Charlty Reglstratlon Number 528961 Coventry School Foundation Financial Statements for the Year Ended 31 August 2022
Coventry School Foundatlon Y1 End•d 31 August 2022 Rem ofthe Chaioty TnJBtee (G0¥em. Repcrt) 1to15 Independent AuditOTS' Repcrft to the Gcwn(*s 16tol8 Statement of Financial Athibe5 19 lance Sheet Cash Fknv Statement 21 Notes to the Financial Slatements 22to36
Coventy School Foundation R•port of the Charlty Tnrn (Govern. Rwrtl Year End•d 31 AUgt 2022 REFERENCE & ADIIINISTRATIQN The Chty IRegislrabon Number 5289611 1$ kno¥m as Covth School Foundati. The addrE5S of the charity is n¢Jw'. Coventy SthoLI Foundatic Kenihvorth Rood Coventy CV3 6PT Coventy School Trustee Lwiiled, a ¢ompany LThited by Guarantee, is the sde ¢typor8te Trustee of Coventy Sch1 FourHlation. The Govemots of Covmf SCI Foundat* are thts ¢jIr•¢ and members of Coventy School Truslee Limited. A list of lknmtys in poslatthe dateof approval (rftlys reptsrtw othtts tptho seryed durirwJ the finan¢i¥l year 18 at Annex A list of senitr staff members to dayknday management has been delegated is at Annex B. A list ofthe Found8tiw's atsmsers is at Annex C. A reeW of each Sd,3 p¥fm is at D.
Coventy School Foundation Report ofthe Charlty Tn IGov•rnors' Roportl Year End•d 31 August 2022 STRUCTURE. GOVERNANCE & MANAGEIAENT Governing Document The charity is constituted under the twms of a Charity Ccthmisslw S¢heme dated 27 June 2ryJo Icommi55ioners Reference N108 ISYOO. Case Numb•r 1254471. A revised Goveming Document d$ approv by the governws in June 2022 and is awaiting approval from the Charity Ccmmlssl. Thi$ seeks to modemise Ihe wevious scheme in line curyent besl pra¢ti¢&s. Recruitment & Trnining of Govemovs The revised scherne allows for beh¥een 14 and 18 govemots who are also diredors of the Coventy School Trustee Ltd. ¥%ithin the meaning of the Chanties Act 2011: 10 of are nominated to enter a selection process. by the extemal tleS listed bdow and the remainderwho are cTropted by invitation and subject to the same seleclion wocess. The nominab.ng bodies are as fo11trs. Trusttts of the General Charity in Cty of Coventy 13 governors)., The Trustees of the Coventy (Churthl MunrApal Charibes 12 governors): The Committee of the Bablake Parents. A5socialion 11 govemorl.. The Committee of the King Henry Mll Parents, Assttith"on11 govemorl," The Councal of the UnNersity of Warwck 11 9)vemorl', The Vice-chancellor of the Coventy Univeryty {1 go¥emor),' The Tnjstees of the &r Thomas Chty {1 yovernorl. Cowopted govemors a inteNiewed by a GOVernar and Nomination5 Committee fonned ofthe chairs of the sutrtrcommees and the wctrthair oflhe bJ3rd and are 5electe(I based on the goveming body's requirements of skils and comretence. New govemor5 recwve a crynprehensive induction, including sits to all schools and an infrnaOn pack ewaining in detail about the role of being a govemor, the anisatt" and rt5 structure, the ffin?l p0SOn and the strategy for the fiJture as well as general inforrnats.on welating to the ststutory otAation of charibes and their trnstees. CoyES of IElevant Chatity Cornrnission bo0ets are included in the pack. In addTbon, each newgovemor is briefed by the Principal ofthe Foundat. Structure of the CtynlsatSon The Foundation consists of the ftAlowng sCtKds", Bablake Senior. Bat4ake Junior. lQng Henry Mll Senior, King Henry Mll Junior and The Grange PrtrPrep. all of vknich are Ixated in Coventry and ¥e c4eth.vety krw a5 the Coventry Sthool Foundation. OryaT7isational Manag•m•nt The govemors of Coventy Schwl Foundathx legaly re5Fnnsible fry the ovwall management and Cr01 of all of the schools. The govwnors meet as a fvll board 3 twnes a year and undertake the work of managing the Foundation through a cornmrttee 8trJcture. The committees are Education Oversht, P•ople aftd Wellbeing, Finan¢e and Re50urce5 and Aud The Govemance and Nominalions commrttee teing an ad hoc committee forned of the chairs of the sUtCMitteeS ant1 the vic&thar of the board. The Foundation Office is headed by the Pritrxipal and acnm(j?tes Ihe Govwnors. 3ecretsriat arKI is responsible lor managing a cthralised finance funcb"on. pew50nnel and legal issues. Th¢ day-ttrday manageTh*nt of the Foundation rnanaged by the senior lershIp team. leA by the PrinLypal. all of whrxn attend relevanl meetings of the various committees as described above. Arrangements for S8ttlng Pay and R•muneTrtion of K•y Ma9nent Personnol The annual remunerab"w for the Princpal and 5eni(Y teadership is recommended to the ftAI board by Ihe Governance and Nofflinab"ons comrnrttee and is based on several elements including benchmarking data received from a variety of %rceS that specW$e independent schl1 pay and remuneration.
Coventry School Foundation R•port ofth• Ch•rity Twsts• IGo¥emorn' Report) Y•ar End•d 31 August 2022 Fundrnlslng Acllvlty The Charity relies on regular sourrxs of fvnding and onty embarks dedicated fijndraising acknty for specific projects. There are no such projects Ihat lunds we bting rnised for at preswt. Rl$k M•n•g•mont The Governing body res51e for the 'management of risy to knthich the charity is exposed. The Audti and Risk committee man¥ge this VK¥k cffl behalf of the fijll tjoard and recommend their report lo ea( full board rneeb'ng. The major risks to Ihe Foundation as identsfied ty the Govemors have been reviewed and systems or procedures have been e5tsblished to manage those risks. These risks are reviewed at each Audit and Risk committee. OBJECTIVES & ACTMTIES Charltsble Objectlveg The Scheme ststes that the ciljective of Ihe Charty 1$ to advau the educabon of tws and girfs by the provi8ion of a school or schools in or near the cty of Covty, bursaries to those in need of financial assistance as detailed by dause 22IBI of the Scheme, and leavitryj exhibfoons as detailed in dause 23 and religious instruction in accordance wrth Christian prtr. Alms & Intended Impo¢t To achieve the above the Foundation a5 to ddiver educational excelence and be recogni$¢d Ihroughout the Wesl Midland$ & England as an outstanding provider ts pupls from 3 trj 18 years old. In so doing the Foundation 0V[deS first dass teaching SUPPLJtsd by excellent larAlities in a safe and stimulating environment complemented by Ihe best P05Sit4e pastoral care and accessible to a Vide social mix of pupils. The intention of the above is to provide the frameTk for the development of the indNidual pupil so that al are able to reach their fvll potents.al and in so doing iculcate in each pupil a desire to aY a full part in lety. benefi(> to the ecorn and life of the area and lo the county as a We. Public B•n•fft In the furtherance of these aims the Go¥emoTS, as the dOr$ of the Charity Trustee, have complied th the duty in $.17 of the Charibes Act 2011 to have due regard tothe Charity Commissn'S wblished general and relevant SUsectOr ydanCe c(rfKeming the 0Wati of the Public Benefft requirement under that Act Seholarshlp & Bursary Po The govemor5 are dear that the py0vion of burwe5 demon5tr3tes public benefit providing a method ol distributing available resryJrces to chiklrEn but for finanual assistance frorn the Foundation would be unable to attend the schools. The Prtzes and Bursaries Committee oversees the allocation of schL4arships and bjrsaries. V¥lthin the year472123.5% oftotsl roll pupils receNed me¥n$ tested bursary avArds and scholarships to Ihe value of £1.932m of which 86.9% was 8110¢8tad to burn•ries. otherA1&Ule$ olPubllc Benefft Across the Foundation, schooL%, staff and wi15 are imiolved m o variety olaetivrbes wovmling der public benefft which are referred to in the indNhYual s¢htr)I fPOrts at Annex D. l•ctlv•s The main oty"*cbv¢s forth¢ yearare shrtwn beW 'ReVieW ofAthievemwts and Performance for the Yea.
Coventry School Foundation R•port ofth• Charfty Trustee (Governors, Report) feontknu&• Y•ar Ended 31 August 2022 strategi•8 to Achlw• th• ObJ•dv8s The strategies employed to achVe the cjectives in¢ded. altra¢lirwJ and recru"n9 high achievlng teaching and suppct staff,. L4)timising staff pupil ratios", mairrtaining Ihe academic integrity of the schools: maintaining the bursary fvnd and the schools. iftfrastructure." WKI managing the finances such thal fees are kept at reasonable levels commensurate with twling the best staff and wowding first da88 faalities for pupils and staff. Prlnelpal Actlylty The Foundation has 5ucces5ftJlty provided education lo 2,002 wpils aged 3 to 18 through its schools. Numtrer5 at eath sthoc4 were: Bat4ake Senior 750, Bablake Junior and The Grange Pre Prep 382.. ng Henry Vlll Sen1 607 and ng Vlll Preparatory School 263 fnursery counted as full time equivalentl. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR AJI schools are communty orientsted and slmie to make wpils aware of their wder soc471 responsibilitres. All sch¢x)Is continued to pky an important part in SUppling the local cory¥nunity by lowng use of facIl"eS, offering various semces and they connect wih local schoo15 in a variety of ways. through demic and spjrting everrts and other nitiatNes. The Foundation's alkweathw horkny pitthes a used by many Ictal tyganisations providing semces to children and young aduts. AChiem and P•rforni•nc• for th• Ywr by School Academic performance in aN schools was again excellent Eh S01 belie$ that th• proS1on of sporb'ng and other extrallcuThicular aCtitieS is essenlial if pulS are to aChe their ful potential. In pursuing Ihe provision of such activth"es, the sthools were very su¢Gessfvl in providing a wide range from vthKh large numbers Lrf beneffted. The detail for each sthoDI is at Annex D. Agalnst th• ObJèetfv•s airrtain or improve the level of attainmenl The perfrnance of each school is given Ot Annex D and shows that academK St¥d5 are mosty mainlained or improved b. Maintain or improve the level of extra rjjrricular pmwsion and successes. An overview of the provision at each schod is at Annex O and shows a de range of opportunities for pupils. Continue imwo¥ements to infrasWre. Annex D gives thrrnab.on ts each sthoc4. d. Maintain a comFetthe fee structfft. F0urTrd8ti sctr fees Tn31n very competrbve. set for Senior Sthools at £12,660 and for JunKJr Sch¢x4 and Preparatory School Years 3 to 6 aL £9,795 for the 2021r22 year.
Coventry School Foundatlon Report of the Charfty Trustee IGovemors' R•port) Yaar Ended 31 August 2022 Investment Over the 12 month period the portfolK> has retumed -2.VA. There is denying that 2022 to dale has been a particularfy testing one for investors. vthh increasingly aggressive measures from central banks to comb $tubbcffdy high infiation effJhirvJ on f181 markets. For global equilies the deiS largelycame in the form of derating as share prices dedined even whlle earnings update5 have r8maine(I solid overall. Guhdarefrorn c4Jmpanies (¥Jntinues to be fairfy positive. although it is probable that we wll see eaming figures fall later in the year in some sectors. The continuing Russian aggression in Ukraine has furthw dampened sentiment. wth the cJJrbirKJ of gas supplies to Poland, Finland arKI BUarIa, among others. furthw com[Auti ergY market. Thi5 has undoubtedly extended the perK)d of hvJh infiation. arKI as yet shows no sKJn of a corlUSion. The UK market has outperforrned global equty markets due to high exposure to energy pri¢%s, commc4Jities and financial companies wrth the UK market up over the year wmpared to an average fall of 0.40 globally. biggest move has bgen the fall in fixed interest assets with UK Govemment bonds falling 21 % as asset values have reprice(l in line wth exFectatKJns for eentral bank interest rates. US consurneT price growrth accelerated In May as Ihe annual infiation rate Tose to 8.6%, the highest level since December 1981. We aTrtp8te global infiatK)n plateauing and beginning to fall through 2023. UK infiation wll remain higher for longer due to the erY price cap incr&gse due in October bjt wlll uhimately follow the same palh. Markets are r#yV anticipatirKJ reSSionS In a wmbBr of regions. afthough the severity of these will depend on consumer demand arKI employment levels. Some reduction in central bank interest rates may (xjne through in lale 2023. parbculady in the US. as they balance the demands of controlling infialion wtthout causiry unnecessary econornic damage. Providing irrflalion b8girts to subsMJe as antiapated. yhJs Uld b8 doser to their tuming p)inl than equities. Overall. we remain caubous for the timething. During an investment ce there will alwayB be fluthjalions in share prw and wedicting sh)rt-temi exit and enty points has historically been problematic. wth no single Me stw)w"ng a successfvl track record in flagging these luming points. Wilh equity Valuatn$ now bdow their IJ lenn 8vwag8, tr medium term ouuook i8 more positNe. albeit with vdalilty likdy to continue in the short tem. FINANCIAL REVIEW Overvtew Each Scho wlthln the Fournlalion operates as a cost centre ¥tIn the overall fInarle1 slructure and is expected to make an operating swplus set withn contextof the strategy and business an covering a 5-year period. Full detsils of the FoundalKJn's income and expenditu arml surp9 or tleftit for the are shown in the Stslement of Financi81 Activilts on page 19 arKI in the related rKles lo the finarKial slatemenls. After taking th account redised and urYealised k¥sses on invesknents of £223.421 {2021'. gains of £630.4971 the nel expenditure and net movement in funds for the was a rethIcn of £2.702.590 (2021". reduction of £552,758}. The main Imp on the yearfs performance vms the dedine In fees receNe from reduced pupil numbers, and a continued iruease in operating costs, whth was addressed by a restructuring progr8mme at the ernj of the year. One off costs of circa £0.6rn were incurred on thi% and projects assrated with the merger of the schools was abandoned in late 2021.
Coventry School Foundation R•port of th¢ Charity Trusl (Governo. Report) (¢onWnwd) Y•ar Ended 31 August 2022 As sh)wn in the Balance Sheet on page 20, the FOundatn'S lotsl furvJs st(M)d al £20,777,510 as at 31 August 202212021.. £23.480.1001. The Balare Sheet also shows nel ujrrenl llat4lrt of £2,555.840 al the end of the year (2021: net rrent liabililies of £1,014,729). Given the nature of Ihe lermly inwrne cycle versus regular monthly expeThYiture, the Foundalion manage5 its cash flow and liquidity F)sitions vlthin an overall b8nk overdraft facilty of £2.6m. ThL8 was utilised by £79,970 al the ar end. although as some of these funds are reslricted in Iheir uge. Ihey are rnt fully offset in the balan SW disdosure on page 20 of the accounts. The prfncipal riskto the foundalion is the reed lo arrestthe dedining pupil numbers. consequent adverse financial perf0rrnar and statx'lise thefinance5 of the FIrJatIon wth the supportof all ils stakahojders. A recovery an has now been agreed byoFwatThHI mana9emenl and the GoverThxs which addresses these issues. GoFng concom The govemors assess vhth the use CA goiThJ corKorn is approwiate i.e. her there are any rnaterial uncertaintyes related to events or corKlInS thal rnay casl significant doubt on abilty of the company lo continue as a going concem. The govemors make this assessment in mpect of 8 period of one year from the date of authorisalion for issue of the finarKial stslements have conduded that the charity has adequate resr(S to continue in operath?nal existence for the fore5eeabk future and there we no material uncertainties about the chariws abilty to cctinUe as a wing concem, thus they continue lo adopt the going concem basis of accounting in prewing the statements. Please also see future plans SeCtn on page 7. ReseThes Pollcy A ch8rty's free reserves e its general urestricted funds (excludiThJ any demenl represented by fixed assets) less any funds which have been desiqnated for futtjre projects. The balance held as unrestricted frjnds at 31 August 2022 was £14,795.796, twl because the majority of the assals of the Fwndation are invested in fixed assets th totsl £18,751,087 (2021: £19,655,048). the Found8tlon has negative free reserves al the -eThI date of £3,955,291 12021.. £2.466.096). The GoverrKJfs consider that the defftit on free reserves should be reduce(i in order lo improve the foundation's ability lo conbnue lo its ¢haritatrAe objects If a stKJrt fall in income or an unforeseen ITease in expermliture should rKcAJr arml that in tr longer lem F()sthve free reseNes should be achieved from the surpluses. The Govemors have KIent[f1 a need lo troJild up sufficient free reserve$ to cover working capital requirements eqUIvanI to a monlhs operating (x)sts. approximately £1.9M, therea free reseNe5 generated will be to invest ffj frxed assets to ¥nprove tt)e schools. facilitS and lo inryease the bursary fun(J. Investment Policy & Objectives The Governors consider that the furK15 shId be investe(I with the aim of generatiThJ bng lemi grthh of bolh pital ofKI income to gNe o baanced exwsure through a me(lium risk p0110. The prfmary objective is to be able to expand bursary provisp)n in order to whjen to the Foundation's $¢hcol$.
Covontry School Foundation R•port of the Charlty Trusl (Governows, Report) Yw Endod 31 August 2022 To181 Return Policy The charity has adopted a total return basls fiff maintaining the end<wments slnce September 2016. when itwas deterniined that the ErKlowTnent eomrylsed the Pwmangnt Enth)Tnentand the Endobwnent Replacment. Undef Total Return apprDach. N7vestmenls can be managed to fnake the m051 of the totsl investment return that they generate. Thi8 enabbes the Foundation lo f(KWS on investments that are eXpted to give the best performar8 in temis of Iheir overall return. rather than on investmgnts th a bias towards a hher dwidend yield. The imptse of maintainiThJ the original core value of the endowTnent remains paramount. UrKlef the total retum Sph, an amwnt up to th8 value of the totsl relum may b8 applied lo fund the unrestricted r1 expenditu of the charity. The trustee budget at the start of each year to apply 5% of the Endowment in this way. On 29 June 2020 a RePment ordèr lo the value of £1,000.000 was issuetl for the repayTnent of the lemmry tsken during tr year to 31 August 2019. This is being pamj over 10 years in equal inslalments. The totsl retum applied in Ihe year has been calculated on the Endowment Funt1 net of the CanCdd recoupment fxders, and in line wth the cancellation. the Endowment Funds tK)w rxynrxise the inveslmwts held in the ErthwThent Fund. net of tho EndowTnenl Repla¢emenl Fund. FLrruRE PLANS The Foundation continues to pYovKJe an outstarKling edUCatn lo as many Socal children as possible. Acc$1b111tY lo the education provkjed by Foundation is enharttd through a genorous Bursary award scheme which provides means tested plaxs ts children who fuffil the entry requirements of the schools, and rango from 10% of fees all the way to 100% of fees. Any surplus that 1$ generated from the running of the Foundion lin the last few Jears this has rM)I been the case FKJSI Cowd) is reinvested for the eduCatnal benefft of the pupils. However. within an ever4nueasingly uncertain economK ctimale and a dedine in pupl numbers over the past 5 years. the Sustainability of suth a mlxlel has become mcfe vulneraLle. Work Is now underaY to grow numbers aNJ to create the apprwkgle financial headroom that wll allow more sign6ficanl Investment In the future of the Fourxlalion arKI our sch(Mls. The GoverrThs have been acbvely and rO1$0Y investigating the fuiure role our sthools will play in the ty in which they serve. The p[anrd merger anrKwnced in 2020 of Bablake and King Henry Vlll schod$ has now been halted and a new strategy is bel invesbgated. Coventy School Foundation wshes lo ensure the proud heritage of ow schods. whilst Iking to a bc4d and more fInala1 sustainable future one in whh we can continue a &18 wovision of wtstarffiing education. bul wth the ability lo strategically Invest in faclities that wll rw)t only serve our wpils. tmrt the wider community. The appointment of Mr C Staey. an expwwKd educatK¥nalist from the indep8fKlent sector, as CEO and Principal lo head up the Foundation 7Kd5 (x)m*ted in Septemiv 2021 and he started in post on 1 September 2022.
Coventry School Foundation Report of the Charity Tn {Govornors' Report) Y•ar Ended 31 August 2022 Annex A GOVERNORS IN POST AS AT SIGNING OF REPORT AND THOSE SERVING DURING THE HNANCIAL YEAR Govarnor Commltteg m•mbwshlp Currwrt Chair of Nominated Mr J Bar1 - Mo Mrs J Buller Rev M Bratton MS R Drinkwater MrGDu an Prof l Dunn ned4 Resioned 5 October 2021 Apwinted 1 December 2021 Resianed 1 December 2021 Appointed 4 October 2021, Chair of Governors inted 28 Februa 2022 rked 5 S tember 2022 B.C Mrs M Gawth Mrs S Guest Mr R Hall Mr P Heal Rev Dr C Hicks Mr T Horton Ms D Kendall Dr K McLachlan Mrs E Mccann Mrs J McNaney Resi inted 24 March 2023 11 March 2022 AD Res. r)8d 5 October 2021 inted 24 March 2023 Chair to 3 October 2021, resi ned 1 December 2021 e- Chair nted 24 June 2022 ned 19 October 2022 Mr D Macka Dr N Morris Mr P Morris MrDMol eux Mr J Phull Mr A PreslvAch Mr R Stuart AD Res 14 June 2022 Res 30 Se ternbgr 2022 Commiite8s Nominating Bc#Jies A- Au(Jit an(J Risk Committee B- Education Oversight Committee C- Flnance & ReSoUrS Committee D- People & Wellbeing Commitlee 1 Bablake Parents. Assc¢iation 2 Church Charitles 3 Coventry University 4 General Charities 5 King Henry Vlll Parents. Assoclallon 6 Sir TIrnas While's Charity 7 Unwersty 0fwark
Coventry School Foundatlon Report of the Charfty Trus¢•e (Governors, Report) Yw End•d 31 August 2022 Annex B SENIOR STAFF MEMBERS TO WHOM DAY-T04)AY MANAGEMENT HAS BEEN DELEGATED Mr A Wright & 2019 Mr L Holder Head Bablake JunKJr Sthool Since 2020 Mr P Dearden Head Kiro Herry Vlll Senh?r S(hy)I &n(% 2020 Miss C Soan Head King Herry Vlll Pre5waW Sc SirKe September 2019 Mrs J HammoThl Directr of FInar and Opwat Sinc8 ALWSI 2017, retwed Othber 2022 From 1 September 2022, Mr C Stsley has been arwInl to the role of PrirKipal I CEO ofthe Coventy School Foundation to oversee all of member sctrKK45. Mes5T5 W Honey a1 J Hollby took up posts as Heads of Bablake Junhx Scthl aThJ King Henry Vlll Preparatory School respthely at the same dale. Mr C Little vras appointed as Bursar aNJ Chief OpWati OffiL*r on 17 April 2023.
Coventry School Foundatlon eport ofthe Charlty Tr4 {Govwnors' Report) (conrfnu Year Ended 31 August 2022 Annex C FOUNDATION'S ADVISERS Audilors: Haines Watts Bimiingham LLP Edgbaston BimiirKJham B153BE Bankers: LIQS TSB C¢xpcKe 125 Colmc¥E Row Bimingham B3 3SF Solicitors.. Eadsdon Pwk 5>55 Butts Road Coventy CV13BH Investments.. lftw ChevK>t 7 Dominus Way Lter LE19 1RP Insurance: Hettle ArKITV4fi & ASSO8 Llmlted Eleven Brindley Pl Bimiryham B12LP SupFX)rt Staff pelOnS. & Co. Weahh Management Sl. James's House Central BoU¥8rd Blfft Valley Park Solihull West Mwjlands BWJ OAR 10
Coventry School Foundation Report of the Charlty Trustee (Govemors. Raport) {¢aftdrn Y•ar Ended 31 August 2022 AlX D SCHOOL PERFORMANCE ACADEMIC YEAR 2021-2022 BA8LAKE SENK)R SCHOOL Acad•miG p•rfornwice The first set of GCSE and A Level examinatio Sin before the pandemic Wtre sat. Results were oulslanding and rernained above 2019 levdslitseff a record year for the Sch)oi). AtA4evel. 51% of grades were A"_A and TT% at A"-B. alh)wryJ ts Yast rnajority ofour leavers to aocess university courses al Russell Grp and olher sdective universrties, as ¥11 as some of the most comp8litive apprenticeship SCIrneS irK4Jln9 JLR. At GCSE, 75% of grades were at grades 7-9 * 54% 8 or 9. Our wdlu&addj Calculat5 indicated that pupils at BatAake outterfomed simH wpils at S¢4S and those who atlended iTrJependenl schools. curricUlar The end of reStrtIOnS from the pandemic meant that tyJr c4>cJJrrknJlar programme retumed to pre- pandemic levels. s[ continue lo be a Signifnt part of Scho lrfe. and al senior levels thi8 is offd jointly with King Henrls. Our teams in Rugby, comblned King Herry Vlll Sclthl enloyed suG¢ess at U16, becoming Coventry Champions in an excdlent season. The mbined 1st Xls at H(Kkey, also alknJ furtlw development and colkboration, whilst in netball our gids U15s had the m05t successful season. winning the Coventy Cup. The main school woduclion ot Beauty and lh8 Beast a great success. and we offered mary other perfomiance OPp(le$ irtludlro frequent musK concats. hool trips also restarte(I, arKI pupils trav1 all over Europe arKI the UK during the year. Thi8 is continuing Ihis ar with longer haul now planned. indudiNJ a geography trip to Irland and senlor sports tours. Communlty The Outreach w(KJramme vras tywght lo a hah by the restriciions. It is a plty for 2022-23 to relaurbch it wlh local wmary Sch(%S. From September 2022. have irweased our vdunleering wogramme. which means all LO¥T Sixth former5 spend an aftwrw)on per eek in the knal community. We continue to support local charities tyalowiry use of oLKf4llieS as as raising swJnifThnl funds. BABLAKE JUNIOR SCHOOL Acad•ml¢ perfornwic• Babloke Junior School has had a sucss(u1 year. Am05t all pupils from the Junior School progressed to Bablake Senr School. academK SUC$$ of pupi15 ts)ntMiues to be of a high levd. Value-added performance Is excdlent over the fr years. By the end of the year. the swificant maNxity of wp115 had attalne(l a1 made gc& progress. Fsve pupi15 won Sch(Aarships into Babiake Sdth. Stsndardised mean average dal8 indicates Ihat R&7dirg. Maths. Spelling and Grammar Y+ere all slrorrfJly abov& national average levels for Year 6. aThJ in most of these areas for Years 4 and 5. Forest School continues lo be 8 great success and is enjoyed by all pupils from Year 3 - Year 6 at timetabled peri(xls. Pupils enjoy the ¢YJtt)or experience where Ihey leam valuable lrfe skills and conserve our erwinnment during these sessbxts. 11
Coventry School Foundatlon
(Gov¢mors' Report)
Y&gr End¢d 31 August 2022
Residential and daytrips have been a m0rewide1yexpr1 OPFKWtunitythis year. gtwng the children
rth8r learning chances outswje of the daSS.
Co
Coventry School Foundation Report of Charlty Trustee (Govemors. Report) (¢t¥rtInd) Yw End•d 31 August 2022 Th8 combined 1st Xls al Hockey. also albowed devdopmerrt and collaboration, lIst in Netball r gids U15s had the most successful season. winning the Coventy Cup. Girls. Crickel is becoming more popular in school wth increasing participation arwj success. Th8 boy5. teams had an excellent SOn. most notably the U15s. Itwas with much relief that we engaged with afull Programme of perf0m¥e again in Music ar Drama la$t year. The hpJhlvJht beir the SrAiTrJ Concert at the BUIteTh Hall. abngsKJe Iwo outstanding Musicals. Lrttle Shop of HorrLY5 and Sister ACL In Art we joined up th the JunK)r SchxA for a fabulou5 U05SlI1jlar tvoiect involwng English and Music too, for a KS2 and 3 AJt Exhibth, whth involved primary sc)01$ Ico. lIst ijur GCSE and A Level Art Exhibibon was a fftbng summer finale to wr oirtgoiThJ A Level cla5S. KING HENRY VIII JUNIOR SCHOOL Academlc P•rfornian¢o We were pleased to see a large number of Year 6 pupils rnove up io KINJ Henrfs Senior Standardised mean average daia indKs thal ReadirvJ. Maths. Spdllng and Grammar %re all strongly atK)ve nallonal average levds for Ye* 6. arKI in most of these area5 for Years 4 and 5. Cfycurrlcular Music always plajts an imp(wtsnl part in the lrfe of chlldren at KHJS. ap[oXImatety 140 children had individual tuition during 2021-2022. Buttwworth Hall Spring Concert was the hhlIght of our perfomiing arts year. This ye8rfs extravaganza dhj not disappoit, and pwents aTrJ guests alike packed the hall to the rafters. We were pleased to retum to a full year of sport through t seasons lessons and fNlure$. tralning and squads. We Y+ere pleased to host the reg81 IAPS Swimmiro gala final and cross-counlry events a5 well as the traditional sPs Day athletlcs. We offered many activit for children in SFQrt (netball. rugby, I(all. cricket, r(¥Jnders, CfOSS counlryl. Pre-school swimming devdopment and Cret [eaSOn training Ik fv. The prcgramme of c( curricular provision was addrtK>ndly Supported by a number of sla1t ¢&he8 who offereil football, karate and yoga. We also had a wdcome retum lo scho(A resKlentials Years 3 and 4 going to PGL in Shropshire for 2 nights. Year 5 to Preston Montford Field study ¢entre for 2 nvJhts arKI Year 6 to an activity centre in Wales for 4 nights. The sch)ol council were demtxratKalty dected by thew dass peers and represented the pupil vok throughout the year. Thi5 induded a meeling Pknlroyd (xterers lo share pupil view5. Community Children enjoyed a 'LYeak the rule5. day and r8iwJ mOY fly a local charlty. We akn SUPFthed Red Nose Day. and the Axt AuctM)n raised ovw £10 for Zoe's Pthe hospKe. A number of Year 5 pupil$ were chosen to train as Peace Recortliation amb8ssadors through a programme run by the ICON scM)ols' netsk. Tlw will devekjp their rc4es in sclKK)I during this fOrtming academic ar 13
Coventry School Foundation R•port ofthe Charity Trust (Govomorn. Report) Ythir End•d 31 August 2022 BABLAKE AND KING HENRY VIII PRE4REPARATORY SCHOOL Academlc Programme and Performance The success of Pr&Prep pu.1$ has remained high eon5Klerably above the natK)n81 av9rag8S. We have continued to offer a mix of SFeoalist teathing in subjects such as Games, CompulirKJ, Music arnl French, along wth the dass teachgr leuld fdlow best Ixacttt arKI.' st suitable ac(%ntir0 41(aeS ar then apply them cortsistenlly. make judgements arKI estimates that are r&qsonable KI Fwudenl: stsle whether appluble acc¢yJnting standar(Is and statements of recornmended practKe have been fdlowed. subject to any material deparbjres disdosed and expL8ined in the financial statements". prepare the financial statements on ts ng basis unless it is inappropriate to presume that the Charity coniwe in OFwath)n 14
Coventry School Foundation Report of the Charlty Trust•e (Govem¢xs' Roport) (¢oJthw Yw Ended 31 August 2022 The GoverrKrt are reSpOnse for keqxryj tffopw xcounling reccts disclose reasonable accuracy financial w)srtion of the Chty and ¥thh thern to ensure that the fin8ncial statements compty wilh the Charities Act 2011. apKable kw and the Trust Deed. They are also re8p(Mslble for safeguarding Ihe assets of the Charity and its subskjlaries arKI for taking reasonable steps for the wevenlion arNJ detthin offrwd a1 otsr irwultrrties. the Finance & Reswrces Ctynmittee on behalf ofthe Boar(l ofG0VrxS on 23 May 2023. Profess Chai lan unn ool FwThtstK)n 15
Coventry School Foundation
Independent Auditors' Report to the Trustees (Governors) Coventry School Foundation ( continued)
Year Ended 31 August 2022
Opinion
We have audited the financial statements of Coventry Schools Foundation for the year ended 31 August 2022 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 2022, 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.
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.
16
Coventry School Foundation
Independent Auditors' Report to the Trustees (Governors)
Coventry School Foundation ( continued)
Year Ended 31 August 2022
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:
4
17
Coventry School Foundation
Independent Auditors' Report to the Trustees (Governors) Coventry School Foundation ( continued)
Year Ended 31 August 2022
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
24 May 2023
Haines Watts Birmingham LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
4
18
Coventry School Foundation
Statement of Financial Activities
for the Year Ended 31 August 2022
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Investment income 5 Other income 6 Total income and endowments EXPENDITURE ON: Raising and management of funds 7 Charitable activities 7 Total expenditure (DEFICIT) FROM OPERATIONS NET GAINS/(LOSSES) Realised gains on investments Unrealised (losses)/ gains on investments NET (EXPENDITURE) Transfers between funds 14, 15 NET MOVEMENT IN FUNDS FUND BALANCES AS AT 1 SEPTEMBER 2021 FUND BALANCES AS AT 31 AUGUST 2022 |
Unrestricted Funds £ 660,468 20,426,874 338,019 - 282,752 |
Restricted Funds £ - - - 64,482 - |
Endowment Funds £ - - - 72,352 - |
Total Year Ended 31.08.22 £ 660,468 20,426,874 338,019 136,834 282,752 |
Total Year Ended 31.08.21 £ 820,016 20,723,181 222,100 106,289 477,508 |
|---|---|---|---|---|---|
| 21,708,113 | 64,482 | 72,352 | 21,844,947 | 22,349,094 | |
| - 24,281,943 |
13,325 8,849 |
19,999 - |
33,324 24,290,792 |
30,903 23,501,446 |
|
| 24,281,943 | 22,174 | 19,999 | 24,324,116 | 23,532,349 | |
| (2,573,830) - - |
42,308 7,317 (100,630) |
52,353 35,255 (165,363) |
(2,479,169) 42,572 (265,993) |
(1,183,255) 22,533 607,964 |
|
| - (2,573,830) 180,674 |
(93,313) (51,005) - |
(130,108) (77,755) (180,674) |
(223,421) (2,702,590) - |
630,497 (552,758) - |
|
| (2,393,156) 17,188,952 |
(51,005) 2,677,663 |
(258,429) 3,613,485 |
(2,702,590) 23,480,100 |
(552,758) 24,032,858 |
|
| 14,795,796 | 2,626,658 | 3,355,056 | 20,777,510 | 23,480,100 |
All amounts derive from continuing activities
All gains and losses recognised in the year are included in the Statement of Financial Activities
19
The accompanying policies and notes form an integral part of these financial statements.
Coventry School Foundation
Balance Sheet
for the Year Ended 31 August 2022
| 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 |
2022 £ 473,269 723,235 |
2022 £ 18,751,087 4,582,263 23,333,350 (2,555,840) 20,777,510 20,777,510 2,555,056 800,000 3,355,056 2,626,658 14,795,796 20,777,510 |
2021 £ 112,725 1,001,170 |
2021 £ 19,655,048 4,839,781 |
|---|---|---|---|---|
| 24,494,829 (1,014,729) |
||||
| 1,196,504 803,205 2,949,139 |
1,113,895 - 2,128,624 |
|||
| 3,752,344 | 2,128,624 | |||
| 23,480,100 | ||||
| 23,480,100 | ||||
| 2,713,485 900,000 |
||||
| 3,613,485 2,677,663 17,188,952 |
||||
| 23,480,100 |
These financial statements were approved by the Finance & Resources Committee on behalf of the Board of Governors on 23 May 2023.
I Dunn Chair of Governors
D Mackay Vice Chair of Governors
20
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 2022
| 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) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT 1 SEPTEMBER 2021 CASH AND CASH EQUIVALENTS AT 31 AUGUST 2022 CASH AND CASH EQUIVALENTS CONSISTS OF: Cash at bank and in hand Bank overdraft and loans |
Note 17 As at 31.08.22 £ 723,235 (803,205) (79,970) |
Year Ended 31.08.22 £ (979,280) (979,280) (135,957) (921,017) 955,114 - (101,860) (1,081,140) 1,001,170 (79,970) Cash flows £ (277,935) (803,205) (1,081,140) |
Year Ended 31.08.21 £ (120,242) |
|---|---|---|---|
| (120,242) | |||
| (242,582) (1,109,150) 1,040,229 180 |
|||
| (311,323) | |||
| (431,565) 1,432,735 |
|||
| 1,001,170 | |||
| As at 01.09.21 £ 1,001,170 - |
|||
| 1,001,170 |
21
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 2022
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. 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.
Grant income
Income received through grants is recognised from the point in which the charity has entitlement to the funds, grant conditions have been fully met and it is probable that the income will be received.
Volunteers
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.
22
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 2022
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. 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.
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
23
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 2022
1 Accounting Policies (continued)
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.
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.
Contributions to pension funds
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.
Provisions
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Bad debt provision
A bad debt provision is recognised when the likelihood of recovering the debt has diminished and appears improbable. The level of provision will be based on any current repayment plan entered into and which is being adhered to by the debtor, together with an estimate of the likelihood of the amounts due being fully recovered.
Depreciation
The depreciation of tangible fixed assets is calculated based on estimates of the useful lives of each category of asset. The trustees review the period and method of depreciation when events and circumstances indicate that the useful economic life may have changed since the last reporting date.
24
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 2022
2 Donations and legacies
| Donations Legacies Charitable activities - Fees Receivable Fees receivable comprise: Gross fees Less: Bursary awards Scholarship awards Staff fee remission Sibling discount |
Year to 31.08.22 £ 660,468 - 660,468 Year to 31.08.22 £ 23,326,756 (1,678,489) (254,305) (926,979) (40,109) 20,426,874 |
Year to 31.08.21 £ 639,605 180,411 |
|---|---|---|
| 820,016 | ||
| Year to 31.08.21 £ 23,824,065 (1,822,420) (247,392) (989,412) (41,660) |
||
| 20,723,181 |
3 Charitable activities - Fees Receivable
During the year, 249 pupils (2021: 294) received bursary awards and 223 pupils (2021: 199) received scholarship awards.
4 Other trading activities
| School shop commission income All weather pitch, pavilion, other school facilities Investment Income Listed investments Bank interest Income from permanent endowment included in above |
Year to 31.08.22 £ - 338,019 338,019 Year to 31.08.22 £ 136,834 - 136,834 72,352 |
Year to 31.08.21 £ 9,000 213,100 |
|---|---|---|
| 222,100 | ||
| Year to 31.08.21 £ 106,281 8 |
||
| 106,289 | ||
| 56,354 |
5 Investment Income
25
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 2022
6 Other Income
| Income from school trips Transport income HMRC furlough income Surplus on sale of fixed assets Compensation payment for A45 Business interruption insurance claim Sundry income |
Total 2022 £ 124,771 106,888 - - - - 51,093 282,752 |
Total 2021 £ 54 27,806 250,336 180 99,132 100,000 - |
|---|---|---|
| 477,508 |
Income from school trips represents amounts collected but the costs of providing these trips is included within charitable expenditure.
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 £ - 14,648,903 141,971 784,499 1,170,399 - 592,433 - 17,338,205 17,338,205 |
Other costs £ 33,324 1,723,702 500,463 2,131,174 656,793 5,998 - 894,539 5,912,669 5,945,993 |
Depreciation £ - - - 861,677 178,241 - - - 1,039,918 1,039,918 |
Total 2022 £ 33,324 16,372,605 642,434 3,777,350 2,005,433 5,998 592,433 894,539 24,290,792 24,324,116 1,126,752 105,138 43,989 128,401 7,062 53,808 178,241 284,865 77,177 2,005,433 43,647 33,530 77,177 |
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 |
26
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 2022
7 Analysis of Total Resources Expended (continued)
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 31.08.22 £ 23,500 6,000 13,194,882 1,357,994 2,478,896 306,433 17,338,205 |
Year to 31.08.21 £ 20,000 4,835 |
| 13,049,803 1,282,077 2,520,357 178,335 |
||
| 17,030,572 |
The average number of employees during the year (including part-time staff and temporary cover) was 486 (2021: 421) of which 235 (2021: 230) were teaching staff. The average number of the full-time equivalents for teaching staff was 199 (2021: 207).
The number of employees whose annualised emoluments exceeded £60,000 were:
| Year to | Year to | |
|---|---|---|
| 31.08.22 | 31.08.21 | |
| £60,001 - £70,000 | 4 | 4 |
| £70,001 - £80,000 | - | 2 |
| £80,001 - £90,000 | 2 | - |
| £90,000 - £100,000 | - | 4 |
| £100,001 - £110,000 | 4 | 1 |
Contributions were made to the Government's Teachers Pension Defined Benefits Scheme for 9 higher paid employees and contributions amounting to £17,032 (2021: £16,185) 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 £2,649 (2021: £2,914 ) 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 £306,433 (2021: £178,335) in termination payments to 24 (2021: 20) employees.
27
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 2022
8 Comparatives for the Statement of Financial Activities - 31 August 2021
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Investment income 5 Other income 6 Total income and endowments EXPENDITURE ON: Raising funds 7 Charitable activities 7 Total expenditure (DEFICIT)/ SURPLUS FROM OPERATIONS Realised (losses) on investments Realised gains on investments Unrealised gains on investments NET (EXPENDITURE)/ INCOME Annual replacement transfer Transfers between funds 13, 14, 15 NET MOVEMENT IN FUNDS FUND BALANCES AS AT 1 SEPTEMBER 2020 FUND BALANCES AS AT 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 |
|---|---|---|---|---|
| 22,242,813 | 49,927 | 56,354 | 22,349,094 | |
| - 23,492,597 |
12,095 8,849 |
18,808 - |
30,903 23,501,446 |
|
| 23,492,597 | 20,944 | 18,808 | 23,532,349 | |
| (1,249,784) - - |
28,983 (209) 226,035 |
37,546 22,742 381,929 |
(1,183,255) 22,533 607,964 |
|
| - (1,249,784) (100,000) 161,646 |
225,826 254,809 - |
404,671 442,217 100,000 (161,646) |
630,497 (552,758) - - |
|
| (1,188,138) 18,377,090 |
254,809 2,422,854 |
380,571 3,232,914 |
(552,758) 24,032,858 |
|
| 17,188,952 | 2,677,663 | 3,613,485 | 23,480,100 |
28
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 2022
9 Tangible Fixed Assets
| Tangible Fixed Assets | ||||
|---|---|---|---|---|
| Cost or Valuation At 1 September 2021 Additions Disposals At 31 August 2022 Depreciation At 1 September 2021 Charge for the year Eliminated on disposal At 31 August 2022 Net Book Value At 31 August 2022 At 31 August 2021 |
Freehold land and buildings £ 27,016,005 62,197 - 27,078,202 7,728,800 861,677 - 8,590,477 18,487,725 19,287,205 |
Plant, machinery and vehicles £ 664,047 - - 664,047 653,636 3,164 - 656,800 7,247 10,411 |
Fixtures, fittings, computers and equipment £ 1,471,856 73,760 - 1,545,616 1,114,424 175,077 - 1,289,501 256,115 357,432 |
Total £ 29,151,908 135,957 - |
| 29,287,865 | ||||
| 9,496,860 1,039,918 - |
||||
| 10,536,778 | ||||
| 18,751,087 | ||||
| 19,655,048 |
The Charity's land and buildings, then 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 King Henry VIII School - Warwick Road King Henry VIII Preparatory School - Kenilworth Road Bablake Pre-Preparatory School - The Grange Playing fields and pavillions Freehold and long leasehold properties owned by the Foundation have insured reinstatement values as follows: |
2022 £ 56,860,544 59,383,987 9,125,523 8,145,927 3,358,585 |
|---|---|
| 136,874,566 |
The above insured sums represent the cost of replacement as new and exclude land values.
29
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 2022
10 Fixed Asset Investments
| Valuation At 1 September 2021 Additions Disposals Unrealised loss on revaluation At 31 August 2022 |
Listed investments £ 4,839,781 921,017 (912,542) (265,993) |
|---|---|
| 4,582,263 |
All investments are held in the UK. Included in the above value of investments is cash of £362,747 (2021: £354,649).
If the investments had not been revalued, they would have been included on the historical cost basis at the following amounts:
| Cost At 31 August 2022 At 31 August 2021 11 Debtors Fees Bad debt provision Prepayments and accrued income 12 Creditors: Amounts Falling Due Within One Year Bank overdraft 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 2021 Released from previous years Deferred in the year Fees received in advance at 31 August 2022 |
2022 £ 158,917 (61,334) 375,686 473,269 2022 £ 803,205 1,438,576 362,703 340,107 807,753 3,752,344 2022 £ 858,600 (858,600) 1,438,576 1,438,576 |
Listed investments £ 3,297,031 |
|---|---|---|
| 3,218,813 | ||
| 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 |
At the balance sheet date, the Foundation was holding fees received in advance for the Autumn 2022 term.
Secured debts
The bank overdraft is secured by a legal charge over the freehold properties of the charity.
30
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 2022
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 2021: Gift component of the permanent endowment Unapplied total return Total Movements in the year: Investment return - net gains Losses on investments Total Annual replacement transfer Unapplied total return allocated to income in the reporting period Net movements in the year At 31 August 2022: 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 £ - 891,078 891,078 52,353 (130,108) (77,755) 100,000 (180,674) (158,429) - 732,649 732,649 |
Endowment Replacement £ 900,000 - 900,000 - - - (100,000) - (100,000) 800,000 - 800,000 |
Permanent Endowment Total £ 2,722,407 891,078 |
|---|---|---|---|---|
| 3,613,485 | ||||
| 52,353 (130,108) |
||||
| (77,755) - (180,674) |
||||
| (258,429) | ||||
| 2,622,407 732,649 |
||||
| 3,355,056 |
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.
31
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 2022
14 Restricted Funds
| At 1 September 2021 Incoming resources Resources expended Realised gains on investments Unrealised (losses) on investments At 31 August 2022 At 1 September 2021 Incoming resources Resources expended Realised gains on investments Unrealised (losses) on investments At 31 August 2022 |
Prizes Fund £ 197,775 3,989 (835) 369 (11,417) 189,881 |
Bursaries Fund £ 2,263,647 60,579 (12,338) 6,889 (88,560) 2,230,217 KHVIII Capital Fund £ 159,250 - (8,849) - - 150,401 |
Pembroke Fund £ 24,960 (86) (152) 59 (653) 24,128 Bablake Fund £ 16,798 - - - - 16,798 |
Coventry Concord £ 15,233 - - - - |
|---|---|---|---|---|
| 15,233 | ||||
| Total £ 2,677,663 64,482 (22,174) 7,317 (100,630) |
||||
| 2,626,658 |
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.
The Concord Fund was originally established by donation to provide a French Field Centre for the benefit of pupils. Following the sale of the centre, permission was granted by the Charity Commissioners to apply these funds for the enhancement of the All Weather Pitch.
15 Unrestricted Funds
| At 1 September 2021 Incoming resources Resources expended Unapplied total return allocated to income in the reporting period At 31 August 2022 |
£ 17,188,952 21,708,113 (24,281,943) 180,674 |
|---|---|
| 14,795,796 |
32
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 2022
16 Analysis Of Net Assets Between Funds
| Tangible fixed assets Investments Current assets Current liabilities Endowment Replacement Net assets Unrealised (losses) included in the above: Investments 17 Cash flow from operating activities Net expenditure for the year Depreciation Net losses/ (gains) on investments Realised (gains) on sale of fixed assets (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash flow from operating activities |
Unrestricted funds £ 18,585,362 - 438,027 (3,427,593) (800,000) 14,795,796 - |
Restricted funds £ 165,725 1,802,456 658,477 - - 2,626,658 (100,630) |
Endowment funds £ - 2,779,807 100,000 (324,751) 800,000 3,355,056 (165,363) Year to 31.08.22 £ (2,702,590) 1,039,918 223,421 - (360,544) 820,515 (979,280) |
Total £ 18,751,087 4,582,263 1,196,504 (3,752,344) - |
|---|---|---|---|---|
| 20,777,510 | ||||
| (265,993) | ||||
| Year to 31.08.21 £ (552,758) 1,124,753 (630,497) (180) 293,050 (354,610) |
||||
| (120,242) |
33
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 2022
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 2024.
The employers pension costs paid to TPS in the period amounted to £2.184m (2021: £2.189m).
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.
34
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 2022
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 |
2022 £ 179,807 202,599 26,681 409,087 |
2021 £ 255,529 341,150 64,000 |
|---|---|---|
| 660,679 |
20 Capital Commitments
There were no capital commitments contracted but not provided for in the financial statements as at 31 August 2022.
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. During the year, Governors expenses of £NIL (2021: £NIL) for travelling was reimbursed.
One governor is appointed by each of Coventry and Warwick Universities. In addition, the current Chair of Governors and the Chair of Finance & Resources committee hold senior executive positions at these Universities. During the year the following transactions took place with the Universities on an arm’s length basis.
-
Coventry University - expenditure on pitch hire of £1,050.
-
Warwick University - expenditure on pitch and facility hire of £25,819.
The total amount of employee benefits received by key management personnel during the year was £1,176,971 (2021: £1,010,542). 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, Kenilworth Road, Coventry, CV3 6PT.
35
The accompanying policies and notes form an integral part of these financial statements.