2025-08-31-accounts

COLFE’S SCHOOL

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Company Number: 05352523 Registered in England Charity Registration Number: 1109650

COLFE’S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Contents	Page
Governors, Officers and Advisers	1
Annual Report of the Governors	3
Strategic Report	11
Statement of Accounting and Reporting Responsibilities	18
Independent Auditor’s Report	19
Consolidated Statement of Financial Activities	23
Consolidated and Colfe’s School Balance Sheets	24
Consolidated Statement of Cash Flows	25
Notes to the Financial Statements	26-44

COLFE’S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

The Governors of Colfe’s School (“the School”) are the School’s charity trustees under charity law and the directors of the charitable company limited by guarantee. The members of the Governing Body who served in office as Governors during the year and subsequently are detailed below.

below.
		1 F&GP	2 Estates	3 Education	4 Risk	5 H,S&S	6 Development
Mr M P E Pellereau	(Chairman)						
Mr D G Coulson	(DeputyChairman)				
Mr M D J Dove	(Master of the Leathersellers’ Company (appointed director 23rdJuly2024)
Mr N Tusting	(Master of the Leathersellers’ Company (resignation as director 23rd July2025)
MrsJA Bradley					
Mrs B W Canham	Resignation as director 1st July2025				
Miss S H Cooke						
Mr E Dove				
Mr N Hedley	(from 10 October 2023)						
Dr N KJones							
Mr T N Lister					
MrJO Mafe		
Mr C D Ramsey	Resignation as director 3rdDecember 2024						
Mr M Russell			
MrJP K Russell					
Prof L Tunbridge	Resignation as director 1st July2025			

• 1 - Member of the Finance and General Purposes Committee

• 2 - Member of the Estates Committee

• 3 - Member of the Education Committee

• 4 - Member of the Risk Management Committee

• 5 - Member of the Health, Safety and Security Committee

• 6 - Member of the Development Committee

During the year, the activities of the Governing Body were carried out through six committees. The membership of these committees is shown above for each Governor.

Except in the case of the Governors who are appointed on an ex-officio basis, service on the Board is for a term of three years. Retiring Governors can be re-elected provided that no Governor serves for a period in excess of twelve years unless a resolution is passed by the Board of Governors granting a final three-year term.

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COLFE’S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

OFFICERS (key management personnel currently and throughout the year)

Mr R F Russell Headmaster

Mr Max Adamson Bursar, Company Secretary and Clerk to the Governors Mrs D F Graham Deputy Head Mrs M-C Head of Junior School Gildfedder-Bonnar

PRINCIPAL ADDRESS AND REGISTERED OFFICE

Horn Park Lane, London, SE12 8AW

AUDITOR

Crowe U.K. LLP, 55 Ludgate Hill, London EC4M 7JW

BANKERS

HSBC Bank plc, 100 Old Broad Street, London, EC2N 1BG

INSURANCE BROKERS

Marsh Brokers Limited, Education Practice, Capital House, 1-5 Perrymount Road, Haywards Heath, West Sussex, RH16 3SY

SOLICITORS

Farrer & Co, 66 Lincoln’s Inn Fields, London, WC2A 3LH Lewis Silkin, 5 Chancery Lane, London, EC4A 1BL

Veale Wasbrough Vizards, Orchard Court, Orchard Lane, Bristol, BS1 5WS

WEBSITE

www.colfes.com

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

The members of Colfe’s School Governing Body present their Annual Report for the year ended 31 August 2025 under the Charities Act 2011, including the Directors’ and Strategic Reports, under the Companies Act 2006, together with the audited financial statements for the year. The financial statements consolidate the accounts of Colfe’s School (“the School”), Colfe’s Educational Foundation (“the Foundation”) and Colfe’s Leisure Services Ltd (“CLS”), a wholly owned subsidiary of the School. The School is the corporate trustee of Colfe’s Educational Foundation.

REFERENCE AND ADMINISTRATIVE INFORMATION

Originally established by John Glyn in 1574, Colfe’s School was re-founded in 1652 by Reverend Abraham Colfe, Vicar of Lewisham. When Reverend Colfe died in 1657 he took the enlightened step of entrusting the School to the Worshipful Company of Leathersellers’ in the City of London. Today the School principally provides coeducational day education for children from a wide range of backgrounds in its Junior (ages 3-11) and Senior (ages 11-18) Schools. Colfe’s Leisure Services Limited, the trading subsidiary, offers sports and leisure facilities for the benefit of the local community as well as the School.

Details of the Governing Body, together with the School’s officers and principal advisers, are given on pages 1 and 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

The School is governed by its Articles of Association last amended on 5 May 2015. The Articles of Association forbid the distribution of any income, which is to be applied solely towards the objects of the company.

Governing Body

Under the Articles of Association, the members of the Board of Governors are the Directors and Charity Trustees of Colfe’s School. When complete, this body comprises fifteen persons, being the Master of the Leathersellers’ Company (ex-officio), eight others nominated by the Leathersellers’ Company and six co-optative governors.

Each Governor is elected to hold office for three years after which they may be considered for re-election. Normally the maximum period of service is twelve consecutive years although in a special circumstance a governor may serve a final three-year term if approved by a resolution of the Governors.

Recruitment and Training of Governors

When determining the appointment of Governors, the Board and the Leathersellers’ Company look to ensure a mix of skills and select new Governors taking into account the knowledge, qualifications and experience of each candidate. The Head, Bursar and wider staff provide new Governors with induction training which introduces them to the workings of the School and the Company as a registered charity. They are encouraged to attend training workshops run by a number of organisations, including AGBIS (the Association of Governing Bodies of Independent Schools). Continuing Governors are also encouraged to attend relevant training courses to keep them up to date on key issues.

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

Organisational Management

The members of the Governing Body, as the charity trustees, are legally responsible for the overall management and control of the School. They usually meet four times a year as a full Board to determine the general policy of the School and review its overall management and control. The work of implementing most of their policies is carried out by the following sub-committees:

• The Education Committee, which is chaired by Mrs B W Canham, met three times in the year. The Education Committee, reporting directly to the Governing Body, actively considers educational and pastoral policy and performance.

• The Finance and General Purposes Committee (F&GP), which is chaired by Mrs J A Bradley, met five times during the year. The Committee, which reports directly to the Governing Body, scrutinises financial performance against budgets and capital expenditure, and considers any other non-educational aspect of the School, in addition to receiving reports from the Estates committee, the Development Committee, and Colfe’s Leisure Services. The Committee also finalises the audited financial statements and annual report for approval by the Governing Body.

• The Joint Consultative Committee, which is a sub-committee under the delegation of the F&GP and is chaired by Mrs J A Bradley, met with representatives of the Common room in the Spring term on the employment matters set out in the voluntary recognition agreement with the NEU and NASUWT.

• The Estates Committee, which is chaired by Mr D G Coulson, met as four scheduled meetings and one extraordinary meeting this year. Reporting to the Finance and General Purposes Committee, the Estates Committee supervises and monitors capital building projects and the maintenance of the School and Foundation estate

• The Risk Management Committee, which is chaired by Mr J Russell, met twice in the year. The Committee monitors all strategic risks facing the School and reports directly to the Governing Body.

• The Health, Safety and Security Committee, which is chaired by Mr M Pellereau, met twice in the year. The committee, which reports directly to the Governing Body, is tasked with scrutinising the health, safety and security procedures and mechanisms within the School.

• The Development Committee, which is chaired by Dr N K Jones, met twice in the year. The Committee Reports to the F&GP provides oversight for the School’s Development strategy and fundraising efforts.

The day-to-day management of the School is delegated to the Headmaster and key management personnel. They are also supported by their Senior Management teams and wider senior staff. The Headmaster and the Bursar attended all committees. All Governing Body meetings are also attended by the Deputy Head and Junior School Head. Various members of the Senior Management Team attended governor and subcommittee meetings during the year.

The remuneration of the Headmaster and Bursar is set by the Board, with other key management remuneration being determined by the Headmaster. The overarching policy objective is to provide appropriate incentives to encourage enhanced performance and reward key management fairly and responsibly for their individual contributions to the School’s success.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools through anonymous benchmarking

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

surveys, to ensure that the School remains sensitive to the broader issue of pay and employment conditions elsewhere. The School aims to offer competitive salaries, subject to experience, ensuring that there is scope for rewarding excellence. Delivery of the School’s charitable vision and purpose is primarily dependent on key management personnel, and staff costs overall are the largest single element of charitable expenditure.

Group Structure and relationships

On 1 September 2005, all the activities and net assets of Colfe’s Educational Foundation were transferred to Colfe’s School, with the exception of permanent endowment funds, restricted funds and freehold land and buildings. On the same date, Colfe’s School was appointed the sole trustee of Colfe’s Educational Foundation and ownership of Colfe’s Leisure Services Limited (Company Registration No. 02586190 registered in England) was transferred to Colfe’s School from Colfe’s Educational Foundation.

On 24 August 2006, Colfe’s School and Colfe’s Educational Foundation were granted a Uniting Direction by the Charity Commission, directing that Colfe’s Educational Foundation be treated as forming a part of Colfe’s School for the purposes of registration and accounting. The sole member of Colfe’s School is the Worshipful Company of Leathersellers.

Colfe’s Leisure Services Limited is a wholly owned non-charitable trading subsidiary. The trading activities of Colfe’s Leisure Services primarily comprise membership and hire revenue from letting the school campus and sports facilities when not in use by the School.

Through its sole member, the Leathersellers’ Company, the School is associated indirectly with many charitable bodies including the Leathersellers’ Foundation from which it received grants totalling £187,000 for the year ended 31 August 2025 (year ended 31 August 2024: £239,000). Colfe’s Charitable Trust, registered charity number 275447, is run independently of the school and by its own Board of Trustees, donated £80,000 during the year (year ended 31 August 2024: £60,000).

Other Relationships

The Headmaster is a member of the Headmasters’ and Headmistresses’ Conference whilst the School is a member of the Independent Schools’ Bursars’ Association. Both memberships permit the sharing of expertise and experience across the independent sector which ensures the School remains abreast of current developments and ideas in the independent sector. The School is also a member of the Association of Governing Bodies of Independent Schools and the Independent Association of Prep Schools.

Employment Policy

The School is an equal opportunities employer and is committed to creating a diverse and inclusive workplace. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs.

Investment policy and objectives

The School’s investment objectives are to maximise total return at an acceptable level of risk and balancing the current and future needs by:

• maintaining (at least) the value of the investments in real terms;

• producing a consistent and sustainable amount to support expenditure; and

• delivering these objectives within acceptable levels of risk.

To meet these objectives the School’s investments are managed to maintain diversification across a range of asset classes. The investment strategy and policy are monitored by the Finance and

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

General Purposes Committee, as is investment performance, which is reported below, within the Strategic Report.

Charity Governance Code

The Governing body aim to have a governance framework that is fit for purpose, compliant and efficient. The Board reviews its structure and practices against the Charity Code of Governance and confirms it complies with its principles and there have been no material departures from the Code.

Fundraising Practice

The Governing Body is aware of the Fundraising Regulator’s Code of Practice and the advice and recommendations contained therein. The School undertakes fundraising activities to raise funds in support of its means-tested scholarship programme in the form of donations or legacy giving to the Colfe’s Charitable Trust. Fundraising activities follow the Gift Acceptance Policy as approved by Governors and adhere to the Code of Practice, with no complaints or exceptions in the year requiring disclosure under s162A of the Charities Act 2011.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The School’s Objects, as set out in the Articles of Association are the advancement of education for the benefit of the public by the provision and conduct of a day school for boys and girls in or near the London Borough of Lewisham and, in so far as it is incidental or ancillary to the advancement of education, such other purposes for the benefit of the local community as shall be exclusively charitable.

In furtherance of these Objects for the benefit of the public, the School provides bursaries and administers grants given in pursuance of these Objects. The facilities make available through the activities of Colfe’s Leisure Services Ltd also constitute a substantial benefit to the public. . The Board is mindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2011.

Intended impact

Within its charitable Objects, the School aims to achieve its objectives in ways that are consistent with the principles of its founder Abraham Colfe, ensuring the safeguarding of all pupils, maintaining the financial stability of the School providing public benefit.

Aims

The School’s aims for the public benefit are:

• To promote excellence in all areas of school life and to develop each pupil’s abilities and character to the full, whilst ensuring that each child is happy and developing their unique potential;

• to provide innovative academic teaching which adds value and fosters learning and scholarship of the highest quality together with a wide range of cultural, sporting and cocurricular activities;

• to nurture an awareness of spiritual and moral values amongst its pupils in accordance with the principles of the Founder, Abraham Colfe;

• to maintain a balanced and diverse community of children from varied backgrounds within the context of an academically selective school;

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

• to promote a purposeful, disciplined, supportive and respectful atmosphere in which all pupils are encouraged to achieve their full potential, staff can find vocational fulfilment in their careers and all can use their talents for the greater good of the community and society as a whole.

Primary objectives

The key objectives of the School to fulfil these aims are:

• to provide an educational experience which is consistent with its stated aims and philosophy and which is recognised for its excellence within a learning culture in which pupils are encouraged to aim high and work systematically towards the achievement of their goals;

• to maintain and improve the performance of its pupils in public examinations relative to their potential so as to enhance the academic reputation of Colfe’s, whilst maintaining the strength of the School’s cultural, sporting and co-curricular activities;

• to ensure that all pupils who leave the Senior School are prepared and equipped to meet the challenges and opportunities which they will face on entering the wider world;

• to ensure that the aspirational culture of the school is reflected in all parts of the school. In achieving this objective, the Junior School also aims to become an important source of academically able and well-rounded pupils for Colfe's Senior School;

• to develop a distinctive learning culture within the whole school to promote mental strength and resilience;

• to attract and retain key members of staff;

• to continue our improvement of the fabric of the school estate in the context of providing enhanced facilities in which to deliver and achieve our educational objectives;

• to provide a clear, simple and effective governance and management structure capable of taking timely decisions and allocating necessary resources appropriately;

• to provide the necessary administrative and logistical framework to meet the needs of pupils and staff alike; and

• to be the coeducational independent day school of choice in South East London.

The aims and objectives set for Colfe’s Leisure Services are to facilitate the achievement of the School’s aims and objectives as above.

Strategies to achieve the primary objectives

To achieve these objectives the School continues to pursue its strategy of investing in its broad educational proposition, its staffing and its infrastructure.

In terms of the educational proposition, our objective is to improve the academic performance of the school without sacrificing its inclusiveness, social mix, or its broad educational experience or our commitment to pastoral care.

This strategy is supported by the School’s partnership programme with state schools across Greenwich and Lewisham including the Leathersellers’ Federation of schools. The Leathersellers’ Scholarship Programme is allowing up to 12 students in each of the sixth form years to benefit from free places and contributes to the learning environment and academically standards of the sixth-form.

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

To support educational objectives our staffing strategy is to recruit and retain teachers of high calibre. In the Senior School we will continue to recruit bright and capable graduates and train them through our successful in-house teacher training programme. We will invest in the continuing professional development of our existing staff to maintain and improve high standards of teaching. We intend to remain competitive in the market for attracting new teachers and are mindful of the cost-of-living challenges teachers face early in their careers.

Investment in our infrastructure is also a necessary part of our strategy. The Estates Committee is responsible for providing oversight of facilities development at Colfe’s.

In addition, we will continue to utilise our facilities commercially through Colfe’s Leisure Services.

Principal activity

The School’s principal activity, as specified in the Articles of Association, is the advancement of education. The School continues to fulfil its principal activity with much success. The school roll for 2024/25 averaged 1,310 (2023/24 1,315) pupils with 874 in the senior school (2023/24: 878) and 436 in the junior school (2023/24: 437).

Public Benefit

Colfe’s School remains committed to the aim of providing public benefit in accordance with its founding principles. The governors have complied with the duty prescribed in the Charities Act 2011 to have due regard to guidance published by the Charity Commission, including public benefit guidance.

As a former state grammar school, Colfe’s attaches great importance to widening participation and playing a full part in the life of its local community. Abraham Colfe, our Founder, was Vicar of St Mary’s Church in Lewisham during the period of the English Civil War. The School maintains an active link with St Mary’ Church in Lewisham and its vicar is the school Chaplin. We still attach great value to our historic links with the Borough of Lewisham, as well as with Greenwich.

Colfe’s School is a charitable company and seeks to benefit the public through the pursuit of its stated aims. As a charity, the parents of the school have the reassurance that all of the income of the School must be applied for educational purposes.

The Promotion of Education

During the year, Colfe’s School educated an average of 1,310 children between the ages of 3 to 18. The School has a broad curriculum and seeks to ensure that all children reach their academic potential. We believe that access to our educational services is vital to our success and that our successful outcomes must be shared by the local communities that use our facilities.

Ukrainian refugees

The School continues to educate 10 of the original 14 children of Ukrainian refugees it welcomed in the Spring term 2022. The School’s community is supporting this initiative by donating to Colfe’s Charitable Trust in response to the Headmaster’s appeal.

Bursaries and Scholarships

The awarding of means-tested bursaries is a measurable means of providing public benefit. The Governing Body takes the view that bursaries awarded to those who would not otherwise be able to afford the fees are beneficial to those families as well as the wider School community in a variety of ways.

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

As a matter of policy, Colfe’s School provides access to children from less affluent backgrounds. Bursaries are available to candidates who would otherwise be unable to attend the school due to financial circumstance, provided that such candidates pass the entrance examination and demonstrate a high level of academic potential. The awards range from 10% to 100% remission of fees. Our scholarships are awarded on the basis of the individual’s educational and extra-curricular potential and are usually awarded as a fixed remission amount (approximately 10% to 50%) and can be supplemented further by a bursary.

During the year, Colfe’s School has provided means tested bursaries to 72 children, to the value of £1,338,000 (2023/24 83 children to the value of £1,249,000). 68 pupils received a bursary or combined bursary and scholarship of 50% or more including 45 children who benefited from a fully funded place.

The School is grateful to the Leathersellers’ Foundation (previously Leathersellers’ Company Charitable Fund) which has granted the School a total of £2,523,500 to be spent on fully funded bursaries in the Leathersellers’ Scholarship Programme. The first of these bursaries were awarded to pupils joining the sixth form in September 2014.

The School is equally grateful to those donors who made donations to Colfe’s Charitable Trust to fund means-tested scholarships or who have contributed to the endowed funds managed by trustees for this purpose.

Relationship with Local Schools

Non-selective comprehensive Schools with which we have regular contact include Deptford Green School, Addey and Stanhope, Bonus Pastor, St Paul's Academy, St Thomas More, St Ursula's, Trinity School, Prendergast Ladywell School, and Prendergast Vale School. These schools tend to have a higher percentage of children eligible for free school meals than is average for the boroughs they are located in. Our work with these schools continues to evolve and includes:

• A member of staff is responsible for schools’ partnerships and has a significant proportion of their timetable dedicated to this work. They are aided by other members of the staff body.

• Colfe’s teachers run A-level taster sessions and regular GCSE enrichment activities in Latin, Modern Foreign Languages, Science, Computing, Mathematics and debating which are attended by pupils and staff from local schools.

• Pupils from our partner school join our own year 10 students for joint trips to Oxford and Cambridge Universities. Pupils in Year 8, 10 and 12 join in with The Catalyst - a joint program with seven state schools, Colfe’s and St Catherine’s College, Oxford. We also invite state schools to join our university information evening.

• The Leathersellers’ Scholarship Programme has been running since 2014 offering approximately 12 full scholarships per year in the Sixth form funded by grants, donations to the Colfe’s Charitable Trust or through other means.

The School also participates in the governance of these local state schools:

• The Head of Sixth form is a Trustee and Vice Chair of Shooter’s Hill Sixth form college from June 2023.

• The Director of Studies is a Governor at Addey and Stanhope School.

Other Areas of Public Benefit

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

The School actively seeks opportunities to assist its wider community. Charitable events enjoy a high profile throughout the school year and all pupils have numerous opportunities to contribute to a wide range of projects.

Colfe’s School continued its longstanding partnership of nearly twenty years with Kotu School in The Gambia with pupils and staff visiting in October 2024. The objectives of the partnership are to further the development of Kotu Secondary School and to provide a safe and responsible opportunity for Colfe’s pupils to gain first-hand experience of life in a developing country.

Where possible Colfe’s School makes facilities available to adults and children in the community. This is facilitated through both Colfe’s Leisure Services and in conjunction with Colfeian Grounds Ltd, the latter using the School’s Horn Park sports ground to provide a community sports club that is available to young people and other members of the local community.

Volunteers

The Parents and Friends Association (PAFA) and Old Colfeians help with fundraising and social and cultural activities. The Board continues to be extremely grateful for PAFA’s continuing and valuable support to the School.

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Academic achievements

Colfe’s pupils had an exceptional year in public examinations. At a level 95.3% of A level exams graded A to B (2023/24: 86.8%) and 65.7% at A or A (2023/24: 59.9%), a result which placed Colfe’s 14[th] in the Times Parent Power league of independent schools for A levels and 17[th] out of all schools (independent and maintained).

At GCSE, 93.5% were graded at 9-6 (2023/24: 93.0%) and 80.4% at 9-7 (2023/24: 79.3%). 29.7% of awards were graded 9 (2023/24: 27.4%).

Nearly all students secured places at their chosen universities, with a high proportion of 86% placed at Russell Group or other highly competitive destinations. Three pupils gained Oxbridge places and four pupils places to study medicine or dentistry. Engineering and Economics were popular degree choices, with 28 pupils gaining a place in these subjects.

School life

Colfe’s celebrated a glowing report from the first Good Schools Guide Review in four years, which praised the richness of the curriculum, the happiness and ambition of pupils, and excellent extra-curricular offerings.

25 years of co-education was celebrated with special assemblies and the production of a short film featuring interviews with pupils from Reception to Year 13. The film was premiered at the launch of the school’s successful new Instagram account.

Microsoft Showcase School status was awarded to the Senior School, reflecting innovative and effective use of technology to enhance and enrich learning.

The Senior School’s newest House, Glyn, won House Music in its first term and held its first charity week.

Performing Arts highlights included the winter production of The Curious Incident of the Dog in the Night-Time, while the summer term provided an open-air experience with a promenade

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

production of A Midsummer Night’s Dream. In Music, the Spring Concert was held for the first time in the splendour of St Margaret’s Church, Blackheath. The U14 string quartet reached the final of the prestigious Pro Corda National Chamber Music Competition. Musical events also included a choral masterclass with choral director and conductor Ralph Allwood and a National Youth Choir Vocal workshop. The Art and Photography End of Year Art Show was the biggest yet, and Media Studies held its third End of Year Show.

There were Language trips to Berlin, Brussels and Valencia, an Art & Photography trip to New York and a science trip to Orlando Space Camp. A trip to Gambia marked the 20th anniversary of Colfe’s partnership with Kotu Secondary School. Partnerships with schools closer to home included maths and science events, while the Y12 Community Volunteering Day was held for the third time. Senior students took part in European Youth Parliament and English Speaking Union Schools’ Mace Debating competitions, while Junior School pupils in Y6 completed their first English Speaking Board oracy award.

Individual achievements included six Y10 pupils taking Gold awards in the National Biology Challenge, finishing in the top 5% of 42,000 entrants, a Y9 student taking first prize in a national STEM Challenge, and a Y12 student winning a Young Reporter of the Year award. A Y10 student scooped a second consecutive award in the Young Geographer of the Year competition. Notable sporting achievements included the U18 girls football team reaching the finals of the Independent Schools Football Association, while the U18 girls Water Polo team won the ESSA National Plate championship, reaching sixth best in the UK. Meanwhile pupils across the Senior School saw individual success at national and international level in athletics, rugby, fencing, hockey, football, and cycling.

FINANCIAL REVIEW

Results for the year - Colfe’s School

The income of the School and its subsidiary, Colfe’s Leisure Services Ltd, derives from school fees and other income streams in the form of fees paid for the public use of the sports centre and other facilities, grants for the provision of bursaries, and from investments. The funds generated are for the unrestricted use by the Governors in the furtherance of the School’s objectives, except for those funds generated from certain Prizes and Bequests Fund investments whose application is restricted to the uses specified by the original bequests, and donations and grants received for specific purposes.

Overall, the consolidated group’s funds increased by £1,788,000 in the year (2023/24 £1,537,000). The surplus increased £251,000 over the prior year’s due to:

• Revenue fee growth of £814,000 representing the net annual fees increase offset by repricing for VAT recovery effective for the Spring term 2025 because of the imposition of VAT on School fees.

• Operating expenditure increased by £527k due to an increase in salaries.

• Realised and Unrealised investment gains of £126,000 (2023/24 gain of £264,000).

• Trading gains from the operations of Colfe’s Leisure Services of £705,000 (2023/24 £581,000).

• Adjustment for the Capital Goods Scheme in relation to VAT of £88,000

Total capital expenditure of £4.7m comprises £0.9m on the existing estate and IT, £3.0m on the Russell building classrooms and SEN centre that was commissioned for September 2025, and a further £0.78m on the Girls changing room development. The facilities development is part funded by borrowing, with £2.5m of an agreed facility of £4.85m drawn as at the 31[st] August 2025.

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

Cash at bank declined £1.7m to £6.7m as at 31 August 2025 as Fees Paid in Advance were expended on operating costs and used to fund capital expenditure on buildings prior to drawdown of the full loan facility.

The total consolidated funds of the School thus increased from £22,987,000 as at 31 August 2024 to £24,775,000 as at 31 August 2025. More details are provided in the Consolidated Statement of Financial Activities on page 23 and the Consolidated Balance Sheet on page 24.

Investment Performance

At the year-end, the School’s long-term investments totalled £2.8 million. The School’s investment in the Hermes Property Trust was realised when the Fund’s Trustees agreed a merger with the Legal & General Property fund resulting in a divestment of £255,000. The total value of disposals in 2024/25 is £271,000 resulting in a realised gain of £9,000 (2023/24 nil) and the unrealised gain in the market value of investments held at 31 August 2025 is £117,000 (2023/24 gain of £264,000).

The Governor’s powers of investment are widely defined and, in accordance with the Trustee Act 2000, investments may be in stocks, shares and other investments as they consider appropriate. The investment assets of the school are invested in managed charitable funds. The primary objectives of the management of investments is to preserve the capital value of the fund in real terms and to provide a balance of income and capital growth. Surplus liquidity is invested in money market deposits. The performance of the managed funds and the investment strategy are reviewed regularly by the Finance and General Purposes Committee.

Fees in Advance

The school operates a scheme for advance payment of school fees. Under this arrangement, parents pay a lump sum in advance to purchase credits against future school fees and receive a discount on the value of credits purchased. The scheme is offered for reasons of financial planning and security. The School may benefit by securing an alternative source of funding for capital projects at a favourable rate of interest. The school has unfettered use of the advance funds. The value of Advance Payments of fees at the year ending 31 August 2025 is £3.8m (31 August 2024 £5.6m).

Going concern

The challenges mounted in the Independent schools’ sector with the Government’s imposition of VAT on School fees coming into effect on 1 January 2025, and schools incurring substantial increases in operating expenditure from 1 April 2025 due to an increase in employer’s National Insurance contributions and the loss of 80% charitable relief for Business Rates.

The School has complied with these obligations and is manging the situation through pupil recruitment and retention activities and review of its strategic and financial plans. Recruitment for September 2025 was successful with targets achieved for the 11+ and 16+ admissions points. Recruitment for the Junior School is satisfactory, however, there are signs that affordability and a changing demographic profile are leading to a softening of the EYFS market. Overall the pupil roll is increased slightly for September 2025 and continued progress in the academic standing of Colfe’s gives Governors confidence that the School remains attractive to ambitious families.

The School continues to invest in new facilities for the future in the Russell Building and additional Girls’ changing rooms. These developments significantly enhance the Senior School facilities and competitiveness of the School’s offering. These are funded in part by accumulated surpluses and partly by new borrowing of £4.85m, which was entered into after due consideration to loan affordability and meeting banking covenants.

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

CLS’ Swim Academy and Members’ leisure club make an important financial contribution to the School, helping it to price fees competitively. CLS’s directors are confident that the current level of contribution can be sustained.

Governors continue to monitor risks though the Finance & General Purposes and Risk Committees and scrutinise key metrics to track the health of the School and identify emerging trends. After review cashflow forecasts, including sensitivity analysis around key assumptions surrounding pupil numbers, fee increases and cost inflation, the governors are satisfied there are no material uncertainties surrounding the ability to continue as a going concern and therefore consent to prepare these financial statements on a going concern basis.

Results for the year - Colfe’s Leisure Services Limited

Colfe’s Leisure Services Limited (CLS) is a wholly owned trading subsidiary of Colfe’s School. It provides sports and leisure facilities to the Colfe’s community and the general public through operation of the CLS membership club and letting of the School’s facilities.

The Colfe’s Swim Academy is popular with local families and its sessions are nearly fully subscribed. The number of memberships to Colfe’s Leisure Services increased by 82 to 1,246 at the year-end due to successful marketing activities and an improvement in customer service levels.

Income and bank interest for the year was £1,521,000 (2023/24: £1,372,000), resulting in a net profit of £705,000 before tax, interest and gift aid payments (2023/24; £581,000). Net assets at 31 August 2025 amounted to £242,000 (31 August 2024: £242,000).

Reserves Level and Policy and Financial Viability

The School’s reserves policy is to maintain sufficient unrestricted income reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall. It is the policy of the Governing Body to retain sufficient reserves to allow:

• the continuing operations of the School, equating to three months’ running costs;

• the replacement of its tangible fixed assets as they end their useful working lives;

• continuous assistance to pupils of the School by awarding bursaries and scholarships; and

• the enhancement and expansion of the School’s facilities from time to time.

The Policy is to hold sufficient general reserves to cover three month’s essential running costs. This reserve is defined as, readily realisable investments (unrestricted stocks and shares), less Net Current Assets (excluding entrance deposits held).

The Board is always mindful of the level of general reserves when considering financial and strategic decisions affecting the school. Current general reserves at £7.2m are within the policy target of £6.2, These include funds received under the Fees in Advance scheme of £1.7m which the School has unfettered use of. The obligation to meet future operating costs over the term of advance fee agreements is therefore an additional consideration in setting the reserve level.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board recognises Safeguarding as a principal risk and ensures robust policies, staff training and reporting procedures are in place to protect pupils and uphold a safe environment. Health, Safety and Security (HSS) remains a key area of risk management, and the School is committed to maintaining a safe and secure environment for pupils, staff and visitors. The range of risks is broad,

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

extending from educational visits and outdoor pursuits to infrastructure, compliance and fire safety, and is managed through rigorous planning and comprehensive risk assessments across all ‑ activities. Operational oversight is maintained by the HSS Sub committee, with strategic scrutiny and assurance provided by the Governors’ HSS Committee.

The Governing Body considers the affordability of fees by parents across the independent sector to be the major strategic risk faced by the school, and one that is significantly heightened by the addition of VAT on fees and cost pressures arising from changes to employer NICs and the loss of charitable relief from business rates. The effect of these changes is being closely monitored and the School is focused on managing their impact whilst maintaining the quality of the educational offering and delivering the best possible value-for-money.

The principal financial risks arising from these factors are that fee income cannot be sustained at levels needed to support necessary operational and capital expenditure as a result of pupil withdrawals or failing to achieve pupil recruitment targets. The market for independent schooling is going through a period of adaptation that will take many years and the School is responding by undertaking a comprehensive review of its strategy and continuing to scenario plan for a range of outcomes.

Governors recognise that the success of the School is dependent on its ability to attract and retain high quality teachers and support staff. Governors keep the competitiveness of remuneration packages under review in the context of a national shortage of teachers entering the profession and a generally tight labour market.

The operational, financial and reputational risks from Cyber-attacks are recognised as a very significant risks for schools. Colfe’s contracted IT provider audits the security of the network and undertakes annual penetration-testing. The School is Cyber-Essentials accredited.

The Governing Body of Colfe’s School is responsible for the management of the risks faced by the School. Detailed consideration of the risks faced by Colfe’s School is delegated to the Risk Management Committee, who met twice during the year. Risks are identified, assessed and controls established. The key controls used by Colfe’s School include:

• a. Formal agendas for all meetings of the Governing Body and Committees;

• b. Detailed terms of reference for all Committees;

• c. Comprehensive strategic planning, budgeting and management accounting;

• d. Established and identifiable organisational structure and reporting lines;

• e. Comprehensive formal written policies and the monitoring of these policies;

• f. Clear authorisation and approval levels;

• g. Vetting procedures as required by law for the protection of the vulnerable.

Through the risk management processes established for the School, the Governing Body is satisfied that the major risks identified have been adequately mitigated where necessary and to the extent reasonably possible. It is recognised that systems can only provide reasonable but not absolute assurance that the major risks have been adequately managed.

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

SECR is a mandatory reporting requirement for large companies which is designed to increase internal awareness of energy usage and cost and drive adoption of energy efficiency measures. The School has developed an Environmental Sustainability Policy and is receiving expert advice on adaptations to operate the School’s estates more sustainably.

Annual energy use and carbon emissions:

Annual energy use and carbon emissions:
	Year to 31	Aug	Year to 31	Aug
	2025		2024
UK energy use kwh1
- electricity	983,487		949,669
- gas	1,940,203		2,060,565
- total	2,923,690		3,010,234
Associated Greenhouse gas emissions tonnes CO2 equivalent2
- electricity		192		214
- gas		355		377
- total		546		590
Intensity ratio emissions - tonnes per m3 floor area
- electricity		0.01		0.01
- gas		0.02		0.03
- total		0.04		0.04
Intensity ratio emissions tonnes per headcount (student & staff	FTE)
- electricity		0.12		0.14
- gas		0.23		0.24
- total		0.35		0.38

Notes

1. UK energy use covers educational and related activities of Colfe’s School and its subsidiary Colfe’s Leisure Services Ltd.

2. Associated Greenhouse gases are calculated on metered energy consumption. Energy use in accommodated property and fuel for school vehicles is excluded as de-minimus.

3. Intensity ratio emissions per headcount restated for 31 August 2024 due to FTE restatement for outsourcing of cleaning services.

FUTURE PLANS

Richard Russell’s successor as Head teacher, Dan Gabriele, took post for September 2025 and is leading a review of the strategic plans with the Senior Management Team and Governors. This aims to ensure Colfe’s place as a relevant and desirable independent school of choice in its local market. Strategic objectives underpin development plans which are in place for each of the areas of the School so that the School continues to enhance its ability to provide a first-class education and pastoral care to its pupils.

The School is committed to becoming more sustainable and has adopted an Environmental Sustainability Policy. Sustainability measures are incorporated into any new construction and

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

major refurbishment of the existing estate buildings; for example new Russell Building is designed to be BREAM excellent and is heated by air source heat pumps.

SECTION 172(1) STATEMENT

Under the revised UK Corporate Governance Code, Governors are required to explain how they have considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 (‘S172’) when performing their duty to promote the success of the Company .

Promotion of the success of the organisation to benefit its members

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

S 172(1) A. The likely consequences of any decision in the long term

The long-term sustainability of the operating model is considered by the Governors as set out in the Future Plans and Going Concern sections of the Annual Report of the Governors. Specifically, Governors consider both short- and longer-term financial projections and the key risks that could negatively impact the sustainability of the School. Governors monitor progress against financial plans by review of management information and financial sensitivities. The principal financial risks are explored through the preparation of risk scenario forecasts and management action plans for scrutiny by the Finance and General Purposes Committee.

Risk management is embedded at all levels across the School. The most significant risks are considered at the Risk Committee. See information within the Principal Risks and Uncertainties for further details.

Governors are involved in key decisions in relation to capital expenditure and investment decisions, for example approval of Estate masterplan and the individual phases of development.

S 172(1) B. The interests of the company's employees

Governors are kept appraised of staff morale and engagement at Governors’ meetings, through the Chairman’s attendance at Senior Leadership meetings, and regular correspondence with the Headmaster and Bursar. Governors have the opportunity to meet staff on visits to the School and at events such as prizegiving and Founder’s day.

The School has a strategic objective to recruit and retain teachers of high calibre. Governors receive annual salary benchmarking reports to inform pay decisions and ensure the School remains competitive in its market. The School has agreed a voluntary recognition agreement with the two main teaching unions which establishes the Joint Consultative Committee as the forum for engaging with staff on matters pertaining to pay, hours and holidays and pensions.

The School complies with the UK’s Equality Act 2010 Regulations 2017 that require the publication of information on the gender pay gap for UK employees annually. The report is available on the School’s website.

S 172(1) C. The need to foster the company's business relationships with suppliers, customers and others

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

The Governors and Senior Leadership are mindful that parents are the key customers and arbiters of the School’s success. Admission to the school is contingent on signing the School’s Terms & Conditions that are the basis of a legal contract for educational services. Most aspects of the School’s operations are governed by policies designed to ensure its contractual obligations are fully and consistently met. There is regular communication with the Parent body by the School, and Senior leadership is informed by parental feedback when making key decisions.

Colfe’s is an important employer and contractor of services in the context of its local area. The School has a policy of paying suppliers promptly and always seeks to resolve supplier disputes amicably and fairly.

The School is grateful to its Parents and Friends Association and its alumni network for the

voluntary and charitable support they provide.

S 172(1) D. The impact of the company's operations on the community and the

environment

The School’s pupils and staff show concern for the environment and demonstrate a commitment to sustainable living. The School’s RHSE programme instils the values of citizenship and community in pupils and is supported by volunteering opportunities, including the Duke of Edinburgh scheme and partnership with the Kotu school, The Gambia.

Sustainability is an objective of the School Development Plan, as documented by the Environmental Sustainability Policy. The Estates Committee has oversight of how the School is delivering its sustainability agenda, including how measures are incorporated into estate development. Pupils are engaged through the Ecology group and the academic and RHSE curriculums.

The School complies with the Energy Savings Opportunity Scheme (ESOS) reporting requirements and has met obligations for disclosures under Streamlined Energy and Carbon Reporting (SECR).

S 172(1) E. The desirability of the company maintaining a reputation for high standards of business conduct

The actions of all staff and governors reflect on the reputation of the School. All officers and staff act with integrity and Colfe’s is respected by its community for authenticity and transparency in its communications.

The School works with trusted and reputable suppliers who are vetted and expected to comply with school procedures and risk assessments. The School ensures its procurement processes demonstrate fairness and integrity, comply with relevant laws and regulations, and keep information confidential and secure. The Bursary are aware of Money Laundering risks in Independent Schools undertake appropriate vetting and screening of sources of funds.

S 172(1) F. The need to act fairly as between members of the company.

The School is a member of Association of Governing Bodies of Independent Schools (AGBIS) and seeks to comply with the Charity Code of Governance. All Governors receive training on avoiding and disclosing potential conflicts of interest and these are declared at the start of committee meetings. Related Party Disclosures are completed in preparation of the annual Report and Accounts.

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COLFE’S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2025

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The members of the Governing Body (who are also the directors of Colfe’s School for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards)

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

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities’ SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Relevant Audit Information

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

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

M P E Pellereau

Chairman of the Governing Body

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COLFE'S SCHOOL INDEPENDENT AUDITOR'S REPORT YEAR ENDED 31 AUGUST 2025

Independent Auditor’s Report to the Members of Colfe’s School

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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COLFE'S SCHOOL INDEPENDENT AUDITOR'S REPORT YEAR ENDED 31 AUGUST 2025

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

• adequate and proper accounting records have not been kept; or

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

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit

Responsibilities of trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

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

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

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

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COLFE'S SCHOOL INDEPENDENT AUDITOR'S REPORT YEAR ENDED 31 AUGUST 2025

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

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

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

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

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

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

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

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COLFE'S SCHOOL INDEPENDENT AUDITOR'S REPORT 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.

Daniel Haines

Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

London Date 29 April 2026

22

COLFE’S SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 AUGUST 2025

Notes INCOME AND EXPENDITURE Income from : Charitable activities School fees 2 Other educational & ancillary activities 4 Other trading activities Colfe's Leisure Services Ltd 3 Investments 8d Grants and Donations Total Income Expenditure on : Raising funds Colfe's Leisure Services Ltd 6a Charitable activities Provision of education 6b Total expenditure Net income before investment and actuarial gains / (losses) Pension scheme actuarial (losses) / gains 15 Net Investment gains / (losses) 8 Net income / (expenditure) Transfers between funds 12 Net movement in funds Fund balances at 1 September 2024 FUND BALANCES at 31 August 2025 12

Unrestricted Restricted Freehold Endowed Total Total Funds Funds Property Funds Funds Funds Funds 2025 2024 £'000 £'000 £'000 £'000 £'000 £'000 22,239 278 - - 22,517 21,424 3,281 - - - 3,281 3,446 1,521 - - - 1,521 1,372 367 18 - - 385 331 - 41 - - 41 339 27,408 337 - - 27,745 26,912 770 - - - 770 751 24,603 24 611 66 25,304 24,883 25,373 24 611 66 26,074 25,634 2,035 313 (611) (66) 1,671 1,278 (9) - - - (9) 7 133 - (7) 126 264 2,159 313 (611) (73) 1,788 1,549 (3,228) (278) 3,506 - - - (1,069) 35 2,895 (73) 1,788 1,549 2,978 449 16,888 2,672 22,987 21,438 1,909 484 19,783 2,599 24,775 22,987

23

COLFE’S SCHOOL CONSOLIDATED BALANCE SHEETS AS AT 31 AUGUST 2025

Notes FIXED ASSETS Tangible Fixed Assets 7 Investment assets 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS:due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITLES LONG TERM LIABILITIES Creditors due after one year 11 TOTAL NET ASSETS Represented by : ENDOWED FUNDS 12a FREEHOLD PROPERTY FUND 12b RESTRICTED FUNDS 12c UNRESTRICTED FUNDS General funds TOTAL FUNDS 12

2025 2024 2025 2024 £'000 £'000 £'000 £'000 23,907 21,177 23,901 21,169 2,775 2,920 3,017 3,162 26,682 24,097 26,918 24,331 9,705 955 10,416 1,527 6,651 8,326 5,578 7,435 16,356 9,281 15,994 8,962 (14,115) (6,706) (13,989) (8,737) 2,241 647 2,005 418 28,923 26,672 28,923 24,556 (4,148) (3,685) (4,148) (3,685) 24,775 22,987 24,775 20,871 2,599 2,672 2,599 2,672 19,783 16,888 19,783 16,888 484 449 484 449 1,909 2,978 1,909 2,978 24,775 22,987 24,775 22,987 Group Colfe's School

The net surplus generated by the Group during the year was £1,788k (2023/24 £1,549) Approved by the Board of Governors of Colfe's School (company number : 05352523) on 10th March 2026 and signed on its behalf by:

Governor Governor Matthew P E Pellereau Daniel Coulson

The notes on pages 24 to 44 form part of these accounts.

24

COLFE’S SCHOOL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

		2025	2024
		£'000	£'000
Net cash flow from operating activities
Net cash provided by operating activities	A	(779)	8,136
Cash flows from investing activities	B	(3,303)	(3,980)
Cash flows from financing activities	C	2,406	(618)
Change in cash and cash equivalents in the year		(1,675)	3,538
Reconciliation of net cash flow to movement in net funds :
Cash and cash equivalents at 1 September 2024		8,326	4,788
Cash and cash equivalents at the end of the year	D	6,651	8,326
A Reconciliation of net movements in funds to net cash provided by operating activities
Net movement in funds (as per the statement of financial activities)		1,788	1,549
Depreciation charge		1,230	1,378
(Increase) / Decrease in Debtors		(8,750)	369
Increase in Creditors		5,451	5,421
Loan interest		4	21
Investment income		(385)	(331)
Net investment losses		(126)	(264)
Pension scheme gains		9	(7)
Net cash provided by operating activities		(779)	8,136
B Cash flows from investing activities
Purchase of tangible fixed assets		(3,959)	(4,311)
Disposal of investment		271	0
Investment income		385	331
Net cash used in investing activities		(3,303)	(3,980)
C Cash flows from financing activities
Repayments of borrowing		(94)	(618)
Cash inflows from new borrowing		2,500	-
Net cash used in financing activities		2,406	(618)
D Cash and cash equivalents
Cash at bank and in hand		6,651	8,326

Note

Charity law requires separate administration of the cashflows on endowed and other restricted funds of the charity. This constraint has not adversely affected group cashflows as stated above.

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

25

COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Basis of Accounting

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – effective 1 January 2019. In preparing the financial statements, the Governors have considered whether the accounting policies required by the standard require the restatement of information.

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

Demand for places in the school continues. The School’s projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability.

Accordingly, they also continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 14.

On 24 August 2006 the Charity Commission issued a Uniting Direction directing that Colfe’s Educational Foundation should be treated as forming part of Colfe’s School for the purposes of registration and accounting. References to Colfe’s School therefore refer to the aggregated results of Colfe’s School and Colfe’s Educational Foundation. The financial statements have been prepared under the historical cost convention, as modified by the inclusion of investments at market value, and in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

The accounts present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the consolidated and Charity balance sheets comprising the consolidation of the School and with its wholly owned subsidiary Colfe’s Leisure Services Ltd. No separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Companies Act 2006 as the results of its subsidiary are separately identified in the Consolidated SOFA and the related Note 3.

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 4 February 2005 (company number: 1109650) and registered as a charity on 24 May 2005 (charity number: 5352523)

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying

26

COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

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

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

1.1 Fees and similar earned income

Fees receivable and charges for services and use of the premises, less any allowances, scholarship, bursaries granted by the School against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided. Fees are accounted for net of VAT since January 2025.

1.2 Bursaries and Scholarships

The School provides financial assistance in the form of merit-based, means-tested scholarships to support pupils in accessing education in line with its charitable objectives. The cost of bursaries and scholarships is recognised as a reduction in fee income, as these awards represent discounts granted at the point of billing rather than direct expenditure.

1.3 Investment income

Income from investments, interest on deposits and rental income are accounted for on an accruals basis. Membership subscriptions to the sports and leisure centre relating to future accounting periods are carried forward as deferred income within creditors.

1.4 Donations, legacies, grants and other voluntary incoming resources

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

The Schools Development Office requests donations and legacies are made to the independent Colfe’s Charitable Trust. Where the donor has imposed trust law restrictions, income is credited to the relevant restricted fund and 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, and in the case of assets for retention or consumption, at the value to the School in the case of donated services or facilities.

27

COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.5 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure attributed to more than one cost category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying asset, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the costs of running the charity, including strategic planning, for its future development, internal and external audit fees, any legal advice for Colfe’s School Governors and the costs of complying with constitutional and statutory requirements. Intra-group income and expenses between the School and its subsidiaries are excluded from trading income and expenditure.

1.6 Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised in the School and Colfe’s Leisure Services Limited. Care however is taken to be consistent in considering whether to capitalise similar items that may fall below this threshold.

1.7 Depreciation

Depreciation is provided at the following rates in order to write off the expenditure on each asset over its estimated useful life. No depreciation is provided on freehold land.

Buildings	on cost at 2% to 10% p.a.
Temporary buildings & fixtures	on cost at 6.67% to 20% p.a.
Gymnasium and sports equipment	on cost at 20% to 33.3% p.a.
Furniture and equipment	on cost at 10% to 33.3% p.a.
Motor vehicles	on cost at 33.3% p.a.
Major refurbishments	on cost at 6.67% to 10% p.a.

1.8 Investments

Quoted investments and investment properties are stated in the Balance Sheet at market value. Investment properties are stated in the Balance Sheet at market value as assessed by the Governors, having taken professional advice.

Realised and unrealised gains and losses are included in the Statement of Financial Activities in the year to which they relate and are calculated by reference to the market

28

COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

value at the beginning of the year. Realised and unrealised gains and losses on investments are reflected in the funds to which they relate.

Investments in subsidiary undertakings are accounted for using the equity method in the Company’s separate financial statements. Investments are initially recognised at cost and are subsequently adjusted to reflect the Company’s share of the subsidiaries’ post acquisition profits or losses, other comprehensive income, and distribution received. For Colfe’s Leisure Services Limited this is equivalent to its net asset value.

1.9 Fund accounting

Endowed Funds

These are funds which have been endowed for a particular purpose where the capital must remain intact. Permanent endowments are those where the capital must remain indefinitely. In certain cases, restrictions as to the use of income are in place.

Freehold Property Fund

The Freehold Property Fund represents the net book value of the land and buildings of Colfe’s Educational Foundation

Restricted Funds

Restricted Funds are subject to donor-imposed conditions or have been raised for a particular purpose. Restrictions may apply to the capital sums alone or to the capital and income generated from them. The Governors are bound by the restrictions and may not vary them.

Unrestricted Funds

General Funds are available to the Governors for unrestricted use, subject to law, and the Articles of Association.

Where general funds have been set aside for a particular purpose by the Governors they are termed ‘designated funds’. The designation may be removed at any time at the Governors’ discretion.

1.10 Pension costs

Retirement benefits to employees of the School are provided through three pension schemes, one defined benefit and two defined contribution. The pension costs charged in the Statement of Financial Activities are determined as follows:

The Teachers’ Pension Scheme

This scheme is a multi-employer defined benefit pension scheme. It is not possible to identify the School’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS 102, the

29

COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

School accounts for the scheme as if it were a defined contribution scheme. The School’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

Growth Plan

This is a defined contribution group personal pension plan with TPT Retirement Solutions (formerly The Pension’s Trust). Employer’s pensions costs are charged in the period in which the salaries to which they relate are payable.

For deficit recovery contributions, the present value of the expected future contributions is recognised as a liability at the balance sheet date. The amount is reviewed annually taking into account any changes to the deficit contribution rate or the implicit rate of interest used in discounting the liability. More detail is provided in note 15.

Aviva Pension Scheme

Teaching staff who were appointed from September 2022 onwards are offered the Aviva APRIS defined contribution pension scheme.

1.11 Operating leases

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

1.12 Taxation

Colfe’s School is exempt from corporation and income tax on its charitable activities by virtue of its status as a registered charity. Colfe’s Leisure Services Limited is subject to corporation tax and the charge for the year is based on the profit or loss for the period as adjusted for disallowable and non-taxable items and after taking account of losses brought forward.

1.12 Financial Instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised costs with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provisions is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

At the balance sheet date the School held financial assets at fair value of £2,775k (2023/24 £2,920k).

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COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

2 SCHOOL FEES

The School's fee income comprised: Gross fees Less: Total bursaries, grants and allowances Add back : Bursaries and other awards paid by restricted funds Total fees receivable	2025 2024 £'000 £'000 25,820 24,945 (3,581) (3,521) 22,239 21,424 278 315 22,517 21,739 Unrestricted Funds

Amounts received under the school's Fees in Advance Scheme contracts not yet utilised to school fees are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months of the reporting date and as long term liabilities where the education will be provided in subsequent years.

3 SUMMARY INFORMATION

The results and balance sheets of the two charities, Colfe's School and Colfe's Educational Foundation, and the subsidiary company, Colfe's Leisure Services Limited (CLS) are summarised below:

Income Expenditure Net investment gains / (Losses) Pension scheme gains Net movement in funds Tangible fixed assets Investments Total Fixed Assets Current assets Current liabilities Net Current Assets / (Liabilities) Total Assets less Current Liabilities Long term creditors Total net assets	School £'000 26,866 (25,212) 126 (9) 1,771 1,877 2,303 4,180 34,708 (13,990) 20,718 24,898 (4,148) 20,750	Foundation £'000 523 (506) 0 -	CLS £'000 1,521 (1,521) - - 0 6 - 6 1,147 (911) 236 242 - 242	Adjustments £'000 (1,165) 1,165 - - 0 - (242) (242) (20,273) 20,273 - (242) - (242)	2025 Total £'000 27,745 (26,074) 126 (9) 1,788 23,907 2,775 26,682 16,356 (14,115) 2,241 28,923 (4,148) 24,775	2024 Total £'000 26,912 (25,634) 264 7
		17				1,549
		22,024 714				21,177 2,920
		22,738				24,097
		774 (19,486)				9,281 (8,822)
		(18,712)				459
		4,026 -				24,556 (3,685)
		4,026				20,871

Colfe's School owns the whole of the share capital of Colfe's Leisure Services Limited, which provides sports and leisure facilities for the School and for the public, during non-school hours, via its Roebuck Club.

CLS expenditure includes £12,687 (2024: £12,687) management charge from the School and includes £29,000 (2024: £29,000) in respect of facility charges paid to the Foundation

There was a donation paid by CLS to the school during the year of £585,417 in relation to 2023/24 The amount accrued for 2024/25 is £705,277

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COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

4 OTHER INCOME Other educational activities Examination Fees Registration fees Outdoor Pursuits and Educational visits Other income Other ancillary activities Catering Income Wraparound care Other school trips Other income Total Other Income 5 STAFF COSTS Total staff costs comprised: Wages and salaries Social security costs Pension contributions The average number of employees in the year was: School Subsidiary	2025 £'000 127 85 730 737 1,679 814 284 266 238 1,602 3,281 2025 £'000 13,178 1,631 2,253 17,062 294 82 376	2024 £'000 118 101 686 881
		1,786
		799 284 362 215
		1,660
		3,446
		2024 £'000 12,599 1,354 2,036
		15,989
		302 76
		378

Neither Colfe's School Governors nor persons connected with them received any remuneration, other benefits or reimbursement of expenses from the School or any connected organisation apart from reimbursed Governors' travelling and accomodation expenses of £3,286 (2023/24: £4,164). The number of Governors claiming travel and accomodation expenses was 6 (2023/2024: 6)

The number of higher paid employees was: Taxable emoluments band: £60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000 £90,001-£100,000 £100,001 - £110,000 £110,001 - £120,000 £220,001 - £230,000 £230,001 - £240,000 £240,001 - £250,000 £250,001 - £260,000 The number with retirement benefits accruing in - Defined Benefit Schemes	2025 2024 No. No. 37 34 19 12 6 3 1 - - 1 3 2 - - - - - - 1 1
	43 41

Aggregate employee-benefits for key management personnel including pension and national insurance contributions total £ 1,349,999 in 2024/25 (2023/24 £1,245,514) These emoluments also include accomodation benefits.

There were termination payments totalling £97,309 in 2024/25 (2023/24 £30,000)

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COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

6 ANALYSIS OF TOTAL EXPENDITURE

(a) Costs of raising funds Trading costs of the subsidiary (b) Charitable activities Teaching Other activities Buildings depreciation Premises Support costs of schooling Governance cost School's operating costs Awards and prizes Total expenditure	Staff Grants costs Awarded £'000 649 - 14,085 - - - - - 600 - 1,728 - - - 16,413 - - - 16,413 - 17,062 -	Other Depreciation 2025 costs Total £'000 £'000 £'000 118 3 770 815 328 15,228 3,203 - 3,203 - 677 677 2,318 223 3,141 1,277 - 3,005 26 - 26 7,639 1,228 25,280 24 - 24 7,663 1,228 25,304 7,781 1,231 26,074	2024 Total £'000 751
			14,861 3,459 716 3,602 2,218 8
			24,864 19
			24,883
			25,634

Governance costs include auditor's remuneration for audit services of £33k plus VAT (2023/24: £35k).

(a) Costs of raising funds Trading costs of the subsidiary (b) Charitable activities Teaching Other activities Buildings depreciation Premises Support costs of schooling Governance cost School's operating costs Awards and prizes Total expenditure	Staff costs £'000 629 12,954 - - 708 1,698 - 15,360 - 15,360 15,989	Grants Awarded - - - - - - - - - - -	Other costs £'000 119 1,487 3,459 - 2,657 519 8 8,130 19 8,149 8,268	Depreciation £'000 3 420 - 716 237 1 - 1,374 - 1,374 1,377	2024 Total £'000 751 14,861 3,459 716 3,602 2,218 8 24,864 19 24,883 25,634	2023 Total £'000 624
						13,419 3,392 542 3,820 2,182 10
						23,365 24
						23,389
						24,013

Governance costs include auditor's remuneration for audit services of £35k (2022/23: £35k).

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COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

7

TANGIBLE FIXED ASSETS

Cost 1 September 2024 Transfers Additions Adjustments for CGS Disposals 31 August 2025 Depreciation 1 September 2024 Charge for year Adjustments for CGS Disposals 31 August 2025 Net book values 31 August 2025 31 August 2024

Freehold Assets Land and under Motor Furniture & School Furniture & Subsidiary Group Buildings Construction Vehicles Equipment Total Equipment Total Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 30,905 3,299 100 5,020 39,324 136 136 39,460 28 (28) - - - - - - 265 4,479 38 177 4,959 - - 4,959 (497) (502) (999) - - (999) - - - - - - - - 30,701 7,248 138 5,197 43,284 136 136 43,420 14,190 - 91 3,874 18,155 128 128 18,283 765 - 17 534 1,316 2 2 1,318 (88) - - - (88) - - (88) - - - - - - - 0 14,867 - 108 4,408 19,383 130 130 19,513 15,834 7,248 30 789 23,901 6 6 23,907 16,715 3,299 9 1,146 21,169 8 8 21,177

HSBC have taken a charge over the land and buildings of the Horn Park Lane site as security for the 10 year loan facility which assisted in financing additional classrooms.

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COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

8 INVESTMENTS

		2025	2024
		£'000	£'000
Market value:
Listed investments	8a	2,775	2,920
Investment Property	8b	-	0
Group total		2,775	2,920
At fair value
Investment in Subsidiary	8c	242	242
School total		3,017	3,162

Group unrealised gains on investments included above:

8a Listed Investments Market value at 1 September 2024 Net unrealised gain Disposal Realised Gain on disposal Market value at 31 August 2025 Historic cost at 31 August 2025 All listed investments are held in unit trusts or common investment funds.	£'000 2,920 117 (271) 9
	2,775
	1,704

8b Investment in Subsidiary Fair value At 1 September 2024 Gain for the year At 31 August 2025	£'000 242 -
	242

An accrual of £705k for profits made by Colfe's Leisure Services is included within these accounts, the payment of which will be made in 2023/24. The amount accrued in 2023/24 and paid in 2024/25 was £581k.

8d Investment income comprises:

Quoted investments Bank deposits Property Investment Total 2025 Total 2024	Unrestricted Funds 119 248 - 367 298	Restricted Funds 18 - - 18 33	2025 Total £'000 137 248 - 385	2024 Total £'000 135 191 5
				331
				331

35

COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

9 DEBTORS

Amounts due from subsidiary company School fees Stock Trade debtors Sundry debtors Prepayments & Accrued Income	2025 2024 £'000 £'000 - - 8,924 136 7 5 59 43 207 201 508 570 9,705 955 Group	2025 2024 £'000 £'000 765 628 8,924 136 - - 22 - 205 201 500 562 10,416 1,527 Colfe's School

10 CREDITORS DUE WITHIN ONE YEAR

	2025 2024 £'000 £'000 Group	2025 2024 £'000 £'000 Group	2025 2024 £'000 £'000 Colfe's School	2025 2024 £'000 £'000 Colfe's School
Bank loan Trade creditors Taxation and social security Other creditors and accruals Deferred Income - fees paid in advance Deferred Income - fees billed in advance Pupil Deposits Pension deficit recovery payments (note 15) Fees received in advance (part of FIA Scheme)	551 619 852 901 73 7,708 1,826 5 1,580	94 1,414 592 409 333 - 1,629 3 2,232	551 606 780 860 73 7,708 1,826 5 1,580	94 1,410 566 354 333 - 1,629 3 4,348
	14,115	6,706	13,989	8,737

11 CREDITORS DUE AFTER MORE THAN ONE YEAR

Pension deficit recovery payments (note 15) Fees received in Advance 1-2 years Fees received in Advance 2-5 years Fees received in Advance for more than 5 years Bank loan 1-2 years Bank loan 2-5 years Bank Loan in more than 5 years	2025 2024 £'000 £'000 7 - 918 1,569 1,186 2,116 88 - 250 - 750 - 949 - 4,148 3,685 Group	2025 2024 £'000 £'000 7 0 918 1,569 1,186 2,116 88 - 250 - 750 - 949 - 4,148 3,685 Colfe's School

A 10 year bank loan taken in 2014 to assist in financing sixth form buildings ended in October 2024. A new bank loan commenced in August 2024. The term is for 10 years of which 7 have been fixed at 5.72% and has part funded additional classrooms.

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COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

12 NET ASSETS OF THE FUNDS OF COLFE'S SCHOOL AND GROUP

Colfe's School's net assets belong to the various funds as follows:

Endowment funds Freehold Property fund Restricted funds Unrestricted funds Colfe's School Colfe's Leisure Services Limited Group	Fixed Assets £'000 2,381 19,783 - 1,737 23,901 6 23,907	Investments £'000 218 - 7 2,792 3,017 (242) 2,775	Net Current Assets / (Liabilities) £'000 - 477 1,528 2,005 236 2,241	Long Term Liabilities £'000 - - - (4,148) (4,148) - (4,148)	2025 £'000 2,599 19,783 484 1,909 Fund Balance
					24,775 -
					24,775
	Fixed Assets £'000	Investments £'000	Net Current Assets / (Liabilities) £'000	Long Term Fund Balance Liabilities 2024 £'000 £'000
Endowment funds Freehold Property fund Restricted funds Unrestricted funds Colfe's School Colfe's Leisure Services Limited Group	2,447 16,888 - 1,834 21,169 8 21,177	225 - 7 2,930 3,162 (242) 2,920	- - 442 1,899 2,341 234 2,575	- - - (3,685) (3,685) - (3,685)	2,672 16,888 449 2,978
					22,987 -
					22,987

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COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

12a ENDOWED FUNDS: MOVEMENTS IN THE YEAR

Endowments: Property Prizes and other bequest funds Total Property Prizes and other bequest funds Total	Balance at 1 September 2024 £'000 2,447 225 2,672 1st September 2023 £000 2,511 169 2,680	Expenditure £'000 (66) - (66) £000 (64) - (64)	Investment Gains / (losses) £'000 - (7) (7) £000 - 56 56	Funds Transfer - - - £000 - - 0	Balance at 31 August 2025 £'000 2,381 218
					2,599
					31st August 2024 £000 2,447 225
					2,672

The prizes and other bequest funds are permanent endowments which have been made from time to time by benefactors of the Foundation. The income arising is to be used for specific or general purposes of the Foundation, as specified by the endowments.

12b FREEHOLD PROPERTY FUND: MOVEMENTS IN THE YEAR

Freehold property fund Freehold property fund	Balance at 1 September 2024 £'000 16,888 2023 £'000 13,332	Income £'000 - £'000 -	Expenditure £'000 (611) £'000 (650)	Fund Transfers £'000 3,506 £'000 4,206	Balance at 31 August 2025 £'000 19,783
					2024 £'000 16,888

The Freehold Property Fund represents the net book value of the land and buildings of the School and Foundation. The root of the title to the properties held by the Foundation is the Will of Abraham Colfe dated 7 September 1656, probate of which was granted on 25 January 1659.

The freehold property is a mixture of that remaining out of the original endowment or acquired from the proceeds of part or all of the endowed land and that acquired since 1659 out of general funds. The Governors are unable to identify the land and buildings acquired out of the original endowment.

Where restricted or unrestricted funds have been expended on additions to freehold land and buildings, a transfer is made from the relevant fund.

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COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12c RESTRICTED FUNDS: MOVEMENTS IN THE YEAR

Grants and Donations Prizes and other bequest funds Grants and Donations Prizes and other bequest funds	Balance at Income Expenditure Fund Investment Balance at 1 September Transfers Gains/(Losses) 31 August 2024 2025 £'000 £'000 £'000 £'000 £'000 £'000 18 319 (24) (278) - 35 431 18 - - - 449 449 337 (24) (278) - 484 2023 2024 £'000 £'000 £'000 £'000 £'000 £'000 18 339 (24) (315) - 18 374 57 - - - 431 392 396 (24) (315) - 449

Prizes and other bequest funds comprise accumulated undistributed income from endowed funds

Where funds are used for scholarships or bursaries these are shown as transfers from the restricted funds to unrestricted funds.

13 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2025 the charity had aggregate annual commitments under non-cancellable operating leases of £156k A total of £85k was expensed on lease costs in 2024/25

Amounts falling due : Within one year Due within 2 - 5 years Due in more than 5 years	2025 2024 2025 2024 £'000 £'000 £'000 £'000 65 61 65 61 91 40 91 40 - - - - 156 101 156 101 Group Colfe's School

39

COLFE’S SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

COMPARATIVE SOFA FROM 2023/24 Notes INCOME AND EXPENDITURE Income from : Charitable activities School fees 2 Other educational & ancillary activities 4 Other trading activities Colfe's Leisure Services Ltd 3 Investments 8d Grants and Donations Total Income Expenditure on : Raising funds Colfe's Leisure Services Ltd 6a Charitable activities Provision of education 6b Total expenditure Net income before investment and actuarial gains / (losses) Pension scheme actuarial gains 15 Net Investment gains / (losses) 8 Net income / (expenditure) Transfers between funds 12 Net movement in funds Fund balances at 1 September 2023 FUND BALANCES at 31 August 2024 12	Unrestricted Funds £'000 21,424 3,446 1,372	Restricted Funds £'000 - - -	Freehold Property Funds £'000 - - - - - - - 652 652 (652) - - (652) 4,206 3,554	Endowed Funds £'000 - - - - - - - 64 64 (64) - 56 (8) - (8)	Total Funds 2024 £'000 21,424 3,446 1,372 331 339
	274 -	57 339
					26,912
	26,516 751 24,143 24,894 1,622 7 208 1,837 (3,891) (2,054)	396
		- 24			751 24,883
		24			25,634
		372 - -			1,278 7 264
		372 (315)			1,549 -
		57			1,549 21,438
	5,032	392	13,334	2,680
	2,978		16,888	2,672
		449			22,987

There is no difference between the net expenditure or income above and the historical cost equivalent. All of the group's activities ar in respect of continuing operations.

Net income/(losses) under the Companies Act 2006 excludes investment gains and losses on endowed funds and is therefore £1,493 for the year (2022/23: £993k)

40

COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

15 PENSION SCHEMES

The Teacher’s Pension Scheme (TPS)

The School is registered in Phased Withdrawal from the Teacher’s Pension Scheme (the “TPS”). Staff appointed from September 2022 onwards are offered a defined contribution scheme. The pension charge for the year includes pension contributions payable to the TPS of £1,864,800 (2023/24 £2,011,945) and the year-end £153,867.36 was accrued in respect of the contributions to this scheme.

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

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at March 2020 and the Valuation Report was published in October 2023.

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

The valuation confirmed that the employer contribution rate for the TPS would include increase from 23.6% to 28.6% from April 2024. Employers are required also to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

The Aviva Pension Scheme

Teaching staff who were appointed from September 2022 onwards are offered the Aviva APRIS defined contribution pension scheme. An increasing amount of Staff appointed pre September 2022 are joining the Aviva Scheme under phased withdrawal. The pension charge for the year includes contributions to the Aviva Pension Scheme of £831,944 (2023/24 £602,716), and at the year end £69,983 was accrued in respect of contributions to this scheme.

Support Staff

TPT Retirement Solutions (formerly the Pensions Trust) – The Growth Plan

The Group paid contributions at the rate of 14.1% or 10% dependent on the employee during the accounting period. Under current service members paid contributions at the optional rates of 6% or 7% during the accounting period. Auto-enrolment was implemented on 1 April 2014, which gave the additional option for members to pay a rate, which rose in 2018/19 from 3% to 5% with a Group contribution rising in 2018/19 from 2% to 3%. Support staff are required to notify the group if they do not wish to join this pension scheme.

As at the balance sheet date there were 99 active members (2023/24: 99) of the Plan employed by the Group and contributions paid during the year were £455,642 (2023/24: £442,996). The Group continues to offer membership of the Plan to its employees. .In addition, the School paid contributions totalling £16,002 (2023/24: £16,238) in respect of the past service deficit.

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COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

The Pensions Trust participates in the scheme, a multi-employer scheme which provides benefits to some 521 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.

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

The scheme is classified as a “last -man standing arrangement”. Therefore the company is potentially liable for other participating employers obligations if those employers are unable to meet their share of the scheme deficit on an annuity purchase basis on withdrawal of the scheme.

A full actuarial valuation for the scheme was carried out as at 30[th] September 2023. This valuation showed assets of £514.9m liabilities of £531m and a deficit of £16.1m . To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows;The rules of the Plan give the Trustee the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as Technical Provisions.

The Group paid contributions at the rate of 14.1% or 10% dependent on the employee during the accounting period. Under current service members paid contributions at the optional rates of 6% or 7% during the accounting period. Auto-enrolment was implemented on 1 April 2014, which gave the additional option for members to pay a rate, which rose in 2018/19 from 3% to 5% with a Group contribution rising in 2018/19 from 2% to 3%. Support staff are required to notify the group if they do not wish to join this pension scheme. In addition, the School paid contributions totalling £11,384 (2023/24: £16,238) in respect of the past service deficit.

Deficit Contributions

From April 2025 to 31 March 2028

£2,100,000 per annum payable monthly

Unless a concessions has been agreed with the Trustee the term to March 2028 applies.

Note that the schemes previous valuations was carried out with an effective date of 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay an additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 1 January 2025

£3,312,000 per annum payable monthly

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognised a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit, The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

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COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

----- Start of picture text -----
Present Value of Provision
31 August 2025 31 August 2024 31 August 2023
£000 £000 £000
Present Value of Provision 12 3 10
Reconciliation of Opening & Closing Provisions
`
2025 2024
£000 £000
Provision at start of period 3 10
Unwinding of the discount factor (interest expense) 1
Deficit contribution paid (5) (8)
Remeasurements - impact of any change in assumptions - -
Remeasurements - amendments to the contribution schedule 14 -
Provision at the end of period 12 3
Income and Expenditure Impact 2025 2024
£000 £000
Interest expense - -
Remeasurements - impact of any change in assumptions - -
Remeasurements - amendments to the contribution schedule 14 -
Assumptions
31st August 2025 31st August 2024 31st August 2023
% per annum % per annum % per annum
Rate of discount 4.37 5.13 6.04
----- End of picture text -----

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

Following a change in legislation in September 2005 there is a potential debt on the employer that could be levied by the Trustee of the Plan. The Pensions Act 2011 has more recently altered the definition of Series 3 of the Growth Plan so that a liability arises to employers from membership of any Series except Series 4. The debt is due in the event of the employer ceasing to participate in the Plan or the Plan winding up.

The Group has been notified by The Pensions Trust of the estimated employer debt on withdrawal from the Plan based on the financial position of the Plan as at 30 September 2024. As of this date, the estimated employer debt for the Group was £152,386 (30 September 2022: £211,378).

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COLFE’S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16 CONTROLLING ENTITY AND CONNECTED PARTY TRANSACTIONS

The School is controlled by its sole member, The Leathersellers' Company which is entitled to nominate eight of the fifteen Governors. The Master of the Company is also a Governor (ex officio).

Colfe’s Leisure Centre (CLS) (company number 02586190) is a subsidiary of Colfe’s School. During the year there were payments made from CLS of £82,861 to Colfe’s School in respect of payroll recharges and rent payable and payments from Colfe’s School to CLS of £60 in respect of goods and services paid for by CLS. At the year end there was an intercompany debtor balance in the school of £753,304 (2023/24: debtor balance of £628,669). A gift aid cash donation of £585,417 (accrued at the end of August 2024) was paid during the year to 31 August 2024, with a further £705,277 being accrued as at 31[st] August 2025 in respect of the profits for 2024/25.

The School is indirectly associated with a number of charities for which the Leathersellers' Company acts as a trustee or appoints some of the trustees. Of these, Colfe's Charitable Trust, which raises monies for the benefit of the School, made grants to the School of £80,000 (2023/24: £60,000) in the year; and the Leathersellers' Company Charitable Fund made a grant to the School of £187,000 (2023/24: £239,000). As at 31 August 2025, an amount of £2,275 was owed by Colfe’s Charitable Trust, (2023/24: Creditor £12,827).

The School is not aware of any related party transactions with its Governors. 2 members of the Senior Management Team have partners who work at the School. Total earnings for both amounted to £17,000 in the year.

17 CAPITAL COMMITMENTS

At 31 August 2025 the group had outstanding capital commitments of £697k (2023/24 : £4,300k).

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