KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 THE KING'S SCHOOL ELY (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENts For the year ended 31 July 2021 I |Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Contents Page Directors, governors, officers and adviser5 Annual report for the year cnded 31 July 2021 Governors, Report Stralegic Report 5-10 10-17 Independent auditor's report 18-21 Consolidated statement of ftnancial aL%ivities for the year ended 31 July 2021 22-23 BaianL"e sheets at 31 July 2021 24 Consolidated cash tlow statement for the year ended 31 July 2021 25 Note5 to the financial statements for the year ended 31 July 2021 26-45 21Page fv￿ K￿G's SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Director5 and Governors See next page Princi John Attwater Company Secretary Rogcr Axworthy Clerk to the Board of Governor8 RogeT Axworthy Name and Registered OfFice of the Company The King'5 School Ely. Barton Road. Ely. Cambridgeshire, CB7 4DB Registered Charity Number 802427 Registered Company Number 2440509 Re￿stered VAT Number 183012243 Bankers Lloyds Bknk ple. Minster Plaee. Ely CB7 4EN Bardays Bank plc, I Churchill Place, Canary Wharf, London, E14 5HP Solicitorg Veale W&8brough Vizards. Narrow Quay House. Narrow Quay. Bristol BSI 4QA Farrer & Co LLP, 66 Lincoln's Inn Fields. London WC2A 3LH Mills and Rcevc LLP, Botanic Housc, 98-IIXI Hills Rd, CambTidge CB2 IPH Penin4ula Business Servites Limited. The Petiiniuia, Vietoria Place, Manche8ter. M4 4FB Independent auditors Crowe U.K. LLP, 55 I￿agate Hill. London. EC4M 7JW Insurance Brokers Hetde Ancbews, Eleven Brindleyphce, 2 Bnmswick Place, Birmingham. B12LP Investment Managers Cazenove Capital Mangement Limited. 12 Moorgate. London EC2R 6DA CLLA Investment Management Limited. Senator House, 85 Queen Victoria St, London EC4V 4ET Buildings Consultants Lheffins, 25 Market Pl, Ely CB7 4NP Bidwell's LLP. Trumpington Road, Cambridge, CB2 2LD 31Page THE KING'S SCHOOL ELY Company R%istration Number 2440509 Charity Number 802427 Trustee¥ and Governors The trustee ol the Charity is The King's School Ely, a company limited by guarantee. The direciors or that Company are the members of the Board of Governors &8 well bemg members of the Company. As members of the Company each has ￿Ven a ￿talltee not exceeding one pound whilst they are memheTS of the Company and for one year after Ceas￿ to be a member. The Governors who served during the fllmnciai year and up to the date of appro}￿ finaThLial statements were as follow$: Membership of Boards, Committees and Working Partie5 (Chair OE Board indicated by #, Vice- C.hairby", Vice.Chair (eiert} by - & Chair of Committee indiczted by +) Board of r'inance Genera] Purw)se$ Edu￿tIl>n Ile￿￿￿ErAtIVtl Pen$iott Worling Group x+ A4dit WorkJ"ng Group Governor5 & Governanct David Day Cljve kn"r5ltr x# x+ Amanda East Gavin Aknn M￿k Bonney pknhp cantt￿1 x+ Anthea Kenna Fendla m3rtin.R¢dn￿l Chris Meddle Mark Myers Jsobel NeThTort- Mangell Joseph Ptake 'ke Proctor x+ x+ x+ The Co-opted Governors are appointed by the Board of Governors for the time being. The Chapter of Ely Cathedral is entitled to appoitLt two GoYernor5 arding (from age 6) are accommodated. The edu(xtion of boy and girl choristers of Ely Cathednl 1$ supported by the School and they are a¢commodatcd within the School commurrity. Aims and Intended Impct tn the context of a seeure, stsble yet dwic environment rooted in Chrntian values. King'$ Ely aims.. to proyide alld maintain a culture of ]rAte￿tY and tll￿t iti which childhood and youth are honoured and people ofall races, faiths and Back￿OundS feel valued and respected. to promote setf-knowledge and develop skills for life built on sound foundations; in evcry context to provoke high eyectation, strong self-esteem and high achievcmcnt. to meet individual nee&8, be they educational or pstoral, and to a]law each pupil to a voice. to promote per8on41 and 800al responsibility for 5df, the School and for lod and wider COn￿￿u￿1ties. to seek and cmbracc the challenges and opportunitie$ life presents thereby enhanc￿ personal development and leadership skills. to cherish the heritage and history ofour City and our Sthool and to live the truth¥ for which they Stand. to foster creativity and independence of mind and to incite a love of learn￿ and a life-long zest for Education. 51Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Public Benefit Our immediate beneficÉarie5 are the young people whose attendance can be funded by their parents or guardians. or dsc from bursarie6 or other Forms ofdwitable pnt support provided by the School under the Rcmissions Pr)licy and external charitable organisations, or a combination of these. Howe1￿r, governor5 are mlndfia of the long-slaDding need to Pro￿de public benefit and of the requirements OE the Charities Aet 2011, believing tknt suuety in general 15 thc uliimate beneficiary of a King's Ely education and that the inculcation oFsound 50ciaL Valu￿ and ￿rsonal responsibility in our pupils will be of benefit to an). community in which they b've and work. tn tl)is connection, Governors have monitored dosely the wdance on public benefit produced by the Charity Comtlli5sion together with its sw)plemental pdance on fee charging. tn addition to the meavjs-testea bursaries and chora] awards, the School is involved in a number of act)￿tieS which benefit the. local and wider communities, and the School maintains a public benefit rewter which lists many of the opportunities we offer. While a nwnber OE these regular activities were curtailed this ￿ZT due to COVID, during 2020-21 these activtties induded: Enabling a daily chorki tra&tion during term time at Ely Cathedrol as well &8 special services. Festivals and concerts, through the financial sllPPOrt and provision of education to El Cathedral Boy5 aThd GiT15 Choir5. provikng, fret of charge or at heavily subsidl'sed ratcs, access to our facilities for sp)rts. arts, oixdemiL and social events for children both locally and nationally, and arts events For the community. as a founder member 0£ the Cambridgeshire Education Trust (CET) in partnership with Cambridgeshire County Council> providing a platform and wpport f()r a wide Tangc OE staff training and parthership activitie8 for dlildren olprimary 2nd secondary age within and around L'ambridge5hire' aunaill￿ proceeds from mu$i¢aJ produLttions to support other charities community action projects run by our own staff and stud¢nt5, including local care and primary education pro￿ders. organisation of and contribution5 to acadernic vvents for children from across the re￿.on. pro￿ding Support to our btalT io be governors at local s£hools and involvemenl in other charities proTrryding for the pub]ic, free of charge, tours of the Old Palace and other ancient buildu￿, Pro￿dIng laptOPs lo a local primar). school to aid home learning during COVID lockdown. during COVID, offering use of facilitie5 to HM Government and NHS. Close lithks between parents/￿ardIanS and our tther$, as well as old Eleans, in addition to our monitoring and contributing to the development of national education irritiatives. enable us to ensure that the schooling we proride is innovative, relevant and imagnative and thereby rcpresent5 best practice. Well over half OF our employees are activel). involved in comtnurrity and charily work outside school ranwg from chairmanship UF natioDal dwities to running pde and r￿ing thou$4nds of pounds for charities. Artive liaison with I￿ organisatso￿ ana the community at. large enables us to maintain dynamic and relevant activities for the public benefit. The Vice Principal Academic is actively involved in governance of a local state s&ool. tHE K￿G's SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Enablins activities To enable the school to fulfil its 2im$ we seek to: manage sthool fimds e&Rciendy in order to ensure an appropriate and stimulating en￿Onment in which to live and Iearn" provide financial 8UPPOrt to enable children whose parent5 are unable to afFord the fiJl fee$ to benefit from an education at Kjng's Ely.. provide clear and dTcctive management capable of taking timely decisions and alloLating resources appropriatcly and provide the nece&sary adtniwtrative and logistic fraroewurk to address the needs of members of st&fF and pyiis alike. The aims and objectives set For the School's subsidiary are to facilitate the achievement of the School's aims and objectiYe$ as above. Governance and Managejnent Aoard of Governors The constitution OF the Goyw Body and particulars of dLe Governors who seryed during the year are ven on page 4. The Governors are aware of the Charity Governance Code published in 2017 (and revised in March 2021) wlu'ch 8et8 Out the principles and reLommended practice for good governance ￿thin the sector. The Nomination and Governance. Committee ha5 re￿eWed thc Chartty's current governanLe arrangemellts against the prineiples witbin the code. The Trustees continue to seek to employ best practice to deliver the highest Standards of governance Eur the Charity. tn 2020 the Committee strueture was reTrised. In 2021 the Committee has developedfurtherthe documeniatioD uFbestpractice in the Clwity's governance. R¢truitment and Trainin8 oJGoTernor$ New governors are appointed at a Board mcctmg on the recommendation oFthe Nornination and Govenjance committee chaired by the chairm￿ of the Board of Governor5. No]n]natiO￿ and suggestions are invitcd from acro$$ the School Lummurrity and beyond. "l lie NtsminatiO￿ arLd Governance CollLmittee considers these in accordance with the. requirements detailed Artid&s of A550ciation. Importance is placed on diyersity, aP￿]ntIng new Governors who would attract support for the School bcjth within the local community) among p￿ents and ¥tatT, and on a national or international scale. Weight is also glven to the Teclfic experience and qualifications pos$e$sed by retiring ￿vernOr5, and by those due to retire within two ycars, to ensure continuity of r￿reSeThtation of a broad Yaritty of men and womett with a cross section of tslents. A formal induction is arranged for all new Governors. This ensure¥ that they are familiar with the School, the way in wkn'ch it O￿te5. and the current issues whRch face Governors the Senior Itadership Team. This involve$ provision of a comprehensive pack of relevant papers. followed by meetiTJg$ and visit$ to familiawe the Governor the School and the key persOn￿ltieS including.. the Cknirman, the Principal. the COO, and the Hea& of the three elements of the School, Hea(Ls of Departrttents. inc]uding Support staff and the Clerk to the Governors. Training of Governor$ is carried out through the medium OE internal seminars or preseThtauons. Governors are also encouraged to attend external 5emTnars such as tTrM)se run by AGBIS. ISC. HMC or ISBA. The Governors. &8 the charity Trustees. are legally reTonsible for the overall management and corAtrol of the School and nornially meet Four timcs a year. Much of the detaited work is carried out by the members of the Fitiance and General Purposes Committee (F&GP). who meet in advance o¥ the full Botrd meeting$ and at other times a5 required. The Education Committee and the Nominations and Governance Cotnmittcc normally meets twice a year. Other committees of Governors arc Fornied as required fronL titne to titne. All 71Pa¥e THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 committees re.pnrt to the fidl Board of Governors., the Chairman of Governors is an ex-olBoo member of the F&GP Committee and the Education Committee and 1.% Chairman of the NominatioDS and Governance Committee. The School has a unified organjsation struthre. The Principal is Chid Executive. The School has three elements.. KAng's Ely Acremont (KEA), induding the Nursery (KEAN), King's Ely Junior (KEJ), and Kll4' F.ly .Senior IKES). The Principal of the King'5 School Ely 1$ chief F.xecutive of all three. sections. KES, KEA and KEJ each have a Head of Section under the direct oversight of tbe Principal. The ChicE Operating OEEcer, who is reTonsible for all non-academic staff aud functionB needed to support the Sc]wul's educational objects, reports directly to thc Prlncipal. The day-to-d#y ￿ of the Scbool is co-ordmated by the School Leadership Team and the aiTairs of each SLhool myed by a COmTnittee chaired by the respective Head of Section and attended by the Prin¢ipa], Chief Operating Otyicer and Busine58 Manager. The Principal supports the school's plans to establish satellite school4 oversea8. Group Strurture The Charlty has a wholly owtked trading 5ub5idiary which is incorporated in the United Kingdom, King's School Ely Enterprises Limited. whose activities and trad]ng perFOr￿an¢t are diScu￿ed below and in note 3 of the financial 5tatemcnts. Under embryonic plans to e4)and the King'5 Ely brand and ethos oversea5, wholly owned Trading Subsidiary King's Ely Octagon S£hools Ltd (KEOS) was inCowr￿ea in the United Kingdom on 23 AU￿St 2016. The company is not yet trading. Emplowent plicy King'$ Ely supports actively the attaiDment of the ￿'ghest standar& of education through rigorous Ind continuoLLS evaluation of quality and perforniance, the application of best prp4ctice and a shared desire to improve standards. We Lo-vperate with lod charities and educational bodie$ in our continuing endeavours to widen public access to the schooling we provide, to nptimise the use of our cultural and sporting facilities and to ￿￿ken in our pupils an awarcne55 of the social context nf the all.round education thcyreccive at King's Ely. The King's School Ely is an equal opportunities employer. Full and fair consideration is gven to all job applications frum disabled persoDs and due consideration iy given to their training and employmenl needs. All applicant5 for employment and existing employee$ are trexted by reference to their particular aptitudcs. abilities and relevant quaJthcitior)s andrec￿Ve qual treatment as provided by law regardless of gender. Sexual orientation, marital qtattls. race. colour, nationality. ethnic or national ori￿$, r IOUS belief. y or dI￿bIlIty. CoD3ultstion employees. or their repre$entatives, has continued at all Icvcls with thc aim of taking thc views of employccs into account when decisions are made that are likely to atrect their interests. Re meetings are held throughout thc organi5ation in wl)ich all subjects, teaching and non-teaching. are discussed withthe staff at all levels. Employee$ are made aware oEthe F]nan(ial and economicperformance of the School. Recruith)ent related chad safewding aspects are rigorously adhered to and all employee5 receive Child Protection and ￿e.guardIng training. Pay is set by the Governors, FinanLt and Gener￿ Purposes Committee. Indi￿alla1 staff may appeal for additional remuneration. 81Pagc THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Volunteers There is an active Old Eleans ￿50￿ation which Supports the Sdwol. The Friends of the King'$ School Ely (FUKSE), anindepwdent body operating underits own constitution, provides an eifective focus for the parent body, cx.mcmber8 of staff and th08e ￿tkn dose associations with the School enabling them all to contiThue to be part of our activities. Remutteration Remuneration is recommeuded by the F&GP Committee bdore discus￿On and setting by the Board, the objective ol proYA a remuneration package to attract, retain and motivaie our excellent statf. The Bnard ha8 also affirmed its commitment that thc School be a National Living Wage employer, havit)g set the miDimum wage paid to any member oEstaffjust abovethe National Living Wage. Anypayincrea5e is awarded uniformly acruss the school to all stalT, induding key management personnel, after the Board ha8 Considered any comparisons available ￿th1Th the Sector (for example by taking part in sector wide benchD]ar surveys). aifordabaitv and the need to remain eompetitive. Some staff hve been additionally rewarded for exccptional Frforniance and/or achieved internal Fr0￿c5￿0￿ at thc disaetion OF the Princip￿. 'i&e appropriateness and relevance of any changes tv remuneration 15 re￿eWed arjnuauy by the Senior LcAder8hip Team and Governors, induding reference to comparisons with other independent schools. De]ivery of the School's clmritablc and Objects is primarily dependent on ow key ￿￿ernent p￿1 and $taff related costs are the largest single element of our Ch￿itabLe expen&'ture. Governors, indemnities As pennitted by the Arts'cles of Association, the Governors have the benefit of an indemnity. whiLh is a qualif￿8 third-party indemnity prtsvi5ion as defined by Sertion 234 of the Companie5 Act 2(K16. The indemnity was in force throughout dle last £naDcial year and is currendy in for(r. The Sehotsl also purchased and maintained throughout the fAnanLial year Governor5, and oFficers' liability insurance ill re5PCCt of itsdf and its Governors. Statement oJGovernors' Accountins and Reportin8 Respnsibzlitie5 The Governor8 (who are also directors of The King's knl Ely for the purposes of comwy law) are responsible for prewillg the Governor$, Annual Report, incorporating a direetors, report and Strategic reFort and the flnancial statements in accordance with applicable law and Unitrd K￿gdOrn Generally Accepted Accounting Practicc (United K￿gdoM Accounting Standards). Company IYIW requires the Governors to prepare fuwiciaj statements Eor each financial year. Under company law, Governors must not 4yrove the financial statementg unles.8 they are 8atisfied that they gve a true and fair view of the siaie ol alFairs of the c&￿Itable comwy and the ￿0UP and of the ineow resources and pp]ieLtion of resnurce$, induding the income and expeRkdiiLLre, of the dwilable company and gro¥ For that E)eriod. In prepring these fEnancial statements, the Governors are rewed to: seleet the mosl suitable accounting poh'cies and then apply them consistently* observe the methods and prineiple8 ITI the Charities SORP. make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material dwtures disd06ed and ¥xplained the Enanciai statements" and prTare the financi￿ statements on the going concern basis Utlless it is wpropriate to presume that the charitsble company will continue in business. The Governors are rwn3ible for keeplng adequatc accounting rceords that are sufficient to show and explain the eharitable company's transactions. disdose with reasonable accuracy at any time the finanaal 91Pag¢ THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 position of the charitable company and enable them to ensure thit the Rnaneial statements comply with the COmPa￿e5 Art 2006 and the provision5 0( the Scho()I's constitution. Thev are a150 responsible lor safewrding the ￿Sets oFthe charitable company and the group and hence For reasonable steps for the prevention and deterti()n of fraud and other irregularities. Jnsofar as each of the Direttors, as members ofthe Governing Body, at the &tc of approYaI oEtlus report is aware, there is no rdeTrant audit information ofwhich the School's auditor is wlawarc. FAch member oFthe Governing Body has taken all the steps that he or She should have tsken as & member of the Governing Body in ordcr to make himself or herself aware of the relevant audit informalion and to estsb]ish that the School's auditor is t4ware of that information. Strat¥c Report In ongoing &¥traordinary cirLumsiaTLce5, King's Ely continues to Strive towards providing the best Possible environment to enable students to thrive whilst 8tudwgJ forming friendships and develop￿ lifelong skills. During 2020-21 and following Government wdelines COViD-19 Eoreed s]gllfitrant restrictions in school during the Midwelma5 Term Followed by a fi￿ther lockdown closure OF the. School in January and restricted Staged reow in the spring. Desplte this, the education of Students continued both in school (where allowed and for Le￿orker children) atid on]ine. to a very high rtandard. Several boarding students were ￿red foT in School through the School holidays at Cljristmas and Easter. Moving to on]ine learning during lockdown gave the opportunity tu olyer a partial reimbur5etncnt OF fees tt) wents which was oÉTered a rebate vn Sununer'l ern) fees. The generv¥ily of parents resulted in over £1 10,O(M) of this rebate being donated back to a hardslll'P fund fnr bursaries and to help us to continue o capital investment prO￿aMme. Estate Strategiex to dehieve the school's aims During 2020-21 and in line with the school's ethos to invest, matntsin and enhance the beautiful and historical building8 and facilities that we enjoy every day as part of our heritage, the focus for continual improvement has been directed in the school'5 da55room Facilities, Tort, boaTdtng and infrastructwe. In KES {King'5 Ely Setjior) the Chery Hill dassrooms have undergone a full rehjrbishment, at KEJ IKing s Ely Jurrior) 3 classrooms have increased in size by removing &￿dIng walls creating more spacious rooms as well as a completc refi]rbishment of the rr suite and at KEA IKiDg s Ely Acremont) the tired, damp gar￿e cl&ssroom ig now a bright airy teaching sp￿¢, all ensur￿ our learning enV￿0￿mentS are fit for the 21. century, plans to continue this into 2022 are in progre$8. Major structural rebuild of three of our large boundary walls have been completed ensuring they are safe for many year8 to come. The Monastic Barn dining Facility has had a new wallt-in freezer and the large oak tableg damaged by 18 munths of extreme sanitising, due to COVID. have been sanded and re-5ealed finishing the dining hall refurbi$lu))ent which we started in 2019. Two new classrooms to support the increasing number5 ai KEJ haye been ueated in Bishop Woodfotd House. The quality of boaryling houses rontinues to bc a priority> the second_floor bedroom refurbi5httLent ID Hereward Hall has been completed induding some replacement of the old ill-fitting crittall windows and plans to tackle the fwst Iloor have Started. The I lill Hou¥e Annex has undergone a full refvrbi8hme.nt brin￿'ng the sw ¥ to the ¥ame ambitlOUS 5tandard8 ofthe main house, a new kitchen has been added to Priory along with a new security gate and CCTV camera. Sports prowision has been improved with the long over-due complete refurbishment oFthe schools maiti Astro turf, thts work included a new shock pd, new ¢￿P¢t, new fencing, dugouts, aTLd goa]s as well as sume future proufing in preparation for a second A5tr0. In addition, all 7 court5 have been re-painted and re-lined, basketball hoops have been added to two c.ourL$ ensuring we get the m05t ollt ofthe spaces and give fi￿her opportunitiei for outdoor activities for our boarding community. New LTA (Lawn Tennis A$sociation) IOIPaLC THE KING'S SCHOOL ELY Company Rc￿StratIon Number 2440509 Charity Number 802427 quality ILghting bas been added to courts 3,4 and 5 and pla￿8 to light courts l and 2 have been given plann]ng consent. Security of the large campus has been improved with the complete r￿lacement of the CCTV (2meras, and widj the a(Idition oFfour new caTneras, 28 in totsl. Health, Safety and Wdfare improvements continue to ensure our Students wellbeing is our priority. 'Ihe awg fire system at KEJ ha5 been completely rcplaced a7Jd ￿￿aded, in the day house the ilLS￿llation of automatic door openers IiDked to the fire $ystem has improved supervision and ciraaation and in addition to the nornal testing and 5eriTrw of all ￿etY eqyent, additional COVID Prevention measures were rcinforced and enhanced during the year. Achievements and Pe orniance King's Eiy has enjoyed another highly successful academic year. The School principally provided edU￿tiOn in Ely to boys and girls from the age8 of 2-18 in King's Ely Nwsery, King's Ely Acretnollt, King's Ely Junior, King's Ely Senior and Kll)g's Ely tnternational. Ivhile COVID re.$trirtions limited our usual yoiision OE holiday courses and sports training eveThts, as noted above edutxtional opportunities were madc available to local children wherever possible. This year ayerage attendance totaÈted 993 (2020: 997) and consisted of: Total Boarding 2021 Totsl Totsl Totsi Boarding 2020 Total Totsl Pupils 2020 Day 2020 2021 2021 Kmg's Ely Serrior Kitig's Ely Junior King's Ely Acremont K￿.% El Nursery King's Ely Inten)ational Total 112 399 304 511 342 114 364 478 351 38 38 313 71 71 68 60 28 29 178 815 993 Head5 of Section in KEA, KEJ and KES, have continued to lead teachers and pupils to higher aspirations measurably improved outcomes. while the coThlinuing exceptional circumstances surrounding external examinations this year mean that direct comparison with previous years is difficult, we were neverthe]ess confident in the Teacher Assessed Grades awarded. 40¥0 of 2020 A Level pde5 were A* 69 0/0 were A*/A gades; 89Vo A *_B grade. Overall pass rate was IOO¥o. Value a¢lded scores continued to improve. Mo$t importantiyj all students se ￿￿Versity placements for 2021 were $uc£ess￿l in seojring places at a university of thcir choice, over 9￿/0 to their flrst choice institution. GCSE outcomes were also strong. 19 Q/0 of Pass￿ were Grade 9. 39 0/¢ were Grade 9-8, 65 4/0 at Grade 9-7. 94Q/o at Grades 9-4. The vne Ye￿ Jnternational GCSE programme results held strong with an &Ver￿e ￿ade of 6.5, a remarkable achievement for them given the dullenges of studying far from home or school in a pandemic. EadL 5ec.tson of the School has reported its Pro￿t5S in academic attainment, sport. outdoor education, cornpetitio￿ of all kiThd5 and the arts. in various publications induding weekjy newsletters from the Heads of each section of the school. We continue to hold the coyeted Intenutional Schoo]3 Award and we we an 11 |Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 auyedited e I'w School, receiving Qua]ity Label awards in all four OE our eTw projects. We are currendy involved in 3 new Erasmu$ projects. We continue as a National Holo)caust Partner School and a owing number of our sttxdents achieve success in a number of reyonal and national competitions across a wide Tange of disciplines. Future devejopments King's will continue to build on our success and popularity in the local market and inlernationally by maintatning elFectivc marketing and continuous improvement to the education we proYAde. Contin careful control and robust debtor chasing, together with orgarric change to create ￿eater effiaen where possible. is cunsolidating the business modd, building up capicity for future investment and means- tested bursary awards while maintaining restraiTht in fee rises and demonstrating value For money. In 202 1122, while monitoring carefully the continuing dTeets of COVID and its econumic itnpact on the school ond the Sector, we continuc tts plan Eor future investment. The School ai]ns to coTJtinue its ¥ports inveslmeyit programme induding pl&n8 for a qecond astroturF. Refurbishment of the current nursery buRlding and at Aeremont is being planned as well as recommisllonillg the Fonner Diocesan Ofyices and Retreat Ccntre at Bishop Woodford House to PrO￿de dawoom, admirjistration, wdfare and medi￿] faci]ities in the light oFgow School numbers. In the corn￿ year5 we will continue to Focu8 nn creating and en5urAng a diNerse. ￿P]I and staff comtnutllty and in line Mth our undcTinning ed)os of ho]istic edui3tion continue to develop our students as educaied and well_rounded pe.ople rather tlwi those who are merely aLademitrdlly trained. Jn order to develop their resilience atLd problem-solving skills, we are continuing to encourage incra leveh of partI￿atiOn in co- curricular actiTrities, aiming For furthu improvement in standards of performance in sport, music and drama and continuing to ensure stfe partiapètion in adventurous undertalongs. Remissions pcpli¢y The po]icy is re￿eWed annually by the Board ol Governors during the School, 5 budgettng PToce55. The Governors art committed to broadening acce55 to the School and they authorise a percentage of the gr08s fee income (less sLalT dis¢owxt$) to be allocated for allowanccs, bursaries, choral awards, discounts and holarships. Such awar& are at the discretion of the Principal and confirmed by Governors. Full detsils of the Remi9sions Policy are pub]ished on the School's website. and advice 15 freely available from the School. In the year to 3 1 July 2021, the value of aUowance%, bursaries, choral awar& and &scounts made to p￿]19 wa5 £2,028,969 {2019-20: £1,781.121). The signtheant dttterential is mainly to the reduced fees charged last year in tbe Sull￿ner 2020 tenn owing to COVtD and the Governors, irAtentio￿ to provide more financial Support towards means-tested Bursary awards within the next few years. Governors oifer means-tested financi21 support for a number of elw'ble d)ildren who would not otherwise be able to tske idyantage oFthe education otFered. These bursaries may apply to new applIc￿t3 on entry to the School or to exirting in thc event of changed circumstsnces and all awards are reviewed annually. AS the School does not have an endowment for funding burwy awards, Governors are mindEul that a balancE be achieved between those parents who make t￿nsiderable personal sacrifices to fut)d their children's school fees and those benefiting from bUrS￿Y a55iStance. Governors support the education of the Boy and Girl Chori5ter5 oFEly Cathedral by prowding Choral awards and PrO￿de allowances for familie8 ofthe Armed Forecs of the Crown, eligible members of the Forei￿ and Commonwealth OfPiec and the Clergy Serving the Christian Faith within the Ang]ican CommuDion. Familie$ with three OT more children altending the School eoneurrently* reLrive a sibling di5c(Trunt. holarships and exhibitions with a fixed remission on tuition Fee.q of bettveen 5Q/o and iOD/o are awarded to talented pupils to promote the continuation of excellence. In order tn attract and retain the best 121P i1ge THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 academic and support staff, the School opcratcs a discount scheme For all staff member8 who choose to educate their children at the Sdiool. Financial Review and Resultsfor the Year The results for the finaneial year are set out in thc consolidated Ststcment of Financial Activities on page 19. There were net ingoing fimds for the year of £247. 149 ￿ eompared with £1.839,654 it) the preiwus year. There was an overall net increase in Eunds of £879,25 1 compared with £1.81K>.804 in the previuuy yw. Fee income in the year was £18,202,091 an inLre&%e of £1,247.714 over the pre￿ouS year, reflecting the boardmg/day mix of pupiEs and ehanges in fee levels resulting from the Coronayirus pwdemic. Expenditure on projects has totjjled £618,470 oFwhieb L4(K).857 has been capitsli5ed. induding the continued upgrading of ICT. boarding and day facilities. and the estste to meet health and safety requirements. The khool aIso received grants under the Coronawus Job Retention Scheme oE£617,545 (2020: £939,989) and the Retail, Hospitslity and ￿lSure Grant Fund of £- {2020.. £20,(m) together with Business Interruption Pavments of £24,165 (2020: £.) in respect of the Coronavirus Busineth tntemiption Loan advanced in the The SCI￿01 cl)anged its financial year end to 31]uly 2020 last year. consequendy the comprative fi￿reS in the accounts cover an eleven-month period. Income from School Fees was recogni5ed in as the Summer Terni EDished on 3 JULY 2020 along with all non-saiary teaching e¥enditure For the school year 2019/20. Other expenditure, Èncluding all payoll costs. were only Eor the period to July 2020 resulting in a one.oly increase in the surplus of £l.58m I￿t ycar. In addition, on 2 September 2019 the school completed the sale of a freehold property with a net book value of £237,376 for net sale proceeds of £972,784 resuliing in a profit on sale of £735,408. Perfonnance oJsubsidtary ¢ompany During the year King'8 School Ely Enterprises Limited accrued £7,823 (2020.. £1,260) for a gift aid pa￿ent to the Sthool, thereby tyansterring all its taxable profits to the School. The activity in the subsidiary company is expected to increase iti 2021-22 from this year's level of activity. Taxation The Sthool is a reytered Lbarity and as ¥uch i¥ entitled io ceriain tax exemption¥ on income and profits from investments and S￿￿luseS on any trading activities Ixrried on in furtherance of the School's p objectives, rfthese profits and Surpl￿e$ are applied 501ely for chantable purposes. Fundraisin8 perfforniance The rnajority OE the 5cknI'5 income 15 from School fees and other associated income. The School has not eng4ed with third partie5 to raisc fun& and any direct approach to member5 OF the public for fi￿ding h been limited to parents OF pupils and alumni. No complaints were received in relation to our hjndraiging artivities. The Schod's major capital campw to Fund the development OF sports facilitie$, induding a covered swimming ￿01. double ¥orts hall and second all.weather plapg surface has been put on h¢)Id. Grants and donations totalled £1 35,119 exduding Government Coronavirus ￿ants, With restricted income donations of £- (2020.. £865). Do[￿tiO￿ reccivea included £134,148 From parcnts kindly donating CoronavTrrus fee rebate￿ l)ack to dLe Sch(>ol. For this year the peTforniallce of current fi￿draisIng, on costs of £1,346 w&9 a ratio of 10/0 against the £135.119 of voluntary incotne raised. 131Piige THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Resetrves Poli The School's totsl reserve5 Stood tt £12.2m at the year-end, induding £695k of restricted income and £l1.56m unrcstricted income including the pension Ftmd defiat of £137k and other designated fund5 (for Bursary awards) of £69k. TILe School'$ policy> which is reviewed annually by Governor5, 15 to protect and build ruerves to erffl￿e the ODI'S Contiti￿ ability to provide first aass educational serviees. through steady recruittnent of pupi]s at all Stages of the School and by pnjdent budgetary control. The taTget is to hold three months operaiing reserves within Cash and investments. Due to the policy oFreinYestment into fixed assets and the TUDning of the school, there are no free reserves at the year end. Goins Conc¢r 'Ihe School onte again had to revise it5 cashfiow projections to take account of the Coronavirus-related campus dosure from janu￿ 2021. Governor5 have coJ)sidered the School's txshp05ition, sourLeJ uf inLoine, funds 4vailthie to the School attd phnned expenditure, and modelled several scenarios and stress tests includu% the impact of Coronavirus on operatiunts together with as5umption5 around recovery thereafter. These scenarios consider reduce.d pupil numbers. delayed fec pawcnt, reduced fees and potentia] bad debts as well as impact on costs from the measures taken so far. Se.n￿l￿vity around these assumptions has also been considered in their forecasling. Rcsults oFthis ￿ASh flow and Sen￿tiVitY analysis indicate that the cash reserves of the charity are adequate tsi meet the d)arity's obbgations as they lau due. AddItiOn￿lY, despite the wider uncertainty in the economy, the strength of ihe School's balance sheet is such that the Govemors consiaer there 1$ no materi&l uncertainty over the School's financial Triabi]ity. Having rcgard to the above, the Governors believe it apprnpriate to adopt the going concern l)&8is nf accounting in pr￿￿ thc P￿lancIal ststements. Investment Pojicy and Obje¢tiv¢s Governors, powers of Ènyesttnent are unfettered. FuDds donated for speriRc scholarships and school prize$ con1inue to be invested through the ￿ltieS oiflual tnve$iment Fund. other undeSi￿ated Funds are now invested thro￿gh Schroder & Co Limited, Cazenove Capital Management. Notc$ 9 to the Pmancial statements show the movements on these fund$ during the year and, where relevant, give a description nf the term$ on whith the Eunds are held. The investments are $ufPiaent to meet the khool's obligations on a fimd by fmnd basis. Governors re￿eW the ￿lItY annually. Since July 2006 the Charity's unrestricÈed inves1￿entS have been managed by Schroder & Co Limited. Cazenove Capitst Management l.imited whr) report to the Bnard fjf Cjovernors on & regular basis. The rcstricted funds, managed by CCLA Management Limitsd, are held in COIF Charities Investhlent Fund (Income Units). The larger unrestricted fimds, totalling £3,762,978, are held in a series OF Collective Inve51ment vehicles with appropriate inYesth)ent targets. Ihe iniE5tment objective is to deliyer & real return plus 30/0 net of fees. The value of the investtnent has decreased by 22.6 % over the year, which 1$ well above the investment target but rellects the volatile nature of the current market state. CoPJtalisation Policy The School's is to capitsli5e any ta￿ble assets (individual or ￿0uPta) or infrastructure/estate enhaJ)cements projects in excess of £S,OW. 141Pagie tHE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Statement of Streamlitted Energy and Carknn Reporting (SECR) The table bdow reflects the equivalent tonne$ of C02 e￿itted from our conswnption OE nattwal gas (eg heating), electrioty and diesel (with a vcry limitcd atnount of ￿trOl) u5edin our fleet of vehicles. The figures have been converted from kWh/Litres into equivalent tonnes of C02 cmitted using the 2020 UK Government publisked conversion kactor$ and *cordance with the Environmental Reporting Guide]ine5. indUdl￿ streatnltned energy and carbon reporting guidance (updated Marth 2019). Energy consumption used to calculate equivalent C02 (cC02 emis8Kons from activity tioTh of Natural Gas (Sco e l) Emissions from consum tion of Electricity (Scope 2) Emissions from we of ￿¢1 for Vehicle$ (Scope l ) Total Consumption 4,963,158 kwh 1,128,729 kwh 22,488 L Totsl Tonnes of C02e 913 {toranes C02e) 263 (tonne8 C02e) 57 (tonnes C02e) 1233 (tonnes C02e Intensity ratio: Gros5 tonne5 C02e / number of pupils 993 Pupi 1.2 tonne$ C02elpupil The total ec02 r]gurc has bcen used to ￿0vIde an°Inten￿ty Ratin. nf x tonnes ec02 per pupil as a methodology to h&Ye a consistent metric for comparative p￿oSe5 in ￿tUre years. As it i$ our fwst year to report these figures. reporting the pre￿ouS year for comparison puTro$es 18 not a rquirement. It thouid be noted the figures above include a wod of COVID lockdown as well &9 residential properties so not be able to be used as a full year nonnal baseline. With regar& to actI￿ty to reduce our Carbon Footprint. there h&8 been signiknt investsnent over the past two years in rq)laang the majorit). of our lighiing throughout thc ￿te to LED hghting, not only reducing energy consumption but also reducing the energy {￿de08t} of maintenance of the thousands of light fittings. Our electricity elli￿$10ns ￿Unt For 2 1. 3Tr/ts of our eCO2. We have also iLnproYed a number of control systems for heating as the wt majority of our carbon emi$%itsn arc from natural ga5 (74% of total cmissions). Further investtnent in this arca Rs requiredto reduce the energy consumed, either through improved control mechaJ)isms, insulation or more efficient heating systems and insulation where leasible in our estate oFmainly listed, me&evai buildings. The context of our consumption yhould also tske into consideration we are a boardug school so need heating and hot water to ser￿Ce c250 individualg 24 hourB a day dur]ng term time. Our OF diesel in our fleet of vehides has increased in line with our increased provision of minibus ruutes (now nin£ rout£s convewg 680 p5s￿eTS over the ten journey5 each week). In the wider Cont￿￿t, in prO￿a]llg serviee we are reducing 51gnificandy the Tjumber of parentsl car journeys to and from School but I￿rr¢asIng our ov¢rall carbon footprint. Our v¢hide emissions accountfor 4.60/0 of our ov¢raLtemissions. Ow electricity 1$ certified by the $upp]iers as been l(K)O/o generated from renewable sources, ie °Green° however, the published conversion factors do not prO￿e any methodology to take this into aecount. Risk MaDa8eJneDt 151Pa¥e THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 The Board of Governors is rcgonslble for the mawcmentofthe risks facedby the School. The man%ement of risk ts a routine part of all School activities and appropriate procedures are in plaLt to mitsgate those risks so far as AS reasonably possible. The major riskb lo which the khool are exposed, as identifiea by the GoY¢rnors, are monitoreA through a re r review of the Risk Register which records dctiils of the identified risk, a55CS5ment and mitigating actions. These are coor&"nated at r¢ ar meetings nf the Board of Governors and its Committee5, School Lead￿ShiP Team, and the School's Hcalth and Safety Committee, al whith the Board of Governors, ￿ parts of thc School and principal departments are represented. The Governor$ have del4ated to the Prinripa] and Senior Ltadership Team all wect5 ufrisk management. induding the day to day operation of the approved Risk Management Prot(>c.ol, the identification, assessment ana control of risk. and the prowsion ol. adequate information to the B0￿d of GovernoTS to enable it to make sound risk decillons. The school ha$ a fi￿-tIMe Health and Safety Coordinator. The key risk5 identified include Goyernance and MaTJage]nent {indudJng comphance and in4uranc.e.), legal and regulatory (induditig education, employment amd chdd protcction). Fllwieial management and fisc￿, communieation$ (including public relations), operational (including health and safety) and po]itical. In d&tion, this year we have continued to see the impact of COVID-19 on s Ely. This has r4uired the Governors and SLT to continue to ensure that the sa￿01 community has been protected. not onlybyphysi mea5￿C$ but also to ensure. the School fuwices remain secwe. Examples of pot.enti￿ risk identified and ad&es$edby a assessment. ineluding the COVID-19 Risk Assessment, are unforeseen andlor substantial reduction in pupil numbers for any rea50n, most particidarly affordability. and breakdow￿ or cyber attacks of ICT systems in their supporl of key functions, such as data stornge, fllwAcial management and HUDWI Resources. The key contro15 Usea by the School include.. fnrmal agendas for all Committce and Board activity., detailed terms of rcfcrence for all Committees; eomprehellsive strategic planning, budgeting and managcmcnt accounting; formal written plicies. clear authorisation and approval levels. And vetiiDg procedures as required by law the prolection ofthe vulnerable. All $talTare ￿Ven induction in health and ￿ttY and saFewding. It is recogni5ed that system$ can only provkde reasonable. but not ah501ute &%8uranc.e that major risk8 have been adewtely managed. Compliance in all areas of chiLd protection. education, business, heatth and safety, employment, and charity law oontinues to be a h]gh priori Section 172 Statetrjent The Board of Governors confinJ) that in accOrd￿ce with Sectinn 172 (1) of the Companie5 Act they act in a way they consider would be most likely to achieve the dwitable objects of the Company. In maknng this asse￿Ment the Governors have considered the following.. a) The likely consequences of any decision in the long tenn The long-tenn sustainabllity of the operaiing model is considered by the Governors as Set out in the going concern section of the Annual Re￿rt. Specifically. the Governors consider both short- and longer-term Pll)ancial projections and the key risks that could negativdy ]m￿ct thc sustainability of King's Ely. The Governors r¢￿eW management inforniation, budge.ts, fnTe.fdgts, c&8hfiow prnjections and a￿]n$t the financial plan on a rcgular basi5. Risk management is embedded at all levels across the Company. The most si cant risks are dkscussed at the appropriate Governor$ Committee Tneeting and each B¢)ard meeting. b) The interest$ of tke Company'5 employees In relation to employee engagement, the Governor$ rective regular re￿rtS from the Principal and ihe senior school management on the perspectives of staff. Senior and line Manager8 kcpt in contact with stakTwho had 161P<1 THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 been fitrloughcd. With regards to Board Diversity. thcre arc Plve women and nine men. King's Ely has Complied wRth the UK'$ Equality Act 2010 Regulations 2017 that r4uire the publi(xtion of information on tkne gender py g¥ For UK employees annually. The 2020 report is available on the King's Eiy website. c) The need to foster the company's business relationships with suppliers. Li￿0merS and other8 The itlltnediate benefiaaries of the School are its pupils and parents. tn reLation to key 8takeholder engagement. the Governvr5 actively promote re ar activities and are committed to ensuring th•t the School's rnis8ion and values are rellected in its approach to buwg gonds a￿a services. The School i¥ transparent with inlornlation and is keen to build mutlla]ly beneficial relationships. CommunicatioTh with weThts is by weekly newsletter, periodic update letters the PrincipaL. virtual (Covid) or iti person year oup prental coffee mornings and individual Lulltacts. ￿1th tutors and past0￿/teaChIng $tstT. The Indi￿duat and collective "Pupil Voice. is encouraged and listened to, whetber Forums/Comrnittees. questionnaires. or tutor ￿n￿p￿. A"you said, we did. cultUTe exist5 to communicate and record any changes within the pupil community back to the pupa budy. d) The impact of the company's 0￿ratiOnS on the community and the environment The Comwy has completed the Energy Saving5 OpportuEllty Stheme {ESOS) reporting requirements and is now r¥orting under the Streamlined Energy and C&rbon Reporting (SECR) see page 15. The School's congidcrable contribution to the lod community is set out at pge 6. Such activities induded pjtrtrership work alld sUPPOrt to10121 stite funded Schools, voluntary 8errice and commurrity action projecLo, and oRferiDg use o&'facilities to NHS services. The desirability of the COllLpany D]aiDtaining a reputation for high standards of bu8ine9s conduct King's Ely's Procurcment Proce&% and thc King's Ely Bribery Poli￿ have been approved by rhe Board of Governors. The Board of Governors seeks to promote best pr&rtice the procuremenl proLt55tb that demonstrate fairness and inte￿ty. compliance with relevant laws and regulations. and confidentiality. To this end the School apph'c5 thc highest standar(L% of busine&s conduct. including adherence to ￿ applicable laws and regulations relating to fraud, bribery and comjption wherever it operates (including the UK Fraud Act 2006 and Bribery Art 2010 whidk applie$ to the School's operations both in the UK and globally). The sdlool's whistleblowittg Policy support$ statrxn delivw this apptoa¢h. The need to art fairly as between member$ of the comwy. The Board of Governors has a (y)nfiicts of interest policy contained in their working rules. All Governors and Company OIFicers make an annual declaration of business interests and the Governors and Company OtEcers declare Trf there is any conllict of interest relating to any item on the agenda at each meeting. lfvdependent Auditors Crowe U.K. LLP are the appinted auditors For the School. This Annual Report, pr¥ared under the Charities Art 2011 and the Companies Act 2006. was approved by the BoaTd of Governors on 10 December 202 1, induding in their as compny directors appro￿ the strate￿ Rcport contained therein, and is Si￿ed as au(horised its. behaltby: Mr Mark Myen Chairnwi of Financ Chairman of the Board of Governors & General Purposeg 171Pag¢ THE KING'S SCHOOL ELY Company RegAstration Number 2440509 Charity Number 802427 Independent Auditor's Report to the Memben of The King's School, Ely Opinion We have audited the finanaal statements of The King's School, Ely ('the dRrit#ble o)mpany') and it5 subsidiary I'the group,) for the year ended 31 July 2021 which comprise the con501idated ststement OF financial activities. the con501idated and comwy balance sheets, the consolidate.d ￿$h flow statement and notes to the financial statements, induding 5igniRcant accountingpolicies. The financial r￿ortitig framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporling Standard 102 The Financial Reporting Standard app]icable in the UK and Republic oFlrdand (United Kingdom Generally Accepted Accounting Practice). In our opit)ion the finanaal statements.. ve a true and fair view of the state of the group's and the charitable comwy's atTairs as at 31 July 2021 and of th¥ group's income and eX￿nd[tUr¢, for the year then ended; have been prnperly prepared in accordance with Urrited Kingdo￿ Generally Accepted Accounling Practiee. and have been prepared in accordance with the requiTeTnents of the Companiey Aet 2(M)6. Basis for opinion We conducted our audit in accordantt with International Standards on Auditing (UK) aSAs (UK)) and applicable law. responsibilitie5 under those Standards are Further described in the Au&tor responsibilities for the audit of the finatLLial 5latements section of our r￿Ort. We are indepcnaent of thc group in accordance with the ethical requiTcments that arc relevant to our audit of the financial statements in the UK, induding the FRC's Ethica] Standard, and we have fulfilled our other ethi[31 responsibilities in aecordance with these requiiemellts. We believe that the audit evidence we have obtained 15 sufficient and appropriate to PrO￿de a basi¥ for our opirrion. Conclusions relating to going concern In audj.ting the financial statements, we have concluded that the tru5tees' use of the goirjg concern bayis of accounting in the preparation oEthe fmancial statements is appropriate. Based on the work we have performed, we have nol identiGed any material uThcertaintie5 relating to events or conditions that, individually nr collectively, may cast si cant di)ubt on the charitable company's or the group's ability to continue & & going concern lor a period of at least twclvc mond15 from when thc fllwicial statements arc authorised for i$sue. Our respon5ibilitie8 and the responsibilities of the trwtees with repct to going eoncern are described in the relevanl $ections of this reprt. Other information The trustees are responsible For the other information contained within the annual ryort. The other information comprises the inFormation included in the aTJnual rcport, othcr than the finaDcial statements and our auditor's report thereon. Our opinion on the Fujonciai statements does not cover the other infonnation and, excepl to the extent otheTwise explicidy stated in our report. we do not express any (orm ofas¥urance eondusion thereon. 18 | P¢iEe THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Independent Auditor's Report to the Menibers of The King's School, Ely Opinion (Continued) Our reTonsibility is to read the other information and. in doing so, consider whether dle other information is materially incon5i5tent the financial statements or our knowledge obtsitied in the audit or otherwise app¢ars to be materia]]y mi5Stated. If we identify such Analerd incO￿lSten￿eS or apwent material misstatements, we are required to deternline whether this ￿yeS rise to a Jnateriai misstatement in the financial statements themselves. If, based on the work we hive puFonned, we conelude that there is a materiat misstatement oEthis other informaiion. we are required to report that fact. We have nothing to report this regard. inions on other ￿￿tter5 prescribed by the Companies Act 2006 In our opinion b&sed on the work undertaken in the course of our au&t the inforniation given in the trustees, report. which indudes the diTertor8' report and the strntegic report wepared for the purposes ol L￿￿Pally law. fur the Gnancial year tor which the Gllallcial tatements are prewed is consistent with the Fjnaniial statements. and the 3trategic report and the directors, report induded within the trustee8' rq)ort have been prepared itL ac¢ordanLY with applicable legal r4uirements. Matten on which we are required to report by exception tn light of the l(nowledge and Understandi￿ ofthe group and the tharitabl¢ company and their environment obtained in the course of the audit. we have not identified material mi$statements in the strate￿C report or the directors, report induded Mrythin the trustees, report. We have nothing to report in respect of the Following matters in relation to whidl the Comwes Act 2006 requtres us to rqjort to you if. in OUT opirrion: adequate and proper a(xx>unting record5 have not been kept" or the finarAd statements are not in we¢m¢nt with the a￿¢)￿ltIng records and returns. or Lwtain disclosures of trustee8' remuneratton ye@Ltd by law are not tnade" or we knve not received all the information and explanations we require for our audit. Responsibilities of trustee8 As explained more lully in the trustees respo￿lbilitieS statement Set out on page 9, the trustees (whu are also the direclors of the charitable company for the purpose5 of company Iaw) are responsible for the pr￿aration of the financiat statements and for being satisfied that they gAve a true and fair view, and for such internal control as the tru8lees delermine is necessary to enable the preparation of Gnallcl￿ ststements that are free from material mi5Statement. whether due to fraud or error. tn preparing the financial ststements. the trustee8 are responsible for &8sesqing the group's or the charitablc company's ability to contjnue as a going coneern. disdositig. as app]ieable, matters rdated to going collcer and wing the going concern ba￿S of accounting wJes$ the trustee5 either intend to Ilquidate the tharitable eompany or to cease operations, or have no realistic alternative but to do so. 191Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Independent Auditor98 Report to the Members of The ltingys School, Ely Opinion (Continued) Auditor's responsibAlities for the audit of the financial statements Our objectives are to obtain reasonable assurance abnut whether the Rnancial statements as a whole are free From material mis5tatcment, whether du¢ to fraud or error, and to i$we an auditor $ re￿rt that irldudcs our opiwon. Reasonable assurance is a high level OF as$urance, bul is not a ￿araTrtee that an audit conducted in accor&nce V￿dL ISAS (UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material IF, in&viauaUy or in the awegate, they could reasonably be experted to ifkiluence the econo]nic decisions of users takcn on the basis of these flnancial $tstements. Details of the extent to which the audit was cOn￿atred capable of detecting irregularities, induding fraud and non-complianee with laws and regulations are set out below. A further description of our re4)onsibilities For the audit of the financial statements i510(atcd on the in•ncial Reporiing Counci]'8 website at.. i%-NN'w.Irc.nr'. ii..a.iiThr"..re.'. . This description forms part OF our auditor s report. Extent to which the audit wa5 considered capable ofdeterting irregularities, including fraud Irregularities. ineluding fraud. are instan￿9 of non.compliance with laws and regulations. We identified and asse&8ed the rR5ks of material misstatement of the financiaj statements from irregularities, whethe.r due to fraud or errvr, and discussed thele hetweeti our audit te*m members. We then designed ind perforn)ed audit Yocedures re¥onsiveto those ri8k8, including obtsinAng audit esrydence 5Ut5cientand appropriate to provide a basis for our opinion. We obtained an understanding o( the legal and regulatory frameworks within wbich the charitsble company and operates, Focusing on those laws and regulations that havc a direct eETect on the deterrnination of material amounts And disc105urcs in the finanoal statements. The law5 and regujations we considered in this context were the Comwe5 Aci 2(K16, tsxation legslation, togetber with the Charities SORP {FRS 102}. We assessed the Tequired compliance wlth these laws and regulations as part of our audit procedure5 on the related fmaThLial statement items. In addition, we considered proYision$ OF other laws and regulation5 that do nol. have a direct effect on the financial statejnents. but compliance which might be funknental to the charitable company'% ina the oup's ability to operate or to avold a material Fnalty. We also considered the oPporti￿RtieS and incentives that may exist ivithin the chayitsble comwy andthe wup for fraud. The laws andregulations we consi(iered in this context for the UK operations were The Education (Independent School Standards) Regulation5 2014. Au&ting 5taThdar& limit the required audit procedures to iden non-complianee with these laws and regulation5 to enquiry OF the Tn]stees and other management and iwpection of regulatory and lega] eorregpondence, if any. We identified the ￿eatest risk of material impart on the financial statements from irregthities, induding fraud, to be within the rccognition and classification of school Eees and other income and the override of controls by managellLent. Our audit prO￿aure8 to respond to these risks inLluded enquiries ofmatLagemenl, and the Finance & General Purpose Committee about their own identifi￿tiOn and assc&smcnt of thc risks of irre￿larItiCS, sample testing on thc p05ting oFjoun)&ls, rewewing accnunting es1i]nates for biases, re￿e rcgulatory correspondence with the Charity Commission. Independent Schools Inspectorate. Of5ted and reading minutrs ofmeetings of those charged with governance. 20IPage THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Independent Auditor's Report to the Members (Ff The King's School, Ely Opinion (Continued) Owing to the itiherent limitations of an au&t, there 15 an unavoidable risk that we may not haye detected some material misstatements in the financial statements, even though we have properly planned and perfom]ed our audit in accordance with auditing standards. For Lxample, the further removed non. compliance hw$ and regulations (irregularities) is from the events and transactions rellected in the financial statements. the less likdy the iEtherently limited procedures required by auditll]g standards would identsfy it. In addition, as wrth any au&'t, there runained a higher Tisk oFnnn-detection of irregularities, as these may involve collu￿0￿. forgery> inte.ntional omissions, misrepresentations. or the override nf internal controls. We are not re5ponsibEe for preventing non-compliance and cannot bc wected to detect non- comp]iance with all law5 and regulations. Use ofour report This report is made solely to the charitable company's members, a5 a body, in accoTd2nce with Chapter 3 of Part 16 of the Companies Art 2006. Our audit work has beell undertaken so that we might state to tELe charitablc company's members those. matters we are required to State to them in an auditvr's report amd for no other P￿08e. To the fi￿eSt extentperniittedbyhw, we do not aCC￿t or &4sume responsibility to anyone other than the charitable company and the Ch￿Itable company's members as a body* for our audit work, for this" report. or for the opinions we have Fonned. Andrew Thomas, Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor, LL>ndon 13 January 2022 21 |Page THE KING'S SCHOOL ELY Compny Registration Number 2440509 Charity Number 802427 Consolidated Statement of Financial Activities IncoTporating an Income and Expcnditwe account for the year ended 31 July 2021 (1 I moDth period ended 31 July 2020) Note Restricted Total 31 Total 20 Income CharAtable activities Fees receivable Ancillary trading income Donations, ￿antS and legacies Other trading activitits Non ancillary tra income Other income Investments Invests))ent income 18,202,901 561,702 776,829 18,202,901 17,055. 187 612,009 475,813 776,829 974,208 50,307 20,131 9.IK15 20.131 9.(MlS 8,213 748,1 26,604 2,2(K) 28,804 81,901 Total income Ex￿ndItUre on: Raising funds Non-aljrill￿ tradmg Finan(ing costs Investment management costs Fundraising & development Total deductible costs 12,308 245,482 9,795 12,308 245,482 9,795 6.953 218,547 13,270 268,931 268,931 240,024 Charitable activitie$ Education 19 Im 008 19 133 599 17 263 788 Total expenditure Net (Expenditure)/lncome before investment (losses)/gain8 194,233 52,916 247,149 1.839.654 Gains/{los8es)loTh investments 621,926 10,176 632, 102 (38.850) TraDsEer5 between funds 16 48.504 (48,504) Net (Expenditur¢)/lncome for the year The notes on pages 26 tu 45 lorm part of these financial 8tattmcnts. 221Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Consolidated Statement of Financial Activities For the year ended 3 1st July 2021 (continued) Reconciliation of Funds Unrestricted R￿a Funds Totsl Net (Eyendkture)/kncome for the year Funds balances brought FO￿ardS at l August 2020 Fwid balances carried forward at31 July2021 864,663 14,588 879251 1,8(M),804 10 694 955 680 192 11 375 147 9 574 343 All activitieg are classed as (x>ntinuRng. The notes on pages 26 to 45 form part oEthese Gnantlai statements. 231Page THE KING'S SCHOOL ELY COmp￿Y Registration Number 2440509 Charity Number 802427 Balance Sheet as at 31 July 2021 Nole Group School Fi¥ed asgets Tangible &￿et5 Investments Debtors.. amounts due after more than cjne year Totsl fixed assets 15,117,738 15,744,032 4,339,106 3,692.067 21632 I￿42￿476 19 496 7 15,117,738 4,339,206 15,744,032 3,692,167 19 478 576 I9￿￿￿1 Currcnt assets Stocks Debtors: amounts due within one vear Cash at bank and in hand Totsl current assets 10 14,007 14,056 319,852 715.295 328 2 424 24 187 3 153 94 14,1Y)7 353,659 4 130 201 14,056 730,850 3 152 16 Creditor8: ￿￿b]e within one yeay 12 759 Net current liabilities 2 022 $75 22 Total assets les8 current liabilities 18,882,gM 17,474,156 18,882,904 17.474,156 Long terni liabilities Cre&'tor5: payable after one year 13 6 628 506 6 099 009 Net assets 14 Represented by: Restrlcted.. [Thl￿Me fund5 Unrestrirted Funds Pensiov) Re.$erve 15 16 16 694,780 680,192 11,422,241 10.521,482 13 173 473 694,780 11,422,241 137 377 680, I92 10,521,482 73 473 Total charity Funds Nct income / IEyenditurc) for the year for the parent ch￿LtY was £247.149 (2020.. £1.839,654) Thesc financial statements were approved by the Board of Governors {as Trustees) on 10 December 2021 and signed OD its behalf by Mr David Day.. The notes on pagt.8 26 to 45 form part olthese nci ternents. 241Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Consolidated Cash Flow Statcment for the year ended 31 July 2021 Note Net cash inflow/(outOow) from operating 19 activities 1,615,853 (1.850,709) Cash flows from investtnent activities: Purchase of tan￿'ble fixed assets Withdrawa]5 from Securities within investment purtfulio MoveD)ent in investhient cash Addition$ to secLwities within investment portfolio Proceeds from sale of tangible &xed ￿Sets DivAdetLd¥ and interest Bank and loan interest wd Net cash used in investing activities (4CA>,857) 3,604,433 {942,064} 1,499,962 56.179 9 (3,675,552} 150.238 (1,702.702) 11.09 28.804 245 482 1.048,365 81,901 218 $47 (621,377) (82.847) Cash Flows from fijwicing activitie8 Cash inAows from new borrow￿$ Repaymcnt of bank loans I,000.(x)o 141961 747 609 ,742.085 Change in cash and cash equivalents in the reporting year Cash and cash equivalents at l Aup$t 2020 Cath and (ash equivalents at 31 July 2021 (2,075.517) 424 243 The notes on pges 26 to 45 forn) part of these fuw)aal statements. 251Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 l. Accounting policies Charitable Status The clwity is a company limited by guarantce (compamy registration number 2440509) and is i regstered charity in England and Wales (802427). The addre&% of the registered olRce is Barton Road, Ely, Cambridgeshire. CB7 4DB. Basi5 of accounting The fintncial statements have been prepared in accordance vath the Financial R￿OrtIng Standard applieable in the UK and Republic of Ireland IFRS102), the Charitie% Act 2011 and the Statement of Recommended Practice applicable tsi charities pryring their accounts in aceordance with the FIn￿ellI Reporting Stsndard 74pplicable in the UK and Republic of Ireland (FRS 102). The individual entity aLcowils of the King's School, Ely h3$ tsken advantage of the disclosure exemption uDder FRS 102 to sewately d￿10s￿re categorie5 of financial in$tsi]ments and items of income. eyenses, gains or 105se$ re]&ting to instrumcnts as these have been presented on a group basis in the notes to the aceounts. The Kll)g's &hool, Ely constitute.s a public bcnefit entity as defined by FRS 102. At the time of approval of the Annual Report, thc COVtD-19 pandemic contillUC5 to evolve and the ID￿-te￿i impaci on the School, in common with other bu5ine5ses, is unknown. The Governors have reviewed the position carefi￿Y with a view to ensuring the o￿oIng provision of schooling for the pupib as well as emplowent of8tatY. The charity currently hol& adequate cash balances. supplemented, IF needed by an OVCTdraft facijity and since. the year end has rwd the. Cc)ronavinJs Bu5ine5s Interruption Lnan advanced during the year. Demand for school places remains Strong enrohnents for 2021-2022 at a simaar level tu 2020-2021 albeit with a dight change in the mix of international and UK p¥ils. Conservative <2sh flow Tnodelling with sensitivity analysis indicates that the cash reserves OF the charity are adequate to meet the charity's nbligation$ as thcy fall duc. Accordmgly, the Goyernors believe the Schools, ftnancial resources are wffioent tn ensure the School will continue &$ a going concern for the foreseeable future. bcing at least 12 months from the date oFapprovai of the finanoal 8tstemeThts and have therdore prewed the F￿ancial btatements on a going concern basis. The functional Lijrrency of the school is considered to he GBP because that is the curreney oFthe primary economic environment in which the School operates. Critical accounting judgements and key sources of estimation uncertain In the application of th¢ dwitY'$ accounting policie5, which are descrlbed in the note below, Trustees are required to make judgements, estimates, ￿sumption8 about the carr￿g values OF assets and liabi]itiey tbat are not readily apparent from other sources. The estimates andunderlpg assutfLptions are based on historical cyerlence and other Faciors that are considered to be rdevant. Actual results may ddfer from these estimates. 'rhe estimates and undcrlying assumptions tre reviewed on an on-going basis. Revisions to accounting estimate5 are recognised in the wod in which the estimate is revised Arthe revision atTect$ only that period, or in the ￿ri[￿l of the revision and future perio& iFthe revision ￿eCtS the currenl and future period5. In the view of the "I ru$tees, no as5umption5 con¢errJing the future or esttmation uncertainty affcctiTrg assets and liabilitie5 at the balance sheet date are likdy to result in a material adiustn)ent to their carrying amounts i the next financial year. 261Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Accounting policies (continued) Basis of consolidation The financial Statements consolidate tI￿se of the School and its wholly owned noTh-dwitable Subsi trading company: The K￿g'S School Ely Ente￿riseS timited. In accordance with section 408 of Companie$ Act 2006, no separate Statement of Financial Activities has been presented for the School alone. The Consolidated Statement of Financiat ACti￿tieS (SOFA), the Conso]idated Ba]ance Sheet and the consolidated cash flow ytatement indude the results of the School and its subsidtary undertaknng mad up to 31 July 2021 and consolidated on a line by ]ine basis. tntra-group transaction5 and profits are eliminated fully nn c.onsolidation. Uniform accounting policies knve been adopted aLT055 the Gro￿. Income All income is reco￿￿ed in the coDsolidated Statement of Firwlcial Activitieg when the condition8 for receipt have been znet and receipt Is probable. Where a claitn for repawent of income tax has or witL be made. su income is grossed up for the t&x recoverable. The following accounting w)IiL'ie5 are app]ied to income.. and other educational activities Fee5 receivable and cbarge$ Eor use of premises are aLtounted for in the year in whirh the Service is provided. Registration fees are accounted for on receipt. Fees reLriYable are stated after deducting alloW￿Lee$, scholarships and other remissions ￿tea by the School, but include contributions receivcd From Rc5tricted Funds lor ¥Lholarsbips, bursaries and other gants. Payments received in respect oFfubJre fee5 are deferred in creditors and are released to the Ststetnent of Fillanci￿ Activilies in the relevant tenn. Fees An advance Future school fees may be paid to the School in accordancc with a written contract. Depo8iL8 are held in creditors and are rele￿a to the Lonsulidated Statement of Finan£ial Activities in the appropriate term for whiclL school fees have beell provided. Sudk deposits ffjay be retLuwed to the pyer. subject to specific eonditions. Acceptance deposits Acceptance deposit% are deFosiL% placed when join the School and are refunded ai the end of the final term after deducting any outStand￿g debts. Deposits are held in CTeditors until refunded. The Governors ve Teviewed the contract ternis under which Pupil fee depogits are held by the School. Although under rLornial circumstances these HTril be repaid over future years when the pupils coD]plcte their education at the School, pupib can leave at earlier dates. The Sthool does not therefore have an unconditional right to retai the in&￿aual deposits for at least 12 months after the balance theet date and, in line with the requirellLents in FRS 102, the balance of the deposits hdd at 31 July 2021 have been induded within current12abi]ities. The prior year Pupil f¢c ac￿sits balance ha8 been sin)ilarly represented. Other trading actilqties Charges for non.eduLational services and use olpremises and rentals are accounted for in the yeaT in whi the service ￿ proTruded. Charges for services provided by King's Sdkool Ely Entwprises Limited are accounted f()r in the year in which the service is pro￿dea. Investment incoRne Investment iThcome is accounted for when receivable. 271Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Accounting policies (continued) Donations Donations and all (Jther receipts from fund-raising are reported ￿0$S and the Telated fund-raising costs are rwrted in eynditure. Donations receivable for the general puTroses of the kh()ol are crcdited to UDrestricted Fund5. Don74tion$ for puryo$e$ restricted by the wishes of thc donor are taken to Restricted Funds where these wi5he$ are legally binding on the Governors oEThe King's SLhcK)l Ely. Grants received tncome from govtrnmetit and other ￿aRts, whether 'eapital' grants or 'revenue' grants, is recwcd when the charity has entitlemenl lo the funds, anv perforniante conditiotL8 attached to the grants have been met, it probable that the income will be received 2nd the alnount can be measured reliably and is rLOt deferred. Expenditure Expenditure is ac(Tued as soon a5 a liability is considered probable, &scounted to present value for I0￿er- ter￿ ]iabilities. E￿ndIture attributsble to more than one cost (2tegory in the SOFA is apportioned to them on the basi$ oEthe estimated amount attributable to each actiiryty in the yw, either by reference to sta(T ti￿e or the use made of the underlying issets, as appropriate. E￿eThdit￿re is allocated to exTense htsd￿gs on a direct cost basis. The irrecoverable element of VAT 1$ induded with the 1￿M of e-ye to which it relates. Raising knd8 comprise the cost of sales of the trading subsidiary. King's School EnteTpfi5es Limited, unrecovered debts for School fees and interest and djarges in reTect of the banking faci]ity> loans, PmaThcc arrwgements and the investment portfolio. F.xpenditure is accounted for on an ac(Tuals basis. Charitable activities indudes all expenditure dircrtly rdated to the objerts of the khool. and is ac(x>wited for on an accruals basis. Governance costs comprise the costs of running tbe School, including strate￿C planning for its future development. also external audit, and atky legal advice for the Govcrnor$ of The King's School F.ly and all the Costs of complpng with con5titutiona] and statutory require.ments. Fund accounting The S&ool maintsins various types of fund8 as follows: 8) Restricted Fund8 Restricted fun(L. repre5eDt ￿￿￿ts, donations and le￿￿e5 recciv¢d which are given by the donor for specific puwses. Income on these investments is also restricted by the donor. b) Unrestrieted Funds DesI￿ated fun& comprise ar(LOUtLts set aside by the Covernors for Teci&c p￿se5. General w)restricted fim& repre5erLt fiwds which are eyendahle at the discretion ofthe Governors in the fitrtherance of the objects of the School. Such fiJnd8 may be held in order to fjnance both working capital and (xpital investsnent. 281Page THE KING'S SCHOOL ELY Company R￿IStratIon Number 2440509 Charity Number 802427 Accounting pollcies (continued) Tangible r￿ed assets TangTr)le ￿eda$Sets are statedathistorlc cost lessaccwnulated depreciation whichis provided in equal annual instalments over the estimated usefid lives of the assets. Propertie5 are maintained throughout the year and an imwent review is carried out on an annual basis. Cost indude8 the original purchase price of the assets and the costs aitributable to brinw the asset into its working condition for its intended use. No depreciatioD is charged on freehold land or ￿set8 in the course of construrtion. Depreciation is wovided to wriie otfthe c05t oFall relevant tangible fixed assets leu estimated residual Value based on current market priees. in 4ual annual instaiments over their wected useful economic lives as fottOW8 unlLi8 the period of any lease is shorter= Land Freehold property Long leasehold property Equipment: Fixlmres, littings, furniturc aud equiwent Catering equipment, teachiDg aids. mowers oud implements Plant and musical instruments Motor vehicles Computer equipment 2% oncost IOO/o on cost 150/0 on cost 2￿/0 011 Cost IO¥o on cost 25¥0 on c05t 33￿/￿ on cn$t Inyesttnents Listed InYesi￿cllts are stated at the market closing price on 31 July 2021. Gains wd losses are taken to the consolidated .8tatement of Finanaai Activities and are in accordance with the Governors, investment poli lained in the Annual Report. Investtncnts in subsid1￿ undertsking5 arc stated at cost. Impairnient reviews are wlormed where there has been an indivation of itnpairnient. Stocks Stocks are stated at the lower of c05t and net rea]isable value. Pension costs The Sdool eontributes to the Teachers, Pension Defmed Benefits Scheme at rates set by the scheme actuary and advised to the Governors by the Stheme AdmI￿atOr. The School also contributed to a defilled contribution money purchase scheme for non-teadling stsfT at 23.60/0 ofannual pay. Lontributions to both schemes are recowd in thc consolidatcd Statemcnt of Financial ActiTrities. In iddition, the School parti￿te$ in the Pensions Trust Growth Plan sdLetne for non-teachll)g staff. Further details of pension costs are set out in note 17. Operating lease agreements Rentals under owating leaseg are clJ&rged on a $traig￿-11ne basis over the lease lenn, even itthe payments arc not madc on Such a basis. Benefits received and receivable as an incentive to SI￿ an operating lease are similarly spread on a straight-ltne basiq over the leage tem. 291Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Accounting ￿licIeS (continued) Finance lease agreements Assets held under PmaTJce lease a￿eements are (xpitalised alla disdosed under tangble fixed assets at cost less depreclation. The fdpitaj element of the future payments 15 treated as a liability Jnd theinterest is cbarged to the consolidated Stat￿ent ol Finanaal Actiwtie$ on & reducing balance b&%is. Foreign currencies TrdDsaLtioDS in foreign currencie5 are recorded at the rate ruling at the date of the transaetion. Monelary assets and liabilities held on the ba]ance sheet are tran81ated at that date and any resulting gain or loss transferred to the consolidated StatemeDt of Financial Activitie$. Financial ingtruments The King'5 School. Ely ha5 fLnanciai ￿et5 and fllwAcial liabilities of a kind dmt quahfy &s basic financial instrutnenis. Ba￿C flliancial itistruments are initially TecogDised at traDsaction vatue and subsequently measured at amortised cost using the effective intcrcst method. Financial assets held at ankortised cost comprise ca8h and bank and in haThd, together witb trade and other debtor5, and accnLed income. Financial liabilities held at amortised cost comprise bank loans and overdrafts, trade and other ac￿￿S. Investments, indud]ng bonds held &s part of an investment portfolio are hdd at fair value at the Balance Sheet date, with gains and 1055e5 being recognised within income and expenditure. Inyestments in subsidiary undertslangs are held at cost le8s impainnent. 30IPage THE KtNG'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 2. Fees receivable The Sehool)s fee income coniprised: Gross fees less.. scholarships le￿.. bursaries and allowances le85'. commission 20,376,560 19,046,206 (231,995) (196,810) (1,7*974) (1.584,311) 072 211 565 18,201,519 17.053,520 Add badc: sdLolar3hip8 and bursarles paid lor by Re5trirted Funds Grattts, aTvards and prizes From Restricted Funds coniprised: Scholarships and bursarie5 14izes 919 463 1,204 463 The above educational awards were made to: 300 individuals (2020: 327). Stholarslups 152 (2020: 139). Bursarie5 and auowances 192 (2020.. 214). 3. Trading activities of subsidiary The Sdwol Compny Rewtration Number 2440509, has a wholly owned tradmg SLLbsidiary which is incorporated in England and Wales, Company Registration Nwnber 3561879, and Re￿￿tered Otyice.. "Ilhe King's School EIYJ Barton Road, CB7 4DB. King's School Ely Ent￿rIseS Limited provides catering and conference ser￿¢￿. The Company donates its taxable profits under Gift Aid to The King'5 School Ely. A summ￿ of its tradmg results For the year, a5 extracted from the audited fiJJan(?al statements. is shown below. together with the ￿hOol'S own results for the ycar to distinguish thcm from the ￿0UP results the consolidated Statement of FinatLcial Activities. Audited financial statementb will be filed with the Re￿strar of Comwes. Subsidiary School 2021 2020 20.131 (4.957) 8.213 (578) 18.811.017 18,272,884 Cost of sales.. KSE Enteryrise$ Ltd Rental charge from School Gro&s profit.. KSE Ent￿rISeS Ltd Admirristration.. KSE Entwprlses Ltd Voluntary Income Crants received tnvestment income receivable Net income for the y&ir Gift aid donation to The School Gross incoming resourees: School Costs ofelwitable activitie$ Governance costs. of the SCI￿01 Cn%ts of generating fi￿aS.. Sthool Net incow/(outgoing) resource5 Total assets of $ubsiiknary TO￿ liabilities of suB￿diarY Totsl net assets of subsidi 75 18,816.092 10,099 {2,276) 2,635 (1,375) 18,277,884 135,119 (Al,710 14,219 959,989 7,823 823 1.260 19,621,725 19,333.993 19,629.548 19.335,253 {19, 103.698) (17,247,075) {33.219) (29.977) 245 482 21 37.612 18.797 31 |Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 4. Other income 2021 Other educational charitable acti￿tieS Registration Fees School unfjorm and trip5 Educational ho]iday lettings SurclLarge on late pawent of fee¥ Rental income C07yJmission and sundry income Erasmus Grant Charge to KSE Enteryrises Ltd for use of facilities Group total 56,136 326252 5,456 40.865 338,945 11,301 2,920 22.870 12,677 51,235 31,071 147,862 50,307 61 Donations Grants recuved (it)dudes amounts payable under the Coronavxrus Job Retention Scheme and Business InteTruption Pawents) Gains on sale of tangible fixed a55ets 74 5. Investment income 2021 2020 Income from investments Bank interest rttceivable for the School Total Group 24,506 66,185 71 6. Resources expended Total Totsl Staff reciatio Costs of generating funds Firwicing costs for the School Financing costs for the sub5idwy Trading custs for the subsi￿.arY Total for the Group 245,482 56 245,482 56 218,547 43 257 790 22J 500 Fundraising & Development Investment Management Fee Educational artivities Teaching 9,171.470 658,590 101,990 We￿are 1,331.780 531,433 27,446 Premises 1,605,I19 1,793,739 759,455 Support Costs ofsehrjoling ￿￿167 Schooljs operating costs 13.797.650 4,3II,31M) 1,025,058 Grints, Lwards and prizes Total for the Group Total 9,932,050 1.891),659 4,158,311 9,008,630 1,616,598 3,713,818 2 905 550 17,244,596 19,134,(K)8 l3,797,650 13,797,650 4.310,891 4￿79,822 1,025,058 1,025,058 19,133.599 17,263.788 19,402,530 17,503,812 Financing costs above indude bat& interest of£24, 165 covered by Goverrment BusiThe&% tnterruption Payments 321Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Resources expended (continued) Itkcluded wlthin the support costs above are Covernance costs of.. 2021 2020 Extcrnal audit and AcLX)unt2nq 8eTvices 2020.21 School: Audit fee and Accountancy serThryce SUb￿diary. Governor5 eyenses For the School.. PrOf￿10n11 Fees School: Professional Fees Subsidiary.. 31,440 28,980 1,332 997 1,779 Total School Total Group 7. Employee intormation 2021 Total $tatTcosts comprises: Wages and Salaries Social security costs Othcr pension cost8 Subtotal Employee benefits in kind TO￿ StaftTCogts 10,877,332 1,012,693 9,864,805 898,794 725 743 13,797,650 12,489,342 Remuneration of the senior leadership team The average number of employees in the year was: 2020 253 75 Teaching and support Welfare Premises Support 5talT Total for the School and Group 43 472 455 The number of employees employed by the subsidiary waB nil (2020.. nil). N￿ther the GovernoTS of The King's School Ely nor wsons connected with them received any remuneration or other benefits from the Sehool. Expenses totaliing £1,779 (2020.. £997) inauTed in perforn)ing their duties were reinibursed to nine (2020: four) Governors. Dwing the year redundancy payments OF £1,614 and pawents under settlement a￿eerne￿ts of £16.420 were made (2020: £DiI). 331Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Employee information (Continued) 'rhe number of higher paid employe&8 was: 2021 Taxable emoluments band: £ 60,000 - £ 69,999 £ 70,000- £ 79.999 £ 80,000- L 89.999 £130,000 . £139,999 £150,000- £159,999 Totsl remuneration paid to key management personnel 2021.. £1,303.035 {2020.. £1,269,949) Totsl pe￿1￿￿ contributions paid on behalf uEkey personnel 2021.. £220, 106 (2020.. £213,568) The number Ivith retirement benefits accruing in: - Money purchasc schemes was for which the Luntributions omounted to - Der￿ed benefit scheme w)$ For which the contributions amounted to 205 206 £537,621 £493.992 151 139 £1,372,709 £1,246,540 8. Tangible fixed assets In March 2011 the CLrrent market value of the Icased and Freehold ￿oPert[eS. exduding the freehold and refurbishment Costs of the old Palace. was £20,875,OW. The net b(K>k value of a&8ets Uged for the admirristration of the £harity 1$ iDsigni&cant. Freehr)Id Leasehold School Cost At l August 2020 Addiiions Di5P05a$ At 31 July 2021 Accumulated depreciatAon At l Awt 2020 Charge for the year On dig05als At 31 JUL) 2021 Net book value At31 July2021 At 31 July 2020 Induded in fixed &ssets above are assets pwchased on fmance lease costing £453,955 (2020: £453,955), th a nei book value oF£260.113 (2020: £350,904) after charging deprtcxation of £90.791 (2020.. £77,156). 12,352.274 7.925.717 8,690,353 28,968,3M 40Q.857 400,857 170 019 170 019 8 921 191 29 199 182 12 352 274 7 925 717 5.144.502 245.045 2,297,880 148,440 5,781,930 13,224,312 631.573 1,025,058 167 926 167 926 2 H6 320 6 245 577 14 081 444 5 389 547 6 962 727 7 207 772 479 397 2 675 614 15 117 738 271137 ￿￿￿423 IS744 341Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 9. Fixed Asset investments group Llnrestrirted Restricted Fun& Valuation at l Augu8t 2020 Additions at cost Di5POsals it carrying value Net de￿e￿e in cash Net w/(losses) Valuation at 31 July 2021 3,619,994 3,675.552 (3.604,433) {56.179) 72,070 3.692.064 3.675.552 (3.604,433> {56,179) IL176 Historical c05t at 31 July 2021 Asset distribution of the investments included in the above is: Multi. Asset Fun& Commo&'ties Equities Property Bon& Cash/other Totsl UK 21.5 33.2 Global 60.8 Total 63.4 21.5 i(K>.o School The Schi>ol al80 has a l(X)O/o hoRdllJg of 100 ordinary shares of £1 each in King's School Ely Enteryrises Limited, a IiD)ited company incoryorated and re￿tered in England and Wales. 10. Stocks 2021 2020 Teaching resources Catering and domestic provisions Grounds materials 4,134 9.813 60 4,185 9.811 60 351Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 I l. Debtors Gro Grou 202 hool 2020 Amounts falling due within one year: School fee¥ Amounts due Irom Subsidiary Trade debiors Rent foregone on Capitu]ar Properties Prq)*yments and accrned income 98,033 98,033 35,292 81,519 81,519 17,365 1,485 39,(XlO 181 334 1,810 39.IX)O 592 966 39,0(K> 181 334 39,0(K) Amount falling due after one year. Rent foregone on Capitular Propertie5 In 1989 an a￿tement was entered into betwe¢n the School and the Dean and c.hapter of the Ely Cathedral whereby the fuJan¢e required to renovate the Eour capitular PTopertie$ occupied for many years by the School would be providca to the Dear) and Chapter by the ￿001. This advance, and the interest costs borne by the sc.hool of the bank103n to fll)ance it. W&8 rwyable by the Dean and Chapter by it foregoing annual rent and under a term ul the agreement, any part of the advanLE not repaid by Au￿st 2024 would be Forgiven by the School. In Iuly 2011 under a Letter of Agreement it was agreed that thc Schi)ol reduce chapter's liability to repay the loan by reducing the balance by 41Y/4 in September 2011. a fi￿ther 40f/*o in September 2015 aud to expunge the remaining 21Ph in September 2024. in consideration of any rent reviews being waived and the annual rent being agreed until 2024. lle net benefit ofthe reduced rents to the ￿001 15 shown as rent foregone on capitular properties. 12. Creditors: amounts falling due within one Scho 2021 2021 2020 2020 Bank loans Obligations under financc Icases Trade. LTeditors Other taxation and social secwily Papents received on aCC￿lInt ol future fees Pension eontribution5 pa)*ble Acceptance deposits Other creditors and accruals Advance Fee5 509,959 509,959 84,517 84,517 433,435 433,435 258,164 258,164 497.632 497,632 234,990 234,990 2.297,946 2,297,946 361,041 358,1121 41 418 075 ￿￿75 252,008 80,978 594,405 236,619 351,387 228,615 2,396,954 367,106 668 101 252,008 80,978 594,405 236,619 351,387 228,615 2,396,954 365,770 668 101 17 361Page trHE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 13. Cr¢ditors: amounts falling due after more than one year Batjk loans nb]igations under finance leases Advatkce fees Pensions Scheme deficit 5,812,494 5,322,837 179,622 264,139 499,013 338,560 137 377 173 473 Following the Bank loan restructure in August 2017 the following agreements have beeTJ entered into: Two agreements at £2.75m each at a fixed interest rate of 2.94010 over 10 years OU the baw of a 20 year repayrnent prorlle payable quarterly (£183,312 w allnum per loan). One a￿eement of £686,425 at a fixed interest rate of 2.660/• over 10 years on the kn of a 20 ￿aT repawent profile payable quarterly (£45.832 pw annum). The loatL8 are secured by legal clwges on a number of owned properties to ensure loan security OF £1 I,(￿,000. In September 2020 tbe se1K￿l borrowed £im under the Government Coronavirus Busine&s Intemiption Loan &herne. For the first twelve months after drawdown, any interest and fees are covered by a Government Busines5 Jntwtion Pawent. thereafter interest is charged at 3. 25Vo above baTat base rate. The amount ofthc Busine$5 Intcrruption Payment for the period to 31 July 2021 was £24,165. The l(An is repa￿ble over 3 years eommeneing 12 months from drawdown at £83,333 per quarter (£33,333 per annum). The loan was repaid in full in September 202 1. Grou Gro Bank Loans Capital Due after five years Due within two to five years Due within one to two years 3.945.765 1,268,422 598 307 5.812.494 4.240.568 822,841 259 428 5.322,837 252 00 5 574 845 Due within one year 6 322 4S3 Obligations under finance Iwes Due within two to five years Due within one to two ycars 91.566 179,622 179,622 264,139 97 345 117 Due within one year 264 139 371Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 Fees in advance under contract 202 2020 Due after five years Due within two to five ycars Due within one to two years 133,370 118.809 165 418,705 499 013 78,497 338,560 Due ￿thin one year The movcments during the year were: Balance at l August 2020 New deposits Amount OE discount ￿Ven I,(K16,661 669,621 1,390,295 383,142 1.690.914 (40.893) 1,792,020 (106,961) 67 Refimds Amounts utilised in sclwol fees to the School Balance at 31 Iuly 2021 14. Net assets of the funds of School and Group 'itse Sc.hool's net a$s¢ts relate to the. varlous funds a5 follow$.' As at 31 July 2021: Tangible Investments f￿ed assets Net curre.nt Net long term as8ets/ assets/ (liabilities) (liabilities) Fund balances Restricted fund5 Unrestricted fim(L4 School Subsldiary's reserves Group 82,246 4 256 960 4,339,206 612,534 694,780 11 559 618 15 117738 15,117,738 6 606 974 (6,606,974) (595.572) 12.254.398 As at 31 July 2020: Tangible Investments fixed assets Net Cu￿ent Net long terni assets/ assets/ (liabilities) (IAabilitie5) Fund balance3 Restricted fi￿dS Unrc5tricted kimds School Subsidiary's reserves Group 72,071 3 620 096 3,692,167 100 692 067 608.121 2 630 696 (2,022,575) 680,192 L￿&￿477 10 694 955 (6,038,477) 11.375,147 15 744032 15.744,032 2 022 475 6 0311477 381Page 'THE KING'S SCHOOL ELY Compny Registration Number 2440509 Charity Number 802427 15. Movement in restricted funds Restrirted fijnds comprise the follow unexpended donations attd grants gven for specific pL￿pOSe5.. 31 2021 Transfcrs Ex nditure Restricted donation5 Scholarships and bursarles Erasmu5 Clara Taylor School prizes 384.414 199,235 37,278 20,877 2.542 (39.492) 386,956 165,732 89,376 20,877 1.228 50,307 5.680 (919) 1,791 463 17 School prizes and scholarship fi]nds represent a number of in&vidually low Yalue fun(L% donated to the School for use towards prizeb andscholarships. These funds are r￿resented by investttLent5 111 thc Charitics Official tnvestment Fund income share5. 1ncorne from these shares is broughi into the Statement OE Financial Actiwties as restricted income. The Relithan Charitable Trust bursary fimd was set up in 2012 from a generous donaiion of £125,0(x) from the Relithan CFwitable Trust to proNide bursary assistance towaTh4s the school fees for Sixth Forni pupils who knve thin 50 miley OFEIY. A genero￿ donation in memory of Clara Taylor was received 2011 and 2012. The Clara Taylor Mwic Award is gven to enable talented pupils with musid excellence the opportunity to extend their sludies. For comparison, the prior year restricted funds comprised the Follo￿. I Se tember 31 2019 Income Gains TTansEers enditure Restricted donations Scholarships and bursaries Eraqmus C]ara Taylor School prizes 385.142 365 (1,093) 384.414 198,172 1.39S 51,235 872 (1,204) {13,957) (3.568) 463 199,235 37,278 20.877 24,445 391Page THE KING'S SCHOOL ELY Compny Reglstration Number 2440509 Charity Number 802427 16.Movement An unrestricted funds Unrestricted fimds comprise the following: I Au 7U5t 2020 GaiDS Ex diiure "I'ransfers 31 Fees in advance Fee donations General fund Total school Non-d￿ritable Total group I,￿6.661 684,253 134,811 9 688 294 18 757 977 10,694,955 19,577.041 (773,826) (66,102) 621 926 18 $50 703 621,926 {19.390.631) 917,088 68,709 10 573 82) 11,559,618 56,327 10 694 955 19 597 172 621 926 19 402 939 504 11 559618 During the year wents were inwted to donate back to the khool Eee rebates given because OF the Coronavirus pandemic. It was a￿eed that these could be us¥d either to support hard¥hip bursarie5 For tho$e affected by the pandemlc, lor ￿OrtS faLilities enhancement or general investADent in school Faciiitics. Donationg totalling £22,480 ere used to fund sport faLilities and £31,714 were put to general school investment. The remaining donations of £80,617 were for hardskn"p bursaries of which, £68,709 rcmained vnspent at the year end. l*or compari8on. the prior year unrestricted funds comprised the folluwitig: I Se Gains Ex en&'ture tembcr 2019 TraJJsfer$ Fees in advance General fund Total School Non.charitable Total group 1,390,295 401.72.5 (785,359) 7 538 836 18 879 825 16 692 308 8.929,131 19,281,550 (40.412) (17,477,667) 1.006,661 9 688 294 10.694,955 2,353 8 929 131 19 289 763 17484620 10 694 955 17. Pension Scheme The School participates in the Teacher$. Pension Scheme Cthe TPS°> for its teaching staEF. The pension charge for the year include5 contribution$ payable to the TPS oF£l.372,709 (2020= £1,246,540) and at the year-end £165,340 {2020.. £160.115) was ac¢Jued in re¥ect of contributions to this scheme. The TPS is an unfunded multi-employer defmed benehts peDSAQn scheme governed by the Teachers. Pension Scheme RegulatioDS 2014. Members contribute on a 'pay a5 you go" basis with contributions from TfLembers and the employcr being credited to the ExCh￿eT. R&iremcnt and other pension benefits are paid by public funds provided by Parliament. The. employer contrlbution rate is Set by the Secretary of state Follow scheme y￿UltionS undertaken by the GovernllLeDt Actuary's Dwiment. The most recent aciuarial valuation of the'l'PS was p'Tarea &8 at 31 March 2016 and the Valuation Rq)ort, which was publishcd in March 2019, confirmed that the employer contributirjn rate for thc TPS would increase frnm 16.4•/0 to 23.60/0 from I Scptember 2019. Employcr5 are aso required to py a scheme administration lery of 0.08 % a tutsj employer contribution rate of 23.68 %. The 31 March 2016 Valuauon Rryort was pr￿rea in accor¢Jance the benefits set out in the scheme regulation5 and under the approach specthed in the Dircrtions. as they applied at 5 March 2019. However, the assumptions werc considered ana $e.t by the Departsnent for Education prior to the ruling in the 'McCloudlSargeant C&8e. Thi5 case has required the courts to consider case$ regar(Iing the implementation of the 2015 reforms to Public Service Pensions including the Teachers, Pen￿OnS. 40IPage THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 On 27 June 2019 the Supreme Couri denied the gvYernKnent permission lo appd the Court uf Ap judgment that trAnsitional W0￿$10n$ introduced to the reformed pen￿On Schemes in 2015 gave rise to unlawful 4e diwrimination. The government 19 respecting the Court's deasion and ha$ said it will engage fully with the Emplojmcnt Tribwd as well as employer and metllber representativcs to agrcc how the diScrimi￿tiOnS will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deEerred choice unde￿In under which members will be able to choose either legacy or reformed scheme benefits in respect of their service dvnng the periodbetween l April 2015 and 31 March 2022 at the point they become payable. The TPS 15 subject to a Lost Lap meLhanism whiLh was pul in place to proteci taxpyers againsi unforeseen changes in scheme costs. The ChiefSecret&ry to the Treasury, having in 2018 announced that there would be a review OF this cost cap mechanism. in Janw 2019 aTmounced a pause to the cost cap mechanism follow￿ the Court of Appeal's ruling in the McCloud/Sargtant we and until there i5 certainty about the value of ￿l0￿S to employees from April 2015 onwards. The puse was lifted in July 2020, and a consultation wa5 launched on 24 June on proposed Ch￿c5 to the cost control medwii5m following a review by the Government Aetuary. Following the public consultation, the Governtllent have accepted three key proposa15 recomllLended by the GOvern￿ent ActWy>and are aiming to implement these changes in time for the 2020 valuations. In view of the above ndings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may beeome in4)proPria￿. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different reAdts than tho$e contained in the Artuarial Valuation. Until the c<)st ￿P rnecl)ani8m review is completed it is not possible to condude on any PAnanciai impct or ￿ture es to the contribution rates of the TPS. ALLordingly no prvvision lur any additivnai past benefit ￿nSIOn costs is induded in these f]nancial 5taternents. The Pensions Trust- The Growth Plan The company particfftpates in the Scheme. a multi-employer scheme which providesbenefits to some 1,3 nan-associated participating employers. The sdLemc is a dcfined benefit scheme ITh the UK. It is not Possible for the eompany to obtain sufficient information to enable it to accountfor the scheme as a defined be[￿lt Scheme. Ilerefore it accounts for the scheEne as a dePll￿a contribution scbeme. The scheme is subject to the funding It￿SlatiOn outlined in the Pensions Act 2(W wlu'ch came into force on 30 December 2￿5. Thig, together with documents issued by the Pensions Regulator and Technicat Actuarial Standard5 i5sucd by thc Financial Reporting Coun(?I, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is cl￿S1&ed as a 'last-man standing arryement,. ThereEore, the comwy is potentially liable for other participating employers, obligatioThg if those employers are unable to meet their thare OE the schcme (ieficit following ￿thdraWal fro￿ the schejne. Participating employers are legall}. required to meet their Share of the scheme deficit vn an atmuily purchase basi$ on wlthdrawal from the scheme. A full actuarial valuation for the sLheme was carried out at 30 September 2014. This valuatioD showed assets of £793￿, liabilities of £970m and a deficit of £177m. The latest Eull actuarial valuation was carried out at 30 September 2017. This valuation showed a￿ts of £794.9m, liabilities of £926.4m and a deficit oF£13 1.5m 41 |Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 To eliminate this funding shortfall, the'l"TUStee has asked the partiwting employers to pay additional contributions to the scherne as follows". Deficit eontributiony Frurn l A￿1 2019 to 31 january 2025.. £1 I,Z43,(Ww (pygble Mo￿h]Y and Incre￿ngbY 3¥• on 1st Awill UDle58 a coneession F￿$ been agreed with the Trustee the terni to 31 Januy 2025 applies. The recovery plan contributions are allocated to each P￿tiCiPatIng employer in line with their estimated Share of the Series l and Series 2 scheme liabilities. Where the scheme is in deficit and where the company a¥eed io a deficit fi]nding arra￿ement the company recopses a liability For this obligation. 'ikne amountrecognised is the nel present value of the deficit reduLtion contributions payable under the agreement that relates to the deficit. The present value 15 calLidated using the discount rate detaded in these &%d (34) Proviyion at end oFyear 137 173 Income and Expenditure Impact 2021 £IXM)s 202U £OOOs Interest expcnsc Reme&surements- impact of any d]ange in assumptions AN5umptions 31 Julv 2021 31 July 2020 /ts per annum 31 August 2018 /0 per annum /v annu Rate of discount 0.57 0.60 0.97 The discount Tat¢¥ shown above are the equivalent single di$eount rate$ which, when used to di8countthe future recovery plan contribution5 due, would gve the same re8uIts as using a Eull AA corporate bond yield eurye to th'scount the satne reco￿ery plan contribution$. 421Page THE KING'S SCHOOL ELY Company Registration Number 2440509 Charity Number 802427 18. Financial commitments At 31 July 2021, the sd￿01 and Group had total comtDitments undtt non-r2ncellable operating leases 2$ follow5: 2021 Land &nd 2020 L4nd and 2020 Falling due within one yeat Fal]ing due one to two y&vs Fallmg due two to five years Falling due after than five years Total 161,282 61,282 175,846 2 426 910 2 825 320 169,653 167,679 188,199 53,282 53,282 151,878 2 229 718 138.632 130,677 203,288 The totsl renta]s under operalAng leases, charged as an expense in the Statement of Finan(iai Activities, were.. 2021 Land and buildings Equipment Tots] 153.282 59.089 At 31 July 2021, the School and Group had contracted capitsl w(4iture of £307.1)46 {2020: £nil). 19. Reconciliation of net incoming re8ource8 to net £￿h inflow from operating activities 2021 Net income Elimination of non-operating cash flows . Rent foregone by landlord 247,149 1,839.654 39,(NX) 39,000 (28.804) (81,901) 245,482 218.547 (36.096) (29,527) 1.025,058 925,169 (9,CH)5) {748.IM) 395,394 167,511 (172,752) (3.797,384) 89 73 1 615 853 - tnvc5tmcnt income . Finance costs Defined won scheme adjust￿ellt Depreaation charge Profit on 8ale of assets Decrease/{intte&se) An debtors Increase/(decrease) in cre&tors {exdudiDg FIA) IDecrea8c}/increase In F.I.A cre