2025-08-31-accounts

King's School, Rochester

Annual Report

for the year ended 31 August 2025

Company Number: 03791543

Registered Charity Number: 1084266

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King's School, Rochester

King's School, Rochester

Annual Report For the year ended 31 August 2025

Contents	Pages
Trustees and Advisers	2
Report of the Trustees	3 – 20
Report of the Auditors	21 – 23
Consolidated Statement of Financial Activities	24
Balance sheets	25
Consolidated Cash Flow Statement	26
Notes to the Financial Statements	27 - 44

Company Number: 03791543

Registered Charity Number: 1084266

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King's School, Rochester

MEMBERS, TRUSTEES AND ADVISERS

Patron

The Lord Bishop of Rochester

Appointment of Members

The mechanism for membership of the Board of Members is determined under the Articles of Association. The subscribers to the memorandum are the first members of the charity. Membership is open to other individuals who hold any of the following offices:

• Dean or Residentiary Canon of the Cathedral; or

• Diocesan Director of Education of the Diocese of Rochester; or

• Chair or Vice-chair of the Governing Body; or

• Chair of a standing committee of the Governing Body. The Dean of the Cathedral may in addition nominate one other person holding an office in the Cathedral who shall be admitted to membership of the charity.

The number of members of the charity shall not be less than three.

Chair of Members

The Very Rev’d Canon Dr P J Hesketh AKC DL (appointed 8 October 2024)

Members:

Mr T Berner BA (Oxon) (appointed 8 October 2024) The Rev’d Canon Dr G Giles, PhD, MLitt , The Rev’d Canon S Brewer (appointed 8 October 2024) BA Hons, CTM, ARSM (appointed 8 October 2024 Mr N Bunker (appointed 8 October 2024) Dr A C Gower, MEd, MBA, MPhil, PhD (appointed 8 Mr P B Coen, MBA, FCCA, FPFS (appointed 8 October 2024, resigned 24 June 2025) October 2024) Mr S Lace (appointed 8 October 2024, resigned 28 August Mr J Constanti (appointed 8 October 2024) 2025) (resigned 24 July 2025) Air Cdre J D Maas, CBE, MSc (appointed 8 October 2024) The Rev’d Canon C Dench (appointed 8 October 2024) Mr A Marlow, BSc (Hons) March MSt, RIBA SCA* (appointed 8 October 2024)

Appointment of governors

The members may by ordinary resolution appoint a person who is willing to act to be a governor. The minimum number of governors shall be eight and the maximum number shall be 20. No person may be appointed a governor at any general meeting unless:

• they are recommended for appointment by the Governing Body; or

• not less than fourteen nor more than thirty-five clear days before the date of the meeting, the charity is given a notice that:

• is signed by a member entitled to vote at the meeting;

• states the member’s intention to propose the appointment of a person as a governor;

• contains the details that, if the person were to be appointed, the charity would have to file at Companies House; and

• is signed by the person who is to be proposed to show their willingness to be appointed.

• Each governor shall be appointed for a term of office not exceeding four years.

• The members may by ordinary resolution re-appoint a governor for one or more further terms of office provided that:

• a. no governor who does not hold the office of Chair or Vice-chair of the Governing Body (as defined in subclause (1) of article 39) shall be appointed for a term ending later than the eighth anniversary of their appointment;

• b. no governor who holds the office of Chair or Vice-chair of the Governing Body (as defined in sub-clause (1) of article 39) shall be appointed for a term ending later than the twelfth anniversary of their appointment; and

• c. a governor who has served beyond the eighth anniversary of their appointment while holding the office of Chair or Vice-chair shall immediately cease to be a governor on vacating that office.

• Notwithstanding sub-clause 2 above, the governor who holds the office of Canon Chancellor in the Cathedral as at the date of these Articles may continue to be a governor for so long as they hold that office.

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King's School, Rochester

Chair of Governors Air Cdre J D Maas, CBE, MSc

Vice Chair of Governors Vacant position

Governors and Trustees

Mr T Berner BA (Oxon) The Rev’d Canon S Brewer (resigned 8 October 2024) Mrs N Cagan Mr M Chaloner Mr P B Coen, MBA, FCCA, FPFS Mr P Darby BSc MRICS (appointed 8 October 2024) The Rev’d Canon C Dench The Rev’d Canon Dr G Giles, PhD, MLitt, BA Hons, CTM, ARSM

Dr A C Gower, MEd, MBA, MPhil, PhD* (Resigned 24 June 2025) Mrs Kirsty Handel Mr M Hebden (appointed 18 March 2025)

The Very Rev’d Canon Dr P J Hesketh AKC DL (resigned 8 October 2024)

Dr S Jones BSc (Hons),PhD (appointed 24 June 2025) Mr A Marlow, BSc (Hons) March MSt, RIBA SCA Mr M Mason (BSc) (appointed 8 October 2024) Mrs R A Olley, CEd Mr W E Smith, BA Dip.Ed. Mrs P M C Stewart, MSc, LLM, BSc

• Chair or Acting Chair of Sub-Committees

KEY MANAGEMENT PERSONNEL

Principal:

Mr B P H Charles [BA (Hons), PGCE, Universities of Exeter and Durham (Resigned 31/08/2025) Mr S. Fisher [BA (Hons), PGCE, University of Exeter] (Began 01/09/2025)

Members of the Key Management Team

Mr T H Morgan [BMus (Hons) RCM] (Resigned 31/12/2024) Mrs K Crozer [BEd (Hons), QTS, University of Greenwich] Mr O. Smith [MA (Hons), BA (Hons), University of Cambridge] Mr P. Medhurst [BA (Hons), MA, Universities of Warwick and Greenwich] Mr N. Ball [BSc (Hons), University of Bath, CIPFA (CCAB)] Ms S. Kendall [FCIPD, MBA, CMgr MCMI]

Headmaster of the Preparatory School Vice Principal, Junior School Vice Principal, Senior School Director of Teaching and Learning Bursar Director of People

REGISTERED OFFICE

Satis House Boley Hill, Rochester, Kent ME1 1TE

ADVISORS

Auditors

HaysMac LLP 10 Queen Street Place London, EC4R 1AG

Solicitors

VWV Narrow Quay House, Narrow Quay Bristol BS1 4QA

Bankers

National Westminster Bank PLC 2[nd] Floor, 3 High Street, Maidstone, Kent ME14 1HJ

Investment managers

Ruffer LLP, 80 Victoria Street, London, SW1E 5JL James Hambro & Partners, 45 Pall Mall, London SW1Y 5JG

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King's School, Rochester

REPORT OF THE TRUSTEES

The Trustees present their annual report and audited financial statements for the year ended 31 August 2025, which comply with the requirements of the Charities Act 2011, Companies Act 2006, the Articles of Association and the Charities SORP (FRS102) – Second Edition.

AIMS AND OBJECTIVES

King’s School Rochester (King’s) is the oldest choir school and the second oldest school in the UK. There has been unbroken education at King’s since the establishment of a monastic school in 604AD. The School offers an exceptional day and boarding education for a registered maximum of 800 pupils aged 3 to 18. With a distinguished Christian foundation and strong links to Rochester Cathedral, King’s provides a contemporary 21[st] century holistic education in an inspiring setting, developing in all pupils’ skills and interests beyond the classroom.

During the year the school reframed its strategic plan and launched a new Strategic Vision; outlining its aims, drivers and planned delivery over the next 5 years.

Strategic Aims:

Futureproofing King’s for a Sustainable Future

• Stewardship of the ancient foundation of this School combined with our responsibility towards the environment and the planet.

King’s as One School

• The whole community (pupils, staff, parents, Governors & alumni) working together as one to bring us closer together to celebrate the diversity and inclusivity of this unique place.

King’s as a School for Life

• Preparing the pupils for a life beyond King’s whilst ensuring they remain in touch once they have left.

Strategies to Achieve Objectives:

The overarching aims above lead to the six key strands of strategy set out below which define the School’s operational plan:

Maximising pupil potential through excellence in teaching and learning:

• Ensure that the quality of teaching and learning, supported by confident middle leadership, is consistently excellent.

• Be confident, creative and efficient in teaching and learning thanks to a whole school approach which encourages innovation and shares best practice through training.

• Establish a broad and rounded curriculum which benefits all our pupils so that they are prepared for a globalised future.

A whole school approach to the co-curriculum

• Ensure that the quality of the school’s co-curricular provision is consistently exceptional.

• Establish a co-curricular programme that is coherent and demonstrates a synergy with the school’s ethos, curriculum and educational aims.

Pupil and staff wellbeing in a fast-changing world

• Create a culture for pupils and staff in which the balance between ‘work hard, play hard and look after each other’ has been firmly established.

• A prioritised programme of building, refurbishment of facilities and sustainable financial infrastructure

• Complete the first phase of the refurbishment of our STEM facilities by 2026.

• Establish a medium to long-term programme of phased development which has been carefully prioritised to allow the school to deliver an outstanding educational experience at all stages.

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King's School, Rochester

• A fully integrated approach to marketing and admissions

• By 2026 a fully integrated and data-led approach to admissions and marketing will have enabled us to increase our market share of prospective families and to make our recruitment into the Nursery, Junior and Senior Schools robust and secure.

A dynamic programme of Outreach and Partnership

• Develop the school’s approach to outreach and partnerships with local maintained sector schools, refresh the programme of events for alumni and donors, grow the alumni database, and successfully launch a long-term bursary fundraising campaign designed to augment the provision of means-tested support.

• Cultivate a culture of philanthropy and giving across King’s stakeholders; parents, alumni and corporate partners.

Following the appointment of a new Principal, the Governors and Executive will be further developing the Strategic Plan for academic year 2025/26 and beyond.

Charitable Objects

The objects of the School, as set out in the Memorandum of Association, are the provision and conduct of a day school for boys and girls aged 3-18 and the provision of boarding facilities for boys and girls aged 11-18. In setting the objectives the Governors have given careful consideration to the Charity Commissions' general guidance on public benefit.

Principal Activities of the Year

The School provides and conducts a day school for boys and girls aged 3-18 and the provision of boarding facilities for boys and girls aged 11-18.

Grant-making Policy

The value of scholarships, exhibitions, bursaries and other awards totalled £1,664,879 in the year, 14.1% of gross fee income. The policy is to make awards on the basis of an individual's educational potential or to relieve hardship where the pupil's education and future prospects would otherwise be at risk. This year the value of prizes made to the School's pupils out of restricted funds held by Rochester Cathedral King's School Endowment Trust, Geoffrey Harmsworth Trust and Lord Chadlington amounted to £77,506. The policy for distribution follows the conditions imposed by the original donor. Full details of the awards are published annually in a booklet "Scholarships and Bursaries".

Designated Funds

The Bursary Fund was set up several years ago; the income continues to be reinvested until it has reached sufficient size to make a worthwhile contribution to bursaries for pupils. Details of the above Funds are contained in Note 14 to the Financial Statements.

Volunteers

There are two parental groups operating: The Friends of King's School and The Pre-Prep Supporters’ Group who fund-raise for the School. The Governors would like to take this opportunity to say how much it appreciates their continuing and valuable support for the School's work.

Public Benefit

In pursuance of the School's long-held objective in offering public benefit to the community, and to ensure compliance with legislation, an Annual Public Benefit Review is undertaken internally. Set out below is a summary of the public benefit actions undertaken by the School:

• ⮚ Bursaries and Scholarships. Our primary purpose is the provision of educational services to young people aged 3 to 18, drawn from a wide cross-section of the public as possible. The School welcomes pupils from all backgrounds and access to the education offered is not restricted to those that can afford the fees. The School offers a range of scholarships that come with a standard fee remission and additional further means tested assistance where required. These include Academic, Music, Drama, Art and Sports scholarships available to external candidates. The School was proud to offer 'Chadlington Scholarships' this year, thanks to the ongoing support of Lord Chadlington. These places cover 100% of fees and expenses for several children. The School promotes its means tested scholarships and bursaries to pupils from the maintained sector through various channels including the school’s website, media relations and encourages parents to apply. Bursarial support is provided for existing pupils where there is a change of circumstance and a number of 100% transformational bursaries supporting children in particular need.

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King's School, Rochester

• ⮚ Cathedral Choristerships. With the assistance of the Dean and Chapter of Rochester Cathedral, we educate the Rochester Cathedral Choristers who are drawn from vocally and musically able boys and girls from a wide cross section of the community. All of the Cathedral Choristers are pupils of the School (except for some of the older girls) and sing for the public in services and concerts in the cathedral. The School provides financial assistance by way of a fee remission to Choristers attending the School with some receiving further financial assistance through means-tested bursaries.

• ⮚ Schools Together Partnership Activities. The School has established links with local maintained Schools and has offered pupils from diverse backgrounds the opportunity to work together in joint activities, particularly in drama, music, IT (AI) and sport. The school is proud to be featured in the ISC’s inaugural Celebrating Partnerships publication, spotlighting the impactful partnership work King’s has led with a handful of local state schools to promote ethical and efficient use of AI to achieve optimal outcomes for children.

This year the Drama Department has provided opportunities for pupils from eight local state schools to broaden their experience of the performing arts by watching live theatre, attending performances of the Preparatory School (“Shrek”) and the Senior School (“Oh What a Lovely War”) main stage shows. Tickets to these shows were also offered to pupils studying GCSE and A-Level Drama/Theatre Studies in local state Senior Schools.

While our Music outreach has been more limited this year, we have hosted an Orchestra Day for local schools and each term Music Scholars visit Morden College, a charity which has been providing residential care in Blackheath, London, for over 300 years.

This summer the Games Department hosted a Cricket Festival for pupils from local primary schools providing coaching from specialist Sports teachers on batting and bowling skills and facilitating an afternoon of matches. Pupils were introduced to the basics of “Paired Cricket”, and they were able to practice their skills during the matches

• ⮚ . Learning Support Programme

The Learning Support Department coordinates support for pupils with Special Educational Needs and Disabilities (SEND) and English as an Additional Language (EAL). With regard to the SEND Code of Practice 2015 and the Equality Act 2010, the Department works to ensure that pupils' learning support needs are identified and met and that, where necessary, reasonable adjustments are put in place.

King’s embraces Quality First Teaching, which is under-scored by adaptive and inclusive provision. This is predicated on the understanding that “every teacher is a teacher of special educational needs” (SEND Code of Practice 2015). In this context, the Department provides support and guidance to teachers across the school to ensure that pupils' needs are supported in the classroom. It also provides one-to-one and small group support sessions outside the classroom, tailored to pupils' individual needs.

Access arrangements for public examinations are administered by the Department, in line with Joint Council for Qualifications and Cambridge Assessment International Education regulations. The Department liaises closely with academic and pastoral staff across the school to ensure a joined-up and consistent approach.

• ⮚ King's School Premises. Roffa Limited runs and maintains a council-owned sports centre, which is fully refurbished and is currently used 85% of the time by the local community, including local maintained sector schools. The King’s Rochester Sports Centre provides subsidised access to high-quality sporting and exercise facilities to the local community. Many local sports groups use the indoor and outdoor facilities at community rates, along with a local cardiac rehab group, Walking Netball Club, Tennis Club, Holiday Camps and other community clubs.

The Swimming Pool is currently used by one local primary school (St Margaret’s at Troy Town) with the imminent addition of the Green School (SEND Specific School) enabling their pupils from Years 4, 5 and 6 to have regular swimming lessons.

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King's School, Rochester

Annually two RLSS National Rescue Test for Swimming Teachers and Coaches Courses are run for both school staff and local teachers ensuring safe supervision of the pool. The pool is offered free of charge to a small number of Cadet Groups enabling cadets to complete their water safety test. We host swimming galas for local schools giving children the experience and opportunity to race in a competitive environment.

The Chadlington House Sports Hall and its cricket nets have been used regularly throughout the non-playing season by local cricket clubs. The relationship between King’s and Kent Cricket pathways continues to grow and be mutually beneficial. During the Summer, Kent cricket and Calypso hired the Paddock intensively and the former enjoyed an overnight residential fixture against Norfolk cricket.

• ⮚ King's School Pupil Charitable Giving. For the academic year 2025-2026 the School will be raising funds for the East Africa Schools Project (led by our School Chaplain), along with supporting local Hygiene and Food Banks, and taking part in Wear It Pink day for Breast Cancer Now. King’s alternates supporting 2 main charities one year, supporting East Africa in the other.

In 2024-2025 each School nominated a charity that operates in the local area, some of the also Lower Sixth organised fundraising events to raise money to support the work of the nominated charities and others. All are supervised by members of King's School Staff.

In 2024-2025 the charities were: Cancer Research UK and Kent and West Sussex Air Ambulance. Along with these two main charities we also supported several other good causes (see overall fundraising performance section for details).

• ⮚ Sport. By competing in regular sports fixtures for both boys and girls against state and independent schools, King's School pupils are integrated in the local and regional sports scene, encourage a familiarity with King's and generally contribute to the success of community events.

• ⮚ Worship . The School actively promotes the Christian faith and principles (with study of RS to GCSE for all pupils) with cathedral services open to members of the public. The School also promotes equality and integration.

• ⮚ The Cathedral Choristers . The School has provided musical outreach and produced a number of concerts and services that are held in the Cathedral and are made available at no charge to the local community. The school works closely with the Cathedral on numerous joint events, offering cultural, musical and spiritual opportunities.

• ⮚ Teacher Training . King’s is committed to supporting trainees towards achieving Qualified Teacher Status and, subsequently, throughout their first two years as Early Careers Teachers. Working with long-standing schoolcentred initial teacher training (SCITT) providers such as KMT, Teach in Kent, and the University of Greenwich, King’s offers both A and B placement opportunities. In September 2024, one unsalaried teacher joined us for his A placement in P.E. B placement trainees will be fielded in Michaelmas 2, with a view to supporting at least three candidates.

Currently, in collaboration with KMT, we also have a music teacher on the ‘fast track’ Assessment Only Route to Qualified Teacher Status. In addition, in collaboration with ISTIP (the Independent Schools Training Induction Panel), we are supporting three Early Career Teachers who started in September 2025 on their two-year induction. The SLT representative and Induction Lead for these programmes is the ITT and ECT Coordinator (Trina Epsom), who supports mentors, subject leads, and trainees with their professional development. This includes designing the training programme, delivering seminars, and organising regular lesson observations.

• ⮚ Local Community. The school is part of the Medway Cultural Partnership and an active participant in the Medway Champions Programme to promote Medway as a place to live, visit, work and learn which contributes to developing the economy of the local community. We also work with Kent Women in Business, wHoo Cares CIC and the Rochester High Street Forum in events and activities to assist their members.

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King's School, Rochester

King’s is taking a lead role in the Medway Education Partnership. We are committed to strengthening the effectiveness of the school system in Medway and facilitating a sector led system that enables every child to realise their full potential. The relationship between schools, academy trusts, school leaders' associations (MELA, MSHA), and the local authority, working alongside the Regional Schools Commissioner and teaching schools, are key to ‘achieving more together' with co-production supporting the outcomes we seek.

As part of the Senior School programme, every Friday afternoon pupils do volunteer work with local charities and primary schools. We also arrange termly partnership events in sports with local primary schools to assist in the development of sporting enjoyment and teamwork, and we allow visiting primary schools to use our indoor swimming pool. In total King’s has engaged in partnership activities and events with 54 community and education partners in the 2024/25 reporting year engaging with over 750 participants and 460 staff hours committed.

The operations of the School are based on our use of local goods and services. In the last financial year, we contributed almost £26 million to UK GDP, which is worth just under £11 million to Medway.

• ⮚ Economic Impact and Savings to the Public Purse. King's School currently educates 579 children relieving pressure on local state schools and with no claim on the State for the formula funding for each place at a maintained school. The total savings generated for the UK taxpayer, as a result of attendance at King’s by pupils who could otherwise take up a free UK state school place was £1.78 million.

The School employs over 200 people locally at all levels of employment and the School also buys as many of our goods and services locally as possible contributing further significant financial impact indirectly.

Fundraising Approach and Performance

Throughout the year the School community of staff, pupils and parents undertake charity fundraising activities including quiz nights, classroom competitions, sport events, open mic nights and other fundraising events with supporter contact in line with the Fundraising Code of Practice set by Fundraising Regulator. Our fundraising promise is:

• ‘When you support you can be sure of the following:

• We will never sell your contact details to anyone;

• We will only contact you if you have expressed an interest in our work;

• If we phone you, we will always check you are happy to take the call;

• If you ask us to change how we communicate with you, or stop, we will respect that;

• We do not engage in cold-calling, door to door or street fundraising;

• We try hard to ensure no one ever feels pressurised to support our work; and

• All our activities are open, fair, honest and legal.

We have robust policies in place when dealing with vulnerable people and do not put any pressure on our donors. We do not us professional fundraisers. No complaints about fundraising activity were received in the year. We are also registered with the Fundraising Regulator.

Overall fundraising performance during the year

	Wear it Pink £8,555 Breast Cancer Now
	ORAT Authors Talk £1,018 ORAT – O Refugee Aid Team
	World Year 8 Inquiry Day £112 Water Aid

The events below raised the respective funds shown and were donated to Cancer Research UK and KSS Air Ambulance:

	Valentine Roses £136
	Home Clothes Day Michaelmas £1,159
	Home Clothes Day Lent £1,252
	Quiz Night (November) £726
	Quiz Night (February) £201
	Secret Santa £256
	Home Clothes Day Midsummer £995

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King's School, Rochester

Group Structure and Relationships

Uniting Directions have been issued by the Charities Commission allowing the combination of financial information for King's School Rochester, Rochester Cathedral King's School Endowment Trust (‘RCKSET’) and the Geoffrey Harmsworth Charitable Trust.

Rochester Cathedral King's School Endowment Trust is a subsidiary of the Charity whose income is used to fund prizes.

A subsidiary charity was established in 2009 in the name of an Old Roffensian who died during that year. The Geoffrey Harmsworth Charitable Trust provides financial support to families suffering financial hardship.

Roffa Limited is a subsidiary company whose activities are detailed in the Accounts at Note 3. Where applicable the company transfers taxable profits by Gift Aid to the School.

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King's School, Rochester

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Operational Performance of the School

A-Level examinations produced an excellent set of results. The overall pass rate was 97.4% with 55% obtaining A-B results, the School’s best return since Covid. The average UCAS points score (made up of A-Level and AS-Level Grades) was 131.6, roughly equivalent of AAB (128 points), while the “grammar stream” achieved 177 points which is more than AAA.

At GCSE 40.9% of grades were at 9-7 and over 93% of all results were above Level 4, a “pass”, with one pupil, Azzurra Mitchell, scoring 12 Level 9s.

83% of the 2025 leavers have elected to continue straight on to higher education with Surrey (7), Cardiff (3), Durham and Edinburgh (2 each), the most popular choices.

Highlights include Massimo Mitchell, who will attend Cambridge University reading Modern and Medieval Languages, Yasmin Holland, going to Oxford University to read Classics and Sebastian Lawrence whose 4 A*s won him a place at Imperial College London with a scholarship to read Engineering.

Two pupils have secured places to read Medicine at St Andrew’s University and University of Debrecen (Hungary). A small number continue to go on to conservatoires with pupils this year attending Bird to study Professional Dance and Music Theatre, the Guildhall to study Music Technology and RADA for Technical Theatre.

Of the remaining 17% four of these pupils are taking a gap year before applying to university, whilst the remaining pupils have opted to enter the work force or vocational training, with one pupil securing a prestigious apprenticeship at Ernst and Young.

Curriculum Changes

We continue to implement curriculum changes to create a responsive curriculum which marries well-established traditions with an ambitious, bold and exciting vision for the future. It is the result of an ongoing Curriculum Review, informed by extensive research and consultation, examining not just what we teach but why and how .

The result is a reimagined educational framework from Nursery through to Sixth Form that is cohesive, innovative and forward-thinking, equipping pupils to thrive in a fast-changing, globalised world.

The Curriculum Vision has a number of defining and distinctive features:

• The curriculum connects learning in all subjects across key stages, with “Big Ideas” unifying programmes of study, building upon prior knowledge and skills from the Early Years to the Upper Sixth.

• Both breadth and a commitment to excellence are emphasised.

• As well as aligning with the school's established values, the curriculum offers relevance - with a renewed emphasis on STEM subjects, including significant investment to modernise our Science facilities, and a new focus on global challenges like Climate Change and Sustainability, reflected in the flagship Futures programme, cultivating environmentally conscious pupils, who are well-informed and responsible agents of change.

• Moreover, it provides pupils with the tools and dispositions for life-long learning and employability in a changing job market, responding to the growth of AI, and a green economy, which it is calculated will create 24 million new jobs across the world by 2030.

Integrated across the curriculum, particular focus is given to transformative Competencies, such as analytical, creative and critical thinking, collaborative working and resilience. Distilled from the World Economic Forum’s 2023 “Future of Jobs Report”, these Competencies represent the skills demanded by employers and universities.

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King's School, Rochester

Primacy is given to the development of digital literacy and the use of AI to redefine learning and develop future readiness with 1:1 devices routinely used from Year 4. This emphasis is supported by an outstanding PedTech programme of professional development for staff which aligns subject knowledge, pedagogical understanding and digital skills.

Beginning in the Nursery, metacognitive strategies are embedded in the curriculum to develop reflective, independent learners. Pupils use a series of Thinking Frames, tools that offer learners a way to improve their knowledge-recall and explicitly see, develop and reflect on their own cognitive processes. A separate frame exists for each of eight key thinking processes that are the fundamental scaffolds behind a pupil’s ability to engage with tasks, solve problems and develop their thinking.

From September 2025 Learning-to-Learn (L2L) has been integrated into the curriculum with a lesson a fortnight in Years 4 to 11 and front-ending the Lower Sixth Electives programme. It involves pupils developing an understanding of how they learn best, adopting effective strategies, including metacognitive tools. Essentially, it is about becoming a more effective learner. At KS 4 and 5 it also includes a module focussing on how digital literacy, including AI, can be used effectively and responsibly to support and expand learning.

The Learning Journey

From September 2025 King’s has been reframed as a Junior and Senior School. This presents increased opportunities for a cohesive curriculum and a seamless transition between schools.

In the earliest years pupils benefit from a nurturing environment that fosters curiosity and confidence with a “Primary Plus’” model that combines the security of class-based learning with the excitement of expert teaching delivered by subject specialists in subjects such as Art, Computing, DT, French, Games, Music and Outdoor Learning.

From Year 6 onwards, pupils engage increasingly with subject specialists. This capitalises on the expertise of staff and offers a further point of difference with local schools, both independent and maintained.

In Years 7 and 8, pupils begin to enjoy the independence and responsibility of the Senior School, whilst remaining part of the Junior community.

They benefit from the use of specialist facilities, high-quality subject teaching and leadership opportunities within a bespoke King’s Diploma, which promotes intellectual curiosity and personal growth.

As part of the Diploma, pupils in Years 7 and 8 take part in Enquiry Days linked to the UN Sustainable Development Goals. Earlier this year, for example, for three days pupils in Year 7 had a collapsed timetable to undertake a Plastics Challenge to study the science of plastics and issues of plastic pollution in the world’s oceans, working collaboratively in small teams to devise their own solutions to aspects of this growing problem. This term, a similar programme has focussed on World Health. Within the Diploma programme pupils build digital portfolios to reflect on their progress and they nurture the tools to support lifelong learning.

At Senior King’s, our pupils experience a broad curriculum designed to unlock potential. In Year 9, a new carousel model ensures that the arts are given appropriate focus before GCSE decisions, whilst our broad qualifications in the Fifth Form, includes selection from 17 GCSEs, and a new Higher Project Qualification option, an alternative Enrichment activity to the CCF and Theatre Productions.

The HPQ is the perfect stepping stone to the Extended Project Qualification (EPQ), which is now an established part of the landscape for pupils in the Sixth Form. It is well-regarded by universities, as it more closely aligns with the reflective approach demanded by higher education. Moreover, research confirms that pupils undertaking the EPQ often get a lower offer, have reduced chances of “dropping out” and, ultimately, secure better grades at university.

In the Sixth Form, A-Levels, BTECs, EPQ and a range of a dozen or more short and long-course Electives, including Beginners’ Arabic, LAMDA Speech and Performance and British Sign Language, ensure that every pupil can shape a personalised path that reflects their strengths, interests and ambitions.

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King's School, Rochester

The curriculum is modelled around five “Domains”, and both the formal and the rich co-curriculum programmes are purposefully designed to help every child become:

• Innovators;

• Socially responsible individuals;

• Creative communicators;

• Global citizens;

• Resilient collaborators.

Zetountes Society

The Academic Scholarship Programme has continued to flourish. Once again, the Scholars have enjoyed a busy year, discussing philosophical and contemporary issues in their weekly gatherings and attending a series of stimulating lectures.

The Michaelmas Term began with an outstanding presentation by two senior leaders from EDF Energy. Dr David Cole and Mr Tom Richley, OR. They offered a fascinating insight into the country’s changing energy needs in the context of the trilemma of providing a reliable, sustainable and economic provision. The same theme was revisited in the Lent Term when Lord Mackinlay of Richborough returned to King’s. Having spoken earlier in the year to a captivated audience of Senior School pupils about his career in politics, at the same time revealing his tremendous courage in his recovery from sepsis, on this occasion Craig Mackinlay spoke on net-zero.

Anniversaries provided the opportunity to consider historical themes and Frau Birgit Wagner, a much beloved former teacher, returned to King's to commemorate the 35th anniversary of the Fall of the Berlin Wall on 9th November 1989, signalling the collapse of Communism.

Holocaust Memorial Day on 27th January was marked with a talk on the “Holocaust and Art”. Using slides, Mr Medhurst highlighted how some Jews turned to art as a form of resistance, when, without weapons or training, armed rebellion was nearly impossible.

In the Spring we were privileged to hear from Brigadier (Retired) Dr Peter Gilbert. With tours of duty in Germany, Iraq, the Falkland Islands (twice) and in Afghanistan, where he commanded the UK Hospital in Camp Bastion in 2009, Peter is well-qualified to speak on the theme of “War and Medicine” outlining how conflicts have prompted advances in medical understanding and practice.

Warfare was also theme of Ronald Brighouse’s presentation of the British Army in India. Founded on his extensive research, Mr Brighouse’s talk was punctuated by reference to his own family’s remarkable history and illustrated with original weapons and memorabilia from his own collection.

The lecture programme concluded with an informative and absorbing talk on addiction from Dr Sharon Cox, a parent and research fellow at UCL's Department of Behavioural Science.

Grateful thanks are extended to all our guest speakers and tribute is paid to the Sixth Form leaving Scholars who have shown loyalty, leadership and erudition in the “search for knowledge”.

As a school, we have also marked Black History Month last October, Pride Month in June, Safer Internet Week, Antibullying Week and Boarding Schools’ Association Celebration of Boarding Week. It’s important that pupils are given the opportunity to understand broader global perspectives through a range of events and activities.

Sport

Sport, health and Fitness continue to make huge strides in pupils’ development, participation and performance.

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We continue to strive for excellence in physical literacy for all pupils. The FMS (Fundamental Movement Skills) programme is embedded in the Core PE curriculum for pupils in Reception to Year 7. A greater focus on pupils' movement skills over the last 5 years is ensuring that pupils are confident and competent movers, not only improving their performance in team sports, but more importantly providing them with a positive relationship with physical activity at a young age.

In the Senior School during Games lessons, pupils are able to choose their own route by opting to take part in the core team sport of the term (the Sports Pathway) or follow the Health and Fitness Pathway which introduces them to high quality, physical activities that they may experience later in life. Despite the non-compulsory aspect; the large majority of pupils are opting for the competitive sports pathway, evidencing the quality of our programmes and the fact that pupils (and parents) see the benefits of competitive team (and individual) sport.

Junior School - Percentage of pupils that represented the school in at least 4 fixtures throughout the year:

• Yr 4,5,6 - 100%

• Yr 7+8 - 96% (those pupils not included, rowed in at least one indoor competition)

Senior School - Percentage of Senior School pupils who represented the school in at least one competitive sport across the academic year:

• Remove - 92% of pupils represented the school

• Lower 5th - 97% of pupils represented the school

• Upper 5th - 93% of pupils represented the school

• Lower 6th - 86% of pupils represented the school

To support the HEART values of the school, this year we have been particularly keen to track the commitment to school sport. We celebrated their ‘roundness’ and dedication to sport by presenting the 20 Cap Awards. 44 pupils in the senior school made at least 20 appearances throughout the year, with the highest number of ‘caps’ being 32, achieved by a pupil in the Lower Sixth.

Individual and team success includes:

• County representation in Hockey, Rugby, Netball, Athletics, Tennis and district representation in Cricket;

• International representation in Badminton and Tennis;

• The Senior School Boys football programme was launched successfully. Highlights included a Saturday afternoon block fixture at Westminster and competitive fixtures against large, local grammar schools;

• In the Senior School, 3 age groups competed at the Kent Schools Rugby Sevens Tournaments and 2 age groups at the Rosslyn Park National Tournament. The 1st XV continued their annual fixture against King William's College, Isle of Man again at the end of last year and we will travel to them again in December 2025;

• Funding of the NJIRC has changed and clubs were asked to host venues. Kings jumped at the chance and using KRSC we hosted Kent. With a large number of both state, grammar and independent schools competing. Our pupils performed extraordinarily well, with an U16 boy winning the national event for his single time, and an U13 girl winning her category and the U16 team coming third in their category;

• The Senior Cricket Squad embarked on a 2-week tour of Sri Lanka. Highlights were playing 7 games against high quality opposition, including 2 fixtures at test match venues. This was well supported by a large group of travelling parents and the cultural capital for the boys involved was invaluable;

• The rowing programme continues to develop at great speed and entry into the HRR Qualifiers in the summer is a great example of the progress being made in this sport;

• Saha Kapilasena represented Sri Lanka in the Asia Region of the Junior Davies cup. Saha also came 2nd in the Sri Lanka U16 National Singles Tournament;

• Arjun Bhattiprolu continues to represent Great Britain in Badminton. He has competed in international tournaments across Europe and promises to go far;

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• Nathaneal Matarutse and Daisy Kidd continue on academy pathways with professional clubs; Saracens Rugby Football Club and Brighton and Hove Albion Football Club;

Music

During the past academic year musical performances and concerts have been extraordinary; the Christmas Concert, the Carol Service and Summer Concert were particular highlights. In between, the evening Scholars’ recitals have showcased our young soloists to a very high standard.

Individual congratulations for individual noteworthy musical achievements go to:

• Toby Sell (U6), and Alex Mathie (L5) received places in the National Youth Wind Orchestra, which is indicative of them reaching the highest playing standard nationally on their respective instruments, among musicians of their age;

• Bobby Langfield (U6) secured a place at the prestigious Guildhall School of Music & Drama to study on the BMus programme for Electronic & Produced Music. He also played at the Jezebel TAKEOVER! event held in Todmorden, Yorkshire, where his outstanding work in electronic music was enjoyed alongside noteworthy names in the industry;

• Massimo Mitchell (U6) was offered a choral scholarship at Selwyn College Cambridge, where he will read Modern Foreign Languages in Autumn 2025;

• Charlie Binney (L5) made his concerto debut, as rehearsal soloist with the Hayes Symphony Orchestra, performing Bruch’s Violin Concerto, conducted by KSR teacher and ensemble leader, Dan James. Charlie was also selected as Principal Second Violin of the Benedetti Foundation Advanced Orchestra at the Queen Elizabeth Hall, enjoying workshops with Nicola Benedetti herself and playing alongside other international names such as Jess Gillam and Wynton Marsalis;

• Arthur Groves (Y8) has a place at the Junior Department of Trinity Laban Conservatoire of Music and Dance, recognising his exceptional talent as a cellist;

• Leo Boden (Y6) won both the Hillyfields Cup for Classical Song and the Joyce Best Cup for Sacred Song in the Rochester and North Kent Music and Drama Festival; and

• Ruaraidh Mathie (Y6) took part in the National Children’s Orchestra (NCO) at Goldsmiths as a viola player.

Drama

A young cast worked exceptionally hard to prepare for the Senior School production of “Oh What a Lovely War” with standout performances from Ludo Temple, Chester Crozer, Melissa Cagan and Bryer Lowe and debutante Edward Trowbridge. Sam Hall OR, brought his expertise and West End experience to the role of Musical Director, while Mr Bailey, Mr Medhurst and Mrs Ransom supported Ms Hebden in this extraordinary anti-war musical.

In the Preparatory School Mr Bailey produced a junior version of “Shrek, the Musical” which attracted large audiences and a large cast of pupils.

CCF/DofE/outdoor pursuits

Over the year, 36 pupils have completed their Bronze DofE, 14 Silver. The Gold award culminates in a visit to Buckingham Palace and alternates with the next Gold taking place in Summer 2026.

Chadlington Lecture

Lord Mackinlay gave this year’s Chadlington address. Dubbed the Bionic Lord, Craig Mackinlay spoke about his career in politics and his remarkable courage in combatting sepsis, which transformed him into a quadruple amputee.

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Partnerships

2024/25 was the second year of the KSR Partnership initiative, which enabled us to work in Sporting and Drama activities with 10 local schools. In addition, we work with Medway African Caribbean Association, wHoo Cares CIC and Medway RFC with hosting events and asking them to join our concerts. We have also worked with 3 local primary schools on AI activities and passing on best practices for its use and monitoring.

Trips

In 2024 pupils in the Junior School undertook a range of residential trips, including a visit to Chateau Warsy in Picardie (France), while the Year 8 pupils participated in an activity trip to the Peak District. Most recently Year 7 pupils visited Cobnor on an overnight adventure activities trip. A Ski trip is planned for pupils in Year 7 upward in the February half-term holiday and cricketers and netballers will again visit Barbados in the Summer.

Our Senior cricketers undertook a successful cricket tour to Sri Lanka, undertaking a gruelling fixture list and an eye-opening cultural tour, while the 1st XV rugby team will visit the Isle of Man for the annual fixture against King William College.

Trips are an integral part of the pupils’ rounded experience, and many excursions support the curriculum. Students of Drama continue to visit productions in London and Canterbury, while Geographers visited the Norfolk Coast to study coastal erosion as part of the A-Level coursework and Year 8 historians considered Trans-Atlantic Enslavement in a visit to the National Maritime Museum in Greenwich.

Younger children visited Down House, the home of Charles Darwin, and Reculver, as well as a local wildlife centre as part of a study of habitats.

Parties from King’s School have been visiting Ypres since 1992 and this year over sixty pupils from Year 8 and the Lower Fifth once again made the trip to the battlefields of Fanders, while members of the cast of “Oh What a Lovely War” visited the Somme in France to commemorate the victims of this assault.

Boarders experience a wide range of trips; each weekend a different activity takes place all over Kent and into London. Workshops include a recent visit by educators from the Holocaust Educational Trust. “Testimony 360” is an interactive digital programme that combines pre-recorded, eyewitness testimony with virtual site-based learning providing pupils with a memorable learning experience. Using Virtual Reality headsets, pupils will be able to ask questions of a Holocaust survivor and engage in real-time interactions about their life experiences, as well as exploring some of the sites and artefacts associated with the Holocaust as they appear today.

Organisational Restructure

In response to the pressure exerted by the removal of VAT exemption on independent school fees and loss of charitable rates relief, an organisational restructure took place during the year following consultation with staff. The Pre-Prep and Prep were merged into one school, providing a seamless lifelong learning journey from Nursery to Year 8 and achieving greater efficiency in management oversight and a smooth transition to the Senior School. Pursuant to this objective, the curriculum was redesigned, blending a future-focused curriculum and enriching co-curricular offering into 5 distinctive domains, delivering a coherent and continuous learning journey from the age of 3 to 18.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The Governors report that the consolidated activities of the School had a surplus of £305,738, before investment revaluations in the 12 months to 31 August 2025 (2024: surplus £296,392).

Income and expenditure both increased by 2.3%. Investment in marketing, admissions and development was prioritised and improvements to the School's building fabric and computer facilities remained a primary focus during the year. During the year the government removed the VAT exemption of private education, which has led to a pupil contraction of approximately 15% in September 2025 compared to September 2024. After accounting for input VAT which can be reclaimed, school fees were reduced by 3%. With the addition of VAT, the effective increase in school fees to parents was 17%. The STEM capital project commenced in June 2025, using reserves to finance the first 2 phases, reflected by a reduction in Total Net Assets of £553,850.

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Roffa Ltd’s trading performance during the year improved on the previous year due to increased turnover relating to trading activities, especially in relation to the delivery of holiday and residential camps.

Future Plans

The Strategic Business Plan for 2025-2030 was reviewed, updated and approved by the Governors in the previous financial year. Under the leadership of the Chair of Governors, the strategy is due to be reviewed again to develop a new strategic vision for the next 5 years, which will be presented to Governors for review in Midsummer 2026.

Current key operational plans are:

1. To begin a phased investment in STEM facilities, with a view to the school moving beyond traditional Science, Technology, Engineering, and Mathematics (STEM) to embrace the creative and analytical power of the Arts, by developing a truly interdisciplinary approach;

2. Introduce a Science Outreach Programme, including the Saturday Science initiative, to share our expertise and facilities with the wider community;

3. Embed a sense of global and local responsibility through initiatives like the Futures Programme (Year 7 and 8) and the Eco-Council, promoting pupils’ role as active stewards of the environment and community;

4. Naturally integrate references to careers and employability insights directly into lesson content and the curriculum; 5. Implement and utilise metacognitive strategies consistently across all lessons so that pupils learn how to learn effectively;

5. Systematically use tracking ( SISRA and SONAR) to inform teaching, identify pupils requiring support, and initiate timely and effective intervention strategies;

6. Develop and effectively implement provision for our High Potential Achievers (HPA);

7. Focused and high-quality CPD for all staff on key areas such as mental health awareness, managing anxiety, and addressing common adolescent challenges to ensure staff can all support pupils effectively;

8. Deliver targeted improvements to the Boarding Houses to ensure they are comfortable, modern, and provide highquality facilities for study and relaxation;

9. Implement a new appraisal system for staff, linked to Strategic Plan objectives;

10. A SWOT analysis is being conducted by an independent Fundraising Consultant to evaluate the school’s current approach to fundraising and school development. The outcome will inform the direction of travel for the future strategy of the school, pursuant to the cultivation of a culture of philanthropy and support across alumni, current parents and corporate partners; and

11. Create an Estate Masterplan to improve capacity utilisation across the school based upon operational spatial requirements, with a view to identifying non-core assets which may have an alternative use and monetised to support the delivery of education.

Acknowledgement

The Governors wish to express their appreciation to the Principal, Heads of each School, teachers and all School staff for their loyalty and dedication, continuing hard work and support.

Reserves Policy

The Group has total reserves of £15,507,730, these include Endowed Funds of £3,045,686; Restricted Funds of £33,883 and Unrestricted Funds of £12,428,161.

The Reserves Policy of the School has been based on the School's objectives. Its main features are:

• a) To achieve a margin of working capital sufficient to enable all aspects of the School's work to be conducted in an orderly and efficient manner and to deal with the management of the School's buildings maintenance programme; and

• b) To provide resources to fund the School to provide cover for unexpected or unavoidable items of expenditure.

In order to meet the criteria in (a) and (b) above, the Governors consider that the minimum targeted level of reserves desired is as follows:

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Working capital of £1.8m, or two months' expenditure. This should be represented by liquid resources.

When certain fixed assets totalling £10.5m are deducted from unrestricted funds this gives rise to free reserves of £461k. The policy is therefore to maintain building up reserves of annual operating surpluses at the current level of two months expenditure, subject to the prior demands of further capital expenditure to equip the School with the up-to-date facilities needed to maintain the standard of educational services currently provided. Net liquid assets were £1.35m at the end of the period, which is lower than the target due to the use of liquid reserves to fund critical capital projects. The reserves policy will continue to be reviewed and monitored as government policy which impacts upon the sector continues to evolve.

The School’s Bursary Fund, which currently stands at £1,618,763 (Designated Fund), was established with the objective of generating investment income to support the families of existing pupils suffering financial hardship and to enrol pupils who would otherwise be unable to afford to attend the school. The fund to date has reinvested all income generated. Its mediumterm objective is to increase the Fund to enable it to generate an annual income in support of the above objectives.

Investment Policy and Objectives

The Board aims to maximise the total investment return within the objectives of maintaining income without taking undue risk, while continuing to preserve and grow the real value of endowed investments and to maximise income on invested restricted funds. The management of the School’s funds is reviewed regularly by Governors. The Board of Governors regularly reviews the management arrangements of its investment portfolio and on a termly basis, its investment performance. More detailed performance reviews are conducted by the Finance and General Purposes Committee on a termly basis.

The school’s investment manager, Ruffer LLP, adopts a cautious and defensive investment strategic position during the year given their view on the worldwide economy and political uncertainty in the UK. Their investment approach is long term, and their strategy is to hold a wide range of mostly conventional assets. Actual market performance on returns were in line with relevant market indices. Investment gains were incurred during the year due to positive market performance.

Risk Management

King's School Board of Governors is responsible for the management of the risks faced by the School and to ensure that adequate controls are in place to identify, assess and mitigate against such risks. Detailed considerations of risk are delegated to the Audit and Risk Committee (ARC), assisted by the Executive Board. Risks are identified, assessed and controls established throughout the year. A formal review of the School’s risk management processes is undertaken on an annual basis, with specific risks assessed on a rolling termly basis.

The major potential risks identified are addressed by Governor sub-committee meetings. During the year these risks are discussed in detail and monitored for action as necessary. Each sub-committee reports in detail to the Governing Body.

The Governors consider the major potential risks to the School are:

• ⮚ Challenges of the current economic situation, including higher inflation and interest rates, falling birth rates, pressure on salaries, parents facing cost pressures when considering fees;

• ⮚ Further government policy decisions which have a financial impact upon the independent school sector;

• ⮚ Affordability issues for parents which affect pupil numbers, fee and expense levels and greater demand on bursary/hardship funds;

• ⮚ Further increases to pension contribution rates and changes to deficit repayments, along with changes of provision;

• ⮚ Competition from both independent and state grammar schools for pupils;

• ⮚ Safeguarding and Inspections in an increasingly regulated environment;

• ⮚ Risk management of Data Protection and cybersecurity; and

• ⮚ Risk management of Health and Safety.

The key controls used by the School to mitigate risks include:

• ⮚ Comprehensive strategic planning, KPI monitoring, budgeting, forecasting and management accounting;

• ⮚ Formal agendas for all Committee and Board activity to ensure all Governors and SMT are fully aware of and consider the risks regularly;

• ⮚ Risk Register identifies all known risks;

• ⮚ The Audit & Risk Committee regularly review risks and mitigating strategies then report to Governing Body;

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• ⮚ Scenario planning to provide a series of competitive commercial cost structures, which model the impact of reduced pupil numbers, as a consequence of crystallised political risks – the introduction of VAT on independent school fees and the removal of charitable rates relief - and sector wide changes;

• ⮚ Teachers’ Pension Scheme membership reviewed regularly;

• ⮚ Iterative Curriculum Review;

• ⮚ Health & Safety committee to consider current risks;

• ⮚ Investment in the school’s marketing and communications functions to support pupil recruitment and clearly define the school’s ethos and USP;

• ⮚ Established organisational structure and reporting lines;

• ⮚ Updating formal written policies and annual adherence monitoring as appropriate;

• ⮚ Clear authorisation and approval levels, as outlined in the Procurement Policy;

• ⮚ Bursary Policy & Debtors Policy in place;

• ⮚ GDPR compliant and cyclical, planned investment in IT resources;

• ⮚ Safer recruitment as required by law for the protection of the vulnerable; and

• ⮚ Well trained designated staff, robust systems, whole school staff training on Child Protection and Safeguarding.

Through the risk management processes established by the School, King's School Rochester Governors are satisfied that the major risks have been identified and adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

STATUS AND ADMINISTRATION

The origin of the School dates back to the foundation of a monastery by St Justus in 604 AD. King's School emerged as a distinct entity in 1542 when Henry VIII dissolved the Monastery and re-founded the Cathedral Grammar School. The Foundation has been amended during subsequent years. The liability of the members is Limited by Guarantee. Details of the Charity's Governors and executive officers are listed on page 2. The Charity's addresses and particulars of the Charity's professional advisors are given on page 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is governed by its Memorandum and Articles of Association, adopted on 11 October 2000 as amended by Special Resolutions on 9 November 2015 and 8 October 2024.

Appointment and re-Appointment of Governors

The Scheme approved by the Charity Commission provides for a minimum of 8 and a maximum of 20 Trustees who are Governors of the School, as approved by Members.

The Governors would like to take this opportunity to thank Rev’d Canon S Brewer (who resigned in October 2024), Very Rev’d Canon Dr PJ Hesketh (who resigned in October 2024) and Dr A C Gower (who resigned in June 2025) for their hard work, dedication and support.

Recruitment and Training of Governors

The Charity's elected Governors are appointed at the first ordinary Meeting of the Governors following their nomination or co-option and a visit to the School. Prospective Governors are supplied with a pack of information as recommended by AGBIS (Association of Governing Bodies of Independent Schools). This includes AGBIS Guidelines for Governors, the Charity Commission handbook CC3 "Responsibilities of Charity Trustees", the School's Articles of Association, key School Policies, dates of upcoming Governors' Meetings and Committees and a map of the School. Governors are given access to a shared Governor drive with key strategic documents and minutes of previous Governors' Meetings and Committees. During their first year, and annually thereafter, Governors are invited to attend courses sponsored by AGBIS and others. In addition, ad hoc strategic planning sessions are held when appropriate, as well as annual safeguarding training.

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Organisational Management

The Governors, as trustees of the Charity, are legally responsible for the overall management and control of the School, and meet at least four times a year. Five Committees, each chaired by a Governor, serve to review, monitor and advise the Governing Body on their respective strands of work. The Finance and General Purposes Committee , chaired by Mr Paul Coen meets three times per year and has responsibility to recommend the budget, prioritise budgets for proposed future undertakings and finalise the audited accounts and annual report for approval by the Board. The Estates Sub-Committee of the Finance and General Purposes Committee is chaired by Mr Alex Marlow and meets four times a year to develop and monitor current estates projects and oversee the buildings, grounds, vehicles and plant, and ensure compliance with health and safety. The Education and Pastoral Committee chaired by Mr Wayne Smith meets termly; it reviews educational matters and Inspection findings. The Audit and Risk Committee (ARC), chaired by Mr Thomas Berner meets termly to advise, and scrutinise, in relation to financial controls and statutory obligations including safeguarding; equality and diversity; and health and safety. The ARC is charged with scrutinising the annual Trustees’ Report and recommendation approval of it to the Governing Body. The Chairs of each Committee form The Governance, Nominations and Strategy Committee (GNSC), which meets four times a year and is chaired by the Chair of Governors and is responsible for the strategic direction of the school and overseeing Governance. The remit of each of the Committees has been drawn up and agreed by the Governing Body. Each of the Committees reports in detail to the Governing Body.

The day to day running of the school during 2024-2025 was delegated to the Senior Management of the School, details of which are listed on page 3. Senior Management members attend meetings of the Governing Body and the Sub-Committees.

Key Management Pay Policy

Management pay policy is determined in conjunction with the Governors, Principal and Bursar and takes into account current market demand for pupils in the School’s catchment areas, the financial performance of the School, the economic outlook and the ‘going rate of remuneration’ for senior management remuneration in both the state sector and the independent school’s market in the southeast of England. The key management roles are detailed in note 6 of the accounts.

Employment Policy

The school is an equal opportunities employer and positively encourages applications from suitably qualified and eligible candidates regardless of sex, age, ethnic origin, sexual orientation, belief, religion, disability or membership of a professional or trade union.

Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic performance of the School. Communication with employees continues through normal management channels in a variety of forms and also through exceptional channels to apprise staff of current issues.

Statement of Trustees' Responsibilities

The Trustees (who are also the directors for the company) are responsible for preparing the annual report and the financial statements in accordance with applicable law and UK GAAP.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the income and expenditure of the Group for that period. In preparing these financial statements, the Trustees are required to:

• ⮚ select suitable accounting policies and then apply them consistently;

• ⮚ observe the methods and principles of the Charities SORP;

• ⮚ make judgements and estimates that are reasonable and prudent;

• ⮚ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• ⮚ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and company will continue in business.

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The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company and Group’s transactions and disclose with reasonable accuracy at any time the financial position of the company and Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Trustees is aware at the time the report is approved:

• ⮚ there is no relevant audit information of which the company's auditors are unaware; and

• ⮚ the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

This report, which incorporates the Strategic Report, was approved by the Board of Governors on ……………. 2025 and 09/12 signed on their behalf by:

PAUL COEN

John Maas Governor

Paul Coen Governor

Registered Office

Satis House Boley Hill Rochester, Kent, ME1 1TE

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING'S SCHOOL, ROCHESTER

Opinion

We have audited the financial statements of Kings School, Rochester for the year ended 31 August 2025, which comprise the Consolidated Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheet, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

• In our opinion, the financial statements:

• give a true and fair view of the state of the group and parent charitable company’s affairs as at 31 August 2025 and of the group and parent charitable company’s net movement in funds, including the income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Report of the Trustees (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors’ report included within the Report of the Trustees have been prepared in accordance with applicable legal requirements.

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Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the charitable company; or

• the charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures 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 trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on pages 19 and 20, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the group and parent charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to The Education (Independent School Standards) Regulation 2014, employment law, safeguarding regulations, health and safety requirements, GDPR and Charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, Charities SORP and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to recognition of income and management bias in accounting estimates and judgements. Audit procedures performed by the engagement team included:

• Inspecting minutes of Trustees’ meetings;

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of non-compliance with laws, regulation, and fraud;

• Evaluating management’s controls designed to prevent and detect irregularities;

• Identifying and testing journals; and

• Challenging assumptions and judgements made by management in their accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

page 23

King's School, Rochester

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report

Use of our report

This report is made solely to the charitable company's members, as a 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 charitable company's members those matters we are required to state 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 responsibility 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.

Adam Halsey (Senior statutory auditor) for and on behalf of HaysMac LLP, Statutory Auditor

10 Queen Street Place London EC4R 1AG

…………………………………………..2025 11 December

page 24

King's School, Rochester

COMPANY NO. 03791543

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2025

Notes INCOME AND ENDOWMENTS FROM: Income from charitable activities School fees receivable 2 Other educational income Other trading activities - Rent and commission receivable - Trading income Investment income Donations and grants Other income Total Income EXPENDITURE ON: Costs of raising funds Trading expenses Interest payable Charitable activities - Education - Premises - Welfare - Support of schooling (including governance costs) - Grants, awards and prizes - Governance costs Total charitable expenditure Total expenditure 6 Net income before investment gains and transfers Net investment gains Transfers between funds 14 NET MOVEMENT IN FUNDS Reconciliation of funds Fund balances at 1 September 2024 FUND BALANCES AT 31 AUGUST 2025 14	Unrestricted Funds £ Restricted Funds £ Endowed Funds £ 11,729,332 60,809 - 88,231 - - 159,521 - 14,520 339,165 - - 215,881 - 45,255 236,093 - 30 70,656 - -	Total 2025 £ Total 2024 £ 11,790,141 11,745,797 88,231 94,747 174,041 95,881 339,165 365,333 261,136 211,715 236,123 145,096 70,656 9,457
	12,838,879 60,809 59,805	12,959,493 12,668,026
	437,476 - - 49 - -	437,476 441,117 49 -
	437,525 - -	437,525 441,117
	6,937,447 - - 1,900,802 - 22,726 869,005 - - 2,380,112 - 197 1,825 60,809 16,697 26,610 - -	6,937,447 6,993,253 1,923,528 1,868,148 869,005 885,223 2,380,309 2,037,674 79,331 146,219 26,610 -
	12,115,801 60,809 39,620	12,216,230 11,930,517
	12,553,326 60,809 39,620	12,653,755 12,371,634
	285,553 - 20,185 77,722 - 81,734 (18,618) - 18,618	305,738 296,392 159,456 234,582 - -
	344,657 - 120,537 12,083,504 33,883 2,925,149	465,194 530,974 15,042,536 14,511,562
	12,428,161 33,883 3,045,686	15,507,730 15,042,536

All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in the Statement of Financial Activities. The comparative year’s Statement of Financial Activities is included in note 19. No separate Income and Expenditure account has been produced because the Net Income for Companies Act purposes is the same as the Net Movement in Funds on the Unrestricted Funds.

The notes on pages 27 to 44 form part of these financial statements.

page 25

King's School, Rochester

BALANCE SHEETS AT 31 AUGUST 2025

Company Number: 03791543

Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Stocks Debtors 9 Cash at bank and in hand CURRENT LIABILITIES: Creditors: amounts falling due within one year 10 NET CURRENT ASSETS LONG TERM LIABILITIES Creditors: amounts falling due after more than one year 11 TOTAL NET ASSETS 13 Representing: Unrestricted Funds 14a Restricted Funds 14b Endowed Funds - Expendable Endowment Funds 14c - Permanent Endowment Funds 14c TOTAL FUNDS	GROUP 2025 £ GROUP 2024 £ SCHOOL 2025 £ 11,854,878 11,143,227 11,602,665 3,414,729 3,263,670 3,812,179	SCHOOL 2024 £ 10,859,476 3,661,120
	15,269,607 14,406,897 15,414,844	14,520,596
	2,960 4,622 - 4,788,243 532,871 4,695,398 3,890,053 4,628,015 3,840,616	- 494,908 4,575,893
	8,681,256 5,165,508 8,536,014 (7,063,600) (2,994,002) (6,991,796)	5,070,801 (2,913,089)
	1,617,656 2,171,506 1,544,218 (1,379,533) (1,535,867) (1,379,533)	2,157,712 (1,535,867)
	15,507,730 15,042,536 15,579,529	15,142,441
	12,428,161 12,083,504 12,499,960 33,883 33,883 33,883 1,427,920 1,322,924 1,427,920 1,617,766 1,602,225 1,617,766	12,183,409 33,883 1,322,924 1,602,225
	15,507,730 15,042,536 15,579,529	15,142,441

King’s School, Rochester has taken the exemption from presenting its School statement of financial activities under section 408 of the Companies Act 2006. The net movement in funds of the School was a deficit of £119,446 (2024: surplus of £528,600).

The notes on pages 27 to 44 form part of these financial statements.

The financial statements were approved and authorised for issue by the Board of Governors on 2025 09/12 and were signed below on its behalf by:

PAUL COEN

John Maas Governor

Paul Coen Governor

page 26

King's School, Rochester

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025

Net cash inflow from operating activities Net movement in funds Investment income and interest receivable Depreciation (Gains) / losses on sale of fixed assets (Gains) / losses on investments (Increase)/decrease in stocks (Increase) in debtors Increase in creditors Increase / (decrease) in pension deficit Net cash provided by operating activities Cash flow from investing activities Investment income and interest received Purchase of tangible fixed assets Proceeds from sale of tangible fixed assets Purchase of fixed asset investments Net cash used in investing activities Net change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Analysis of cash and cash equivalents Cash at bank Deposits Analysis of changes in net funds Cash at bank Deposits	At start of year £ 528,015 4,100,000	2025 £ 2024 £ 465,194 530,974 (261,136) (211,715) 430,548 398,640 (2,396) (9,457) (151,059) (234,582) 1,662 (1,352) (4,255,372) (28,608) 3,356,730 1,410,434 556,534 (14,809)
		140,705 1,839,525
		261,136 211,715 (1,146,028) (593,384) 6,225 10,066 - (66,957)
		(878,667) (438,560)
		(737,962) 1,400,965 4,628,015 3,227,050
		3,890,053 4,628,015
		670,053 528,015 3,220,000 4,100,000
		3,890,053 4,628,015
		Cash At end Flows of year £ £ 142,038 670,053 (880,000) 3,220,000
	4,628,015	(737,962) 3,890,053

page 27

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 ACCOUNTING POLICIES

The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed assets investments at market value and certain freehold land and buildings at revalued amounts. The format of the financial statements has been presented to comply with the Companies Act 2006, FRS102 The Financial Reporting Standard applicable in the UK and Ireland the Statement of Recommended Practice for Charities (SORP) (Second Edition, effective 1 January 2019). Figures are presented in sterling and rounded to the nearest pound. The Charity is a Public Benefit Entity as defined by FRS102.

Going Concern

Having reviewed the school’s budgets and forecasts with the expected ongoing demand for places at the school, the Trustees consider that there are no material uncertainties which would cast doubt on the School’s ability to continue as a going concern.

Against a challenging political and economic backdrop, the Trustees have re-visited their business plans, forecasts and cash flows to cover a period up to 31st August 2026 and introduced further sensitivity analysis in order to assess the ongoing financial implications for the School. This is complemented by a detailed 5 year forecast up to the period ending 31st August 2026, which is premised upon prudent assumptions about organic pupil growth targets and sensible cost and salary inflationary principles.

Particular focus and modelling has been undertaken on a potential reduction in pupil numbers due to the impact of VAT on school fees; an approximate 16% reduction in pupil numbers since September 2024 has materialised, underscoring the need for the organisational restructure which was delivered during the reporting period.

Forecasts for going concern assessment have considered reduced pupil numbers and associated income, cost inflation, increased employer National Insurance contributions and fundraising opportunities for future cash flow projections. A key plank of the school’s new Strategic Vision is to diversify revenue streams and progress toward this goal has been positive. With interest rates expected to remain above the recently historically low level, prudent assumptions have been used to estimate interest, investment and dividends income for the period.

The School has no current loan financing in place and governors have approved recommended steps to allocate additional resources for the marketing function and a cost reduction focus through to August 2026. Given the school has sufficient reserves, the Trustees consider that there are no material uncertainties which would cast doubt on the School’s ability to continue as a going concern.

Group Accounts

These financial statements consolidate the results of the charity and its wholly owned subsidiary Roffa Limited on a lineby-line basis. A separate Statement of Financial Activities for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006.

General Information

The Charity is a company limited by guarantee, incorporated in England and Wales (company number: 03791543) and a charity registered in England and Wales (charity number: 1084266). The School was converted from its classification as Rochester Cathedral (King's) School, an Unincorporated Body to Limited Company status and began trading as King's School, Rochester on 1 September 2000. Uniting Directions have been issued by the Charities Commission allowing the combination of financial information for King's School Rochester, Rochester Cathedral King's School Endowment Trust (‘RCKSET’) and the Geoffrey Harmsworth Charitable Trust.

Significant Estimates and Judgements

In preparing these financial statements the trustees have had to make estimates and assumptions that affect the amounts recognised in these financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are key areas subject to estimation uncertainty or judgement where depreciation, bad debt provision and investment property valuation.

page 28

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Income

All income is included in the Statement of Financial Activities when the Charity is entitled to the income, its receipt is probable, and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Donations are accounted for on a received basis. Legacies are recognised on a receivable basis, when the conditions of entitlement, probability and measurement are met. Where the probability and/or measurement criteria for legacies and donations are not satisfied as at the balance sheet date, but subsequent events resolve the uncertainty such that the criteria are met, an adjustment is made to recognise the income.

Fees receivable includes both general tuition fees and other fees and recharges, net of scholarships and remissions, is accounted for in the period in which the service is provided. General tuition fees comprise all amounts in relation to tuition, boarding and lunches.

Investment income is accounted for in the period in which the charity is entitled to receipt.

Rent and interest is accounted for on an accrual’s basis.

Expenditure

Expenditure are accounted for on an accrual’s basis. Expenditure is allocated to expense headings on a direct cost basis except for central costs which are apportioned on the basis of the Trustees' estimate of time spent on the relevant functions. Redundancy and termination costs are accounted for on an accrual’s basis.

Expenditure on raising funds comprise the costs associated with attracting voluntary income, the costs of trading for fundraising purposes and finance costs.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs represent staff and other costs incurred in directly supporting the teaching function and general running of the School. Governance costs include expenditure on compliance with constitutional and statutory requirements. These are included within support costs.

Grants and Bursaries

Grants and bursaries from restricted funds are included as expenditure in the period for which the award is given. Bursaries and allowances from unrestricted funds towards school fees at the Schools are treated as a reduction in those fees.

Tangible Fixed Assets and Depreciation

Freehold and leasehold land and buildings are included in the balance sheet at a valuation by Messrs Burkill Johnson and Messrs Michael Rogers, Chartered Surveyors at incorporation on 1 September 1999, with additions since that date being included at cost.

Expenditure on repairs and alterations which do not add value to the premises is charged to the Statement of Financial Activities in the financial year in which it is incurred.

• Depreciation of Freehold buildings is provided on a straight-line basis over 10, 20, 30 and 50 years.

• Depreciation of leasehold buildings is provided on a straight-line basis over the unexpired portion of the leases, the remaining useful life of each building, or 50 years, whichever is shortest.

• Expenditure on furniture and equipment, fixtures and fittings and vehicles with a minimum project value of £1,000, which have an expected useful life in excess of one year, are included in the balance sheet at cost. Depreciation is provided on a straight-line basis at rates varying between 5% and 25%. Expenditure on smaller items is charged to the Statement of Financial Activities in the year of acquisition.

Investment Property

The investment property is included at fair value at a trustees’ valuation. The trustees believe that the current fair value is not materially different to the professional valuation completed by TWD (Chartered Surveyors) on 19 November 2021.

page 29

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Financial Instruments

Basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable are accounted for on the following basis:

Investments

Investments held for the long-term to generate income or capital growth are carried at fair value as fixed assets. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Debtors and creditors

Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from impairment are recognised as expenditure.

Fee in advance scheme

The School has an advance fees scheme whereby parents and others make advance payments, which together with the discount accruing thereon, provide for a set contribution each term towards the pupils’ fees. The capital portion outstanding is recognised as a liability and the amount of discount crystallised in the year is included in the Statement of Financial Activities.

Stocks

Consumable stocks, provisions, stationery and schoolbooks are charged to the Statement of Financial Activities in the year of purchase. Stocks of goods for resale are stated at the lower of cost and net realisable value.

Pensions

The School operates three pension schemes to provide retirement benefits for certain staff members. The pension costs charged to the Statement of Financial Activities are determined as follows:

The Teachers’ Pension Scheme - This scheme is a multi-employer pension scheme. It is not possible to identify the School’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

The Pensions Trust Scheme is a multi-employer defined benefit scheme for which the School’s share of the underlying assets and liabilities cannot be separately identified. This scheme is therefore accounted for as a defined contribution scheme in accordance with section 28 of FRS102 and agreed pension deficit funding payments are provided for on a discounted basis.

The Legal and General Work Save Pension Plan is a defined contribution scheme open to academic staff.

Operating Leases

Rentals for operating leases are charged to the Statement of Financial Activities as they are incurred.

Taxation

As a registered Charity the School is entitled to taxation exemptions on all its income and gains, as long as they are properly applied for its charitable purpose.

Funds

Unrestricted funds are those available to further the School’s charitable objects at the discretion of the governors. Restricted funds are monies that are subject to restrictions by the donors.

Permanent endowed funds are funds where the original capital must be maintained. Expendable endowment funds are funds where the original capital can be converted into income for spending at the Trustees’ own discretion.

page 30

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2 FEES RECEIVABLE

ES RECEIVABLE
Gross Fees Less bursaries and discounts Bursaries and scholarships funded by restricted fund Fees Receivable	2025 £ 2024 £ 13,340,584 13,385,388 (1,664,879) (1,791,186)
	11,675,705 11,594,202 114,436 151,595
	11,790,141 11,745,797

3 NET EXPENDITURE FROM TRADING SUBSIDIARY

Trading activities not connected with the Charity's purpose are carried out by Roffa Ltd (company number 02235699), a wholly owned subsidiary company. The company transfers taxable profits by Gift Aid to the School.

Turnover Trading Income Cost of sales Operating costs recharged by King's School Trading Expenses Gross Profit Administrative costs Operating Profit Interest receivable Interest payable Retained Profit for the year Balance Sheet Fixed Assets Stock Debtors Cash at bank Creditors due < 1 year Creditors due > 1 year Net liabilities Share capital and reserves Share capital Profit and loss account Equity shareholders’ funds	2025 £ 2024 £ 553,074 491,612
	439,440 418,616 47,933 38,400
	487,373 457,016
	65,701 34,596 37,068 (32,128)
	28,633 2,468 6 8 (138) -
	28,501 2,476
	252,213 283,752 2,960 4,622 139,273 68,624 49,437 52,121 (117,835) (111,572) (1,100,000) (1,100,000)
	(773,952) (802,453)
	100 100 (774,052) (802,553)
	(773,952) (802,453)

£47,933 (2024: £38,400) of turnover and £47,933 (2024: £38,400) of cost of sales relate to transactions with King's School, Rochester. These have been eliminated on consolidation. £165,975 (2024: £87,878) of Roffa Limited income has been allocated to Rent and Commission Receivable on the SOFA.

page 31

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

4 NET MOVEMENT IN FUNDS

VEMENT IN FUNDS
	2025	2024
	£	£
Net movement in funds is stated after charging:
Depreciation charge for the year
Tangible fixed assets owned	430,548	398,640
Operating lease payments
King’s School, Rochester	372,130	136,124
Roffa Limited	1,144	23,285
(Gain) / Loss on sale of fixed assets	(2,396)	(9,457)
Auditors’ remuneration for audit services
- King’s School, Rochester	18,525	20,000
- Roffa Limited	6,475	6,350
Auditors’ remuneration for other services	5,350	2,500

page 32

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

5 EMPLOYEE INFORMATION

The average weekly number of employees during the year was made up as follows:

Teaching Staff Other Staff Roffa Limited Employee Staff costs Salaries and wages Social security costs Pension contributions	2025 Number 2024 Number 86 111 137 138 21 21
	244 270
	6,929,731 6,908,292 711,895 584,490 966,937 838,351
	8,608,563 8,331,133

During the year £135,348 redundancy payments were made by the School (2024: £nil).

The number of employees earning over £60,000 in the year were:

	2025	2024
	Number	Number
£60,001 - £70,000	3	6
£70,001 - £80,000	4	3
£80,001 - £90,000	1	2
£90,001 - £100,000	1	-
£110,001 - £120,000	-	1
£130,001 - £140,000	2	1

Five (2024: three) of the employees earning more than £60,000 are members of the Teachers’ Pension Scheme. Two (2024: one) of the employees earning more than £60,000 are members of a scheme run by Legal & General, Three (2024: one) are members of a scheme run by the Independent Schools’ Pension Scheme and One (2024: one) is a member of a private scheme.

Key management personnel

The key management roles in the school were the trustees, who are not paid, the Principal, Headmaster of the Preparatory School, Headmistress of the Pre-preparatory School and the Bursar & Clerk to the Governors, Director of External Relations and the Director of Operations. Their total emoluments including benefits and employer’s pension and national insurance contributions paid was £965,784 (2024: £698,851).

Transactions with Governors

None of the Governors received any remuneration during the period (2024: £Nil). No expenses were reimbursed to Governors during the year (2024: £1,550 – travel expenses for two Governor). Six children of four Governors (2024: Six children of one Governor) attended King's School during the year.

Donations totalling £1,130 were received from Governors during the year.(2024: £2,750).

page 33

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

6 ANALYSIS OF TOTAL EXPENDITURE

Charitable activities School operating costs: Education Premises Welfare Support Grants, awards and prizes Support costs Costs of generating funds: Interest payable Total for charity Trading costs of the subsidiary Total for group	Staff costs £ Other £ Depreciation £ 2025 £ 6,006,172 831,680 99,595 6,937,447 516,152 1,133,196 274,180 1,923,528 482,477 364,899 21,629 869,005 1,304,302 1,072,401 3,606 2,380,309 - 79,331 - 79,331 - 26,610 - 26,610
	8,309,103 3,508,117 399,010 12,216,230 - 49 - 49
	8,309,103 3,508,166 399,010 12,216,279 164,111 241,827 31,538 437,476
	8,473,214 3,749,993 430,548 12,653,755

Comparative Analysis of Total Expenditure:

Charitable activities School operating costs: Education Premises Welfare Support Grants, awards and prizes Support costs Total for charity Trading costs of the subsidiary Total for group	Staff costs £ Other £ Depreciation £ 2024 £ 6,090,732 817,050 85,471 6,993,253 501,419 1,113,441 253,288 1,868,148 466,187 396,424 22,612 885,223 1,108,671 891,545 4,934 2,005,150 - 146,219 - 146,219 - 32,524 - 32,524
	8,167,009 3,397,203 366,305 11,930,517 164,124 244,658 32,335 441,117
	8,331,133 3,641,861 398,640 12,371,634

Analysis of other support costs: Administration Lectures and courses Travel and entertainment Advertising and public relations Other	2025 £ 396,290 109,363 41,507 405,539 119,702 1,072,401	2024 £ 458,743 94,355 41,695 129,484 167,268 891,545

page 34

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

7 SCHOOL AND GROUP TANGIBLE ASSETS

Group

Cost or valuation At 1 September 2024 Additions Disposals At 31 August 2025 Depreciation At 1 September 2024 Providing during year Disposals At 31 August 2025 Total net book value At 31 August 2025 Total net book value At 1 September 2024 School Cost or valuation At 1 September 2024 Additions Disposals At 31 August 2025 Depreciation At 1 September 2024 Providing during year Disposals At 31 August 2025 Total net book value At 31 August 2025 Total net book value At 1 September 2024	Freehold land and buildings £ Leasehold buildings £ Vehicles and equipment £ 13,657,596 2,478,811 2,616,381 131,917 892,488 121,623 (43,982) - (603,548)	Total £ 18,752,788 1,146,028 (647,530)
	13,745,531 3,371,299 2,134,456	19,251,286
	4,272,517 1,226,615 2,110,429 190,436 71,727 168,385 (41,848) - (601,853)	7,609,561 430,548 (643,701)
	4,421,105 1,298,342 1,676,961	7,396,408
	9,324,426 2,072,957 457,495	11,854,878
	9,385,079 1,252,196 505,952	11,143,227
	Freehold land and buildings £ Leasehold buildings £ Vehicles and equipment £ 13,657,596 1,893,797 2,539,627 131,917 892,488 121,623 (43,982) - (603,548)	Total £ 18,091,020 1,146,028 (647,530)
	13,745,531 2,786,285 2,057,702	18,589,518
	4,272,517 915,243 2,043,784 190,436 42,509 166,065 (41,848) - (601,853)	7,231,544 399,010 (643,701)
	4,421,105 957,752 1,607,996	6,986,853
	9,324,426 1,828,533 449,706	11,602,665
	9,385,079 978,554 495,843	10,859,476

None of the buildings or land are held for investment purposes.

On the formation of the Company, certain endowed properties were retained by a separate charity, Rochester Cathedral King's School Endowment Trust (Charity Number 307922).

page 35

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

8 FIXED ASSET INVESTMENTS

XED ASSET INVESTMENTS
Market value 1 September 2024 Impairment Unrealised gains Market value 31 August 2025 Market value 1 September 2024 Impairment Unrealised gains Market value 31 August 2025	Investment in subsidiary (unquoted) £ 397,450 - - 397,450	Investment Property £ 275,000 - - 275,000 Investment Property £ 275,000 - - 275,000	Group Quoted investments £ 2,988,670 (27,074) 178,133 3,139,729 School Quoted investments £ 2,988,670 (27,074) 178,133 3,139,729	Total £ 3,263,670 (27,074) 178,133 3,414,729
				Total £ 3,661,120 (27,074) 178,133
				3,812,179

The investment in the subsidiary, Roffa Limited represents 100% of the company's share capital and £1,100,000 of Redeemable Shares. Following losses in Roffa Limited and an impairment review performed by Trustees, the Redeemable Shares have been written down to the Trustees’ estimate of their recoverable amount. Roffa Limited was incorporated in March 1988, its principal activities being the external hiring of a sports centre, letting of school premises and related facilities and the sale of confectionery and snacks.

page 36

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

9 DEBTORS

DEBTORS
Fees Sundry debtors Prepaid expenses Roffa Limited – intercompany	Group 2025 2024 £ £ 4,125,473 60,705 135,282 17,099 527,488 455,067 - - 4,788,243 532,871	School 2025 2024 £ £ 4,125,473 60,705 46,117 17,099 490,718 386,336 33,090 30,768 4,695,398 494,908
			494,908

Fee debtors represent invoices raised for Michaelmas Term 2025/26.

10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group 2025 £ 2024 £ Trade creditors 672,166 295,152 Prepaid fees 883,684 750,187 Fees in advance (note 12) 4,200,349 986,283 Pupil deposits 20,150 45,700 Taxation and social security 261,171 250,265 Pension deficit reduction contributions (note 16) 116,198 52,646 Other creditors 669,891 407,348 Deferred income 2,418 1,200 Accrued expenses 237,573 205,221 7,063,600 2,994,002 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2025 £ 2024 £ Pension deficit reduction contributions (note 16) 226,485 329,850 Fees in advance (note 12) 739,375 822,270 Pupil deposits 413,673 383,747 1,379,533 1,535,867	School 2025 £ 2024 £ 672,166 295,152 883,684 750,187 4,200,349 986,283 20,150 45,700 261,171 250,265 116,198 52,646 614,642 341,824 2,418 1,200 221,018 189,832 6,991,796 2,913,089 School 2025 £ 2024 £ 226,485 329,850 739,375 822,270 413,673 383,747 1,379,533 1,535,867	School 2025 £ 2024 £ 672,166 295,152 883,684 750,187 4,200,349 986,283 20,150 45,700 261,171 250,265 116,198 52,646 614,642 341,824 2,418 1,200 221,018 189,832 6,991,796 2,913,089 School 2025 £ 2024 £ 226,485 329,850 739,375 822,270 413,673 383,747 1,379,533 1,535,867	School 2025 £ 2024 £ 672,166 295,152 883,684 750,187 4,200,349 986,283 20,150 45,700 261,171 250,265 116,198 52,646 614,642 341,824 2,418 1,200 221,018 189,832 6,991,796 2,913,089 School 2025 £ 2024 £ 226,485 329,850 739,375 822,270 413,673 383,747 1,379,533 1,535,867
			2,913,089
			2024 £ 329,850 822,270 383,747
			1,535,867

11 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

page 37

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12. FEES IN ADVANCE

Parents have the option of paying school fees in advance for either part of or the whole time that the pupil is at the school. The money is returned if the child is withdrawn from the School, after any outstanding fees are deducted and amounts owing are added. Assuming pupils will remain in the School, advanced fees will be applied as follows:

Within one year Within one to two years Within two to five years More than five years The movements during the year were: Balance at 1 September 2024 Additions to scheme Payments of fees Balance at 31 August 2025 13 ALLOCATION OF NET ASSETS Tangible assets £ Investments £ Net current assets £ At 31 August 2025 Unrestricted funds 10,567,129 2,006,831 1,305,533 Restricted - - 33,883 Expendable Endowment - 1,154,239 273,681 Permanent Endowment 1,035,536 651,506 (69,276) School total 11,602,665 3,812,576 1,543,821 Subsidiary 252,213 (397,847) 73,835 Group total 11,854,878 3,414,729 1,617,656 Comparative Allocation of Net Assets: Tangible assets £ Investments £ Net current assets £ At 31 August 2024 Unrestricted funds 9,809,503 1,928,711 1,981,062 Restricted - - 33,883 Expendable Endowment - 1,110,881 212,043 Permanent Endowment 1,049,973 621,528 (69,276) School total 10,859,476 3,661,120 2,157,712 Subsidiary 283,751 (397,450) 13,794 Group total 11,143,227 3,263,670 2,171,506	Within one year Within one to two years Within two to five years More than five years The movements during the year were: Balance at 1 September 2024 Additions to scheme Payments of fees Balance at 31 August 2025 13 ALLOCATION OF NET ASSETS Tangible assets £ Investments £ Net current assets £ At 31 August 2025 Unrestricted funds 10,567,129 2,006,831 1,305,533 Restricted - - 33,883 Expendable Endowment - 1,154,239 273,681 Permanent Endowment 1,035,536 651,506 (69,276) School total 11,602,665 3,812,576 1,543,821 Subsidiary 252,213 (397,847) 73,835 Group total 11,854,878 3,414,729 1,617,656 Comparative Allocation of Net Assets: Tangible assets £ Investments £ Net current assets £ At 31 August 2024 Unrestricted funds 9,809,503 1,928,711 1,981,062 Restricted - - 33,883 Expendable Endowment - 1,110,881 212,043 Permanent Endowment 1,049,973 621,528 (69,276) School total 10,859,476 3,661,120 2,157,712 Subsidiary 283,751 (397,450) 13,794 Group total 11,143,227 3,263,670 2,171,506	2025 £ 4,200,349 478,063 227,229 34,083 739,375 4,939,724 1,808,553 4,230,236 (1,099,065) 4,939,724 Long term liabilities £ (1,379,533) - - -	2024 £ 986,283 335,729 433,434 53,107 822,270 1,808,553 788,685 1,652,856 (632,988) 1,808,553 Total £ 12,499,960 33,883 1,427,920 1,617,766
	11,602,665 3,812,576 1,543,821 252,213 (397,847) 73,835	(1,379,533) -	15,579,529 (71,799)
	11,854,878 3,414,729 1,617,656	(1,379,533)	15,507,730
		Long term liabilities £ (1,535,867) - - -	Total £ 12,183,409 33,883 1,322,924 1,602,225
	10,859,476 3,661,120 2,157,712 283,751 (397,450) 13,794	(1,535,867) -	15,142,441 (99,905)
	11,143,227 3,263,670 2,171,506	(1,535,867)	15,042,536

page 38

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

14 FUNDS

14a Unrestricted Funds

Unrestricted Funds – Group	Balance at	1	Income	Expenditure	Expenditure	Investments	Balance at 31
	September					gains/	August 2025
	2024					losses) and
						transfers
		£	£		£	£	£
General fund	11,437,774		12,276,018	(12,028,747)		(101,595)	11,583,450
Bursary Fund	1,448,283		9,781	-		160,699	1,618,763
	12,886,057		12,285,799	(12,028,747)		59,104	13,202,213
Subsidiary funds	(802,553)		553,080	(524,579)		-	(774,052)
	12,083,504		12,838,879	(12,553,326)		59,104	12,428,161
Unrestricted Funds – School
General fund	10,735,126		12,404,281	(12,156,615)		(101,595)	10,881,197
Bursary Fund	1,448,283		9,781	-		160,699	1,618,763
	12,183,409		12,414,062	(12,156,615)		59,104	12,499,960
The Bursary Fund income continues to be reinvested until it has reached				sufficient size to	make a worthwhile		contribution to
bursaries for pupils.
Comparative 2024	Balance at	1	Income	Expenditure		Investments	Balance at 31
	September 2023					gains/	August 2024
						losses) and
						transfers
		£	£		£	£	£
Unrestricted Funds – Group
General fund	11,107,104		12,153,513	(11,822,843)		-	11,437,774
Bursary Fund	1,344,110		-	(61,713)		165,886	1,448,283
	12,451,214		12,153,513	(11,884,556)		165,886	12,886,057
Subsidiary funds	(805,029)		326,933	(324,457)		-	(802,553)
	11,646,185		12,480,446	(12,209,013)		165,886	12,083,504
Unrestricted Funds – School
General fund	10,404,354		12,153,513	(11,822,843)		102	10,735,126
Bursary Fund	1,344,110		-	(61,713)		165,886	1,448,283
	11,748,464		12,153,513	(11,884,556)		165,988	12,183,409
estricted Funds – Group and School
	Balance at	1	Income	Expenditure		Transfers	Balance at 31
	September 2024						August 2025
		£	£		£	£	£
Restricted Funds
Grand Piano Fund	6,920		-	-		-	6,920
Other scholarships	26,963		60,809	(60,809)		-	26,963
	33,883		60,809	(60,809)		-	33,883

14b Restricted Funds – Group and School

page 39

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Comparative 2024 Restricted Funds Grand Piano Fund Other scholarships	Balance at 1 September 2023 Income Expenditure Transfers Balance at 31 August 2024 £ £ £ £ £ 6,920 - - - 6,920 11,237 145,066 (129,340) - 26,963
	18,157 145,066 (129,340) - 33,883

14c Endowment Funds – Group and School

Endowment Funds Expendable Endowment Fund Geoffrey Harmsworth Trust Augustine Carnell Fund RCKSET Permanent Endowment Funds Original Endowment The Sir Alastair and Lady Isobel Barnett Fund Endowment Funds Total Comparative 2024 Endowment Funds Expendable Endowment Fund Geoffrey Harmsworth Trust Augustine Carnell Fund RCKSET Permanent Endowment Funds Original Endowment The Sir Alastair and Lady Isobel Barnett Fund Endowment Funds Total	Balance at 1 September 2024 Income Expenditure Investments gains/ losses)and transfers Balance at 31 August 2025 £ £ £ £ £ 1,148,227 39,953 (22,600) 89,052 1,254,632 69,377 444 (2,000) (9,856) 57,965 105,320 731 (583) 9,855 115,323
	1,322,924 41,128 (25,183) 89,051 1,427,920
	980,697 - (14,437) - 966,260 621,528 18,677 - 11,301 651,506
	1,602,225 18,677 (14,437) 11,301 1,617,766
	2,925,149 59,805 (39,620) 100,352 3,045,686
	Balance at 1 September 2023 Income Expenditure Investments gains/ losses) Balance at 31 August 2024 £ £ £ £ £ 1,072,490 42,484 (16,824) 50,077 1,148,227 69,377 - - - 69,377 107,309 30 (2,019) - 105,320
	1,249,176 42,514 (18,843) 50,077 1,322,924
	995,135 - (14,438) - 980,697 602,909 - - 18,619 621,528
	1,598,044 - (14,438) 18,619 1,602,225
	2,847,220 42,514 (33,281) 68,696 2,925,149

page 40

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Purpose of funds:

The Original Permanent Endowed Funds comprise a number of properties used by the School.

The Sir Geoffrey Harmsworth Trust and Alastair Barnett Scholarship Fund. The net income of the funds is to be applied to scholarships, bursaries or maintenance allowances to persons who need financial assistance, travel grants to persons to assist in the furtherance of their education or otherwise furthering their education. Any unspent income in the year to be treated as expendable endowment to be applied, at the discretion of the Trustees, as income in future years.

The Expendable Endowment Funds comprises:

• the RCKSET fund which consists of bequests for prizes.

• the Augustine Carnell Fund to be used to provide a prize to sixth form pupils; and

• the Geoffrey Harmsworth Trust which consists of a legacy received for bursary funding and the relief of hardship.

The Lord Chadlington donations are partially restricted funds to be applied to scholarships and bursaries for pupils. The balance of donations are unrestricted.

15 FINANCIAL COMMITMENTS

The total of the future minimum lease payments at the end of the year are:	The total of the future minimum lease payments at the end of the year are:	The total of the future minimum lease payments at the end of the year are:
	2025	2025	2025
	Total	Land and	Other
		Buildings
	£	£	£
Not later than 1 year	356,694	125,039	231,655
Later than 1 year and not later than	965,623	500,156	465,467
5 years
Later than 5 years	2,868,365	2,866,940	1,425
	4,190,682	3,492,135	698,547
	2024	2024	2024
	Total	Land and	Other
		Buildings
	£	£	£
Not later than 1 year	326,442	131,785	194,657
Later than 1 year and not later than
5 years	560,213	93,140	467,073
Later than 5 years	1,995,294	1,969,523	25,771
	2,881,949	2,194,448	687,501

page 41

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16 PENSION CONTRIBUTIONS

The company operates two pension schemes, both of which provide benefits based on a final pensionable salary.

Teachers' Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes total employee and employer contributions payable to the TPS of £713,927 (2024: £758,549) and at the year-end £56,464 (2024: £57,472) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Independent Schools’ Pension Scheme (operated by the Pensions Trust)

The company participates in the scheme, a multi-employer scheme which provides benefits to some 51 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last man standing arrangement'. Therefore, the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required 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 carried out with an effective date of 30 September 2023. This actuarial valuation was certified on 11 December 2024 and showed assets of £99.2m, liabilities of £151.5m and a deficit of £52.3m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers to the scheme as follows:

page 42

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

16 PENSION CONTRIBUTIONS (continued)

Deficit contributions

£6,000,000 per annum From 1 September 2025 to 30 June 2034 (payable monthly and increasing by 3% each on 1st September)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

From 1 September 2022 to 30 June 2032

£2,687,000 per annum (payable monthly and increasing by 3% each on 1st September)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net 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 these disclosures. The unwinding of the discount rate is recognised as a finance cost.

The annual amount due by the school from 1 September 2025 to 30 June 2034 is £116,198 (payable monthly and increasing by 3% each on 1st September).

			2025	2024
Reconciliation of opening and closing provisions:			£’000	£’000
Provision at start of period			382	397
Unwinding of discount factor (interest expense)			17	21
Deficit contribution paid			(52)	(51)
Remeasurements - impact of any change in assumptions			(4)	15
Remeasurements - amendments to the contribution schedule			556	-
			-----------------	-----------------
Provision at end of period			899	382
			======	======
Split as follows:
Due within one year			116	53
Due after one year			783	329
			-----------------	-----------------
			899	382
			======	======
ASSUMPTIONS
	31 August 2025	31 August 2024	31 August 2023
Rate of discount - % per	4.79	4.68	5.79
annum

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. It is these contributions that have been used to derive the company's balance sheet liability.

page 43

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17 CONNECTED CHARITIES

Under a scheme approved by the Charity Commission on 16 November 2000, the endowment funds in the charity known as Rochester Cathedral Grammar School were retained in the charity under the new name 'Rochester Cathedral Kings School Endowment Trust' and the non-Endowment Funds were transferred to Kings School Rochester. The School is the trustee of the Endowment Trust.

The terms of the Scheme stipulate that the properties and investments in the Endowment Trust are held for the benefit of King's School Rochester. Accordingly, no rent is charged by the Endowment Trust to the School while the School undertakes to maintain and manage the assets of the Endowment Trust.

Uniting Directions have been issued by the Charities Commission allowing the combination of financial information for King's School Rochester, Rochester Cathedral King's School Endowment Trust (‘RCKSET’) and the Geoffrey Harmsworth Charitable Trust.

18 RELATED PARTY TRANSACTIONS

There are no related party transactions to disclose in the current or prior year other than those disclosed in note 5.

19 CAPITAL COMMITMENTS

At 31 August 2025 the group had capital expenditure contracted for, not provided for in the financial statements of £2,549,111 (2024: £Nil).

page 44

King's School, Rochester

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

20 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

Notes INCOME AND ENDOWMENTS FROM: Income from charitable activities School fees receivable 2 Other educational income Other trading activities - Rent and commission receivable - Trading income Investment income Donations and grants Legacies Other income Total Income EXPENDITURE ON: Costs of raising funds Trading expenses Charitable activities - Education - Premises - Welfare - Support of schooling (including governance costs) - Grants, awards and prizes Total charitable expenditure Total expenditure 6 Net income before investment gains/(losses) Net investment gains/(losses) 8 NET MOVEMENT IN FUNDS Reconciliation of funds Fund balances at 1 September 2023 FUND BALANCES AT 31 AUGUST 2024 14	Unrestricted Funds £ Restricted Funds £ Endowed Funds £ 11,745,797 - - 94,747 - - 80,471 - 15,410 365,333 - - 184,641 - 27,074 - 145,066 30 - - - 9,457 - -	Total 2024 £ 11,745,797 94,747 95,881 365,333 211,715 145,096 - 9,457
	12,480,446 145,066 42,514	12,668,026
	441,117 - -	441,117
	6,993,253 - - 1,848,534 - 19,614 885,223 - - 2,037,654 - 20 3,232 129,340 13,647	6,993,253 1,868,148 885,223 2,037,674 146,219
	11,767,896 129,340 33,281	11,930,517
	12,209,013 129,340 33,281	12,371,634
	271,433 15,726 9,233 165,886 - 68,696	296,392 234,582
	437,319 15,726 77,929 11,646,185 18,157 2,847,220	530,974 14,511,562
	12,083,504 33,883 2,925,149	15,042,536