Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Charity Registration Number 528961 Coventry School Foundation Financial Statements for the Year Ended 31 August 2024 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Financial Statements Year Ended 31 August 2024 Contants Pagès Report of the Charity Trustee (Governors, Report) 1to18 Independent ALJditorfs Report to the Governors 19to22 Statement of Financial Activities 23 Balance Sheet Cash Flow Statement 25 Notes to the Financial Statements 26to40 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 REFERENCE & ADMINISTRATION The Charity IRegistration Number 5289611 is known as Coventry School Foundation. Coventry School Trustee Limited, 8 company Limited by Guarantee, is the sole Gorporate Trustee of Coventry SGhool Foundation. The Govemors of Coventry School Foundation are the directors and members of Coventry School Trustee Limited. ThroughoLJt this report, where there is reference to Trustee, this is referring to the Governors ol the Foundab'on who are directors and members of the sole corporate Trustee. Charity Address Coventry School Foundation Kenilworth Road Coventry CV3 6PT Governors Mr S Booth Mr J Bhathal Mrs J Butler Mrs D Carr Coventry Univ&rsty Appointed 28 June 2024 Co-opted Resigned 20 January 2025 Church Charities Appointed 21 September 2023. Bablake Parents, Association Resigned 1 April 2025 Ms R Drinkwater Prof l Dunn Mrs M Gawthorpe Sir Thomas White's Charity Co-opted King Henry Vlll Parent's Association Co-opted Co-opted Church Charities Co-opted Co-c>ptad 'ng Henry Vlll Parent's Association Co-opted Univ8rsity of Warwi¢k Co-opted Co-opted Chair of Governors Resigned 9 February 2025 Mr P Healy Rev Dr C Hicks Mr D Kershaw Mr D Mackay Mrs E M¢Cann Mr J Milsom Vice - Chair Appointed 28 February 2025 Mr D Molyneux Dr N Morris Mr A Prestwich Mr P Sullivan Resigned 31 August 2024 Appointed 4 December 2024 Executive Mr C Staley Mr C Little Ms C Watts Ms K Jennings Mrs G Lovell Mr A Wright Mrs C Jaffeoal Mr P Dearden Mrs H Shortt Mrs T Horton Chief Executive Officer Chief Operating Officer, resigned 27 March 2025 Director ol Finance Director of People, resigned 16 May 2025 Director of Marketing & Admissions Head of Bablake Senior School Head of Bablakè Junior School Head of King Henry Vlll Senior School Head of King Henry Vlll Junior School Head of Pre-Prep Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 Auditors= Cooper Parry Group Limited CLJbo Birmingham Office 401, 4th Floor Two Chamberlain Square Birmingham B3 3AX Bankers: Lloyds TSB Corporate 125 Colmore Row Birmingham B3 3SF Solicitors.. Band Halton Button LLP 53-55 Bults Road Coventry CV1 3BH Wilsons Solicitors LLP Ajexandra House St Johns Street Salisbury, SP1 2SB Investments.. Quilter Cheviot 7 Dominus Way Leicester LE19 1RP Insurance Brokers.. Hettle Andrews & Associates Limited Eleven Brindley Place 2 Brunswick Square Birmingham B12LP Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 STRUCTURE, GOVERNANCE & MANAGEMENT Governlng Documènt The charity is constituted under the terms of a Charity Commission Scheme dated 27 June 2000 (Commissioners Reference N108 ISIIOO, Case Number 1254471. A revised Governing Document was approved by the Governors in JLJne 2022 and was approved by the Charity Commission and by special resolution by the Governing Body on 21 sl September 2022. Governing Body The Directors and Members of the corporate trustee are elected to hold Offi￿ lor an initial three-year period. The corporate truslee Governing Board consists ol be￿een 14 and 18 Directors. The Governing Board is the highest decision-rnaking authority for the Foundation and delegates various powers lo several sub committees of the Governing Board. The Full Governing Body consists of the Governing Board, CEO and Principal, and various senior management team mernbers as the CEO and Principal deems appropriate. The Full Governing Body meets a minimurn of three times during the financial and academic year with the addition of an annual strategy day. Recruitment & Training of Governors Nine of the governors are nominated to enter a selection process, by the external bodies listed below. Thg remainder who are ¢o-opled by invitation, are subject to the same selection process. The nominating bodies are as follows.. The Trustee of the General Charity in the City of Coventry13 governorsl., The Trustee of the Coventry Ichurchl Municipal Charities12 governors)., The Committee of the Bablake Parents, Association11 governor)., The Committee of the King Henry Vlll Parents, Association11 governor)., The Council of the University of Warwick11 governor)., The Vice-chancellor of Coventry University11 governor).. The Trusteg of th& Sir Thomas White's Charty11 govemorl- Co-opted governors are interviewed by a Govemance and Nominations Committee formed ofthe chairs of the sub-committees and the vice-chair of the board and are selected based on the goveming body's requirèmènts of skills and eompétencé. New govèmors iècéivè a compréhensivé induction, including a briefing with the Chief Executive Officer ICEOI and Director of Finance of the Foundation, visits to all Schools, a meeting with all Heads, and an information pack explaining in detail aboul the role of being a governor, the organisation and its structure, the financial position and the strategy for the future as wéll as gèneral information rélating to the ststutory obligation of charities and thèir Trustee. Structure of the Foundation The Foundation consists of the following SchLK)Is', Bablake Senior, Bablake Junior, King Henry Vlll Senior, King Henry Vlll Junior, B8bl8ke Pre-Prep School and King Henry Vlll Pre-Prep, all of which are located in Coventry and are collectively known as the Coventry School Foundation. Foundation Management Thè Govérnors Of Covèntry S¢hool Foundation ar& legally responsiblè for th? gènèral strategy and pc>licies of all of the schools. The day-to4ay management of the FoLJndation is delegated to Foundation Leadership Team IFLTI, consisting of the CEO I Principal, Director of Finance, D1￿ctOr of People, Director of Marketing & Admissions and the Heads of each school. Collectively this group are known as thè Exè¢utivé. The Foundation Office also accommodates Ihe Governors, secretariat and is responsible for managing centralised finan￿, marketing, HR, compliance, estates and transport functions. Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 Rectuilment of all staff is managed by an Eslablishmenl Committee IECI, made up of the CEO, Diredor of People and Diieclor of FinanGe. Aulhorisalion To Recruit IATRI forms or Variation Forms musl b& completed and submitted to the EC for approval. The Governors meet as 8 full board 8 minimum of three IiTMes a year and undertake the work of managing the Foundation through a committe8 structure th81 provides oversight of the key areas of the Foundation's activity. The committees are schedLJled to meet at least termly in advance of the Full Governing Body IFGBI meeting, with all the committee meeting minutes included in the FGB pack of papers. The committees are.. Education Oversight.. oversees the academic performance of the School and monitors the pastoral care ol pupils. People and Wellbeing.. has oversight of all staff related matters within the Schools. Finance and Resources.. responsibility for Ihe financial management and physical development of all Schools. Audit and Risk.. Addresses risk management and health and safety across the Foundation. Nominations.. ForTlled of the chairs of the sub-commillees and the vice-chair of the board. Arrangements for Setting Pay and Remuneration of Key Management Personnel The annual remuneration for the Principal is presented lo the full board, during closed business, by the Chair and is based on several elements including benchmarking data received from a variety of sources that specialise in independent Schwl pay and remuneration. The Heads are all on appropriate and approved pay scales, the levels of which increase in line with the general staff increase approved by the full goveming body. The salaries of the other members of the Foundation Leadership Te8m also increase in line with the annual pay rise which is agreed by the full governing body at the same time as ihe annual budget is approved. Relationships The Foundation has developed links with a wide range of organisations to ensure the widest possible access to our facilities and schooling. The CEO and the individual School Headteachers are all members of Heads, Conference IHMCI. The junior School Heads are also Members ol the Independent Association of Prep Schools IIAPSI. The Director of Finance is a member of the Independent Schools, Bursar Association. Membership of all such national bodies ènsures that the Foundation Office and thè Schools within the Foundation obtain the highest standards of quality and performance. Furthemiore, ihe opwirtunity to network with similar peer groups ensures best practice is modelled throughout. Due largely lo the composition of the Gov8ming Body, the Foundation has very sliong relationships with key local stakeholders across the City of Coventry, induding Coventy University, the University of Warwick, Sir Thomas White's Charity and also Coventry City Council. Our pupils are encouraged lo develop an awareness of the social context of the all-round education they recewe, and they are engaged in several activities to enhance their Ljnderstanding. There is also a thriving alumni presence in both Bablake and King Henry Vlll Schools who are generous in supporbng ihe Schools where possible. We greatly appreciate everylhing that they do. Fundraising Activity The Foundation relies on regular sources of funding and only embarks on dedicated fundraising activity for specific projects. There are no such projects that funds are being raised for at present. Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 OBJECTIVES & ACTIVITIES Charitable Objectives The Scheme states Ihat the objectives of the Charily are to advance the education of boys and girls by ihe provision of a School or Schools in or near the city of Coventry, bursaries to those in need of financial assistsnce as detailed by clause 22IBI of the Scheme, and leaving exhibitions as detailed in clause 23 and rtrligious instruction in 8ccord8n¢& with Christian principles. Alms & Intènd•d Impact To achieve the above the Foundation aims to deliver educational excellence and be recognised throughout the West Midlands & England as an oulslanding provider for pupils from 3 10 18 years old. In so doing the FoLJndation provides first class teaching supported by excellent facilities in a safe and stimulating environment complemented by the best possible pastoral care and accessible to a wide social mix of pupils. The intention of the above is to provide the framework for the development of the individual pupil so that all are able lo reach their full potential and in so doing inculcate in each pupil a desire to play a full part in society, beneficial to the economic and social life of the local area and to the country as a whole. Primary objectives The primary obje¢tivo$ of Covgntry S¢hool Foundation lo fulfil those aims are". To provide a stimLJlating leaming environment in which pupils can develop their academic potential to the full. To provide a happy and secure pastoral environment in which pupils can learn to work together and thus foster a sense of Community, respeGt for one another and good citizenship. To provide pupils with the opportunity lo lake advantage of co-curricular 8Ctivities within the Schools in order to positively develop further aspects of their character. To provide pupils with the opportunity to take decisions based on their own judgement and to communicate those decisions appropriately and effectively. To provide financial support lo enable children whose parents are unable to afford the full fees to benefit from a Coventry School Foundation education. To provide a clèar, simple and effectivè management structure capable of taking timely decisions and allocating necessary resources appropriately. To provide the necessary administrative and logistic framework to meet the needs of everyone in the Foundation. To enable a broad base of entry into the Foundation. Activities to achieve the Primary objectives include: To allow pupils lo develop lo their full potential, both Bablake School and King Henry Vlll School will support children from the age of three years to eighteen. The Junior and Senior Schools are also based on one site with a growing level of integration between the two, allowing for enhanced familiarity for pupils of staff and resources. Younger pupils in the Pre-Prep Schools have the opportunity to develop through the use of a Forest School whilst our A-Level students benefit from a dedicated Sixth Form building and advice in future ¢8reers 8nd university options. To ensLJre a secure pasloral environment is established, a team ol dedicated staff manage the students. wellbeing. Pastoral hubs have been established at both Senior Schools and there is a House and Tutor support system in plaGe lo create a sense of ¢ommunity. More recently, there has been the introduction of mental health ambassadors in our schools and an increased focus on equality, diversity and inclusion. As part of the programme of activities based in Ihe Schools, our pupils will develop links with local community groups and charities to enhance their kno￿￿dge of good ¢ilizenship. To further develop their characters, pupils are invited to take part in a wide-ranging programme of co-curricular activities that develops such skills as teamwork, creative flair and leadership. Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 Across all our Schools, additional opportunities in sport. performing arts, engineering, science and technology are available lo all pupils. The Foundation provides glite player pathways lor sports as well as international and UK tours and matches providing every pupil the opportLJnity to play either competitively or for fun. Year 7 students at King Henry School have the opportunily lo learn 8 musical insltumenl at no cost whilst pupils al Bablake benefit from the Combined Cadet Force ICCFI programme. Both sohools particip818 in the Duke of Edinburgh stheme and there is a growing repLJtation in robotics and Fomiula 1 engineering on a local, national and international level. To enhance our students. levels of responsibilities, the Schools within the Foundation provide opportunities for pupils lo slep up and become leaders and decision makers. Most notably, this includes internal prefect roles and sports captains. In a wider context, our pupils also learn about their social responsibilities through programmes delivered in the Schools. To ensure the affordability of School fees to all potential pupils from a diversity of backgrounds, the Foundation employs 8 number of strategies available to parents andlor guardians. Most common are means tested bursaries and hardship bLJrsaries which assess available income, assets and expenditure of those responsible for paying fees. Discounted fees are made vailable, and the lotsl sum of money made available is diredly proportionate lo the lolal Fe8 Income generated by the Foundation. To ensLJre efficiencies across the Schools and to meet the needs of all stakeholders, the Foundation centralises its shared services lo the Head Office. This consolidation of a team of professionals in one location will support the Schools in financial, HR and compliance matters and provide an enhanced service to parents. Mèanwhile, within the Schools, a developing admissions process and enhanced marketing activity is resulting in a noti￿able increase in the recruitment of pupils at all levels. To provide a broad base of entry into the Schools, the Foundation has a number ol strategies from which it can deliver. As already mentioned, there is a SLJM of money made available to support both means-lested bursaries and hardship. Scholarships are offered lo those who demonstrate a level of skill in certain disciplines such as sport or academia. Allowing for entry points into the Schools al different levds further supports a broad entry, as does a Tier 4 visa for supporting the recruitment of international students. Principal activitie5 during the year The principal activity of the Foundation is to educate boys and girls in the Coventry area. The FoLJndation also runs other commercial activities and is open at other times for use by the local community. In the 202312024 academic year, the Foundation educated 1,845 pupils. Of this number, 558 pupils were educated in our Junior Schools and 1,287 pupils were in our Senior Schools. Publlc B&n•flt Within its objects, the Foundation aims to create an environment to nurture children, to get the best from them and to allow them lo develop and fulfil their potential. Vve provide them with a firsl-class independent èducation and a wide range of co-curricular activities. In the furtherance of these aims the Governors, as directors of the Charty Trustee, have complied with the duty in s.17 of the char￿￿5 Act 2011 to have due regard to the Chaiily Commission's published general and relevant SLJb-sector guidance concerning the operation of the PLJblic Benèfit requirement under that Act. The Foundation welcomes pupils from all backgrounds. To admit a prospective pupil, we need to be satisfied that we will be able to educate and develop them to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews andlor assessments are Ljndertaken to satisfy ourselves and parents that potential pupils can cope with the nature of the learning and benefit Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 from the education we provide. An individual's economic status, gender, ethnicity, race, religion or disability do not form p8rt of our 8ssessment. The Foundation is part of a wider community, and we are keen that our staff and pupils participate. Our Governors are committed to developing a programme of cooperation and joint working wlh local maintsined seclorjunior and secondary schools. It is a key requirement of evidencing public benefit that any private benefit to individuals or elements of the charity will be incidental to the charity's objectives. An example of private benefit may be the reimbursement of travelling expenses for governors attending training courses. Any private benefit lo individuals is incidental to delivery of the charitable objectives. Concessions including bursaries and scholarships All criteria and policies relating to concessions are kept under review and are updated when necessary. The Govemors are clear that the provision of bursaries demonstrates public benefit providing a method of distributing available resources to children who, but for financial assistance from the Foundation, would be unable lo attend the Schools. Bursarles The Govemors, view the bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education that is available. The awards are available to all who meet th8 general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects would otherwise be at risk, for example in the case of redundancy. In assessing means. we use the methodology proTllulgaled by the Independent Schools. Bursars Association, which takes a number of factors into considerats'on including family income, investments and savings and family circumstances for example dependant relatives and the number of siblings. The Foundation is helped each year by the support of the Thomas While Charity which provided a d(>nation of £763,84912023. £718,579). Within the year 360128°A of total roll) pupils received means tested bursary awards and scholarships to the value of £1.707m of which 80Yo was alloGaled lo bursaries. Scholarships The purpose of our scholarships is to recognise high academic potenlial or the ability to excel in our co- curricular activities. Our scholarships are awarded on the basis of the individual's academic potential or evidéncè of éxcèptional abilitiès which will contribute to our eo-curri¢ular activitiès. In additic)n, awards may be subject to conditions imposed by the original donor. Scholarships are awarded with fixed remissions of fees between 2.5Yo and 20/.. Where further a5Slstsnce is required, scholarship 8w8rds may be supplemented by 8 means tested bursary. We promote the availability of scholarship awards throughout the year on OLJr website, at Open Days and on prospective visits to the Schools. Within the financial year, thg Foundation awardod scholarships trj 186 pupils, based on Ihgir &du¢ational merit and potential, totalling £274,391 and representing 1.05°/o of gross fees. Sibling remission and staff as51Stance. To undèdiné thè valué wé placè on ¢onlinuity for families and a strong ¢ommunily f&trl, we offer discounts where parents have more than children within the Foundation, regardless of which School ihey may attend. A5 part of our emphasis on attracting high calibre stsff lo the Foundation, we offer a discount scheme Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 to stsff members who choose lo educate their own children 8t a Sch(K>l in the Found81ion. Employmènt Pollcy We are an equal opportunities employer and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexu81 orientation or disability. We will make reasonable adjuslmenls lo mg91 the needs of stsff or pupils who are or b8Gome disabled. Strategies to Achieve the Objectives The strategies employed to achieve the objectives included.. attracting and recruiting high achieving leaching and support staff., optimising staff pupil ratios., maintaining the academic integrity of the schools., maintaining the bursary fvnd and the Schools. infraslruclure., and managing the finances such that fees are kept al reasonable levels commensurate with attracting the best staff and providing first class facilities for pupils and staff. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Achl&vèm8nts and Performancè for thè Year by School Academic performance in all Schools was again excellent. The ISI Inspection of May 2023 found all five Schools in the Foundation to be Excellent for Achievement and Excellent for Personal Development of ils pupils. Each SGhool believes that the provision ol sporting and other extra-curri¢ular activities is also essential if pupils are to achieve their full potential. In pursLJing the provision of SLJch activities, the Schools were very successful in providing a wide range from which large numbers of pupils benefited. The detail for each School is shown below.. BABLAKE SENIOR SCHOOL Academic Results A L8vÈl and GCSE rèsults rèmain outstanding. At GCSE 440/0 of all grades w&re at 8 or 9 and 65Vo of all grades were at 7, 8 or 9. At A Level 63.10 were at A., A or B with 41 % at A. or A. Four students gained places at Oxbridge, 45 /0 went to Russell Group universities and 62 /0 of the total cohort successfully went to their first choice university. An ever-increasing number secured highly competitive places on dÈgrea apprénticèships, for example at Eversheds Sutherland, BAE Systems, JLR, NFU Mutual, Amazon and Cadent. Improving Facilities In S8pt8mbèr, wè (>pen￿ our ngw engineering hub, having obtsingd sponsorship to re-devglop the former Year 11 common room. This has enabled us to teach more industry standard CADICAM, support our F1 in Schools and CDntinue to develop the DeLorean. It also will enable to increase our offer to local schools as a F1 in Schools Hub. We have also increased our coverage of enterprise education within the CLJrriculum giving all pupils in Years 7 to 10 opportunities to work on business related projects. Art, Music and Drama Performing Arts continues to be a strength of the School with the annual School musical (Les Misérablesl a g￿3t success. Frequent concerts both within school and at St John's allow musicians many opportunities to perforrn. The Music Department also organised a trip jointly with King Henry Vlll School to Vèni¢e in the summgr. Large numbers of pupils take part in a wide variety of activities and have often achieved regional and national accolades. Record numbers gained certificates in the Biology, Physics and Chemistry Olympiads. The F1 in Schoo15 team reached the national finals. Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 Sport This is the first year where the sport teams were run separately from King Henry's. With almost 1000 fixtures over the year, almost every pupil has an opportunity to represent the School. Many teams were Coventry Cup winners with others going on to region81 and nation81 rounds of the competitions. The senior girls went on lour lo Malaysia and the senior boys rugby team travelled to South Africa. The basketball teams were particularly successful, which is a sport that was only inlroduced for boys and girls in the last few years. Communlty and Outr8ach We continue to support local sludents with competitive university entry. This includes mock interviews and advice sessions. Additionally, we run sessions for local primary schools in areas such as performing arts and science. Our facilities are frequently used by local primary schools, at no cost, to run events, for example three schools used the theatre lo produce their annual show. All Sixth Formers tske part in weekly volunteering and pla¢&menls which have included local s¢hools and care homes, as well as environmental charities. Our facilities continue to be used, without charge, by local charities, including the Rotary Club, Samaritans, and Tools for Relian¢e. Most pupils in Year 9 gained their DofE Bronze Award with many going on to Silver and Gold. The climbing wall is well used and fifty pupils attended our annual outdoor adventure course in Wales held in the summer holidays. The Combined Cadet Force runs weekly giving many opportunities for participants to take part in a wide range of activities. There were three camps run during the year. Charitablè Aetiviti¢$ Pupils raised funds for our four supported charities, which were chosen by the School Council. Locally we support the Coventry Foodbank whilst nationally we focus on Macmillan. At an international level, the last twelve months has seen us also support both Ukraine Charities and Harrismith, our South Afri¢an partner s¢hool. BABLAKE JUNIOR SCHOOL Academic Results Bablake Junior School has had a successful year. All pupils in Year 6 secured a pla￿ in Bablake School and the vast majority chose to take this place. There was also success for those taking 11+ exams, although many remained at Bablake out of pieference. Academic attainment as me85ured by end of year, standardised progress tests was high, as was the value added for most pupils. Scholarships were awarded to three pupils at Bablake School. Art, Music and Drama The quality of the creative arts continues to improve. Art has been a tradilional strength for many years, and pupils are currently preparing for the biannual exhibition of their work. Music and Drama have irnproved significantly in the last year, with dedicated staff providing more opportunities for children lo dovèlop théir skills in ensèmbles. Supporting Yaar 3 pupils into choosing instrumènts to start léarning has made a drfference to the uptake of music lessons. RegLJlar performances are given to parents. Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 Sport This rem8ins an area of 8xcellence for Bablake Junior School. All pupils participate in 8 riGh, v8ried sports programme, supported by the timetabled lessons and many extra-curricular clubs on offer. Teams are highly successful in competition with other schools in Ihe area. Bablake Junior School retained the City Cross-counlry Championship. Four children two boys, two gids have been selected for Warwi¢kshire cricket in the last twelve months. Outdoor Education Forest School continues to be a timetabled and popular part of the Bablake Junior School curriculum, taking advantage of the onsite spinney and the irnmediate opportunity lo engage in a natural and stimulating environment. Community and Outreach Pupils sing carols al a local residential home as part of an outreach adivily. In addition, a Year 5 class visited a residential home caring for people with dem&ntia as a way of supporting by offering lime and conversation to people with limited visitors and links to families. Charitable Activities Bablake Junior School continues to do a great deal of charitable work. As well as the national events like Red Nose Day and Children in Need, fund-raising efforts for Bwengu Projects Malawi and Age UK Coventry & Warwickshire have been significant undertakings in the last year. These charities give both an international and local dimgnsic>n lo ourwork, helping children understand the breadth of the potential ways of support and the scope of need, near and lar. KING HENRY VIII SENIOR SCHOOL Academic Results Academically the School has continued to excel and build on its re￿nt track record of examination success. Once again we achieved the highest results across all maintained and independent schools in Covéntry, with 66¢/0 ol our A-Lèvèls at A. A or B and 419/0 at A. or A. As always individual achievéments within the statistics were numerous, with 14 pupils achieving places at medical school and one pupil going to read Physics at Oxford. 56.10 of the cohort successfully reached their first choice university with 440/0 of the 2023 Upper Sixth going lo Russell Group universities. 74ts10 left King Henry Vllll and went straight to univèrsity whila 2101¢ took a Gap Y&ar and an èver-incréasing numbér sacuièd highly competitive places on degree apprenticeships, for example at Eversheds Sutherfand, BAE Systems, JLR, NFU MLJtual, Amazon and Cadent. At GCSE1gvel, Ihg S¢hool had stellar suc¢ess with 670/0 of all gradgs re¢eived being between 9 and 7 which put the Schoc)I within the top live of all independent schi)Dls in the West Midlands. Nearfy 50 /0 of all the grades achieved were 9s and 8s, with an incredible 264 grade 9s awarded. Art, Music and Drama It was another highly successful year for performing arts. High numbers of musicians continue to progress through top grades and also achieve county, regional and national level recognition in a wide variety of ensembles. The culmination of anolheryearof outstanding performance was the trip lo Venice, which includèd a préstigious choral pérformancè at St. Mark's Cathedral. Highlights a¢ross the ygar included the spring term performance of Hairspray. Sport Thè S¢hool made huge steps forward in sport during tho year, with a numbor of both t&am and individual highlights. Year 7 girls were Coventry rounders champions, whilst the boys were county runners-up in cricket. Year 7 netballers were also Ratcliffe Shield winners, in what was a great year forjunior sport. A number of other year groups were also respective local Coventry Schools, champions in netball and rugby. 10 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 Public benefit in the educational field There is a continued wider impact educationally from the School, with the Head also being a governor at a local state secondary school. We hosted a Medical Insights Conference for all schools in the city and also run Oxbridge and MediGal interview workshops and training sessions for stsle school pupils across the region. Stsff in the Classics department have been working with slate colleagues setting up Classical Civilisation GCSE courses, whilst staff also provide Mathematics teaching support for STEP papers for state school pupils on a weekly basis. Public benefit in the wider community We continue to run a nLJmber of events in collaboration with local primary schools. These include OLJr annual Primary School Music day where up to 250 pupils come to sing and play, before the culmination of a final performance. Having converted th? old pavilion lo a Robotics Laboratory last year, we ¢ontinue to support local primary schools, allowing them to use the lab after schoc>l and providing pupil and staff expertise to lead the leaching and exploration in coding. engineering and design. We frequently loan out our minibuses free of charg& lo primary s¢hools, lo¢al ¢haritios, and sporting clubs to SLJPPOrt them. Charitable Activities Thg SGhool ¢onlinue lo raise substsnlial amounts of money for ¢harity, with each year group having a charity month where they choose a charity to collect money lor through cake sales, sponsorship and other activities. Charities this year included z￿'S Place and Myton Hospice, with old school uniform donations also being collected by the Parents. Associalion and donated to a local state secondary school. Al Christmas over 250kg of food was collected lor Coventy Food Bank. whilst the pupils supported PW7, a charity setup in memory of a former PLJpiI Peter Whittingham. Co-curricular With over a 100 different co-curricular activities and clubs tsking place each week, there remains a wide range of varied a¢tivitias for choi¢&. Th& OLJtstanding achi8vém8nt remains with robotics, whérè the senior teams were not only national champions for the third consecutive year, bLJt also became World Engineering Champions at the World Championships in the USA, eventually finishing in the top 10 from over 10,000 teams across the globe. KING HENRY VIII JUNIOR SCHOOL A¢ad¥mi¢ Rt$ult$ Attainment results for English and Maths remain pleasing. In English, 89°/D of children attained at or above age-related expectations148 /. SAS 95_115, 41°/. SAS 11ftr141 +1. In Maths, 90°/o of children attained at or above age-related expectations 146/. SAS 95-115, 44.1. SAS 116_141+1. We were delighted that 790/D of our Y6 cohort moved up into the Senior School. Art, Music and Drama During 2023-2024, music tuition continued lo be well-accessed with lessons across the school help for a widè rangè ol instruménts including violin, viola, céllo, piano, guitar, clarinét, fluté, saxophoné and drLJms. Last year across the Junior School, we had 124 lessons being delivered each week. 75 of these were single instrumentalists with the remaining 49 being taken by multi-instrumentalists. As with all years, piano remains the most popular with 65 lessons being laughl each week. All children receiwng in$trLJmèntsl tuition wère given thè opportunity to parform in Teatimè Soloist Concèrts that wère hold across the year. For the first time this year, Senior School pupils and staff joined the JLJnior school at Coventry Cathedral for our Christmas Carol Service. This was a wonderful opportunity lor our whole school community to come together and we look forward to continuing this new tradition for many years to come. The Cathedral also provided the setting for an outreach carol service involving local primary Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 schools. The bi8nnu81 Spring Concert at Warick Arts Cenlre's Butterworth H811 provided 811 children in Years 4-6 an opportunity to perforTM lo parents alongside our Senior School pupils and was a hug8 success. KHJS pupils went to see the KHS House Music event and took part in their own version.. Stars in their eyes. Diam8 lessons taught by Senior School specialist teachers ￿ntInued as part of the regular limelable for Years 3-6 lor the second year. The impact of these lessons was evident in the quality of performances across all year groups. The Art Department, in collaboration with the Senior School, pul on a fantastic Open Art Exhibition in May, featuring work from Years 5-9 from King Henry's and other local schools, in May. Sport Sports remained a key feature of our calendar with lessons and fixtures, training and squads. We were pleased lo host the regional IAPS Swimming gala final as well as th& traditional Sports Day athletics. We offered many activities for children in sport (netball, rugby, football, cricket, rounders, cross counlryl. Pre-school swimming developrnenl and cricket pre-season training look place. The programme of co-curriGular provision was addili(>nalty supported by a number ol spe¢ialisl ¢oa¢h&s who offered football, karate and dance. Public benefit in the wider community We hosted an IAPS independent sGhools swimming gala. KHJS pupils and children from local primary schools showcased their talents at events hosted at King Henry Vlll Schools.. The Primary Schools, Music Festival, and the Art and Poetry Festival. Community Service The School Choir and Orchestra perfomied at the Outreach Carol Concert at Coventry Calhedral. In September, the School Council embarked upon a yearlong project to support our local branch of Age Uk. Children across the school have written Christmas cards that were sent to service users, and we extended invitations lo our Christma5 Carol Service at Coventy Cathedral. Those who attended ¢omm&nted on tho joy they folt in attending thg trvgnl and the warm welcome they had rtrcgived. Outd¢)or Education A sériés of OLJtdoor wéllbèing walks to(>k placè for &v&ry year group to hav& a day in tha ¢ountrysido tied into wellbeing weeks, and these were carefully planned tr) include Geography skills and Science links from our curriculum. There was also a series of year grDUP residentials that went to Borealton Park, Preston Montford, Ufton Court and York. These linked curriculum skills in Geography and History with opr)ortunitiès ft)r team building and the ehanee for ¢hildr&n to axpéri&n¢è ovèrnight trips that promot independence. Community and Outreach Year 5 and 6 Ghildren took part in the ICONS ambassadors, scheme al Coventry Cathedral which provides leadership training based upon the themes of peace and reconciliation as well as Diana Foundation Anti-Bullying Training. Charitable Activities. There were a selection of fundraising activities run throLJgh the auspices of the Student Council to ensure that the pupils had real agency in this. We donated to a mixture of national and local charities- Childrèn in nèèd, Wawiickshirè Wildlifè Trust, Covèntry Foodbank, NSPCC. Activitias inelLJdéd non- uniform days and cake sales, Break the Rules Day, and a nLJmber themed days. We raised approximately £1,700. 12 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 BABLAKE AND KING HENRY VIII PRE-PREPARATORY SCHOOL Academic Results Children have continued to perform well 8t the Pre-Prep 8nd the levels achieved i&m8in well above national averages. The new phonics scheme that was introduced in September 2022, Little Wandle is having an impact on Reading scores in all year groups. The Year 2 cohort who were assessed in June 2024 were the first year group lo have had 2 years of the new scheme ALL children were 85sessed as average or abovè using standardised tests. 3801¢ of thè yèar groups scorèd in thé 'vèry high, rangè. 11 has bggn pleasing to see Ihg a¢higvement in Early Years ¢onlinuing as most ¢hildren leaving the Key Siage reached the targets in the majority of their Early Leaming Goals. In Literacy, 98.10 01 children reached the expected levels for Comprehension (compared to 91°/D the previous yearl, 85°/. in Reading (compared to 76 /0 the previous yearl and 780/0 in Writing la slight drop of 20/0 on last yearl. In Maths, 80¢/0 of pupils rga¢h&d &xpe¢ted levgls for Number and 82Vo in Numeri¢al Patttrms (both slightly below last yearl. Particular success was seen in the area of 'The Natural World, which was a focus of the School Development Plan. Resources and areas of learning were developed lo enable more of a focus on outdoor learning and exploration. Baseline data suggested that only 16/0 of the children were achieving in this area in September but Ih8198Vo were achieving by the end of the academic year. Thè Year 1 cohort pèrft)rm8d èxtrèmèly wéll in the ènd of y8ar standardis&d tests. NFER tests w&r8 completed in Maths and Reading with average standardised scores being 117 and 113, which is significantly above age-related expectations and the same as the previous year. We continued to assess Year 2 using GL Assessment lesls in line with the Junior Schools. Summer 2 results foi the 2023124 cohort of children showed that 970/p of children were on track for Maths and 100Qlo for English. Although there is no available national data for Summer 2024, this is still significantly higher than the national data of 70°1¢ and 68°1¢ from the previous academic year. Facilities Focus has been on developing the outdoor areas for Early Years, P8rticularly outside the Reception classrooms with mud kitchens and low-level beds for planting, èxploring and digging. Art, Music and Drama We held a nativity performance for Early Ye8rs Iri the Autumn Term. along with a Spring Term perfomance for Year 1 and a Summèr Térm perfomancè for Yèar 2. In addition wè had a festivé 'sing- a-long, for Year 1 and 2 pupils and parenis and those children having individual piano lessons were invited to perform in a teatime concert at the end of the year. Art teaching has gone from slrength to strength with the addition of a specialist teacher in Year 1 and 2 who is an existing Teaching Assistant who is also an artist hèrsèlf. Hèr passion and knowledg8 in this arèa has rasLJltèd in somè amazing art work being produced by the children in these year groups. Sport Specialisttaachèrs have continLJ8d to support our Sport provision during tha yèar. Pupils from Rècaption upwards have also been offered Swimming again this year which has been a real selling point for our schools. We have also continued to offer extra-curricular clubs such as Rugby Tots and Gymnastics. Pupi15 froTll the school also attended a local Gymnastics competition this year. Outdoor Education Forest School continues to form a significant part of our curriculum, with lessons for Years 1 and 2 taking place on a weekly basis. Early Years continue to provide plenty of opportunity for outdoK>r explor8tion through their continLJOUS provision. Séasonal bèds provid8 opportLJnity for léarning about various fruit and vegetables. 13 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 Public Benefit, Community and Outreach Links have continued with Keresley Grange Primary School through our Maths co-ordinator. Children from Keresley visited Ihe Pre Prep to lake part in another Year 1 Maths Challenge Day, mixing with children from the Pre-Prep. Pre-Prep children were also able lo visit the STEM lab al Keresley. Charltablè Actlvltl•s We have continued to support a number of charities during 202312024. Our Harvesl collection and Christmas Appeal resulted in many baskets of food and supplies being donated lo the Coventry F(KyJ Bank. Collections were also made for Children in Need, Save the Children Christrnas Jumper Day and NSPCC Number Day. FINANCIAL REVIEW Overview Each School within the Foundation operates as a cost centre within the overall financial structure and is expected lo make an operating surplus set within the context of the strategy and business plan covering a 5-year period. Full details of the FoLJndation's income and expenditure and surplus or deficit for the year are shown in the Statement of Financial Activities on page 22 and in the related notes to the financial statements. After taking into a¢¢ounl realised and unreali$ed gains on investments of £488,267 12023". loss of £55,420) the net expenditure and net movement in funds for the year was a reduction of £254,549 12023.. £1,825,326). The main impact on the year's performance was the increase in fees receivable from fee increases, offset by an increase in staff costs. As shown in the Balance Sheet on page 23, the Foundation's total funds stcxxl at £18,697,636 as at 31 August 202412023.. £18,952.1841. The Balance Sheet also shows nel current liabilities of £2,733,745 at thè 8nd of th8 yèar12023". £3,287,374). Giv&n thÈ naturè of thè tèrmly incomè cyclè vérsus règular monthly expenditure, the Foundation managed its cash flow and liquidity positions within an overall bank overdraft facility of £1.Om. At the year-end we had a net overdraft position of £nil12023.' £719,800). Tho Audit & Risk eommittae regularly reviaws all stratègi¢ risk aeross the Foundation whilst èach su committee will address its own risk register at the termly meetings. The Governors are subsequently addressing risk and look to MIt￿ale where possible. One example of such action that has been taken is the successful opening of a dedicated Pre-Prep School for King Henry Vlll School at the'swallows, site off Kènilworth Road. Rè-op&ning th8 sitè aftèr it closed during Covid will strèngthèn the flow of numbers through to the Junior School whilst also help increase numbers across the whole Foundation. Each sub-committee of the Goveming BcKly have regular standing items to review its temis of reference and conflicts of interest, as well as updating ils own risk register. Ulilising a standard risk register lemplate that measure the likelihood of a risk happening against the impact it would then cause, those calculated as'high, or'very high. will be discussed termly by the Audit and Risk committee. Critical areas of risk that the Governors, through the sub-committees, seek to miligale currently include.. Failurè in Saf8guarding duty for pupils. Increased pension contributions beyond a level that the Foundation can afford. The continLJing financial pressure being applied through central government policy, via pensions, teacher pay, National Minimum Wage and the removal of charitable rates relief The impact of the introduction of VAT on Independent School tuition fees. The risk of a major cybersecurity attack on our IT systems The inherent risk 8ssoci8led with data breaches, loss of dats integrity, or non-compliance with the UK General Data Protection Regulation IGDPRI and related data prDtection laws 14 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 Extemal Factors such as the ongoing cost of living Crisis and sustained levels of inflation which continue lo present challenges foi school finances and the afft)rdabilily of fees for many families. These economic pressures may affect parents, ability to commit to independent education, potentially impacting pupil numbers in future years. The school remains mindful of this risk and continues lo monitor enrolment trends Glosely, while exploring ways to support families where Possible and maintain strong value for money. It is the responsibility of the Governors and the Executive to mitigate against these particular risks. Creating a leaner and more robust organisation with a team of executives leading the day to day organisalion, directed by professional business people in various sectors of industry, is creating stronger environment in which lo manage the risks. Reforecasls for the year ending 31 st August 2024- 2025 underscore financial challenges stemming from the implementation of several key strategic priorities, including the Foundation's withdrawal from the current TPS scheme. In the following years, the Foundation will evaluate additional strategic initiatives lo adapt lo the evolving landscape of the independent sGhools' sector. New areas of income continue lo be generated and introducing systems of best practice from the education sector to the Foundation will further improve the financial position over the coming years. The work carried out within a newly created compliance division at the Foundation Office has already provided very positive results with all schools being judged 'Excellent and compliant in all areas. by a recenl120231 ISI Inspection. The regular meetings and training that takes place across the Foundation, led by the Designated Safeguarding Leads IDSLS) and their teams in each school ensures the Foundation as a whole is meeting its Keeping Children Safe In Education 2024 obligations. Investments Over the last 12 month period the portfolio has returned 16.9% as 2024 turned out to be a better year for financial markets than the previous one. Most major economies fared better than expected in response to considerably higher interest rates and have, so far, managed lo avoid recession with jobs markets and ¢onsumer spending remaining relatively steady. Interest rates have started to be lowered, with all the major central bank reducing rates in the financial year. Their impact, thus far, has been modest, however further reductions are expected in the coming year. Rather than an abundance ol tK>sitive news being behind stock market rallies, il was more the case that the most negative developments failed to be a bad as predicted and pessimistic forecasts were surpassed. This reiterates why it is important to maintain a long-term perspective to our investment goals. Going ¢on¢¢rn Due to the Governrnent's decision to impose VAT and restrict charitable rates relief alongside NIC increases and higher inflation the trading environment for 811 private schools has become more difficult. Thè Govérnors havé assèssèd the Foundation's ability to continue as a going con¢ern for a period of at least twelve months from the date of approval of the financial statements. This assessment has taken into account the Foundation's current and forecast financial position, projected cash flows and the liming of key funding, income and expenditure items. The Foundation has irnplemented a number of measures to Support its financial sustainability and address anticipated funding requirements. These include.. The more effective use of restricted bLJrsary funds valLJed at approximately £1.7 million,. Engagement with the Foundation's principal bank lo renew ils £1 million overdraft facility, which is due for review before 31 August 2025. The bank has expressed its intention to continue and potentially increase the level of support, subject lo stsndard approvals and a third party review,. - Appointmgnt of a spe¢ialist adviser to support in thg arrangement of secured borrowing over a thrg9- year term., Preliminary steps to rernove permanent endowment restrictions through the Charity Commission., Restructuring of pension arrangements lo deliver ongoing savings,. and 15 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 Operational cost savings where feasible lo do so including areas such 85 transport and facilities whilst maintaining 8n excellent experience for pupils. The Governors consider these actions to be appropriate and achievable. However, the successful completion of these actions is subject lo uncertainty, parbGularly with regard lo the liming and outcomes of exletnal engagements and regulatory processes. As a result, the Governors recognise that a material uncertainty exists which may cast doubt on the Foundation's ability lo continue as a going concem. Nevertheless, based on current forecasts and mitigation plans, the Governors have concluded that it remains appropriate to adopt the going concern basis in preparing these financial statements. Reserves Policy A ¢harity's free rtrstrrves ar& its gtrntrral unrestri¢ted funds l&x¢luding any elemtrnt represented by fixed assets) less any funds which have been designated for specific future projects. The balance held as unrestricted funds al 31 August 2024 was £12,974,78012023.. £12,996,819). but because the majority of the assets of the Foundation are invested in fixed assets, of which the unrestricted funds amount totals £17,375,78412023". £17,886,711). the Foundation has negative free reserves al th& ytrar-end dale of £4,401,00412023. £4,889,892). The Governors consider that the deficit on free reserves should be reduced in order to improve the foundation's ability to continue to deliver ils charitable objects il a shortfall in income or an unft)rese&n increase in expenditLJre should occur and that in the longer temi positive free reserves should be achieved trom the surpluses. The Governors have identified a need to build up sufficient tree reserves to cover working capital requirements equivalent to a month's operating costs, approximately £2.3m, thereafter free reserves generated will be used lo invest in fi'xed assets lo improve the Schoo15' facilities and to increase the bursary fund. Investment Policy & Objectives The Governors consider that the funds should be invested with the aim of generating long term growth of both ¢apital and in¢omé to give a balancéd exposure through a médium risk portfolio. Thè primary objective is to be able to expand bursary provision in order to widen access to the Foundation's Schools. Total Return Policy Thè charity has adoptèd a total r&tum basis for maintaining thè endowménts sin¢0 Sèptambèr 2016, when it was determined that the Endowment comprised the Permanent Endowment and the Endowment Replacement. Under the Total Relurn approach, investments can be managed to make the most of Ihe total investment return that they generate. This enables the Foundation to focus on investments that are expèctéd to givè the bèst pérformance in tamis of their overall réturn, rather than on inv8stmÈnts with a bias towards a higher dividend yield. The importance of maintaining the original core value of the endowment remains paramount. Under the total return 8pproach, an amount up lo the value of the lotsl return may be applied lo fund Ihe unrestricted net expenditure of the charity. The Governors budget at the start of each year to apply 5.10 of the Endowment in this way. On 29 June 2020 a Recoupment order to the value of £1,000,000 was issued for the repayment of the temporary loan taken during the year lo 31 August 2019. This is bÈing rèpaid ovttr 10 yéars in èqual instalménts. Thé total rèturn applièd in thé year has béèn ealeulat&d on the Endowment FLJnd net of the cancelled recoupment orders, and in line with the cancellation, the Endowment Funds now comprise the investments held in the Endowment Fund, net of the Endowment Replacement Fund. 16 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 FUTURE PLANS The Foundation continues to provide an outstanding education to as many local children as possible. Accessibility to the education provided by the Foundation is enhanced through a Bursary award schem which provides means lesled places for children who fulfil the entry requirements of th8 Schools, and range from 100/0 of fees all the way lo 1000k of fees. Any surplus that is gener8led from the running of the Foundation is reinvested for the educational benefit of the pupils. From September 2024, the Foundation has re-opened a Pre-Prep on the site off Kenilworth Road, thus creating two, 3-18 years, all-through schools in Coventry. The new school aims to support the admissions team to grow numbers back into the Foundation. New marketing initiatives for entry into Years 3, 7, 9 and 12 in particular are proving successfvl as the previous decline in total numbers after Covid is addressed. Tho Foundation will ¢ontinue to employ the shared servi¢es ftJn¢lions for both Bablake and King Henry Vlll, thus creating economies of scale and efficiency from a central office. The Foundation will also continue lo reccyJnise ils place in the market with an affordable. Independent &duGation. Financially, the Foundation rgfjognises the current and ft)rthcorning challeng8s it has been presented with as an impact of the change of Government and is working to provide a sustainable business model. This will include developing additional sources of income into the Foundation other than tuition fees by maximising the assets and resources available. The employment of a dedicated ¢ommgrcial operations manager supports the Governors, ambitions lo grow income. The Foundation will also continue to develop the product that is made available to parents and pupils. A new IT strategy is underway, ensuring all pupils are well-placed for the world after their school education. Academic performance will continue lo be enhanced with the A-Level and GCSE results keeping both Schools amongst the top Independent Schools in the West Midlands. 17 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Report of the Charity Trustee IGov&rnorf$ Rèport) Year Ended 31 August 2024 STATEMENT OF GOVERNORS, RESPONSIBILITIES The law applicable to charities in England and Wales requires the Coventry School Foundation Governors, as the Directors of the sole corporate trustee, to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity's financial activities during the year and of its financial position al the end of the year. In preparing financial statements giving a true and fair view, the Govemors should follow best practice and.. select suitable accounting policies and then apply them consistently., make judgemgnls and eslimales that are reasonable and prudent", slate whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial slalemenls", prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation The Govemors are responsible for keeping proper accounting records which disclose wth reasonable accuracy the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, applicable law and the Trust Deed. They are also responsible for safeguarding the assets ol the Charity and its subsidiaries and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Govemors. report was approved by the Governors on 17 July 2025 and signed on their behalf by thg Chair. E2457A103Q0042È l Dunn Chair of Governors 18 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Independent Auditor'5 Report to thè Govèmors Year Ended 31 August 2024 INDEPENDENT AUDITOR'S REPORTTO THE GOVERNORS OF COVENTRY SCHOOL FOUNDATION Opinion We h8v& audited the fin8nci81 statements of Coventry School (the Charity) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balan￿ Sheet, the Cash flow Statement and Ihe relaled notes including a summary of significant accounting policies. 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 Financial Reporting Standard 102'The financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion, the financial stalemenls.. give a true and fair view of the stale of the charity's affairs as at 31 August 2024 and ol the incoming resources and application of resources, including ils income and expenditure, for the year ended., have bgen propedy prepared in 8ccord8nGe with United Kingdom Generalty Ac¢8pled Accounting Practice., have been prepared in accordance with the requirements of the Charities Act 2011. Basi5 for Opinion We conducted our audit in accordance with international Standards on Auditing IUKI IISASIUKII 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 elhical requirements that are rèlevant to our audit of the financial stalements in the UK, inclLJding the FRC'S Ethical Standard, and we have fulfilled OLJr other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide 8 basis for our opinion. Matarlal uncartalnty ralat8d to golng concèm We draw attention lo the accounting policy for going concern in the financial slatemenls, which indicates that the ability of the Foundation to continLJe as a going concern is dependent on the timing and outcomes of external engagements which impact the projected cash flows and the timing of key funding, income and expenditure items. As stated in the accounting policy for going concern, these events or conditions indicate that a material uncertainty exists that rnay cast significant doubt on the Foundation's ability to continue as a going concern. Our opinion is not modified in resped of this matter. In auditing the financial statements, we have concluded that the Trustee's use ol the going concern basis of accounting in the preparation of the financial ststemenls is appropriate. Our responsibilities and the r&sponsibilititrs of thg Trustee with resps¢t lo going ¢on¢trrn arg dtrs¢ribod in the relevant sections of this report. Other information The Trustee are responsible for the other information. The other information comprises the information included in the Trustee. report, other than the financial statements and our audit report thereon. Our opinion on Ihefin8noi81 stslemenls does not Goverthe other information and, except lo the extent olhenmise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 8udit 01 otherwise appears lo be materially misststed. If we identify such material inGonsisten¢ies or apparent material misslalements, we are required lo determine whether there is a material misstatement in the financial statements or a material misstatement of the other 19 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Independent Auditor'5 Report to thè Govèmors Year Ended 31 August 2024 information. If, based on the work we have performed, we conclude that there is 8 materi81 misslatemenl of this other information, we are required lo report that f8cI. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of OLJr knowledge and Ljnderstanding of the charity and its environment obtained in the COLJrse of ihe audit, we have not identified malerial misstatements in the Trustee report. We have nothing lo report in respect of the following matters in relation to which the Charities IAccounts and Reports) RegLJlations 2008 reqLJires us to report to YOLJ if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustee. report., or sufficient accounting records have not been kept,. or the financial sl8lemenls are not in agreement with the accounting records- or we have not ￿ceiVed all the information and explanations we require for our audit. Responsibilities of Trustee As explained more fully in the Statement of Governors, Responsibilities, the Trustee are responsible for the preparatlDn of the financial statements and for being salislied that Ihey give a true and lair view, and for such internal control as the Trustee determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the Trustee are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of a0￿untIng unless the Trustee either intend lo liquidate the charity or lo cease operations, or have no realistic allern81ive but lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regLJlations made Ljnder section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststemenl, whether due lo fraud or error, and lo issue an Auditor's report that includes our opinion. Reasonable assurance is a high levèl of assurance, bLJt is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 lo 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 delect material misststemenls in respect of irregularities, including fraud. The extent to which OLJr procedures are capable ofdetecting irregularities, including fraud, is detailed below.. Our assessment focussed on key laws and regulations the charity has to cornply with and areas of the financial statements we assessed as being more suscepliblè to misstatement. These key laws and regLJlations included but were not limited to compliance with the Charities Act 2011, taxation legislation, data protection, anti-bribery and employment legislation. 20 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Independent Auditor'5 Report to thè Govèmors Year Ended 31 August 2024 We are not responsible for preventing irregularities, including fraud. Our approach lo detecting irregularities, including fraud, induded, but was not limited to, the following.. obtaining an understanding of the legal and regulatory framework applicable to the charity and how the charity is complying with that framework, including agreement of finanGial slalemenl disclosures lo undedying documentation and other evidence., obtaining an understanding of the charity's control environment and how the charity has applied relevant control procedures, through discussions with management and by performing walklhrough testing over key areas., obtaining an understanding of ihe charily's risk assessment process, including the risk of fraud,. reviewing meeting minutes of those charged with governance throughout the year., and performing 8udil testing lo address the risk of management override of controls, including testing journal entries and other adjustments fDr appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Whilst considering how our audit work addressed the detection of irregularities, we also considered thè likelihood of detection of fraud based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstalement in the financial siatements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and tiansaclions reflected in the financi81 slalemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description ol our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This descriplion forms part ol our Auditors. report. 21 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Independent Auditor'5 Report to thè Govèmors Year Ended 31 August 2024 Use of our report This report is made solely to the charity's Trustee, as a body, in accordance with Part 4 of the Charities (Accounts 8nd Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's Trustee those matters we are required lo stsle lo 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 ihan the charity and the charily's Trustee as a body, for our audit work, for ihis report, or for Ihe opinions we have formed. COOPER PARRY GROUP LIMITEO statutory Auditor Cubo Birmingham Office 401, 4th Floor Two Chamberlain Square Birmingham B3 3AX Cooper Parry Group Lirnited is eligible to act a5 an auditor in terms of Section 1212 of the Companie5 Act 2006. Date.. 28 July 2025 22 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Statement of Financial Activities lorthoyoar Ended 31 August 2024 Total Total Year Ended Y6arEnd8d 31.08.24 31.08.23 Llnrestricted Fund8 Restrictsd Endowment Fund8 Fund8 INCOME AND ENDOWMENTS FROM.. Donations and legacies Charitab18 activibes Cxher trading a￿1vIlle$ Investment Income other income 763,849 24,128,683 539.155 93,304 639,254 100,185 864,034 871,079 24,128,683 21.131,436 539.155 418,762 248,902 198,082 639,254 327,889 65,536 90,062 Total incorne and endowments 26 164 245 165 721 90,062 26,420 028 22.947,248 EXPENDffURE ON= Raising and m8n8gemeni ol funds Charitable 8clivities 10,622 796,925 17,939 28,561 27,134,283 28,122 24.689,032 26,337,358 Total expenditure 26 337 358 807,547 27 162 844 24.717,154 IDEFICITIISURPLUS FROM OPERATIONS 1641.826 72.123 1742.8161 11.769,9061 NET GAINSIILOSSESI Realised gains on Investments Un￿aliSed 1105se5V gain5 on Investments 39,786 127,717 167,503 21,334 299,430 320,764 61,120 427,147 488,267 271,096 326,516 155,4201 NET INCOMEIIEXPENDITLIREI 1474,3231 392,887 1254,5491 11.825,32ei Transfers between fund5 151,073 10,929 1162,0021 NET MOVEMENT IN FUNDS 122,0401 1463,3941 230,885 1254,5491 11.825,3261 FUND BALANCES AS AT 1 SEPTEMBER 2023 f2,996.819 2,715,317 3.240,048 18,952,184 20.777,510 FUND BALANCES AS AT 31 AUGUST 2024 12,974,779 2,251,923 3.470,933 18.697,636 18.952,184 All amoufftls d￿r￿•from¢￿tlrtUI￿ attl1vi￿ÉS Aigainsand lossés ￿¢0￿nIS￿￿ I￿lud￿d h thè 8taiomgnlol FlThantlalAcllvlll8s The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. 23 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Balance Sheet As at 31 Augu$t 2024 2024 2024 2023 2023 FIXED ASSETS Tangible assets Investments 17,508A87 5 258.426 22.766.913 18.028,263 4.498,721 22.526,984 CLIRRENT ASSETS Cash al bank Debtors 929,509 764,827 1,694,336 696.600 696,600 CREDITORS.. AMOUNTS FALLING DUE W￿H1N ONE YEAR Bank overdrattand IoBns c)ther 719.800 3.264, 174 3.983,974 4N28,081 4,428,081 NET CURRENT LLABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES 2.733.745 20,033,168 3.287.374 19.239,610 CREDITORS.. AMOUNTS FALLING DUE AFTER ONE YEAR Other 11,3315321 1287.4261 NET ASSETS 18 697 636 18.952, 184 PERMANENT ENDOWMENT FUNDS EN(IOWMENT REPLACEMENT 2,870,933 600 000 3,470.933 2,540,048 TOO,000 3.240.048 RESTRICTED FUNDS UNRESTRICTED FUNDS 2,251,923 12,974.780 2.715,317 12.996.819 TOTAL CHARITY FUNDS 1B,697,636 18.952, 184 These financial statements were approved bythe Board of Governors 17 July 2025. S￿￿•d by.. S*n•d by.. E2457A103Q0042È 4192E2E983DA47E l Dunn Chalr of Governors D M8ckay Vlce Chalr ot Gr•vernors The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. 24 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Cash Flow Statement forth• Y6ar Endod 31 Augu8t2024 Year Endod 31.08.24 Y8ar Ended 31.08.23 Not• ASH FLQWFROM OPERATING ACTIMTIES 19 2.494,301 1362.6641 NET CASH OUTFLQW FROM OPERATING ACTIVITIES 2,494,301 362.664 CASH FLOW FROM INVESTING ACmv￿1Es Purchase of tangible fixed assets Pur¢ha$e of investmen Sale of Invesbnenls 1573.5541 1661.4091 589,971 1305,2881 11,213.0761 1,241.198 NET CASH OUTFLOW FROM INVESTING ACTIVITIES 844,992 277.166 NET INCREASEIIDECREASEI IN CASH CASH EQLIIVALENTS 1.649,309 1639,8301 CASH AND CASH EQUIVALENTS AT 1 SEPTEMBER 2023 1719,8001 179.9701 CASH AND CASH EQUIVALENTS AT 31 ALIGUST 2024 929.$09 [19.800 CASH AND CASH EQLIIVALENTS CONSISTS OF= Asal 01 09.23 Cash OWS Asat 31.08.24 Cash at bank and in hand Bank overdraft arbd103nS 929,509 719,80D 1,649,309 929,509 719,80D 719,8Q 929,509 The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. 25 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notvs to thq St*9mvnts for the Year Ended 31 August 2D24 1 A¢¢wntlng Poll¢lo¥ Ba815 ol prvpaTation The financial st3letneDts of the charity. whith is a public benefrt entity uDder FRS 102, have prepared in accordance with:. the Chgrities SORP IFRS 1021 'Accounllw gnd Reporbng by Charllles. Statsmeni of Recommended Pracllce appllcable to charities preparing their a￿Ount5 in accordance with the Finan￿al Reporbng Standard appliGable in the UK and Republic of Ir&l?nd IFRS 10211gffectiye 1 January 20191,: Financlal Repprtlng Stsnd?rd 102 'The Finsncial Reporing Standard applicable in the UK and Republio of Ireland 8nd the Charities Act 2011. The financial statements have been prepared on a going c1￿ce￿ basis under the hisknical cost convention M￿lffied lo include Certain items atfair value. The $lgnifi¢8nt a¢¢ounllng pollty$$ ¥ppll*d In thtr pr#paratlon of th#$$ flnan¢l$l ststements are strt out ￿lOw. The* pdl¢l8$ have been consislenlly applied to all years presented unless olherwse slated. Golng concern Due lo the Govemment's decision lo impose VAT and restrict charitable rates relief alongside NIC increase5 and higher irfalioD the trading environm8DI for all private schools has becoTne more difficult. The Govetnors have assessed the Foundatlon's gbllity lo continue as a golng concem for a per1￿ of al le8sI iljvelve months from the date of approval of the financial statements. This assessment has taken into a(Kounl the Foundation's current and forecA51 linanrAal posit￿n. projeGled sh flow5 and Ihe timing of keyfunding. Incom8 3nd exwnditure itsms. The Found¢lion h¥s Implemtntsd 8 number of m8a$ur¥$ to support It$ fin8n¢i¥l su$talnablllty and addr$$$ anti¢lp8tsd funding requirements. These include.. The more effective usg of reslrictgd Mrsaryfunds valued atapproiimately £1.7 mjlljon". Engagement with the Foundation's principal bank to renew ils £1 milliDD Dverdraft facility, which is due lor rewew before 31 August 2025 The bank has expressed Its Intenllon lo conllnue and polenllslly Increase the level of supwrt, subjeGI lo standard approvals and a third paty review.. Apwlntmgnt of a $p*lali$t advl$er to ¥upport in thg ¥rrangemgnt of $#¢ur8d botrowlng ¢ver4 thr#¥-yeartsmi', Preliminary steps lo remove permanent endowment restrictions throuoh the c￿rity Cornmission,. Resttucturing of pension arrangeTn8Dts lo deliverongoiDg savings, and Operational cost savings where feasible to do so including areas such as transport and faGililies Mthilst rnainlainin9 an excellent experien¢e for puplls. The Govemors consider Ihes8 actions lo be appropriate and athievable. However. the successful completion of these actions is sublectto uncertainly. partlcularlywlth regard io the Ilming and outcomes of eX￿n21 eng8gemenls and regulaw processes A¥ a result. the Governors re￿￿158 that a malgrial Unce￿In1Y 8Xisls whiGh ￿￿1 doubt on lh8 FoundatiDn's ability lo continue as a going concem Nevertheless, based on current forecasts and mitigation plans. the Governors have concluded that it remains appropriate lo adoptthe going concem basis in preparing these finanGial slatemenls. Fees and slmllar Income Fees receivable and charges for seNices and use of premi4es are accounted for in the period In which the Servi￿ Is provided. Fees receivable are slated after deducting allowan￿5, stholar5hips and other remissions grantsd by the school. bul include ¢ontrfbutlon$ re¢elved from Re$td¢ted Funds for S¢holarshlp$. Bursaries and other gr8nt$. Donations and legacies Donations re￿iVed for the general purw>ses of the Foundation. together the associated income tax recoveries. are credited lo'olher unrestricted funds to dislingui5h them from school income. DoDatiQn5 subject lo specific Mryshes of the donors are ¢redlted to relevani re$tiictsd funds. or ￿ endowed funds where the 8mounl Is requlred lo be held as pemanenl c8pI*I. For leg8¢les. enllllement Is the earfler of the ¢h8rlty being notifled of 8n Impendlng dlslrlbullon or the I￿8¢Y being re¢elved. Al this FK)inl incorne is recognised. Investment income Invg$tmont In¢om¥. Induding ¥sso¢l$t•d In¢omo tax re¢ovori8$. 1$ r*¢ogni¥¥d ￿trn r*¢¥lvaW& ot￿r tradlng Actlvftles Income from trading aellvilles inclLpdes Income e8rned from the hire of facililles. Income is retsived In exchange for supplying goods and servi￿5 in order to raise funds and 15 rewnised when enlrfemenl has occurr￿. Grant In￿rne Income re￿Ved Ihrough grants is recognised from the poinl in which Ihe charity has entitlement to Ihe funds. grant conditions have been lully mel and il is probable that th8 income wll be rgwv8d. Voluntoors No amount Is Included In the finan¢l81 $latemenl$ for voluntser Ime In line wllh the Charllles SQRP IFRS 1021. Flnanclal Instruments The charity only has financial assets and liabilities of the kind that qualify as basic financi21 Imslruments. Bas￿ financial Inst￿ments are initially re￿nISed at IraDsaclion value and subsequendy rneasurd al their settlement value with the ex￿pIlon of bank 104n$ which ¥rp $ub$8qUgntly me*sJred *t 4mortl$pd ¢ost J$ing thg effe¢tlv8 intere$t method Thp ￿lY flrhan¢i81 instrument which the charity has is Il's bank overdratt. which Is disclosed In the balance sheet. Therefore no separate note has been irduded in the ￿coUnts. The accompan￿￿9 pol￿￿eS anflnoles form an integralpartofthese financi3Islatements. 26 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notvs to thq St*9mvnts for the Year Ended 31 August 2D24 1 Accounting Policigs l¢onlhued) Expgnditure All expenditure is accounted for on an accruals basis arbd has classified under headings that aggregats all costs related lo the Category. Expendlture 1$ rewnl$ed Whe￿ there Is a Itgal or ¢onstru¢tive obllg8tion lo m8ke p8yments to thlrd p¥￿e¥. 11 1$ probable that the settlement ￿ryI1 be required and the arnount of the obligation can be measured reliably. tt Is ￿tegOrised under the following headings-. Costs of raising funds comprise the costs associalgd with Ihe tnanaggmenl of the Charills invgslments. Expenditure on charitable activities includes Gosls incurred directly in the fulfilmelll of the ChariWs activity lthe adv¥n¢ement ol edu¢atlonl'. and Other expenditure represents thos8 items not falliDg into the calggories above. IrreGoverable VAT is Gharged as an ex￿￿Se against the aGtivtyfor which expenditure arose. Support (x)sts are those that assist the work of the charity bul do not directly represent charitable activities and Imlude office osts, governance Costs. and payroll Costs. Where support costs caDnol be di[￿llY attributed lo particular headiDgs they have been allo¢ated lo ¢o$iof ral$lng fund$ and expendiiure on ¢harllable 8¢tlvilles on a basi$ ¢onsi$tent with u$e of the res¢ur¢e$ The analysis of these costs is included In note 7. Fund a¢¢ountlng The perm8neni endowThent Is to be used ￿ adv8n¢e the edu¢allon of children by the provlslon of a s¢h¢d In ry near the city of Coventy. The endowment capital may not be expended other than for the Maintenan￿ or enhancement of the endowment. sin￿ 1 SepleTnber 2016 the endowments have been managed on a total rgturn basis as sel out in note 15. Reslrirted funds are lo be used for specified purposes laid dDWn by the donor. Expendilurg forthose purposes is tharged lo Ihg fund. wether Wlih a fairall￿atIon of overheads and support costs. See note 16 for a description of these funds. LlnrestriGtedfvnds UnEstrl¢led fJnd$ 8re d￿atiOnS 8nd other incomlng ￿$0￿1¢e¥ re¢dved or gener8led for expendllure on the general oble¢tives ol the Charity. Deslgnated funds are unrestricted funds ¥thich h£ve been deslonaied for speuflc purposes by the Govemors. School Land and Bulldlng$ and Eoulpment Al 31 August 2(￿. underthe requiremen15 of the previous Charity SORP120051, the Charitys land arbd buildings were revalued in Drder that all Gould be r9?￿￿16ed in th8 aGcDunts PreviDusly, certain historic and buildings Df the Ch?rity had not been reflected in Ihe balance sheet Following this valuation exer￿Se. all were included In the accounts at existing use valuation and are depreciated al rates of belween 2% and 5% slraighl line. Subsrfuenl additions to buildings are included al hislDriG cost and al$0 depre¢iated 41 ra*$ of between 2% and 5'k $tplght Ilne No ¢h4nge in a¢¢ounUng treatment h•$ been ne¢es$*ry on transition lo SORP IFRS1021. Project related c0515 amounting to les5 than £3.(W arbd individual items costing less than £1,ODO are written off as an expense as incurred. Depre¢l8llon 1$ ¢al¢ul4led kn wrlle down the Cost le$s e$tlmaled re$idu41 v8lue of ￿ngIble flxed a$$ets held for ¢h8rlty use olhor than land byequal annual inslalments overtheir expected u6eful live5. The periods 9enerally applirAble are.. Plant machinery Fixtures. fittings and ￿4Uipment Computer equipment & si)ftware )￿r Vthl¢l#$ 4 years 5 years 3 years 4 ￿ar9 20- 50 years The accompan￿￿9 pol￿￿eS anflnoles form an integralpartofthese financi3Islatements. 27 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notesto the Financial Statements lorth&Yoar Ended 31 August 2024 1 Accounting Policies (coftwnue Investments Assets held for Invesfftenl purposes me8sJred al fair v8lue at Ihe balance sheet dak. Traded se¢uribe$ 8re valued 81 the mid-PDinlquotAtion in the Stock Exchange Daily List Changes in falr value re￿nItsed In nel galrhsllosses In the Slate￿￿Tht of Fin8n¢l¥l Actlvilles. Contrlbutlons to Penslon Funds D8fjnedbenefil schein86 The Charity partlcipales In a mulli-employer pension scheme, Ihe Governmenfs TeaGhers Pension Defined Benefits Sthemeforlhe majority of its leaGhing staff. Th1$ pen$lon Ilablllty 1$ ihe responsibility ol Ihe Teachers Pension Dellned Beneflls S¢heme. As 8 result il Is not pos*We lo Identify the assets and Iiabiliti¢s ofthe scheme th318re 8itribJt8ble lo the Ch8rity- A¢¢ordingly under SORP 2019 IFRS 1021. the scheme is accounted for as if il were a defined contributions scheme. D8fjnedGonlribulion Sch&￿86 The pension costs charged lo the Statement of Financial Actiwlie5 represent Ihe amount of the Contribub(￿S payable to the SGhemes in respeGt of the accounting period. Terniinatlon benefits TermiThauon benefits are MOn￿S p8id vthen emplosmenl is lemiinaled before the nomial retirement dale. or ￿eneVer an em ￿0Yee ac￿Pts voluntary r￿jUndancY In exchange for Ihese benefits. The Charity reuyJnises termination benefits when It is demonstrably cornmitted lo either-. terminating the employment of current employees acGording lo a detailed formal plan ilhoul possibility of withdrawal, or providing 18Tminalion b8nefts as a result of an offer made lo encourage voluntary dundan¢y. Leased assets 0￿rating leases and the payments made under Ihem are charged lo the Statement of Finan￿al Activthes on a straight line basis overlhe lease term. Fin8n¢e le8se$ ere capitsiised al the UmmenTrM￿t of the lease at the Eyesent value of the minimum kase payments. calculated using the Interest rale impliul in Ihe lease. Assets are depreciated over the length of the lease The ¢8Pital element of Ihe le8se oblig8lion$ Is re¢ognised as 8 liability at the ¢ommen¢¢menl of the lease. Lease payments Are apportioned between capital repayment and finance charges, using the effective Interest rate method. lo Produ￿ a constant rate of charge on the balance of the Gapilal paymen15 Outstandirbg. Debtors and creditors receivablelpayable within one year Debtors and creditors with no staled interest rale and receivab￿ Orpayable within one year are recorded al transaction price. Any losses 8ri*ng from impsirment a* ￿¢0￿nIsed in expendiluff. JudgeThents and key 50urce5 of estimation uncertainty Preparation of the financial statements requires management to make s¥Jnificanl judgements 8nd eslimales The Items in the financial statements where these judgements and estimates have been made indude.. PrOwstt￿S Provisions are re¢ognised when the charity h8$ 8n obliy¥tion at the bal¥n¢e sheei date as a result of a past eveni. il 1$ probable Ih81 an oulllow of e¢onomi¢ benefits ￿111 be required In seiiiement and the a￿￿nI can be reli8bly e$limaied £$d cleol Vision A bad debt provis￿￿ is recogni58d the likelihood of fecoverin9 th8 debt has diFninished arbd appear5 improbable. The level of provision wll be based on any current repayment plan en18red inlo and which is being adhered to by the debtor. togetherwilh an estim8te of the likelihood of the amounts due being lully re¢oVe￿d De re¢i8lion The depreciation of tangible fixed assets is calGulal8d based on estimates of the useful lives of eaGh category of ass81. Th8 I￿s￿￿E rev￿ the period and method of depreciation wh8n events and rdr¢umsiances indic*e that the useful economi¢ life m8y have Changed sin¢e Ihe last reptyiing dale. The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. 28 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notesto the Financial Statement5 forth&Yoar Ended 31 August 2024 2 Donations and legacies Yearto Yearto 31.08.24 31.08.23 Donations 8W034 871,079 8W034 871.079 3 Charitable activities- Fees Receivable Yearto 31.08.24 Yefyrto 31.08.23 Fees receivable comprise". Gross fees Les$'. 26.230,B64 11,432,437) 1274.3911 11,103.9851 156,B311 82 23,863.522 11.417.3811 1260.4861 11.007.834) 146,3851 Bursaryaw8rds S¢hol4rship awards Staff fee remission FIAdiscount Add b8¢k." Bur$arit$ paid by R*stri¢ttd Funds 765.545 Dunng Ihe year. 174 pupll$12023.' 1￿) received burs8ry8ward$ and 189 puplls12023'. 1851 received s¢hdar$hip awards. 4 Other trading activitie5 Yearto Yearto 31.08.24 31.08.23 I weather pitch, pavilion. olher sch￿1 fa￿lItIeS S39,155 418,762 539,155 418.762 5 Invostmont In¢omtr Yoarto 31.08.24 Ye8rto 31.08.23 Listed investments Bank inlewl 155,675 93,227 136.891 61.191 248,902 198.082 Income fwm permanent endowmeni Irduded In 8tM)ve 90,1)62 75.281 The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. 29 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notes to the Financial Statements forth8 Year Endod 31 August 2024 6 Other Income Yoarto 31.08.24 Ye$rlo 31.08.23 Income from school trip$ Transport income Sundry income 435,275 155.694 100.492 87.188 140.209 Income from School trips ￿preSentS amounts ￿llected but the cos15 of pro%ryding Ihese trips 15 included within charitable exp8Ddilur8. 7 Analysis of Totsi Exportdituro Yearto 31.08.24 Ye8rlo 37.08 23 Staff costs Other costs DePrecIa￿On Raising and management of funds Invgslrnenl management 28.$61 28.122 Charltable expendlture.. Teaching Wellar Prgmises Support Bursarle¥ Ir¢$tri¢iedl Grants. awards and prfzes Managemenland administration Finance and other costs 15,364,379 191,229 881,979 1,27T,317 1,610,119 538,523 2.369.851 1,009.902 765,545 9,600 115,902 16.974,498 729,752 4.116.722 2,515,657 765,Y5 15,985.020 617.746 3,976.530 2.726.532 864,892 228, 9.52T 718.063 655.614 24,689.032 1,214,002 1.329,9D4 692.605 27.134.283 18.928.907 7.112.047 1.093.330 18.928.907 1.093.330 27.162.844 24,717.154 Support th7Sts slaw costs Ofrice costs InfoTmation Technology Recruilm&nl ￿St$ Travel Advèrbsing and marketiny Depieuabon Othercosts GovemaDce 1.118,759 172,781 184.$35 74.OTT 6,481 1B7,146 228,43B 343,S44 199.896 2,515,657 1,390.852 141.971 87.202 110.270 1.914 168.7Pd) 163.098 491.697 175,748 2,726,532 Governance costs Sl3ff costs Support costs 158.559 41.337 119.789 55.959 199.896 175.T48 The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. 30 Contributions were made to the Government's Teachers Pension Defìned Benefits Scheme for 15 (2023:15) higher paid employees amounting to £337,322 (2023: £289,694), and contributions for 4 (2023:1) higher paid employees were made to a defined contribution pension scheme totalling £32,771 (2023: £7,125). Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notes to the Financial Statements lor tho Year Ended 31 August 2024 8 Comparatives forthe Statement of Financial ActNities- 31 August 2023 Total Yoar Endèd 31.08.23 Unrostri¢t6d Rostri¢t6d Endowmont Funds Funds Funds INCOME AND ENDOWMENTS FROM.. Donations and legacies Charitable 8¢1ivthes Other Irading actlvitles Investment Irhcome Other incANne 743.579 21.131.436 418,762 61,191 327,B83 127.500 871.079 21.131.436 418,762 198,082 327,889 61,610 75381 Total income and endowments 22 682.851 189.116 75.281 22 947.248 EXpEND￿llRE ON= Raising funds Charitable activibes 11,030 12,297 17.092 28,122 24,689,032 24,676,735 Total expenditure 24 676.735 23.327 17.092 24 717.154 IDEFICITII SURPLUS FROM OPERATIONS 11,993,884) 165,789 58,189 11,769,906) Galnslllossesl on Investments Realised gainslllos5esl on Investments Unrealised gainsllbssesl on investrnenls 95,854 145.818 149.9641 175,242 180.698 15.4561 271,lJ96 326.516 155.4201 NET IEXPENDITUREII INCOME 11,993,884) 11SB25 52.733 11,825,326) Transfers bptween funds 19{907 127,1661 1167,7411 NET MOVEMENT IN FUNDS 11.798.977) 88.659 1115.0081 11.825.326) FUND BALANCES AS AT 1 SEPTEMBER 2022 14,795,796 1626,658 3.355,056 20,777,510 FUND BALANCES AS AT 31 AUGUST 2023 12,996,819 1715,317 3,240,048 18,952,184 The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. 32 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Note5 to the Financial Statements lor tho Yoar Ended 31 August 2024 g Tangible Fixed Assets Plan( machlnery and vehlcle5 Fixtur68, I￿1￿n9$, and Computers equlpment & Sofvare Freehold land and bulldln95 Undor constructlon Total Cost or Valuation Al 1 September 2023 Additions Disposals At 31 August 2024 27.078.202 12,708 686.238 51,480 1.636.770 120,832 191.943 279,472 29.593.153 573,554 109,062 27.090,910 737,71B 1,757,￿2 471,415 109.062 30,166,707 Depreciation Al 1 September 2023 Charge for the year ElimiTha￿d on disposal At 31 August 2024 9.455.491 864,892 661.513 15,170 1.303.8iM) 138,557 144.086 74,711 11.564.890 1,093,330 10.320,3B3 676,6B3 1,442,357 218,797 12,658,220 Net Book Value At 31 August 2024 At 31 August 2023 16,770,527 17,622.711 61,035 24.725 315,245 332.970 252,618 47.857 109.062 17,508,487 18,028,263 The Charity's land and buildings. then cotnprising three SGho(ds. were indep&nd8Dtly valued as at 31 August 2006 by Howkins & Ha￿lSOn. Tht valuation w*s OD gn'exisiing u¥t' basi$ li.t. educationall dots$ not rtrfle¢t tht value of pottrnlial allernativt usage SJbwueni adaitlons are Irduded at Cost v81ue. Insured restatementvalues Frèèhold and long1oas&hold proptrtitrs owned bylha Foundatson havtr insurèd rein$iaitm&nt values as follows. 2024 Bablake SCh￿1- Coundon Road King Henry Vlll School- Warwick Road King Henry Vlll Preparatory School- K8nilworth Road Bablake Pre-Prtpar*iory S¢hool- Th& Gr8ngÈ Plawng fields 8nd pavlllons 61,125,086 63,837,786 9,809,937 8,756,086 3,610,478 147,139,373 The above insured sums represeni Ihe wsl of replacement 8$ new and exclude18nd v8lues The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. 33 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notes to the Financial Statements forth8 Year Endod 31 August 2024 10 Fixed Asset Investments Listed Investments Valuatlon At 1 September 2023 Addition5 Disposals Invesimeni m8n8gement lee¥ 4,498.721 861,4D9 1561,4091 128.5621 61,120 427.147 5 258.426 Un¢81ised g8inlllos$l on ￿ValUation At 31 August 2024 All investments are held in the UK. Included in the sbDve value of investments is Gssh of £265,48312023". £227.1711. If Ihe invesknenls had not been revalued. they would have been included on the hi$lori¢al ¢osl basis 81 the followi aM￿nts.. Listed Inveslrnents Cost At 31 August 2024 At 31 August 2023 4,006,485 3.675,$84 11 Debtor5 2024 2023 Fees Bad debt provision Prepayments and accTued income 207,111 1200,49DI 758,206 732.443 1123.9361 688.093 696.600 12 Credltors.. Amounts Falllng Due Wlthln One Year 2024 2023 Bank overdraft Fees received In advance Trade creditors Taxation and social ￿UrIty Leases Other Gf8ditors and accruals 719.800 1,540.507 527.647 343.353 2,675,204 327,142 348,356 87,026 990,353 852.673 4.428 081 3,983.974 Fees re¢elved advance 2024 2023 Fees received in advanGe at I Sepl8rnb8r 2023 R81gased froTn previous years Deferred in Ihe year Fees received In advance ￿ 31 August 2024 1.540,S01 11.453.332) 2,588,035 2.675.204 t,438,576 11,IT2,3291 1.274.254 1,540.501 Atthe balance sheet date. the Foundation was holding fees re￿IVed in advance for future terms. Secured debts The bank overdraft is secu￿4 by8 legal charge 8nd a neyabve ￿edge over8 free￿1￿ propertyofthe charity. The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notestothe Flnanclal Statements fortho YoarEndod 31 August 2024 13 CTgditot8.. Amounts Falling Aftwr Onp Y￿r 2024 2025 Fees received In èdv8ncÈ Leases 1,219,408 116,124 28T,426 1,335,532 267,426 14 Finance1gas95 L year 2-8 years 2024 2025 ToL•I payments due Finan¢e ch?rges 101.433 123.332 17.2081 224,76S Value of future Pay￿￿t$ 87.026 203,1 15 Endo*Tn•llt Funds With gffgct from 1 Septetnber 2016 ch?rity has adopted a total return basis for Tnainlaining the gndowm8nls. As at Ihal date ilwas determined that the endowment comprised the PeTmaDent Endowmentand the Endovffiienl ReplaGernenl. At 1 sep￿mber 2018 It Wa5 determlned th8t the èndowmeni tomprised a eapltsl Èmouni referred LO 2s the Tmst for InvÈstmentbel(w. derived frotn the value of endowtnent invpstsnent pr(y¢rty and other investments 3t 31 Augu8t2006. The Total Return Is determined as the difference ￿1Ween IheTrusl lor Inveslmentand the currentfair value of the undertiing assel6. Underth& totsl reium ?pproath. a v?lue ol up to the value of the total return may be appli8d io fund thg unrestricted net gxp8ndibJre of the tharity. The Iruslees budgelgd al the start of Ihe year to apply 5% of the Permanent EDdowmgnl In this way. On 23 January 2018 the Chaiity ComTnission agreed lo the cancellation of ihe Recoupment orders dated 20 April 1998 and 22 May 1998. lolal retur Epplled in the ye8r h8s been c81culated on the Endowmeni Fund net of the cancelled recoupmeni orders. As Ihe value of the Underlylng asse￿ in thè End¢wimeni lund hsvè intreased by less than th1$ amount thè unapplled toL*I return has dètreased ?ccordingly. Note forthè turrènt yèar PAmianAnt Tyustfor InveslmEnt V￿a￿￿1¢d Total Reiur Ehdowmènt REP￿r￿ment Ai 1 Swpt8tnbfjr2023'. Gift compon&nl of Ihg pgrmanenl endowmgnl Unapplied total relum 2.122.407 700.0 2,822,4D7 417.641 41T.641 Total 2.122.407 417.641 700.000 3.240.04B Movements In thÈ year: InveS￿￿ent relum- net gains Losses on investments Total 72.123 32D.764 392.887 72,123 3ZD.764 392.887 Annual ￿p1S¢eM￿nt tr£nsfer Transfer bptwepn funds Unapplied total relum allocal£d to iDcome 100.000 1100.OMI 1162.OOZI Nei M0￿Ments In theyear 100.000 230.885 1100.OMI 230,88S A131 August 2024.. Gift compor￿￿t of pgrtnanent endowmgnt Unapplied total rglum Totsl 2.222.407 600.0 2,822,407 648.526 3,47Q,933 648.526 648,526 2,222,407 6DO,ODO The PermaneniEndowmeni rele￿ ts the orlgin21 endowmenito providè educat During 2019 a temporÈry bÈn of £2.000.000 made ￿ ctsvÈr the etss￿ for The Grangè relurblshmeni. £1.000.OOD was r&￿Id in prior ￿or$, with the r¢rn3ining £1,000.000 being rewuped over 3 period of 10 years in line with the recoupment order issued by the Charity Commission on 29 JUD& 2020. In line with this £100.OOD. has been repaid during cutrenl yger. this a total repeym8nl ol £1,400,000 lo dale. This Is shown above as Endowment Replacetmenl. The 8ceompBnyln9pollcles&ndnotes r￿M an inlegralpsrtofthese ffn8ncièlst8lemenl& Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notes to the Financial Ststements forth8 Y•ar Endod 31 August 2024 15 Endowment Fund5 Icontinuedl Not8 fortho prior yoar PeM￿n?￿t Endowment Total 2023 Tru$tfor UnappI￿d Inv•stm•nt Total R8tum Endowmeni R•plac•rn•nt At 1 September 2022.. Gift ¢omwneni oflhe pemianeni end0￿ent Unapplied iotsl rewrn 2,022,407 800.0 2.822.407 532,649 532.649 Totsi 2,022,407 532.649 800.000 3,355.056 Movements In the year.. Investment return- net gains Losses on investments Total 58.189 5.456 52,733 5B,189 5,456 52,733 Annual rtpla¢ement tr¥n¥fer Transfer beNveen funds Unapplied total relurn allocated lo income In the reporting per￿d Net movements In the year 100,000 I100.0￿) 12 1167.7531 12 1167,7531 115.008 100.OL 115,OOB At 31 August 2023= Gift ￿M￿￿ent ol the pemianenl endownent Unappli8d total return Total 2,122,407 7DO.O(N) 2,822,407 417.641 417,641 2,122,407 7DO,000 3,240,048 The Pemianenl Endowment refer5 tothe original endowment lo W0￿de education. 16 Re5trictsd Funds Prke$ Bur6arfos Fund P*mbroke Fund Cowntry Concord At 1 Sepl8mb8r 2023 IDwming resources Resources expended Realised gains on Invesfftenls Unrealised Ilossesl on Investments Transfer behveen funds 189,283 5,379 2.231.795 59.127 1701.0731 33.626 117.858 23.202 1.030 15.255 5,412 8,190 1.669 At 31 August 2024 207,4B3 1,741,333 25,336 15,255 Bablake Fund Oth*r Funds apttal Fund Total 2024 At 1 Sep18tTrb8r 2023 Incoming resour¢e¥ Resources expended Realised gains on Investments Unrealised Ilossesl on Irwestrnenls Transfer beiween funds 184,780 21.400 49.602 100.185 195.5311 2.715.317 185.721 1807.5471 39.786 127.717 10.929 I8.￿9) 10.929 At 31 August 2024 175,931 21,400 65,186 2 251,923 The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. 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. Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notes to the Financial Ststements forth8 Y•ar Endod 31 August 2024 18 Analysis Of Net Assets Between Funds Note forthe ￿rrent year Ufflr8strfctsd funds Restrf¢ied funds Endowment fund5 Total 2024 Tangible fixed assets IDveslmenls c￿￿8￿] assets 17,375,784 132,703 1,898.330 220mO 17,SO8,487 5,258,426 1.694.336 14,428.0811 11,335,532> 3,360,096 1.473.446 13,938,918) 11,335,532) 1600,OODI 1489,1631 Endo￿nent Repla￿ment 600,000 Nel assets 12,974,780 2,251.923 3,470,933 18,697,636 Note forthe pric* year u￿rEstricted funds R•strfct•d funds Endowm•nt funds Total 2023 Tangible fixed assats Invesimeni¥ Curreni assets 17.886,711 141.552 1.741.450 5,536 826.779 18,028,263 4.498.721 696,600 13,9B3,9741 12B7,4261 2.757.271 200,000 1417,2231 491,064 14,393,530) 1287,4261 1700,iWDI Endomrynenl ReplaGemenl 700,000 Net asS8ts 12,996,819 2 715 317 18 952,184 19 Cash flowfrom operatln9 actlvft6es Yearto Y9arlo 31.08.23 31.08.24 Thesefln8n¢lal $tatements were approved by the Board of Governors on 17 July 2025. Depreciabo Nel lossesl Igainsl on investmen15 Ilncreas811 decreas8 in debtors In¢reastl Idecreastl in ¢reditors 12Y,Y91 1,093,330 1488,2671 168,2271 2,212.014 It.825,326? 7.028. 112 55,420 1223,3311 602.461 Net cash flowfrom operating activr¢i88 2 494.301 382.664 The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. 38 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notes to the Financial Statements fortho Yoar Endod 31 Augu8t2024 20 Pensions Doffinod b8n6fit 8¢hamo The Charity operates a defined benefit pension stheme for the benefit of certBin employees. The assets of the scheme are administered by trustees in fund5 Independent from those of the Charity. Teachers. Pension Scheme The Sch(M)I partscipates In the Teachers. Pension Scheme I'the TPS"I for its le8ching staff. The pension charge for the year Includes contributions payable to the TPS of £2.517m 12023.. tt.223ml and at the year-end £317,674 12023.. £266.4841 was acGrued in respect of contributions lo this scheme. The Teachers, Pension Scheme ITPSI Is a su£luLOry. cOntribu￿rY. defined benefil pension scheme, governed by the Teachers, Pension Scheme R￿JUlationS 2014 las amendedl Membership is automatic for all current teachers In the sthoDI. All teachers have the option to opl-oul of Ihe TPS follo￿￿￿9 enrolrnenl. The TPS is unfunded mulli-employ6r scfvtrmÈ 10 which both the m*M￿r and employer makes ¢onlribulion$. as a percentage ol s818ry- Ihese ¢ontributlons are Credlled lo the Ex¢heguer Retirement and other penslon benefits are paid bi public funds provided by Parliament. Valuatlon of the teachers. penslon scheme The Government Actuary. using norm81 a¢tuari81 princi￿e$. ¢ondu¢LS a form81 a¢tu¥rial review of the TPS in a¢¢ord8n¢e Ylh the Pvbli¢ Service Pensions (Valuakn￿$ and Employer Cost Capl Dire¢tion$ 2023 as published by HM Treasury. The aim ol the review is lo specify the level of future conlribulions. Actuarial scheme valuations are dependent on assumptions about the value of future c051s, design of benefits and many other factors. The lalesl acluaiial Valuation ol the TPS was carried out as al 31 March 2020 and in accordance with the PubliG Service Pensions (Valuations and Employer Cost Capl Directions 2014. The valuation report was published bythe GoverDrneDI ActUa￿S Departme￿1 on 27 October 2023 and by the Departmeni for Edu¢aiion on 30 October 2023. The key elements of the Valuats￿ are.. omployÈr ty)nlribulion raitrs SÈI $128.68% of ptnsionabltr pay lin¢luding a 0.08% 8dministrabon levyllrom 1 April 2024 l¢onlrfbutlon rale lo 31 ￿arCh 2024 Is 23.68'k as sel by the 31 M8r¢h 2019 valu8lionl', total scheme Iiabililies Ipensions currently In pasThent and the estimated cost of future benefrtsl for service to the effective date of £262 billion arbd notional as5e15 leslimated future Gonlribulions together with Ihe noti￿al investrnents held al th8 valuation da18101 £222.2 billion. giwng a notional past servic8 deficit of £39.8 billion, - Ihe SCAPE ral8, sel by HMT, is used to delemiin8 th8 notional investrnenl rthrn. Th8 CU￿ent SCAPE rale is 1.7% abovÈ Ihtr rsie of CPI. copy of the valuation report and $UPkvting documentation https.lmeacherspensions.co.uklnews1employers￿O23llo1¥aluaIiOn-reSull.aSpX on the web$lle The TPS is a multiomployer pension scheme and as such cannot Identify on a consistent and reasonable ba￿S the share of underlwng assets and liabilities belonging lo Individual employers. Accordinglylhe charity. as required ty FRS 102. has accounted for ils ￿￿tributiOn as if itw8re a defined contribution Scheme. Doffin*d ¢ontributK)n 8¢h8mo The Charity also operates a number of defined Gonlribulion 'rnoney purchase. SGheme for the benefit of certain *M￿oyeeS. The assets of the scheme sre sdministered by Iruslees in funds independent froTn those of the Chsrity. The pension thsrge for the year includes ¢onlribulions payable to the Echemes of £0.346m 12023. £0.256ml and ai the year-end £0.091m12023'. £0.036ml was a¢¢rued in respe¢i ol Contributions 10 this scheme The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls. 39 Docusign Envelope10.. 9EF54971-1AB3490&80D9-7D3823E02921 Coventry School Foundation Notes to the Financial Statements forth6 Y68r Endod 31 Augu8t2024 21 Leasing Commitments Total future minimum lease payments under nOn0an￿lIab1e operating leases 8re as fdl¢>ws'. 2024 2023 ID less than (￿e year Betw￿en one and five years In mc*e than llve years 109.359 162.782 162,435 266, 150 272.141 428.585 22 Capital Commltments There were no capital Gommitments CA>ntracted bul not provided for In the financial statements as at 31 August2024 23 Tran$a¢tl•n$ wlth TnJstee$ and other Related Parties No Govemor reGeived any ￿mUneratiOn or other benefits fr￿n Ihe Charity or any conneGled organi5ation during the year. During the year. Governors eX￿nseS of Enil12023." £4781 were ￿￿nbur6ed. One Governor Is apwinted by each of Coventy arbd Wa￿￿Ck Univers11ie5. In addition. the Gurr8nl Chair of Governors and the Chair of Financ8 & ResourGeS cornmillee hold senior exeGulive positions al these Universities. During the year the followng Ir8n$a¢tion$ took place wlh the Universities on an ami'$ lenyih basig. Coventry University- expenditur8 on pitch hire of £nil 12023. £6.5001. - The Universilyof WaN￿¢k- expenditure on pitch and f8¢ility hi￿ of £11,63412023'. £15.4401. Inccthe for pla¢emenls of £3,77812023' £nill. During the prewous flnandal year Pew Wreford. 1$ a director of Ashley Wreford Limltea, was appointed a$ Secretary of Coventy School Trustee Limited. During the year the following transactions t(M)k pla￿ on an £rms lenglh basis. - Ashleyvvreford LimiLed- expenditure on unsultsncy fee$ Of £nil12023'. £39.3471 They are not 8 rel8led p8rty this year During the year the following IransaGlions look place with organisations. those director5 are also Governors of Coventry sth￿l Foundation. These IransaGtions t￿k place on an arms length basis. - Newpath Veniures Limited- eKpendilurt on survjry SU￿leS of £nil12023." £2951. There are no Ir8n$a¢tion¥ dIs￿O$e￿ this year as Newlh Ventures Limited is no longer a related p8riy - Relate Coventy and Watwickshire- expenditur8 on counselling service5 of £56,73512023.. £1101. Dunng the ye8r a family member of the CEO of the Foundatson was em￿oyed by the F¢und81ion. The Iotsi amount pald was £2.405 12023. £nill. The CEQ also renied a property fr(m the Foundation during Ihe ye8r. The loiql $M￿nI paid was £833 12023. tnill- Ml transactions look pla￿ on an arms length basis. The total amouni of employee benefits received by key man8gemeni personnel duriny the year was £2,256.530 12023". £1.944,7731. The ¢h8riiy considers IL8 key management rwsonnel lo Comprise ol Govemors, Head Teachers. Deputy Head Teachers and the Senior LeadershipTeam. Coventry School Trusl8e Limited was In￿rPOrated on 21 April 2016. OD 01 September 2016 the IDJstee company look over the role of Iiusiee of Coventry School Foundation. The trustee company 1$ Limited by Guarsniee and Ihe members are the Board of Trus￿$ ol Coventry School Found8lion. Control is exercised through ¢orpor8le trJsleeship. The Company Is registered in England and Wales with a registration number of 10138291 and w8s dormant throughout the currenl peri￿. A copy of the parent company's accounts be obtained from Coventry School Foundation, Ken11￿rth Road, Coventry. CV3 6PT. The accOmpan￿￿9￿01￿C￿sa￿[1nOÈes form an inle9ralpartofthese financialslatemenls.