Charlty Reglstratlon a￿045 Company Reg15trdtlon 00875915 {Englond and Wales) KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Governors S M Barnett BSC ACG (Chairman) P Y Booth BA PGCE Iw1￿ Chalmianl P A Kent IFRICS- retlredl D Ketsey D E l K￿toW LLB S C A Mackley S M1115 BS MCIM MMRS MIDM l Rudge IFRICS- retlred) M H Thompson Prlndpal S Bakhtlarf MA. W QTS General Mèna8or¥nd CompaTrySeuetary ABWamef Charity Number 307045 Company Number 00875915 Re8lstered Offleé & Prkndpal Addro&8 Shoreham College stjullan's Lane Shoreham-b*Sea West Sussèx aN43 6YW Audltors TC Group Thecourtyard 5horeham Road Upper Beedin8 Steynln8 Wesl Sussex 8N44 3TN anker5 Ba￿layS Bank PLC North Street Bthghton East Sussex BNI ISF KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) CONTENTS PB8e Governors, Report 1ln¢orporatl￿ the Strats81¢ Repartl statementof Governors, Responsibllitles li IndependentAudltorfs Report 12 Statement of Financial Activlties 17 Balèrtce Sheet 18 Cash Flow Statement 19 Notes to the Account5 20 KENNEDY INDEPENDENT SCHOOL TRusf LIMITED KNOWN AS'SHOREHAM COLLEGE. (LIMITED BY GUARANTEE) GOVERNORS, REPORT {INCORPORATING THE STRATEGIC REPORT) The Govemors present thelr report 4nd accounts forthe year ended 31 Au8USt 2025. The accounts comply with the requirements of the Companles A¢t 2tM)6, the Charltles Act 201J, the Memorandum and Arucles of Association and Accountin6 and Reportlng by Charftles: Statement of Recommended Pract1￿ applicable to Chariti￿ preparing thelr accounts In accordance vAth the Finèn¢lal Reportlngstandard appllcable InthèUK and Republic of Ireland{FR51021 leffectiveljanuary 20191. STRUCTUR4 GOVERNANCE AND MANAGEMENTILEADERSHIP The Kennedy Independent School Tiust Is a eompany limited by 8uarantee and has no share capitsl. Every memberof the Trust undertakes to contrlbuie to the assets of theTru5t In the event of It belng wound up whlle he I she Is a member. orwithln one year after he I she cezses to be a member. such amount$ may tje required rH)t éxceeding £1. Go¥e¥v4n8 Bodv The Governors, who are aLso the dlre¢tors for the purpose of company law, and who served durln¥ theyear were: S M Bametl BSC, ACG (Chalrl P Y Booth BA, PGCE Ivlce Chairl D Kelsey P A Kent IFRICS- retired) DEIKittowLLB S R Mills BSC, Mam, MMR5, MIDM Rudge IFRICS- retlredl RJ Sharp M H Thomp50n ljolned March 2025 Slnce the year end. R J Sharp has rE518ned (October 20251 and S C A Ma¢kley has been appolnted (Qrtober 20251. None Df the Governors have any benelldal Intsrest In the company. Each GovernoT mak&s an annual declaration of any confllct of interest In addition to one ftsr èach meetlng attended. All of the Governors are members of the company and guarantee to wntrlbute £1 In theeventof e wlndlnB UP. Governor tralnlng and Inductlon All new Governors are Invlted Snto the College for an In4epih dls¢usslon wlth the Prlnclpal and the General Manager. They are Bivert comprehensive Informatlon about the charlty and thelr responslbi1it￿5. All Governors are expected to spend some tlme at the College each year t¢ ensure they fulty underst3nd the workln85 of the sthool and also have ttsLsrs of the College. KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS. REPORT (INCORPORATING THE STRATEGIC REPORn Each year all Governors are assessed fortheir training Tequirements and It15 the PDllcyo*the Trust to offertrainlng courses elther IF)ternally orextern£llyas deemed appropriate. Lastyearm05tGoverr￿¥S attended at least One trainingcourse, A log Is kept of all tralnlng glven. OveThlew The Governors recognlse that they have a number of attountsbllities. These are summarlsed as follows: Ultlmate accountsblllty fordlrectlng the affairs of the College. Ensurlng the C¢llege ts solvent and well run. Delwerth78 ¢haritable ouleomes for the ￿nefft of the publlc, EnsurlnB compll?nce wlth cha￿ty law and operathw wlthin the term5 of the Company Memornndum and Articles ofA5SOtr2tion. Dutyof prudence-. remaln solvent by keeplrtg informed of its, financial position,. use of lunds wlthln the pU￿ose of the Colle8e,' avold undue risk- and tskespeclal care when borrowing. Duty of care.. reasonable care by meeting regularty to ènsure effectjve oversight of College èGtivities.' use personal knowledge and expetlence to ensure the College L8 well njn and efficienL' and tske professional advlce un all matters where there is material rfsk. Define the strate8lG alrns of the College. Aatlfy the College oblectfves and dlrectlDns that ddlver the strateglG alms ol the coll￿e. Identify and m?na8e rfsks ensurlng robust systems are In place to rnonitor all known rlsks. To ensure that the Councll can deliver aÉ8lt)st these a¢counrabllttles and to actlvely demonstraté effectNe overslght of the College It Is important that 3 8overnants meetSng structure Is place for the Coundl. KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS. REPORT {INCORPORATING THE STRATEGIC REPORn Organlsatlon manag•m•ntlleadershlp The Councll meetlng govemance stsithre Is represented below. colloy Councll.. Th15 Is made up of all the Governors of the College and meets once a term. In addition, the Governors also meet foi a topic meetlng once ? term and for tralnln8 at least once a year. Flnance and General Pury)oses Commltte8: Thls15 a sub-commlttee of the College Council that meets twice 8 temi. Educatlon Commlttee,. Thi5 is a Su￿commIttee of the College Coun£il thatmeet50nrea terrn. Compllance and Pollcy Oversjght Commlttee: Th15 is a sub-COMmlttee ofthe College Coundl thai meers at least once a term. Princlpal Revl•w Committee.. Thls Ss a sub-commlttee of the College Coundl that meets as and vA)Èn requlr2d. Complalnts and Grlevance Panel: Thls Is a sulFcommlltee of the College Council that meets a5 and when requlred. All Governor5 are members of at least on* ¢ommlttee and all commlttees report back to the maln Colle8e Council meedngs. The Governors determlne the strateglc direction and general pollcy of the school. The day-to-dav leader5hlp of the School Is delegated to the key mana8ernentlleadershlp personnel who are: The Prlnclpal The Genernl Mana6er/cierf( to Governors The Vice Prlnclpal The Assistant Pr6ntipal for Eaily Years, KSI and KS2 The Asslstant Prlntlpal- pupil Ell8agement The Asslstant Prlnclpal- Academlc Deslgnated Safe8uardln& Lead The Prlnclpal and the General Manager attend most meetlngs of the GoveTnlnB Body's Commlttee5 and the Sènlor Lead2rshlp Team attènd the Education Commlttee meetln8s or when invlted by the Governors, The remuneratlon of key manogementlleadershlp personnel 15 set by the Board, with the pollcy oblectlve of PTovidlng appropriste Fn￿ntIve5 to ¢nrouia8e 2nhanced perlorn7an￿ and rewaTdlnB them fairly and responslbly for their indsviduèl contrlbutlons to the College's success. KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT IINCORPORATING THE STRATEGIC REPORT) The approprfateness and relevance of the remuner2tlon pollry Is revlewed annualEy, Including referenceto comparisons wtth other Independent and maintalned sd)005s to ensure thatthe College rernzlns sensitive lo the broader tssues of pay and employment condltlorbs elsewhere. Dellvery of the College's charltable vlslon and purpose Is prlmarly dependent on our key monagemenvleadershlp personnel, and staff costs are the largest single element of our tharltable expenditure. All stalf are pald at least the national livin8 wage. OYJECTIVES ANQAcrivmES Charltable Ot4¢¢ts Shoreham Collego Is a leadlng Independ¢nt day $¢hool for girls and boys aged 3 10 16. We are a Malnstream school commltted to providlng a 5￿mUlatIn& vibrartt educatlon to chlldreti across 2 range of abllltles. and to ensurlng all our pupiFs achleve thelrfull potertial. We strfve to.. provide a welcoming and nurturlng environment whlch supports, celebrates, and knows every pupil asan Indlvldtsal; dellver an excellentacademlc educatlon whlch develop5 ambltlon, resllien￿, creativity, and ¢Jnftdefi￿' offer exciting opportunlues beyond the classroom,. foster a commltment to d)arltable causes and local communlty actlon; enCOu￿Se all puplb and sttff to achleve theff full poterrtlal wlthln a safe and happy environment: be IndtLsive, respectFul, and klnd, valulnglndlviduals and thelr famllles. At the heart of our local communlty. Shoreham College Is a faffl1￿ school In every sen59. We value every indNldual In ourcommunity for who they8re. Understandlng that h8ppiness and well-belng are essentlal forachlevementand progress, we areamb¢tious forourpupilswithln a nuT￿rIngtaMmUnlty. Ourcompassionate et￿S is at the centre of everythI￿we do. Our puplls benefft from an exten51ve Curriculum and superb facllitles and teachln& Sm¥ll dass slzes ensure every ¢hlld enioys an Èducation tallored to thelr needs and an approprlate level of ChaI￿nge and supporL A 6enulllely mixèd-abllliy schooL we are experlen¢ed In pro￿thng an excellent, pèrsonallsed edutstl¢Jn. The Co[￿se,$ publlc beneflt alm Is to provlde a 8(￿d all-round edu¢atlon and for our puplls to ben2trt from an extensfve currlculum and superb facllities and teathlng. Playlng an aclive role In our communlty Is important to vs. Our chlldren leam to be good cltizens whllst developin8 crucial social and leader5hlp skllls. We work wlth a BrSghton Homeless and Vulnerable Charlty- Off th2 Fence, the Martlets Hospice 2nd community projects wlth our local Counselior. In school. we foster a frlendlyi KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) kit)d envlronrnent wlth ourchildren'5 well-belngpar3mount.Thi5 is all achleved through atompetiEive fee struciure whlch ensurès the Colle8e is nnanclalty viable In the long temi. Volunteers Shoreham College Parents. Assoclatlon and The Old Shoréhamer5' Assoriatlon have asslsted the College wlth fijndralslng and other acuvltles durfn8 the year. The Govemors would like. to take thts opportunity to say how much they appredate thelr continuln8 and valuable support of the College. STRATEGIC REPORT Achlevem8nts and P•rforman¢o shoreharn College conttnues to thrlve as a purty)seful and Intluslveschool, known for Its strong sense of ¢ommunlty and the quallty of educatlon It provides for pupils aged three to slxteen. The past year has seen conslderable change across the Independent sector, and whlle pupll numbers have fltjctuated, the College remaSns a 5ch>ol of choice for famllles seeklng a nurturing environment, hl standards, and genulne breadth of opportunlty. We enter thecomingyearwlth a dear strategl¢focus. dedicatrd Staff, and a communlty united byshared values ènd amblttDn. Academicoutcomes remaln con515tently5trong. In 2025, pupllsachleved 3 90%total pass rate atGCS4 a hlgherstandard than In prevKJus years ènd a result that reflètts boih thelr hard work3nd the quallty of tead)Ing acros5 th2 College. As 3 broadly non-5electlve school, we are proud of the breadth of achievementthi5 represents, wlth puplls maklng si8nifirantvalue-added progress across a wide range of subjects. Aloneslde academlc succ&ss, we place great emphasis on the wider curriculum. From our Forest School provlslon in the Junlor School to the Leadwshlp and skllls Programme In the Senlor School, the curriculum enables puplls to grow In confidence, character, and Independence through actlwties such as the Duke of Edinburgh's Award comTvuntty serv1￿. and an eyt2nslve co-currl¢ular and enrichment programme thai ¢ontlnues to expand e3th year, The Youn8 Pllots Inltiative, whlch culmlnates In an a£companl& flylng experience, hgs been partIcUlar￿ well received. Our5POrtlng and partnetshlp link5 continue toflourish, with a wlde tsnge of fLYtures znd touynamertts gal￿t both Independent and malntained sthools. The College'5 pathership work wSth local sckK)ols, ¢harlties. and community or8ani5atlons remalns a strength and a source of real prlde. We continue to seek ways to ensure that a shoreham educatlon remalns a(￿SsIble. Means-tested bursaiies are avallable io famllles who would benefit Irom support, reflecting our commitment t soclal dlver51ty and Ind￿￿¥￿. Community engymenl contSnues to be céntral to College life. Pupits ¢ontrlbute generously to loGal, natlonal, and International charltles, Includlng Off The Fence, Emmaus, Safe In s￿Sey, Cancer Research. afKI thé NSPCC, and tske part ID local projects such as the EYE En￿rOnmental Prolett and food bank partnerships. KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT IINCORPORATING THE STrATEGIC REPORT) The College also prepare5 puplls exceptlonally well for thelrnext steps. Close Ilnk5 wlth more than 20 local slxth fom provlders ensures that each pupil finds the p4thway most $￿ted to thelr asplrztions. whether academlc, votatlonal, Dr apwentlcesh5p-based. Our staff remaln at the heart of the College's success. Thelr professlonallsm, creatlvlty, and Care a dent In every area (Jf school Ilfe. We continue to work wSth Initial Teacher Trainln8 provlders to offerpla¢emEnts fortralnee teechers. and we are proud 10 5UPPLIrt Early CareerTe8thers in securin Quallfied Teacher Status through our indu¢tlon pro8ramme. The Colle8e's long-standlng record of careftsl rranagement and forward plannlng has provlded a flrm foundadon from whlch to meet cÈtrrent Challe￿eS and to continue Investlng In its future dèvelopment. Flnandal Revlew lytomlng resources forthe yeartotslled £5O12,44612023124,' £6,318.2731, 7h15 represents a modest yoar-on-y@8r reductlon, p¥lmar11 y attributsble to o decrease In pupll numbers followlng the introductloD of Value Added Tax IVATI on sthool fee& The impaci of th15 decllne was mltlgated through careful financial plannlng and disciplined wst mana8emenL De5pltea ¢hallengin8 économltcllmate characterlsed by hlgher interest ratesand persistentlnfl8tlon. interest in thecollege remalns strong. The numberof prospe£tlve puplls eontlnue5 to rlse, and re¢ent admissions events have been hlghly su¢cè5sful - most not3bly an exceptoonal￿ well-attended open mornln& Consistently Str￿ examinatlon results have relnforced the Colle8e's reputatson for academlc excellence and have provbded clear rèassuran￿ to parents of the quality and value of the eduGltlon offered. Total resources expended Increased by aptwoximatew 5.8%, rislng from £5,894,165 In 2023124 to £6,235,129 in the turrent year. Rigorous flnanclal controls and prudent budget management remained In place throughoutth¢ perlodto limitdlsGretionary expenditure. However, the unavoidable effects of national salary upllfts, pen$lon tost Increases, and the wlthdrawal of charltable rellef on buslness rates contrlbuted to upward pressure on expenditu￿. The College remains comrnitted to proMdln8 an InspiratloD31 and well-resoufced learnlng envlronmÈnL su￿Orted by hlgh-quallty teachlng and Strong p85toral C3TÈ. Teachln8 Staff costs Contlnued to rtse In Ilnewith the natlonal payscales, reflectlngthecollege's ctsmmStmentto rewardln8 excellÈncethr¢)ugh threshold payments and scale progresslon for ellgible staff. The year concluded Vdith an overall net loss of £422,683, ¢ompared to a surplus of £424.108 In 2023124. Thls represent5 a net defldt of approxlmately 4.7% of net fees before deprec>atlon, Ctsmparedto an Il% suiplus In the prevlousyear. Given the uncertaintyln the Independent educatlon sectorand parental cautkon In responseto VATon fee5, thls out¢ome was considered wlthln expected parameters. Importantly, the College contlnue5 to prforittse strdteglc Investment In Its facllltles to enhance thè pupll experlence. The recent completlon of the new lunlor playground devdotffient demonstrate5 KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS. REPORT {INCORPORATING THE STRATEGIC REPORT) thls ongoing commltment to improvement, ￿t￿UrIngthat the Colle8e remalns ¢ompeUtlve, 8ttrattlve, and forward-looklng in a rapldly than8ln8 educatlonal landscapé. Grant-maklng Potlcy DuTln8 the flnandalwr, thetotal value of means-tested buTsarlés and otherawards grantedto pvplls amounted to £272,802, drawn from unrestricted fund5. Of thls total. £169,648 represented commercial concesslons. whlle £103,154 related to publlc benefrt concesSI¢XI5. These awards were distrlbuted across 173 Indlvldual bursaries, benefttlng 142 puplts in total. All new bursary appIIc3tSons aresublect to rIgoro￿$ means testln& and ex15tln8 awards are reviewed annuallv to ensure contIn￿d ellglblllty and appropriate allovdtron of support. Shoreham College's bursary and scholarshlp pollcy algn5 wlth the wlder prlnclples adopted by Independent schools.The College alms to ensurethat ftnanclal clrcumstsntes do not prevent talerted or deser￿n￿ puplls from accesslng or contrnulng their educatlon. Awdrds are made through open competltlon, avallable to both Current puplls and external appllcants, with the PTimary objective of relSéving hardshlp where a pupll'5 educadon orfuture prospeets mlBht otherwise be at rlsk. The College promotes transparency and aC￿SIbIlIty in its fee assi5tan¢e process. Detalls of the types of awards 2vail2ble, alongwlth thelrellglbllltytrlterla and terms 2nd tondltlons, are CleaT￿pUblIc1sed on the Colle8e's w&bsite and through regular newsFetters to parents and thè wlder eommunlty. Thi approa¢h undertines Shoreh3m College's ongoin8 commltmentto publlcbenefiL Ineluslvlty,and soclal re5ponslbilltywlthln the Independent edu￿tIOn sector, Plan5 tor Future Parlods The Governors revlew the Collegds Strategic Development Plan annually. Tha curreht plan runs through to 2028 and provides ¢le3r dSrectlon for both educattonal ￿lOrItIeS and the contlnued development of the College estat The wider context for Independent schools has shifted In the past year, with VAT on school fees now confirmed, alon8sldethe removaloFbuslness rate relief and higher pension ¢ontribution5. WhllÈihese measures present financial challenges, the removal of uncertalnty alltsw5 tor more accurate foretasting and sound lon8-terrn plannln8. The Colle8e eontlnues to manage Its resources carefully and from a position of underlylng strength, with a clear focus on Sustsinlng Investment in teachln learnlng. and the pupll expellen￿. Planned developments indude tho enhancement of our musl¢ facmldes, the Yedevelopmenl of the senlor libraryj and ongoing Improvements to the learnlt78 en￿ronment auoss the slte. R¢¢ent investment has Included a stattrof-the-art redeslgned lunlor playground and new crid(et nets, reflectlng our continued commitment to providln8 hlgh-quallty opportunltles and promoting partkipatlon across a wjde ran8e of activities. The College wll also contlnue to strengthen its communlty partnershlps through the ShBrlng shorèham Inltlative, which brln8s local schools tO8ether for sport, STEM. arts. and outdoor learnlng KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, {LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) activities.These collaborations refflect our belief In educatlon as a shared endeavourand reinforceour role wltFiln the wlder communlty. Engagement from current parents remai￿ highty ptssitlve, and Interest from prospectwe familles at open events contlnues to be strong. Theyearaheadwlll requirEfocus and ad3Ptabillty, butthe College movEs forward wlth darTty of purpose, sound flnandal manasement, ¥nd a. stable foundation. Govemor5 and leadershlp remaln ctsnfideTht in the College's dlrectlon and In the stren8th of Its community. Through prudent stewdrdshipi ccntlnued investment in people and kcllltles, and SUStalned focuson pupil well-belrg and pro8res5, Shoreham College is well posllloned to navtgale the evolvtng educatlonal landscape and to build confiden￿¥ for the future. Prlndpal Rlsk54nd UrKertalntles The Governors are ￿Sponsible for thè management of the rlsks faced by the Cdlege. Rlsks are Identlfied. assessedand controls establishedihrouAhout the year.Aformal review of the tharI￿S rlsk mana8ement processes Is undertaken on an annual basls or more regularfy If reqLElr&d. The key controLs used by the charlty Include.. fonhal agendasfor all Commlttee and Councll actlviv. detailed terms of reference tor all Commlttees: cornprehenslve strateglc plannlng, kJudgeting and management ac£ountln established organi5attonal strurture and Ilnes of reportlng- formal wrltten pollcies: clear authorlsation and approval levels, and vettln8 procedures as requlred by law for the prote¢tlon of the wlnerable. Through ihe risk management processes establlshed for the College, the Governors are satlsfled that the m2lor risks Identlfied have been adequately m5tigated where nece&s3ry. It Is reco8nised that system5 Can onty provide Yeasonable but not absolute assurance that major rlsks have been Bdequatety managed. The rlsk reBlster headin8s are as follows: Oblectslmlssion Charlty Law & Other Regulation Goveman¢É & Management Vulnerablllty to Extern31 Influences Operattonal Processes Falluie to comply wlth oper&tlonal regulatlons Personnel EnvlronmeTrtsl Technologlcal Educatlonal KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORTJ Finandal Investment Purchaslng Payioll Major Projects From these headlngsj the College mana8emellt/leadershlp and Governor5 have identlfied potential rlsks and has strategie5 in place to mStigate these rlsks.These are re6ulJrty monltored to ensure thelr effectivene&5. Signlflcant risk areas Include.. The challengin8 economic conditiorts that are faced by the College and Its parental b(bdy durlng the ¢urrent h￿erIn￿ationary period. Irt addition, it is noted that the College operates in a hlghly competitlve market and we have to ensure that educatiortal standard5 remaln our hwhest prlority. The requlrement for all puplls and staff to be educated and work In a safe and supportive envlronment, with polldes and procedures in placE to ensure that the College meets the need5 of Its staff Hnd Is able to attract hlgh quality recfuits. The need to attract experlenced Governors is a150 of high Importance. The n3tlonal Sssue5 fadng the secior as a whole with financial and poiiil¢al pressures such as the additlon of VAT on school fees, the remov81 of charltable buslness rate relief. addltlDn31 National Insurartce contribuvons and the In the Teachers, Penslon employer CDntrlbutlon rat& RESERVES POLICY The Charitvs Reserves PolKy is desl6ned to ensure thatits finartclal affairs 3rE Man￿ed prudentlyand within a dearly deflned budget approved by the Board OF Trustees. The nature of the Charinls operatlons requlre5 ihat suffldenl reserves are malntalned to 5UPPOrt property holdlngs, capital asset5, and ongoing commitments, whlle also providin8 a financial CLishlon against unforeseen fluctuatlons in income or expendlture. TheTrustee5 recognisethat reserves serve a dual purpose: theyproylde both operatlonal stabllity and the rdpadty to respond to ursexpected shortfalls In income, as reflected in the Statement of Flnanclal Activlties. In the eventof a ternporary reduction In income or fundln& the Trustees 2re confident that the exisilng levèl of reserves wtsuld enable the Charlty to continue deliverin8 its educational and charitable activities while exploiing84jditlonal fundralsln8 or effidencymeasures. A deslgnat¢d fund Is m#lntalned to Support slgnlficant ¢api¢al projects a5 dotermlned by the Trustee& This fund is reviewed annually to ensure that It remains suffident and aligned wlth the CharlVs strate8ic prloritles. In accordance wtth theTrusteeAct 2000, théTrvstees are 8ulded by the general puwer of Inve5tmÈnt 3nd seek to achieve the bestflnanclal retum wlthjn an acceptable level of rlsL Glven Ihat a proportlon OF the Charlvs rese￿e5 are expected to be utlllsed over the coming years, capital preservatlon KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, {LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) remalns the foremost prtorfty. The Investment objectivè is therefore to malntsin the ¢a￿tal value of reserveswhlle ensurln8 Ilquidlty and minim151ng exposure to risk. The Charlty's investment strategy reflects thls cauttous approach. Funds are held primarfty In cash or near-cash Instruments denomlnated In sterlln6 to e￿￿vre that assets remaln readlly av211able to meet both routine obllgations and unanllcSpated cash flow requlremenls. The Charltws tash balancés are deposlted ontywlth Inst1t￿[On5 holdln8 a mlnlmum long-term credlt ratingof A-orwithln a diverslfied money market fund. InSti￿tIonal credit ratings are monttored annuallyi and deposits are adjusted 35 necessary ¢0 malntaln compllancewllh pollcv. Reserves are also earmarked to fund planned capital expendlture over the medlvm term. As such, toleran￿ foi capltsl volatlllty Is low, and Investments are seletted to minimlse risk exposure. C&Yh will be drawn down as requlred to fvnd èpproved capltal projects, ensurlnE thatthe charlty ¢ontlnue5 to opeTate and Invest sustainabfy In it5 future development, ASSET COVER FOR FUNDS Note 13 sets out an analysts of the assets Httrlbutable to the v3¥lous fun(ts and a descrlptlon of the trusts. These assets are sufflclent to meetthe charlty's obll8atkJns on a fund-by-fund basls. DISCLOSURE OF INFORMATION TO AUDITORS Each af the Governors has cortfirmed thatthere is no Informatlon releTrrdnt te the audit ofw￿th they are aware, but of whlch the audltors ale unaware. They havefurther confimed that they have tsken approprlate steps to Identlfy such Information and to establish thatthe audltors are aware of IL AUDITQRS A resolutlon prop051ng that TC Group be reappolnted as audltors of the ry)mpany will be put to the Annual General Meetlng. On behalf af the board of Govern S M Barnott BSC, AC$ {Chzlr) Dated.. 27 NOv￿ber 2025 io KENNEDY INDEPENDENT SCHOOL TRUST LIMrrED KNOWN AS 'SHOREHAM COLLEGE, {LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS. RESPONSIBILITIES The Goveinors, who are also the Dlrertors of KeNiedy Independent S¢hool Trust Limlted for the purpose of company law, are responslble for prep3ring the Governors. RepoTt and the accounts In acctsrdancewlth appllcahle lawand United Klngdom AccountlNdStandards Iunlted Klngdom General Accepted Accountlng Practice). Company law requires the Govemots to prep3re accounts for each financlal year whlch ￿ve a true and fair ￿eW of the st8te of affalrs of the charlty and of the Incomlng resourw and application of resources, Includlng the income and expenditure, of the thdlltable Company forthatye3r. In preparing these accounts, the Govemors are requlred to: select sultable accounting policies and then apply them Con￿stentIv.. observe the methods and princlples tn the charltles SORP. make judgements and estlm8tes that are reasonable and prudent. and prepare the accounts on the golng concern basis unle55 It is Inapproprlate to presume that the charitywtll continue In operatlon. The Governo¥s are responslbleforkeeplng adequate accountlng record5 thatdisclosewlth reasonable accurètyat any tlmèthe financlal position of the charity and enable them to ensure that the attounts Ct)mply with the Companles Act 2006. They are aLs0 responslble for safeguarding the assets of the charity and hen￿ for tskins reasonable steps for the prevention and detectlon of fraud and other irregularltles. li KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE. (LIMITED BY GUARANTEE) INDEPENDEf+JT AUDITOR'S REPORT TOTHE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST UMITED We have audlted the finandal statements of Kenn&(ty Independent School Trust Limited (the 'charitable company'l for the year ended 31 AvEust 2025 whl¢h comprom15e the Statement of Flnanclal ActivltlÈs, the Balance Sheot, the C35hilow Statement and notes to the financlal statements. The flnanclal reporting framework that has beon applled In thelr preparatlon Is appllcable lawand Unlted Klngdom Accountin8Stand3rds, Induding Flnanclal Reportlngstandard 102 The Financial Reportlng Standard applicable In the UK (United Klngdom GenerallyAccepted Accountln8Practlcel. In our opSnlon, the fln8n¢lal statements: Eive a true and falr view of the state of the charftable compan¢s 3ffaiTS as at 31 August 2025 and of Its Incomlng resource5 and appllcatlon of re50urce5. Including Its Income and expenditure, far the year then ended,. have been properly prepared In accoidance wlth Unlted Klngdom Generally Accepted Accounting Practlce: and have been prepared In accordancewlth the requlrements oftheComp3nlesAct 2006. Basls of oplnlon We conducted our audlt In accordance with Interrbatlonal Standards on Auditin8 IUKI IISAS IUKII and appllcable law. Our responsibllltles under those standards are further de5Crtbed In the Audltorfs responsibilltles for the audit of the flnanaal Statements 5èttion of our report. We are Independent of the charitablé company In accordance wlth the ethical rèqulrements that are relev4nt to our aLFdlt of the financlal statements in the UK, Indudlng the FRC'S Ethlcal Stsndard, and the provlslon5 avallable for small èntltles. and we have fulflllèd our ethlcal responslbllltles In accordan￿ with these requlrements. We bollevè that the audit evldence we have obt8ined Is 5ufflderrt and approprlate to provlde a basls for our opinlon. Concluslons relatlng to golftg concern In auditing the ftnandal ststements, we have concluded that the governorfs use ol the gDln8 concern basls of accountlng In the preparatlon of the flnanclal statements Is approprlate. Based un the work we have p¢rfomied. we have not Identlfled any materlal uncertalnttes rélstlng to events or conditlon5 that, Indlvidually tsr tollectlvelyj may cast doubt on the charltable cornpanvs ablllty to contlnue a5 a golng concern for a perlod of at least twelve months from when the fThanclal statements are authorlsed for Issue. Our responslblllties and the résponslbilltles of thè governovs with respe¢t to goln8 corhcÈm are described In the relevant sert]ons of thls report, 12 KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY G UARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST LIMITED Otherlnformatlo The other Informatlon comprlsos the Informatlon Irlcluded in the annual report, including the governorfs Teport. other than the flnancial statements 8nd our audltor's report thereon. The governors are respon5iblefor the otherinformatbon. Our oplnlon on the flner)cial statements does notcover the otherlnformatlon and, except to the èxtentothetwiseexpllcitlystated inourreport, we do not express anyfomi of a￿Urance conclusiorb thereon. In connertlon wlth our audlt of the financlal statèmènts, our responslblllty Is to read the other inforrnatlon and, In doing so, conslder whether the other inf0M￿tIOn Is materlally IneonsSstent with the flnan¢lal statements or our knowledge obtalned in the audlt or otherwlse appe8f3 to be materlally mlsstated. If we Identlfy Such material Inconslstencle5 or appsrent materlal m155tatemeDts, wè are requlrod to determlne whether there is a materlal mlsstatement In the financlal statements ora matsrial misstatementof the oth@r Infom)atlon. If, based ontheworkwe have performed, we conclude thal there is a materfal m155tatement of thls other Inforniatlon, we aré rèqulredto reportthatfact. We have nothlng to report In thls regard. OplTrlons on othèr matters prescrfbed by the Compdnles Act 2006 In our oplnlon, based on the work vndertaken In the course of the audlt., the Informatlon glven In the governors, report Ilncorporatlng the 5tiategic report and the directors report) for the financial yearfor which the flnanclal statements are prepared Is consistènt wlth the financial statements,, and the strategic report and the dirertors, report have been prepared In accordance wlth applltable legal requlrements. Matters on whlch we are requlred to report by ￿cePtIOn In the light of our knowledge and undèrstsndln8 of the charltable company and Its envlronment obtained In the course of the audlt, wé have not Identifl&d materlal misstatements In the strategic report and the dlrectors, report. Wè have nothlng to report In rèspect of the followlng matters in relatlon to whlch the Companles Act 2006 reqvlres us to report to you If. in our oplnlon,, adequate accountlng records h3ve not been kept, or return5 adequate for our audlt have llot been recelved from branche5 notvlslted by us. or thefinanclal statement5 are not in agreementwiththe accountlngrecords and returns; or certalh dIsclosu￿sofdlreCtorS. remunerdtion spedfi*d by law are notmade: or we have not recelved allthèlnformatlon and explanatlons we require,. or the dlrectors were not entltled to prepare the fln(Inclal statements In accordance wkh the small companies reElme and take advantage of the small companle5' exemptlons In preparfng the governorf report and from the requirement to prepare a strategic report. 13 KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUSTLIMITED RespO￿lb]Is*léS otgovwnors As exp131ned more ful￿ In the governors, responslbllities ststemenL the govemots{whtt are also the dlrectors of the charftsbl& company for the purposes of company lawl are responslble f¢r the preparatltsn of the finanGlal ststements and for beingsatlsfled that they glve a true and fair vlew, and forsuch Internal control asthegovernor5 detemil#e ixnecessaryto enablethe preparatlonof finarncla statements that are free from material mis5tatemen( whether due ttsfvud orerror, In preparing the financlal statements, the govèrnors are responsible for assesslnE the charitsble ¢ompanVs abjllty to conunue as a going concem, disdoslrE. as appllcable, matters related to going concern and uslng the 8olng concern basis of accountlng unless the govemors either Intend to Ilquldatethe Gharltable company orto cease operations, or have no realistlc alternatlve to do so, Audlloes responslbmltles forthE audlt of the flnant131 ststemerts Our objective5 are to obtain reasonable assuranté aboutwhether the flnanclal statements as a who are free from materlal mlsstatement, whether due to fraud or Èrror. and to issue an audltorfs report that Include5 our oplnlon, Reasottable assurance Is a hlgh level of assuran￿, but is not a guaTBnlee thatan auditconducted In accordan¢e wlth ISAS IUX)wlll always detect a materfal mlsstatement when It exlsts. Mlsstatements can arise from fraud or error and are consldered material If, Indivldually or In the 68regate, they couky reasonably be expected to Influence the econom%c declsions of user5 tak￿n on the basis of these financlal statement5. Irre8ularltles. Includlng frdud. are Instances of non-¢C4npliance with laws and regulations, The Extent to whlch our proGedures are capablè of detectlng Irre8ulatqtles, Indudlngfraud. Is detalled below. Extenttowhl¢h the audftwas consldered c3pable of detoctlnl Irregu1arttl2s, Includlngfraud The objecuves of our audlt, In respect to fraud, are- to Identify 3nd assess the rlsks of materlal mlsstatementof thellnancial st3tements duetofraud. to obtsln suffl¢lent appropriate a￿d￿eVIdenCe regardln6 the ass￿sed rlsk5 of material mlsststÈmeni due to fraud, through deslgning and Implementlng appropriate responses; and to respond appropriatety to fraud or suspeeted fraud Identifled durln8 the 8udit. However. the ptlmary responslbllity for thÈ prevention and detectlon of fraud rests with both those tharged wfth Kovernance of the enilty and Its rn3nagement. Our approach VRS as follows.. We identlfled areas of laws and regulatlon5 that could reasonably be expected to have a material effert on the finandal statement5 from our 8eneral sector experlence. and through d15cussion wlth thegovernors and other man8gementlas requlred byaudltlngstandardsl, and dlscussed wlth the govemors and other management the policles and procedures regardin8 cornpilance with law5 and regu13tltsns (see below): 14 KENNEDY INDEPENDENT SCHOOL TRUSf LIMITED KNOWN AS'SHOREHAM COLLEGE, {LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TOTHE MEMBERS OF THE KENNEDY INDEPENDENTSCHOOL TRUSf LIMITED We Identified the folk)vJlng areas as those most likety to have such an effect., health and safety. General Data Prole¢tlon Re6ulatlon IGOPRI; fraud: brlbery and corruption. school Inspectlons. Keeplng Chlldren Sale In Educatlon, DBS chedrs, and employment law. Audltlng standards Ilmlt the requlred aud5t procedures to identifynon.compllance with these Iws and regulatlons to enqulry of the governors and other management 3nd inspectlon of re8ulItory and legal corre5poDdence, If any. The Identifled actual or suspècted non-compliance was not sufflclently stgnlficant to our audlt to result In our respoT)5e be5ng Identified as a key audlt matter. We ctsnsldereil the legal and regulatory framework5 dlrecuy appllcable to the flnanclal statements reportSng framework IFRS 102, the Companles Act 2006 and the cha￿￿e5 Art 20111 and the relevant tax complianre rp8ulations in the UK. We consldered thè nature of the charitable company'5 operallons, the control en￿ronment and flnanclal performance. We communlcated Identified laws and regulations throughout our team and remalned alert to any indicatK)ns of non-compllance throughout the iudlt. We consldered the prixedures and contio15 that the charltable compan¥ has establlshed to address rlsks identified, or that otherwlse prevenL deter and detect fraud,. and how senior m3nagement monltors those procedures and control5, Based on this understsndinE we deslgned our audit procedures to identlfy non-compliante wlth such laws and regulatlons. Where the rlskwas ca[￿1￿￿red to be higher. we perfornied audlt pr￿dureS t ddress ea¢h Identlfied fraud risk These ProC￿ureS Induded.. testillg manuallourna15,' revlewin8 the financlal statement dlsclosures and testing to supportln8 documentatlon; performlng anaiytlcal procedures,. and enquir1￿ of management, and were desi8ned to provlde reasonable a55uran¢e that the financial statements were free from fraud or error. Owlng to the INhe￿￿t Ilmltsttons of an audit, there is att unavoid3ble rlsk that wp may not have detected some material mlsststernents In the finandal statements. even though we have propedy planned and performed our audit In accordance wrth audltln8 standards. For example, the further removed non-campliancewtth laws and regulations I1rreÈular￿[es} Lsfrom theevents and transactlons reflected In the flnancial Statements. the less Ilkely the Inherentl¥ Ilmlted procedures Tequlrpd bv audltlng standards would Identlfy it. The rlsk is also 8reatèr regarding irregularlties octurrlng due to fraud rather than error, as frdud Involves Intentlonal contsalrnent, forgery, ￿11￿$10￿, omisdon or rntsrepresent3tion. We are not responsible for preventln8 non-compllaneeand ¢annot be expected to detect non-tompllanc& wSth all laws and re8ulatlons. 15 KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENTSCHOOL TRUST LIMITED Llse of our rèport Thls report ismade solelytothe¢haritablecompany'smembers, as 8 bodyj Sn accordancewlthchapter 3 of Part 16 of the Companles Acl 2006. Our audlt work has been undertaken so thét we might state to the charltable company's members those matters we aye required to state to them in an auditors, report and for the no other purpose. To the fullest extent permittèd by law, we do not ac￿pt or assume responslblllty to anyone other than the charttable company and the tharlt8ble wmpany's member5, as 2 body, for our auditworl or for the opinions wè haveformed, Mark Cummlns FCCA Sen or lor and on bÈhalf of TC Group statutory Audttars Office: Steynln& West Su&sex utory Audltorl Dated,. 8 (komw 2025 16 KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, {LIMITED BY GUARAKfEE) sTATEmE￿r OF FINANCIAL AcfiviTIES {INCLUDING INCOME & EXPENDITURE ACCOUNn FOR THE YEAR ENDED 91 AUGUST 2025 Unre5trkted Fuffids DeslÈnated Funds Totsl 21n5 Total 2024 Notes tncomlns re$oLwcesfromsenerated funds DonJtlon5 4.721 7038 4721 1061 4,945 idtlng$ln¢ome 7,838 Banklnterest 131261 133,264 5,666.623 133,529 5,178,738 Charltaljla activltle$ 5,666,628 Totallntome 5W2N46 5,811446 6,318,273 Chwltable aO- £69,999 E80,000- £89.999 O,ODO- £S9,999 £100,000-£109,999 £110,000. £119,999 cont￿bUtionS totalling £125,758 12024.. £102,140) were made to pension schemes on behalf of ernployees whose Emoluments exceeded £60,000. The totsl employee beneflts of key management personnel of the schDoI durlng the year were £694,117 12024.. £668.0241. Key management durlng the year comprised the Prlnclpal, General Manager. Vlce Principal and three A5sistsnt Heads12024: Princlpal, General Manager, Vite Prlncipal and three Asslstant Heads). Tanglble fixed assets Land aNI bulldln Flxtu¥es, flttln85 & •qulpment Cost Tfjt81 At i September2D24 7,614.874 7gl,096 8,395,970 Additlon5 203,837 10,527 214364 At31 August 2025 7,811.711 791,623 8,610W4 Depre¢latlo At I September2024 2.585,395 672,582 3,257.977 Char8e forthe year 152,540 I2￿07 165.047 At31 August 2025 Net hookvalue At31 August 2025 2,737.935 685,089 3.423.024 5,Q80,776 106,$34 5,187,310 5,137,993 At 31 August2024 5.029,479 108,514 Included in Land and bulldings Is ah amount of £125,00012024.. £125,IJOOI relatln8to lartd whith Is not depreualed, In the opynlon of the govtrnors the market value of l)oth land and buildings is In excess ofthe net bookwdlue above. However. a revaluadon policy has not been adopted ￿ no real economic benefit would be achleved In Implementln8th1s. 25 KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMrrED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 Debtors 2025 2024 Trade dÈbtors 2,204,324 1,502,403 Prepayments and 3cerued income 132,484 83,147 2,336,808 1,585,550 Credltors: amounts fallin8 due wlthln one year 2025 2024 Trade credltors Taxes and soclal securtty costs Fees in advance Advanced paymEnt scheme lsee note 101 Fee deposits other cred5tors 165312 407331 1,742,026 183,629 101,700 127,791 120,425 90,285 1,742,936 574,889 109.650 105,519 2,727,789 2,743,704 Fees In advancts represent fees due forthe Mlchaelmas term 2025. Fee deposlts may be returned upon givin8 gne term's notice of the parents, intentlon tr> remove thè child from the school. 10. Credltor5: amounts falllng due after one year 2025 2024 Aifvanced payment scheme 63,943 247,947 Advanced payment scheme Parents may enter into a contrart to pay tD the School tultlon fees In advance. The money may be rÈturned sublert to speciflc conditlons upon the re￿Ipt of one term's notice. I￿sUM1ng puplk wlll remain in the schoDI, advance fees wlll be applled 85 below. 2025 2024 Amounts due wlthin or¢e year Amounts duè over one year 183,629 574,889 247,947 63,943 247,572 822,836 Th@ balahce represents the accrued Ilablllty under the wntracts. The entire balance above was recelved dur1n8 the year ended 31 August 2024. 26 KENNEDY INDEPENDENT SCHOOL TRusf LIMITED KNOWN AS'SHOREHAM COLLEGE, {LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 11. Ponslon ¢omml*rnents The Scknol partlclpates In the Teacher< Pension Scheme 1.the TWI for Its teathh*g stth. The pen51on ehsrsefortheyearlncludescontrlbutlons payable tothpTPS of£646A3912024.. £548.2221 and attheyear- end £72,Q4012024: £65,75n was accrued In respect of contfibution9tothls scheme. The TPS Is an unfunded multl-anployer defined benefits penslon scheme gtwerned by The Teachers, Penslons Regulations 2t)10 las amended) and The Teachers, Penslon Scheme Regulations 2014 145 amAndedl. Member5 contribute 8 °pay as you go" basls with contslbutlons from members and the employer belngcredltedtothe Exchequer. Rellrement and other penslon beneflts are pald bypubllcfunds pro￿ded byParllament. The employer contribution rate Is set bythe Seueiary of Stat@ following schemevaluations undertaken by th& Govemment Attuary'5 Department. The most recentactuarlal valuztion of the TPS was prepèreil as at 31 March 2020 and the Valuatlon Report was publlshed In Ortober 2023. The Valuation Report show5 notlonal assets of £222.2bn and IlabJlIt￿ of £262bn, resuliing in a scheme deftot of £39.8bn. The employw contrlbutlon rate for the TPS Is 28.6%, Ind employers are algJ requlred to pay a scheme administratlon of 0￿8% 8fvln83 total employer contrlbution rate of 28.68+A. The sch¢xJl a150 cOnt￿￿te$ to dellned contribut¥on schemes on behalf of Its Other staff. Employer contributions payable to those schemes were £66,36712024.' £62,5961 and at the year end £7,21112024- £nlllwas accrued ir respect of contrlbthÈ<)ns dueto those schemes. 27 KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GuARA1￿EE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 12. share capltsl anil control The company Is Ilmlted by guaranteo and has no share capital. In the event of a wlndlng Upi each of the 8fjvernors undertakes to conirlbure to the assets of the trust such amounts as rnay be required, not ex£eedlng £1. No one party has ovtrall control of the charlty. 13. Deslgnat•d funds income funds indude the followlng deslgnated funds whlth have been set aslde oul of unrestrlcted fuThJs by the Governors forspecific purposes: Movement In Funds Balance al I September 20Z4 Balan£e at 31 August 2025 Inc05nln8 Resourtss Re50urcL% Expended Trnnsfer5 Copltal Dev*l¢)pment Fund 2,000,000 1170,0001 1,830,000 2,000,ry)) 1170,0001 1.830,000 The fund was created for the purpose of Impr¢Jvementsto the College includlng majorcapit81 projects. The Governors have revlewed the development ￿an$ and, in light of the recent pullticèl change le.& removal of business rates rellÈf and the Introductlon ofVATon sthoal feesl.they are taklnga cautious approach to larger projects until a clearer understanding of the financial Impact on the College Is known. Durlre the year £170,000 was transferred from the fund to cover prolects cornpletsd in the vear, forexample thelunlor playground. KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 14. knaty51s of net assets betv￿n fund5 Unrestrlrted l￿d$ De5￿atéd funds Total Fund halantts at 31August 2025 tr• répresented by: Tanglble flxed assets Current assets Cfedltors: amounts fallin8 duewlthin one yea¥ cred￿￿. amounts falllng due efteroneyear 5,187.310 5,934,295 12,727,7891 163.9431 8.329,873 5,187.310 7,764.295 12,727,7891 163.9431 1.830.000 1,830,000 10,159,873 Unrestrlcted Funds DesJEnatsd fund$ Totsl Comparallve Fund balances at 31 August 2024 ayè repmsented bv: Tanglble ftxed 25sefs Current assets Credltors.. amounts falllng due wlthln otte year Cre¢thtors.' amounts fauing due after one year 5,137,993 6,436,214 12,743,704) 1247,9471 8,582556 5,137,993 8,436,214 12,743,704) 1247,9471 10,582,556 2000,000 2,000,000 l& Net cash Inllowlloutflowl Irom op•rdtinK actI￿lIeS 2025 2024 ReconclllÈtSon to ch8n8esln resources Net Inwme Interest received Depreclaoon of tsnglblefwed assets Ilthtreasèllde￿a$e ln stocks Ilncreasel/decrease In debtors Incieaselldec¥ease} In creditors 1422,6831 1133,2641 165,047 111,6681 1751,2S81 1199,9191 424.108 1133,5291 203,915 8,6S6 40.852 501.257 11,353,7451 1,045,259 29 KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEEI NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2025 16. Rèconclllatlon of net cashflowto movement In net ￿ndS 2025 2024 Movement Sn net funds Net fund5 at I September2024 Net funds at 31 August 2025 IL434,8451 6￿32￿82 SA97037 1,044.501 5,788,181 6,832.682 17. Analys5$ of net cash Atl September 2024 Cash flow NonThcash changes At31 August 2025 Cash at bank and In hand 6,832,682 6,832,682 Ilh34,8451 IIA34.84SI 5,397,837 5.397,837 18. Commltments und¢roperatlng leases At 31 A￿guSt 2025 the school had total ¢ommltments under non