CANFORD SCHOOL LIMITED (Limited by Guarantee) ## REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Registered Company No: 00190956 Registered Charity No: 306315 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## CONTENTS DIRECTORS AND OFFICERS ................................................................................................................................................................................................................................ 2 NOTICE OF ANNUAL GENERAL MEETING .............................................................................................................................................................................................. 3 DIRECTORS AND TRUSTEES’ REPORT ......................................................................................................................................................................................................... 4 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CANFORD SCHOOL LIMITED ............................................................................ 15 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ....................................................................................................................................................... 18 CONSOLIDATED AND CHARITY BALANCE SHEETS ..................................................................................................................................................................... 19 CONSOLIDATED CASH FLOW STATEMENT ....................................................................................................................................................................................... 20 NOTES TO THE FINANCIAL STATEMENTS ............................................................................................................................................................................................ 21 1 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## DIRECTORS AND OFFICERS DIRECTORS Chair Lieutenant General Sir Gary Coward KBE CB Akinbode M O Akinfala MBBS, PGCert, BSc (Hons), MSc, MRCS. Resigned 30 July 2025 Teresa Colaianni Resigned 20 June 2025 Nicholas P Chetwood BSc (Hons) Chartered MCSI Dr Philippa J N Dickins MA MBBS DCH DRCOG MRCGP Resigned 20 June 2025 Professor Mark C French (MA (Oxon) PhD) Emma J F Hattersley BA (Hons) Dunelm Appointed 31 January 2025 Nicholas H Holloway BA (Hons) PGCE Philippa E C Howarth BSc (Hons) MSc Michael M Jeffries Dip Arch RIBA FICE FRSA William McLaren-Clark BSc (Hons) William E McSheehy BA (UCL) Professor Jane C Portlock PhD, FRPharmS Rev John H Simmons Annabel L R Thomas BA (Oxon) OFFICERS Headmaster Benjamin A M Vessey MA MBA Resigned 31 August 2025 Christopher J Wheeler MBA, PGCE, BA, FRSA, FTIOB Appointed 1 September 2025 Bursar David J Brook OBE BSc MA CEng MRAeS Company Secretary Michael Porter Resigned 27 September 2024 Andrew J Butterworth Appointed 27 September 2024 Registered Office The Bursary Canford School Wimborne BH21 3AD Solicitors Harrison Clark Rickerbys Limited Steele Raymond LLP Ellenborough House, Wellington Street Richmond Point, 43 Richmond Hill Cheltenham GL50 1YD Bournemouth BH2 6LR Veale Wasbrough Vizards LLP Redwood Collections Narrow Quay House, Narrow Quay Airport House, Purley Way Bristol BS1 4QA Croydon CR0 0XZ Auditors HaysMac LLP 10 Queen Street Place London EC4R 1AG Bankers Barclays Bank Plc PO Box 612 Ocean Village Southampton SO14 2ZP Insurance Brokers Marsh Limited Capital House 15 Perrymount Road Haywards Heath RH16 3SY Investment Advisors Rathbone Brothers Plc 8 Finsbury Circus London EC2M 7AZ 2 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## NOTICE OF ANNUAL GENERAL MEETING The Annual General Meeting of the company will be held at 12 noon on Wednesday 18 March 2026 at Stowe School, Stowe, Buckingham MK18 5EH. In accordance with the Articles of Association Lieutenant General Sir Gary Coward, Professor Mark French, Mrs Emma Hattersley, Mr William McLaren-Clark and Professor Jane Portlock retire by rotation and, being eligible, offer themselves for re-election. 3 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## DIRECTORS AND TRUSTEES’ REPORT ## FINANCIAL STATEMENTS The Governors, who are Directors for the purposes of Company Law and Trustees for the purposes of Charity Law, present their annual report and audited financial statements for the year ended 31 July 2025. The Governors have adopted the provisions of the Charities Statement of Recommended Practice (SORP) (Second Edition, effective 1 January 2019) based on Financial Reporting Standard (FRS) 102, in preparing the annual report and financial statements of the charity. ## OBJECTS AND AIMS ## Charitable Objects The Charity’s Object is to advance the education of boys and girls including but not limited to the provision of a senior school in or near Canford, Dorset and/or if thought desirable, in other parts of England or Wales, in accordance with the principles of the Church of England. ## Public Benefit Aims and Intended Impact In furtherance of this Object, Canford School’s public benefit aim is to provide a first-class independent education, through strong academic tuition and through developing wider sporting, artistic, cultural and social skills in all its pupils. This is intended to provide an environment where each pupil can develop and fulfil his or her potential, thus to help build self-confidence and inculcate a desire to contribute to the wider community. Canford has restricted and unrestricted funds for the development of the School’s facilities as well as for scholarships, prizes and other educational purposes. The School provides bursaries for those without the means to support their child through school. The Charity also has to maintain its heritage endowment, with its Grade I and II listed buildings and historic park and tree collection, which are all considered of national importance. Canford views the social responsibilities it carries as an educational institution as being a central feature of our ethos, aims and actions. The ‘Importance of Community’ is one of our core aims whereby we recognise ‘The importance of community and the engendering of a deep rooted sense of social responsibility in the context of Canford’s Christian origins and heritage’ alongside ‘respecting the abilities, views and dignity of others throughout the school community and in the wider world’. This is not just a form of words but articulates an attitude and approach which guides and informs much of what we do within and beyond the school. Aside from activities within the school based educational programme which seek to raise awareness and understanding of issues and problems confronting the wider world, hundreds of our pupils and many of our staff are engaged in active charitable and community partnership work locally, regionally, nationally and internationally. It is beyond the scope of this report to outline all of the detail of this extensive activity, although some more information can be found below. This social engagement and interaction in a meaningful and sustained sense is very much part of the fabric of Canford’s culture. In the furtherance of these aims the Governors, as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act. In addition, the Governors act to promote the success of the school by: considering the likely consequences of any decision in the long term; looking at the interests of the company’s employees; fostering relationships with pupils, parents, staff, suppliers and others; considering the impact of the Charity’s operations on the community and the environment; by maintaining a reputation for high standards of business conduct; and acting fairly as between members of the company. ## STRUCTURE, GOVERNANCE AND MANAGEMENT The School is a company limited by guarantee and each of its members has undertaken to contribute an amount not exceeding £1 (one pound) towards the assets of the company in the event of the same being wound up and the assets being insufficient to cover the company’s debts and liabilities. The School is a registered charity and is governed by its Articles of Association as most recently amended on 26th September 2013 by Special Resolution. Canford School is a member of the Allied Schools group of independent schools, all of 4 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 which were founded by the Martyrs’ Memorial and Church of England Trust (MMT). On September 26th 2013 the Allied Schools signed a management Agreement with MMT by which the members of the group agreed to the appointment of the Allied Schools Agency to oversee the performance of the schools and to monitor their adherence to the foundational religious principles on behalf of MMT. The School has a subsidiary company, Cheneford Limited, which undertakes a range of trading activities including the letting of the School’s sports facilities to the public. We also co-operate with many local charities in our on-going endeavours to widen public access to the schooling we provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils, in the public interest, an awareness of the social context of the all-round education they receive at Canford. ## Governing Body The Governors are responsible for the overall management and control of Canford School and meet at least three times a year. The work of detailed formulation and implementation of most of their policies is carried out by members of the Environment, Social and Governance (ESG) Committee, who usually meet a few weeks in advance of the full Governing Board. The Education Committee and the Resources Committee, responsible for financial performance and the school fabric, perform detailed reviews in their specialist areas. Governors are elected by the Governing Body, except that two Governors are nominated by the Martyrs Memorial and Church of England Trust if the total does not exceed 12, three if the number exceeds 12 but does not exceed 18, and four if the number exceeds 18. New governors are appointed by existing governors with input from the Headmaster and Bursar and care is taken to ensure that the relevant skills and experience are represented. Each new governor is provided with an information pack (handbook) and meets with key staff as part of an induction process. They are all encouraged to spend time at the School to experience lessons as the pupils do. All governors receive information on governor training update courses. All governors have access to the meeting papers and minutes for all committee meetings, whether or not they are members of that committee. Meetings may be held in person or virtually. This ensures that they are informed about the issues being addressed by those committees but can also raise queries and monitor progress in a wide range of areas. The chairmen of the sub committees meet regularly with the School’s lead for each committee area, thereby ensuring that they are fully briefed on issues and can provide advice, challenge and support as required. ## Organisational Management The day to day running of the School is delegated to the Headmaster, the Bursar and the Senior Leadership Team (SLT), which comprises the Deputy Head Academic, Deputy Head Pastoral, Deputy Head Co-Curricular and three Assistant Heads (Academic, College and Safeguarding & Personal Development). Strategic matters are discussed with the Senior Management Group (SMG), which comprises the SLT plus the directors of Marketing, Admissions, Development, Human Resources, Finance and Estates, as well as the School Services Manager and Commercial Services Manager. Various educational management groups also operate to progress educational and pastoral matters. Changes to the remuneration levels of key management personnel are made with reference to industry standards, such as the Baines Cutler benchmark reports. Remuneration changes for specific roles are made with reference to internal performance criteria and external role benchmarks, including salary surveys and use of a benchmarking agency as required, and are reviewed by the Chair of Governors and Chair of the ESG Committee. The Headmaster and Bursar attend meetings of all the governors’ committees. 5 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## STRATEGIC REPORT AND FUTURE PLANS Canford’s Governors recognise that the School must remain competitive, relevant and sustainable in a rapidly changing and increasingly uncertain environment in which there is no shortage of local and regional competitor schools. In looking to the future, Canford intends to maintain its profile as a premium independent school. The Governing Body is already implementing strategies that will enable the School to defend and grow its share of the prestige school boarding and day markets and is committed to investing in the people, systems and infrastructure that will be vital in delivering the School’s vision. The key to this will be attracting and retaining suitably able pupils by meeting or exceeding their and their parents’ expectations for high academic results, a wide range of high-quality co-curricular facilities and for highest-quality, modern and comfortable pupil accommodation. Work on a new strategic plan has begun with the arrival of a new head in September 2025 as we complete the final phase of the current plan. The next phase of the School’s strategic plan, ‘Canford 2023 and Beyond’, saw the opening of the College Hub as provision for Day pupils’ study spaces in the Sixth Form. The lodges will be filled by Upper Sixth pupils next academic year, when work is also expected to complete on the two single sex residential wings for Upper Sixth boarding pupils. Our aim is for a Sixth Form providing opportunities and structures for pupils to lead their own learning and development in ways which are transformational in the transition from school to life beyond. As part of this development we have been reviewing our Beyond the Gates provision for Sixth Formers. Following pupil voice feedback we have added in talks on mental health, financial budgeting and investments. Whilst our destinations data remains very strong, we want to diversify pupil aspirations, particularly by further supporting applications to International Universities, and are reviewing our Careers provision to ensure pupils receive broad and impartial advice. Plans are also well developed to create the Canford School’s Group of strong independent schools in the South of England with the announcement that Dumpton School will merge with Canford at the beginning of 2026. Further schools are likely to join the Group in the coming months and years. The key characteristic of the Group will be a shared educational ethos and a commitment to ensuring that each member school can enjoy high levels of autonomy to provide their own brand of premium independent education whilst collectively benefitting from the many opportunities for greater efficiency and effectiveness that the wider group can offer. ## Vision and Mission Statements - Our Vision: Canford: a school community where all are inspired to explore, empowered to express and challenged to excel. - Our Mission: To build a community of open-minded people who are motivated to embrace learning in all its forms, and committed to making a difference to their own lives, and to the lives of others. Our exceptional education grants freedom to grow and creates opportunities for all to explore, to express and to excel. - Our Values: Develop Purposeful engagement – Building a confident mindset develops positive life-long learning. We inspire members of our community to be curious and determined in pursuit of knowledge and opportunity. Instil a Courageous Attitude – Being principled and strong, yet reflective and tolerant takes courage. We support members of our community to be bold and sensitive in expressing thoughts, words and deeds. - Promote Humble Ambition – Pursuing goals without arrogance or complacency brings meaningful success. We challenge members of our community to be energetic and resilient in pursuit of their goals but honest and grateful for fulfilment of them. - Encourage Gracious Leadership – Fulfilling a duty to guide and support others makes a difference. We urge members of our community to lead graciously and serve willingly for the greater good. ## Achievements and Performance Our vision and values have played out each and every day over the past year. Canford’s commitment to a high-quality education and to ensuring that all members of its community can flourish is borne out in many ways and is evidenced by the support received from current members of the community and the strong interest in those wishing to join the school from many quarters. ## Academic The summer of 2025 brought fresh cause for celebration at Canford, with pupils at both A level and GCSE reaffirming the school’s reputation for academic excellence and intellectual ambition. Their achievements speak not only of individual talent but also of a shared 6 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 culture of perseverance, curiosity, and mutual support that lies at the very heart of our learning community. At A level, the Upper Sixth once again distinguished themselves. Over half of all grades awarded were A*/A, with nearly a quarter at the highest A* level, significantly above both national and independent school averages. These results have opened doors to some of the very best Higher Educational establishments: over 90% of the cohort are progressing to Russell Group and Sunday Times Top 12 universities with four bound for Cambridge, two for Oxford, and others embarking on pathways to Medicine, Veterinary Science and prestigious US universities. The success of the U6th reflects not only their academic skill but also the breadth of their engagement in music, sport, drama and community service throughout all their time here - hallmarks of a truly holistic Canford education. The GCSE results were equally uplifting. Nearly a third of all grades were awarded at grade 9 (the most in the school’s history), with more than half at 9 or 8. Again, placing Canford pupils far ahead of national averages and the independent sector at large. These top grades were secured across the board in subjects as diverse as History, Latin, Physics, Drama, English, Maths and Philosophy and Theology (RS). Excellence shone through. This underlines the intellectual range of this cohort and was testament to their grit, determination and sheer hard work. Five pupils achieved a flawless sweep of grade 9s, while more than a third of the year group averaged grade 8 or higher across their subjects. Yet the triumph lies not only in such headline statistics: the pupil who raised a predicted grade 4 to a secure a grade 6 embodies the same spirit of determination and growth that is cherished at Canford and deserves equal levels of praise and recognition. We will never be an overly examination focussed ‘hot house’. Pupils support one another, inspired by dedicated staff who blend high expectations with care and guidance. This dynamic has fostered a culture where every success, whether apparently modest or spectacular, is recognised and celebrated. Academic life extends far beyond the exam hall. For many, the true rewards lie in the intellectual journey itself – the thrill of grappling with a challenging idea, or the satisfaction of expressing a thought with clarity and precision. This year, we have been especially impressed by the Shells, whose determination and energy have helped them settle in with confidence and purpose. While we rightly celebrate the excellent examination results achieved at A-level and GCSE across the school, it is even more important that pupils continue to nurture the resilience, curiosity, and love of learning that will serve them throughout their lives. As we look ahead, these results serve as a reminder that Canford’s strength lies in its ability to unite academic distinction with the wider character of a vibrant, outward-looking community. The stunning public examination results of the 2025 A-level and GCSE cohorts reflect not only past effort but also future promise. At Canford, we have a consistent, flourishing culture of scholarship, ambition, and joy in learning. ## Academic Enrichment This programme is deliberately broad and ambitious, designed to foster intellectual curiosity, critical inquiry and creative independent thought. A particular highlight continues to be the pupil leadership dimension, which is truly a jewel in the crown. Pupil and Staff academic leaders to shaped and expanded the supra-curricular programme, delivering scholar talks, leading enrichment sessions, and supporting pupils through university material sessions. They have contributed keynote addresses at our Festival of Ideas, organised lively ‘University Challenge’ house competitions, and inspired younger years with breakfast lectures and scholarly presentations. Alongside this, pupils regularly enter internal and external academic essay competitions, a wealth of external academic challenges and university essay prizes, as well as representing Canford in the Chemistry, Maths and Physics Olympiads (amongst others). We also run an enormous number of academic and cultural enrichment trips to widen exposure of learning beyond the classroom. Through these opportunities, pupils and staff together cultivate a vibrant intellectual culture which encourages every member of the community to be inquisitive, academically ambitious, and deeply engaged with ideas both within and beyond the classroom. Our aim is to be a community of life-long learners. ## Higher Education Our pupils’ successes have translated into strong onward destinations, with 83% of our Upper Sixth securing places at Russell Group universities and 90% at Russell Group and Sunday Times Top 12 universities. Additionally, seven students have been accepted onto medicine and veterinary science courses, and six will be attending Oxford or Cambridge. The vast majority of our pupils secured their preferred university placement, with 4 securing offers from US Universities. This cohort are going on to read a wide range of academic degrees across the spectrum of creative arts, humanities, sciences and languages. ## Sport This was another thrilling chapter for Canford sport, with nearly 1,000 fixtures played across 16 different sports. Our goal is always to provide the pupils with continued opportunities to explore, express, and excel in their athletic pursuits, helping them strive to be the best they can be. Selecting highlights from such a vibrant year is a challenge, as participation is the true heart of our programme. Our pupils appreciate the many benefits of physical activity, especially evident on Thursday and Saturday afternoons when they compete with other schools in a spirit of friendly rivalry. Last year, an impressive 94% of our pupils represented the school in at least one fixture, with 83% playing in five or more fixtures, a 9% increase from the previous year. We are always looking to create even more opportunities. 7 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 The year was filled with unforgettable moments, such as the hockey tour to Spain and the real tennis trip to France. Our teams consistently competed at the highest level. Our U18 Girls' cricket team reached the quarter-finals of the National Cup, and our U14 Girls' tennis team achieved similar success during the summer months. Our rowers brought home gold from the Head of the River Races, while our U15 Boys’ rugby team made it to the Last 16 of the National Cup and placed 3rd at the National Schools Festival in Ipswich. Our girls' rugby 7s team impressed by making it to day two of the National Schools 7s on their debut and our boys football 1[st] XI clinched the Wessex Independent Schools League title for the second consecutive year. Both hockey and netball teams advanced to the final stages of their national competitions, including finals days at Loughborough University for the U15 Girls Netballers. Individually, we saw remarkable achievements, with one pupil’s selection to the GB Rowing U19 Girls’ VIII, which won gold at the World Championships. Another pupil again represented the Welsh Junior National Squad, while a 4th former took silver in the 400m hurdles at the National Schools Athletics Championships and later competed for England at the Home Internationals. Many of our pupils are also on performance pathways alongside their studies at Canford, demonstrating a perfect balance between sport and academics. Wellbeing remained a key theme of the programme. It was inspiring to see pupils embrace our second annual wellbeing concert, and we continued to expand our athletic development programme alongside physiotherapy services. We introduced new initiatives to reduce injuries, including educational sessions on sports bras and pelvic floor health, as well as the "Just Ask a Question" mental health programme. It has also been fantastic to have so many OCs return to the school for hockey, football, and cricket fixtures throughout the year. With new staff and fresh initiatives in place, Canford sport is on a continuous upward trajectory, and we are excited for the year ahead. ## Drama The Drama department had a full and varied programme with several large-scale productions involving numerous pupils on stage and behind the scenes. As ever we strove for originally, innovation and inclusivity. The year featured five A-Level and GCSE devising pieces, one L6 production (Metamorphosis) and two 4th form productions. The Easter term saw a production of “Just So”, which was beautifully staged and costumed contemporarily as well as intimate production. At the end of the summer term, following on from practical exams for our GCSE and A-Level, we staged “Arabian Nights” which involved over 50 pupils from each year group, on stage, off stage and in the orchestra pit. The involvement of pupils in the backstage and technical aspects of productions should not be overlooked. This was an uplifting end to a busy year, and much fun was had by all who took part. Many pupils (over 140 different ones across year groups) were involved in productions last year, as well as Friday Foyers and a number of talks. The Layard was a hub for creativity and a place where everyone was welcome either to contribute or to watch theatre. ## Music Music ensembles and choirs enjoyed a full and enjoyable schedule of concerts and events. In the Christmas Term, the House Music competition showcased some impressive ensemble performances and enthusiastic participation from the whole school. After half-term, we had the big Autumn Concert, which featured amongst many other ensembles the rebranded Big Band. The term ended with the annual Carol Service, where the Chapel, Cantabile and Chamber choirs performed seasonal repertoire at a full Wimborne Minster. The Spring Term included the much-loved 'Jazz Concert' entitled 'Big Band and the Big Screen' giving the evening a filmic theme. After half-term we had our biggest occasion of the year - the full performance of Handel's Messiah for massed choir, soloists and professional Orchestra in the beautiful setting of Christchurch Priory. This was an exceptional event that will long live in the memories of all who were present. The term finished with 3 performances of 'Just So' and the school's first Open Mic Night gig. The Summer Term featured a new initiative, a Chamber Music concert in the parish church, the wonderful Summer Concert and the celebratory Leavers’ Concert. Concerts were streamed online for a growing audience, while the informal ‘Sounds of Canford’ series provided opportunities for all musicians to perform in house groups. Many pupils earned ABRSM diplomas or Grade 8 with merit or distinction, with strong results also at lower levels. One 6th form student continued his International playing career, performing concerti with professional orchestras in Lichtenstein, Sweden and here in the UK. ## CCF Canford CCF continues to attract great interest from the student body at Canford, due in no small part to the trips on offer throughout the school calendar. Two 24-hour field exercises were held at various locations along the south coast, involving both 4[th] form cadets and 6[th] form NCOs. Over 50 Sixth Form pupils choose it as their enterprise option, allowing them to enhance and demonstrate effective leadership on a weekly basis, taught through the highly popular NCO Cadre course in 5th form. 8 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 Several trips ran during year, including the highly regarded Norway Cross Country Skiing Expedition. A fantastic week during February half term allowed many of the cadets a once in a lifetime experience to explore the Norwegian mountains. Ten Tors continues to be a popular competition amongst the cadets with three or four teams completing the challenging event each year. The CCF’s reputation continues to extend beyond our region with strong showings in both the Pringle Trophy and Rifles Cup Competition, winning the latter twice in four years. We finished 2[nd] of 19 in the Pringle Trophy in 2024, the competition for CCF Royal Marines. Two more of our L6th NCOs were awarded Army Scholarships. Only 30 to 35 of these awards are handed out annually and to have 9 Canfordians over the last four years receive them is a testament to both their hard work and the support provided to them by the teaching staff and school. ## Duke of Edinburgh’s Award With sustained interest in DofE, 41 of this year’s Lower Sixth completed their Expeditions over the summer. There is a new cohort of 54 Lower Sixth pupils and an increased number of Fifth Form doing Bronze DofE. We have a steady stream of U6 leavers who have completed their Gold Award and are eagerly awaiting their invitations to receive their awards at Buckingham Palace. ## 5[th] Form Enterprises The Fifth Form choose activities from a diverse range of options, including Global Connections, Sub Aqua Diving, Survival and Mountain Biking, with Flying Club a new addition this year. October Whole Day Enterprises gives a longer window for activities, including an overnight survival exercise for the survivalists, and overall, some 115 pupils enjoyed 10 different activities, 5 involving an overnight camp. ## Activities The activities programme for the Shell and 4th form pupils requires students to opt for at least one of 20 activity choices, including various musical ensembles, that take place in the late afternoons. The most popular choices tend to be sporting (e.g. hockey, netball, futsal, rowing and squash) but there are also many students participating in drama rehearsals and debating. ## Community Service and Public Benefit The community service programme is as packed as ever with over 40 activities on offer. A significant number of pupils (95+) volunteer offsite each week. The pupils improve each year, often backed up with very complimentary letters and emails. Whole Day Enterprises continues to be very successful, with schools now contacting us to ask if we can help them out (instead of us going to them). The Shine programme continues to grow and is now run as a two-term enrichment programme to six schools, with the programme in its 15th year. The City Reach project continues with visits to Northam by our pupils as well as hosting Northam pupils at Canford and a weekend away to the Isle of Wight. The annual sponsored walk for Northam took place with over 25 pupils and 6 members of staff raising £1,500 which will help City Reach to buy an external spotlight, enabling children to play sports outdoors in the winter. The group is also being sponsored by the Friends of Canford, with our thanks for their generosity. The Bourne Academy have expanded their ‘Bourne Scholar Programme’, supported by Canford. The programme provides a highly academic and rigorous curriculum that will improve social mobility through increased confidence, high career aspirations and support for entry to top universities. Canford is supporting this programme by delivering regular sessions including presentation skills, Model United Nations, team building (using the assault course and climbing tower) and the history of Canford. Other support includes University application guidance, attendance at our careers convention and our 6th form volunteering to assist their younger pupils. There is a twinning programme for year 10 pupils. Supported students from the academy regularly join Canford’s Sixth form each year. ## Stakeholder Relationships Canford exists as a community; our links with current and former pupils, parents and staff, as well as our community partners, are strong. We employ over 470 people in the local community who and have used more than 500 suppliers, all of whom are crucial to our success. This supports our local, regional and national economy. We are grateful to our suppliers for their continued support for Canford. ## Employee Engagement and Employment Policy Governors communicate with employees through a variety of channels. Both governors and employees sit on the Joint Consultative Committee where matters relating to pay, benefits and working conditions are discussed. Governors and employees also sit on the Health and Safety Committee. Governors write to employees to explain the impact of significant decisions, such as pay reviews and the 9 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 strategic direction of the School. Any significant decisions taken during governors’ meetings are assessed for the impact they will have on staff, with the governors aware that the School cannot be successful without an engaged, motivated staff body. For information on the relationship between governors and management, see section ‘Structure, Governance and Management’. Canford School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. ## Fundraising Performance Canford undertakes fundraising activity to its supporters via fundraising events, sponsored events, direct mail and email, is registered with the Fundraising Regulator and adheres to the standards of the Fundraising Code of Practice. There were no complaints about fundraising activity during the year. Our fundraising promise, available on our website alongside our privacy notice, is: - “When you support you can be sure of the following: - We will never sell your contact details to anyone - If you ask us to change how we communicate with you, or stop, we will respect that - We try hard to ensure no one ever feels pressurised to support our work - All our activities are open, fair, honest and legal.” Total fundraising costs during the year including operating budget and salaries were £213K (2024: £242K), to cover programmes including fundraising and a significant amount of engagement work. Where events took place, income (tickets purchased) partially offset some of the costs. Income from fundraising activities totalled £250K (2024: £503K). The Development Programme continues to seek to engage alumni, parents and friends of Canford as School benefactors. This can be through giving of time and expertise through volunteering; the giving of financial donations including one-off gifts, regular giving, or gifts of stocks, shares or art; and securing longer-term legacies. There are three main areas of activity within the current Development Programme: (1) engaging the Canford Community, (2) encouraging and promoting volunteering, and (3) fundraising to increase access to a Canford education through the provision of pupil bursaries. Secondary fundraising priorities include funding capital and equipment projects. Engaging the Canford Community involves supporting the many different volunteer-driven groups which themselves aim to benefit Canford, Canfordians and associated partner charities and organisations within the local community and beyond. The Development team provide support to the Old Canfordian Society (OCS), the Friends of Canford School, the Friends of Canford Music and the Friends of Canford Rowing. Events and monies raised by these groups are returned directly to benefit the education and enrichment of pupils at Canford and the local community. Modernisation of the OCS is ongoing and in November the OCS will vote to change the OCS constitution to enable the transfer of funds to the Martin Marriott Foundation. Development aims to transform connections between OCs and facilitate better communication, knowledge and support of our alumni. Volunteers to Canford give in a variety of ways. All school governors are volunteers and provide strategic oversight. Many others serve as alumni, sports or committee representatives. Alumni and parents provide careers advice to pupils providing mentoring, work experience or speaking to pupils about their experiences. Other volunteer duties include supporting music at Canford, supporting sport at home and away fixtures and speaking at Canford events. During the year over 171 individuals provided their time and expertise free of charge to Canford. The Governing Body is very appreciative of this invaluable support. Donations include cash gifts, regular gifts, bequests received and gifts-in-kind. The Development Office also supports the work of the Friends of Canford School (FCS), a parent and friends’ group. The group have again this year focused their support on local external charities through grants for specific projects. This included a grant to a longstanding partnership, the City Reach project in Southampton. The seventh annual fundraising auction to support the Martin Marriott Foundation raised a significant amount for the Foundation in November 2024. In 2024 Canford Global Connect was updated and a new CRM system adopted. This is now the main Canford Community platform. The Case for Support is updated annually to include new testimonies from bursary pupils, state fundraising aims and provide an accessible method for making online donations. The Lady Charlotte’s Walk campaign launched in 2020 inviting alumni and parents to sponsor a stone on the walkway leading to the new library has continued to be well received with over 292 stones now sponsored. The strategic plan is revised annually with an action plan updated to reflect current trends. 10 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## FINANCIAL REVIEW AND RESULTS FOR THE YEAR Current pupil numbers, and considerable future interest in the School, give us confidence that we will be at planned capacity for the foreseeable future, despite the application of VAT to school fees from 1 January 2025. This is a result of our continued resolve to deliver a top-quality education, supported by talented staff in an inspiring environment. The School’s financial policy is to maintain total fee income at a level sufficient to generate a surplus over time to meet the objectives of the School’s strategic plan, allowing for investment in the school. This will be achieved through both operating cash flow and fundraising. As a charity the parents of our pupils have the assurance that all the income of the school must be applied for educational purposes. In preparing its budget for this year the School recognised the need to continue to invest in both high quality staff and the School’s fabric, to ensure that both continue to support the educational mission, whilst also investing to reduce longer term costs. **----- Start of picture text -----**
Financial review summary 2025 2024
School fees receivable £23,236K £24,193K
Fundraising income £250K £503K
All other income £3,837K £2,751K
Provision of education £(23,907)K £(23,830)K
Other costs £(1,564)K £(1,451)K
Net income (before transfers and £1,852K £2,165K
investment gains / losses)
**----- End of picture text -----**
Operational financial performance was below budget expectations this year, primarily due to the application of VAT to school fees. Pupil numbers remained healthy. Total gross fee income for the year was 4% lower than last year (2024: 9.2% higher) as a result of not passing on the full additional cost of VAT to parents. Fundraising income for bursaries remained robust, particularly due to the generosity of a number of parents and Old Canfordians. Other income was higher from investment returns and strong trading activity. Careful cost control was exercised to ensure a focus on pupil outcomes, despite increases seen particularly in the National Living Wage and employers’ National Insurance contributions. Other costs were driven by the higher levels of trading though partially offset by VAT recoveries. Cash was invested in short term investments, a liquidity fund, to maximise returns. A gain on investments of £0.6M led to the Statement of Financial Activities showing the School’s Net Income to be £2.5M (2024: £3.0M). The overall cost of the School’s capital expenditure in this financial year amounted to £9.0M (2024: £3.2M), which included the strategic capital works programme (Sixth Form buildings £7.9M and solar installations £0.3M). Other capital expenditure included reinvestment into the fabric of the school and replacement vehicles. Investing in additional flexible capacity and improved core facilities will ensure Canford’s future and there is a clear imperative to complete the strategic building plans which are essential to support future sustainability and success. All projects will remain subject to the usual governance and approval processes. With a significant proportion of cash balances moved to investments and the capital building programme, the cash balance reduced by £24.5M (2024: increase of £21.2M). Overall the Governors were satisfied with this financial result. Future plans will require sufficient levels of surplus to provide income for the School’s strategic plan objectives – a top-quality education, supported by talented staff in an inspiring environment. ## Reserves Policy The beneficiaries of Canford School are its pupils; any reserves held must ultimately be for their benefit. Governors have determined that Canford should not hold excessive reserves, money that could otherwise be used for the benefit of pupils. Equally, insufficient reserves, in the event of a crisis, may mean that pupils experience undue disruption to their education. Governors have reaffirmed their commitment for pupils to be able to complete the current academic year as a minimum. This strikes a balance between unduly tying up funds and minimising disruption in a crisis such as unplanned closure. To ensure this, the level of general reserves held will be equivalent to the sum of cash liabilities in the longest period in the academic year with no fee income, approximately £6M. This has been tested against several scenarios to confirm this level of reserves. Whilst restricted funds fall outside the definition of free reserves, some restricted funds are maintained principally for the award of 11 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 bursaries and the advance payment of school fees. Designated funds are also held, in addition to the reserves above, for the purposes of matching the investment made in the fabric of the school, to fund the school’s partnership activities and to provide bursaries. At the year end the school held total funds of £61.4M, of which £3.2M was held in restricted funds principally for the award of bursaries. The Governors have designated a further £48.4M for the following purposes: a) to match the investment it has made over the years in the fabric of the school estate and is not therefore freely available £39.1M; and b) to set aside funds that are invested for the provision of bursary support and to support the school’s partnership activities £8.0M. After these designations, and the value of fixed assets not represented by the property fund, free reserves are £11.0M (2024: £13.7M) which the Governors consider exceed the reserves policy objective. This excess will be used for capital projects for the charity’s beneficiaries, with around £6M committed at the balance sheet date. Most of these projects have commenced. Governors monitor reserve levels on a regular basis, considering the working capital management of the school and the desire to continually improve facilities. ## Investment Policy and Objectives Canford School holds investments in three portfolios with the prime objective to preserve and grow the capital value of funds, whilst generating sufficient income to meet current commitments. The third fund was opened during the year, a Liquidity Fund, to maximise short term returns on cash balances. Also during the year, the Canford Partnership Fund was merged into the Assyrian Fund. The overall investment approach is achieved through a balanced approach to income and asset growth and appropriate risk diversification. The policy recognises that there will be differing investment styles required for some of the restricted funds. The company’s Articles of Association empower it to invest the monies of the company not immediately required, as it thinks fit. The school uses external professional discretionary fund managers to achieve the investment objectives, which may be a single firm or several firms. The performance of these managers is reviewed regularly by the Investment Sub-committee of the Resources Committee as is the overall allocation of assets by type and manager. During the year, Rathbone Brothers PLC managed the investment portfolio and have discretionary management powers. In 2025 a gain of 5.8% (2024: 10.7% gain) was seen across the funds. Governors were satisfied with this result. The largest portfolio comprises the Liquidity Fund. The investment policy for this fund is to achieve short term returns ahead of those available through cash investments. All holdings are liquid and are available to meet current liabilities. The second portfolio is the Assyrian Fund with an investment policy to maximise long-term total return in such a way as to permit the regular award of scholarships and bursaries while maintaining or increasing the value of the fund in real terms. The third portfolio comprises various funds restricted by donors for the provision of scholarships, bursaries, prizes and activities. ## Grant Making Policy This year, the value of scholarships, grants, prizes and other awards made to the School’s pupils was £633K (2024: £685K). The Governors’ policy is to make these awards based on the individual’s educational potential, subject to the particular conditions imposed by the original donor where an award is made from restricted funds. In addition, means-tested bursary awards totalling £2,201K (2024: £2,270K) were provided. Funding from investments contributed £435K (2024: £400K) to this, with the remainder funded from fees income. The policy for awarding bursaries is to broaden access to the school for prospective pupils and to relieve hardship where a current pupil’s education and future prospects would otherwise be at risk. Awards representing 90% or more of the fees went to 27 pupils (2024: 31). The availability of all such awards for fee assistance, together with the terms and conditions for each kind of award, is advertised on our website. In the year the Governors reaffirmed their plan to increase means tested fee assistance through fundraising. ## Energy and Carbon Performance Energy and carbon performance is an area which receives an ever-increasing focus in the School. The Environmental, Social and Governance Committee are responsible for the strategy to reduce the School’s environmental impact and to monitor the implementation of the strategy. During the year, a new Environmental Policy and Action Plan was approved for implementation. While this was developed, several steps were taken to improve environmental performance, focussing on reducing usage, generating renewable electricity and switching to electricity where possible. To reduce usage, the roll out of LED lighting neared completion and temperature monitoring ensured efficient use of gas. Three significant solar projects were completed, reducing purchased power. To 12 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 reduce CO2 emissions, three diesel vans were replaced with electric vans, two heat pumps replaced commercial boilers and some catering equipment was switched from gas to electricity. Consequently, the level of CO2e per pupil reduced by 5% (2024: 2.7% increase). ||Energytype|CO2 kg|CO2 kg|Notes| |---|---|---|---|---| |Scope 1
emissions|Transport - diesel
Transport - unleaded|58,896
3,578|56,303
4,104|Fuel for minibuses, vans and cars| |Scope 2
emissions|Electricity *
Gas|296,081
850,542|382,275
850,628|All School buildings| |Total||1,209,098|1,293,309|| ||||-7%|| ||||1,960
-5%|| |kgCO2eperpupil||1,869|1,960|| ||||-5%|| * Note that electricity emissions have been determined using the UK Government’s standard conversion factors. However, the School’s electricity is sourced through a renewable energy contract so this element of our emissions is essentially carbon neutral. For all capital projects, consideration is given to the full range of heat generation options. Each will now be evaluated against the new Environmental Policy. Ground source boreholes will provide heat for the new Sixth Form buildings, which will also be equipped with solar panels. Significant further work is planned for four additional solar panel installations which will be onstream by autumn 2025. Other options to reduce carbon emissions are being investigated. To determine the School’s CO2 emissions, we have followed the 2019 HM Government Environmental Reporting Guidelines, used the GHG Reporting Protocol – Corporate Standard and the 2024 UK Government's Conversion Factors for Company Reporting. ## Risk Management The Board of Governors is responsible for the management of risks faced by the School. Risks are identified and reviewed by the School’s leadership team and split into functional risk areas. The Governors’ functional sub-committees review their risk areas on a termly basis, implementing appropriate mitigation measures. The most significant risks are reviewed by the Governing Body each term. Through this process, the Governors are satisfied that the major risks to the School have been identified and reasonably mitigated with key controls. The Governors consider the major risks to the School to be: - The political opposition to independent schools threatening the viability of the business model and legality of the sector, including the imposition of VAT on school fees and the withdrawal of charitable business rate relief for independent schools. - A change in, or loss of, key staff members that could affect confidence in the school’s future direction. - Competition from other schools could adversely affect pupil numbers. - Penalties or restrictions following regulatory inspections. - Significant disruption to school activities from power outages, fire or the failure of key computer hardware or software. - Pupils significantly underachieve their potential. - A challenging economic or political outlook and / or a rising cost base could affect the affordability of Canford’s fees, exacerbated by the imposition of VAT on school fees. - Staff costs rise at unsustainable levels, given the increasing level of employer pension contributions, National Living Wage and inflationary challenges. - A lack of readily available financial reserves might limit the School’s ability to respond to unexpected catastrophic events. - A health and safety issue, including a road traffic accident or similar incident, leads to injury or death, on or off school premises. ## The key controls include: - Strategic risk assessments and risk assessments for individual activities and departments. - Planning, budgeting and management accounting, focussing funds on critical areas with clear communication to parents. - Clear Terms of Reference for all Committees and appropriate membership, ensuring oversight of high educational standards, relations with feeder schools, all aspects of health and safety, the financial position of the school and IT systems. - • Formal written policies. - Vetting procedures as required by law for the protection of vulnerable people. - Clear organisational structure, lines of reporting and authority limits. - Formal agenda and minutes to support decisions of all Committee and Governing Body activities. 13 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## STATEMENT OF DIRECTORS’ RESPONSIBILITIES The Governors, who are Directors for the purposes of Company Law, are responsible for preparing the Directors and Trustees’ Report, incorporating the strategic report, and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period. In preparing these financial statements, the Directors are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting 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; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Directors are responsible for keeping proper accounting records that 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. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Directors is aware at the time the report is approved: - there is no relevant audit information of which the charitable company and group's auditors are unaware; and - the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. ## AUDITORS HaysMac LLP have expressed their willingness to continue as auditors to Canford School Limited. This report was approved by the Board on 5 December 2025 and signed on its behalf by: Sir Gary Coward Director/Trustee 14 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CANFORD SCHOOL LIMITED ## Opinion We have audited the financial statements of Canford School Limited for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Cash flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 July 2025 and of the group’s and parent charitable company’s net movement in funds, including the income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## Conclusions relating to going concern In auditing the financial statements, we have concluded that the 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 group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## Other information The trustees are responsible for the other information. The other information comprises the information included in the Directors and Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: We have audited the financial statements of Canford School Limited for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Cash flow Statement, and notes to the financial statements, including a summary of 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 15 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 July 2025 and of the group’s and parent charitable company’s net movement in funds, including the 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. ## Matters on which we are required to report by exception We have audited the financial statements of Canford School Limited for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Cash flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 July 2025 and of the group’s and parent charitable company’s net movement in funds, including the 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. ## Responsibilities of trustees for the financial statements As explained more fully in the trustees’ responsibilities statement set out on page 15 , 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 group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. ## Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of noncompliance with laws and regulations related to the regulatory requirements of the Charities Commission and the Independent Schools Inspectorate, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and other factors such as payroll tax and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in making accounting estimates. Audit procedures performed by the engagement team included: 16 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 - Inspecting correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - Evaluating management’s controls designed to prevent and detect irregularities; - Review of Governor’s meeting minutes during the year; - Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and - Challenging assumptions and judgements made by management in their critical accounting estimates Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more 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 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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. ## 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. Richard Weaver (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of HaysMac LLP, Statutory Auditors London EC4R 1AG Date: 10/12/2025 17 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure account) |INCOME FROM
Income from charitable activities
School fees receivable
Other educational income
Other ancillary trading income
Other trading activities
Fundraising
Trading company
Rents and school lets
Income from Investments
Other income
Total Income
EXPENDITURE ON
Expenditure on raising funds
Expenditure on Charitable activities
Total Expenditure
NET INCOME before
transfers and investments
gains/(losses)
OPERATING SURPLUS before
investment gains/(losses)
Net gains/(losses) on Investments
FUNDRAISING INCOME
Net Income
Transfers between funds
NET MOVEMENT IN FUNDS
Fund balance brought forward at
1 August
Balance carried forward at 31 July|Note
2
4
4
3
5
4
6
6
6
17
17|2025|2025|2025|2025|2024|2024|2024|2024| |---|---|---|---|---|---|---|---|---|---| |||General Funds
£|Designated
Funds
£|Restricted
Funds
£|Total 2025
£|General Funds
£|Designated
Funds
£|Restricted
Funds
£|Total 2024
£| |||23,235,994
844,113
184,775|-
-|-
-
-|23,235,994
844,113
184,775|24,193,282
519,848
167,864|-
-
-|-
-
-|24,193,282
519,848
167,864| |||24,264,882
74,045
1,171,515
506,591
857,355
28,071|
-
-
-
-
181,536
-|-
176,271
-
-
63,024
-|24,264,882
250,316
1,171,515
506,591
1,101,915
28,071|
24,880,994
130,058
1,107,003
460,236
218,112
14,520|
-
-
-
-
187,827
-|-
372,936
-
-
75,277
-|24,880,994
502,994
1,107,003
460,236
481,216
14,520| |||26,902,459|
181,536|
239,295|
27,323,290|
26,810,923|
187,827|
448,213|
27,446,963| |||1,556,947
23,488,779|32,443
10,000|(24,896)
408,300|1,564,494
23,907,079|1,465,638
23,475,955|30,343
(1)|(44,637)
354,234|1,451,344
23,830,188| |||25,045,726|
42,443|
383,404|
25,471,573|
24,941,593|
30,342|
309,597|
25,281,532| |||1,856,733|
139,093|
(144,109)|1,851,717|
1,869,330|
157,485|
138,616|
2,165,431| |||1,782,688
284,386
74,045|
139,093

238,494

-|
(320,380)

119,850
176,271|1,601,401

642,730

250,316|
1,739,273
-

130,058|
157,484
547,233

-|
(234,320)

242,676
372,936|1,662,437

789,909

502,994| |||2,141,119|
377,587|
(24,259)|2,494,447|
1,869,331|
704,717|
381,292|
2,955,340| |||(4,804,092)|4,804,092|
-|-|2,591,636|
(2,435,658)|(286,185)|(130,207)| |||(2,662,973)
13,682,029|5,181,679

41,973,264|
(24,259)

3,206,681|2,494,447

58,861,974|
4,460,967

9,221,062|
(1,730,941)

43,704,205|95,107

3,111,574|
2,825,133

56,036,841| |||11,019,056|
47,154,943|
3,182,422|
61,356,421|
13,682,029|
41,973,264|
3,206,681|
58,861,974| All operations of the group continued throughout both years and no operations were acquired or discontinued in either year. The group had no recognised gains or losses in the year other than those above. The statement of financial activities includes the income and expenditure account. The notes on pages 21 to 35 form an integral part of these financial statements. 18 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## CONSOLIDATED AND CHARITY BALANCE SHEETS CANFORD SCHOOL LIMITED AS AT 31 JULY 2025 COMPANY REGISTERED NO: 190956 |Notes
FIXED ASSETS
Cost
Depreciation
Tangible Fixed Assets
8
INVESTMENTS
Investment in subsidiary undertaking
9
Restricted investments
11
Other investments
11
CURRENT ASSETS
Stocks
12
Debtors
13
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: amounts falling due
after more than one year
15
NET ASSETS
UNRESTRICTED FUNDS
General fund
Designated funds:
Property fund
Assyrian Fund
Canford Partnership fund
RESTRICTED FUNDS
TOTAL FUNDS
17|Group
July
July
2025
2024
£
£
71,099,978
63,851,304
(22,830,850)
(20,257,871)
48,269,128
43,593,433
-
-
2,953,839
3,152,118
22,055,281
7,661,075
25,009,120
10,813,193
129,033
165,047
3,104,276
1,261,443
2,538,469
27,027,250
5,771,778
28,453,740
(11,713,999)
(14,101,121)
(5,942,221)
14,352,619
67,336,027
68,759,245
(5,979,606)
(9,897,271)
61,356,421
58,861,974
11,019,056
13,682,029
39,125,031
34,320,939
8,029,912
7,356,156
-
296,169
3,182,422
3,206,681
61,356,421
58,861,974|Charity
July
July
2025
2024
£
£
70,911,242
63,662,568
(22,672,501)
(20,107,045)| |---|---|---| |||48,238,741
43,555,523| |||100
100
2,953,839
3,152,118
22,055,281
7,661,075| |||25,009,220
10,813,293| |||21,345
19,773
3,620,000
1,795,298
2,248,951
26,670,767| |||5,890,296
28,485,838
(11,854,602)
(14,152,953)| |||(5,964,306)
14,332,885| |||| |||67,283,655
68,701,701| |||(5,979,606)
(9,897,271)| |||61,304,049
58,804,430| |||10,966,683
13,624,485
39,125,032
34,320,939
8,029,912
7,356,156
-
296,169
3,182,422
3,206,681| |||61,304,049
58,804,430| The surplus of the parent charitable company before consolidation was £1,949,877 (2024: £1,869,330). The financial statements were approved and authorised for issue by the Board of Directors on 5 December 2025 were signed on its behalf by: Sir Gary Coward Rev John Simmons Chair Chair of Resources Committee The notes on pages 21 to 35 form an integral part of these financial statements. 19 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## CONSOLIDATED CASH FLOW STATEMENT ## FOR THE YEAR ENDED 31 JULY 2025 |Net movement in funds
Investment income receivable
(Gains)\losses on investments
Operating surplus for the year
Depreciation
(Profit)\loss on disposal of fixed assets
Amortisation of lease granted over land
Discount given on Composition fees
Decrease \ (increase) in stocks
(Increase)\decrease in debtors
(Decrease)\increase in creditors
Net cash inflow/(outflow) from operating
activities
Investing
Investment income received
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed assets
Net Sale\(Purchase) of investments
Net movement in composition fee investments
Net cashflow from capital expenditure and
financial investments
Net cash inflow/(outflow) before financing
Financing
Composition fees received
Composition fee payments and transfers
Lessee's payments for the reduction of the outstanding
liability relating to a finance lease
Net cashflow from financing
Increase\(Decrease) in cash in the year
Note 22
Cash and cash equivalents at the start of the
year
Cash and cash equivalents at the end of the
year|2025
2024
£
£
2,494,447
2,825,133
(1,101,915)
(481,216)
(358,344)
(789,909)
1,034,188
1,554,008
2,610,797
2,689,949
(12,917)
(3,827)
(7,666)
(7,666)
-
(57,455)
36,014
(26,823)
(1,842,833)
5,726,158
(5,884,082)
17,164,296
(4,066,499)
27,038,640
1,101,915
481,216
(7,704,108)
(3,192,576)
12,917
(2,902,143)
(13,837,583)
(196,951)
-
-
(20,426,859)
(5,810,454)
(24,493,358)
21,228,186
-
-
-
(37,038)
4,577
(19,869)
4,577
(56,907)
(24,488,781)
21,171,279
27,027,250
5,855,971
2,538,469
27,027,250| |---|---| ||-
-
4,577| ||| The notes on pages 21 to 35 form an integral part of these financial statements. 20 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ## 1. ACCOUNTING POLICIES ## a) General information The Charity is a private company limited by guarantee, incorporated in England and Wales (company number 190956) and a charity registered in England and Wales (charity number 306315). The Charity’s registered office address is The Bursary, Canford School, Wimborne, Dorset BH21 3AD. ## b) Basis of accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition, effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Canford School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Financial statements are prepared in pounds sterling rounded to the nearest pound. These financial statements consolidate the results of the charity and its wholly owned subsidiary Cheneford Limited. In accordance with Section 408 of the Companies Act 2006, no separate Statement of Financial Activities is presented for Canford School Limited. The Trustees have reviewed the appropriateness of adopting the going concern basis of accounting in preparing the annual financial statements to assess whether the charity was viable in accordance with the new requirement of the UK Corporate Governance Code. The assessment included a review of the budget and principal risks facing the charity, their potential impact, how they were being managed and a review as to the appropriate period for the assessment. The Governors are confident that there is a reasonable expectation that the charity will be able to continue in operation and meet its liabilities as they fall due over the one-year period of the assessment and there are no material uncertainties in making this assessment. ## c) Significant judgements and sources estimation uncertainty The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Charity’s accounting policies. The key judgements that have been applied by management relate to: - Items covered above in Basis of accounting, such as determining the charity is a going concern; - The treatment of VAT in relation to school fee prepayments and the Capital Goods Scheme; and - Estimates regarding pensions liabilities have been made and are covered in Note 21. ## d) Income and expenditure School fees and operating expenses are included in the financial statements on the accruals basis. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school. Entrance and registration fees are credited to income in the year in which they are received. All income and expenditure included in the financial statements is from continuing operations. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to the management estimates of time spent or space occupied, as appropriate. VAT is included with the item of expenditure to which it relates. Governance costs comprise the cost of running the company, including strategic planning for its future development, external audit, and all the costs of complying with constitutional and statutory requirements, such as the cost of governor and committee meetings and preparing financial statements. ## e) ## Termination payments Termination payments are accounted for in the year in which the commitment is made. This applies to pay in lieu of notice, redundancy payments and payments under compromise agreements. 21 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## f) Donations Donations of tangible fixed assets are capitalised, and a matching gift in kind is accounted for as a donation within the Statement of Financial Activities. Other donations are accounted for within the Statement of Financial Activities and are recognised when the school is entitled to the receipt. ## g) Repairs and maintenance Repairs and maintenance expenditure is charged as an operating expense in the year in which it is incurred net of any grants receivable. ## h) Investments The investments are stated at market value, less any provision for permanent diminution in value. It is the company’s policy to keep valuation up to date such that when investments are sold there is no gain or loss arising. As a result, the Statement of Financial Activities only includes those unrealised gains or losses arising from the revaluation of the investment portfolio throughout the year. The school also holds an investment at cost in its subsidiary, Cheneford Limited, shown in Note 9. ## i) Tangible fixed assets and depreciation ## Freehold land and buildings Expenditure relating to the acquisition of and extensions to freehold land and buildings together with the initial equipping thereof is capitalised and is stated in the financial statements at cost less depreciation and any provision for impairment. No depreciation is charged on freehold land. Leases granted over land are amortised over the term of the lease. Land and buildings are reviewed annually for impairment in accordance with FRS 102. ## Depreciation Tangible fixed assets are stated at cost less accumulated depreciation. Donations of tangible fixed assets are capitalised at their cash value or at estimated cash value if received in kind. Depreciation is provided on tangible fixed assets so as to write off their cost, less estimated residual value, by equal instalments over the expected useful lives of the assets concerned. Assets with a cost of more than £5,000 are capitalised. The estimated useful lives are considered to be as follows: - Freehold buildings Up to 50 years - Property improvements 5 – 25 years - Plant and equipment 3 – 20 years - Computer equipment 4 – 7 years - Furniture, fixtures and fittings 10 – 20 years Motor vehicles - 4 – 7 Years ## j) Composition fees Composition fees represent payments in advance in a restricted fund in respect of school fees for current and future pupils. During 2022 the Composition Fund investment account was closed, with the funds held as cash to match future liabilities and the investment gain returned to the General Fund. ## k) Stocks Stocks are stated at the lower of cost and net realisable value. ## l) Assets acquired under finance leases - Assets acquired under finance leases, which confer rights and obligations similar to those attached to owned assets are capitalised and included under tangible fixed assets in the balance sheet and are depreciated over the shorter of the lease term and their useful lives. The capital elements of finance lease obligations are recorded as liabilities while the interest elements are charged to the Statement of Finance Activities over the primary lease period, to produce a constant rate of charge on the balance of capital repayments outstanding. ## m) Operating leases Assets used by the school under operating leases are not capitalised. The costs associated with their rental are charged on a straight-line basis over the lease term, even if the payments are not made on such basis. 22 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## n) Pensions The School’s professional teaching staff are members of a Superannuation Scheme operated by the Department for Education and Skills. This is a multi-employer defined benefit scheme and individual schools are not able to identify their share of the underlying assets and liabilities of the scheme. The results for the year are stated after charging the relevant employer’s contributions to this scheme. On 1 December 2024, the School commenced a phased withdrawal from the Teachers’ Pension Scheme. This decision followed a strategic review of pension provision and long-term financial sustainability. Under the phased withdrawal arrangement, eligible teaching staff will transition out of the TPS over a defined period, with alternative pension arrangements being introduced. This change is considered a non-adjusting post balance sheet event under Section 32 of FRS 102 and does not affect the financial position as at 31 July 2025. Other staff are members of a defined contribution scheme. Further information and the basis of accounting is given in Note 21. ## o) Taxation The School is considered to pass the tests set out in paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the School is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## p) Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. ## 2. FEES |2. FEES|| |---|---| |Gross School Fees
Less: scholarships, bursaries, grants and allowances
Add: scholarships funded from Assyrian Fund and from
Scholarship Bursary and Prize Fund|2025
2024
£
£
26,257,724
27,304,809
(3,456,754)
(3,511,419)| ||22,800,970
23,793,390
435,024
399,892| ||23,235,994
24,193,282| ## 3. INCOME FROM SUBSIDIARY’S TRADING ACTIVITIES The company owns 100% of the issued share capital of Cheneford Limited, a company registered in England, after one share was transferred back to the company during the year (company number: 2694274). The company leases the Sports Centre and lets the facilities of the school, including a golf course, for use by the public and various organisations. The subsidiary’s net profit is paid to Canford under a Deed of Covenant. The subsidiary’s trading results for the year, as extracted from the audited financial statements, are summarised below: 23 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 |Turnover
Cost of Sales
Gross Profit
Administration expenses
Operating profit
Interest receivable
Interest payable
Net profit|2025
2024
£
£
1,959,528
1,781,687
(1,422,021) (1,374,932)
537,507
406,755
(202,060)
(185,571)
335,447
221,184
5,353
7,386
-
(66)| |---|---| ||340,800
228,504| Turnover includes £788,013 (2024: £674,684) supplied to the School. Costs include contributions to the overheads of the School totalling £216,139 (2024: £207,706). These intercompany transactions are excluded from the consolidated figures shown on the SOFA and in note 6. At 31 July 2025 there was a balance of £576,483 (2024: £566,374) owed by Cheneford to Canford School Limited and £356,746 (2024: £251,469) owed by Canford School Limited to Cheneford Limited. The subsidiary's balance sheet as at 31 July 2025 as extracted from the audited financial statements is summarised below: |4. OTHER INCOME
Fixed assets
Current assets
Less current liabilities
Net Assets
Called up share capital
Profit and loss account
Other educational charitable activities
Fee income for extra subjects
Entrance and registration fees
Courses and sub lettings
Other ancillary trading income
Ancillary income|2025
2024
£
£
30,387
37,910
814,969
785,744
(792,883)
(766,011)| |---|---| ||52,473
57,643| ||100
100
52,373
57,543| ||52,473
57,643| ||2025
2024
£
£
343,825
368,846
446,869
116,970
53,419
34,032
844,113
519,848
184,775
167,864
184,775
167,864| 24 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 |Other income
Gain / (Loss) on Sales of Fixed Assets
Other operational income
Amortisation of lease granted over land|12,917
3,827
7,488
3,027
7,666
7,666
28,071
14,520| |---|---| ## 5. INVESTMENT INCOME ||General|Restricted|
2025|General|Restricted|
2024| |---|---|---|---|---|---|---| ||Funds|Funds|Total|Funds|Funds|Total| ||£|£|£|£|£|£| |Investment income|497,421|63,024|560,445|187,827|75,277|263,104| |Interest received|541,470||-
541,470|218,112||-
218,112| ||1,038,891|63,024|1,101,915|405,939|75,277|481,216| ## 6. ANALYSIS OF TOTAL EXPENDITURE AND SUPPORT COSTS |Costs of generating funds:
Fundraising
Trading costs of subsidiary
Finance costs
Charitable Activities
Provision of education
-Teaching
-Welfare
-Premises
-Support costs
Governance
Grants, awards and prizes
Total Expenditure|Staff
costs
Other
costs
Depreciation
2025
Total
Staff
costs
Other
costs
Depreciation
2024
Total
£
£
£
£
£
£
£
£
134,647
77,965
-
212,612
139,185
102,425
-
241,610
714,532
471,357
7,523
1,193,412
685,166
438,294
7,523
1,130,983
-
158,470
-
158,470
-
78,751
-
78,751| |---|---| ||849,179
707,792
7,523
1,564,494
824,351
619,470
7,523
1,451,344| ||8,741,117
222,649
-
8,963,766
8,628,090
269,566
-
8,897,656
3,909,591
1,110,661
-
5,020,252
3,708,716
1,154,423
-
4,863,139
1,174,943
2,528,234
2,603,274
6,306,451
1,122,724
2,744,603
2,682,426
6,549,753
2,207,064
965,301
-
3,172,365
2,057,176
1,020,291
-
3,077,467
-
56,234
-
56,234
-
80,253
-
80,253
16,032,715
4,883,079
2,603,274
23,519,068
15,516,706
5,269,136
2,682,426
23,468,268| ||-
388,011
-
388,011
-
361,920
-
361,920| ||16,032,715
5,271,090
2,603,274
23,907,079
15,516,706
5,631,056
2,682,426
23,830,188| ||| ||16,881,894
5,978,882
2,610,797
25,471,573
16,341,057
6,250,526
2,689,949
25,281,532| |Support Costs
Head and Deputy Head's office
Operations
Finance
Human Resources
Information Technology
Marketing and Admissions
Other
Total Support Costs|2025
2024
476,439
413,726
492,738
511,907
416,794
382,591
371,136
356,458
582,552
610,087
513,364
467,749
319,341
334,949| |---|---| ||3,172,364
3,077,467| All support costs relate to the provision of education. 25 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 |||Group|||||Charity||| |---|---|---|---|---|---|---|---|---|---| ||2025||2024||2025|||2024|| ||£||£|||£||£|| |Charitable activities include:|||||||||| |Depreciation on owned assets|2,610,797||2,689,949||2,603,274|||2,682,426|| |Operating leases|33,409||40,280|||33,409||40,280|| |Finance costs include|||||||||| |Bad debts expense|99,730||68,743|||100,554||84,912|| |Governance costs include|||||||||| |Auditors remuneration for|||||||||| |Audit services|23,545||29,271|||18,840||24,594|| |Other service||4,794||1,560|||4,794||1,560| |7. STAFF COSTS|||||||||| |||||2025|||2024||| ||||||£||£||| |Total staff costs were as follows:|||||||||| |Wages and salaries||||13,007,019||12,964,671|||| |Social security costs||||1,383,299|||1,255,987||| |Pension contributions||||2,491,576|||2,120,399||| |||||16,881,894||16,341,057|||| ## 7. STAFF COSTS The governors received no remuneration during the year (2024: £nil). An aggregate amount of £53 was reimbursed to 1 governor during the year, in respect of travel expenses (2024: £514 to 4 governors). One Governor has a child in the school paid at standard rates. One Governor has a child who receive merit-based scholarships. The related Governors were not involved in the decisions to make these awards. ## Related party transactions No related party transactions occurred during the year (2024: £nil). |Staff numbers|2025||2024|| |---|---|---|---|---| |The number of employees in the year were:|479||488|| |The number of employees whose emoluments exceeded £60,000 were||||| |£60,001 to £70,000|32||41|| |£70,001 to £80,000|16||13|| |£80,001 to £90,000|7||2|| |£90,001 to £100,000|2||4|| |£120,001 to £130,000||-|1|| |£130,001 to £140,000||-|1|| |£140,001 to £150,000|1|||-| |£250,001 to £260,000||-|1|| |£270,001 to £280,000|1|||-| There are a number of key management personnel in the School including the Senior Management Team and the Support Staff Senior Management Team. The total amount of remuneration, benefits and pensions paid to this group of individuals was £2,105,117 (2024: £1,986,086). 26 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 In addition to the above payments and those contained in the bandings above, the School provides fee remission to teaching and some senior staff typical for the independent school sector and accommodation (or reimbursement for own accommodation) to staff who are entitled to accommodation by virtue of their role. ## Pension contributions and commitments Teaching staff were eligible to contribute to the Teachers' Pension Scheme until 30 November 2025. On 1 December 2024, the School commenced a phased withdrawal from the Teachers’ Pension Scheme. This decision followed a strategic review of pension provision and long-term financial sustainability. Under the phased withdrawal arrangement, eligible teaching staff will transition out of the TPS over a defined period, with alternative defined contribution pension arrangements in place, administered by Aviva. Support staff are eligible to contribute to a personal pension plan, which is a defined contribution scheme. This was administered by Scottish Widows until 31 December. From 1 January 2025, the scheme was administered by Aviva. All schemes permit staff to make additional voluntary contributions. Further details relating to these pension schemes are set out in note 21. |Pension contributions
Total employer contributions incurred during the year were:
Teaching staff
Support staff
Redundancy & Termination Payments
made in the year totalled|2025
2024
£
£
1,714,299
1,372,010
777,277
748,389| |---|---| ||2,491,576
2,120,399| ||2025
2024
£
£
135,539
52,000| ## 8. TANGIBLE FIXED ASSETS – GROUP |Historic cost
Opening - 1st August
Additions
Disposals
Capital Goods Scheme
Closing - 31st July
Depreciation
Opening - 1st August
Charge in year
Disposals
Closing - 31st July
Net Book Value
Opening - 1st August
Closing - 31st July|Freehold
property
Plant &
equipment
Computer
equipment
Furniture,
fixtures &
fitings
Motor
vehicles
Total
£
£
£
£
£
£
46,461,409
8,228,679
2,367,990
6,272,600
520,626
63,851,304
7,708,214
793,907
41,308
232,053
135,540
8,911,022
-
-
-
-
(37,817)
(37,817)
(1,624,530)
-
-
-
-
(1,624,530)| |---|---| ||52,545,093
9,022,586
2,409,298
6,504,653
618,349
71,099,978| ||12,140,470
4,151,625
1,660,795
1,967,478
337,503
20,257,871
1,279,591
629,092
170,240
448,885
82,989
2,610,797
-
-
-
-
(37,818)
(37,818)| ||13,420,061
4,780,717
1,831,035
2,416,363
382,674
22,830,850| ||34,320,939
4,077,054
707,195
4,305,122
183,123
43,593,433| ||39,125,031
4,241,869
578,263
4,088,290
235,675
48,269,128| 27 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## 8. TANGIBLE FIXED ASSETS – CHARITY ||Freehold|Plant &|Computer|Furniture,|Motor||Total| |---|---|---|---|---|---|---|---| ||property|equipment|equipment|fixtures &|vehicles||| |||||fitings|||| ||£|£|£|£|£||£| |Historic cost|||||||| |Opening - 1st August|46,461,409|8,051,032|2,356,901|6,272,600|520,626||63,662,568| |Additions|7,708,214|793,907|41,308|232,053|135,540||8,911,022| |Disposals|-|-|-|-|(37,817)||(37,817)| |Capital Goods Scheme|(1,624,530)|-|-|-||-|(1,624,530)| |Closing - 31st July|52,545,093|8,844,939|2,398,209|6,504,653|618,349||70,911,242| |Depreciation|||||||| |Opening - 1st August|12,140,470|4,011,888|1,649,706|1,967,478|337,503||20,107,045| |Charge in year|1,279,591|621,569|170,240|448,885|82,989||2,603,274| |Disposals|-|-|-|-|(37,818)||(37,818)| |Closing - 31st July|13,420,061|4,633,457|1,819,946|2,416,363|382,674||22,672,501| |Net Book Value|||||||| |Opening - 1st August|34,320,939|4,039,144|707,195|4,305,122|183,123||43,555,523| |Closing - 31st July|39,125,031|4,211,482|578,263|4,088,290|235,675||48,238,741| ## 9. INVESTMENTS |9. INVESTMENTS||||||| |---|---|---|---|---|---|---| |||Group|||Charity|| ||2025||2024||2025|2024| ||£|||£|£|£| |Investment in subsidiary undertaking|-|||-|100|100| ## 10. COMPOSITION FEES The investments were managed by Rathbone Brothers PLC in accordance with an investment policy established by the school as a trustee. The surplus of funds invested over liabilities has been recognised and is shown as a restricted reserve. This scheme was closed to new entrants in October 2020 and the investment fund was closed in May 2023. |At 1 August 2024
Composition fees received
Income arising from investments
Management fees and similar charges
Payments
Cash transferred
Net Movement in the year
Total liability as at 31 July 2024
Unrealised gain/(loss)on investments
At 31 July 2025|2025
2024
£
£
37,038
-
-
-
-
-
-
-
-
-
-
-| |---|---| ||-
-| ||-
37,038
-
-| ||-
37,038| 28 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 Represented by: Investment with Rathbones - - Cash at bank - 37,038 Interest Receivable - - - 37,038 ## 11. OTHER INVESTMENTS |1. OTHER INVESTMENTS|| |---|---| |a) Assyrian Fund
Cost of assets representing School Funds
Market value of assets representing School Funds
The funds are invested by Rathbones.
UK equities
Overseas equities
Index linked
Other
Cash and commitments
Reconciliation of Movement in Fund
B/Fwd
Additions
Disposals
Profit /(Loss) on Disposals
Unrealised Gains/(Losses)
Cash Movements
C/Fwd
b) Liquidity Fund
Cost of assets representing School Funds
Market value of assets representing School Funds|2025
2024
£
£
7,164,550
7,060,809| ||8,029,912
7,652,325| ||2025
Total
2024
Total
£
£
1,364,865
1,774,619
2,751,764
2,774,940
2,578,589
139,038
1,222,628
2,920,523
112,066
43,205| ||8,029,912
7,652,325| ||2025
2024
£
£
7,652,325
6,947,608
2,116,870
1,594,626
(1,973,090)
(1,369,602)
(35,352)
184,562
273,846
362,671
(4,687)
(67,540)| ||8,029,912
7,652,325| ||2025
2024
£
£
13,773,270
-| ||14,016,619
-| The funds are invested by Rathbones. 29 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 |Index linked
Cash and commitments
Reconciliation of Movement in Fund
B/Fwd
Additions
Disposals
Profit /(Loss) on Disposals
Unrealised Gains/(Losses)
Cash Movements
C/Fwd
c) Other Assets held as Investments
Market value of assets representing School Funds
Total Other Investments
d) Restricted Funds - Scholarship, Bursaries and Prize
Investments representing restricted funds at cost
Market value of assets representing restricted funds
The funds are invested by Rathbones.
UK equities
Overseas equities
Index linked
Other
Cash and commitments|2025
Total
2024
Total
£
£
14,001,487
-
15,132
-
14,016,619
-
2025
2024
£
£
-
-
27,612,782
-
(13,900,195)
-
41,037
-
243,349
-
19,647
-| |---|---| ||14,016,619
-| ||8,750
8,750| ||| ||22,055,281
7,661,075| ||Fund
2,549,167
2,886,412| ||2,953,839
3,152,118| ||2025
Total
2024
Total
£
£
636,453
871,612
1,479,421
1,451,819
552,642
76,927
264,072
739,206
21,251
12,554| ||2,953,839
3,152,118| 30 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ||2025|2024| |---|---|---| ||£|£| |Reconciliation of Movement in Fund||| |B/Fwd|3,152,118|2,869,974| |Additions|520,492|780,042| |Disposals|(846,412)|(695,631)| |Profit /(Loss) on Disposals|(19,115)|119,066| |Unrealised Gains/(Losses)|138,965|123,610| |Cash Movements|7,790|(44,944)| |C/Fwd|2,953,839|3,152,118| The investments are managed by Rathbones Investment Management Ltd in accordance with an investment policy established by the School as trustee. Notes 17 and 18 show the funds to which these investments relate. ## 12. STOCKS |12. STOCKS||||| |---|---|---|---|---| ||Group||Charity|| ||2025|2024|2025|2024| ||£|£|£|£| |Goods for resale|129,033|165,047|21,345|19,773| The replacement cost of stocks is not considered to be materially different from their historical costs. ## 13. DEBTORS |13. DEBTORS||||| |---|---|---|---|---| ||Group||Charity|| ||2025|2024|2025|2024| ||£|£|£|£| |Debtors in respect of school fee account|604,313|447,088|604,313|447,088| |Amounts owed by subsidiary undertaking|-|-|576,483|566,374| |Other debtors|1,695,121|44,098|1,644,730|16,348| |Prepayments and accrued income|804,842|770,257|794,474|765,488| ||3,104,276|1,261,443|3,620,000|1,795,298| ## 14. CREDITORS: amounts falling due within one year |14. CREDITORS: amounts falling due within one year|| |---|---| |School fees paid on account
Composition fees (see note 10)
Trade creditors
Amounts owed to subsidiary undertaking
Other creditors
Taxation & social security
Finance lease obligations
Accruals and deferred income|Group
Charity
2025
2024
2025
2024
£
£
£
£
8,094,609
10,745,884
8,094,609
10,745,884
-
-
-
-
872,902
742,106
841,705
737,446
-
-
356,746
251,469
943,402
647,369
911,370
605,541
225,673
321,544
195,380
292,198
(4,972)
(4,775)
(4,775)
(4,775)
1,582,385
1,648,993
1,459,567
1,525,190| ||11,713,999
14,101,121
11,854,602
14,152,953| 31 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## 15. CREDITORS: amounts falling due after more than one year ||Group|Group|Group||Charity|Charity|Charity|| |---|---|---|---|---|---|---|---|---| ||2025||2024||2025||2024|| ||£||£||£||£|| |Prepaid fees due 2 - 5 years|5,890,268||9,805,042||5,890,268||9,805,042|| |Prepaid fees due more than 5 years||-||-||-||-| |Deferred Income due 2 - 5 years|30,664||30,664||30,664||30,664|| |Deferred Income more than 5 years|68,993||76,659||68,993||76,659|| |Finance lease obligations due 2 - 5 years|(10,319)||(15,094)||(10,319)||(15,094)|| |Finance lease obligations more than 5 years||-||-||-||-| ||5,979,606||9,897,271||5,979,606||9,897,271|| The Deferred Income relates to a lease granted over land and is amortised over the life of the lease. ## 16. MOVEMENT IN TOTAL DEFERRED INCOME ||Group||Charity|Charity| |---|---|---|---|---| ||2025|2024|2025|2024| ||£|£|£|£| |As at 1st August|232,406|329,242|159,641|264,722| |New Deferred Income|161,115|208,638|72,189|135,873| |Released to SOFA|(168,372)
(305,474)||(95,607)|(240,954)| |As at 31st July|225,149|232,406|136,223|159,641| ## 17. FUNDS |17. FUNDS|| |---|---| |Unrestricted Funds
Assyrian Fund
Canford Partnership Fund
Designated Property Fund
General Fund
Total Unrestricted School Funds
Restricted Funds
Composition Fees Fund
Scholarship Bursary and Prize Fund
Total Restricted School Funds
Total Charity Funds
Subsidiary Reserves|1 August
2023
Income
Expenditure
Gain\(Loss) on
Investment
Assets
Transfer
Between
Funds
1 August
2024
Income
Expenditure
Gain\(Loss)
on
Investment
Assets
Transfer
Between
Funds
31 July 2025
£
£
£
£
£
£
£
£
£
£
£
6,679,501
180,325
(29,127)
534,645
(9,188)
7,356,156
181,536
(42,443)
238,494
296,169
8,029,912
268,107
7,502
(1,216)
12,588
9,188
296,169
-
-
-
(296,169)
-
36,756,597
-
-
- (2,435,658)
34,320,939
-
-
-
4,804,093
39,125,031| ||43,704,205
187,827
(30,343)
547,233
(2,435,658)
41,973,264
181,536
(42,443)
238,494
4,804,093
47,154,943
9,212,597
26,083,665
(24,107,435)
-
2,435,658
13,624,485
26,287,701
(24,425,539)
284,129
(4,804,093)
10,966,683| ||52,916,802
26,271,492
(24,137,778)
547,233
-
55,597,749
26,469,237
(24,467,982)
522,623
-
58,121,626
105,415
-
-
-
(68,377)
37,038
-
(37,038)
-
-
-
3,006,159
406,519
(367,052)
242,676
(118,659)
3,169,643
366,173
(473,244)
119,850
-
3,182,422| ||3,111,574
406,519
(367,052)
242,676
(187,036)
3,206,681
366,173
(510,282)
119,850
-
3,182,422
56,028,376
26,678,011
(24,504,830)
789,909
(187,036)
58,804,430
26,835,410
(24,978,264)
642,473
-
61,304,048
57,544
768,952
(768,952)
-
-
57,544
487,881
(493,051)
257
(257)
52,374| ||56,085,920
27,446,963
(25,273,782)
789,909
(187,036)
58,861,974
27,323,291
(25,471,315)
642,730
(257)
61,356,421| The total of the Income and Expenditure in each year above matches the Net Income before transfers and investments gains/(losses) on the SOFA. The cost of scholarships in the year from the Assyrian Fund and the Scholarship, Bursary and Prize Funds are included within the total for "scholarships, bursaries, grants and allowances" in note 2. 32 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## Purpose of funds |Unrestricted Funds|| |---|---| |Assyrian Fund|This is designated for annual scholarshipand bursaryawards topupils.| |Canford Partnership Fund|This is designated for work carried out by pupils on trips to orphanages in countries such as Argentina,
Ghana and India. During the year, this was merged into the Assyrian Fund. Grants will continue to
be awarded forpartnershipactivities.| |Designated Property Fund|This is designated to match the value of the investment made over the years in the fabric of School
buildings.| |Liquidity Fund|This is used to achieve short term returns ahead of those available through cash investments. All
holdings are liquid and are available to meet current liabilities.| |General Fund|General reserves are available to the group. Governors monitor this fund on a regular basis,
considering the working capital management of the School and the desire to continually improve
facilities.| |Restricted Funds|| |---|---| |Composition Fees Fund|This is restricted to the advance payment of fees, and represents funds received in respect of school
fees for current and futurepupils. This scheme was close to new entrants in October 2020.| |Scholarship Bursary and Prize
Fund|This is restricted to terms set out by donors for the provision of scholarships, bursaries, prizes and
activities. This fund includes funds from the following linked charities:
306315-1The Marriott Trust
306315-3 Canning Memorial Fund
306315-4 Canford School Fortieth Anniversary Development Fund
306315-5 Canford School Development Fund
306315-6 Canford School Scholarship, Bursary And Prize Fund| ## Transfers between funds £4,804,092 was transferred to the designated property fund from the general fund to match the movement in net book value of freehold land and buildings. ## 18. ALLOCATION OF NET ASSETS TO FUNDS |Unrestricted General Fund
Unrestricted School Funds
Assyrian Fund
Canford Partnership Fund
Designated Property Fund
Restricted Funds
Composition Fees Fund
Scholarship Bursary and Prize Fund|Fixed
assets
Investments
Other net
assets/
(liabilities)
Long term
liabilities
2025
Total
Fixed
assets
Investments
Other net
assets/
(liabilities)
Long term
liabilities
2024
Total
£
£
£
£
£
9,144,097
14,025,111
(6,170,546)
(5,979,606) 11,019,056
9,272,494
8,750
14,298,056
(9,897,271) 13,682,029| |---|---| ||-
8,029,912
-
-
8,029,912
-
7,356,156
-
-
7,356,156
-
-
-
-
-
-
296,169
-
-
296,169
39,125,031
-
-
- 39,125,031
34,320,939
-
-
- 34,320,939| ||39,125,031
8,029,912
-
- 47,154,943
34,320,939
7,652,325
-
- 41,973,264| ||-
-
-
-
-
-
-
37,038
-
37,038
-
2,954,097
228,325
-
3,182,422
-
3,152,118
17,525
-
3,169,643| ||-
2,954,097
228,325
-
3,182,422
-
3,152,118
54,563
-
3,206,681| ||| ||48,269,128
25,009,120
(5,942,221)
(5,979,606) 61,356,421
43,593,433
10,813,193
14,352,619
(9,897,271) 58,861,974| 33 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 ## 19. OPERATING LEASE COMMITMENTS At 31 July 2025 the company's future minimum operating lease payments are as follows: ||Group|Group|Charity|Charity| |---|---|---|---|---| ||2025|2024|2025|2024| ||£|£|£|£| |Within one year|40,396|45,133|39,210|43,354| |Between 1 and 5 years|82,234|39,434|82,086|38,100| At 31 July 2025 the company's future minimum operating lease income is as follows: ||Group|Group|Charity|Charity| |---|---|---|---|---| ||2025|2024|2025|2024| ||£|£|£|£| |Within one year|7,666|7,666|7,666|7,666| |Between 1 and 5 years|30,664|30,664|30,664|30,664| |Over 5 years|74,744|90,076|74,744|90,076| ## 20. CAPITAL COMMITMENTS Capital expenditure authorised and contracted for at the balance sheet date amounted to £5,777,346 (2024: £12,414,064) ## 21. PENSIONS The Group operates two pension schemes. Teaching staff were eligible to contribute to the Teachers' Pension Scheme until 30 November 2025. On 1 December 2024, the School commenced a phased withdrawal from the Teachers’ Pension Scheme. This decision followed a strategic review of pension provision and long-term financial sustainability. Under the phased withdrawal arrangement, eligible teaching staff will transition out of the TPS over a defined period, with alternative defined contribution pension arrangements in place, administered by Aviva. Support staff are eligible to contribute to a personal pension plan, which is a defined contribution scheme. This was administered by Scottish Widows until 31 December. From 1 January 2025, the scheme was administered by Aviva. All schemes permit staff to make additional voluntary contributions. Staff who do not elect to join a scheme offered are swept up into the Aviva scheme under auto-enrolment rules. ## Teachers Pensions 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 £1,379,273 (2023: £1,212,591) and at the year end £173,770 (2023: £140,483) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023. Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members. 34 CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2025 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%. ## 22. ANALYSIS OF CHANGES IN NET DEBT ||1 August
2024|Cashflows|31 July
2025| |---|---|---|---| |Cash|27,027,250|(24,488,781)|2,538,469| |Finance lease obligation|19,869|(4,577)|15,292| ||27,047,119|(24,493,358)|2,553,761| ## 23. POST BALANCE SHEET EVENT On 22 September 2025, subsequent to the balance sheet date, Canford School Limited and Dumpton School, both registered charities and independent schools, entered into a formal agreement to merge their operations. The merger will be effected through the transfer of all assets, liabilities, and charitable activities of Dumpton School to Canford School, with the intention of continuing the educational and charitable objectives under a unified governance structure. This event is considered a non-adjusting event under Section 32 of FRS 102, as the conditions leading to the merger arose after the reporting date. Accordingly, no adjustments have been made to the financial statements as at 31 July 2025. However, the trustees consider the merger to be a significant development in the charity’s future operations and have disclosed this event to provide users of the financial statements with relevant information regarding the charity’s strategic direction. The merger is expected to be completed on 1 January 2026, subject to regulatory approvals. 35