Company Registrdtion No.01678837 (England and Wales) Charity Re%istrxtion No.2860S9 KEW COLLEGE (A company limited by guargnlee) COVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED31 AUCUST2025 KEW COLLEGE CONTEwrs Page Referenc¢ and administrdtive details of rhe charity, its Govemots and advistsTS Governors. and Trustees, report Independent auditors, report 9-10 Statement of Financial Activities Statement of Financial Position 12 Cash Flow Ststement Notes to the financial statements 14-25 KEW COLLEGE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISORS Governors The following GovemoTS, who are the Director5 and Tnkstees of the charitable COTnpany, have held oifice Since I September 2025 and served throughout the period under review ¢xcept where indicated.. Jonathan Chesworth Jason McKinlay Zohya Pavlu Andrea Satnuelson ChaÈr Elias Scafida5 Sarah Squire Julia Takach Julian Huni (aptK)uJied 27 February 2025) Kelly Gray (appointed 27 February 2025) Key management personnel All are rnernbers of the Senior Management Teajn Jane Bond- H¢ad Jim Francis Head Jane Bond Bllrsar, Company Secretsry and Clerk to the Governors Jim Francss Address 24-26 Curnberland Roa4 Kew Gardens. Surrey TW9 3HQ Web site www.kewcolle ADVISORS Audito Haysmac LLP. 10 Queen Street Place. London, EC4R IAG Bankers Naiional Westminster Bank Plc, 22 George StreeL Richmond, SU￿ey. TW9 IJW Registered eharity number 286059 Registration CO￿paDY number 01678837 KEW COLLEGE GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Govemors. who also aci as Directors of the cotnpany and Trustees of Kew College c￿he Sehool"), present their report and the financial statements forthe year ended 31 August 2025. REFERENCE AND ADMINISTRATIVE INFORMATION The School, a Tegisiered charity, is a company limited by guarantee. The School was registered with the Charity Commissioners under charity number 286059 on the 5 J8nuary 1983. The Governors and executive otTicers. principal address of the School and of the professional advisors are listed on page l. The School w&5 inwrporated on 17 November 1982 with the company number 016788J7. Kew College is trading as Kew College Prep. OWECTIVES AND ACTIVITIES Charitsble objectives The objectives of the School ar¢ the advancement of education at Kew College Prep in Kew. Surrey and such other sehoo]s as shall be thought fit. In selling the aims and objectives and planning the a¢tiviiies, the Governors have given carefvl Consideration to the Charity Commission guidance on public benefit. The School's immediate beneficiaries are children who attend our fee-paying school. The local cotnmunity benefits from the pressure taken off tsver-5ubscribed schools in the maintained sector. The wÈder community benefits from the well- rounded individuals who leave our School with an enihusiasm for learning. and also benefits by the School lowering the burden on the State of the cost of the children's ¢ducaiion that would othenyise be borne by the slate. AitNs And objectives Kew College Prep is 2 non-selective, family oriente¢ co-educational sehool for children from Nursery to Year 6. We aim.. To provide our children wtth a well-balat]ced, broad and enriching educational experience ai a high level To create a nurniring environment that is relaxed bui purposeful and in which children feel happy and enjoy working with each other To ensure that our children fe¢1 valued and are supported in developing a healthy 5elf-estttm and confidence to make their own infornied choices To actively promote the fundamental British values of demoera¢y, the rnle of law. individual liberty, and mutual respect and tolerdnce of all people To instil in our children a sens¢ of commitm¢nL responsibility and resilience to equip thern with the appropriate skills for the next stage in their education Our Strategy is io help every child r¢ath their academic potential within a broad curriculum that encourages participation in sports and the arts and develops self-¢51eem in our pupils. The School aims to pr(>vide a good-quality educaiion at a price that is as affordable for as many local families as possible. Fees charged are below those charged by m05t other fee-paying schools in the local are& We offer bursarie5 to allow acce5S to the School forthose local families that cannot afford our fees. This ts means-tested and available to children joining sn Y¢ars 3 & 4 who Could contribute to the School academically or in aJ)other capacity. Three Children ben¢fitted from bursaries during the school year 2024-2025. VoluMteers Parents of younger children assist on School outings on an ad basis. Other volunteers include our pareni body who offer so¢ial events to the children and the wÉder %hool co]nmunity. The Sehool engages the services of other volunteers if suitable throughout the year. OBJECTIVES AND ACTIVITIES Obje¢liv¢s for the year under review During the period under review. the School's objectives were= To promote exce15ence through a curriculum that is both challenging and creative To foster pupils, development as independent learners and critical thinkers Tts review and enhance the provision of after-school clubs and exiended care To proaress plans for ihe iniroduction of Én-house hot lunche5 To explore opportunities to increa5¢ th¢ flexibility of the teaching space and continue premises improvement To stren(Tthen pupil recruitment through taroeted maTketino and admissions activity Strategies to gehieve the year's objectives Academic siandards were supported by regular assessment usino both internal and extemal me￿ures, Wlth ouzcomes benchmarked against national perfonnance daia. Pupils requirinu additional 5uppon or further challenge were ideniified promptly, enabling appropriat¢ differentiaiion. Targeted provision was deliv¢red by clas5 teachers. Teaching Assistants. and. where appropriai¢, the Learning Enrichment Department, in liaison with parents. Teaching and pupils, work were regularly monitored to ensure quality, consistency, and proure5s. Tht School maintained its commitment to clltTent best practice throu(Th ongoing stsff development, investrnent in appropriate classroom technology, and ri. (Torous recruitment prtscedures supponed by a sirnctured induction programme. Exird-curricular partieipation in music. 5POrt, and rhe arts Continued to be encouraged. with pupils, achievernents recognised in tlas5 and assemblies. Older pupi15 were carefully piepared for entran¢e examinations to senior schools, sllpponing a confident transition. Operational priorities included a review ofthe School'5 after-school provision. continued general premises UP> ade5, and an IT refresh programme to support leaching and learnin The School also committed io the development of a new kitchen facility and began the process ofscoping a tender for a catering provider to enable the fuiure introduction of in- house hot lunches. In support of the objective io increase teachino space, the School explored the feasibility (Trf creating an additional classroom w'ithin the clltTently unused courtyard area. In response to market pressllres and heiJts tened competiiion within the independenr school sector, particularly within the School's locality. investrnent was made in more tarveied markeiino initiatives. Furrher plans were approved to add to the MarketiRg and Admissions function io increase capacity and enhance engagement with prospective families. REVIEW OF ACHIEVEMENTS AND PERFORMANCE Review of activities The School provides edycaiion for boy5 and girls aged J to I l years. The Schotsl continlled to perform Stron>oly during the year, Iviih pupil numbers remainino buoyani. Pupil numbers at the year-end were 27312024.. 265). includinu nursery pupils attending on a part-time basis. The School's ¢oniinued populariry reflects lis edueational outcomes. sirontt community repuiation. and sustained demand for places. Kew Colle(Fe Prep continued to deliv¢r a broad and balanced educaiional experience and is considered one ofthe besi preparatory schools in ihe area. Academic provision retnained central 10 the Sehool's activities. supponed by regular 8sse5smeni. differentiated teachin(T and targeted learning support where appropriate. The school provides a well-established foundation for entry to a broad cross-section of the West London day schools as well as other senior schools further afield. This year the 31 leavers received a toial of144 offers to highly regarded schools includino St E¥uls Girls, and Boys, Schools. Ksn(T'S College School. Godolphin & Latymer School, Latymer Upper School, The TitTin School, Hampion School. Kingston Grammar School, Putney Hi. h School, Radnor House, Reed's School. Emanuel School, St John's Leatherhead, and Wimbledon Hitsh School. Furthemiore, this cohort ivere awarded a toral of J7 scholarships and aivards to Schools includsna Kinol mainiained a stronu 5porrs proordmme, with pupils participaring in swimming, netball, football, rugby. hockey. athletics. and chess. Physical Educaiion, Games. and dance were delivered by specialist teachers and coaches. with elements of the Games pro(Trdmme iakino place at off-site facilitie5. Music, arr, and drama continued to play an important role in School life. Pupils participaied in ensembles, choirs. perforniances. and LAMDA provision. with many undenaking individual music iuiiion. The School staoed a range of productions durin(T the year, includinu Infant Nativity perfonnances and the Year 6 produeiion held at the neaTby Mllsi¢al Museum. A wide variety of extra-curricular clubs remained available, together with breakfast club and after-whool care provision for pupils from Nursery onwards. The Sch(iol maint2ined its cornmirment to community en(Tagement and charirable aciivity. Pupils participared in fyndraising initiatives and events supportin(s both Ioc212nd national causes, reflecting ihe School's broader educational aims and ethos. The School continued io invest in the developmeni of ils faciliries durin(7 the year. Works undertaken included the refurbishment of classrooms. upgrades to ancillary spaces, and an IT refresh prooratnine to support teachin¥ and leaming. The School also comtnitted to ihe development of a new kiichen facility and commenced ihe process of s¢opin(F a tender for a caterints provider. In parallel. the School explored rhe feasibility of creating an addiiional classroom within the unused courtyard area. Fundraising Through the PSHEE curriculum, pupils are encouraged to develop awareness of social responsibility and chariiable (Tiving. Pupils participaied in selectino and supportinu a variety of charities acr05S the year. includin(F Pets as Therapy, Shelter and Alzheimer's Society. Additional initiative5 included Harvest Festival donations, participation in the Poppy Appeal, and rhe Giving Tree at Christtnas. The Parent Teacher Association IWtAI, led by parenis of School pupils, coftiinued to organise social 2nd community events during the year such as ihe Summer Fair and PTA Quiz Nighi. The School did not make fundraising appeals to tlie generdl public during the year and does not aniicipaie doiniF so in the fllrure. No fundraising activities were ouisourced to professional fundraisers or third parties. Ac¢ordingly, the School is not registered with the Fundraisino Reijulator and received no fundrdisillu complaints durin the year. FUTURE PLANS The School'5 future plans include the following objectives= Continuing to promote excellence through the Curriculum by mainiainino high standards of teaching and leamin& ensurin up reserves by means of annual operdtinu surpluses and manauemeni of our investment assets, supplemented by occasional donation& Funding The School had a loan of £656,1?O outstanding ai i l Autsust ?025, provided by National Westm2nster Bank on which the interest is at a floating rate. Followinu a revieiv of cash reserves at the beginning of ihe ?0?4-25 acadeinic year, it was decided io pay doivn £500,000 of the loan, Ivhich ivas done oll 19 November 2025. The board is ctsnfjdent that the School has adequate cover for its workiRg capital requirements. Borrowints is secured by a Charge over the School's assets including the main School buildinJts . which provide more than sufficient security for all foreseeable borr(>winu requirements. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document The School 15 IFoverned by the Articles of Association. last updaied on 10 February 2020. RecruitEneMt and Training of Governors The School's Governors are appointed ai a Meeting of the Governors on the basis of nominations reeeived from members of the Board of Governors. NominatlOll5 are based on eligibility, personal competence and speeialisi skills. New Governors are inducted into the workings of the School with an infomiarion pack. a personal meeting with the Chair of Govemots. and by a visit to the School and Head. Governors attend training sessions as and when required. Durints the year Governors attended training sessions or undertook online training coverin(T Safeguarding. Safer Recruitment and Developing the Leadership Team. New Govemors are eleeted by the Board ofGovernors and serve until the earlierof retiremeni or when they volunteerro rdire. One third lor the number nearest one Ihirdl of the Governors tnust retire at each Annual General Meetinu those longest in office retirin(k ftrsi and the choice benveen any of equal service beino made by dtawin(r lots. Retiring Governors shall be eligible for re-appointtnent for consecutive periods noi exceedints in a(y(tregaie nine years froin ihe date of their original appointment but thereafter Govemors shall not be eligible for reappointrneni until one ye2r after their retireTnent. A 'ytrdr' means the period betM'een one Annual General Meeting and the next. Conflicts of interesi are monitored to ensure that they do not influence the tnanagemeni of the Seh(y)l. Organisational Structure The Kei¥ Colleoe Govemor% as ihe charity Trusrees of the School. are legally responsible for overseeing the $￿te￿iC development and the overall management and control of the School and meet at leasi rhree times a year. The ivork of implementing their polic￿e5 was Carried out by two sutFcommittees'. Ihe Resources Committee and the Education & W¢lfore Committee. These committees meet ai least once a rerm and report to the main tsov¢ming body. A staff Health and Safety Committee also meets ￿r[￿lY and reports to the Resources Committee, which is attended by ihe H&S appoinied governor. The day-to-day running of the School is delegared io the Head, supported by her Senior Leadership team. includin- Bursar. Other members tsf the Senior Leadership team are the Deputy Htrdd and other senior teachers. The Head and Bursar attend meetinJ(T of ihe full Governing Board and the ctsmmittees. Remuneration for Ihe 14ead and ihe Bursar is sei by the Board. and ihai of the rest of the senior managemeni team is set by the Head and the Bursar ii'ithin the budget approved by the Board. The policy objective is 10 ensure appropriate incentives to encourage enhanced perfortnance in a fair and responsible manner, rewarding for individual contributions to the School'5 suc¢ess. The Board of Governors reviews the appropria￿nesS and relevance of Kew College's remuner*ion policy on an annual basis, taking into account comparator data from independent schools and the maintained Sector. This Tevieiv ensures that the School remains mindful of the wid¢r contexi of pay. reward, and employment conditions. The Governors give of iheir time freely and no remunerdiion was paid in the year. No Govemors or person conn¢tt¢d with a Govemor received any benefits. Four ol the ¢povetnor5 have ch21dren attendino ihe school. Prineipal Risks Uneertaintitg The Keiv College Board ol-Governors is responsible for the manao¢menl of the risks faced by the School. A risk ￿gISter is maintained. Risks are considered at Board meetings ai leasi once a year. The other main risks that ihe Govemors have identified and the plans io manaue those risks are: Reputation- the Sehotsl's suc¢ess is built on its reputation for ihe education and wellbeing of our pupils. We manage our reputation for high qualiiy education provision and success at entrance exams to secondary schools by aiiractin(F excelleni teachinu staff, Ivho enjoy a culture of professional support through iraining and development. positive appraisal and well-resourced ¢las5rooms. We manaue our reputaiion for the wellbeing of our pupils ihrough an eihos that en5ure5 thai our pupils are happy and thrive in our School, buili around our safeguardin¥ policies, staff recruitment policies, pasioral support for both pupils and staff and active identification and resolution of personal. Social and health and safery related issues. Cost Risk and Political Risk- our ability to continue to operate as a School is reliani on being able to tnaintain costs at an affordable level. Thi5 is ihreaiened by various economic and poliiical developments such as the withdrawal of Charitable business rate relief from independent schools. the introduction ot V AT on school fees. the further increase in Teachers, Pen5ion5 employer5, rare and the ampa¢t of further increase5 in costs. We manaoe ihis risk by keeping up to dale with advice available from several professional bodies working in the independent schools sector such as ihe ISBA. IAPS, ISC and AGBIS, selling a prudent budget. and maintaining a strong b￿kjng relationship thai ensures that additional cash will be available for unexpected cost InCre￿eS. Overall pupil nuTllbers have remained stron(T with numbers in some year groups in the loiver paft of the school starting to show si(yns of decline do well documenied declinin¥ birthra*s and emeruing cost pressures for many families. The GoveTnors are satisfjed that major risks have been identified and that all reasonable steps are taken io mitigate identified risks. The Governors believe that the School is provided i%'ith sufficieni resources in the event of adverse condiiions. The Board is confideni ihat the School has adequate cover for its working capital requirements. It is recognised that systems can only provide reasonable but not absolute assurance thai major rtsks have been adequaiely miliuated. AUDITORS On 18 Novernber ?0?4. the company's auditor chan. d its name from Haysmacinirye LLP to Haysmac LLP. A resolutton io confim) the eontEnuin(k appointment of Haysmac LLP as the eompany's auditor will be proposed at the Annual General Meeting on I I, March 2025. STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are also directors of Kew College for the purposes of Company law) are responsible for pr¢paring the Governors, Report and the financial statements in accordance with applicable law and United Kingdom Accouniing Standards (United Kingdom Generally Accepted Accountin. (T Practice), including Financial Reporting Standard 10? Company law requires the Governors to prepare financial statements for each financial year which give a true gnd fair view of the state of affairs of the charitable cornpany and of the incomin(T resources and application of resOU￿¢s, includino the income and expenditure, of the charitable company for that period. In preparinij these financial statements. the Governors are required to= Select suitable accounting policies and then apply th¢m consistently- Observe the methods and principles in the Charities SORP (FRS 102). Make judgements and esiimaies thai are reasonable and prudent; Srare whether applicable UK Accouniinu standards have been followed, subject tts any material departures disclosed and explained in the financial siaiements- and Prepare the financial statements the (Toing con¢ern basis unless it is inappropriate to presume that th¢ chariiable ¢ompany will ¢ontinue in business. The Governors are responsible for keeping proper accountinu records ihai disclose with reasonable accuracy ai any lime of the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Aci ?006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irreuularities. So far as we are ai¥are'. There is no relevant audit infomjation of which the ¢hariiable company's auditor is unaware., and The Govetnor5 have taken all steps thai ihey ought to have taken to make theinselves aware of any relevant audit infomjation and to establish that the auditor is aware of that infomiation. The Govemors. Report, which incorporates the Stratetsic Report, was approved by the Governors on I l March and signed on their behalf by= A.S.Samuelson Chairman Date.. I l March 2026 INDEPENDENT AUDJTOR'S REPORT TO THE MEMBERS OF KEW COLLEGE Opinio We have audited the financial statements of Kew College forthe year ended i l August 2025 which comprise the Statement of Financial Aciivities. the Statetment of Financial Posiiion. Ihe Cash Flow StatetRents and noies to the financial staiements, including a summary of significant accounting policies. The financial r¢poning framework that has been applied in their preparation is applicable law and United Kintsdom Accounting Standards, includino Financial Reporting Stalldard 102 The Financial Reporiing Siundard appl£cJble in ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accouniing Practice). In our opinion, Ihe financial statements- give a true and fair view of the srnte of the charitable company'5 affairs as at 31 August 2025 and of the charitable company's nei movetment in funds, includints the income and expenditure. for the year then ended; have been properly prepared in accordance M'ith United Kingdoin Generally Accepted Accounting Practice: and have bee￿ prePa￿d in accordance with Ihe requirements of the Cotnpanies Aci ?006. Basis for opinion We conducted our audit in accordance with International Standar(ts on Auditing {UKI (ISA5 (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibiliiies forthe audit Ot the financial statemenis section of our repon. We are Independent of the charity in accordance with the ethical requirements that are relevant to our audit of the f￿nanCIal statements in the UK, includinu the FRC'S Ethical Standard. 8nd we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe ihat the audit eviden¢e we have obtained is sufficient and appropriate to provide a basis for our opinion. Conelusion5 relating to going concern In auditing the tinaiicial Slarements, we have concluded thai the irusiees, use of the going conceTll basi5 of accouniints in the preparation tsf the financial statements is appropriate. Based on the work we have peifortned, we have not identified any material uncertainties relaiints to events or conditions that, individually or colle¢tively. tRay cas( sionificani doubt on the charitsble company's abiliry io continue as a going concern for a period of at le￿1 twelve months froin ii,hen the financsal statemenis ale authorised for issue. Our responsibilities and the responsibilities of the irusiees with respect to going concern are described in the relevant sections of this report. Other information The trllstees are responsible for the other infomiation. The other information comprises the infomiaiion included in ihe Governors, Report. Our opinion on the financial statements does noi cover the other infotmation and, except to the extent oiherwise explicitly stated in our repoo we do not express any forni of assurance ¢onclusion there(Trn. In connection iyith our audit of Ihe financial staremenis, our responsibility is to read the other information and, in doing so, consider whether the other infom)aiion is materially inconsisient wilh ihe financial staiements or our knowledoe obtained in the audit or otheNise appears to be materially misstated. If we identify such tnaierial inconsistencies or apparent tnatei'ial misstatements. we are required to deierniine whether there is a material misstatement in ihe financial siatements Or a material misstatement of the other infomiation. If, based on the work ive have perforn]ed, we conclude thar there is a material misstaiement ofthis other infomiaiion. we are required io report that faci. We have Thothing to report in this regard. OpinioN5 on other matter$ prescribed by the Companies Act 2006 In our opinion, based tsn the work undertaken in the course of ihe audit.. the infomiatioR oiven in ihe Governors, Report (wliich includes the stratetsic repon and the directors. report prepared for the purposes of company law) for the financial year for which the financial statemenis are prepared is Consistent with the financial staiements: and the stiateuic report and the directors, repon included within the Governors. Report have been prepared in accordance with applicable legal requirements. Matters on which Trve ar¢ required to report by exception In rhe litsht of the knowledge and understanding of the charirable company and its environment obtained in ihe course of the audit. we have noi identified material missiatements in the Governors, Rewrt (which incorporates the strategic rep(Frt and Ihe directors, report). We have nothinu to report in respect of the following matter5 in relation tg which the Companies Act 2006 requires u5 to report tts you if, in our opinion: have noi been kept by the charitable company- or Ihe charitable company financial stateinents are not in agreement with the accounling records and rewms; or certain disclosures ot trusiee5' remuneration 5pec2fied by Iaw are not made,. or we have not re£eived all the infomiaiion and explanations we require for our audit. Responsibilities of trusttts for the finaneial statemeMts As explained Tnore ￿1]Y in ihe trustees, responsibilities statement set out on page 6, the trustees (who are a150 the dIr￿lOr5 of the charitsble company for the purposes of company law) are responsible for the preparation of the financial statements and for b¢ing satisfied that they give a and fair view, and for such in￿mal control as the trustees deiemiine is necessary lo enable the preparation of fmancial statements that are free from material misstatement, whether due to fraud Or error. In preparing the financial statements, the trustees are respon5ibl¢ for assessing the charitable ¢otnpany's ability to continu¢ as a going concern. disclosing, as applicable, matters related to going concern and using the going concem basis ofaccounting unless the trustees either intend to liquidate the charitable company or to cease operdtions. or have no realistic alternative but to do so. Audltor's responsibililies for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial 5tatem¢nts as a whole are free from maierial misststement. whether du¢ io fraud orerror. and to issue an aLTrdittsr's report that includ¢s our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee th21 an audit conducted In ac¢ordance with ISAS (UK) will always detect a material misstatement when li 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 econorni¢ decisions of users taken on the basis of th¢se financial statements. Irregularities, it]cluding fraud. are insian¢¢s of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. tts detect maierial missiatemenis in respect of irregularities, including fraud. The exient io which our procedures are capable of d¢tecting irregularities, sncluding fraud is deiailed below.. Based on our understonding of the charitable company and the environment in which it operdies. we identified that the principal risks of non-compliance with laws and regulaiions related to The Edu¢ation (Independent School Standarib) Regulations 2014, Safeguarding regulations, health and safety requsrernents, GDPIi employment law and charity law and we considered the extent to which non-ctsrnpliance might have a material effect on the financial ststemertts. We a150 considered those laws and regulations ihat have a direct impact on the preparation of the financial siatemenis such as the Companies Act 2006 and the Charities Act 201 l. and considered other factors such as payroll tsx. We evaluaied management's incentives and opportunities for fraudulent manipulation ofthe financitil statements (including Ihe risk of override of controls), and detemiined that the principal risks were relat¢d to improper reeognition of income and management bia5 in accounting estimates and judgetnent5. Audit procedures performed by the engagetnent team included.. Inspecting correspondence with regulators and tax authorities.. Discussions with management including consideration of known or suspecied instances of non-compliance with laws and regulation and fraud. Evaluating management's controls designed io prevent and detect irregularities- Identifying and testing jouma15, in particular ihtsse post¢d at year end. and ch￿]enging assumptions and judgements mad¢ by management in their a¢¢ounting estimates Because of the inherent limitations of an audiL there is a risk ihat we will not detect all irregularities, includang those leading to a material mi5ststemeni in the f￿ancial statements or non-compliance with regulation. This risk increases the Tnore that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occu￿]ng due to fraud rath¢r than error. ￿ fraud involves intentional wnceaiment. forgery, collusion. omission or misrepreseniation. A further description of our responsibilities for the audit (Trf the financial statelnents is located on the Financial Reporting Council's website at.. www.fr¢.orv.uklauditorsres onsibilities. This description forrns part of our auditor's report. Use of our report This report is made solely to the charitable Company's members, as a body, tn accordance with Chapter 3 of Part 16 of th¢ Companies Act 2006. Our audit work has been underraken so that we might state to the charitsble company's members those matter5 we are requited to state to them in an Auditor's report and for no otherpurpts5e. To the fullest extent pemiitted by law. we do not a¢¢eptorassume responsibility to anyone other than the charitable company and the charitable company's members. &8 a body, for our audit work, for this r¢por( or for the opinions we have formed. Jackson Berry (Senior Statutory Auditor) For and on behalf of HaysMa¢ LLP, Statutory Auditors 10 Queen Street Place London EC4R IAG Date.. 28 May 2026 10 KEW COLLEGE STATEMENT OF FINANCIAL AcfiviTIES (Including Incorne and Expenditure Aeeount) FOR THE YEAR ENDED31 AUGUST 2025 Unrestricted Funds 2025 Restricted Funds 2025 Total Funds 2025 Total Funds 2024 Notes INCOME FROM: Charitable Activities School fees receivable 4.169.545 4,169,545 4,030.155 Other educational incgrne 138,303 138,303 Invesiment income 85.472 85,472 91231 DonatÈons and Grants 9,1?5 2i.996 33,1?1 69,037 TOTAL INCOME 4.402.445 2i,996 4,426,441 4,354.801 EXPENDITURE ON: Ratsing funds 51.483 51,48i 129,197 Charitable activities 4.151.744 4.17? 984 3,920,101 TOTAL EXPENDITURE 4.?Oi,??7 21,240 4.2?4.467 4,049,?98 NET INCOMEI{EXPENDITURE) 199.?18 ?01,974 J05,503 Net MOVe￿ent in funds 199,218 2,756 ?01.974 J05.503 BalaRce brought fonvard 14 7.582,598 60,723 7,6AJ.J21 7.337.818 BALANCE CARRIED FORWARD 14 7.781,816 63,479 7.845,295 7,64J.J? I All activities rel￿¢ to ¢ontinuing operdtions. The nores from patses 12 to 22 fomi part of these financial statements. The Statemenis of Financial Activities includes all gains and losses recognised in the year. The Statemeni of Financial Activities for the comparaiive period is presented in note 19. KEW COLLEGE STATEMENT OF FINANCIAL POSITION AS AT31 AUGUST2025 Company Number 01678837 2025 2024 Notes FIXED ASSETS Tangible fixed asseig 7,810,988 7.738.731 CURRENT ASSETS Debrors Curreni Investtnents Cash and cash equivalenis 10 1,079,652 1,800,000 62?.685 56.110 2.641,OJ2 3,502,337 2,697.142 CREDITORS: arnounts falling due within one year (? ?58.129) {1.477,947) NET CURRENT ASSETS 1,244.908 1,219,195 TOTAL ASSETS LESS CURRENT LIABILITIES 9.055.196 8.957.926 CREDITORS: Arnounts falling dut after one year 14 (1 ?09,901) {1,314,605) NET ASSETS 7.845295 7.64J,321 FUNDS Unrestricted funds Revaluation fund General fund Restrieied fund 2,175,850 5,605,966 6i,479 2,175.850 5,406,748 60,723 15 15 7.845.295 7.64),321 The financial statements were approved and authorised for issue by the Board of Governors on I ith of March 2026 artd signed on ils behalf by .San)iieison Chairman The notes on pages 12 to 2? fomi part of these financial $￿e[ne￿I$. 12 KEW COLLEGE CASH FLOW STATEMENT FOR THE YEAR ENDED31 AUGUST 2025 2025 2024 Notes Cash nows frnm operating activities Net movement in funds Investment income Depreciaiion charge Increase in debtors Increase in crediiof5 201.974 185,47?) 194,6i6 (1,023,54?) 1.109,369 J05.503 {91 ?il) 201.098 8.591 182.J61) Net cash provided by operating activities )96.965 341.6(M) Cash flows frorn investing activtties Purchase of ianÉFible tixed ￿se18 Purchase of invesm)ents Investment income (?66,893) {1.800.00) 85,472 (72.17J} 912il Net cash used in investing activitie5 (1.981.421) 19,058 Cash flows frorn rtnaneing activitie5 R¢payments ot borrowing Cash inflows of new bo)Towing F¢e5 in advance (531,444) {l.j?1.861} 1257.000 2i6,048 Net cash used in financing activlties 1433,891) (171.187) Net decrease in cash and ¢ash equivalents Cash and cash equivalents at the be4Trinning of the year {2.018,347) 531.845 2,641.Oi2 2,109,187 Cash and cash equivalents at the end of the yt&r 627 685 2.641,032 Analysis of movements in net debt At I Septetnber 2024 Cash now Non-cash movements At 31 August 2025 Cash ?,641,032 (2.018,i47) 622,685 Loan falltng due wiihin one year (595.207) 51J.497 181,710) Loan falliRg due after more than one year {592357) 17,947 {574.4101 Total 1,45i,468 (1,486.903) (JJ.435) 13 KEW COLLEGE NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 GENERAL INFORMATION The charity is a company limited by guarnntee. incoiporated in England and Wales and regisiered with ihe Charity Cominission. The address of the reoistered office is ?4-26 Cumberland Road, Kew. Richmond. SU￿ey, TW9 3HQ. Every MeM￿r of the charity is liable under ihe Meinorandum and Articles of Association to contribute, in the eveni of vinding up or failure to meet liabilities. a sum not exceedin¥ £ l. Ai J I si Au¥usi ?O?i the nuniber of guardnior members was 7 and at the date of the appmval of these accounts. the number of guarantor members ivas 7. Keli, College ivas incorporated on 17th November 198? (company number 01678837) and registered as a charity on 5 January 198? (charity number ?86059). ACCOUNTING POLICIES A£¢ounting eonl'entio The financial sraiements have been prepared in accordance ￿Tth the Financial Reportino Standard applicable in the UK and Republic ot Ireland I"FRS10?"I, the Companies Act ?006 and the Statement of Recornmended Practice applicable to chariries preparinu their accounts tn accordance with the Financial Reportin￿ Staiidard applicable in the UK and Republic of Ireland ("FRS I O?"l- effective l January ?019. The School is a Pllblic Benefit Entity. 2.2 Gtsing Con¢¢rn Pupil niiinbers within ihe School have remained very strong. Before and after-school care was offered for the full year for all excepi nursery pupils and was extended io nursery Iron) SepteTnber ?O?J. School lunche5, delivered daily Irom a local supplier. were offered this yeai. and there has been an approximately iOO/o uptske on averarye. Having revieNved tlie funding faciliiies available to tlie Sclig01 togeiher with ihe e.xpected ongoints demand for places and Il)e School-s future projected c￿h tlows, the Gtsvernoi's have a reasonable expectation that the School has adequate resources 10 contiiille its activities for ihe foreseeable future and consider there were no material uncertainties over the School's financial viability. Accordinoly. they also Continue to adopt the going concem basis in preparin¥ tlie financial sraiements as Outlined in ihe Siaiemeni of Govemtsrs, Responsibilities on page 6. 2.3 School fee5 Fees receivable and charges lor services and use of premises are accounted for in the year in which the service is provided. Fees ieceivable are siaied after deduciino all0￿,an¢Cs. scholarships and other remissions granted by the School, but inelllde contributions received from restricied funds tor hardship. Ini'estment incorne Investmen( income from bank balances is accounted for on an accruals basis. 2.5 Donations income Donations receivable for the (Teneral pun)oses of the School are credited to unresiricted funds. Donatsons for restrictive purposes are used in accordance ivitli specilic restrietions inip05¢d by donors or Ihai have been raised by the School for particular purposes 8re ¢redited to resrricted funds. Donations are accouftted for as and when entiilemeni arises. the ainouni can be reliably quwiiified and the eeonoinic benefit to the School is considered probable. Grant in¢orne Grdnt5 received tor specific purposes are used tor the pu]poses for ivhich they are granted. GvaHts received for non- specific purposes are used for ueneral purposes. Expenditure Liabilities are recognised as expenditure wliere Ehere is a lec>al or coiistw¢tive obligaiion committiniy Ihe School to the expenditure. All expendiiure is accounted toron an accruals basis and includes. where applicable. value added tax which is irrecoverdble. 14 KEW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED31 AUCUST2025 Costs of charitable activiiies are the costs applied by the School in undertakin(T ils work and achieving its chariiable objectives, as opposed io the t05t tsf raising funds to finance these objectives. Charitabl¢ activiiies are all the expenditure expended by the School in the delivery of the curriculum and educative services, including its programme thai is direeted at the achievement ol'ihe charitable aims and objectives. Such costs in¢lude direct costs of the charitable activities. Support costs represent indirect Cosis relating to the School's charitable activiiies. Support costs, in¢luding governance costs. Governance costs are the costs associated with the ttovernance arrangements of the School that relate to the geneTal running of the School, as opposed to those costs ￿s(￿lated with fundraising or charitable activiiies. Included kyiihin this category are costs associated with the strategic planning for its ￿tUre developmen( the training of the Kew College Govemory. const2tutional and statutory requiremenis. 2.8 T3ngible fixed assets And depreeiation Tangible tixed assets are slated ai cost or deemed cost. net of depreciation and any provision for impaimieni. Tangible fixed assets costing more than £150 are capilali5ed and included at cosL or in (he case of land and buildings at valuation. including any incidentsl costs of acquisition. tkpreciation is provided on all rantsible fixed assets. except land, at rates calculated to write off the cost on a 5trdighi- line basts over ihe expected useful econornic life as follows. Computer eqllipmeni.. Furniwre and fIttings.' Equipment.. Buildings.. 3yea 4 years 4 years 50 year5 No depreciation is provided on land. The valuation of freehold land and buildings on rransition to FRS I O? at Septetnber ?014 has been taken as the deerned cost. Priorto transition to FRS 102 the freehold land and buildings were stated ai valuation and were revalued on ar¢gular basis. Investments InvesDnents are stated at market value. Realised and unrealised gains and losses duringtheyearare taken to the Statement of Financial ActivitEes. 2.10 Debtors Fee and oth¢r debtots are wognised ￿ the settlemertt amount due after any trade discount offered. Prepayments are valued at th¢ amount prepaid net of any trade discount5 due. A specific provision is made for debts for which recoverability is in doubt. 2.1 I Cash lit bank and in hand Cash ai bank and cash in hand includes cash and short term highly liquid invesnnenis with 2 short maiurity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.12 Creditors and provision CredEiors and provisions are recognised where the charitable company a present obligation resuliing frotm a pasi event that ivi1S probably result in the transfer of funds io a third party and the amount due to settle the obligation can be measured or estimated reliably. Fees received in advance of edu¢aiion to be provided in future periods are held in liabilities until either taken to income in the iemj when used. or else refunded. 2.13 Finaneial instruments The School only has financial asset5 and liabilities of a kind that qualify as basic financial instruments. Basic financial Ènstruments are initially recognised at trdnsaction value and sUbsequ¢nt￿Y measured at their settlement value. 2.14 Futtd accounting Unrestrtcied tund5 are those that are available f(Trr use at the discretion of the Board ot Governors in furtherance of the general objectives of the School and ivhich have noi been desiJaied for other purposes. Revaluatton funds, included 15 KEW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST2025 within unrestricted funds, represent the accumulation of gains and losses on ￿valUation of freehold land and building5 in the School's use. Restricted funds are funds that are to be used in accordance with specific restriction5 imposed by don0￿ or that have been raised by the S¢hool for particular purpose5. The costs of raisthng and adminisiering such funds are chartsed atsainsi the specific fund. The aitn of each restricted fJnd is Set out in the notes to the financial staiements. 2.IS Pensions Teaching staff employed by the School are eli. Fible for tnembership of the Teacher5, Pension Scheme. This scheme is a multi-employer pension scheme. It is nor possible to identify the School's share of the underlying asseis and liabilities of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS 102. the school accounts for the scheme as if it ivere a defined contribuiion scheme. The School's contributions. which are in accoi'dance with rhe recommendations of the Government A￿uary. are charued in th¢ period in which the salaries to which they relate are payable. The School operares a detined contribuiion pension scheme for those members of staff who are noi eligible to join the Teachers, Pension Scheme. The assets of the scheme are held separately from those of the School in an independently adtninistered fund. The pension cosi char(Te represenis coniribulions payable by the School to the fund. 2.16 Corporation tax K¢w College i5 a regisiered charity and its income and ins are exempt from corpordtion i&x. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the accounting Ex)licies. Governors are required to make judgement, estimates and assumptions aboui the carrying value ot assets and liabilities ihai are not readily apparent frorn other sources. The estiiMate5 and underlyinu 2s5umpiions are based on historical experience and other faciors thai are considered to be relevant. Actual results may differ from these estiniaies. The estimates and underlying assumptions are reviewed on an ot2uoing basis. Revisions ¢0 accouniin(t estimates are recognised in the period in which the esiimaie is revised if ihe revision affects only that period, or in the period of the revision and future periods if the revision affected current and fuwre periods. In the view of the Governors, no assumptions concemin(T the future or estimation uncerrainty affectino ￿Sets or liabiliiieg at the balance sheet date are likely to result in a material adjustment tts their carrying amounts in the next fEnaneial year. 16 KEW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED31 AUGUST 202S CHARITABLE AcfiviTIES- FEES RECEIVABLE 2025 2024 Fees receivable ¢onslSt of= School fees Less.. fee discount5 and concessions 4.198,784 1?9,?i9} 4,07?,380 (42,2?5) 4.169,545 4,030,155 Add back.. bursari¢s and other awards paid for by restricied funds 4.169.545 4.OiO,155 F¢es discounts and Concessions were made 10 5 pupils (?024-. 21. CHARITABLE ACTIVITIES-OTHER EDUCATIONAL INCOME 2025 2024 Registration fees Fees for clubs School trips Addilional lessons Other 3,300 56.772 61.990 3.075 40,368 8,955 40,715 16.?41 138,i03 164.J78 DONATIONS AND GRANTS 2025 2Q24 Keiv Colleue Friends Hardship fund EYFS funding Donations 9.125 33,121 TOTAL EXPENDITURE Staff Costs Other Depreciation 2025 Raising fund$ Finance costs (see below) Charitable Acttvities Teaching costs Welfare costs Premises costs Suppon costs 51.483 51,483 2,458.559 302,728 19,786 424.IH9 299.564 2,761 ?87 19.786 618,685 855,969 194.6J6 556,405 i,014,964 1,097,610 194,636 4.307,210 i.014.964 1.097,610 194,636 4,i07,?10 17 KEW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED31 AUGUST 2025 2025 2024 Finance costs Inieiest bank loans Bank account service charges Bad debt written off 49.985 1,498 109.619 i,735 51,483 129,197 7b Governance costs included im 5UPPOrt costs Relliuneration io auditor for audit services Trustees, training courses Trustees, travel & subsistence Professional advice and other costs 24.160 15.590 2,989 65,499 4,400 92.648 113.528 TOTAL EXPENDITURE (2024) Staff Costs Other Depreciatio 2024 Rgising funds Finance costs (see above) Charitable Activities Teachints cosis Welfare costs Premises c051S Support Costs 129.197 129.197 2,210.6?0 303,662 19,5?6 ? 514,282 19,526 564.442 821.850 201.098 534,8?6 287.024 2.745,446 97J,556 201,098 i.920,101 2.745,446 1.10?.75) 201,098 4.049.298 STAFF COSTS 2025 2024 Salaries Social security costs Pension costs (not¢ 16> ? 308.765 245,965 417,180 2,117.1?7 212.530 415.789 2,971,910 ?,745.446 Aggretrate employee benefiis were paid to key tnanagemeni personnel during the year of £2J5,3 IJ (2024.. £260,891). The number of employee5 whose emoluments exceeded £60.000 for the year 15 as follows: Nutnber Nurnber £60,001- £70,000 £80,001- £90.000 £90.001- £100,000 18 KEW COLLEGE NOTESTO THE FINANCIAL STATEMENTS (continu￿) FOR THE YEAR ENDED 31 AUGUST2025 2025 Number 2024 Number The average number of staff dursng the year W￿.. Teachers and assistants Administration 47 14 48 61 59 TANGIBLE FIXED ASSETS Freehold Land& Buildings Assets Under Constructio Furniture & Equipment Ttstsl Cost or deerned cost At I Septeniber ?0?4 Additions Disposals 8.751,958 756.692 88,549 9,508,650 266,893 Ai 31 Autsust 2025 8,751.958 845 ?41 9.775.54i Depreciation At I Sepiember ?024 IFe for the year Dispts5als 632,008 66,597 1.769,919 194,6J6 1?8,OJ9 At J l August ?025 1.265,950 698.605 1,964.555 Net Book Value At J l Augus12025 7.486.008 178,344 7.810,988 Ai J l August 2024 7.614.047 124,684 7,738.7J I The freehold land and buildings ai 24126 Cumberland Road, 30 Cumberland Road and at 59 Leybome Park ivere revalued on J l Augusi ?014 by Gerald Eves Chartered Sllrveyors and Property Consultants. Valuation of 24Q6 Cumberland Road and 59 Leybome Park were on an open market existing use and valuation of30 Cumberland Road was the basis of educational use ￿ part of the exisiing School. Value for the combined properties was £6.600,000. The historical cost of the freehold land and buildings as at 31 Auoust 2025 was £6.181,194. 19 KEW COLLECE NOTES TOTHE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2025 10. DEBTORS 202S 2024 Fees oiving- Autumn Terni 2025 Prepayments Other debtors 929,595 130,839 19,218 1,601 37,106 17.403 1,079,652 56.110 CURRENT INVESTMENTS 2025 Markei Value as at I September 20?4 Acquisitions 1,800,000 Market value as at ) l August 2025 1,800,000 12. CASH AND CASH EQUIVALENTS 2025 2024 Cash at bank 62? 685 2,641,032 6?? 685 2,641,032 13. CREDITORS- arnounts falling due within onethytar 2025 2024 Bank loans (secured) Trade creditor5 Other taxes and social security costs Deferred income Ftts in advance Accruals Other creditors Dep05lts 81,710 172.241 J?8.9iO .J89.819 66,960 109.414 595,207 42,68A 48,588 444.737 101.081 1?6.981 54,219 64.450 2 ?58.129 1.477.947 Deferred income relates to fees reeeived in advanee of the Autumn ter Analysis of defe￿ed income.. Defe￿ed income ai I September Applied durints the year Released durinu the year 464.267 444.737 (464.?67) 1,389,819 .i85) Deferred income at i l August 1.390,171 444.7J7 20 KEW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED31 AUGUST 2025 14. CREDITORS: amout)ts falling due after one-year 2025 2024 Bank loan5 {secured) Deposits Fees in advance 574.410 559,916 75,575 592.J57 587?81 134.967 1,209,901 1,314,605 Bank loans maturity analy$2S In less than one year In more than one year but not more than two years In more than tsvo years but noi more than fjve years Over five year5 81,710 81.710 ?45. IJO ?47.570 595 ?07 84,8?9 ?54.488 ?5i,040 656,120 1.187,564 Fees in advance analysis In les5 rhan one year In more ihan one year but not more than two years In more ihan two years but not more than five years 64.899 101.081 80.949 54,018 41,685 138,495 ?J6,048 The bank loan is se¢ured on the company's freehold land and buildinus. A loan ot £1,805,000 was taken with N2tioRal Westminsier Bank Èn October ?016, repayable in 7 years. interegt charged ai a floatinu rate of 1.8D/o over Base Rate. This loan was repaid on ?4 October 20?3 ivith ihe proceeds of a new loan of £1,257.000 Tepayable over 13 years, interest charged at a floating rate of ?O/o over Base Rare. The school paid down £500,000 of the loan on 19 November ?0?4. 15. STATEMENT OF FUNDS Unresiricted funds are the accumulation of 5llTpluses, less deficits. on the in¢ome and expenditure account, iogeiher Iviih rhe profits, less losses, on rhe sales of unrestricted fixed assets, bequests for the generdl purposes of the School and various grant5 toward5 fixed assets. Unre5tric¢ed funds General Fund Revaluation Reserve Totsl 2025 Balance at I September 20?4 Movement in fvnds for the year 5,406,748 199,218 ? 175,850 7.582.598 199.?18 Balance at 31 August 2025 5,605,966 ? 17i,850 7.781.816 Unrestricted funds General Fund Revaluation Reserve Tot21 2024 Balance at I September 2023 Movement in funds for the year 5,1?8.?04 ?78, j44 2,175.850 7,)04,054 Balance ai 31 Augu5120?4 5,406,748 ? 175,850 7.58?,598 21 KEW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (eontinutd) FOR THE YEAR ENDED31 AUGUST2025 The accumulated funds of the charity include restricied funds comprising of the following unexpended balances of granis. donaiions, ¥ifts and leuacies to be applied for specific purposes.. Restricted funds B#lanee at I September 2024 Balxnee at 31 August 2025 Intorne Expenditure Kew College Friends Travel Plan Hardship fund Bursary fund 26,959 7,077 ?6,462 (?1 ?40) ?9.715 7,077 26.462 ?25 23,996 {?1 ?40) 6i.479 Restricted funds Balance at I September 2023 Balance at 31 August 2024 Income Expenditure (Te Friends Keiv Colle. Travel Plan Hardship fund Bursary fund 30.148 (3,189) ?6.959 7,077 26.46? ?25 7.077 26.462 ?25 30,148 (3,189) 60,7?3 The purposes olthe resiricred funds are a5 follows. Kew College Friends The restricted fund represents donations frorn Kew College Friends. an organisaiion Nn by parents of pupils at Kew Colleoe Prep, to purchase specific equiptnent for the School. Travel P12n The resiricted fund represents capital grants from London Borough of Richmond upon Thames for ihe construction of a shelter located ouiside the sehool and other capital spending w discour￿(Te car travel. Don4)tions- hardship fund The Hardship ￿nd represents donations for the establishment of a hardship ￿nd. 22 KEW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED31 AUGUST2025 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS General Fund Revaluation Reserve Restrieted Fund Total Fund Tan(yible fixed assets Inve5tmenis Net cu￿ent assets Creditors due after more than one year 5.571,659 1,800,000 1555.792) (1,209,901) 2,175,850 63,479 7,810,988 1.800,000 (555,792) 11,209,901) Balance ai J l August 2025 5,605,966 ? 175.850 6i,479 7,845,295 General Fund Revaluation Reserve Restricted Fund Total Fund Tan¥ible fixed assets Nei current liabilities Creditors due after more than one year 5.502.158 1 ?19,195 { l.J14,605) 2.175.850 60,723 7.7i8.7i I 1,219.195 (1,314.6051 Balance at 31 August 2024 5.406.748 2,175,850 60,723 7,64J,3?1 17. PENSION COSTS The School participates in the Teacheis. Pension Scheme {"the TPS") for its teachino staff. The pension charge for the year includes contributions payable to the TPS of £3J5,906 (?Q?4.. £327,461) and at the year-end £37.6081 ?024- f)9,79?} was accrued in respect of contribuiions io this scheme. The TPS is an unfunded multi-employer defined benefjts pension scheme ¥overned by The Teachers, Pensions Regulation5 2010 las amended) and The Teachers, Pension Schetne Regulations ?014 (as amended). Members contribute on a 'pay as you g(F" basis with contributions from tRembers and Ihe employer being credited to the Exchequer. Retirement and other pension benefiis are paid by public funds provided by Parliameni. The employ¢r contribution rate is sei by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at i l March ?020 and the Valuation Report. which publish¢d in October ?023. Following the Mccloud judgement, the remedy proposed that w,hen benefits become payable, eligible members can select to receive theTll from eirher the reformed or letsacy schemes for the period l April ?015 to ) l March ?02? The actllaries have assuined thai members are likely to choose ihe option that provides them with the greater benefits, and in preparing the 20?0 valuation have vallled the 'greater value, benetits for groups of relevant members. The employer contribution raie for the TPS Is 28.6/&. and employers are also required io pay a scheme administratÈon levy of 0.080/0 giving a total employer contribution rate of ?8.680/0. The School operates a pension scheme for non-teachino staff which is a defined Contribution scheme with employ¢e5 Contributing 8 miniimum of 3 % and the School 8Q/o and up 10 8/0 tsf matched funding 12024= i% 2nd 84/0 respectively). The ioial conti'iburions payable by the School in rhe year were £81 ?75 {2024.. £88.460). As at 31 August ?02) amounts totalling £ l J.8)8 (?024- £7,074) were due io the Scheme and are included within other crediiors. 23 KEW COLLEGE JYOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR EPIDED 31 AUGUST 2025 2025 2024 The pension charge in the% accounts represents: Contributions to teacheis, super8nnuaiion scheme Contributions to stakeholders, pension sch¢me5 3J5,906 81,274 327,461 88,460 417,180 415.9?1 I& RELA TED PARTY TRANSACTIONS Neither the Trustees norany other persons connected with thetn received any remuneration or beiiefits in kind from the School durin" the yeor {20?4.' £nil). During Ihe year Ltnder review two trusiees received £4i6 for reitnbursemenr of expenses (2024.. £2201. Four Irusiees had children ai the School. There ivere no oiher related paty transactions. 19. CAPITAL COMMITMENT At 31 August ?0?5 capiral commitments were £749.000 (2024- £nil). 24 KEW COLLEGE NOTES TO THE FINANCIAL STATEMENTS {eontinued) FOR THE YEAR ENDED 31 AUGUST2025 20. COMPAIL4TIVE STATEMENT OF FINANCIAL ACTIVITIES (2024) Unrestricted Funds 2024 Restrieted Funds 2024 Total Funds 2024 Notes INCOME FROM: Ch8ritablt Activities School fees receivable Other educational income 4,OJO.155 164,i78 4.030,155 164,378 Investment income 91,231 Donstions and Grants i8,889 iO,148 69,037 TOTAL INCOME 4,J24,653 4.354.801 EXPEf4DITURE ON: Raising funds 129.197 129,197 Charitable aetivities i,916,912 i,189 3.920.101 TOTAL EXPENDITURE 4,046,109 3.189 4.049.298 NET INCOMEI(EXPENDITURE) ?78, j44 26.959 )05.50i Net movement in funds 278.544 26,959 305.50i Balance brought fonvard 15 7.304.054 3i.7fA 7.iJ7.818 BALANCE CARRIED FORWARD 7,582,598 7,643,J? I 25