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CHRIST’S HOSPITAL FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

CHARITY NUMBER 306975

CHRIST’S HOSPITAL FOUNDATION YEAR ENDED 31 AUGUST 2025

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CONTENTS
	Page
Report of the Trustee	2-16
Auditor’s Report	17-19
Statement of Financial Activities	20
Balance Sheet	21
Terminology	22
Notes to the Financial Statements	23-46

THE MISSION OF CHRIST’S HOSPITAL

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

to offer to boys and girls of suitable age an education of such breadth and excellence as will fit them pre-eminently for work and service in society in their generation; and in particular to enable them to compete competently with their peers for opportunities in further education and careers. In so doing, to develop first the skills, learning habits, independence of mind and spiritual awareness that will enable and motivate them to continue to educate themselves throughout their lives; and second, a high sense of responsibility towards themselves, their families, their associates and to society at large, such as to form a permanent foundation of their training and character;
in the choice of students, to have regard especially to children of families in social, financial or other specific need;
to provide our students with opportunities to explore, reflect upon and grow in their understanding of the Christian faith; and
to maintain and further the close connection with the City of London so successfully nurtured since 1552.

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KEY INFORMATION

	Year ended	Year ended
	31 August 2025	31 August 2024
Financial Results
Investment income	£13.2m	7£8.9m
Investment gains	£15.2m	£23.8m
Total return (net of fees and interest)	5.3%	6.5%
Fundraising Income	£3.6m	£5.4m
Closing value of Endowment Funds	£419.6m	£420.3m
Closing value of Total Funds	£483.3m	£480.1m

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The Council of Christ’s Hospital (Council), the corporate Trustee body of Christ’s Hospital Foundation (the Foundation), presents its Report and audited Financial Statements for the year ended 31 August 2025. These comply with the governing documents of the Foundation, the Charities Act 2011 and 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).

Christ’s Hospital was originally established by King Edward VI by a Royal Charter dated 1553 and the Foundation was privileged to enjoy the patronage of His Majesty the King. The Foundation now operates as a charitable trust under a Scheme approved by the Charity Commission in August 2017 and is registered under charity number 306975. In accordance with this new Scheme, Christ’s Hospital became the corporate trustee of the Foundation on 1 September 2017. For the year ended 31 August 2024, consolidated financial statements for the Christ’s Hospital group are prepared for Christ’s Hospital (company number 06232556 and charity number 1120090) and charity only financial statements for Christ’s Hospital Foundation.

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

CHARITABLE OBJECTS

The principal objects of Christ’s Hospital Foundation as set out in the 2017 Scheme are the advancement of education of children, principally for the benefit of those whose families are in social, financial or other specific need, the undertaking of ancillary educational and associated activities for the benefit of the community and to provide support for Christ’s Hospital.

TERMINOLOGY

To assist in understanding the Report and Financial Statements, a brief explanation of some of the terms that are used is shown on page 22.

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STRATEGIC REPORT

OBJECTIVES, ACHIEVEMENTS AND PERFORMANCE FOR 2024/25

The objectives established for the year for Christ’s Hospital, which were supported by Christ’s Hospital Foundation, and its achievements against these are set out below:

Continue to monitor the sustainability of the current spending rule.

This was reviewed by the Investment Committee, supported by Christ’s Hospital’s investment managers during the year, particularly in the light of the funding requirements of the boarding house redevelopment project. This will continue to be closely monitored in 2025-26.

Further progress work on the development of an amended responsible investment policy.

The Sustainable and Responsible Investment Policy was approved by the Investment Committee in March 2025.

To support the school’s future plans. Further detail is set out in the Trustees’ Report within the Christ’s Hospital consolidated accounts.

The annual grant awarded by the Foundation to the school in the financial year enabled the school to make progress against its objectives.

The Trustees’ Report within the Christ’s Hospital consolidated accounts for the year ended 31 August 2024 provides further information.

FUTURE PLANS

Objectives for the coming year:

Continue to monitor the sustainability of the current spending rule.
Further progress cash flow and liquidity planning for the funding of boarding house redevelopment project
To support the school’s future plans as set out below:
Prepare for ISI inspection in 2026.
Launch main boarding house redevelopment project, including initial boarding refresh.
Create and launch new long-term strategic vision.
Review branding language and marketing propositions.
Grow income and Endowment
Recast Marketing and Admissions and external relations functions.
Further develop fee assisted day product and grow day pupil numbers.
Review Saturday provision and experience.
Develop an emphasis on scholarships and supporting scholars.
Review Careers/Futures provision programme and staffing.
Improve prospective parent and visitor arrival experience.
Integrate new devices for students into classroom practice.
Launch new sports facilities including Padel Centre and Athletics Track.

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PUBLIC BENEFIT

The Charities Act 2011 requires charities to demonstrate that their aims are clearly for the public benefit. In considering the aims of Christ’s Hospital, Council has, in accordance with the Charities Act 2011, given due regard to the public benefit guidance issued by the Charity Commission.

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

Christ’s Hospital continues to attract applicants through a programme of publicity including regular contact with the head teachers of primary schools, particularly those in deprived areas. Levels of interest remain high, with around four applicants for every bursary place available at the school during the year. From the total of 857 students in the school at the beginning of the year, 680 (79%) received financial support towards the costs of their education with 93 (11%) of these students being entirely funded by the Foundation. These figures also include staff discounts which were received by the families of 15 students (2%).

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

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

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

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

Our extensive Community Action Programme, established in 1987, involves more than 200 students who take part in over 30 placements each week throughout the academic year. These include

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volunteering in nursery, primary and special needs schools, residential homes for the elderly and local charity shops. The programme is a cornerstone of Christ’s Hospital’s ethos of service and engagement, fostering meaningful relationships with the wider community and encouraging students to make a positive difference.

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

FINANCIAL REVIEW AND RESULTS FOR THE YEAR ENDED 31 AUGUST 2025

Income and expenditure

The details of income and expenditure are shown in the Statement of Financial Activities on page 20.

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

Investment performance

The total return on the Foundation’s investments was a gain of £28.4 million (2024: a gain of £32.7 million) which was made up of dividend, interest and rental income of £13.2 million (2024: £8.9 million) and investment gains of £15.2 million (2024: gains £23.8 million).

Total Return

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

The securities portfolio returned +6.6% in sterling terms (net of all fees) this financial year against a backdrop of strong public equities market performance (+15%) and muted UK government bond performance (-2%). Equity market performance over the period was predominantly driven by the largest seven technology stocks which appreciated strongly (+35% weighted average performance). The portfolio had exposure to these stocks over the period, but this was at lower levels of concentration than the global equities index due to the portfolio’s multi-asset class construction; for example, 34% of the portfolio’s assets are invested in private equity which did not benefit from the rally seen in public equities over the last year. However, over the longer term the private equity allocation has delivered outperformance relative to public equities generating a return of +14% vs +13% per annum over the last 5 years. The longer-term performance of the securities portfolio has also been strong with a return of +7.3% per annum in Sterling terms net of all fees over the last five years

Investment property returns, whilst marginally higher than prior year, continue to be lower than targeted. Commercial property performance has been driven by stable valuations, resilient income, and rental growth, principally in the retail and industrial sectors, offset by the office sector as the laggard suffering capital decline. The positive impact of the portfolio’s overweight exposure to industrial assets

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(relative to the benchmark) was offset by an overweight exposure to weaker office assets, which was the main driver of the portfolio’s relative underperformance. The commercial property portfolio delivered an annual total return to 31 August 2025 of +4.5% against the MSCI quarterly benchmark return of +6.0%. The portfolio’s 12-month income return was +5.4% against the benchmark of +5.5% and its 12-month capital performance was -0.9% against the benchmark at +0.5%. The commercial returns were offset by flat returns in other areas of the investment property portfolio.

Fundraising

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

Income from donations and legacies of £3.6 million (2024: £5.4 million) was received during the year. The total for the Christ’s Hospital Group, including donations paid directly to the school, exceeded the £4.1 million group target for the year. This performance was due primarily to higher income than expected from individual major donors. Income from philanthropic partnerships continued to play a central role, including support from the Tazaki Foundation, John Lyon’s Charity and Buttle UK. Once again, support from Old Blues, parents and other friends was vital to sustaining the charitable mission, with 1,643 donating in the year compared to 1,442 in the previous year. Christ’s Hospital’s policy is to recognise income from residuary legacies when probate has been granted and we have received the approved accounts, or where notification of impending distribution has been received. £1.2million of legacies where probate had been granted, did not quite meet the criteria for recognition at the yearend and will therefore be recognised in the next financial year.

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

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

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

Pensions

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

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

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Following the detailed actuarial valuation which took place as at March 2023 and was agreed by the Scheme trustees in December 2023, employer contribution levels were revised as part of the funding plan agreed with the Scheme trustees. The deficit reduction payments agreed at that time had the objective of ensuring the Scheme would not be in deficit by 31 December 2028. Further details of the scheme and contribution levels are shown in Note 17. Council is aware of the volatile nature of the FRS 102 valuation and that this may vary greatly depending on the assumptions made and market conditions at each year end.

Subsidiary Company

Christal House Contracts Limited

The company’s 3.5 acre solar farm, and the solar panels at Westons Farm, generated a total of 1,044 Mwh of electricity in the year to 31 August 2025 (2024: 1,028Mwh). Sales of electricity generated and feed-in-tariff grants earned amounted to £202,000 (2024: £191,000).

POLICIES

Financial policy

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

The Spending Rule has two main objectives:

To give Christ’s Hospital as much certainty as possible of the future level of grants that it may receive from the Foundation.
To maintain the value of the Endowment in real terms.

Reserves policy

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

Total funds held by the Foundation at 31 August 2025 were £483.3m (2024: £480.1m). This total comprised £419.6m of Endowed Funds (2024: £420.3m), Restricted Funds of £2.6m (2024: £2.5m) and Unrestricted Funds (net of Pension Reserve) of £61.1m (2024: £57.3m).

Because the Foundation is an endowed charity, with a significant level of Unapplied Total Return, the level of Free Reserves has less significance than in an unendowed charity. Council is comfortable with the level of Free Reserves which stood at £0.1m at 31 August 2025 (2024: £0.4m). The ability of the Foundation to meet the future requirements of Christ’s Hospital depends critically on the long-term investment returns achieved from the Endowment.

Several designated funds have been established for specific purposes. These include the Fixed Asset Capital Fund of £60.8m (2024: £56.5m) which represents the net book value of fixed assets used for operational purposes.

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Investment policy

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

The Foundation seeks to incorporate responsible investment best practices into investment decision making. We are focused on environmental, social and governance (ESG) factors that may have a material impact on our investment risk or return.

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

Grant-making policy

An annual grant is made to Christ’s Hospital, in accordance with the Spending Rule (see Financial Policy), on approval of the budget by Council. Christ’s Hospital makes grants for the benefit of students on the basis of their parental income. The families of all students receiving financial support are means tested annually and their eligibility for additional financial support is judged accordingly. Smaller grants are made to current and former students of Christ’s Hospital based on the criteria and terms of individual endowed and restricted funds.

OUR PRINCIPAL RISKS AND UNCERTAINTIES

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

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

Long-term investment returns

Christ’s Hospital is highly unusual among educational establishments in its heavy reliance upon the Endowment for its funding. This reliance, and the limited scope of the school for short term cost-cutting, means that it is not possible to make rapid reductions in the level of grants made to the school without severely impacting the education of students. Council recognises that, as a consequence, there is a risk that the Endowment will be depleted during a prolonged fall in investment returns and therefore be unable to recover once markets rise again which would be to the detriment of future generations. Accordingly, Council has placed a cap on the amount of withdrawal that may be made and has adopted

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a strategy that will reduce withdrawals to a sustainable level. For the longer term, the allowable rate of annual withdrawal from the Endowment has been set at 3.75% of the net value of the Endowment, as set out in the Financial Policy above.

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

Cyber security

Christ’s Hospital remains vigilant to the risk to the security of its data and has invested in improvements to systems to support and protect its network, including the introduction of multi-factor authentication for remote users and regular penetration testing. Staff and students receive regular reminders of the need to maintain security and of the need to act safely online.

Financial sustainability

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

Pension scheme

Council keeps under review the financial implications of any deficit on the Christ’s Hospital Pension Scheme. Currently, on an FRS102 basis, the fair value of the Scheme’s assets exceed the present value of future obligation but uncertainty remains. Management will continue to work closely with the Scheme trustees and actuarial advisers to monitor the financial performance of the Scheme.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Council of Christ’s Hospital

Members of the Board of Directors of the Trustee, known from 1 September 2017 as ‘The Council of Christ’s Hospital’ (Council) are listed on page 14. There are thirteen members of Council. The Court of Governors (see below) may nominate up to four members, the Lord Mayor and Aldermen of the City of London may nominate up to four members and up to a further nine members may be co-opted by Council.

Council is responsible for the overall management and control of the charity, including the formulation and approval of strategy and for monitoring performance in pursuit of that strategy. Council ensures that the investment and operational assets of the Foundation are properly managed and also works to build the Endowment through fundraising.

Council is also responsible for the formulation, approval and monitoring of policy and long-term planning of Christ’s Hospital, ensuring that the assets of Christ’s Hospital are properly managed,

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approving expenditure priorities, raising funds by means of trading, controlling spending and ensuring that the processes for the admission and discharge of students are appropriate to its ethos.

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

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

Management and committees

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

the Audit and Risk Committee , which oversees the provision of accounting and internal control systems, including systems to ensure the effective management of business risk;
the Development, Marketing and Communications Committee (formerly the Campaign Board ) took on a wider brief of supervisory oversight on behalf of Council from June 2025. It now exercises oversight of all aspects of development, marketing and communications at Christ’s Hospital ensuring close alignment to its overall vision and strategy;
the Finance and General Purposes Committee , which is responsible for financial management, supervises and monitors capital projects and the management of the estate and health and safety matters;
the Heritage Committee , which advises on and implements strategy and policy in relation to the heritage of Christ’s Hospital;
the Investment Committee , which is responsible for investment policy, risk parameters and strategy relating to the investments of Christ’s Hospital; and
the Nominations and Remuneration Committee , which makes recommendations on the appointment of Council Members, on the composition and membership of committees and pay and conditions for senior management.

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

Key management personnel (Senior Leadership Team)

Council delegates day-to-day running of the Foundation to the Head Teacher as the Chief Executive, assisted by other members of the Senior Leadership Team (as shown on page 15). All members of the Senior Leadership Team are remunerated by Christ’s Hospital.

Remuneration for key management personnel is set by Council, with the objective of providing appropriate incentives to encourage high levels of performance, recruit and retain experienced staff and to reward, fairly and responsibly, individual contributions to Christ’s Hospital’s success.

Induction and training of Council Members

When Council Members are appointed they are required to attend a briefing on the governance structure of Christ’s Hospital and receive an outline of their responsibilities in compliance with the Charity Commission’s publication CC3, “The Essential Trustee”. They are briefed on the organisational structure and the key issues facing Christ’s Hospital. They are issued with a “Trustees’ Pack” which

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includes a copy of the Scheme, the Memorandum and Articles of Association of Christ’s Hospital, School Prospectus, the Annual Financial Statements and Impact Report, recent Committee minutes and CC3. Arrangements are made for them to attend appropriate training courses and further training and development is offered individually or to Council as a whole as required. This includes annual safeguarding training.

The Court of Governors

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

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

Volunteers

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

Group Structure and Relationships

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

Christ’s Hospital Foundation has not prepared consolidated accounts including Christal House Contracts Limited on the grounds that it is included in the larger group headed by Christ’s Hospital for which consolidated accounts are prepared for the year ended 31 August 2025.

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

Council is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and regulations.

Charity law requires Council prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law Council must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the Foundation and of its net incoming or outgoing resources for that period. In preparing these financial statements, Council are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue to operate.

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Council are responsible for ensuring that the Foundation keeps proper accounting records that are sufficient to show and explain the Foundation’s transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and to enable Council to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2015 and the provisions of the Foundation’s governing documents. Council are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR

Crowe U.K. LLP has expressed its willingness to continue as auditor for the next financial year.

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REFERENCE AND ADMINISTRATIVE INFORMATION Structure, Governance and Management

Patron

His Majesty the King

President

H.R.H. The Duke of Gloucester, KG, GCVO

Vice President (ex officio)

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

The Council of Christ’s Hospital

The Board of Directors of the Trustee, known as the Council of Christ’s Hospital, who served in office during the year or subsequently are detailed below:

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

Constituencies by which Members are nominated

(a) The Court of Governors
(b) The Corporation of London
(c) Co-opted

Committee Membership

1 Finance and General Purposes Committee
2 Nominations and Remuneration Committee
3 Education Committee
4 Investment Committee
5 Audit and Risk Committee
6 Development, Marketing and Communications Committee (formerly Campaign Board)
7 Heritage Committee
8 Equity, Diversity and Inclusion Committee (up to September 2024)

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

_____________

KEY MANAGEMENT PERSONNEL (SENIOR LEADERSHIP TEAM)

The key management personnel of the charity during the year or subsequently are:

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

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

Simon Reid, BA (to 31 August 2025) Matthew Judd, BA(Hons), FRGS, JP (from 1 September 2025)

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

-15-

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

_____________

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

Principal Office

The Counting House Christ’s Hospital Horsham West Sussex RH13 0YP

Treasury Managers

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

Property Adviser

Gerald Eve LLP 72 Welbeck Street London W1G 0AY

Swiss Life Asset Managers UK Limited 55 Wells Street London W1T 3PT

Investment Adviser

Partners Capital LLP 5 Young Street London W8 5EH

Auditor

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

Pension Scheme Adviser and

Administrator

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

Banker

Barclays Bank plc 2 Carfax Horsham West Sussex RH12 1DN

Property Valuer

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

Land Agent

Savills (UK) Limited Exchange House Petworth GU28 0BF

Solicitors

Forsters LLP 22 Baker Street London W1U 3BW

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

Approved by the Council of Christ’s Hospital on 25 March 2026 and signed on its behalf by:

Miriam McKay

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

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CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

AUDITOR’S REPORT

_________________

Independent Auditor’s Report to the Trustee of Christ’s Hospital Foundation

Opinion

We have audited the financial statements of Christ’s Hospital Foundation (‘the charity’) for the year 31 August 2025 which comprise the Statement of Financial Activities, Balances Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity’s affairs as at 31 August 2025 and of its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'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 Trustee with respect to going concern are described in the relevant sections of this report.

Other information

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

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

We have nothing to report in this regard.

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CHRIST’S HOSPITAL FOUNDATION YEAR ENDED 31 AUGUST 2025

AUDITOR’S REPORT

_________________

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the Trustee’s report; or
sufficient and proper accounting records have not been kept by the charity; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustee

As explained more fully in the Statement of Council’s responsibilities set out on page 12, the Trustee is 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 Trustee determines 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 Trustee is responsible for assessing the charity’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 Trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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

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

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

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

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

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

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CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

AUDITOR’S REPORT

_________________

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation and health and safety legislation.

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

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, valuation of investments and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Trustee about its own identification and assessment of the risks of irregularities, sample testing on the posting of journals, analytical review and sample testing of income, vouching year end valuations to third party data, reviewing accounting estimates for biases particularly in relation to investment valuations, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

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

Use of our report

This report is made solely to the charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

London

Date 31 March 2026

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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CHRIST’S HOSPITAL FOUNDATION YEAR ENDED 31 AUGUST 2025

STATEMENT OF FINANCIAL ACTIVITIES

_________________

£ 000s Endowment Restricted Funds Funds INCOME AND ENDOWMENTS FROM: Fundraising Donations & legacies 3 428 164 Investments 4 12,943 55 Charitable Activities Grants receivable 5 16 - Other Sources Other income 6 6 - TOTAL INCOME AND ENDOWMENTS 13,393 219 EXPENDITURE ON: Raising Funds Investment management 7 (3,642) (6) Financing (2,275) - Charitable Activities Costs of providing education (16) (1) Grants payable 8b (19,795) (130) TOTAL EXPENDITURE 8a (25,728) (137) NET (OUTGOING) / INCOMING FUNDS FROM OPERATIONS BEFORE TRANSFERS AND INVESTMENT GAINS (12,335) 82 Gains on investments 15,144 92 Transfers between funds 19 (3,542) (102) NET INCOME AND CAPITAL INFLOW / (OUTFLOW) (733) 72 Actuarial (losses) on defined 17e - - benefit pension scheme NET MOVEMENT IN FUNDS (733) 72 Total funds brought forward 1 September 420,251 2,520 TOTAL FUNDS CARRIED FORWARD 419,518 2,592	Unrestricted Funds 2,971 242 24 2 3,239 - - (2,197) (629) (2,826) 413 - 3,644 4,057 (276) 3,781 57,362 61,143	Total Total 2025 2024 3,563 5,354 13,240 8,879 40 462 8 10 16,851 14,705 (3,648) (2,977) (2,275) (2,278) (2,214) (2,246) (20,554) (18,205) (28,691) (25,706) (11,840) (11,001) 15,236 23,843 - - 3,396 12,842 (276) (90) 3,120 12,752 480,133 467,381 483,253 480,133

The notes on pages 23 to 46 form part of these financial statements

-20-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

BALANCE SHEET

____________

£ 000s Endowment Funds Notes FIXED ASSETS Tangible assets 10 5,407 Investments 11 458,927 464,334 CURRENT ASSETS Debtors - due after more than one year 12a 1,040 - due within one year 12b 3,579 Cash at bank and in hand - 4,619 CREDITORS Due within one year 13 (4,435) NET CURRENT (LIABILITIES)/ ASSETS 184 TOTAL ASSETS LESS CURRENT 464,518 LIABILITIES CREDITORS Due after more than one year 14 (45,000) Pension scheme liability 17a - TOTAL ASSETS - INCLUDING PENSION SCHEME LIABILITY 419,518 REPRESENTED BY: Endowment Funds 419,518 Restricted Funds - Unrestricted Funds - Pension Reserve - TOTAL NET ASSETS - INCLUDING 19 419,518 PENSION SCHEME LIABILITY	Restricted Unrestricted Funds Funds - 60,814 1,793 1,810 1,793 62,624 - - 5 253 794 3,200 799 3,453 - (4,934) 799 (1,481) 2,592 61,143 - - - - 2,592 61,143 - - 2,592 - - 61,143 - - 2,592 61,143	Restricted Unrestricted Funds Funds - 60,814 1,793 1,810 1,793 62,624 - - 5 253 794 3,200 799 3,453 - (4,934) 799 (1,481) 2,592 61,143 - - - - 2,592 61,143 - - 2,592 - - 61,143 - - 2,592 61,143
464,334	1,793	62,624
1,040 3,579 -	- 5 794	- 253 3,200
4,619 (4,435)	799 -	3,453 (4,934)
184	799	(1,481)
464,518 (45,000) -	2,592 - -	61,143 - -
419,518	2,592	61,143
419,518 - - -	- 2,592 - -	- - 61,143 -
419,518	2,592	61,143

The notes on pages 23 to 46 form part of these financial statements Approved by the Council of Christ’s Hospital on 25 March 2026 and signed on its behalf by:

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

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CHRIST’S HOSPITAL FOUNDATION

TERMINOLOGY

____________

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

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

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

Old Blues. This is the term used to describe former students of Christ’s Hospital.

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

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

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

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

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CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

1. NATURE OF THE ENTITY

Christ’s Hospital Foundation constitutes a Public Benefit Entity, as defined by FRS102, registered in England and Wales under Charity number 306975 with its Principal Office at the address listed on page 16.

Christ’s Hospital, company number 06232556 and registered charity number 1120090 is the Trustee of the charity and a number of linked charities, including The Christ’s Hospital Common Investment Fund (Charity number 1111507).

The financial information in these Report and Accounts only relate to Christ’s Hospital Foundation. Consolidated accounts including the related companies, Christ’s Hospital, as parent, Christ’s Hospital Enterprises Limited, Bluecoat Sports and Christal House Contracts Limited are available upon request to the Chief Operating Officer of Christ’s Hospital, The Avenue, Christ’s Hospital, Horsham, West Sussex, RH13 0LJ.

2. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - effective 1 January 2019.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2015 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2015 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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

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

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CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

The Foundation has taken advantage of the exemption, available under FRS102 to subsidiary charities, from preparing a cash flow statement as this is included in the consolidated financial statements of Christ’s Hospital.

Critical accounting judgements and key sources of estimation uncertainty

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

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

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

Income

Income from investments is accounted for when receivable.

Investment income and gains/losses on the securities portfolio are credited to the individual fund in proportion to the holding in the Common Investment Fund.

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

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CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Expenditure

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

Governance costs comprise the costs of running the Foundation, including external audit and all the costs of complying with constitutional and statutory requirements, such as the costs of preparing statutory accounts, and satisfying public accountability. In the current financial year, certain governance costs relating to the Foundation, eg external audit, are accounted for in the books of Christ’s Hospital. These have been funded via the annual grant. See related party transactions note 18.

Where appropriate, investment management costs are allocated to the funds in proportion to their holding in the Common Investment Fund as set out in note 11.

Fixed Assets

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

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

Depreciation is not charged on work in progress.

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

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

Investments

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

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

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

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CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Financial instruments

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

Taxation

The Foundation is able to take advantage of tax exemptions available to charities for Income and Corporation Tax but is registered for VAT. A portion of its activities are classified as exempt or non-business activities for VAT purposes and consequently it is not possible to reclaim the full amount of VAT incurred on purchases.

Grants Payable

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

Total Return Accounting

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

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

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CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Funds

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

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

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

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

Pension Schemes

The charity has fully adopted the provisions of FRS 102 for Christ’s Hospital Pension Scheme. Further information on this scheme is set out in Note 17.

3. DONATIONS AND LEGACIES

£ 000s Donation Governorships & Blue Fund Legacies Donations for projects Other donations	Endowment Funds - - 428 428	Restricted Funds - - - 164 164	Unrestricted Funds 1,372 828 - 771 2,971	Total Total 2025 2024 1,372 2,492 828 550 - 56 1,363 2,256 3,563 5,354

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

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CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

4. INVESTMENT INCOME

£ 000s Property Securities Interest Rental income and interest from Christal House Contracts Limited Rental income from Bluecoat Sports Rental income from Christ's Hospital	Endowment Funds 8,134 4,515 102 70 - 122 12,943	Restricted Funds - 27 28 - - - 55	Unrestricted Funds - - 145 - 97 - 242	Total Total 2025 2024 8,134 7,727 4,542 518 275 348 70 76 97 97 122 113 13,240 8,879

5. INCOME FROM CHARITABLE ACTIVITIES	5. INCOME FROM CHARITABLE ACTIVITIES	5. INCOME FROM CHARITABLE ACTIVITIES
£ 000s	Endowment		Restricted	Unrestricted		Total	Total
		Funds	Funds		Funds	2025	2024
Grants receivable from Christ's
Hospital		16	-		24	40	462
		16	-		24	40	462
6. INCOME FROM OTHER SOURCES
£ 000s	Endowment		Restricted		Unrestricted	Total	Total
		Funds	Funds		Funds	2025	2024
Other miscellaneous income		6	-		2	8	10
		6	-		2	8	10
7. INVESTMENT MANAGEMENT COSTS
£ 000s		Endowment	Restricted		Unrestricted	Total	Total
		Funds	Funds		Funds	2025	2024
Property costs		2,634		-	-	2,634	2,219
Securities and cash management fees		1,008		6	-	1,014	758
		3,642		6	-	3,648	2,977

-28-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

(a) Total expenditure £ 000s Costs of generating funds Investment management costs Financing costs Total cost of generating funds Charitable activities Education and grant making Premises costs Other support costs Grants Total charitable expenditure Total 8. ANALYSIS OF EXPENDITURE	Staff Costs - - - - 270 - 270 270	Other Costs 3,648 2,275 5,923 16 (53) 20,554 20,517 26,440	Depreciation - - - 1,970 11 - 1,981 1,981	Total Total 2025 2024 3,648 2,977 2,275 2,278 5,923 5,255 1,986 2,037 228 209 20,554 18,205 22,768 20,451 28,691 25,706

Other support costs include governance costs of £26,000 (2024: £26,000). In the current financial year, certain governance costs relating to the Foundation, eg external audit, are accounted for in the books of Christ’s Hospital. These have been funded via the annual grant (see note 18).

(b) Grants, awards and prizes £ 000s From endowed funds: Grants From restricted funds: Grants From unrestricted funds: Grants	Total Total 2025 2024 19,795 16,635 130 145 629 1,425 20,554 18,205

These grants were made to Christ’s Hospital, as well as current and former students at Christ’s Hospital. Please see Note 18 Related Party Transactions for additional information relating to the movement from prior year.

9. STAFF COSTS

There are no employees in the Foundation. £270k included in staff costs in Note 8 relates to deficitreduction payments to the Christ’s Hospital Pension Scheme (see Note 17). Information on volunteers is shown on page 12.

-29-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Land & Buildings 84,054 - - -	Work in Progress 2,414 6,264 (24) -	Office Equipment 48 - - -	Plant & Equipment 2,040 - 24 -
84,054	8,654	48	2,064
30,572 1,787 -	- - -	48 - -	1,405 194 -
32,359	-	48	1,599

51,695	8,654	-	465
53,482	2,414	-	635
		Property 152,317 17,107 - - (713) 168,711	Securities 303,356 (29,014) (1,014) 4,542 15,949 293,819

Securities comprise: Cash & foreign exchange hedges Debt instruments Equities Hedge funds Private equity Property comprises: Retail Offices Industrial Agricultural and other land Residential rental properties	Total Total 2025 2024 9,904 7,796 53,826 55,856 72,740 81,563 56,422 59,058 100,927 99,083 293,819 303,356 35,030 20,080 33,650 36,850 64,600 62,150 19,873 19,834 15,558 13,403 168,711 152,317

-30-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

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

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

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

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

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

Common Investment Fund

Security assets totalling £293.9m are held within the Christ’s Hospital Common Investment Fund, which was established on 2 August 2005 and is a pooling scheme fund within the meaning of the Financial Services & Markets Act 2000 (Exemption) Order 2001 (SI 1201/2001). The scheme became active on 31 March 2006. At 31 August 202, units within the Christ’s Hospital Common Investment Fund were held as follows:

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

Other funds represent the combined assets of 17 individual trusts none of which has assets in excess of £0.2m.

-31-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Property Valuations

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

Future income from Property Investments

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

12a. DEBTORS DUE AFTER MORE THAN ONE YEAR

£ 000s Christal House Contracts Ltd 12b. DEBTORS DUE WITHIN ONE YEAR £ 000s Trade debtors Rents receivable Christal House Contracts Ltd Bluecoat Sports Accrued legacies Value Added Tax Other debtors and prepayments 13. CREDITORS DUE WITHIN ONE YEAR £ 000s Trade creditors Christ's Hospital Value Added Tax Rent in advance Other creditors and accruals		2025 2024 1,040 1,144 1,040 1,144 2025 2024 2 20 3,109 1,644 135 138 18 8 30 12 277 - 266 136 3,837 1,958 2025 2024 1,084 233 3,594 3,512 - 175 2,663 1,530 2,028 2,103 9,369 7,553

-32-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

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

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

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

15. CAPITAL AND LEASE COMMITMENTS

Capital Commitments

At 31 August 2025 there were capital commitments £1.5 million (2024: £10.2 million).

See Note 11 for information on private equity fund commitments.

16. AUDITOR'S REMUNERATION

Audit fees of £27,000 (2024: £29,000) were paid for by Christ’s Hospital from the annual grant.

17. PENSION SCHEMES

Christ's Hospital Pension Scheme

Prior to 2005, non-teaching staff were entitled to join the Christ's Hospital Pension Scheme (the Scheme), a defined benefit scheme, to which contributions are made by both employees and the employers. The Scheme was closed to new members with effect from 31 March 2005. Member contributions are 6.5% for those members who have an accrual rate of 1/80[th] of final salary for each year of service, and 4% for those who have an accrual rate of 1/100[th] . Contributions payable by

-33-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

________________

employers are 15.5% plus a monthly deficit-reduction contribution of £16,000. The deficit-reduction payments are in accordance with an agreed schedule, allowing the deficit to be eliminated by 31 December 2028. The basis of contribution to the Scheme is specified in a schedule of contributions certified by the actuary and agreed with the Scheme trustees on 13 December 2023. The cost of providing such pensions is charged to the accounts in accordance with the provisions of FRS 102.

The last full actuarial valuation of the Scheme was carried out with an effective date of 31 March 2023 and was finalised in December 2023. For the purpose of FRS 102, the Scheme valuation has been updated as at 31 August 2025 by a qualified actuary. The valuation method adopted for the Scheme was the Projected Unit Method and it is assumed, in relation to security of both accrued and protected rights, the Scheme will continue.

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

Under a flexible apportionment arrangement dated 31 August 2022, and in accordance with Regulation 6E(2)(b) of the Employer Debt Regulations, the Principal Employer, Christ’s Hospital took over responsibility for the assets and liabilities of Christ’s Hospital Enterprises Limited in relation to the Scheme.

Employer contributions for the group for the year ended 31 August 2025 were £327,000 (£378,000). This includes £270,000 (2024: £312,000) which was incurred by the Foundation.

-34-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

a) Amounts recognised in the balance sheets
£ 000s
Present value of funded obligations
Fair value of plan assets
Less asset not recognised
Net asset
(b) Changes in the present value of the defined benefit obligation
£ 000s
Opening defined benefit obligation
Employers' service cost
Interest cost
Actuarial gains
Benefits paid from scheme assets
Scheme participants' contributions
(c) Changes in the fair value of the Scheme assets are as follows:
£ 000s
Opening fair value of scheme assets
Interest income
Return on assets less interest income
Employer contributions
Employee contribution
Administration expenses paid
Benefits paid
Fair value of Scheme assets at end of period

2025
2024
(12,882)
(14,377)
13,612
14,511
(730)
(134)
-
-
2025
2024
14,377
14,032
48
45
683
708
(1,360)
408
(887)
(836)
21
20
12,882
14,377
2025
2024
14,511
13,782
698
706
(1,054)
452
326
387
21
20
(3)
-
(887)
(836)
13,612
14,511

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

(d) Amounts included within the Statement of Financial Activities £ 000s Current service cost Interest income on assets Administration expenses paid Interest on pension liabilities Interest on effect of asset ceiling Total amount charged within net outgoing funds from operations	2025 2024 48 45 (698) (706) 3 - 683 708 14 - 50 47

-35-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Projected current service cost
Projected interest income on assets
Projected interest cost on Defined Benefit Obligation
Interest on effect of asset ceiling
(e) Reconciliation of movement in Present Value of Plan Liabilities and Assets
£ 000s
Net liability at the beginning of the year
Employer current service cost
Employer's contributions
Interest income on assets
Interest cost
Interest on effect of asset ceiling
Administration expenses paid
Actuarial gains less scheme asset not recognised
Net asset / (liability) at end of the year
(f) Major categories of Scheme assets as a percentage of total Scheme assets
Equities
Multi-Asset Funds
Self sufficiency credit
Liability Driven Investments
Absolute Return Bond Fund
Sterling Liquidity Fund
Cash

31 August
2026
41
(771)
721
50
41
2025
2024
-
(250)
(48)
(45)
326
387
698
706
(683)
(708)
(14)
-
(3)
-
(276)
(90)
-
-
2025
2025
17.3%
14.7%
22.0%
19.9%
26.3%
27.1%
21.0%
24.8%
10.0%
8.8%
1.7%
3.7%
1.7%
1.0%
100%
100%

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

-36-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

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

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

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

18. RELATED PARTY TRANSACTIONS

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

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

During the year, funding of £20.3 million was granted by the Foundation to Christ’s Hospital (2024: £18.0 million). In addition, Christ’s Hospital gifted back to the Foundation £0.1 million of capital assets. Other expenses totalling £nil (2024: £16,000) were recharged by Christ’s Hospital to the Foundation. Christ’s Hospital funded certain expenses relating to the Foundation from the annual grant. Those expenses related to the audit fee, the property director and development department’s operational

-37-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

costs and the cost of finance support. The Foundation received £122,000 (2024: £113,000) in rent from Christ’s Hospital for certain residential properties.

The Foundation received £97,000 (2024: £97,000) from Bluecoat Sports for the rent of its sports facilities.

The Foundation received £7,000 (2024: £7,000) in rent charge and £63,000 (2024: £68,000) in interest from Christal House Contracts Limited.

19. MOVEMENT OF FUNDS

Specified Endowment Funds

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

The purposes of the major remaining funds are as follows:

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

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

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

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

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

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

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

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

House Fund gives an annual grant to the boarding houses in order to provide additional resources or activities.

The Reginald Wood Fund provides additional funds to support musically talented students. The Army Foundation supports children whose parents have served or are currently serving in the Army.

-38-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Restricted Funds

Restricted Funds are accounted for in accordance with the particular terms of the trust arising from the expressed or implied wishes of donors insofar as these are intended to be binding. Where any such wishes are not intended to be binding, they are taken into account and recognised in an appropriate Designated or Unrestricted Fund.

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

Designated Funds

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

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

-39-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

19. MOVEMENT OF FUNDS

£ 000s Balance at 2024 Preserved Endowment General Fund Capital Account 104,574 The Wests' Gift for Children Fund 7,531 The Hornby Steer Fund 1,670 The Daniel Lett Fund 1,539 The Ward Blakely Fund 1,487 The RAF Foundationers' Trust Fund 910 Miss West Scholar Fund 800 Christ's Hospital Association 323 Additional Costs Fund 595 House Fund 290 The Reginald Wood Fund 150 Other Funds 453 120,322 Unapplied Total Return Endowment General Fund Capital Account 272,645 The Wests' Gift for Children Fund 20,783 The Hornby Steer Fund 1,841 The Daniel Lett Fund 1,745 The Ward Blakely Fund 98 The RAF Foundationers' Trust Fund 1,237 Miss West Scholar Fund 205 Christ's Hospital Association 224 Additional Costs Fund 150 House Fund 197 The Reginald Wood Fund 159 Other Funds 570 299,854 Expendable Endowments The Army Foundation 75 TOTAL ENDOWMENT FUNDS 420,251 1 September	Incoming Resources 89 - - - 287 - - - - - - - 376 12,325 447 56 51 39 34 16 8 12 8 4 16 13,016 1 13,393	Resources Expended - - - - - - - - - - - - - (25,008) (323) (12) (124) (84) (5) (50) (24) (28) (2) (4) (18) (25,682) (46) (25,728)	Gains / (losses) - - - - - - - - - - - - - 12,825 1,538 191 177 76 115 53 31 40 27 17 50 15,140 4 15,144	Balance at Transfers 31 August 2025 - 104,663 - 7,531 - 1,670 - 1,539 - 1,774 - 910 - 800 - 323 - 595 - 290 - 150 - 453 - 120,698 (3,499) 269,288 - 22,445 - 2,076 (8) 1,841 - 129 - 1,381 - 224 - 239 - 174 (19) 211 - 176 (16) 602 (3,542) 298,786 - 34 (3,542) 419,518

-40-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

£ 000s Restricted Barker Music Fund Museum Fund Doyle Fund Geoff Stearn Musical Instruments Middleton A Fund Additional Costs Fund Other Funds TOTAL RESTRICTED FUNDS Designated Funds Liquid assets Museum Fund Pension Fund Organ Fund Fixed Asset Capital Fund Pension Reserve Total Designated Funds General Fund TOTAL UNRESTRICTED FUNDS TOTAL FUNDS	Balance at 1 September 2024 1,500 183 123 158 9 345 202	Incoming Resources 22 20 2 3 - 84 88	Resources Expended (71) - (2) (3) - (45) (16) (137) (36) (200) - (1,980) 276 (1,940) (886) (2,826) (28,691)	Gains / (losses) 78 - 7 7 - - - 92 - - - (276) (276) - (276) 14,960	Balance at Transfers 31 August 2025 - 1,529 - 203 - 130 - 165 - 9 - 384 (102) 172 (102) 2,592 10 29 - 200 - - 6,254 60,814 - - 6,264 61,043 (2,620) 100 3,644 61,143 - 483,253
	2,520	219
	54 400 - 56,531 -	1 - - 9 -
	56,985 377	10 3,229
	57,362	3,239

	480,133	16,851

During the year, £3,542,000 has been transferred from Unapplied Total Return Endowment Funds to Unrestricted Funds. £72,000 was transferred from Restricted Funds to Unapplied Total Return Endowment Funds. £30,000 was transferred from Restricted Funds to Unrestricted Funds.

-41-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

20. PRIOR YEAR MOVEMENT OF FUNDS

£ 000s Balance at 2023 Preserved Endowment General Fund Capital Account 102,916 The Wests' Gift for Children Fund 7,531 The Hornby Steer Fund 1,670 The Daniel Lett Fund 1,539 The Ward Blakely Fund - The RAF Foundationers' Trust Fund 910 Miss West Scholar Fund 800 Christ's Hospital Association 323 Additional Costs Fund 567 House Fund 290 The Reginald Wood Fund 150 Other Funds 443 117,139 Unapplied Total Return Endowment General Fund Capital Account 265,974 The Wests' Gift for Children Fund 18,927 The Hornby Steer Fund 1,570 The Daniel Lett Fund 1,612 The Ward Blakely Fund - The RAF Foundationers' Trust Fund 1,070 Miss West Scholar Fund 198 Christ's Hospital Association 200 Additional Costs Fund 123 House Fund 177 The Reginald Wood Fund 146 Other Funds 510 290,507 Expendable Endowments The Army Foundation 103 TOTAL ENDOWMENT FUNDS 407,749 1 September	Incoming Resources 1,658 - - - 1,487 - - - 28 - - 10 3,183 8,366 47 6 6 96 4 2 1 3 1 1 2 8,535 1 11,719	Resources Expended - - - - - - - - - - - - - (21,176) (447) (11) (137) - (5) (16) (21) (32) (1) (12) (7) (21,865) (37) (21,902)	Gains - - - - - - - - - - - - - 20,401 2,256 276 272 2 168 84 44 56 38 24 81 23,702 8 23,710	Balance at Transfers 31 August 2024 - 104,574 - 7,531 - 1,670 - 1,539 - 1,487 - 910 - 800 - 323 - 595 - 290 - 150 - 453 - 120,322 (920) 272,645 - 20,783 - 1,841 (8) 1,745 - 98 - 1,237 (63) 205 - 224 - 150 (18) 197 - 159 (16) 570 (1,025) 299,854 - 75 (1,025) 420,251

-42-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

Balance at 1 September 2023 1,467 - 119 144 9 285 166	Incoming Resources 2 183 - 3 - 114 159	Resources Expended (82) - - - - (54) (13)
2,190	461	(149)
63 400 - 56,201 (250)	11 - - 462 -	(30) - (6) (2,047) 340
56,414 1,028	473 2,052	(1,743) (1,912)
57,442	2,525	(3,655)

467,381	14,705	(25,706)

21. STATEMENT OF TOTAL RETURN £ 000s Total return for the period Investment income Investment gains Gross total return for the period Financing costs Investment management costs Net total return for the year Application of total return during the period Unapplied total return b/f 1 September Unapplied total return c/f 31 August Preserved value at 31 August Expendable Endowment Total endowment values at 31 August	General Endowment 12,325 12,825 25,150 (2,275) (3,542) 19,333 (22,690) 272,645 269,288 104,663 - 373,951	Wests' Gift 447 1,538 1,985 - (68) 1,917 (255) 20,783 22,445 7,531 - 29,976	Other 2025 Funds Total 244 13,016 777 15,140 1,021 28,156 - (2,275) (32) (3,642) 989 22,239 (362) (23,307) 6,426 299,854 7,053 298,786 8,504 120,698 34 34 15,591 419,518

-43-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

22. ALLOCATION OF THE NET ASSETS BETWEEN FUNDS £ 000s Fixed Net current assets assets/ (liabilities) Endowment Funds 464,334 184 Restricted Funds 1,793 799 General Funds 1,810 (1,710) Designated Funds: Capital Fund 60,814 - Museum Fund - 29 Pension Reserve - 200 Pension Liability - - 528,751 (498) PRIOR YEAR ALLOCATION OF THE NET ASSETS BETWEEN FUNDS Fixed Net current assets assets Endowment Funds 459,331 5,920 Restricted Funds 1,681 839 General Funds - 377 Designated Funds: Capital Fund 56,531 - Museum Fund - 54 Pension Reserve - 400 Pension Liability - - 517,543 7,590	Net current assets/ (liabilities) 184 799 (1,710) - 29 200 -	Creditors 2025 due after Total more than one year (45,000) 419,518 - 2,592 - 100 - 60,814 - 29 - 200 - - (45,000) 483,253 Creditors 2024 due after Total more than one year (45,000) 420,251 - 2,520 - 377 - 56,531 - 54 - 400 - - (45,000) 480,133
	(498)

-44-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

23. FINANCIAL INSTRUMENTS £ 000s Financial assets measured at amortised cost (a) Financial liabilities measured at amortised cost (b)	Total Total 2025 2024 8,847 15,111 (54,369) (52,378) (45,522) (37,267)

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

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

Additional information on financial instruments held at fair value as investments is set out in Note 11.

-45-

CHRIST’S HOSPITAL FOUNDATION

YEAR ENDED 31 AUGUST 2025

NOTES TO THE FINANCIAL STATEMENTS

24. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES - Comparative figures by fund-type

£ 000s

INCOME AND ENDOWMENTS FROM: Fundraising Donations and legacies Investments Charitable Activities Grants receivable Other sources TOTAL INCOMING AND ENDOWMENTS EXPENDITURE ON: Raising Funds Investment management Financing Charitable Activities Costs of providing education Grants Payable TOTAL EXPENDITURE NET (OUTGOING) / INCOMING FUNDS FROM OPERATIONS BEFORE TRANSFERS AND INVESTMENT GAINS Gains on investments Transfers between funds NET INCOME AND CAPITAL INFLOW/ (OUTFLOW) Actuarial (losses) on defined benefit pension scheme NET MOVEMENT IN FUNDS Total funds brought forward 1 September TOTAL FUNDS	Endowment Funds 3,183 8,532 - 4 11,719 (2,973) (2,278) (16) (16,635) (21,902) (10,183) 23,710 (1,025) 12,502 - 12,502 407,749 420,251	Restricted Funds 414 42 - 5 461 (4) - - (145) (149) 312 133 (115) 330 - 330 2,190 2,520	Unrestricted Total Funds 2024 1,757 5,354 305 8,879 462 462 1 10 2,525 14,705 - (2,977) - (2,278) (2,230) (2,246) (1,425) (18,205) (3,655) (25,706) (1,130) (11,001) - 23,843 1,140 - 10 12,842 (90) (90) (80) 12,752 57,442 467,381 57,362 480,133

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2025-08-31-accounts

CHRIST’S HOSPITAL FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025

CONTENTS

THE MISSION OF CHRIST’S HOSPITAL

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

KEY INFORMATION

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

CHARITABLE OBJECTS

TERMINOLOGY

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

STRATEGIC REPORT

OBJECTIVES, ACHIEVEMENTS AND PERFORMANCE FOR 2024/25

FUTURE PLANS

PUBLIC BENEFIT

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

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FINANCIAL REVIEW AND RESULTS FOR THE YEAR ENDED 31 AUGUST 2025

Income and expenditure

Investment performance

Total Return

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

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Fundraising

Pensions

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

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Subsidiary Company

Christal House Contracts Limited

POLICIES

Financial policy

Reserves policy

Investment policy

Grant-making policy

OUR PRINCIPAL RISKS AND UNCERTAINTIES

Long-term investment returns

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

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Cyber security

Financial sustainability

Pension scheme

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Council of Christ’s Hospital

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

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Management and committees

Key management personnel (Senior Leadership Team)

Induction and training of Council Members

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

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The Court of Governors

Volunteers

Group Structure and Relationships

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

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

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AUDITOR

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

Patron

President

Vice President (ex officio)

The Council of Christ’s Hospital

Constituencies by which Members are nominated

Committee Membership

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

KEY MANAGEMENT PERSONNEL (SENIOR LEADERSHIP TEAM)

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Principal Office

Treasury Managers

Property Adviser

Investment Adviser

Auditor

Pension Scheme Adviser and

Administrator

Banker

Property Valuer

Land Agent

Solicitors

Miriam McKay