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2025-08-31-accounts

Charity Registration No. 1103346

Company Registration No. 05084301 (England and Wales)

KING’S SCHOOLS TAUNTON LIMITED DIRECTORS’ REPORT

and

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

KING’S SCHOOLS TAUNTON LIMITED

CONTENTS

Page
Company Information 1
Directors’ Report (incorporating the Strategic Report) 4
Directors’ Responsibilities Statement 23
Independent Auditor’s Report 25
Consolidated Statement of Financial Activities 29
Charity Statement of Financial Activities 30
Consolidated and Charity Balance Sheet 31
Consolidated Cash Flow Statement 32
Notes to the Financial Statements 34

KING’S SCHOOLS TAUNTON LIMITED

COMPANY INFORMATION YEAR ENDED 31 AUGUST 2025

Directors L M Nash BEd FIOD ISM (Chair and Custos) (resigned 5 July
2025)
Commodore J R A Woodard RN (ret’d) ChPP, BASC (Hons),
MSc, PG Cert (Chair and Custos from 5 July 2025)
C H Hirst MA (Vice-Custos)
R C Amess (appointed 6 February 2025)
M N Britten (appointed 7 June 2025)
C A Cavaghan-Pack BEd JP
N R Dixon (appointed 1 September 2025)
M D Featherstone MA PGCE (resigned 27 June 2025)
M A Gunn MA (Ed)
J E R Houghton MA
J E Knill
R M U Lambert MA
W J Morrison BSc MRICS
H D Plant (appointed 1 September 2025)
Bishop W N Stock BA, Dip Theol.
R Wells-Cole BA (Hons)
Company Secretary S C Worthy BA MBA (resigned 31 July 2025)
S C Taylor (appointed 1 August 2025)
Charity Number 1103346
Company Number 05084301
Registered Office 20 Holway Avenue
Taunton
TA1 3AR
Principal Addresses King’s College Taunton
South Road
Taunton
Somerset
TA1 3LA
King’s College Prep(WEF 01/09/2023– previously King’s Hall
School)
Kingston Road
Taunton
Somerset
TA2 8AA
Key Management Personnel
Heads M P Sloan, BA (King’s College Taunton)
J T S Chippendale, BSc (King’s College Prep) (to 31 August
2025)
H Berry BA(Hons), MBA (Dist) (appointed 1 September 2025)

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KING’S SCHOOLS TAUNTON LIMITED COMPANY INFORMATION YEAR ENDED 31 AUGUST 2025

Director of Finance and S C Worthy BA MBA (to 31 July 2025)
Operations
Bursar J R Drew MA ACA (appointed 1 September 2025)
Auditor Moore Kingston Smith LLP
6thFloor
9 Appold Street
London
EC2A 2AP
Tax advisers RSM UK Tax and Accounting Limited
10thfloor
103 Colmore Row
Birmingham
West Midlands
B3 3AG
Cubed Tax Support Limited
11c Oakmoore Court
Kingswood Road
Droitwich
WR9 0QH
PKF Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF
Bankers National Westminster Bank plc
49 North Street
Taunton
TA1 1NB
Solicitors DAS Law Limited
North Quay
Temple Back
Bristol
BS1 6FL
Porter Dodson
The Quad
Blackbrook Park Avenue
Taunton
TA1 2PX
Veale Wasbrough Vizards
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA
Investment Advisers Cazenove Capital
1 London Wall Place
London
EC2Y 5AU

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KING’S SCHOOLS TAUNTON LIMITED

COMPANY INFORMATION YEAR ENDED 31 AUGUST 2025

Insurance Brokers

Marsh Insurance Brokers Limited

1 Tower Place West Tower Place London EC3R 5BU

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KING’S SCHOOLS TAUNTON LIMITED

DIRECTORS’ REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

The Directors present their report and financial statements for the year ended 31 August 2025 and confirm they comply with the requirements of the Charities Act 2011, including the Directors’ and Strategic Reports, under the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE INFORMATION

The Company was incorporated on 25 March 2004 and commenced operations on 1 September 2004 when the business, assets and liabilities relating to King’s College Prep and King’s College Taunton were transferred from Woodard Schools (Western Division) Limited. On 15 July 2012 the Company changed its name from Woodard Schools Taunton Limited to King’s Schools Taunton Limited. The Company is a limited liability company incorporated in the United Kingdom and a wholly owned subsidiary of The Woodard Corporation, which is also a registered charity (number 1096270). The Directors of the Company are also Fellows (members) of the Woodard Corporation and participate in the election of its board of management and are committed to its charitable objects.

As Woodard schools, King’s College Prep (changed from ‘King’s Hall School’ with effect from 1 September 2023) and King’s College Taunton (the Schools) share an educational vision which empowers and adds value to a child’s development, within an actively Christian environment. King’s College Prep is an independent co-educational preparatory school for day and boarding pupils aged 2 to 13 and incorporates pre-preparatory and nursery departments. King’s College Taunton is an independent co-educational senior school for boarding and day pupils aged 13 to 19. The Schools are forward-thinking and dynamic places of learning with dedicated staff, excellent facilities and a warm and open culture.

Note 29 on page 51 provides details of a connected charity, namely the parent charity, the Woodard Corporation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company is governed by Articles of Association as adopted by Special Resolution dated 20 March 2013, replacing those dated 18 March 2004 amended by Special Resolution(s) dated 25 January 2006, 28 April 2009 and 23 June 2009. They permit funds to be managed in such a manner as the Directors see fit, provided that such powers are only exercised for the purposes of attaining the objects, and in a manner which is legally charitable. The Articles of Association forbid the distribution of any property or funds, which are to be applied solely towards the promotion of the objects of the Company.

School Council (Governing Body)

The Council Members are the Directors and charitable trustees of the Company and comprise the Council of King’s College Prep and King’s College Taunton. The Directors are also Governors for the purpose of Charity law. They are elected to hold office for five years. Any retiring Director may be reappointed. The Directors determine the policy and strategy of the Company. It is the collective responsibility of the School Council to ensure that the Schools are fit for purpose and to determine and support its strategic direction in order to enable it to attain their stated objectives. The day-to-day management of the Schools is delegated to the Heads and Director of Finance and Operations (Bursar from 1 September 2025), who operates across both schools, supported by the Senior Management Teams in each School. The chair of the Council is known as the Custos.

Recruitment and Training of Council Members

All Council Members are Corporate Fellows of the Woodard Corporation. Corporate Fellows are responsible for electing the Woodard Corporation Board. Council Members are recruited on the basis of nominations from school contacts and from an external recruitment company and from selection when a post becomes available.

The Council looks to ensure a mix of skills and selects new Council Members on the basis of background, competence, specialist skills and commitment to supporting the Christian ethos/practices of the Schools. Specific attention is paid to the succession planning of Council Members, both with a view to their skill sets and in relation to the chairmanship of the Council and its sub-committees.

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DIRECTORS’ REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

Council Members are provided with induction training by the Heads, Clerk to the Governors and other key staff and a wider programme of training events is organised by the Woodard Corporation and other organisations. Council Members are also encouraged to attend events run by the Association of Governing Bodies of Independent Schools (AGBIS) and other relevant organisations.

Organisational Management

The Schools are governed by the Council which delegates work to a number of committees. Membership of each committee is outlined on page 23. The Directors determine the general policy of the Company. The day-to-day management of the Company is delegated to the Heads and the Director of Finance and Operations, overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day-to-day administration is undertaken within the policies and procedures approved by Council which provide for only significant expenditure decisions and major capital projects to be referred to Council for prior approval.

The Heads oversee the recruitment of all educational staff, whilst the Director of Finance and Operations oversees the recruitment of operational staff. The Heads and Director of Finance and Operations are invited to attend Council meetings.

The full Council met for a full meeting three times during the year and had one virtual extraordinary meeting in March 2025. They attended one Education Day at King’s College and one Education Day at King’s College Prep.

Education and Pastoral Committee – the Education and Pastoral Committee is responsible for oversight of the academic performance of the Schools and educational and pastoral policy, making recommendations to Council for approval. The Education and Pastoral Committee met three times during the year.

Finance and Estates Committee – the Finance and Estates Committee has a remit to consider budgets, both revenue and capital, cash flow information, financial reports, including the financial statements, financial policies and relevant financial regulations. It does this through consideration of audit management letters and other reports relating to governance and control of the Schools. It also oversees the Schools’ estates strategies, including capital developments and maintenance of the buildings. It makes recommendations to Council for approval. The Finance and Estates Committee met three times during the year and had one virtual extraordinary meeting in May 2025.

Remuneration Committee – the Remuneration Committee reviews the performance and remuneration of the Executive. It makes recommendations to Council for approval. The Remuneration Committee met twice during the year and had one extraordinary meeting in May 2025.

Appointments Committee – the Appointments Committee is responsible for managing the recruitment of new Council Members to Council. It ensures an orderly succession policy is in place and that the Council has an appropriate mix of skills and experience. It makes recommendations to Council for approval. The Appointments Committee met twice during the year.

Compliance Group – the Compliance Group is charged with overseeing the compliance of both King’s College and King’s College Prep with all relevant legislation and regulatory requirements. It makes recommendations to Council for approval. The Compliance Group met once during the year.

Group Structure and Relationships

The Company has two wholly owned non-charitable subsidiaries, WST Enterprises Limited and King’s College Schools International Limited.

The Schools have developed links with a variety of organisations by means of which they enjoy access to information on best practice which enables them to offer the widest possible access to the facilities and educational opportunities which they provide. Council Members and staff ensure that they are able to attain the highest standards of quality and performance through membership of professional associations including the Independent Schools Council, the Headmasters’ and Headmistresses’ Conference, the Independent Association of Preparatory Schools, the Independent Schools’ Bursars

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Association, the Association of Governing Bodies of Independent Schools, the Boarding Schools’ Association, and the Somerset Chamber of Commerce, as well as through involvement in the work of the Independent Schools’ Inspectorate, various examining bodies, through networking with peer groups and by many other means.

All the pupils in the two Schools are encouraged to develop an awareness of the social context of the all-round education they receive at the Schools and they are engaged in a number of activities to enhance their understanding and to enrich their experience. There is a thriving association of former pupils of King’s College, the Old Aluredian Club, which supports the work of that School. Beyond King’s was introduced in 2019; this is an online initiative, which combines a directory of alumni, pupils, parents and Friends of King’s, who are able to connect, support and mentor each other, whilst at school and beyond. Two further organisations, The Friends of King’s College and The Pelicans (Friends of King’s College Prep), membership of which is open to past and present parents of pupils at the Schools, neighbours and others, also supports the work of the Schools. King’s Schools Taunton Limited is a substantial employer in the Taunton area and has responsibility for the care and upkeep of several listed properties and important parts of the local environment.

King’s Schools Taunton Limited also cooperates with many local schools and charities in its on-going endeavours to widen public access to the schooling it provides, to optimise the educational use of its cultural and sporting facilities and to awaken in its pupils, in the public interest, an awareness of the social context of the all-round education they receive.

How the Board Complies with its Section 172 Duty

Section 172 (1) of the Companies Act 2006 (Statement of Director’s Duties to Stakeholders) requires directors to act in good faith to promote the success of the charity for the benefit of its members, and in doing so have regard (amongst other matters) to:

As set out on pages 5 and 6 within “Group Structure and Relationships” the Schools have developed links with a wide range of organisations to ensure the widest possible access to our facilities and education. Through membership of HMC, IAPS, AGBIS, BSA, and ISBA and through networking with peer groups we ensure that we are able to attain the highest standards of quality and performance.

Details of how the Schools have engaged with employees and had regard to employee interests can be found within the Employment Policy and Employee Involvement sections on page 9. Details of volunteer engagement can also be found on page 10.

The Directors can demonstrate the promotion and success of the charity for the benefit of the stakeholders through the review of achievements and performance for the year, included within this Strategic Report. The Schools have continued to benefit from access to high quality academic education as well as pastoral and social support. The Schools also play an important role in providing activities for local community groups and access to their facilities.

The Trustees are responsible for strategic planning and policy-making for the Schools and, accordingly, all key decisions, the current performance and future longer-term plans of the charity and stakeholders are referred to and taken by the Board. The Schools are governed by the governing body (Council) which delegates work to a number of committees. Membership of each committee is outlined on page 23. The Governors, who are also the directors, determine the general policy of the company.

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DIRECTORS’ REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

As set out in the Strategic report, our culture, staff, volunteer and pupil welfare and wellbeing, has been fundamental to continued success. Further information on King’s continued success can be found in our Strategic Report and the detailed review of achievements and performance for the year.

CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The Company’s objects, as set out in the Articles of Association, are to promote and extend education in accordance with the doctrines and principles of the Church of England, through its two schools, King’s College Prep and King’s College Taunton. The Council has a written statement of its own Aims, Vision and Values last updated in June 2024, which enshrines the Company’s objectives in its own context. From this document flows the Company’s strategic plan against which the principal activities are monitored regularly.

In setting the objectives and planning the activities of the Schools, the Council gives careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging. King’s Schools Taunton Limited is a charitable trust which seeks to benefit the public through the pursuit of its stated aims. The fees are set at a level to ensure the financial viability of the Schools and at a level that is consistent with the aim of providing a first class education to all pupils.

The Schools’ charitable objectives are ‘to promote and extend education’, and these objectives are recognised as benefiting the public when pursued in the context of formal education in a body where all surplus funds are re-invested. The Woodard Corporation and all of the schools it owns are charitable bodies, with no external shareholders and no possibility of making distributions, including in the form of dividends. All surpluses are re-invested in education.

Intended impact

Woodard schools strive for the best all round education of every aspect of each individual; they ensure high standards of religious education and they see themselves as communities working together for the benefit of all concerned, and of the Church and the nation. They are strong Christian foundations which adhere to Catholic belief as found in the Church of England, to Christian worship focused in the Eucharist, and to the care of each individual and the whole school community particularised in the ministry of the Chaplain. A Woodard education values both the spiritual and moral development of each person within the school community giving strength, confidence and respect for others.

Objectives of and Principal Activities for the Year

The principal objective and activity of the Schools is the delivery of education to pupils ranging from 2 to 19 years of age. The Schools aim to support children in reaching their potential in all areas of their activity at the Schools, and in the wider community. This may be in academic subjects but could just as easily be reflected in success in art, drama, sport, music or dance. We produce ‘well rounded’ individuals who are able to make a positive contribution to society. All Woodard schools aim to provide a rounded education to help the pupils to make their way in adult life. King’s Schools Taunton also aims to further extend access to the schools’ facilities to the local community.

Public Benefit

Within the objects, the Schools aim to create an environment to nurture children, to get the best from them and to allow them to develop and fulfil their potential. They provide them with a first class independent education and a wide range of sporting and cultural opportunities. The Schools’ public benefit aim is that all pupils will be self-confident and instilled with a desire to contribute to the wider community.

In the furtherance of these aims the Directors of King’s Schools Taunton Limited as the Company’s trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the

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Public Benefit requirement under that Act.

The Schools welcome pupils from all backgrounds. To admit a prospective pupil, the Schools need to be satisfied that they will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy the Schools and parents that potential pupils can cope with the pace of learning and benefit from the education they provide. An individual’s gender, ethnicity, race, religion or disability do not form part of the assessment processes.

The Schools are a part of a wider community and are keen that their staff and pupils participate. The Schools also offer a resource to support a range of educational activities for the benefit of local children attending state schools and their teachers. The Council is committed to developing the programme of cooperation and joint working with local maintained sector junior and secondary schools. The activities undertaken and the success of the schools are explained in the ‘Review of Achievements and Performance for the Year’ section of this report.

Woodard and its schools provide a significant benefit to the public. The schools strive to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from the education and facilities offered due to the need to pay fees. In addition to significant provision of bursaries and other forms of financial support, the school provides a wide range of opportunities for community benefit and facilities and events are often open to all. Further detail of the public benefit offered is included in the section entitled ‘Review of Achievements and Performance for the Year’ below.

It is a key requirement of evidencing public benefit that any private benefit to individuals or elements of the charity will be incidental to the charity's objectives. An example of private benefit may be the reimbursement of travelling expenses for trustees attending training courses: any private benefit to individuals or elements of Woodard are incidental to the delivery of the charitable objectives.

ACCESS POLICY

It is important to the Schools that access to the education offered is not restricted to those who can afford the fees. The School Council believes that pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which helps pupils develop an understanding of the perspectives of other people that will be vital in their adult lives.

The Schools’ Awards policies, including for bursaries, contribute to a widening of access to the education they offer and the facilities its pupils enjoy.

Bursary Policy

The Schools Council views bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education offered by the Schools. Assistance with fees, or “bursaries” is designed to help those in financial need to afford the school fees at King’s. Since demand for fee assistance always greatly exceeds supply, pupils must be registered candidates and “qualify” to be considered for fee assistance on the basis of achieving high scores in the entrance assessments, by winning a scholarship or exhibition award, or, for current pupils, to relieve hardship where a pupil’s education and future prospects would otherwise be at risk, for example in the case of redundancy.

In assessing means the methodology promulgated by the Independent Schools’ Bursars Association is used, which takes a number of factors into consideration including family income, investments and savings and family circumstances for example dependant relatives and the number of siblings. The funds available for bursaries are limited. When considering awards, the Schools have to be mindful that they must ensure a balance between those parents paying full fees, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards.

In January 2015 the School Council allocated £1 million of unrestricted funds to a designated Bursary

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DIRECTORS’ REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

Fund. These funds are invested and the objective is to build this fund significantly through fund raising and accumulating investment income and capital growth. A percentage of the capital sum is contributed to the Schools’ bursary programme annually.

The bursary awards range up to 50% remission of fees. Information about fee assistance through bursaries is provided to all applying to the schools. Further details of the current bursary policy and how to apply are available from the Finance or Admissions offices.

Other Policies on Assistance:

Family discounts policy

To underline the value placed on continuity for families, discounts are offered where parents have more than one child at the Schools.

Promoting high academic standards - scholarship policy

The purpose of scholarship awards is to recognise high academic potential or the ability to excel in cocurricular activities. Scholarships are awarded on the basis of the individual’s academic potential or evidence of exceptional abilities which will contribute to co-curricular activities. Scholarships are awarded with a fixed remission of fees of between 10% and 50%. Where further assistance is required, scholarship awards may be supplemented by a means-tested bursary up to a total remission of 50%. The Schools include details of the various awards available in their prospectuses and on their websites.

Assistance for teaching staff

As part of its emphasis on attracting and retaining high calibre staff, the Schools offer a discount scheme for those staff members who choose to educate their children at the Schools.

Further assistance

Support is also available to children of MOD employees and the Clergy.

Grant Making Policy

The Schools provided scholarships, grants, prizes and other awards totalling £612,151 from unrestricted funds. In common with other independent schools, King’s College Taunton and King’s College Prep make these awards based on the educational potential of the pupil (subject to the particular conditions imposed by the original donor where the award is out of restricted funds). The Schools also provided means tested bursaries totalling £946,018 (5.5% of gross fees) to families who would not otherwise be able to afford the fees or where the pupil’s education and future prospects would otherwise be at risk. They provided assistance to 76 pupils. In support of refugees and in partnership with Royal SpringBoard, four of these received over 100% remission of fees. The availability of all such awards for fee-assistance, together with the terms and conditions for each kind of award, is advertised on the Schools’ websites.

Employment Policy

King’s Schools Taunton Limited is an equal opportunity organisation and is committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, gender, sexual orientation or disability. The Schools will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Employee Involvement

The Schools encourage the involvement of its employees in its management through regular meetings of the staff with management and Governors (in particular with the Governor responsible for staff welfare). Management at all levels have responsibility for the dissemination of information of particular concern to employees and for receiving their views on important matters of policy. Employees are required to play an active part in appraisal of their performance and are also requested to comment on what the Schools do well and what could be improved.

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Disabled Persons

The Schools will employ disabled persons when they appear to be suitable for a particular vacancy and every effort is made to ensure they are given full and fair consideration when such vacancies arise.

There will be a training scheme made available for any employees who become injured or disabled during the course of their employment so they can, where possible, continue in employment with the Schools.

Volunteers

The Schools enjoy the support of a large number of volunteer groups and individuals including, in particular, parents, who help the Schools to raise funds and assist with specific activities and school events. The Council records its deep appreciation for the work of these volunteers; the assistance given would extend to several hundred hours of voluntary service.

Investment Policy and Objectives

The Company’s articles of association permit funds to be invested in such manner as the Directors see fit, providing that such powers of investment are only exercised for the purpose of attaining the objects and in a manner that is legally charitable. The Council’s policy is to preserve and enhance the capital value of investments and maximise income consistent with maintaining a balanced investment return from income and capital, with moderate risk.

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Responding to External Pressures

The independent schools’ sector, including Woodard independent schools, stood up well to the problems created by the ‘cost of living crisis’ but independent schools remained concerned, and many were planning for pressure on pupil numbers, particularly once the new Labour Government confirmed the introduction of VAT on school fees from 1st January 2025.

The increases in the cost of living impacted all areas of cost for independent schools, particularly in staff costs. The more recent return to long term rates of inflation has lessened this impact, but schools have all faced an issue in recovering their costs through fee rises. This will continue with the introduction of VAT.

King’s College

The School’s high educational standards are validated through strong public examination results, our measure of value added and through external inspection. The School offers a broad range of subjects, though the emphasis is on traditional, academically rigorous disciplines. We have particular strength in mathematics, the sciences, languages, design technology and sports studies. The School underwent a scheduled compliance inspection by the Independent School’s Inspectorate (ISI) in October 2022 and in a glowing report was found to be fully compliant in all areas.

Academic Results

At both GCSE and A-level there were some outstanding outcomes for pupils. We are confident that the grades are a fair reflection of the ability and hard work of the two cohorts.

At A-level and BTEC, the overall A* to B rate was 65%. We take a broad range of academic ability levels, and are pleased and proud when a pupil fulfils their own individual potential and takes the next step in their journey no matter where that may lead, be that a vocational course or an elite university. Given that range, some find it helpful to understand that the top half of the year achieved close to 87%

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A*-B at A-level this year, placing us in line with many schools who are highly selective at entry point. A very pleasing 90% of pupils who held offers from universities have been accepted onto their firstchoice courses, including those selected for highly selective courses, such as Medicine; we have an outstanding bespoke programme at King’s to guide pupils who wish to study Medicine. Pupils at King’s College, Taunton are celebrating outstanding A Level and BTEC results today, having secured places at several world-class universities including Edinburgh, York, Exeter, Loughborough, UCL, Liverpool, Nottingham, Bath, Durham, Leeds, Warwick and Bristol.

In addition to securing places at top UK universities, King’s pupils have also achieved international success, gaining admission to prestigious institutions such as the Ivy League University of Columbia in the United States, as well as other outstanding Universities in Canada, Switzerland, and Hong Kong.

King’s Year 11 pupils performed very well at GCSE, the Grade 9-7 (A*-A) rate was 50%. 20 pupils achieved 9 or more grades 9-7 across their subjects. Success in English Literature and Maths has been a particular highlight this year, with 20 pupils gaining a 9 in English Literature and 29 pupils securing a 9 in Maths.

This success reflects the hard work of both the pupils and teachers. Our breadth of opportunity is demonstrated by the fact that many of our pupils have also excelled outside of the classroom. Their ability to balance their studies and to throw themselves into a number of additional pursuits is commendable, and our staff are highly experienced in providing the support required.

King’s College uses CEM centre data to calculate added value as one measure of educational progress. Added value measures the difference between the expected grade from a pupil’s baseline assessment score at the beginning of their course and the grade they actually achieved. Value added at GCSE at King’s College is 0.4 meaning that, on average, an Example College education added 0.4 of a grade to every pupil’s result, across all subjects. For the second year running, and fourth year in five, this level of value-added was classified as being statistically significant. At A level value added was 0.05. Here, results for many individuals showed positive significant value added, but was 0.05 across the cohort as a whole.

Improving Facilities

Throughout the summer work has continued on our new Junior Common Room, a social space for our pupils in Years 9-11. This will double as a sports café at weekend for our parents and visitors. The majority of the cost of this project has come from fundraising within our community. The building is due to be complete in October 2025. In addition, we have refreshed and restored the Woodard Room, one of the most historic spaces within the school; this room is used for public and social events, hosts music recitals, debates and doubles as an examinations room at points in the year.

Arts, Music and Drama

The number and range of musical events took place over the course of the year, including 20 concerts, 30 sung Eucharists and over 4000 instrumental lessons. The Chapel Choir are a feature of the school, singing weekly in our Eucharist Service and throughout the year at various Chapel Services. We have had the guitar ensemble, pianist recital, string concert and Evensong recently. The school ran the young musician of the year award, a chamber concert and a woodwind concert. A wide range of pupils enjoy our musical endeavours.

In Drama, over 100 pupils brought Beauty and the Beast to life in one of our most ambitious productions yet, while The Railway Children, performed outdoors this week, was a sunlit triumphcomplete with our very own miniature steam railway.

King’s pupils achieved outstanding results in LAMDA Speech and Drama Acting exams. We had eleven pupils from Year 10 to Year 13 entered for them at the highest grades with four taking Bronze (Grade 6), six taking Silver (Grade 7) and one taking Gold (Grade 8). Ten of the pupils achieved the highest assessment level possible, Distinction, which means they scored over 80%.

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Sport and Outdoor Pursuits

Our talented boys’ U15 cricket team won the national T20 Cup final.

Our girls’ 1[st] XI cricket team also won a national title, capping an outstanding season where they won 13 of their 14 matches.

The girls’ football 1[st] XI won their league and the boys 1[st] XI reached the regional FA Cup final.

Our boys 1[st] XV rugby team reached the last 16 of the national cup.

A number of boys and girls competed at an international level in a range of sports, including athletics, cricket, water polo and badminton. A L6th boy has been offered a contract to play professional cricket for Somerset, he also captains the U19 England Team and will compete in the World Cup next year.

The squash team won a national title.

In swimming, our boys’ and girls’ teams were second in the 100[th] edition of the annual Meade-King Cup quadrangular gala.

Riding had a successful year this year, with pupils representing the school at the National School Equestrian Association finals at Hickstead.

CCF

The school’s Royal Marines section performed brilliantly at the annual Pringle Trophy, taking home silverware. The Royal Navy Section has enjoyed visits to HMS Richmond and sailing at Wimbleball Lake, as well as a once-in-a-lifetime opportunity to visit the Royal Navy’s flagship aircraft carrier HMS Queen Elizabeth.

Ten Tors

King’s once entered two determined teams for the 35, 45 miles challenge Ten Tors Challenge, successfully tacking the challenging routes of Dartmoor, showing exceptional resilience despite the heavy loads and tough weather.

Partnerships & Community Engagement

This year has seen continued growth in our partnerships and outreach work, with a renewed focus on expanding opportunities for pupil involvement. From September, a revised timetable will allow all Lower Sixth pupils to participate in meaningful service activities, either through leadership roles within school or placements with external partners.

Our long-standing partnership with Holy Trinity Primary School has flourished once again. Cricket coaching sessions led by our senior pupils provided a lively and inclusive experience for visiting children, many of whom were new to the sport. These sessions were followed by a repeat of the popular DT glider project, with pupils designing and testing their models using our facilities. The Reading Mentors programme has continued successfully at both Holy Trinity and Holway Park, with pupils returning in the new academic year.

Community sport remains a key focus. A tag rugby tournament for local primary schools, supported by coaching sessions, will take place this term, alongside the final events in our cross-country series. These have welcomed hundreds of pupils from over 25 schools, the majority from the state sector. Our Sports Leaders programme concludes with pupils supporting Holy Trinity’s Sports Day and gaining nationally recognised qualifications. We also hosted Castle School’s annual swimming gala and will welcome over 400 pupils for the Knight Frank Schools Triathlon later this term. Musicians from King’s have continued their visits to local care homes, with new venues added this

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year, strengthening intergenerational connections through music.

The Sixth Form Bursary Scheme has expanded with the launch of the Somerset Scholarship, awarded to a pupil from a local state secondary school. This initiative reflects our commitment to transformational bursaries and is supported by generous contributions from alumni and benefactors. Charitable giving has been strong throughout the year, with fundraising efforts from boarding houses, academic departments, and individual challenges raising over £10,000 for various causes. A new staff volunteering scheme was introduced this term, offering teaching staff the opportunity to engage in community service. This initiative aims to deepen our connections with local organisations and broaden the impact of our outreach.

Looking ahead, a coordinated plan will bring together outreach activities across both King’s College and King’s College Prep, ensuring a unified and strategic approach to community engagement.

King’s College Prep

King’s College Prep provides a very high standard of education and this is validated by review of the academic results and other achievements and through external inspection. The School offers a broad curriculum and educates children with a wide range of ability. It has an exceptional Forest School on site utilised by all children which makes full use of the School’s stunning rural position and proves very popular with children and staff alike. ‘Woodland Adventures’ and a variety of technological, sporting and artistic courses are run during the school holidays as part of the wrap-around care provision. As well as achieving high academic attainment, the School is a strong force on the sporting front, especially in rugby, cricket, hockey, netball, tennis, athletics and multi-eventing. The School has impressive musical performers; artists with great talent; self-motivated and able designers; its drama and performing arts programme is full, varied and of a very high standard.

The School aims to support children in reaching their potential in all areas of their activity at the School. This may be in academic subjects but could just as easily be reflected in success in art, drama, sport, music or design technology: Year 8 leavers secured 46 scholarships this year and around 200 awards to senior schools have been gained in these six disciplines over the last six years. The School produces well-rounded individuals who are able to make a positive contribution to society. An effective democratically elected Pupil Council operates successfully from Year 3 upwards with ‘Pupil Voice’ existing in Pre-Prep. There are constant charitable events taking place, with a significant focus this year being towards funds for Love Musgrove, Hospice South West, and Open Door.

Academic Performance

Year 8 leavers gained nine academic scholarships to senior schools. 100% of Year 8 children gained access to their chosen senior school. Year 6 children gained three academic scholarships to continue to King’s College after Year 8.

Sport

King’s College Prep continues to compete at a very high level, especially in rugby, hockey, cricket, athletics, tennis, football and netball. In sporting competition outside of school, King’s College Prep children were successful. The boys U13 and U11 rugby teams had very positive seasons. The boys’ and girls’ hockey teams won the vast majority of their matches, and beyond inter-school fixtures various teams reached regional and national finals. All children, girls and boys, play cricket at the same time. The girls U13 cricket team were County Champions and the boys U13, U12 and U11 cricket teams all reaching the final stages. A good number of boys and girls were selected to play for Somerset at their age group.

The tennis teams performed strongly, a large number of children competed in the Exmoor Challenge with one team winning the event. Our riding team won several Show Jumping Classes during the year and also competed at Hickstead. In conjunction with the College, our Junior squash team are County Champions. Four children competed in the National Athletic finals. Six children were at the National

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Biathle or Laser Run championships with two going on to represent Great Britain internationally. Our pistol shooting team reached the National Schools finals once again.

Eleven children gained sports scholarships to their senior schools and six won awards in Year 6 to continue on to King’s College.

Art, DT, Music, Drama and Performing Arts

An impressive and diverse Art and DT exhibition at the end of the year displayed the various creative talents in the School. The Specialist Art group undertook a wide range of enrichment activities to extend their knowledge and understanding. The music department put on extremely high quality concerts. Involvement in festivals and competitions such as Taunton Music Festival was fulsome with impressive results. All children in Years 2, 3 and 4 have, respectively, class lessons on the violin, trumpet/trombone and junior sax.

Drama productions continued to be plentiful with the Michaelmas Term seeing Year 7 and 8 create a terrific production of Bugsy Malone. An extremely high quality show with sound including radio microphones, computerised lighting, vibrant set, props and costumes. December saw two excellent nativity productions from Pre-Prep. In March Year 6 produced energetic and vivacious performances of The Jungle Book. Year 4 performed outside in the Summer to two parental audiences and Pre-Prep delivered their Summer Show with great style. The Speech and Drama activity continues to thrive with many children taking part including the Taunton Drama Festival and LAMDA exams – with much success.

The King’s College Prep Arts Week welcomed an enormous range of visitors across the curriculum enriching the experience for the children as well as numerous trips and productions taking place. The theme was ‘Light’. There were workshops, trips, visiting artists, authors, storytellers and dance as well as some following the remarkable puppeteers.

Four music, two art, eleven DT and six drama/performing arts scholarships were gained by Year 8 children to senior schools.

Significant projects

The building of a large, stilted, treehouse classroom as well as significant redevelopment of the PrePrep outdoor areas as well as a full refurbishment of a boarding shower room has taken place. In addition, the creation of a Dance studio/drama space with wider co-curricular benefits has also been completed.

Partnerships & Community Engagement

The Head and senior staff regularly visit local primary schools to discuss share opportunities. These include: Trull, North Town, Cheddon Fitzpaine, Kingston St Mary, Thurlbear, St George’s, Enmore and Parkfield.

We host the SASP county Year 3 & 4 Primary School's Cross Country events which sees about 300 children using our site.

An enrichment programme for Year 6 children including STEM, Languages, Cookery, Football and Cricket for a wide range of Primary Schools.

Cricket net sessions with North Town Primary school.

Swimming gala with North Town, St Georges and Cheddon Fitzpaine.

Swimming gala with Castle School.

Netball festival with North Town, Trull and St Andrews primary schools.

Facilitating PE cluster meetings with local Primary Schools.

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We hosted Cheddon Fitzpaine and Kingston St Mary’s Primary School's Sports Day for all children and parents.

A football festival with North Town and St George's.

Some Year 8 (as part of their French studies) taught Cheddon Fitzpaine Year 5 about the Olympic Games in France.

A range of Primary School pupils come to watch drama productions and join some workshops.

Primary School pupils come to share in sessions given by visiting authors (eg Abi Elphinstone this year).

Every Wednesday Taunton Blades (Fencing) use the sports hall.

Every Wednesday the Taunton Youth Orchestra use the Arts Centre.

International Schools

KST has a subsidiary company to take advantage of the opportunity to develop schools internationally, applying the successful King’s College and King’s College Prep approach to education and personal development. This company works with selected partners who are generally responsible for the day-today operation of the schools while King’s assist with recruiting key personnel, curriculum and policies. Once a school is operating, personnel from the UK schools provide support to the local management and undertake regular educational and compliance audits to ensure that the King’s formula is being applied successfully.

Qatar

King’s College Doha opened on 18 September 2016. It now has two campuses. In total, there are 1700 children up to Year 13. The iGCSE and A Level results were excellent and the pupils (and school) rightly very proud of their achievements. There continues to be close dialogue and support for the school including pupil and staff visits, the monitoring of standards and responsibilities conducted through both a formal inspection as well as regular reports.

Saudi Arabia

King’s College Riyadh opened in September 2021 welcoming 169 pupils up to Year 3. It now has 770 children up to Year 7. A new Head has taken up post this year. The engagement levels are high and a mutually beneficial exchange of best practice, pupil visit to the UK as well as the peer review of standards and quality, are pursued through an annual programme.

India

Numbers at King’s College Rohtak are steady. There is a change of Head over the Summer of 2025. Pupils who took their A levels last year have all moved on to universities or colleges, including in the UK.

A fourth school, King’s College Gurugram, is to open over the summer of 2025.

Future Schools

New, known campus opportunities in Doha and Riyadh are maturing. We are in positive discussions with our current and new partners about further opportunities overseas.

Key Performance Indicators

KST uses KPIs internally and externally in line with anonymised results from national surveys. These KPIs include surplus, pupil numbers, and academic results. These KPIs are analysed within KST, by Governors and also by the Woodard Corporation.

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Funds held as custodian trustee on behalf of others

KST does not hold funds or act as custodian trustee on behalf of others.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The net income for the year amounted to a deficit of £1,247,264. This is above expectations mainly due to capitalisation of significant investment in freehold land and buildings, furniture & fittings and plant and equipment and ongoing development of property. Material premises cost savings were achieved, compared to budget, as a result of reduced energy costs. Although the cost-of-living challenges and the cricket governing body’s decisions on youth competitive cricket has had some impact on lettings, WST Enterprises Limited continued to hire out the Schools’ facilities during holidays and school hours where it can, as well as undertaking commercial activity on behalf of the Schools and externally. The national and international cricket festival again took place over five weeks in the summer 2025. WST Enterprises Limited contributed £117,845 to the Schools’ operating results with turnover of £356,099. King’s College Schools International Limited contributed £663,385 to the Schools’ operating results with turnover of £686,440 contributing to the Group results.

The parents of pupils often make significant sacrifices to pay the fees. In doing so they help to relieve UK taxpayers of the financial burden of educating a significant number of UK based children. The saving made by the Schools is estimated to have a value in the last year of £4.5 million.

Up to January 2025, the Company was unable to recover the VAT on purchases it made. Up to the end of December 2024, King’s Schools Taunton Limited paid an estimated £227,026 in irrecoverable VAT on goods and services.

RESERVES POLICY

It has been the Council’s policy to utilise funds to ensure that high quality up-to-date facilities are provided for the benefit of pupils. The aim is to budget so as to provide sufficient working capital to meet the present needs and future development requirements of the Schools without the requirement to have recourse to sales of tangible fixed assets, except where those are no longer required for the primary purpose of the Schools. At year end the Council consider that the Charity holds sufficient funds to meet these needs.

In common with most independent schools, and due to the having to fund their own capital investment plans, free reserves are at a negative balance illustrating the extent of the investment in our school. Although there is not a specific target, KST intends to build them up over time. At the present stage in the development cycle the free reserves are being utilised in order to finance on-going improvements and the provision of additional facilities in accordance with the Schools’ strategic plan. The Schools continue to invest in their infrastructure, both with new capital projects and to deliver significant repairs and improvements to existing facilities. The school’s total reserves of £19.89m at the year-end included £0.39m of restricted funds and £3.35m unrestricted designated funds. Fixed assets held for charity use totalled £20.26m, leaving no free reserves. Like all schools, KST operates on its cashflow. KST’s financial viability does not depend on income reserves but in its ability to continue to trade at a surplus on an annual basis, and on the substantial portfolio of fixed assets held for operational use.

The Council continues to keep the Schools’ banking facilities under review to ensure they remain appropriate to support the Schools’ working capital requirements. The unrestricted reserve is invested both in cash and a balanced range of quoted investments. The unrestricted reserves are primarily invested in tangible fixed assets and investments which are all used for the Schools’ direct charitable activities.

Bursary fund. The Council recognises the long term need to support families who could otherwise not afford the full school fees. In 2015 the Council allocated £1m to a Bursary fund, the income from which goes to support the Council’s extensive bursary programme. It is the intention to grow this fund in the long term. In 2022, the decision was taken to move our investments to the Responsible Multi-Asset

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Fund. At 31 August 2025 the investments within this Bursary fund were valued at £2,983,291.

Pension Deficit fund . The Company has a contingent liability of some £31,545 in relation to a deficit on its Pension Trust Growth Plan scheme (see also note 26). In 2015 the Council set aside £1m towards this liability. As the Pension Deficit fund has grown and the overall deficit has reduced with the annual payments required by the pension trustees, the fund is now larger than the deficit – in March 2021, £587,258 was re-allocated to the Bursary Fund. At 31 August 2025 the investments within this Fund were valued at £373,131.

Investment Performance against Objectives

Bursary Fund

The portfolio, managed by Cazenove Capital, was valued at £2,983,291 on 31 August 2025 (31 August 2024: £2,559,565), included in this fund is £350,242 (2024: £330,601) of advance fees payment.

Over the period the portfolio return was 5.7%, adjusted for additions and withdrawals. The trustees have adopted a total return approach, and the withdrawals are met from a combination of income and capital as appropriate. The portfolio is invested in accordance with the agreed investment strategy.

Pension Deficit Fund

The portfolio, managed by Cazenove Capital, was valued at £373,131 on 31 August 2025 (31 August 2024: £356,305).

Over the period the portfolio return was 4.7%, adjusted for additions and withdrawals. This portfolio was held fully in cash and cash equivalent investments throughout the period.

N.B. Cazenove are currently also managing our Advance Fees Account valued at £2,211,405 on 31 August 2025 (31 August 2024: £307,825).

Engagement with Suppliers, Customers and Others in a Business Relationship with KST

King’s Schools Taunton seeks to engage actively and positively with all stakeholders in the local community and in the wider educational landscape. Collaborative relationships with suppliers, parents, educational partners and community leaders are seen as key enablers to achieving success in all of the schools’ operations.

During the year the schools have further promoted this engagement though specific initiatives including:

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How the School Council Complies with Section 172 of the Companies Act

Promoting the success of the charitable group

Section 172 of the Companies Act 2006 requires the directors to act in the way they consider, in good faith, would be most likely to promote the success of the charitable group to achieve its charitable purposes. The Act states that in doing so, the directors should have regard, amongst other matters, to:

The likely consequence of any decision in the long term

King’s makes all key decisions through reference to its long-term strategic plan and after projecting the timing and impact of such decisions. This strategy is primarily designed around the objective to improve the educational outcome for pupils. Every decision and strategy or policy adopted is regularly reviewed for its impact on stakeholders, and the need for any change is identified and implemented.

The interests of the charitable group’s employees

Our employees are vital to KST and we regard ongoing, regular engagement with them as a top priority. KST seeks employee engagement through regular feedback and meetings, including formal appraisals and through the KST (staff) Consultation Committee (in September 2023, the name was changed to KCTCC). We address any issues raised by our employees as quickly as possible and communicate back to them what we have done. Staff are offered access to support, and all parts of KST seek to ensure that staff welfare is actively considered and addressed. Through application of up-to-date health and safety policies, and regular meetings and consultations, we also actively seek to ensure that the working environment meets necessary high standards of safety and security.

The need to foster the charitable group’s business relationships with suppliers, customers, and others

Our relationships with partners and suppliers are key to our effectiveness. KST actively seeks to engage in service reviews with key suppliers, and the Woodard procurement manager assists in this process for business-critical activities. These reviews are focussed on a two-way relationship with KST based with an aim of helping one another to achieve an optimum service as efficiently as possible, achieving best value for money. Where KST has procured outsourced services, we seek to ensure that staff and management from that contractor are supported as an equal member of the school communities, and as stakeholders.

The impact of the charitable group’s operations on the community and the environment

We recognise our responsibility to care for the environment and aim to minimise our environmental impact in all our activities. As well as covering environmental issues in our schools’ curriculums, KST encourages staff and pupils to participate in initiatives to reduce negative environmental impacts. Our school promotes recycling of waste and is involved in actions to maximise efficiency in energy consumption.

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

Our reputation and public trust in KST is fundamental to our future success. Our ethos and values are a fundamental part of employee recruitment and training to ensure that we maintain high standards; the same basis is used in appraisal processes. We apply similar values and procedures in choosing school partners and suppliers both in the UK and abroad.

PRINCIPAL RISKS AND UNCERTAINTIES

Risk Management

Like most trustees, the governors keep under consideration the impact of a catastrophic event on the school’s ability to continue, but that event may come about from many causes and being specific about the source is not possible.

The governors consider the economic turbulence of recent years and the affordability of fees by parents across the independent sector to be the principal risk faced by the school. There is no room for complacency with pupil numbers across both schools. With increased costs the governing body decided

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to increase the fees in September 2024 above RPI inflation to support the continuing excellent provision at the schools.

The independent sector as a whole is currently subject to increased political risk following the introduction of VAT on school fees, and the removal of business rates relief. The introduction of VAT creates a level of uncertainty in business planning for all independent schools. Planning future income based on pupil numbers has become more difficult due to an increased level of uncertainty in demand. The full effect will not be known until levels of demand settle down, schools adapt and parents become more secure in their finances. This is unlikely to happen for a number of pupil recruitment cycles.

Health and Safety is always a significant area for risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the respective schools’ sites on trips and expeditions). The level and breadth of activity at the school is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment.

The Council is responsible for the identification and management of risks. It has a Risk Management Policy and maintains a Risk Register for the Schools and the subsidiary trading companies. It undertakes regular reviews of the risk management processes which are in place and examines the major specific risks which the Schools face each financial year when considering forward plans. The Schools and the subsidiary companies have developed systems to monitor and control these and sundry lesser risks to mitigate any impact that they may have on the Schools and the Group in the future.

The principal risks to which the Schools are exposed include those affecting protection of pupils and security and preservation of charitable assets both now and in the future. Significant risk areas include:

The key controls used by the Schools include:

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The Schools plan strategically having regard for risk. The management provides the School Council with regular reports which include details of the principal strategic objectives and the activity to achieve those objectives. The Schools also record significant achievements and update the Council and the Woodard Board on short-term plans.

Financial Risk Management Objectives and Policies

The Company is currently debt free and therefore has no interest risk exposure. The Company uses its trade debtors, creditors and operating lease arrangements to manage its cash flow and ensure that liquidity risk is minimised. The Company’s investments are managed externally by a firm of professional investment managers.

GOING CONCERN

The governing body continues to review any potential impact of the current global political and economic challenges on parents/potential parents and school operations and finances. School managers and governors continue to work hard to ensure the Schools and the strategic plan are fully resourced, with no detrimental impact to our pupils, and to mitigate any potential financial impact: further developing our excellent offering at King’s, exploiting our sustainability efforts, improving our marketing and admissions, and continuing to develop other sources of income including our oversees operations.

The factors considered in the going concern assessment include available cash, near cash and other readily realisable resources as at the balance sheet date, as well as expected cash inflows and outflows and the extent of liabilities falling due in the near term. Market conditions, tax and regulatory risks as well as political issues are considered when assessing cash inflows and outflows in the near term.

Monitoring closely current and forecast economics and political decisions, having considered all factors and after reviewing the available evidence including our cash flow position and forecasts, the directors have a reasonable expectation that the group will be able to continue operating for at least 12 months from the date of approval of the financial statements and therefore, the financial statements have been prepared on a going concern basis. This information related to the adoption of the going concern basis can also be found in the accounting policies on page 34.

FUTURE PLANS

King’s Schools Taunton

The objectives set for the year were largely achieved or are ongoing.

The key aims for 2025-26 are:

  1. To continue to manage the effects of VAT and the removal of BRR while ensuring economic sustainability through cost-effectiveness and surplus generation.

  2. To optimise pupil numbers and boarding provision by determining realistic headmarks and aligning estate and staffing accordingly.

  3. To embed the Senior Executive structure, integrate new members, and support governance transitions including the Custos.

  4. To support leadership transitions including the new Head of King’s College Prep and Director of International Schools, and establish clear objectives for international development.

  5. To deliver key capital projects including the Nursery expansion, Junior Common Room and Padel courts, ensuring value and utility for the school.

  6. To continue progress on environmental sustainability through Solar PV and LED development plans and broader energy efficiency initiatives.

  7. To enhance international revenue and expansion through strategic partnerships and development of the global school network.

  8. To maximise commercial income from a broad range of revenue-generating activities, ensuring alignment with the school’s strategic and financial goals.

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King’s College

The objectives set for the year were largely achieved or are ongoing.

The key aims for 2025-26 are:

  1. To sustain and improve academic outcomes with positive value-added results across all departments.

  2. To achieve sustainable pupil numbers while optimising boarding provision To ensure continuous inspection readiness through robust academic and pastoral frameworks.

  3. To increase philanthropic engagement to support bursaries and capital projects.

  4. To promote cutting-edge pedagogy through blended learning approaches, digital innovation, and staff awareness of emerging technologies including generative AI.

  5. To continue improving environmental sustainability including reduction in energy use and carbon impact.

King’s College Prep

The objectives set for the year were largely achieved or are ongoing.

The key aims for 2025-26 are:

  1. To sustain high levels of scholarship and 13+ outcomes with strong value-added performance.

  2. To continue reviewing the Prep/Pre-Prep model for cost-effectiveness and sustainability.

  3. To execute the nursery expansion plan and explore future nursery models as appropriate.

  4. To maintain inspection readiness through continuous improvement in teaching and pastoral care.

  5. To strengthen partnerships with local nurseries and primary schools.

  6. To continue improving environmental sustainability including reduction in energy use and carbon impact.

More detail on King’s College strategic Five-Year Plan can be found here

GROUP STREAMLINED ENERGY AND CARBON REPORTING

ROUP STREAMLINED ENERGY AND CARBON REPORTING
2024-25 2023-24
Energy consumption used to calculate emissions (kwh) 4,610,893.39 4,898,476.32
Energy consumption break down (kwh)
Business Travel Land (Employee Owned Vehicles) 11,665.71 10,784.62
Combustion Engine Fuels (Owned Transport, Plant and Machinery) 370,316.77 342,391.98
Heating Oil 332,204.91 414,784.52
Natural Gas 2,490,773.00 2,733,704.00
UK Grid Electricity Supply 1,405,933.00 1,396,811.20
Grand Total 4,610,893.39 4,898,476.32
Scope 1 emissions in metric tonnes CO2e
Natural Gas 459.52 504.34
Combustion Engine Fuels (Owned Transport, Plant and Machinery) 90.54 82.98
Heating Oil 86.37 107.84
Total Scope 1 636.44 695.16
Scope 2 emissions in metric tonnes CO2e
UK Grid Electricity Supply 291.10 289.21

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Total Scope 2 291.10 289.21
Scope 3 emissions in metric tonnes CO2e (selected)
Business Travel Land (Employee Owned Vehicles) 2.82 2.62
Total Gross Emissions in metric tonnes CO2e before Offset 930.35 986.99
Intensity Ratio Tonnes CO2e Per Pupil before Offset 1.42 1.38
(Total Pupils) 654 716
Out of Scope Emissions in metric tonnes CO2e
Combustion Engine Fuels (Owned Transport, Plant and Machinery) 5.59 5.17
Offset Emissions in metric tonnes CO2e
UK Grid Electricity Supply 291.10 289.21
Business Travel Land (Employee Owned Vehicles) 0.28 0.05
Renewable Electricity Generation 4.25 3.89
Total Offset Emissions 295.63 293.15
Total Gross Emissions in metric tonnes CO2e after Offset
 634.73
 693.84
Intensity Ratio Tonnes CO2e Per Pupil after Offset 0.97 0.97

Note: All electricity used for KST is REGO.

Group reporting requires us to include all subsidiaries and related companies that qualify. The reporting has been prepared on an operational control basis, meaning we include emissions from entities over which we have operational control. The numbers above include all qualifying subsidiaries and related companies, being King’s Schools Taunton Limited, WST Enterprises Limited and King’s College Schools International Limited.

Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the Greenhouse Gas (GHG) Reporting Protocol – Corporate Standard and the 2024 UK Government's Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per pupil. The number of pupils (654) used is those as at September, 2024.

Measures taken to improve efficiency

During recent years, the schools implemented a number of initiatives to improve the efficiency of energy use. These included:

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Going forward the school is engaging in a number of projects to improve energy efficiency in future years as follows:

DIRECTORS

The Directors who served during the year, and the committees of which they are members, are:

L M Nash (Custos) (resigned 5 July 2025) All committees Commodore J R A Woodard RN (Custos from 5 July 2025) Finance and Estates (Ret’d) R C Amess (appointed 6 February 2025) Education and Pastoral M N Britten (appointed 7 June 2025) Finance and Estates C A Cavaghan-Pack Education and Pastoral M D Featherstone (resigned 27 June 2025) Education and Pastoral M A Gunn Education and Pastoral, Appointments C H Hirst (Vice-Custos) All committees J E R Houghton Finance and Estates J E Knill Finance and Estates, Remuneration Finance and Estates, Remuneration, R M U Lambert Appointments W J Morrison Finance and Estates Bishop Nigel Stock Education and Pastoral R Wells-Cole Education and Pastoral

None of the Directors has any beneficial interest in the Company.

AUDITOR

Moore Kingston Smith LLP, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless the company receives notice under section 488(1) of the Companies Act 2006.

DIRECTORS’ RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Directors’ Report, the Strategic Report included within the Directors’ Report and the financial statements in accordance with applicable law and regulations.

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KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT (incorporatlng the STRATEGIC REPQRT) YEAR ENDED 31 AUGUST2025 Company 18w requires the Directors lo prepare group and company financial slalemenls for each financial year. Under Ihat18W. the Directors have elected to prepare financial statements in accordance wilh United Kingdom Generally Accepted Accounting Practice {Uni(ed Kingdom Accounting Standards and applicable lawl including FRS102. Under company law the DiTeclors must not approve the financial statements unles5 they are satisfied that they give a true and fair view of the stale of affaiTS of the charitable company and the group and of the incoming resources and application of resources, including the inc¢)me and expendf(ure. of the ¢harilable company and the group for that period. In preparing each of the group and c¢)mpany financid slalements, the Directors aTe requSred to- selecl suitable accounting policies and then apply them consistently observe the methods and principles in the Charrties SORP IFRS1021 make judgements and estimates that are reasonable and prijdent stale whether applicable UK a¢counling standards have been followed, subject to any material departures disclosed and explained in the financ¢al slalemenls prepaTe the fi'nancial statements on the going concern basis unless it is inapproprrale to presume that the charitable company and the group will continue in bu51ness. The Directors are responsible fof keeping adequate accounting records that disclose with reason8ble accuiacy at any lime the financial position of the charitable cornpany and group and enable them to ensure that the financial slalemenls comply with the Cornpanies Act 2006. They ale a150 responsible for safeguarding the assets of the charitable iompany and the gTQUP and hence for takin9 reasonable steps for the prevenllon and detection of fraud and other iTregularities. The Directors confirm thai.. so far as each Director is aware, there is no relevant audit infomiation ot which the charitable company's audf(or is unaware". and th8 Directors have taken all steps that they ought lo have taken to make themselves aware of any ielevanl audrt information and to estabb'sh that the charitable Gompany's auditor is aware of that infomiation. The Directors are ￿sponsible for the maintenance and integrity of the corporate and financial information included on the chafilable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial stslements may differ from legislation in other Jurisdictions. This Directors, Report lincludin School nlon Limited on the Strategic Re ortl was approved by th& board of directors of King's and signed on their behalf.. J R A Woodard Chali 24

KING’S SCHOOLS TAUNTON LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING’S SCHOOLS TAUNTON LIMITED YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of King’s Schools Taunton Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities (including an Income and Expenditure Account), the charitable company Statement of Financial Activities (including an Income and Expenditure Account), the Consolidated and charitable company Balance Sheet, the Consolidated 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 FRS102 “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 have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The Directors are responsible for the other information. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If

25

KING’S SCHOOLS TAUNTON LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING’S SCHOOLS TAUNTON LIMITED YEAR ENDED 31 AUGUST 2025

we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report and the incorporated Strategic Report.

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

Responsibilities of directors

As explained more fully in the Statement of Directors’ responsibilities set out on page 23, 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 directors 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 directors are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

26

KING’S SCHOOLS TAUNTON LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING’S SCHOOLS TAUNTON LIMITED YEAR ENDED 31 AUGUST 2025

The 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 design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

27

KING’S SCHOOLS TAUNTON LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING’S SCHOOLS TAUNTON LIMITED YEAR ENDED 31 AUGUST 2025

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.

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…………… Shivani Kothari (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP, Statutory Auditor Chartered Accountants 6th Floor 9 Appold Street London EC2A 2AP

…………… 19.12.2025

28

KING'S SCHOOLS TAUNTON LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account)

YEAR ENDED 31 AUGUST 2025

Notes
INCOME FROM:
Charitable Activities
School fees receivable
2
Ancillary trading income
3
Other trading activities
Non-ancillary trading income
4
Other activities
4
Investments
Investment Income
5
Bank and other interest
5
Voluntary sources
Appeal income and donations
6
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Non-ancillary trading
7
Financing costs
8
Investment management
8
Charitable Activities
Education and grant making
7
TOTAL EXPENDITURE
Net income and expenditure before transfers
Realised (losses)/gains on investment assets
13
Unrealised gains on investment assets
13
Net income
Transfers between funds
21
NET MOVEMENT IN FUNDS FOR THE YEAR
Fund balances at 1 September 2024
FUND BALANCES at 31 August 2025		 Unrestricted
Funds
£
13,258,954
1,839,653
1,062,339
8,242
214,678
27,924
91,952		 Restricted
Funds
£
-
-
-
-
-
-
258,000		 Total
2025
£
13,258,954
1,839,653
1,062,339
8,242
214,678
27,924
349,952		 Total
2024
£
15,555,928
1,746,890
881,328
3,570
195,895
28,245
126,533
16,503,742 258,000 16,761,742 18,538,389
261,309
71,694
16,621		 -
-
-		 261,309
71,694
16,621		 255,259
6,295
10,001
349,624
17,726,224		 -
11,344		 349,624
17,737,568		 271,555
17,887,383
18,075,848 11,344 18,087,192 18,158,938
(1,572,106)
(47,410)
125,596		 246,656
-
-		 (1,325,450)
(47,410)
125,596		 379,451
64,208
183,577
(1,493,920)
-		 246,656
-		 (1,247,264)
-		 627,236
-
(1,493,920)
20,987,602		 246,656
144,941		 (1,247,264)
21,132,543		 627,236
20,505,307
19,493,682 391,597 ~~-~~
19,885,279		 ~~-~~
21,132,543

In the prior year, all income and expenditure related to unrestricted funds, with the exception of £69,987 of voluntary income and £4,700 of grant making expenditure which related to restricted funds.

All amounts relate to continuing activities.

All recognised gains and losses in the current and prior year are included in the statement of financial activities.

The notes on pages 34 to 52 form part of these financial statements.

29

KING'S SCHOOLS TAUNTON LIMITED

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account)

YEAR ENDED 31 AUGUST 2025

Notes
INCOME FROM:
Charitable Activities
School fees receivable
2
Ancillary trading income
3
Other trading activities
Non-ancillary trading income
4
Other activities
4
Investments
Investment Income
5
Bank and other interest
5
Voluntary sources
Appeal income and donations
6
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Financing costs
8
Investment management
8
Charitable Activities
Education and grant making
7
TOTAL EXPENDITURE
Net income and expenditure before transfers
Realised (losses)/gains on investment assets
13
Unrealised gains on investment assets
13
Net income
Transfers between funds
21
NET MOVEMENT IN FUNDS FOR THE YEAR
Fund balances at 1 September 2024
FUND BALANCES at 31 August 2025		 Unrestricted
Funds
£
13,258,954
1,839,653
801,030
8,242
214,678
27,924
91,952		 Restricted
Funds
£
-
-
-
-
-
-
258,000		 Total
2025
£
13,258,954
1,839,653
801,030
8,242
214,678
27,924
349,952		 Total
2024
£
15,555,928
1,746,890
626,069
3,570
195,895
28,245
126,533
16,242,433 258,000 16,500,433 18,283,130
71,694
16,621		 -
-		 71,694
16,621		 6,295
10,001
88,315
17,726,224		 -
11,344		 88,315
17,737,568		 16,296
17,887,383
17,814,539 11,344 17,825,883 17,903,679
(1,572,106)
(47,410)
125,596		 246,656
-
-		 (1,325,450)
(47,410)
125,596		 379,451
64,208
183,577
(1,493,920)
-		 246,656
-		 (1,247,264)
-		 627,236
-
(1,493,920)
20,987,602		 246,656
144,941		 (1,247,264)
21,132,543		 627,236
20,505,307
19,493,682 391,597 19,885,279 21,132,543

All amounts relate to continuing activities.

All recognised gains and losses in the current and prior year are included in the statement of financial activities. The notes on pages 34 to 52 form part of these financial statements.

30

KING'S SCHOOLS TAUNTON LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT31 AUGUST2025 GROUP CHARITY 2025 2024 2025 2024 FIXED ASSErs Tangible asseis Investments 13 20,256,777 5.491.632 19,980,173 5,924,025 20,256,7n 5,491.632 10q 19.980.173 5.924.025 107 InvEstsnent$ ￿ subsiJarie8 ia 25,748,409 25.904.198 25,748,510 25,904,299 CURRENT ASSETS sioi*s 23,901 1,909.204 1.843,018 20.093 1,725.530 4. 195.4Q6 23,501 1249.61 1,470,8BO 20.093 7.073.886 3.618.213 DÈblors 14 3.776.123 16.SlS,1831 5,341.029 16,354,2291 3,744.399 16,483.5601 12.739.161 5.312.192 CREOITORS.. due wlhln year (6,325,493) WET CLIRRENT LIABILIMES 12.739.060) 11.013.2001 (1.013.307) TOTAL ASSEIS LESS CURREPU UABIUTIES 23,009,349 24.890,998 23,009,349 24,890.995 CREDITORS.. due aner more than one year 16 lJ,123,9701 (3.758,3551 27,132.643 13,123,970) 19.B85.379 13.758.355} TOTAL NET ASSETS 19.B85.379 21,132.643 CAP17AL AND RESERVES Called up share ￿￿la1 100 loo 100 100 FUNDS Re51ricted fund5 391.597 144.941 391.597 144.941 Unrestricted funds General 21 16.145,659 3,348,023 17,531.389 16,145,659 3,348,023 77.531.389 3.456.213 D8sign8ted 21 3.456.213 19.493,682 2CI.987,602 19.493.682 20,9B7.002 EQUITY SHAREHOLDERS. FUPItY6 19.885.379 21.132,643 19,88S,379 21. 132.643 The notes on pages 34 to 52 form part ol these financSal stalèrn8nts. The financial statements were approved and authori for issue by the Board on 7 fkL20 and sjgned on its behalf by J R A Woodafd Director Company iegi%lralion numbÈr D5084301 31

KING'S SCHOOLS TAUNTON LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS AND NOTES TO THE CASH FLOW STATEMENT AS AT 31 AUGUST 2025

Cash flows from operating activities:
Net cash provided by (used in) operating activities
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Disposal of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Financing costs
Fees in advance - deposits (paid)/received
Fees in advance - payment of fees
Fees in advance - new contracts
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income/(expenditure) for period (as per the Statement of
Financial Activities)
Depreciation charges
Losses/(Gains) on investments
Dividends, interest and rents from investments
Financing costs
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
Net cash provided by (used in) financing activities
Adjustments for:
Cash flows from investing activities:
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
(1,230,263)
242,602
(1,109,263)
-
7,431,158
(6,937,201)		 2024
£
624,329
224,140
(896,221)
-
12,490,425
(14,407,954)
(372,704) (2,589,610)
(18,181)
(133,181)
(912,073)
314,015		 (15,284)
(228,502)
-
2,089,103
(749,420) 1,845,317
(2,352,388)
4,195,406
1,843,018
2025
£
(1,247,264)
832,659
(78,185)
(242,602)
34,802
(3,808)
(783,674)
257,809		 (119,965)
4,315,371
4,195,406
2024
£
627,236
733,986
(247,785)
(224,140)
25,285
728
(358,742)
67,761
(1,230,263) 624,329

32

KING'S SCHOOLS TAUNTON LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS AND NOTES TO THE CASH FLOW STATEMENT AS AT 31 AUGUST 2025

Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
Analysis of changes in Net Debt
Cash and cash equivalents
Cash at bank and in hand
Total		 At 31st Aug
2024
£
4,195,406		 Cash flows
£
(2,352,388)
(2,352,388)		 2025
£
1,843,018		 2024
£
4,195,406
1,843,018 4,195,406
Other non-
cash changes
£
-		 At 31st Aug
2025
£
1,843,018
4,195,406 - 1,843,018

33

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

KING'S SCHOOLS TAUNTON LIMITED

1 ACCOUNTING POLICIES

The principal accounting policies, all of which have been applied consistently throughout the year and in the preceding year are:

a) Basis of accounting

The accounts of the group have been prepared under the Companies Act 2006 and in accordance with the Statement of Recommended Practice for Charities ('SORP (FRS102)') and with applicable UK accounting standards. They are drawn up on the historical cost accounting basis except that property and share investments held as fixed assets are carried at fair value.

King's Schools Taunton Limited meets the definition of a public benefit entity under Financial Reporting Standard (FRS) 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Further details are provided in note 30 and in the accounting policies for depreciation of fixed assets, for pensions and for bad debts. The financial statements are presented in Sterling (£) and the functional currency is sterling (£).

b) Going Concern

The accounts have been prepared on a going concern basis. The King’s Schools’ Board reviews the financial information for the company and the group and considers whether the group and company are a going concern for a period of at least 12 months from the date of approval of the accounts. This assessment has taken into account the Groups financial position, including its net current liabilities of £2,739,060 (2024: £1,013,200).

The factors that have been considered in the going concern assessment include available cash, near cash and other readily realisable resources as at the balance sheet date, as well as expected cash inflows and outflows and the extent of liabilities falling due in the near term. Market conditions, tax and regulatory risks as well as political issues are considered when assessing cash inflows and outflows in the near term.

Having considered all factors and reviewing the available evidence, the directors have a reasonable expectation that the group will be able to continue operating for a period of at least 12 months from the date of approval of the accounts and the financial statements have therefore been prepared on a going concern basis.

c) Group accounts

The financial statements consolidate the financial statements of the company, and all its subsidiary companies, charitable trusts and funds with all inter-company balances being eliminated. Enitities are consolidated where King's Schools Taunton Limited exercises overall control either through ownership of shares, or through having common trustees with a common objective. Accounting policies are consistently applied between group companies.

d) School fees receivable and similar income

34

Fees receivable and other educational income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions by the school, but include contributions received from restricted funds for scholarships, bursaries and other grants. Fees in Advance Scheme Contracts are those fees received in advance of education to be provided in future years under a specific contract. The fees are either held as investments in interest bearing assets until taken to income to match liabilities in the term when used, or refunded, or they are held within the unrestricted reserves of the school. Any surplus of assets over liabilities is held within the fund as a buffer. Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement.

35

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

e) Ancillary and non-ancillary trading income

Ancillary trading income represents amounts from activities to generate funds within the charitable objects for example, school shop sales, coaches to and from school and school trips. Non-ancillary trading income represents amounts from activities not directly related to the charitable objects, for example lettings of school facilities out of term time and rental from spare school buildings. Income from these activities is recognised in the SOFA when the goods are sold or services provided.

f) Voluntary sources, grants and donations

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can reliably be quantified and the economic benefit is considered probable.

Voluntary income for general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the school in case of donated services or facilities.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

g) Expenditure

Expenditure is accrued as soon as there is a contractual obligation or a liability is considered probable, discounted to present value for longer term liabilities. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates. Bad debts are provided for in accordance with the group bad debt policy.

The cost of refurbishing and converting existing buildings is written off in the year in which it is incurred except where the useful life has been extended.

h) Pension costs

The Company participates in The Teachers' Pensions Scheme, which is an unfunded government scheme which provide benefits based on final pensionable pay. The funds of the scheme are separate from the company, although the company’s share of the schemes cannot be identified as the schemes are multi-employer schemes, and so the pension costs are accounted for as defined contribution schemes. The Company also contributes to defined contribution pension schemes for teaching and non-teaching staff.

The Company historically offered membership of The Pensions Trust Growth Plan to employees other than the full-time academic staff. The Pensions Trust Growth Plan is a multi employer pension scheme where the scheme assets are pooled for investment purposes and cannot be atributed to individual employers. Benefits are paid from the total scheme assets. It is in most respects a money purchase arrangement, but has some guarantees. As a result it is not possible or appropriate to identify the assets and liabilities of the scheme which are attributable to the company, though, due to the guarantees inherent in the scheme, the company remains potentially liable for a debt on withdrawal from the scheme. In accordance with Financial Reporting Standard (FRS) 102 (section 28) therefore, the scheme is accounted for in a fashion which is similar to a defined contribution scheme.

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. More detail is given in notes 23 and 26.

36

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

KING'S SCHOOLS TAUNTON LIMITED

1. ACCOUNTING POLICIES (continued)

i) Tangible fixed assets and depreciation

In accordance with Section 35.10 (d) of FRS102, King's Schools Taunton Limited has elected to use the carrying value of any of the above freehold land and buildings previously carried at a valuation, as their deemed cost at the date of transition to FRS102, 1 September 2014.

Tangible fixed assets are stated at cost less depreciation. Individual capital items, or projects, with a value greater than £10,000 are capitalised. Assets in the course of construction are stated at cost less any provision for impairment. They are transferred to completed assets when substantially all of the activities necessary to get the asset ready for use are complete. Where appropriate cost includes our own labour costs in relation to construction, and directly attributable overheads. Assets in the course of construction are not depreciated.

Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each asset based on current market prices, over its expected useful life, as follows:

The company has reviewed its tangible assets, which comprise land, buildings and initial fixtures and fittings. The company undertakes an annual review of all buildings assessing their useful economic life. In some cases the useful economic life of a building is anticipated to be of considerable length, often in excess of 100 years. The buildings are capitalised in the financial statements at historic cost. Where the calculated depreciation charge is a material figure, it is charged in these financial statements but, where the carrying value is not more than the estimated recoverable amount and the depreciation on the building is not material to these financial statements, it has been assessed, but not charged on the basis that it is not material. The directors will continue to carry out annual assessments of the recoverable amount and the estimated useful life of all buildings and where the depreciation is a material value, it will be charged. The review is based on the directors’ assessments of the market value and the future economic benefit derived from an asset versus its carrying value in the financial statements.

When the company undertakes a significant refurbishment project that will have an economic benefit, the cost of the refurbishment is capitalised, recorded separately under ‘Freehold Improvements’, its useful life is estimated and it is depreciated over that useful life.

King's Schools Taunton Limited exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment.

37

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

j) Financial instruments

King's Schools Taunton Limited only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

k) Investments and Fees in Advance Investments

Investments and Fees in Advance investments are carried at fair value, which is deemed to be market value as at the balance sheet date.

Realised and unrealised investment gains and losses are recognised as ‘net gains/(losses) on investment assets’ in the Statement of Financial Activities and are allocated to the appropriate fund according to the ‘ownership’ of the underlying assets.

l) Stocks

Stocks comprise raw materials, consumable stores and goods held for resale: they are valued at the lower of cost and net realisable value.

m) Leasing commitments

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives or the period of the lease whichever is the shorter. The interest element of the obligations is charged to the Statement of Financial Activities over the period of the lease. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the lease term. Lease incentives are accounted for over the lease term on a straightline basis.

n) Fee Deposits

Refundable fee deposits are currently classified between long term and short term in the financial statements. These deposits are refundable in the event that the pupils leave a school on one term's notice and as such the deposit would be refunded to the parents at that point. However, the financial statements are prepared on a going concern basis and it is assumed that the majority of children will remain in school for their full years of education and therefore the deposit will be refunded to them when they leave school.

Short term deposits reflect those pupils that will be leaving a school within one year, and the longerterm element reflects those pupils that will be leaving a school after 12 months from the balance sheet.

o) Fund accounts

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Designated funds comprise funds which have been set aside at the discretion of the directors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

38

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

p) Taxation

King's Schools Taunton Limited is a registered charity and as such is exempt from income tax and corporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate.

Total Incoming Resources exclude VAT on taxable outputs and Total Expenditure excludes recoverable VAT. Irrecoverable VAT is included as a cost, where applicable.

The company has two subsidiary companies that are subject to taxes including corporation tax and VAT in the same way as any commercial organisation. The corporation tax arising on the subsidiary companies' profit for the year is mitigated by the payment of Gift Aid by these entities to the School.

q) Termination Payments

The best estimate of the expenditure required to settle an obligation for termination benefits, is recognised immediately as an expense, when the group is demonstrably committed to terminate the employment of an employee, or to provide termination benefits.

r) Finance and Other Costs

Bank interest payable is accounted for on an accruals basis. Other costs include amounts accrued in accordance with the terms of Fees in Advance Scheme Contracts.

s) Cash

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

39

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

2
SCHOOL FEES
(a)
The Schools' fees income comprises:
Gross fees
Less: Total scholarships, bursaries, etc
3
CHARITABLE ACTIVITIES - ANCILLARY TRADING INCOME
Extra subjects
Entrance and registration fees and fees in lieu of notice
Commissions and other income
4
OTHER TRADING ACTIVITIES
Non-ancillary trading income
Rents receivable and other sales
WST Enterprises Limited
King's College Schools International Limited
Non-ancillary trading income
Rents receivable and other sales
WST Enterprises Limited
King's College Schools International Limited
Other activities
Interest on overdue fees
Loss on sale of fixed asset
5
INVESTMENTS
Unrestricted
Restricted
Securities investment income
£
£
Equities
77,406
-
Fixed interest
60,205
-
Alternatives
77,067
-
214,678
-
Bank and other interest
Unrestricted
Restricted
£
£
Bank interest
27,924
-
27,924
-		 2
SCHOOL FEES
(a)
The Schools' fees income comprises:
Gross fees
Less: Total scholarships, bursaries, etc
3
CHARITABLE ACTIVITIES - ANCILLARY TRADING INCOME
Extra subjects
Entrance and registration fees and fees in lieu of notice
Commissions and other income
4
OTHER TRADING ACTIVITIES
Non-ancillary trading income
Rents receivable and other sales
WST Enterprises Limited
King's College Schools International Limited
Non-ancillary trading income
Rents receivable and other sales
WST Enterprises Limited
King's College Schools International Limited
Other activities
Interest on overdue fees
Loss on sale of fixed asset
5
INVESTMENTS
Unrestricted
Restricted
Securities investment income
£
£
Equities
77,406
-
Fixed interest
60,205
-
Alternatives
77,067
-
214,678
-
Bank and other interest
Unrestricted
Restricted
£
£
Bank interest
27,924
-
27,924
-		 2
SCHOOL FEES
(a)
The Schools' fees income comprises:
Gross fees
Less: Total scholarships, bursaries, etc
3
CHARITABLE ACTIVITIES - ANCILLARY TRADING INCOME
Extra subjects
Entrance and registration fees and fees in lieu of notice
Commissions and other income
4
OTHER TRADING ACTIVITIES
Non-ancillary trading income
Rents receivable and other sales
WST Enterprises Limited
King's College Schools International Limited
Non-ancillary trading income
Rents receivable and other sales
WST Enterprises Limited
King's College Schools International Limited
Other activities
Interest on overdue fees
Loss on sale of fixed asset
5
INVESTMENTS
Unrestricted
Restricted
Securities investment income
£
£
Equities
77,406
-
Fixed interest
60,205
-
Alternatives
77,067
-
214,678
-
Bank and other interest
Unrestricted
Restricted
£
£
Bank interest
27,924
-
27,924
-		 2025
2024
£
£
17,146,443
19,622,908
(3,887,489)
(4,066,980)
13,258,954
15,555,928
2025
2024
£
£
1,101,358
1,271,237
99,136
156,160
639,159
319,493
1,839,653
1,746,890
2025
2024
£
£
19,800
23,115
356,099
384,573
686,440
473,640
1,062,339
881,328
2025
2024
£
£
19,800
23,115
117,845
138,494
663,385
464,460
801,030
626,069
2025
2024
£
£
8,242
3,570
-
-
8,242
3,570
Total
Total
2025
2024
£
£
77,406
-
60,205
-
77,067
195,895
214,678
195,895
Total
Total
2025
2024
£
£
27,924
28,245
27,924
28,245
Group and Charity
Group and Charity
Group and Charity
Group
Charity
Group and Charity
Group and Charity		 2025
2024
£
£
17,146,443
19,622,908
(3,887,489)
(4,066,980)
13,258,954
15,555,928
2025
2024
£
£
1,101,358
1,271,237
99,136
156,160
639,159
319,493
1,839,653
1,746,890
2025
2024
£
£
19,800
23,115
356,099
384,573
686,440
473,640
1,062,339
881,328
2025
2024
£
£
19,800
23,115
117,845
138,494
663,385
464,460
801,030
626,069
2025
2024
£
£
8,242
3,570
-
-
8,242
3,570
Total
Total
2025
2024
£
£
77,406
-
60,205
-
77,067
195,895
214,678
195,895
Total
Total
2025
2024
£
£
27,924
28,245
27,924
28,245
Group and Charity
Group and Charity
Group and Charity
Group
Charity
Group and Charity
Group and Charity
214,678 - 214,678 195,895
Unrestricted
£
27,924		 Restricted
£
-
27,924 - 27,924 28,245

40

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

6
VOLUNTARY SOURCES - GRANTS AND DONATIONS
Unrestricted
Donations
91,952
91,952
7
ANALYSIS OF EXPENDITURE
a)
Total Expenditure
Staff Costs
Support
(note 9)
Costs
£
£
Costs of raising funds:
99,191
162,118
-
71,694
-
16,621
Total cost of raising funds
99,191
250,433
Charitable expenditure
Teaching
7,363,370
820,176
Welfare
826,940
1,802,311
Premises
1,183,112
1,747,781
1,524,933
1,500,291
-
10,756
-
113,895
-
11,344
Total charitable expenditure
10,898,355
6,006,554
Total expenditure
10,997,546
6,256,987
Non ancillary trading
Financing cost (note 8)
Investment management
School administration
Grants, awards and prizes(all
from unrestricted funds)
Expenditure from restricted
funds
Governance		 6
VOLUNTARY SOURCES - GRANTS AND DONATIONS
Unrestricted
Donations
91,952
91,952
7
ANALYSIS OF EXPENDITURE
a)
Total Expenditure
Staff Costs
Support
(note 9)
Costs
£
£
Costs of raising funds:
99,191
162,118
-
71,694
-
16,621
Total cost of raising funds
99,191
250,433
Charitable expenditure
Teaching
7,363,370
820,176
Welfare
826,940
1,802,311
Premises
1,183,112
1,747,781
1,524,933
1,500,291
-
10,756
-
113,895
-
11,344
Total charitable expenditure
10,898,355
6,006,554
Total expenditure
10,997,546
6,256,987
Non ancillary trading
Financing cost (note 8)
Investment management
School administration
Grants, awards and prizes(all
from unrestricted funds)
Expenditure from restricted
funds
Governance		 6
VOLUNTARY SOURCES - GRANTS AND DONATIONS
Unrestricted
Donations
91,952
91,952
7
ANALYSIS OF EXPENDITURE
a)
Total Expenditure
Staff Costs
Support
(note 9)
Costs
£
£
Costs of raising funds:
99,191
162,118
-
71,694
-
16,621
Total cost of raising funds
99,191
250,433
Charitable expenditure
Teaching
7,363,370
820,176
Welfare
826,940
1,802,311
Premises
1,183,112
1,747,781
1,524,933
1,500,291
-
10,756
-
113,895
-
11,344
Total charitable expenditure
10,898,355
6,006,554
Total expenditure
10,997,546
6,256,987
Non ancillary trading
Financing cost (note 8)
Investment management
School administration
Grants, awards and prizes(all
from unrestricted funds)
Expenditure from restricted
funds
Governance		 Restricted
258,000		 Total
Total
2025
2024
349,952
126,533
349,952
126,533
Total
Total
2025
2024
£
£
261,309
255,259
71,694
6,295
16,621
10,001
349,624
271,555
8,293,489
8,381,809
2,630,255
2,806,683
3,392,731
3,686,132
3,285,098
2,912,671
10,756
8,294
113,895
87,094
11,344
4,700
17,737,568
17,887,383
18,087,192
18,158,938
Group and Charity		 Total
Total
2025
2024
349,952
126,533
349,952
126,533
Total
Total
2025
2024
£
£
261,309
255,259
71,694
6,295
16,621
10,001
349,624
271,555
8,293,489
8,381,809
2,630,255
2,806,683
3,392,731
3,686,132
3,285,098
2,912,671
10,756
8,294
113,895
87,094
11,344
4,700
17,737,568
17,887,383
18,087,192
18,158,938
Group and Charity
91,952 258,000 349,952 126,533
Support
Costs
£
162,118
71,694
16,621		 Group
Depreciation
(note 12)
£
-
-
-		 Total
2025
£
261,309
71,694
16,621		 Total
2024
£
255,259
6,295
10,001
99,191 250,433 - 349,624 271,555
7,363,370
826,940
1,183,112
1,524,933
-
-
-		 820,176
1,802,311
1,747,781
1,500,291
10,756
113,895
11,344		 109,943
1,004
461,838
259,874
-
-
-		 8,293,489
2,630,255
3,392,731
3,285,098
10,756
113,895
11,344		 8,381,809
2,806,683
3,686,132
2,912,671
8,294
87,094
4,700
10,898,355 6,006,554 832,659 17,737,568 17,887,383
10,997,546 6,256,987 832,659 18,087,192 18,158,938

b) Governance included in support costs

King's Schools Taunton Limited reimburses governors for out of pocket expenses including travel subsistence and accommodation, where a claim is made. Three governors were reimbursed a total of £5,107 during the year (2024: two were reimbursed a total of £3,434).

Included within the above charitable expenditure is payments to governors for consutancy services provided. One governor was paid a total of £5,000 during the year (2024 £5,000).

8
FINANCING COSTS
Other interest paid
Bank charges
Fees In Advance debt financing costs
Provision for bad and doubtful debts
Remuneration paid to auditor for audit services
Reimbursement of personal expenses to governors		 Total
2025
£
29,544
5,107		 Total
2024
£
25,939
3,434
34,651 29,373
71,693 6,295

41

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

9
STAFF COSTS
The aggregate payroll costs for the year were:
Wages and salaries
Social security costs
Teachers' pension contributions
Other pension contributions
Termination costs
Private Medical Insurance
Wages and salaries
Social security costs
Teachers' pension contributions
Other pension contributions
Private Medical Insurance		 2025
2024
£
£
9,012,814
8,791,308
816,698
764,832
960,433
974,330
132,210
126,297
66,253
-
9,137
9,594
Group		 2025
2024
£
£
9,012,814
8,791,308
816,698
764,832
960,433
974,330
132,210
126,297
66,253
-
9,137
9,594
Group
10,997,545 10,666,361
2025
2024
£
£
8,913,623
8,701,539
882,951
764,832
960,433
974,330
132,210
126,297
9,137
9,594
Charity
10,898,354 10,576,592

None of the governors received remuneration or other benefits from King's Schools Taunton Limited or from any connected body.

2025 2024
£ £
Aggregate employee benefits of key management personnel 544,522 467,474

The Directors of the Charitable Company, the Headmasters and the Director of Finance and Operations are classed by the School as being the Key Management Personnel.

The number of employees whose annual emoluments were £ 60,000 or more was:

2025 2024
(number) (number)
£ 60,001 - £ 70,000 4 1
£ 70,001 - £ 80,000 1 2
£ 80,001 - £ 90,000 - -
£ 90,001 - £ 100,000 1 -
£ 100,001 - £ 110,000 - 1
£ 110,001 - £ 120,000 - -
£ 120,001 - £ 130,000 1 2
£ 130,001 - £ 140,000 - -
£ 140,001 - £ 150,000 - -
£ 150,001 - £ 160,000 - -
£ 160,001 - £ 170,000 - -
£ 170,001 - £ 180,000 - -
£ 180,001 - £ 190,000 1 -

The average number of employees during the year calculated on a head count basis was:

Teaching staff
Others		 2025
(number)
163
157		 2024
(number)
141
148
320 289

Included in staff costs are termination payments made to 4 employees (2024: 1) totalling £66,253 (2024: £8,500). The amount outstanding at the year-end was £17,688 (2024: £8,500).

10 DIRECTORS

None of the directors (or any persons connected with them) received any remuneration during the year. Remissions of £608 were awarded to one child of one director attending the School (2024: £10,339).

During the year, 3 (2024: 2) directors received reimbursement of travel and training expenses totalling £5,107 (2024: £3,434).

42

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

11 TAXATION

The company is a registered charity and therefore no liability to taxation arises on its charitable activities.

12 TANGIBLE FIXED ASSETS

GROUP
Cost
At 1 September 2024
Additions
Transfers
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
At 31 August 2025
Net book value
At 31 August 2025
Net book value
at 31 August 2024
COMPANY
Cost
At 1 September 2024
Additions
Transfers
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
At 31 August 2025
Net book value
At 31 August 2025
Net book value
at 31 August 2024		 Freehold
Land &
Plant &
Furniture
Computer
Motor
Buildings
Equipment
& Fittings
Equipment
Vehicles
Total
£
£
£
£
£
£
21,846,789
1,724,446
1,572,192
1,553,869
23,400
26,720,696
235,879
102,916
458,605
311,863
-
1,109,263
159,233
-
159,233
-
21,923,435
1,827,362
2,190,030
1,865,732
23,400
27,829,959
3,957,405
690,244
1,044,487
1,024,987
23,400
6,740,523
341,585
128,717
121,257
241,100
-
832,659
4,298,990
818,961
1,165,744
1,266,087
23,400
7,573,182
17,624,445
1,008,401
1,024,286
599,645
-
20,256,777
17,889,384
1,034,202
527,705
528,882
-
19,980,173
Land &
Buildings
Plant &
Furniture
Computer
Motor
Freehold
Equipment
& Fittings
Equipment
Vehicles
Total
£
£
£
£
£
£
21,846,789
1,724,446
1,572,192
1,553,869
23,400
26,720,696
235,879
102,916
458,605
311,863
-
1,109,263
159,233
-
159,233
-
21,923,435
1,827,362
2,190,030
1,865,732
23,400
27,829,959
3,957,405
690,244
1,044,487
1,024,987
23,400
6,740,523
341,585
128,717
121,257
241,100
-
832,659
4,298,990
818,961
1,165,744
1,266,087
23,400
7,573,182
17,624,445
1,008,401
1,024,286
599,645
-
20,256,777
17,889,384
1,034,202
527,705
528,882
-
19,980,173

All assets are used for charitable purposes.

43

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

13
SECURITIES INVESTMENTS
Group investments
At 1 September
New money invested
Reinvested income
Amounts extracted
Management fees
Realised gains on investments
Unrealised gains on investments
Group investments at 31 August
Less: Investments classified as cash
Group investments at 31 August
Investments in subsidaries
Company investments at 31 August
Investments comprise:
Listed investments
Fixed interest
Equities
Alternative investments
Commercial property funds
Commodities and other
Group investments at 31 August
Investments in subsidiaries
Company investments at 31 August		 2025
£
6,307,229
3,490,748
214,678
(4,490,053)
(16,621)
(47,410)
125,596		 2024
£
4,314,755
2,957,000
195,895
(1,398,205)
(10,001)
64,208
183,577
5,584,167
(92,535)
5,491,632		 6,307,229
(383,204)
5,924,025
101
5,491,733		 101
5,924,126
2,490,904
2,183,071
-
817,657		 1,770,889
1,820,265
-
2,332,871
5,491,632
101		 5,924,025
101
5,491,733 5,924,126

King's Schools Taunton Limited owns all of the share capital of WST Enterprises Limited, a company incorporated in England and Wales. Results of the company are shown in note 25 and further details are provided in note 29.

King's Schools Taunton Limited owns all of the share capital of King's College Schools International Limited, a company incorporated in England and Wales. Results of the company are shown in note 25 and further details are provided in note 29.

The main investments and Fees in Advance Scheme investments deposits are managed for King's Schools Taunton Limited by Cazenove Capital.

In addition to the above investments, cash balances within the Fees in Advance Scheme are included in current assets as cash deposits.

At 31 August 2025, three investments (2024: four) had a carrying value equal to 5% or more of the value of the investment portfolio, being:

the investment portfolio, being:
£
SUTL Cazenove Charity Sustainable 2,606,642 47.47%
SUTL Cazenove Charity Sustainable 350,242 6.38%
UK T-Gilt 2017 - 22-07-2027 362,304 6.60%

44

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

14 DEBTORS
School fees receivable
Trade debtors
Other debtors
Prepayments and accrued income
Amounts owed by group undertakings
Woodard Corporation
15 CREDITORS: Amounts falling due within one year
Deposits from parents
Fees received in advance of term
Fees in advance schemes
Trade creditors
Taxes and Social Security costs
Pension Scheme Deficit Recovery Plan
Other creditors
Accruals
Summary of movement in deferred income
Balance at 1 September 2024
Amounts arising in the year
Amounts transferred to SOFA
Balance at 31 August 2025		 2025
2024
£
£
731,119
217,118
13,631
22,249
46,881
56,915
1,117,314
828,989
-
-
259
259
1,909,204
1,125,530
2025
2024
£
£
275,615
306,772
1,712,440
2,652,753
1,022,643
1,119,498
1,185,220
956,813
1,034,531
215,454
31,545
31,545
573,790
660,490
679,399
410,904
6,515,183
6,354,229
Group
Group		 2025
2024
£
£
731,119
217,118
13,631
22,249
46,881
56,915
1,117,314
828,989
-
-
259
259
1,909,204
1,125,530
2025
2024
£
£
275,615
306,772
1,712,440
2,652,753
1,022,643
1,119,498
1,185,220
956,813
1,034,531
215,454
31,545
31,545
573,790
660,490
679,399
410,904
6,515,183
6,354,229
Group
Group		 2025
2024
£
£
731,119
217,118
-
-
46,881
56,551
704,790
527,721
766,569
872,237
259
259
2,249,618
1,673,886
2025
2024
£
£
275,615
306,772
1,712,440
2,652,753
1,022,643
1,119,498
1,185,220
956,813
1,011,258
195,960
31,545
31,545
573,790
659,588
671,049
402,564
6,483,560
6,325,493
2025
2024
2,652,753
3,021,414
1,712,440
2,652,753
(2,652,753)
(3,021,414)
1,712,440
2,652,753
Company
Company		 2025
2024
£
£
731,119
217,118
-
-
46,881
56,551
704,790
527,721
766,569
872,237
259
259
2,249,618
1,673,886
2025
2024
£
£
275,615
306,772
1,712,440
2,652,753
1,022,643
1,119,498
1,185,220
956,813
1,011,258
195,960
31,545
31,545
573,790
659,588
671,049
402,564
6,483,560
6,325,493
2025
2024
2,652,753
3,021,414
1,712,440
2,652,753
(2,652,753)
(3,021,414)
1,712,440
2,652,753
Company
Company
6,515,183 6,354,229 6,483,560 6,325,493
2025
2,652,753
1,712,440
(2,652,753)		 2024
3,021,414
2,652,753
(3,021,414)
1,712,440 2,652,753

Deferred income arises due to school fee invoices for the autumn term being issued and applied to the fees ledger prior to the year end. The income that relates to the following term is deferreduntil the term to which the income relates.

16 CREDITORS: Amounts falling due after one year
Deposits from parents
Fees In Advance		 2025
£
840,811
2,283,159
Group and		 2024
£
973,992
2,784,363
Company
3,123,970 3,758,355

Parents pay to the school a deposit in advance. The deposits are refunded on the pupils' last terms school bill.

17 FEES IN ADVANCE SCHEME

Parents and others may enter into a contract to pay for fixed contributions towards pupil tuition fees for a number of years in advance. The money may be returned subject to specific conditions on the receipt of notice. Assuming pupils remain in the school, fees in advance will be applied as follows:

After 5 years
Within 2 - 5 years
Within 1 to 2 years
Due after more than one year
Within 1 year
Balance at 31 August 2025		 2025
£
817,892
984,538
480,729
Group and		 2024
£
980,918
1,043,104
760,341
Company
2,283,159 2,784,363
1,022,643 1,119,498
3,305,802 3,903,860

45

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Summary of movements in liability
Balance at 1 September 2024
New Contracts
Repayments
Amounts used to pay fees
Amounts accrued to contract as debt financing cost
Balance at 31 August 2025
18 COMMITMENTS UNDER OPERATING LEASES
The future minimum commitments under non-cancellable operating leases
for vehicles and temporary buildings are:
within 1 year
within 1 to 5 years
after 5 years
19 SHARE CAPITAL
Authorised
100 Ordinary shares of £ 1 each
Allotted, called up and fully paid
100 Ordinary shares of £ 1 each
20 FINANCIAL INSTRUMENTS
FINANCIAL ASSETS:
Investments held at FV through Profit and Loss		 2025
£
67,735
115,782
-
Group and		 3,903,860
314,015
-
(912,073)
-
3,305,802
2024
£
75,376
139,891
1,424
Company
183,517 216,691
2025
£
100
Group and		 2024
£
100
Company
100 100
2025
£
5,491,632
Group and		 2024
£
5,924,025
Company

46

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

21 SUMMARY OF MOVEMENTS ON MAJOR FUNDS

GROUP AND CHARITY
Restricted Funds
Michael J Baker travel fund
Library fund
Joan Sewell bequest fund
John Crabtree award
Sixth Form Centre
The James Brothers' Music scholarship
Giving Day fund
Foundation for Sport
and the Arts - grant		 At 1 Sep
2024
27,156
101
23,313
17,295
-
25,823
37,253
-
14,000		 Incoming
resources
-
-
-
258,000
-
-
-		 Resources
expended
(1,600)
-
(3,500)
(1,100)
-
(5,144)
-
-		 Transfers
-
-
-
-
-
-
-		 Gains
/(losses)
-
-
-
-
-
-
-
-		 At 31 Aug
2025
£
25,556
101
19,813
16,195
258,000
20,679
37,253
-
14,000
144,941 258,000 (11,344) - - 391,597

The Michael Baker Travel Fund was set up in memory of Michael Baker who died in 1999. It is awarded to one or two leavers each year for travel outside of Europe for specific goals ie: helping local communities.

The Joan Sewell Bequest fund helps support various academic projects in the school, including essay prizes and educational trips.

The John Crabtree award is presented annually to the most gifted mathematician in the Lower Sixth Form.

The Foundation for Sport and the Arts Grant was a grant towards the construction of the sports hall. The figure is reduced annually as per the initial agreement.

The Sixth Form Centre is donations received towards the construction of a new Sixth Form Centre Building.

The Giving Day 2024 was an event where the whole school community came together to raise funds for school projects and bursarial support. The projects were:

The James Brothers' Music scholarship provides one organ or singing lesson to Organ and Choral Scholars for up to 4 pupils per year. Ensuring a full and competitive provision for church musicians and maintains and expands the reputation of chapel music at the school.

GROUP
Unrestricted Funds
General reserves
Designated - Bursary
Designated - Pension Deficit
CHARITY
Unrestricted Funds
General reserves
Designated - Bursary
Designated - Pension Deficit		 17,531,389
2,812,729
643,484		 16,380,436
106,481
16,825		 (18,068,998)
(6,850)
-		 287,178
-
(287,178)		 15,654
62,532
-		 16,145,659
2,974,892
373,131
20,987,602 16,503,742 (18,075,848) - 78,186 19,493,682
17,531,389
2,812,729
643,484		 16,119,127
106,481
16,825		 (17,807,688)
(6,850)
-		 287,178
-
(287,178)		 15,654
62,532
-		 16,145,659
2,974,892
373,131
20,987,602 16,242,433 (17,814,538) - 78,186 19,493,682

Bursary Fund - in 2015 the School allocated substantial funds to support KST's extensive bursary programme to support families who could otherwise not afford the fees.

The Company has a contingent liability of some £31,545 in relation to a deficit on its Pension Trust Growth Plan scheme. In 2015 the Council set aside £1m towards this liability. As the Pension Deficit fund has grown and the overall deficit has reduced with the annual payments required by the pension trustees, the fund became larger than the deficit. In March 2021, £587,258 was re-allocated to the Bursary Fund. It was and is the Council's intention to buy-out the liability using the remaining Pension Deficit fund. KST withdrew from the scheme with effect from 1[st] September, 2021 and payment for 90% of the full provisional buy-out took place October, 2022. There is currently a court case pending (decision Q4 2025 at the earliest) which will impact liabilities. Should liabilities increase as a result of the Court case, KST’s employer debt would increase. It should be noted that individual debt estimates will be recalculated as at the actual date of exit – 1[st] September, 2021. After the Court case, the revised amount will be calculated and The Pension Trust will then request the remaining balance. KST will maintain the Pension Deficit fund to cover the 10% currently remaining plus expected sufficient contingency to cover the future court decision.

47

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

22 ANALYSIS OF NET ASSETS BETWEEN FUNDS

The Group's net assets belong to the various funds as follows:

Share capital
Restricted funds
Unrestricted funds
General
Designated
Company
Trading subsidiary
Share capital
Restricted funds
Unrestricted funds
General
Designated
Company
Trading subsidiary
Group - 31 August 2025
Group - 31 August 2024		 Fixed assets
£
-
-
20,256,777
-		 Net current
assets
£
£
-
100
-
391,597
2,545,091
(3,532,239)
2,946,642
401,381
5,491,733
(2,739,161)
(101)
101
Investments		 Long term
liabilities
£
-
-
(3,123,970)
-
(3,123,970)
-		 Total
£
100
391,597
16,145,659
3,348,023
20,256,777
-		 5,491,733
(101)		 19,885,379
-
20,256,777 5,491,632 (3,123,970)
Long term
liabilities
£
-
-
(3,758,355)
-
(3,758,355)
-
(3,758,355)		 19,885,379
Fixed assets
£
-
-
19,980,173
-		 Total
£
100
144,941
17,531,389
3,456,213
19,980,173
-		 5,924,126
(101)		 21,132,643
-
19,980,173 5,924,025 21,132,643

48

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

KING'S SCHOOLS TAUNTON LIMITED

23 PENSION SCHEMES

Teachers' Pension Scheme

The School participates in the Teachers' Pension Scheme ("the TPS") for some of its teaching staff. The pension charge for the year includes contributions payable to the TPS of £591,619 (2024: £814,530) and at the year-end £48,431 (2024: £55,044) was accrued in respect of contributions to this scheme.

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 School has accounted for its contributions to the scheme as if it were a defined contribution scheme.

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020 in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 and the Employer Contribution Rate was assessed using agreed assumptions in line with the Directions and was accepted at the original assessed rate as there was no cost control mechanism breach.

The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are:

• Value of notional assets (estimated future contributions together with the proceeds from the notional investments held at th valuation date) of £222 billion

As a result of the valuation, new employer contribution rates have been set at 28.6% of pensionable pay from 1 April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation including a 0.08% administration levy).

Royal London Defined Contribution Scheme

The School participates in a Royal London defined contribution scheme for some of its teaching staff and all of its support staff.

49

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

24 Consolidated Statement of Financial Activities - Comparative figures by fund type Year Ended 31 August 2024

Notes
INCOME FROM:
Charitable Activities
School fees receivable
2
Ancillary trading income
3
Other trading activities
Non-ancillary trading income
4
Other activities
4
Investments
Investment Income
5
Bank and other interest
6
Voluntary sources
Appeal income and donations
7
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Non-ancillary trading
8
Financing costs
8
Investment management
8
Charitable Activities
Education and grant making
8
TOTAL EXPENDITURE
Net income and expenditure before transfers
Realised (losses)/gains on investment assets
14
Unrealised gains on investment assets
14
Net income
Transfers between funds
23
NET MOVEMENT IN FUNDS FOR THE YEAR
Fund balances at 1 September 2023
FUND BALANCES at 31 August 2024		 Unrestricted
Funds
£
15,555,928
1,746,890
626,069
3,570
195,895
28,245
56,546		 Restricted
Funds
£
-
-
-
-
-
-
69,987		 TOTAL
2024
£
15,555,928
1,746,890
626,069
3,570
195,895
28,245
126,533
18,213,143 69,987 18,283,130
6,295
10,001		 -
-		 6,295
10,001
16,296
17,882,683		 -
4,700		 16,296
17,887,383
17,898,979 4,700 17,903,679
314,164
64,208
183,577		 65,287
-
-		 379,451
64,208
183,577
561,949
,		 65,287
,		 627,236
-
561,949
20,425,653		 65,287
79,654		 627,236
20,505,307
20,987,602 144,941 21,132,543

50

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

25 SUBSIDIARIES

The Company owns all of the share capital of WST Enterprises Limited, a company incorporated in England/Wales. This company carries out trading activity on behalf of the School including commercial letting of the School's buildings and sports facilities.

WST Enterprises Limited (company number: 05181894) had a turnover of £356,099 (2024: £384,573), profit on ordinary activities of £117,845 (2024: £138,494), and a profit before tax and gift aid of £117,845 in the year ended 31 August 2025 (2024: £138,494). At 31 August 2025 the Company had shareholder’s funds of £100 (2024: £100).

The Company owns all of the share capital of King's College Schools International Limited, a company incorporated in England/Wales. This company carries out international activities on behalf of the School.

King's College Schools International Limited (company number: 09749938) had turnover of £686,440 (2024: £473,640), £663,385 profit on ordinary activities (2024: £464,460), and a profit before tax and gift aid of £663,385 (2024: £464,460) in the year ended 31 August 2025. At 31 August 2025 the Company had shareholder’s funds of £1 (2024: £1).

Gross assets for WST Enterprises amount to £145,035 (2024: £426,773), and gross liabilities of £144,935 (2024: £426,673). King's College Schools International Limited (formerly KST International Ltd) had gross assets of £653,258 (2024: £474,303) and gross liabilities of £653,257 (2024: £474,302).

All subsidiaries have a common registered office with the school.

26 CONTINGENT LIABILITIES

King's Schools Taunton Limited has been notified by the Pensions Trust of the estimated employer debt on withdrawal from the Growth Plan, based on the Plan's financial position as at 30 September 2020. As of this date the estimated employer debt for King's Schools Taunton Limited was £315,455 including Series 3 liabilities. King's Schools Taunton Limited have settled 90% of the estimated debt Oct 2022 leaving an estimated liability of £31,545 which has been provided for as a short term creditor, see note 15.

27 CAPITAL COMMITMENTS

As at 31 August 2025, the group had contracted capital expenditure of £87,699 (2024: £15,104).

28 ULTIMATE CONTROLLING PARTY

The Woodard Corporation is the ultimate controlling party, a registered charity number 1096270, which is incorporated in England and Wales. Copies of the financial statements can be obtained from The Woodard Corporation, 1 Adam Street, London, WC2N 6LE. The accounts of King's Schools Taunton Limited are included within the consolidated financial statements of The Woodard Corporation Limited.

29 RELATED PARTIES

The Company is a wholly owned subsidiary of The Woodard Corporation, a registered charity number 1096270, which is incorporated in England and Wales. An amount of £130,250 (2024: £127,077) was paid in the period to the Corporation by way of a levy to meet Corporation running costs. At year end there was a balance of £259 owed by The Woodard Corporation to The Company.

The Company also controls two trading subsidiaries, WST Enterprises Limited and King's College Schools International Limited (formerly KST International Ltd). See note 25 above. WST Enterprises Limited makes use of the schools facilities for it's principal activity of lettings, the schools made recharges of £298,537 (2024: £236,216) to WST Enterprises Limited for costs incurred to support these lettings such as catering and staff cost, the debtor balance with WST Enterprises Limited at 31 August 2025 was £118,237 (2024: £401,855). King's College Schools International Limited's principal activity is the promotion of education overseas, the schools receive income from King's College Schools International Limited and provide support and advice to our overseas partner schools. The schools recharged £4,025 (2024: £4,675) for costs incurred and the debtor balance with King's College Schools International Ltd at 31 August 2025 was £648,332 (2024: £470,382).

30 ACCOUNTING ESTIMATES AND JUDGEMENTS

In preparing the financial statements, the directors are required to make estimates and judgements. The matters detailed below are considered to be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations, financial position and cashflows. Accounting policies are shown at note 1 to the financial statements.

51

KING'S SCHOOLS TAUNTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Provision for bad debts

Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement.

Deposits

Refundable deposits are currently classified between long term and short term in the financial statements. These deposits are refundable in the event that pupils leave the school on one term's notice and as such the deposit would be refunded to the parents at that point. However the financial statements are prepared on a going concern basis and it is assumed that the majority of children will remain in the school for their full years of education and therefore the deposit will be refunded to them when they leave the school. Short term deposits reflect those pupils that will be leaving the school within one year, and the long term element reflects those pupils that will be leaving the school after 12 months from the balance sheet date.

Depreciation, impairment and residual values of fixed assets

Judgement is exercised in estimating the residual values of fixed assets, the selection of appropriate rates of depreciation and for matters of impairment.

52