THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 The King's School Ely (A Company Limited by Guarantee) Annual Report and Financial Statements For the year ended 31 July 2024 IIINilli •ADX4W310• 2510212025 COMPANIES HOUSE A21 IPagJe
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Contents Page DireetOTS, governors, otricers and advlsers Annual report for the year ended 31 July 2024 Governors, Report Strategic Report s-io 10.19 Independent auditor's report 20-23 Consolidated statement of fanCIal activities for the year ended 31 July 2024 24-25 Balanc¢ sheets at 31 July 2024 26 Consolidated cash flow statement for the year cnded 31 July 2024 27 Notes to the fmancial statements for the year ended 31 July 2024 28-49 21Page
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Directors and Governors See next page Principal John Artwa¢er Company Secretary Roger Axworthy Clerk to the Board of Governor8 Roger Axworthy Name and Regi$tered OlCe of the Company The King's School Ely, Barton Road, Ely, Cambridgeshire, CB? 4DB Regi8tered Charity Number 802427 Registered Company Number 02440509 Registered VAT Number 183012243 Bankers Barclays Bank plc, ) Churchill Place, Canary Wharf. London, E14 SHP Solicitorj Veale Wasbrough Vizards, Narrow Quay House, Narrow Quay, Bristol BSI 4QA Mills and Reeve LLP, Botsnic House, 98-100 Hills Rd, Cambridge CB2 1 PH Peninsula Business Service8 Limlted, The Peninsula, Victoria Plice, Manche8ter, M4 4FB Independent auditor• Haysmac LLP, I O Queen Street Place, London EC4R I AG Insurance Brokers Heitle Andrews, Eleven Brindleyplace, 2 Brunswick Place. Birmingham, Bl 2LP Investment Managers Cazenove Capilal Managem¢ni Llmi¢ed, 12 Moorg4te, London EC2R 6DA CCLA InveStMt Management Limited, Senator House, 85 Queen Vietoria St, London EC4V 4ET Buildings Consultant$ ChelTins. 25 Market Pl, Ely CB7 4NP Bidw¢ll's LLP, Trumpington Road, Cambridge, CB2 2LD
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Trustees and Governors The rrustee of the Charity És The King's School Ely, a company limited by guarantee. The direetors of that Compny are the members of the Board of Governors as well as being Members of the Company. A$ members of the Company each has given a guarantee not exceeding one pound wlu.lst they are members of the Company and for one year after ceasing to be a member. The Governors who served during the financial year and up to the &te of approving the financial statements were as follows: Membership of Boards, Committees and Working Parties (Chair tsl Board indicated by #, Vi¢e- Chair by & Chalr of Committee indicated by +) Board nf GovemLV Flnance 14 G¢fiLYal PurpoKY Edu47tbon R<muner4ilon Falrttead House Eduolln PcMltsn Awdli Worklnp Graup GD¥wnan¢¢ x+ Group x+ vid D4y x# x+ Giyln Athuon Eltrabeih AllID l¢l¢Lcd 13.5.2024 Mark 8nnn4y Philip Canlwcll 04nlel Cl111 loleded Ifi.10.202J) cphanlc LnLlwixA Irui8•cd 31.7.24) Nichnl•¥ LiTrn&fnrd Ftthella Mffiith.Aedm•n Chrly Mcddlc K*ihlc¢n Milnt Mark Mycr l¥nhel Neiv11. M•n8L.11 Jwh Pcake MithJi.I Pr¢Jctor 11 x+ The co.opted Governors are appointed by the Board of Governors for the time being. The Chapter of Ely Cathedral is entitled to appint two Governors (ineluding the Dean of Ely who 15 normally an ex-oificio Governor). The Ely Dlocefjan Education Board appoints one representative Governor. All other Governors are co-opted. On 29 September 2023: Daniel C05ton was appointed to memberskn'p of the Finance & Gener•1 Purposes Committee. On 22 March 2024: Fenella Martin-Redman was appointed in succession to Mark Myer5 as Chair of Finance & General Purposes Committee wef l 1112025 for a 3-year term Uan 2025 - Jan 2028). Amanda East was appointed as Chair of Remuneration Committee wef i April 2024 for a 3-year term (April 2024 - April 2027). On 13 May 2024 by Written Resolution.. Elizabeth Allan was appointed to rnemberthip of the Board of Governors as Trnstee, Director and Governor. 41PaLye
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 On 28 June 2024.. Fenellè Martin-Rtdman was re-elected to the Board of Governors for a further 3-year term (September 2024-September 2027): and Katie Milne wa¥ appointed as Designated Governor for EYFS. On 31 July 2024: Stephanie Lockwood resigned from the King's Ely Board of Governors as Trustee, Director and Governor because of the SIlfiCanY reduced time available to maintain necessary commitment to membership of the Board of Governors arising from the success of a new business venture. Governor$• Report Statu8 and Structure The king's School Ely is a Trust established in 970 AD. The sole rrustee of the Trust is The King's School Ely, a separatcly constituted company limited by guarantee. The a8S¢t$ of th¢ School are registered in the name of the Company as trustee, but ownership 1$ re(ained by the 'fru$t. Under a Charity Commission uniting direction dated 20 February 2003, the Trust's Original charity registration number (31 IMO) was changed to 802427 and th¢ Charity was lormally linked to its Tru8tee Company. The Articles of Association of the Company were revised in July 2022. Undtr the Articles of Association only menibers of the Company shall be appointcd govcrnors o( th¢ School. The Governors acting as trustees on bchalf of the Company are re$pon$ible for the financial statements of the Trust. The Tru¥t has thariiable status for taxation Purpo$. The information on Governors, officers and advisers on pages 3 and 4 forms part of this Governors, Annual Report. Object, Aims, Objectivej and Policy Charitable Object The object, for which the Company 1$ established, is to advance the education of the public including education in the tcachings and practice ofthe Church of England. Overall Purpose: King's Ely exists to give the very bc8t cducation. opportunities and pastoral care to as divene a community of children as we Can. In doing so we aim to prepare each one to live positive, productive, Successful and fulfilled lives, for the betterment of themselves and the world around them. How we will achieve thls.. through the 0ration of a family of schools centred around a 2-19 co.educational day and boarding xhool in Ely, aiming to draw fully on our exceptional environment, history. physical. Culra1, spiritu41 and human resources in doing $0. Public Benefit Our immediate beneficlaries are the young people whose attrndance can be funded by their parents or guardians, or else from bursaries or other forms of charicable gant support provided by the School under thc Remissions Policy and external charitable organisations, or a combination ofthe5e. However, governors are rnindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2011, believing that society in general 55 the ultimate benefieiary of a King's Ely education and that the incukation of sound social values and personal responsibility in our pupils will be ofbenefit to any community 51 P41 e
THE KING'S SCHOOL ELY Company RegAstration Number 02440509 Charity Number 802427 in which they live and work. In this connection, Governors have monitored closely the guidance on public benefit pr(xlueed by the Charlty Commission together with its supplemental guidance on fee charpg. Bursaries are award¢d to pupils by the Bursaries Awards Committtt on the basi8 of means.testing using an independent organisation, Bursary Awards Limited, and are overseen by the Governors. F&GP Committee. During the year King's Ely continued to work with Royal SpringBoard and other charities to identify recipients of transformational bursarie$. as well as providing places for a number of refugees from the war in Ukrain¢ who arrived in the UK under the Homes for Ukraine scheme and by other means. In ddiuon to thc means-tested bursaries and choral awards, the School is involved in a number of activitles whlch benefit the lor41 and wider communitie$. and the School maintains a public benefit register whlch lists many of the opportunities King's Ely olTers. These activities included: enabling a daily Choral tradition during term time at Ely Cathedral 48 well as special Services, festivals and concerts. through the financial support and provision of education ¢0 Ely Cathedral Boys, and Girls, Choirs. providing, free of charge or at heavily subsidised rates. a¢ce$6 to our facilitie$ for sports, arts, academtc arsd la] events for Children both locally and nationally, and to arts events for the community. donating proceeds from musical producrion$ to support other charities; community action projects run by our own stsff and students, including Itxal care and primiry educatlon providers; organisation of and contributlons to academic events for children from acrosj the r¢gion' providing support to several of our st4lT to be governors at local sthools and to be involved in other eharities; providing for the public, free of charge, tours of the Old Palace and other anclent buildingfj., donating hornemade soup and scones for the homeles5 and vulnerable in the local area. enabling work ¢xperienc¢ for pupils from local schools; providing ESOL leswns to the refugees from the war in Uknaine who knve arrived in the local area under the Homes for Ukraine scheme. Close links between parents/guardians and our teachers, as well a$ Old Eleans. in addition to our monitoring and contributlng to the development of national education initiatives, enable u5 to ensure that the schooling King's Ely provides 15 innovative, relevant, and imaginative Ind thereby represents best practice. Well over half of our employees are actively involved in community and charity work outside sch(M)I ranging from ehalrmanship of national charities to running Guidc troops and raising thousands of pounds for charities. Active liaison with local organisations and the Community at large en4ble5 US to maintain dynamic and relevant activities for the public benefit. 61Pa&Ye
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Enabling activiti¢s To enable the school to fulfil its airns we seek 10: manage school funds etriciently in order to ensure an appropriate and stimulating environment in which to live and learn., provide fmancial support to enable ckn'ldren whose parents are unable to afford the lull rets to benefit from an education at King s Ely: provide clear and effective management capable of taking timely decisions and allocating resources appropriately and provide the necessary administrative and logistic framework to addres5 the needs of members of staifand pupils alik¢. Th¢ jims and objcctives set for the School's subsidiary ire to facilitate the achievement of the School's aims and objectives as above. Governance and Management odrd oJGovernors The constitution ol. the Governing Body and particulars of the Governors who served during the year are given on page 4. The Governors are aware of the Charity Governance Code published in 2017 (and revised in March 2021) which sets out the principles and recommended practice for good governanct within the 8ector. The Nomination and Governance Commirtee has reviewed the Charlty'5 current governance arrangemcnts agasn3t the prlnclple¥ wlthin the code. Th¢ TTU8tee$ conilnu¢ io $eek to employ besi pr•ctic¢ to deliver the highest standards of governance for the Charity. Since 2021 the Committee has developed further the documentation ofbest prattiee in the Charity's governance, including production ora Governors, Handbook which is updated annually and conduets a skills audit of the Board of Governors evcry three years. Recruitment and Trainin8 oAGovernors New governors are appointed at a Board meeting on the recommendation ofthe Nomination and Governance Committee, chaired by the Chair of the Board of Governors. Nominations and suggestions are invited from acroyy the School community and beyond. The Nominations and Governance Committee considers these in accordance with the requirements de(ailed in the Articles ol Association. Importance is placed on diversityi apIntIng new Governor$ who would attract support for the School both within the local community, among parents and stalr, and on a natlonal or internailonal scale. Weighr 1$ also glven to the specifie experience and qualifications posse55ed by retiring Governors, and by those due to retire within two year5, to ensure continuity of representafion of a broad variery of Governors with a CTOSS section of taleftts. A formal induction is arranged for all new Governors. This ensures that they are familiar with the School. the way in which it operates, and the current issue5 which face Governors and the Senior Leadership Te•m, This involves provision of a comprehensive pack of relevant papers. followed by rneetings and visits to familiarise the Governor with the School and the key personalities including: the Chair of the Board, the Principal, the COO and the CFO. and the Heads of the (our elements of the khool, Heads of Departments, intluding Support Staff and the Clerk to the Governor$. Training of Governors is carried out through the medium of iDternal seminars, presentatyons, Judicium and EducaTe online courses. Governors are also encouraged to attend exrernal seminar5 such as thos¢ run by the legal firms of Farrer and Veale Wasbrough Vi£ard$, AGBIS, ISC, HMC or ISBA,
THE KING'S SCHOOL ELY Company RIStratiOn Number 02440S09 Charity Number 802427 Organiso¢ionol Mano8ement The Governors. as the charity Trustees, are legally responsible for the overall management and control of the School and nornially meet lour time5 a year. Much of the detailed work is carried out by the members of the Flnance •nd Gener•1 Purposes Committee (F&GP), who meet in advance of the full Board meetings and at other times a5 required. The Education Committee and the Nominations and Governance Committee normally meet three times a year. The Remuneratlon Committee meets once a year. Other eommittee$ of Governors are formed as required from time to time. All committees report to the full Board of Governors; the Chair of Governors is an ex-officio member of the F&GP Committee, the Education Committee and the Remuneration Committee, and 1$ Chair ofthe Nominations and Governance Committee. Fairstead House Sch(y)I, a Prep school in Newmarket, merged with the King's School Ely on S Aust 2022; furthcr detail 1$ included in the note5 to the accounts. The School ha$ a unified organi$atiOYl Structur¢. The Prlncipal is Chief Exe¢utive. During the year, the School had six elements: King's Ely Acremont {KEA), includingthe Nursery (KEAN), King's Ely Prep {KEP), King s Ely Senior (KES) and Fair5t¢ad House School (FHS> including Fairstead House Nursery (FHN). The Principal of the King's Sehool Ely is Chief Executive of Ill six sections. KES, KEA, KEP ind FHS each have a Head of Section under the direct oversight of th¢ Principal. Th¢ Chief Operating OJTicer, who is responsible for all non-academic statr and functions needed to support the School's educational 4JbJccts, reports directly to the Principl. The day-to-day running of the Schwl is co-ordinated by the School Leadership Team and the affairs of each School managed by a committee chaired by the respective Head of Section and attended as necessary by the Prlncipal, Chief Operating oificer and Chlef Financial Officer. In Mlrch 2023 the Secretary oFStaie approved the School'8 increase in pupll roll to a maximum capaclty of ,250. Group Structure The Charity h•s a wholly owned trading subsidiary which is incoryrated In the Unlted Kingdom. King's School Ely Enterprises Limited, whose activities and trading performance are discussed below and in note 3 of the financial Statements. A further wholly owned Trading Subsidiary, King's Ely Octagon Schools Ltd (KEOS) was incorporated in the United Kingdom on 23 August 2016. "rhe comp4ny is not yet tr•&'ng, Emplowent Policy The King's Sd1 Ely is an equal opportunities employer. Full and fair consideration is given to all job applications and due consideration is given to their training and employment needs. All applicants For employinent and existing employees are treated by reference to their particular aptitudes, abilities and relevant qualifications and receive equal treatsnent as provided by law regardless ol gender, sexual orientation, maritsl status. r•c¢, colour, nationality, ethThlc or national origins, religious belief, age or disability. Consultation with ernployees, or their representative5, has continued at all levels with the aim oftaking the views o( employees into a¢¢ouni when decisions are made that are lthely to affect their interests. Reylar meeting$ are held throughout the OTganisation in which all subjects, teaching and rton-t¢ackn'ng, are discussed with the stalTat all levels. 81Pa
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Employees are made aware of the financial and economic performance of the School. Recruitment related child safeguarding aspects are rigorously adhered to, and all employees receive Child Protection and Safeguarding training, Pay is set by the Governors, Finance and General Purpo$e5 Commit¢ee. Individual $tatrmay appeal for additional remuneration. Volunteers There 1$ in active Old Elean$, association which supports the School. The Friends of the King's School Ely (FokSE), an independent body operating under its own constitutiOlI, provides a focus for the parent body, ex.members of sratr and those with close associatioThs with the School enabling them all to continue to be part of our activities. Remuneration Remuneration is set by the Board on the recommendation of the F&GP Committee, with the objective of providing a remuneration package to attract, retain and morivate our exeellent staff. The Board has also aifjrmed lis commitment that the School be a National Living Wag¢ employer, Pay 15 generally reviewed annually after the Board has considered any comparisons available within the sector (for cxample by taking part in sector wide benchmarking surveys), alTordability and the need to remain competitive. Some stalThav¢ been additlonally rewarded for exceptional performance and/or ickn'eved inrernal progression at the dlseretlon of the Prlncipal. Remuneration of key management per$onD¢I is separa¢cly tonsidered by the Governors, Remuneration Committee, u8ually annually. Delivery of the School's charitable vision and Objects is primarily dependent on our key manigement peryonnel and $tatf rclated co3¢s are the largest Jingle element of our charitable expenditure. Governors, Indemnities As permltted by the Articles of Association, the Governors have the benefit of an indemnity, which Is qualifying third-party indemnity provision as defined by Section 234 of the Cornpnies Act 2006. The indemnlty was in force throughour the last financial year and is currently in force. The School also purchased, and maintained throughout the fmancial year, Governors, and olTicer$ Ilabslity inswance in respect of iiself and Ats Governors. Stat¢ment oJGovernors' A¢¢ountins and Reportin8 Responsibilities The Governors (who are also director5 of The K?ng's Schix)l Ely for the purposes of company law) are responsible for prepring the Governors. Report, incorporating a directors, report and strategic report and the fmancial statements in accordance with applicable law and United Kingdom Generally Accepied Accounting Practice (United Kingdom Accounting Standard5>. comnY law requires the Governors to prepare financial statements for each financsal Far. Under Company law, Covernors must not approve the fancial statements unless they are satisfied that they give a true and fair view of the ¥tate of altatrs of the charitable company and the group Ind of the incoming resources and pplication of resources, induding the income and expenditure, of the charilable company and group for that period. In preparing these fancIal statement$, the Governors are required to.. select the most suitsble accounting policies and then apply them con51Stently; observe the methods and principles in the Chariue$ SORP; 91Pl1 ve
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 make judgments and aecounting estlmates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures diEclosed and explained in the finanelal statements; aDd prepare the financial $ta¢ements on the going concern basis Unle it is inappropriate to presume that the charitable company will continue in business. The Governors are responsible for keepng adequate accounting records that are sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any tsme the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Provisions of the S¢hool'8 constitution. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable Steps for the prevention and derection of fraud and other irregul•ritles. Insofar as each of the Directors, as members of the Governing Body, at the date of approval of this report 1$ aware, there is no relevant audit information of which the School's auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governlng Body In order ¢0 make himself or herself aware of the relevant audit information and to estsblish that the Sthool's auditor li aware of that information. Strategic Report Achievements and PerJormance King's Ely has enjoyed another highly successful year. The School principally provlded education in Ely and Newmarket to boy$ and girls from the age$ of 2-19 in King's Ely Nursery, King's Ely Acremont. King's Ely Prep, King's Ely Senior, King's Ely International. Fairstead House School and Fairstead House Nursery. As noted above, educatsonal oppornItieS were mad¢ available to local children wherever possible. This year average attendance totalled 1,305 (2023., 1,297) and Lvnsisted of: Total Total Total Boarding Day Pupils 2024 2024 2024 Total Boarding 2023 Total Day 2023 Total Pupils 2023 King's Ely Senior King'$ Ely Prep King s Ely Acremont Klng s Ely Nursery King s Ely International Fairstead House School Fairstead House Nursery Totsl 130 20 472 382 76 38 602 402 76 38 27 95 133 28 573 414 386 80 80 40 26 30 32 9S 65 176 1.129 1,305 93 65 93 65 1,297 65 Heads of Sectlon In KEA, KEP, KES and FHS have tontlnued to lead teachers •nd pupils to have hlgh a4)irations and Strong outcomes. IOIPa 21 e
THE KING'S SCHOOL ELY Company Registration Number 02440S09 Charity Number 802427 19 Vo of 2024 A Level grades were A 48Vo were A•/A ades. 710/0 A _B ade. Overall pss rate w•s 100 % . Most importantly. all styjdents seeking university placements for 2024 were successful in securing places at a university of their choice. o of passes were Grade 9; 28 Olo were Grade 9-8, 47 0/0 at Grade 9_7; GCSE outcomes were also strong. I l O/ 95 Yo ar Grades 9_4. Value added scores continue to improve. The one-year International GCSE programme results continued to be strong with an overall pass rate of 940A. More than two thirds of IGCSE re$ul($ were grade$ 9.6. Each section of the School ha$ reported ils progress In academic attainment, 6port, outdoor educauon. competition5 of all kind8 and the arts. In various publications including weekly newslttters from the Heads of each seetion of the Sehool. King's Ely contiftues to hold the coveted International Schools Award and is an aryredited eTwinning School, reeeiving Qualfftty Label awards in all four eTwinning projects. King's Ely coniinues as a National Holocaust Partner School and a growing number of students achieve success in regional and national competitions across a wide range of disciplines. Estate Strate81¢S to achieve the School's Aims During 2023-24, in line with the School's ethos to invest, maintain and enhance the beautiful and historical buildings and faeilltie5 that are enjoyed every day as part of Klng's Ely's heritage, the focu¥ for conrinual improvement has been directed on the School's sprting faciliu¢5, new classroom5, Health and Wellbeing provbsion and infrastructure. The planning process has ¢ontiftued to provide a much needed second Astro pitch, thi's has included completion of archaeological. topographical and underground surveys as well as the extinction of a Public Right of Way (PROW) and introduction of a new PROW. Work is planned to Start in the spring of 2025, with other elements being fmalised in Michaelmas 2024. As in previous years. continuous improvement of the infrastrucrure of the School has play¢d an important part, including the main boiler replacement at Fairstead House, additional LED lighting upgrades. window replaeements and roofrepairs at King's Ely. Improvemen(s have been made io walkways around the Hayward Theatre, Learning Support and Bishop Woodford House (BWH). Additional insulation, additional external lighting and bathroom replacements hive all Featured in the programme. •longside decoration and Ilooring upgrades. BMS (Bullding Management Sygiems) have been installed wlthln the Old Palace. the Prep Sthool, the Haard Theatre. the Gib50n Music khool, and Six of our boarding house5, which consume gas for longer periods. These systems have given us significancly more control over heating and a55iSt with our reduction in fossil fuel usage. Students have ilso played their p•rt in King's Ely's sustainability journey* throughout the year pupi18 have engaged in hand5-on activitics stseh as nionitoring air quality in ¢la$$rooms. 0)ng tomatoes nd chilli plants in upcycled containers, learning about the impacts of microplastic polluuoTh in our oceans. exploring how we can fced our ever-growing population and making susrainable food choices, and creating insect hotels which have been placed around the School. As part olour sustainability education, Students also explored ways to minlmisc waste in the Sthool's catering strvice$, inve$tigat¢d 'fast fathion, and our School uniform supplier, and considered consumerism and the circular economy. Upcoming student-led initiatives will focu$ on reducing food waste (food waste 18 currently sent to an anaerobic digestion plant), exploring I | 1)1¢ ge
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 ways to cut down on packaging waste, a ren¢wed push on reclIng all waste appropriately and Chri$lJna$ jumper swap in KEP. A three-year plan to fully refurbish School House, KiDg's Ely's oldest Boarding house, started iD-pr with a refurbishrnent of the north top floor bedrooms. In addition, the bedroom refurbishrnent ofanother of King's Ely's boarding houses. Hereward Hall. has continued. This year saw the compledon of the first 4nd second floor bedrooms, whth only the top floor bedrooms left to complete. The aquislti¢)n of the B WH site has eadY enhanced the potential of the estate. Th¢ building, previously the Diocesan oifices and retreat, dates back to the 1970s and has undergone a complete refurbishment. The conver8loD to School accommodaOn includes five classrooms, offices and facilities, as well 4$ the provision of the newly branded Health and Wellbeing Centre. This includes a new reception area, three rncdical consulting rooms, three counselling spaces and a Wellbeing Centre. all creating an outstanding facility to serve King's Ely well into the future. In jdditlon, there is overnight accommodation for 40 guests In the UP5tairs area. all completed to a high standard. These rooms are used as medical rooms during tenn time and hollday lets out of term, generating Income when the School 15 closed. Planning for the fmal phase which encompasses the Support Staff offices, including Finance. Human Resources and IT, 1$ well as a new Main Reception. has Started, with a view to Completion Easter 2025. Security of Klng's Ely's large campus continues to be revlewed and improved with the implemenl4lion o( additional CCTV cameras - a totsl of fifty cameras now support the team of Custodians in protecting the site. At Fairstead House, the whole CCTV sptem was replaced, to ensure the security of the site. Health, safety and welfare improvements continue 10 ensure that student wellbeing is King's Ely's rop prlority. Improvements in Health nd Safety procedures and the physical environment conunues to be a focu ofour Health and Safety team. additional coded doors have been added across the sile to ensure the building5 and their oryupants are $afe and cre from intruders, a new electronic 'Lockdown' system has been introdueed, as well as ieveral new fire systems and additlonal emergency lightlng. At F•irstead House, the externally performed Health and Safety Audit received a score of93Vo, and therefore, the SafetyMARK Award of Excellence has been retained. the score has improved su(ficiently in the pasi 12 months for the Fairste3d House to achieve the Platinum version of the award, alled with King's Ely, Future Developments King's Ely will continue to bulld on its suceess and popularity in the local market, and internationally, by maintaining elTeetive marketing and continuous improvement to the education we provide. Careful cost control, together with organic change to create greater ¢TricieDCy where possible, contlnue8 to COll801idate the business model, building up capcity for future investment and means-tested bursary award5 while maintaining restraint in fee rises and demonstrating value for money. In 2024125, we will continue to plan for future investsnent which results in eater cost efficiency or addltional income $trems alongsSde innovatson in educauon. Jn addition to sports. welfare and boarding investsnent programme5 as alK>ve, this includes a new Development Fundraising Department to maximise philanthropic support as well as investment to recruit, train and retain the very best teaching and support staff. All investment and operational decisions continue to be made using the yardstick of our mission and the principle of enhancing the four pillars of Purpose. Practice, Place and People 121PclnC
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Aemi$sions Poli¢y The policy is reviewed annually by the Board of Governors during the khool's budgeting process. The Governors are committed to broadening aecess to the School and they authorise a percentage of the gros$ fee Income (less staff discounts) to be allocated for allowance$. bursaries, choral awards and scholarships. Such awards are •t the discretion of the Principal and confirmed by Governors. Full details of thc Remissions Pollcy are published on the School's website, and advlce is freely available frorn the School. In the year to 31 July 2024. the value of allowances, bursaries, choral awards and discounts made to pupils was £2,734,864 (2023: £2,549,369). Governors olTer means.tested finaneial support for a number of eligible children who would not otherwise be ablt to take advantage of the educatlon otTered. These bursaries may apply to new applican(s on entry to the School or to existing puw'ls in the event o( changed circumstances and all awards are reviewed annually. AJ the School does not have an cndowmcnt for funding bursary awards, Governors are mindful that a balance be achieved between those parents who make considerable personal sacrifices to fund their ckn'ldren's School fees and those benefiting from bursary as$bstanee. Governor5 are particularly mindful of the impaet o( VAT on fees In increasing need for bursary funds at the same tirne as lessening the ability of parents to contribute to these funds from goodw1. AS a r¢$ult. bursary fundraising 1$ a specific focu$ of the new Developm¢nt Department lor 2024.2S. Governors support the education ofthe Boy and Girl Choristers of Ely Cathedral by providing Choral awards And provide allowances for families of the Armed Fortes of th¢ Crown, eligible members of the Foreign and Commonwealth OITice and the Clergy serving the Christian Faith within the Anglican Communion. Families with three or more children attending the School concurrently, receive a sibling discount. Seholarships and exhibltions with a fixed remlssion on tuition fees of between $90 and l Ovo are awarded to talented pupils to promote the continuation of excellentt. In order to attract and retain the very best academic and iupport staff. the School operatcs a di$count schcme for all starf members who choose (o educate their children at the School. Financial Review dnd ResuJtsJor the Year The results for the finan¢lal year are set out in the Consolidated Statement of Financial Activitle5 on page 24. There was net income for the year of £2,738,201 as compared with £2,368,813 in the previous year (this exclude8 the exceptional income arising through the merger with Fairstead House in the prior year), and an overall net increase in funds of £3.164,482 compred with £2,477,31 l in the previous year. Fee income in the year was £30,703,598, an increase of £2,188,547 over the previou5 year, rellceting the boarding/day mix of pupils and change in fee level. Expenditure on projects has rotalled £4,138,562 of which £2.732,213 has been capitalised, including the continued invesknent in boarding and day (aciliries, and the overall estate ¢0 meet health and $afcty requirements. It 18 ofnote that installalion of BMS during the year has led to lower utilities expenditure than budgeted. Recruitment to budgeted support stalT roles have been delayed where possible. These are not expected to be annual savings.
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 PerJormonce oJSubsidiary Company During the year King's Sdhool Ely Enterprises Limited accrued £42.832 {2023: £80,525) for a gift aid payment to the khool, thereby transferring all its tsxèble profits to the School. The a¢tivity in the 8ubsidiary company is expected to be increase marginally in 202&25 from this yr'S level olactivity. Taxation The SL.h()ol is a registered charity and as such is entitled to certain tax exemptions on income and profits from Investments and suTrluses on any trading activities carried on In furtherance of the School's primary objectsve8, if these profits and 8urpluses are applied solely for charitable purposes. Fundraisin8 Perfformance The majority of the School'8 Income 18 fr¢)m Jehool fees and other assoclated income. The School has not engaged with third parties to raise fund5 and any direct approach to members of the public for funding support has been limiled to prents of pupils and alumni. No complaints were received in relation to our lundraising activities. Grants, donatlons and legacies totalled £697,171 during th¢ year to 31 July 2024. Reserv¢s Policy The S¢hool's total reserves stood at £21,414,574 at the year-end, Including £560k of unspent re8tr1cted Income and £20,85Sk urtrestrleted Income including the penslon fund deficit of £6k. The Sthool'$ policy. which is reviewed annually by Governors, is to protect and build re$erves to ensure the School's continuing ability to provide first clas5 educational services; through steady recruith)ent of pupils at all stages of the School and by prudent budgetary control. The target is to hold three months, operating reserves within Cash and Investments. Due to the policy of reinvestsnent into fLxed assets and the running of the School. there are no free reserves at the year end, Goin8 Concern The Covernors have considered the School's cash position. sourLY$ ol income, funds available to the Sthool and planned expenditure, and modelled several scenarios and stress ¢ests including the current global political situation, the rising cost of living. additson of VAT on fee5 and removal OF Business Rates Relief and increasing inflation. These scenario6 consider reduced pupil numbers, delayed fee payThent, increajed utility t$ and potential bad debts as well as impact on costs from the measure5 taken 50 far and mitigations that might be taken in future. Sensitivity around these as$umptions has also been considered In thelr forecastlng. Results of this cash flow and &¢n51tivity analysis indicate that the cash re5ervcs of the charity are adequate to meet the charity's obligations as they fall du¢. Addiiionally, despite the wider uncertainty in the economyi the strength of the School's hlanee sheet Is such that the Governors consider there is no materlal uncertainty over the School's fmancial viability. Having regvd to the above. the Governors believe it appropriate to adopt the going concern ba$is or accounting in prcpring the tlnancial ststernents. 141 Pagve
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Investment Policy and Objectives Governors, powers of investment are unfettered. Funds donaied for Self)C scholarships and School prizes continue to be invested through the Chariries OtTicial Investment Fund. Other undesignated funds are invested through and managed by Schroder & Co Limited, Cazenove Capital Managemen¢ who report to the Board of Governors on a regular basis. The larger unrestricted fimds, iotalling £4,184,309, are held in Multi-Asset Fund with appropriate investment targets. The investment objeetive is to deliver a real return plus 3Vo net of fees. The value ofthe investhient has increased by 4% over the year. Note 9 to the fmancial statements slW$ the movements on these funds during thc year and, where relevant, give a description of the terms on which the funds are held. The investments are sulTicient to meet the School's obligations on a fund by fund basi$. Governors review the policy annually. Capitajisation Policy The School'i policy is ¢0 capiralise any tangiblc a$$¢ts (Indlvldual or groupcd) or infra8rructur¢/cJtal¢ enhancements projects in excess oF£2,000. Statement oJStreamlined Ener8y and Carbon Reportin8 (SECR) Reporting Year: Augugt 2023-July 2024 King's Ely Scop¢ I direct emissions (combusuon of natural ga8 and transportation fuels) for thls reporring year are 783.52 tC02e, resulting from the direct combustion of 4,154,176 kwh or ruel. This represents carbon reduction of 7. 53Q/o from last ycar ending July 2023. Seope 2 indirect emissions (purchascd ¢lc¢tricity) lor this reporting year are 220.72 tC02e. resulting from the consumption of1,066,01 I kwh ofelectricity purchased and consumed in day-to-day business operation5. This represents a carbon reduction of 2.51 % from last year ending July 2023. Kbng's Ely's operation5 have an intensity metric of 0.729 tC02e per pupil for this reporting year. Thi$ represent$ 4 reduction in the operational carbon intensity of14.89Yo from I*si year ending July 2023. Annual Reporting Figure8: Consumption and Location-Based EmI10n$ The following tables show the consumption and as50Ci4ted emissions for the financial years ending July 2024 and July 2023 for all oFrations. Total consumption and location-b•sed emissions are reported in Tables I and 2. Scope I tonsumptffion and emissions inelude direet eombustlOD of natural gas and fuel$ utilid for transportation operations, for example, company vehicle fleets. Scope 2 consumption and emissions cover indirect emissions related to the consumption of purchased electricity In day-ro-day busine88 operations,
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 The King'8 School, Ely Total Emi88ion8 liitensity M¢tric tc teo FYI014 T•l•l Pupll l378 S4 lJ78 I Swp•o tCOA• r fvpll 0.729 Oi56 0.569 0.676 -14.89% -15.8 Table l - The King'g School. Ely FY2024 Total Energy Consumption (kwh) Ullllty•ndkn• •9•IT 4154T16 •tvr41 G•5 15¢opell iTh,xi5 4,154905 IScopel1 4Uf12 • 2T•t•l IP64on GrlO.Supplled Ekctrlclty 15copea 1.093278 Tot Table 2- The King'j School, Ely FY2024 Total Location-based Emis•ion• (tC02e) FV2014 Effl1Mrn F¥1023 SfflT•ilonstC4• Ullfftyand 5e•p• 5¢wlT•l•l •47 N•tur•l G•r4 69249 760.78 TrnnspJrt•tknrb IScope11 Q3 •p• ITot•l Gfid.Supgll•d EIKth'city tS¢opeJ 220.72 T•t 107&70 161Page
THE KING'S SCHOOL ELY
Company Registration Number 02440509
Charity Number 802427
Energy EITIcAency Improvemettts
king's Ely is committed to yeaT.on-year improvements in its operi¢ional energy elTiciency. A register of
enCY eiciencY measures has been compiled, with a view to implemen(ing these measures in the nexi five
years.
Measure$ ongoing and undertaken through FY2024 are discussed within Estate Strategies on
pa8e# 11 and 12
Reporting Methodology
This report (including the SCO l and 2 consumption and C02e emissions data) has been developed and
calculated using the GHG Protocol -A Corporate Accounting and Rep)rting Standard(World Resources
Institute and World Business Council for Sustainable tkv¢lopment, 2004}.Greenhouse Gas Protocol-scope
2 Guidance (World Resource$ Institute, 201 S>-ISO 14064.1 and ISO 14064-2(ISO, 2018- ISO, 2019);
Environmenral Reporting Guidelines: Includthg Streamlined Energy and Carbon Repor(ing Guidance (HM
Governrnenl, 2019),
Government Emissions Factor Database 2024 version I has been used, utilising the published kwh gross
calorifjc value (CV) and kgC02e ¢mis$ions factors relevant foT the reporting period 01108/2023
3110712024.
Estlmauons were undertaken to cover missing billing periods for propertles directly bovoiced to The King's
School, Ely. These were calculated on 3 kWh/day pro-rata basi$ ai th¢ meter level.
For propertle$ whtre The King's School, Ely 18 indirectly re$ponslble for utiliues
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 ofthe School and principal departments are reyesented. The Governors have delegated to the Principal and Senior Leadership Team all aspec¢s ol risk management, including the day.to.day operation of the approved Risk Management Protocol, the identifieation. assessment, and control of risk; and the provision of adequate Informltlon to the Board of Governors to enable It to make sound risk declslons. The School has a full-ume Health and Safety Manager. The key risks identified include the current global political situation, the rising cost ofiiving, addition of VAT on independent education. the removal of Busines$ Rates Relief and increasing employment C03ts. To mitigate these risks the Governors review scenarios considering reduced pupil numbers, delayed fee Paent, incrcased utillty costs and pot¢ntlal bad debts; as well as the impact on costs from the elriciency measures taken so far and mitigations that might be taken in future. Sensitivlty around these assumptions has also been considered in their forc¢asting. Rellanee on rr systems Is a180 hotcd as a key risk, and an IT audit by Indugtry specialists ha8 been performed to ensure the School Is ln a robust posltlon. The key controls used by the Sehool include formal agendas for all Committee and Board ictivlty. detailed terms o( reFerence for all Committees" comprehensi strategic planning, budgeting, and management •ccounting: formal written pollcies. clear authoriiation and approval levels, Ind vetting procedures aJ required by law for the protection of the vulnerable. All staff are given induction training in health and safety and Safeguarding. It is recolSed that systems can only provide reasonable but not absolute assur•nce that major risks have been adeguately managed. Compli•nce in all areas of child protection, education, business, health and safety. employment, and charity law continues to be a high priority. Section J 72 Statement The Board of Governors confirm that in xcordance with Section 172 {]) OF the Companies Act they act in a way they eonsider would be most Ilkely to achieve the charltable objects of the Company. In rnaklng this assessment the Governors have con8idered the following: a> 'fhc likely consequentt$ of any decision in the long terni The long-term sustainability of the oFrating model is Considered by the Governors as *t out in the gotng concern sectlon of the Governors, Report. Speeifieally, the Governors con$lder both short- and longer-term rinancial projections and the key ri5k5 that tould negatively impact the sustsinability of King's Ely. The Governors review management information, budgets. forecasts. cashflow projertions and progres$ against the financial plan on a re[ar basis. Risk management is embedded at all levels across the Company. The most Si1P1c4nt risks are discussed at the appropriate Gov¢rnor5' Committee meeting and each Board meeting. b) The intere¥t8 of the Company's employte$ In relation to employee engagement, the Governors receive regular reports from the Principaj and the nior School management on the perspectives of stalT. Wlth regards ro Board Diversity. there •re five women and ten men. King's Ely has complied with the UK'S Equality Act 2010 RelatiOnS 2017 that require the publication of information on the gendcr pay gap for UK employees annually. The 2023 report Is available on the King's Ely website. c) The need to foster the Company's business relationships with suppliers, customers and others. The immediate beneficiaries of the School are it$ pupils and parents. In relation to key stskeholder engagement, the Governors actively promote regular activities and are committed to ensuring that the 181Pa
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 School's n)ission and value$ are reflected in its approach to buying goods and services. The School is transpuenc with information and is keen to build mutually beneficial relationship5. Comrnunicats'on with parents is by weekly newsletter. periodic update letters From the Principal, virtual or in person year group parenlal colTee mornings and individual conracts with tutors and pstoral/i'eaching 5tan'. The individual and collecrive "Pupil Voice" is encouraged and lislened to, whether via Forums/Committees, que51ionrtaires, or tutor groups. A °you said, we did" culture exists to communicate and reeord any change$ withiti the pupil community back to the pupil body. d) The imptt of the Compny's 0ratIonS on the community and the envlronment The Company has completed the Energy Saving$ Opportunity Scheme {ESOS) reporting requirements and is now reporting under the Streamlincd Encrgy and Carbon Reporting (SECR) see page 15. The School's conslderable contribution to the local community is se¢ out at page 6. Suth ac¢ivities included partnership work and support to local slate funded schools, voluntary service, and community action projects, and offering use or racilities to NHS servi¢¢s. e) Th¢ desirability ofthe company maintaining a reputation for high standards of business conduct King's Ely's Procurement Process and the King's Ely Bribery Policy h•ve been approved by the Board of Governors. The Board of Governors seeks to promote best practice in the procurement processes that demonstrate Fairne$8 and Inteity, compliance with relevant laws and regulations, and eonfidenuality. To this end the School applies the kn'ghest standards of business conduet, including adherence to all applicable laws and regulation5 relating to Fraud. bribery and corruption wherever it operates (including the UK Fraud Act 21x16 and Bribery Act 2010 whlch applies to the School's operations both in the UK and globally). The School's Whistleblowing Policy supports stA(r in delivering this approach. Th¢ need to act fairly as between members of the company. The Board of Governors has a conflicts of interest policy contained in their working rules. All Governors and Compny OITicers make an annual declaration of business intere$ts and the Governors and Company Offittrs declare if there is any conflict of interest relating to any item on the agenda at each meeting. Indep¢ndent Auditors Haysmac LLP are the appointed auditors for the School. This Annual Repor(, prepared under the Charities Act 2011 and the CompaDies Act 2006, was approved by the Board of Governors on 6 December 2024, includiDg in their capacity as company directors approving the Strategtc Report contained therein, and Is signed as authorised on its behalf by: Mr DavAd Chairman of the Board of Governors Mr Mark Myer8 Chairman of Fina & General Purpo8e8 D•te.. 6 D¢¢ember 2024 1911)
THE KING'S SCHOOL ELY Company RAStratIOn Nurnber 02440S09 Charity Number 802427 Independent Auditor'8 Report to the Member# of The King'¥ School, Ely Opinion We have audited the financial statements of The King'$ School, Ely for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Aetivities, the Group and Sehool Balance Sheets, Consolidated Cash Flow Statement and notes to the finanelal statements, Ineluding a summary ofsignificant accounting policies. The financial reporting Iramework that has been applied in their preparation is applicable law and Unit¢d Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financlal R¢ponlns Stondard4ppli¢able In the UK and AepublicoJlrelond (Unlted Kingdom Generally Accepted Accounting Practice). In our oplnion, the financial statements: give a rrue and fair view of the $t•tc of the group's and of the parent Charitable Company's alTairs is at 31 July 2024 andofthe 0up'S and parentcharitable company's net movement in funds, ineluding the income and expenditure, for the year then ended; have been properly prepred in *ccordance with United Kingdom Generally Accepted Accounting Practice; and have been Prepared in accordance with the requirements of the Compni¢$ Act 2006. Basi8 for opinion We condutted our audit in accordan with International Standards on Auditing (UK) {ISA8 (UK)) and applicable law. Our responsibilities under those standards are further d¢ycribed in the Auditor's re$ponsibilities for the audit of the financlal statements section of our repor¢. We are independent of the group in accordanee with the ethical requirements that are relevant to our audit of the fthancial statements in the UK, including the FRC'S Ethical Standard, and wc haye fulftlled our other ethical responsibilities in accordance with these requirements, We believe that the audit evi&ncc we have obtained is sutTicient and appropriate to provide a basis for our opinion. Conclu81ons relating to going Concern In auditing the financial st•tements, we have concluded that the trll$tee8' use ol the going concern bas18 or accounting in the preparation o( the fulancial statements is appropriate. Based on the work we have perFomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast SilFicant doubt on the group 's ability to continue •$ a going concern for a period of at least twelve months from when the fuuneial statcments are authorised for issue. Our responsibilities and the responsibilities of the trnslees with respect to going concern are described in the relevant sectsons ofthi"s report. Other ii)formatio The trustees are responsible (or the other inforrnation. The other information comprises the information included in the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent othenvi5e explicitly stated in our reTt, we do not express any form of a&suranre conclusion thereon. 201PaLYC
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 In conneetion with our audit of the financial ststements. our responsibility 1$ to read the other information and. in doing so. consider whether the other information is materially inconsistent with the fmancial statemenrs or our knowledge obtained in the audit or otherwise appears to be materially misstared. If we identify such material inconsistencies or apparent material misstsrements, we are required to determine whethcr there is a marerial misstatement In the fmancial statements or a material missiatement of the other information. If, based on the work we have performed, we conclude that there 1$ a material misstatement of this other informatlon, we are required to report thar facr. We have nothing 10 report in thls regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the cour$¢ of the audit.. the information given in the Annual Report (which includes the Straregic rert and the directors, report prepared for the purposes of company law) for the financial year for which the fmancial statements ar¢ prepared 13 consistent with the flnancial statements. and the strategic report and the direcrors. report included within the Annual Report have been prepared in accordance with applitable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable compny and its environment obiained in the course of the audit, we have not identified material mi¥st•tement$ in the Annual Report (which incorporares the strategic report and the directors, reporr). We have nothing to report in respect of the following matter5 in relation to which thc Cornpnies Aet 2006 r¢guires us to report to you if, in our opinion.. dequate a¢countsng re¢ord8 have not been kept by the parent charitable company; or the parent Charitable company financial statements are not in aeernent with the accounting records •nd return8: or certain disclo$ure$ of trustees, remuneration Specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of triistees for the financial statement8 As explained more fully in the trustees. responsibilities statemcnt set out on pages 9 and l O, the trustees (who •ve also the directors of the charitable company for the purposes of Company law) arc responslble for the preparation of the fmancial statements and for being satisfjed that they give a true and fair view, and for such internal control a$ the trustees determine is neee55ary to enable the preparation of fancIal statements that are free Irom material misstatement, whether due to fraud or error. In preparing the fancIal statements, the trus¢¢¢s ar¢ re8ponsible (or a$5C53ing the group's and thc parent charitable company's ability to continue as a going concern, disclosing> a$ applieable, matters related ro going concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
THE KING'S SCHOOL ELY Company Registration Number 02440S09 Charlty Number 802427 Audltor s responsibilities for the audit of the financial ¥tatements Our objectives are to obtain reasonable a55urance about whether the financial statements as a whole are free from material mi&statemen4 whether due (o fraud or error, and io issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but 18 not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it ¢xlsts. mitatements can arise from fraud or error and are considered material if. individually or in the awegate, they could reasonably be expected to influence th¢ onoMiC decisions ol users lak¢n on the b481$ of the8¢ financial statements. Irregularities, Includlng frlud, arc instances of non-compliance with laws and regulations. We de81 proctdures in line with our responsibilities, outlined above, to detect material misstatements in respect or IrrelarIt1tS, including fraud. The exten¢ to which ow procedures •Te c¥pable of detecting irregularities. including fraud is detalled below: Based on our understanding of the group and the environment in which It operates, we identified that the principal risks of non.¢omplianc¢ with laws and relatiOnS related to The Education (Independent Sthool Standards) Regulations 2014. safeguarding regulations, health and safety r4uirements, GDPR, employment law and eharity liw, and we considered the extent to which non-compliance might have a material elTect on the fthancial statements. W¢ a150 considered those laws and regulations that have a direct irnpact on the preparation of the financial 5tatement$ Aueh as the Companies Act 2006 and the Charitle$ Act 2011, and payoll tax. We evaluated management's incenlives ènd opportunities for fraudulent manlpulatson of the financlal statements (including the risk of override of controls), and determined that the principal risks were related to Improper recOlt10Th of revenue and managemcnt bia$ in accounting e$timate$. Audit procedures rformed by the engagement team included.. In5P¢fting rorrcspondence with regulators and tax *uthoritie5', Discussions with management including consideration of known or suspected instances of non- ompliance with laws and regulation and fraud; Evaluating management's controls designed to prevent and detect irregularities: Identifying and testing journals, in prticular postlDg$ by unusual users or with unusual descriptions. and challen'ng a55umpuons and judgements made by management in thelr accountlng estimates Because of the inherent Ilmitations of an audit, there is a ri$k that we will ftot detect all Irregularitye$. including those leading to a material misstatement in the financial statements or non-cornpliance with relatiOn. This risk increases the more that compliance with a law or reI8.0n is removed from the events and transactsons reflected In the flnancial statements. as we will bc Icss lthely to become awar¢ of instances ofnon-compliance. The risk 1$ also greater regardlng Irregularliies oecurrlng due to Iraud rather than error, fraud involves intentional concealrnent, forgery, collusion, omission or mtsrepresentation. A further de5eripQton ofour Te8pon8ibilitie$ for the audit of the financial statements is located on the Financial Reporting Council's website at.. .uk/auditorsres n5ibili . Thi5 description forms part of our auditor's report. 221Page
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Use of our report This report is made solely to the charitable company's members, a$ 4 body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the chaTifable company's members those matters we are required to Stale to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilbty to anyone other than the charitable company and the charitable Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Tracey Young (Senior Statutory Auditor) For and on behalf of Haysmac LLP, Statutory Auditor 10 Queen Street Place London EC4R IAG 18 February 2025 2311)l< ge
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Consolidated Statement of Flnancial Activities Incorporatin£ in Income and Expenditure account for the year ended 31 July 2024 ri Income Charitable actlvitie.s Fee$ receivable Aft¢illary trading Income Other trading activitleg Non ancillary trading it)come Inveytments Investineni Income Voluntary Sources Donations. orants and leo•clei Trdn5J¢rJTom F*Jlrsiead c10$5¢d as e.irewlonol inc¢tnK 27,733.046 1,554,483 27,7J3,046 1,580,676 25.684,340 1,578.420 26,193 99,002 99,002 162,707 341.971 341,971 152.375 697,171 697,171 230.048 2,613.638 Total iThcome Expenditure on: Raising funds Non.ancillary trading r.Inancing costs Investmeni m•naoement cost Fundra15ing & development Total coJt3 of ra•Jin8 fund8 12,134 338.895 40,056 12,lJ4 338,895 40,056 40,855 192,439 39.656 411.757 411,757 21)9.937 Charltable activ•tie% Edueailon Total expendlture Net Income before Investment 8aing1 (losJe8) 2.722,049 16.152 2.738,201 4,982.451 Cain81(losses) on In¥e8lments 420.188 6,(V)J 426,281 120.702 TransferJ between funds Pension Artuarial Gain (12.204) Net movement in fund8 for the year Net movement in funds for the year excludinR exceptional income The note$ on pag¥ 28 to 49 form part ofthese finanaal Siatements. 241PaLye
THE KING'S SCHOOL ELY Company Registration Number 02440S09 Charity Number 802427 Consolidated Statement of Financial Activities For the year ended 3 1st July 2024 (continued) Reconciliation of Fundg Totsl Net Income for th year Funds balances brought forwards at l Augu$r 2023 Fund balances carried fonvard at 31 July 2024 3,142,237 22,245 3,164,482 5,090.949 All activities are classed as continuing. The notes on pages 28 to 49 lorrn part of these financial statements.
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Balance Sheet as at 31 July 2024 Note Group School 2024 202 Fixed a88ets Tangible assels Investments Total red amets 19.523,881 18,037,782 19,523.881 18,037.782 Current assets Stocks Debtors: amowits due wlthln one Far Cash at bank and in hand Total current ajjets 10 42,831 ,533,261 44,832 1,129,230 44831 1,742,406 H,832 .312,250 74 Creditorg: pyable within one year 12 (10.131,928) (5,975,433) (10,130,719) (5,967.933) Net current ag8ets Total a88et8. less current liabilities 31,539,712 23,230,100 31,539,712 23,230,100 Long term liabilities Creditors.. payable after one y¢ar Net a88etg Represented by: Restrlctcd: Income luThdB Unrestrlcted Furtds Pension Reserve Total charity fund8 560,014 537,769 20,848,327 17,694,180 23 560,014 20,848,327 537,769 17,694,180 16 17 Net income for the year for the p4rent charity was £3,164,482 (2023.. £2,408,01 I when excluding the exceptional income arising on the merger with Fairstead House School, and £5,021.649 when the exceptional income is included) These financlal statements were a signed on ils behalf by Mr Davi proved by the Board of Governor8 (as Trustee$) on 6 December 2024 and Day.. The notes on pages 28 to 49 form part of thes nanc statements. 261PaLFe
THE KING'S SCHOOL ELY Company Registration Number 02440S09 Charity Number 802427 Consolidated Cash Flow Statement for the year ended 31 July 2024 Note 2024 2023 Net cash inflow from operating activities 19 4,156,508 3,687,518 Cagh flows from invejtment actlvltie$: Purchase of tangible red assets Withdrawals from 8ecuritie8 within investment portfolio Movement in investment cash Dividends and interest Bank and loan interest paid (2,732,213) 208,204 (1,435,718) 54,782 (6,348) 341,971 (125,168) 6,281 152,375 {142,121J Cash reeelved on merger with Fairstead House School Trust Limitcd Net cash used in invegtin8 activitie8 (2,313,554) (1,167,622) Cash Flow$ from financing activities Repiyment of bank loan8 Fee8 in advance 8cheme New fees in advance rnoney Amount$ accrued to fecs in advance contracts Amovnts utilised Amounts repaid 9,692,251 9,467 (819,938) 707,347 10,999 (742,225) Change in cash and cash equivalents in the reporting year Cash and cash 4uivalents at l August 2023 Cash and c*sh equivalenu at 31 July 2024 10,400,908 2.2S4,521 The note$ on pages 28 to 49 form part of the% financial statements. 271Pii&ie
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 l. Accounting policies Charitable Statu The Charity is a company limited by guarantee (company registration number 02440S09) and Is • registered eharity in England and Wales (802427). The addr¢¥$ of the registered office is Barton Road, Ely, Cambridgeshire, CB7 4DB. BaJi8 of accounting The fmancial statements have been prepared In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102), the Charities Act 2011 and the Statement of Recommended Practiee applicable to diarities preparing their accounts in accordance with th¢ Financial Reporting Standard pplicable in the UK and Republic of Ireland (FRS 102) . Second Editioii {effective l January 2019). The individual entity accounts of the King's School, Ely hos tsken advantage of the dlselosure exemption under FRS 102 to $ep•rately disclosure categories of fanCIal instrumenti and itemj of intome, expenses, gains or 10sse8 relating to instrument5 as these have been presented on a group basis in the notes to the accounts. The Governors have consld¢red the School's cath position, sources of income. fund$ available to the School and planned expenditure, and modelled several scenario$ and stress tests including the current global political situation, the rising cost of living. and the addition of VAT to independenr school fees from January 2025. These scenarios con3ider reduced pupil number$. delayed fee payment, increased business rates and potential bad debts as well a$ Impact on eosts from the rneasures taken so far and mitigauoni that might be taken In future. Sensitivity around these assumption$ has also been considered in their forecasting. Results of this eash tlow and sensitivity an•lysis indicate that thc cash reserves of the charity are adequate to meet the charity's obligations as they fall due. Additionally, despite the wider uncertainty in the economy, the strength of the School'5 balanee sh¢et Is such that the Governors consider there ts no material uncertainty over the School's rinancial viability. Having regard to the above, the Governors believe it appropriate to adopt the going concern basis ofacci)unting in prepartng the financial statements. The functional currency of the School li con$idered to be GBP beuuse tht is the currency of the prlmary economic environment in which the School operate$. Critical aceounting judgements and key •ourcu of ejtimation uncertainty In the application of the charity's •ccounting polielu, whl¢h are described in the note below, Trustees are required to make jUdmentS, e$timates, assumptions about the carryj'ng value$ of assets and liabilities that are not readily appareni from other sources. The estimate5 •nd underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual rewlts may dilTer frojn these clmates. The estimates and underlying assumptions are reviewed on an on-going basis. Revision5 to 4ccounting estimates are recognised in the period in which the estimate is revised Ifthe revision affects only that period, or In the period of the revision •nd future periods ifthe revision alTects the current and futsire periods. In the view of the Trustee8, no assumptions concerning the futyjre or estimation uncertainty alTecting asse¢S and liabilities at the balance sheet date are likely to result in a material adIstMent to their carrying amounts in the next financial year. 281P
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Accounting policies (continued) Basis of consolidation The financial statements consolldate thos¢ of the School and its wholly owned non.charilable subsldlary trading company: The King's School Ely Enrerprises Limited. In accordan with section 408 of Companies Act 2006, no separate Statement of Financial Activiti¢$ ha$ been preiented for the School alone. The Consolldated Statement of Financial Actlviiie5 (SOFA). the Consolidated Balance Sheet and the Consolidated Ca$h Flow Statement include the results of the School and its subsidiary undertaking made up to 31 July 2024 and consolidated on a line by Ibne basis. Intra-group transactions and profits are elimina(ed fully on Consolidation. Uniform accounting policies have been adopted across the Group. Income All income is recognised in the Consolida(ed Statement of Financial Activities when the conditions lor receipt have been met and receipt 1$ probable. Where a claim for repayment ofincome tax has or will be mlde, Juch income is grossed up for the tax Tecoverable. The following accounting policies are applied to income: Fees and other educational activities Fee$ receivable and charges for use of premises are accounted for in the year ID which the service 1$ provided. Regi$tratJon fees are accounted for on reteipt. F¢e5 receivable are st•ted after deducting allowances, scholarships and other remissions granted by the School, but include contributions received from Restricted Funds for $cholarships, bursarie$ and other grant5. Paynents rcceiv¢d in respect of fufure fees are deferred In creditors and are released to th¢ Statement of Financial Activittes in the relevant term, Fees in advance Future school fees May be paid to the School in accordance with a written contract. Deposits are held in creditors and are released to the Consolidated Statement of Financial Activities in the appropriate (erm for which h0o1 fees have been provided. Such deposits may bc returned to the pyer, subject to specific conditions. Acceptance depoJit¥ Acceptance deposits •re deposits placed when pupils join the School and are refunded at the end of the final term after deducting any outsl'ab)ding debts. Deposit$ are held in creditors until refunded. The Governors have revlewed the conrract terms under which pupil fee deposits are held by the School. Although under normal clrcumstances these will be repaid over future years when the pupils complete their education at the Sehool, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at leasi 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 July 2024 have been included within current liabilities. The prior year pupil fee deposits balance has b¢¢n similarly represented. Other trading activities Charges for non-educatlonal services and use o( prerni5es and rentals are accowited for in the year in which the service is provided. Charges for services provided by the King'5 School Ely Enterprises Limited irc accounted for in the year in which the service is provided. Investment income Investment income is accounted for when receivable. 2911)
THE KI]YG'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Accounting policies (continued) Donations Donations and all other receipts from fund-raising are reported gross and the related fund-raising costs are reported in expenditure. Donations receivable for the general purposes of the School art credited to Unrestricted Funds. Donations for purposes restricted by the wishes of the donor are taken to Restricted Funds where these wishes ar¢ legally binding on the Governors of The King's School Ely. Grants received Income from the government and other grants, whether 'eapltal' grants or 'revenue' grant$, is recognised when the charity has entitlement to the funds, any performance eonditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Expenditure Expenditure is accrued as soon as a liability is considered probable, discounied to presenl value for longer- term liabilities. Expenditure èttrlbutable to more than one cost category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year. either by reference to slaff time or the use made of the underlying assets, as appropriate. Expenditure is allocated to expense headings on direct cost basis. The irrecovcrable element of VAT i¥ included with the item of expen8¢ tc> which it relate8. Raising funds comprise the cost of yales of the tradlng subsidllry, King's School Enteryi8es Limited. unreeovered debts for school fees and interest and charges in respect of the banking facility, loans, finance arrangements ind the InYc8tment portfolio. Expenditure is accounted for on an accrual basls. Charitable activitie8 include •ll expenditure directly related to the objects of the Sd01, and is accounted for on an accrual ba315. Governance costs comprise the costs of running the School, including strategie planning for its future development, also external audlr, and any legal ldviee for the Governors of The Klng'i School Ely and •ll the costs of complyiftg with constiiutional and statutory requirements. Fund accounting The khool maintains various types of funds as follows: a) Restricted Fund Restricted funds ryresenr ants, donations and legacie5 received whlch are given by the donor for specific purposes. Income on these investments is also restricted by the donor. b) Unrejtricted Funds Designated Funds comprise amounts set aside by the Governors for specific purposes. General unrestrieted funds represent funds whieh are expendable at the diKretion of the Governors in the furtheranee OT the objects of the School. Such funds may be held in order to finance both working capital and capital investment. 30IPagc
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Accounting policies (continued) Tangible fuLed as8ets Tangible red assets are stated at historic cost less aecumulated depreciation which is provided in equal annual in$talments over the estimated u$¢ful lives o( the a93ets. Properties are maintained throughout the year and an impairment review is earried out on an annual basis. Cost includes the original purchase price ofthe ast$ and the costs aitributable to bringing the asset into its working condition for its intended use. No depreciation is charged on freehold land or assets in the course of construction. Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current markei prices, in egual annual insralmeDt$ over their expected useful economic lives as follow$ unl¢$$ the period of any lease is thor¢er: Land Freehold property Long leasehold property E9ulpment'. Fixlur¢$, fittlng8, furniture and equlpment CaterDng equipment, teaching as, mowers and implements Plant and musical instruments Motor vehicles Computer equipment nil 20/0 on cost 2% . I¢Y/o on cost 15Vo on cost 20% on cost IIY/o on cost 250/0 on cost 33Q/o on cost Inve•tmenta Listed investments arc $tited It the market closing price on 31 July 2024. Gains and losses are taken to the consolidated Sratement of Financial Attivities and are in aeeor&nce with the Governors, investment polity explained in the Annual Report. Investments in subsidiary undertakings are stated at Cost. Impairment reviews are perfonned where there has been an indlcats'on of impairment. Stocks Stocks are 8tated at the lower of cost and net realisable value. Pension costs The Sthool contributes to the Teachers, Pension [kred Benefits Scheme ai rates set by the scheme actuary and advised to the Governors by the Scheme Admini8trator, The School also contributed to a defined eontribuuon money purchase sehemes for non-teachlng statr. Contrlbutions to both $chemes are recognised in the consolidated Statement of Financial Activitie5. In addition, the School participates in the Pensions Trust Growth Plan scheme for non-teaching sta. Further d¢tails ofpension costs are set out in note 17. Operating le•x agreements Rentals under operating leases arc charged on a straight-line basis over the lease term. even ifthe payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are $imilarly spread on a 5traight-line basis over the lease term.
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Accounting policies (continued) Finance lea•e a8reements Assets held under finance lease agreements are capitalised and disclosed under Tangible fixed assets at cwt less depreciation. The capital element of the future Panents is treated as a liability and the interest is charged to the Consolidated Statement of Financlal Activities on • reduclng balance basits. Foreign currencie8 Transactions in forelgn currencies are r¢corded at th¢ rate ruling at the date of the trans•Ction. Monetary assets and liabilities held on tht balance theet are translated at that date and any resulting gain or loss trin5ferred to the Consolidated Statement of Financial Activitle$. Flnancial ingtruments The King's School Ely has financial asKls and financial 114bilities of i kind that qualify a3 b41ic finan¢lal Instruments. Ba$ic financial Instrumen¢S are initially recognised at rransaction value and subs¢quently measured at amortised cost using the effective Interest method. Financial assets held at amorti8ed co¥t comprise cash and bank and in hind, together with trade and other debtors, and accrued incomt. Financial liabilities held at amortised c05t tomprise bank loans and overdrafts, trade and other accruals. Investments, including bond5 held as part of an inveslJnent portfolio are held at fair value at the Balance Sheet datc, with gains and Ios8¢5 being recognised within income and expenditure. Invesrments Sn subsidiary ndertakIn are held at cost less impairment. 321Pa¥ye
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 2. Fee8 receivable 202 The School's fee income comprised: Gross fees less- scholarthips less: bursaries and allowances less: commission 30,703,598 28,515.051 (356,529) (319.766) {2,378,J35) (2,229.603) 237 070 28 27.731,664 25,682,958 Add back: seholarships and bursaries paid for by Restricted Funds Grants, awards and prize$ from Restricted Funds comprised: Scholarships and bursaries Prizes 919 919 The above educational awards were made 10 348 individuals (2023.. 380). Stholarships 217 {2023: 204). Bursarie$ and allowan¢es 236 (2023.. 245>. 3. Trading activlties of subsidiary The School Company Registration Number 2HO509, has a wholly owned trading subsidiary which is incorporated in England and Wales, Company Registraiion Number 3561879, and Registered Office: The King's Schcol Ely, Barton Road. CB7 4DB. king's School Ely Enterprises Limited provides catering and confercnce services. The Company donates it$ taxable profits under Gift Aid to Thc King's Sehool Ely. A summary or its trading results for the year, as extracted (rom the audited financial $t•tem¢nt$, Is shown below, together with the School'$ own results for the year to distinguish them from the group resul1$ in the consolidated Statemenl of Financial Activities. Audited financial statements will be filed with the Registrar of Companie$. Subgidiary School Turnover Cost ofsales: KSE Enterprises Ltd Gros$ profit.. KSE Enterprises Ltd Administration: KSE Enterprises Ltd Other Income Invesrment income receivable Net income for the year Gift aid donation to The SclK)oI Gro$s income: School Cosrs of charitable actIvie8 99,002 162,707 29,313,722 29,876,398 (12,134> 86,868 (44,034) (22,823) 139,884 (59,359) 29,313,722 29,876,398 697,171 230,048 258 42 30,395,698 30,339,346 (27,281,879> (25,088,507) <37,923) (36.751> (338,895> Governance costs of the School Costs ofraising funds: Sch1 Net movement in funds Total assets of subsidiary Total liabilities of subsidiary Total net assets of subsidiary 224,504 204,866 331Pa
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 4. Other income Ancillary tradAng activitieg Reglstratson fees Trips and minibus ineome Surcharge on late payrnent offeei Rental income Sundry ineorne Erasmus Grant Group total 78,377 693,094 92,238 751,397 122,957 660,OS5 80,290 571.042 Donations and grant income 5. Investment income Income from inveslJn¢ntS Bank interest receivablc for the School Total Group 1,719 2,289 6. Analysis of expenditure Costj of raljing fund$ Financing costs lor the School Flnlnclng costs For the subsidiary Total for the Group Trading costs for the subsidiary ToQal for the Group 338,895 49 338,895 49 192,439 52 12,085 12.085 40,803 Fundraising & Development Investment Management Fee Educational activities Teaching 13,093,748 Welfare 1,626,751 Premises 1,658,536 Support costs of schooling 7051 81 School's operating cojts I22W 14 2L2L8L7 kn055 687 672 26 1.518,492 1.064,414 2,980,173 14.612,240 2,691,165 5,099,498 13,441.924 968,416 2,685,877 460,789 Grants, awards and prizes Totsl for the Group I&22 L12LLI I 12 139
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Analysis of expenditure (contAnued) Included within the SUPPOTt costs above are Governance costs o(: ExteTnil Audit and Accountancy services School External Audit and Accountancy services Subsidiary Governors. expenses for the School 37.923 4,450 3,747 36.701 6.300 .920 Total School Total Group 7. Employee Information Total 8tatTcoJt8 comprises: Wa5 and salaries Social .qeeurity costs Other pension costs Subtotal Employee benefits in kind pid Total Staff Costs IS,047,495 13,752.15+ 1,471 ,236 ,361.315 229 18,993,940 17,343,365 The average number of cmpjoyees in the year w4$: Teiching and support Wcifare Premises Support staff Total for the School and Group 284 86 69 274 82 72 82 The number of employees employed by the subsidiary was nil (2022: nll). Neither the Governors of The King's School Ely nor persons conneeted with them received any remuneration or other benefit5 Irom the khool. Expenses totalling £67 {2023.. £1 ,920) incurred in performing their duties were reimbursed to one (2023.. one) Governor. During the year redundancy paneDt$ of £nil (2023.. £11,270) and payments under setdement agreements of £15.61YJ {2023: £87.18]) were made. 3511)
THE KING'S SCHOOL ELY Company Registration Number 02440S09 Charity Number 802427 Employee information (Continued) The ttumber of higher paid employees was: Taxable emoluments battd: £ 60.000 . £ 69,999 £ 70.000- £ 79,999 £ 80,000- £ 89,999 £ 90,000. £ 99,999 £170,000 . £179,999 £190,000- £199.999 io Totil remuneratlon paid to key management personnel 2024: £1,873,142 (2023: £1,771,288) Total pension contributions paid on behalf of key management personnel 2024: £306,357 (2023: £290,247) 8. Tangible fixed asset8 In March 2011 the current market value of the leased and freehold properties, excluding the freehold and refurbishment costs of the Old Palace, was £20.875,000. The net book value of •s8ets used for the administration of the charity is InsilfI¢ant. Cost or valuation At l August 2023 Additions Di$posa18 At 31 July 2024 Acciimulated depreciation At l August 2023 Charge for the year On dispo$a15 At 31 July 2024 Net book value At 31 July 2024 At 31 July 2023 Included in fixed assets above Ire assets purchased on finance lea costing £4S3,954 (2023: £4S 3,954). with a nil net book value (2023.. £91.567) after charging deweciation of £453,954 (2023: £362,387). IS,141,655 8,921,737 479,536 1.784,SOO 9,517,977 33,581,369 468,177 2,732,213 (106,455) (106,455) 79 S,931,282 268,631 2,817,046 6,795,260 15,543,588 192,157 785.325 ,246,113 (106.455> (106,455) 361Pa
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 9. Fixed Asset investments group Restricted Valuation at l August 2023 Additions at cost Disposals at carrying value Investment managers fees deducted directly (rom portfollo Net increase in cash Net unrealised gains/{losses) Valuation at 31 July 2024 (208,204) {40.056) (6.348) (208,204) (40,056) (6,348) 43 Hi$torieal cost at 31 July 2024 School The School also has a IOIY/ts holding of loo ordinary shares of £1 each in King's School Ely Enterprises Lirnitcd, a limited company incorporated and registered in England and Wales. 10. Stocks Teaching resources Catering and domestic provxsions 19,330 24.321 3711,
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 I l. Debtors hoo Amount8 falling due within one year: School fees Amowits due from Subsidiary Trade debtors Prepwents and accrued income 704,331 704,331 223,195 136.3311 332.345 J32,343 197,267 64,985 146,469 7S,111 77 12. Creditors: amount8 falling due within one year Bank loans Obligations under fininte lea8e8 Trade creditors Other taxation and soclal securlty Payments received on account offuture fees Pension contributions payable Acceptance deposits Other creditors and accruals Advance fee$ 282,728 282,728 27S,012 91,S67 300,165 336.189 640.072 281.016 3,166,751 525,569 275,012 91,567 300,165 336,189 640,072 281,016 3,166,751 518,069 406,396 351,588 686.284 329,333 3,633,623 689,686 406,396 351,588 686,284 329,333 3,633,623 688,477 381PaLe
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 13. Creditors: amounts fallAng due after more than one year Bank loans Advanee fees Pensions scheme deficit 4,237,965 5,880,940 4.521,8(M) MO,065 Following the Bank loan restructure in August 2017 the following agreements have been entered into.. Two agreements at £2.7Sm each at a fixed interest rate of 2.94% over 10 years on the basis of 4 20.year repayment profile payable quarcerly (£183.312 per annum per loan). One agreement of £686,425 at a fixed Intere8t rate of 2.66Yo over 10 years on the basis of a 20.y¢•r repyment profile pyable quarterly (£45,832 per annum). The loans are $e¢ured by legal charges on a number of owned propertle5 to ensure loan securlty of £1 I.000,O(KJ. Bank Loans Capital Due after five years Due within two to five years Due within one to two years 3,945,766 292,199 3.945,766 4,237,965 4,521,800 Due within one ye•r 20 Obligations under finance lea$es Due within one year Total 391 Pki lie
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Fee8 in advance under contract Due after five years Due within two to five years Due within one to two yeaTS 856,501 2,746.685 77 5,880.940 79,170 176,308 440,065 Due wlthin one year The movements during the year were: Balance at l August 2023 New deposits Amoun¢ ofdiicount given 799,1 $7 9,692.251 846,80S 707,347 10,500,875 <47,707> ,565,151 {23,769} Refunds Amounts utilised in school fee$ to the School Balance at 3 l July 2024 14. Net assets of the funds ofschool and Group The School's net assets relatt to the various funds as followi- A8 at JI July 2024: Tangible Invejtments rixed a09et$ Net current Net long terrn ag•et8/ asset81 (liabilities) (liabilities) Fund balance$ Restricted funds Unrestylcted funds School Subsldlary's reserves Group 85,738 474,276 560,014 19,523,881 4.270,148 7,745,683 (10,125,138) 21,414,574 As at 31 July 2023: Tangible InveJtment$ rixed asset$ Net current Net long term assets/ ayset81 (liabilities) {liabilAtie8) Fund balance8 Restricted funds Unrestricted funds School Subsidiary's reserve5 Group 79,646 458,123 537,769 18,037,782 4.093.078 1.099,240 (4.980.008) 18,250,092 40IPc1SYC
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 15. Movement in restricted funds Restric*d funds comprise the following unexpended donations and grants given for specific purposes.. IA us Restricied donations Scholarshlps and bursarie$ Erasmus Clara Taylor School prizes 211,935 170,552 98.919 22,298 211,935 176,645 115,071 22,298 6,093 26,193 {10.041) School pri7Lg and seholarihip fundA repre8ent a number of individually low value funds donated to the School for use towards prizes and scholarship5. These funds are represented by investments in the Charities OITicial Invesunent Fund income shares. Income from these shares is brought into the Staiement OF Financial Activitie$ a5 restricted income. A generous don•tion in memory of Clara Taylor was received 2011 and 2012. The Clara Taylor Music Awttrd is given to enable talented pupil$ with musical exttllence the opPorn1[Y to extend their studies, For comparison, the prior ycar restricted (und8 comprlsed the followlng.. Re$tricted donations Scholarship and bursarie5 Erasmus Clara Taylor School prizes 211,93S 211,935 171,502 (950) 170,552 98,919 20,877 83,453 (83,453) 98,919 22,298 1.421
THE KING'S SCHOOL ELY Company RegAStration Number 02440509 Charity Number 802427 16. Movement in unrestricted funds Unrestricted fund$ comprise the following: Fees th advance General fund Total 8chool Non.charitable 799,157 8,834,073 9,633,230 26 17,712,323 30,326.671 420.188 (27,647.456) 42,lJJ4 20,8S4.560 For compariwn, the prior year unrestrict¢d funds comprised the following: Fees in advance General fund Total school Non.chiritable 846,805 772 12,619.670 30,175,368 110.202 {25.273,H2) <47.648) 799,157 80,525 17,712,323 17. Pension Scheme The School par¢icipateJ in th¢ Teachers, Pension Scheme Cthe TPS) (or its teaching staff. The pcnslon charge for the year includes contributions payable to the TPS of £1,909,711 (2023-. £1,698,744) and at the year-end £229.062 (2023 . £202,160) was accrued In respect of contributions to this ¥cheme. The TPS Is an unfunded multi.employer defmed benefits penslon scheme governed by The Teachers, Pen3ionJ RegulationB 2010 (as amended) and The Te•cheri' Pension Scheme Reylationi 2014 (as amended). Members contribute on a.pay as you go" ba$1$ with Contributions (rom members and the emploFr being credited to the Exche9u¢r. Retirement and other Fnsion bencfits are paid by public funds provided by Parliament. The employer contributloh rate is Kt by the Se¢reLiry of Stste following scheme valyati¢)ns widertaken by the Government Actuary's Department. The most recent actuarial valuation ofthe TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable. eligible members can select to receive them from either the refomed or legacy sthemes for the period l Aprll 2015 to 31 March 2022. The actuarles have usumed that members are likely io choose the option that provide5 them with the greater benefits, and in preparing the 2020 valuation has valued the 'greater value, benefits for group8 of relevant members. The employer Contribution rate for the TPS is 28.6%. and employers are also required to pay a scheme administration levy ofO.08Vo glving a total employer contribution rate of 28.68Q/o. 421PagL
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 The Pensions Tru8t- The Growth Plan The company participates in the scheme, a multi.ernployer scheme whieh provide$ benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme ID the UK. It is not possible for the Company to obtain sutricient inforniation ro enable it to aeeount for the scheme as a defined benefit schem¢. Therefore, it accounts for the scheme as a defined contribution scheme. The scheme is subject to the (unding legislation outlined in the Pensions Act 2004 which came in¢0 force on 30 December 2005. This, together with document$ issued by the Pensions Regulator and Technical Actuarial Standards issued by the Finan¢ial Reporting Cowicil, set out the framework for funding defjned benefit occupational nSIOn schemes in the Uk. Th¢ scheme 15 clalfied as a 'last-man standing arrangement,. Therefore. the company is potentially liable for other partlcipating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally requir¢d to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carrled out ar 30 September 2020. This valuation Showed assets of£800.3m, liabiliues of £831.9m and a deficit of£31.6m. To elirninatt this funding Jhortfall, the Trustee has askd the participatlng employers to pay additional contributions to the scheme as follows: Deficit contribution$ Frum l Aprll 2019 its JI 14nu*ry 2025.. L J,312.IM p¢r Ipayjtslc mvnthly Unle86 a concession has been agreed with the Trus¢ee the term to 31 January 2025 applies, The recovery plan contributions are allocated to each participating employ¢r th line wlth their e8timated Share of the Series l and Series 2 scheme liabilities. Where the scheme is in d¢fi¢it and where the company has agreed to i deficit funding arrangement the cornpany recognises a liability lor this obligation. The amount recognised is the ner present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in the$¢ disclosures. The unwinding ol the discount rate is recognised as a finance cost. 431Pai)e
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Preoent Value of Provi8ion 2024 2023 2022 Present value of provlslon 18 30 Reconciliation of Opening and Closin8 Provisions 2024 2023 Provision at start of year Unwinding or the discount factor (interest expense) Deficit contribulion pid Rerneasurements - impact of any change in auMptIOnS R¢measur¢ments - amendments to the contribution schedule 18 30 <12) (12> (i) Provision at end of year 18 Income and Expenditure Impact 2024 £IM)Os 2023 £OOOs Interest expcn5e Remeasurements - impct of any change in assumptions (i) 31 July 2024 31 July 2023 Y• per annum 31 August 2022 Ai#umption8 % per annum h per annum Rate of discount S.23 5.98 3.15 The discount rates shown above are the 4uivalent single discount rates which. when used to dlseount the future recovery plan contributions due, would give the same results as using a full AA corporate bond )ield curv¢ to discotsnt the same recoveryplan contributlons. 441Page
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 18. Financial commitments At 31 July 2024, the School and Group had total cotnmltmenti under n¢)n.¢ancellable operating leaies as follows: 2023 Falling due within one year Falling due one to two years Falling due two to five years Falling due after than five year$ Total 468,3SS 336,719 3,990,286 148,798 45,584 241.369 241,369 716.106 168,877 104,104 74,098 86 The total rentals under operating leases, charged as an expense in the Statement of Financial Activities, were.. 2024 Land •nd buildings Equipment Total 165,270 163,809 Ai 31 July 2024. the School and Group had eontracted capital expenditure of£328,870 {2023: £1,229.929). 19. Reconciliation of net incoming resources to net cash inflow from operating activities Net income Elimination of non-operating cash nows - Investment income Finance costs Defined pension scheme adjustment Depreeiatlon charge Decrease/(increase> in debtors & stock Increase/(decre4K) in creditors (excluding FIA) Transfer ofassets and liabilities a$ a result of merger (less cash transferred) Net cash innow from operating activities 2,738,201 4.982,4SI (341,971) 166,256 (11.919) 1,246,113 (402.030) 761,858 (152.375) 192.439 (11,857) ,173,161 (581,460) 746,M5 4511)
THE KING'S SCHOOL ELY Company RegistratAon Number 02440509 Chari Number 802427 20. Movement in net cash/ (debt) Cas n-cash 31 20 Cash at bank and in hand 0 711 908 J6 Bank loan: less than one year 1 luan: more than ont year (275.012) 276,119 (283,83 S) (282,728) Fees in advan.. le than one year Fees in advance,. more than one year (3S9,092> (3,208,611) (184,587) (3,752,290) (440,065) (5.625,462) 184.587 (5.880,940) 157 Total debt Ner cash 147
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 21. Rejated party transactions The School has a number of related party transaction$ with the Chapter of Ely Cathedral. In the year the Chapter contributed £192,021 (2023.. £157,409) towards the cost of educating the Cathedral Choristers. The School supprted ChorASters and ex Chorister$ with £516,012 (2023.. £434,408) ofbursary assistance towards sch¢)ol f¢es. The School paid to the Chapter £39,000 {2023: £39.102) in rents, including rent for the capitular properties. The Dean of Ely is an ex.oificio member of the Board of Governors and there are two additional Chapter of Ely Representative Governors. During the year the School h¢ld invc5tments with Cazenove Capital Managernent Limited, of which Governor of King's Ely David Day is a private client. Chrbs Meddle, a Governor of Klng's Elyi has declared hi8 son and his son'5 partner were both employed by the School a$ a Teacher of Sport and a Teacher of Art respectively before he $tarted as i Governor. Their contracts and remuneration are aligned with the Standards for the roles undertaken, The School charged £H,034 (2023: £41,327) to Enterprise$ for the provision of facilities and administrative servic¢s. 'I'he balance owed to the School as at 31 July 2024 was £223,195 (2023.. £197,267J. 471PaLie
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 23 . Comparative information Consolidated Statement of Financial Activities Incorporatlng an Income and Expenditure account for the period ended 31 July 2023 Income Charitable activitie8 Fees receivable Ancillary tradlng Ineome Donations and Legacie8 Other trading activitie• Non ancillary trading income Investments Investment income TrdnsfeTJTom Folr5teud ¢14$Std os exceptlonol lftcome 25,684,340 1,494,967 230,048 25.684,340 20,222,251 I,S78,420 1,097,952 230.048 68,548 83,453 162,707 162,707 63,061 152,375 152,37S Total income Expenditure on: Raising fundg Non-ancillary tradlng Financing eosts In¥estJnent management costs Fundraising & development Total deductible cost8 40,855 192,439 39,656 40,855 192.439 39,656 14,076 287,806 37.987 299,937 299,937 340.629 Charitable activiti Education Total expenditure Net (Expenditure)/lncome before Anvegtment (los8es)/gains 4.982,451 4.982.451 820,057 Gains/(losses)/on investments Transfers between fwids 122,403 (1,701) 120,702 6,371 16 Net {Expenditure)/lncome for the year 481PclgFC
THE KING'S SCHOOL ELY Company Registration Number 02440509 Charity Number 802427 Resources expended Costs of generating fund$ Financing costs for the Scknol Financing costs For the subsidiary Tr•ding costs for the subsidiary Total for the Group 192,439 S2 192,439 52 287.806 53 14 oi Fundraising & Development Invegtment Management Fee Educational activities Teaching 11,897,670 I,SH,254 Welfarc 100,275 868,141 Premises 483 2,263,936 Support Costs ofschooling &a&212 JfiL&LO 13,441,924 10,376,323 968,416 2,130,464 2,685,877 4,407,719 7 959 470 421,458 Grants. awards and priys 22 491PaLI¢