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2025-07-31-accounts

Annual Report and Financial Statements

YEAR ENDING 31 JULY 2025

Company No. 4908949 Registered in England Charity No. 1101358

ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Contents

STRUCTURE, GOVERNANCE AND MANAGEMENT 2
AIMS AND OBJECTS 7
GOVERNORS’ REPORT 8
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR 11
FINANCIAL REVIEW AND RESULTS FOR THE YEAR 13
STREAMLINED ENERGY AND CARBON REPORTING (SECR) 14
RISK MANAGEMENT 16
FUTURE PLANS 18
ACCOUNTING AND REPORTING RESPONSIBILITIES 19
INDEPENDENT AUDITOR’S REPORT TO SEVENOAKS SCHOOL 20
STATEMENT OF FINANCIAL ACTIVITIES 24
BALANCE SHEET 25
CASH FLOW STATEMENT 26
STATEMENT OF ACCOUNTING POLICIES 27
NOTES TO THE FINANCIAL STATEMENTS 30

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Introduction

The members of the Governing Body (also referred to as “the Board”) present their Annual Report for the year ended 31 July 2025 under the Charities Act 2011, including the Directors’ and Strategic Reports, under the Companies Act 2006, together with the audited financial statements for the year.

Structure, Governance and Management

Organisational structure

Sevenoaks School (the “Company”or the “Charity”) is a company limited by guarantee registered in England, No. 04908949 and is a charity registered with the Charity Commission under charity no. 1101358.

Since incorporation the Charity has been synonymous with Sevenoaks School, a day and boarding school, and the Charity’s activities have been delivered wholly through Sevenoaks School.

As further described below, during the year ended 31 July 2025, the Charity merged with Solefield School Educational Trust. As a consequence, the charitable entity Sevenoaks School now delivers its activities through two schools, Sevenoaks School and Solefield School.

The current structure of the Charity and its related organisations is described below:

  1. On 1 May 2025, the merger between Solefield School Educational Trust Limited (charity no. 293466) (known as “Solefield School”) and Sevenoaks School completed. On completion, all of the assets and liabilities of Solefield School transferred to Sevenoaks School. Whilst Solefield School retained a separate Department for Education number (886/6038), the proprietorship of Solefield School transferred to the Governing Body of Sevenoaks School, with ultimate responsibility for Solefield School sitting with the Board. Following the merger, each school has retained its own teaching and support staff, its own leadership and management team, and its own uniform, site and separate identity.

Sevenoaks School and Solefield School are together referred to as the Sevenoaks Family of Schools (the “Family”).

  1. Sevenoaks School has a wholly owned non-charitable subsidiary, Sennocke Services Limited (“SSL”). Annual profits of SSL are donated to the School under the Gift Aid Scheme. Consolidated financial statements have not been prepared due to the immateriality of SSL, but the financial result for the period for SSL is included in Note 24 to the financial statements. The trading activities of SSL primarily comprise revenue from the letting of Sevenoaks School facilities. This includes the letting of the Sennocke Sports Centre and The Space Performing Arts Centre.

Collectively, Sevenoaks School, Solefield School and SSL are known as Sevenoaks School Education Group (herein, the “Group”).

  1. Sevenoaks School Foundation (“the Foundation”) is an independent charity that was set up in 2004 and registered with the Charity Commission under Charity No. 307923. The Foundation, whose objects mirror those of the School, is the registered owner of the majority of the buildings that form the premises of Sevenoaks School. The aim of the Foundation is to provide support to the Governors of Sevenoaks School in providing a first-class education. The Trustees of the Foundation do so by leasing the buildings in which Sevenoaks School carries out its activities as detailed in Note 19 to the financial statements, and by overseeing the work of the Foundation Office in raising the funds necessary to support both new building projects and a widening of access by the award of free and assisted places.

  2. The School also administers several special trusts, as detailed in Notes 20 to 22 to the financial statements.

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Governors, directors and charity trustees

The Governors of the Charity are the Charity’s trustees under charity law and the directors of the charitable company Sevenoaks School. The members of the Governing Body who served in office during the year are detailed below. During the year the activities of the Governing Body were carried out through three committees. The membership of these committees is shown below for each Governor.

Name Appointment Education Finance and Governance
Committee Property Committee
Committee
A C Beckett Chair to 31 December 2025 • •
C P Gill Vice-Chair;Chair from 1January2026 • •
K Allen • •
C E B Barda •
R S M Best • •
P Collini Started 1 May2025 •
JG Davies End of Tenure 31 December 2025 •
EJEcclestone End of Tenure 4 December 2024 •
C W Houghteling Vice-Chair from 1January2026 •
G A Innes •
PJLuxmoore •
M L McInerney •
M S Merson •
JMitchem Started 24 April 2025 •
M Proctor Started 24 April 2025 •
A Timms End of Tenure 31 December 2025 •
A P S Yuravlivker Changed from member of FP to Ed
in April 2025		 • •
W T Castell Appointed 1January2026 •
A Henderson Appointed 1January2026 •

The Governing Body has recently had one Associate Member, Mandy Aulak. The Associate Member’s role is unremunerated and does not hold either the responsibilities or the decision-making powers of a Governor, company director or charity trustee. Mandy Aulak was in post from 30 November 2023 until 9 December 2025.

Under the School’s Memorandum and Articles, the following bodies may nominate a Governor:

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Officers

J R Elzinga AB MSt FCCT Headmaster B McAhron MA MPhil Bursar and Clerk to the Governors (until 25 July 2025) S Walmsley MA PGCE Chief Operating Officer (Interim) (from 1 August 2025) H McClure Head of Solefield School E El-Alami Clerk to the Governors (from 9 December 2025) Advisers Principal Address and Registered Office Sevenoaks School High Street, Sevenoaks, Kent, TN13 1HU Auditor Crowe U.K. LLP 55 Ludgate Hill, London, EC4M 7JW Bankers National Westminster Bank PLC 67 High Street, Sevenoaks, Kent, TN13 1LA Solicitors Knocker & Foskett The Red House Sevenoaks, Kent, TN13 1JL Insurance Brokers Aon Risk Services Ltd Somerset House, London Road, Redhill, Surrey, RH1 1LU Chartered Surveyors Ibbett Mosely 125 High Street, Sevenoaks, Kent, TN13 1UT

Governing document

The Company is governed by its Articles of Association, which were amended on 14 February 2025.

Governing body

The Governing Body is self-appointing, and its members are appointed for five years (with the exception of ex officio prep school governors). Members may be re-elected for a further five years. New members of the Governing Body are appointed by resolution of the Board, who receive proposals from the Governance Committee. In making these nominations, account is taken of eligibility, personal competence, specialist skills, diversity, and availability.

The Governors have regard to the Charity Governance Code published in 2017, as updated in 2025, which sets out the principles and recommended practice for good governance within the sector.

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Recruitment and training of Governors

Established governor recruitment and induction processes are in place. Training opportunities for Governors are identified on an annual basis following a skills and experience audit. Additionally, Governors may undertake training arranged by the Association of Governing Bodies of Independent Schools (AGBIS) and by the Boarding Schools’ Association. The purpose of the training is to keep Governors informed and updated on current issues in the sector and regulatory requirements. During the school year 2022-2023, the Governing Body achieved a certificate in the AGBIS/HMC Good Governance Programme having completed all modules of the programme. The certificate is valid for three years.

Governance processes

The members of the Governing Body, as the charity trustees, are legally responsible for the overall management and control of the School. They meet three times a year. Additionally, there are three subcommittees which have delegated oversight of specific areas on behalf of the Governing Body:

In order for the Board to discharge their obligations relating to Solefield School a Local Advisory Board (LAB) has been established. The LAB is advisory only with final decision-making authority resting with the Board. The LAB’s Chair is also a Governor of Sevenoaks School. There are three LAB meetings per term providing different focused oversight and guidance as follows:

From time to time, Governors meet with members of the management team of both schools outside the normal schedule to discuss strategy or other important issues. Governors may also sit on steering groups or working groups to examine particular issues.

Oversight and executive management of the Family is delegated to the Headmaster of Sevenoaks School, who line manages the Head of Solefield School.

The day-to-day running of Sevenoaks School is delegated to the Headmaster and Bursar/COO. They are supported by their Senior Leadership Team and together this group is the key management personnel. The Headmaster and Bursar/COO attend all Governing Body meetings and the Governing Body’s Committees.

The day-to-day running of Solefield School is delegated to the Solefield Head who is supported by the Senior Management Team of Solefield School. The Solefield Head attends all of the LAB meetings.

The remuneration policy is set by the Governing Body with the objective of rewarding staff fairly and reasonably. Delivery of the Family’s charitable vision and purpose is primarily dependent on the performance of the staff and staff costs are the largest single element of the Family’s charitable expenditure. The appropriateness and relevance of the remuneration policy is reviewed annually having taken account of comparative pay data produced both by the Office for National Statistics and private sector bodies. In 20242025 the Chair, Alison Beckett, held an advisory group to review and set the remuneration of the Headmaster and Bursar, consisting of the Chair, Vice Chair and Chair of the Finance and Property Committee.

ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Employment policy and employee engagement

The Company is an equal opportunities employer. Having a diverse staff enhances the community. Full and fair consideration is given to job applications from all candidates regardless of any protected characteristics and due consideration is given to training and employment needs of all staff. The Governors and senior managers place considerable value on the involvement of the School’s employees in the activities of the Family and continue to keep them informed on topics affecting them as employees, as well as on matters relating to the operation of the School.

Investment policy and objectives

The Officers are empowered by the Governors to:

There is an upper limit of £10m in the placement of deposits for each of the approved institutions. Resources invested in pooled charitable investment funds are held for the long term and are traded only if a fund’s performance is repeatedly below benchmarks. The investment strategy and policy are monitored by the Finance and Property Committee, as is investment performance, which is reported below, within the Strategic Report .

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Aims and Objects

Charitable objects

In January 2025 the Governing Body amended the Charity’s charitable objects to reflect a broader and more modern approach to advancing education, encompassing not only the provision of a day and boarding school but also a wider range of educational and community-benefit activities, which in turn will allow the Charity to support more beneficiaries and increase the level of public benefit offered by the Charity.

The amended charitable objects are:

'To advance education including by, but not limited to, the provision of a day and boarding school or schools in or near Sevenoaks including ancillary or incidental educational activities and other associated activities for the benefit of the community’

Aims and intended impact

It is the policy of the Family to discover and develop to the full, the academic and co-curricular potential of each student in the Family. The Family also seeks to promote the physical and mental health and sense of social responsibility of every student. Within this context, students are encouraged to cultivate a strong sense of individual initiative with a sense of responsibility to the community in which they live, and to maintain a balance between self-respect and social concern. Similarly, the Family aims to foster a healthy intellectual appetite while, at the same time, establishing the necessary ethical framework within which students can develop personally and professionally as citizens of the world.

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Governors’ Report

Introduction

In 2022 the Board of Governors approved a ten-year strategy for Sevenoaks School, entitled ‘Sevenoaks 600’ in anticipation of Sevenoaks School’s 600th anniversary in 2032. The strategic vision is to empower students from all backgrounds with the knowledge, understanding and confidence to flourish and make a difference, such that Sevenoaks School is recognised globally as exceptional, innovative and inclusive. The Family is committed to being a community that is pioneering, inclusive, responsible and sustainable, and these principles will guide its decision-making as it works towards delivering its vision for the Family’s future.

Annual objectives

The Governors’ objectives for the academic year 2024-2025 were:

  1. VAT: Ensure (and support the Headmaster and Bursar with) a carefully considered, strategically and financially sound response to the anticipated imposition of VAT on fees.

  2. Commercial: Support the Chief Commercial Officer with commercial development.

  3. Foundation: Support the Foundation in developing the fundraising campaign to support the school’s long-term future.

In addition to continuing with the existing objectives:

  1. Sevenoaks 600: Approve a delivery plan for Sevenoaks 600 with substantial progress towards a fully costed financial plan.

  2. Finance: To support the executive through the challenging financial environment facing the School, including supporting the executive to build reserves and achieve a positive financial trajectory.

  3. Alternative Revenue Streams: As a Board, to explore and support building and implementing a business case for sustainable, alternative, non-fee income streams at Sevenoaks School. To assist the Executive team in putting in place commercial resources and an appropriate risk/reward framework and governance to underpin the business case.

Performance against objectives

  1. VAT: The Board’s response to the imposition of VAT on school fees followed a detailed assessment of the sector context and risk to student acquisition and retention, including analysis of data from sector benchmarking and Sevenoaks School’s parent body. Both the decision-making process and the communication with the parent body was managed through a robustly consultative approach. The outcome has been very few parent complaints, requests for assistance or withdrawals citing VAT as the cause. Sevenoaks School and Solefield School are full in September 2025 and Sevenoaks School is oversubscribed at all entry points with healthy waiting lists.

  2. Commercial: There has been good progress in commercial development including the completion of the charitable merger with Solefield School in May 2025. A Director of Commercial Activity (Campus) has been in post since summer 2024, and a Commercial Operations Coordinator was recruited in August 2025.

  3. Foundation: The Foundation has made excellent progress towards developing the fundraising campaign, key roles have been recruited and a strategic approach to fundraising has been established, driven by improved systems. The endowment has been signed into Trust and fundraising income is currently ahead of target for the year.

  4. Sevenoaks 600: Good progress has been made across all four pillars of the Sevenoaks 600 strategy (A Sevenoaks Education; Inclusive Sevenoaks; Responsible Sevenoaks; Sustainable Sevenoaks). Enabling plans are in place which support detailed planning, coordination and prioritisation – these include People; Technology and Data; Campus and the Education Strategy.

  5. Finance: Implementation of VAT has been a significant transition. There were very few student withdrawals specifically citing VAT as the cause. Whilst the next three to four years are projected to be financially constrained following the tax changes which have impacted both fee income and costs, the

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

objective remains to maintain a positive NIR before depreciation each year. Progress with a Finance Change Programme is underway to support the evolution and automation of the Finance department.

  1. Alternative Revenue Streams: The Governing Body approved a Commercial Blueprint in November 2023, outlining a range of potential campus bound and beyond campus commercial opportunities. The Chief Commercial Officer has made strong progress advancing these opportunities which are overseen by a Commercial Working Group, and report to the Finance and Property Committee.

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Promotion of the success of the organisation to benefit its members

The Governors confirm that in accordance with Section 172 (1) of the Companies Act they act in a way they consider would be most likely to achieve the charitable objects of the Company. In making this assessment the Governors have considered the following:

- The likely long term consequences of any decision

The long-term sustainability of the operating model is considered by the Governors as set out in the going concern section of the Governors’ Report. Specifically, the Governors consider both short- and longer-term financial projections and the key risks that could negatively impact the sustainability of the Company. The Governors review management information, budgets, forecasts, cash flow projections and progress against the financial plan on a regular basis. Risk management is embedded at all levels across the company. The most significant risks are discussed at each Board meeting.

The interests of the company's employees

In relation to employee engagement, the Governors receive regular reports from management on the perspectives of staff. There is regular consultation with Sevenoaks School staff through a Staff Common Room (SCR) and Support Staff Council (SSC) and regular feedback is received by Solefield School staff via annual staff surveys. Both Sevenoaks School and Solefield School have recently received the Wellbeing Award for Schools (2021-2024) in recognition of their work towards ensuring every member of the School community is supported and can flourish.

The Charity has complied with the UK’s Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 which requires the publication of information on the gender pay gap for UK employees annually. The School’s report is available on the Sevenoaks School website.

The need to foster the Company's business relationships with suppliers, customers, and others The Company is committed to ensuring that its mission and values are reflected in its approach to buying goods and services and that it is transparent with information and prides itself on building mutually beneficial relationships.

The impact of the Company's operations on the community and the environment

Sevenoaks School has completed the Energy Savings Opportunity Scheme (ESOS) reporting requirements and is now reporting under the Streamlined Energy and Carbon Reporting (SECR). Decarbonising the Sevenoaks School campus is a stated aim of the School’s strategy.

The Family’s considerable contribution to the local community is set out in sections which follow and includes partnership work and support to local state funded schools. The Family’s voluntary service ethos supports a wide range of contributions which are also described.

The desirability of the Company maintaining a reputation for high standards of business conduct

The Company seeks to promote and apply the highest standards of business conduct and adheres to all applicable laws and regulations relating to fraud, bribery, and corruption wherever it operates, and has a regularly updated regulation tracker. The Board of Governors are committed to preventing modern slavery and human trafficking within the Company’s activities, by taking steps to ensure that the Company and, as far as it is able, its supply chains are free from slavery and human trafficking. A Modern Slavery statement can be found on Sevenoaks School’s website.

The need to act fairly as between members of the Company

The Governors have a conflicts of interest policy. All Governors are required to make an annual declaration of business interests and declare if there is any conflict of interest relating to any item on the agenda at each meeting.

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Review of Achievements and Performance for the Year

Sevenoaks School

Advancing Education (A Sevenoaks Education)

Sevenoaks School continues its outstanding record of integrating academic achievement, pastoral care and co-curricular opportunity.

Academic results of both Upper Sixth and Year 11 this academic year were superb. 245 students took the IB Diploma (the highest number ever), with all gaining a full Diploma, a significant achievement in itself. Our IB points mean average (out of 45) was 39.4, very similar to the 2024’s average of 39.6. This is, as usual, roughly 10 points above the global average. 96% of IB Higher Level outcomes were 7-5 (the top three grades), and over 50 students scored 43 points or more. 1,983 GCSE or IGCSE qualifications were taken by 190 students. 88.3% were graded a 7,8 or 9, or A*/A (this is the “on-the-day” figure with no re-mark outcomes included). 47% of results were graded at 9.

In 2024-2025, the Higher Education department supported successful applications from well over 200 students going to universities in the UK and around the world. 48 students are heading to top institutions in the US and other non-UK destinations. 25 students received offers from Oxford or Cambridge. 87% of those choosing to study in the UK will attend Oxford/Cambridge, a London College or another Russell Group university. Well over 90% of students applying through UCAS have taken up a place at their firm choice university.

Sevenoaks School undertook a successful inspection from the Independent School Inspectorate in September 2025. Their report states that Sevenoaks School “is welcoming and friendly, and leaders actively promote pupils’ wellbeing alongside high academic expectations…at all levels the curriculum emphasises a global education which prioritises the acquisition of languages and the understanding of society at large in different cultures.”

Inspectors also identified Sevenoaks School’s Service and Partnership Programme as a ‘significant strength’. This is the highest accolade and only awarded to areas of a school’s provision that prove to be outstanding across the sector.

Public Benefit (Responsible Sevenoaks)

The imperative of delivering public benefit is woven throughout Sevenoaks School’s activities and enshrined at the heart of the Sevenoaks 600 strategy. The School continues to make a significant contribution for the benefit of its communities in accordance with its charitable objects. The Institute of Service and Partnerships continues to create positive, inclusive and sustainable social change through educational innovation and collaboration, and produces an annual ‘Impact Report’ (published on Sevenoaks School’s website) outlining the work it has undertaken each academic year.

Sevenoaks School also has a long relationship with Sevenoaks Almshouses, an independent but neighbouring charity with a shared history, that provides affordable housing for people of retirement age. Sevenoaks School nominates two trustees and provides a range of support services.

Financial Assistance with Fees (Inclusive Sevenoaks)

Over the past 10 years Sevenoaks School has significantly increased the number of students receiving full or partial financial assistance from 17 to 71 (2024-2025) at an annual cost of £2.186m. Funded by both Sevenoaks School and the Sevenoaks School Foundation, these students benefit from the outstanding educational opportunities offered by Sevenoaks School, and the whole community benefits from the greater diversity of backgrounds and perspectives.

A priority objective within the Sevenoaks 600 strategy is to raise endowed funds to provide financial assistance for students in perpetuity, with the ambitious long-term vision to move towards needs-blind admissions. The Foundation has made excellent progress towards this target, the endowment has been signed into Trust and fundraising income is currently ahead of target for the year.

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

In 2024-2025, the Foundation made grants of £500k (2023-2024: £485k) to Sevenoaks School for scholarships and bursaries for fees, residential trips and other extra-curricular activities.

Sevenoaks School continues to partner with the Royal National Children’s SpringBoard Foundation, the UK’s largest boarding school bursary charity. Currently there are two Royal SpringBoard students at Sevenoaks School who are supported by full boarding bursaries from the Foundation.

Sustainability (Sustainable Sevenoaks)

Sustainability is a strategic pillar of the Sevenoaks 600 strategy. This year the sustainability agenda has progressed further as follows:

Solefield School

This academic year marked a significant year for Solefield School: celebrating its 75th anniversary, becoming co-educational and merging with Sevenoaks School. Solefield School has the highest pupil numbers in over 20 years. A full inspection by the Independent Schools Inspectorate was completed in February 2024 which confirmed the highest grades possible across all areas. The full report is available on Solefield School’s website.

A co-educational pre-school ‘Little Acorns’ opened in September 2023, for children aged 3+. All the pre-schoolers moved up to Reception for the 2024 academic year and Reception numbers have doubled (to the year group maximum) for September 2025. The strategy for the next three years is to build upon the major changes made over recent years with consequential positive financial performance from increased pupil numbers.

Pupil numbers in June 2025 were 211 (2024: 164) and numbers remain buoyant despite the imposition of VAT on school fees.

Solefield School operates a system of bursaries that is tested against broad criteria. Such criteria encompass the means of the parents, the value of the educational benefit to the child, and other factors related to the circumstances of each case. Solefield School has further developed links with the local community providing use of its facilities and services, including: stay and play sessions, basketball court hire, minibus loan, outreach boxes, supporting local food banks, offering resources and support to refugees, and building links with the elderly in care homes.

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Financial Review and Results for the Year

Results

Net incoming funds (before the actuarial gain on pensions and the loss on investments) for the year were £13.6m as shown on the Statement of Financial Activities (SOFA) on page 24 (2024: Net incoming funds £3.1m). This includes the value of the donation of Solefield School following the charitable merger with Sevenoaks School (£12.5m) (Note 26). This also includes a £120,000 (2024: £211,000) surplus from Sennocke Services Limited which is included in the Statement of Financial Activities as an unrestricted donation, with the summary accounts for the entity being disclosed in Note 24 to the financial statements.

Reserves level and policy and financial viability

Reserves are held in designated funds for fixed assets, buildings and bursaries. The designated fund for fixed assets covers the book value of fixed assets (£32.9m). Each year reserves equivalent to 3% of gross fee income are transferred to the bursary reserve (£1.4m) and the cost of bursaries granted (£2.3m) is set against that fund. In addition, transfers from restricted funds for bursaries for fees and extras, which include grants received from Sevenoaks School Foundation, are allocated to the bursary reserve, to cover the cost to Sevenoaks School of making those additional awards. The balance on the bursary reserve was £Nil at July 2025 (2024: £Nil). £13.2m (2024: £13.6m) was held in General Funds. The Governors’ intention is to hold up to one term’s operating costs in General Funds to provide an element of protection in an uncertain economic climate.

Despite the current economic uncertainty, the Governors consider the level of reserves to be appropriate. The Governors will continue to keep the level of reserves under review.

Going concern

The Governors continue to review the long-term future and the evolving global economic context on the Company’s operations and finances. Taking into consideration actions taken to manage costs and to preserve cash, together with the ongoing demand for places, funding facilities available, and future projected cash flows, the Governors have a reasonable expectation that the Company has adequate resources to continue its activities for the foreseeable future, and consider that there are no material uncertainties over the Company’s financial viability. Accordingly, the Governors continue to adopt the going concern basis in preparing the financial statements.

Investment performance

The Company holds the majority of its restricted funds in long term investments, mainly in the form of low risk pooled charitable investment funds, which yielded an average loss of 1.1% for the year ended 31 July 2025 (2023-2024: average gain 7.7%). The dividend income was available to be applied to the purposes of the various funds. Governors anticipate future performance to be in line with their investment objective of preserving the capital value with a minimum level of risk.

Unrestricted funds are held in bank deposits for operational liquidity purposes and for short to medium term application to planned improvements to facilities, as well as for capital protection purposes.

The Governors will review the investment strategy and treasury management over the coming year.

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Streamlined Energy and Carbon Reporting (SECR)

Sevenoaks School’s greenhouse gas emissions for the financial year were equivalent to 1,575 tonnes (2024: 1,678 tonnes) of CO2 which equates to 8.5m kilo-Watt-hours (kWh) of energy (2024: 8.6m kWh). Sevenoaks School has undertaken eight energy efficiency actions (EEA) in this reporting year. Due to the mid-year merger, SECR data has not yet been included on the greenhouse gas emissions of Solefield School. In future years this will be compiled for the Company (i.e. both schools) in one SECR report.

This information has been compiled in line with the 2019 HM Government Environmental Reporting Guidelines: including Streamlined Energy and Carbon Reporting (SECR).

The 2022 UK Government GHG Conversion Factors for Company Reporting have been used to calculate emissions. Energy consumption data has been taken from invoices issued for the financial year and meter readings. Transport energy has been calculated from fuel consumption data in litres for Scope 1 emissions and miles travelled for Scope 3 emissions.

Table 1: GHG emissions for Sevenoaks School (tonnes of carbon dioxide equivalent for the year):

Emission 2024-2025 2023-2024 2024-2025 2023-2024
Source Energy (kWh) Energy (kWh) Emissions (tC02e) Emissions (tC02e)
Scope 1 Gas consumption 5,148,268 5,257,672 941.93 961.63
Heatingoil 261,385 263,899 67.05 67.69
Owned transport 232,516 245,110 55.14 58.12
Sub total 5,642,169 5,766,681 1,064.12 1,087.44
Scope 2 Purchased
electricity		 2,723,895 2,755,956 482.13 570.62
Scope 3 Business travel 108,556 75,338 28.31 19.86
Total emissions 8,474,629 8,597,975 1,574.55 1,677.92

Table 2: Intensity Ratios for Sevenoaks School:

Type 2024-2025
kWh/Students		 2023-2024
kWh/Student		 2024-2025 2023-2024
tC02e/Student
tC02e/Student
Occupancy 6,818 7,059 1.27 1.38

Table 3: Efficiency actions taken in 2024-2025:

Lighting LED upgrades LED lights are being fitted as an ongoing
project. Approximately 250 were fitted in
2024-2025
Smart meters Controllingenergyusage Introduction of smart meters
Boarding house plantroom
under BMS control		 Controlling energy efficiency
and heating		 Increased seasonal control and optimisation
New boilers in staff
accommodationproperties		 Controlling energy efficiency
and heating		 Replacement of old boilers with new
condensingboilers

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Recycling efficiencies Installation of a composter Environmentally sustainable disposal of
waste
Planning and design work
for the refurbishment of a
listed building		 Replacing gas heating with air
source heat pumps		 Improved efficiency throughout the building
Solar panels Installing solar panels on two
significant buildings		 Renewable energy to reduce energy costs
and improve efficiencies
External window repairs in
staff accommodation		 Thermal efficiency Improved secondary glazing to windows.

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ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Risk Management

The Governing Body are committed to promoting the safety and welfare of students and all members of the community. The Risk Framework is designed to give the Board visibility of key risks and is organised in a format to bring clarity and support the meaningful discussion of risk.

Risks are organised under the three headings of operational risks, business model risks and external risks, all of which inform the assessment of five top level strategic risks. A summary report is considered termly by the Governance Committee, with the full Risk Framework tabled annually for review by the Governance Committee and subsequently the Board of Governors.

Strategic risks

The five top level strategic risks are: failure in quality of educational provision and experience; drop in high quality applications; failure to recruit, retain and develop world class staff; inability of resources to change and the public perception of the Family is negatively affected. At the end of 2024-2025, the main strategic risk facing the Family is that resources (financial, space, systems, technology, staff or leadership capability) are unable to change. To manage and mitigate this risk, Governors and the Officers review Sevenoaks School’s financial position regularly, with focused reports scheduled on the campus, technology and staff. Given the volatility of the external economic and political context, Governors remain acutely aware of the need to manage resources responsibly and sustainably.

Operational risks

Operational risks encompass safety or safeguarding incidents, physical or digital security breaches, negative student or staff behaviour, or failure in educational provision or governance.

Safeguarding and Health and Safety

There are comprehensive policies and procedures in place to mitigate risks of a Safeguarding or Health and Safety incident, or a failure in Pastoral care, always in line with national guidance Keeping Children Safe in Education (KCSIE) , the National Minimum Boarding Standards, and relevant Health and Safety legislation.

The need for vigilance and immediate action, particularly where a child is considered at risk, is regularly reinforced in both Sevenoaks School and Solefield School through communications and training. A secure central repository is used for the reporting and recording of safeguarding concerns, and at Sevenoaks School a counselling provision is in place to support mental health concerns.

Concerns in respect of inappropriate online behaviour by students are dealt with through a programme of educational initiatives. All staff have been trained on Prevent (the legal requirement to have due regard to preventing people from being drawn into terrorism) and Prevent Duty Guidance has been reflected in the safeguarding policy. All staff are required to undertake Safeguarding and Health and Safety training as part of induction, reinforced by annual training, including a requirement to confirm in writing they have read the updated version of KCSIE.

All pre-employment checks required from KCSIE are undertaken including DBS with barred list check. Staff are requested to confirm if there has been any change to their DBS status on an annual basis. The Health, Safety and Security Board meets termly and reviews relevant policies, accident reporting, risk assessment processes, and any specific issues or concerns. Safeguarding and Health and Safety are reported to Governors on a termly basis, with additional updates if required.

16

ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Data

Loss of personal data is a significant risk for the Family, and there are an increasing number of Subject Access Requests being received by the Company each year. These could potentially result in reputational damage and fines being levied on the Company. To address this risk the Company employs a Data Protection Officer, reporting to the Director of Governance and Compliance. All staff receive regular data protection training.

There is an emerging risk in the education sector about the misuse of recognisable images of students through, for example, deepfake technology. In response Sevenoaks School has put in place a range of technical measures minimising the risk of images being downloaded from its website and reconsidered its policies on its collection and use of images of students.

There is an emerging risk in the education sector about the misuse of recognisable images of students through, for example, deep-fake technology. In response Sevenoaks School has put in place a range of technical measures and reconsidered its policies on the use of images of students.

Physical or digital security breaches

A Campus Security Working Group reviews campus-wide security risks and mitigating processes, including aspects such as vehicle movement, alarms, CCTV, visitor and contractor management. Governors and Officers remain vigilant to cyber-attacks and employs a multi-layered approach to cyber defence.

There are regular penetration tests and multi-factor authentication has been rolled out for all staff and students. There is regular training for staff and students on the importance of good cybersecurity practices. A comprehensive IT risk register has been developed.

Negative student or staff behaviour

Staff and student codes of conduct are in place and embedded within induction and admissions processes. The risk of student misconduct is mitigated through robust PSHE (personal, social, health and economic) education and close liaison with parents where there are concerns.

Behaviour Policies applicable to students incorporate conduct, behaviour, rewards and sanctions, and expectations that should be held by all members of the community.

Failure in educational provision, infrastructure or governance

The spirit of the International Baccalaureate Diploma Programme (IBDP), with its breadth, balance, coherence and interdisciplinary approach, is at the heart of Sevenoaks School’s curricular and co-curricular provision. Appropriate teaching provision and quality are closely monitored, the Institute of Teaching and Learning (ITL) supports continued innovation, and staff benefit from ongoing CPD. Regulatory compliance is closely monitored.

An ISI Inspection carried out in September 2025 concluded that Sevenoaks School met all of the required regulatory standards as set out in the Education (Independent School Standards) Regulations 2014, the National Minimum Standards for Boarding School 2015 and associated requirements, with no further action required.

A rolling maintenance programme ensures the campus infrastructure is safely maintained. Governors meet regularly to monitor Sevenoaks School’s activities and undertake regular training.

An external review of governance effectiveness took place in September 2022 which found the governance was of a high standard and consequently won the AGBIS School of the Year in 2023. The Governing Body completed the AGBIS/HMC Good Governance programme in July 2023, which is valid for three years.

A further review of governance will take place next year.

17

ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Business model risks

Business model risks relate to changes in key income flows and cost areas. The Company derives the majority of its income from tuition fees, and staffing costs constitute by far the greatest proportion of expenditure.

During this financial year the Government announced and implemented the imposition of VAT on school fees and the removal of business rate relief. Sevenoaks School identified a number of business model risks relating to this including risk to student pipeline; affordability of tuition fees and demand.

After much consideration the Board decided to support those impacted by VAT by applying a discount on Sevenoaks School fees for the Lent and Summer Terms 2024-2025. The outcome has been very few withdrawals specifically citing VAT as the cause.

Crucially, Sevenoaks School is full for academic year 2025-2026 with the academic calibre of students as strong as ever. Sevenoaks School remains oversubscribed at all entry points with healthy waiting lists.

External risks

External risks include regulatory, legal, political, economic or social events or changes beyond the Company’s control, that have an adverse impact on its ability to operate.

The Family benefits from having a diverse, international community, and may therefore be exposed to the effects of global economic and political events impacting students and their families around the world. This risk has been heightened with current geopolitical unrest and overseas regime change. Further UK governmental changes in policy towards UK independent schools remain an ongoing risk for the sector.

In response to these risks the Charity is committed to moving towards its ambitious long-term vision of needsblind admissions and increasing its provision of free and assisted places.

Conclusion

In the opinion of the Governors, the Company has established a robust Risk Framework and review system, which is reviewed and scrutinised at appropriate intervals, ensuring resources allocated to mitigating risks are at an acceptable level.

Future Plans

Given the changing landscape ahead for the Family and the independent School sector as a whole, the Governing Body have agreed on the following objectives for 2025-2026:

18

ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2025

Accounting and Reporting Responsibilities

The members of the Governing Body (who are also Directors of Sevenoaks School for the purposes of company law and trustees of the Charity) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the Governing Body 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 of the incoming resources and application of resources, including income and expenditure, of the charity for that period. In preparing these financial statements, the members of the Governing Body are required to:

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

Relevant audit information

Insofar as each of the Directors, as members of the Governing Body, at the date of approval of this report are aware, there is no relevant audit information (information needed by the company’s auditor in connection with preparing the audit report) of which the company's auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit information and to establish that the company's auditor is aware of that information.

Approved by the Governing Body of Sevenoaks School on 10 February 2026 including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by:

Christopher Gill Chair of Governing Body

19

Independent Auditor’s Report to Sevenoaks School

Opinion

We have audited the financial statements of Sevenoaks School (‘the charitable company’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

20

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit,

We have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ 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

As explained more fully in the trustees’ responsibilities statement set out on page 14, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

21

Auditor’s responsibilities for the audit of the financial statements

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

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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/auditors responsibilities. This description forms part of our auditor’s report.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, health and safety legislation and employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing and recognition of income and the override of controls by management. Our audit procedures to respond to these risks included designing audit procedures over the completeness and timing of recognition of income, enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements,

22

the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tina Allison

Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London Date 2 April 2026

23

SEVENOAKS SCHOOL STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025

Notes
Income from:
Charitable activities
School fees receivable
2
Ancillary trading income
3
Other trading activities
Charitable trading income
4
Investments
Investment income
5
Bank and other interest
6
Voluntary sources
Grants and donations
7
Total incoming resources
Expenditure on:
Raising funds
Charitable trading costs
8
Financing costs
9
Total deductible costs
Charitable activities
Education and grant making
8
Total expenditure
Net incoming funds from operations before
transfers and investment gains
(Losses)/Gains on investments
13
Transfers between funds
22
Net surplus
Pension scheme actuarial gains
23
Net movement in funds for the year
Fund balances brought forward 1 August 2024
Fund balances carried forward 31 July 2025		 Unrestricted
funds
£'000
44,574
3,833
2,081
-
1,352
12,591
64,431
(1,832)
(103)
(1,935)
(49,566)
(51,501)
12,930
-
-
12,930
-
12,930
33,243
46,173		 Restricted
funds
£'000
-
-
-
33
-
1,142
1,175
-
-
-
(500)
(500)
675
(12)
-
663
-
663
1,593
2,256		 2025
2024
£'000
£'000
44,574
41,067
3,833
3,977
2,081
2,248
33
22
1,352
945
13,733
722
65,606
48,981
(1,832)
(1,271)
(103)
(39)
(1,935)
(1,310)
(50,066)
(44,523)
(52,001)
(45,833)
13,605
3,148
(12)
76
-
-
13,593
3,224
-
-
13,593
3,224
34,836
31,612
48,429
34,836

The notes on pages 27 to 47 form part of these financial statements.

24

SEVENOAKS SCHOOL BALANCE SHEET AS AT 31 JULY 2025

Notes
FIXED ASSETS
Intangible assets
11
Tangible assets
12
Investments
13
CURRENT ASSETS
Debtors
14
Cash and deposits
CURRENT LIABILITIES
Creditors payable within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
LONG TERM LIABILITIES
Creditors payable after more than one year
16
Pension scheme funding surplus/(deficit)
23
NET ASSETS
22
REPRESENTED BY:
RESTRICTED FUNDS
22
UNRESTRICTED FUNDS
22
Designated funds
Fixed assets
22
Bursary reserve
22
Pension reserve
22
Other unrestricted funds
22
General funds
TOTAL FUNDS		 2025
£'000
71
32,901
1,054
34,026
18,164
38,641
56,805
(37,629)
19,176
53,202
(4,773)
-
48,429
2,256
32,901
-
35,157
-
13,272
13,272
48,429		 2024
£'000
59
19,597
1,066
20,722
1,791
43,091
44,882
(21,270)
23,612
44,334
(9,498)
-
34,836
1,593
19,597
-
21,190
-
13,646
13,646
34,836

These financial statements were approved by the Governing Body on 10 February 2026 and were signed on its behalf by:

Christopher Gill

Chair of Governing Body

The notes on pages 27 to 47 form part of these financial statements.

25

SEVENOAKS SCHOOL CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

£'000
£'000
Net cash (outflow)/ inflow from operations
Net cash (used in)/ provided by operating activities
(1,664)
Cash flows from investing activities
Payment for intangible fixed assets
(12)
Payment for tangible fixed assets
(5,761)
Proceeds on sale of tangible fixed assets
836
Net return on defined benefit pension scheme
869
Investment income and bank interest received
1,385
Net cash used in investing activities
(2,683)
Cash flows from financing activities:
Finance costs paid
(103)
Net cash used in financing activities
(103)
Change in cash/cash equivalents in the period
(4,450)
Cash/cash equivalents at the beginning of the reporting period
43,091
Cash/cash equivalents at the end of the reporting period
38,641
(i) Reconciliation of net income to net cash flow from operating activities
Net incoming funds
13,605
Elimination of non-operating cashflows:
- Investment income
(1,385)
- Financing costs
103
- Fixed asset element of donation from Solefields School Merger
(12,266)
Defined benefit pension scheme adjustments
-
Depreciation charge
3,032
(Profit) on sale of assets
(14)
(Increase) in debtors
(16,373)
Increase in creditors
17,473
(Decrease)/increase in fees in advance scheme creditors
(6,264)
Increase/(decrease) in parents' deposits
425
(15,269)
Net cash (outflow)/inflow from operations
(1,664)
(ii) Analysis of changes and cash equivalents
At 1 Aug
2024
£'000
Deposits
18,160
Cash at bank
24,931
43,091
2025		 £'000
£'000
17,207
(59)
(2,102)
50
-
967
(1,144)
(39)
(39)
16,024
27,067
43,091
3,148
(967)
39
-
-
2,727
(43)
(130)
2,667
10,025
(259)
14,059
17,207
Cashflow
At 31 Jul
2025
£'000
£'000
(5,841)
12,319
1,391
26,322
(4,450)
38,641
2024		 £'000
£'000
17,207
(59)
(2,102)
50
-
967
(1,144)
(39)
(39)
16,024
27,067
43,091
3,148
(967)
39
-
-
2,727
(43)
(130)
2,667
10,025
(259)
14,059
17,207
Cashflow
At 31 Jul
2025
£'000
£'000
(5,841)
12,319
1,391
26,322
(4,450)
38,641
2024
16,024
27,067
43,091
3,148
14,059
17,207
At 31 Jul
2025
£'000
12,319
26,322
38,641

26

SEVENOAKS SCHOOL STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2025

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the 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 functional currency of the Company is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments. The accounts present the statement of financial activities (SOFA), the balance sheet and the cash flow statement for the Company.

The Company is a Public Benefit entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 23 September 2003 (company number: 4908949) and registered as a charity on 5 January 2004 (charity number: 1101358).

Going concern

The Governors continue to review the long-term future and the evolving global economic context on the Company’s operations and finances. Taking into consideration actions taken to manage costs and to preserve cash, together with the ongoing demand for places, funding facilities available, and future projected cash flows, the Governors have a reasonable expectation that the Company has adequate resources to continue its activities for the foreseeable future, and consider that there are no material uncertainties over the Company’s financial viability. Accordingly, the Governors continue to adopt the going concern basis in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Governors are required to make judgements, estimates, and assumptions about the carrying value 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 to be 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 only that period, or in the period of the revision and future periods if the revision affects current and future periods.

In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Company's financial statements.

27

SEVENOAKS SCHOOL STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2025

1. ACCOUNTING POLICIES (Continued)

On 1 May 2025, the merger between Solefield School Educational Trust Limited (charity number: 293466, company number: 01966993) (known as “Solefield School”) and Sevenoaks School completed. On completion, all of the assets and liabilities of Solefield School transferred to Sevenoaks School at fair value, with the transaction accounted for as a Donation (note 7) and the financial impact of the transaction is detailed in note 26.

Fixed assets which were acquired through the charitable merger with Solefield School were revalued to fair value at the point of acquisition, which is then used as the deemed cost of these assets..

Other expenditure on equipment incurred in the normal day-to-day running of the Company is charged to the Statement of Financial Activities as incurred.

IT equipment and systems - 3 years

28

SEVENOAKS SCHOOL STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2025

Unrestricted income belongs to the Comany's corporate reserves, spendable at the discretion of the Governors either to further the Company’s objects or to benefit the Company itself. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund. Restricted income comprises gifts, legacies and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor.

(a) The Teachers’ Pension Scheme – This scheme is a multi-employer pension scheme. It is not possible to identify the School’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, the School accounts for the scheme as if it were a defined contribution scheme. The scheme changed from a defined benefit scheme to a CARE scheme in April 2015. The School’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

(b) The School also contributes to the Local Government Pension Scheme (LGPS) for support staff at rates determined by the scheme actuary. The LGPS transitioned from a defined benefit to a CARE scheme in April 2014, and is accounted for under FRS102. The surplus in the LGPS is not recognised as a defined benefit plan asset in the balance sheet as the School is unable to recover the surplus, either through reduced contributions in the future or through refunds from the plan. In prior years, the net defined benefit liability of the scheme was shown in the accounts as a designated fund entitled “Pension Reserve”, which was deducted from unrestricted funds in the balance sheet.

(c) The Sevenoaks School Group Personal Pension Plan is a defined contribution group personal pension plan for staff with Aegon. Employers’ pension costs are charged in the period in which the salaries to which they relate are payable. Since 1 April 2010 all new support staff have joined the defined contribution Group Pension Plan, including those joining the scheme under auto-enrolment. Since 1 September 2024 all new teaching staff also joined the scheme. Similar defined contribution schemes are available to staff of Solefield School.

29

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

CHARITABLE ACTIVITIES - SCHOOL FEES RECEIVABLE
Fees receivable consist of:
School fees
Less: Scholarships, bursaries and other awards
Add back: Bursaries and other awards paid for by
restricted funds		 2025
2024
£'000
£'000
47,423
43,732
(3,349)
(3,172)
44,074
40,560
500
507
44,574
41,067

2. CHARITABLE ACTIVITIES - SCHOOL FEES RECEIVABLE

Scholarships, bursaries and other awards were paid to 183 pupils (2024: 248). Within this, means tested bursaries totalling £2.186m were paid to 71 pupils (2024: £1.970m 72 pupils).

3. CHARITABLE ACTIVITIES - ANCILLARY TRADING INCOME

Extras
Registration fees
Fees in lieu of notice and forfeit deposits
Shop and other trading income
Transport from Sevenoaks Station
Other income		 2,852
2,651
408
499
36
155
499
242
43
45
(5)
385
3,833
3,977

4. CHARITABLE TRADING INCOME

Charitable trading income relates to income and costs incurred in providing educational courses and provision of staff accommodation.

5. INVESTMENT INCOME

Unrestricted
£'000
Income from pooled charitable investment funds
-
-
BANK AND OTHER INTEREST
Unrestricted
£'000
Bank interest
1,352
1,352		 Restricted
£'000
33
33
Restricted
£'000
-
-		 2025
£'000
33
33
Total
£'000
1,352
1,352		 2024
£'000
22
22
2024
£'000
945
945

6. BANK AND OTHER INTEREST

30

SEVENOAKS SCHOOL

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

7. GRANTS AND DONATIONS
Grants to Sevenoaks School for bursaries from:
- Sevenoaks School Foundation
Gift aided donation - Sennocke Services Ltd
(Note 24)
Other donation
Grants to Sevenoaks School for non bursaries from:
- Sevenoaks School Foundation
Donation on merger with Solefield School
(Note 26)
8. ANALYSIS OF EXPENDITURE
(a) Total expenditure
Staff costs
(Note 10)
£'000
Cost of generating funds
Charitable trading expenses
892
Financing costs
-
Total cost of generating funds
892
Charitable expenditure
Education and grant making
Teaching
17,653
Welfare
2,079
Premises repairs and maintenance
2,091
Support costs and governance
5,765
Grants, awards and prizes (note 8(b))
-
Total charitable expenditure
27,588
Total expended
28,480
Comparative total expenditure
Staff costs
(Note 10)
£'000
Cost of generating funds
Charitable trading expenses
460
Financing costs
-
Total cost of generating funds
460
Charitable expenditure
Education and grant making
Teaching
15,569
Welfare
2,357
Premises repair and maintenance
1,846
Support costs and governance
4,505
Grants, awards and prizes (note 8(b))
-
Total charitable expenditure
24,277
Total expended
24,737		 Unrestricted
£'000
-
120
3
-
12,468
12,591
£'000
235
-
235
314
32
2,328
123
-
2,797
3,032
£'000
202
-
202
199
41
2,199
86
-
2,525
2,727
Depreciation
(Note 12)
Depreciation
(Note 12)		 Restricted
£'000
500
-
-
642
-
1,142
Other
£'000
705
103
808
3,917
3,795
8,925
2,544
500
19,681
20,489
Other
£'000
609
39
648
3,253
3,428
8,265
2,267
508
17,721
18,369		 2025
£'000
500
120
3
642
12,468
13,733
Total
£'000
1,832
103
1,935
21,884
5,906
13,344
8,432
500
50,066
52,001
Total 2024
£'000
1,271
39
1,310
19,021
5,826
12,310
6,858
508
44,523
45,833		 2024
£'000
485
211
-
26
-
722
Total
£'000
1,271
39
1,310
19,021
5,826
12,310
6,858
508
44,523
45,833

31

SEVENOAKS SCHOOL

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

ANALYSIS OF EXPENDITURE (Continued)
Grants, awards and prizes
From restricted funds:
Bursaries and other grants and awards
From unrestricted funds:
Prizes and leaving awards
Governance included in support costs
Remuneration paid to auditor for audit services (Excluding VAT)		 2025
£'000
500
5
505
36		 2024
£'000
508
6
514
31
Travel expenses of £654 (2024: £Nil) were claimed by members of the Governing Body.

8. ANALYSIS OF EXPENDITURE (Continued)

(b) Grants, awards and prizes

(c) Governance included in support costs

In addition to the above audit remuneration, the auditor received fees for compliance services totalling £11,856 (2024: £12,528).

9. FINANCE AND OTHER COSTS

Fees in advance debt financing costs
STAFF COSTS
The aggregate payroll costs for the year were as follows:
Wages and salaries
Social security costs
Other pension		 103
21,822
2,534
4,124
28,480		 39
19,445
2,018
3,274
24,737

10. STAFF COSTS

None of the Governors received any remuneration or other benefits from the Company or from any connected body.

32

SEVENOAKS SCHOOL

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

2025
10.
STAFF COSTS (continued)
Aggregate employee benefits of key management personnel
£3,467,739
Number of higher paid employees in bands of:
£60,000 to £70,000
46
£70,001 to £80,000
42
£80,001 to £90,000
18
£90,001 to £100,000
4
£100,001 to £110,000
6
£110,001 to £120,000
2
£120,001 to £130,000
1
£130,001 to £140,000
1
£140,001 to £150,000
1
£240,001 to £250,000
1
£300,001 to £310,000
1
The number of staff in the higher paid employee bands above with
retirement benefits accruing
- in defined contribution schemes was
23
of which the contributions amounted to
£726,619
- in defined benefit schemes was
96
The average number of employees during the year was as follows:
Teaching
222
Teaching support
30
Welfare
61
Premises
58
Support
116
Other activities
121
608		 2024
£2,327,364
41
44
20
4
5
-
2
-
-
-
1
14
£125,504
101
160
30
65
68
94
134
551

During the year settlement agreement payments totalling £221,983 (2024: £56,700) were payable.

11. INTANGIBLE ASSETS

Cost & Net book value
At 1st August 2024
Additions and cost at 31 July 2025
Amortisation
Charge for the year and at 31 July 2025
Net Book Value
At 31 July 2025
At 31 July 2024		 Total
£'000
59
12
-
71
59

33

SEVENOAKS SCHOOL

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

12. TANGIBLE FIXED ASSETS

Cost
At 1 August 2024
Solefield School Acquisition
Additions
Disposals
Revaluation
At 31 July 2025
Depreciation
At 1 August 2024
Solefield School Acquisition
Depreciation
Disposals
At 31 July 2025
Net Book Value
At 31 July 2025
At 31 July 2024		 Property &
Improvements
£'000
34,948
12,100
4,518
(808)
(869)
49,889
16,834
-
2,282
-
19,116
30,773
18,114		 Vehicles &
equipment
£'000
8,680
956
1,243
(29)
-
10,850
7,197
790
750
(15)
8,722
2,128
1,483		 Total
£'000
43,628
13,056
5,761
(837)
(869)
60,739
24,031
790
3,032
(15)
27,838
32,901
19,597

The revaluation balance of £(869k) relates to VAT recoverable via the Capital Goods Scheme on assets acquired before the Company registered for VAT.

13. SECURITIES INVESTMENTS

Investments
At 1 August 2024
(Decrease)/Increase in value of investments
At 31 July 2025
Investments comprise:
Alternative assets
Pooled charity investment funds
Holdings at the year end comprising more than 5% of the total are:
COIF income shares
M & G Charifund		 2025
£'000
1,066
(12)
1,054
1,054
923
131		 2024
£'000
990
76
1,066
1,066
939
127

34

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

14. DEBTORS

Fees and extras
Trade debtors
Staff loans
Other debtors
Other prepayments and accrued income
Amounts due from subsidiary companies
(Note 24)		 2025
2024
£'000
£'000
13,596
123
1,258
257
11
7
1,410
45
1,666
1,121
223
238
18,164
1,791

All debtors are due within one year, except for other debtors, which includes a balance of £868,000 relating to VAT recovery under the Capital Goods Scheme from 2026/27 to 2032/33.

Fee debtors in 2025 include bills raised for the 2025 Michaelmas term in July 2025 and are therefore also included in accruals and deferred income.

15. CREDITORS: Amounts falling due within one year

Deposits from parents
Fees received from parents in advance of term
Trade creditors
Taxation and social security
Payroll Costs
Fees in advance scheme
(Note 17)
Accruals and deferred income
CREDITORS:Amounts falling due after more than one year
Fees in advance scheme
(Note 17)		 4,366
4,536
4,307
3,047
1,856
3,181
16,336
37,629
4,773		 3,941
6,840
1,481
566
1,933
4,720
1,789
21,270
9,498

16. CREDITORS: Amounts falling due after more than one year

17. FEES IN ADVANCE SCHEME

Parents may enter into a contract to pay Sevenoaks School in advance, fixed contributions towards the tuition fees for up to seven years. The money may be returned subject to specific conditions on the receipt of one term's notice. Assuming pupils will remain in the School, fees will be applied as follows:

After five years
Within two to five years
Within one to two years
Within one year		 139
424
2,303
4,434
2,331
4,640
4,773
9,498
3,181
4,720
7,954
14,218

35

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

17. FEES IN ADVANCE (continued)

Summary of movements in liability
Balance at 1 August 2024
New contracts
Repayments
Amounts used to pay fees
Amounts accrued to contract as debt financing cost
Balance at 31 July 2025
FINANCIAL INSTRUMENTS
2025
£'000
Financial assets measured at fair value
1,054		 £'000
14,219
112
(52)
(6,428)
103
7,954
2024
£'000
968

18. FINANCIAL INSTRUMENTS

Financial assets held at fair value include assets held as investments.

19. LEASES

At 31 July 2025 the Company had annual commitments under non-cancellable operating leases expiring as follows:

Leasehold property leases which expire:
Payable within one year
Payable in the second to fifth year inclusive
Payable after five years
Other leases which expire:
Payable within one year
Payable in the second to fifth year inclusive
Payable after five years
Freehold property leases which expire:
Receivable within one year
Receivable in the second to fifth year inclusive
Receivable after five years		 4,501
16,936
10,286
31,723
137
249
-
386
231
-
-
231		 4,248
14,653
9,102
28,003
61
88
-
149
113
-
-
113

36

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

20. MAJOR FUNDS OF THE COMPANY

a. RESTRICTED FUNDS

37

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

20. MAJOR FUNDS OF THE COMPANY (Continued)

b. UNRESTRICTED AND DESIGNATED FUNDS

Unrestricted funds represent accumulated income from the School's activities and other sources that are available for the general purposes of the School. Designated funds represent unrestricted funds that have been set aside for specific purposes by decision of the Governing Body.

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

At 31 July 2025
Intangible assets
Tangible fixed assets
Securities investments
Net current assets
Long term liabilities
At 31 July 2024
Intangible assets
Tangible fixed assets
Securities investments
Net current assets
Long term liabilities		 Restricted
£'000
-
-
1,054
1,202
-
2,256
-
-
1,066
527
-
1,593		 Unrestricted
£'000
71
32,901
-
17,974
(4,773)
46,173
59
19,597
-
23,085
(9,498)
33,243		 Total
£'000
71
32,901
1,054
19,176
(4,773)
48,429
59
19,597
1,066
23,612
(9,498)
34,836

38

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

22. SUMMARY OF MOVEMENTS ON MAJOR FUNDS

Unrestricted funds
General reserve
Fixed assets reserve
Bursary reserve
Total unrestricted
Restricted funds
Bursary fund
SFU scholarship
Ligner scholarship
Plender scholarship
Johnson scholarship
Downton scholarship
Garrod scholarship
Forder bursary
General Scholarship Fund
Taylor prizes
Stenning fund
Prize Funds
Kirkwood fund
Travel Funds
Friends of Sevenoaks
Institute of Teaching &
Learning
KAN
Pastoral
DfE Cross-Sector Pshp Bid
Biology Pond
Chiesman Trust
Capital Projects
IB art exhibition
Ambition
Total restricted
Total funds		 At 1 August
2024
£'000
13,646
19,597
-		 Incoming
resources
£'000
46,687
16,321
1,423		 Resources
expended
£'000
(46,166)
(3,017)
(2,318)		 Other
transfers
£'000
(895)
-
895		 Gains/
(Losses)
£'000
-
-
-		 At 31 July
2025
£'000
13,272
32,901
0
33,243
-
74
241
153
259
77
83
70
28
34
109
121
22
102
3
10
13
8
9
44
133
-
-
-		 64,431
587
2
5
3
5
-
2
3
1
2
2
2
2
-
-
33
8
-
-
3
499
15
1		 (51,501)
(500)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
-
(1)
(3)
(2)
(3)
-
(1)
2
-
-
0
(1)
-
(1)
-
-
-
-
-
-
(2)
-
-
-		 46,173
87
75
243
154
261
77
84
75
29
36
111
122
22
103
3
10
46
16
9
44
134
499
15
1
1,593 1,175 (500) - (12) 2,256
34,836 65,606 (52,001) - (12) 48,429

39

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

22. SUMMARY OF MOVEMENTS ON MAJOR FUNDS (Continued)

Comparative summary of movement on major funds

Unrestricted funds
General reserve
Pension reserve
Fixed assets reserve
Bursary reserve
Total unrestricted
Restricted funds
Bursary fund
SFU scholarship
Ligner scholarship
Plender scholarship
Johnson scholarship
Downton scholarship
Garrod scholarship
Forder bursary
General scholarship
Taylor prizes
Shooting fund
Consolidated prizes fund
Kirkwood fund
Consolidated travel funds
Friends of Sevenoaks
Inst of Teaching & Learning
Kent Academies Network
Pastoral Fund
DfE Sevenoaks Community
Fund
STGSC Biology Pond
Chiesman Trust
CCF Grant
Total restricted
Total funds		 At 1 August
2023
£'000
9,376
-
20,229
540		 Incoming
resources
£'000
45,153
-
1,983
1,312		 Resources
expended
£'000
(40,740)
-
(2,615)
(1,970)		 Other
transfers
£'000
(143)
-
-
118		 Gains/
(Losses)
£'000
-
-
-
-		 At 31 July
2024
£'000
13,646
-
19,597
-
30,145
4
67
226
142
243
77
77
62
25
32
106
115
21
94
3
-
-
-
9
44
120
-		 48,448
448
2
2
3
3
-
1
3
1
1
1
1
1
1
26
10
13
8
0
0
3
5		 (45,325)
(508)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 (25)
56
-
-
-
-
-
-
-
-
-
-
-
-
-
(26)
-
-
-
-
-
-
(5)		 -
-
5
13
8
13
-
5
5
2
1
2
5
-
7
-
-
-
-
-
-
10
-		 33,243
-
74
241
153
259
77
83
70
28
34
109
121
22
102
3
10
13
8
9
44
133
-
1,467 533 (508) 25 76 1,593
31,612 48,981 (45,833) - 76 34,836

40

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

23. PENSION SCHEMES

Retirement benefits to employees of the Company are provided through defined benefit schemes and defined contribution schemes, which are funded by the School’s and employees’ contributions.

Defined benefit schemes

Teachers' Pension Scheme

Sevenoaks School participates in the Teachers’ Pension Scheme (England and Wales) (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,916,857 (2024: £2,500,749) and at the year end £259,289 (2024: £234,607) 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, which was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS increased from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. The School closed the TPS to new members with effect from 1 September 2024 and offers a defined contribution scheme with an employer instead.

Local Government Pension Scheme

Sevenoaks School is an “admitted body” to the Kent County Council (KCC) Pension Fund (LGPS). The scheme was closed to new members with effect from 1 April 2010, though it remains open to existing members.

Contributions are made to the scheme in accordance with the recommendations of the scheme’s actuary and are charged to the Statement of Financial Activities. The current service contribution rate during the year was set in bands, linked to the level of full-time equivalent salary received, ranging from 5.5% to 12.5% payable by employees and a further 26.6% payable by the School. At 31 July 2025, £Nil was accrued in respect of pension contributions to this scheme ( 2024: £Nil ).

41

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

23. PENSION SCHEMES (Continued)

a. The amounts recognised in the balance sheet are as follows:
Present value of funded obligations
Fair value of scheme assets
Impact of asset ceiling
Net asset/(liability) recognised in the balance sheet
b. Changes in the present value of the defined benefit obligation
Opening defined benefit obligation
Current service cost
Interest cost
Change in financial assumptions
Change in demographic assumptions
Experience loss/(gain) on defined benefit obligation
Estimated benefits paid net of transfers in
Contributions by scheme participants and other employers
Closing defined benefit obligation
c. Changes in the fair value of the scheme assets
Opening fair value of scheme assets
Interest on assets
Return on assets less interest
Other actuarial gains/(losses)
Administration expenses
Contributions by employer, including unfunded
Contributions by scheme participants and other employers
Benefits paid plus unfunded net of transfers in
Closing fair value of scheme assets
d. The amounts included within the Statement of Financial Activities
Service cost
Net interest on the defined benefit (asset)/liability
Administration expenses
Total amount charged within net incoming resources
Net actuarial (gains) recognised in the year		 2025
£'000
(14,202)
20,056
(5,854)
-
15,057
117
732
(1,261)
276
129
(881)
33
14,202
19,459
955
371
-
(18)
137
33
(881)
20,056
117
(223)
18
(88)
-		 2024
£'000
(15,057)
19,459
(4,402)
-
14,601
135
740
447
(35)
(62)
(807)
38
15,057
18,881
966
232
-
(17)
166
38
(807)
19,459
135
(226)
17
(74)
-

The Company expects to contribute £136,000 in 2025/26

42

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

23. PENSION SCHEMES (Continued)
e. Reconciliation of movements in Present Value of Plan Liabilities
and Assets
Net (asset) at beginning of year
Movements in the year:
Employer's current service cost
Employer's contribution
Expected net interest on plan assets
Actual net interest less expected net interest on plan assets
Changes in assumptions underlying the plan liabilities
Net (asset) at the end of the year		 2025
2024
£'000
£'000
(4,402)
(4,280)
117
135
(137)
(166)
223
226
(799)
(667)
(856)
350
(5,854)
(4,402)

The net asset of £5,854,000 is not recognised as a defined benefit plan asset in the balance sheet, in accordance with FRS 102, as the Company is unable to recover the surplus, either through reduced contributions in the future or through refunds from the plan.

f. The major categories of scheme assets as percentage of total assets

2025
%
Equities
59%
Gilts
6%
Other bonds
14%
Property
8%
Cash
3%
Absolute return fund
5%
Infrastructure
5%
100%
g. Principal actuarial assumptions at the balance sheet date
Discount rate
5.60%
Rate of increase in salaries
3.75%
Rate of increase in payment of pensions
2.75%
Assumed life expectancy in years at age 65:
Non pensioners
Females
25.4
Males
23.0
Pensioners
Females
23.7
Males
21.4
The actual return on scheme assets is estimated to be 6.94% in the year ended 31 July 2025.		 2024
%
57%
7%
14%
9%
3%
5%
5%
100%
5.00%
3.85%
2.85%
24.7
22.0
23.3
20.7

43

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

23. PENSION SCHEMES (Continued)

h. History of experience gains and losses

Defined benefit obligation
Plan assets
Surplus / (Deficit)
Experience adjustments on
plan liabilities		 2025
£'000
(14,202)
20,056		 2024
£'000
(15,057)
19,459		 2023
£'000
(14,601)
18,881		 2022
£'000
(17,880)
19,415		 2021
2020
£'000
£'000
(24,933)
(23,744)
20,176
17,535
(4,757)
(6,209)
397
(778)
5,854
(129)		 4,402
62		 4,280
(1,844)		 1,535
(53)

Defined contribution scheme

The Sevenoaks School Group Personal Pension Plan (GPP) started in April 2010. This is a money purchase group personal pension scheme managed by Aegon. Until 1 September 2024, members of the contractually enrolled scheme paid a minimum of 4% of their pensionable salary with no maximum limit. The School matched each member’s contribution, up to a limit of 7% (formerly 6%). From 1 September 2024, the scheme became non-contributory for members, with the School contributing 10% of pensionable salary. Members of the GPP scheme receive a death-in-service benefit of 3 times salary.

Solefield School teaching staff are members of a defined contribution scheme with an employer contribution of 16.48% and employee contributions ranging from 7.4% to 12.0%. Non-teaching staff are also members of a defined contribution scheme with employer contributions ranging from 5% to 8% and a minimum employee contribution of 5%.

Employers’ contributions are charged in the Statement of Financial Activities in the period in which the salaries to which they relate are due. Employers’ contributions in the year amounted to £1,737k (2024: £164k). At 31 July 2025 there were £256k of accrued pension contributions (2024: £Nil).

44

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

24. SUBSIDIARIES

The Company owns all the issued share capital of a trading company Sennocke Services Limited, company number 1980362 incorporated in England, which carries out the commercial trading services of Sevenoaks School. The School receives any surpluses earned by the company as a gift-aided donation. The financial statements of the company for the year to 31 July 2025, which are not consolidated with the School financial statements, showed the following position:

PROFIT AND LOSS ACCOUNT
Turnover
Operating costs
Profit from continuing activities
Deposit interest received
Gift aided donation (Gross)
Profit after payment of covenant
Balance brought forward
Balance carried forward
BALANCE SHEET
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS:Amounts falling due within one year
Net current assets
TOTAL NET ASSETS
CAPITAL AND RESERVES
Called up share capital
Profit and loss account		 2025
£
364,292
(244,182)
120,110
-
120,110
(120,110)
-
15,000
15,000
6,307
332,116
338,423
(323,421)
15,002
15,002
2
15,000
15,002		 2024
£
493,153
(281,799)
211,354
-
211,354
(211,354)
-
15,000
15,000
24,367
253,812
278,179
(263,177)
15,002
15,002
2
15,000
15,002

No management charges were paid by Sennocke Services Limited to the Company during the year (2024: £Nil). At 31 July 2025 a balance of £223,426 (2024: £238,497) was owed to the Company.

45

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

25 STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE FOR THE YEAR ENDED 31 JULY 2024

Income from:
Charitable activities
School fees receivable
Ancillary trading income
Other trading activities
Charitable trading income
Investments
Investment income
Bank and other interest
Voluntary sources
Grants and donations
Total incoming resources
Expenditure on:
Raising funds
Charitable trading costs
Financing costs
Total deductible costs
Charitable activities
Education and grant making
Total expenditure
Net incoming funds from operations before transfers
and investment gains
Gains on investments
Transfers between funds
Net loss
Pension scheme actuarial gains
Net movement in funds for the year
Fund balances brought forward 1 August 2023
Fund balances carried forward 31 July 2024		 Unrestricted
funds
£'000
41,067
3,977
2,248
-
945
211
48,448
(1,271)
(39)
(1,310)
(44,015)
(45,325)
3,123
-
(25)
3,098
-
3,098
30,145
33,243		 Restricted
funds
Total funds
£'000
£'000
-
41,067
-
3,977
-
2,248
22
22
-
945
511
722
533
48,981
-
(1,271)
-
(39)
-
(1,310)
(508)
(44,523)
(508)
(45,833)
25
3,148
76
76
25
-
126
3,224
-
-
126
3,224
1,467
31,612
1,593
34,836

46

SEVENOAKS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

26 CHARITABLE ACQUISITION DONATION - SOLEFIELD SCHOOL EDUCATIONAL TRUST LIMITED

On 1 May 2025, the whole of the assets and liabilities of Solefield School Educational Trust Limited were transferred to Sevenoaks School. From that date, Solefield School became part of the Sevenoaks Family of Schools. A summary of the assets and liabilities transferred to Sevenoaks School as a chartiable acquisition donation are as noted below.

Fixed Assets (note 12)
Net current assets		 £'000
12,266
202
12,468

27 CONTINGENT LIABILITY

The Company is aware of a possible liability in relation to a historic legal matter. The outcome of this matter is not known, and the Company is unable to quantify the potential liability at this time.

28 EVENTS AFTER THE END OF THE REPORTING PERIOD

On 20 February 2026 the Company exchanged contracts to effect a charitable merger with Bickley Park School Ltd (Company number: 00733991, Charity number: 307915).

The transaction is structured as a transfer of the entire undertaking of Bickley Park School Ltd into the Company, including all staff, assets, and liabilities, for nil consideration. It is expected that legal completion will take place on 31 May 2026.

Following completion, the assets and liabilities of Bickley Park School will be incorporated into the Company's financial statements at their fair value. As the merger will take place after the reporting date, no adjustments have been made to these accounts.

47

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