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← King Edward Vi School Southampton

2025-08-31-accounts

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

Company Registration No. 04238902 Charity Registration No: 1088030

KING EDWARD VI SCHOOL SOUTHAMPTON

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9 KING EDWARD VI SCHOOL SOUTHAMPTON

CONTENTS

Page
Legal and administrative information 1
Report of the Governors 2-18
Report of the independent auditor 19-22
Consolidated statement of financial activities 23-24
Balance sheets 25-26
Consolidated cash flow statement 27
Notes to the consolidated financial statements 28-50

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2025

Charity number: 1088030
Company number: 04238902
Address: King Edward VI School
Wilton Road
Southampton
Hampshire
SO15 5UQ
Professional advisors:
Auditors: Fiander ETL
Stag Gates House
63/64 The Avenue
Southampton
SO17 1XS
Bankers: National Westminster Bank plc
68 Above Bar Street
Southampton
SO14 2DS
Investment advisors: Evelyn Partners
4thFloor
Portwall Place
Bristol
BS1 6NA
Solicitors: Veale Wasbrough Vizards
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA
Paris Smith
Number One
London Road
Southampton
SO15 2AE
Senior School Head N T Parker MA (Oxon), M Ed
KES Prep Head R M Smith MBA, PGCE, BSc (Hons)
Prince’s Mead Head A King BA (Hons), QTS (Leeds), PDES
Bursar and Company Secretary N J Slowey MBA, ACMA, BSc (Hons)
Clerk to the Governors D Hummerstone MA (Hons) PgDL PgDLP
School Membership HMC. IAPS, ISC, ISBA, AGBIS

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KING EDWARD VI SCHOOL SOUTHAMPTON

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Governors of King Edward VI School Southampton (hereinafter referred to as “King Edward’s” or “the School”) present their annual report and consolidated financial statements for the year ended 31[st] August 2025 and confirm that they comply with the requirements of the Charities Act 2011, the Companies Act 2006, the Charities SORP (FRS 102) and the company’s Articles of Association. The annual report includes the directors’ report as required by company law.

King Edward’s was founded on 4[th] June 1553. Since 1[st] September 2001, it has operated as a charitable company limited by guarantee and not having any share capital.

In 2012, King Edward’s completed the acquisition of Stroud School Limited, and the results of that company have been included in the consolidated financial statements since that date.

On 1[st] November 2017 KES Bookings Limited was incorporated with 100% of the share capital owned by King Edward’s. On 5[th] July 2018, it entered a framework agreement with King Edward’s to hire facilities within the School to third parties. The results of KES Bookings Limited have also been included in the consolidated financial statements since that date.

On the 10[th ] September 2024, after a period of rebranding Stroud School was officially renamed King Edward VI Preparatory School Ltd at Companies House (hereinafter known as KES Prep).

At the Full Board meeting 3[rd] July 2025, new articles were published that removed the need for Nominative Governors. Any current Nominative Governors were offered and accepted the opportunity to continue as co-opted governors. Nominative Governors were appointed in accordance with the practice of the appointing body. Co-optative Governors are appointed by the Board and hold office for up to three years and can be re-appointed by the Governing Body. The Chair and Vice-Chair are elected to their respective posts annually by the Board.

On the 1[st ] September 2025, Prince’s Mead School Trust (company no 01785733, charity number 288675) merged with King Edward’s and the merger takes the form of a transfer of assets and liabilities. From 1[st] September 2025, the results of Prince’s Mead School Trust (hereinafter known as Prince’s Mead or PM) will be included in the consolidated financial statements of King Edward’s.

Governance and Oversight Summary

The company is governed by its Articles of Association, which were revised on 3[rd] July 2025.

The Governing Body of King Edward’s School operates in line with the Charity Governance Code and Companies Act 2006 requirements, ensuring strong leadership and accountability. The Board meets at least three times annually, supported by sub-committees for Buildings, Grounds and Infrastructure, Education and Welfare and Finance. There is also a Development sub-committee and a Governance and Nominations Committee which met as required. From 1[st] Sept 2025, an Integration sub-committee has been set up to oversee the merger with Prince’s Mead. Terms of reference and Articles were last reviewed in July 2025

Board Composition and Recruitment

Governors are appointed by the Board based on skills, diversity, and commitment to the School’s charitable aims. Desired expertise includes law, finance, education (ages 2–18), equality and inclusion, and senior leadership. Gender balance is actively monitored. Recruitment and induction follow best practice, with training provided through AGBIS and reference to the Charity Governance Code. Governors receive regular updates, strategic away days, and compliance training. Induction includes external courses and access to an updated intranet with governance resources.

Organisational Management

Strategic direction sits with the Governors, while day-to-day operations are delegated to the Heads and Bursar under approved policies. The Board focuses on strategy, performance, and assurance, with clear delegation and risk controls in place.

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KING EDWARD VI SCHOOL SOUTHAMPTON

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

A list of Governors and their membership of the Governors' Committees during the year to 31 August 2025 was as follows:

Patron

N Atkinson The Lord Lieutenant for the County of Hampshire

Chair of Governors

==> picture [497 x 119] intentionally omitted <==

----- Start of picture text -----
GCB Davies Chair of Governors BGI, EW, Fin, Dev
(Chair), GN (Chair), Int,
RR
Vice Chairs
I H Rudland Vice Chair KES Senior, H&S BGI (Chair), Fin, Dev, GN
CG Musker Vice Chair KES Prep BGI, EW, Fin, Dev, GN,
Int, RR
C Lowe Vice Chair PM; Appointed 1 [st] September 25 Int
----- End of picture text -----

Co-opted

==> picture [497 x 323] intentionally omitted <==

----- Start of picture text -----
J Bainbridge Appointed 1 [st] September 25 Int (Chair)
M Chaloner DSG (KES Senior) EW, Fin, RR
AJ Connell Nominative governor for the OE Association until 3 [rd] July BGI, Fin
25
DS Dhanda Resigned 31 [st] August 25 EW
MR Evans Appointed 21 [st] October 24; DSG (PM) from 1 [st] EW
September 25.
Reverend JM Finch Ex Officio of the Church of St Mary until 3 [rd] July 25
DP Geddes Fin, GN
JJ Gray Fin (Chair), Dev, GN, RR
AS Jones EW (Chair), Fin, Dev, GN,
RR
PS Kirk EW
AO Knibb BGI
CM Lambert Nominative governor for Southampton CC until 3 [rd] July
25
AJ Morgan Fin, Dev, GN
HV Nicholson Nominative governor for the Uni of Southampton until 3 [rd] Fin, Int
July 25
W Pattisson Appointed 1 [st] September 25 Int
D Robertson Appointed 1 [st] September 25 Int
TAM Steele Fin, Int
VC Stuart-Taylor EW
WP Swinn DSG (KES Prep) EW
Dr AL Thomas EW
G Warrington EW
O Wylie Appointed 16 [th] January 25 BGI
----- End of picture text -----

Definitions

DSG: Designated Safeguarding Governor H&S: Designated Health and Safety Governor BGI: Buildings, Grounds and Infrastructure EW: Education and Welfare Fin: Finance Dev: Development

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KING EDWARD VI SCHOOL SOUTHAMPTON

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

GN: Governance and Nominations Int: Integration (from Sept 25) RR: Rewards and Remuneration

STRATEGIC REPORT

A Year of Boundless Futures

This year has been one of transformation and ambition as we developed our new school values. Guided by our Boundless Futures vision, we have continued to equip every pupil to lead purposeful, multifaceted lives. Academic excellence remains a hallmark of our success, with 73% of GCSE grades at 9–7 (A/A) and 52% of A Level results at A/A.

Beyond the classroom, our students have excelled in sport, the arts, and service, from national hockey triumphs to raising over £15,000 for charity and delivering 1,000+ partnership opportunities to local schools.

Our commitment to social responsibility and sustainability remains strong, with initiatives reducing CO ₂ emissions by the equivalent of planting 846 trees. As we look ahead, our focus is clear: to inspire confidence, creativity, and kindness in every pupil, ensuring their futures are truly without limits .

A significant strength was awarded at the Senior School during our recent ISI inspection. The significant strength recognised our pupils’ highly developed sense of social responsibility, and the meaningful contributions they make to school and wider community.

Post year end Prince’s Mead School Trust merged with King Edward’s on 1[st] September 2025, strengthening our shared commitment to educational excellence and broadening opportunities for pupils across both communities. This strategic step ensures that our combined resources and expertise will deliver even greater value for families and secure a vibrant future for both schools.

OUR AIMS

The School is a charitable company and operates within its Articles of Association, which include regulations for the appointment of trustees.

The Object for which the company is established is to advance education and training in or near Southampton and elsewhere, including the carrying on of a School or Schools or other educational establishments and ancillary or incidental educational and other associated activities for the benefit of the community. The Articles of Association were updated in July 2025.

Throughout the academic year 2024-2025, the School community undertook an exercise to review our values and ensure that they reflected our progress as a 2-18 School. The values were developed through interviews with parents, pupils and staff, working groups and discussions with Governors. Through the academic year 2025-26, these values will be embedded throughout our community.

Our purpose is to equip everyone in our school community to lead fulfilling, purposeful and multifaceted lives – now and in their boundless futures.

Our values are:

"Do the right thing, not the easy thing"

This is about making good choices with integrity, even when challenging. We encourage independent thinking and healthy self-esteem - developing moral courage to act with conviction and authenticity in school and throughout life .

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REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

Lift Others "In a world where you can be anything, be kind"

This is around actively seeking opportunities to be kind and putting others first. We build community spirit and collaboration - believing that raising others up also raises ourselves, creating a culture where everyone thrives together.

Keep Growing "The only way to grow is to challenge yourself"

Being open to new things, ambitious and adaptable. We foster growth mindset and resilience - understanding that challenges help us grow stronger as individuals and as a community

The School has also developed a new teaching philosophy -the i3 which consists of:

COMPANIES ACT 2006, SECTION 172

The revised UK Corporate Governance Code (‘2018 Code’) published in July 2018 applies to accounting periods beginning on or after 1[st] January 2019. The Companies (Miscellaneous Reporting) Regulations 2018 (‘2018 MRR’) require the Board to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 (‘S172’) when performing their duty to promote the success of the Company under S172. This includes considering the interest of other stakeholders which will have an impact on the long-term success of the company.

The S172 statement below focuses on matters of strategic importance to King Edward VI School, and the level of information disclosed is consistent with the size and the complexity of our business.

General confirmation of the Board of Governors’ (“Board”) duties

King Edward VI School’s Board has a clear framework for determining the matters within its remit and has approved Terms of Reference for the matters delegated to its Committees. Certain financial and strategic thresholds have been determined to identify matters requiring Board consideration and approval. The School policies set out the delegation and approval process across the broader business.

When making decisions, each Governor ensures that he/she acts in the way he/she considers, in good faith, would most likely promote the Schools’ success for the benefit of their stakeholders, and in doing so has regard (among other matters) to:

S172(1) (A) “The likely consequences of any decision in the long term”

The Board understands the Schools and the evolving environment in which we operate, based on King Edward’s purpose to deliver an excellent educational environment while keeping pupil safety and social responsibility fundamental to our approach. The Board recognises the complexity of the current environment and has taken the decisions believed best to promote our pupils’ educational objectives. Our long-term objective remains to deliver on the aims of the Charity for the benefit of our parents, pupils and our wider community.

S172(1) (B) “The interests of the company’s employees”

The Board recognises that our employees are fundamental to our Schools and to the delivery of our strategic ambitions. The success of our Schools depends on attracting, retaining and motivating the best employees. The Board factors in the implications of decisions on employees at all times, ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment.

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REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

S172(1) (C) “The need to foster the company’s business relationships with suppliers, parents and others”.

Delivering our strategy requires strong mutually beneficial relationships with suppliers, parents and business partners. The Board requires the promotion and application of the general principles of transparency and integrity in all such relationships.

S172(1) (D) “The impact of the company’s operations on the community and the environment”

This aspect is inherent in our strategic ambitions, which include the delivery of our public benefit as one of our fundamental objectives. The Board also recognises the changing world continues to drive demand for environmentally friendly and sustainable practices. We recognise the need to tackle climate change and there is an active sustainability programme underway to reduce the Schools’ net carbon emissions.

S172(1) (E) “The desirability of the company maintaining a reputation for high standards of business conduct”.

The Board, in accordance with best practice in Governance, periodically reviews and approves our operating practices to ensure that its high standards are maintained both within our Schools and in the third-party business relationships we maintain.

S172(1) (F) “The need to act fairly between members of the company”.

The Board recognises that in an educational environment there are a significant number of stakeholders whose interests may not always be directly aligned. The Board strongly believes that our Schools will only succeed by always working closely with our pupils, parents, employees, volunteers, business partners and other stakeholders.

Examples of principal decisions during the year include:

In deciding to absorb a portion of the VAT on school fees, the Board of Governors considered the financial impact on parents, the School’s charitable objectives, and the need to maintain accessibility. This decision was informed by stakeholder feedback and financial modelling and reflects our commitment to balancing affordability with financial sustainability.

The Board also approved the merger with Princes Mead Prep School. In reaching this decision, the Governors considered the long-term strategic benefits for both school communities, the interests of pupils, parents, and staff, and the potential to enhance educational provision and financial sustainability. The process involved consultation with key stakeholders, due diligence on assets and liabilities, and careful assessment of the impact on the School’s charitable objectives and reputation. The merger was conducted transparently and in alignment with our commitment to public benefit and high standards of governance.

The Board of Governors also approved the sale of the Lovaton Rural Study Centre in Dartmoor following a review of the School’s asset base and strategic priorities. This decision took into account the long-term value of retaining versus disposing of the asset, as well as the views of relevant stakeholders, and was conducted transparently in alignment with our charitable objectives.

Review of the past year

Academic Achievement

A Level results

The A-A pass rate was 52% and A-B pass rate 85%. 96% of students achieved A-C grades. Of the Extended Project Qualification (EPQ) results, 89% received an A-A grade, and 100% of pupils achieved A*-B.

A better indication of the actual success and progress made by pupils can be seen in the value-added score. Value add is a calculated average grade that the pupil’s actually achieve, compared to the grades

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REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

that they were expected to achieve based on their GCSE grades. A level value-added was again positive this year at an average of 0.2 of a grade per student result (0.1 in 2024).

This is a number to be widely celebrated, falling in the cusp of ‘significant’ and ‘highly significant’, indicating that factors such as teaching and learning have had a significant impact on pupil outcomes. Ignoring the Covid years, and the two years post-pandemic when national grade uplifts were used, this year’s results show the best value added since 2015.

This places King Edward’s in the top 27% of schools providing data to the Centre for Evaluation and Monitoring (CEM) for value add (2024: Top 46% of schools).

GCSE results

GCSE results were also positive with 73.4% achieving A-A and 88.7% achieving A-B. Over 80% of our pupils achieved five or more A*-A/9-7 grades, whilst 31% achieved 10 or more top grades.

KES Prep

76% of pupils from KES Prep started at KES Senior in September 2025. 93% (85% 2023-24) of the cohort were offered a Head’s Recommendation and were a particularly capable year group. For the academic year 2025-26, 75% of the cohort have been offered a Head’s recommendation to start in September 2026.

Other school destinations for year 6 leavers included Lord Wandsworth, St Swithuns, State and Grammer schools and a move back overseas.

Creative Arts

Senior School

The Art department showcased a wide range of student work including portraiture, mixed media installations, and sculpture. Drama productions included a modern adaptation of Macbeth and a student written play. Music ensembles were performed at the Spring Concert and Carol Service, with several students achieving ABRSM distinctions. Dance performances combined classical and contemporary styles.

KES Prep

Year 6 staged Mary Poppins in the Dobson Theatre as their end of year performance. Pupils participated in the Young Voices concert at the O2 Arena singing alongside thousands of children in a truly unforgettable experience. Art and music were integrated across the curriculum, with pupils exploring visual storytelling, experimenting with sculpture, and learning instruments including ukulele and recorder. Dance and drama clubs offered further opportunities for self-expression and confidence-building.

Sports

Senior School

A year of outstanding performances across a wide range of sports, with several teams achieving national level success:

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REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

KES Prep

Sport at KES Prep is aimed at encouraging participation from all, with pupils engaging in a wide variety of activities. Traditional events like Sports Day and Gym & Dance displays celebrated participation and personal bests. Pupils enjoyed pony riding, Forest School physical challenges, and inter-house competitions that fostered team spirit. The Prep curriculum emphasised physical literacy, with children developing coordination, stamina, and sportsmanship through games, athletics, and swimming.

All pupils participate in weekly matches against other local schools. Key achievements in these sports include:

Hockey:

Netball:

Swimming:

Clubs and Activities

Senior School

Senior School: Over 100 clubs and societies operated, including debating, MUN, robotics, chess, and creative writing. Duke of Edinburgh Award participation was strong across Bronze, Silver, and Gold levels. Leadership and service were key themes, with Sixth Formers mentoring younger pupils and leading initiatives across the school.

KES Prep

Prep pupils embraced a wide range of clubs, including gardening, coding, drama, and riding. Forest School continued to be a highlight, fostering resilience and teamwork. House competitions in sport, music, and general knowledge encouraged camaraderie and school spirit. The Prep’s co-curricular programme was designed to nurture curiosity and confidence, with every child encouraged to try something new.

The range on offer at the Prep School is extensive, including but not limited to; Bee Club, Junior MasterChef, Children’s First Aid, Farm Club, Arts & Crafts, Football, Computer Xplorers, Tennis, Adventure Club, Archery, Lego & Board Games, Gymnastics, Rocket League, Junior Golf Academy, TPA, Choir, Karate, Digital Leaders, Netball, The School of Comedy, Orchestra, Ballet, Language Leaders, Hockey, Collaborative Writing, Rugby, Philosophical Debates, Junior Rangers, Construction, Body

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REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

Balance, Civic Award, Rugby Tots, Chess, Little Kickers, Recorders, Spanish, Rubix Cube, Hula Skoola, Snorkelling, Engineering, VR Headset, Girls Football, Card Games, Skiing, Dance, Computing, Gardening, Sewing, Ukulele, Climbing, Mindfulness and Wellbeing Activities.

Trips and Visits

Senior School

International trips included Operation Wallacea in Indonesia, a cricket tour to Sri Lanka, and a cultural exchange with Charlotte, USA. UK-based trips supported academic subjects, including History in Berlin and Geography fieldwork in Dorset.

KES Prep

In the 2024-25 academic year new trips have included a Year 6 Science trip to Minstead study centre, a Year 1 trip to Broadlands Museum, and a Year 5 trip to study forces and programming at Paulton’s Park. Alongside these we have more familiar Discovery (combined Humanities) trips to castles, Victorian experiences, fossil hunting at Lyme Regis and our Year 5 Young Voices trip. The residentials programme builds from Year 4 where children spend a night away, to Year 5 who spend a week on the Isle of Wight and then on to Year 6 who spend a week in France.

Independent Schools Inspectorate (ISI) – Senior School

During 2025, the Senior School had 2 inspections from ISI – the first a non-routine inspection on the back of a material change request to increase pupil numbers, and the second, a routine inspection.

In both inspections, King Edward’s met every standard across all areas inspected. In addition to meeting all requirements, inspectors identified a significant strength, a rare accolade awarded to only a small number of schools nationally. This was given in recognition of our pupils’ highly developed sense of social responsibility, and the meaningful contributions they make to school and wider community.

Inspectors praised our pupil’s leadership, sense of purpose and active involvement in creating positive change. They noted that pupils of all ages flourish academically, emotionally and socially, benefiting from a school culture shaped by strong relationships, inclusive values and a commitment to doing the right thing.

Copies of both reports are available on the Schools website.

Admissions summary

Our educational activities are carried out through our Senior and Preparatory co-educational day Schools; the former is located in Southampton and the latter near Romsey.

Senior School

The School roll for 2024-25 averaged 992 pupils (2023-24 987) students. The Governing Body is aware of the financial challenge facing many of our parents through the continued economic uncertainty. The consistently outstanding performance of both students and staff continues to make this the School of choice for students living within commuting distance. All fees and charges can be viewed on our website.

Gross fees for the consolidated group were £23.9m (2023-24: £24.1m).

KES Prep

The School roll for 2024-25 averaged 273 (2023-24: 277). The pupils outstanding achievements in many areas of school life continue to enhance the Schools reputation for excellence.

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REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

The directors consider pupil wellbeing, value added, pupil numbers and income to be the Key Performance Indicators. Total income for the year ended 31[st] August 2025 was £4.0m (2024: £4.0m). All fees can be viewed on our website.

ACCESS POLICY

King Edward’s was founded with a mission to create educational opportunities for pupils of limited means, and nearly 500 years later this ethos remains alive through our bursary programme. We believe all our students benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which help our students to develop an understanding of the perspectives of other people that will be vital in their adult lives. For our Bursary Award holders, coming to King Edward’s can be a transformational opportunity.

Together with our “Partnerships” programme, we are committed to the widening of access to the education we offer and the facilities we enjoy. The Governors are committed to identifying ways to expand the current bursary opportunities across all age groups whilst recognising the need to maintain affordability for parents paying the full fee. This is why the School publicly launched its first ever fundraising campaign in October 2025, the Boundless Futures Giving Campaign, to raise £5 million for bursaries by 2030. Before going public with our campaign, we had already raised over £1.1 million towards this target from January 2024 - September 2025.

Bursary policy and overview

The Governors view our Bursary Awards as important in helping to widen student access to ensure that a King Edward’s education is provided to children from a broad spectrum of society, continuing the School’s long tradition of providing public benefit. The Governors are aware of their obligations under the Charities Act 2011 and the Charity Commission's guidance and seek to adhere to the public benefit principles identified by the Charity Commission. This policy is normally reviewed on an annual basis to take into consideration the latest guidance. Our ‘Boundless Futures Giving Campaign’ aims to increase the number of Bursary Awards we can offer, whilst delivering our extensive programme of sharing our facilities with state and charitable organisations that share our aims, the details of which are listed under the extensive “Partnerships Programme” heading above.

King Edward’s has a long history of providing financial assistance to students and their families and will continue to do so. The School’s limited bursary funding is primarily directed towards the parents of new students with the purpose of providing ongoing support during the time in which their child is a pupil of the Senior School up to the level of support required on entry into the School, subject to the parents’ continuing compliance with the terms and conditions of the Bursary Award and the level of bursary funds available. The scheme is designed to assist prospective parents on low incomes who, for financial reasons, might otherwise be unable to send their child to the School. We have also begun partnering with the Royal National Children’s Springboard Foundation to support one local pupil from a care-experienced background per year. Thanks to a generous donation from a local Trust, all full Bursary Award holders receive financial assistance with the costs of uniform, technology, lunches, travel and school trips.

In assessing means, we take a number of factors into consideration including family income, investments, equity, other assets and savings. We also take account of family circumstances, for example, dependent relatives and the number of siblings. However, King Edward’s does not have a large endowment and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards.

We are thankful to the Trustees of The EPA Cephalosporin Fund (EPA) for their ongoing support with the latest award of £300,000 over 3 years to 2026-27 towards the EPA Bursary Endowment, focused on bursaries for promising young scientists.

The availability of bursaries is advertised locally and in line with the objectives of the School. The focus of the advertising reflects the fact that we wish to make low-income families aware that a King Edward’s education can be accessible to those who cannot afford the fees. It also seeks to inform those involved in the current education of potential students who may be better placed to assess the benefit to the

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individual child thus encouraging families to look into the opportunities available for their child. Further details of our bursary policy and how to apply are available on our website Bursaries and Studentships – Senior School

While the costs of running the School require that those who can pay full fees must do so, in the current year the School has foregone 9.3% (2023-24: 9.1%) of gross fee income at the Senior School across all fee remissions. This figure is broken down into means-tested bursary and studentship awards totalling 5.0% (2023-24: 5.0%); scholarships and other non-means-tested awards make up the balance. This year the value of means-tested bursaries and studentships awarded by King Edward’s totalled £977,647 (202324: £931,861) representing 5.2% (2023-24: 4.9%) of the School’s gross fees. In total, 7.8% (2023-24: 8.6%) of the students received means-tested support. This represents 74 (2023-24: 77) of the students of which 31 (2023-24: 24) benefitted from a full remission of fees, with the average award being 62% (2023-24: 60.5%).

Scholarships – Senior School

The purpose of our scholarship awards is to recognise and encourage exceptional ability tangibly demonstrating our commitment to academic excellence, maximising the potential of all students including the most academically able. Awards may be subject to conditions imposed by the original donor.

At the Senior School, academic scholarships are awarded on the results of the Admissions Examination, taking into account the recommendations of Head Teachers. Awards made when progressing within the School are based on nominations by teaching staff and a shortlist is drawn up for consideration by the Academic Board.

Sports and Creative Arts scholarships in Music, Art and Drama are also available. The successful candidates are expected, during the tenure of their award, to make an important and continuing contribution to Sport or the Creative Arts at the School.

Scholarships are awarded with a fixed remission of fees of up to 5%. Where further assistance is required, scholarship awards may be supplemented by a means-tested bursary. We advertise the availability of scholarship awards and further details of our scholarship policy are available on our website.

King Edward’s awarded scholarships and music awards to 152 (2023-24: 153) students, based on their educational merit and potential, totalling £129,794 (2023-24: £141,710) and representing 0.7% (2023-24: 0.7%) of our gross fees.

Scholarships are separated into three areas: Sixth Form, Upper and Lower School years. Awards are made by the Academic Board and relevant Faculty Heads based on assessments made at the start of these three periods. The progress of students receiving scholarships is reviewed to ensure it remains in line with their abilities.

Family discounts policy

Sibling discounts are awarded in both Schools without recourse to means testing. The Governors are aware that continuity is important for families and believe that some recognition of the increased likelihood of financial difficulty in meeting the fees of more than one child is warranted. A sibling discount is offered to pupils who have pupils attending at either KES Prep or KES.

Assistance for our staff

As part of our emphasis on attracting and retaining high-calibre staff, we offer a discount scheme where staff members choose to educate their children at our schools.

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KING EDWARD VI SCHOOL SOUTHAMPTON

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

Public Benefit and related items

The School continues to make a significant contribution to the wider community and complies with the Charity Commission public benefit guidance.

Overall, the resources invested in this area, identified by the value of time and support costs, are considerable. The vast majority of the work done by our pupils and staff is voluntary and, as a result, it is hard to summarise the true value added. The feedback from our partnerships is regularly monitored and is highly positive although there is no formal impact assessment. The observation of the work at first hand, together with this feedback, leaves us in no doubt as to the extensive mutual benefits to all involved. We know that our partners return for further programmes and that our pupils volunteer year on year, thus strengthening our belief in its value. This, supported by our significant strength from ISI speaks resoundingly to our commitment to community.

King Edwards Charities Commission and Charity Projects

Senior School

Charitable activity is deeply embedded in the life of King Edward’s School, with the Charities Commission playing a central role in engaging pupils across all year groups. Open to all students and run through weekly meetings, the Commission democratically selects causes to support, with pupils nominating charities and voting on which to fundraise for. In 2024/25, the school raised £15,979 for a wide range of charities including Save the Children, Papyrus, Future Pillars Zambia, and Abbey’s Heroes—the latter chosen as the champion charity by the school’s prepositor. Additional fundraising supported Sixth Formled initiatives such as POP, PDSA, and a Summer Camp for young carers. Pupils also participated in events like the Year 7 Toy Appeal Fun Run for SCRATCH, Movember for men’s mental health, and a cricket match for the Ruth Strauss Foundation.

Beyond fundraising, King Edward’s pupils actively contribute to the community through service and partnership projects. Sixth Formers led initiatives such as a summer camp for young carers, activity days for visually impaired children from Kings Copse Primary, and a year-round friendship programme with Portsmouth Down Syndrome Association. Pupils also volunteer extensively through the Duke of Edinburgh Award, contributing 1,677 hours of service. Staff members support this ethos through their own voluntary roles in local charities and organisations. The School also provides its facilities and minibuses to community groups at reduced or no cost and hosts educational events and training for local teachers and PGCE students. These efforts reflect King Edward’s commitment to public benefit, fostering empathy, leadership, and civic responsibility among pupils while strengthening ties with the wider community.

Further details of our Public benefit can be found in our Social, Environmental and Economic Impact report available on our website.

KES Prep

Throughout the academic year, KES Prep pupils actively supported charitable initiatives aligned with the school’s ethos of service and community engagement. Pupils contributed to harvest collections for local food banks, raised funds for animal shelters, and participated in themed charity days. These activities were integrated into the curriculum and school life, helping children understand the importance of giving and civic responsibility from an early age. The Prep’s involvement in charitable work reflects its commitment to public benefit and fostering empathy and awareness among its pupils.

Capital Expenditure

Our future plans are financed predominantly from fee income and from our reserves. The Governors need to maintain an equitable balance ensuring that our current students benefit whilst, at the same time, ensuring that a sound infrastructure and financial base are preserved for the next generation of students in the same way as our current students benefit today from the investment made in the past.

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KING EDWARD VI SCHOOL SOUTHAMPTON

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

SUSTAINABILITY

Senior School

We remain committed to environmental stewardship and sustainability across all areas of school life. During the year, we continued to embed sustainable practices into our operations, curriculum, and community engagement. Initiatives included energy efficiency upgrades, waste reduction programmes including recycling of all food waste. We increased our recycling by 21% compared to last year and our recovered waste generated 14,745 KWH of electrical power. We also increased use of digital resources to minimise paper consumption.

To summarise our carbon reduction efforts, between January and August 2025, the School

This reflects our drive to reduce emissions and promote environmental awareness. Pupils actively participated in eco-focused clubs and projects, fostering a culture of responsibility and innovation. As part of our strategic planning, sustainability is now a core consideration in capital development, procurement, and transport policies. We are proud of the progress made and remain focused on building a greener future for our school and wider community.

KES Prep

Sustainability is embedded in everyday learning and school life. Pupils are encouraged to develop environmental awareness through hands-on experiences such as Forest School, gardening clubs, and outdoor education. These activities foster a deep appreciation for nature and promote responsible citizenship from an early age. The School continues to explore ways to reduce its environmental footprint, including energy-efficient practices, waste reduction, and sustainable procurement. Staff and pupils alike are engaged in creating a greener future, with sustainability now a key consideration in curriculum planning, facilities use, and community partnerships. As part of the wider King Edward VI School group, KES Prep contributes meaningfully to our shared commitment to environmental responsibility and longterm stewardship.

Streamlined Energy and Carbon Reporting (SECR) disclosure

In accordance with the requirements under the UK Government Streamlined Energy and Carbon Reporting (SECR) legislation, the following sets out all emissions generated by the School’s operations during the period. Emissions were consolidated using a "control" approach, considering all activities over which King Edward’s and KES Prep has operational control (i.e., the authority to direct the activity).

Emissions have been calculated according to the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard, using the UK Government GHG Conversion Factors for Company Reporting 2025. Electricity emissions are presented using the mandatory "Location-based" method, reflecting the UK National Grid averages for the period.

Methodology Statement

All emissions calculations have been completed on the basis of direct energy usage data (or fuel used in the case of vehicles), including the latest figure for on-site PV generation and the energy loss from Transmission and Distribution (T&D).

Data for LPG consumption is currently pending. The Schools are working to secure consumption data for the full reporting period and will incorporate it into the Total Energy and Emissions figures in the 2025/26 reporting cycle, updating the baseline retrospectively to ensure full coverage.

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REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

Reporting Methodology

Emission factors are sourced from the UK Government's GHG Conversion Factors for Company Reporting 2025 (Location-Based approach for electricity, Net Calorific Value for fuels), ensuring consistency and compliance.

Mandatory Energy Consumption and Emissions Totals

The tables below provide the mandatory disclosures for total energy consumption and greenhouse gas emissions in tonnes CO2 and incorporates the 151,230 kWh of PV generation into the total energy figure, while maintaining its zero-emission status.

SECR Metric Calculation 2024/2025 (Baseline) Unit
Total Mandatory Energy
Consumption (Direct Use +
T&D Loss)		 Grid E + Gas +
Minibuses + Biomass
+PV		 1,728,010 kWh
Total Mandatory Emissions
(Scope 1 & 2)		 Unchanged (PV
emissions are 0)		 238.46 tonnesCO2e

Mandatory Energy Consumption Breakdown (2024/25):

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----- Start of picture text -----
Energy Source Scope Direct kWh Use
Purchased Grid Electricity Scope 2 673,005
Natural Gas & Fuel (Gas, Diesel, Biomass) Scope 1 903,775
On-site PV Generation Scope 1 (Zero-emission) 151,230
Subtotal (Direct Use) 1,728,010
T&D Energy Loss (Mandatory inclusion for SECR) Scope 3 12,450
TOTAL SECR Energy 1,740,460
----- End of picture text -----

Emissions Breakdown (2024/25) Emissions Breakdown (2024/25)
Emissions Scope Source Emissions
(tonnes CO2e)
Scope 1 Gas, Diesel, Biomass non-CO2, PV 119.33
Scope 2 Purchased Grid Electricity (Location-based) 119.12
Total Mandatory
Emissions		 238.46

Note on LPG: Data for LPG consumption is currently pending and will be integrated into the Total Energy and Emissions figures in future reporting cycles once available.

Voluntary Disclosures

The Group voluntarily reports the following best practice disclosures for comprehensive transparency:

Additional Disclosures 2024/25 (Baseline) Unit
Voluntary Scope 3 Emissions(T&D Loss) 12.47 tonnes CO2e
Outside of Scopes(Biogenic CO2 from Biomass) 132.08 tonnes CO2

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KING EDWARD VI SCHOOL SOUTHAMPTON

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

Emissions Intensity Metric (KPI)

The Group has chosen Tonnes of CO2e per Full-Time Equivalent (FTE) Staff Member as its primary intensity metric, which is a key measure of operational efficiency appropriate for a service-based organisation.

Emissions Intensity Metric 2024/25 (Baseline) Unit
Total FTE Staff 353 FTE Staff
Emissions Intensity 0.6755 tonnesCO2e per FTE Staff

Energy Efficiency Actions

In the 2024/25 reporting period, King Edward‘s has taken focused steps to better understand and manage its energy profile and improve sustainability:

  1. On-site Renewable Energy Generation: The Schools generated 151,230 kWh of clean electricity through its PV installation, directly offsetting grid reliance and ensuring zero associated emissions.

  2. Transportation Route Audit: The Schools are commencing an external audit of our transportation routing to ensure optimisation and reduce mileage associated with the Group's vehicle fleet.

  3. Detailed Analysis of Power Factor Correction: Undertaking a detailed analysis of the power factor correction across the sites to ensure maximum efficiency in electricity supply and reduce potential penalties.

  4. Analysis of Out-of-Hours Consumption: Commencing a thorough review of electricity consumption outside of core operating hours to identify and quantify baseload energy waste and developing a specific action plan targeting a 15% reduction in identified out-of-hours consumption, with implementation scheduled for the next reporting year (2025/26).

OUR FINANCES

Despite the challenges posed by VAT, the School group remains financially resilient. Following the introduction of VAT, the loss of Mandatory Business Rate Relief, and higher employer National Insurance contributions, the deficit at KES Prep has now stabilised. This reflects progress in maintaining pupil numbers and managing costs effectively. Demand for the larger nursery continues to be strong, and there are waiting lists at the top of the School, driven by the ongoing popularity of the Head’s recommendation. . KES Prep continues to feed pupils each year to the Senior School, and the total current number of senior school pupils from KES Prep exceeds 180. The expectation is that pupils from Prince’s Mead will continue to feed to the Senior school, strengthening the pipeline from our Preps. 76% of the 2023/24 Year 6 cohort joined the Senior school. This throughflow is an essential part of the Senior School’s financial sustainability and educational success.

Our strategy to partially absorb the VAT impact on fees has supressed our financial performance in the short term as we pass on the impact to parents in a stepped manner over two years. While the combined effect of the introduction of VAT in addition to the loss of charitable business rate relief and increases in employer NI are substantial, we have undertaken extensive financial planning to address these challenges and continue to review and challenge costs where possible and without impacting the pupil experience. We are confident in our ability to support parents through this transition period, ensuring that the fiscal

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KING EDWARD VI SCHOOL SOUTHAMPTON

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

impact to school fees neither compromise the quality of education we provide nor unduly burden our parents.

Reserves policy and financial health

The unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Governors and are held at a level considered appropriate to cover the risks and uncertainties of operating as an independent educational establishment. Designated funds are set aside by the Governors out of unrestricted general funds and the transfers into capital reserves relate to our plans to continue to develop all our sites to a consistently high standard and to maintain our exceptional shared sports ground facilities. Our available cash reserve meets our strategic targets which are currently being increased as a result of the economic pressures anticipated within our sector. The school grouphas no external borrowing, and the Governors believe that the Schools are financially resilient.

Our free reserves including investments at 31[st] August 2025 totalled £7.5m (2024: £5.6m).

Investment policy and performance

The Board has assigned responsibility for the management of the investments to the Finance subcommittee, which has delegated that role to Evelyn Partners. The investments are managed on a discretionary basis but within the confines of an agreed investment policy.

The primary purpose of our investment policy is to generate monies to meet bursaries and scholarship/prize awards. In addition, the school seeks to protect the real long-term value of the investments against inflation. The long-term total return objective is CPI +3%, net of costs, implying a medium level of risk and a balanced objective.

The assets can be invested widely including equities, bonds and property both in the UK and overseas. Evelyn Partners are committed to investing our funds responsibly and are a signatory to the United Nations Principles for Responsible Investment. Our investment manager is specifically excluded from direct investment in companies that generate more than 5% of revenue in gambling, tobacco and adult media.

During the year, equity markets rebounded strongly from their April lows, supported by robust earnings across regions. However, concerns remain around the sustainability of these earnings, particularly given lingering uncertainty over the fully impact of tariffs.

After a difficult year in the investment market, the portfolio had a strong quarter, returning 5.4%, which takes the return for the year to the end of August to 6.9%. Whilst that return is slightly below the long-term average annual return achieved, the result is hopefully somewhat reassuring given the weakness we saw in markets between February and May. A key driver behind the recent strong performance has been the investments in the Far East, which have substantially outperformed investments held in developed markets over the year on the back of Chinese stimulus, a weaker USD and lower valuations.

Funds Management

Any funds received by the school as endowments are invested with Evelyn Partners within our agreed investment policy with a view to generating income. Each fund is allocated its proportion of the investment income and bears its own expenses. Endowment funds were received in the year from EPA trust, Misslebrook Trust, Avent family and a number of other small donations to help towards our bursaries, alongside equipment purchasing and travel awards.

Any excess working capital is also invested with Evelyn. These funds are held on a short term, low risk investment strategy.

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KING EDWARD VI SCHOOL SOUTHAMPTON

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

Pension liability

Details of our staff pension schemes are shown in Note 25. Since January 2024, teaching staff in both our Schools are no longer eligible to join the Teachers’ Pension Scheme (TPS), an unfunded multiemployer defined benefits scheme governed by the Teachers’ Pension Scheme Regulations 2014. Instead, they are enrolled into the APTIS pension scheme. For our employees already in TPS, a choice was offered whether to transfer to APTIS or remain in the TPS. As the TPS employer contribution rose in April 2024 to 28.68%, which had been 23.68% since September 2019, the increase in these contributions has been borne by staff themselves, through a deduction in salary, which was agreed through a consultation process in 2022/2023. Part of the outcome of this consultation was that teaching staff now also have the option to join the APTIS pension scheme, in which they have more flexibility in contributions, and in which Employer contribution rates are set at an equivalent level to the TPS, prior to April 2024. This is considered further in the ‘Risks and risk management’ section below.

Some Senior School professional services staff are in a defined benefits scheme which remains within the Hampshire Pension Fund Scheme having been de-grouped on 1[st] April 2017 in line with national trends on such local authority schemes. The Senior School has been graded as in the lowest risk category, and our annual contributions are therefore expected to be lower than other de-grouped admitted organisations. An actuarial valuation was carried out on 31[st] March 2022, and the results were reported at the Hampshire Pension Fund AGM in October 2022. See Note 25 in the financial statements.

RISK MANAGEMENT AND GOVERNANCE

Risk Management

Risk oversight follows Charity Commission guidance. Key risks include VAT implementation, pupil retention and affordability, merger risks, regulatory compliance and cyber security in addition to declining birth rates. Risks are analysed by the Full Board annually to ensure robust mitigation strategies and action plans are in place.

Remuneration and Expenses

No Governors receive remuneration; expenses reimbursed in 2024/25 totalled £543 (2023/24 £1,373).

Going Concern

The Trustees have assessed the Charity’s ability to continue as a going concern and confirm there are no material uncertainties that would cast significant doubt on its ability to operate for the foreseeable future. The strategic risk assessment has been updated to reflect:

The School has undertaken detailed planning to mitigate the impact of VAT. A significant proportion of the additional cost will be absorbed by the School to support parents, which will result in a planned financial loss over the next two years. This approach aligns with our charitable objectives and commitment to accessibility.

These losses will be funded from the substantial reserves built up over recent years. The balance sheet remains strong, with:

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REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees are satisfied that the School has adequate resources to continue in operational existence for the foreseeable future and therefore adopt the going concern basis in preparing these financial statements.

Governors' responsibilities for the financial statements

The Governors (who are also directors of King Edward VI School Southampton for the purposes of company law) are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the group and the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the group for that year.

In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and the 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 charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Governors are aware:

The Annual report was approved by the Board on 11[th] December 2025 and signed on its behalf.

G C B DAVIES

Chair of Governors

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KING EDWARD VI SCHOOL SOUTHAMPTON

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING EDWARD VI SCHOOL SOUTHAMPTON FOR THE YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of King Edward VI School Southampton (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and the Parent Charitable Company Balance Sheet, the Consolidated Cash Flow Statement and the 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:

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 Governors' 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’s and the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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KING EDWARD VI SCHOOL SOUTHAMPTON

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING EDWARD VI SCHOOL SOUTHAMPTON FOR THE YEAR ENDED 31 AUGUST 2025

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the Report of the Governors.

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:

Responsibilities of Governors

As explained more fully in the governors’ responsibilities statement set out on page 15, the governors, who are also directors of the charitable company for the purpose 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 governors 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 governors are responsible for assessing the group’s and the 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 governors either intend to liquidate the group or the 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.

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

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KING EDWARD VI SCHOOL SOUTHAMPTON

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING EDWARD VI SCHOOL SOUTHAMPTON FOR THE YEAR ENDED 31 AUGUST 2025

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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KING EDWARD VI SCHOOL SOUTHAMPTON

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING EDWARD VI SCHOOL SOUTHAMPTON FOR THE YEAR ENDED 31 AUGUST 2025

Use of our report

This report is made solely to the company’s Governors, 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 Governors 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 Governors as a body, for our audit work, for this report, or for the opinions we have formed.

16/12/2025 | 13:00 GMT

……………………………………………. Mark Gregory ACA (Senior Statutory Auditor) for and on behalf of Fiander ETL

Chartered Accountants Registered Auditors

Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS

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KING EDWARD VI SCHOOL SOUTHAMPTON CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025

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----- Start of picture text -----
Notes Unrestricted Restricted Endowed Total Total
Fund funds funds funds funds
2025 2024
£ £ £ £ £
INCOMING RESOURCES
Income from donations and legacies 6 3,060 69,083 468,595 540,738 300,783
Income from charitable activities:
Fees 4(a) 22,886,599 - - 22,886,599 23,095,196
Additional school activities - - - - 74,325
Catering income 857,062 - - 857,062 768,722
Bus income 1,132,831 - - 1,132,831 1,077,002
Other school income 5 322,840 - - 322,840 156,615
Income from other trading activities:
Self-financing activities 782,453 - - 782,453 790,796
Income from property and ancillary
activities 50,295 - - 50,295 58,960
Investment income:
Bank and other interest 128,660 - - 128,660 119,003
Investment income 292,555 87,119 99,320 478,994 357,241
Total incoming resources 26,456,355 156,202 567,915 27,180,472 26,798,643
RESOURCES EXPENDED
Expenditure on raising funds:
Fund raising for voluntary income 485,841 - - 485,841 401,821
Self-financing activities 688,328 - - 688,328 736,445
Charitable activities
School operating costs 21,814,687 - - 21,814,687 21,195,397
Bus costs 1,198,183 - - 1,198,183 1,140,546
Scholarships, bursaries and prizes 4(b) 908,775 291,215 - 1,199,990 1,209,633
Ancillary activities' costs 318,002 - - 318,002 330,925
Other resources expended
Taxation of subsidiary 11 - - - - -
Total resources expended 12 25,413,816 291,215 - 25,705,031 25,014,767
Net incoming/(outgoing) resources before
transfers 1,042,539 (135,013) 567,915 1,475,441 1,783,876
Transfers between funds 13 381,828 (2,994,364) 2,612,536 - -
Net incoming/(outgoing) resources before
other recognised gains/(losses) 1,424,367 (3,129,377) 3,180,451 1,475,441 1,783,876
Realised gains/(losses) on disposal of
investment assets (142,179) (50,325) (62,225) (254,729) 80,143
Net income/(expenditure) for the year 1,282,188 (3,179,702) 3,118,226 1,220,712 1,864,019
Actuarial gains/(losses) on defined benefit
- -
pension schemes (72,000) (72,000) (52,000)
Unrealised gains/(losses) on investment assets 594,869 199,878 228,893 1,023,640 1,402,303
Net movement in funds for the year 1,805,057 (2,979,824) 3,347,119 2,172,352 3,214,322
Balances at 1 September 2024 39,678,215 4,867,150 3,948,657 48,494,022 45,279,700
Balances at 31 August 2025 41,483,272 1,887,326 7,295,776 50,666,374 48,494,022
----- End of picture text -----

All operations are continuing operations.

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KING EDWARD VI SCHOOL SOUTHAMPTON COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025

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----- Start of picture text -----
Notes Unrestricted Restricted Endowed Total
Fund funds funds funds
2024
£ £ £ £
INCOMING RESOURCES
Income from donations and legacies 6 12,049 128,985 159,749 300,783
Income from charitable activities: -
Fees 4(a) 23,095,196 - - 23,095,196
Additional school activities 74,325 - - 74,325
- -
Catering income 768,722 768,722
Bus income 1,077,002 - - 1,077,002
Other school income 5 156,615 - - 156,615
-
Income from other trading activities:
- -
Self-financing activities 790,796 790,796
-
Income from property and ancillary activities 57,460 1,500 58,960
Investment income: -
Bank and other interest 61,558 57,445 - 119,003
Investment income 204,288 152,953 - 357,241
Total incoming resources 26,298,011 340,883 159,749 26,798,643
RESOURCES EXPENDED
-
Expenditure on raising funds:
- -
Fund raising for voluntary income 401,821 401,821
- -
Self-financing activities 736,445 736,445
Charitable activities -
- -
School operating costs 21,195,397 21,195,397
Bus costs 1,140,546 - - 1,140,546
-
Scholarships, bursaries and prizes 4(b) 891,621 318,012 1,209,633
- -
Ancillary activities' costs 330,925 330,925
-
Other resources expended
Taxation of subsidiary 11 - - - -
Total resources expended 12 24,696,755 318,012 - 25,014,767
Net incoming/(outgoing) resources before transfers 1,601,256 22,871 159,749 1,783,876
Transfers between funds 13 (317,573) 317,573 - -
Net incoming/(outgoing) resources before other
recognised gains/(losses) 1,283,683 340,444 159,749 1,783,876
Realised gains/(losses) on disposal of investment assets 82,917 (33,542) 30,768 80,143
Net income/(expenditure) for the year 1,366,600 306,902 190,517 1,864,019
Actuarial gains/(losses) on defined benefit pension
schemes (52,000) - - (52,000)
Unrealised gains/(losses) on investment assets 738,438 353,951 309,914 1,402,303
Net movement in funds for the year 2,053,038 660,853 500,431 3,214,322
Balances at 1 September 2023 37,625,177 4,206,297 3,448,226 45,279,700
Balances at 31 August 2024 39,678,215 4,867,150 3,948,657 48,494,022
----- End of picture text -----

All operations are continuing operations.

Page 24

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON CONSOLIDATED BALANCE SHEET

FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Fixed assets
Tangible assets
14
Investments
15		 £
£
31,253,765
21,252,074
2025		 £
£
31,253,765
21,252,074
2025		 £
£
32,185,005
15,916,838
2024		 £
£
32,185,005
15,916,838
2024
Current Assets
Debtors
16
Cash at bank and in hand		 703,505
2,705,943		 52,505,839 715,606
8,567,732		 48,101,843
Creditors: amounts falling due within one year
17		 3,409,448
(3,503,181)		 9,283,338
(3,544,085)
Net current assets/(liabilities) (93,733) 5,739,253
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Self-financing activities' net assets
Defined benefit pension scheme liability
25		 52,412,106
(2,042,981)
297,249
-		 53,841,096
(5,410,270)
63,196
-
Net assets 50,666,374 48,494,022
Funds
Endowed funds
21
Restricted funds
22
Designated funds
23
Revenue fund:
24
Revaluation reserve
Other funds		 263,258
7,754,130		 7,295,776
1,887,326
33,465,884		 263,258
7,360,106		 3,948,657
4,867,150
32,054,851
8,017,388 7,623,364
50,666,374 48,494,022

12/12/2025 | 19:39 GMT

The financial statements were approved by the Governors on .........................................

.........................................

G C B Davies Chair of Governors

Company registration no.: 04238902

Page 25

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON BALANCE SHEET - PARENT ONLY

FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Fixed assets
Tangible assets
14
Investments
15		 £
£
23,227,190
23,740,622
2025		 £
£
23,227,190
23,740,622
2025		 £
£
24,085,379
18,405,386
2024		 £
£
24,085,379
18,405,386
2024
Current Assets
Debtors
16
Cash at bank and in hand		 478,048
2,360,705		 46,967,812 540,880
7,309,904		 42,490,765
Creditors: amounts falling due within one year
17		 2,838,753
(2,823,198)		 7,850,784
(2,732,605)
Net current assets 15,555 5,118,179
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Self-financing activities' net assets
Defined benefit pension scheme liability
25		 46,983,367
(1,791,756)
317,381
-		 47,608,944
(4,885,619)
63,196
-
Net assets 45,508,992 42,786,521
Funds
Endowed funds
21
Restricted funds
22
Designated funds
23
Revenue fund
24		 7,295,776
1,887,326
33,465,884
2,860,006		 3,948,657
4,867,150
32,054,851
1,915,863
45,508,992 42,786,521

12/12/2025 | 19:39 GMT The financial statements were approved by the Governors on ...................................

......................................... G C B Davies Chair of Governors

Company registration no.: 04238902

Page 26

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON CONSOLIDATED CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

==> picture [481 x 653] intentionally omitted <==

----- Start of picture text -----
2025 2024
£ £ £ £
Cash generated by operating activities (604,005) 9,482,273
Cash flows from investing activities
Investment income 128,660 476,244
Payments to acquire fixed asset investments (4,285,000) (381,491)
Proceeds from sale of fixed asset investments 51,788 169,567
Payments to acquire tangible fixed assets (1,638,408) (2,083,370)
Proceeds from sale of tangible fixed assets 485,176 3,500
Cash generated by/(used in) investing activities (5,257,784) (1,815,550)
- -
Cash used in financing activities
(Decrease) / Increase in cash in the year (5,861,789) 7,666,723
Cash and cash equivalents at the beginning of the reporting period 8,567,732 901,009
Cash and cash equivalents at the end of the reporting period 2,705,943 8,567,732
Reconciliation of net income/(expenditure) to net cash flow from operating activities:
Net income/(expenditure) for the reporting period 2,172,352 3,214,322
Adjustments for:
Depreciation charges 2,189,467 1,982,124
(Profit)/loss on disposal of fixed assets (104,995) (3,500)
Unrealised (gains)/losses on investment assets (1,023,640) (1,402,303)
Realised (gains)/losses on investment assets 254,729 (80,143)
Investment income (607,654) (476,244)
(Increase)/decrease in debtors 12,101 44,587
Increase/(decrease) in creditors (3,402,240) 6,257,781
Net (gains)/losses on pension schemes 149,000 155,000
Employer contributions to funded defined benefit pension schemes (149,000) (155,000)
Decrease/(increase) in self financing activities' net assets (94,125) (54,351)
Net cash generated by operating activities (604,005) 9,482,273
----- End of picture text -----

Page 27

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting Policies

Charity information

King Edward VI School Southampton is a private charitable company limited by guarantee, established under its Memorandum and Articles of Association and registered with the Charity Commission and Companies House in England and Wales. The principal address is Wilton Road, Southampton, Hampshire, SO15 5UQ. The charity is a public benefit entity.

1.1 Basis of preparation

The Financial Statements have been prepared under the historic cost convention, with the exception of certain fixed assets which are included at market value. The Financial Statements have been prepared in accordance with the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (SORP2019) issued in October 2019, applicable UK accounting standards and the Companies Act 2006. The principal accounting policies adopted in the preparation of the Financial Statements are set out below.

The Financial Statements are prepared in sterling, which is the functional currency of the group. Monetary amounts are rounded to the nearest £.

The parent entity has taken advantage of the reduced disclosure framework exemption in connection with its own results. This gives exemption from the following disclosures: statement of cash flows and key management personnel remuneration.

1.2 Basis of consolidation

These accounts incorporate the results of the Charity, King Edward VI School Southampton, and its subsidiary companies, King Edward VI Preparatory School Ltd ("KES Prep") and KES Bookings Limited, on a line for line basis. The results of subsidiaries sold or acquired are included in the statement of financial activities up to or from the date control passes. All intra group transactions have been eliminated on consolidation.

1.3 Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Fees and similar income

Fees received and receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees are stated after deducting, VAT, allowances, discounts and other remissions granted by King Edward's and KES Prep. Amounts invoiced in advance are deferred and carried forward within creditors, whilst amounts due but not yet received in the year are shown within debtors.

1.5 Investments and investment income

Equity investments and government stocks are valued at market value at the balance sheet date. Gains or losses on disposal and revaluation of investments are charged or credited to the Statement of Financial Activities.

Investments in subsidiary undertakings are stated at cost in the parent company’s financial statements.

Investment income from listed investments is accounted for when received. Interest on deposits is accounted for on an accruals basis.

Page 28

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting Policies (continued)

1.6 Donations

Donations received for the general purposes of King Edward's and KES Prep are credited to the Revenue fund. Donations subject to specific wishes of the donors are carried to relevant restricted funds or to endowed funds where the amount is required to be held as permanent capital.

1.7 Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. All costs have been directly attributed to one of the functional categories of resources expended in the Statement of Financial Activities. The irrecoverable element of VAT is included with the item of expense to which it relates. Construction costs charged to King Edward's and KES Prep that are capitalised are excluded from trading expenditure.

1.8 Fixed assets

Fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Assets which require construction over a period time to bring them to usable condition are initially recognised in assets in the course of construction. Once the asset is ready to be used it is transferred to the appropriate asset category.

Single items costing less than £1,000 are written off as an expense as acquired.

1.9 Depreciation

Depreciation is provided on all tangible fixed assets in use, other than freehold land and assets in the course of construction, at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected life as follows:

==> picture [324 x 62] intentionally omitted <==

----- Start of picture text -----
||| |---|---| |Freehold buildings|Over 50 years| |General plant and equipment|Over 3 to 10 years| |Furniture, fixtures and fittings|Over 5 to 10 years| |Motor vehicles|Over 4 to 5 years| |Computer and audio-visual equipment|Over 3 to 4 years|

----- End of picture text -----

The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the Statement of Financial Activities.

1.10 Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.11 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 29

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting Policies (continued)

1.12 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts.

1.13 Creditors and provisions

Creditors and provisions are recognised where the Group has a present obligation resulting from a past event that is likely to result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.15 Self-financing activities

Receipts collected and payments made by King Edward's and KES Prep in connection with self-financing activities are accounted for in the Statement of Financial Activities as the schools ultimately retain any surplus or deficit arising. These balances are a reflection of the large number of activities and trips which the pupils undertake.

1.16 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.17 Pension schemes

King Edward's and KES Prep participate in the Teachers' Pension Scheme. This is a multi-employer defined benefit pension scheme. The pension liability is the responsibility of the fund. As a result it is not possible to identify the assets and liabilities of the scheme that are attributable to King Edward's and KES Prep. Accordingly, under FRS 102, the scheme is accounted for as if it were a defined contribution scheme.

King Edward's is an admitted body to the superannuation scheme operated by the Hampshire County Council which is a multi-employer defined benefit pension scheme. The assets of the scheme are measured using closing market values. Liabilities are measured using the projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent terms and currency to the liability. The increase in the present value of the liabilities of the scheme expected to arise from employee service in the period, the expected return on the scheme's assets and the increase during the period in the present value of the scheme's liabilities arising from the passage of time, and actuarial gains and losses are all recognised in the Statement of Financial Activities.

All other pension arrangements are defined contribution schemes where the assets of the schemes are held separately from those of King Edward's and KES Prep in independently administered funds. The pension cost charge represents contributions payable by King Edward's and KES Prep to the funds.

1.18 Taxation

The subsidiary companies are subject to corporation tax but liability to tax can be relieved by way of a Gift Aid distribution to the parent charity.

Page 30

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting Policies (continued)

1.19 Funds and reserves

The endowed funds represent donations to fund scholarships, bursaries, prizes and other awards from the income derived and which cannot be expended as revenue. The income from these funds, together with accumulated unspent income from prior years, is restricted.

Restricted funds are to be used for specific purposes as laid down by the donor.

The unrestricted funds can be used in accordance with the charitable objects at the discretion of the Governors and are held at a level considered practicable and achievable to cover the risks and uncertainties of operating as an independent educational establishment. Designated funds are set aside by the Governors out of unrestricted general funds for specific future projects.

2 Key estimates and judgements

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next twelve months are as follows:

Defined benefit pension scheme liability

Provision is made for the deficit on the Hampshire County Council superannuation defined benefit pension scheme. The deficit is an estimate based on calculations and valuations made by independent actuaries.

As at 31 August 2025, the scheme position is that of an asset of £2,508,000 (2024 : £1,052,000). The surplus has not been recognised in these financial statements on the basis that it would be unable to recover the surplus.

Judgements

There are no critical accounting judgements impacting these financial statements.

Page 31

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

3 Subsidiary companies

The Charity has an interest in two wholly owned subsidiaries, King Edward VI Preparatory School Ltd (KES Prep) (company no: 00616684), which provides education for 2 to 11 year olds and a trading subsidiary, KES Bookings Limited (KBL) (company no: 11043126). The results of these companies up to 31 August 2025 are included in the group financial statements as detailed below:

Turnover
Rent receivable
Interest receivable
Other operating income
Operating expenses
Interest payable
Net profit/(loss) before taxation
Taxation credit
Net profit/(loss) after taxation
Donation to parent charity
Retained loss for the year		 £
KES Prep
4,003,719
955
5,031
111,265
(4,618,611)
-
(497,641)
-
(497,641)
-
(497,641)		 £
KBL
57,457
-
-
-
(36,510)
-
20,947
-
20,947
(16,409)
4,538

At 31 August 2025, the aggregate amount of net assets and reserves was as follows:

Fixed assets
Current assets
Current liabilities
Liabilities due in more than one year
Represented by:
Share capital
Revaluation reserve
Other reserves		 £
7,494,284
548,168
(8,444,282)
(361,525)
(763,355)
£
5,945
263,258
(1,032,558)
(763,355)		 £
-
134,098
(108,351)
-
25,747
£
5,000
-
20,747
25,747

Page 32

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

==> picture [482 x 663] intentionally omitted <==

----- Start of picture text -----
4 Fees
2025 2024
(a) Fees consists of:
£ £
Gross fees 23,899,532 24,064,730
Less: total bursaries, grants and allowances (2,212,923) (2,179,167)
21,686,609 21,885,563
Add back: scholarships, grants etc. paid from unrestricted,
restricted and designated funds 1,199,990 1,209,633
22,886,599 23,095,196
(b) The total grants, awards and prizes paid for by Trust Funds consist of:
2025 2024
£ £
Scholarships, grants etc. paid from restricted and designated funds 1,197,324 1,207,148
Prizes and leaving awards 2,666 2,485
1,199,990 1,209,633
5 Other income 2025 2024
£ £
Unrestricted:
Insurance commission 2,953 2,300
Entrance and registration fees 45,202 22,375
Other school income 274,685 131,940
322,840 156,615
6 Donations and legacies 2025 2024
Unrestricted: £ £
Other 3,060 12,049
Restricted:
-
EPA Cephalosporin Fund 100,000
KES Foundation 4,535 28,730
Other 64,548 255
Endowed:
-
EPA Cephalosporin Fund 100,000
Misslebrook 285,000 -
Other 83,595 159,749
540,738 300,783
----- End of picture text -----

Page 33

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

7
Expenditure
Total expenditure includes:
Auditors' remuneration:
- Fees payable for the audit of the parent and consolidated accounts
Fees payable to the charitable company's auditor for other services:
- Audit of the charitable company's subsidiaries
- Taxation compliance
- Advisory and other services
Operating lease rentals
- Plant and machinery
- Land and buildings
8
Employees
Total staff costs:
Wages and salaries
Social security costs
Operating costs of defined benefit pension schemes
Private medical insurance
Pension contributions - defined contribution and multi-employer defined
benefit schemes		 2025
£
23,200
11,208
2,016
6,160
30,102
-
2025
£
11,686,880
1,315,547
2,398,774
130,000
15,531,201
10,799
15,542,000		 2024
£
21,180
10,680
1,920
6,137
13,961
-
2024
£
11,655,891
1,170,831
2,107,561
141,000
15,075,283
21,085
15,096,368

The average monthly number of employees in the year was:

Teaching
Non-teaching		 2025
2024
Number
Number
216
209
137
124
353
333
Total		 2025
2024
Number
Number
167
163
80
77
247
240
Full time equivalents

Page 34

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

8 Employees (continued)

The number of employees who had total employee benefits excluding employer pension contributions above £60,000 were:

==> picture [447 x 174] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |Number|Number| |£60,001 - £70,000|33|21| |£70,001 - £80,000|5|6| |£80,001 - £90,000|4|1| |£90,001 - £100,000|1|1| |£100,001 - £110,000|2|4| |£110,001 - £120,000|2|-| |-|-| |£120,001 - £130,000| |-|-| |£130,001 - £140,000| |£140,001 - £150,000|-|1| |-|-| |£150,001 - £160,000| |£160,001 - £170,000|1|-|

----- End of picture text -----

There were 3 (2024 - 3) higher paid employees to whom retirement benefits were accruing under defined benefit pension schemes.

9 Key management remuneration

==> picture [447 x 57] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |The remuneration of key management| |personnel is as follows:|1,040,754|944,371|

----- End of picture text -----

10 Governors

Neither the governors nor any other person connected with them received any remuneration. Two governors were reimbursed expenses of £543 (2024 - two governors, £1,373).

Page 35

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

11
Taxation
Domestic current year tax
U.K. corporation tax
Total current tax
Factors affecting the tax (credit)/charge for the year
Loss of subsidiary undertakings on ordinary activities before taxation
Loss on ordinary activities before taxation multiplied by standard rate of
UK corporation tax of 25% (2024 - 25%)
Effects of:
Change in unrecognised deferred tax
Permanent disallowable expenditure
Adjustments to previous periods
Depreciation on assets not qualifying for tax allowances
Gift Aid transfer to parent
Current tax (credit)/charge for the year		 2025
£
-
-
(476,694)
(119,174)
111,035
116
-
13,260
(5,237)
119,174
-		 2024
£
-
-
(466,328)
(116,582)
94,282
4,515
-
21,835
(4,050)
116,582
-

All taxable profits of the subsidiary undertakings are donated to the parent charity by way of a gift aid transfer. Therefore, no tax charge arises.

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Page 36

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

==> picture [477 x 661] intentionally omitted <==

----- Start of picture text -----
12 Analysis of total resources expended
Staff costs Depreciation Other Total
2025 2025 2025 2025
£ £ £ £
Charitable activities:
Bus costs - - 1,198,183 1,198,183
Teaching costs 12,694,594 256,573 1,161,890 14,113,057
Welfare costs 164,202 94,979 1,460,534 1,719,715
School premises 667,652 1,803,535 1,292,367 3,763,554
-
Other premises 139,222 178,780 318,002
-
Support costs 1,603,261 581,246 2,184,507
- -
Bursaries, grants, awards and prizes 1,199,990 1,199,990
15,268,931 2,155,087 7,072,990 24,497,008
Governance costs - - 33,854 33,854
Costs of generating funds:
-
Marketing and publicity 275,473 210,368 485,841
- -
Self-financing activities 688,328 688,328
-
275,473 898,696 1,174,169
Other resources expended:
- - - -
Taxation of subsidiary
Total resources expended 15,544,404 2,155,087 8,005,540 25,705,031
Staff costs Depreciation Other Total
2024 2024 2024 2024
£ £ £ £
Charitable activities:
Bus costs 62,998 - 1,077,548 1,140,546
Teaching costs 12,290,718 262,715 1,327,913 13,881,346
Welfare costs 170,580 72,915 1,487,135 1,730,630
School premises 596,052 1,646,494 1,139,581 3,382,127
-
Other premises 153,717 177,208 330,925
-
Support costs 1,661,363 475,022 2,136,385
- -
Bursaries, grants, awards and prizes 1,209,633 1,209,633
14,935,428 1,982,124 6,894,040 23,811,592
Governance costs - - 64,909 64,909
Costs of generating funds:
-
Marketing and publicity 217,973 183,848 401,821
- -
Self-financing activities 736,445 736,445
-
217,973 920,293 1,138,266
Other resources expended:
- - - -
Taxation of subsidiary
Total resources expended 15,153,401 1,982,124 7,879,242 25,014,767
----- End of picture text -----

Page 37

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

==> picture [473 x 659] intentionally omitted <==

----- Start of picture text -----
13 Transfers 2025 2024
£ £
From Revenue fund to:
Capital reserve 478,000 1,225,867
Restricted fund transfer - 317,573
Designated bursary grants and allowances 921,700 793,436
Net transfers from Revenue fund 1,399,700 2,336,876
From Endowed to Designated funds:
- -
School contribution to bursaries paid from endowed funds
From Restricted to Designated funds:
-
Designated bursary grants and allowances 381,828
From Restricted to Endowment funds:
Asset transfers 2,612,536 -
----- End of picture text -----

Page 38

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

14 Tangible fixed assets

Group:
Cost or valuation
At 1 September 2024
Additions
Reclassification
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Disposals
At 31 August 2025
Net book value at 31 August 2025
Net book value at 31 August 2024		 Assets in the
course of
construction
£
1,191,763
835,306
(1,458,953)
-
568,116
-
-
-
-
568,116
1,191,763		 Freehold
land and
buildings
£
31,199,342
-
-
(487,676)
30,711,666
8,582,362
502,574
(105,686)
8,979,250
21,732,416
22,616,980		 Furniture
and
fittings
£
17,344,934
591,626
1,170,855
(4,826,178)
14,281,237
9,952,887
1,131,602
(4,825,627)
6,258,862
8,022,375
7,392,047		 Ground
equipment
£
2,499,963
1,775
-
(283,917)
2,217,821
2,079,881
169,359
(286,228)
1,963,012
254,809
420,082		 Motor
vehicles
£
783,995
18,265
126,539
(70,258)
858,541
542,370
128,740
(70,258)
600,852
257,689
241,625		 Computer
and a-v
equipment
£
4,710,883
191,436
161,559
(3,593,598)
1,470,280
4,388,375
257,192
(3,593,647)
1,051,920
418,360
322,508		 Total
£
57,730,880
1,638,408
-
(9,261,627)
50,107,661
25,545,875
2,189,467
(8,881,446)
18,853,896
31,253,765
32,185,005

Included within land and buildings is land of £2,505,245 (2024 - £2,674,234), which is not being depreciated.

Page 39

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

14 Tangible fixed assets (continued)

Parent:
Cost or valuation
At 1 September 2024
Additions
Reclassification
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Disposals
At 31 August 2025
Net book value at 31 August 2025
Net book value at 31 August 2024		 Assets in the
course of
construction
£
1,121,050
672,657
(1,371,242)
-
422,465
-
-
-
-
422,465
1,121,050		 Freehold
land and
buildings
£
24,127,285
-
-
(487,676)
23,639,609
8,256,630
449,536
(105,686)
8,600,480
15,039,129
15,870,655		 Furniture
and
fittings
£
15,478,674
591,626
1,165,699
(4,824,889)
12,411,110
9,301,920
1,076,982
(4,824,195)
5,554,707
6,856,403
6,176,754		 Ground
equipment
£
1,999,832
-
-
(266,335)
1,733,497
1,568,654
104,893
(265,443)
1,408,104
325,393
431,178		 Motor
vehicles
£
764,218
18,265
126,539
(50,481)
858,541
522,593
128,740
(50,481)
600,852
257,689
241,625		 Computer
and a-v
equipment
£
3,960,503
191,436
79,004
(3,323,562)
907,381
3,716,386
188,446
(3,323,562)
581,270
326,111
244,117		 Total
£
47,451,562
1,473,984
-
(8,952,943)
39,972,603
23,366,183
1,948,597
(8,569,367)
16,745,413
23,227,190
24,085,379

Included within land and buildings is land of £1,215,245 (2024 - £1,384,234), which is not being depreciated.

Page 40

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

==> picture [476 x 417] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |15|Investments| |Group:| |Managed|Shares in|Total|Total| |funds|group|2025|2024| |undertakings| |£|£|£|£| |Market value| |-| |At 1 September 2024|15,916,838|15,916,838|14,222,468| |-| |Disposal|(197,669)|(197,669)|(89,424)| |Additions|4,763,994|-|4,763,994|381,491| |-| |Change in market value|768,911|768,911|1,402,303| |-| |At 31 August 2025|21,252,074|21,252,074|15,916,838| |Historical cost|18,264,977|-|18,264,977|13,698,652| |Parent:| |Managed|Shares in|Total|Total| |funds|group|2025|2024| |undertakings| |£|£|£|£| |Market value| |At 1 September 2024|15,916,838|2,488,548|18,405,386|16,711,016| |-| |Disposal|(197,669)|(197,669)|(89,424)| |Additions|4,763,994|4,763,994|381,491| |-| |Change in market value|768,911|768,911|1,402,303| |At 31 August 2025|21,252,074|2,488,548|23,740,622|18,405,386| |Historical cost|18,264,977|2,488,548|20,753,525|16,187,200|

----- End of picture text -----

Holdings of more than 20%

The charitable company directly holds more than 20% of the share capital of the following companies:

==> picture [449 x 75] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Company|Country of registration|Principal|Class|Shares held| |or incorporation|activity|%| |Subsidiary undertakings| |KES Bookings Limited|England & Wales|Facility hire|Ordinary|100| |King Edward VI|England & Wales|School|Ordinary|100| |Preparatory School Ltd|

----- End of picture text -----

Page 41

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

16 Debtors

Fees
Other debtors
Amounts owed by group undertakings
Prepayments
Accrued interest receivable		 2025
2024
£
£
76,180
68,607
209,058
51,880
-
-
376,779
595,119
41,488
-
703,505
715,606
Group		 2025
2024
£
£
22,340
14,637
112,569
24,045
127,374
67,426
174,277
434,772
41,488
-
478,048
540,880
Parent

Amounts owed by group undertakings are unsecured and repayable on demand. They are interest free loans from the current year with 1.5% being charged last year. In the parent entity a reversal of impairment of £56,808 (2024 - increased impairment £7,908,059) has been made to the amounts owed by group undertakings.

17 Creditors: amounts falling due within one year

Amounts owing to suppliers
Fees in advance
Taxation and social security
Other creditors and accruals		 2025
2024
£
£
417,828
497,531
2,222,427
2,302,443
308,021
21,994
554,905
722,117
3,503,181
3,544,085
Group		 2025
2024
£
£
303,879
430,364
1,915,302
1,992,935
247,364
21,994
356,653
287,312
2,823,198
2,732,605
Parent

Page 42

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

18 Creditors: amounts falling due after more than one year

Other creditors
Fees in Advance		 2025
2024
£
£
259,400
214,610
1,783,581
5,195,660
2,042,981
5,410,270
Group		 2025
2024
£
£
205,000
166,410
1,586,756
4,719,209
1,791,756
4,885,619
Parent

Included in other creditors due after more than one year are the following balances which are due after more than five years:

Returnable deposits
Financial instruments
Carrying amount of financial assets
Equity instruments measured at cost less
impairment
Equity instruments measured at fair value		 2025
2024
£
£
103,000
58,650
2025
2024
£
£
17,153,450
15,916,838
-
-
Group
Group		 2025
2024
£
£
78,000
39,050
2025
2024
£
£
17,153,450
15,916,838
2,488,548
2,488,548
Parent
Parent

19 Financial instruments

Page 43

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

==> picture [473 x 657] intentionally omitted <==

----- Start of picture text -----
20 Allocation of net assets
Group: Other
Fixed net assets/
assets Investments (liabilities) Total
2025 2025 2025 2025
£ £ £ £
Endowed funds - 7,295,776 - 7,295,776
Restricted funds - 3,609,603 (1,722,277) 1,887,326
Unrestricted funds 31,253,765 10,346,695 (117,188) 41,483,272
31,253,765 21,252,074 (1,839,465) 50,666,374
Comparative Other
Fixed net assets/
assets Investments (liabilities) Total
2024 2024 2024 2024
£ £ £ £
Endowed funds - 3,948,657 - 3,948,657
Restricted funds - 3,290,418 1,576,732 4,867,150
Unrestricted funds 32,185,005 8,677,763 (1,184,553) 39,678,215
32,185,005 15,916,838 392,179 48,494,022
Parent: Other
Fixed net assets/
assets Investments (liabilities) Total
2025 2025 2025 2025
£ £ £ £
Endowed funds - 7,295,776 - 7,295,776
Restricted funds - 3,609,603 (1,722,277) 1,887,326
Unrestricted funds 23,227,190 12,835,243 263,457 36,325,890
23,227,190 23,740,622 (1,458,820) 45,508,992
Comparative Other
Fixed net assets/
assets Investments (liabilities) Total
2024 2024 2024 2024
£ £ £ £
Endowed funds - 3,948,657 - 3,948,657
Restricted funds - 3,290,418 1,576,732 4,867,150
Unrestricted funds 24,085,379 11,166,311 (1,280,976) 33,970,714
24,085,379 18,405,386 295,756 42,786,521
----- End of picture text -----

Page 44

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

21 Endowed funds

Group and parent
At 1 September 2024
Incoming resources
Investment gains/(losses)
Resources expended
Transfers
At 31 August 2025		 Scholarships
& bursaries
£
3,912,849
567,915
166,668
-
2,122,692
6,770,124		 Prizes and
other funds
£
35,808
-
-
-
489,844
525,652		 Total
£
3,948,657
567,915
166,668
-
2,612,536
7,295,776

These funds were set up by individual donors. Each fund is allocated its proportion of the investment income and bears its own expenses.

22 Restricted funds

Group and parent

At 1 September 2024
Incoming resources
Resources expended
Investment gains/(losses)
Transfers
At 31 August 2025		 KES
Foundation
£
1,232,061
4,535
(1,940)
-
(366,026)
868,630		 Scholarships
& bursaries
£
3,086,566
87,119
(255,742)
149,553
(2,711,067)
356,429		 Prizes and
other funds
£
548,523
64,548
(33,533)
-
82,729
662,267		 Total
£
4,867,150
156,202
(291,215)
149,553
(2,994,364)
1,887,326

The KES Foundation is a restricted income fund to provide additional fee support over the long term primarily from legacy funds. In accordance with the terms of the Foundation its administration costs are met by the School.

Page 45

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

23 Designated funds

Group and parent:
At 1 September 2024
Incoming resources
Resources expended
Transfers
Investment gains and losses
At 31 August 2025		 Foundation
scholarships
& bursaries
£
1,850,566
3,060
(920,370)
1,303,528
452,690
2,689,474		 Capital
reserve
£
30,141,089
-
-
478,000
-
30,619,089		 Self-
financing
activities
£
63,196
782,453
(688,328)
-
-
157,321		 Total
£
32,054,851
785,513
(1,608,698)
1,781,528
452,690
33,465,884

Transfers into the Capital Reserve represent £224,768 (2024 - £225,867) in respect of fixed asset replacements and £253,232 (2024 - £1,000,000) in respect of the continuing development programme. This programme is reviewed on a regular basis to ensure ongoing total Capital Reserves are consistent with our updated ten-year strategic plan for the Schools.

24
Revenue fund
At 1 September 2024
Net incoming resources
Net transfers
Actuarial gains/(losses) on defined benefit pension schemes
Impairment of intercompany
At 31 August 2025		 Group
£
7,623,364
1,865,724
(1,399,700)
(72,000)
-
8,017,388		 Parent
£
1,915,863
2,359,035
(1,399,700)
(72,000)
56,808
2,860,006

25 Pension commitments

King Edward's is an admitted body to the superannuation scheme operated by the Hampshire County Council, and King Edward's and KES Prep participate in the Teachers' Pension Scheme. Both of these schemes are defined benefit pension schemes. The Schools also operate a number of defined contribution pension schemes.

Page 46

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

25 Pension commitments (continued)

(a) Hampshire County Council Superannuation Scheme

The Local Government Pension Scheme Regulations require a full actuarial valuation every third year to assess the Hampshire Pension Fund’s ability to meet its liabilities to past and present contributors and to review employer contribution rates. The most recent full actuarial valuation was carried out as at 31 March 2022 by Aon Hewitt Limited. For accounting purposes, an annual valuation is also undertaken. The latest accounting valuation as at 31 August 2025 was prepared by Hymans Robertson LLP. This valuation showed that the Fund’s financial position had improved since the previous year. The fair value of the Fund’s assets attributable to the School was £10.548 million, while the present value of the funded obligations was £8.040 million, resulting in a net asset position of £2.508 million. This represents a funding level of approximately 131.2% in relation to benefits earned to date. The latest actuarial valuation took place on 31st March 2025 with the results due later in 2025, setting contribution rates for 1st April 2026.

The following information is based upon the 2022 full actuarial valuation, updated to 31 August 2025 by a qualified independent actuary.

==> picture [448 x 55] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |Principal Actuarial Assumptions|2025|2024| |Discount rate|5.95%|4.95%| |Rate of increase in salaries|3.70%|3.65%| |Pension increase/revaluation rate (CPI)|2.70%|2.65%|

----- End of picture text -----

The mortality assumptions are based on the recent actual mortality experience of members within the fund and allow for expected future mortality improvements. Sample life expectancies at age 65 resulting from these mortality assumptions are shown below.

==> picture [449 x 294] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |Retiring today:| |Males|22.3|22.0| |Females|24.8|24.7| |Retiring in 20 years:| |Males|22.7|22.5| |Females|25.7|25.6| |The allocation of the group's share of the scheme's assets between categories was:| |2025|2024| |Equities|54.00%|55.00%| |Property|9.00%|7.00%| |Government bonds|34.00%|37.00%| |Cash|3.00%|1.00%| |100.00%|100.00%| |The return on plan assets is:|2025|2024| |Interest income on assets|497,000|489,000| |Gain/(loss) on assets|86,000|377,000| |583,000|866,000|

----- End of picture text -----

Page 47

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

25 Pension commitments (continued)

The reconciliation of funded status to the balance sheet is:
2025
Fair value of assets
10,548,000
Present value of funded defined benefit obligation
(8,040,000)
Less asset cap
(2,508,000)
-
The movement in fair value of assets is analysed as:
2025
Opening fair value of assets
10,119,000
Interest income on assets
497,000
Remeasurement gains/(losses) on assets
86,000
Contributions by the employer
149,000
Contributions by participants
48,000
Net benefits paid out
(351,000)
10,548,000
The movement in present value of funded defined benefit obligations is analysed as:
2025
Opening defined benefit obligation
9,067,000
Current service cost
130,000
Interest expense on defined benefit obligation
444,000
Contributions by participants
48,000
Actuarial (gains)/losses on liabilities
(1,298,000)
Net benefits paid out
(351,000)
8,040,000
Amounts recognised in the Statement of Financial Activities are as follows:
2025
Employer service cost
130,000
Financing cost
(53,000)
Amounts included in charitable activities expenditure
77,000
(Gains)/losses arising on scheme assets
(86,000)
Liability (gains)/losses
(1,298,000)
Less: asset cap
1,456,000
Total unrealised (gain)/loss per SOFA
72,000
Total (gains)/losses
149,000		 2024
10,119,000
(9,067,000)
(1,052,000)
-
2024
9,378,000
489,000
377,000
155,000
51,000
(331,000)
10,119,000
2024
8,668,000
141,000
451,000
51,000
87,000
(331,000)
9,067,000
2024
141,000
(38,000)
103,000
(377,000)
87,000
342,000
52,000
155,000

There were pension contributions outstanding at the year end of £14,087 (2024: £18,706) in respect of this scheme.

Page 48

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

25 Pension commitments (continued)

(b) Government's Teachers Pension Defined Benefits Scheme

King Edward's and KES Prep participate in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff that chose to remain in the Scheme in Janaury 2024. The pension charge for the year includes contributions payable to the TPS of £1,619,554 (2024: £1,341,305) and at the year-end £nil (2024: £nil) 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%. The School funds 23.48% contribution with the difference in Employer contribution rate and school contribution rate taken from the teachers salary.

New teachers to KES Prep School are only eligible to join the DC scheme with a total 16.5% contribution.

New teaching staff joining the school from 1 February 2024 are only eligible to participate in the alternative defined contribution scheme.

The pension charge for the year includes contributions payable to the schemes, details of which can be found in note 8. There were pension contributions outstanding at the year-end of £156,677 (2024: £39,168).

(c) Other Defined Contribution Schemes

King Edward's and KES Prep also contribute to other defined contribution pension schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to the funds. The pension charge for the year includes contributions payable to the schemes, details of which can be found in note 8. There were pension contributions outstanding at the year end of £93,115 (2024: £Nil) in respect of the above schemes.

26 Parent Charity

The parent charity has taken advantage of the exemptions allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities.

The net movement in funds of the parent charity for the year was a surplus of £2,722,471 (2024: deficit £4,210,207).

In the Prior year, the parent charity impaired it's loan to KES Prep for £7,908,059. Prior to this the net movement in funds of the parent charity for the year would be a surplus of £3,697,852.

The parent charity's gross income for the year was £23,047,733 (2024: £22,766,060).

Page 49

Docusign Envelope ID: 645F784A-429D-43D3-B1EA-404C4AA441A9

KING EDWARD VI SCHOOL SOUTHAMPTON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

27 Capital and other financial commitments

The group had capital commitments at 31 August 2025 of £Nil (2024: £344,066).

28 Contingent liabilities

There were no contingent liabilities at 31 August 2025 or 31 August 2024.

29 Operating lease commitments

At 31 August 2025 the group had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2025
£
29,302
14,105
-
43,407		 2024
£
20,502
34,608
-
55,110

30 Related parties

The charity has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

During the year the group traded with N J Slowey, a director. Sales were made by the group in connection of childrens education of £10,424 (2024: Nil). At the balance sheet date amounts of Nil (2024: Nil) were due from related parties.

31 Events after the reporting date

On the 1st September 2025, Prince’s Mead School (company no 01785733, charity number 288675) merged with King Edward’s and the merger takes the form of a transfer of assets and liabilities. From 1st September 2025, the results of Prince’s Mead School will be included in the consolidated financial statements.

Page 50