2021-08-31-accounts

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Coventry School Foundation

Independent Auditors' Report to the Trustees of Coventry School Foundation ( continued)

Year Ended 31 August 2021

Opinion

We have audited the financial statements of Coventry Schools Foundation for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

In our opinion the financial statements:

give a true and fair view of the state of the charity’s affairs as at 31 August 2021, and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the entity's activities, funders, suppliers and wider economy. The Trustees' view on the impact of COVID-19 is disclosed in the Report of the Charity Trustees.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Coventry School Foundation

Independent Auditors' Report to the Trustees of Coventry School Foundation ( continued)

Year Ended 31 August 2021

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under section 1443 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Coventry School Foundation

Independent Auditors' Report to the Trustees of Coventry School Foundation ( continued)

Year Ended 31 August 2021

We obtained an understanding of the legal and regulatory framework applicable to both the charitable company itself and the sector in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the trustees and other management. The most significant were identified as the Charities Act 2011 and Charities SORP (FRS102).

We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included:

making enquires of management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud;
obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
assessing the design effectiveness of the controls in place to prevent and detect fraud;
assessing the risk of management override including identifying and testing journal entries;
challenging the assumptions and judgements made by management in its significant accounting estimates.

Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Haines Watts Birmingham LLP Chartered Accountants & Statutory Auditor 5-6 Greenfield Crescent Edgbaston Birmingham B15 3be

Haines Watts Birmingham LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

4

Coventry School Foundation

Statement of Financial Activities

for the Year Ended 31 August 2021

Unrestricted Funds £ 820,016 20,723,181 222,100 8 477,508	Restricted Funds £ - - - 49,927 -	Endowment Funds £ - - - 56,354 -	Total Year Ended 31.08.21 £ 820,016 20,723,181 222,100 106,289 477,508	Total Year Ended 31.08.20 £ 661,692 20,883,134 362,357 107,236 1,230,972
22,242,813	49,927	56,354	22,349,094	23,245,391
- 23,492,597	12,095 8,849	18,808 -	30,903 23,501,446	11,024 23,180,759
23,492,597	20,944	18,808	23,532,349	23,191,783
(1,249,784) - -	28,983 (209) 226,035	37,546 22,742 381,929	(1,183,255) 22,533 607,964	53,608 16,985 (202,459)
- (1,249,784) (100,000) 161,646	225,826 254,809 -	404,671 442,217 100,000 (161,646)	630,497 (552,758) - -	(185,474) (131,866) -
(1,188,138) 18,377,090	254,809 2,422,854	380,571 3,232,914	(552,758) 24,032,858	(131,866) 24,164,724
17,188,952	2,677,663	3,613,485	23,480,100	24,032,858

All amounts derive from continuing activities

All gains and losses recognised in the year are included in the Statement of Financial Activities

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Balance Sheet

for the Year Ended 31 August 2021

Note FIXED ASSETS Tangible assets 9 Investments 10 CURRENT ASSETS Debtors 11 Cash at bank and in hand CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank overdraft and loans Other 12 NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS PERMANENT ENDOWMENT FUNDS ENDOWMENT REPLACEMENT 13 RESTRICTED FUNDS 14 UNRESTRICTED FUNDS 15 TOTAL CHARITY FUNDS	2021 £ 112,725 1,001,170	2021 2020 £ £ 19,655,048 4,839,781 24,494,829 405,775 1,432,735 1,838,510 - 2,483,233 2,483,233 (1,014,729) 23,480,100 23,480,100 2,713,485 900,000 3,613,485 2,677,663 17,188,952 23,480,100	2020 £ 20,537,219 4,140,362
			24,677,581 (644,723)
	1,113,895 - 2,128,624
	2,128,624
			24,032,858
			24,032,858
			2,232,914 1,000,000
			3,232,914 2,422,854 18,377,090
			23,032,858

These financial statements were approved by the Finance & General Purposes Committee on behalf of the Board of Governors on 22 November 2021.

I Dunn P Morris Chairman of Governors Vice Chairman of Governors

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Cash Flow Statement

for the Year Ended 31 August 2021

CASH FLOW FROM OPERATING ACTIVITIES NET CASH OUTFLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Purchase of tangible fixed assets Purchase of investments Sale of investments Sale of tangible fixed assets NET CASH OUTFLOW FROM INVESTING ACTIVITIES NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT 1 SEPTEMBER 2020 CASH AND CASH EQUIVALENTS AT 31 AUGUST 2021 CASH AND CASH EQUIVALENTS CONSISTS OF: Cash at bank and in hand Bank overdraft and loans	Note 17 As at 31.08.21 £ 1,001,170 - 1,001,170	Year Ended 31.08.21 £ (120,242) (120,242) (242,582) (1,109,150) 1,040,228 180 (311,324) (431,566) 1,432,735 1,001,170 Cash flows £ (431,565) - (431,565)	Year Ended 31.08.20 £ (486,855)
			(486,855)
			(25,905) (2,368,312) 1,353,479 1,000,000
			(40,738)
			(527,593) 1,960,328
			1,432,735
			As at 01.09.20 £ 1,432,735 -
			1,432,735

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

1 Accounting Policies

Basis of preparation

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with:- the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)'; Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and the Charities Act 2011. The financial statements have been prepared on a going concern basis under the historical cost convention modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern, including the impact of COVID-19. The trustees make this assessment in respect of a period of one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Fees and similar income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school, but include contributions received from Restricted Funds for Scholarships, Bursaries and other grants.

Donations and legacies

Donations received for the general purposes of the Foundation, together with the associated income tax recoveries, are credited to "other unrestricted funds", to distinguish them from school income. Donations subject to specific wishes of the donors are credited to relevant restricted funds, or to endowed funds where the amount is required to be held as permanent capital.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised.

Investment income

Investment income, including associated income tax recoveries, is recognised when receivable.

Other trading activities

Income from trading activities includes income earned from the school shop and the hire of facilities. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Donated goods and services

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

1 Accounting Policies (continued)

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Costs of raising funds comprise the costs associated with the management of the Charity's investments. - Expenditure on charitable activities includes costs incurred directly in the fulfilment of the Charity's activity (the advancement of education); and
Other expenditure represents those items not falling into the categories above.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 7.

Fund accounting

Endowment funds

The permanent endowment is as described in the Trust Deed.

The endowment capital may not be expended other than for the maintenance or enhancement of the endowment. Since 1 September 2016 the endowments have been managed on a total return basis as set out in note 13.

Restricted funds

Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund, together with a fair allocation of overheads and support costs.

Unrestricted funds

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the Charity.

Designated funds are unrestricted funds which have been designated for specific purposes by the Trustees.

The accompanying policies and notes form an integral part of these financial statements.

Notes to the Financial Statements

for the Year Ended 31 August 2021

Coventry School Foundation

1 Accounting Policies (continued)

School Land and Buildings and Equipment

Buildings

At 31 August 2006, under the requirements of the previous Charity SORP (2005), the Charity's land and buildings were revalued in order that all could be recognised in the accounts. Previously, certain historic land and buildings of the Charity had not been reflected in the balance sheet. Following this valuation exercise, all were included in the accounts at existing use valuation and are depreciated at rates of between 2% and 5% straight line. Subsequent additions to buildings are included at historic cost and also depreciated at rates of between 2% and 5% straight line. No change in accounting treatment has been necessary on transition to SORP (FRS102).

Equipment

Project related costs amounting to less than £3,000 and individual items costing less than £1,000 are written off as an expense as incurred.

Depreciation

Depreciation is calculated to write down the cost less estimated residual value of tangible fixed assets held for charity use other than land by equal annual instalments over their expected useful lives. The periods generally applicable are:

Plant and machinery	4 years
Fixtures, fittings and equipment	5 years
Computer equipment	3 years
Motor vehicles	4 years
Buildings	20 - 50 years

Investments

Assets held for investment purposes measured at fair value at the balance sheet date. Traded securities are valued at the mid-point quotation in the Stock Exchange Daily List.

Changes in fair value recognised in net gains/losses in the Statement of Financial Activities.

Foreign currencies

Transactions in foreign currencies are translated at the exchange rate ruling at the date of transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange at the balance sheet date. Exchange differences are dealt with in the Statement of Financial Activities.

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

1 Accounting Policies (continued)

Contributions to pension funds

Defined benefit schemes

The Charity participates in a multi-employer pension scheme, the Government's Teachers Pension Defined Benefits Scheme for the majority of its teaching staff.

This pension liability is the responsibility of the Teachers Pension Defined Benefits Scheme. As a result it is not possible to identify the assets and liabilities of the scheme that are attributable to the Charity. Accordingly under SORP 2019 (FRS 102), the scheme is accounted for as if it were a defined contributions scheme.

Defined contribution schemes

The pension costs charged to the Statement of Financial Activities represent the amount of the contributions payable to the schemes in respect of the accounting period.

Termination benefits

Termination benefits are monies paid when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The company recognises termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy.

Leased assets

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to the Statement of Financial Activities on a straight line basis over the lease term.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

2 Donations and legacies

Donations Legacies	Year to Year to 31.08.21 31.08.20 £ £ 639,605 656,760 180,411 4,932 820,016 661,692

3 Charitable activities - Fees Receivable

Fees receivable comprise: Gross fees Less: Bursary awards Scholarship awards Staff fee remission Sibling discount	Year to 31.08.21 £ 22,834,653 (1,822,420) (247,392) (989,412) (41,660) 20,723,181	Year to 31.08.20 £ 24,101,754 (1,926,788) (267,281) (983,750) (40,801)
		20,883,134

During the year, 294 pupils (2020: 322) received bursary awards and 199 pupils (2020: 200) received scholarship awards.

4 Other trading activities

School shop commission income All weather pitch, pavilion, other school facilities	Year to 31.08.21 £ 9,000 213,100 222,100	Year to 31.08.20 £ 10,000 352,357
		362,357

5 Investment Income

Listed investments Bank interest Income from permanent endowment included in above	Year to 31.08.21 £ 106,281 8 106,289 56,354	Year to 31.08.20 £ 95,508 11,728
		107,236
		33,910

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

6 Other Income

Income from school trips Transport income Property income Production ticket sales HMRC furlough income Surplus on sale of fixed assets Compensation payment for A45 Business interruption insurance claim Covid -19 Grant income	Total 2021 £ 54 27,806 - - 250,336 180 99,132 100,000 - 477,508	Total 2020 £ 66,353 99,292 100 2,969 573,478 428,781 - - 60,000
		1,230,972

7 Analysis of Total Expenditure

Raising and management of funds Investment management Charitable expenditure: Teaching Welfare Premises Support Grants, awards and prizes Management and administration Finance and other costs Support costs Staff costs Office costs Information Technology Recruitment costs Travel Advertising and marketing Depreciation Other costs Governance Governance costs Staff costs Support costs	Staff costs £ - 14,325,912 93,256 822,325 1,243,001 - 546,078 - 17,030,572 17,030,572	Other costs £ 30,903 1,364,678 435,111 1,731,548 546,174 - - 1,268,610 5,346,121 5,377,024	Depreciation £ - - - 950,306 174,447 - - - 1,124,753 1,124,753	Total 2021 £ 30,903 15,690,590 528,367 3,504,179 1,963,622 - 546,078 1,268,610 23,501,446 23,532,349 1,192,206 122,553 91,858 40,864 4,316 41,091 174,447 219,137 77,150 1,963,622 50,795 26,355 77,150	Total 2020 £ 11,024
					16,022,290 511,905 3,316,501 2,030,561 500 498,164 800,838
					23,180,759
					23,191,783
					1,130,483 174,008 114,833 45,084 7,681 106,906 187,276 171,122 93,168
					2,030,561
					43,445 49,723
					93,168

The accompanying policies and notes form an integral part of these financial statements.

7 Analysis of Total Resources Expended (continued)

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

Total resources expended include:

Total resources expended include:
Auditor's remuneration: Audit services Non-audit services Total staff costs: Wages and salaries Social security costs Pension costs Termination payments	Year to 31.08.21 £ 20,000 4,835 13,049,803 1,282,077 2,520,357 178,335 17,030,572	Year to 31.08.20 £ 20,000 18,079
		12,950,565 1,268,717 2,533,971 165,201
		16,918,454

The average number of employees during the year (including part-time staff and temporary cover) was 421 (2020: 468) of which 230 (2020: 240) were teaching staff. The average number of the full-time equivalents for teaching staff was 207 (2020: 211).

The number of employees whose annualised emoluments exceeded £60,000 were:

	Year to	Year to
	31.08.21	31.08.20
£60,001 - £70,000	4	4
£70,001 - £80,000	2	2
£80,001 - £90,000	-	1
£90,000 - £100,000	4	2
£100,001 - £110,000	1	1

Contributions were made to the Government's Teachers Pension Defined Benefits Scheme for 10 higher paid employees and contributions amounting to £16,185 (2020: £15,405) were made to a personal pension scheme for 1 employee.

The Charity has taken out indemnity insurance in respect of the Governors at a cost of £2,914 (2020: £2,464 ) in the year.

Other than as disclosed in note 21, Related Party Transactions, the trustees of the Foundation have not been paid during the year for their services or received any payments for expenses.

During the year the Foundation incurred a total of £178,335 (2020: £165,201) in termination payments to 20 (2020: 11) employees.

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

8 Comparatives for the Statement of Financial Activities - 31 August 2020

Unrestricted Funds £ 635,218 20,883,134 362,357 11,728 1,230,972	Restricted Funds £ 26,474 - - 61,598 -	Endowment Funds £ - - - 33,910 -	Total Year Ended 31.08.20 £ 661,692 20,883,134 362,357 107,236 1,230,972
23,123,409	88,072	33,910	23,245,391
- 23,171,410	5,728 9,349	5,296 -	11,024 23,180,759
23,171,410	15,077	5,296	23,191,783
(48,001) - -	72,995 8,364 (169,494)	28,614 8,621 (32,965)	53,608 16,985 (202,459)
- (48,001) -	(161,130) (88,135) -	(24,344) 4,270 -	(185,474) (131,866) -
(48,001) 18,425,091	(88,135) 2,510,989	4,270 3,228,644	(131,866) 24,164,724
18,377,090	2,422,854	3,232,914	24,032,858

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

9 Tangible Fixed Assets

Tangible Fixed Assets
Cost or Valuation At 1 September 2020 Additions Disposals At 31 August 2021 Depreciation At 1 September 2020 Charge for the year Eliminated on disposal At 31 August 2021 Net Book Value At 31 August 2021	Freehold land and buildings £ 26,785,440 230,565 - 27,016,005 6,778,494 950,306 - 7,728,800 19,287,205 20,006,946	Plant, machinery and vehicles £ 668,905 12,017 (16,875) 664,047 667,348 3,163 (16,875) 653,636 10,411 1,557	Fixtures, fittings, computers and equipment £ 1,471,856 - - 1,471,856 943,140 171,284 - 1,114,424 357,432 528,716	Total £ 28,926,201 242,582 (16,875)
				29,151,908
				8,388,982 1,124,753 (16,875)
				9,496,860
				19,655,048
				20,537,219

The Charity's land and buildings, comprising three schools, were independently valued as at 31 August 2006 by Howkins & Harrison. The valuation was on an 'existing use' basis (i.e. educational) and does not reflect the value of potential alternative usage. Subsequent additions are included at cost value.

Insured restatement values Bablake School - Coundon Road; and playing fields - Duncroft Avenue King Henry VIII School - Warwick Road - and playing fields - Stonebridge Highway King Henry VIII Preparatory School - Kenilworth Road Bablake Pre-Preparatory School - The Grange Freehold and long leasehold properties owned by the Foundation have insured reinstatement values as follows:	2021 £ 41,731,898 41,153,144 6,323,994 5,644,627
	94,853,663

The above insured sums represent the cost of replacement as new and exclude land values.

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

10 Fixed Asset Investments

Valuation At 1 September 2020 Additions Disposals Unrealised gain on revaluation At 31 August 2021	Listed investments £ 4,140,362 1,109,150 (1,017,695) 607,964
	4,839,781

All investments are held in the UK. Included in the above value of investments is cash of £354,649 (2020: £613,240).

If the investments had not been revalued, they would have been included on the historical cost basis at the following amounts:

Valuation At 31 August 2021 At 31 August 2020 11 Debtors Fees Bad debt provision Prepayments and accrued income 12 Creditors: Amounts Falling Due Within One Year Fees received in advance Trade creditors Taxation and social security Other creditors and accruals Fees received in advance Fees received in advance at 1 September 2020 Released from previous years Deferred in the year Fees received in advance at 31 August 2021	Listed investments £ 3,573,461 3,489,414 2021 £ 142,954 (61,334) 31,105 112,725 2021 £ 858,600 - 332,905 937,119 2,128,624 2021 £ 1,295,579 (1,295,579) 858,600 858,600	Total £ 3,573,461
		3,489,414
		2020 £ 584,165 (256,979) 78,589
		405,775
		2020 £ 1,295,579 29,750 312,814 845,090
		2,483,233
		2020 £ 1,656,915 (1,656,915) 1,295,579
		1,295,579

At the balance sheet date, the Foundation was holding fees received in advance for the Autumn 2021 term.

The accompanying policies and notes form an integral part of these financial statements.

for the Year Ended 31 August 2021

Coventry School Foundation

Notes to the Financial Statements

13 Endowment Funds

With effect from 1 September 2016 the charity has adopted a total return basis for maintaining the endowments. As at that date it was determined that the endowment comprised the Permanent Endowment and the Endowment Replacement.

At 1 September 2016 it was determined that the endowment comprised a capital amount referred to as the Trust for Investment below, derived from the value of endowment investment property and other investments at 31 August 2006.

The Total Return is determined as the difference between the Trust for Investment and the current fair value of the underlying assets.

Under the total return approach, a value of up to the value of the total return may be applied to fund the unrestricted net expenditure of the charity. The trustees budgeted at the start of the year to apply 5% of the Permanent Endowment in this way. On 23 January 2018 the Charity Commission agreed to the cancellation of the Recoupment orders dated 20 April 1998 and 22 May 1998. The total return applied in the year has been calculated on the Endowment Fund net of the cancelled recoupment orders. As the value of the underlying assets in the Endowment fund have increased by less than this amount the unapplied total return has decreased accordingly.

At 1 September 2020: Gift component of the permanent endowment Unapplied total return Total Movements in the year: Investment return - net gains Gains on investments Transfer from Unrestricted Funds Total Annual replacement transfer Unapplied total return allocated to income in the reporting period Net movements in the year At 31 August 2021: Gift component of the permanent endowment Unapplied total return Total	Trust for Investment £ 1,822,407 - 1,822,407 - - - - - - 1,822,407 - 1,822,407	Unapplied Total Return £ - 410,507 410,507 37,546 404,671 100,000 542,217 100,000 (161,646) 480,571 - 891,078 891,078	Endowment Replacement £ 1,000,000 - 1,000,000 - - - - (100,000) - (100,000) 900,000 - 900,000	Permanent Endowment Total £ 2,822,407 410,507
				3,232,914
				37,546 404,671 100,000
				542,217 - (161,646)
				380,571
				2,722,407 891,078
				3,613,485

The Permanent Endowment refers to the original endowment to provide education.

During 2019 a temporary loan of £2,000,000 was made to cover the costs for The Grange refurbishment. £1,000,000 was repaid in the previous year, with the remaining £1,000,000 being recouped over a period of 10 years in line with the recoupment order issued by the Charity Commission on 29 June 2020. In line with this £100,000 has been repaid during the current year. This is shown above as Endowment Replacement.

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

14 Restricted Funds

At 1 September 2020 Incoming resources Resources expended Realised (losses) on investments Unrealised gains on investments Transfer to/from foundation At 31 August 2021 At 1 September 2020 Incoming resources Resources expended Realised (losses) on investments Unrealised gains on investments Transfer to/from foundation At 31 August 2021	Prizes Fund £ 177,874 4,123 (1,812) - 17,590 - 197,775	Bursaries Fund £ 2,022,958 45,804 (10,139) (209) 205,233 - 2,263,647 KHVIII Capital Fund £ 168,099 - (8,849) - - - 159,250	Pembroke Fund £ 21,892 - (144) - 3,212 - 24,960 Bablake Fund £ 16,798 - - - - - 16,798	Coventry Concord £ 15,233 - - - - -
				15,233
				Total £ 2,422,854 49,927 (20,944) (209) 226,035 -
				2,677,663

The Prizes and Bursaries Funds were set up by three Trust Deeds consolidating several charities. These operate under the following names:

Lanes Scholarship Annuity Colonel Sir W F Wyley Scholarship Coventry School Foundation Prizes Fund Coventry School Foundation Bursaries Fund Sage Scholarship

The Pembroke Fund was established during the year ended 31 August 2007 by a donation to encourage and support Bablake School pupils to study Science or other technological subjects with the intention of reading for a related bachelor degree at Cambridge University.

The KHVIII Capital Fund was set up following the receipt of a legacy which was gifted to the school for use on capital projects at the discretion of the Headmaster.

The Bablake Fund was set up following the receipt of a legacy which was gifted to the school for use at the discretion of the Headmaster.

15 Unrestricted Funds

At 1 September 2020 Incoming resources Resources expended Unapplied total return allocated to income in the reporting period Annual replacement transfer Transfer to Permanent Endowment At 31 August 2021	£ 18,377,090 22,242,813 (23,492,597) 161,646 - (100,000)
	17,188,952

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

16 Analysis Of Net Assets Between Funds

Tangible fixed assets Investments Current assets Current liabilities Endowment Replacement Net assets Unrealised gains/ (losses) included in the above: Investments 17 Cash flow from operating activities Net expenditure for the year Depreciation Net gains on investments Realised gains on sale of fixed assets Decrease/ (increase) in debtors (Decrease)/ increase in creditors Net cash flow from operating activities	Unrestricted funds £ 19,480,474 - 420,688 (1,812,210) (900,000) 17,188,952 -	Restricted funds £ 174,574 2,009,882 593,207 (100,000) - 2,677,663 226,035	Endowment funds £ - 2,829,899 100,000 (216,414) 900,000 3,613,485 381,929 Year to 31.08.21 £ (552,758) 1,124,753 (630,497) (180) 293,050 (354,610) (120,242)	Total £ 19,655,048 4,839,781 1,113,895 (2,128,624) -
				23,480,100
				607,964
				Year to 31.08.20 £ (131,866) 1,137,251 185,474 (428,781) (150,866) (1,098,067)
				(486,855)

The accompanying policies and notes form an integral part of these financial statements.

Notes to the Financial Statements for the Year Ended 31 August 2021

Coventry School Foundation

18 Pensions

Defined benefit scheme

The Charity operates a defined benefit pension scheme for the benefit of certain employees. The assets of the scheme are administered by trustees in funds independent from those of the Charity.

Teachers' Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the teachers' pension scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations 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 at 31 March 2016 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation are:

employer contribution rates set at 23.68% of pensionable pay (including a 0.08% administration levy);
total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million, giving a notional past service deficit of £22,000 million;
the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI. assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.

The next valuation result is due to be implemented from 1 April 2023.

The employers pension costs paid to TPS in the period amounted to £2.189m (2020: £2.198m).

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charity has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Charity has set out above the information available on the scheme.

Defined contribution scheme

The Charity also operates a defined contribution "money purchase" scheme for the benefit of certain employees. The assets of the scheme are administered by trustees in funds independent from those of the Charity.

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Notes to the Financial Statements

for the Year Ended 31 August 2021

19 Leasing Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

In less than one year Between one and five years In more than five years	2021 £ 255,529 341,150 64,000 660,679	2020 £ 258,905 414,090 96,000
		768,995

20 Capital Commitments

There were no capital commitments contracted but not provided for in the financial statements as at 31 August 2021.

21 Transactions with Trustees and other Related Parties

No Governor received any remuneration or other benefits from the Charity or any connected organisation during the year.

One employee of the Foundation have close family members on the board of Governors. Their employment is under normal terms and conditions.

During the year, Governors expenses of £nil (2020: £425) for travelling was reimbursed.

The total amount of employee benefits received by key management personnel during the year was £999,443 (2020: £974,835). The charity considers its key management personnel to comprise of Governors, Head Teachers, Deputy Head Teachers and the Director of Finance and Operations.

Coventry School Trustee Limited was incorporated on 21 April 2016. On 01 September 2016 the trustee company took over the role of trustee of Coventry School Foundation. The trustee company is Limited by Guarantee and the members are the Board of Trustees of Coventry School Foundation. Control is exercised through corporate trusteeship. The company is registered in England and Wales with a registration number of 10138291 and was dormant throughout the current period. A copy of the parent company's accounts can be obtained from Coventry School Foundation, Unit 1, Kings Chamber, Queens Road, Coventry, CV1 3EH.

The accompanying policies and notes form an integral part of these financial statements.

Coventry School Foundation

Schedule of Properties

for the Year Ended 31 August 2021

Freehold and Leasehold Properties £ 1 Bablake School existing use valuation 31.08.06 Subsequent additions at cost in 2007 - 2020 Additions at cost in 2020/21 Boilers for swimming pool 39,568 Lighting for playing fields 190,997 Bablake School cost or valuation at 31.08.21 2 King Henry VIII School existing use valuation 31.08.06 Subsequent additions at cost in 2007 - 2020 Additions at cost in 2020/21 None King Henry VIII School cost or valuation at 31.08.21 3 King Henry VIII Pre-Preparatory School existing use valuation 31.08.06 Subsequent additions at cost in 2007 - 2020 Additions at cost in 2020/21 None King Henry VIII Pre -Preparatory School cost or valuation at 31.08.21 4 Bablake Pre-Preparatory School Subsequent additions at cost in 2007 - 2020 Additions at cost in 2020/21 None Bablake Pre-Preparatory School cost or valuation at 31.08.21 TOTAL COST OR VALUATION AT 31 AUGUST 2021	£ 39,568 190,997	£ 4,610,000 7,133,761 230,565	£ 11,974,326 9,794,776 1,921,622 3,325,281

		3,670,000 6,124,776 -

		600,000 1,321,622 -
		3,325,281 -


			27,016,005

The accompanying policies and notes form an integral part of these financial statements.

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