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|Contents|||Pages|
|---|---|---|---|
|Report ofthe Charity|Trustee (Governors'|Report)|1to 17|
|Independent
Auditor's|Report to the Governors||18to 21|
|Statement
of Financial|Activities||22|
|Balance Sheet|||23|
|Cash Flow Statement|||24|
|Notes to the Financial|Statements||25to 39|
##
##
|Charity|Coventry
School|Foundation||||||
|---|---|---|---|---|---|---|---|
|Address|Kenilworth
Road|||||||
||Coventry|||||||
||CV3 6PT|||||||
|Governors|Mr S Booth|Appointed
23 June 2023|Coventry|University||||
||Mrs J Butler||Church
Charities|||||
||Mrs D Carr|Appointed
21 September 2023|Bablake|Parents'||Association||
||Ms R Drinkwater||Sir Thomas White's Charity|||||
||Prof
I Dunn|Chair of Governors|Co-opted|||||
||Mrs M Gawthorpe||King
Henry||Vill||Parent's|
||||Association|||||
||Mrs SGuest|Resigned 5 September 2022|Bablake|Parent's||Association||
||Mr R Hall|Resigned 5June 2023|Church
Charities|||||
||Mr P Healy||Co-opted|||||
||Rev Dr C Hicks||Co-opted|||||
||Ms D Kendall|Resigned 23June 2023|Coventry|University||||
||Mr D Kershaw|Appointed
23 June 2023|Church
Charities|||||
||Mr D Mackay|Vice - Chair|Co-opted|||||
||Mrs E McCann||Co-opted|||||
||Dr N Morris||University|of|Warwick|||
||Mr P Morris|Resigned 19October 2022|Co-opted|||||
||Mr D Molyneux||Co-opted|||||
||Mr A Prestwich||Co-opted|||||
||Mr R Stuart|Resigned 30September 2022|Co-opted|||||
|Executive|Mr C Staley|Chief Executive Officer||||||
||Mr C Little|Chief Operating
Officer||||||
||Ms KJennings|Director of People||||||
||Mrs G Lovell|Director of Marketing
8 Admissions||||||
||Mr A Wright|Head of Bablake Senior School||||||
||Mr W Honey|Head of Bablake Junior School||||||
||Mr P Dearden|Head of King Henry
Vill Senior|School|||||
||Mr J Holtby|Head of King Henry Vill Junior|School|||||
||Mrs T Horton|Head of Pre-Prep||||||
##
|||Coventry School Foundation|Coventry School Foundation||
|---|---|---|---|---|
|||Report ofthe Charity Trustee|||
|||(Governors'
Report)|||
|||Year Ended 31August 2023|||
|Auditors:||Cooper Parry Group|Limited||
|||Sky View|||
|||Argosy Road|||
|||Castle Donington|||
|||DE74 2SA|||
|Bankers:||Lloyds TSBCorporate|||
|||125Colmore Row|||
|||Birmingham|||
|||Bj3SF|||
|Solicitors:||Band Hatton
Button LLP|||
|||53-55 Butts Road|||
|||Coventry|||
|||CV1 3BH|||
|||Wilsons Solicitors LLP|||
|||Alexandra
House|||
|||StJohns Street|||
|||Salisbury, SP1 2SB|||
|Investments:||Quilter Cheviot|||
|||7 Dominus
Way|||
|||Leicester|||
|||LE191RP|||
|Insurance|Brokers:|Hettle Andrews
&Associates||Limited|
|||Eleven Brindley Place|||
|||2 Brunswick Square|||
|||Birmingham
B1 2LP|||
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||||||||Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Endowment|Year Ended|Year Ended|
|||||Funds|Funds|Funds|31.08.23|31.08.22|
||||Note|E|E|E|E||
|INCOME AND ENDOWMENTS||FROM:|||||||
|Donations
and legacies||||743,579|127,500||871,079|660,468|
|Charitable
activities||||21,131,436|||21,131,436|20,426,874|
|Other trading
activities||||418,762|||418,762|338,019|
|Investment
income||||61,191|61,610|75,281|198,082|136,834|
|Other income||||327,883|6||327,889|282,752|
|Total income and endowments||||22,682,851|189,116|75,281|22,947,248|21,844,947|
|EXPENDITURE ON:|||||||||
|Raising and management|offunds||||11,030|17,092|28,122|33,324|
|Charitable
activities||||24,676,735|12,297||24,689,032|24,290,792|
|Total expenditure||||24,676,735|23,327|17,092|24,717,154|24,324,116|
|(DEFICIT)/SURPLUS
FROM OPERATIONS||||(1,993,884)|165,789|58,189|(1,769,906)|(2,479,169)|
|NET GAINS/(LOSSES)|||||||||
|Realised gains on investments|||||95,854|175,242|271,096|42,572|
|Unrealised
(losses)/ gains|on investments||||(145,818)|(180,698)|(326,516)|(265,993)|
||||||(49,964)|(5,456)|(55,420)|(223,421)|
|NET INCOME/(EXPENDITURE)||||(1,993,884)|115,825|52,733|(1,825,326)|(2,702,590)|
|Transfers
between
funds|||&4,ts|194,907|(27,166)|(167,741)|||
|NET MOVEMENT
IN FUNDS||||(1,798,977)|88,659|(115,008)|(1,825,326)|(2,702,590)|
|FUND BALANCES AS AT|1 SEPTEMBER 2022|||14,795,796|2,626,658|3,355,056|20,777,510|23,480,100|
|FUND BALANCES AS AT|31 AUGUST||2023|12,996,819|2,715,317|3,240,048|18,952,184|20,777,510|
##
##
||||||2023f|2023|2022|2022|
|---|---|---|---|---|---|---|---|---|
|||||Note|||||
|FIXEDASSETS|||||||||
|Tangible assets||||9||18,028,263||18,751,087|
|Investments||||10||4,498,721||4,582,263|
|||||||22,526,984||23,333,350|
|CURRENT ASSETS|||||||||
|Debtors|||||696,600||473,269||
||||||696,600||473,269||
|CREDITORS:|AMOUNTS|FALLING DUE|||||||
|WITHIN ONE|YEAR||||||||
|Bank overdraft|and loans||||719,800||79,970||
|Other|||||3,264,174||2,949,139||
|||||12|3,983,974||3,029,109||
|NET CURRENT LIABILITIES||||||(3,287,374)||(2,555,840)|
|TOTAL ASSETS LESSCURRENT LIABILITIES||||||19,239,610||20,777,510|
|CREDITORS:|AMOUNTS|FALLING DUE|||||||
|AFTER ONE YEAR|||||||||
|Other||||13||(287,426)|||
|NET ASSETS||||17||18,952,184||20,777,510|
|PERMANENT|ENDOWMENT||FUNDS|||2,540,048||2,555,056|
|ENDOWMENT|REPLACEMENT|||||700,000||800,000|
|||||14||3,240,048||3,355,056|
|RESTRICTED|FUNDS|||15||2,715,317||2,626,658|
|UNRESTRICTED FUNDS||||16||12,996,819||14,795,796|
|TOTAL CHARITY FUNDS||||||18,952,184||20,777,510|
##
##
||||Year|Year|
|---|---|---|---|---|
||||Ended|Ended|
||||31.08.23|31.08.22|
||Note||||
|CASH FLOW FROM OPERATING ACTIVITIES|||(362,664)|(979,280)|
|NET CASH OUTFLOW FROM OPERATING ACTIVITIES|||~362,664|(979,260)|
|CASH FLOW FROM INVESTING ACTIVITIES|||||
|Purchase oftangible
fixed assets|||(305,288)|(135,957)|
|Purchase of investments|||(1,213,076)|(921,017)|
|Sale of investments|||1,241,198|955,114|
|NET CASH OUTFLOW FROM INVESTING ACTIVITIES|||(277,166)|(101,860)|
|NET (DECREASE) IN CASH AND CASH EQUIVALENTS|||(639,830)|(1,081,140)|
|CASH AND CASH EQUIVALENTS AT 1 SEPTEMBER 2022|||(79,970)|1,001,170|
|CASH AND CASH EQUIVALENTS AT 31 AUGUST 2023|||~719,800|(79,970)|
|CASH AND CASH EQUIVALENTS CONSISTS OF:|||||
||As|at|Cash|As at|
||01.09.22||flows|31.08.23|
|||F||E|
|Bank overdraft
and loans|~79,970
~79,970||~639,630
~639,630|~719,800
~719,800|
##
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|Donations|and legaci|es|||
|---|---|---|---|---|
||||Year to|Year to|
||||31.08.23|31.08.22|
|Donations|||871,079|660,468|
||||871,079|660,468|
|Charitable|activities - Fees Receivable||||
||||Year to|Year to|
||||31.08.23|31.08.22|
|Fees receivable comprise:|||||
|Gross fees|||23,863,522|23,326,756|
|Less:|Bursary awards||(1,417,381)|(1,678,489)|
||Scholarship|awards|(260,486)|(254,305)|
||Staff fee remission||(1,007,834)|(926,979)|
||Sibling discount||(46,385)|(40,109)|
||||21,131,436|20,426,874|
||||||||Year to|Year to|
|---|---|---|---|---|---|---|---|---|
||||||||31.08.23|31.08.22|
|All weather|pitch, pavilion,|||other school facilities|||418,762|338,019|
||||||||418,762|338,019|
|Investment||Income|||||||
||||||||Year to|Year to|
||||||||31.08.23|31.08.22|
|Listed investments|||||||136,891|136,834|
|Bank interest|||||||61,191||
||||||||198,082|136,834|
|Income from||permanent|endowment||included|in above|75,281|72,352|
##
##
##
|Other Inc|ome|||
|---|---|---|---|
|||Year to|Year to|
|||31.08.23|31.08.22|
|Income from school trips||100,492|124,771|
|Transport|income|87,188|106,888|
|Sundry income||140,209|51,093|
|||327,889|282,752|
|Analysis o|f To|tal Expendit|ure||||||
|---|---|---|---|---|---|---|---|---|
||||||||Year to|Year to|
|||||Staff costs|Other costs|Depreciation|31.08.23|31.08.22|
|||||||E|||
|Raising and management|||offunds||||||
|Investment|management||||28,122||28,122|33,324|
|Charitable|expenditure:||||||||
|Teaching||||14,642,035|1,342,985||15,985,020|16,372,605|
|Welfare||||210,952|406,794||617,746|642,434|
|Premises||||888,480|2,223,036|865,014|3,976,530|3,777,350|
|Support||||1,510,641|1,052,793|163,098|2,726,532|2,005,433|
|Grants, awards||and prizes|||9,527||9,527|5,998|
|Management|and administration|||503,193|214,870||718,063|592,433|
|Finance and|other costs||||655,614||655,614|894,539|
|||||17,755,301|5,905,619|1,028,112|24,689,032|24,290,792|
|||||17,755,301|5,933,741|1,028,112|24,717,154|24,324,116|
|Support costs|||||||||
|Staff costs|||||||1,390,852|1,126,752|
|Office costs|||||||141,971|105,138|
|Information|Technology||||||87,202|43,989|
|Recruitment|costs||||||110,270|128,401|
|Travel|||||||1,914|7,062|
|Advertising|and|marketing|||||163,780|53,808|
|Depreciation|||||||163,098|178,241|
|Other costs|||||||491,697|284,865|
|Governance|||||||175,748|77,177|
||||||||2,726,532|2,005,433|
|Governance costs|||||||||
|Staff costs|||||||119,789|43,647|
|Support costs|||||||55,959|33,530|
||||||||175,748|77,177|
|Analysis of Total Expend|iture
(conrinuea)|||
|---|---|---|---|
|Total resources expended|include:|||
|||Year to|Year to|
|||31.08.23|31.08.22|
|Depreciation
charges||1,028,112|1,039,918|
|Operating
lease charges||247,948|258,351|
|Auditor's
remuneration:||||
|Audit services||29,700|23,500|
|Non-audit
services|||6000|
|Total staff costs:||||
|Wages and salaries||13,637,989|13,194,882|
|Social security costs||1,414,747|1,357,994|
|Pension costs||2,486,188|2,478,896|
|Termination
payments||216,377|306,433|
|||17,755,301|17,338,205|
|Year to|Year to|
|---|---|
|31.08.23|31.08.22|
##
##
|Comparatives
for|the S|tatemen|t of Financial|Activitie|s - 31August 202|2|||
|---|---|---|---|---|---|---|---|---|
|||||||||Total|
||||||Unrestricted|Restricted|Endowment|Year Ended|
||||||Funds|Funds|Funds|31.08.22|
|||||||F|F||
|||||Note|||||
|INCOME AND ENDOWMENTS|||FROM:||||||
|Donations
and legacies|||||660,468|||660,468|
|Charitable
activities|||||20,426,874|||20,426,874|
|Other trading
activities|||||338,019|||338,019|
|Investment
income||||||64,482|72,352|136,834|
|Other income|||||282,752|||282,752|
|Total income and|endowments||||21,708,113|64,482|72,352|21,844,947|
|EXPENDITURE ON:|||||||||
|Raising funds||||||13,325|19,999|33,324|
|Charitable
activities|||||24,281,943|8,849||24,290,792|
|Total expenditure|||||24,281,943|22,174|19,999|24,324,116|
|(DEFICIT)ISURPLUS FROM OPERATIONS|||||(2,573,830)|42,308|52,353|(2,479,169)|
|Gains/(losses)
on|investments||||||||
|Realised gains/(losses)
Unrealised
gains/(losses)||on investments
on investments||||7,317
100,630|35,255
165,363|42,572
~265,993|
|||||||(93,313)|(130,108)|(223,421)|
|NET (EXPENDITURE)I INCOME|||||(2,573,830)|(51,005)|(77,755)|(2,702,590)|
|Transfers
between|funds||||180,674||(180,674)||
|NET MOVEMENT|IN FUNDS||||(2,393,156)|(51,005)|(258,429)|(2,702,590)|
|FUND BALANCES|AS AT 1 SEPTEMBER 2021||||17,188,952|2,677,663|3,613,485|23,480,100|
|FUND BALANCES|AS AT 31 AUGUST 2022||||14,795,796|2,626,658|3,355,056|20,777,510|
##
##
|Insured
restatement
values||||||||
|---|---|---|---|---|---|---|---|
|Freehold
and long leasehold
properties
follows:|owned|by the Foundation||have insured|reinstatement|values as|2023f|
|Bablake School - Coundon
Road|||||||61,125,085|
|King Henry Vill School - Warwick Road|||||||63,837,786|
|King Henry Vill Preparatory
School - Kenilworth||Road|||||9,809,937|
|Bablake Pre-Preparatory
School - The|Grange||||||8,756,086|
|Playing
fields and pavillions|||||||3,610,478|
||||||||147,139,372|
|The above insured
sums represent
the|cost of|replacement|as new and exclude||land values.|||
##
|||||Listed|
|---|---|---|---|---|
|||||investments|
|Valuation|||||
|At 1 September 2022||||4,582,263|
|Additions||||1,213,076|
|Disposals||||(1,213,076)|
|Investment|management||fees|(28,122)|
|Realised gain/(loss)||||271,096|
|Unrealised|gain/(loss)|on|revaluation|(326,516)|
|At 31 August 2023||||4,498,721|
||If the investmen
amounts:|ts
|had
not been
revalued,
they would
have been
includ|ed
on the historical
cost basis at|the following|
|---|---|---|---|---|---|
||||||Listed|
||||||investments|
||Cost|||||
||At 31 August 2023||||3,675,584|
||At 31 August 2022||||3,297,031|
|11|Debtors|||||
|||||2023|2022|
||Fees|||132,443|158,917|
||Bad debt provision|||(123,936)|(61,334)|
||Prepayments
and accrued income|||688,093|375,686|
|||||696,600|473,269|
|12|Creditors: Amounts||Falling Due Within One Year|||
|||||2023|2022|
||Bank overdraft|||719,800|79,970|
||Fees received|in advance||1,540,501|1,438,576|
||Trade creditors|||527,647|362,703|
||Taxation and social||security|343,353|340,107|
||Other creditors|and|accruals|852,673|807,753|
|||||3,983,974|3,029,109|
||Fees received|in advance||2023|2022|
||Fees received|in advance at 1 September 2022||1,438,576|858,600|
||Released
from|previous years||(1,172,329)|(858,600)|
||Deferred
in the|year||1,274,254|1,438,576|
||Fees received|in advance at 31 August 2023||1,540,501|1,438,576|
##
##
##
|Note for the current year|Note for the current year|||||Permanent|
|---|---|---|---|---|---|---|
||||Trust for|Unapplied|Endowment|Endowment|
||||Investment|Total Return|Replacement|Total 2023|
||||F|F|F|F|
|At 1 September|2022:||||||
|Gift component|ofthe permanent|endowment|2,022,407||800,000|2,822,407|
|Unapplied
total|return|||532,649||532,649|
|Total|||2,022,407|532,649|800,000|3,355,056|
|Movements
in|the year:||||||
|Investment
return - net gains
Losses on investments
Total||||58,189
~5,455
52,733||58,189
~5,455
52,733|
|Annual
replacement
transfer|||100,000||(100,000)||
|Transfer between
funds||||12||12|
|Unapplied
total|return allocated|to income||(167,753)||(167,753)|
|in the reporting|period||||||
|Net movements|in the year||100,000|(115,008)|(100,000)|(115,008)|
|At 31August 2023:|||||||
|Gift component|ofthe permanent|endowment|2,122,407||700,000|2,822,407|
|Unapplied
total|return|||417,641||417,641|
|Total|||2,122,407|417,641|700,000|3,240,048|
##
##
|Note for the pr|ior year|||||Permanent|
|---|---|---|---|---|---|---|
||||Trust for|Unapplied|Endowment|Endowment|
||||Investment|Total Return|Replacement|Total 2022|
||||E|E|E|F|
|At 1 September|2021:||||||
|Gift component|ofthe permanent|endowment|1,922,407||900,000|2,822,407|
|Unapplied
total|return|||791,078||791,078|
|Total|||1,922,407|791,078|900,000|3,613,485|
|Movements
in|the year:||||||
|Investment
return - net gains||||52,353||52,353|
|Losses on investments||||(130,108)||(130,108)|
|Total||||(77,755)||(77,755)|
|Annual
replacement
transfer|||100,000||(100,000)||
|Transfer between
funds|||||||
|Unapplied
total|return allocated|to income||(180,674)||(180,674)|
|in the reporting|period||||||
|Net movements|in the year||100,000|(258,429)|(100,000)|(258,429)|
|At 31August 2022:|||||||
|Gift component|ofthe permanent|endowment|2,022,407||800,000|2,822,407|
|Unapplied
total|return|||532,649||532,649|
|Total|||2,022,407|532,649|800,000|3,355,056|
##
|Restricted
Funds|||||
|---|---|---|---|---|
|Note for the current year|Prizes|Bursaries|Pembroke|Coventry|
||Fund|Fund|Fund|Concord|
||F|F|E|F|
|At 1 September 2022|189,881|2,230,217|24,128|15,233|
|Incoming
resources|4,786|56,824|||
|Resources expended|(784)|(10,648)|(148)||
|Realised gains on investments|392|95,462|||
|Unrealised
(losses) on investments|(4,992)|(140,048)|(778)||
|Transfer between
funds||(12)||22|
|At 31 August 2023|189,283|2,231,795|23,202|15,255|
||KHVIII|Bablake|Other||
||Capital Fund|Fund|Funds|Total 2023|
||E|E|E|F|
|At 1 September 2022|150,401|16,798||2,626,658|
|Incoming
resources|4|2|127,500|189,116|
|Resources expended|(8,849)||(2,898)|(23,327)|
|Realised gains on investments||||95,854|
|Unrealised
(losses) on investments||||(145,818)|
|Transfer between
funds|43,224|4,600|(75,000)|(27,166)|
|At 31 August 2023|184,780|21,400|49,602|2,715,317|
##
##
|Restricted
Funds (continued)|||||
|---|---|---|---|---|
|Note for the prior year|Prizes|Bursaries|Pembroke|Coventry|
||Fund|Fund|Fund|Concord|
||F|k|F||
|At 1 September 2021|197,775|2,263,647|24,960|15,233|
|Incoming
resources|3,989|60,579|(86)||
|Resources expended|(835)|(12,338)|(152)||
|Realised gains on investments|369|6,889|59||
|Unrealised
(losses) on investments|(11,417)|(88,560)|(653)||
|At 31 August 2022|189,881|2,230,217|24,128|15,233|
||KHVIII|Bablake|Other||
||Capital Fund|Fund|Funds|Total 2022|
||F|k|F|k|
|At 1 September 2021|159,250|16,798||2,677,663|
|Incoming
resources||||64,482|
|Resources expended|(8,849)|||(22,174)|
|Realised gains on investments||||7,317|
|Unrealised
(losses) on investments||||(100,630)|
|At 31 August 2022|150,401|16,798||2,626,658|
|16|Unrestricted
Funds||||||
|---|---|---|---|---|---|---|
||||||2023|2022|
|||||||F|
||At 1 September 2022||||14,795,796|17,188,952|
||Incoming
resources||||22,682,851|21,708,113|
||Resources expended||||(24,676,735)|(24,281,943)|
||Transfer between
funds||||27,154||
||Unapplied
total return allocated|to income|in the reporting|period|167,753|180,674|
||At 31 August 2023||||12,996,819|14,795,796|
##
##
##
|17|Analysis
Of Net Assets B|Analysis
Of Net Assets B|Analysis
Of Net Assets B|etwe|en Funds|||||
|---|---|---|---|---|---|---|---|---|---|
||Note for the current year|||||||||
|||||||Unrestricted|Restricted|Endowment||
|||||||funds|funds|funds|Total 2023|
|||||||E|E|F|E|
||Tangible
fixed assets|||||17,886,711|141,552||18,028,263|
||Investments||||||1,741,450|2,757,271|4,498,721|
||Current assets|||||491,064|5,536|200,000|696,600|
||Current
liabilities|||||(4,393,530)|826,779|(417,223)|(3,983,974)|
||Long term liabilities|||||(287,426)|||(287,426)|
||Endowment
Replacement|||||(700,000)||700,000||
||Net assets|||||12,996,819|2,715,317|3,240,048|18,952,184|
||Note for the prior|year||||||||
|||||||Unrestricted|Restricted|Endowment||
|||||||funds|funds|funds|Total 2022|
|||||||F|F|F|F|
||Tangible
fixed assets|||||18,585,362|165,725||18,751,087|
||Investments||||||1,802,456|2,779,807|4,582,263|
||Current assets|||||373,269||100,000|473,269|
||Current
liabilities|||||(3,362,835)|658,477|(324,751)|(3,029,109)|
||Endowment
Replacement|||||(800,000)||800,000||
||Net assets|||||14,795,796|2,626,658|3,355,056|20,777,510|
|18|Cash flow from|operating||activities||||||
|||||||||Year to|Year to|
|||||||||31.08.23|31.08.22|
|||||||||F||
||Net expenditure|for|the year|||||(1,825,326)|(2,702,590)|
||Depreciation|||||||1,028,112|1,039,918|
||Net losses/ (gains) on investments|||||||55,420|223,421|
||(Increase)l decrease||in debtors|||||(223,331)|(360,544)|
||Increase/ (decrease)||in creditors|||||602,461|820,515|
||Net cash flow from operating||||activities|||362,664)|(979,280)|
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