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2023-08-31-accounts

THr. Ki NCI'S SCHOOL l. 14 L S'T F. K ANNUAL REPORT AND FINANCIAL STATEMENTS For the 12 Month Period st st from I September 2022 to 31 August 2023 Charity no. 525934 Dtscoverin Ihe world hR JUTrJlOR. Igniting ¢ui'iosiry KIN'lI.b Sei7iiig opporfu1711}' -Becomitig excepti.o.nal SiXT*I.EI)AAI_,. . Lvi.Rl' UPPORTUNITY. ENDLI.55 1:0551BILITIIS.

Governors'
Report		 3 —23
Statement ofGovernors' Responsibilities 24-25
Auditor's
Report		 26-29
Consolidated
Statement		 of Financial 30-31
Activities
Consolidated
Balance Sheet		 32 —33
Charity Balance Sheet 34-35
Consolidated
Statement		 ofCash flows 36
Notes to the Financial Statements 37—66

Advisers:
Bankers Handelsbanken
2Albion House, Albion Street
Chester CH11RQ
Insurance Hettle Andrews
2 Brunswick Square
Birmingham
B12LP
Lawyers Weightmans
100Old Hall Street
Liverpool,
L3 9QI
Ellis Whittam Knights 1759
Woodhouse The Brampton
Aldford Newcastle-Under-Lyme
Chester Staffordshire
CH3 6JD STS OQW
Investment Investec Wealth 5 Investment
Advisers 100Old Hall Street
Liverpool
L3		 9AB
Auditors W R Partners
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
Architects Scott Architecture
68 High Street
Tarporley
Cheshire
CW6 OAT

1year 5-year YTD
The King's School Bursary Trust Fund Performance 0.43% 15.8590
The Lester Smith Bursary Fund Performance 5.53% 10.93%
The King's School Prize Fund Performance 0.44% 9.63%
FTSE All Share Index 523% 18.39%
FTGovernment
All Stocks Index		 -9 46% -18.76%
Bespoke Benchmark 1.73% 18.04%

F OR THE Y EAR E NDED 31AUGUST 2023
Unrestricted Total Total
Endowment funds Restricted funds funds funds funds
2023 2023 2D23 2023 2022
Note EDDD EDDD EDDD EDDD EOOD
Income and endowments
from:
Donations
and legacies		 233 497 337
Charitable
activities		 15,321 15,321 14,170
Other trading
activities		 149 149 135
Investments 102 192 175
Other income 234 (21) 213 89
Total Income and
endowments 588 15754 15172 14906
Expenditure
on:
Raising funds 10,11 22 87 108 128
Charitable
activities		 12 14,433 14,613 13,699
Total expenditure 202 14525 14722 13827
Net income before net
losses on investments 386 1,650 1,079
Net losses on investments (52) (52) (352)
Net movement
in funds
before other remgnised
gains/(losses) 1,264 1,598 727
Other remgnlsetl
gains/(losses):
Actuanal
(losses)/ga5ns		 on
defined benefit pension
schemes 28 (31) (31) 326
Net movement
in funds

Unrestricted Total Total
Endowment funds Restdcted funds funds funds funds
2023 2023 2023 2023 2022
Note 6000 3000 3000 BIO EOOO
Reconciliation offunds:
Total funds hroughtforward
Ilgwu		 22 221 3,707 17,772 21,700 20,647
Net
s		 movement in funds
su I		 4 ~~ 1,233
1%as~		 ~Q

AS AT 31AUGUST 2023
2023 2022
Note 6000 EOOD
Fixed assets
Tangible assets 16 19,640 16,538
Investments 17 3,624 3,403
23,264 19,941
Current assets
Stocks 18 14 10
Debtors 19 5,400 4,724
Cash at bank and in hand 25 3,597 5,422
9,011 10,156
Creditors: amounts falling due within one year 20 (9,645) (8,590)
Net current liabilities/assets (634) 1,566
Total assets less current liabilities 22,630 21,507
Creditors: amounts falling due after more than
one year 21 (587) (1,014)
Net assets excluding pension asset 22,043 20,493
Defined benefit pension scheme asset 28 1,224 1,207
Total net assets

2023 2022
Note 6000 6000
Charity funds
Endowment funds 22 221 221
Restricted funds 22 4,041 3,707
Unrestricted funds
Unrestricted funds excluding pension liability 22 17,781 16,565
Pension reserve 22 1,224 1,207
Totalunrestricted funds 22 19,005 17,772
Totalfunds 22 222

AS AT 31AUGUST 2023
2023 2022
Note 6000 6000
Fixed assets
Tangible assets 16 19,640 16,538
Investments 17 3,674 3,453
23,314 19,991
Current assets
Stocks 18 14 10
Debtors 19 5,377 4,741
Cash at bank and in hand 3,407 57240
8,798 9,991
Creditors: amounts falling due within one year 20 (9,574) (8,554)
Net current liabilities / assets (776) 1,437
Total assets less current liabglties 22,538 21,428
Creditors: amounts falling due after more than
one year 21 (587) (1,014)
Net assets excluding pension asset 21,951 20,414
Defined benefit pension scheme asset 28 1,224 1,207
Total net assets ~37

THE KING'S SCHOOL
C H
E ST E X
AS AT 31AUGUST 2023
2023 2022
Note E000 6000
Charity funds
Endowment funds 22 221 221
Restricted funds 22 4,041 3,707
Unrestricted funds
Unrestricted funds excluding pension liability 22 17,689 16,485
Pension reserve 22 1,224 1,207
Total unrestricted funds 22 18,913 17,693
Totalfunds

Annual
Report and Financial Statements
 Annual
Report and Financial Statements
 Annual
Report and Financial Statements
 Annual
Report and Financial Statements
 Annual
Report and Financial Statements
For the 12Month Period
from 1"September 2022 to31"August 2023		 THE KING'S SCHOOL
CHESTED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31AUGUST 2023
2023 2022
Note 6000 6000
Cash flows from operating activities
Net cash used in operating activities 24 2,851 2,143
Cash flows from investing activities
Dividends,
interests
and rents from investments		 193 174
Purchase of tangible fixed assets (4,136) (1,199)
Proceeds from sale of investments 357
Purchase of investments (715) (410)
Net cash used in investing activities (4,213) (1,078)
Cash flows from financing activities
Repayments
of borrowing		 (463) (480)
Repayments
offinance leases		 (21)
Net cash used in financing activities (463) (491)
Change
in cash and cash equivalents		 in the year (1,825) 574
Cash and cash equivalents
Cash and cash equivalents		 at the beginning
ofthe year
at the end ofthe year		 5,422
4,848
se~~422
The notes on pages 37to 66form part ofthese fina ncial statements.

Restricted Unrestricted Total Total
funds funds funds funds
2023 2023 2023 2022
f000 f000 f000 fOOO
Donations
Total 2023		 264
255		 233
497
338
233~7~
Total 2022
S. Income from charitable activities
unrestricted Total Total
funds funds funds
2023 2023 2022
f000 f000 f000
School fees 15,166 15,166
Other educationa I income 128 128 B2
Other ancillary income 27 27 39
Total 2023 15321 ~5322 14175
Total 2022 ~52j0~1417
6. School fees
2023 2022
f000 fOOO
Gross fees receivable 16,259 15,151
Less: scholarships, bursaries and other discounts (1,093) (1,102)
~25 ~24
3

Unrestricted Total Total
funds funds funds
2023 2023 2022
f000 f000 fOOO
King's Space income 149 149
Total 2023
Totol 2022

Restt icted Unrestricted Total Total
funds funds funds funds
2023 2023 2023 2022
f000 f000 f000 fOOO
Dividends
Bank interest 87 102 189 171
Total 2023
Total 2022

Restricted Unrestricted Total Total
funds funds funds funds
2023 2023 2023 2022
f000 f000 f000 fOOO
Capital income 234 234
Other income (21) (21) 89
Total 2023 234~21
Total 2022

Unrestricted Total Total
funds funds funds
2023 2023 2022
f000 f000 f000
Fundraising for voluntary resources —Staff costs 26 26 57
Costs ofraising voluntary income - Nl
Costs of raising voluntary
Total 2023		 income - pension costs 33~ 67
Total 2022

Unrestricted Total Total
funds funds funds
2023 2023 2022
f000 f000 f000
King's Space Limited expenditure 58 58 55
Total 2023
Total 2022
Restricted Total Total
funds funds funds
2023 2023 2022
f000 f000 f000
Investment management fees 21 21
Total 2023 21~ 2
Total 2022

Activities
undertaken Total Total
directly funds funds
2023 2023 2022
f000 f000 6000
Teaching 8,222 8,222 7,706
Teaching Support 1,011 1,011
Welfare 77 77 75
Premises 2,409 2,409 24305
Support 2,894 2,894 2,665
Total 2023 ~14 ~14 ~39.
Total 2022 11 44 t

Teaching
Teaching Support Welfare Premises
2023 2023 2023 2023
f000 f000 f000 f000
Staff costs 7,316 899 72
Depreciation 819
Other Staff Costs 143
Teaching Aids 323
Other Educational Expenditure 390 112
Catering
Utilities 262
Premises Maintenance 764
IT 8 Communications
Welfare
Banking & Finance
Professional Expenditure
Total 2023
Total 2022		 0222
1011
77
0~4~		 2400
~005

Analysis o fdirect cost s (conti nued )
Total Total
Support funds funds
2023 2023 2022
6000 6000 6000
Staffcosts 995 9,846 9,322
Depreciation 167 1,034 931
Other Staff Costs 143 98
Teaching Aids 290
Other Educational Expenditure 502 428
Catering 871
Utilities 262 262
Premises Maintenance 764 778
iT gc Communications 266 266 242
Welfare
Banking
gc Finance		 101 101
Professional Expenditure 421 421 398
Total 2023
Total 2022		 ~294
~6		 ~dau
~fy		 ~1
13, Auditors'
remuneration
2023 2022
EOOO 6000
1
pyhl		 h Ch lly' dl 1 h dl fh Ch ly'

Group Group Charity Charity
2023 2022 2023 2022
6000 EOOD f000 6000
Wages and salaries 7,810 7,344 7,810 7,344
Social security costs 796 763 796 763
Contribution to defined contribution pension
schemes 1,293 1,288 1,293 2,288
Group Group
2023 2022
Employees No.
~33		 Na.
236
The number ofemployees
whose employee		 benefits (excluding employer pension costs) exceeded f60,000 was:
Group Group
2023 2022
No. No.
In the band f60,001 - 870,000 15
In the band f70001-680000
In the band 680,001 - E90,000
In the band f90,001-f100,000
In the band f100,001-6110,000
In the band 8160,001 —6170,000

Group and Charity
Long-term
Freehold leasehold Assets under Fixtures and
property
f000		 property
f000		 construction
f000		 fittings
f000		 Total
f000
Cost or valuation
At 1September 2022 18 18,931 8,709 28,258
Additions 1,823 2,312 4,135
Disposals (8) (4,327) (4,335)
Transfers
between		 classes 600 (600)
At 31August 2023 18 21,346 6,694 28,058
Depreciation
At 1September
2022		 5,139 6,572 11,719
Charge for the year 574 1,034
On disposals (4,327) (4,335)
At 31August 2023 10 5,589 2,819 8,418
Net book value
At 31August 2023
At 32August Z022		 8 15757
~825.~9jiK
73 737~~37
76338

Listed
investments
Group EOOO
Cost orvaluation
At 1Septernber 2022 3,404
Additions
Disposals (445)
Revaluations (49)
At 31August 2023
Net book value
At 31August 2023 3,624
At31August 2022

Fixed asset i nvestments
(conti		 nued)
Investments in
subsidiary Listed
Charity companies
f000		 investments
f000		 Total
6000
Cost orvaluation
At 1September 2022 50 3,404 3,454
Additions 715
Disposals (445) (445)
Revaluations (49) (49)
At 31August 2023
Net book value
At 31August 2023 50 3,624 3,674
At 31August 2022
Principal subsidiaries
The following was a subsidiary undertaking ofthe Charity:
Name Company Holding Included in
number consolidation
King's Space Limited 11067044 100% Yes
The financial results ofthe subsidiary for the year were:
Name Income
f000		 Expenditure
f000		 Profit/(Loss)/
Surplus/		 Net assets
f000
(Deficit) for
the year
f000
King's Space Limited 149 (57) 92 142

Group Group Charity Charity
2023 2022 2023 2022
f000 EOOO EOOD EOOO
Catering stock
19. Debtors
Group Group Charity Charity
2023 2022 2023 2022
f000 EOOO f000 EOOO
Due within one year
Trade debtors 4,664 4,290 4,662 4,269
Other debtors 327 116 326
Prepayments and accrued income 318 389 318

Group Group Charity Charity
2023 2022 2023 2022
f000 fOOO f000 fOOO
Bankloans 462 498 462
Deposits received in advance 583 565 583 565
Trade creditors 770 369 770 369
Other taxation and social security 202 179 197 179
Other creditors 429 422 428
Accruals and deferred income 7,199 6,557 7,134 6,519
Group Group
2023 2022
f000 6000
Deferred income at 1September 2022 6,205 5,765
Resources deferred during the year 6,623 6,205
Amounts released from previous periods (6,205) (5,765j

Group Group Charity Charity
2023 2022 2023 2022
f000 EOOD BIO COOO

Balance at 1
September Transfers Gains/ Balance at31
2022 Income Expenditure in/out (Losses) August 2023
f000 EOOD f000 EOOD f000 EOOD
Unrestricted
funds
Unrestricted 16,485 15,635 (14,511) 17,689
Funds
King's Space (58) (80) 92
Pension
reserve		 1,207 (31) 1,224
17,772 15,785 (14,521) (31) 19,005
Endowment
funds
Prize and
Exhibition Capital 113 113
Fund
Lester Smith
Capital
Fund		 108
221 221
Restricted funds
Prize and
Exhibition Income
Fund 12 (7)
Donations Fund 255 284 (64) 475
The King's School
Bursary Trust
Fund 3,266 296 (129) (48) 3,385
Lester Smith 174 7 (1) (5) 175
Income Fund
3,707 587 (201) (52) 4,041
76
I II		 6 ~3Z66 ~637 jIsu33

Balance at Balance at
1September Transfers Gains/ 31August
2021 Income Expenditure in/out (Losses) 2022
EOOD EOOD EOOD EOOD EOOD EOOD
Unrestricted
funds
Unrestricted 15,478 14,724 (13,637) 16565
Funds
Pension
reserve		 868 13 326 1,207
16,346 14,724 (13,624) 326 17,772
Endowment
funds
Prize and
Exhibition Capital 130 (17) 113
Fund
Lester Smith
Capital Fund 108 108
238 (17) 221
Restricted funds
Prize and
Exhibition Income
Fund (17) 17
Donations Fund 266 (35) 255
The King's School
Bursary Trust
Fund 3,599 149 (149) (333) 3,266
Laster Smith
Income Fund 189 (2) (19) 174
4,063 182 (203) 17 (352) 3,707
r t lvf d dddd7 ~ddd ~27

Endowment Restricted Unrestricted Total
funds funds funds funds
2023 2023 2023 2023
EOOD f000 f000 f000
Tangible fixed assets 19,640 19,640
Fixed asset investments 221 3,403 3,624
Current assets 638 8,372 9,010
Creditors due within one year (9,645) (9,645)
Creditors due in more than one year (587) (587)
Provisions for liabilities and charges 1,224 1,224
Total
Group Group
2023 2022
f000 EOOD
Net income for the year (as per Statement of Financial Activities) 1,599 727
Adjustments
for:
Depreciation
charges		 1,034 931
Gains on investments 48 331
Dividends,
interests		 and rents from investments (193) (174)
Decrease/(increase) in stocks (4)
Increase
in debtors		 (676) (398)
Increase
in creditors		 1,091 735
Defined benefit pension scheme adjustment
Net cash provided
by operating
activities		 (48)
~8		 (13)
2143

Group Group
2023 2022
f000 f000
Cash in hand 3,597 5,422
Total cash and cash equivalents ~x'l7 ~42Z
26. Analysis ofchanges In net debt
At 1
September At 31August
2022 Cash flows 2023
f000 f000
f000
Cash at bank and in hand 5,422 (1,825) 3,597
Debt due within 1year (498) 36 (462)
Debt due after 1year (1,014) 427 (587)
~ ~~as ~5@I
27. Capital commitments
Group Group
2023 2022
f000 EOOD
Contracted for but not provided in these financial statements
Acquisition oftangible fixed assets

At 31August At31August
2023 2022
%i
Discount rate 5.25 4.25
Future salary increases 3.75 4.05
Future pension increases

At 31August At 31August
2023 2022
Years Years
Mortality rates Iin years)
-for a male aged 65 now 20.9 21.2
—at 65for a male aged 45 now 21.5 22.1
-for a female aged 65 now 24.5 23.8
—at 65for a female aged 45 now
At 31August At 31August
2023 2022
6000 EOOO
Equities 1,447
Bonds 1,413
Property 551 542
Cash and other liquid assets 35 181
The amounts
recognised		 m the Consolidated Statement of Financial
Activities are as f		 ollows:
2023 2022
6000 E000
Current service cost 19 25
Net interest costs (51) (13)
Total amount recognised in the Consolidated Statement of Financial Activities 12

2023 2022
f000 f000
Opening defined benefit obligation 2,404 3,188
Actua ria I losses (184) (723]
Current service costs 19 25
Interest cost
Contributions by members
Benefits paid (124) (141)
Closing defined benefit obligation
Movements in the fair value ofthe School's share ofscheme assets were as follows:
2023 2022
f000 6000
Opening fair value ofscheme assets 3,611 4,056
Actuarial
losses		 (215) (397)
Contributions by employer 16 25
Contributions by members
Interest cost 151 62
Benefits paid (124) (141J
Closing fair value ofscheme assets

Group Group
2023 2022
EOOD f000
Not later than 1year 27 27
Later than 1year and not later than 5years 62
~8		 108
~13