Charlty numbor: 525934 THE KING'S SCHOOL, CHESTER GOVERNORS. REPORT AND FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 AUGUST 2024 WR Partners Protecting your future. THE KING'S SCHOOL. CHESTER CONTENTS Page R￿tren¢e and administrative details of the Charity, its Gov8mor$ and advi$•r$ Governors. roport Governors. responslbllltles statement Independent audltors. report on the financSal statements Con5011dated statement of financial activitiès 4-16 18-21 22-23 Con501idated balance sheet 24-25 Charity balance shaat Con$olldated statement of Cash flows 26-27 28 Notes to the financial statements 29-57 THE KING'S SCHOOL, CHESTER REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Govemors S Verity D.Litlh¢l BSC. Chair of Govemors, Chair of Risk & Complian Committee3.5,6 A Bartley7 A Benttey, Vice Chalr, Chalr of Flnance & General Purposes Committeel.5.&7 N D(Iwling, EYFS Governor lappoinled 1 September 2023R4 J Ebo, Health & Safety Govemor3 C A Edwards MA. Chair of Safeguarding Comrnittee, Safeguarding GovemoT. Staff Liaison Govemor4 C J Gilliesl D Leonard. Chair of Education Committee2.5.6 D K Rowlands Hon MSc1 M Sayer lappoinled 1 September 2023)2 Very Revd Dr T Stratford2 M TToyI.3 J Walsh, Vice Chalr, Chair of Finance & General Purposos Commlttee {reslgned 5 October 202311.5.6 Finance & General Purposes Committee Education Committee Risk & Compliance Committee Safeguarding Committee Governance Committee Remuneration Committee Bursaries and Partnerships Committee Charity registered nUM￿r 525934 Principal offlce The Klng's School Wrexham Road Chester CH4 7QL Indgpondgnt audltors WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Page 1 THE KING'S SCHOOL. CHESTER REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS GOVERNORS AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Bankers Handelsbanken 2 Albion House Albion St Chester CH1 1RQ United Trust Ong Ropemaker Street London EC2Y 9AW Cambridge & Counties Charnwood Court 5B New Walk Leicester LE1 6TE Insurance Hettle Andrews 2 Brunswick Square Birmingham 81 2LP Lawyers Weighlmans 100 Old Hall Street Liverpool L3 9QJ WorkNesl Woodhouse Aldford Chestgr CH3 6JD Knights 1759 The Brampton Newcastle-Under-Lym8 Slaffordshire ST5 OQW Investment Advisers Rathbones Group PIC The Plaza 100 Old Hall Strget Liverpool L3 9AB Architects Scoll Architecture Limited 2 Crowton View Frodsham WA6 8PX Page 2 THE KING'S SCHOOL. CHESTER REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 c￿rk Hayley Jordan S8nior Managom•nt Toam George Hartley, Headmaster Hayley J¢)rdan. Bursar Patrons Duke of Westminster, Hugh Richard Louis Grosvonor The Lord Bishop of Chester, Thg Rl Rev'd Mark Tanner Page 3 THE KING'S SCHOOL, CHESTER GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Governors present their annual report together with the audited financial statements of the Charity for the year 1 September 2023 to 31 August 2024. The Govemors confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's goveming document and the provisions of the Slalemenl of Recommended Practice ISORPI applicable lo charities preparing their accounts in ac¢c*dance with the Financjal Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 leffeclive 1 January 20191- ObJe¢tlves and activities a. Pollcles and oblecllves The King's School, which is the oldest independent school in Chestgl, was founded by Henry Vlll in 1541 and for over four hUnd￿d years the schcN)l occupied buildings adja¢enl lo the Cathedral. The school moved to a new site on the Wrexham Road in 1960. The site has continually developed since then with a Junior and Infant School and in recent years a 10-year maslerplan that has included a new sports hall, sixth fom) centre, pastoral and medical building, new sports facilities, and a complete prograrllme of refurbishment of classrooms and science rooms. The school maintains strong links with Chester Cathedral. The King's School is for pupi15 Of high academic ability and comprises the Senior School {ages 11-181, the Junior School {ages 7-111 and the Infant School, Willow L¢xlge (ages 4-71. We seek to develop this ability in gach pupil to his or her full potential wilh excellent 188ching. supported by an extensive sporting and extra- curricular activities. Further information about the school Can be found on our website.. www.kingschesler.¢o.uk The Charity also has permanent endowed and unendowed trust funds held for spec¢al purposes in connection with the development of the school's fa¢S1ities and for bursaries, prizes and other educatsonal purposes. In setting obje¢live5 arvj planning for activitses. Ihe Govemors have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity {PB21'. b. Stratsgies for achieving objectives Aim The school's aim is lo proV￿e an outstanding independent education, through superb academic luilion arsd through giving the opportunities to develop wider sporting, artistic and social skills to all its pupils. The school nurtures spiritual grc)wth and provides an environment where each pupil can develop and fulfil his or h potential. helping build self-confidence and a desire to serve the wider community. ision OUT vision in a rapidly changing worfd is to inspire every individual lo be passionate and collaboralivelgamers who reach their full all-round potential, thereby allowing them lo contribute positively and actively lo an inclusivo 21 sl century society. Page 4 THE KING'S SCHOOL. CHESTER GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 ObJe¢tlves and actlvltlgs Icontlnu8d) Core Valu0$ In caring about excellence and each other, and in promotlng enjoyment and happiness through fulfilment. the membeis of the King's community believe in our thr66 core value8'. Asplrn- We want 811 our students to aspire to b9 the vory best Vorsions ol Ihemsglvgs. This Telalos to both their academic achievement, where wo want them to attain thgir'sustainable best, and just as Importantly lo their personal development as unique individuals. Excellent qualifications remain important, bul the nurture of attributes such as resilien￿, adaptability. emotional intelligence and c#Jrloslty are arguably even more Significant in today's wortd. Rgspgct- We want our students lo have respect for themselves and others in th8 school ¢ommunily, particularly their fellow students. We believe that allowing young people lo be comfortable in their own skin, as well as respectful of difference in others with regard lo diversity, are both essential. We also want our students to respect their surToundings in terms of the school itse￿. where they live outside school and with due regard lo the global environment. Collaborate- We want our students lo collaborate effectNely so that they can achieve more than they woijld on their own and learn how lo work effectivety with others. We also want to collaborate positively as part of the broader school community and in doing so contribute lo a higher purpose than simply advancing themselves. Hurnan collaboration is only going lo become more relevant in the years ahead. Strateglc Plan The $trategic plan for the school has eight key objeclive5-. Every pupil known. valued and cared ft)r.' developing pastoral care with the new house system wlh renewed focus on student well-being. Great place lo work.. for slaff in all sections of th8 school, both leaching and support Great leaming, future-orienlaled: optimising teaching and teaming across the school and developing the curriculum Opportunities for all.. ensuring the provision of extral, Catholic High School Chesltrr and Upton High School called Chester Schools Together. (Chester Schoc4s To9elher- Chester Sch￿)18 Together) Originally established in 2018 with two stale schools. we have now grown to four slate partnership schools and have pledged lo grow with the addition of a school each academic year, until all secondary schools in the city are involved. The partnership now has a combined sludenl population of more than 5,500. In December 2021, we were extremely fortunate in securing £444,216 of funding over five years from The Westminster Foundation. This funding is used to pay a Chester Schools Together Staff Representative in each school and cover project costs, including transport and specialist resources. The King's School does not claim any money for a School Rep and donates £10,000 a year to partnership 8Ctivitl¢S, 8s well as the Dire¢tor of Marketing, Communicalions and Partnerships, time. All projects are based on an identified 'fflulual need, between all schools, including Kirig's, which are agreed by a the Headleacher Strategy Group, with student voice al the heart of all decisions. These 'mutual needs, have included careers, Climate change action, engagement in STEM and specialist uniVe￿tY guidance. Since January 2022, more than 3.500 students from the partnership schools have taken part in events inspired by these shared priorities. Vision of Chester Schools Together Working in equal partnarship to provide a range of eduG8lional and cultural opportuni¢ies for pupils across the Chester community and lo facilitate the professional andP￿￿onal development of staff Partners in the Chester SCh￿Is Together work together lo-. Provide a diverse programme of opportunities for interested and committed young people. regardless of their social or economic background Widen the edvcalional and cultural horizons of all participants Engender a spirit of commitment. collaboration and confidence amongst pupils Provide stimulating professional development for staff and prornole mutual respect acmss the different schools Foster a sense of belongiThJ and pride in the city of Chester Encourage links wtlh other city institutions for the education 8nd benefit of 8N Events from August 2023-Augu512024 included= Oxbridge Preparation Evening Mock Interview- Medics- in partnership with NHS Merseyside Saturday Masterclass6s- S¢alexlri¢4Schools V&ls, Medics, Dentist Uni Applicalitsn Event Learn to Row Programme- weekly, On￿oing sessions EDI Conference with guest speakers Laura Bates and Clarke Carlisle in partnership with The University of Chester Page 10 THE KING'S SCHOOL, CHESTER GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Obl•ctlves and actlvltles (contlnued) Fundralslng by Puplls: We believe engagement with the local community should be part of every King s student's education and are increasing the spread of activities through our enrichment programme. This indudes.. Sixth Form students volunteered at a local primary school throughout the academic yoar Litter-picking around Chester as part of Biodiversity Sixth Fomi students visited Grosvenor Manor Care Home In 2024. the school raised a totsl of £10.706 for charitable causes. FINANCIAL REPORT The schwl's Surplus for this reporting period is £1,836,000 showing an improvemonl of the wevious financial year 2022123 of £1,475,000. The Pfojected surplus for the next kno years will be significanlly impacted by rising costs and is projecte(I to be around 500A lower than recent years due lo the loss of business rates, the increase in empbyers, national inSLsrance costs and the introduction of VAT and th8 school's dècision lo absorb some of that cost. Despite the58 finar)cial pressures. the Govemors are detemiined that the school will remain in a robust financial position whi15t balancing continued development of the school against maintainin9 affordable school fees lor parents. Total pupil numbers starting the school in September 2023 were 1152 against 1130 for Septemb8r 2024. The school will continue working hard to improve the future pupil numbers or adjust staffing to reflect lower pupil numbers. The charitable actNily expenditure for the year was well controlled regulady scrulinised by the Govemors. King's Space Ltd has continued trading in support of the school. This subsidiary exists lo manage the hiring of the school's PTamis8s outside of school hours. and any profits made by this subsidiary are gift aided back lo the School. Golng Concem After making appropriate enquiries, the Governors have a reasonable expeCta￿On that the Charity has adequate resources to Continue in oporational existence for the foreseeable future. For this reason, they conts'nue lo adopt the gotng ¢on¢em basis in preparing the finan¢ial ststemenls. Further details regarding the adoption of the going COn￿M basis can be found in the accounting policies. #. Rè$or¥è$ poll¢y The Govemors recognise tho need lo hold minimum rfrsgrv85. and this is cutrently set at an ambitious amount of £3M. equivalent level lo one term's worth of ￿$ts. Page 11 THE KING'S SCHOOL. CHESTER GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 b. Investment$ pollcy The Govemors, investment tx)wers are determined by Ihe Scheme ol Govemmenl dated 13th June 1988 lupdaled in 2022), which permits investment in trust for'The School, of sums not needed for immediate working purposes. modified in the case of The King's School Bursary Trust Fund IKSBTFI to permit, amongst other things, investment in any stock. funds or securities aulhorised by law for the investment of trust funds. The Govemois. policy is to maximis8 the overall return on investrnents having regard to the need for a flow of ineoTne lo meet the schotsl'5 requirements for funding a number of bursary awards. In order to achieve this performance. the Governors and the trustees of the KSBTF have appointed an Investrnent Manager. The perfomiance of the Investment Manager is monitored under the terms of a Ststement of Investment Principles lo which the Manager is required lo adhere. The investment objectives are lo presetve the long-lerm value of the funds in real term5 and lo maintsin an appropriate level of income in real terms. The achievements of the Manager are measured a9ains1 appropriate benchmarks in respect of equities, gills and lolal return. The Governors and trustees meet with the Investmenl Manager al least once each year and receive quartedy reports. Investments in a range of company stocks, oill-edged securities and unrtised funds, afe held in the name of the Investment Managerfs nominee company. Investment Performance The trustees of The King's School Bur$8ry Trust Fund adoplgd a dis¢retionary management roule with the school's investment advisers in September 2005. The twste8s of The Lesler Smith Bursary Fund and The King'5 School Proe Fund adopted the same route in August 2008. The investment figures for three trust funds have all sharply increased over the period. The King's School Bursary Tnjst Fund returns have risen by 13.55°k. The Prize Fund by 11.78°k and follDwing ￿ years of negative returns The Lesler Smith Fund retums have risen by 12.84V•. The five-year retums have also increased. Total Return- measured against a bespoke benchmark in the period lo date are as follows.. 1 Year 13.98% 5Year 27.78V 25.370A The Klngs School Bursary Trust Fund The Kings School Lesler Smith Fund The Kings School Prize Fund FTSE All Share FT Government All Stocks Index Bespoke 8enchmarf( 38.37° -22.23° 30.01°A 6.81% 14.72% Consolidated Accounts The Consolidated accounts, which includes King's Space and inveslmenls, show Ihal at the end of the period the Charity held tjnrestricted funds of £20,527k12023 £19,005kl. Free resetves (after accounting for long term bank borrowings and pension assell al the end of the year were -£39k 1-£810kl. The free reseNe is again a negative figure due lo signrficant investment In capital Projects, effectively turning free reserves into fixed assets. il has however improved on previous year. The aim is lo ￿luM free reserves lo a positive balance i 2025. In the coming years, il is a key objective to increase the funds maintained, in particular, by The King's S¢hool Bursary Trust Fund in order lo support more families who need assistance with fees. The school is generating addilional reserves on an ongoing basis in order lo repay the fixed lefrn bank loans and also lo fund new developments al the school which will further improve the offer for our wpils and the wider community. Page 12 THE KING'S SCHOOL, CHESTER GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 In re5peot of the Charity's defined benefit scheme for support staff, the valuation al this year*nd ￿ntinUeS lo show a surplus. The Govemors believe that this notional funding calculation has no material effect on the Charity's short-lerm cash flow and that in the longer term ils effects are sustainable out of fvture income. For this reason, it 15 considered that il should be disregarded for Reserves Policy purposes. Fundralslng for the Bursary Trust Fund The school has an in-house Development team responsible for all fundraising activities. No member of this team has been subject lo an undertaking to be bound by any voluntary scheme for regulating fund-raising. or any voluntary standard of fund-raising, in respect of aclivi11os on behalf of the school. In order lo protect vulnerable people and other member5 of the publle from unreasonably Intrusive or persistent fund-raising. the school's fundraising activities are overseen by the King's Leadership team and board of Govemors. No cA)mplainls have been re￿iVed by the school regarding fundraising aclivilies. c. Prlnclpal rfsks and uncortalntlos The Govemors and King's Leadership team are responsible for the management of the risks faced by the charftsble company. They identify risks and assess the impact and establish controls to minimise the effect of major risks. A formal process of review of the risks is undertaken on an on*oing and no less than annual basis. with a full Risk Register maintaingd by the school and Ihg Board of Govemors d. Flnanclal rSsk management objactlves and pollcles The Governors have assessed the major iisks lo which the Group and the Charity a￿ exposed. in particular thos8 related lo the operations finances of the Group and the Charity, and are satisfied that systems aThJ procedures are in place to mitigate exposure to the major risks. The key controls used by the sctwl includo.. Formal agendas foT all Committee and Board activity. Detailed temis of reference for all Committees, . Comprehensive strategic planning, budg&ting and management accounting. Established organisational structure and Ilnes of reporting, Fomal written policies. Clear aulhorisalion and approval levels. Safeguarding procedures as required by law for the protection of children, Engagement of extemal, expert audlls of finance at)d health and safety. The school has continued to keep fee increases as low a5 POS8ible to maintain affordabilily lor parents The Governors continually review the ten-year financial plan to ensure that the school continue5 to develop, despite the additional pressures on the school's financgs. •. Prlnclpal fundlng The principle funding for thfj sch¢)ol is through thè charge of school feas which are reviewed each year by thè Board of Governors and carefully Considered to be balanced against conliriuing to achieve academic excellence, sporting and extracurricular activities and continued development and lo be affordable to the maximum amount of parents. Page13 THE KING'S SCHOOL, CHESTER GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management Constitutlon The King's School, Chester is a registered charity, number 525934, and is con51iluled under a Trust deed. b. Methods Of appolntmont or olectlon ot Governors The management of the Group and the Charity is the responsibility of the Governors who are elected and co opted un(5er the lemis of the Trust deed. The Board having adopted fixed teryns of Office for Govemors and the Chair of the Board, seeks via the Govemance Committee, lo refresh itself on an on-going basi5 wllh new Governors belng nominated lo the Board following a sel induction process. This involves an interview process With members of the Goveman Committee. the Chair of the Board, the Headmaster and the BursarlDirector of Finance and Operations Prior to the nomination being approved by the full Board at a subsequent meetsng. notice of ￿lch is given in advance lo all Govemors. Nominations ean be received from any sourc* but mainly come from existing Govemors and those organisalions having nomination rights lo the Board. Appointments are made based on eligibility, personal competence and specialist skills that will cornplemenl the skills of the existing Governors. The Board undertakes regular audits of its skills in orde¥ lo ensu￿ that ils members possess the skills considered necessary for the successfLJI running of the SchC￿l in the current era. The Board will also un(Jergo an external audit by the Association of Governing Bodies of Independent Schools IAGBISI every five years. I new Govemors re￿1ve an Induction Pack, including the school's Up-t(￿date Constilulion.. a list of current Govemors and school staff., the most recent accounts of the School., the most recent inspection report,. the school's stralegic and business plans.. the school's budget for the ￿levant financial period. the school's Goveman¢e Manual and a full list of all the school's policigs lon website)., the Charity Commission publication CC3 '1he Essential Trusteg the school's key risk assessment do¢umenlalion", the minutes of the lasl three meetings of the Govemors and rglaled papers. These new Governors are then personally briefed by the Clerk to the Govemors. New Governors are invilgd lo join the most appropriate committees according to their specialist skills. Ail Govefnors are trained In Child Protection and Safeguarding and attend training seminars as and when required. Page 14 THE KING'S SCHOOL CHESTER GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Structure, govgrnance and management l¢ontlnu¢dl c. Organisational structure and decisionwmaking policlas The Govemors, as the trustees. are legally responsible for Ihe overall management and wntrol of the school and meet four times a year, with ong meeting being solely dedicated lo The Protection and Safeguarding of Children. fvrther meetings lake plac8 a minlmum of once per temi as tho following committeas= Finance and General Purpose Committee The Education Committee The Risk and Compliance Commhtee The Govemance Committee The Partnerships and Bursaries Committee The Board appoints a head is responsible for the overall leadefship, managemwt and day to day running of the school and is supported by the lfj'ng's Leadership Teams and Senior Leadership Team and middle leaders. The Hèadmaster and the Bursarlclerk lo the Governing Board attend meetings of all the Govemors. sub committees and working groups. The Headmaster also attends meetings of the Senior Leadership Team and heads of academic dapartmenls, which deal wth relevant and necessary operational matters. d. Pay pollcy for key management personnel Salaries for key managernent personnel are reviewed and set on an annual basis by the Remuneration Committee. In undertaking this review the committee ulilize independent benchmark data from a variety of source5 IAGBIS, HMC, 8aines and Cutter) in addition to performance assessments of the key mana9emenl personnel. o. Ralatlon$hips wlthln the sector The school aclivdy supports the highest stsndards of education through networking with other schools and maintsining excellent Telalionships within the eduealional sector. The Headmaster is an elected member of the Headmasters and Headmistresses Conference (HMCI and ils Membership Committee. The school is a member of the national HMC ne￿ork Leading Academic Day Schools, the Bursar is a member of the Independent School Bursars Association, a Fellow of the Instllule of Leadership and Management and a Member of the City and Guilds Instilule. The Head of Willow Lodge and the Junior School is a member of the regional netsvorknng group AJIS (the Association of Junior Independent Schools}. Close links are maintained with the Cathedral al Chester. f. Govornors. Indgmnltlos The Govemors are protected by a 'Management Liability Protection for thè Education secto￿ insurance policy that is undeN4ritten by AXA Insuran￿. Plans for future pèrlods With the current economic condillons, the school will need lo continue wlh its cosl-saving meaSU￿S to ensure that that future fetr increases are kept to a minimum to support parents who have been signilicanlly impacted by VAT being added to their school fees. The schod has put a hold on fLrture major projects for the foreseeable fvlure, but will continue with smaller-scale improvements lo the school sile. Page 15 THE KING'S SCHOOL. CHESTER GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Dis¢losurè of Infom)atlon to audltors Each of the persons who are Govemors al the lime when this Governors, ￿port is approved has confim7ed that.. so lar as that Governor is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Governor has taken all the steps that ought lo have been taken as a Govemor in order lo be awar8 of any relevant audit information and lo establish that the charitable group's auditors are aware of that infornialion Audltors The auditors, WR Partners. have indicated their willingness lo continue In office. The designated Govemors will propose a motion reappointing the auditors al a meeting of the Govemors. Approved by order ol the members of the board ol GoverrK)rs and signed on their behalf by.. Mrs S Verity Chair of Governors MrA Bentley Chair of the Finance and General Purpose Committee Dale. a6b Page 16 THE KING'S SCHOOL. CHESTER STATEMENT OF GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Governors are responsible for preparing the Govemors, report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practicel- The law applicable to charities in England & Wales requires the Govemors lo prepare financial statements for each financial ¥thich give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resourc86 and application of reSoUr￿s. including their income and expenditure. for Ihal period. In preparlng these financial slalements. the Governors are requirod to.. select suitsble a¢courrting polides and then apply them consistently., observe the mglhods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent,. slate whether appllcable UK Accountlng Stsndards {FRS 102) have been followed. ssjblect to any materi81 departures disdosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The ￿vernor$ are responsible for keeping adequate accounting records that are sufficient to Show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any limè the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts 8nd Reports) Regulations 2008 and the provisions of the TTUSt deed. They are also responsible for safeguardlng th8 assets of the Group and th8 Charfty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitiès. The Govemors 8re responsible for the maintenance and integrity of the charity and financial information induded on the charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of finan￿al statements may differ from legislation in other jurisdictions. The Govemors who were in office on the dale of approval of these financial statements have Confirmed as far a5 they are aware that there is no relevant audit inforniation of which the auditor 15 unaware. Each of the Govemors has confimied that helshe has taken all of the steps that helshe ought to have taken as Governors in order lo make themselves aware of any relevant audit infomiation and to establish Ihat 11 has been communicated lo the auditor. Page17 THE KING'S SCHOOL, CHESTER INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE KING'S SCHOOL. CHESTER Opinion We have audited the financial statements of The Klng's School. Chester Ilhe 'parent charity'l and its subsidiaries Ithe 'group'l for the year ended 31 August 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and Ihe related notes, including a summary of significant accounb'ng policies. The financial reporting frameworto that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Ac¢ountsng and Reporting by Charitses preparing their accounts in accordan￿ with the Financial Repo￿n9 Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Slalemenl of Recommended Practs'ce issued on 1 April 2005 which is referred lo in the exlanl ￿gUlationS but has been wf(hdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the stale of the Group's and of the pargnt charitys affairs as al 31 August 2024 and of the Group's incoming resources and appli¢alion of resources, induding ils income and expenditure for the year then ended., have been propedy prepareil in accordance wth Unrted Kin9dom Generally Accepted Accounting Pra¢tice,' and have been prepared in accordan￿ with the requirements of the Charities Act 2011. Ba$1$ for oplnlon We conducted our audit in accordance with lnlemab.onal Standards ￿ Auditing (UK) IISAS IUKI) and applicable law. Our Tesponsibililies under those standards are further described in the AudilDrs' responsibilities for the audit of the financial sialemenls section of OLtr report. We are independent of the Group in accordance with the ethical requirements that ale relevant lo our audit of the financial slalements in the United Kingdom, including tho Financial Repo￿ng Council's Ethical Standard. and V•P have fulfilled our other ethical responsibilibes in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the Govemors, use of the going concern basis of a¢¢ountsng In the preparation of the flnancial statements Is appropriate. Based on the work we have performed, we have not identified any material lIn￿rtaInlIeS relating to events or conditions that. individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern lor a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Governors with respect to going concem are described In the relevant sections of this report. Page 18 THE KING'S SCHOOL, CHESTER INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF THE KING'S SCHOOL. CHESTER (CONTINUED) other inforniatlon The other informatlon comprises the information included in the Annual report other than the financial statements and our Auditors. report thereon. The Governors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othe￿￿$8 expllcSlly st8ted In our ieport, we do not express any fomi of assurance conclusion Ihereon. Our responsibility 15 to read the other inforrnalion ar￿, in doing so, consider whether the other inforrnalion is materially inconsistent with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent malerkgl misstslements, we are required lo delem)Ine whether this gives rise to a material mlsslal8ment in the financial statements themselves. If. based on the work we have perfomied. we conclude that there 1$ a material misslal¢menl of this other infomiation, are required to report that fact. We have nothing lo report in this regard. Mattors on whlch we are requlred to report by exceptlon We have nothing to report In respect of the following matters Whe￿ the Charllies IAccounls and Reports) Regulations 2008 requires us lo report lo you if. in our opinion.. the information givon In the Govemors, report is Inconslslent In any materlal respect wllh the financial ststements., or the parent Charity has not kept sufficient accounting records- or the parent Charity financial statements are not in agr09ment with the accounlino records and rotums- or we have not recoivod all the infomats'on and explanations require for our audiL Responsibilitios of trustoes As explained more fully in the Govemors. responsibilities statement, the Govemors are responsible for th8 preparation of the financial statements which give a true and fair view, and for such intemal control as the Governors determine is necessary to enable tha preparation of financial slalements that are free from material mlsstslement, whether due lo fraud or error. In preparing the financial statements, the Govemors are responsible for assessing the Group's and the parent charity's ability lo continue as a going concem, disclosing, as applicable. matters related lo going concem and using the going con¢em basls of accounting unless the Govemors either intend lo liquidate the Group or the parent charity or to cease operations. or have no realistic allernalive bul lo do so. Page 19 THE KING'S SCHOOL, CHESTER INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE KING'S SCHOOL. CHESTER ICONTINUEO) Auditors. responsibilities for the audit of the financial statsments We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assuranGe about whether the financial slalemenls as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit ¢onducled in accordance with ISAS {UK} will always dete¢t a material misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material If, individually or in the aggregate, they could reasonably be expected lo inlluence the economic decisions of users tsken on the basis of these financial ststements. Irregularitses, including fraud, are instances of norKompliance with laws and regulations. We design procedures in line with our responsibilities, ouuined above, to detect material misststemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting Irregulanties. induding fraud is detailed below.. • We reviewed the susceplibilily of the charity's financial slatements lo material misslalemgnt and identified the principal risk5. implemeriling a serie5 of lesling procedures to provide us with sufficient comfort to issue our opinion. We reviewed the charity's regulatory environment to ensure we could conclude that it had acted in accordan￿ with the framework ￿levant to the Gharilable company and its environment and identify any instances of non-compliance. We also assessed the charity's internal control procedures lo ensure we could appropriately scrutinise these controls and establish whether our understanding of the control environmanl was suffi¢ignl to supplomonl our additional testing procedures. . The engagement team consisted of a team that the engagement partner believes is equipped wrth the relevant level of technical and charity awareness to carry out our work lo the required standard. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's websrte at.. IM￿.frC. -uklauditorsres onsibililies. This description forms part of our Auditors, report. Page 20 THE KING'S SCHOOL. CHESTER INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE KING'S SCHOOL. CHESTER {CONTINUEDI Use of our report This report is made solely to Ihe charitys truslges, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might stste to the charity's trustees those matters ￿ a￿ requlred to stale lo them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charfty and its trustees. as a body. for our audit work, for this report, or for the opinions have formed. WR Partnars Chartered Accountants ststulory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Dale.. 3J'"Al&d £oz5 WR Partners are eligible lo act as auditors in temis of sectÈon 1212 of the Companies Act 2006. Page 21 THE KING'S SCHOOL, CHESTER CONSOLIDATED STATEMENT OF FINANCIAL ACTIVMES FOR THE YEAR ENDED 31 AUGUST 2024 Endowment tunds 2024 £000 Restrictod Unre$tri¢tsd funds funds 2024 2024 £000 £000 Total funds 2024 £000 Total funds 2023 £000 Note In¢om• and endowmènts from.. Donations and legacies Charitable activities 87 237 16.6B3 147 324 16.683 147 497 15,321 749 Other tradin9 acb'vities Investments Other income 105 177 282 192 72 72 213 Total incorne and endowments 192 17,316 17,508 16,372 Expenditure on. Raising funds Charitable activities 10,11 23 199 91 1 5,775 114 1 5,974 108 14.614 Total expondlturg 15,866 16.088 14.722 Net 18xpondltura)Ilncome before net gainsl{losse5l on invostments Nel gainslllossesl on investments (301 1,450 1,420 1,650 412 412 (52) Net Income Transfers between funds Net mov¢mgnt in funds before other recognlsed galnslllosse5> Actuarial gains on defined benefit pension schemes 382 1,450 1.832 1,598 23 17 {51 {12} 17 377 1,43B 1.832 1,598 29 84 {31) Net movement In funds 17 377 1,522 1.916 1,567 Page 22 THE KING'S SCHOOL. CHESTER CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Endowmgnt funds 2024 £000 Restrlctod UnrostrfGtfjd funds funds 2024 2024 £000 £000 Total funds 2024 £000 Total funds 2023 Note Reconciliation of fvnds: Total funds brought forward Nel movement in funds 221 17 4041 377 19,005 1,522 23,267 1,916 21,700 1.56T Totsl funds ¢arrf•d forward 238 4.418 20.527 25.183 23.267 The Consolidated Statement of Financial AclNilies indudes all gains and losses recognised in the year. The notes on pages 29 to 57 forni part of these flnancial statements. Page 23 THE KING'S SCHOOL. CHESTER CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 £000 2023 £000 Note Fixed assets Tangible assets Investments 16 17 19.857 4.169 79,640 3,624 24.026 23,264 Curront assets Stocks Debtors Investments Cash al bank and in hand 18 16 14 5,400 19 3,020 11.915 4,267 20 26 3.597 19.218 9,017 Creditors.. amounts falling due wthin one year 21 111.7671 (9,645) Net current as$8ts I Ilabllltos 7,451 f634J Total a$$ots less current Ilabilltles 31,477 22,630 Creditors.. amounts falling due after more than one year 22 17,6521 (587) Not assets ex¢ludlng ponslon assot Defined benefit pension scheme asset 23,825 22.043 29 1,360 1,224 Total net assets 25.185 23,26T Page 24 THE KING'S SCHOOL. CHESTER CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 2024 £000 2023 Note Charlty funds Endowment funds Restricted funds 23 23 238 4,420 221 4.041 Unrestricted funds General funds 23 19,167 17,T81 Unreslrictgd funds exdudlng pension 23 23 19,167 1,360 17,781 1.224 Pension reserve Total unrestricted funds 23 20,527 19,005 Total funds 25,185 23.267 The financial statements were approved and a￿l￿rised for issue by the Govemors and signed on their behaw by.. S Verlty Govemor Date.. A Bentley Govemor The notss on pages 29 10 57 fomi part of these finandal ststemenls. Page 25 THE KING'S SCHOOL, CHESTER CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 2024 £000 2023 £000 Note Fix•d assets TaTrJible asseis Investments 16 17 19.857 4,219 19,640 3,6T4 24,076 23.314 Current a$$•ts Stocks Debtors Investments Cash at bank and in hand 18 19 20 16 2,990 11,915 4,084 14 5.377 3,407 19.005 8, 798 Creditors.. amounts falling due within one year 21 111.6941 (9.573) Net cu￿ent assets I Ilabllite$ 7,311 (775) Totsl assets lass Current Ilabllitlgs 31.387 22.539 Creditors.. amounts falling due after more than one year 22 17,6521 (587J Ngt assets 8xcluding pension asset Defined benefit pension scheme asset 23,735 21,952 29 1.360 1,224 Total net assèts 25,095 23.776 Pa9e 26 THE KING'S SCHOOL, CHESTER CHARITY BALANCE SHEET {CONTINUED) AS AT 31 AUGUST 2024 2024 2023 £o(x) Charity funds Endowment funds Restricted funds Unreslricled funds Unrestricted funds exduding pension asset i 23 23 221 4.425 221 4.047 23 23 19.089 1.360 17. 689 Pension reserve 1,224 Total unrestricted funds 23 20,449 18,914 Total funds 25,095 23.176 The financial stataments were approved arKI authorised for issue by the Govemors and signed on their beha by.. S Vérity Govemor Date.. A Bgntloy Govemor The notes on page5 29 to 57 fomi part of Ihesg financial stalemgnts. Page 27 THE KING'S SCHOOL. CHESTER CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 £000 2023 Note Cash flows from operatlng actlvltles Net cash used in operating aclivilie5 25 14.345 2,851 Cash flows from investing activities Dividends. interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments 282 11,454} 297 193 (4, 136) 445 (715) 1422) Not ca$h used In Investlng actlvltles 11.297) 14.213} Cash flows from financlng activities Repayments of borrowing 1463) (463) Nat cash u$èd In flnanclng actlvltlo$ 1463) 1463} Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 12,585 11,825} 5,422 3.597 Cash and cash •qulval&nt$ at the end of tho y•ar 26 16,182 3,597 The notes on pages 29 10 57 fomi part of these financial slalements Page 28 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General Inforrnatlon The King's School. Chester is an unincorporated Charitable trust (charity no. 5259341, règistered in England. The School is a public benefit entity. The School's address is The King's School, Wrexham Road, Chester. CH4 7QL. The object of the charity is the provision and conduct. in or near Chester, of a school for boys and girls, in connection with the cathedral al Chester. The principal activity of the School is the provision of an Infant, Junior and Senior School and Sixth Form. Accounting policies 2.1 Ba$ls of prèparatlon ol finan¢lal $tat•m•nt$ The financlal statements have been prepared in accordance wth the CharftSes SORP IFRS 1021- Accounting and Reporbng by Charities.. Statement of Recommended Practice applicable to charities prgparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in tho UK and Rapublic of Ireland IFRS 1021 leffeclive 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The flnancial statements have been prepared to give a Irue and fai¢ view and have departed from the Charities IAccounls and Reportsl Regulations 2008 only lo the extent required lo provide a 'true and fair. view. This departure has involved following thg Charities SORP IFRS 102} published in October 2019 rather than the Accounting and Repo￿n9 by Charities-. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The King's School. Chester meets the definition of a public benefit entity under FRS 102. Assets and liabilities ale initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidalod statement of financial activities ISOFAI and Consolidated balance sheet consolidate the financial statements of the Charity and Its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 2.2 Golng con¢ern After making enquiries, tho Governors have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. The School ther&fore continues to adopt the going concem basis in preparing ils financial slalements. Page 29 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policiès l¢ontinued) 2.3 Income All Income is recognised once the Group has enlillemenl to the income, 11 is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from donations, gifts and legacies is dependent on establishing enlillemenl, the probability of receipt and the ability lo estimate with sufficient a¢¢uracy the amount receivable. Income receivecl for the general purpo>ses of the Sch¢)ol is included as unrestricted funds. Income for activities reslricled by the wishes of the donor is taken to reslricled funds where these wishes are legally binding on the Govemors. Income required to be retained as capital in accordance with the donor's wishas is accountod for as endowments. Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant fijnds on the Balance sheet. Where income is received in advance of entitlement of receipt, ils recognition is deferred and included in creditors as deferred income. Where entillemenl occurs before In￿Me is received, the income is accrued. Income lax ￿e0Verable in relation to investment incorne is recognised at the lime the investment income is receivable. Other income is recognised in the pgriod in ￿1¢h il is receivable and to the extent tha goods have been providad or on completson of the service. The School offers a number of bursaries each year lo ils pupils. All families In receipt ol a bursary are means tested with the level of bursary awarded dependent on the family income and assets. ￿1 bursaries are subject to annual review. In addition, the School offers a small number of scholarships to pupils each year for performance in the senior school entrance exam. The ind￿vIdUal scholarship awards are for no more than £500 and are a one off amount. 2.4 Expenditure Expenditure is fecognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third party, it is Fxob8ble that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each actsvity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributabl8 to a single activily are allocated directly to that activity. Shared Costs which contribute to more than one activity and supwrt costs which are not attributable lo a single activity are apportioned beiween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditu￿ on raising funds includes all expenditure incurred by the Group lo raise funds for its chartlable purposes and includes costs of all fundraising activities events and non-charitable tradin9. Expenditure on charitable aclivitses is incurred on directly undertaking the activities ￿1¢h further the Group's objeth'ves. as well as any associatod support costs. AJI expendrture is inclusive of irrecoverable VAT. Page 30 THE KING'S SCHOOL. CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollclos (contlnuod) 2.5 Interest receivable Interest on funds held on deposit is induded when receivable and amount can be measured reliably by the Group.. Ihis is nomally upon notification of the interest paid or payable by the inslilulion wth whom the funds are dewslled. 2.6 Tangiblfr fixed assots and dapreclatlon Tangible fixetl assets costing £1,000 or more a￿ capitalised and recognised when lulure ecorkomic benefits are probable and the cost or value of the asset can be measured relbably. Tangible fixed assets are initially recognised al cost. After recognition. under the cost model. tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended worknng condition should be Included in the measurement of cost. Assets in the course of conslwclion are included al costs incurred lo date. Depreciallon on these assets is not charged until they are brought Into use. Depreciation 15 charged so as to allocate the c051 of tsngible fixed assets less their residual value over their estimated useful lives, using the straighl-line method. Depreciation is providgd on the following bas&s'. Freehold property Long-term leasehold property Fixtures and fittings 2.$0 2.40/. - 6.66- 33.3% 2.7 Inve$tmonts Fixed asset investments are a form of financial instrument and are initially recognised at their transaclKJn cost and subsequently measured at fair value al the Balance sheet date. un16SS the value cannot be measured reliably in which case il is measured at cost less impaimienl. Investment gains and losses, wl)ether realised or unrealised. are combined and presented as 'GainsllLossesl on investments. in th8 Consolidated slatemènl of financial aclivilb8S. Investments in subsidiaries are valued al cost less provision for impairment. 2.8 stocks Stocks are valued al the lower of cost and net ￿#11$able value after making due allowance for obsolete and sh)w-movlng stocks. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade di￿O￿nI offered. Prepayments are valued at the amount prepaid net of any trade dl8counls due. Page 31 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued> 2.10 Cash at bank and In hand Cash at bank and in hand inelude5 cash and short-term highly liquid investmen15 With a short maturity of three months or less from the date of acquisition or opening of the deposrt or similar account. 2.11 Llabllltle$ Liabilities and provisions are recognised when there is an obligation al the Balance sheet date as a result of a past evenl, il is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Group anlicipales it will pay lo setde the debt or the amount il has received as advanced payments lor the goods or services il mu51 provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 112 Flnanclal Instrum•nts The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlemant value with the exception of bank loans which are subsequendy measured al aM0￿.$￿d cost using the effective interest method. 2.13 Flnance leases and hlre purchase Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated ovèr the shortor of the lease term and their useftjl lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where subslanlially all of the benefits and risks of ownership are assumed by the Gioup. Obligations under such agreements are included in creditors, net of the finance charge allocated lo future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as lo produce a constsnl pertrodic rate of charge on the net obligation outstanding in oach period. 2.14 Operating leases Rtsntsls paid under operating lèa$8s are ¢harged lo the Consolidated slalemenl of financial activities on a slraighl line basis over the lease tem). Page 32 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles Icontlnued) 2.15 Pensions Retirement beneffts lo employees of the School are provided through three pension schemes. tsyo defined benefit and one defined contribution. The pension costs are charged in the Statement of Financial Activities and are detemiined as follows.. al Teachers, Pension Scheme the School contributes lo the Teachers, Pension Defined Benefits Scheme at rates sel by the Scheme actuary and advisgd to the Board of the scheme adminislralor and are charged in the period in which the salaries to which they relate are payable. The Scheme is multi*mployer pension scheme and it is not possible lo identify the assets and liabilities of the scheme which ar8 attributable to the Sthool. In accordance with FRS102 therefore. the scheme is accounted for as a defined contribution scheme. bl The School Support Staff Pension - the School also conlribules lo a defined benefit s¢hem& for a number of support staff al rates advised by the scheme actuary. The defined benefit pension scheme current service costs are charged lo the Ststement of Financial Activities within staff costs. The expected return on the Scheme assets less the scheme interest costs are credited within other interest. The scheme actuarial gains and losses are recognised immediately as other recognised gains and losses. The defined benefit scheme assets are m8asured at fair value al the Balance Sheet dale. Scheme liabilities are rneasu￿d on an actuarial basis al the Balance Sheet date using the projected unil method and diswunted at a rate relevant to the Current rate of relum on a high quality corporate bond of equivalent term to the scheme liabilities. The resulting defined benefrt asset or liability is presented separately after other net assets on the face of the Balance Sheet. c} The School Personal Pension Scheme the School operates a personal penson scheme with Scottish Widows for support stsff not in th8 above defined benefits scheme. This is a money purchase scheme under which the School contributes a mat¢hing amount to the employee up to a maximum of 50/0 of pensionable salary per annum. The Group operates a defined benefits pension scheme end the pension charge is based on a full aduarial valuatton dated 2 December 2018. 2.16 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Governors in furtherance of the general objectlves of the Group and whlch have not been de8Sgnated for other purposes. Restricted funds are ftjnds which are lo be used in accordance wlh spgcific reslriclions imposed by donors or which have treen raised by the Group for particular purposes. The costs of raising and admlnislering suth funds are charged against the speciflc fund. The alm and use of èach restricted fund Is sel out in the notes to the financial statements. Endowment funds are funds which have been given for a specific purpose and the capital has to be maintsined. Investment income, gains and losses are allocated to the appropriate fund. Page 33 THE KING'S SCHOOL. CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Crltlcal aceountlng estimates and areas of judgment Estimates and judgmfjnts arg ¢onlinually evaluated and are based on historical experience and other factors. including expoctstions of future even15 that are believed lo be reasonable under the circumstances. Crittcal accounting estimates and assumpts'ons= The Charity makes estimates and assumptions conceming the future. The resulting accounung estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assurnplions that have a significant risk of causing a malerial adjustment to thg Carrying amounts of assets and liabilities within the nexl financial year are discussed below. Panslon schemè valuatlon assumptlons Assumptions have been made by the actuary in calculating the valuation of the defined benefit pension scheme at the year end. Details of the assumptions made are indudod within the pensions note. Critlcal area$ of Judgment: A provlsion for impairfnenl of fee debtofs is established when there is objective evidence that the amounts due will not be collected in line with the usual fee collections due to financial difficulty of the Parents. Page 34 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income trom donation$ and legacie5 Restrlcted Unrestrlcted funds funds 2024 2024 £000 £000 Total funds 2024 £000 Tot81 funds 2023 £000 Donations 87 237 324 497 Total 2024 87 237 324 497 Total 2023 233 497 Income from charltable a¢tlYltles Unrestricted funds 2024 £000 Total funds 2024 £000 Total funds 2023 scho￿ fees Other educational incrNne other ancillary income 16.520 104 16.520 104 15, 166 128 27 59 Total 2024 16,683 16.683 15,321 Tolal 2023 15,321 15,321 School fees 2024 £000 2023 Gross fee5 receivable 17.746 {1,2261 16,259 (1.093) Less.. scholarships, bursaries and other discounts 16.520 15, 166 Page 35 THE KING'S SCHOOL. CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from other trading activities Income from non charltabl* trading actlvltles Unrestrfctad funds 2024 £000 Total funds 2024 £000 Total fvnds 2023 £000 King's spa￿ income 147 147 149 Total 2024 147 147 149 Total 2023 149 149 Inv¢$tmgnt incomo Rostrid¢d Unr8strictèd funds fund$ 2024 2024 £000 £000 Total funds 2024 £000 Total funds 2023 £ocio Dividends Bank interest 102 177 279 189 Total 2024 105 177 282 192 Total 2023 702 192 Page 36 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Other incoming resources Restrlded Unrestrlcted funds fund$ 2024 2024 £000 £000 Total funds 2024 £000 Totol fvnds 2023 £OtX) Capltal Income other income 234 (21) 72 72 Total 2024 72 72 213 Total 2023 234 (27) 213 10. Expenditure on raislng funds Costs of ralslng voluntary In¢omo Unrestricted funds 2024 £000 Total funds 2024 £000 Total funds 2023 Fundraislng for voluniary resources- Staff costs Costs of raising voluntary income - Nl Costs of raising vo5untary income- pension costs 30 26 Total 2024 34 30 Tot812023 30 30 Page 37 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Expenditure on raising funds {continued) Fundralslng tradlng oxpgnsgs Unrestricted funds 2024 £000 Total funds 2024 £000 Total fvnds 2023 £000 King's spa￿ Limited expenditure 58 58 Total 2024 58 58 58 Total 2023 58 58 11. Inv•$tm&nt managoment costs Restricted funds 2024 £000 Total tunds 2024 £000 Total funds 2023 Inve51menl management fees 23 23 21 Total 2024 23 23 21 Total 2023 21 21 Page 38 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Analysis of exp•nditur• by activities Actlvltles undertaken dlrgctly 2024 £000 Total funql$ 2024 £000 Total funds 2023 £000 Teaching Teaching Support Weffare Premises Supwrt 8,829 1,149 83 2,746 3.187 8,829 1,149 83 2,746 3,167 8,222 t,Ofl 77 2,409 2,895 Total 2024 15,974 15,974 14,614 Totsl 2023 14,614 14,614 Analy$l$ of dlro¢t costs Teachlng Support 2024 £000 Teachlng 2024 £000 Welfare 2024 £00 Premlse$ 2024 £000 Staff costs Deprg¢tation other Staff Costs Teaching Aids Other Educational Exponditure Catering utililles Premises Maintenance IT & Communications Wglfare Banking & Flnance Professional Expendtture 7,903 49 120 327 1,029 78 627 120 265 865 Total 2024 8.829 1,149 83 2.746 Total 2023 8.222 1.011 77 2.409 Page 39 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Analysis of expenditure by aetivitles Icontinuedl Analysls of difoct Costs Icontinuedl Total funds 2024 Total funds 2023 Support 2024 £000 Staff costs Depreciation Other Staff Costs Teaching Aids Other Educational Expenditur8 Catering 1.096 194 10,733 1,232 120 327 9.846 1,034 143 325 503 550 1.062 1,062 265 865 264 944 262 764 266 Premises Maintenance IT & Communi¢alions Welfare Banking & Finance Professional Expenditure 264 88 88 101 462 462 421 Total 2024 3,166 15,973 14,614 Total 2023 2,894 14,614 13. Auditors. remuneration 2024 £000 2023 £000 Fees payable lo the Charity's auditor for the audit of the Charity's annual accounts 22 21 Page 40 THE KING'S SCHOOL. CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1& Staff costs Group 2024 £000 Gn)up 2023 Charlty 2024 £000 Charity 2023 £000 Wages and salaries SocAal security costs Contribution lo deflned contrfbullon penslon schemes 8A07 879 7,810 796 8,407 879 7,810 796 1,S03 1,293 1.503 1.293 10.789 9,899 10,789 9,899 During Ihe year there were redundancy or terminallon payments totslling £60k12023.' £16kl pald to 2 members of stsff {2023.. 1 rnember of 5taffj. The average number of porsons employed by the School during the year was as follows= Group 2024 No. Gmup 2023 No. Employees 241 233 The number of employees whose employee benefits (excluding employer pension rAistsI exceeded £60,000 was: Group 2024 No. Gmup 2023 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001- £90,000 In the band £100.001 - £110,000 In the band £160,001- £170,000 In the band £180,001- £190,000 20 15 The key management personnel of the School are listed on page 1. The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services lo the Charity was £399k12023: £365kl. Page 41 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Govomors. romun*ration and expen$¢s Durir)g the year. no Governors received any remuneration or other benetits (2023- £NIL)- During the year ended 31 August 2024, no expenses were reimbursed or pald dlreclly lo Govemors. During the year ended 31 Augu512023. expenses lolalling £63 were reimbursed to 1 Govemor for milea9e and costs lotalling £634 were paid by the charity for 2 Governors lo attend a course. 16. Tangible flxed a55ets Group and Charity Long-term leasehold Fixtures and property fittings £000 £000 Fr•ohold property £000 Total £000 Cost or valuatlon Al 1 September 2023 Addikn'ons Disposals 18 21,346 43 6,694 1,411 28,058 1,454 19} Al 31 August 2024 18 21,389 8,096 29,503 Depre¢latlon At 1 Soplember 2023 Charge for the year On disposals 10 2,819 774 {5) 8.418 1.232 {5) 456 At 31 August 2024 12 6.045 3,588 9,645 Net book value At 31 August 2024 15.344 4,508 19,858 At 31 August 2023 75, 757 3,875 19.640 Pa9e 42 THE KING'S SCHOOL. CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Tan9lble Ilxod assets (c¢>ntlnuod) Group and Charlty l¢ontlnued) Leasehold Property The School occuples 33 acres of land by Wrexham Road, adjacent lo tho Chestor business park. The slle was acquiTed under a 999 year lease granted, wilhoul prernium, lo The King's School in 1956 by the Grosvenor Estate. The lease provides for a yearly rent of £3¢X). restn"cling the use of the property to educational purposes. No value is attributed In the financial slalements lo the land under the residue of the lease. The Schcx)I is responsible for all repaiis, maintenance and insurance of the buildings erected on the leased premises. Al of the assets are hold for tho School's own usg on direct charitable activities. 17. Flxed asset Investments List8d inve$tments £000 Group Cost or valuation Al 1 September 2023 Additions Disposals Rovalualions 3,624 422 {2971 420 At 31 August 2024 4.169 Net book value Al 31 August 2024 4,169 At 31 August 2023 3.624 Page 43 THE KING'S SCHOOL. CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Flxod asset Invostments (continu8dl Invè$tment$ in subsidiary Listed companiès Invèstmènts Total £000 ChaTity £000 £000 Cost or valuatlon At 1 September 2023 Additions Disposals Revaluations 50 3,624 422 3,674 422 {297} 420 1297) 420 Al 31 August 2024 4,169 4.219 Net book value At 31 August 2024 so 4,169 4.219 At 31 August 2023 50 3,624 3,674 Prln¢lpal subsldlaries The following was a subswjiary undertakn'ng of the Charity.. Name Company number Holdlng Included In consolldatlon King's spa￿ Limlted 11067044 100% Yes The finanryal resutts of the sUbS￿lary for the year were-. Narn• Income £000 Expendltuie £000 Profltl (Lossl for tho year £000 Not assets £000 King's Space Limited 147 (57) 90 140 P8ge 44 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Stocks Group 2024 £000 16 Group 2023 Charity 2024 £000 16 Charity 2023 £000 14 Galering stock 14 19. Dgbtors Group 2024 £000 Group 2023 Charity 2024 £000 Charity 2023 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 4,664 32T 409 2,431 155 404 4,662 326 155 421 3,020 5,400 2,990 5,3TT 20. Current as$ot Inv•stments Group 2024 £000 11.915 Group 2023 Charty 2024 £000 11.915 Charity 2023 Unlisted investments Page 45 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Creditors- Amounts falling due within ona year Group 2024 £000 Group 2023 £000 Charity 2024 £000 Chanty 2023 Bank loans Deposits received in advance Trade creditors 462 462 462 462 586 592 199 583 7T0 586 592 195 583 770 Other taxation and SOCTal security Obligations under finance lease and hire purchase contracts Other cfeditofs 202 197 52 261 9,615 52 263 429 7.199 427 7, 134 A¢¢ruals and deferred income 11.767 9.645 11,694 9,573 Group 2024 £000 Group 2023 £000 Deferred income at 1 September 2023 Resources deferred during the year Amounis released from previous periods 6,623 16,654 {6,6231 6,205 6,623 (6,205) 16,654 6,623 Deferred income relates lo income received under the School's advanced fee scheme contracts for education not yet ulilised to settle school fees and cash received in advancg for the forthcoming period. 22. Credltors: Amount$ falllng due after more than one year Group 2024 £000 Group 2023 Charlty 2024 £000 Charity 2023 Bank loans Nel obligations under finance lease and hi purchase contracts Accruals and deferred income 124 58T 124 587 14 14 7,514 7,514 7,652 587 7,652 587 In October 2020 three loans held by the School with Royal Bank of Scotland We￿ Cons￿•dated into one slngle loan of £2,365k with Handelsbanken. The loan is over a S year term and the interest rates are at 7.9310 at year end. Both repayments and interest are paid quarterfy. The loan is secured by a first legal charge over The King's School. Chester. CH4 7QL and its assoualed assets. Page 46 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Statement of funds Statsment of funds - current year Balance at 1 September 2023 £000 Balance at Galnsl 31 August {Lossesl 2024 £000 £000 Transfers Inlout £000 Income Expendlture £000 £000 Unrestrfcted funds Unresiricted Funds King's Space Pension reserve 17,689 92 17,169 147 {15,8601 158) 52 80 1921 19,078 89 84 19.005 17.316 {15.866) 1121 84 20,527 Endowrnent funds Prize and Exhibition Capitsl Fund Lesler Smith Capitsl Fund 113 17 130 108 221 17 238 Page 47 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Statement of funds Icontinuod) Balance at 1 September 2023 £000 Balance at Galnsl 31 August (Losses) 2024 £000 £000 Transfers Inlout £000 Income Expendlture £000 £000 Restrf¢ted funds Prlle and Exhibition Incorre Fund Donations Fund The King's School Bursary Trust Fund (51 475 1811 3.385 182 (138) 392 3.821 Lester Smith Incorne Fund 175 12) 20 200 4.041 193 12211 {51 412 4,420 Total of funds 23,267 17,509 116,0871 496 25,185 Page 48 THE KING'S SCHOOL. CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Statsment of funds {contlnuedl Lester Smlth Fund {Ilnked charltyl This fund was established under the Will of an Old King's Scholar, The Govemors of Tho School for the lime being comprise the trustees. The funds are held for the benefit of pupils at The School and contributions out of income are made to SUPPOrt worthy pupils whose families would not otheNise be able to pay the fees. Income consists of investment income of £7k {2023.' £7kl. Expenditkjre consists of costs on raising funds of £2k12023- £lkl and expenditure on charitable aelivilies ol £nil12023.. £nill. The Trust also had gains 12023= losses) on investments of £20k12023.' £4k}. Th• Klng's S¢h¢ol Bursary Trust Fund {Ilnked Charltyl This fund was estsblished by a Injst deed dated 8th May 1969. The Iruslees shall be not more than len in number including the Chairman of the Governors and the Headmaster. So far as possible, there should be representation on the Iruslees body from the Chester Association of Old King's Scholars. The 'ng's School Pargnts. Association and the Staff of The School. The Iruslees hold the funds and the income therefrom essentially to make contributions towards the payment of fees of any scholar whom the trustees in their absolute discrellon conS￿er worthy of assistance. The Iruslees have wide powers to further the advancement of education. Income consists of investment income of £95k 12023.. £79kl and donations of £87k 12023.. £217kl. Expenditure eonsisls of costs on raising fund5 of £21k 12023.. £20kl and expenditure on charitable activities of £117k 12023.. £109kl. The TnJs1 also had 9ains 12023.. losses) on invostments of £393k 12023.. £48kl. Prlzg & Exhlbltlon Income Fund This fund was established lo generate additional income for The School. Donations Fund Restricted income received from donors. Funds are restricted when they h8ve been glven or raised for a specific purpose. Includes income re￿iVed for specific activities such as Special Educational Needs ISENI, CCF training for puplls and optsonal language classes. Page 49 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Statement of funds Icontlnu•d) Statement of funds - prior year Balance 8t I September 2022 £000 Balance at 31 Augusl 2023 £000 Transfers in/out Gainsi (Losses) Income Expenditure £000 £O(X) Vnrestrlcted funds Unrestricted Funds 16.485 80 15,635 150 (14.511? {58) 48 80 (80) 17.689 92 1,224 King's Space Pension reserve 7,207 f31J 17,7T2 15,785 (14,521) (31J fg.005 Endowrnent lunds Prize and Exhibition Capital Fund Lesler Smith Capitsl Fund 113 113 108 221 221 R•strlct•d fvnds PrrLe and Exhibition Income Fund 12 (TJ (64) Donations Fund The King's School Bursary Trust Ftjnd 255 284 475 3,266 296 (129) (48) 3.385 Lesler Smith Income Fund 174 (1) (5) Ir5 3.707 587 (201? (52) 4,041 Total of funds 21,700 16,372 (14, 722) (83) 23,267 Page 50 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls ol net assets between funds Analy$i$ ol net assets belween funds - current perlod Endowment Restrlcted Unrestricted funds funds funds 2024 2024 2024 £000 £000 £000 Total funds 2024 £000 Tangible fixed assets Fixed asset investments Current assets C￿dItorS due wthin one year Cred(tors due in more than one year Provisions for liabilities and charges 19.857 19,857 4.169 19.217 111.7671 17,6521 1,360 238 3,931 489 18,728 {11,7671 17.6521 1.360 Total 238 4.420 20,527 25,185 25. Roconclllatlon of net movement in funds to nèt cash flow from operating actlvltl•s Group 2024 £000 Group 2023 Nel income for the period (as per Statement of Financial Activities) 1.832 1,598 Adlustmonts for. Depreciation charges Gainslllossesl on investments Dividends, interests and rents from investments Loss on the sale of fixed assets Increase in stocks Decreasellincrease} in debtors Increase in creditors Defined benefit pension scheme adjustment 1.232 14201 (2821 1,034 48 (193) 121 2,382 9,651 1521 (4J [675} 1,091 (48) Net cash provided by operating activities 14.34S 2.851 Page 51 THE KING'S SCHOOL. CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 26. Analysis of Cash and eash equivalents Group 2024 £000 16,182 Group 2023 £(X)O 3,597 Cash in hand Total cash and cash equivalents 16,182 3,597 27. Analysls of changes In net debt At1 September 2023 Cash flows £000 At31 August 2024 £000 Naw financg lèasès £000 3,597 {4621 15871 £000 Cash al bank and in hand Debt due within 1 year Debt due after 1 year Finance leases Liquid investments 670 4,267 14621 11241 {661 11,915 463 {66} 11,915 2.548 13,048 {66) 15,530 28. Capital commltmfrnts Group 2024 £000 Group 2023 Contracted for but not providod in thes• financial statements Acquisition of tangible fixed assets 45 Page 52 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 29. Pension commltments The School's employ8es belong to three principal pension schemes.. the Teachers, Perksion Scheme England and Wales ITPSI for leaching staff,. the Local Government Pension Schome ILGPSI managed by Cheshire Pension Fund for sorne support staff and a Group Personal Pension Scheme IGPPI managed by Scotttsh Widows for the remalning support staff. Both the TPS and LGPS are defined benefft schemes and the GPP Is a money purchase scheme. The latest actuari81 valuation of the TPS related to the period ended 31 March 2020 and of the LGPS 31 March 2022. Contributions amounting lo £129k 12023.. £106kl were payablp to the schemes al 31$t August and are included within creditors. Teachers, Penslon S¢hem• The Teachers. Pension Scheme ITPSI is a statutory, contributory, defined benefit scheme, govemed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for full-lime teachers in schools. All teachers have the opllon lo opl-out of the TPS followlng enrolmenl. The TPS is an unfunded scheme lo whith both th¢ member and employer makes contributions, as a percentage of salary - these conlribulions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parfiament. Valuatlon of the Teacher8. Penslon Schem• The Govemment Actuary. using normal actuarial principles. conducts a formal actuarial review of the TPS in accordance with the Public Sgrvice Pensions Ivaluations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognlsed and managed approprfalely and the revlew specifles the level of future contdbulions. Actuarial scheme valualiDns are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as al 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023. with the SCAPR rate, set by HMT. applying a notional inve51menl return based on 1.7% above the rale of CPI. The key elements of the valuation outcome are.. Employ8r contributson rates sel at 28.68% of pensionable pay (including a 0.08Vo administration levyl. This is an incrèase of in employer contributions and the cost control r8sull is such that no change in member benefits is needed. Total schema liabilities IpensKJns currently in payment and the estimated cost of futur9 benefits} for service lo the effective dale of £262,000 million and notional assets lesb'mated future contributions together with the nollonal investments held at the valuats'on date) of £222,200 million, givlng a notional past seNice deficit of £39,800 million. The result of this valuation will be implemented from 1 April 2024. The next valuation result is dlbe lo bè implemented from 1 April 2028. The employerfs pension costs paid to TPS in the year amounted to £1,416k12023.. £1.248kl. A copy of the valuation report and supporting documentation is on the Teachers, Pensions website. Page 53 THE KING'S SCHOOL. CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2024 29. Pension cornmitments {continuedl Under the definitions set out in FRS 102. the TPS is an unfunded mulli-employer pension scheme. The School is unable lo identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 1 D2 and has accounted for its contributions lo the scheme as if it were a defined contributs'on scheme. The School has set out above tho infom)ation available on the scheme. Local Govomm•nt Pension S¢h•me - Cheshlro Pension Fund The School also contributes lo the Cheshire Pension Fund for its support staff. The pension costs are assessed in accordance with the advice of a firm of independent qualified acluaTies, Hymans Robertson using the projected unil method. A full valuation was prepared as al 31 March 2022. The scheme was closed to new entrants of the School on 31 March 2005. The LGPS is a funded defined benefit pension scheme. wth the assets held in separate Irusle adfninislered funds. The total contribution made for the year ended 31 August 2024 was £4k 12023 £22kl, of which employerfs contributions toialed £Nil (2023 £16kl and employees, ¢ontributions toialled £4k 12023 £6kl. The agreed contribution rales for future years a￿ O°/0 for employers and 6.5QA for employees. Principal actuarial assuTnplions al the Balance sheet date lexpressed as weighted averages1= At 31 August Al 31 August 2024 2023 Discounl rate Future salary increases Future pension increases 4.95 5.25 3.35 2.65 3.75 3.05 At 31 August At31 August 2024 2023 Yaar$ Years Mortality rates {in years) for a male aged 65 now - at 65 for a male aged 45 now - for a female aged 65 now at 65 for a female aged 45 now 20.9 20.9 21.4 21.5 24.5 26.2 26.1 Page 54 THE KING'S SCHOOL. CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGVST 2024 29. Ponslon commitmonts {continuodl The School's share of the assets in the s¢hem& was.. At31 August At 31 August 2024 2023 £000 £000 Equllies Bonds Propety Cash and other liquld assets 1.593 1.447 1,413 551 35 471 72 Total fair valu8 of assats 3.620 3,446 The actual retum on scheme assets was £322,000 (2023- £-121,000J. The amounts recognised in the Consolidated Statement of Financial Activities are as follows: 2024 £000 2023 £000 Current service cosl Nel interest costs Total amount recognls8d In the Consolldated Statemont of Flnan¢lal Activit188 12 {64} 19 (51) {521 (32) Movements in the present value of the defined benefit obligation were as follows.. 2024 £000 2023 Opening defined benefit obligation Actuarial losses Current servlce costs Interest cost Contributions by members Benefits paid 2,404 f184) 19 100 41 12 114 11331 (124) Closing defined benefit obligation 2.260 2.222 Page 55 THE KING'S SCHOOL, CHESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Pension commitmonts (continued) hAovements in the fair value of the School's share of scheme assets were as follows.. 2024 £000 2023 £000 Opening fair valLJe of scheme assels Actuarial gainslllossesl Contributions by employer Contributions by members Interest cost Benefits paid 3,611 (275) 16 125 178 {1331 151 (124) Closlng falr value of scheme assets 3,620 3,446 Support Staff personal penslon $ch8me The School also operates a personal pen￿0￿ scheme with Scottish Widows for support staff not in the above defined benefit scheme. This is a money purchase scheme under which the School contributes matching amount lo the employee up lo a maximum of 5.fi of pensionable salary per annum. Employer contributions lotaling £130k 12023.. £101kl were paid in respect of this pension scheme for the period. As at year end £11k was payablo into Ihe scheme and is included within ¢reditors. The School also operates a private pension scheme with Virgin. Employer contributions lolaliTrg £14k 12023.. £13kl were paid in respect of this pension scheme for the period. As at year end £1 k was payable Into the scheme and is induded within creditors. 30. 0￿ratIng lease commltments At 31 August 2024 the Group and the Charity had commitments lo make fuiure minimum lease payments under nonc> aj ¢Tr aj rn ¢Tr ¢iJ 155iiilJll I 11111,1115 5 pl cy <0 V) cry tLO