Charlty Reglstratlon Number 528961 Coventry School Foundation Financial Statements for the Year Ended 31 August 2022 Coventry School Foundatlon Y￿1 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 AUg￿t 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 Sch￿1 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 re￿eW of each Sd￿,3 p¥f￿m￿ 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 t￿leS listed bdow and the remainderwho are cTropted by invitation and subject to the same seleclion wocess. The nominab.ng bodies are as fo11tr￿s. 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 sutrtrcomm￿ees 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 inf￿rna￿On pack ewaining in detail about the role of being a govemor, the anisatt"￿ and rt5 structure, the ffin?￿l￿ p0S￿On and the strategy for the fiJture as well as general inforrnats.on welating to the ststutory otA￿ation of charibes and their trnstees. CoyES of IElevant Chatity Cornrnission bo0￿ets 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 C￿￿r01 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 Overs￿ht, 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 sUt￿C￿MitteeS ant1 the vic&thar of the board. The Foundation Office is headed by the Pritrxipal and a￿c￿nm(￿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 Ma￿9￿nent 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￿$e ￿ independent schl￿1 pay and remuneration. Coventry School Foundation R•port ofth• Ch•rity Twsts• IGo¥emorn' Report) Y•ar End•d 31 August 2022 Fundrnlslng Acllvlty The Charity relies on regular sourrxs of fvnding and onty embarks dedicated fijndraising acknty for specific projects. There are no such projects Ihat lunds we bting rnised for at preswt. Rl$k M•n•g•mont The Governing body res￿￿51￿￿e 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 a￿5 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 V*ide social mix of pupils. The intention of the above is to provide the frame*￿Tk 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 ec￿orn￿ and life of the area and lo the county as a W￿e. Public B•n•fft In the furtherance of these aims the Go¥emoTS, as the d￿Or$ of the Charity Trustee, have complied th the duty in $.17 of the Charibes Act 2011 to have due regard tothe Charity Commiss￿n'S wblished general and relevant SU￿sectOr y￿danCe c(rfKeming the 0Wati￿ of the Public Benefft requirement under that Act Seholarshlp & Bursary Po The govemor5 are dear that the py0vi￿on of burwe5 demon5tr3tes public benefit providing a method ol distributing available resryJrces to chiklrEn but for finanual assistance frorn the Foundation would be unable to attend the schools. The Prtzes and Bursaries Committee oversees the allocation of schL4arships and bjrsaries. V¥lthin the year472123.5% oftotsl roll pupils receNed me¥n$ 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 f*POrts at Annex D. l•ctlv•s The main oty"*cbv¢s forth¢ yearare shrtwn be￿W ￿￿'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 ach￿Ve the c*jectives in¢￿ded. altra¢lirwJ and recru￿"n9 high achievlng teaching and suppc*t 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 SUpp￿ling 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. AChi￿em￿￿ and P•rforni•nc• for th• Ywr by School Academic performance in aN schools was again excellent E￿h S￿￿01 beli￿e$ that th• pro￿S1on of sporb'ng and other extrallcuThicular aCti￿tieS is essenlial if pu￿lS are to aCh￿￿e 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 perf￿rnance 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 T￿n31n 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 f￿￿181 markets. For global equilies the de￿i￿S largelycame in the form of derating as share prices dedined even whlle earnings update5 have r8maine(I solid overall. Guhdar￿efrorn 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 BU￿arIa, among others. furthw com[Auti￿ e￿rgY market. Thi5 has undoubtedly extended the perK)d of hvJh infiation. arKI as yet shows no sKJn of a cor￿lUSion. 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 aTrt￿p8te global infiatK)n plateauing and beginning to fall through 2023. UK infiation wll remain higher for longer due to the er￿Y price cap incr&gse due in October bjt wlll uhimately follow the same palh. Markets are r#y*V anticipatirKJ r￿eSSionS 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. y*hJs ￿Uld b8 doser to their tuming p)inl than equities. Overall. we remain caubous for the timething. During an investment c￿e 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 Valuat￿n$ now bdow their I￿J 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 ¥￿tI￿n the overall fInar￿le1 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 surp￿9 or tleftit for the ￿ are shown in the Stslement of Financi81 Activilts on page 19 arKI in the related rK*les 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 rethIc￿n of £2.702.590 (2021". reduction of £552,758}. The main Imp* on the yearfs performance vms the dedine In fees receN*e 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 ass￿rated 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 FOundat￿n'S lotsl furvJs st(M)d al £20,777,510 as at 31 August 202212021.. £23.480.1001. The Balar￿e 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 FI￿r￿JatIon 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 corKlI￿nS 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 res￿r(*S to continue in operath?nal existence for the fore5eeabk future and there we no material uncertainties about the chariws abilty to cc￿tinUe as a wing concem, thus they continue lo adopt the going concem basis of accounting in prewing the statements. Please also see future plans SeCt￿n on page 7. ReseThes Pollcy A ch8rty's free reserves *e its general ur*estricted 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 IT￿ease in expermliture should rKcAJr arml that in tr* longer lem F()sthve free reseNes should be achieved from the surpluses. The Govemors have KIent[f￿1 a need lo troJild up sufficient free reserve$ to cover working capital requirements eqUIva￿nI 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. facilit￿S and lo inryease the bursary fun(J. Investment Policy & Objectives The Governors consider that the furK15 sh￿Id be investe(I with the aim of generatiThJ bng lemi grth￿h of bolh ￿pital ofKI income to gNe o baanced exwsure through a me(lium risk p￿0110. 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 end55 Butts Road Coventy CV13BH Investments.. lftw ChevK>t 7 Dominus Way L￿￿ter LE19 1RP Insurance: Hettle ArKITV4fi & ASSO￿*8 Llmlted Eleven Brindley Pl Bimiryham B12LP SupFX)rt Staff pe￿lOnS. & 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 Al￿￿X 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 W*tre 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 Gr￿p and olher sdective universrties, as ¥￿11 as some of the most comp8litive apprenticeship SCI￿rneS irK4￿Jln9 JLR. At GCSE, 75% of grades were at grades 7-9 * 54% 8 or 9. Our wdlu&add￿j Calculat￿￿5 indicated that pupils at BatAake outterfomed simH* wpils at S¢￿4S and those who atlended iTrJependenl schools. c￿urricUlar The end of reStr￿tIOnS from the pandemic meant that tyJr c4>cJJrrknJlar programme retumed to pre- pandemic levels. s[￿ continue lo be a Signif￿nt part of Scho￿ lrfe. and al senior levels thi8 is off￿d 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 alkn*J 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(￿l￿e$ irtludlro frequent musK* concats. hool trips also restarte(I, arKI pupils trav￿1￿ all over Europe arKI the UK during the year. Thi8 is continuing Ihis ￿ar with longer haul now planned. indudiNJ a geography trip to Ir￿land and senlor sports tours. Communlty The Outreach w(KJramme vras tywght lo a hah by the restriciions. It is a p￿￿lty 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 oLKf￿4llieS as as raising swJnifThnl funds. BABLAKE JUNIOR SCHOOL Acad•ml¢ perfornwic• Babloke Junior School has had a suc￿ss(u1 year. Am05t all pupils from the Junior School progressed to Bablake Sen￿r School. academK SUC￿$$ of pupi15 ts)ntMiues to be of a high levd. Value-added performance Is excdlent over the f￿r years. By the end of the year. the swificant maNxity of wp115 had attalne(l a￿1 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 m0rewide1yexp￿￿r￿1 OPFKWtunitythis year. gtwng the children rth8r learning chances outswje of the daSS￿￿. Co are swie exc*plThal individual acaJ8mic pwr￿ManCes, ￿th a high numbw of pupils achieving 3 or 4 A"IA grades in all their subjects. We remain a hub for producing the medics of the future, wrth outstanding successe5 in dentistry arKJ AI GCSE 272 of the 983 grèjes awarded 95. wIMch equates nearly 30% of all grajes. whilst 51 % were grade5 8 or 9. OutsKle of examInat￿n results we conlinued (wr stell* wfoTmarKes in SciencA wilh sucThsses Sn the B￿)lOgY ol￿p1ad. Bidr4y Challen￿, Crest Award. Microbiology in Schods, Physics Olympiad and CambrKlge Chemisty Challenge. augmented by further exCelle￿e in the UKMT Maths Challenge. Oppjrtunities for thallonge and engagement beybnd the dassroom abcxjnd and V•* certsinly lake them. In Design TechrK>logy ourvex FiobotKs teans once again had an incredibje season. In theVRC (senior} category, all f￿r of our teams were natb)nal finalists. securing qualfftatK)n for the Wc(Id ChaMp￿)nShipS In the USA. This vrds our third Conse￿ti¥e representing the Uniled Kingdom at the Wortd Championships and our team won all of theirfinal day matths tofinish 31st out ofthethousaTrg enlranl$ from a￿O$S the world. this is an outslarKling achievement. Condly Supported by a number of s￿la1￿￿t ¢￿&he8 who offereil football, karate and yoga. We also had a wdcome retum lo scho(A resKlentials Years 3 and 4 going to PGL in Shropshire for 2 nights. Year 5 to Preston Montford Field study ¢entre for 2 nvJhts arKI Year 6 to an activity centre in Wales for 4 nights. The sch)ol council were demtxratKalty dected by thew dass peers and represented the pupil vok throughout the year. Thi5 induded a meeling Pknlroyd (xterers lo share pupil view5. Community Children enjoyed a 'LYeak the rule5. day and r8iwJ mO￿Y fly a local charlty. We akn SUPFthed Red Nose Day. and the Axt AuctM)n raised ovw £1￿0 for Zoe's Pthe hospKe. A number of Year 5 pupil$ were chosen to train as Peace Recortliation amb8ssadors through a programme run by the ICON scM)ols' nets￿￿k. Tlw will devekjp their rc4es in sclKK)I during this fOrt￿ming 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.' s*t 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 reSpOns￿e for keqxryj tffopw xcounling recc*ts disclose reasonable accuracy ￿ financial w)srtion of the Ch*ty and ¥th￿h thern to ensure that the fin8ncial statements compty wilh the Charities Act 2011. ap￿Kable 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 a￿1 otsr irwultrrties. the Finance & Reswrces Ctynmittee on behalf ofthe Boar(l ofG0V￿r￿xS 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._