2025-08-31-accounts

COMPANY NUMBER: 01475319 CHARITY NUMBER: 277439

THE JOHNSON TRUST LIMITED (A Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

THE JOHNSON TRUST LIMITED

(A Company Limited By Guarantee) CONTENTS PAGE

Contents	Page
Governors, Officers and Advisors	1
Annual Report of the Governors	2 – 16
Independent Auditor’s Report	17 – 19
Statement of Financial Activities	20
Balance Sheet	21
Statement of Cash Flows	22
Notes to the Financial Statements	23 – 37

THE JOHNSON TRUST LIMITED GOVERNORS. OFFICERS AND ADVISORS YEAR ENDED 31 AUGUST 2025

__________ Board of Governors Headmaster Company Secretary and Clerk to the Governing Body Company number Charity number Principal address and Registered Office Auditor Bankers Solicitors Website

___________ Richard Venables Kyrke (Chairman) Jonathan Scrase (Vice Chairman) James Cooper Mitch Dowlen Genevieve Gordon-Thomson Jennifer Hall Andrew Hayes Nic Karonias Robert Norton Victoria Padgham Catherine Simon Bell Jonathan Slater (resigned 20 June 2025) Matthew Staniforth Charles Tilley John Green Andrew Golding 01475319 277439 Seaford College Lavington Park Petworth West Sussex GU28 0NB Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Barclays Bank Plc Tagus House Ocean Way Southampton SO14 3TJ Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GU1 3SR www.seaford.org

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THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

____________ The Board of Governors presents its annual report and strategic report for the year ended 31 August 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s governing document, the Companies Act 2006 and 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 (FRS102) effective 1 January 2015.

Governors’ Report

Structure, Governance and Management

The Johnson Trust Limited (the ‘‘Charity’’) is a company limited by guarantee (CRN 01475319) and a registered charity, number 277439, which is governed by its Memorandum and Articles of Association. The Charity’s primary objects are to promote and provide for the charitable advancement of public education generally and more specifically to support and further advance the charitable objects of the school known as Seaford College (the “College”).

The Governors, executive officers, principal address of the Charity and particulars of the Charity’s professional advisors are as listed on the ‘Governors, Officers and Advisors’ schedule.

The Governors are the College’s charity trustees under charity law and the directors of the charitable company.

Recruitment and Training of Governors

The Charity’s Governors are appointed at a meeting of the Board of Governors on the basis of nominations received from the Governors, Headmaster and Society of Old Seafordians, specifying personal competence, specialist skills and local availability. New Governors receive a suitable programme of induction into the workings of the College, including board policies and procedures, from the Clerk, the Headmaster and the Chairman.

For all Governors, in-service training is made available where appropriate and all Governors are encouraged to attend appropriate seminars for Governors and Trustees.

Organisational Management

The Governors are legally responsible for the overall governance and management of the College and normally meet five times a year. Oversight of implementing policies is undertaken by the principal committees. The Finance Risk and Audit Committee normally meet prior to each of the Board meetings and hold further meetings as necessary. The Chairman of Governors is a member of the Finance Risk and Audit Committee. The Bursary Committee is responsible for bursary awards and other fee remissions with these being ratified by the main Board. Other committees meet at least once a term; the Estates Committee oversees estate development, the Health & Safety Committee considers health and safety risks and mitigations, and the Education Committee reviews academic and pastoral development.

The current membership of these committees and those in attendance* is as follows, with all Governors invited to attend meetings of principal committees:

Education Committee

Victoria Padgham Chairman Richard Venables Kyrke Jennifer Hall John Green Headmaster All other Senior Management Team

Finance and Risk Committee

Nic Karonias Chairman Mitch Dowlen

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THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

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Andrew Hayes Charles Tilley Richard Venables Kyrke John Green Headmaster Andrew Golding Director of Finance Greg Burt* Director of Estates and Operations

Bursary Committee

Nic Karonias Chairman Andrew Hayes Robert Norton John Green Headmaster Andrew Golding Director of Finance

Estates Committee

James Cooper Chairman Robert Norton Jonathan Scrase Richard Venables Kyrke John Green Headmaster Andrew Golding Director of Finance Greg Burt* Director of Estates and Operations Manager

Health and Safety Committee

Jonathan Slater Chairman (to 20 June 2025) Genevieve Gordon-Thomson & Matthew Staniforth Joint Chairman (from 10 October 2025) Senior Management Team Heads of Department

Senior Management Team (Key Management Personnel)

John Green Headmaster Andrew Golding Director of Finance Greg Burt Director of Estates and Operations Will Yates Deputy Head Pastoral Ashutosh Arya Deputy Head Teaching and Learning Sebastian d’Agar Deputy Head Joanna Forman Assistant Head Safeguarding, Wellbeing and DSL Al Brown Head of Prep School

The day-to-day running of the College is delegated to the Headmaster (who is responsible for directing and developing the College and its associated activities), the Director of Finance (who is responsible to the Governors and Headmaster for managing the assets of the College together with general administration of the Charity) and the Director of Estates and Operations (who is responsible for College facilities), supported by other members of the Senior Management Team. Together these individuals are considered key management personnel. The Headmaster, Director of Finance and Director of Estates and Operations attend meetings of the Board and Finance Risk and Audit Committee and other subcommittees as appropriate.

Overall remuneration parameters are set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and rewarding individual contributions to the College’s success.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools, to ensure that the College remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the College’s charitable vision and purpose is primarily dependent on the key management personnel with staff costs being the largest single element of charitable expenditure.

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THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

____________

Group Structure

The College has two wholly owned subsidiaries: Seabuild Limited (CRN 02350413), which supplies water to the College and to some neighbouring properties and Park Life Enterprises Limited (CRN 04686440), which operates Seaford College Golf Academy. Group accounts are not prepared on the basis that subsidiary undertakings are not material.

Strategic Report

Charitable Objectives and Activities

Seaford College is an educational charitable trust with a Church of England tradition that exists to provide an education for boys and girls between the ages of 4 and 18.

Vision

To provide our students with the greatest possible opportunities both inside and outside the classroom, with our sole aim to enable them all to safely realise their potential in whatever form that takes.

Ethos

We believe that each student is an individual, and as such aim to provide for the widest range of needs. At Seaford we not only encourage students to fulfil their academic potential, but also to participate in a wealth of cultural, social and sporting activities. Our aim is that, upon leaving Seaford College, our students have developed into passionate, well-rounded individuals ready to make their mark on the world, whatever their chosen path.

Philosophy

Seaford's philosophy is simple: To ensure every student, whatever their starting point, is supported to reach their potential. Seaford stretches the most able to achieve exceptional outcomes, while providing equally strong support for those who find certain subjects more challenging.

Seaford remains proudly academically non-selective, and we do not measure ourselves against others by league table position. Instead, we measure success by how far each individual progresses. The academic results speak for themselves, but they also sit alongside a deeply caring pastoral culture and a vibrant co-curricular programme that continues to grow each year. Values

Our Seaford ‘Five Value Pillars’ and our “Ad Alta” Characteristics: Ambitious • Resilient • Collaborative • Focused • Prepared

1. Wellbeing First

2. Happiness and wellbeing are central, ensuring students are confident, motivated, and able to achieve their personal best.

3. Through Ad Alta, we encourage students to be resilient and take risks, supporting their wellbeing in every challenge they face. Always utilising a growth mindset of ‘making our strengths stronger’.

4. Whole-Person Education

5. Nurturing academic, sporting, and artistic potential while celebrating each student’s individuality and strengths.

6. Through Ad Alta, students are encouraged to be ambitious in going above and beyond all areas of school life - ‘Loving to Learn’ in all that they do.

3.Inclusive Community

• A co-educational, academically non-selective environment where diversity is valued and every student feels known and respected.

• Through Ad Alta, our community thrives on being collaborative, respecting, learning from and supporting one another. Being part of ‘Team Seaford’ in a supportive, kind and welcoming environment.

4. Excellence Through Relationships

• Strong, supportive connections between students and staff foster safety, growth, and achievement.

• · Through Ad Alta, we remain focused on building trust, respect, applying ourselves fully and encouragement in every relationship.

• 5.Preparing for Life

• Developing articulate, resilient, and enquiring young people ready to embrace and be prepared; ready for opportunities and challenges beyond school.

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THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

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• Nurturing a positive attitude in facing challenges - always ‘keep on keeping on’ with smiles on faces and a can-do attitude.

Strategies to achieve the year’s objectives

Working closely with the governing body, the College has developed a rolling, 3-year, strategic development plan in order to achieve its objectives and ‘strengthen the strengths’ at Seaford College. The plan covers areas including:

• Continuous improvement in academic results.

• Continuous excellence in pastoral care.

• Continuous improvement in co-curricular programmes.

• Seaford in the wider community.

• First class relations with parents.

• Building a sense of tradition and reputation for excellence and style.

• Development of superb facilities and strong finances.

• Development of leadership and governance.

Public Benefit

The Governors give careful consideration to the Charity Commission’s general guidance on public benefit and, in particular, to its supplementary public benefit guidance on advancing education and fee charging. The Governors are content that the Objectives are being followed and that significant public benefit is being achieved by the College.

The Charity continues to provide public benefit through the support of other charities and organisations. Both students and staff are involved, as described below, in a range of community and charitable activities:

• We provide access, daily transport and use of our facilities for sports days and drama productions for Graffham Infants and Duncton CoE Junior School.

• We provide our facilities to local sports clubs including: Midhurst Rugby Club, Pulborough Rugby Club, Sussex Cricket Club, Chichester Hockey Club.

• We offer and supply our swimming pool to Duncton & Graffham CoE Schools for their swimming teaching.

• Taster sessions in sports and music are provided to local state primary schools and independent prep schools.

• We support many local charities through targeted fundraising events such as sponsored activities, own clothes days and a summer fair.

• Students, staff and parents assist at and generate interest and donations for local foodbank.

• Senior and Junior choir performs locally and nationally.

• Building relationship with South Downs National Park, Rivers Trust and Botany Bay Conservancy Community Group.

• Ongoing maintenance of St. Peter’s Chapel.

• Very active within our local communities including partnerships with Parish Councils, WSCC and neighbouring estates for improvements to road safety and rural security.

• Water supplied by trading subsidiary, Seabuild Limited, to Parish Council at nominal rates.

The Board of Governors have paid due regard to guidance issued by the Charity Commission in relation to public benefit and deciding what activities the Charity should undertake.

Grant-Making Policy

Bursaries, Scholarships and other awards

This year, bursaries were awarded on a means-tested basis allowing students to attend Seaford College who otherwise would not be able to do so, and also to alleviate short-term financial hardship. Awards for the year totalled £1,462,717 (2024: £1,223,388) with 142 (2024: 108) students awarded bursaries. In addition, the value of scholarships awarded to students amounted to £669,356 (2024: £707,184) with 335 (2024: 340) students awarded scholarships. Scholarships are awarded on the basis of academic, sporting or performing arts merit.

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THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

____________ As an HMC member, the College from time to time participates in HMC Projects whereby scholarships are awarded to hugely talented young people from Central and Eastern Europe enabling them to come to UK boarding schools.

Review of Achievements and Performance for the Year

With twelve years of Headship under Mr John Green, since his appointment in September 2013, Seaford College has witnessed an unprecedented increase in student numbers with the enrolment of 956 students at the start of the academic year 2024/25.

In 2024/25, Seaford College once again achieved strong results for both GCSE and A Levels. The ongoing strength of academic results has been underpinned by the ethos that students do not fly beneath the radar. More rigorous reporting structures and a strong pastoral care provision supporting students both pastorally and academically, alongside whole school academic development have enabled our students to achieve their personal bests.

Seaford continues its trend of increasing the number of students securing places at top Russell Group universities and first choice universities.

In the Prep and Middle Schools, monitoring and tracking continue to evolve with individual target grades to support students and enable each to achieve their personal bests. The College has undergone a sustained period of initiatives to improve the quality and provision for teaching and learning over recent years, helping students to achieve this year’s results. Going forwards, a commitment to breadth of provision remains a key priority

The whole school focus over 2024-25 was firstly to continue to fully embed Ad Alta characteristics to strengthen student personal development and ensure excellent academic and pastoral outcomes. Ad Alta characteristics are now a key pillar in tracking and supporting student personal development and continue to be strengthened. Secondly, our whole-school focus is to place student wellbeing at the centre of everything we do to align with ISI Inspection Framework’s requirement to “actively promote the wellbeing of pupils”.

The College remains true to its academically non-selective admissions policy. Entry at all transition points (Year 7, 9 and 12) is now oversubscribed. The College has an official waiting list in a number of year groups.

Academic Achievement and Performance

Academic excellence continues at Seaford College with impressive examination results in Year 11 and 13 in 2025.

Students in Year 11 achieved our best ever 9-7 and 9-5 grades collectively across our curriculum in publicly sat examinations. Specifically:

• 96% (2024: 93%) of grades were 9-4

• 85% (2024: 81%) of grades were 9-5

• 39% (2024: 36%) of grades were 9-7

• 8% (2024: 8%) of grades were a 9

• 51% (2024: 50%) of students achieved Grade 5 or above in all their subjects

• 84% (2024: 82%) of students achieved Grade 4 or above in all their subjects

• In particular, outstanding grades were achieved across all our core subjects which has also resulted in our highest ever number of 9-7 and 9 to 5 grades in English, Maths and Science in publicly sat examinations in Year 11.

Based on CAT4 testing in Year 9, Seaford’s value-add for this cohort of Year 11 was nearly one whole grade, confirming that setting ambitious yet realistic Challenge Grades does indeed foster and deliver a culture of high academic expectations and personal bests.

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THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

____________ Students in Year 13 maintained our exceptional A*-C grades in publicly sat examinations. Specifically:

• 85% (2024: 87%) of grades were A*-C

• 56% (2024: 61%) of grades were A*-B

• 35% (2024: 41%) of grades were A*-A

• 13% (2024: 13%) of grades were A*

Note: These are equivalent grades to include results from A Levels, BTEC, CTEC and EPQ.

Seaford is a proudly non-selective school, and these impressive results are down to students' hard work and determination to achieve their personal bests. The results are also testament to a highly successful and ambitious academic school which maintains sector-leading pastoral care and an integral cocurricular programme at its core.

These impressive results saw a greater percentage of our students going to Russell Group universities, including Exeter and Durham as well as Oxbridge. In addition, this year the highest number of students headed to their first-choice university.

To support excellent teaching and learning, teachers continue to use the full data toolkit to judge student progress against individual Challenge Grades — their personal best. Our internal results analysis looks at performance purely through the lens of achieving Challenge Grades and considers performance in our key interest groups: Males, Females, SEND, Boarders and EAL students. We continue to use testing data from CAT4, MidYIS and ALIS testing to inform the individual Challenge Grades and Heads of Department are now able to quantify success using value add measures to inform positive changes in teaching and learning within their areas.

Academic Developments

A Level Environmental Science was launched to students in 24/25 with first teaching starting September 2025. The Year 9 carousel has been revamped again with the inclusion of an AI module where students learn about the impact of AI, how best to utilise it and best practice and safety surrounding AI.

Students and teachers continue to develop the use of technology through iPads and other software across the school. Students are encouraged to collaborate and also work independently through the use of OneNote, Teams and other Microsoft tools. Technology has not replaced traditional methods of teaching and learning but enhances it at appropriate points. Whether this is through the use of technical drawing apps in Art and Design, quizzing apps to aid retrieval of information, apps to aid the immersive teaching of topics such as coding or Space or providing feedback in sports coaching through the use of video technology.

Co-curricular Seaford

Seaford now offers over 150 clubs and activities each week across the whole school. Not only do these allow students to gain new skills and experiences outside of their usual curriculum lessons but they allow students to work in groups, collaborate and form friendships outside of their year groups. Our competitive house system also goes from strength to strength with many new events added over the last 12 months. The co-curricular activities on offer are split into 5 main areas:

Sport

As well as offering additional sessions for the core sports of the term, students are able to prepare for the upcoming term’s sports with preparation training sessions. There are also opportunities to learn new sports such as boxing, swimming and golf as well as take part in training sessions in the fitness facilities.

Performing Arts

A range of bands, choirs, groups and dance troupes are complemented with rehearsals and other clubs such as Music Technology or Music Theory. These are often spaced out throughout the school day to maximise the exposure of the clubs to as many students as possible.

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THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

____________ Creative and Technical

Our Art and Design Department open their doors throughout the week and equip students with new skills in jewellery making, Greenpower car design, pottery making and the ever-popular Land Rover club. These are supplemented with additional scholars and support sessions for students studying the Arts and Design based subjects.

Cerebral

A host of academic clinics and study sessions are run by departments every evening. In addition to these, academic departments run clubs that go beyond their curriculum. The Business Department for example run their ‘tycoon challenge’, the English Department have a creative writing group and the Science Department have a dissection club.

Outdoor Education

The Combined Cadet Force (CCF) and Duke of Edinburgh continue to be popular choices for Seaford students. The Outdoor Education team also run additional clubs such as archery, rifle shooting and climbing which all become more popular every term.

Student wellbeing

Core to student care is the support provided by the Academic, Access and Achievement department and student welfare support provided by No.46.

Performing Arts; Senior, Sixth Form and Prep

In addition to a myriad of academic subjects in Drama, Dance and Music, we have a full and busy schedule of performances, rehearsals and productions including the following:

• The Addams Family (Senior School musical) and Billy Elliott (Prep School musical) involved over 200 students in total and welcomed large audiences over 8 performances between them.

• Our younger years presented a nativity as their Performing Arts production to a full house in the Johnson centre

• Seafordstock moved to a new, larger venue and provided a festival atmosphere to the year end.

• Popularity of Prep School ‘Tea and Tunes’ and ‘Dance and Doughnuts’ continued.

• Orchestra now has record numbers of attendees across all areas of the school.

• Dance showcases for both Senior and Prep School.

• Scholars’ concerts continued to provide platforms for our excellent scholars in Drama, Dance and Music.

• Lunchtime concerts continued in a newly refurbished recital room.

• External trips to provide experiences beyond the school gates across all age ranges were hugely popular and successful including many student-led concerts, alongside watching professional performances.

Seaford Sport: “All that matters in life, matters in sport”

Seaford Sport has experienced significant growth and engagement across the five tiers of our sporting provision. Our model supports both developmental and performance sports, fostering a comprehensive approach to athletic and personal development. The Seaford Sport Learning Culture empowers all students and staff to strive for excellence both inside and outside the classroom.

The Sports Department Vision and Aims are:

Our vision is to maintain and build upon Seaford College’s strong tradition of sporting excellence and inclusivity. We aim to:

• Be the co-educational college of choice in the south for Youth Sport Development and Performance.

• · Engage every student through a challenging, multi-sport experience.

• Gain national recognition as leaders in school sport, coach development, and performance.

• Develop individual potential through personal qualities and attitudes.

• Adapt to the changing landscape of modern sport and life, enabling students to achieve their personal bests.

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Development of a new structure for Seaford Sport

Seaford Sport has five tiers to support every student via the core games/PE curriculum, recreational opportunities (activities programme), inter-house sport, College sport and our scholarship programme. Our solid foundation supports the layers above and filters back down the pyramid, closing the loop.

The Seaford College sporting structure and pathway runs across all age ranges. Continued recruitment at the three main entry points to the College at 11+, 13+ and 16+ is key to the continued and future development of our sporting provision at Seaford.

The College sporting structure supports:

• Achievement of personal bests at all five tiers of sporting provision; core games/PE, recreational opportunities, inter-House sport, College sport and the scholarship programme (sport for all and elite sport co-existing).

• Every individual student to have the opportunity to access College sport at a level where they feel supported yet stretched.

• Every individual having the opportunity to represent the College in a sporting activity.

• Development driving performance: by focusing on developing personal qualities through sport across our sporting pathway we will establish a culture of high performance on and off the field of play. Sport plays an important role in maintaining College standards.

We continue to develop and enhance all sporting facilities and infrastructure.

Staff Wellbeing

A range of staff wellbeing and lifestyle opportunities are available to staff. These include Use of the golf course, swimming and gym facilities. Additional Staff inset and development days. Activites such as martial arts, steel pan staff band, spinning, a book club, yoga and football. Staff also have access to the Chaplain our pastoral support centre, No. 46 and the wellbeing support line. All staff are part of the line management structure which is there to support, provide guidance and a listening ear.

Prep School Report

Seaford College Prep School has full IAPS status and membership and has approximately 290 students on roll, some of whom weekly and flexi-board. The academic profile of the school continues to be varied and includes excellent provision for ‘More Able’ students through scholarship programmes as well as those needing Learning Support. Following a successful Material Change Inspection the Prep School now offers places from Reception through to Year 8.

The Prep School is integrated into the whole school, sharing many academic and sporting facilities as well as staff. History, Geography, Design Technology, Music, Drama and Science are delivered by subject specialists. The curriculum is broad and balanced, providing for varying learning styles and a range of learning opportunities including, Art, Music, Forest School, Design and Technology and Drama as well as a carousel of activities for Years 7 and 8 including cookery, outdoor education, swimming and digital safety and security. Latin is also offered as an alternative to the carousel. Student progress is closely monitored through both formal summative assessment and the analysis of the data produced as well as formative assessments and teacher knowledge of students’ progress and needs. Learning experiences go beyond the classroom through the choice of over 60 clubs and activities, LAMDA, educational day trips and year group residential trips, and an annual ski trip. Activities such as tennis, golf and outdoor education/bushcraft are offered on Saturday mornings on a voluntary basis. Sport continues to grow and develop, with every child having the opportunity to represent the school in inter-school fixtures. Sports tours for the U13 age group are now well established.

Ongoing developments include:

• Provision for academic, drama, art, dance, music and sports scholarship holders.

• The next phase of the planned outdoor development including additional playground space and greater use of the outdoor learning environment.

• Digital learning for all students with iPad issued on joining.

• Digital teaching and marking for staff with internal and external training both provided and ongoing.

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• Creative learning for themed days and weeks with vertical groups in Year 1 to 6.

• The opportunity for Year 8 students to become involved in the CCF from the Summer Term of Year 8.

• The refit of outdoor classroom to cater for Reception aged students.

Outdoor Education

The Combined Cadet Force and Duke of Edinburgh Award Scheme have continued to increase in popularity over the past year, with record levels of participation. Outdoor pursuits such as climbing, shotgun, archery, air rifle shooting and SCUBA diving have also gone from strength to strength.

Combined Cadet Force

The CCF continues to deliver a full and varied range of activities designed to develop tomorrow's citizens through the provision of challenging and interesting activities, using the values and ethos of the Armed Forces as a means to achieve this aim. Cadets generally start their journey in Year 9 by joining the section of their choice (Royal Navy, Army or Royal Air Force). In additional a small number of keen students from Year 8 are given the opportunity to start in the summer term.

Key events:

• The Biennial Review was conducted this year by Brigadier Del Stafford, a Royal Marine pilot with a vast amount of aviation experience, having recently Commanded the Commando Helicopter Force. He was suitably impressed by the turnout and conduct of our cadets. His address to the contingent at the end of the day was suitably encouraging and complementary.

• Remembrance Service attendance levels remain high, with the Cadets setting the tone for the event with a well drilled Guard, Standard Party and Wreath Laying Party. The reading of the names of Old Seafordians that lost their lives in the wars is as poignant as ever.

• The Regimental Dinner, in February provided opportunity for cadets to deliver short speeches on service traditions, battle honours and citations. The Guest of Honour was Group Captain Nel Doherty, her speech was a fascinating and memorable end to the evening.

• Autumn half term camp consisted of three elements: the Cadet Force Instructional Techniques for senior cadets to boost leadership skills by teaching them to deliver lessons and training to the younger cadets. Weapon Training for any new cadets and finally a two-day field exercise.

• The Adventure Training Camp took place in the Brecon Beacons during the Easter Holidays. Activities included climbing, abseiling, zip wires, lazer tag and carting.

• The Army Military Camp was run by Seaford College CCF staff in Bramley Training Area in the February half term break. The longer nights allowed plenty of time for night patrolling skills to be learnt and practiced.

• Field Days included: blank firing section attacks, navigation training, ‘afloat’ training in a motor and sailing yacht in the Solent, and the usual round of Air Experience Flights and a weekend of glider training.

Duke of Edinburgh

Seaford College operates as a highly successful independently licensed Duke of Edinburgh (DofE) Award Centre, offering bronze, silver, and gold levels. Completion rates are at a record high, exceeding Independent School expectations. At any one time there are on average 300+ participants finishing off their award. We support all participants in the completion of all elements of the award; and we are also integral to ensuring that learners complete the expedition section for all levels.

Bronze Award: Weekly training sessions in campcraft, navigation, and emergency first aid culminate in a two-day expedition in the South Downs. These experiences develop teamwork through shared responsibilities, resilience in challenging conditions, and communication during navigation and camp setup.

Silver Award: Expeditions in the New Forest and Forest of Dean challenge students to navigate unfamiliar terrain and produce team presentations. These activities enhance strategic thinking,

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THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

____________ collaborative problem-solving, and emotional resilience when completing their expedition in adverse weather conditions.

Gold Award: The canoeing expedition requires students to master water-based navigation safety, paddling techniques. As well as the ability to plan and execute multi-day journeys on rivers such as the Thames & the Wye in the Forest of Dean. These expeditions foster leadership, trust, physical endurance and an awareness of each other and the positive contributions that they can all make.

Outdoor Pursuits

The Outdoor Activities programme offers a structured progression from Reception Year to Year 13, supported by a growing team of Outdoor Education staff.

Saturday Activities: Water based and land based activities such as canoeing, paddleboarding, bushcraft, climbing, orienteering, mountain biking, archery and shooting promote self-reliance, decision-making, and confidence. Group-based tasks continue to encourage team bonding and effective communication, while sports like mountain biking and shooting refine coordination and focus.

Climbing: With 22 new climbers joining the NICAS Scheme and the launch of the Seaford College Climbing Team, climbing has become a cornerstone of the programme. Participation in competitions boosts sporting performance, while progression through NICAS levels builds goal setting, mental resilience, and peer support.

Sailing: Sailing at Itchenor Sailing Club fosters strategic thinking, technical skills, and collaborative decision-making. Participation in the in a range of Regatta’s showcases competitive sporting performance amongst our sailors. Sailing is going from strength to strength with the department looking to explore developing grass roots provision at Seaford.

Countryside Management (Vocational Learning): This academic outdoor learning option prepares seaford learners for a career within the land based sector, or progression to higher education. This provision has seen Seaford learners visit Duncton Fisheries, Goodwood Estate, and Caroline’s Dairy expose students to real-world challenges in land-based industries. These experiences enhance communication, critical thinking, and career awareness, while encouraging respect for sustainability and stewardship.

Prep School Outdoor Learning

Outdoor Education in the Prep School is thriving, with strong engagement from pupils and families.

Forest School: Weekly sessions for KS1 and KS2 integrate archery, air rifle shooting, and orienteering. These activities build confidence, fine motor skills, and collaborative play, while encouraging exploration and curiosity.

Extracurricular Clubs: Bushcraft and climbing clubs promote problem-solving, resilience, and teamwork. Saturday sessions in archery and climbing help students develop precision, discipline, and sporting techniques.

Bushcraft Club: Oversubscribed and highly popular, bushcraft teaches survival skills, resourcefulness, and group cooperation. The upcoming Festive Parent and Child Bushcraft Event will further strengthen family engagement and community spirit.

Timetabled Sessions: Year 7 focuses on team-building and problem-solving; Year 8 develops archery and air rifle skills, contributing to sporting performance.

Community Action Day

On June 26 2025 over 900 students and staff collectively contributed 7,000 hours of volunteering work at more than 40 local venues during the annual Community Action Day. Their efforts benefited a variety of local charities, including St Wilfrid’s Hospice, Stonepillow, Aldingbourne Trust, Together Our Community, Chichester Community Development Trust, Ferring Country Centre, Cat Protection, Brent

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THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

____________ Lodge Animal Sanctuary, and the Foodbank, where a team assembled and distributed 250 food boxes to support local children for the summer holidays.

Environmental and Eco Initiatives: to further enhance the hard work carried out to win the "Green Flag award" work parties also volunteered at over 20 eco projects, including the entirety of Year 6 students collaborating, once again, with Surfers Against Sewage at East Wittering beach for a litter pick, where they also learned about the ecosystem and the importance of leaving only footprints, not litter.

For Year 12 students, venues were carefully matched to their interests and career aspirations; prospective medical students volunteered at St Richard’s Hospital. Those interested in pursuing a career in veterinarian or animal care gained experience at animal rescue centres. Countryside Management students participated in eco projects. Students considering careers in care visited St Richard’s Hospital, a Dementia Care Unit, and local nursing homes.

This event is unique to Seaford College, engaging students from Year 1 through Sixth Form in meaningful community work. The college takes pride in the strong relationships it has built with local venues, reinforced by annual visits through Community Action Day.

Charity Projects

The Seaford College Charity Committee continue to work with the students and the wider school supporting three charities; Chichester and Midhurst Foodbanks, Stonepillow and Brent Lodge.

College Improvements

An ongoing programme of strategic masterplan developments and planned maintenance projects alongside improvements and refurbishments to buildings and facilities across the campus continued throughout the year and particularly over the summer break.

Some highlights of works achieved during the year:

Built Estate:

• Masterplan project to deliver a brand-new Prep School Reception Class, delivered via strategic repurposing of areas within the internal and external aspects of the current Prep School building

• Art Department – reconfiguration of 6[th] Form art studios and inclusion of brand-new state of the art photography studio

• Music Department – redesign and adaptions to create larger Music Tech studio

• Catering & Hospitality – phase two of the main kitchen refurbishment programme to provide new state-of-the- art catering equipment and associated compliant equipment for food delivery across the school.

External Estate:

• New and improved pedestrian pathway from Music front to Norwood Lane crossing

• New Prep School crossing point into brand new front of house entrance gates and compliant fencing scheme

• Clay Range/Outdoor Education Centre – additional works and improvements in preparation for use in September 2025

• Continued attendance to our woodlands management programme.

• Improvements to sports facilities and playing areas across the estate.

Sustainability and the Environment

The College is committed to reducing the impact that its operation has on the environment and takes this responsibility very seriously. Although the College is situated in historic parkland within the South Downs National Park and occupies several listed buildings, environmental factors have increasingly become a core part of operations and planning.

With the support of our main energy provider, we have identified emissions for the College in terms of tCO2e. With substantial grown in both facilities and pupil numbers over the past few years it is now appropriate to set a baseline from which to work and monitor progress towards achieving our aim of carbon net zero.

12

THE JOHNSON TRUST LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31 AUGUST 2025

____________ Our estimated emissions data is as follows:

Our estimated emissions data is as follows:
	2025	2024
	tCO2e	tCO2e
Scope 1	755	780
Scope 2	272	248
Total	1,027	1,028
Intensity ratio – tCO2e/person (staff and pupils combined)	0.85	0.85

Meeting our sustainability objectives

We continue to develop our longer-term plans towards being carbon net zero.

The College purchases electricity which includes a guaranteed content from renewable sources. We will continue to seek to both reduce electricity consumption, but also to increase generation opportunities through solar, photovoltaic and other technologies particularly as part of new capital projects.

Seaford College is set in a remote location and one that is not supplied by natural gas. All heating is therefore provided using oil and LPG. We are developing longer term plans to replace all heating for the main School buildings that use oil or LPG. In the shorter term our priority is, where possible, to improve the thermal efficiency of buildings with measures such as insulating cladding and replacement windows. Gains through initiatives such as switch to LED lighting, lighting controls through sensors or time clocks, heating system upgrades with temperature control sensors continue.

All building developments and refurbishments are to the latest building regulation standards as a minimum. For example, the new Spring Field Performance Centre provides more efficient energy consumption than the listed buildings.

Financial Review

Results for the Year

Student numbers continue at an optimum level with an increase in numbers across the College; Prep School, Middle School and Sixth Form. In September 2024 there were 956 students at the College of whom 160 were boarders. At September 2025 overall numbers had risen to 970 including 158 boarders. With good attendances at both campus open days and virtual tours, it is expected that student numbers will remain strong at September 2026 despite fee increases as a result of the imposition of VAT .

Fees charged amounted to £24,091,231 (2024: £24,436,563) and after remissions, £20,704,650 (2024: £21,199,114) as shown in note 2 and reflected in the Statement of Financial Activities

Total expenditure increased by 2.9% compared to the previous year to £22,789,423 (2024: £22,152,854). Year on year cost increases have been driven by general inflation and increasing student numbers over past years.

Net income from operations for the year was £419,276 (2024: £1,012,423). With the imposition of VAT on fees from January 2025, this was a managed reduction with a decision to absorb half of the VAT over Spring and Summer Terms.

The annual programme of replacing and restoring College buildings has been fulfilled during the year with capital investment on buildings, school equipment and plant and machinery. There was again, substantial spend on repairs and renewals on the school premises and estate over the summer of 2025 taking place alongside hosting the usual summer sports camp.

College management benefits from strong financial governance and continually balancing affordability and value for money, with long-term investment in its staff and estate to ensure the College meets its short and long term charitable objectives and commitments.

13

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

____________ The financial position of both trading subsidiaries is satisfactory.

The College held a small number of fundraising events during the year, including pupil-led sponsorships, cash collections, and raffles at College functions. All activities were organised and supervised by staff, with no professional fundraisers or commercial participators involved. No complaints were received, and pupils were instructed to act appropriately and avoid undue pressure or persistent solicitation, ensuring fundraising was conducted sensitively within the school community.

Reserves Level

The College’s reserves policy is to ensure sufficient financial resources are available to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall. Cash reserves, future operating surpluses and bank facilities will be used to cover the College’s longer-term capital expenditure commitments and any longer-term financial obligations.

The Governors regularly review the level and nature of the reserve funds of the College, and also review the College’s financial plans on a regular basis monitoring income and expenditure against forecasts and with regard to annual and medium term business development plans. Substantial sums have been invested in the College buildings and development of facilities to enhance the College’s physical and educational resources.

At the end of 2025, total reserves stood at £20,148,930 (2024: £19,729,654). Of these £170,000 (2024: £70,000) are designated funds. Of the remaining reserves, £23,338,074 (2024: £24,438,273) is represented by tangible fixed assets meaning that accumulated surpluses have been fully utilised investing in the College’s estate and there are no free reserves at the balance sheet date.

Free reserves represent the unrestricted income fund that is freely available to spend on any of the charity’s purposes. The Governors consider that the College is able to operate without free reserves and plans continued development of facilities supported by surpluses supplemented by borrowings. The cash reserves policy is reviewed annually to ensure financial sustainability.

The obligations regarding the Charity’s commitment to its closed defined benefit pension scheme are as set out in note 19. It is expected that with a declining membership any potential burden imposed by the scheme on the College will be fully relieved over the next few years, a position supported by a surplus FRS102 net asset valuation at 31 August 2025. In accordance with FRS 102, this surplus has not been recognised in these financial statements. The Governors consider that this notional funding calculation, which can vary between surplus and deficit according to the assumptions made at the year end, does not have a significant effect on the College’s cash flow in the short term and that in the long term its effects are sustainable from future surpluses.

Going Concern

The Governors are satisfied that operating cash flows remain satisfactory and will be sufficient to allow the College to meet its liabilities as they fall due. However, the Governors also recognise that the level of reserves will fluctuate in response to economic conditions and during periods of strategic investment in the College estate. Regular dialogue is maintained with the College’s bank to ensure that the appropriate financial facilities are available to call on should the need arise. Accordingly, the Governors consider that the going concern basis remains appropriate for the preparation of the College’s accounts.

The Charity Code of Governance

The Board of Governors 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 Board has established a solid foundation in governance in which all of its trustees are clear about their roles and legal responsibilities, are committed to supporting The Johnson Trust Limited to deliver its objectives most effectively for its beneficiaries’ benefit, and contribute to Seaford College’s continued improvement.

Overall the Board of Governors meets a very significant proportion of the recommended and best practice for governance contained within the Charity Governance Code across the seven areas and are comfortable there are no significant areas of review required. Although a number of Governors have served for more than nine years, succession plans have been established combined with ongoing

14

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

____________ recruitment but with balancing the need for continuity and for retaining specialist expert knowledge with the need to refresh the Board. Arrangements will continue to be monitored against the best practice principles contained within the Code.

Further, in March 2025 an independent review of the effectiveness of Governance at the College was commissioned. Completed in July 2025, this external evaluation of performance has given the basis to set and address a programme of remedial actions.

Risk Management

The Board of Governors is responsible for the management of risk faced by the College. Detailed consideration of risk is delegated to the Finance, Risk and Audit Committee which is assisted by the Headmaster, Director of Finance and Director of Estates and Operations and other SMT members. Risks are identified, assessed and mitigating controls established. In order to ensure our approach to risk management follows the latest thinking, the Board has initiated a formal review of the College’s risk management policy, procedures and processes, the outcome of which will be considered later in the year.

The Governors consider the economic uncertainties and affordability of fees by parents across the independent sector to be the principal risk faced by the College. Although in certain year groups the College is at capacity levels, the Board is not complacent to the risk of reducing pupil numbers as a result of financial pressures upon parents. Fee increases are carefully considered and for September 2025 the Governors limited the fee increase to an overall 7% (September 2024, increase of 7%).

Potential failure in safeguarding is mitigated by maintaining strict safeguarding procedures and a vigilant and caring approach to the care of students. ‘No.46’ provides extra support and counselling where needed.

Health and safety is always a significant area for risk management, ranging from fire and infrastructure to personal injury. The level and breadth of activity at the College is impressive and the risks associated with all activities are minimised thorough planning and risk management.

The key controls used by the College include:

• Documentation of risks identified, allocation of responsibility for control and mitigating action.

• Formal agendas for all Committee and Board meetings.

• Detailed terms of reference for all Committees.

• Comprehensive strategic planning, budgeting and management reporting.

• Established organised structure and lines of reporting.

• Formal written policies.

• Clear authorisation and approval levels.

The Governors recognise their responsibility to regularly review the effectiveness of current plans and strategies for managing all identified major risks for both the College and its subsidiaries. As previously mentioned, a project is underway to ensure risk identification, mitigation and control is maintained to a standard which, under normal circumstances, should allow risks to be managed appropriately and where necessary mitigated to an acceptable level. In the meantime, the Governors believe that the major risks have been identified and have been adequately mitigated where possible.

Future plans

Since the Headmaster’s announcement of his retirement, the Board has been carrying out an extensive search for a successor. With an exceptionally strong field of candidates, attracted by the high profile of Seaford College, the Chairman was delighted to announce in December 2025 that Matt Williams will take up the Headship from September 2026. Matt is currently Head of Warminster School, a coeducational 2-18 boarding and day school in Wiltshire.

The College’s rolling three-year development plan is in place and at the end of 2024 has seen completion of the sports hall extension. In October 2026, an eight court tennis facility was completed which also provides hard surface play area to Prep-School.

15

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2025

____________ STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governors (who are also directors of The Johnson Trust Limited for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

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

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Each of the Governors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which, the Company’s auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The annual reports, together with the strategic report therein, was approved by the Board of Governors on 2 0 March 2026 and signed on their behalf by:

Rich ard Venables Kyrke Chairman of Governors

16

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE JOHNSON TRUST LIMITED

FOR THE YEAR ENDED 31 AUGUST 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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.

17

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE JOHNSON TRUST LIMITED FOR THE YEAR ENDED 31 AUGUST 2025

____________

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 17, 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.

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

18

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE JOHNSON TRUST LIMITED FOR THE YEAR ENDED 31 AUGUST 2025

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

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

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

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of 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.

Jayne Rowe FCCA

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

London

Date 14 May 2026

19

THE JOHNSON TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating an Income and Expenditure Account)

FOR THE YEAR ENDED 31 AUGUST 2025

Income from: Charitable activities School fees receivable Other ancillary income Other income Investments Bank Interest Total income Expenditure on: Raising funds Financing costs Charitable Activities Educational expenditure Total Expenditure Net income funds from operations Pension scheme actuarial gains/(loss) Net movement in funds for the year Fund balances brought forward at 1 September 2024 – unrestricted funds Balances carried forward at 31 August 2025 – unrestricted funds	Notes 2 2 3 6 19		2025 £ 20,704,650 1,867,782 479,534 156,733 23,208,699 186,262 22,603,161 22,789,423 419,276 - 419,276 19,729,654 20,148,930	2024 £ 21,199,114 1,480,672 356,407 129,084
				23,165,277
				343,584 21,809,270
				_22,152,854 _
				1,012,423 - 1,012,423 18,717,231
				19,729,654

The Statement of Financial Activities contains all the gains and losses recognised in the current and preceding year.

The results shown above are derived from continuing activities.

The notes on pages 23 to 37 form part of these financial statements.

20

THE JOHNSON TRUST LIMITED BALANCE SHEET

AT 31 AUGUST 2025

___________ FIXED ASSETS Tangible assets Investments CURRENT ASSETS Stock Debtors Cash at bank and in hand CURRENT LIABILITIES:creditors payable due within one year NET CURRENT (LIABILITIES)/ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES LONG-TERM LIABILITIES: Creditors payable after one year NET ASSETS EXCLUDING PENSION SURPLUS Defined benefit pension surplus NET ASSETS REPRESENTED BY: RESERVES Unrestricted funds	_ Notes 7 8 9 10 11 12 19 14	_____ £ 72,133 8,523,139 4,022,838	_	_____ 2025 £ 23,338,074 35,101 (605,501) 22,767,674 (2,618,744) 20,148,930 -	_ 2024 £ 24,438,273 35,101 65,556 826,515 7,528,824 8,420,895 6,499,105 1,921,790 26,395,164 (6,665,510) 19,729,654 -
		12,618,110
		13,223,611
				20,148,930 20,148,930 20,148,930	19,729,654 19,729,654 19,729,654

These financial statements were approved by the Governing Body on 20 March 2026 and were signed on its behalf by:

Nic Karonias Governor

COMPANY NUMBER: 01475319

The notes on pages 23 to 37 form part of these financial statements.

21

THE JOHNSON TRUST LIMITED STATEMENT OF CASH FLOWS

AT 31 AUGUST 2025

__________ Cash flows from operating activities Net cash from operations Cash flows from investing activities Payments for tangible fixed assets Receipts from disposal of fixed assets Bank interest received Cash flow from financing activities Finance costs paid Long term loan repaid Change in cash in period Cash at beginning of reporting period Cash at end of reporting period	_ Notes 17 18	_____ £ (854,438) 100,000 156,733 (182,262) (3,150,637)	______ 2025 £ 428,618 (597,705) (3,336,899) (3,505,986) 7,528,824 4,022,838	_____ £ (2,764,120) 700 129,084 (343,854) (187,505) (531,089)	_ 2024 £ _5,935,203 (2,634,366) 2,769,778 4,759,046 7,528,824

The notes on pages 23 to 37 form part of these financial statements.

22

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

---

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) – effective 1 January 2015.

The financial statements are prepared in accordance with the historical cost convention.

The company has not prepared group accounts on the basis that subsidiary undertakings are immaterial. Further details of the holdings and reserves of the subsidiary companies, Seabuild Limited (CRN 02350413) and Park Life Enterprises Limited (CRN 04686440) are shown in note 8. The College is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 25 January 1980 (company number: 01475319) and registered as a charity on 26 June 1980 (charity number: 277439). The address of the registered office is Seaford College, Lavington Park, Petworth, West Sussex, GU28 0NB.

Going concern

The Governors consider that there are no material uncertainties about the Charity’s ability to continue as a going concern nor any significant uncertainty that affect the carrying value of assets held by the Charity. The Governors have paid particular attention to the ongoing effects of the introduction of VAT on school fees and the loss of charitable business rate relief. They have also closely monitored continuing slow global economic growth and inflationary pressures, but remain confident that sufficient funding is in place and there are adequate resources to service its liabilities as they fall due.

Critical accounting judgements and key source of estimation uncertainty

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

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

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies and are summarised below: Pension Asset – under accounting standards, a surplus can only be recognised if the College had the ability to reduce contributions to the pension scheme in the future or claim refunds through the scheme. On the basis that this may not be possible, the Governors consider that the surplus should not be recognised in College’s financial statements.

1.1) Fees receivable and similar income

Fees receivable comprise tuition fees charged to students less scholarships and bursaries and are accounted for in the period in which the service is provided.

Registration fees are non-refundable and are credited to income when received.

Deposits are included as a liability until refunded or, if ceasing to be refundable, are credited to income.

1.2) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings which aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.

Education Activities costs comprise teaching and teaching support staff costs and related overheads together with a proportion of depreciation charges.

23

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

_________________ Support costs comprise administration staff costs and general business overheads.

Governance costs are those costs incurred in connection with governance of the College and compliance with constitutional and statutory requirements.

1.3) Irrecoverable VAT

The irrecoverable element of VAT is included within the expense to which it relates, as far as practical, or otherwise under the most appropriate heading.

1.4) Depreciation of tangible fixed assets

Depreciation is provided on all tangible fixed assets in use, other than freehold land, at rates and bases calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold buildings - straight line over 50 years Under construction - nil Freehold improvements - straight line over 10 to 50 years Plant and machinery - 15% straight line Furniture and equipment - 15% & 20% straight line Motor vehicles - 20% straight line

Assets are capitalised only when costs of acquisition amount to £2,500 for plant and machinery and fixtures, fitting and equipment, and £5,000 for IT equipment.

1.5) Investments

Fixed asset investments represent the company’s subsidiary undertakings, Seabuild Limited and Park Life Enterprises Limited. The value of these investments is the cost of shares held which is at par value.

1.6) Stock

Stocks of fuel, catering stocks, games equipment, books, and sundry materials are accounted for in the period to which they relate and valued at the lower of cost and net realisable value.

1.7) Recognition of liabilities

Liabilities are recognised when an obligation arises to transfer economic benefits from College as a result of past transactions or events.

1.8) Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of financial activities so as to produce a constant periodic rate of charge on the obligation outstanding in each period.

The rentals payable 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.

1.9) Fees in advance scheme

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

1.10) Pension costs

The Charity contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the College. In accordance with Financial Reporting Standard (“FRS”) 102 the scheme is accounted for as if it were a defined contribution scheme.

The final salary scheme is closed to new members and no longer has any contributing members. As required by FRS 102, the scheme is accounted for on the basis of actuarial valuation and recommended contribution level.

24

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

_________________ The College also contributes to a group personal pension scheme for other members of staff. Contributions are charged to expenditure when falling due.

1.11) Funds

Restricted funds are funds which are to be used in accordance with the specific restrictions imposed by the donors or which have been raised by the Charity for specific purposes. Unrestricted funds are available for use at the discretion of the Governors in furtherance of the general objectives of the Charity.

1.12) Financial instruments

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

2. CHARITABLE ACTIVITIES – FEES RECEIVABLE

Fees receivable consist of: School Fees Less: Bursaries Less: Scholarships Less: Discounts and Allowances Charitable Activities - Other Income Unrestricted Funds Ancillary Charges Other parent charges Registration Fees	2025 £ 24,091,231 (1,462,717) (669,356) (1,254,508) 20,704,650 536,340 1,259,328 72,114 1,867,782	2024 £ 24,436,563 (1,223,388) (707,184) (1,306,877)
		21,199,114
		- 1,414,640 66,032
		1,480,672

During the year 142 (2024: 108) students were awarded bursaries and a total of 489 (2024: 504) scholarship awards were made to 335 (2024: 340) students.

25

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

_____________ 3. OTHER INCOME Net gain on disposal of Fixed Assets Rents and hire received Sundry 4. EXPENDITURE NET INCOMING RESOURCES STATED AFTER CHARGING: Depreciation of tangible fixed assets Bank and loan interest payable Auditors’ remuneration - for audit services - other services 5. STAFF COSTS AND RELATED PARTY TRANSACTIONS The aggregate payroll costs for the year were as follows: Wages and salaries Social security costs Pension costs External contractors	______ 2025 £ 100,000 338,144 41,390 479,534 2025 £ 936,600 186,262 27,600 4,504 2025 £ 9,830,367 1,139,166 2,143,277 2,040 13,114,850	____ 2024 £ 700 324,091 31,616
		356,407
		2024 £ 920,484 343,586 25,800 - 2024 £ 9,166,583 966,851 1,839,560 15,380
		11,988,374

None of the Governors received any remuneration from Seaford College or from any connected body during the current or prior year. There were no travel expenses reimbursed to Governors (2024: nil).

During the year indemnity insurance totalling £7,052 (2024: £7,052) was paid on behalf of the Governors indemnifying against the consequence of negligence or default on their part.

Termination (exgratia) payments included within the above costs totalled £10,000 (2024: £nil).

	2025	2024
	£	£
Aggregate employee-benefits of key management personnel	1,171,238	1,155,660
(including pension and national insurance contributions)
Number of staff included	8	9
Aggregate employee-benefits of spouses of key management personnel	124,146	126,379
(including pension and national insurance contributions)
Number of staff included	4	4
Aggregate employee-benefits of spouses of Governors	30,546	29,948
(including pension and national insurance contributions)
Number of staff included	2	2

26

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

_________________ 5. STAFF COSTS AND RELATED PARTY TRANSACTIONS (CONTINUED)

The average number of employees on a head count basis during the year was made up as follows:

Teaching Office Domestic Grounds and Estates The number of higher paid employees was: £60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000 £220,001 - £230,000 £250,001 - £260,000	2025 £ 201 30 27 20 278 6 1 4 2 - 1	2024 £ 204 31 25 19 279 7 2 3 1 1 -

6. ANALYSIS OF TOTAL RESOURCES EXPENDED 2025 Staff costs £ Educational expenditure Teaching 10,311,115 Welfare 688,486 Premises 785,813 Support 1,329,436 13,114,850	Depn £ 256,912 - 597,558 114,304 968,774	Other £ 2,346,456 2,260,397 3,068,195 844,489 8,519,537	Total £ 12,914,483 2,948,883 4,451,566 2,288,229
			22,603,161

2024 Educational expenditure Teaching Welfare Premises Support	Staff costs £ 9,468,065 591,681 701,098 1,227,530 11,988,374	Depn £ 257,556 - 550,194 112,734 920,484	Other £ 2,542,016 2,131,811 3,241,127 985,458 8,900,412	Total £ 12,267,637 2,723,492 4,492,419 2,325,722
				21,809,270

Governance costs included within support costs consist of amounts payable for audit services of £27,600 (2024 £25,330) in respect of audit fees for the company and the company’s pension scheme.

27

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

_______ 7. TANGIBLE FIXED ASSETS Cost At 1 September 2024 Additions VAT cost adjustment At 31 August 2025 Depreciation At 1 September 2024 Charge for Year Disposals At 31 August 2025 Net book values At 31 August 2025 At 31 August 2024	_____ Freehold land and buildings £ 28,187,483 716,471 (985,863) 27,918,091 5,156,313 597,558 - 5,753,871 22,164,220 23,031,170	______ Plant and machinery £ 2,003,927 - - 2,003,927 1,437,659 114,304 - 1,551,963 451,964 566,268	__ Fixtures, fittings & equipment £ 2,318,606 57,096 - 2,375,702 1,524,163 231,437 - 1,755,600 620,102 794,443	____ Motor vehicles £ 214,585 80,871 - 295,456 168,193 25,475 - 193,668 101,788 46,392	_____ Total £ 32,724,601 854,438 (985,863)
					32,593,176
					8,286,328 968,774 -
					9,255,102
					23,338,074
					24,438,273

All assets are used for charitable purposes.

Included within freehold land and buildings is non-depreciated land at £632,995.

Included within freehold land and buildings are assets under construction totalling £334,890 (2024: £132,584).

28

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

_________________ 8. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
		2025	2024
		£	£
At cost		35,101	35,101
Company	Country of	Class	Share held
	registration or		%
	incorporation
Subsidiary undertakings
Seabuild Limited	England	Ordinary	100
Park Life Enterprises Limited	England	Ordinary	100

The registered office for both subsidiary undertakings is: Seaford College, Lavington Park, Petworth, West Sussex, GU28 0NB

The aggregate amount of capital and reserves and the result of these undertakings for the last relevant financial year were as follows:

Company	Principal activities	Capital	Profit
		and	(loss) for
		reserves	the year
		£	£
Seabuild Limited	Water supply	47,667	(5,309)
Park Life Enterprises Limited	Promotion of sports	(6,890)	(1,319)
	activities

The Johnson Trust has not prepared consolidated financial statements as it is not required to do so in accordance with section 405 of the Companies Act 2006. It is considered that, due to the nature of the business activities of Seabuild Limited and Park Life Enterprises Limited and to the turnover and results for the year, consolidation would not have any material effect on the result of the Charity.

9. STOCKS

Stocks include consumables of £72,133 (2024: £65,556).

29

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

---

10. DEBTORS: amounts falling due in one year

DEBTORS: amounts falling due in one year
Fees and extras Amounts due from group undertakings Other debtors Prepayments and accrued income	2025 £ 7,184,098 15,373 993,228 330,440 8,523,139	2024 £ 456,121 21,141 16,399 332,854
		826,515

Fees and extras include £6,476,348 (2024: £nil) relating to Winter Term fees invoiced prior to 31 August 2025. Although invoiced before year, these fees were not due for payment until September 2025. The corresponding deferred income is disclosed in note 11.

The Charity participates in HMRC’s Capital Goods Scheme for VAT recovery on major capital projects. Under this scheme, VAT incurred on qualifying capital items is subject to adjustment over a 10-year period based on the taxable use of the asset. Within other debtors is recoverable VAT of £985,863 (2024: £nil) with £878,187 (2024: £nil) being recoverable after more than one year.

11. CREDITORS: amounts falling due within one year

Bank loan Fees paid in advance Fees in advance scheme Deposits held Trade creditors Taxes and social security Other creditors Accruals and deferred income Amounts due to group undertakings	2025 £ 34,322 - 1,101,560 1,680,028 979,573 1,454,795 483,355 7,445,152 44,826 13,223,611	2024 £ 153,180 1,818,895 1,727,939 1,501,644 596,371 231,511 385,378 77,311 6,876
		6,499,105

Accruals and deferred income includes £7,312,920 (2024: £nil) relating to Winter Term fees invoiced before 31 August 2025. This amount will be recognised as income in full during the first month of the new academic year.

The bank loan and overdraft facility are secured by a first legal mortgage over some of the freehold assets of the company and also by a bank debentures dated 14 February 2014.

The Governors have reviewed the contract terms under which student fee deposits are held by the College. Although under normal circumstances these will be repaid over future years when the students complete their education at the College, students can leave at earlier dates. The College does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2025 have been included within current liabilities. The prior year students fee deposits balance has been similarly represented.

The total amount held in relation to deposits of £1,676,050 (2024:£1,501,644) is included above. In the normal course of business the expected repayment of these amounts will be £197,199 (2024: £158,700) within one year and £1,482,829 (2024: £1,342,944) after more than one year.

30

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

_____________ 12. CREDITORS: amounts falling due after more than one year Bank loan Fees in advance scheme Loan maturity analysis Debt due in one year or less In more than one year but not more than two years In more than two years but not more than five years In more than five years Included in liabilities falling due within the year	______ 2025 £ 1,631,712 987,032 2,618,744 34,322 34,322 102,966 1,494,424 1,666,034 (34,322) 1,631,712	____ 2024 £ 4,663,491 2,002,019
		6,665,510
		153,180 153,180 459,540 4,050,771
		4,816,671 (153,180)
		4,663,491

The bank loans are secured by a first legal charge over some of the freehold assets of the company and also by bank a debenture dated 14 February 2014.

Interest is charged on the loan at 1.8% above Barclays Bank PLC base rate and is repayable by 2027 but with the loan maturity analysis based on the repayment profile which is calculated on a 25 year amortisation.

During the year one loan was repaid where interest was charged at 1.7% above Barclays Bank PLC base rate.

31

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

---

12. CREDITORS: amounts falling due after more than one year (continued)

Advance fees scheme

The analysis by years as stated below and as reflected in the balance sheet is presented on the assumption that students stay at the College and parents will not require withdrawals before schedule.

Due within 1 to 2 years Due within 2 to 5 years Due within one year Summary of movements in liability Balance at 1 September 2024 New Contracts Amounts used to pay fees Balance at 31 August 2025		2025 £ 1,814,385 274,207 2,088,592 (1,101,560) 987,032 2025 £ 3,729,958 128,259 (1,769,625) 2,088,592	2024 £ 1,727,939 2,002,019
			3,729,958 (1,727,939)
			2,002,019
			2024 £ 208,416 3,844,846 (323,304)
			3,729,958

13. RELATED PARTY TRANSACTIONS

During the year, Seabuild Limited, a wholly-owned subsidiary undertaking of The Johnson Trust Limited, charged the Charity £24,000 (2024: £24,000) for water supplied.

At the year end, the net amount due to Seabuild Limited from the Charity was £44,826 (2024: £6,876).

During the year, Park Life Enterprises Limited, a wholly-owned subsidiary undertaking of The Johnson Trust Limited, charged the Charity £10,000 (2024: £6,000) for hire of golf facilities.

At the year end, the net amount due from Park Life Enterprises Limited to the Charity was £15,373 (2024: £21,141).

Of the Governors, Mr A Hayes, Dr J Slater and Dr M Staniforth had children that attended College throughout the year, with fee arrangements being in accordance with normal terms and as those offered to other fee payers.

Legal services were provided in the year at a total cost of £831 by TWM Solicitors LLP of which Governor Mr A Hayes is a member. Also, £4,812 was paid to TWM’s client account in respect of The Church Commisioners’ legal costs for the ownership transfer to Seaford College of the Closed Church of Woolavington Saint Peter.

32

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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14. MOVEMENT ON FUNDS

14.1 MOVEMENT ON FUNDS 2025

	Balance					Balance
	at 1					at 31
	September	Incoming	Resources	Gains/		August
	2024	Resources	Expenditure	(Losses)		2025
	£	£	£	£		£
Total Unrestricted
Funds	19,729,654	23,208,699	(22,789,423)		-	20,148,930

Included within unrestricted funds are designated funds ringfenced for the Chapel restoration project amounting to £170,000 (2024:£70,000).

Analysis of Net Assets between funds

Unrestricted Funds	Fixed Assets £ 23,338,074	Investments £ 35,101	Net Current Assets/ (Liabilities) £ (1,483,688)	Long term Liabilities £ (1,740,557)	Total £ 20,148,930

14.2 MOVEMENT ON FUNDS 2024

	Balance					Balance
	at 1					at 31
	September	Incoming	Resources	Gains/		August
	2023	Resources	Expenditure	(Losses)		2024
	£	£	£	£		£
Total Unrestricted
Funds	18,717,231	23,165,277	(22,152,854)		-	19,729,654

Analysis of Net Assets between funds

			Net Current
	Fixed		Assets/	Long term
	Assets	Investments	(Liabilities)	Liabilities	Total
	£	£	£	£	£
Unrestricted Funds	24,438,273	35,101	1,921,790	(6,665,510)	19,729,654

15. CAPITAL COMMITMENTS

At 31 August 2025 the College had capital commitments contracted of £232,147 (2024: £242,260)

33

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

_____________ 16. LEASES Commitments under operating leases Minimum lease payments: Within one year Between one and five years	______ 2025 £ 2,360 2,360 4,720	____ 2024 £ 2,360 4,720
		7,080

Rental Income

The future minimum lease income under shorthold tenancy agreements (i.e. up to a maximum of one year duration) is £5,548 (2024: £7,123).

17. RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATING ACTIVITIES

Net incoming resources before valuations Financing costs Bank interest received Depreciation charge Profits on disposal of fixed assets (Increase)/decrease in stocks (Increase)/decrease in debtors Increase/(decrease) in creditors (Decrease)/increase in advanced fees Increase in deposits Net cash inflow from operating activities ECONCILIATION OF NET CASH INFLOW TO MOVEMENT IN NET (Decrease)/increase in cash in the year Long term loan advanced Long term bank loans repaid Movement in net debt Net debt at 1 September 2024 Net debt at 31 August 2025 ANALYSIS OF NET DEBT At 1 September 2024 £ Cash 7,528,824 Debt due within one year (153,180) Debt due after more than one year (4,663,491) Net debt at 31 August 2025 2,712,153	Net incoming resources before valuations Financing costs Bank interest received Depreciation charge Profits on disposal of fixed assets (Increase)/decrease in stocks (Increase)/decrease in debtors Increase/(decrease) in creditors (Decrease)/increase in advanced fees Increase in deposits Net cash inflow from operating activities ECONCILIATION OF NET CASH INFLOW TO MOVEMENT IN NET (Decrease)/increase in cash in the year Long term loan advanced Long term bank loans repaid Movement in net debt Net debt at 1 September 2024 Net debt at 31 August 2025 ANALYSIS OF NET DEBT At 1 September 2024 £ Cash 7,528,824 Debt due within one year (153,180) Debt due after more than one year (4,663,491) Net debt at 31 August 2025 2,712,153	2025 £ 419,276 186,262 (156,733) 968,774 (100,000) (6,577) (447,120) 1,027,718 (1,641,366) 178,384 428,618 DEBT 2025 £ (3,505,986) - 3,150,637 (355,349) 2,712,153 2,356,804 Cash flow £ (3,505,986) 118,858 3,031,779 (355,349)	2024 £ 1,012,423 343,584 (129,084) 920,484 (700) 3,309 396,049 (414,804) 3,521,542 282,400
			5,935,203
			2024 £ 2,769,778 - 187,505
			2,957,283 (245,130)
			2,712,153
			At 31 August 2025 £ 4,022,838 (34,322) (1,631,712)
			2,356,804

18. RECONCILIATION OF NET CASH INFLOW TO MOVEMENT IN NET DEBT

34

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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19. PENSION COSTS

Teachers’ Pension Defined Benefits Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,748,059 (2024: £1,481,653) and at the year-end £193,808 (2024 - £180,313) 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 TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

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

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

The Johnson Trust Limited Pension & Assurance Scheme

The Charity operates The Johnson Trust Limited Pension & Life Assurance Scheme for some of its non-teaching staff. This is a defined benefit scheme based on final pensionable salary.

The most recent valuation was carried out as at 1 September 2021, and has been updated to take account of the requirements of FRS102 in order to assess the liabilities of the fund as at 31 August 2025. Liabilities are valued on an actuarial basis using the projected method which assesses the future liabilities discounted to their present value. The FRS102 valuation at 31 August 2025 incorporates an allowance for any further liability that may be required to equalise Guaranteed Minimum Pensions (GMPs) following the High Court ruling in October 2018 that schemes must equalise GMPs.

The Scheme is closed to new entrants. There have been no contributions since September 2019 following retirement of the last remaining contributing member.

Employee Benefit Obligations

The amounts recognised in the balance sheet are as follows:

Fair value of plan assets Present value of funded obligations Recognised in balance sheet	Defined benefit pension plans 2025 2024 £000 £000 2,409 2,330 (1,917) (1,913) 492 417 - -	Defined benefit pension plans 2025 2024 £000 £000 2,409 2,330 (1,917) (1,913) 492 417 - -
		417
		-

35

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

---

19. PENSION COSTS (continued)

The amounts recognised in the statement of financial activities are as follows :

Included in staff costs within total resources expended Recognition of pension asset Changes in the present value of the defined benefit obligation are as follows: Opening defined benefit obligation Interest on liabilities Actuarial losses (gains) Benefits paid Closing defined benefit obligation Changes in fair value of plan assets are as follows: Opening fair value of plan assets Expected return Actuarial gains/(losses) Other amounts The major categories of plan assets as a percentage of total plan follows: Other assets

36

THE JOHNSON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

_________ The major assumptions used by the actuary were: Rate of increase in pensions in payment Inflation assumption – future increase in RPI 19. PENSION COSTS (continued) The long term expected rates of return are as follows: Discount Rate – based on Deloitte single equivalent discount rate for a 15 year duration Post–retirement mortality if retiring today: Males – currently aged 65 Females – currently aged 65 Retiring in 20 years: Males – currently aged 45 Females – currently aged 45 Amounts for the current and previous four periods are as follows: Defined benefit pension plans 2025 2024 2023 £000 £000 £000 Defined benefit obligation (1,917) (1,913) (1,962) Plan assets 2,409 2,330 2,365 Surplus/(deficit) 492 417 403 Experience adjustments on plan liabilities (144) (12) (12) Experience adjustments on plan assets 136 36 (226)	__ 2025 % 2.85 3.00 2025 % 5.65 2025 Years 21.9 24.2 23.1 25.6 _2022 £000 (2,304) 2,640 336 31 645	_____ 2024 % 2.95 3.20
		2024 % 4.90
		2024 Years 21.0 23.3 22.3 24.8 2021 £000 (3,165) 3,389 224 - 50

37