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2025-08-31-accounts

Registered number: 04726427 Charity number: 1098586

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL

STATEMENTS FOR THE YEAR ENDED

31 AUGUST 2025

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the School, its Trustees and Advisers 1 – 2
Trustees' Report 3 – 13
Independent Auditors' Report on the Financial Statements 14 – 16
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18
School Balance Sheet 19
Consolidated Statement of Cash Flows 20
Notes to the Financial Statements 21 – 40

(A Company Limited by Guarantee)

KIMBOLTON SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

Trustees

Co-optative Governors: Miss S M Brereton 1,2,6,7

Mrs M E Buxton (Governor responsible for SEND) 2,3 Mr C M Dodd 4,5,9 Mr P J Farrar (resigned 28 November 2025) 2,3,7 Mr J A Gray, Chair 1,2,3,4,5,6,8,9 Mr S F J Page, Vice Chair 1,2,3,4,5,7,8,9 Mrs T J Reid (Governor responsible for Safeguarding) 2,3,5,7

Dr R J Smith (Governor responsible for Health & Safety) 1,2,3,4,5,6,7,8,9 Mr G R Yeandle 1,5,6,9 Dr Sabesan Sithamparanathan OBE, Cambridge University (appointed 28 November 2025) 3

Nominative Governors:

Cllr I D Gardener, HDC 1,4,5,6,9

Mrs D A Hellett, Kimbolton Parish Council 4,7 Mrs H M A Hopperton, OKA 2,3,4 Dr P V Loughna, Nottingham University 2,3,7

Dr Z Khan, KSPA 3

1 Finance Committee (Chairman Mr G R Yeandle)

2 People and Culture Committee (Chairman - Mr S F J Page)

3 Education Committee (Chairman Dr R J Smith – appointed Chair 28 November 2025)

4 Estates Committee (Chairman - Cllr I D Gardener)

5 Risk Committee (Chairman C M Dodd, appointed Chair 21 November 2025)

6 Remuneration Committee (Chairman - Mr G R Yeandle)

7 Parental complaints (Chairman – an appointed Governor)

8 Governance (Chairman – Mr J A Gray)

9 Nominations (Chairman – Mr J A Gray)

Company registered number

04726427

Charity registered number

1098586

Registered office

Kimbolton School, Kimbolton, Huntingdon, PE28 0EA

Headmaster

Mr W Chuter BA Hons, PGCE

Bursar, Clerk to the Governors and Company Secretary

Mrs J F Agnew LLB Hons LLM

1

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

Independent auditors

HaysMac LLP, 10 Queen Street Place, London, EC4R 1AG

Solicitors

Farrer & Co, 66 Lincoln's Inn Fields, London, WC2A 3LH

Greenwoods Solicitors LLP, Monkstone House, City Road, Peterborough, PE1 1JE

Insurance Brokers

Howden UK Brokers Limited, Quadrangle, Imperial Square, Cheltenham, GL50 1PZ

Marsh - Education Practice, Capital House, 4 Milton Road, Haywards Heath, West Sussex, RH16 1AH

Bankers

Barclays Bank plc, Mortlock House, PO Box 855, Histon, CB24 9DE

Bank of Scotland, The Mound, Edinburgh, EH1 1YZ

Aldermore Bank plc, First Floor Block B, Western House, Lynch Wood, Peterborough, PE2 6FZ

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KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees, who are also the School's Governors and Directors of the charity for the purposes of the Companies Act, submit their annual report and the audited financial statements of Kimbolton School (the School and the Group) for the year ended 31 August 2025. The Trustees confirm that the annual report and financial statements of the School comply with current statutory requirements, the requirements of the School's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

HEADMASTER’S REVIEW OF THE YEAR

Principal Achievements and Performance

a. Overview. The strategic progress of the school under the ‘One School, One Family’ vision continued, with a key focus on the development of the Prep school, its educational offer and its staffing structures under its new Head, Claire Petrie. The financial context within which this happened was extremely challenging: the new government’s imposition of VAT on independent school fees in January 2025, followed by the loss of Mandatory Business Rate Relief and the increase in National Minimum Wage and National Insurance contributions in April added significant pressure to school budgets and parental affordability. The development of a new Pre-School for three-year-olds was approved by Governors. The school was shortlisted for Independent Co-Educational School of The Year in the awards of the same name and was a finalist for Social Impact in the Huntingdonshire Business Awards.

b. Educational Review. In the academic sphere, there were a strong set of A-level results, with 73% gaining A-B grades. 36% of grades were at A-A. 87% of UCAS applicants were accepted into their first-choice institution and course, which included History at Cambridge, Medicine, Engineering and Veterinary courses, and several degree apprenticeships. In addition, pupils gained entry to officer training in the armed forces and employment. GCSE grades were excellent: 21% at 9, 61% at 9-7 and 97% at 9-4. This represented a very strong result for a group in Year 6 during the first covid lockdown of summer 2020, who have shown resilience to overcome that challenge successfully. Psychology and Computer Science were added to the A-level curriculum and our first scholarships were awarded in the new areas of Sport, Music, Drama, Art, Design and Engineering, and Computer Science.

c. Co-curricular Review. Outside the classroom 85% of the pupil body represented the school in at least one of nearly 1000 sporting fixtures in Football (boys & girls), Hockey (boys & girls), Netball, Cricket (boys & girls), Tennis (boys & girls), Sailing (mixed), Equestrianism (mixed) and Swimming (boys & girls). In the Devizes-Westminster Canoe Race, Kimbolton won the schools event and had the fastest boat. Several pupils and teams achieved regional or national representation or awards in hockey, swimming, equestrianism, gymnastics, cricket, judo, athletics, golf, cross-country and climbing, as well as more international representation in Powerchair football and Tug-of-War. There were successful sports tours: an U15 girls’ cricket tour to the Netherlands and a senior football and hockey tour to South Africa. In the theatre, Year 6 performed espionage musical Mission Implausible , the whole-senior-school play was a Christmas The Lion, the Witch, and the Wardrobe , the Sixth Form directed their own quirky, semi-improvised version of The 39 Steps , and the junior play was a vibrant musical Chitty Chitty Bang Bang. All featured large casts and backstage crews. Musically, it was another rich and varied year, with the highlight undoubtedly the senior orchestra’s set-piece, spokenword Paddington Bear’s First Concert (Chappell). Ensemble participation remained strong, as did choral singing, with the Chamber Choir leading evensong in Coventry Cathedral and singing in a special service to commemorate Katharine of Aragon at Peterborough Cathedral. The Rock Concert showcased the wide array of talent there is at the school. These activities were accompanied by a CCF contingent of nearly 300 and a growing Outdoor Pursuits department, who oversaw the same number of pupils participating in the Duke of Edinburgh’s Award programme. A wide range of clubs and societies continued to be available and popular, and pupil voice grew, with committees focused on sustainability, academia, wellbeing and activities supporting the work of the main Pupil Forum.

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KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Development of Facilities and Resources

a. General Approach to Development. Consolidation, streamlining and cost-reduction were the major themes of financial and estate management, alongside the continuing delivery of the sustainability strategy (including the addition of solar energy). Governors took the decision to absorb some of the cost of VAT. The imperative of cost-reduction was made more urgent by a reduction in applicants at First Form (Y7), almost certainly caused by VAT. The school found itself able to meet its targets in this regard through the natural turnover of staff creating opportunities for a contraction in staffing and salary cost, alongside the reduction of budgets across the school and the increase in income from lettings and philanthropic fundraising (which has funded two full bursaries for 2025-26). Despite these external challenges, the school remains in a strong financial position and debt-free.

b. Building and site development. An exciting and colourful Pre-School area was created in the Prep School to enable Kimbolton to accept up to 21 three-year-olds from January 2026. A project to refurbish the Lewis Hall was initiated (this will take further shape in 2025-26), 240 solar panels were put on the roof of the Donaldson Building (generating approximately half of the Senior School’s electricity), and a new overflow car park was built at the Prep School to enhance safety and ease congestion at peak times. The school benefited from the consultancy work of a heritage architect to construct an all-encompassing masterplan that includes all maintenance work required on the listed elements of the site. Other works included routine maintenance works including upkeep work of the Castle and other buildings to ensure their structural integrity and continued safe use.

c. Key Staff Changes. There were several significant changes amongst staff, most important of which were the restructuring of the Prep SLT to include a stratum of three Assistant Heads, and the creation of formalised middle leadership positions there too, with the intention of delivering school strategy effectively and efficiently. At the Senior School, the Assistant Head (Pastoral) stepped down; a new Assistant Head (Teaching) was appointed to focus on classroom practice, and the Designated Safeguarding Lead’s brief expanded. A new Head of Academic Inclusion (SENCO) was appointed for the Senior School, with the role now split between a Prep SENCO and a Senior SENCO. Russell Speirs joined the SLT as Head of Development, overseeing philanthropic fundraising and international expansion.

PLANS FOR THE FUTURE

The Governors and Headmaster remain committed to an agile response to the external pressures facing the school and its families within an overall framework that recognisably plays to the school’s strengths, as captured in ‘One School, One Family’. It is excited about welcoming its first three-year-olds in January 2026, actively investigating partnering with overseas investors in international school ventures, energising its commercial and fundraising efforts further, and considering key curriculum changes.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

a. Object. The object of Kimbolton School is to advance the education of boys and girls by the provision and conduct of a school in or near the parish of Kimbolton, and by ancillary or incidental educational activities and other associated activities for the benefit of the community.

b. Aim. In meeting these objectives the Kimbolton School’s public benefit aim is to provide a first class education, independent of the State system, to 1020 (as at November 2025) pupils between the ages of 4 and 18 (between 3 and 18 from January 2026) both through strong academic tuition and the development of wider sporting, artistic and social skills. This is intended to provide an environment where each pupil can develop and fulfil his or her potential, helping them to build self-confidence and inculcating a desire to contribute to the wider community. In furtherance of these aims, the Kimbolton School Governors, as the charity trustees, have complied with the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub sector guidance concerning the operation of the public benefit requirement under that Act.

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KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

PUBLIC BENEFIT

a. Public benefit - Bursaries and Scholarships. Kimbolton School educates 1,020 pupils between the ages of 4 to 18 independently of the State system with 718 (2024 764) in the Senior School. The School offers means tested Bursaries in the Senior School; parents are made aware that the School offers Bursaries through advertising on the school website. The School’s Bursary Policy is also published on the website and a sub-committee sits to review applications using a clear set of criteria. Scholastic awards are made by the Headmaster and are based on the individual's merit. The School funds a limited number of places per year group in the Senior School; up to a total of 42 (2024 45) places. Demand for these places always outstrips availability. In addition, there is one (2024 – one) looked after child. The School was able to award £1,099,193 in scholarships and bursaries to a total of 127 pupils in the Senior School (including Sixth Form) (£1,021,482 to 153 pupils in 2024). Some Bursary holders were also in receipt of a scholarship.

Bursaries have been funded through fee income and the School's Bursary Fund. The Bursary Fund currently stands at £943,474 (2024 £898,592 after including accrued interest of £42,324 (2024 £35,726), donations from Kimbolton School Enterprises Ltd of £18,731 (2024 £0) and other donations and fees in lieu of notice payments totalling £81,356 (2024 £98,594). In addition to the school awards, the Old Kimboltonians’ Association Scholarship Trust Fund contributed £3,000 (2024 £2,800) per term towards two Sixth Form pupils, totalling £9,000 (2024 £8,400). A sibling discount is also offered to parents with more than one child at the School. By educating 1,068 children (during 2024/25) outside the State system the school has saved the public purse over £8m according to the Independent Schools Council’s research on the Impact of our School on the National and Local Economy. In addition, the school contributed over £30m to the UK’s GDP through purchasing, staffing and direct GDP.

It is of note that during this reporting period, the Senior School has two accompanied pupils from the Ukraine to support them with their education and provide stability as they seek refuge in the UK.

b. Public Benefit - Educational activities . Our popular Masterclasses programme has continued to attract pupils from more than 70 local primary schools, providing engaging, enriching, and academically stretching opportunities for young learners.

Recent highlights include the annual Primary School Chemistry Masterclass Lecture, A Night with the Elements , and the Physics Masterclass Lecture, Lights, Camera, Action , both of which inspire curiosity through highly interactive, handson demonstrations. These sessions run annually, twice a year. Our Saturday morning Science Masterclasses also remain in high demand, alongside equally successful programmes in Mathematics, Spanish, Philosophy, History, and English. Collectively, these Masterclasses welcomed over 350 young participants, supporting academic aspiration and widening access to specialist teaching and facilities.

In November 2024, we further strengthened our community engagement by inviting primary school children to attend a special performance of our whole-school production of The Lion, the Witch and the Wardrobe . Pupils from three local state schools joined us for the performance, giving them the opportunity to enjoy high-quality theatre within a school setting and experience the creative arts at Kimbolton.

Additionally, our Combined Cadet Force (CCF) collaborates with St Peter’s School in Huntingdon, a partnership active since 2010. Through regular weekly training, this initiative instils teamwork, leadership, and resilience, while strengthening ties between our institutions.

These initiatives are part of Kimbolton School’s broader mission to support and enrich our local community, demonstrating the extensive public benefits that independent schools can bring. Alongside our outreach programs, we open our historic facilities, sports grounds, and newly refurbished swimming pool to the public, creating spaces for community sports, heritage learning, and essential water safety courses. Our goal is to continue making positive impacts, not only through education but also by supporting our local economy and promoting inclusivity in all our activities.

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KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

c. Public benefit - Associated activities for the benefit of the community. In addition, the following assistance would have been given to local charities and to the community at no cost: The conservation and preservation of a number of listed properties, including two at Grade 1, together with original pictures and grounds for the benefit of the community at large. Access to Kimbolton Castle and the grounds for the Kimbolton History Society (‘the Society’) meetings, as well as providing support for private tours and the Castle Open Days, when the Castle and its grounds, are usually open to the public receiving upwards of over 700 people. The School has provided physical and financial assistance to the Society to enable a room to be used in the Castle as a Heritage Centre where the rich history of the building is displayed and used by local schools as an historical resource and as part of the curriculum.

Other organisations have used the School facilities in particular use of the Sporting facilities. Following the success of the previous year, the Cricket Society Trust, through the Fred Trueman League, hosted their State School Cricket Finals again this year in July. There were 180 pupils from the region in attendance, an increase from last year. Following the agreement in July 2016, for a peppercorn lease, the local Cricket Club erected two cricket nets on the Prep School Grounds thereby benefitting both organisations.

Further, assistance has been given at a subsidised cost for use of tennis courts by the village club, which were utilised in the summer months when the school was not in session. The local community use of swimming pool and the squash courts and the local Badminton Club, Five-a-Side Football team and Cricket East have made use of the sports hall.

Following significant renovation works, the School Swimming Pool has continued to prove an asset, not only to the School but to the local community and neighbouring Schools. Since reopening, local schools were able to rehire our facilities. These schools include: Great Staughton Primary Academy, Kimbolton Primary Academy, Spaldwick Primary School, Round House Primary School, and Chelveston Road Primary School. Two new schools made use of the swimming pool hire this year, Buckden Primary School and Wintringham Primary School. The local Schools are granted a discounted rate on their pool hire.

St Neots Swans Swimming Club extended their pool hires following the pool refurbishment. Prior to refurbishment hired Kimbolton for 4 hours a week. Now they hire us for 12 hours a week, which is a long-standing hire commitment. Swans Swimming Club hosted their first residential swimming camp at Kimbolton over Summer 2025, proved popular and have rebooked for this coming Summer.

Bedford Swim Squad following our refurbishment we have managed to secure a second regular club hire, Bedford Swim Squad. These hire Kimbolton out for 6 hours a week.

Both swim clubs enjoy a reduced cost hire as part of our commitment to supporting local community sports clubs. We are proud to be supporting both swimming clubs with their future and have enjoyed hosting some of their competitions.

Public sessions are very popular and well attended. Public sessions currently on offer in addition to general swims for all ages and abilities include: lane swim to include children aged over 10, general swim to include all ages and abilities, Floats Fun sessions, Learn to Dive Courses, Crash Course Swim lessons, a National Pool Lifeguard Course with 100% pass rate, pool party hire, One-2-One Swimming Lessons and Junior First Aid.

Many community and local groups hired the pool, receiving a discounted rate on their hire fees. Organisations using the pool included The Children’s Burns Club – Mid and South Essex and The Burns Camp Charity for their annual Burns Camps swimming sessions, 1st Kimbolton Guides and Brownies and 1st Kimbolton Rainbows.

During the academic year 2024/25 the Senior School pupil-led Charities Committee organised a wide range of fun activities to raise awareness and funds for local, national and international charities. Lead by 6[th] Form students, pupils from all age groups participate in decision making and organising events including cake sales, non-uniform days, a variety show, ball for younger pupils and a vintage fashion sale. A grand total of £7,193.66 was raised by the pupils. Charities supported include: Macmillan Cancer Support, Breast Cancer Now, Children in Need, the Wildlife Trust, the William Templeton Foundation, Movember, Save the Children, the British Heart Foundation, Sav the Children, Neighbourhood Share Point Eswatini, Aspire Sportschair Club, Leonard Cheshire, Comic Relief and the Kite Trust

6

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Through Chapel and House Services in the last year, the Senior School raised £1588.55 for local charities including, the Trussell Trust, BEAT & the Papworth Trust, The William Templeton Foundation, Crisis and Refuge.

The Prep School continues to place community engagement at the centre of its ethos, ensuring pupils develop a strong sense of social responsibility while offering meaningful support to the wider community. A broad range of activities throughout the year has helped strengthen local partnerships, promote inclusion, and extend opportunities beyond the school. Sport remains an important avenue for outreach. The school delivered two Community Football Festivals for Year 4 and Year 6, providing friendly and inclusive sporting opportunities for pupils from a range of schools. Further festivals will take place this year and will broaden the programme to include netball and hockey. Pre-school shows have also been well-attended, giving younger children and their families the chance to engage with the school in a warm and welcoming setting.

Charitable activity continues to play a central role in the Prep School's contribution. During the Harvest Festival, families donated food items that were distributed to local organisations supporting those facing hardship. Pupils took part enthusiastically in Children in Need, helping to raise awareness and funds through a variety of activities. Last year, the school raised money for Home-Start, and a new charity is currently being selected for this year's focus. A dedicated Charities Day further strengthens this commitment, with pupils engaging in activities designed to support the chosen causes in meaningful ways.

Community connection also extends beyond fundraising. Pupils attended a local community lunch club, helping to build intergenerational relationships and offering valuable companionship to older residents.

The Board considers that through the Bursaries Scheme, assistance to local schools and through the assistance given to the community, it is exceeding its public benefit commitments.

FINANCIAL REVIEW

a. Financial results. The Group’s Statement of Financial Activities reports a surplus of £395,261 for the year (2024 £845,836). A number of factors have contributed to the reduced surplus in the year as follows:

Noting that there has been minimal investment in the maintenance and improvement of the site and its facilities in the past year, investment is required in the years ahead in order to ensure the integrity of current structures and development of the facilities.

The trading company made a profit after tax of £284 (2024 £454) after making a donation of £18,731 (2024 £0) to the School.

b. Information on Fundraising Projects

The School's fundraising activities are primarily undertaken by the Kimbolton School Parents' Association (KSPA), a separately constituted subsidiary organisation, which aims:

7

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The funds raised by the KSPA are consolidated within these financial statements. The Association raises funds through fundraising activities such as the annual Fireworks Display, balls, quiz nights, Christmas Fair and raffles. Fundraising is carried out primarily within the parent body although the larger events (such as fireworks and concert) are open to the public. The KSPA does not raise money through direct donations or buckets. No complaints were received because of fundraising activities. Fundraising activities this year have included the annual fireworks display, which saw an overwhelming attendance, a quiz, and the annual Christmas Fair, this time in conjunction with the annual Parish Council Street Fair, and Christmas Tree light switch on.

c. Reserves policy

The Governors have assessed the financial position and the School can continue as a going concern with secure financial management and strong internal controls.

The School aims to maintain an operating surplus each year to allow for improvements in buildings, equipment and facilities.

The financial statements show the assets and liabilities attributable to the various funds by type and summarise the year's movements on each fund. At the Balance Sheet date the Group had unrestricted funds amounting to £40,272,907 (2024 £39,785,706) which includes the revaluation reserve of £20,187,505 (2024 £20,631,701). The Governors regularly review the level and nature of reserves, and the level of reserves are likely to fluctuate when significant investments in new buildings are undertaken, but ensure that resources and funds are available to provide a safety net should they be required.

d. Fixed assets . The School revalued its property on 1 September 2014, on adoption of SORP 2015, and has purchased additional fixed assets as detailed in note 12. The assets have been capitalised and depreciated in accordance with the accounting policy in note 1.

RISK

a. Risk management process . The Governors are responsible for dealing with the risks faced by the School. Each risk line is owned by a member of the SLT, which in turn is owned by a Governor Committee and sits as a standing agenda item for each committee meeting. The Chairs of the Committees all sit on the risk committee, which meets 3 times a term, after committee meetings and before Full Board, to review strategic risks and determine what if any need to be reported to Full Board. It is recognised that this system can only provide reasonable, but not absolute assurance, that the major risks have been adequately managed

b. Risk identification. The key risks identified were categorised as follows:

8

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

PENSIONS

The School provides pension facilities for all members of staff, both teaching and non-teaching.

The School is in Phased Withdrawal from the Teachers’ Pensions to Phased Withdrawal effective from 1[st] September 2024. As a consequence, there are no new entrants to the scheme. Instead, new Teachers (and any existing Teachers who choose to opt out of the Teachers’ Pension Scheme) are enrolled into the APTIS Aviva defined contribution scheme.

The Support Staff are automatically enrolled in a defined contribution scheme pension, provided by the Pensions Trust.

Further details of the pension schemes are given in note 25.

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KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

STREAMLINED ENERGY & CARBON REPORTING (SECR)

Trustees Reporting
2023/24 2024/25
Type of
Emission		 kWh CO2e
Tonnes		 kWh CO2e
Tonnes		 % Change
Scope 1 Natural Gas 108,504 190 115,004 201 6%
Transport
(owned)		 94,259 20 77,154 16 -19%
Biomass 380,814 4 473,200 5 25%
Oil 33,414 340 37,920 386 13%
Sub-Total 616,991 554 703,278 608 10%
Scope 2 Electricity 1,325,614 275 1,392,064 288 5%
Sub-Total 1,325,614 275 1,392,064 288 5%
TOTAL Scope 1 &
2 emissions		 1,942,605 829 2,095,342 896 8%
Tonnes CO2e per
pupil		 0.77 0.84 9%

*Note: these figures are unaudited

Scope 1 emissions

Scope 1 covers emissions from sources that an organisation owns or controls directly – for example from burning fuel in our fleet of vehicles (if they’re not electrically-powered).

Scope 2 emissions

Scope 2 are emissions that a company causes indirectly and come from where the energy it purchases and uses is produced. For example, the emissions caused when generating the electricity that we use in our buildings would fall into this category.

Emissions = Total energy consumption (fuel, electricity) x Emission Factors (fuel, electricity)

Kimbolton School continues to monitor energy saving measures. Energy consumption is recorded and analysed with careful consideration given by Governors to the tendering and contracting of energy providers and contractors more generally to ensure an alignment beyond the School’s boundaries with sustainable business practices.

10

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

A programme of works to reduce carbon emissions and reduce energy consumption remains ongoing. Over the last year, continued programmes of work to convert light fittings to light emitting diode (LED), water heaters to water cylinders and the installation of thermostatic radiation valves (TRVS) have impacted upon both cost, consumption and emissions.

The installation of solar panels to the Donaldson Building was approved and consequently installed during the reporting period. Further solar installation has been approved by the Estates Committee.

In keeping with the School’s sustainability strategy, the School will continue to make improvements in sustainability. Plans for the next reporting year include, continuing to roll out LEDs in classrooms and administrative areas across the rest of the site and progress plans for further Photo-Voltaic (PV) solar panels to reduce electricity costs.

Communication and wider stakeholder engagement is key to success. The pupils have been actively engaged in improving sustainability across the site in the form of pupil forums and clubs.

The emissions intensity metric ratio has been based on the (GHG) emission produced by the School measured in metric tonnes of carbon dioxide equivalent (tCO2e) against the number of pupils during the academic year. This approach is in line with similar educational establishments.

The School has not reported on Scope 3 this year as a way to effectively measure this such that meaningful results are reported is as yet not available.

There is an increase in Electricity, Biomass and Oil consumption for the reporting year 2024/2025. This is primarily due to reduced consumption in the previous reporting year which was as a consequence of the swimming pool being ‘offline’ for 4 months undergoing extensive renovations works.

The School have followed the 2019 HM Government Environmental Reporting Guidelines, the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Status and Administration . The School is registered as a charitable company limited by guarantee and was incorporated on 2 April 2003. The School has one wholly owned subsidiary, Kimbolton School Enterprises Limited (company number 02655855). The subsidiary's principal activity throughout the year continued to be the commercial letting of the Castle, for weddings and other functions, as well as the School's sports centre and other facilities. The School is also corporate trustee for Kimbolton School Foundation (subsidiary charity number 1098586 1). The Charity Commission has granted permission for this charity to be treated as part of the charity known as Kimbolton School (1098586) for the purposes of Part II (registration) and Part VI (accounting) of the Charities Act 2011. On 9 October 2008 a Charity Commission Scheme was issued (W1013/0809) to Kimbolton School Foundation allowing the Foundation to transfer land to be managed and accounted for as part of the corporate body of the company and in 2021 revised Articles of Association were published replacing those written in 2015. On 27 February 2017, a Charity Commission Scheme was issued (C 430439), realigning the land ownership between the Foundation and the School.

b. School Governors/Trustees . The management of the School is the responsibility of the Governors whose appointment is governed by the Articles of Association. The terms Director, Trustee or Governor are interchangeable. Following a review of the Articles of Association in 2021, the Board of Governors now allows for sixteen persons: Eleven co-optative Governors and Five nominative Governors. Co-optative Governors are appointed for a period of five years by a resolution of the Governors at a Full Board meeting. Co-optative Governors can be re-appointed. Nominative Governors are put forward by their appointing body and ratified by the Full Board for a period of four years. Nominative Governors can be re-appointed. There are currently only 14 appointed Governors, nine co-optative and five nominative.

c. Recruitment and training of Governors . Peter Farrar resigned in November 2025. Dr Sabesan Sithamparanathan OBE was appointed on 28 November 2025.

11

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

When recruiting new Governors, particular note is made of the qualifications and skills of the potential candidates, such as accountancy, legal or estate management, to ensure that a good mix of skills is achieved within the Board as a whole. From time to time a skills audit is undertaken; the last Full Board one being in December 2022; of note new Governors completed a skills audit on appointment, a requirement for all new Governors. Potential Governors go through a vetting and interview process, having been recommended to the Policy Committee by another Governor or by the nominating body. All Governors, on appointment, are invited to meet the Chairman and Vice Chairman of Governors, Headmaster and the Clerk. New Governors are issued a Governors’ induction pack including Financial Statements, Terms of Reference for the Committees, Articles of Association etc. The Clerk carries out induction training on the workings of the School and introduces the Governor to the key personnel, in addition to giving a tour. Each Governor signs a declaration as to their willingness to serve the School and is subject to a DBS check and Section 128 Prohibition from Management check (the Chairman is DBS checked through the Secretary of State); in addition they receive Safeguarding training. During their first year of service, they spend a day at the School to see it in operation and are expected to attend one of the training courses run by external agencies such as AGBIS and the ISBA. New Governors are also invited to attend meetings of the two main Sub Committees to see how they work. Throughout the year, the Clerk forwards briefing papers on educational and governorship matters. For the more experienced Governors external courses are also offered and every few years a visit is made to another similar sized school outside Kimbolton School’s catchment area to gain ideas and an insight as to how they work. Governors are expected to attend a training course at least once every three years..

d. Organisational structure and governance . The Governors meet regularly with the newly created People and Culture Committee, Risk Committee, Education Committee, Finance Committee and the Full Board meeting each term. The Remuneration Committee meets twice a year in the Spring and Summer Terms. The Governance Committee meets once a year. The Parental Complaints Sub Committee (to deal with complaints from parents and subsequent appeals), Bursary Sub Committee (which looks at Bursary applications), Salaries Sub Committee and Nominations Committee meet as necessary. The Health and Safety Committee is a Senior Leadership Committee, chaired by the Headmaster and overseen by the Health and Safety Governor, Dr. Richard Smith, which meets termly and reports to Full Board. Mrs Tracey Reid is the Governor responsible for Safeguarding; she has regular meetings with the Designated Safeguarding Lead and the Bursar, who is responsible for the Single Central Register of appointments. Mrs Marcia Buxton is the designated SEND Governor, and she meets routinely with the Head of Inclusion.

The day to day running of the School is delegated to the Headmaster and Bursar as the key management personnel; the Senior Leadership Team supports them. The remuneration of key management personnel is set by the Board following recommendations made at the Remuneration Committee, with the policy objective of ensuring that they are provided with appropriate incentives to encourage their enhanced performance. The Headmaster and the Bursar attend all the meetings of the above Committees. Members of the Leadership Team attend meetings as listed: The Senior Deputy Head, the Deputy Head (Academic), the Prep Head, together with the Prep Deputy Head (Academic), attend the Education Committee. The Prep Head, Senior Deputy Head, Director of Marketing & Communications, Prep Senior Deputy Head, Deputy Head (Staff), HR Manager, Assistant Head (Staff) and Designated Safeguarding Lead attend the People & Culture Committee. The Prep Head attends the Risk Committee and the Prep Senior Deputy Head attends the Estates Committee. The Deputy Bursar and the Prep Head attend the Finance Committee. The Deputy Bursar also attends the Bursary Committee and Renumeration Committee. The Prep Head attends the Full Board along with the Deputy Bursar, Senior Deputy Head and Deputy Head (Academic). Other members of staff are invited to meetings to present reports as necessary.

e. Internal controls. The School's financial control system is based on a delegated management structure that is reviewed in conjunction with the School's auditors. The Board takes the view that the internal controls that have been in operation throughout the year continue to be appropriate for the size of school.

f. Persons with Significant Control . The Company knows or has reasonable cause to believe that there is no registrable person or registrable legal entity in relation to the Company with significant control.

12

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

TRUSTEES' RESPONSIBILITIES

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

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the charitable Group for that period.

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

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the Group's transactions and disclose with reasonable accuracy at any time the financial position of 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.

DISCLOSURE OF INFORMATION TO AUDITORS

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

This report, which includes the strategic report, was approved by the Trustees on 20 March 2026 and signed on their behalf by:

Mr J A Gray Chair of Governors

13

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIMBOLTON SCHOOL

Opinion

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

In our opinion the financial statements:

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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ 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.

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

14

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIMBOLTON SCHOOL

Opinion 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 Trustees' Report (which incorporates the Strategic Report and the Directors’ Report).

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

Responsibilities of trustees for the financial statements

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

In preparing the financial statements, the trustees are responsible for assessing the group'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 trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

15

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KIMBOLTON SCHOOL

Auditors' responsibilities for the audit of the financial statements (conitnued)

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:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws an regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll tax.

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

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

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Stokes (Senior Statutory Auditor) for and on behalf of HaysMac LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG

Date: 26 March 2026

16

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income and
endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other Income
Total income and
endowments
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income /
(expenditure)
Transfers between funds
19
Net movement in funds
before other recognised
gains / (losses)
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Endowment
funds
2025
Restricted
funds
2025
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
£
£
£
£
£
-
151,562
115,378
266,940
402,345
-
131,578
20,384,207
20,515,785
19,126,098
-
-
147,222
147,222
119,621
-
2,502
567,178
569,680
352,144
-
-
-
-
407,000
-
285,642
21,213,985
21,499,627
20,407,208
-
-
80,566
80,566
78,861
57,729
243,586
20,722,485
21,023,800
19,482,511
57,729
243,586
20,803,051
21,104,366
19,561,372
(57,729)
42,056
410,934
395,261
845,836
-
(76,267)
76,267
-
-
(57,729)
(34,211)
487,201
395,261
845,836
(57,729)
(34,211)
487,201
395,261
845,836
3,403,568
389,564
39,785,706
43,578,838
42,733,002
(57,729)
(34,211)
487,201
395,261
845,836
3,345,839
355,353
40,272,907
43,974,099
43,578,838

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Full comparative figures for the year ended 31 August 2024 are shown in note 29.

17

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2025

Company registration number: 04726427

Note
Fixed assets
Tangible assets
12
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling
due within one year
17
Net current assets
Total assets less current
liabilities
Creditors: amounts falling
due after more than one
year
18
Net assets excluding
pension liability
Defined benefit pension
scheme liability
25
Total net assets
Charity funds
Endowment funds
19
Restricted funds
19
Unrestricted funds
Unrestricted funds
excluding pension liability
19
Total unrestricted funds
19
Total funds		 2025
£
42,803,787
17,938
919,010
10,527,684
11,464,632
(5,735,776)
5,728,856
48,532,643
(4,558,544)
43,974,099
-
43,974,099
3,345,839
355,353
40,272,907
40,272,907
43,974,099		 2025
£
42,803,787
17,938
919,010
10,527,684
11,464,632
(5,735,776)
5,728,856
48,532,643
(4,558,544)
43,974,099
-
43,974,099
3,345,839
355,353
40,272,907
40,272,907
43,974,099		 2024
£
43,642,751
14,550
856,061
10,800,424
11,671,035
(5,822,161)
5,848,874
49,491,625
(5,912,787)
43,578,838
-
43,578,838
3,403,568
389,564
39,785,706
39,785,706
43,578,838		 2024
£
43,642,751
14,550
856,061
10,800,424
11,671,035
(5,822,161)
5,848,874
49,491,625
(5,912,787)
43,578,838
-
43,578,838
3,403,568
389,564
39,785,706
39,785,706
43,578,838
5,728,856 5,848,874
11,464,632
(5,735,776)		 11,671,035
(5,822,161)
40,272,907 39,785,706
48,532,643
(4,558,544)		 49,491,625
(5,912,787)
43,974,099
-		 43,578,838
-
43,974,099 43,578,838
3,345,839
355,353
40,272,907		 3,403,568
389,564
39,785,706
43,974,099 43,578,838

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr J A Gray Chair of Governors

Date: 20 March 2026

The notes on pages 21 to 40 form part of these financial statements.

18

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

SCHOOL STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2025

Company registration number: 04726427

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling
due within one year
17
Net current assets
Total assets less current
liabilities
Creditors: amounts falling
due after more than one year
18
Net assets excluding
pension liability
Defined benefit pension
scheme liability
25
Total net assets
Charity funds
Endowment funds
19
Restricted funds
19
Unrestricted funds
Unrestricted funds excluding
pension liability
19
Total unrestricted funds
19
Total funds		 2025
£
42,803,504
4
42,803,508
17,938
971,435
10,435,986
11,425,359
(5,713,628)
5,711,731
48,515,239
(4,557,869)
43,957,370
-
43,957,370
3,345,839
355,353
40,256,178
40,256,178
43,957,370		 2025
£
42,803,504
4
42,803,508
17,938
971,435
10,435,986
11,425,359
(5,713,628)
5,711,731
48,515,239
(4,557,869)
43,957,370
-
43,957,370
3,345,839
355,353
40,256,178
40,256,178
43,957,370		 2024
£
43,642,371
4
43,642,375
14,550
851,451
10,756,113
11,622,114
(5,792,909)
5,829,205
49,471,580
(5,909,187)
43,562,393
-
43,562,393
3,403,568
389,564
39,769,261
39,769,261
43,562,393		 2024
£
43,642,371
4
43,642,375
14,550
851,451
10,756,113
11,622,114
(5,792,909)
5,829,205
49,471,580
(5,909,187)
43,562,393
-
43,562,393
3,403,568
389,564
39,769,261
39,769,261
43,562,393
42,803,508
**5,711,731 **		 43,642,375
5,829,205
11,425,359
(5,713,628)		 11,622,114
(5,792,909)
40,256,178 39,769,261
48,515,239
(4,557,869)		 49,471,580
(5,909,187)
43,957,370
-		 43,562,393
-
43,957,370 43,562,393
3,345,839
355,353
40,256,178		 3,403,568
389,564
39,769,261
43,957,370 43,562,393

The School's net movement in funds for the year was £394,977 (2024 - £845,382).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr J A Gray Chair of Governors

Date: 20 March 2026

The notes on pages 21 to 40 form part of these financial statements.

19

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Cash flows from operating activities
Net cash generated from operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
2024
£
£
(644,916)
8,472,368
569,680
352,119
11,100
5,750
(205,904)
(1,612,199)
374,876
(1,254,330)
(2,700)
(2,700)
(2,700)
(2,700)
(272,740)
7,215,338
10,800,424
3,585,086
10,527,684
10,800,424

The notes on pages 21 to 40 form part of these financial statements.

20

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

1. General information

As set out in the trustees' report, Kimbolton School is an incorporated charity registered in England and Wales. The registered office is Kimbolton School, Kimbolton, Huntingdon, Cambs, PE28 0EA.

The financial statements are prepared in sterling, which is the functional currency of the entity. The charity's objects are stated in the trustees' report.

2. Accounting policies

2.1. Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Kimbolton School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2. Going concern

The governors assess whether the use of the going concern basis is appropriate, looking at whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The governors make this assessment in respect of a period of one year from the date of approval of the financial statements.

The Governors have concluded that there is adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

2.3. Company status

The School is a company limited by guarantee. The members of the company are the Trustees named on page 1.

In the event of the School being wound up, the liability in respect of the guarantee is limited to £1 per Member.

2.4. Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

21

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

2. Accounting policies (continued)

2.4. Fund accounting (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent the property given to the charity, for the purpose of providing a school in the village of Kimbolton.

Investment income, gains and losses are allocated to the appropriate fund.

2.5. Income

All income is recognised once the School has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

2.6. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.7. Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

22

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

2. Accounting policies (continued)

2.8. Taxation

The School is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the School is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.9. Tangible fixed assets and depreciation

All individual assets costing more than £2,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Whole projects, where the combined cost is greater than £10,000, are also capitalised.

The School's freehold property was revalued in accordance with the transitional rules of SORP 2015 (as disclosed in note 12). Depreciation is charged to the fixed asset reserves, split between the historical cost and revaluation reserves.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value. Depreciation is provided on the following bases:

Historic property - nil
Other property - over the estimated useful economic life of the buildings
Plant and machinery - 25% per annum reducing balance or 7% per annum
straight line
Furniture, Fittings and Equipment - 15% or 33% per annum straight line

Historic property is not depreciated as the estimated residual value of the property is so high that any depreciation charge would be immaterial to the accounts.

2.10. Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.11. Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.12. Debtors

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

2.13. Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

23

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

2. Accounting policies (continued)

2.14. Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the School anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.15. 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.16. Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

2.17. Pensions

The School participated in the Teachers Pension Scheme, the national defined benefits scheme for all teaching staff. This is a multi-employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS 102, the School accounts for this scheme as if it was a defined contribution scheme. The amount charged to the Statement of Financial Activities represents contributions payable to the scheme in respect of the accounting period.

For the support staff, the School participated in a defined contribution pension scheme during the year.

2.18. Critical accounting estimates and areas of judgement

In the application of the accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects on that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical accounting estimates and assumptions;

24

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

3. Income from donations and legacies

Donations
Fees in lieu of notice and donations
received
Income from associated
organisations
Scholarship income
Donations received
Similar incoming resources
Total 2025
Total 2024
. Income from charitable activities
School tuition fees
Bursaries and scholarships
Allowances on fees
Other related income
Swimming pool
Total 2025
Total 2024		 Restricted
funds
2025
£
Unrestricted
funds
2025
£
-
81,356
142,562
-
9,000
-



Total
funds
2025
£
Total
funds
2024
£

81,356
98,594

142,562
240,985

9,000
8,400
151,562
81,356
-
34,022
232,918
347,979

34,022
54,366
151,562
115,378
266,940
402,345
251,385
150,960		 402,345
Total
funds
2025
£
Total
funds
2024
£
20,839,950
20,150,268
(1,099,193)
(1,021,482)
(1,121,798)
(1,057,453)
1,746,752
982,925
150,074
71,840
Restricted
funds
2025
£
Unrestricted
funds
2025
£
-
20,839,950
(18,546)
(1,080,647)
-
(1,121,798)
150,124
1,596,628
-
150,074
131,578
20,384,207		 20,515,785
19,126,098
116,564
19,009,534		 19,126,098

4. Income from charitable activities

5. Income from other trading activities

Income from fundraising events
School shop income
Kimbolton School Enterprises Limited
Total 2025
Total 2024		 Unrestricted
funds
2025
£
Total
funds
2025
£
Total
funds
2024
£
71,581
71,581
72,778
75,641
75,641
46,843
147,222
147,222
119,621
119,621
119,621

25

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

6. Investment Income

Interest receivables on cash at bank and
equivalent deposits
Interest on fees and charges
Total 2025
Total 2024
. Cost of Raising Funds
Cost of raising voluntary income
School shop expenditure
Kimbolton School Enterprises Limited
Total 2025
Total 2024		 Restricted
funds
2025
£
2,502
-		 Unrestricted
funds
2025
£
567,078
100		 Total
funds
2025
£
Total
funds
2024
£
569,580
351,305
100
839
2,502 567,178 569,680
352,144
3,117 349,027 352,144
Total
funds
2025
£
Total
funds
2024
£
53,104
48,871
27,462
29,990
Unrestricted
funds
2025
£
53,104
27,462
80,566 80,566
78,861
_78,861 _ _78,861 _

7. Cost of Raising Funds

8. Analysis of expenditure on charitable activities

Summary by fund type

Teaching
Support costs
Other expenditure
Total 2025
Total 2024		 Endowment
funds
2025
£
Restricted
funds
2025
£
Unrestricted
funds
2025
£
-
3,347
11,181,237
57,729
240,239
9,514,069
-
-
27,179		 Total
funds
2025
£
Total
funds
2024
£
11,184,584
11,173,753
9,812,037
8,286,984
27,179
21,774
57,729
243,586
20,722,485		 21,023,800
19,482,511
57,729
300,857
19,123,925		 19,482,511

26

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

8. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

Teaching
Support costs
Other expenditure
Total 2025
Total 2024		 Staff costs
2025
£
Depreciation
2025
£
Other costs
2025
£
10,430,775
-
753,809
3,418,604
834,027
5,559,406
-
-
27,179		 Total
2025
£
Total
2024
£
11,184,584
11,173,753
9,812,037
8,286,984
27,179
21,774
13,849,379
834,027
6,340,394		 21,023,800
19,482,511
13,314,901
811,177
5,356,433		 19,482,511

9. Auditors’ remuneration

The auditors' remuneration amounts to an auditor fee £44,200 ( 2024 - £ 42,120).

10. Staff costs – group and company

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Total
2025
£
Total
2024
£
10,592,093
10,303,205
1,218,706
1,076,506
2,038,580
1,935,190
13,849,379
13,314,901

The average number of persons employed by the School during the year was as follows:

Teaching staff
Teaching support staff
Non-teaching staff		 Total
2025
No.
Total
2024
No.
140
151
69
49
120
137
329
337

The average headcount expressed as full-time equivalents was:

Teaching staff
Teaching support staff
Non-teaching staff		 Total
2025
No.
Total
2024
No.
118
123
42
35
62
81
222
239

27

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

10. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 10 12
In the band £70,001 - £80,000 5 3
In the band £80,001 - £90,000 2 2
In the band £90,001 - £100,000 1 -
In the band £120,001 - £130,000 1 2
In the band £170,001 - £180,000 - 1
In the band £190,001 - £200,000 1 -

The key management personnel of the charity comprise the trustees, the Headmaster, and the Bursar. The total amount of employee benefits (including employer national insurance and pension contributions) received by key management personnel for their services to the charity was £415,312 (2024 £392,939).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 £NIL). Expenses totaling £NIL were reimbursed to trustees during the year ended 31 August 2025 (£5,204 in the year ended 31 August 2024). Reimbursed expenses are typically for travel costs incurred in respect of board meetings and training events.

12. Tangible Fixed Assets

Group

Cost
At 1 September 2024
Additions
Disposals
Adjustment
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
On disposal
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Freehold
property
-KSF
£
Freehold
property
-KS
£
Plant and
machinery
£
3,977,134
46,129,054
121,854
-
-
-
-
-
-
(210,841)
-
-		 Fixtures
and fittings
£
Total
£
3,412,936
53,640,978
205,904
205,904
(4,000)
(4,000)
-
(210,841)
3,766,293
46,129,054
**121,854 **		 3,614,840
53,632,041
573,566
6,311,452
121,474
57,729
640,830
97
-
-
-		 2,991,735
9,998,227
135,371
834,027
(4,000)
(4,000)
631,295
6,952,282
**121,571 **		 3,123,106
**10,828,254 **
3,134,998
39,176,772
283		 491,734
42,803,787
3,403,568
39,817,602
380		 421,201
_43,642,751 _

28

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

12. Tangible Fixed Assets (continued)

The Governors of Kimbolton School commissioned a professional valuation of the charity's freehold land and buildings from Barford + Co Limited, Chartered Surveyors. A value of £39,084,797 was placed on these assets at 1 September 2014, based on their depreciated replacement cost. In accordance with the transitional rules of SORP 2015 this valuation has been adopted as the deemed cost of the property and all subsequent additions have been included at cost.

All freehold property is used for the School's operational activities and no assets are considered to meet the definition of heritage assets. The School continues to be responsible for keeping all the buildings in a fit and usable condition and repair and maintenance costs are charged to the Statement of Financial Activities as incurred. Assets are depreciated over their estimated useful economic life.

The historic cost of the School's freehold property is £25,304,875 (2024 £25,304,875). At the balance sheet date, the revaluation reserve for freehold property amounted to £20,187,505 (2024 £20,631,701) and is included as part of the general fixed asset reserve fund. The cost of fixed assets includes buildings which were let under operating lease agreements to the charity's trading subsidiary during the year.

Company

Cost
At 1 September 2024
Additions
Disposals
Adjustment
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
On disposal
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Freehold
property
-KSF
£
Freehold
property
-KS
£
3,977,134
46,129,054
-
-
-
-
(210,841)
-		 Fixtures
and fittings
£
Total
£
3,412,936
53,519,124
205,904
205,904
(4,000)
(4,000)
-
(210,841)
3,766,293
**46,129,054 **		 3,614,840
53,510,187
573,566
6,311,452
57,729
640,830
-
-		 2,991,735
9,876,753
135,371
833,930
(4,000)
(4,000)
631,295
**6,952,282 **		 3,123,106
10,706,683
3,134,998
39,176,772		 491,734
42,803,504
3,403,568
_39,817,602 _		 421,201
_43,642,371 _

13. Fixed asset investments

School
Cost of valuation
At 1 September 2024
At 1 September 2025		 Investment in
subsidiary
companies
£
4
4

29

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

14. Subsidiary undertaking

The following was a subsidiary undertaking of the School:

Name Company Registered office or Principal Class of Holding Included in
number principal place of activity shares consolidation
business
Kimbolton School 2655855 Kimbolton School, Management Ordinary 100% Yes
Enterprises Kimbolton, Cambs of share capital
Limited PE28 0EA commercial
lettings

The financial results of the subsidiary for the year were:

Name
Kimbolton School Enterprises
Limited		 Income
£
Expenditure
£
Profit/(Loss)
Surplus/(Deficit)
for the year
£
Net assets
£
106,918
106,634
284
16,733

15. Stocks

Goods for resale Group
2025
£
Group
2024
£
Company
2025
£
Company
2024
£
17,938
14,550
17,938
14,550

16. Debtors

Due within one year
Trade debtors
Parent debtors (fees)
Amounts owned by group undertakings
Other debtors
CGS VAT reclaim
Parent debtors (disbursements)
Prepayments and accrued income		 Group
2025
£
Group
2024
£
Company
2025
£
Company
2024
£
500
37,435
195
33,425
193,487
206,412
193,487
206,412
-
-
52,730
-
44,476
76,885
44,476
76,885
210,841
-
210,841
-
217,790
159,790
217,790
159,790
251,916
375,539
251,916
374,939
919,010
856,061
971,435
851,451

The adjustment of £211k is in respect of the total amount due back to the School under the Capital Goods Scheme as at 31 August 2025 (see also note 12).

30

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

17. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Fees in advance scheme
Other creditors
Accruals and deferred income
Bank loan		 Group
2025
£
Group
2024
£
Company
2025
£
Company
2024
£
511,655
401,480
508,467
380,787
473,375
188,690
466,892
190,983
2,802,386
2,636,192
2,802,386
2,636,192
994,339
914,537
990,962
914,537
951,321
1,678,787
944,921
1,670,410
2,700
2,475
-
-
5,735,776
5,822,161
5,713,628
5,792,909

18. Creditors: Amounts falling due after more than one year

Bank loans
Other creditors		 Group
2025
£
Group
2024
£
Company
2025
£
Company
2024
£
675
3,600
-
-
4,557,869
5,909,187
4,557,869
5,909,187
4,558,544
5,912,787
4,557,869
5,909,187

Deposits made under the School's fees in advance scheme which fall due for payment after 5 years, but not repayable by instalments, amounted to £761,443 (2024 - £1,021,415) and are included in creditors due after one year. Tuition fees paid through the School's fees in advance scheme are deducted from the balance sheet liability at the start of each term, as those fees fall due for payment. Discounts given on the fees in advance scheme are based on the rates agreed by the Governors at the time the deposit is made and are credited to the balance sheet liability each term.

31

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

19. Statement of funds – current year

Unrestricted funds
Designated funds
Grants fund
Bursary fund
Bursary allocation
Adrian Hey
General funds
General fund
Fixed asset reserve (RR)
Fixed asset reserve (HC)
Kimbolton School
Enterprises Ltd
Total unrestricted
funds
Endowment funds
Kimbolton School
Foundation
Restricted funds
KSPA
Alma Baker
Other activities
Music Fund
DTE Fund
Greta Tomlins
OKA
Michael Nutkins
R Piggins Prize
379th Bomb Group
Stone Prize
Covid-19 hardship fund
OKA Scholarship
Scholarship allocation
Blue Mercury DTE
Bursary
Total of funds		 Balance at
1 September
2024
£
Income
£
Expenditure
£
Transfers
in/(out)
£
Gains/
(losses)
£
Balance
at 31
August
2025
£
116,343
-
(35,077)
44,413
-
125,679
898,592
123,680
(959,223)
880,425
-
943,474
-
(959,223)
959,223
-
-
-
96,137
-
-
-
-
96,137
1,111,072
(835,543)
(35,077)
924,838
-
1,165,290
(1,580,614)
21,973,886
(19,957,816)
(1,013,076)
-
(577,620)
20,631,701
-
(444,196)
-
-
20,187,505
19,607,102
-
(332,003)
205,904
-
19,481,003
16,445
75,642
(33,959)
(41,399)
-
16,729
38,674,634
22,049,528
(20,767,974)
(848,571)
-
39,107,617
39,785,706
21,213,985
(20,803,051)
76,267
-
40,272,907
3,403,568
-
(57,729)
-
-
3,345,839
102,895
139,309
(105,711)
(44,413)
-
92,080
18,058
851
-
-
-
18,909
143,579
150,124
(110,562)
(39,601)
-
143,540
-
-
-
-
-
-
10,437
-
(1,516)
-
-
8,921
17,815
839
-
-
-
18,654
57,830
3,253
(23,966)
7,747
-
44,864
12,677
597
(3,546)
-
-
9,728
270
13
(50)
-
-
233
4,297
202
(45)
-
-
4,454
175
-
-
-
-
175
6,847
-
(3,000)
-
-
3,847
12,684
9,000
(12,000)
-
-
9,684
-
(18,546)
18,546
-
-
-
2,000
-
(1,736)
-
-
**264 **
389,564
285,642
(243,586)
(76,267)
-
355,353
43,578,838
21,499,627
(21,104,366)
-
-
43,974,099

32

(A Company Limited by Guarantee)

KIMBOLTON SCHOOL

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

19. Statement of funds (continued)

Statement of funds – prior year

Unrestricted funds
Designated funds
Grants fund
Bursary fund
Bursary allocation
Adrian Hey
General funds
General fund
Fixed asset reserve (RR)
Fixed asset reserve (HC)
Kimbolton School
Enterprises Ltd
Total unrestricted funds
Endowment funds
Kimbolton School
Foundation
Restricted funds
KSPA
Alma Baker
Other activities
Music Fund
DTE Fund
Greta Tomlins
OKA
Michael Nutkins
R Piggins Prize
379th Bomb Group
Stone Prize
Covid-19 hardship fund
OKA Scholarship
Scholarship allocation
Blue Mercury DTE
Bursary
Total of funds		 Balance at
1 September
2023
£
Income
£
Expenditure
£
Transfers
in/(out)
£
Gains/
(losses)
£
Balance
at 31August
2024
£
109,547
-
(35,245)
42,041
-
116,343
727,615
132,320
(809,143)
847,800
-
898,592
-
(809,143)
809,143
-
-
-
-
-
-
96,137
-
96,137
837,162
(676,823)
(35,245)
985,978
-
_1,111,072 _
(1,323,544)
20,666,122
(18,377,704)
(2,545,488)
-
(1,580,614)
19,723,318
-
908,383
-
-
20,631,701
19,656,603
(1,661,700)
1,612,199
19,607,102
15,991
46,843
(36,520)
(9,869)
-
16,445
38,072,368
20,712,965
(19,167,541)
(943,158)
-
38,674,634
38,909,530
20,036,142
(19,202,786)
42,820
-
39,785,706
3,461,297
-
(57,729)
-
-
3,403,568
79,999
231,378
(166,441)
(42,041)
-
102,895
18,655
916
(1,513)
-
-
18,058
113,448
136,616
(105,942)
(543)
-
143,579
10,968
539
-
(11,507)
-
-
10,812
-
(375)
-
-
10,437
16,981
834
-
-
-
17,815
64,555
9,607
(27,603)
11,271
-
57,830
12,084
593
-
-
-
12,677
639
31
(400)
-
-
270
4,164
204
(71)
-
-
4,297
200
-
(25)
-
-
175
16,746
-
(9,899)
-
-
6,847
12,924
8,400
(8,640)
-
-
12,684
-
(20,052)
20,052
-
-
-
-
2,000
-
-
-
2,000
362,175
371,066
(300,857)
(42,820)
-
389,564
42,733,002
20,407,208
(19,561,372)
-
-
43,578,838

33

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

19. Statement of funds (continued)

Designated Funds:

Grants Fund- The grants committee allocates funds transferred to the School by Kimbolton School Parents' Association and other grant making bodies. The balance represents funds received by the School which have not been allocated yet, or where the expenditure has not been undertaken.

General Funds:

General Fund- The deficit on the School's general fund reduced by £1,002,994 (increased in 2024 by £257,070) during the year, after net transfers out totalling £1,013,076 (2024 £2,545,488). Transfers out include the purchase of fixed assets and the bursary fund allocation. Transfers in represent net income received from Kimbolton School Enterprises Limited. The Governors anticipate that the School will continue to generate annual operating surpluses to generate free reserves in the future.

Kimbolton School Enterprises Ltd- The reserves, income and expenditure attributable to the School's subsidiary undertaking have been consolidated in the group accounts but included as a separate fund. The transfer represents the movement of funds between the School and its subsidiary.

Endowment Funds:

Kimbolton School Foundation Endowment Fund- Part of the freehold property owned by Kimbolton School Foundation was given to the charity for the purpose of providing a School in Kimbolton. The balance on the endowed fund represents the cost of the original buildings and subsequent improvements.

Restricted Funds:

Kimbolton School Parents' Association (KSPA)- The KSPA is a separate but related organisation, which holds fundraising events for the School. For administration purposes the Association has used the School's charity number. The transfer represents the movement of funds between the School and the Association.

Alma Baker- The Alma Baker Scholarship was to provide a scholarship for a sixth form agricultural student but has now been extended (as agreed with the Alma Baker Trust) to other related activities, such as the annual Science week.

Other Activities- Pupils are given the opportunity to join in a variety of activities including music tuition, outdoor pursuits, the Combined Cadet Forces (CCF) of the armed forces and Sixth Form Club. These groups charge subscriptions for membership, which are used to fund their activities.

34

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

19. Statement of funds (continued)

Restricted Funds: (continued)

DTE Fund- In 2023/24, no donation was made to the school. £1,516 was spent during the year.

Mrs Greta Tomlins Scholarship- A donation was received from the estate of Mr Cyril Lewis on condition that the capital was maintained and the interest used to provide a music scholarship in memory of his wife, Mrs Greta Tomlins.

Old Kimboltonians Association (OKA)- The OKA is a separate but related organisation from the School which organises events for former pupils. For administration purposes the Association has used the School's charity number. The transfer represents the movement of funds between the School and the Association.

Michael Nutkins- The Michael Nutkins Fund represents donations received in memory of a former student, to provide scholarships towards extra curricular activities for sixth form students.

Old Kimboltonians Association Scholarship Trust Fund- The School receives an annual donation from the Scholarship Trust Fund to support two sixth form students.

Covid-19 Hardship Fund- In 2020, the School set up a fund to support students and their families suffering from financial hardship as a result of the coronavirus pandemic. The fund is administered alongside the bursary fund.

Stone Prize- In 2022 the School received £250 for an annual award of £25 to be made to an upper sixth form student who has studied A level Philosophy, Religion and Ethics.

All funds are held as part of the School's bank deposit accounts and interest has been allocated to each of the restricted funds.

35

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

20. Summary of funds

Summary of funds – current year

Balance at Balance
1 September Transfers Gains/ at 31August
2024 Income Expenditure in/(out) (losses) 2025
£ £ £ £ £ £
Designated 1,111,072 (835,543) (35,077) 924,838 - 1,165,290
funds
General funds 38,674,634 22,049,528 (20,767,974) (848,571) - 39,107,617
Endowment 3,403,568 - (57,729) - - 3,345,839
funds
Restricted funds
389,564		 285,642 (243,586) (76,267) - 355,353
43,578,838 21,499,627 (21,104,366) - - 43,974,099
Summary of funds – prior year
Balance at Balance
1 September Transfers Gains/ at 31August
2023 Income Expenditure in/(out) (losses) 2024
£ £ £ £ £ £
Designated 837,162 (676,823) (35,245) 985,978 - 1,111,072
funds
General funds 38,072,368 20,712,965 (19,167,541) (943,158) - 38,674,634
Endowment 3,461,297 - (57,729) - - 3,403,568
funds
Restricted funds
362,175		 371,066 (300,857) (42,820) - 389,564
42,733,002 20,407,208 (19,561,372) - - 43,578,838

21. Analysis of net assets between funds

Analysis of net assets between funds – current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Endowment
funds
2025
£
Restricted
funds
2025
£
Unrestricted
funds
2025
£
Total
funds
2025
£
3,345,839
-
39,457,948
42,803,787
-
355,353
11,109,279
11,464,632
-
-
(5,735,776)
(5,735,776)
-
-
(4,558,544)
(4,558,544)
3,345,839
355,353
40,272,907
43,974,099

36

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds – prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Endowment
funds
2024
£
Restricted
funds
2024
£
Unrestricted
funds
2024
£
Total
funds
2024
£
3,403,568
-
40,239,183
43,642,751
-
389,564
11,281,471
11,671,035
-
-
(5,819,686)
(5,819,686)
-
-
(5,915,262)
(5,915,262)
3,403,568
389,564
39,785,706
43,578,838

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income / (expenditure) for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Profit on the sale of fixed assets
CGS adjustment
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Group
2025
£
Group
2024
£
395,261
845,836
834,027
811,177
(569,680)
(352,119)
(11,100)
(5,750)
210,841
-
(3,388)
9,500
(62,949)
(175,097)
(1,437,928)
7,338,821
(644,916)
8,472,368

23. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2025
£
Group
2024
£
10,527,683
10,800,424
10,527,683
10,800,424

24. Analysis of changes in net debt

Cash at bank and in hand
Due within 1 year
Due after 1 year		 At 1
September
2024
£
Cash flows
£
At 31
August
2025
£
10,800,424
(272,740)
10,527,684
(2,475)
(225)
(2,700)
(3,600)
2,925
(675)
10,794,349
(270,040)
10,524,309

37

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

25. Pension commitments

The School participates in one multi-employer defined benefit pension schemes (Teachers Pensions for some teachers).

Teaching Staff

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers' Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,123,626 (2024 £2,248,859) and at the year-end £156,921 (2024 £204,020) 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 TPS for Kimbolton School is now closed to new teachers.

Defined Contribution Scheme for Teachers

New teachers and those wishing to exit the TPS have the option to join a new defined contribution scheme set up with APTIS Aviva.

Non-teaching staff

Defined Contribution Scheme

New members of non-teaching staff are eligible to join the School's defined contribution pension scheme which is administered by TPT Retirement Solutions (formerly The Pension Trust). Contributions payable under the new scheme are charged to the Statement of Financial Activities in the period to which they relate.

38

(A Company Limited by Guarantee)

KIMBOLTON SCHOOL

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

25. Pension commitments (continued)

Teaching staff (continued)

26. Operating lease commitments

At 31 August 2025 the Group and the School had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2025
£
Group
2024
£
Company
2025
£
Company
2024
£
180,744
225,556
180,744
225,556
435,628
544,560
435,628
544,560
-
6,769
-
6,769
616,372
776,885
616,372
776,885

27. Members’ liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

28. Related party transactions

Trade and contacts

Mrs D Hellett sits on the Kimbolton Parish Council and is not allowed to debate or vote on issues, which involve the School. Her husband, who has a contract to cut the Council roadside hedges, cuts the roadside hedges for the School.

The School has no other contracts or trades in which any Governor, or person connected to the Governor, benefits. Messrs J Bridge, J Gray, W Chuter were all Directors of Kimbolton School Enterprises Ltd during the year.

Governors with children at the school

During the year the following Governors had children at the school: Mr Dodd, Dr Khan and Dr Smith. Governors do not receive an extra discount or other benefit on their fees over and above normal terms.

Trading company

The School owns 100% of the issued share capital of Kimbolton School Enterprises Limited (company number 2655855) as disclosed in note 13. Kimbolton School Enterprises Limited operates lettings of the sports centre, Castle and grounds.

In the year ended 31 August 2025 Kimbolton School Enterprises Limited paid £33,999 (2024 £22,041) for goods and services provided by the School, £20,000 (2024 £20,000) for the use of the sports centre and £NIL (2024 £NIL) by way of a charitable donation. Kimbolton School paid Kimbolton School Enterprises Limited £18,371 (2024 £31,277) for the use of the sports centre. All amounts are charged at the normal commercial rate. Payments made by Kimbolton School Enterprises Limited exclude VAT which is recoverable by the subsidiary undertaking, but payments made by the School include irrecoverable VAT. At the reporting date Kimbolton School Enterprises Limited owed the School £33,999 (2024 £22,041).

39

KIMBOLTON SCHOOL

(A Company Limited by Guarantee)

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

29. Statement of Financial Activities – prior year comparative

Note
Income and
endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other Income
Total income and
endowments
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income /
(expenditure)
Transfers between funds
19
Net movement in funds
before other recognised
gains / (losses)
Other recognised gains:
Pension liability
derecognised
25
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Endowment
funds
2024
Restricted
funds
2024
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
£
£
£
£
£
-
251,385
150,960
402,345
308,787
-
116,564
19,009,534
19,126,098
18,057,714
-
-
119,621
119,621
114,583
-
3,117
349,027
352,144
128,488
-
-
407,000
407,000
-
-
371,066
20,036,142
20,407,208
18,609,572
-
-
78,861
78,861
86,398
57,729
300,857
19,123,925
19,482,511
18,682,127
57,729
300,857
19,202,786
19,561,372
18,768,525
(57,729)
70,209
833,356
845,836
(158,953)
-
(42,820)
42,820
-
-
(57,729)
27,389
876,176
845,836
(158,953)
-
-
-
-
1,054,000
(57,729)
27,389
876,176
845,836
895,047
3,461,297
362,175
38,909,530
42,733,002
41,837,955
(57,729)
27,389
876,176
845,836
895,047
3,403,568
389,564
39,785,706
43,578,838
42,733,002

40