2025-08-31-accounts - The City Of London School Charitable Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Reglstered Charltynumber,, 1020824 THE CITY OF LONDON SCHOOL CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

THE CITY OF LONDON SCHOOL CHARrrABLE TRUST LEGAL AND ADMINISTRATIVE INFORWTION Twstqe5 Mrj Bdl Chairlappolnted on 05 March 20251 MrT Levene Mrj Thom50n r A 8ird lex officlol Ms A Camiskey Mr P Earl Mrj Hall lex officiol Mr Rjones (appointed on OS M3Tch 2Q251 Mr M151ael {apted on 05 Marth 20251 Mrs S Heller (appointed on 05 March 20251 Mr W Dorgu (appointed on 05 March 20251 Charlty Number 1020824 Ptin¢¥>al Address ty of London School Charltable Trust 107 Queen Vittoria Street London EC4V 3AL Auditty5 TCGroup The Courtyard Shoreham Road Llpper Beedin8 SteyThin8 West Sussex BN44 3TN HSBC plc I Centenary Square 8imiingham BI IHQ Solldtors Bate5 Wells 10 Queen Street Pl•¢e London EC4R IBE Invesbnent manr5 EdenTree Investment Management 24 Monument Street London EC3R 8

THE CITY OF LONDON SCHOOL CHARITABLE TRUST CONTENTS Page Tru5tee5' Report Statement of Trustees, Re5ponsibilits'e5 Report of the Independent Auditors ststement of Flnanci41 Attivltie5 8alance Sheet Qsh Flow Ststement io Notesto the nanCIal Statements li

THE CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The trustees presentthdr reportalonewith the accountsof the Trust forthe yearended 31 Au8LlSt 2025fi)rthe Oty ol London School Charitable Trust I'CLSCt' or the'ChatltVI. Theo¢counts have been prepared In accorthnce wrth the Bcwuntln$ policies Set out on pages 11 and 12 •nd comply with the charltystrust deed and applicable law. Structuie Governan nd Man •rn•nt TheTrust was set up undera Deed of Trust dated 5 Aprfl 1993. Thls wa$ omended by a Trustee Resolutien under section 280 Charities Act 2011 dated 2nd NovEmber 2018. Thefcllowng have been trustees during the year.. Mr J Bell Chalr appointed ott 05 Marth 2025 Mr T LÈvenè Mr J Thomson Mr A Bird lex officiol Mr I C N Seaton resigned an OS March 2025 MSA Cornlskey Mrj Hall lexofficiol Mr P Earl Mr Rjones appointed on 05 March 2025 Mr M Israel appolnted on 05 Marth 2025 Mrs S Hellerappointed on 05 March 2025 Mr W D¢rgu appointed on 05 MaT£h 202S None of the tru5tee5 recdved any remuneration in respect oltheir services to the Charity.Underthe Govern Structure of the Charity. three trustèes ère appointed ex officio as officers of The Clty of London School. comprtrsingthe Chair of the Board Df Governors, the Head, and thechlef Operatin8 Officer. Addltional trustees ère appointed acc(Ydin8 to Charitrfs Trusi Deed and the skllls required to operatethe charity effectlvelv. Oecl$i¢n making by the trustees occurs In acCordae with the Trust Deed. Newtru5tees are appolnted by the exlstlng tru5toe5. Thegeneral governance of the charfty i5the responstrjility of thetrustees, howeverthe linancial admini5trdtion of the hor¢ty was delegated to Mr Bayse, Secretaryiothe Trust. frttm 31 October 2022. Mr Basye wasthe Head of FinancE at thE clY of London School and his salarywas met bythe sthool with no costs In relatl)n to his employrnent being met bythe hatity. His employment ended by mutual agement on 18 August 2025. on andTralnln oft Tralning Is appr¢prli*tg reouiiernents provided to trustees to undertake theirdues. Newtrustee induction 15 fftr5een by e¥lthng trustee ivities for the Publle Ben The objects of the Charlty set ¢irt In the Oeed of Trust are to carryout charltaE4e attltIeS as determined by the trustees. Since 2018the Charity ha5 focused Its charkable purpose to art as the khool's main vehicle for funds raised forthe followlng.. lal the promotion ol education (including physical tralnln81 atthe 5¢hool by the provision of bursèrles and other form5 offinancial assistance for fees and lor Dthercosts incurred through attendance atthe Sthool to enable pupi15to furthertheir education at the School byfor exampie providing finanEial 3s515tance to those who.. would not otherwise be able to enter the 5cho¢l having been fjccepted. forflnanclal reasons.

THE CITY OF LONDON SCHOOL CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Qr having commenced ¢ducatlon atthe Schfy)I would not be ableto contlnue thelreducatlon atthe School. dueto a than8e in financlal Ilttumstance. Ibl the ath¥anent of edu¢•tion t)f pypils ot the School In particular Ixrt not exelusively by prowdlngor a551stlnK in the provlsion of bulldlngs orfadlltles for education, indudinz social and physlcal education and edwatlon in muslc and arts. The School recruited a professional developmentteamto target fund r£isin¢éor the School durfng 2018 and 2019. The School and trusteesaweed thatlund5 raised by Ibis team would be avaltsble. subject to trustee agreement. for use by the Charityfor Its purposes. Thetrustees have due regard in these objertives to the Charitycommission's public benefit iuidan¢e when settln8 obje¢tiYw and planning èttlvrf(5. A¢hl ment5 and Performance In theyearto 31Au8U$t2025. the of London School CharitableTrusVstt)tsl Income Increased by 12%to £3,413,924 12024.. £3,031.7541 as the Charity Work wth dcnorsto build • long-term baseof fundingto 5UPPQrt pupi15 ori transformational bursariesèt City cf London Scl¥)ol. In 2024125. the School had 91 pupi15 Dn means-te5ted trdnsfonnatlonal bursaries. primarily fvnded bythe School and the City of London Ctsrporntion itself. 8nd other legacy lunds that had hi5torlcally been established forthis purpose, along wSth a contribution of £937,550 funded by the Charfty lequlvalent to41.5 full fee placesl. Thetrustee5 are Rriteful f¢rthe support of its donors. as it seeks ro build the structure that will future-proof the fundittg of iwr58rres at Gty of London School land hence the Strate8ic V15ion of the School) Into the futUTe. The development teèm ran a number of successful fundralslngcampaigns during the year, in¢luding regular glvlngfrom alumni and parents as well as cultivpting major prospects. AfL1 report of activitie5and th2 impact of donatlons received can be feund ot.. https=//www.utyDflDndan5chotsl.or8.uklsupwrt.u The Sch¢¢l's developmentteam includes five members.. Dlrector of Developmenl, Philanthropy Mznager. Alumni Manager. Supporter Engagement Officerand Development Manager. The School's policy is to tDver the entire cost of the development tearn activtty. ensuringthat as close to all funds raised from donors are directed solely toward5 the chariws purposes. Duringtheyear a total of £1,409,979 indudin8 Grft Aid vrds raised towards means tested butsarie$12024.. £2.388A051. The charSt(s current policy is to generate Intomefrom fund raisin& which will be accumulated in the charltl5 current account5 and then Invested Into investment funds to irKrease in value. Publit Betheflt Thetrust*s confirm that they have cornplied with the dtsty In Sectfjon 4 of the Charltles Art 2011 tty have due regard to the general guidance155ued by the Chorities CommtssloTh on publit benefit. The Man¥gementCommlttee consfjder5 risk è ular basls and attsto mltlgate ri5kto which the ¢harity Is exposed asand when required.

THE CITY OF LONDON SCHOOL CHARITABLE TRUST TRU5TEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Finan Gqneral rqvlaw Theg¢count5 of the Charityare given on page$ 8 to 18 of this report. Total Incomeforthe yearwa5 £3,413.92412024.. £3,031,754), of which £90,04112024.' £88,483) was unrestrirted, £Nil was de5iinated las per 20241. £1.300.64512024'. £1,685,085) was restrfrted toward funding bursarles. £l,896,99212024.. Enllll relatesto a traThsferOffd5 from thejohn Carpenter Club and £109,33412024.. É1.258,1861 was allocated to an endowment fvnd. Expenses of £9SO.05412024.. É547,0251 In the year to August 2025 largely relateto bursaries paid for durfngthe year. There were no staff or trustee costs. znd other administrate and governance costs were minimal. largely relatlng tE) the costof eyaminatlon and fflllng. Net Income before any Investmentgainsand losse5 amounted to £2.463.87012024.. £2,484,729>. The fvnd5 raised were Invested Into investmerrt funds which had a ¥aln In the yeaf of £429.14& The CrIty'S strote8V 15 to tK4ild an endowment tofutureproof rts supwrtof the bur5aryprogr3mme at Ctty of London School whilst ittransitions away from reliance on the City of London Corporatlon and other hlstorfKèl arrangernents to lund Its bursary programme. Th15 me3n5thai durin8 thls transitional period, incorne raised has exceeded the funds Ifanted to the School. ReseNes & Itment Pollcv At theyear end the tharity had cash deposlts of £252.14È12024.' £110.0701. The wittea5e reflects the requlrementlo fvnd the working upiial disbursement forfees to the schaol. The Chariirfs current reserve and Investment pdity is currentlyto Invest Into lona-tem)fund5, givin8 a year-end valueof £9.112.876. Future Plans The future plans of the charItya to support the School's bursary provision by building a anIngful fund for disbursement in Ilne with the charit15 purpose. 5¢ far asthe Tru5tee5 are aware. there is no relevani aud Infomiation of thich the charltvs audtters are unaware. Each Trustee ha5 tsken all the stepsthat theyoutio havetaken is a TrLSStee in orderto make themselve5 4WaTe of any relevant aydit infi*rnation and to estsblish thatthe charltls audttors are aware of that1nformaeTh. This report wasapproved bythe Trustees on and signed Dn their behalf, by: TNStee Date.. J05h b (Jun 23, 2026 23..3 +21

THE CITY OF LONDON SCHOOL CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees are responsible for preparing the Trustees, Report and the accounts In accordance with appllcable13wand United Kingdom Accounting Standards Iunlted neoM Generally Accepted Accounting Pracfjcel, induding Financial Reporting stsndafd FR5102'The Financial Reportsni 51andard applicable in the UK and Republk of Ireland.. Charlty law requires theTrustees' to prepare ac¢ountsfor each fsnantial year whlch gi¥e a trueand fairwew of the state ofaffairs ofthe cfv•rityand ofthelncomin¢resourcÈs and applicatlon of resources, IncludlTr8the income and expenditur of the charity forthat year. In preparlng these accounts, the Trustees are rewired to.. $elect sultable accounting poliLie$ and then apply them censlstently.. ob5er¥e the rnethads and prlndples in the Charftles SORP,. make judgemevts 4rKI e#imates that are reasonable and prudent,. 3nd ppare the accounts on the going COnM bèsi5 unle55 It Is inappropdate to presume that the charity wll continue In operation. The Trustees are responsible for keeping proper accounting re¢ords that disclose with reawnable accurzcy at any time the financiil position of the charity and enable them to ensure th•t the 3£counts ccmply wth the Charftles Art 2011. They ar2 also responsible for safeEuardln8 the a55ets of the charity and hence for taking re2sonable steps for the prevention and detectlon of fraud and other irregularitles. So fara5 ea¢h of the trustees Is aware atthetirrye the report Is approved.. there Is no relevant audlt Inforrnation of whlch the charitrf$ auditor Is unawaTe' and each trustee has taken all the stepsthatthey ou¥htto have tsken as ? trustee in orderto make themse¢$ aware of any Televant audit Information and to e5tsbli5h thatthe charlVs auditor Is aware of that infDrmation.

THE CITY OF LONDON SCHOOL CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Oplnlon We haveaudlted the financlal statements of The aty of Londov School Ch3rftableTrustfortheyearended 31 August 2025 whlch ctsmpri5et ststement of Financ*1 Activitie5. the Balance Sheet. the Cash Flow Ststement and notesto theflnancial Statements, includlnga summary of SiBnlflcantaecountin8 po&cies. The flnanclal reporting framework that hasbeen applied in their preparation is appllcable14wand Vnlted Kingdom AcceufitinÈ Stsndard5, Including Fin4nci41 Reporting Standard 102 The Financial RekX)rbng Standard appllcable In the UK and Republ1¢ of Ireland Iunited Klngdom Generally Attepttsy ActounVn£ prartlcel. In our opinion, the flnancial st2terTTents'. give 2 truÈ and fair wew of the stste ¢rfthecharitW5 affairs as at 31 August 2025 and of Its incoming rèsources and appllcatlon of resource5 forthe year then ended- have been properfyprepared in accordance Unlted Kln8dom GÈrter•llyAccepted Accountlll8 Prèrtire: aThd have been prepared in accordance with the requirements of the Ch4ritiesAct 2011. Basi$ for opinlon We conducted our audit in accordan with Internati¢Jnal Stsndards on Auditlng IUKI IIsAs IUKII and appli¢able law. Our reswnsibilities under those stondards are further described in the Auditor's responslbilllies for the audit of the financial statements se¢b)n of our report. We are independent of the charlty In atrcrdance wlth the ethical rwuiremeTht5 that are relevant to our audit of the financial statements in UL intluding the FRC'S Ethical St4nd4rd. and we have fulfilled our other ethical reswnslbilities in accordance with th2se reguirements. We belleve that the audit evldence we havè obtained issufficient and approprlaie to provide a basi5 for ouropinion. Conduslons relatln8to 1n6 concern In auditing the financial statements, we have concluded that the tru5tees' use of the golng concem basi5 of acceuntinl in the preparation of theffinancki15tatements is approprlate. Based on the work we have performert, we have not identified any material untertaintles relating to events or conditions that, indivlduallyorcollectivelyi may castsignificant doubton thecharity'sabllitytoconbnue a5agoingconcernlor8 period of at leasttwelv2 months from when thefinancial Statements are authorised ler1ssue. Our responsibilifjes and the responslbilities of the trustees with re¥Jett to going concern are dexribed ITh the relevant sectlons ofthi5 rep(¥t. Other Infomiatlon The other information Comprises the information included in the annual report other than the finaficlal ststements and our audit¢rfs report thereon. The trustees 4re responsible for the other informètion contained within tIE annual report. Qur opinion on the flnanclal statements does not cover the other inf0MtIOn and. except to the extent otherwise explicit stated irt rert, we do not expres5 Jry krm ol èssurance conclu510fi thereon. Our respon5ibilrty is to read the other informatlon and, in doing so, considerwhetherthe other informatlon lsmaterialty incDnsi5tentwith the financial staternents our knowled8e obtainEtI in the course of the audtt, or otherwse appears to be wterially ffli55tated. If we Identify Such miterlal Inconsistencie5 ar apparent materlal Ml$staterrnts, we are required to determine whether thls ¥ves rise to a maierlal mlsststement the fin)n¢ial statementsthemselvE5. If, based on the work we have perfomed, we conclude that there 15 a material mi55tatement of this other information. we2re re4uired to report that fa¢L WÈ h4¥e nothlnKto report In thi5 regard.

THE CITY OF LONDON SCHOOL CHARITABLE TRUST REPORTOF THE INDEPENDENT AUDITORS TO THE MEMBERS Matters on whidb we are re4ulred to report by exPtIan In the light of our knowledge jnd understanding of the charlty and its ¢nronMeNt obtslned In the cgurse of the alt. we ve not Identified materlal mlsstatements inthe directors. ieport. We have nothingto report in respect tsf the followinE ntter$ In relation to whlch the Charities (Accounts Reports) Reiulatlon5 2QOB requires us to ieportto you if, in our opinion.. adequate accountln8re¢ords have not been kept, orreturn5ade4uateforour audithave not been received from branches not V151ted by u5,. or the financial statements are not in agreement wth the accounting records and feturns,. or we have not received all the information ènd explanations we require for our audlt. R85pon¥iqMtles of trus¢ees As expl3lned more fully in the trustees, responslbiliti* statement. the trustees are responsible lorthe preparation of the financial 5tatementsand for being satisfied tlkttheygivea trueand fair view. and forsuch internal contrDI asthe trustees determine is necessary to enable the preparation of tlnanciol statements that are free from material mlsstatement. whether due to fraud Dr error. In preparing the financlal statemefiis. the injstees are responsible for ossessing the charfity's ability t) continue as a 8oin8 ¢oncern, dlsclD5ing, as applicable. matters related to going concern and usin8 the 80ingconeern bals of accounting unlessthetrusteeseither intend to liquldatethe£harit¥ orto cease operatlons, orhave no realistic alternative but tD do so. Audltorfs responslbilitiesforthe audit of the Ilhandal statements Our oblectives are to obtaln reasonèble assurance about whether the financial ststements ag a whole are frEe from tnaterial misstatement, whether due to fraud or error, and to i55ue an audito¢s report that includes our opinion. Reaxbnable assurancè is a high level of assurance. but is nata 8uarantee that an iudlt conducted in accordance with ISAS ILIKI will always detect a material mItateMent when It exists. Mis5titement5 can arise from fraud or error and are considered m•terial il. individually of irt the aggregate, they could reasonably be expetted to influence the etonomic decisions of userstaken on the basls ofthesefinanclal staternents. Irregularities. including fraud. are Instsnces of non-compliance th laws and regulations. The extent to whi¢h our procedures3 capable of detotlin8 irregularlties. in¢ludlng fraud. Is detailed below. Extent to whlch the authtwas ¢Msldered capable of detectlng wre8ularfttes. IndudinEfraud The objecfjves of our audit. In respect to fraud, are.. to identify and asse55 the risks of material misstatement of the flnancial staiement5due to fraud.. toobtain sufficient appropriate #udit evSdents regardin8 the assessed risks of material misststement dueto fr8ud, through designlng ènd implementing appropriate responses: and to rÈspond approprlatetyto fraud orsusperted fraud Ideffitrfied durfngtheautlit. However, the primaryresponsibilriyforthe preveniton and detecti)n offraud rests wlth both those Charged wlth 4c)vernante of the entity its management. Our approath was as fdlows.. WÈ Identified areas of laws and re¥ulatlOnSth£t could reasonably be expected to have a rnaterial eflect OTh the financi¥l statements from our gener21 commercial and sector experience, and through (5iscusslon with the dirÈttors and other management las required by wditlng 5tandardsl. and dl%u55ed wlth the directors and othqr managErnent the policies and procedure5 regarding compliance with laws and regulations- We identsfied the folltswin8 areas as those most Ilkely to have such an effe¢t.. he81th and Safety.. General Dat Protectlon Regulati¢n IGDPRI,. fraud and brlbery and corruption. Auditing standards limit the required audlt prDcedures to identify non-compliance th these laws and regulatlons to ewuiry of the trustee5 and other management and inspection of regulatory and leDI correspondence. If anv. We consldered the leg81 ènd re8ulBtory frameworks rfirertly applicable to the finanuil statements reporting framework IFRS 102 and the Charities Act 20111 ond the reievanttsx (Dmpliance regulatlons in the UK: We considered the nature Df the tharlty's operations, the control envlmnment and buslne55 oerf¥m)ance, intludingthe key drivers for mana4ernenYs remuneration..

THE CITY OF LONDON SCHOOL CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS We cemmunkated identIfd laws and regulatlons throUght our tM and remalned alert to any indlcatlon5 of non<ornpliance throughout the audit. We ttsnsidered the procedures and Cotttrols that the Eharfty has established to address rfsks identified, or that otherlse prevent. deter and detect fra1., and how senior management monitors those PrOureS controls. Bised on thls understandlng we deslgned our audlt procedures to Identify non-compllance with such laws and regulations. Wherethe risk wascmsidered to be hlgher, we perfomied audrf( procedures toaddress each id2ntlffled fraud risk. These procedures Included.. testlng manual journals., reviewing the financial statement dis¢losure5 and testing to supportin8 documentstlon. perFormlng analytical procedures.. Ind enquiring of management, and wEre de5i8ned to prowde rea5Dnable assuran thatthEfinarKial statementswere freefroméraud or errrjr. Owln¥tothe Inhent limitatlons Df an audiL there 15 an unavoidable rf$kthtwe may not have detected some materfal iS5tatementsin thefinantial statements.eventhoughwe have properfvplanned and performedourauditin accordante th auditing st*dards. For example, the fvrther rernoved non-c¢mpliance laws and gulatIonS lirregularitiesl is from the events and transactions reftetted in the financlal statements. the le55 likely the Inherently limited procedures required by auditing 5t3ndards would identify it. The risk 15 also greater regarding Irregularities occurring due to fraud rather than error, as fraud Involves Intentional concealment, forgery. collusion. oinission or mlsrepresentation. We a not responslble for preventln8 rbon<ompliance and cannot be expected to dete¢t nOnoMPlIance wlth all laws and regulation5. Afurtherdescrlptlgn of our respmsibilities forthe audit of thefinanclal st•ternents Is lotated on the Financial Reportlng Council's web51te at.. h Our- Audi dit-an ndard uidan tanar and- idance- dito esu rs-res This description forms part of cur audlt¢rfs report. S-for-a .of.a Use DI our This report Is made solely tothecharivs members, as a body. irt acterdance wlththe Chamties Act 2011. Our audltwork ha$ been undertaken 50 thatwe might stste to the cPwrity's members those matte[5 we are requSreif io stste to them In an audkorfs report and for no other purpose. To the fullest extent permitrted by law, we do not accept or 855Limé responsiblllty to anyone other thats the charlty and the charlty's member5 as a body, for our audlt work. for this report. orftTrrtheopinions we have formed. Mark Cummlns FCCA Isenlor Statutowy A for and on behalf of TCGroup StatutoryAuditors Office.. Su55ex Dated..

THE CITY OF LONDON SCHOOL CHARITABLE TRUST STATEMENT OF FINANCIAL AcfiviTIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDEO 31 AUGUST 2025 Unre5trkted nds De51znated fund5 Restrkted Endowrnent I5 Fund Totsl 2025 Totsl 2024 In¢ome3nd endowmentsfvom: Donatlon5 4nd legaci25 Donètion on merger DonatK)n offuds In¥estments Nots5 L30DB5 109.334 IA09,979 2,388,405 546,680 la9691 16.992 106,953 3,413,924 90,041 9),041 16.912 126246 96,669 3,031,754 Total Incvme 3.197fi37 ExpÈndiwreon: A?IngfundS Charitableactfvities 416 416 949,638 950,054 949.638 990.054 546,621 547.025 Total e¥gendhur• Net Intomelle%pendlwr•l 90.041 l247583 126,246 2.463A70 2,484.729 Net urealISedgaInS on Investment5 374.579 54569 429.148 311,488 Net rnovemerf In fvnd5 2,247.$83 180.815 1893,0 2,795.217 464,620 Re¢on¢lllatlonof fund5: 12 Total furnds brouBhi forward 7.189 4.104,680 lJ19.939 5A39.60S 3.043,388 407,797 Totsl funds tarrf forward IA(K*,754 ,732.62a s39,60$ 87ZA17 7,189 6,3S1263 ThÈ5tatement of Flnanrial Artivities Include5 011 ]n$ and10sses recoglSe in the year. The note5 on pagès 11 to 18 form part ofthe5e financlal staternents.

THE CITY OF LONDON SCHOOL CHARITABLE TRUST BALANCE SHEET ASAT 31 AUGUST2025 2025 2024 Not25 FIXÉD A55Ers Investments 9.111876 6.468.774 CURRENT ASSETS Debtors io Y19.074 251148 418.148 110,070 Cash at bank and In hand 571.222 528,218 CURRENT L14811mES CreditDf5 due within one year li 195L4751 11.157.387) 14Ef CLIRRENT UABILMES 1380.2531 1629.1691 TOTAL NET ASSETS 8,731,623 5,839.605 FUND5 Restrirted lund5 EndowrnentfvDds Deslgnated fvTrds Unrestricted funds 12 6,352,163 1,50D,754 7.189 72,417 B,73l623 4,104,680 1,319,939 7,189 407,797 Total funds 5,849,605 The finafioal 51atements weyé Èpproved and awthorised bythe Board ofTrustee5 on and 518ned on thr behalf by.. TYusteÈ Josh b (Jun 23, 2026 23.'33'.44 GMT+21 Tke notesorn pages Iltts 18 fomi part of these financlal stètemettts

THE CITY OF LONDON SCHOOL CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 2025 2Q24 Cashli•tws from owratln£a¢iithes Netcash PdEd byopEratlnRartlvltle5 4150• 2,131.088 Cashflows Ivorn In¥esVryac¢fvltles Intwe5t & dividernds from investments 953 %,669 Purchase Df knvestment5 12214,9541 6.153.286 Net cash provlded byl (used Inl In¥É%tlr¥ a¢tlvllJes 12,108,ODII 16,056,617) Cashflows fvom financin8a¢tlvltles Cash Tecew& from CLSBT on mer8er Net pro¥ldÈd by (used In) finan¢lng Jctl¥ltlts 668.691 Change Ea5h •ndca5h equOInts Intheye•r 141N78 I3,25638) Cath ind cash e4ufvalent5 at the be8innln8 of the year I,070 3,366.908 Cashand ¢ash ¢qulvalents atthe endof the year 251,14B 110.070 Theffloteson pages 11 to 18 form part of these finarn¢iil slatements io

THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE Fif+lANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 AccouMfiNG POUCIES 1.1 B•slsof preparailon offitIl1$t•tèrnents The fiTrancial #ètements been prepared in 3CCDrdantt wh Charitie5 SORP IFRS1021-Accourtln8 and Reportlng by Charities.. StatemenEoIRecommended Prarticeapplitabl¢to£harities preparlngtheirattountslnaccordantrwith Financial reportiDgStèndard applicable In the UK IFRS 1021 leffertfve ijanuary 20191. the Fknancial Reptsrtiri8 Stsndard appllcable in the UKIFflS 1021. The flrnanclal statements ire prepared in 5terlin& whl(h Is the funrtional urrency of the charity. Monetary amounts in thÈsÈ financSal sratemeTrt5 are rOnd& to the nearest pound. The Qtyof London &hpolCh8rlr8bTrU5t meetsthedeffnitionof è publkbenefit entityut)derFRS102.A55ets and Ik•bllftles re intiially recogn15ed ai hi51orical cosr ortransattion value Un$5 o¢herwse slated in the relevant 8CCOUNting poliry. 1.2 Golr¥Cancern Atthe t1meofappron(thet1nlnti115ta[eMe1S, thetru5tees havea reasonable eyttion lhatthecharityhasadeq2te resources to continue in opefational exi5ternce for the loreseeable future. ID arrivlngat this contluslon. thetrusiees have taken into a¢¢ount the on8olrsg economic uncertainty on rf<s actlvltles and finances. Thus th8 trustee5 LYJlltinue to adopt Ihe 8oin8concern basis in preparfng the financial Matements. 1.3 All income is recognised once the Charity trasentitlÈmentto the Inwme, it Is probable thatthelncomewill bE recelved and th2 arnout of income re1VablEn be measured rellably. Donatlons slmilar lncornlngre50rtÉs are included recéwable. Deleryed Incotne In relatton tofuture fundraisingevents Ss attounted for in theyearthe eventtake5 place. lThcomln8 rsourres fmm the endowmentfund rnust be applied in lineth the restrktion tsfthe furnd. The retognltbn of intomefrom legacies15 dependenton establlshingentitlemem. the probabiltyof rÈtÈtpt and the ability toestlmatebih sufficient accuratythe amount receivablE. Evldence ofentiilemenito a legaCyeXstten thecharity has sufficient evidence that a g1 has been left to them and the executor 15 Satisfied that rhe pmperty irt question W1$ not b regulre(I to liSfy claims in thÈ estste. Receipt of a le8acy must be recognised when It is probably that Itwill be received ènd thefaiF value ofamount rable. whlch wlll 8enetalty bethe Expected £•sh amountto be dtbutedto the Charity, Can be reliably rnea5ured. 1A Investmw [rQMe Investment income 15 *amed throu8h holding a5se15 for investm¢rnt purposes swh as shales tnd property. 11 include5 didends, Interest and rent. It is inCdedWhen the arnaunt can be measured reliabty. Interest Income is rEco¥nised u5Ing theeffeeri¥È interest method and didend income Is reco8ni5ed 35the charitrfs dght to reteive payment is est8bli5hEd. 1.S ExpendltrJrE Expenditure is included ornan arqUal55.ILhthe1nQeovÉrableeleentOffvAT inclvded withthertemtowhthit relates. Costsoftailngfvnds comprisesthe tosts èssocktedwitli attrartin8donatl)n Income. li

THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2025 ACCOUNTING POUCI5 Iwttlnued) Q)ai¢able attmtiescomprisesthosecostslncurred bythethorttyirttheéelheryofr(s activltie5 aThJservitesforiisbenefici3w. rsaries payable to the Cty of London School e recoRntsed on h temity basis for eèch pull forwhom the Tru5tee5 have awed to support. GOvernaDCO5 inellldetlose costsassociatedwith meetin8the constitutional and statutoryrequiremèNts ofthe charJtyaThd dude audit lee4 indeppndent exaTniners fee5 and costs finkryltothe stratwc mana6emait ofthetharrty 1.6 1rlmts Inve5tmertisare recognised init131tyatcostlwhich isn0mialIhe transaction priceÈxcludin8trarnsactkJn costsl. Sub5equentty, theyare measuTed at faired valuewTth net 8alrnsll105sesl an 1ThStments recosnlsed in the Starement of FiNanei•l Attiwltles If the shares are publiclytraded orthelrfairvalue iftheycan OtheTv5e measured rell3bty. 1.7 Debtor5 Trade and ether debtors Hre retognised ètthe settkment amourt after3nytrade distount olfereé. PrepayThents are vahjed t the amont prepaid of arytrade discoursts d¥e. Accrued hicorne is recognlsed when the charlty has entitlemen¢ It Is probabk ofrecelpt, and it can be MsUred reli3y. 1.B Cash at bankand hand Cash at baThkand in hand Indude rash and shtsrt-temi hlghlyliquid Investrnent5wh a short maiullly ofthree monthsorless from thedate ofacqulsillon oropeningofthe dep05bl LY5imilaraccounL 1.9 UabltieS and yovtskirts abilities are recognised when there Fs an oblÈoiion at the Balante eet dale as a result ofa pHM ent it is probablethat a tTan51erofeconomlc benefitwill be required in settfemEnL and the3m0nI ofthe Séttlement c8Th beettimated reliawy. abilities are retoanlsed attheamount thatthe Charity antKipates 11 payto settlethe debtorthe èmount it has re¢elved asadvan( paymentsforthe 80005 or servth ik must pde. Pmvislons are measured Jt the best estlmate ofthe amounts required to settthe obliytion. WheTethe effettofthe tlme Value of monry is materpal, the provlsfjDn i< b15ed the pre5eTrt valuE of th05eamovnts. discounted •tthè prtrtsxdi5count rate that Tefiects the risksspe£lfic to the Ilabllity. The unwindin8 of the discouNt15 recaÉnised in the Cun5ulklated Statement of Kinancl ActwitiES as a finance cost, 1.10 Fundaccountlng General fijnds are unrÈstNtted funds whlch are avèllable for use atthedistretion ofthe Trustees in fi1rtherdnOfthe Eeneral obiectNP5 afthe chawityandwhith have 01 Fen dési8n8ted for oth¥ purposes. Des4W?ted hjnds comprise unrestricted funds that have been set aside by the Trustee5 for Partiuwlar purp)ses. The alrn and useofeach desigrnated fund 15 setowt inthe note5to thefinancI statements. A8WiCtedfundsarefundsthlth areto beu5ed in accOrdacEwÉh specificrestrlttlons Irnposed bydomrs orwhlth have been ra15ed bythe charityforparticular purposes. Thecostsof raisin6 and admlrnisterfngsuchfundsare char8ed such funds 3re char8eda8aiTrst thespeciftcfurnd. The 31m and useoleath re5tFittEd fund15 setln rhe notes totbe fthancl815tatements. Endowment fvnds are fvnds th represent 3S5ets whith must be held permanentty by the th81ity. Income arisin8 on the endowmentmaykeapplred in a¢wrdan¢ewiththetemQI1hegfft- Permanentendowmentfvnds areth05ewherethe capitol must be preserved in perpetuty. Expendable effldowrnernt fvnd5 are thosewhere the trustees hivè discffttion to eynd the tapital in frther)Ce ofthe tharit5 obleLI5. 12

THE CITY OF LONDON SCHOOL CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2025 INCOME FROM DONAMONSAND LEGACIES Unrestrfrted fimd> 2025 Endowment funds 2025 Total lunds 25 Total fid5 2024 funds 2025 Oonati0Tr5 arnd Gift Ak Legacles 1361.059 39A36 1,31KI,645 109.334 4370,393 39.586 l409.979 2357,203 31,30Z 2.gB3,405 109.334 DON4TIOP45RECEWED FROM THE JCC DrIng the year, the charity rereNed a Iransfer of fvnds. totèllln8 £1.896.992. from the John Carpetrter aub (the JCCI. Furtherdeialls are5hown in *ote 12. INVESTMEMTINCOME Lknrestrkted Reslrlcted funds 2025 Endowment funds 2025 Totsl thjnds Total lunds 2024 2D25 Dividend5 recelved g).D41 16.91Z 53 41,293 Intpre5t rfre 55,376 Total 16.glz 106,953 96,669 peRMArtENT ENDowNT The Charoy reIVed a pwmanent Èndowment of £109,334 im April 2025. Undertheterms of the eNJowmenL the raplral Surn 15 to be preserved. IncLynE aT15iTrg from the in¥estment may be used by the chariiy toupdate. malntain and improve the Winterfiood Theatre at Cityof Lgndon School. 2015 Endowmernt 8ift in theyear Dlvldend incame Investment galnslllos5e51 Valuea54t 31 Auiust 202S 109334 793 15,167 125,294 13

THE CITY OF LONDON SCHOOL CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 EXPENDABLE ENDOWMENT The Chèrity recwved an eypendable endowrnent of £1.250mO ITr Marth 2024. Under the terms OF Ihe Éftdowment. Ihe intome frtsm the caprtal sM is to be used by the chaAty to 8ive finan£i41 support to ptythefees of a pupil or wspils after an assessment offamilycircumstan¢es. 2025 Value as zt 01 September 2024 Dkndend income Investmént gathslllossesl Value 8$ It 31 A4gu$t2015 &319,939 ifj.I 39.402 &375A60 LXPENOITURE Restrkted funds 2025 rotal hjnds 2025 Total funds 2024 Raisingfvnds Bank chir8es Tuthl Raisingfunds 416 416 416 416 404 CharitableactDif(ies GntS payable pport and other cost5 Total Charltsble actlvltl•s 937550 12,088 949.618 937ts50 12.088 949,638 515529 31,092 546.621 Totsl expendUre 95Q054 950,QS4 547.025 [ringtheY¥r. no Èxpenditure related to unrestrirted fvnds, de5iww¢ed funds orendowmentlunds. Support Support co¥t5 2024 2025 Support C05t andothtr costs indudlJ8 8OVWllalKe Audit015 remunEr¥tion-audit lees Impairment of Investment shares Other costs ènd bursories 6,300 9,712 15.OBO 31.092 S.488 12m8 TRUSTEL%' REMLINERATION AND EXPENSES rkn8theyear. noTrustee5 T¢1¥e any remuneration or otherbeneflt$12024.. £Ni11. Durkn8the year, expenses totaMing£NII were reimbursed orpaid direettyio Trnstee512024.. £t4111. 14

THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 FIXED ASSET If4VEsfME14TS 2025 Value ag atol Sepiember 1024 dititirts in the year Net wnrealsed gains Value as at31 Auwsi io 6M6&774 2.114.454 429,148 9AIU76 Inve51m¢nts bytype: 2(h),Cth ordlnary shares of Ip each in EurovestÈth plt Inwestment funds class B 4,IX)O ,108,876 9 111876 10 DEBTORS 202S 2024 DuewlthlTr Dne year Accrued income 319,074 418,148 119,074 418,148 11 CREDITORS- AMOUNTS FALLING DUE wfrHIN ONE YEAR 2025 2024 Grants committed to the school 93Y,550 7.325 L149,197 Expenses repayable to the school ruals 8.190 L157,387 951A75 15

THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12 STATEMENT OF FLINDS Atl Seplembev 2014 GaT 110sse51 At 31AL¥Ltyt 2025 Iwome Expenthture Unrestricted Éenerallunds General fund$ 407,797 407,797 9),041 374.579 374,579 871N17 871A17 DeslBnatedfunds Bursary fund 7,189 7.189 endowmentfunds Expendable endowment fijnd Perellt endowmeTbt fund 1.319.939 16,119 110,127 39.402 15,167 54.569 137SA60 125294 1500.754 ¥819,939 ftettr5cted fvnds JCC Fund CLSBT hjnd Bursary fund 1,896,992 IM96.992 546.680 1,90&591 6,352,263 546.680 3,558.0 4.104A80 1.3W.645 3.197,637 950,OS41 1950,054 Tot•1 fvnrfs 5A39,605 3A13,924 1950,0541 429,148 8,732,623 DESIGNATED FUNDS The bursaryfund repTesents reserves set aslde by trustees to fund future bursaries. RESTrICTED FUN$ The bur53ry fvnd represent5 funds reiVed by the Charity specificallyto be spenr on future bursaries. TheCL5BTfiJnd is those funds retsd on merger which areiofvnd bur5artes for individuals. TheJCCfund relateslo amounts recelved on transfrrwhith to be tssed to deli¥ertheJCACCore PillaTS ENDOWMENTFLINDS The expendable endowment fund iepre5en15 funds received where the donor has prtsvldefl capital to be invested at the Charity'5 discretlon. The perrnaneni endowment fvnd r¢presents funds recefved where the donor has 5peclhed that the capital rnust be preserved. 16

THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 AUGUST 2025 13 ANAIY515 OF 14ET ASSEfs BETWEEN FUNDS Analysis of netossets between fufflds-curret)t period Unrthed funds 2015 DesWated fund5 202S Endowmènt funds 2025 Rtslrkted Total lud5 1025 2025 Fed a$5ets Current assets editors duÈY4ithiTr oneyEar 871417 L51Xl,754 739,705 564.033 951,4 9,111876 571312 195L475 7.189 872017 L500.754 6.351263 8.n2A3 AnatY5is of neta55ets between funds- prlorperlod Unrestritted fund5 2024 Desiqnaied fvnd5 2024 Endowmènt fund5 2024 Restricted funds 2024 Total funds 2024 aetS Current as5et5 Credltorsduewhln one yeir 1,319.939 5,148,835 113.232 11,157.3871 6,468.774 528,218 L157,3871 5,839,605 407.797 7.189 407,797 7,189 1.319.939 4.104.680 14 RÉCONCU4noN OF I1mOvEmENT IPI FUPIDSTO NEfCASH FLOW FROM OPEPAIING ACTNITIE5 1015 2024 Net movement in fundsfgrthe perlod las perSoFAI 1893.0 2.796217 Adlustmentsfor: Interest and dividend5 re1ve4 1106,9531 196.6691 Cash and In¥estmerts recelved from c8T on mÈrger 1682.4031 Impairmènt on investments 9,712 Unrealsed Igainslll¢)sse5 ori illvestmeDts 1421481 1311.4881 Ilncreaselldecrease In debtors 99.074 133.9881 Increasel Iderxea5el Inrseditors 1205?121 449.707 Netcashprovlded by*Jperatlni•cU¥l 12SO,079 2.131M88 17

THE CITY OF LONDON SCHOOL CHARITABLE TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15 ANALYSISOF CASH AND CASH EQUWALEt4TS 2025 2024 Cash in hand 252,148 110,070 Toul ¢a$h and 5fv equlvalents 252.148 110,070 16 TAXATION No provision for taxaiion is iNtludÈd in thÈ accounts 2S the Chariiy is entitled to the eXeMptH fortaxifforded by Part 10 of the Income TaxAct 2007 and Section 256 of thp Chargeable Gains Att 1992. 17 STATUS The City of London S¢hool CharitableTrust is a charli¥ set up under Deed ofTruttfor 8r•nt gIn2 pwrposes. 18 RELATEts PARIYTRAP4SAcnoNS In 2025 Trustees made donations totalllng£39,097 to the Charity12024.' £51,097). 19 CONTROL No Onetstee hasoverall control Df theTN5t. 18

Reglstered Charltynumber,, 1020824 THE CITY OF LONDON SCHOOL CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Audit Findings Report The City of London School Charitable Trust For the year ended 31 August 2025 Presented to the Trustees and Management Team

----- Start of picture text -----
1. Introduction and Coverage 1
2. Independence 2
3. The Audit Process 3
4. Qualitative Aspects of Accounting Practices and Financial Reporting 5
5. Audit and Accounting Issues Identified During the Audit 6
6. Audit Misstatements 11
Appendix i Letter of Representation 13
----- End of picture text -----

Your contacts in connection with this report are:

Mark Cummins – Partner markcummins@TC-Group.com

Zac Davidson – Audit Assistant zacdavidson@TC-Group.com

1. INTRODUCTION AND COVERAGE

Purpose of this Report

The purpose of this report is to set out certain matters that came to our attention during the course of the audit of The City of London School Charitable Trust for the year ended 31 August 2025.

In order to comply with the provisions of International Standards on Auditing we are required to report to you our audit findings and in particular:

The nature and scope of the audit work we have undertaken;
Views about the qualitative aspects of your accounting practices and financial reporting;
Unadjusted and adjusted misstatements;
Matters specifically required by Auditing Standards to be communicated to those charged with governance (such as fraud and error);
Expected modifications to our auditor’s report;
Material weaknesses in the accounting and internal control systems; and
Any other relevant and material matters relating to the audit.

Limitations

Our audit procedures, which have been designed to enable us to express an opinion on the Financial Statements, have included on examination of the transactions and the controls thereon of the charity. The work that we have done was not primarily directed towards identifying weaknesses in the charity’s accounting systems other than those that would affect our audit opinion, nor to the detection of fraud.

We have included in this report only those matters that have come to our attention as a result of our normal audit procedures and, consequently, our comments should not be regarded as a comprehensive record of all weaknesses that may exist or improvements that could be made.

To a certain extent the content of this paper comprises general information that has been provided by, or is based on discussions with, management and staff. Except to the extent necessary for the purposes of the audit, this information has not been independently verified.

Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and Financial Statements. TC Group, as auditors of The City of London School Charitable Trust, are responsible for forming an opinion on the Financial Statements.

This report is to be regarded as confidential to the Trustees and is intended for use by them and staff of the charity only. No responsibility is accepted to any other person in respect of the whole or part of its contents. Before this report, or any part of it, is disclosed to a third party our consent must be obtained.

Audit Findings Report | City of London School Charitable Trust 1

2. INDEPENDENCE

Auditing Standards require us to communicate at least once a year regarding all relationships between TC Group and the charity that may reasonably be thought to have a bearing on our independence.

We have reviewed our independence and confirm that TC Group is independent within the meaning of regulatory and professional requirements. In particular the objectivity of our partner, Mark Cummins, and his audit team is not impaired.

Our review included consideration of whether:

The firm is dependent on the charity as a client due to the significance of the audit fee to the firm;
The firm is owed significant overdue fees;
There is any actual or threatened litigation between the firm and the charity;
Any benefits have been received by the audit team which are not modest;
The firm has any mutual business interest with the charity;
Any members of the audit team have any personal or family; connections with the charity or trustees; or
Independence is impaired through the provision of services other than the statutory audit.

As part of our evaluation of the firm’s independence and objectivity in connection with the audit we have identified some factors which could potentially affect our independence or objectivity, for which we have applied appropriate safeguards. These are detailed below, and we are satisfied that the safeguards implemented are sufficient to mitigate any threat to our independence and objectivity.

----- Start of picture text -----
Threat to objectivity and independence Safeguard implemented
Self review threat from our assistance with The financial statements are reviewed by a
the preparation of the financial qualified accountant who is independent of
statements. the audit team. In addition, the Trustees
review the financial statements and approve
adjustments to the figures and narrative
statements.
Self review and management threat from Journal adjustments (and unadjusted journals)
processing journal adjustments. are approved by the Trustees in writing.
----- End of picture text -----

Audit Findings Report | City of London School Charitable Trust 2

3. THE AUDIT PROCESS

SCOPE

As auditors we are responsible for forming and expressing an opinion on whether the financial statements of the charity show a true and fair view of the state of the charity’s affairs at 31 August 2025.

Our audit work is designed to provide the required assurance that the financial statements are free from material error. However, our audit of the financial statements is not a comprehensive report covering all systems and controls.

AUDIT APPROACH

Our general audit approach was based on a thorough understanding of the charity’s business and determined by our assessment of the audit risk. In particular this included:

An evaluation of the charity’s internal control environment; and
Substantive testing on significant transactions and material account balances.

We would like to take this opportunity to thank Priscilla Sellers, Shyrose Mitha and the team for all of their support and assistance during the audit.

The audit work on the financial statements is now substantially complete and we anticipate issuing an unqualified audit opinion for the year ended 31 August 2025 for the charity, following:

Receipt of approved financial statements signed by the Board;
Receipt of a signed letter of representation; and
Receipt of the signed adjusted and unadjusted misstatements schedules to confirm the Trustees are in agreement with the accounting treatment of these.

We consider that the audit approach adopted will provide the trustees with the required confidence that a thorough and robust audit has been carried out.

Matters arising from our audit that we wish to bring to your attention are set out in Section 5.

MATERIALITY

We apply the concept of materiality in planning and performing the audit, and in evaluating the effect of identified misstatements on the audit and the impact of uncorrected misstatements.

We have assessed materiality for this assignment by considering the total income of the charity. Where individual errors, or accumulated errors found during the course of the audit, are in excess of materiality, these are discussed with you and adjustments are made to the financial statements.

Audit Findings Report | City of London School Charitable Trust 3

3. THE AUDIT PROCESS

AUDIT MISSTATEMENTS

As part of the requirements of International Standards on Auditing we are required to report any audit misstatements identified by our work which have been adjusted in the accounts. These are detailed in section 6 of this report.

We are also required to separately report any audit misstatements identified which are unadjusted, other than those which are “clearly trivial” to users of the Financial Statements. These are also set out in Section 6.

RISK OF FRAUD AND ERROR IN THE FINANCIAL STATEMENTS

We are required under international auditing standards to consider fraud risk throughout the audit. In particular we must consider management arrangements for preventing and detecting fraud and error.

Fraud risks may include asset sales at under value, suppliers over billing for goods or services, misappropriation of assets and cheque frauds, as well as manipulation of financial results.

This work is now complete and has not identified any matters which we wish to draw to your attention.

LETTER OF REPRESENTATION

We have included a letter of representation (Appendix 1) for your review and approval. It is important that this is reviewed and approved by ‘those charged with governance’.

Audit Findings Report | City of London School Charitable Trust 4

4. QUALITATIVE ASPECTS OF ACCOUNTING PRACTICES AND FINANCIAL REPORTING

ACCOUNTING POLICIES

Financial Reporting Standard 102 requires that entities should review their accounting policies regularly to ensure that they are appropriate to their particular circumstances for the purpose of giving a true and fair view.

We have reviewed the charity’s accounting policies, as stated in the financial statements, and confirm that they are appropriate to provide relevant, reliable, comparable and understandable information.

RELATED PARTY TRANSACTIONS

We are required to focus on the identification and assessment of the risks of material misstatement associated with related party relationships and transactions.

We are required as an audit team to discuss the risks of fraud associated with related parties and to perform specific procedures on any related party transactions outside the normal course of business.

Transactions with related parties have been adequately disclosed in the accounts.

ACCOUNTING ESTIMATES

As auditors, we are aware that the selected basis of an accounting estimate may have a significant impact on the financial statements so in our work we need to identify all accounting estimates and the basis of the estimate and, where we consider there to be a high estimation uncertainty, we must ensure our audit work challenges the basis of the estimate.

We are also required to consider the outcome of accounting estimates in prior periods as a basis for our risk assessment in the current year.

The most significant accounting estimates concern recognition of revenue and cost allocation.

We have reviewed these accounting estimates for the charity and conclude that they have been calculated on a basis that is consistent with our knowledge of the charity and the sector as a whole.

GOING CONCERN

We have considered the charity’s ability to continue as a going concern for a period of at least 12 months from the date of approving the accounts. We are pleased to report that there is no modification to our audit report.

Audit Findings Report | City of London School Charitable Trust 5

5. AUDIT AND ACCOUNTING ISSUES IDENTIFIED DURING THE AUDIT

We have prioritised our recommendations into the following categories:

matters that we consider fundamental and recommend addressing as soon as possible
matters we consider significant that should be addressed within a reasonable timeframe
matters that would improve overall control or promote a more efficient practice

5.1 UPDATE ON PRIOR YEAR FINDINGS

1. Accrued income and payments due to school

Issue During the prior year audit we noted that balances remained uncollected post year end. This means that the charity is missing out on potential interest and the possibility of the income potentially not being received. There is also accrued income to be received from the school. Without reconciliations between the two entities the balance payable and receivable may be incorrect.

Update This has now been rectified in FY25 and older uncollected creditor and debtor balances with the school have been cleared [MATTER RESOLVED]

2. Endowment fund Issue During our audit we noted that the endowment gift received has not been invested separately. This means that it can be difficult to track any income generated from this fund, which must be reported separately to the other funds.

Update An additional endowment was received in the period. As at the year end the funds were still not separated within the investment portfolio. Can however see that progress has been made post yearend with a split seen in the portfolio in September 2025. [MATTER ONGOING]

Audit Findings Report | City of London School Charitable Trust 6

5. AUDIT AND ACCOUNTING ISSUES IDENTIFIED DURING THE AUDIT

3.	Donations	from Trustees
	Issue	During our audit we noted that donations from Trustees had not
		been declared. These are related party transactions and are
		material to the financial statements and must be disclosed.
	Update	We received the related party declaration interest forms this
		year in a timely and more accurate manner prior to fieldwork
		being undertaken. Correct measures have been introduced to
		ensure correct disclosure is included in the accounts. [MATTER
		RESOLVED]
4.	Donations	income
	Issue	Our income testing revealed that regular reconciliations are not
		performed between Raisers Edge and the bank statements.
		There is also insufficient documentation held for some donations
		to provide evidence of the expected donation amount.
	Update	Confirmed that Raisers Edge is still in use however reconciliations
		not provided for this year. [MATTER ONGOING]
5.	Legacies
	Issue	Our income sample for donations identified that the Charity has
		received legacies in the year. These require a separate
		disclosure to donations and are accounted for differently (not
		necessarily just on receipt of income). This can result in accrued
		income being understated.
	Update	Although we note that the charity does now maintain a
		separate spreadsheet to document legacies, further
		documentation was required to complete our work of the
		legacy income which identified some differences to what was
		initially recorded. [MATTER ONGOING]

Audit Findings Report | City of London School Charitable Trust 7

5. AUDIT AND ACCOUNTING ISSUES IDENTIFIED DURING THE AUDIT

6.	Budgets	and cashflows
	Issue	Whilst completing our going concern work it has come to our
		attention that the Charity does not produce budgets or
		cashflows. This was discussed in our audit planning meeting.
	Update	We understand that the new head of finance has been working
		on budgeting and forecasting for this year and future years.
		Bursary projections have been provided however more detailed
		forecasts are still in progress. [MATTER ONGOING]

7. CLSBT Issue We have noted that the following documents are still in the name of ‘City of London School Bursary Trust’ and should be changed to ‘City of London School Charity Trust’:  Share certificates for Eurovestech Plc and Rurelec Plc  HSBC account Update Share certificates were actioned last year. Bank account still showing as City of London School Bursary Trust [MATTER ONGOING]

8. Investment impairments

Issue During our testing of share investments, we noted that Rurelec Plc is no longer trading on the AIM (effective from 12/06/2024) and that the share price of Eurovestech Plc at 31 August 2024 was 2p rather than the 6p suggested. This means that the value of both investments need to be impaired. The value of the Rurelec Plc shares will therefore be impaired to a value of £nil whilst the Eurovestech Plc value should be impaired to a value of £4,000. We have adjusted for this on page 10 of this report.

Update Given that Rurelec had been dealt with in prior year no further action required on this. Eurovestech share price fell again this year based on share market price provided by the client. [MATTER RESOLVED]

Audit Findings Report | City of London School Charitable Trust 8

5. AUDIT AND ACCOUNTING ISSUES IDENTIFIED DURING THE AUDIT

5.2 CURRENT YEAR FINDINGS

1.	EdenTree Valuation
	Issue	The EdenTree spreadsheet provided at the planning stage of the
		audit was missing dividends received of £57,716 and a small
		amount of investment gains.
	Recommendation	To ensure at the year-end that all transactions are included
		within the spreadsheet and that the closing balance on the
		spreadsheet reconciles with the EdenTree portfolio statement.
	Response
2.	CLSBT Bank Account
	Issue	Bank account transactions for the CLSBT bank account were not
		provided for at the planning stage and no cashbook was
		maintained for this account. Although very few transactions are
		passingthrough the bankaccount,this should bereconciled.
	Recommendation	A separate cashbook should be maintained for this bank
		account to keep track of these transactions.
	Response

3.	Charity expenditure
	Issue	Expenditure that related to the charity was paid from the
		school’s bank rather than the charity
	Recommendation	Ensure that any expenditure that relates to the charity is paid
		from bank accounts held by the charity as opposed to from the
		school bank account.
	Response

Audit Findings Report | City of London School Charitable Trust 9

5. AUDIT AND ACCOUNTING ISSUES IDENTIFIED DURING THE AUDIT

These matters are limited to those which we have concluded are of sufficient importance to merit being reported to you.
As the purpose of the audit is for us to express an opinion on the charity’s financial statements, you will appreciate that our audit cannot necessarily be expected to disclose all matters that may be of interest to you and, as a result, the matters reported may not be the only ones which exist.
As part of our work, we considered internal control relevant to the preparation of the financial statements, such that we were able to design appropriate audit procedures.
This work was not for the purpose of expressing an opinion on the effectiveness of internal control.

Audit Findings Report | City of London School Charitable Trust

6. AUDIT MISSTATEMENTS

We are required to communicate all adjusted and unadjusted misstatements, other than those that we believe are clearly trivial, to the Trustees. For this purpose we consider ‘clearly trivial’ to be any matter less than £1,188.

----- Start of picture text -----
Increase or Increase or
(decrease) to (decrease) to
surplus Net Assets
Posting of Accounts Adjustments £ £
To recognise gains and dividends income from 478,386 478,386
investments.
To post movement in accrued income (296,142) (296,142)
To recognise the movement in audit accrual. 1,590 1,590
To post the movement in donations payable creditor 211,647 211,647
- -
To reclassify amounts between bursary expenditure and
donation income (£418,147 – no impact on SOFA as this
is a reclassification)
Total accounting adjustments 395,481 395,481
----- End of picture text -----

----- Start of picture text -----
Increase or Increase or
(decrease) to (decrease) to
surplus Net Assets
Adjusted Audit Misstatements £ £
- -
To reclassify repayment to the school from bursary
payment to donation refund (£17,300 – no impact on
SOFA as this is a reclassification)
To recognise additional dividends in investment portfolio 57,716 57,716
To recognise bank transactions from the CLSBT bank (3,211) (3,211)
account
To recognise payment of FY24 audit fee paid by the (7,325) (7,325)
school
To recognise legacy income due to be paid back by 14,817 14,817
school
To recognise accrued income for amounts received 182,252 182,252
post year-end which relate to FY25
Total adjusted misstatements (resulting in an increase in 244,249 244,249
surplus)
----- End of picture text -----

Audit Findings Report | City of London School Charitable Trust 11

6. AUDIT MISSTATEMENTS

	*Increase or* *(decrease) to* *surplus* *Increase or* *(decrease) to* *Net Assets*
Unadjusted Audit Misstatements	£ £
To recognise further gains/losses within investments	6,548 6,548 6,548 6,548
Total unadjusted misstatements (would be an increase in surplus)

We approve the accounting treatment of the above adjusted misstatements and the unadjusted audit misstatements are not material to the financial statements.

Trustee			Date ~~Alan Bird (Jun 23 2026 18:47:26 GMT~~+1) Alan Bird
	Josh b	ell (Jun 23, 2026 23:36:25 GMT+2)

On behalf of behalf of the Board

Audit Findings Report | City of London School Charitable Trust

TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN

Dear Sirs

During the course of your audit of our financial statements for City of London School Charitable Trust for the year ended 31 August 2025, the following representations were made to you by management and Trustees.

We acknowledge as Trustees our responsibilities under the Companies Act 2006 and Charities Act 2011 for preparing Financial Statements in accordance with the applicable accounting framework, SORP 2019 - Financial Reporting Standard 102, and for making accurate representations to you as auditors.
We confirm that in our opinion the financial statements give a true and fair view and in particular that where any additional information must be disclosed in order to give a true and fair view that information has in fact been disclosed.
We confirm that all accounting records have been made available to you for the purposes of your audit, in accordance with your terms of engagement, and that all transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and Trustees’ meetings, have been made available to you. We have given you unrestricted access to persons within the charity in order to obtain evidence and have provided any additional information that you have requested for the purposes of your audit.
We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud. We have disclosed to you all instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements. We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysis, regulators or others.
The effects of uncorrected misstatements (as set out in the audit findings report) are immaterial both individually and in total.
The financial statements are free of material misstatements, including omissions.
The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity’s assets, except for those that are disclosed in the notes to the financial statements.

Audit Findings Report | City of London School Charitable Trust 13

We have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and have disclosed in the notes to the financial statements all guarantees that we have given to third parties.
We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
The methods, data and significant assumptions used by us in making accounting estimates, and their related disclosures, are appropriate to achieve recognition, measurement and disclosure that is reasonable in the context of the applicable financial reporting framework.
We confirm that the charity has had, at no time during the year, any arrangement, transaction or agreement to provide credit facilities (including loans, quasi-loans or credit transactions) for Trustees, nor to guarantee nor provide security for such matters, except as already disclosed in the accounts.
We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for, and disclosed in, the Financial Statements and that these have been accounted for in accordance with the applicable financial reporting framework.
We confirm that we are not aware of any possible or actual instances of noncompliance with those laws and regulations which provide a legal framework within which the charity conducts its activities and which are central to the charity’s ability to conduct its activities, except as explained to you and as disclosed in the financial statements.
We confirm that there have been no events since the balance sheet date which require disclosing or which would materially affect the amounts in the financial statements, other than those already disclosed or included in the financial statements.
We confirm that the charity has not contracted for any capital expenditure other than as disclosed in the financial statements.
We believe that the charity’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity’s needs. We also confirm our plans for future action(s) required to enable the charity to continue as a going concern are feasible. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charity’s ability to continue as a going concern need to be made in the financial statements.
We confirm that all related party relationships and transactions have been accounted for and disclosed in accordance with the applicable accounting framework.
We confirm that we have provided for all known legacy income to be accounted for in accordance with the financial reporting framework.
We confirm that there has been no movement in shares held in Eurovestech PLC since November 2023.

Audit Findings Report | City of London School Charitable Trust 14

We confirm that the related party relationships and transactions set out below are a complete list of such relationships and transactions and that we are not aware of any further related parties or transactions:

Party	Relationship	Nature of transaction
City of London School	Associated entity	Bursary payments.
J Bell	Chair	Donations to charity.
R Jones	Trustee	None.
M Israel	Trustee	None.
T Levene	Trustee	Donations to the charity.
J Hall	Trustee	None.
A Commiskey	Trustee	Donations to the charity.
J Thomson	Trustee	None.
A Bird	Trustee	Donations to the charity.
P Earl	Trustee	None.
S Heller	Trustee	Donations to the charity
W Dorgu	Trustee	None.

We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that:
So far as each trustee is aware, there is no relevant audit information that you as auditors are unaware of; and
Each trustee has taken all the steps that they ought to have taken as trustee to make themselves aware of any relevant audit information and to establish that you are aware of that information.
We confirm that we have reviewed the UK Sanctions list and confirm that to our knowledge the charity has not had any transactions with any entity connected to those listed. We confirm we have complied with the requirements of the UK sanctions regime throughout the financial year and subsequently. (https://www.gov.uk/government/publications/the-uk-sanctions-list).

We confirm that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and expertise (and, where appropriate of supporting documentation) sufficient to satisfy ourselves that we can properly make these representations to you and that to the best of our knowledge and belief they accurately reflect the representations made to you by the Trustees during the course of the audit.

Yours faithfully

Alan Bird

~~……………………………………………………………………………T~~ Josh bell (Jun 23, 2026 23:36:25 GMT+2) Alan Bird (Jun 23, 2026 18:47:26 GMT+1) rustee

23/06/2026

……………………………………….................................................Date

Audit Findings Report | City of London School Charitable Trust

CLS CT Audit Findings 2025 For Signature

Final Audit Report

2026-06-23

Created: 2026-06-23 By: Priscilla Sellers (SellersP@cityschools.org.uk) Status: Signed Transaction ID: CBJCHBCAABAAYF8fYN1fqgdkUSPwTmrtWo2e7QbGTL1s

"CLS CT Audit Findings 2025 For Signature" History

Document created by Priscilla Sellers (SellersP@cityschools.org.uk)

2026-06-23 - 5:44:23 PM GMT

Document emailed to josh@dawncapital.com for signature

2026-06-23 - 5:46:40 PM GMT

Document emailed to Alan Bird (birda@cityoflondonschool.org.uk) for signature

2026-06-23 - 5:46:40 PM GMT

Email viewed by josh@dawncapital.com

2026-06-23 - 5:46:42 PM GMT

Email viewed by Alan Bird (birda@cityoflondonschool.org.uk)

2026-06-23 - 5:47:10 PM GMT

Document e-signed by Alan Bird (birda@cityoflondonschool.org.uk)

Signature Date: 2026-06-23 - 5:47:26 PM GMT - Time Source: server - Signature Appearance Selected: TYPE

Signer josh@dawncapital.com entered name at signing as Josh bell 2026-06-23 - 9:36:23 PM GMT

Document e-signed by Josh bell (josh@dawncapital.com)

Signature Date: 2026-06-23 - 9:36:25 PM GMT - Time Source: server - Signature Appearance Selected: MOBILE_DRAW

Agreement completed.

2026-06-23 - 9:36:25 PM GMT