The company knows or has reasonable cause to believe that there is no re8lStrable person or registrable relevant legal entity in relation to the company. The School incorporated King'5 House School Enterprises Ltd, a wholly owned subsidiary cornpany. to manage the lettin8S of the various school properties, most $18nificantly the King'5 House Sports Ground. the leasehold of which was acquired in 2010 and was extended in 2020. The Enterprise Board compri5e5 a minimurn of one Governor of King's House School and leasi two independent Oire¢tors. The Board meets terrnly to review the Enterprise operation and financial perforrnance and Makes recommendations to the school 8oard through the FDC for development of the facilities. The Mead and the Bursar attend all meetings of the Enterprise Board. The sub5idiary'5 mission 15 to provide sporting, recreational. social and other facilities foi the pupils of the school and for the wider cofflmunrty, to rnitigate the c05ts of running the grounds. and the Enterprise Company accounts are consolidated into the School's Annual Accounts. Kin¥s House School Enterprises Limited has recorded the School as a Perso# with Si8nifi¢aftt Cofitrol. 18
KING'S HOUSE SCHOOL TRUST IRICHMONDI LTD ANNUAL REPORT AND ACCOUNTS Icontinuedl YEAR ENDED 31 AUfjUST 20Z3 STRATEGIC REPORT Icontinuedl Poypollcylorsenlor5tsff The School operates banded salary ranges for all teaching staff. including Senior staff. The banded ranges are benchmarked agaSnst other Sndependent schools which are registered with ISC. Non-teaching Senior staff salary leve15 are compared to other appropriate benchmarks. This allows the School to remain an attractive employer in the independent school sertor. The bands are reviewed annually and, generally, an inflatSonary Sncrease Is applled. Thls is dependent utK)n the financlal sucCS of the charity and increases being offered in similar school5. GOVERNORS, AESPONSI8ILmES IN RÉLATION TO THE WNANCIAL STATEMENTS The Governors (who are also dSrectors of the charltable company for the purposes of company lawl are responsible for preparing the Governors, Report and the financial statements in accordance with applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlcel, includlng the Charities SORP and Financial Reporting Standard 102. Company law requires the directors to prepare financial statements for each financial year. which give a true and fair view of the State of affairs of the charitable company and Group and of the Incoming resources and application of resources. includin8 the income and expenditure of the Charity and Group forthat period. In preparing these financial statements. the trustees are required to.. Selett suitable attountin8 ptslicies and apply them consistently., Obsetve the method5 and principles in the Charities SORP IFRS 1021.. Make judgements and estimates rhat are reasonable and prudent., State whether applicable UK Accountln8 Standards have been followed, subjecr to any materlal depèrtures disclosed and explained In the financlal statements., and Prepare the accounrs on the going concern basls, unless it Is Inapproprlate to assume that the company wlll continue in operation. The trustee5 are responsible for keeping proper accounting records that disc105e. with reasonable accuracy at anytime, the financial position of the Charity and Group and enable them to ensure that the financial statements Comp with the Companies Art 2006. They are a150 responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. As directors, they also conflrm that there is no relevant audit informaiion of which the companvs audTtors art unaware and they have made all necessary enquiries and taken such steps that they ought to, to ensure that they become aware ol anv relevant audit information, and they confirm that the CharSVs audltors have been made aware of such Informatlon. Thls Annual Report, which incorporates the Strategic Report, was approved by the Board of Governors of King's House School on 7th December 2023 and slgned on Its behalf bv= Chrls Laverry Chair of Governors 19
INDEPENDÉNT AUDITOR'5 REPORT TO THE MEMBERS AND GOVERNORS OF KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED Opinion We have audited the financial statements of Kin<$ House School Trust IRSchmondl Limited forthe year ended 31 August 2023 which cornprise the Group Statement of Financial Activities, the Group and Parent CharStable Company Balance Sheet, the Group Staternent of Cash Flows and notes to the financial statements, including a summary of slgnificènt atcountlng policies. The financial reportingframeworkthat has been applied in their preparation isapplicable law and United Klngdom Accouniing Standards, including Financial Reporting Standard 102 The Finonciol Reporting StandtJrd upplicoble in the UKund Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practicel. In our oplnSon, Ihe financial statements.. 8fve a true and fair view of the state of the group and parent charitable cornpany'5 affairs as at 31 August 2023 and of ihe group and parent charitable compan15 net rnovement in funds, including the income and expenditure. forthe vear rhen ended,. have been properly prepared In accordance wSth Unlted Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. Basi5 for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responslbSlltles under those stsndards are further described in the Auditorfs responsibilities for the audit of the financial statements settion 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 FRCS Ethical Standard. and we have fulfilled our other ethlcal responsibS1itles in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and approprSate to provlde a basis for our opinion. Concluslons relatlngto goSng concern In auditingthe financial statements. we have concluded that the trustees. use of the Rolng concern basls of accountlng In the preparation of the fsnancial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relatlng to events or conditions that, individually or collectively, may cast Sl6nificant doubt on the group or parent charitable company's ability to continue as a golng concern for a period of at least twelve months from when the financial 5tatement5 are authorised for issue. Our responsibillties and the responsibilities of the trustees with respectto golng concern are described inthe relevant section5 of this report. Other Snforrnatlon The trustee5 are responsible for the other information. The other informatlon comprises the Informatlon Included In the Trustee5' Annual Report. Our opinion on the financial statements does not Cover the other Information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance £onclusion thereorn. In connectron with our audit of the financial 5tstement5, our responsibility is to read the other information 3nd, in doin8 $0, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obiained in the audit or otherwise appears to be materially rnis5tated. If we identify such material Inconsisiencie5 or apparent material misstatements. we are required to determine whether there is a material mlsstatemeni In the financial staternent5 or a rnaterial rnisstaternent of the other information. If. based on the work we have performed, we conclude that there is a Tnaterial mi55tstement of this other inforrnation, we are required to report that fact. We have nothin8 to report in this regard. Opinions on other matters pres¢rlbed by ihe Companies A¢t 2Th)6 In our opinion, based on the work undertaken in the course of the audit. the information given in the Trustees, Annual Report (which Includes the strategic report and the directors, report prepared for the purposes of company lawl for the finanual year for which the financial statements are prepared Is consistent with the ffnanclal statements,. and the strategic report and the directors. report included within the Trustees, Annual Report have been ppad in accordar*ce with applicable legal requirements. 20
INOEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND GOVERNORS OF KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED Matters on whith we are requlred io report by exception In the light of the knowled8e and understandin8 of the 8roup and parent charitable company and its environment obtained in the course of the audit, we have not iijentified material misstatements In the Trustees, Annual Report Iwhi¢h incorporates the strate8ic report and the directors. ieportl. We have nothin8 to report in respect ctf the followin8 matters in relation to which the Companies Act 2006 requires us to reprjrt to you if, in our opinion.. adequate accounting records have not been kept bythe 8roup and parent charitable company,. or the group and parent charitable company financial statements are not in agreement with the accounting record5 and returns,. or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained more fully in the tru5tees' responsibilities statement setout on pages 19, the trustees (who are also the directors of the group and parent charitable company for the purposes of company lawl are responsible for the preparation of the linancial statements and for being Satisfied that they give a true and fair view, and for such internal control as the trustees deterrnine 15 necessary to enable the preparation of financial statements that are free from rnaterial rni55t8tement, whether due to fraud or error. In preparing the financial staternents. the trustees are responsible for as5e55in8 the group's abilfty to continue as a going concern, disclosing, a5 applicable, Matter5 related to going concern and using ihe goinR concern basis of accountinE unless the trustees either intend to liquidate the group or parent char¥table company or to cease operations, or have no realistic alternative but to do $0. AudltoVs responsibilltles forthe audlt of the finan¢lal #ments Our objectives are to obtain reasonable assurance about whether the financial 5taternents as a whole are free from material mi5Statement, whether due to fraud or error. and to Issue an auditorfs reportthat includes our opinion. Reasonable 355urance is a high level of a55urance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exists. mi5ststement5 can arise from fraud or error and are Considered material if, individually or in the aggregate, they could reasonably be expected to influente the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedufes in line th our responsibilities, outlined above, to detect material misstatements in respecr of Irregularities, including fraud. The extent to which our procedures are capable of detetting irregularlties, includJnK fraud is detailed below. Based on our understanding of the group and parent tharitable company and the environrnent in which it operates, we idertified that the principal risks of non-compliance with laws and regulations related to employment law, safeguarding regulatiortrs and Charity and Company law, and we considered the extent to which non-cornpliance might have a material effect on the financial statements. We also considered those laws and regulations th3t have a direct impacton the preparation of the financial statements such as the Companies Act 2Tr)6, Charities Act 2011 and Charitie5 SORP. We evaluated management's incentNes and opportunities for fraudulent manipulation of the financial statements lincluding the risk of override of controls). Audit procedures performed by the en83gement tearn included,. Inspecting minutes of Trustees, meetings." Reviewing the latest Independent Schools Inspectorate IISII reports- Inspecting correspondence with regulators and tax 3Uthorities-, Discu5510ns wilh management ir*cluding consideration of known or ssPected in5tancEs of non-compllance with laws and regulation and fraud,. Evaluatin8 rnana8ement's controls designed to prevent and detect irregularities,. Identifying and testing journals., and Challengin8 as5UrnPtions and judgements made by managernent in their critical accounting estirnate5. These related to depreciation and bad debt provisions. 21
INDEPENDENT AUDITOWS REPORTTO THE MEMBERSAND GOVERNORS OF KING'S HOUSE SCHOOL TrVST IRICHMONDI IIMITED Because of the inherent lirnitations of an audit, there 15 a risk that we will not detect all irregularities, including those leadin8 to a material misstaternent in the financial statement5 or non-compliance with regulztion. Thi5 risk increa5e5 the MO that complian£e with a law or regulation is rernoved from the events and transactions reflected in the linarncial 5tatefflents, as we will be les5 likely to becoffte aware of instances of non-cornpliance. The risk 15 also greater re8ardin8 irre8ularitie5 oc<urrin8 due tts fraud rather than error, as fraud inVoe5 intentional concealment, for8ery, collusion. offli55ion or mi5repre5entation. A further description of r responsibilitles lor the audit of the financial statements is located on the Financial Reportin8 Council's website at.. ww%v.frc.or onsiblities. This des¢riptSon forms part of our auditorfs report Use of our report This report is made Sole to the ¢haritable company's members, as a bodyj In a¢¢ordance with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audit work has been undertaken sothat we mi8ht state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest ektent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's rnernbers, as a body. for our audit work. for this report. or for the opinions we have formed. c£s Kathryn Burton Isenior Statutory Auditor) For and on behalf of Hay5macintyre LLP, Statutory Auditor5 Date.. 12th December 2023 10 Queen Street Place London EC4R IAG 22
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilntludlnl intome and exndIture account) FOR THE YEAR ENDED 31 AUGUST2023 Unrestricted funds General Designated 2023 Total 2022 Total Notes INCOME FROM Charltable activltles School fees receivable Other income 7.494.670 499,435 11.1741 7.493,496 499,435 7,034,667 396,741 TradSn¥ artlvftles 880,794 880,794 898,493 Invstm•ni Incomt 74,453 74,453 2,468 Donatlons 21,044 8,447 29,491 19.337 surplus on sale of property 260,029 260,029 Total Income 9,230,425 7,273 9,237,698 8.351,706 EXPENDITURE ON Ralskng funds 299,795 299,795 170,027 Charitable a¢tvitles Education and 8rant makin8 7,731,829 60,619 7,792,448 7,472,737 Totol expendlture 8,031,624 60,619 8,092,243 7.642,764 Net income before transfer 1,198.801 153.3461 1.145.455 708.942 Transfers 17 11.532.429) 1,532.429 Net income 1333.6281 1,479.083 1,145.455 708,942 Balance brought forward 5.222,913 5,340,428 10,563,341 9,854.399 8alance carried forward 17 4.889,285 6.819.511 11.708,796 10.563,341 All artivities are continuing. There were no recognised gains or losses other than those shown in the above Statement of Financial Activities. The Statement of Financial Activitie5 lorthe cornparative period is presented in note 22. Donations Incorne includes £2.500 12022-. £5,0001 of restricted donations which were ful spent before the year end in accordance with the relevant restrictions. These have not been Separately disclosed due to beln8 Immaterial. 23
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED ON50LIDATED AND CHARITY BALANCE SHEET Re8lstered Company No. 590559 AS AT 31 AUGUST 2023 2023 2022 Group School Group S¢hool Notes INVESTMENTS li 1,000 TANGIBLE FIXED ASSETS io 8,413,974 8,385,444 6.848,427 6.828,846 CVRRENf A55ET5 Debtors Cash at bank and in hand 12 13 524,208 5.781,725 349,901 S.610,3S8 477.119 5.541.720 343.609 5.215.827 6.30S.933 5,960.2S9 6,018.839 5.559.436 CREDITORS: amounts due within one year 14 11.756,7111 11,696.9821 11,178,675) 11.151,3511 NET CURRENT ASSErs 4.549.222 4.263,277 4,840,164 4,408,085 TOTAL A55ETS LESS CURRENT LIABILbTIE5 12,963.196 12.649,721 11.688,S91 11.237.931 CKÉDITORS.. amounts due after one year 15 11.254.400) 11.254.41X)I 11.125,2501 11.125.250) NET ASSETS 11.708.796 11.395.321 10,563.341 10,112,681 REPRESENTED BY: Unrestricted Funds General Non CharItab tradlng funds 4,575,810 313,475 4,575,810 4,772,253 450,660 4.712.253 li i? 17 4,889,285 6,819,511 4,575.810 6,819.511 5.222,913 5.340,428 4.772.253 5.340.428 Designated 11,708.79S 11,395,321 10,563,341 10,112,681 King's House School Trust (Richrnondl Limited has taken the exernption from pre5entin8 It5 un£onsolidated statement of financial activities under section 408 01 the Cornpanies Act 26. The net movement in fund5 of the CharSty was a surplus of £1,282.64012022.. £547,603). The financial statements were approved and auth0ri5ed for issue by the Board 7 December 2023 and signed on its behalf by.. C Laverty The accompanylng notes on pa8es 25- 38 form part of these financlal statements. 24
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED CON50LIDATED CASH FLOW STATEMENT YEAR ENDED 31 AUGUST 2023 2023 2022 Notes Cash Ilows from operating activitie5 Net income Interest received Interest payable Depreciation charge ISurplusl/loss on disposal of fixed assets Ilncreasel in debtor5 Increase/ldecreasel in £redltors 1.145,455 174,4531 380 353.766 1260.0281 147,0891 759.829 708.942 12.4681 1.761 355.240 420.632 1147,8861 1356,1961 Net ¢a$h prgvlded by operaiinK a¢ti¥ities 1.877,860 980.025 Cash flows from investlng actMile$ Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Investment incorne 11,969,667) 310,382 74,453 1393,9391 Net cash used in investing activltie$ 11,584,832) 1391,4711 Cash Ilows Irom flnanci actItieS Repayment of loan Inteiest paid 152.6431 13801 1104.1581 11.7611 Net ¢a5h used In byfinanclng a¢tlvftles 153,0231 1105,9191 Net movement in cash and cash equivalents Cash and cash equivalents at the beginning of the year 240,005 5,541,720 482,635 5,059,085 Cash and cash equlvalents at the end of the perfod 13 5,781,725 5,541,720 Anatysl$ olcash and cash equlvalents At 31 Au8USt 2023 At 31 August 2022 Cash at bank 13 5,781.725 5,541,720 5,781.725 5.541,720 Analysls of ¢han8•5 In net dèbt At start of year Cash flows At end of year Cash at bank Loans 5,541,720 152,6431 240,005 52,643 5,781,725 Net debt 5,489,077 292,648 5,781,725 The accompanying notes on pa8es 26- 38 form part ol these flnancial statements. 25
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITÉD NOTESTQ THE FINANCIAL 5TATEMENT5 YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES AcuJuntln8 ¢onventlon The financial statements have been prepared In accordance wlth the Financial Reporting Standard applicable in the VK IFR51021, the Companies Act 2006 and the Statement of Recommended Prattiie for Charities ISORP 20151 (Second Edition, effedive l January 20191. Flgures are presented in sterling and rounded to the nearest pound. The Charbty is a Public Benefit Entity as defined by FRSIO2. The accounts are drawn up on the hSstorlcal cost basls of accounting, as modified by the revaluation of investments. Crltlcal accountln8lud8ements and key sources of estimatlon uncertaintv In the application of the accounting rM)licies, Governors are required to make judgernenL estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other source5. The estirnate5 and underlwng assumptions are based on historical experience and other factor5 that are considered to be relevènt. Attual re5uIt5 May differfrom these estimates. The estimates and underlyirnE assumptions a reviewed on an ongoln8 basis. Revisions to accounting estimates are reco8ll15ed in the period in which the estimate is revised il the revision affects only that perlod, or in the period of the revision and luture periods if the revision affected current and future periods. In the view of the Governors, the only assumptions concerning the future or estimation unrta1Thty affecting asset5 or liabilities at the balance sheet date are depreciation and bad debt provisions. 1.1 Consolidation The accounts consolidate the results of the Trust and Kinds House School Enterprises Limited, a separately gIstered and incorporated company. for the year ended 31 Augu512023. KinB'5 House School Trust (Richmondl Limited has taken the exernption frorn pre5entin8 Its uncon501idated staternent of financial attivities under settion 408 of the Companies Att 2006. 1.2 Goln8 Con¢•rn The Governors Consider that there are no material uncertainties reg3rdin8 the charity's ability to continue as a going concern. The Governors have reviewed budgets and associated cash now forecasts and consider there to be no material ncertainties about the charitys ability to continue as a going concern. 1.3 School fee5 Fees receivable and charges for 5ervice5 and use of premises are accounted for in the period in which the Service is provided. Fees receivable are stated after deducting allowances and other remi55ion5 granted by the School, but include contributions received from Designated Funds for bursaTie5 and other grant5. Fee5 re1ved ITh advance of education to be provided in future years under an Advance Fee Payrnent5 Scheme contract are held as intere5t-bearin8 liabilities until either taken to income in the term when used or else refunded. IA Investment incorne Investment incorne tnclude5 interest on bank balances, which are accounted ftir an accruals basis. 1.5 Donations income Donation5 are accounted for as and when entitlernent arise5. the amount can be reliably quantified and the economic benefit to the School is considered probable. Donations for purposes restricted by the wishes of the donor are taken to 'restricted funds" where these wishes are legally binding on the Trustees. 26
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED NOTES TO THE FINANCIALSTATEMENTS {¢ontinuedl YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES Icontlnuedl L6 Expenditure Expenditure 15 accounted for on accruals basis. Trading costs comprise expenditure incurred by Kinls House School Enterprises Limited in the normal course of busine55. Finance Costs comprSse interest payable on the School's borrowlngs and associated charges incurred. Charitable activities costs represent costs direttlyassociated with the provision of education and related supportC05t5. including governance costs. Governante Costs tomprise the costs of running the Charity. including strategic planning for its future development. external audit, any legal advi¢e for the School's Governors, and all the costs of complying with constitutional and statutory ¥equirements, such as the costs ol Board and Committee meetings and ol preparing statutory accounts and satisfying public accountability. 1.7 Flxed assets Depreciation is provided on freehold buildings over frfty years after allowing for the residual value of the property. Long leasehold property is depreciated over the remaifting period of the leases and after carrying out appropriate irnpairment reviews. Depreciatlon is provided on other fixed assets to write off their cost over their estimated useful lives at the following rates.. Furniture, fittings and equipment Microcomputers and equipment Motor vehicles - 4% to 20% on cost - 33 113% on cost - 25% on cost Investments Investments. comprising wholly owned subsidiary, 15 valued at C05t less provision for impairrnent. 1.9 Cash at bank and in hand Cash at bank and cash in hand include5 cash and short terrn hi8hly liquid investments with a short maturity of three months or le55 from the date of acqui51tion or openin8 of the deposit or similar account. 1.10 Creditor5 and provision Creditor5 and provision5 are reco8nised where the charity has a present obligation resultingfrorn a past event thatwill probably result in the transler of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. 1.11 Financial in$trument$ The charity only has financial assets and financial liabilrfcies of a kind that qualify as basic financial instrurnent5. Basic financial instrument5. includin8 trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. Cash is measured at fairvalue through the statement of financial 27
KING'5 HOUSE SCHOOL TRUST IRICHMONDI LIMITED NOTES TO THE FINANCIAL STATEMENTS lcontlnuedl YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES Icontlnuedl 1.12 Fund ac¢ounting Property Fund Where Gener31 Funds are surplus to requirements, transfers are made to the Desi8nated Funds to build up a Property Fund. The purpose of this policy is to reflect the lact that the General Fund has been used to finance property used fof School purposes. Bursary Fund Amounts are set aside for any awards made to children from families who would otherwise not be able to afford the fees to access the education we offer, and for parents facing temporary financial hardship. This fund is also used to support Charities that improve the Iwes of young disadvantaged children. 1.13 Pensions The School contributes to the Teacher5, Pension Defined Benefit5 Scheme at rate5 set by the Scheme actuary and advised to the Board by the Scheme Adrninistrator. The Scheme is a multi-employer pension scheme and the khool does not have any commitmentto contribute to anydeficit or receive any surplu5 arising on the scheme. In accordance with FRS102. therefore. the Scheme 15 accounted for as a defined contribution scheme. The School also operates a money purchase scheme for non-teaching staff. Contributions are chafged to the Statement of Financial Activities as incurred. 1.14 Operatlng lea$es Rentals payable are charged on a time basis over the lease term, even if the payments are not made on such a basis. Benefits received 3nd receivable as an incentive to sign an operating lease are similarly Spread on a straighi-line basis over the lease terrn. 1.15 Forelgn turrency translation The charitie5 functional and presentation currency is pound sterling. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rates of exchange ruling at the balan<e sheet date. Transattions in foreign currencles are recorded at the rate ruling at the date of the transaction. All differences are recoEnlsed in the SOFA. 1.16 Employee termlnatlon payments Termination payments are accounted for when the decision is rnade and cornrnunicated to the employee, 28
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED NOTES TO THE FINANCIAL STATEMENTS l¢ontlnuedl YEAR ENDED 31 AUGiIST 2023 CHARITABLE ACTIVITIES- FEES RECEIVA8LE 2023 2022 Fees re¢elvable Conslst of: school fees Less. Total grants and allowances Total bursarles 7,508,872 114,2021 11,1741 7,070,902 124,8001 111.4351 7,493,496 7,034.667 CHARITABLE A1vITIES- OTHER INCOME 2023 2022 Extras Disbursernents recovered Registration fee5 Deposits written off 72.668 404,067 19.200 3,500 72.901 286.097 11,793 25,950 499,435 396,741 OTHER TRADING A1VITIES 2023 2022 Tradlng Income 860.832 19.962 873,430 25,063 Aental income 880,794 898,493 INVESTMENT INCOME 2023 2022 Investment in¢tsmt Bank interest Fee5 interest 74,038 415 2,288 180 74,453 2,468 GRANTS AND DONATIONS 2023 2022 Donatlons to the TNst Friends of Kinls House School Other donations 19,242 10.249 5.227 14.110 29,491 19.337 29
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED NOTES TO THE FINANCIALSTATEMENTS l¢ontinuedl YEAR ENDED 31 AUGUST 2023 ANALY515 OF TOTAL RE50VRCES EXPENDED Stsff Costs 2023 Total 2022 Total Depre¢lation Support Raising funds Tradin8 Costs Finance costs 107,303 6.999 182.088 3.40S 296.390 3.405 164,001 6,026 107,303 6.999 185.493 299.795 170,027 Charitable activities Educotiort and gront fftoking Teachin8 Catering Premises, repair and malntenance Support costs and govemance Grants (see belowl 3,651,509 593,610 397,096 1.155,655 570,834 60,619 4,245,119 397,096 1,739.899 1.349.715 60.619 3,855,612 364,248 1.957.714 1.2S9.576 35,S87 237,477 778,881 346.767 4,667.867 346.767 2.777,814 7,792.448 7,472.737 Tot31 ejrpendfture 4.775,170 353,766 2,963,307 8,092,243 7,642,764 Grants to support disadvanta8ed chlldren at other Schools Include.. £25,634 to a local Prlmary School, £20.000 to The School & Family Works org3niiation and £14.600 to the Royal National Children's Springboard Foundation. See note 23 for the comparative analysis of resources expended. Z023 2022 G¢wernante expendlture comprb5e5'. Auditors rernuneration- audit services othev Services 14,300 3,575 12,600 No remuneration mèy be or has been paid to any Governor or connected person durlng the year esther dSrettly or indirectly. No Governor5 were reimbursed expense512022.. None). The Governors malntaln Sndemnity insurance of up to £5m. STAFF COSTS 2023 2022 Wages and salaries Social security costs Pension contributions (note 211 3.797.435 391.696 $86.039 3.522.970 372.416 567.906 4,775,170 4.463.292 30
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 AUGUST 2023 STAFF COSTS Icontinuedl 2023 2022 The average nurnber of ernployees duringthe yearwas.. Teachin8 Other 41 64 104 105 The number (>f ernployees who had errlrnents exceeding £60,tM)O were.. £60,001- E70,0 £70.001- E80.110 £iOO,ODi- £iio,ofKJ £190,1. £2,0c £200,LK>I. £210,LfO Aggregate remuneration and employee benefits paid to key management personnel durin8 the year were £767,89112022.. £723,395). There were no redundancy or termination payments during the year. TAXATION The School 15 a registered charity and no tsxation is payable on its charitable income. 10. TANGIBLE FIXED ASSETS: GROUP The movement of tan8iblelixed assets were a5 follow5.. Furniture FrÈÈhold land and buildints Long leasehold property cOmptr$ and equipment and equipment Motor vehicle KHSG Borehole Total COST At I September 2022 Additions Disposals 7,639.391 1,645,821 98,950 3.3,482 262.048 141,4051 359,033 52,323 116.232 9.474 112,214 11,329.302 1,969,666 1121,3551 179,9501 At 31 August 2023 9,285,212 19,0(M) 3.224.125 411,356 125,706 112,214 13,177,613 DEPRECIATION At I September 2022 Charge for the year Eliminated on disposal 2.451,8r6 123.042 1,535.935 178,196 141,4021 310,269 37,560 90,482 3,264 43,784 11.704 4,480,875 353,766 171,0021 129,6001 At 31 Au8ust 2023 2,574,847 19,Cthl 1,672,729 347,829 93,746 55,488 4,763,639 NET BOOKVALUE At 31 Au8USt 2023 6,710,365 1,551,396 63,527 31,960 56,726 ,413.974 At 31 August 2022 5,187,586 50.350 1.467,547 48,764 25,750 68,430 6.848.427 The School's bankers are holdln8 a first le8al mortga8e over part of the School's freehold land and bulldlngs as security for a loan and overdraft facilitv. A small amount of fiktures and fittings are held within King's House School Enterprises mIted. The total cost of these a55et5 is £57.44212022.. £41.4941 Includlng addltlons of £15.94812022.. £9,336). Attumulated dèpreclatlon for the year of £28,912 12022.. £21,913>, Including a charge of £6,99912022.. £4,825). The net bookvalueof these assets was therefore £28,53012022.. £19,5811. 31
KING'S HOUSE SCHOOL TRUST IRICHMONDI UMITED NOTES TO ThE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 AUGUST 2023 11. FIXED ASSET INVESTMENTS The School owns 100% of King's House School Enterprises Limited. registered company Thumber 07261424, which provides sporting, leisure 3nd other facilities and services. The company is registered in the United Kin8dom. During the vear. the company donated £420,62712022.. £267,090> donated in relation to 20221 of it5 taxable profits to the school. The School charged £281.00012022.. £281,000] for a license to Use the premise5 which the school leases. The balance owing to the School to the company at 31 August 2023 was £8512022.. £4.807 from the Schooll. Its tradin8 resulis extracted frorn its audited accounts for the year ended 31 Au8U5t 2023 were.. 2023 Z022 Turnover Expenditure Donation to Kin8's House School 860,832 1577,3901 1420,6271 873,430 1445,0011 1267,0901 ILossllpfoflt for the year 1137,18SI 161.339 Interest in Kinls House School Enterprises Limited Reserves 1.000 313.475 i.0 450.660 Aggregate capital and reserves 314.475 451,660 Balanc• sheet 1023 2022 Fixed asset Current Assets Current liabilities 28.S30 345.759 159,8141 19,S81 464,210 132.1311 Net assets 314,475 451,660 Net assets include share capital of £l.OCKI. 12. DEBTORS Group 2023 khool Z023 Group 2022 School 2022 Fee debtors Prepayments and accrued Income Other debtors Amounts due from 8roup companies 92,100 421,404 10.704 92,100 247,012 10.704 85 70,085 402,184 4.850 70,085 268.674 4.850 524.208 349.901 477,119 343.609 CASH AND CASH EQUIVALENTS Group 2023 School 2023 Group 2022 Sclhjol 2022 Cash at bank 5,781.725 5.610,358 5.541,720 5,215.827 32
KING'S HOUSE SCHOOL TRUST IRICHMONDI UMITED NOTESTO THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 51 AUGUST 2023 14. CREDITORS: amounts due wlthln one year Group 1023 School 2023 Group 2022 School 202Z Bank loan Other taxe5 and social security Accruals Trade creditors Other creditors Deposits Deferred incorne-lees in advance Amounts due to Broup cornpanies S2.643 114.477 224.542 294.099 27,803 128,339 336.772 52.643 106,110 211,524 284,103 27,053 128,339 336,772 4.807 102.881 371,770 734,436 71,971 123,550 352.103 95.497 361,885 734.243 29,704 123.550 352.103 1,756.711 1,696,982 1,178,675 1,151,351 15. CREDITORS: amounts dve after one year Group & School 2023 2022 Dep051ts 1.254.400 1,125.250 16. BANK LOANS Group & School 2023 Z022 MATURITY OF DEBT Within one year Two to five years 52,643 S2,643 7he bank loan and overdraft faclitY were secured by a charge overcornmercial freehold property owned by the School. The bank loan bore interest at a rate of 1% over Bank of England base rate. which increased to 1.75% during 2022. The bank loan was repaid in full during the year. 33
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMED NOTES TO THE FINANaAL STATEMENTS Icontinuedl YEAR ENDED 31 AUGUST 2023 17. FUND MOVEMENTS At I September 2022 At 31 August 2023 Income Expendlture Transfers Unrestricted Funds General Fund 5.222.913 9.230.425 18.031.624) 11.532,4291 4.889.285 Designated Funds Property fvnd Bursary fund 5,237,936 102,492 1,472,429 60,000 6,710,365 109.146 7,273 160.6191 10,563,341 9,237.698 18,092,2431 11,708,796 A5 at 31 August 2022 At I September 2021 At 31 AutU5t 202Z Income Expenditure Transfers UnrestrKted Funds General Fund 3.996.589 8,349,031 17,607,177) 484,470 5,222,913 Designuted Funds Property fund Bursary fund S,782.406 75,404 1544,4701 60,000 5.237,936 102,492 2.675 135.5871 9.854,399 8,351.706 17,642,764) 10,563.341 Property Fund Where General Funds are surplus to requirements, transfers are made to the Property Fund to build up a Property Fund. The purpose of this pol*¢y is to feflect the fact that the General Fund has been used to finance property used for School purposes. 8ursary Furbd Amounts are set aside for any awards made to children trom families who would otherwise not be able to afford the fees to acce55 the education we offer. and for parents facing temporary financial hardship. NET ASSETS BY FUNDGROUP TanBible fixed assets Net currerrt a55ets Lon8 term Total fjeneral Fund Designuted Property fund Bursary fund 1.703.609 4,440.076 11,254.4001 4,889.285 6,710,365 6,710,365 109,146 109,146 8.413,974 4.549,222 11.2S4.4001 11,708,796 As at 31 August 2022 General Fund Oesignoted Property fund Bursary fund 1,610.491 4,737,672 11,125.2501 5.222.913 5,237.936 5,237,936 102.492 102,492 6.848.427 4.840.164 11,125,250) 10,563.341 34
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED NOTES TO THE FINANCIAL STATEMENTS l¢ontlnuedl YEAR ENDEO 31 AUGUST 2023 19. OPERATING LEASE COMMITMENTS At 31 August 2023, the School's and group's future minimum operating lease payments are as follows.. Group and khool 2023 2021 Operatlng leases whl¢h explre: Within one year In two to five years Greater than five years 132,906 497,165 4,980,000 133,251 504,831 5.100,0(K) 5,610,071 5,738,082 Total costs incurred during the year in respect of rent31 costs for assets held under operating leases were £133,251 12022.. £133.9481. The school is party to a long-term operating lease with the London 8orough of Hounslow for the Kin(5 House School Sports Ground, Clubhouse and other buildings on the site in Duke'5 Meadow, Chiswick. The lease was restructured In March 2020 and will expire in March 2070. PENSION SCHEME The School participate5 in the Teachers, Pension Scheme 1.the TPS"I for its teachin8 Staff. The pension char8e for the vear include5 Contributions payableto the TPS of £457.08512022.. £437,575) at the year-end £Nil12022- £Nill was accrued in respect of contributions to this scheme. The TPS is an unfunded mutti-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers. Pension kheme Regulation$ 2014 las amended). Members contribute on a "pay as you go" bas15 With contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuar¢5 Department. The most recent actuarial valuation of the TPS wa5 prepared as at 31 March 2016 and the Valuation Report. which was published in March 2019. confirmed that the ernployer contribution rate for the TPS would increase from 16.4% to 23.6% from I Septernber 2019. Employer5 are also required to pay a Scheme administratlon levy of 0.08% giving a total employer contribution rate of 23.68% lit has been confirmed that the total employer contribution rale will increase to 28.68% from April 20241. The 31 March 2016 Valuatlon Report was prepared in accordance with the benefits set out In the scheme re8ulaisons and under the approach specified In the Oirertions, as they applied at 5 Mar<h 2019. However. the assumptions were considered and set by the Department for Education prior to the rulSng in the'M¢(loudlsargeant case. This case has requlred the courts to consider Cases regarding the implementation of the 2015 reloims to Public Servlce PensSons Includlng the Teachers, Pensions. The TPS 15 subjert to a cost cap mechanlsm whlch was put In place to protect taxpayers acalnst unforeseen changes in scheme costs. The Chief Se<tary to the Treasury, havin8 Sn 2018 announced thatthere would be a VieW of thls cost cap mechanism. in January 2019 announced a pae to the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there was certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and following a public consultation in 2021. the Government have accepted three key proposals recommended by the fjovernment Attuary. and are aimin8 to Implement these chan8es in tirne for the 2020 valuations. 35
KING'S HOUSE SCHOOL TRUST IAICHMONDI LIMITED NOTES TO THE FINANCIALSTATEMENTS IntInued} YEAR ENDED 31 AUGLIST 2023 PENSION SCHEME lconiinuèd) The 2016 cost control valuations were completed in January 2022, and the results indicated that there would be no changes to benetits or member contributions required, The results ol the cost cap valuation are not used to set the employèr contribution rate, and HM Treasury has indicated that any Changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024. Vntil the 2020 valuation is Completed it Is noi possible to conclude on any financial impact or future Changes to the contribution rates of the TPS. Accordin8lvt no provision for any additional past benefit pension costs is included in these financial statements. The School also operates a Group pension Kheme lor non-teaching staff which is a defined contribution scheme with employee5 contributing 5% and the School IO%12022.. 5% and IO% respectively). The total contributions payable by the School in the year were E124.105 12022.. £124,967). A5 at 31 August 2023 amount5 totalling £16.410 12022.. £13.6281 were due to the Scheme and are included within other creditors. 21. RELATED PARTY TRANSAcnoNS Kin8's House Enterprises Limited is a wholty owned subsidiary of Kinls House Schotsl Trust (Richmond) Mited. At the year*nd there wa5 an amount due tc King's House School Trust (Richmond) Limited of £Nil12022.. £Nill in Spect of profits gift aided to the school by the subsidiary companv. The daughter of one trustee was employed on a permanent contract during the year as a nursery assistantThe trustee was not involved in the decision to employ her or set her remuneration. No Governors had any other related party transactions with the 8roup during the year12022.. Nil). 36
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED NOTESTO THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 AUGUST 2023 COMPARATIVE CON50LIDATED STATEMENT OF FINANCIAL ACTNITIES Unrestrlrted funds General DeslÉnated 20Z2 Total INCOME FROM Charitable activltle5 School fees receivable Other income 7,046,102 396,741 111,43SI 7,034,667 396,741 Trading artivitle$ 898,493 898,493 Investment Intome 2.468 2.468 tk*natlon$ 5.227 14,110 19.337 Total In¢ome 8.349,031 2.675 8.351.706 EXPENDMJREON Raising funds 170.027 170,027 Charltable artivities Education and grant makin8 7.437.150 35.587 7.472.737 Total expendiwre 7.607.177 35.587 7,642.764 Net Income before traNfer 741,854 132,9121 708.942 Transfers 484,470 1484,4701 Net Income 1,226,324 1517,3821 708,942 Balance brought forward 3,996,589 5,857,810 9,854,399 Balance carried forward 5,222,913 5,340,428 10,563,341 37
KING'S HOUSE SCHOOL TRUST IRICHMONDI LIMITED NOTES TO THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 AUGUST 2023 23. COMPARATIVÉ ANALYSIS OF TOTAL RESOURCES EXPENDED ANALYSIS OF TOTAL RESOURCES EXPÉNDED Staff Costs 2022 Total Depreeiation Support RaisTrng funds Trading costs Finance costs 82.549 4.825 76.627 6.026 164,Wi 6.026 82,549 4,825 82,653 170,027 Charltsble actl¥f¢les Educution ondgrt7nt moking reaching Catering Premises, repair and maintenance Support costs and governance Grantslsee beSowl 3,388,951 466,661 364,248 1.354,017 521.066 3S,587 3,855,612 364,248 1,957,714 1,259,576 35,587 253,282 738.510 350.41S 4,380,743 350.415 2,741,579 7.472.737 Total expendlwre 4,463,292 355,240 2,824,232 7,642,764 38