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2025-08-31-accounts

11 11 CHRIST'S HOSPITAL ASCHOOL LIKE NO OTHER ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

CHRIST’S HOSPITAL YEAR ENDED 31 AUGUST 2025

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CONTENTS

CONTENTS
Page
Report of the Trustees 2-23
Auditor’s Report 24-26
Consolidated Statement of Financial Activities 27
Consolidated and Charity Balance Sheets 28
Consolidated Cash Flow 29
Terminology 30
Notes to the Financial Statements 31-60

THE MISSION OF CHRIST’S HOSPITAL

It is and shall be the mission of Christ’s Hospital:

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KEY INFORMATION

Year ended Year ended
31 August 31 August
2025 2024
Financial Results
Investment income £13.2m £8.8m
Investment gains £15.2m £23.8m
Total return (net of fees and interest) 5.3% 6.5%
School fee income £11.5m £12.0m
Fundraising income £4.4m £7.4m
Net trading income * £0.5m £0.5m
Closing value of Endowment Funds £418.3m £419.0m
Closing value of Total Funds £490.3m £486.7m
Staff (FTE) 414 404
Teaching 121 118
Teaching support 48 50
Welfare 61 63
Premises, Bluecoat Sports, Administration & other 184 173
Total students (at beginning of Academic Year) 857 874

*Net of non-ancillary trading income and expenditure on trading activities

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CHRIST’S HOSPITAL YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

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The Council of Christ’s Hospital (Council) presents its report and audited financial statements for the year ended 31 August 2025 under the Charities Act 2011 and the Companies Act 2006, thus including the Directors’ Report and Strategic Report under the 2006 Act, together with the audited financial statements for the year.

Following a major review of Royal Patronages, Christ’s Hospital was deeply honoured to learn in May 2024 that His Majesty King Charles III had agreed to assume the role of Patron.

CONSTITUTION AND OBJECTS

Christ’s Hospital is a charitable company limited by guarantee (company number 06232556) and registered in England. It is registered with the Charity Commission in England and Wales under charity number 1120090.

Christ’s Hospital was incorporated on 1 May 2007. Arrangements for the governance of Christ’s Hospital were laid down in its Memorandum and Articles of Association approved by the Charity Commission on 1 May 2007.

Under a Scheme approved by the Charity Commission in August 2017, Christ’s Hospital replaced the Council of Almoners as corporate trustee of the Foundation and a number of linked charities, including the Christ’s Hospital Common Investment Fund (charity number 1111507) on 1 September 2017.

The consolidated Financial Statements include the activities of Christ’s Hospital, Christ’s Hospital Foundation, a charitable trust (charity number 306975), together with Christ’s Hospital’s trading subsidiary, Christ’s Hospital Enterprises Limited (company number 02326883), its controlled charity Bluecoat Sports (a charitable company limited by guarantee, charity number 1096244, company number 04384765) and Christal House Contracts Limited (company number 04285259). The relationships of these companies to Christ’s Hospital are described on page 19. Their financial performance is shown in Note 4(c) on pages 36 and 37.

Christ’s Hospital’s objects and principal activities, as set out in the Memorandum of Association, are:

TERMINOLOGY

To assist in understanding the Report and Financial Statements, a brief explanation of some of the terms that are used is shown on page 30.

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STRATEGIC REPORT

OBJECTIVES, ACHIEVEMENTS AND PERFORMANCE FOR 2024/25

The objectives established for the year and our achievements against these are set out below:

Continue to grow our profile through the publicity associated with CH being named Independent School of the Year and winning first place in the Performing Arts category. Use the opportunity to promote the extraordinary work of the school in the arena of social mobility and as a mechanism for overall student attraction.

The accolade of being named Independent School of the Year and achieving first place in the Performing Arts category has been used extensively throughout our 2025 marketing materials. This recognition has significantly raised the profile and understanding of Christ’s Hospital locally, nationally, and internationally. It has strengthened our connections and partnerships, enhanced engagement with prospective families and provided a powerful platform for promoting our unique social mobility mission. The increased visibility has also supported the successful launch of the new Fee Assisted Day Places as a form of entry. Early signs are that the area of most substantial growth has been in Sixth Form applications for 2026 entry, indicating that the accolade has contributed directly to heightened interest and awareness of the opportunities CH offers.

In order to sustain the delivery of our longstanding public benefit, finalise the reworking of the school’s financial plan and identify funding streams, to address the significant impact of recent policy changes on the school’s cost base and markets.

Work during the year has focused on developing a student mix, admissions and retention plan to address the current market challenges. This was reviewed by Council in October 2025. Further work will be undertaken during 2025/26 on other aspects of the financial plan including commercial income, fundraising and an underlying review of the school’s cost base.

Review day/boarding model in anticipation of the boarding house redevelopment programme. Continue intensive work on boarding house redevelopment programme planning.

The future target student mix was reviewed by Council in the early part of the academic year 2025/26.

Outline plan was approved by Council, subject to sign-off from the new Head in the early part of the academic year 2025/26.

Develop CH’s net zero strategy.

Launch day bursaries as an extension of our mission and to widen public benefit in the local area.

The CH energy strategy development has continued with a primary focus on the dependency on the Boarding House Redevelopment Programme.

Fee assisted day places were successfully softlaunched at Easter 2025 for 2025 entry and hardlaunched in summer 2025 for 2026 entry. The move has opened an exciting new pipeline for the school

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with tangible benefits to our surrounding community.

Conclude the programme of events marking the anniversary of the Royal Mathematical School (RMS).

Launch new A levels in Michaelmas 2024 and continue curriculum review.

The anniversary programme culminated in the Michaelmas 2024 Service at St Paul’s Cathedral attended by the Duke and Duchess of Gloucester and many other supporters. Results from the anniversary included over £600,000 raised, with three in-perpetuity RMS Scholarships created, and the establishment of several new partnerships. The summer of 2025 saw the first partner-supported initiative with two Maths Camps held at the school for 180 non-CH students; a programme that will be scaled in 2026 and beyond.

Computer Science, Politics and Psychology A levels were introduced in Michaelmas 2024 and have proved very popular with students.

Develop and launch new academic strategy including near-term initiatives to support student academic focus.

This made steady progress during the year and is a focus of the new Head.

Progress strategy for sixth form internship package and conduct review of CH Careers Service

Progress work on Teacher Operating Model and teacher package. Agree and implement initial changes.

Conduct strategic review of broader curriculum.

Complete new sports facilities.

Review and update structures to support the extension of our mission through further use of our facilities by the wider community and the growth in commercial income.

The internship programme continues to develop well to underpin vital career next steps for CH students. The Careers Service was reviewed during the year and changes for 2025/26 were approved by the new Head.

Phase 1 of the Teacher Operating Model (TOM) was completed. It resulted in the implementation of a number of positive changes for teachers and the way the school uses their valuable time.

This formed part of the TOM work above and some very helpful adjustments were prepared for 2025/26 for the benefit of students and staff.

Work on the athletics track, padel courts and car park continued during the year despite delays due to water neutrality requirements and poor weather. The car park came onstream in the summer of 2025. The full facilities will be opened in 2025/26: padel courts in November 2025 and the track being ready for use for the 2026 athletics season.

A new role of Commercial and Community Access Manager has been recruited to drive this work.

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Migrate to new HR and payroll system.

The first modules of the new system went live in June 2025.

Develop CH future digital strategy.

Ensure smooth handover from current to new Head.

A report on CH’s full digital strategy by the Assistant Head, Digital and Innovation, was received by Council in summer 2025.

Complete.

Conduct recruitment for new Deputy Head.

Henry Coverdale, previously of King Edward’s School Birmingham, was recruited and in post by 1 September 2025.

FUTURE PLANS

Objectives for the 2025/26 financial year:

Academic achievements 2025

A2 results

The overall picture reflects strong performance across many areas. There was a welcome improvement in the proportion of A grades awarded, rising to 12.2% (2024: 9.0%). At A to A, outcomes remained broadly steady at 36.6% (2024: 35.2%). 64.1% of the grades this year were at A* to B (2024: 68.8%).

The average UCAS points per A level candidate was 122 (2024: 126) rising to 133 UCAS points per candidate when the Extended Project Qualification (EPQ) results were included. The overall A2 pass rate dropped slightly to 98.1% (2024: 99.1%).

In keeping with the distinctive mission and ethos of Christ’s Hospital, it is especially important to recognise the remarkable achievements of a number of pupils who have faced significant personal challenges. While their grades may not always appear in the A* or A bracket, the B or C grades they secured represent genuinely high accomplishments for them and carry considerable value. Their progress and determination continue to exemplify the spirit of the school.

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University places

Despite the continued highly competitive university climate, the sixth form team prepared students well: 89% (2024: 78%) of those students who applied for further study were placed in their first-choice course at university and a further 10% (2024: 19%) took up their insurance place. Popular universities included University of Leicester (9), University of Southampton (7), University of Bristol (6), University of Exeter (6), University of Cambridge (5) University of Oxford (5) and University of Birmingham (5). Courses in accountancy, economics and finance, engineering, politics and international relations, and biomedical sciences remain the most popular areas for students. In addition, four students gained direct entry to medicine and three students secured degree apprenticeship places.

(I)GCSE Results

The (I)GCSE results for 2025, whilst a slight ‘step back’ from the previous year, remain broadly in line with the school’s longer-term performance profile. Given that the cohort’s inherent academic ability was lower than in 2024, it is encouraging that overall outcomes were still comparable to recent years. As expected, the results continue to compare very favourably with the national picture. The overall pass rate stood at 94.9% (2024: 96.5%); 15.2% of all grades were awarded at Level 9 (2024: 16.3%), 36.0% (2024: 40.6%) at Level 8 and above, equivalent to an A*, and 59.2% (2024: 62.4%) at Levels 7 to 9.

Highlights include:

PUBLIC BENEFIT

In considering the aims of Christ’s Hospital, Council has, in accordance with the Charities Act 2011, given due regard to the public benefit guidance issued by the Charity Commission.

Throughout its history, Christ’s Hospital has relied upon the generosity of its benefactors. Their donations and legacies have built up the Endowment, such that financial support is provided to around three-quarters of the students, thereby making available a high standard of education to children from low-income families including those who, because of difficult home circumstances, would most benefit from the stability of a boarding environment. Children applying to Christ’s Hospital are assessed for their academic potential, their ability to benefit from the opportunities that are made available, their level of need and their suitability for a boarding education. The financial resources of families applying for financial assistance are then assessed and contributions toward the cost of their education are set in accordance with a graduated scale. This ensures that access to the benefits of an education at Christ’s Hospital is available to suitable children irrespective of the financial circumstances of their families.

Christ’s Hospital continues to attract applicants through a programme of publicity including regular contact with the head teachers of primary schools, particularly those in disadvantaged areas. Levels of interest remain high, with around four applicants for every bursary place available at the school during the year.

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From the total of 857 students in the school at the beginning of the year, 680 (79%) received financial support towards the costs of their education with 93 (11%) of these students being entirely funded by the Foundation. These figures also include staff discounts which were received by the families of 15 students (2%).

Christ’s Hospital is aware of the financial pressures experienced by the families of many of our students. To mitigate the impact on families of the introduction of VAT on school fees from 1 January 2025, we worked carefully to assess how much the school could absorb. As a result, changes were made mid financial year to ensure that an education at Christ’s Hospital remains affordable. The school continues to set aside funds for those families experiencing significant hardship. We continue to be grateful for donations that have enabled funding assistance, for areas such as travel to the school, student devices and sportswear.

Christ’s Hospital’s commitment to public engagement extends far beyond the school gates. The school plays an active and valued role in the wider community, regularly opening its site to local organisations including schools, sports clubs and choirs, and hosting a wide variety of events and initiatives that strengthen community connections.

Each term, events, challenges and workshops are held for local primary schools, with over 1,800 visiting pupils welcomed in the past 12 months. Our annual Maths Challenges, Solving Crime with Science Day and Performing Arts Days for local primary school children are all firm favourites, with enthusiastic participation and strong links built with partner schools. Local schools are also provided with free tickets to our Junior School productions, helping to widen access to the performing arts and inspire young audiences.

Christ’s Hospital is proud to host a number of significant community and regional events, including the Diocese of Chichester’s Primary School Leavers Services which take place in the school’s Chapel each summer, the West Sussex Music Service’s annual conference held in our theatre and the Southeast Communities Rail Partnership Group’s annual meeting, all of which further strengthen the school’s public engagement and partnerships across the region.

Our extensive Community Action Programme, established in 1987, involves more than 200 students who take part in over 30 placements each week throughout the academic year. These include volunteering in nursery, primary and special needs schools, residential homes for the elderly and local charity shops. The programme is a cornerstone of Christ’s Hospital’s ethos of service and engagement, fostering meaningful relationships with the wider community and encouraging students to make a positive difference.

For more information about the work of Christ’s Hospital, please read the Impact Report 2024/25 or visit the website at www.christs-hospital.org.uk.

PROMOTION OF THE SUCCESS OF THE ORGANISATION TO BENEFIT ITS MEMBERS

Council confirms that in accordance with Section 172 (1) of the Companies Act it acts in a way it considers most likely to achieve the purposes of Christ’s Hospital. In making this assessment, Council has considered the following:

a. The likely consequences of any decision in the long term

The long-term sustainability of the operating model is considered by Council as set out in the financial sustainability section of the Report of the Trustees. Specifically, Council considers both short and longer term financial projections and key risks that could negatively impact the sustainability of Christ’s Hospital. Council and its committees review management information, budgets, cashflow projections, forecasts and progress against the financial plan on a regular basis.

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The responsibilities of Council in relation to investment strategy are set out in the Statement of Investment Principles and are exercised through the Investment Committee.

Risk management is embedded at all levels across Christ’s Hospital with the key risks being considered at each Council meeting. See from page 15 for further details.

b. The interests of Christ’s Hospital’s employees

Council and its committees receive regular reports from management on staff matters including turnover, performance and staff morale. Staff from across the school are invited to regular social events with Council Members. Council and committee meetings often begin with a presentation by a departmental head, giving these staff the opportunity to engage with governance and respond to feedback and questions on their particular areas of expertise. Council Members with specific areas of responsibility such as safeguarding, boarding and health and safety are invited to the school on a regular basis and attend executive meetings such as the Safeguarding Monitoring Group and the Health and Safety Committee. Council Members are invited to attend the summer term meeting of the Inclusion Working Group of students and staff.

Christ’s Hospital is an equal opportunities employer and welcomes and encourages applications by candidates from diverse backgrounds.

Employment, staff welfare and other policies are reviewed and updated regularly; staff are alerted by email to specific updates and amended policies are highlighted on the home page of the staff intranet. Recent additions to the policy library include policies on the menopause and staff with caring responsibilities.

Teaching staff and matrons are represented on a Joint Negotiating Committee, which acts as a consultative body on their behalf and meets regularly with senior management. Other staff are consulted on issues specific to their interests through their line managers who are encouraged to take their views into account in making changes or developing policy. The Head Teacher holds weekly meetings of teaching and pastoral staff, also attended by support managers, and termly meetings for all staff. Each term begins with the Head Teacher meeting with all staff, followed by training events. The Chief Operating Officer (COO) meets regularly with her management team both individually and collectively. The COO, Finance Director and Business Manager provide updates and training on the school’s financial planning and budget procedures to academic and support staff.

c. The need to foster the charitable company's business relationships with suppliers, customers and stakeholders

Christ’s Hospital works with a range of donors in support of furthering its aims and objectives. Christ’s Hospital’s fundraising is bound by an ethical policy with ongoing fundraising activities monitored by the Campaign Board.

Communication with parents and guardians is via half-termly newsletter supplemented by events held on site for different cohorts. Both onsite and online parent consultations are held during the year.

In accordance with Christ’s Hospital’s standard payment terms, supplier payment is due within 30 days after the invoice is received from the supplier. High value contracts require a tender process with a minimum of three tendering parties and are subject to scrutiny at committee and, in certain cases, Council level.

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d. The impact of the charitable company's operations on the community and the environment

Council has commissioned an independent review of energy use and has provided a review of greenhouse gas emissions later in the report in compliance with the Streamlined Energy and Carbon Reporting (SECR) Report. The sharing of Christ’s Hospital’s facilities and expertise with the local community is set out earlier in the Public Benefit section.

e. The desirability of the charitable company maintaining a reputation for high standards of business conduct

Christ’s Hospital takes a zero tolerance approach towards fraud, bribery and corruption. It is committed to compliance with all applicable laws and regulations relating to fraud, bribery and corruption. Expectations of employees are clearly set out in the Anti-Bribery Statement and Policy, the Anti-Money Laundering policy and the Staff Code of Conduct.

f. The need to act fairly as between members of the charitable company.

Council Members understand the need to avoid and manage potential conflicts of interest. The register of interests is reviewed annually and declarations of interest is a standing item on every Council and committee meeting agenda.

ENERGY AND EMISSIONS REPORT

Headline greenhouse gas emissions have increased by around 7% over the two years from 2023. In the year we took the following energy efficiency actions:

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2025 2024 2023
UK energy use1
(MWh) 17,805 15,281 16,457
Associated greenhouse gas emissions2
Tonnes CO2 equivalent (tCO2e) 3,262 2,862 3,048
Intensity ratio
Emissions per FTE staff member 7.9 7.08 7.88

FINANCIAL REVIEW AND RESULTS FOR THE YEAR ENDED 31 AUGUST 2025

Income and expenditure

The details of income and expenditure are shown in the Consolidated Statement of Financial Activities on page 27.

The introduction of VAT on private school fees, removal of business rates relief and increased employer national insurance contributions have had a significant impact on the school’s results and resources during the year with around £0.6 million (£1 million per annum) being added to the school’s cost base. The speed of the introduction of VAT, and that it was part way through an academic year, was unprecedented and meant that management focus necessarily had to be diverted to this area in the early part of the financial year to ensure that systems and processes were ready for 1 January 2025. With the boarding house redevelopment programme expected to commence within the next five years, management are continuing to monitor the changing economic environment closely.

Further detail on the financial performance of subsidiary and related entities is set out on page 13.

Investment performance

The total return on the investments was a gain of £28.4 million (2024: a gain of £32.6 million) which was made up of dividend, interest and rental income of £13.2 million (2024: £8.8 million) and investment gains of £15.2 million (2024: gains of £23.8 million).

Securities and other assets
Investment properties including land
Total invested assets		 2025
£m
293.8
168.7
462.5		 Total
Return
6.6%
2.9%
5.3%		 2024
£m
Total
Return
303.4
8.4%
152.3
2.8%
455.7
6.5%

The securities portfolio returned +6.6% in sterling terms (net of all fees) this financial year against a backdrop of strong public equities market performance (+15%) and muted UK government bond performance (-2%). Equity market performance over the period was predominantly driven by the largest seven technology stocks which appreciated strongly (+35% weighted average performance). The portfolio had exposure to these stocks over the period, but this was at lower levels of concentration

1 UK energy use covers the school, Sports Centre and trading activities across the group and has been calculated using the methodology set out Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance. March 2019 (Updated Introduction and Chapters 1 and 2) aligned with the Corporate Green House Gas Protocol .

2 Associated greenhouse gas emissions have been calculated under ‘Emissions calculation factors: the UK Government GHG Conversion Factors for Company Reporting 2025’.

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than the global equities index due to the portfolio’s multi-asset class construction; for example, 34% of the portfolio’s assets are invested in private equity which did not benefit from the rally seen in public equities over the last year. However, over the longer term the private equity allocation has delivered outperformance relative to public equities generating a return of +14% vs +13% per annum over the last 5 years. The longer-term performance of the securities portfolio has also been strong with a return of +7.3% per annum in Sterling terms net of all fees over the last five years.

Investment property returns, whilst marginally higher than prior year, continue to be lower than targeted. Commercial property performance has been driven by stable valuations, resilient income, and rental growth, principally in the retail and industrial sectors, offset by the office sector as the laggard suffering capital decline. The positive impact of the portfolio’s overweight exposure to industrial assets (relative to the benchmark) was offset by an overweight exposure to weaker office assets, which was the main driver of the portfolio’s relative underperformance. The commercial property portfolio delivered an annual total return to 31 August 2025 of +4.5% against the MSCI quarterly benchmark return of +6.0%. The portfolio’s 12-month income return was +5.4% against the benchmark of +5.5% and its 12-month capital performance was -0.9% against the benchmark at +0.5%. The commercial returns were offset by flat returns in other areas of the investment property portfolio.

Fundraising

Christ’s Hospital undertook a range of fundraising activities in the year, led by its development team and supported by the Development, Marketing and Communications Committee (formerly the Campaign Board), a committee of Council. Fundraising activities included appeal mailings and the engagement of individuals and organisations in person and through a range of digital channels.

Following a very strong performance in 2024 which included a groundbreaking donation that endowed the Director of Expeditionary Education role, income from donations and legacies of £4.4 million (2024: £7.4 million) yet again exceeded the £4.1 million target for the year. This performance was due primarily to higher income than expected from individual major donors. Income from philanthropic partnerships continued to play a central role, including support from the Tazaki Foundation, John Lyon’s Charity and Buttle UK. Once again, support from Old Blues, parents and other friends was vital to sustaining the charitable mission, with 1,643 donating in the year compared to 1,442 in the previous year. Christ’s Hospital’s policy is to recognise income from residuary legacies when probate has been granted and we have received the approved accounts, or where notification of impending distribution has been received. £1.2million of legacies where probate had been granted, did not quite meet the criteria for recognition at the year-end and will therefore be recognised in the next financial year.

During the year, an appeal was launched in response to the £1million increase in annual costs from new legislation introduced in the October 2024 budget, equivalent to 21 full bursary places. Called 21 Futures , the initiative aims to protect these bursaries through increased support for our Blue Fund Bursaries and Donation Governorships. Contributions to the appeal reached £237,000 by the end of the financial year, including through a telephone appeal in July which resulted in 304 pledged gifts.

Thanks are recorded to those Donation Governors who completed their pledges during the year and those Old Blues and other friends who left a gift to Christ’s Hospital in their Wills.

Christ's Hospital is registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice. As well as providing individuals with opportunities to be excluded from fundraising communications, the school has taken measures in its fundraising activities to protect vulnerable people. We have a published Fundraising Complaints Policy and, in the year, ended 31 August 2025 received no (2024: none) complaints relating to fundraising activity.

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Pensions

Christ’s Hospital participates in the Teachers’ Pension Scheme for its teaching staff. This is a multi-employer defined benefit pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to Christ’s Hospital. In March 2026, the school announced that, from 1 July 2026, all new teaching staff would be enrolled in a defined contribution scheme, rather than the TPS.

Christ's Hospital Pension Scheme, a defined benefit scheme for non-teaching staff, was closed to new members with effect from 31 March 2005. The liability for the Scheme continues to be accounted for in the individual charity financial statements of Christ’s Hospital Foundation as Christ’s Hospital has accepted the liabilities of the Scheme solely in its role as the Trustee of Christ’s Hospital Foundation.

Contributions to this scheme are made by both employees and Christ’s Hospital. Valuation of the Scheme at 31 August 2025 in accordance with FRS 102 showed the scheme to now be £0.7 million in surplus (2024: surplus of £0.1 million). However, as the Trustees of the Scheme have first priority in deciding how to apply any surplus, and therefore Christ’s Hospital may not recover this surplus through reduced contributions or refund, the asset has not been recognised in these financial statements.

Following the detailed actuarial valuation which took place as at March 2023 and was agreed by the Scheme trustees in December 2023, employer contribution levels were revised as part of the funding plan agreed with the Scheme trustees. The deficit reduction payments agreed at that time had the objective of ensuring the Scheme would not be in deficit by 31 December 2028. Further details of the scheme and contribution levels are shown in Note 20. Council is aware of the volatile nature of the FRS 102 valuation and that this may vary greatly depending on the assumptions made and market conditions at each year end.

For employees not in these defined benefit schemes, a stakeholder pension scheme is available. This is a unit-linked defined contribution scheme under which the employer contributes up to a maximum of 10% of pensionable pay, depending upon the employee’s own level of contributions.

Those employees who are not members of either of the above schemes are now automatically enrolled into a workplace pension scheme. Employer contributions to this scheme are currently at 3% of salary.

Subsidiary and Related Companies

Christ’s Hospital Foundation (the Foundation)

The Foundation reported net income and capital inflow for the year of £3,396,000 (2024: net income and capital inflow of £12,842,000) and actuarial losses on the defined benefit pension scheme of £276,000 (2024: losses of £90,000). See investment performance section on page 11 for commentary on key movements.

Bluecoat Sports

Income for the year was £2,424,000 (2024: £2,185,000) and the charitable company reported a net income for the year of £128,000 (2024: £91,000). Whilst delivering good financial results, the growth in membership numbers to pre-pandemic levels has placed pressure on the availability of activities of some areas of Bluecoats. With members’ feedback suggesting that capacity is close to being reached, Bluecoats has reduced marketing and promotions to new members. Focus continues to be on growing Bluecoats’ activities, particularly for families, young people and those with health conditions. Pickleball has seen considerable growth over the last twelve months and due to demand a pickleball club has been formed. There has been a re-evaluation of group exercise classes over the last year; Bluecoats now runs over 85 group exercise classes a week. Retention of existing members remains a priority. As well as another successful members’ day, Bluecoats held a Wellbeing Day for members.

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Christ’s Hospital Enterprises Limited (CHEL)

Turnover for the year was £1,313,000 (2024: £1,457,000) generating a trading loss of just under £9,000 (2024: profit £25,000). The results for this year were slightly worse than expected with the summer lets being impacted by some last-minute withdrawals due to some students failing to receive visas in time and others discouraged from travelling due to global tensions. The company continues to make payments to Christ’s Hospital under the terms of a lease for the use of the nursery premises and a master agreement for the use of the premises for holiday lets and other events. The charges were £16,170 (2024: £13,164) for the nursery lease and £460,584 (2024: £509,934) for the master agreement and intellectual property rights licence fee. Due to the loss in the year and brought forward losses the Company has not made a payment under Gift Aid. Council has confirmed that, with the company still recovering following the pandemic, it will not demand payment of intercompany balances until at least 12 months from the date of signing of these financial statements.

Christal House Contracts Limited

The company’s 3.5 acre solar farm, and the solar panels at Westons Farm, generated a total of 1,044Mwh of electricity in the year to 31 August 2024 (2024: 1,028Mwh). Sales of electricity generated and feed-in-tariff grants earned amounted to £202,000 (2024: £191,000). The company made a profit after depreciation of £32,000 (2024: loss £10,000).

POLICIES

Financial policy

Christ’s Hospital’s financial strategy is based on Total Return together with an accompanying Spending Rule. Total Return enables Council and its investment managers to focus efforts on maximising return subject to a given level of risk and liquidity, rather than investing for maximum income possibly at the expense of growth. The application of the Spending Rule ensures that the respective needs of current and future generations of students are treated fairly and equitably, while enabling Council to access capital gains on the investments. The Spending Rule restricts annual expenditure reliant on the Endowment to a maximum of 3.75% of the net value of the Endowment (measured on a twelve trailing quarter average basis).

The Spending Rule has two main objectives:

Reserves policy

Council’s policy is to maintain or enhance in real terms the value of the Endowment. Under the Total Return policy, amounts approved by Council for the operational and capital budget requirements each year are transferred from the Unapplied Total Return to unrestricted funds.

Total funds at 31 August 2025 were £490.3m (2024: £486.7m). This total comprised £418.3m of endowed funds (2024: £419.0m), restricted funds of £4.2m (2024: £4.0m) and unrestricted funds (net of Pension Reserve) of £67.8m (2024: £63.7m).

The level of Free Reserves has less significance than in an unendowed charity because the bulk of Christ’s Hospital’s assets are in endowed investments, with a significant level of Unapplied Total Return. Council is comfortable with the level of Free Reserves which stood at £1.1m at 31 August 2025 (2024: £1.6m). The ability of Christ’s Hospital to meet future operational requirements depends critically on the long-term investment returns achieved from the Endowment.

Several designated funds have been established for specific purposes. These include the Fixed Asset Capital Fund of £63.4m which represents the net book value of fixed assets used for operational purposes. The Premises Fund of £2.9m covers planned maintenance and other estate works included

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in the budget for the year but not yet completed. It is anticipated that these funds will be utilised over the course of the next three years.

Investment policy

The endowed assets of Christ’s Hospital are invested on a Total Return basis across a range of diversified asset classes in order to maintain a balance between spending and preserving the real (inflation adjusted) value of the Endowment. Council recognises the long-term reliance of the school upon the Endowment and has accepted a medium level of risk. Given the portfolio’s strategic asset allocation and investment strategy it is understood that potential short term losses are possible. Council also recognises that there are several other forms of risk beyond short term volatility that need to be managed. These include liquidity, the level of exposure to non-sterling denominated assets, credit risk and the level of overall leverage in the portfolio. Council delegates the implementation and oversight of the Investment Policy to the Investment Committee. Day-to-day management of the securities investments is delegated to Partners Capital LLP and property investments to the Property Director.

Christ’s Hospital seeks to incorporate responsible investment best practices into investment decision making. We are focused on ESG factors that may have a material impact on our investment risk or return.

Christ’s Hospital does not knowingly invest in companies whose activities are considered to be detrimental to children, although it accepts that its investment in managed funds does not necessarily exclude companies in which it would not invest directly.

OUR PRINCIPAL RISKS AND UNCERTAINTIES

The major risks to which Christ’s Hospital and its related entities might be exposed are reviewed by the Audit and Risk Committee with regular reports to Council. The Audit and Risk Committee receives reports relating to risk management, including detailed review of specific risk areas, in order to monitor the process. The executive continues to develop the required policies and to ensure that identified risks are appropriately covered and regularly reviewed. The Compliance Manager ensures that all policies are reviewed and updated as necessary and that specific areas of compliance are adhered to.

Council considers that necessary steps have been taken and continue to be taken to identify and mitigate major risks and to ensure that appropriate systems and procedures are in place. Risk management is embedded in the committee process by which Christ’s Hospital is managed. It is recognised however that systems can provide only reasonable, but not absolute, assurance that major risks are being managed.

Health, safety and welfare of our students

Council and appropriate committees receive regular reports and updates on safeguarding, health and safety issues. Safeguarding and welfare issues are considered by a Safeguarding Monitoring Group, chaired by a Deputy Head and attended by the Council Member with responsibility for safeguarding and boarding, which reports to Council via the Education Committee.

Equity, diversity and inclusion

Christ’s Hospital has made acting on its commitment to challenge inequality a priority. The EDI Committee was established by Council to oversee this area. Having provided sufficient reassurance to Council that EDI issues are appropriately addressed by the executive and that there were no particular areas that needed further action, Council decided to stand the Committee down during the year. The terms of reference of each committee will be amended to ensure that EDI issues are addressed. The school’s dedicated EDI Lead continued to work with students and staff on inclusion issues in the year.

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Adverse publicity leading to reputational damage

The school monitors the press and social media and responds to any negative coverage as appropriate, supported by an external specialist in crisis communications. Robust policies are in place to ensure that any risk to the school’s reputation presented by the actions of staff or students is minimised.

Long-term investment returns

Christ’s Hospital is highly unusual among educational establishments in its heavy reliance upon the Endowment for its funding. This reliance, and the limited scope for short term cost-cutting, means that it is not possible to make rapid reductions in the level of funding made from the Endowment without severely impacting the education of students. Council recognises that, as a consequence, there is a risk that the Endowment will be depleted during a prolonged fall in investment returns and therefore be unable to recover once markets rise again which would be to the detriment of future generations. Accordingly, Council has placed a cap on the amount of withdrawal that may be made and has adopted a strategy that will maintain withdrawals at a sustainable level. For the longer term, the allowable rate of annual withdrawal from the Endowment has been set at 3.75% of the net value of the Endowment, as set out in the Financial Policy above.

Investments are managed in order to maximise the Total Return, including both income and capital appreciation. Funds are invested across a broad range of asset classes which Council believes provides the diversification necessary to reduce volatility to acceptable levels, as set out in the Investment Policy above.

Cyber security and data protection

The school remains vigilant to the risk to the security of its data and has invested in improvements to systems to support and protect its network, including the introduction of multi-factor authentication for remote users and regular penetration testing. Staff and students receive regular reminders of the need to maintain security and of the need to act safely online. The Compliance Manager provides training and regular updates on the need to maintain the security of the personal data of students, staff and others.

Financial sustainability

Factors remain that may have an impact on the charity, in common with other businesses/ institutions, over a number of years. Principally, the impact of the introduction of VAT on private school fees on student recruitment, rising operational costs following recent UK legislative changes, and the impact of continued global events on investment markets, including the war in Ukraine and tensions in the Middle East. Council has reviewed the position carefully with a view to ensuring the ongoing provision of schooling for the students, support of bursaries as well as employment of staff. A significant portion of the securities portfolio is in liquid investments whose drawdown is managed carefully to meet day to day operational requirements. These are available, if needed, to supplement the significant cash balances that the charity currently holds. Despite the introduction of VAT on private school fees, demand for school places, particularly from UK students, is reasonably healthy, with 838 students enrolled for the academic year 2025/26 and strong interest for 2026/27. Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves of the charity are adequate to meet the charity’s obligations as they fall due. Accordingly, Council believes Christ’s Hospital’s financial resources are sufficient to ensure the charity will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and has therefore prepared the financial statements on a going concern basis.

Pension Scheme

Council keeps under review the financial implications of any deficit on the Christ’s Hospital Pension Scheme. Currently, on an FRS102 basis, the fair value of the Scheme’s assets exceed the present

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CHRIST’S HOSPITAL YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

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value of future obligation but uncertainty remains. Management will continue to work closely with the Scheme trustees and actuarial advisers to monitor the financial performance of the Scheme.

NON RECENT CASES OF ABUSE

During the year, the school continued to work with victims and survivors of abuse to identify ways in which it can best ensure that past events are acknowledged and remembered. An event was held at the school in May 2025. The school remains confident that nothing has emerged from the completed cases that presents any risk to the safety and wellbeing of students today. A former student contacted the school in 2023 with an allegation against a former member of staff, who was charged in January 2024 with two offences against the student in the early 1990s, to which he pleaded not guilty. After a trial at Lewes Crown Court in November 2024, he was convicted and sentenced to four years in prison.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Council of Christ’s Hospital

Members of the Board of Directors, known from 1 September 2017 as ‘The Council of Christ’s Hospital’ (Council) are listed on page 21. There are thirteen members of Council. The Court of Governors (see below) may nominate up to four members, the Lord Mayor and Aldermen of the City of London may nominate up to four members and up to a further nine members may be co-opted by Council.

Council is responsible for the overall management and control of Christ’s Hospital, including the formulation and approval of strategy and for monitoring performance in pursuit of that strategy. To this end, Council has oversight of the delivery of the charitable mission; through management reporting and its committees it ensures that Christ’s Hospital’s investments are properly managed and also works to build the Endowment through fundraising. It approves expenditure priorities, encourages and monitors the raising of funds by means of trading, controls spending and ensures that the processes for the admission of students are appropriate to the charitable ethos of Christ’s Hospital.

The Treasurer is the Chair of Council. The Memorandum and Articles of Association for Christ’s Hospital, the Charity Commission Scheme dated 29 August 2017 for the Foundation and linked charities, and the Council Terms of Reference regulate the conduct of business of Council.

Council takes its governance responsibilities seriously and, as a large charity, aims to have a governance framework that is fit for purpose, compliant and efficient. The Audit and Risk Committee reviews governance structures and processes against the Charity Governance Code on an annual basis, recommending improvements as necessary to ensure that Council continues to operate in line with recommended and best practice.

Management and committees

Council carries out its responsibilities through a number of committees and from time to time may appoint temporary working parties to examine and make recommendations on specific matters. The Chair of each committee is appointed by Council. The committees are:

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The , Equity, Diversity and Inclusion Committee, which was set up to ensure that Christ’s Hospital demonstrated the commitment implicit in its mission to challenge inequality, was disbanded during the year and its responsibilities are now covered by the other committees as necessary.

Key management personnel (Senior Leadership Team)

Council delegates day-to-day running of Christ’s Hospital to the Head as the Chief Executive Officer, assisted by other members of the Senior Leadership Team (as shown on page 22).

Remuneration for key management personnel is set by Council, with the objective of providing appropriate incentives to encourage high levels of performance, recruitment and retention of experienced staff and to reward, fairly and responsibly, individual contributions to Christ’s Hospital’s success. In considering this, Council has access to external benchmarking reports to which Christ’s Hospital contributes.

Induction and training of Council Members

When Council Members are appointed they are required to attend a briefing on the governance structure of Christ’s Hospital and receive an outline of their responsibilities in compliance with the Charity Commission’s publication CC3, “The Essential Trustee”. They are briefed on the organisational structure and the key issues facing Christ’s Hospital. They are issued with a “Trustees’ Pack” which includes a copy of the Scheme, the Memorandum and Articles of Association of Christ’s Hospital, School Prospectus, the Annual Financial Statements and Impact Report, recent minutes and CC3. Arrangements are made for them to attend appropriate training courses and further training and development is offered individually or to Council as a whole as required. This includes annual safeguarding training.

The Court of Governors

The Court of Governors (the Court) is an historic body composed of the President and Vice President, 35 nominated representatives of the City of London, a maximum of ten Special Vote Governors and an unlimited number of Donation Governors who are elected to the Court in recognition of the support they have given to Christ’s Hospital. Donation Governors each have the right to present for admission a candidate whose needs accord with the ethos of Christ’s Hospital. During the year 14 new Donation Governors were elected. At the end of the year there were 484 Donation Governors.

The Court also elects the President and nominates, through an election if necessary, up to four members of Council.

Volunteers

Volunteers play an essential role in the operations of Christ’s Hospital. In addition, to those who serve on Council and committees, development volunteers and appeal leaders help with fundraising and cultural events during the year. Volunteers help with operating and developing the museum. Council takes this opportunity to express its appreciation for this valuable support.

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CHRIST’S HOSPITAL YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

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Group Structure and Relationships

Christ’s Hospital is a charitable company limited by guarantee (company number 06232556 and registered charity number 1120090). The charity provides boarding and day student education to children, principally for the benefit of those whose families are in social, financial or other specific need.

Christ’s Hospital is the sole corporate trustee for Christ’s Hospital Foundation (registered charity number 306975) and administers the assets of the charity in accordance with the Charity Commission Scheme dated 29 August 2017.

Bluecoat Sports is a charitable company limited by guarantee (Company number 04384765) and is a controlled charity (charity number 1096244) insofar as Christ’s Hospital controls the appointment of the majority of the Trustees. The objects of Bluecoat Sports are to provide facilities for Christ’s Hospital for physical education and training, to promote physical health and fitness to students of Christ’s Hospital and the wider community and to provide facilities for physical education and training for personal and teamwork development to local schools, local authority organisations and charities.

Christ’s Hospital owns the whole of the issued share capital, comprising 100 shares of £1 each, of Christ’s Hospital Enterprises Limited . Christ’s Hospital Enterprises Limited (company number 02326883) is engaged in commercial trading in order to produce additional income for the benefit of Christ’s Hospital.

Christal House Contracts Limited (company number 04285259) is wholly owned by Christ’s Hospital Foundation. The principal current activity of the company is to operate a solar farm on land owned by the Foundation.

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CHRIST’S HOSPITAL YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

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STATEMENT OF COUNCIL’S RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Council Members (who are also Trustees of the charitable company for the purposes of charity law and Directors of Christ’s Hospital for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

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

The Council Members are responsible for keeping adequate proper 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 charitable company’s constitution. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as the Council Members are aware, there is no relevant audit information of which the charitable company’s auditor is unaware and we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information

AUDITOR

Crowe U.K. LLP were reappointed as the charitable company’s auditor during the financial year. Crowe U.K. LLP has expressed its willingness to continue as auditor for the next financial year.

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CHRIST’S HOSPITAL YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

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REFERENCE AND ADMINISTRATIVE INFORMATION Structure, Governance and Management

Patron

His Majesty the King

President

HRH The Duke of Gloucester, KG, GCVO

Vice President (ex officio)

The Rt. Hon. The Lord Mayor of the City of London

Council of Christ’s Hospital

The members of the Council of Christ’s Hospital are charity trustees under charity law and the directors of the charitable company. Council Members who served in office during the year or subsequently are detailed below:

directors of the charitable company. Council Members who served in office
subsequently are detailed below:		 during the year or during the year or
Constituency/
Committee Membership
Miriam McKay, BA Treasurer and Chair (a)1,2,4,6,7
Nick Atkinson, MA, FCCA (to 31 August 2025) (c) 5,8
Jamel Banda, CC, BA (Hons) (b) 6
Alexander Barr, MA, ACSI (b) 4
Nick Bensted-Smith, BSc, JP, CC (b) 4
Jasmine Boadi (from 12 February 2026) (c)
Judy Evans,MA, MBBS, FRCS(Ed) Plast (a) 2,3,8
Marianne Fredericks (to 31 August 2025) (b) 3
Diana Garnham BA, MA, LLD, DSc (c) 3,6,8
Thomas Garnier, BSc (to 31 August 2025) (c) 2,3
James Maclean, BSc (Hons) (from 18 March 2025) (c) 1
Neil Maidment, MA, FCII (a) 4,5
Robert Palmer, BA, MA (to 30 September 2025) (c) 1,4
Gurinder Sumra, BSc (Hons), ARCS, ACA (from 19 September 2025) (c) 5
Ben Vessey, BA, PGCE, MA, MBA (from 1 September 2025) (c) 3
Jenny Williams, BSc(Hons), PGCE (a) 3,8
Sue Woodroofe, BA(Hons), PGCE, NPQH, MEd (from 1 September 2025) (c) 2,3
John Yeomans, MA, FIET, CEng _(c) _ 1,2,4,6

Constituencies by which Members are Committee Membership nominated

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CHRIST’S HOSPITAL YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

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KEY MANAGEMENT PERSONNEL (SENIOR LEADERSHIP TEAM)

The key management personnel of the group during the year or subsequently were:

Head Teacher Head and CEO Chief Operating Officer and Clerk Deputy Head Deputy Head Deputy Head

Assistant Head, Academic Assistant Head, Admissions Assistant Head, Scholarship Director of Marketing and Admissions Assistant Head, Broader Curriculum Assistant Head, Pastoral Assistant Head, Digital & Innovation Designated Safeguarding Lead

Simon Reid, BA (to 31 August 2025) Matthew Judd, BA(Hons), FRGS, JP (from 1 September 2025) Jenny Baxter, BSc Ruth Brading, BA, MA, PhD Luke Walters, BA, MA (to 31 August 2025) Henry Coverdale, BSc, PGCE, MA, MBA (from 1 September 2025) Marcus Medley, PhD, MSci Andrew Wines, PhD, MA (to 2 November 2025) Andrew Wines, PhD, MA (from 3 November 2025) Clare Phillips (from 3 November 2025) Chris Apaloo, BA, MSc Simon Young, MSc, MEd Craig Donoghue, MSc, BSc, MInstP Deborah Stamp, BEd

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CHRIST’S HOSPITAL YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

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The address of Christ’s Hospital’s principal office and particulars of its professional advisers are as follows:

Principal Office

The Avenue Christ’s Hospital Horsham West Sussex RH13 0LJ

Treasury Managers

CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET

Property Adviser

Gerald Eve LLP 72 Welbeck Street London W1G 0AY

Swiss Life Asset Managers UK Limited 55 Wells Street London W1T 0AY

Investment Adviser

Partners Capital LLP 5 Young Street London W8 5EH

Auditor

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

Pension Scheme Adviser and Administrator

Broadstone Ltd Canard Court 23-25 St George’s Road Bristol BS1 5UU

Banker

Barclays Bank plc 2 Carfax Horsham West Sussex RH12 1DN

Property Valuer

Cushman and Wakefield LLP 43/45 Portman Square London W1A 3BG

Solicitors

Forsters LLP 22 Baker Street London W1U 3BW

Mills and Reeve LLP Botanic House 100 Hills Road Cambridge CB2 1PH

Land Agent

Savills (UK) Limited Exchange House Petworth GU28 0BF

This Report of the Trustees, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Council of Christ’s Hospital on 25 March 2026, including in its capacity as Company Directors approving the Strategic Report contained therein, and signed on its behalf by:

Miriam McKay

Treasurer and Chair of the Council of Christ’s Hospital 25 March 2026

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CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

AUDITOR’S REPORT

_________________

Independent Auditor’s Report to the Members of the Council of Christ’s Hospital

Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's 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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CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

AUDITOR’S REPORT

_________________

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the 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 report of the Trustees.

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

Responsibilities of Trustees

As explained more fully in the Statement of Council’s responsibilities set out on page 20, 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.

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.

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CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

AUDITOR’S REPORT

_________________

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, 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, General Data Protection Regulation (GDPR), Health and safety legislation and Employment legislation

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

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, valuation of investments and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, analytical review and sample testing of income, vouching year end valuations to third party data, reviewing accounting estimates for biases in particular in relation to investment valuations, 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 non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

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

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

London

Date 31 March 2026

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CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

_________
£ 000s
Endowment Restricted
Funds
Funds
Notes
INCOME AND ENDOWMENTS FROM:
Charitable Activities
School fees receivable
6
-
-
Sports centre income
-
2,007
Ancillary trading income
6
-
108
Investments
Investment income
5
12,760
107
Fundraising
Donations & legacies
3
428
537
Other sources
Non-ancillary trading income
4b
-
-
Other income
7
5
-
TOTAL INCOME AND ENDOWMENTS
13,193
2,759
EXPENDITURE ON:
Raising Funds
Fundraising and development
9a
-
-
Trading activities
4b
-
-
Investment management
8
(3,642)
(6)
Financing
9a
(2,275)
-
Charitable Activities
Costs of providing education
9a
(148)
(276)
Sports centre expenditure
9a
-
(2,023)
TOTAL EXPENDITURE
(6,065)
(2,305)
NET INCOMING/ (OUTGOING) FUNDS FROM OPERATIONS
BEFORE TRANSFERS AND INVESTMENT GAINS
7,128
454
Gains on investments
12
15,144
92
Transfers between funds
23
(22,901)
(346)
NET INCOME AND CAPITAL (OUTFLOW)/ INFLOW
(629)
200
Actuarial (losses) on defined benefit
20e
-
-
pension scheme
NET MOVEMENT IN FUNDS
(629)
200
Total funds brought forward 1 September
418,971
4,015
TOTAL FUNDS CARRIED FORWARD
418,342
4,215		 _____
Unrestricted
Funds
11,476
-
969
295
3,437
1,455
314
17,946
(646)
(955)
-
-
(35,285)
-
(36,886)
(18,940)
-
23,247
4,307
(276)
4,031
63,706
67,737		 ___
Total
Total
2025
2024
11,476
11,980
2,007
1,757
1,077
1,147
13,162
8,792
4,402
7,407
1,455
1,573
319
351
33,898
33,007
(646)
(590)
(955)
(1,037)
(3,648)
(2,977)
(2,275)
(2,279)
(35,709)
(33,778)
(2,023)
(1,942)
(45,256)
(42,603)
(11,358)
(9,596)
15,236
23,843
-
-
3,878
14,247
(276)
(90)
3,602
14,157
486,692
472,535
490,294
486,692

The notes on pages 31 to 60 form part of these financial statements.

-27-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

CONSOLIDATED AND CHARITY BALANCE SHEETS

____________

£ 000s
2025
2024
Notes
FIXED ASSETS
Tangible assets
11
69,146
65,163
Investments
12
462,530
455,673
531,676
520,836
CURRENT ASSETS
Stock
13
224
247
Debtors
- due within one year
14
6,955
5,223
Cash at bank and in hand
9,141
17,061
16,320
22,531
CREDITORS
Due within one year
15
(12,614)
(10,494)
3,706
12,037
TOTAL ASSETS LESS CURRENT
535,382
532,873
LIABILITIES
CREDITORS
Due after more than one year
16
(45,000)
(45,011)
Pension scheme liability
20
-
-
Provisions for liabilities and charges
21
(88)
(1,170)
NET ASSETS - INCLUDING
490,294
486,692
PENSION SCHEME LIABILITY
REPRESENTED BY:
Endowment Funds
23
418,342
418,971
Restricted Funds
23
4,215
4,015
Unrestricted Funds
23
67,737
63,706
Pension Reserve
23
-
-
TOTAL FUNDS
490,294
486,692
NET CURRENT ASSETS
Consolidated		 2025
2024
1,744
2,023
-
-
1,744
2,023
200
235
7,255
7,047
4,684
4,600
12,139
11,882
(7,314)
(6,583)
4,825
5,299
6,569
7,322
-
-
-
-
(88)
(1,170)
6,481
6,152
-
-
809
810
5,672
5,342
-
-
6,481
6,152
Charity

The net movement in funds for the financial year dealt with in the charity only financial statements was £329,000 inflow (2024: £1,297,000 outflow).

The notes on pages 31 to 60 form part of these financial statements. Approved by the Council of Christ’s Hospital on 25 March 2026 and signed on its behalf by:

Miriam McKay

Treasurer and Chair of the Council of Christ’s Hospital 25 March 2026

-28-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

CONSOLIDATED CASH FLOW

________________

£ 000s 2025 2024
Notes
NET CASH (OUTFLOW) FROM GROUP 17 (20,909) (15,658)
OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING
ACTIVITIES
Investment income 5 13,162 8,792
Purchase of tangible fixed assets 11 (6,884) (3,451)
Proceeds from the sale of tangible fixed assets - 2
Proceeds from the sale of investment securities 30,028 19,180
Proceeds from the sale of investment property - 3,050
Purchase of investment securities (4,542) (518)
Purchase of investment property (16,928) (11,636)
NET CASH INFLOW FROM INVESTING ACTIVITIES 14,836 15,419
FINANCING
Financing costs 9a (2,275) (2,279)
New endowments 3 428 3,183
NET CASH (OUTFLOW)/ INFLOW FROM FINANCING ACTIVITIES (1,847) 904
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR (7,920) 665
Cash and cash equivalents at 1 September 17,061 16,396
CASH AND CASH EQUIVALENTS AT 31 AUGUST 9,141 17,061

Cash and cash equivalents solely comprise of cash at bank in the current and prior year.

The notes on pages 31 to 60 form part of these financial statements

-29-

CHRIST’S HOSPITAL

TERMINOLOGY

_______________

Endowment. The Endowment comprises those assets that have been donated to the charity with the express intention that they be held in perpetuity to provide investment returns for Council to use in achieving the Objects. Council has an obligation to be even-handed when spending money from the Endowment so that future generations of beneficiaries are not disadvantaged in comparison with the current generation.

Free Reserves. The Free Reserves of a charity are those assets and investments that can readily be disposed of in order to meet the short-term commitments of the charity.

Objects . When a charity registers with the Charity Commission, it must describe the purposes for which the charity has been set up. These purposes are referred to as the charity’s Objects.

Old Blues. The term used to describe former students of Christ’s Hospital.

Preserved Endowment . When authorising the adoption of a policy of Total Return, the Charity Commission specified the minimum level of the Endowment which is to be used to produce the income for the charity and which cannot itself be spent. This is referred to as the Preserved Endowment, representing the value of the original gifts that created the Endowment.

Spending Rule . In order to ensure that it is being even-handed, Council determines the amount that can routinely be withdrawn from the Endowment without depleting the value in real terms. This determination is referred to as the Spending Rule.

Total Return. Historically, the only investment returns that could be spent by Council were the income, i.e. dividends, interest, rents etc. By adopting a policy of Total Return, Council is able to access capital gains as well as the income, selecting those investments that offer the best return, irrespective of whether this arises from income or capital growth.

Unapplied Total Return. This is the cumulative value of the Total Returns (income and capital) earned by the Endowment since adopting a Total Return policy, less the amounts that have been applied for the purposes of the charity. It is available to be spent, subject to the duty of Council to be even-handed (see Endowment above).

-30-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

1. NATURE OF ENTITY

Christ’s Hospital is a charitable company limited by guarantee (company number 06232556) and registered in England. It is a Public Benefit Entity registered with the Charity Commission under charity number 1120090. Christ’s Hospital operates from its registered office at the Principal Office address listed on page 23.

Christ’s Hospital is the Trustee of Christ’s Hospital Foundation (charity number 306975) and a number of linked charities, including the Christ’s Hospital Common Investment Fund (charity number 1111507).

The Financial Statements consolidate, on a line by line basis, all the endowment funds and accumulated restricted and unrestricted funds of Christ’s Hospital with its related entities; Christ’s Hospital Foundation (charity number 306975), Bluecoat Sports (company number 04384765 and charity number 1096244), Christ’s Hospital Enterprises Limited (company number 02326883) and Christal House Contracts Limited (company number 04285259). With the exception of Christ’s Hospital, whose registered office is at the Principal Office address listed on page 23, all other entities have their registered or Principal office at The Counting House, Christ’s Hospital, Horsham, West Sussex RH13 0YP.

The charity has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only Cash Flow Statement and Financial Instruments note with the consolidated financial statements. As permitted by s408 of the Companies Act 2006, no separate Statement of Financial Activities is presented in respect of the parent charitable company. The net result of the parent charitable company is disclosed in the footnote to the Consolidated and Charity Balance Sheets.

2. ACCOUNTING POLICIES

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. These financial statements have been drawn up on the historical cost accounting basis.

The functional currency of the charity is considered to be pounds sterling because that is the currency of the primary economic environment in which it and its related entities operate.

At the time of approval of the Annual Report, factors remain that may have an impact on the charity, in common with other businesses/ institutions, over a number of years. Principally, the impact of the introduction of VAT on private school fees on student recruitment, rising operational costs following recent UK legislative changes, and the impact of continued global events on investment markets, including the war in Ukraine and tensions in the Middle East. Council has reviewed the position carefully with a view to ensuring the ongoing provision of schooling for the students, support of bursaries as well as employment of staff. A significant portion of the securities portfolio is in liquid investments whose drawdown is managed carefully to meet day to day operational requirements. These are available, if needed, to supplement the significant cash balances that the charity currently holds. Despite the introduction of VAT on private school fees, demand for school places, particularly from UK students, is reasonably healthy, with 838 students enrolled for the academic year 2025/26 and strong interest for 2026/27. Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves of the charity are adequate to meet the charity’s obligations as they fall due. Accordingly, Council believes Christ’s Hospital’s

-31-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

financial resources are sufficient to ensure the charity will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and has therefore prepared the financial statements on a going concern basis

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Council is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. This includes the basis for valuation of the property investments and securities investments for which there is no readily quoted market and the liabilities in relation to the Christ’s Hospital Pension Scheme. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant, including market comparators where available. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects current and future periods. This includes private market investments where the year-end valuation is based on the latest quarterly valuation, usually at 30 June. It is Council’s judgment that there has been no material impairment in the value of these investments with market indices having not significantly changed from the last quarterly valuation to 31 August 2025.

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

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

Income

Income from investments is accounted for when receivable. Investment income and gains/losses on the securities portfolio are credited to the individual fund in proportion to the holding in the linked charity, the Common Investment Fund (charity number 1111507).

Parental contributions less any bursaries, scholarships and allowances, but including contributions received from restricted funds, are accounted for in the period in which the service is provided.

Income from legacies and donations is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the charity is considered probable. Income from pecuniary interests is recognised when probate has been granted and Christ’s Hospital has been advised of the amount stipulated in the Will. Income from residuary interests is recognised when probate has been granted and we have received the approved accounts or where notification of impending distribution has been received. Legacies and donations receivable for the general purposes of Christ’s Hospital are credited to unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken to restricted funds where these wishes are legally binding on Christ’s Hospital, except that any amounts required to be retained as capital, in accordance with the donor’s wishes, are accounted for instead as Endowment Funds – permanent or expendable according to the nature of the restriction. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption.

-32-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Christ’s Hospital benefits from its occupation of the site at Horsham, which is made available by Christ’s Hospital Foundation for minimum consideration. The value of this gift in kind is included in Christ’s Hospital’s individual charity financial statements on the basis of a directors’ valuation.

All other income is accounted for when receivable.

Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Expenditure is apportioned to cost categories based on the estimated amount attributable to that category in the financial year. Value added tax (VAT) that cannot be recovered is included with the item of expense to which it relates. Overhead and other costs not directly attributable to particular activities are apportioned on the basis of management estimates of the amount attributable to that activity in the academic year by reference to staff time.

Governance costs comprise the costs of running the charities, including strategic planning for future development, external audit, and legal advice for Council and all the costs of complying with constitutional and statutory requirements, such as the costs of committee meetings, preparing statutory accounts, and satisfying public accountability.

Intra-group transactions are excluded from income and expenditure as appropriate.

Where appropriate, investment management costs are allocated to the funds in proportion to their holding in the Common Investment Fund as set out in Note 12.

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.

Fixed Assets

Expenditure on individual items costing more than £5,000 is capitalised and depreciation is charged in equal annual instalments over their economic lives as follows:

Operational properties 2% to 10% on cost
Office and IT equipment 25% on cost
Plant and equipment 20% on cost
Motor vehicles 25% on cost

Depreciation is not charged on work in progress.

Where a project improves an existing asset, the cost of the improvement is depreciated over the residual life of the parent asset.

The Balance Sheet values of historic assets, including paintings, silver and other artefacts are based upon valuation at 31 August 2000 together with subsequent additions at cost. No depreciation has been provided on these assets as Council does not believe that there has been any impairment in value from the valuation shown in the Balance Sheet.

Investments

Investment properties are valued at their market values as assessed by an independent valuer at the Balance Sheet date.

-33-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Investments for which there is a quoted market are valued at the mid-market-price ruling at the Balance Sheet date. Investments such as hedge funds and private equity funds, which have no readily identifiable market value, are included at the most recent valuations from their respective managers. Gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate fund in proportion to their share of the underlying assets.

Where transaction-based, investment management costs are accounted for as incidental costs of the acquisition or disposal. General investment management costs, including performance fees, are charged to the relevant funds.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are valued as described above. Financial assets held at amortised cost comprise cash at bank and in hand, together with short term deposits, trade and other debtors. A specific provision 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 current and deposit accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to pounds sterling at the balance sheet date at an appropriate year end exchange rate.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Legal claims

Where the school has claims made against it, which can cover a variety of areas such as health and safety, employment and other damages, these are disclosed in aggregate within provisions. These are not disclosed separately as this is considered prejudicial.

Taxation

Christ’s Hospital, Christ’s Hospital Foundation and Bluecoat Sports are able to take advantage of tax exemptions available to charities for Income and Corporation Tax but are registered for VAT. A portion of their activities are classified as exempt or non-business activities for VAT purposes and consequently it is not possible to reclaim the full amount of VAT incurred on purchases. Christ’s Hospital Enterprises Limited and Christal House Contracts Limited are registered for VAT and are subject to Corporation Tax.

Grants Payable

Grants are awarded on an annual basis and the costs accrued upon the award being notified to the recipient.

-34-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Total Return Accounting

The Charity Commission permitted Christ’s Hospital to adopt the use of Total Return in relation to its Permanent Endowments on 26 April 2005. The power permits Council to invest Permanent Endowments to maximise Total Return and to make available an appropriate portion of the Total Return to fund expenditure each year.

Council has used the value of the permanent General Endowment at 31 July 1993 to represent the Preserved Value of the original gifts. For all other specified endowment funds, values at 31 July 1996 or later where appropriate, have been used to represent the Preserved Value.

Funds

Endowment Funds comprise those assets that have been donated to the charity with the express intention that they be held in perpetuity to provide investment returns for Council to use in achieving the Objects. The Preserved Endowment represents the value of the original gifts and is the minimum level of the Endowment which is to be used to produce the income for the charity and which cannot itself be spent.

General Funds are funds available for use at the discretion of Council in furtherance of the general objectives of the Foundation and which have not been designated for any other purpose.

Designated Funds comprise Unrestricted Funds that have been set aside by Council for particular purposes. There is no legal restriction on the way in which the funds may be applied.

Restricted Funds are accounted for in accordance with the particular terms of the trust arising from the expressed or implied wishes of donors insofar as these are intended to be binding.

Pension Schemes

Christ’s Hospital contributes to the Teachers’ Pension Scheme (the TPS) at rates set by the TPS actuary and advised by the TPS administrator. It is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the TPS which are attributable to the school. In accordance with FRS 102, the School accounts for this scheme as if it were a defined contribution scheme.

The charity has fully adopted the provisions of FRS 102 for the Christ’s Hospital Pension Scheme. Further information on this scheme is set out in Note 20.

-35-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

3. DONATIONS AND LEGACIES
£ 000s
Donation Governorships & Blue Fund
Legacies
Donations for projects
Other donations
Grants from external foundations		 Endowment
Funds
-
-
-
428
-
428		 Restricted
Funds
-
-
-
527
10
537		 Unrestricted
Funds
1,372
868
-
775
422
3,437		 Total
Total
2025
2024
1,372
2,492
868
1,448
-
56
1,730
2,267
432
1,144
4,402
7,407

Legacies notified as at the year-end but not meeting the criteria for recognition amounted to £3.4 million, of which £1.2m had been granted probate.

4. INCOME AND EXPENDITURE

(a) Charity

The charity had total income of £39,101,000 (2024: £37,341,000) and total expenditure of £38,772,000 (2024: £36,044,000) in the financial year.

(b) Consolidated trading activities

£ 000s
Income from other trading activities
Christ's Hospital
CHEL
Christal House Contracts Limited
Trading Expenditure
CHEL
Christal House Contracts Limited		 Restricted
Funds
-
-
-
-
-
-
-		 Unrestricted
Funds
18
1,313
124
1,455
848
107
955		 Total
Total
2025
2024
18
10
1,313
1,457
124
106
1,455
1,573
848
912
107
125
955
1,037

(c) Subsidiary Results and Balance Sheets

The results and balance sheet of the subsidiaries of Christ’s Hospital as shown in their financial statements are presented overleaf. The numbers include intercompany trading. Further information on the subsidiaries is provided on page 13 of the Report of the Trustees.

-36-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

2025
£ 000s
Results
Income & gains
Expenditure
Net income / (loss)
Brought forward at 1 September
Carried forward at 31 August
Balance sheet
Total assets
Total liabilities
Funds / (deficit)
2024
£ 000s
Results
Income & gains
Expenditure
Net income / (loss)
Brought forward at 1 September
Carried forward at 31 August
Balance sheet
Total assets
Total liabilities
Funds / (deficit)
5. INVESTMENT INCOME
£ 000s
Property
Securities
Interest		 Endowment
Funds
8,143
4,515
102		 The
Foundation
31,811
(28,691)
3,120
480,133
483,253
537,622
(54,369)
483,253
The
Foundation
38,458
(25,706)
12,752
467,381
480,133
532,686
(52,553)
480,133
Restricted
Funds
-
27
80
107		 Bluecoat
Sports
2,424
(2,296)
128
686
814
1,019
(205)
814
Bluecoat
Sports
2,185
(2,094)
91
595
686
860
(174)
686
Unrestricted
Funds
-
-
295
295		 CHEL
Christal
House
Contracts
Limited
1,316
215
(1,325)
(183)
(9)
32
(117)
(162)
(126)
(130)
576
1,050
(702)
(1,180)
(126)
(130)
CHEL
Christal
House
Contracts
Limited
1,461
195
(1,436)
(205)
25
(10)
(142)
(152)
(117)
(162)
612
1,124
(729)
(1,286)
(117)
(162)
Total
Total
2025
2024
8,143
7,721
4,542
593
477
478
13,162
8,792
12,760

-37-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

6. INCOME FROM CHARITABLE ACTIVITIES

Fees receivable
£ 000s
Gross parental contributions
Less: Total bursaries,grants and allowances
Add back: Bursaries and other awards paid for
by restricted funds		 Unrestricted
Funds
34,206
(23,152)
11,054
422
11,476		 Total
Total
2025
2024
34,206
36,269
(23,152)
(24,743)
11,054
11,526
422
454
11,476
11,980
Ancillary trading
£ 000s
Shop income
Music fees
Exam fees
House funds
Sundry parental charges
Event and sponsorship income
Admission fees
Other		 Restricted
Funds
-
-
-
88
8
-
-
12
108		 Unrestricted
Funds
4
435
19
-
417
28
53
13
969		 Total
Total
2025
2024
4
4
435
397
19
24
88
86
425
523
28
22
53
49
25
42
1,077
1,147

7. INCOME FROM OTHER SOURCES

£ 000s
Rental income - staff housing
Wests' Pensioners charity service
charge
Profit on disposal of fixed assets
Other miscellaneous income		 Endowment
Funds
-
-
-
5
5		 Restricted
Funds
-
-
-
-
-		 Unrestricted
Funds
271
30
-
13
314		 Total
Total
2025
2024
271
270
30
28
-
2
18
51
319
351

8. INVESTMENT MANAGEMENT COSTS

£ 000s
Property costs
Securities and cash management fees		 Endowment
Funds
2,634
1,008
3,642		 Restricted
Funds
-
6		 Unrestricted
Funds
-
-
-		 Total
Total
2025
2024
2,634
2,219
1,014
758
3,648
2,977
6

-38-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

(a) Total expenditure
£ 000s
Costs of raising funds
Costs of generating voluntary income
Trading expenditure
Investment management costs
Financing costs
Total cost of raising funds
Charitable activities
Education and grant making
Educational costs
Welfare costs
Premises costs
Support costs
Grants, awards and prizes (note 9 (b))
Total costs of providing education
Sports centre expenditure
Total charitable expenditure
Total expenditure
9. ANALYSIS OF EXPENDITURE		 Staff
Costs
420
206
-
-
626
10,927
3,934
2,889
2,615

-
20,365
1,365
21,730
22,356		 Other
Costs
226
675
3,648
2,275
6,824
1,536
1,599
6,338
2,419
688
12,580
543
13,123
19,947		 Depreciation
-
74
-
-
74
105
42
2,251
366
-
2,764
115
2,879
2,953		 Total
Total
2025
2024
646
590
955
1,037
3,648
2,977
2,275
2,279
7,524
6,883
12,568
11,172
5,575
5,818
11,478
11,310
5,400
4,768
688
710
35,709
33,778
2,023
1,942
37,732
35,720
45,256
42,603

Support costs include governance costs of £225,000 (2024: £206,000).

(b) Grants, awards and prizes
£ 000s
From endowed funds:
Bursaries and other grants and awards
From restricted funds:
Bursaries and other grants and awards
From unrestricted funds:
Bursaries and other grants and awards		 Total
Total
2025
2024
132
142
541
556
15
12
688
710

These grants were made to current and former students at Christ’s Hospital.

-39-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

_____
10. STAFF COSTS
Teaching
Teaching support
Welfare
Premises
Other ancillary
Fundraising
Bluecoat Sports
CHEL
Contract catering costs
Comprising
Salaries and wages
Social security costs
Pension costs
Apprenticeship Levy
Contract costs
Aggregate employee benefits of Key
Management personnel		 _____
Number
Cost
(FTE)
£ 000s
121
9,413
48
1,514
61
2,705
87
2,889
45
2,615
6
420
40
1,365
6
206
414
21,127
1,229
22,356
16,419
1,809
2,855
44
1,229
22,356
1,374
2025		 ______
Number
Cost
(FTE)
£ 000s
118
8,432
50
1,424
63
2,516
88
2,735
42
2,336
6
401
33
1,184
4
181
404
19,209
1,254
20,463
15,181
1,495
2,492
41
1,254
20,463
1,178
2024

The average head count (being number of staff employed not adjusted for FTE) was 603 (2024: 579). The full time equivalent number of employees by category is disclosed in the table above. Salaries and wages include £45,000 (2024: £23,000) in relation to redundancy and compensation for loss of office settlements and payments in lieu of notice.

The number of Key Management personnel averaged 10 (2024: 9) as set out on page 22. The number of employees whose total emoluments for the period exceeded £60,000 was 56 (2024: 50) in the following bands:

2025 2024
£60,001 to £70,000 29 34
£70,001 to £80,000 16 8
£80,001 to £90,000 3 1
£90,001 to £100,000 1 3
£100,001 to £110,000 4 1
£130,001 to £140,000 - 1
£140,001 to £150,000 2 1
£170,001 to £180,000 - 1
£180,001 to £190,000 1 -

Information on volunteers is shown on page 18.

-40-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

11. TANGIBLE FIXED ASSETS
£ 000s
Land &
Buildings
(a) Group
Cost or valuation
At 1 September 2024
84,054
Additions at cost
-
Disposals at cost
-
At 31 August 2025
84,054
Depreciation and amortisation
At 1 September 2024
30,572
Charge for the period
1,787
Accumulated on disposals
-
At 31 August 2025
32,359
Net book value at 31 August 2025
51,695
Net book value at 31 August
2024
53,482
(b) Charity
Cost or valuation
At 1 September 2024
Additions at cost
Disposals at cost
At 31 August 2025
Depreciation and amortisation
At 1 September 2024
Charge for the period
Accumulated on disposals
At 31 August 2025
Net book value at 31 August 2025
Net book value at 31 August
2024		 11. TANGIBLE FIXED ASSETS
£ 000s
Land &
Buildings
(a) Group
Cost or valuation
At 1 September 2024
84,054
Additions at cost
-
Disposals at cost
-
At 31 August 2025
84,054
Depreciation and amortisation
At 1 September 2024
30,572
Charge for the period
1,787
Accumulated on disposals
-
At 31 August 2025
32,359
Net book value at 31 August 2025
51,695
Net book value at 31 August
2024
53,482
(b) Charity
Cost or valuation
At 1 September 2024
Additions at cost
Disposals at cost
At 31 August 2025
Depreciation and amortisation
At 1 September 2024
Charge for the period
Accumulated on disposals
At 31 August 2025
Net book value at 31 August 2025
Net book value at 31 August
2024		 Work in
Progress
2,413
6,240		 Office
Equipment
3,288
226
(467)		 Office
Equipment
3,288
226
(467)		 Plant &
Equipment
11,409
402
(94)		 Plant &
Equipment
11,409
402
(94)		 Motor
Vehicles
165
-
-		 Motor
Vehicles
165
-
-
84,054 8,653 3,047 11,717 165
-
-
-		 2,527
359
(467)		 8,285
790
(94)		 121
17
-
32,359 - 2,419 8,981 138
51,695 8,653 628 2,736 27
53,482 2,413 761 3,124 44
- 2,892 6,217
-
-
-		 2,373
359
(467)		 4,725
407
(5)
- 2,265 5,127
- 627 1,090
- 761 1,218

-41-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

12. FIXED ASSET INVESTMENTS £ 000s

Property
Investments at market value
Market value at 1 September
152,317
Net Investment in / (disinvestment from) portfolio
17,107
Fees and charges collected
-
Dividends and interest reinvested
-
Realised and unrealised (losses) / gains
(713)
Market value at 31 August
168,711
Securities comprise:
Cash & foreign exchange hedges
Debt instruments
Equities
Hedge funds
Private equity
Property comprises:
Retail
Offices
Industrial
Agricultural and other land
Residential rental properties		 Property
152,317
17,107
-
-
(713)		 Securities
303,356
(29,014)
(1,014)
4,542
15,949
293,819		 Total
Total
2025
2024
455,673
441,906
(11,907)
(9,834)
(1,014)
(760)
4,542
518
15,236
23,843
462,530
455,673
Total
Total
2025
2024
9,904
7,796
53,826
55,856
72,740
81,563
56,422
59,058
100,927
99,083
293,819
303,356
35,030
20,080
33,650
36,850
64,600
62,150
19,873
19,834
15,558
13,403
168,711
152,317
168,711

The Charity Commission permitted Christ’s Hospital to adopt the use of Total Return in relation to its endowment on 26 April 2005.

There is a quoted market (including listed markets) for approximately 31% (2024: 30%) of the investments within the funds held in securities. A further 24% (2024: 27%) of investments are held in funds which themselves invest in publicly quoted securities. The remainder, representing private markets funds, are valued in accordance with the information provided by the fund managers which are based on quarterly and audited annual reports.

Approximately 55% (2024: 58%) of the portfolio is considered liquid, meaning that the funds are capable of being traded on at least a quarterly basis.

Forward currency contracts are used to mitigate the risk associated with investment assets denominated in foreign currencies. At 31 August 2025, the gross notional value of open forward contracts amounted to £85.7 million (2024: £77.7 million). These contracts have been revalued at the applicable year-end rates and the resulting unrealised gains or losses have been included within the overall value of the investments above.

At 31 August 2025 there were outstanding commitments to fund a further £38.1 million (2024: £48.8 million) in capital calls from private equity funds. These calls will be funded from the sale of liquid assets within the investment portfolio.

-42-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Common Investment Fund

Security assets totalling £293,819,000 are held within the Christ’s Hospital Common Investment Fund, which was established on 2 August 2005 and is a pooling scheme fund within the meaning of the Financial Services & Markets Act 2000 (Exemption) Order 2001 (SI 1201/2001). The scheme became active on 31 March 2006. At 31 August 2025, units within the Christ’s Hospital Common Investment Fund were held as follows:

General Fund
The Wests' Gift for Children Fund
The Daniel Lett Fund
The Hornby Steer Fund
The RAF Foundationers' Fund
Barker Music Fund
The Ward Blakely Fund
Miss West Scholar Fund
Additional Costs Fund
Christ's Hospital Association
House Fund
The Reginald Wood Fund
Dadson
Other Funds		 £000s
%
246,873
84.02
29,918
10.18
3,273
1.11
3,729
1.26
2,278
0.78
1,523
0.52
1,897
0.65
932
0.32
765
0.26
561
0.19
489
0.17
319
0.11
225
0.08
1,037
0.35
293,819
Securities

Other funds represent the combined assets of 17 individual trusts none of which has assets in excess of £200,000.

Property Valuations

Formal valuations of the commercial investment properties were prepared by Mr D Mills, MRICS of Cushman & Wakefield LLP and rural and residential properties by Ms F Rawlings, MRICS of Savills (UK) Limited as at 31 August 2025.

Future income from Property Investments

The future minimum lease income under non-cancellable operating leases receivable in less than one year is £8.3m (2024: £6.5m). Amounts receivable between one and five years are £23.6m (2024: £16.1m) and after five years are £53.2m (2024: £49.1m).

13. STOCK
£ 000s
Stock for sale
Consumables		 Group
2025
7
217
224		 Charity
2025
-
200
200		 Group
Charity
2024
2024
5
-
242
235
247
235

-43-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

14. DEBTORS DUE WITHIN ONE YEAR
£ 000s
Trade debtors
Rents receivable
Parental contributions
CHEL
The Foundation
Accrued legacies
Value Added Tax
Other debtors and prepayments		 Group
2025
420
3,109
2,010
-
-
30
104
1,282
6,955		 Charity
2025
26
-
2,010
662
3,594
-
-
963
7,255		 Group
Charity
2024
2024
546
8
1,644
-
147
147
-
695
-
3,512
382
370
-
-
2,504
2,315
5,223
7,047

From 2025 following the introduction of VAT on fees, the parental contribution debtor includes the gross value of unpaid invoices raised in August 2025 but relating to Michaelmas term 2025-26 (£1,512,000). Also see comment below creditors due within one year.

15. CREDITORS DUE WITHIN ONE YEAR
£ 000s
Trade creditors
Bank loan (see below)
Deferred income
Parental contributions in advance
Enrolment deposits
Bluecoat Sports
Christal House Contracts Limited
Taxation and National Insurance
Value Added Tax
Rent in advance
Other creditors and accruals		 Group
2025
1,697
11
297
2,432
1,795
-
-
441
-
2,663
3,278
12,614		 Charity
2025
598
-
240
2,432
1,795
519
8
417
178
-
1,127
7,314		 Group
Charity
2024
2024
859
615
10
-
180
134
1,623
1,623
1,982
1,982
-
313
-
10
358
339
194
15
1,530
-
3,758
1,552
10,494
6,583

From 2025 following the introduction of VAT on fees, parental contributions in advance includes the net value of invoices raised in August 2025 relating to Michaelmas term 2025-26 (£1,216,000). Prior to 2025, only parental contributions that had been paid in advance were included in this category.

-44-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

16. CREDITORS DUE AFTER MORE THAN ONE YEAR
£ 000s
Bank loan (see below)
Loan note issue (see below)
Repayable as follows:
Due within 1 - 2 years
Bank loan (see below)
Due within 2 - 5 years
Bank loan (see below)
Due after 5 years
Loan note issue (see below)		 Group
2025
25,000
20,000
45,000
-
25,000
20,000
45,000		 Charity
2025
-
-
-
-
-
-
-		 Group
Charity
2024
2024
25,011
-
20,000
-
45,011
-
11
-
25,000
-
20,000
-
45,011
-

In October 2003, the Foundation entered into a £25 million bank loan facility for a term of 25 years for the purpose of acquiring new commercial property investments. Repayment is by a single payment at termination in October 2028 with interest payable quarterly in arrears at a fixed rate of 5.55%. This loan is secured against investment properties with a minimum valuation of £35.0 million and as at 31 August 2025 the properties against which the loan is secured have been valued at £36.0 million.

In April 2014, the Foundation completed on a £20 million private placement of loan notes as part of its investment strategy. The notes, which are due for repayment in 2034, are secured on assets held within the securities portfolio. Interest on the loan notes is at a fixed rate of 4.45%, with interest payable semi-annually.

In September 2020, Bluecoat Sports entered into an unsecured £50,000 bounce back loan with Barclays Bank for a term of 6 years. During the first twelve months, the UK Government will pay interest due under this loan, known as the Business Interruption Payment. No repayment of capital is required during the first 12 months of the loan. Monthly repayments of £833.33 commenced in October 2021, with interest payable in arrears at a fixed rate of 2.5%.

SUMMARY OF MOVEMENTS IN PARENTAL CONTRIBUTIONS IN ADVANCE

£000s Group and Charity
2025
Balance at 1 September 2024 1,623
Other amounts in advance 1,216
Amounts used to pay fees (1,623)
Unpaid August 2025 invoices relating to 2025-26 1,216
Balance at 31 August 2025 2,432

-45-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

17. RECONCILIATION OF GROUP NET (OUTGOING) FUNDS FROM OPERATIONS TO NET CASH (OUTFLOW) FROM GROUP OPERATING ACTIVITIES

£ 000s
Net (outgoing) funds from operations
Non-operating cashflows eliminated:
Investment income
Financing costs
Endowment legacies and donations
Profit on disposal of fixed assets
Pension scheme net finance costs
Pension scheme current service costs
Pension scheme contributions
Depreciation and amortisation
Donated assets
(Decrease)/ increase in creditors
(Increase)/ decrease in debtors
Decrease/ (increase) in stocks
Net cash (outflow) from group operating activities		 2025
2024
(11,358)
(9,596)
(13,162)
(8,792)
2,275
2,279
(428)
(3,183)
-
(2)
2
2
48
45
(326)
(387)
2,953
3,214
(231)
-
1,027
665
(1,732)
131
23
(34)
(20,909)
(15,658)

18. CAPITAL AND LEASE COMMITMENTS

Capital Commitments

At 31 August 2025 there were capital commitments of £1.6 million (2024: £10.2 million).

See Note 12 for information on private equity fund commitments.

Lease Commitments

The charity has entered into non-cancellable leases in respect of certain motor vehicles and office equipment, the payments for which extend over a period of up to 5 years.

Total future minimum lease payments under non-cancellable operating leases:

£ 000s
-within one year
- between one and five years		 Group
2025
99
194
293		 Charity
2025
99
194
293		 Group
Charity
2024
2024
114
114
294
294
408
408

-46-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

19. AUDITOR'S REMUNERATION
£ 000s
Audit fees
Consultancy and accountancy services		 2025
2024
80
80
11
8
91
88

20. PENSION SCHEMES

Teachers’ Pension Scheme

Christ’s Hospital participates in the Teachers’ Pension Scheme (the TPS) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,229,000 (2024: £1,849,000) and at the year-end £190,000 (2024 - £171,000) was accrued in respect of contributions to this scheme.

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

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Christ's Hospital Pension Scheme

Prior to 2005, non-teaching staff were entitled to join the Christ's Hospital Pension Scheme (the Scheme), a defined benefit scheme, to which contributions are made by both employees and the employers. The Scheme was closed to new members with effect from 31 March 2005. Member contributions are 6.5% for those members who have an accrual rate of 1/80[th] of final salary for each year of service, and 4% for those who have an accrual rate of 1/100[th] . Contributions payable by employers are 15.5% plus a monthly deficit-reduction contribution of £16,000. The deficit-reduction payments are in accordance with an agreed schedule, allowing the deficit to be eliminated by 31 December 2028. The basis of contribution to the Scheme is specified in a schedule of contributions certified by the actuary and agreed with the Scheme trustees on 13 December 2023. The cost of providing such pensions is charged to the accounts in accordance with the provisions of FRS 102.

The liability for the Scheme continues to be accounted for in the individual charity financial statements of Christ’s Hospital Foundation as Christ’s Hospital has accepted the liabilities of the Scheme solely in its role as the Trustee of Christ’s Hospital Foundation.

The last full actuarial valuation of the Scheme was carried out with an effective date of 31 March 2023 and was finalised in December 2023. For the purpose of FRS 102, the Scheme valuation has been updated as at 31 August 2025 by a qualified actuary. The valuation method adopted for the Scheme

-47-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

was the Projected Unit Method and it is assumed, in relation to security of both accrued and protected rights, the Scheme will continue.

The fair value of the scheme assets exceeded the present value of future obligations as at 31 August 2025 by £730,000. However, as the Trustees of the Scheme have first priority in deciding how to apply any surplus, and therefore Christ’s Hospital may not recover this surplus through reduced contributions or refund, the asset has not been recognised in these financial statements in accordance with FRS102.

Under a flexible apportionment arrangement dated 31 August 2023, and in accordance with Regulation 6E(2)(b) of the Employer Debt Regulations, the Principal Employer, Christ’s Hospital took over responsibility for the assets and liabilities of CHEL in relation to the Scheme.

Employer contributions for the year ended 31 August 2025 were £327,000 (2024: £378,000).

The Scheme's assets and liabilities, analysis of pension cost and details of the valuation were as follows:

a) Amounts recognised in the balance sheets
£ 000s
Present value of funded obligations
Fair value of plan assets
Less asset not recognised
Net asset
(b) Changes in the present value of the defined benefit obligation
£ 000s
Opening defined benefit obligation
Employers' service cost
Interest cost
Actuarial gains
Benefits paid from scheme assets
Scheme participants' contributions
Defined benefit obligation at end of period		 2025
2024
(12,882)
(14,377)
13,612
14,511
(730)
(134)
-
-
2025
2025
14,377
14,032
48
45
683
708
(1,360)
408
(887)
(836)
21
20
12,882
14,377

-48-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

(c) Changes in the fair value of the Scheme assets are as follows:
£ 000s
Opening fair value of scheme assets
Interest income
Return on assets less interest income
Employer contributions
Employee contribution
Administration expenses paid
Benefits paid
Fair value of Scheme assets at end of period		 2025
2024
14,511
13,782
698
706
(1,054)
452
326
387
21
20
(3)
-
(887)
(836)
13,612
14,511

On the currently agreed basis, the projected amount charged to the Statement of Financial Activities is as follows:

Projected current service cost
Projected interest income on assets
Projected interest cost on Defined Benefit Obligation
Interest on effect of asset ceiling
(d) Amounts included within the Statement of Financial Activities
£ 000s
Current service cost
Interest income on assets
Administration expenses paid
Interest on pension liabilities
Interest on effect of asset ceiling
Total amount charged within net outgoing funds from operations
(e) Reconciliation of movement in present value of plan liabilities and assets
£ 000s
Net liability at the beginning of the year
Employer current service cost
Employer's contributions
Interest income on assets
Interest cost
Interest on effect of asset ceiling
Administration expenses paid
Actuarial gains
Net asset / (liability) at end of the year		 31 August
2026
41
(771)
721
50
41
2025
2024
48
45
(698)
(706)
3
-
683
-
14
708
50
47
2025
2024
-
(250)
(48)
(45)
326
387
698
706
(683)
(708)
(14)
-
(3)
-
(276)
(90)
-
-

-49-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

(f) Major categories of Scheme assets as a percentage of total Scheme assets

Equities
Multi-Asset Funds
Self sufficiency credit
Liability Driven Investments
Absolute Return Bond Fund
Sterling Liquidity Fund
Cash		 2025
2024
17.3%
14.7%
22.0%
19.9%
26.3%
27.1%
21.0%
24.8%
10.0%
8.8%
1.7%
3.7%
1.7%
1.0%
100%
100%

The overall expected return on the Scheme assets in the year is determined as a weighted average of the expected returns on each asset class. The returns on equities are determined by the Christ’s Hospital Pension Fund trustees having reference to the expected return from an investment in the FTSE-Actuaries All Share Index. The gilt return is derived from the prevailing redemption yields on long-dated fixed interest gilts at the valuation date.

(g) Principal assumptions at the balance sheet date 2025 2024
Discount rate 5.8% 4.9%
Rate of increase in salaries 3.0% 4.0%
Rate of increase of pensions in payment - Pre April 1997 1.8% 1.9%
Rate of increase of pensions in payment - Post April 1997 2.9% 3.0%
Rate of increase of pensions in deferment 2.6% 2.7%
Price inflation 3.0% 3.1%

The 2025 valuation has assumed average mortality in accordance with S3PMA_M tables with allowance for future improvements in line with the CMI (core) 2024 projection model with long-term improvements of 1.5% p.a. The 2024 CMI model has seen an update in methodology so that mortality experience through and since the COVID-19 pandemic is all incorporated within the core model. It treats the pandemic as a ‘shock’, the impact of which reduces over time, so as to balance the use of data from the height of the pandemic with emerging data that is likely to be more indicative of longerterm trends in mortality rates.

(h) Projected changes in present value of net defined benefit liability
£ 000s
Opening net defined benefit liability
Amount recognised through profit and loss account
Expected employer's contributions
Change in effect of asset ceiling
Closing net defined benefit liability		 31 August
2026
-
(41)
251
(210)
-
(i) Sensitivity analysis Change in defined benefit obligation
2025
Increase / decrease discount rate by 0.5% p.a. -5.2% / +5.8%
Increase / decrease assumed rate of future inflation 0.5% p.a. +4.1% / -3.9%
Increase / decrease long-term salary increases by 0.5% p.a. +0.4% / -0.4%
Increase / decrease life expectancy by 1 year +3.4% / -3.3%

-50-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Defined Contribution Scheme

Staff who became employees prior to 1 August 2014, and were not in a defined benefit scheme, could join the stakeholder pension scheme. This is a unit linked defined contribution scheme from Standard Life, under which the employer contributes 5% more than the employee contributions up to a maximum of 10% of pensionable pay. From 1 August 2014, new and existing staff who had not previously opted to join a pension scheme, and are eligible to do so, have been auto enrolled into a workplace pension scheme, currently with Standard Life and Legal and General. Employer contributions are currently set at the statutory minimum of 3%. Employer contributions totalling £299,000 (2024: £266,000) were paid in respect of these pension schemes for the year. At the year-end £25,000 (2024: £23,000) was accrued in respect of contributions to these schemes.

21. PROVISIONS FOR LIABILITIES AND CHARGES

£ 000s
At 1 September
Provision utilised
Charged to the statement of financial activities
At 31 August		 Group
2025
1,170
(1,110)
28
88		 Charity
2025
1,170
(1,110)
28
88		 Group
Charity
2024
2024
370
370
-
-
800
800
1,170
1,170

The provision relates to legal claims and recognises the probable cost of defending and concluding those matters, gross of any related recoverable amounts from insurance held by the school.

22. RELATED PARTY TRANSACTIONS

No Council Member has received any remuneration for work done in performance of their duties. Travel, training and subsistence expenses totalling £2,248 (2024: £2,365) have been refunded to seven (2024: seven) Council Members in connection with their duties. Donations totalling £40,187 (2024: £7,156) have been received from five (2024: three) Council Members.

Trustees’ liability insurance is included within the group professional indemnity and public liability policy and its cost cannot be separately identified.

During the year, funding totalling £20.3 million (2024: £18.0 million) was granted to Christ’s Hospital from the Foundation in support of current students. In addition, Christ’s Hospital gifted back to the Foundation £0.1 million of capital assets. A further £4.2 million (2024: £4.2 million) was gifted by the Foundation, being the value of the donated facilities. The grant also funded certain expenditure incurred by Christ’s Hospital on behalf of the Foundation. Those costs included the audit fee, other governance costs, the payroll and administration costs of the property director and the development department. The Foundation charged £122,000 (2024: £113,000) in rent to Christ’s Hospital for certain residential properties. Other expenses totalling £nil (2024: £16,000) were recharged by Christ’s Hospital to the Foundation.

Christ’s Hospital hired the sports centre and the laundry from Bluecoat Sports for a fee of £364,000 (2024: £364,000) and £10,000 (2024: £10,000) respectively. Other expenses totalling £177,000 (2024: £55,000) were recharged by Christ’s Hospital to Bluecoat Sports.

CHEL continues to make payments to Christ’s Hospital under the terms of a lease for the use of the nursery premises and a master agreement for the use of the school’s premises for holiday lets and

-51-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

other events. The charges were £16,000 (2024: £13,200) for the nursery lease and £460,600 (2024: £509,900) for the licence fee. In addition, Christ’s Hospital recharged a total of £469,700 (2024: £561,100) to CHEL relating to other expenses including salaries, finance, cleaning and catering. In addition, with CHEL’s business still recovering following the pandemic no payment under gift aid was made to the school (2024: £nil for the year).

Christ’s Hospital performs administrative services for Christal House Contracts Limited for which it received a management fee of £5,800 (2024: £5,300). In addition, Christal House Contracts charged Christ’s Hospital £88,000 (2024: £85,000) for electricity during the year.

Christ's Hospital performs administrative services for the Charities of John and Frances West for Pensioners, for which it received a management fee during the year of £30,000 (2024: £28,200).

23. MOVEMENT OF FUNDS

Specified Endowment Funds

The total Endowment Funds represent the Preserved Value plus the accumulated Unapplied Total Return (UTR). Distributions out of UTR can be made at any time at Council’s discretion.

The purposes of the major remaining funds are as follows:

The Wests’ Gift for Children Fund provides funding for descendants of the West family children from the boroughs of Richmond, Twickenham, Reading, Newbury and other families in financial need.

The Hornby Steer Fund supports children from a family either connected with the legal profession, living in Greater London, connected with the Order of St John of Jerusalem or where a parent is blind.

The Daniel Lett Fund supports current and former students in developing an interest in and pursuing a career in law, particularly at the Bar.

The Ward Blakely Fund provides funding for the Director of Expeditionary Education role.

The RAF Foundationers’ Trust Fund provides funds to support the children of RAF personnel.

The Miss West Scholar Fund provides a 6[th] form scholarship for a female student in memory of Miss West, Headmistress at Hertford.

Christ’s Hospital Association supports the costs of publicity and alumni relations.

Additional Costs Fund (formerly The Necessitous Children’s Fund) provides additional support, particularly for travel and clothing costs for children from families in exceptional financial need.

House Fund supports the boarding houses.

The Reginald Wood Fund provides additional funds to support musically talented students.

The Army Foundation supports children whose parents have served or are currently serving in the Army.

Restricted Funds

Restricted Funds are accounted for in accordance with the particular terms of the trust arising from the expressed or implied wishes of donors insofar as these are intended to be binding. Where any such

-52-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

wishes are not intended to be binding, they are taken into account and recognised in an appropriate Designated or Unrestricted Fund.

The Barker Music Fund is restricted to support the education of children gifted in music.

The Bluecoat Sports Fund is restricted to support the objects of Bluecoat Sports.

Designated Funds

These are Funds created for specific purposes. There is no legal restriction on the way in which the funds may be applied.

The Premises Fund was established for planned maintenance and other estate works included in the budget for the year but not yet completed.

The Fixed Asset Capital Fund represents the net book value of the fixed assets used for operational purposes.

-53-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

23. MOVEMENT OF FUNDS

£ 000s
Balance at
2024
Preserved Endowment
General Fund Capital Account
104,574
The Wests' Gift for Children Fund
7,531
The Hornby Steer Fund
1,670
The Daniel Lett Fund
1,539
The Ward Blakely Fund
1,487
The RAF Foundationers' Trust Fund
910
Miss West Scholar Fund
800
Christ's Hospital Association
323
Additional Costs Fund
595
House Fund
290
The Reginald Wood Fund
150
Other Funds
453
120,322
Unapplied Total Return Endowment
General Fund Capital Account
271,367
The Wests' Gift for Children Fund
20,781
The Hornby Steer Fund
1,842
The Daniel Lett Fund
1,744
The Ward Blakely Fund
98
The RAF Foundationers' Trust Fund
1,235
Miss West Scholar Fund
205
Christ's Hospital Association
223
Additional Costs Fund
149
House Fund
197
The Reginald Wood Fund
159
Other Funds
574
298,574
Expendable Endowments
The Army Foundation
75
TOTAL ENDOWMENT FUNDS
418,971
1 September		 Balance at
2024
104,574
7,531
1,670
1,539
1,487
910
800
323
595
290
150
453
1 September		 Incoming
Resources
89
-
-
-
287
-
-
-
-
-
-
-		 Resources
Expended
-
-
-
-
-
-
-
-
-
-
-
-		 Gains /
(losses)
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
Transfers
31 August
2025
-
104,663
-
7,531
-
1,670
-
1,539
-
1,774
-
910
-
800
-
323
-
595
-
290
-
150
-
453
-
120,698
(22,419)
268,111
(221)
22,445
-
2,076
(7)
1,841
(79)
129
-
1,381
(47)
224
(21)
239
(19)
174
(19)
211
(3)
176
(20)
603
(22,855)
297,610
(46)
34
(22,901)
418,342
120,322 376 - -
12,123
447
55
51
39
36
16
8
13
8
4
16		 (5,784)
(100)
(12)
(124)
(5)
(5)
(3)
(2)
(9)
(2)
(1)
(18)		 12,824
1,538
191
177
76
115
53
31
40
27
17
51
298,574 12,816 (6,065) 15,140
75 1 - 4
418,971 13,193 (6,065) 15,144

-54-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

£ 000s
Restricted
Bluecoat Sports Fund
Doyle Fund
Geoff Stearn Musical Instruments
Museum Fund
Middleton A Fund
Tazaki Foundation Fund
House Funds
Barker Music Fund
Additional Costs Fund
Other Funds
TOTAL RESTRICTED FUNDS
Designated Funds
Liquid assets
Premises Fund
Education Fund
Museum Fund
Pension Fund
Music Fund
House Fund
Fixed Asset Capital Fund
Pension Reserve
Total Designated Funds
General Fund
TOTAL UNRESTRICTED FUNDS
TOTAL FUNDS		 Balance at
1 September
2024
685
123
158
183
9
576
47
1,500
345
389
4,015
2,061
71
54
400
2
3
2,591
59,484
-
62,075
1,631
63,706
486,692		 Incoming
Resources
2,052
2
3
20
-
371
109
-
84
118
2,759
6
1
1
-
-
-
8
-
-
8
17,938
17,946
33,898		 Resources
Expended
(2,023)
(2)
(3)
-
-
(1)
(123)
(71)
(45)
(37)
(2,305)
(669)
(8)
(8)
-
-
-
(685)
(2,278)
276
(2,687)
(34,199)
(36,886)
(45,256)		 Gains /
(losses)
-
7
7
-
-
-
-
78
-
-
92
-
-
-
-
-
-
-
-
(276)
(276)
-
(276)
14,960		 Balance at
Transfers
31 August
2025
100
814
-
130
-
165
-
203
-
9
(349)
597
18
51
23
1,530
-
384
(138)
332
(346)
4,215
1,541
2,939
10
74
(18)
29
(200)
200
-
2
-
3
1,333
3,247
6,209
63,415
-
-
7,542
66,662
15,705
1,075
23,247
67,737
-
490,294

During the year, £22.9 million has been transferred into Unrestricted Funds from the Unapplied Total Return Endowment Funds.

-55-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

24. PRIOR YEAR MOVEMENT OF FUNDS

£ 000s
Balance at
2023
Preserved Endowment
General Fund Capital Account
102,916
The Wests' Gift for Children Fund
7,531
The Hornby Steer Fund
1,670
The Daniel Lett Fund
1,539
The Ward Blakely Fund
-
The RAF Foundationers' Trust Fund
910
Miss West Scholar Fund
800
Christ's Hospital Association
323
Additional Costs Fund
567
House Fund
290
The Reginald Wood Fund
150
Other Funds
443
117,139
Unapplied Total Return Endowment
General Fund Capital Account
264,587
The Wests' Gift for Children Fund
18,926
The Hornby Steer Fund
1,570
The Daniel Lett Fund
1,611
The Ward Blakely Fund
-
The RAF Foundationers' Trust Fund
1,068
Miss West Scholar Fund
198
Christ's Hospital Association
200
Additional Costs Fund
122
House Fund
178
The Reginald Wood Fund
146
Other Funds
513
289,119
Expendable Endowments
The Army Foundation
103
TOTAL ENDOWMENT FUNDS
406,361
1 September		 Incoming
Resources
1,658
-
-
-
1,487
-
-
-
28
-
-
10
3,173
8,177
47
6
6
96
4
2
1
3
1
1
2
8,346
1
11,520		 Resources
Expended
-
-
-
-
-
-
-
-
-
-
-
-
-
(5,151)
(69)
(8)
(137)
-
(5)
(3)
(1)
(11)
(1)
(1)
(7)
(5,394)
-
(5,394)		 Gains
-
-
-
-
-
-
-
-
-
-
-
-
-
20,401
2,256
276
272
2
168
84
44
56
38
24
81
23,702
8
23,710		 Balance at
Transfers
31 August
2024
-
104,574
-
7,531
-
1,670
-
1,539
-
1,487
-
910
-
800
-
323
-
595
-
290
-
150
-
453
-
120,322
(16,647)
271,367
(379)
20,781
(2)
1,842
(8)
1,744
-
98
-
1,235
(76)
205
(21)
223
(21)
149
(19)
197
(11)
159
(15)
574
(17,199)
298,574
(37)
75
(17,236)
418,971

-56-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

£ 000s
Restricted
Bluecoat Sports Fund
Doyle Fund
Geoff Stearn Musical Instruments
Museum Fund
Middleton A Fund
Tazaki Foundation Fund
House Funds
Barker Music Fund
Additional Costs Fund
Other Funds
TOTAL RESTRICTED FUNDS
Designated Funds
Liquid assets
Premises Fund
Education Fund
Museum Fund
Pension Fund
Organ Fund
Music Fund
House Fund
Fixed Asset Capital Fund
Pension Reserve
Total Designated Funds
General Fund
TOTAL UNRESTRICTED FUNDS
TOTAL FUNDS		 Balance at
1 September
2023
594
119
144
-
9
162
53
1,467
285
326		 Incoming
Resources
1,812
-
3
183
-
694
107
2
114
187		 Resources
Expended
(1,942)
-
-
-
-
(1)
(131)
(34)
(54)
(33)		 Gains
-
9
11
-
-
-
-
113
-
-		 Balance at
Transfers
31 August
2024
221
685
(5)
123
-
158
-
183
-
9
(279)
576
18
47
(48)
1,500
-
345
(91)
389
(184)
4,015
1,700
2,061
10
71
10
54
-
400
56
-
-
2
-
3
1,776
2,591
3,139
59,484
-
-
4,915
62,075
12,505
1,631
17,420
63,706
-
486,692
3,159 3,102 (2,195) 133
1,285
69
63
400
-
2
9		 37
3
11
-
-
-
-		 (961)
(11)
(30)
-
(56)
-
(6)		 -
-
-
-
-
-
-
1,828
59,335
(250)		 51
-
-		 (1,064)
(2,990)
340		 -
-
(90)
60,913
2,102		 51
18,324		 (3,714)
(31,300)		 (90)
-
63,015 18,375 (35,014) (90)
472,535 32,997 (42,603) 23,753

-57-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

25. STATEMENT OF TOTAL RETURN
£ 000s
Total return for the period
Investment income
Investment gains
Gross total return for the period
Financing costs
Investment management costs
Net total return for the year
Application of total return during the period
Unapplied total return brought forward 1 September
Unapplied total return carried forward 31 August
Preserved value at 31 August
Expendable Endowment
Total endowment values at 31 August		 General
Endowment
12,123
12,824
24,947
(2,275)
(3,509)
19,163
(22,419)
271,367
268,111
104,663
-
372,774		 Wests'
Gift
447
1,538
1,985
-
(100)
1,885
(221)
20,781
22,445
7,531
-
29,976		 Other
2025
Funds
Total
246
12,816
778
15,140
1,024
27,956
-
(2,275)
(181)
(3,790)
843
21,891
(215)
(22,855)
6,426
298,574
7,054
297,610
8,504
120,698
34
34
15,592
418,342

26. ALLOCATION OF THE NET ASSETS BETWEEN FUNDS £ 000s

Endowment Funds
Restricted Funds
General Funds
Designated Funds:
Capital Fund
Premises Fund
Other Funds
Pension Liability		 Fixed
assets
465,964
2,118
179
63,415
-
-
-
531,676		 Net current
assets
(2,622)
2,097
984
-
2,939
308
-
3,706		 Creditors
2025
due after
Total
more than
one year
(45,000)
418,342
0
4,215
(88)
1,075
-
63,415
-
2,939
-
308
-
-
(45,088)
490,294

-58-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

PRIOR YEAR ALLOCATION OF THE NET ASSETS BETWEEN FUNDS £ 000s

Endowment Funds
Restricted Funds
General Funds
Designated Funds:
Capital Fund
Premises Fund
Other Funds
Organ Fund
Pension Liability
27. FINANCIAL INSTRUMENTS
£ 000s
Financial assets measured at amortised cost (a)
Financial liabilities measured at amortised cost (b)		 Fixed
assets
459,331
2,021
-
59,484
-
-
-
-
520,836		 Net current
assets
4,640
2,005
2,801
-
2,061
530
-
-
12,037		 Creditors
2024
due after
Total
more than
one year
(45,000)
418,971
(11)
4,015
(1,170)
1,631
-
59,484
-
2,061
-
530
-
-
-
-
(46,181)
486,692
Total
Total
2025
2024
15,241
21,453
(56,876)
(54,773)
(41,635)
(33,320)

(a) Financial assets include cash, trade and fee debtors, other debtors, accrued income and amounts due from members of the Christ’s Hospital group.

(b) Financial liabilities include deposits, fees in advance, rent in advance, trade and other creditors.

Additional information on financial instruments held at fair value as Investments is set out in Note 12.

-59-

CHRIST’S HOSPITAL

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

28. PRIOR YEAR CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - Comparative figures by fund-type £ 000s

INCOME AND ENDOWMENTS FROM:
Charitable Activities
School fees receivable
Sports centre income
Ancillary trading
Investments
Investment income
Fundraising
Donations and legacies
Other sources
Non-ancillary trading income
Other income
TOTAL INCOME AND ENDOWMENTS
EXPENDITURE ON:
Raising Funds
Fundraising and development
Trading activities
Investment management
Financing
Charitable Activities
Costs of providing education
Sport centre expenditure
TOTAL EXPENDITURE
NET INCOMING/ (OUTGOING) FUNDS FROM OPERATIONS
BEFORE TRANSFERS AND INVESTMENT GAINS
Gains on investments
Transfers between funds
NET INCOME AND CAPITAL INFLOW / (OUTFLOW)
Actuarial (losses) on defined
benefit pension scheme
NET MOVEMENT IN FUNDS
Total funds brought forward 1 September
TOTAL FUNDS		 Endowment
Funds
-
-
-
8,343
3,183
-
4
11,530
-
-
(2,973)
(2,279)
(142)
-
(5,394)
6,136
23,710
(17,236)
12,610
-
12,610
406,361
418,971		 Restricted
Funds
-
1,757
132
94
1,114
-
5
3,102
-
-
(4)
-
(249)
(1,942)
(2,195)
907
133
(184)
856
-
856
3,159
4,015		 Unrestricted
Total
Funds
2024
11,980
11,980
-
1,757
1,015
1,147
355
8,792
3,110
7,407
1573
1,573
342
351
18,375
33,007
(590)
(590)
(1,037)
(1,037)
-
(2,977)
-
(2,279)
(33,387)
(33,778)
-
(1,942)
(35,014)
(42,603)
(16,639)
(9,596)
-
23,843
17,420
-
-
781
14,247
(90)
(90)
691
14,157
63,015
472,535
63,706
486,692

-60-

Christ’s Hospital

a company limited by guarantee and registered in England and Wales Company No. 06232556 Registered Charity No. 1120090 VAT Registered No. 777313705 Trustee of Christ’s Hospital Foundation – Registered Charity No. 306975

Enquiries:

Christ’s Hospital, Horsham, West Sussex RH13 0LJ t: +44 (0) 1403 211293 e: enquiries@christs-hospital.org.uk www.christs-hospital.org.uk