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← Kingswood School

2025-08-31-accounts

KINGSWOOD BATH

Kingswood School

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

for the year ended

31 August 2025

Charity Registration Number: 309148

Kingswood School CONTENTS

Foreword by the Headmaster ofKingswood School & Principal of Kingswood Foundation 2-3
Governors, Key Management Personnel and Advisers 4-6
Governors’ Report 7-16
Independent Auditor’s Report to the Governing Body of Kingswood School 17 -19
Consolidated Statement of Financial Activities 20
Consolidated and School Balance Sheets 21
Consolidated Statement ofCash Flows 22
NotestotheFinancialStatements 23-48

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Kingswood School FOREWORD BY THE HEADMASTER

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Annual Report of The Trustees of Kingswood School

Foreword by the Headmaster of Kingswood School & Principal of Kingswood Foundation

As | reflect on the past year at Kingswood, | am struck once again by the vitality of a school community that holds itself to high standards, not only in what our young people achieve but in the spirit with which that achievement is pursued. In a year in which the political headwinds becamea harsh reality for the sector, | am delighted to report that our pupils and staff provided the perfect antidote by making it another year rich in endeavour, creativity, service, and joyful collaboration. It is a privilege to share some of the highlights with you in this Annual Report.

We began the academic year buoyed by excellent public examination results. Our current Year 12 students achieved highly in their GCSE examinations, while last year’s leavers achieved outstanding A Level outcomes and moved on with confidence to their chosen universities, professional pathways, or gap year plans. Academic ambition has been evident throughout the school: pupils have embraced an extraordinary range of enrichment opportunities, from Olympiads in Mathematics, Science, Linguistics and Informatics, to Sackett Society talks, Advanced Electives, MUN, CREST awards, F1 in Schools, EPQs, and countless competitions and challenges. Our Year 6 prep school pupils are to be commended for the fact that 100% of them met or exceeded expectations in Reading, English and Maths.

Among many notable achievements, is one of our student’s extraordinary victory at the Western European Olympiad in Informatics — scoring 398.83 out of 400 — stands out as a most remarkable individual accomplishment. Equally impressive has been the success of our university applicants, with 85% of our Year 13 pupils securing offers from four or all five of their choices, including places at Oxford, Cambridge, LSE, Imperial, and medical schools across the country. Over 90% of students advanced to a university of their choice.

Within the classroom and beyond it, our pupils continue to demonstrate curiosity, resilience, and a desire to learn for its own sake. This is well exemplified in the successful launch of our Sixth Form Advanced Elective programme which offers a broad range of academic enrichment courses, mostly designed by our own teachers, and embraced wholeheartedly by our students. This is an example of our commitment to a broad and balanced education, one that nurtures both intellectual mastery and character.

The breadth of Kingswood life is perhaps most vividly expressed in the many opportunities pupils have to explore the world around them. This year has seen more than 200 participants in the Duke of Edinburgh’s Award scheme, competitive Ten Tors teams, yeargroup hikes, and nearly 150 UK off-site visits supporting subjects from Biology to Politics, Geography to Music.

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Kingswood School FOREWORD BY THE HEADMASTER

Overseas trips have taken pupils to Berlin, Madrid, Naples, Washington, Iceland and France, with further adventures over the summer break to Paris, the Azores, South Africa and Holland. | am deeply grateful to colleagues who give so generously of their time to make these experiences possible.

Music and Drama have been sources of great pride this year. Our Year 7 instrumental programme has flourished, supported by a generous gift from an alumnus, and performances in venues such as Bath Abbey have showcased the remarkable progress of our young musicians. The collaborative production of Legally Blonde was a joyous highlight of the year, bringing together singers, actors, dancers and technicians in a vibrant celebration of creativity. Outstanding LAMDA results, a bold and moving production of Animal Farm, powerful GCSE devised coursework, and a wide range of theatre visits all reflect the strength and confidence of the performing arts at Kingswood.

In sport, participation continues to be our most impressive metric, and the scale of involvement across all three terms speaks volumes about the health of sport at Kingswood. Alongside this breadth, there has been excellence at every turn: a national hockey title for our U14 girls, national semi-finals for the 1st XI boys, an exceptional rugby season culminating in national quarter-finals for our ist XV and a Plate victory at Rosslyn Park Rugby Sevens for our U16 boys, success in netball, football, swimming, cross country, and cricket; and a truly outstanding athletics season, highlighted by record-breaking performances at the English Schools National Athletics Championships. Our pupils certainly continue to bring commitment and joy to their sport.

Service remains central to our identity. This year, Kingswood pupils have together raised more than £38,000 for 45 charities, and contributed over 4,500 hours of meaningful community action. Our partnerships work continues to grow, with mentoring schemes, primary school support in Mathematics, fundraising by aspiring medics, extensive volunteering through the DofE Award, and new collaborations across Bath. These efforts represent more than activity; they are expressions of kindness, leadership and shared humanity.

The Friends of Kingswood have once again played an invaluable role in strengthening our community. | warmly thank our yeargroup representatives, the parent volunteers who run the pre-loved uniform shop, and all those who support social events and charitable initiatives.

Thanks in part to the generous legacy of an alumnus, we have been able to complete essential work on the facade of our Music and Art blocks, and our team of skilled and dedicated tradesmen delivered a wonderful new common room space for our middle school pupils and a complete refurbishment of the Upper House common room.

In reviewing the year, one is reminded of how much is achieved when a community with shared values works together with purpose. Our pupils continue to surprise, delight and inspire us. Our staff— teaching and support — give tirelessly of themselves to ensure that every child is known, encouraged and challenged. Our parents and governors offer invaluable support and partnership. For all that we have accomplished this year, | extend my heartfelt thanks.

Kingswood is a place where achievement and service sit side by side, and where young people discover not only what they can do, but who they can become. It is a privilege to witness this unfolding each day. | commend this Report to you with gratitude and with great confidence in the road ahead.

Andrew Gordon-Brown, December 2025

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Kingswood School GOVERNORS, KEY MANAGEMENT PERSONNEL AND ADVISERS se

Governors

On 24 August 2001, the Kingswood School Governors became a body corporate called Kingswood School Trustee Limited, company number 04253059. With effect from that date, the company called Kingswood School Trustee Limited became the governing body of the charity. The Board of Governors of Kingswood School are the directors of Kingswood School Trustee Limited. They have served in office throughout the year except where indicated.

Throughout the year, the primary activities of the Board of Governors were carried out through 4 Committees, plus the Governing Board. Committee membership is highlighted below.

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The directors of Kingswood School Trustee Limited for the purposes of this report and the financial statements will be referred to as 'Governors' of Kingswood School and are considered, together with those listed below, key personnel for the purposes of FRS102.

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Kingswood School GOVERNORS, KEY MANAGEMENT PERSONNEL AND ADVISERS

Key Management Personnel

Mr AS Gordon-Brown MSc Headmaster of Kingswood School and Principal of Kingswood Foundation Mr AE Neale Director of Finance & Operations and Clerk to the Governors Mr M R Brearey BA Headmaster Kingswood Prep School Ms H Worrall MEd, BA Senior Deputy Head of Kingswood Prep School Mr M Chataway MA, BA & PGCE Vice Principal & Senior Deputy Head Appointed Sep 24 Rev K Thomas BTh MLitt Chaplain Mrs K Dickinson PgDip HRM Director of People & Culture Mr AT Francomb BSc Director of Information Technology Mrs H C Drew BA Director of Admissions, Marketing and Communication Dr R E Mcllwaine PhD MSc Deputy Head (Academic) Kingswood School MrJ Matthews BA (Hons) Deputy Head (Pastoral) Kingswood School MrJW Davies MA (Oxon) MEd Senior Deputy Head & Vice-Principle of Foundation Registered Address Kingswood School Lansdown Road Bath BA1 5RG Advisors to the Foundation Bankers National Westminster Bank 39 Milsom Street Bath BA1 1DS Solicitors Stone King LLP 13 Queen Square Bath BA1 2HJ Auditor HaysMac LLP 10 Queen Street Place London EC4R 1AG

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Kingswood School GOVERNORS, KEY MANAGEMENT PERSONNEL AND ADVISERS

Insurance Agent Hettle Andrews 2 Brunswick Square Birmingham B1 2LP

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Kingswood School GOVERNORS’ REPORT For the year ended 31 August 2025

The governors present their annual report together with the financial statements and auditor’s report of the charity for the year ended 31° August 2025. Unless specified, the term ‘School’ refers to the Foundation (Senior and Prep School).

Governance, Structure and Management

Governing document

The unincorporated Charity, Kingswood School, was constituted under the provisions of the Methodist Independent Education Trust Deed 1903 and subsequent schemes of 19 August 1953 and 5 June 1974 as amended by the scheme sealed 27 March 1997 and 24 August 2001. It is a registered charity, number 309148.

On 24 August 2001, the Governors of the School became a body corporate called Kingswood School Trustee Limited, company number 04253059. With effect from that date, the company called Kingswood School Trustee Limited became the sole governing trustee of the charity.

In July 2019, the Articles of Association were amended (after agreement by the Methodist Conference) to permit an increase in the number of governors from 18 to 24.

Group framework

Kingswood School has three subsidiaries, Kingswood Enterprises Limited (Co. Reg. No. 0254544), Kingswood International Limited (Co. Reg. No. 10519713) and Ferens Posnett Limited (Co. Reg. No. 11376507) as well as a subordinate charity, Kingswood School Development Fund (Charity Reg. No. 310229). Kingswood Enterprises Limited is involved in commercial lettings, property management and the rental of minibus services for the benefit of the School. Kingswood International Limited is involved in delivering educational consultancy and curriculum materials overseas. Ferens Posnett Limited is a dormant company that is involved in providing financing services for School projects. The charity, Kingswood School Development Fund, is held in suspended animation; its main objects are to fundraise and apply the annual income of the charity for such charitable purposes as the Governors shall determine.

Organisational structure and decision-making

The School governors, as the body corporate of the Charity, have a legal responsibility for the overall management of the School and its strategic direction. Governors benefit from presentations by staff, charity, and education experts as well as meetings with staff, students and parents. As described earlier, governors execute their responsibility through the 4 main Committees of the Board. Each Committee and the main Board meet termly. All Committee Chairs are members of the Liaison & Governance Committee and all governors are invited to the annual Strategy planning day. There are also several staff-led sub-committees of which governors are members.

The Headmaster of Kingswood School and Principal of the Kingswood Foundation is responsible to the Chair of Governors for the management of the Foundation. He achieves this with the support of the Senior Deputy Head, Director of Finance & Operations, Headmaster of Kingswood Prep School and members of the Foundation Leadership Team (FLT) and additionally by the Senior Management Teams at KPS and the Senior School.

Recruitment and training of Governors

The appointment of governors is confirmed at meetings of the main Board on the recommendation of the Liaison & Governance Committee. Governance audits take place annually to ensure that a broad range of skills exist across Board members. New governors are selected to augment these skills and undergo an internal induction process, arranged by the Clerk to the Governors. Ongoing training is arranged through AGBIS and other bodies within the Independent Schools Council.

The Chair of Governors attends an annual meeting organised by the Methodist Independent Schools Trust (MIST). An annual “Away Day” is organised for Governors to meet collectively off site to discuss strategic plans, governance and education topics.

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Kingswood School GOVERNORS’ REPORT For the year ended 31 August 2025

The remuneration of the Headmaster and Principal of the Foundation is set by the Governors. Other key management personnel are remunerated with the objective of providing appropriate incentives to encourage enhanced performance and rewarding them fairly and responsibly for their individual contributions to the Foundation’s success. AGBIS benchmark data is used to guide the remuneration of key management personnel.

Employment Policy and Equality Act

Being a committed equal opportunities employer, the School takes every possible step to ensure that employees are treated equally and fairly. The principle of equal opportunities, as defined by the Equality Act 2010, informs our employment policies and practice. The School ensures that consultation with employees or their representatives has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests.

Communication with employees continues through normal management channels in a variety of forms, including the Intranet, INSET and other extraordinary notices as required.

For the 8th year, the School reported its Gender Pay data and published the results on its website. The School re-emphasised its strategic commitment to reduce and to eventually eliminate the current gap and we are proactively working towards this.

Object, aims and objectives

Charitable object

As set out in the School’s Articles of Association:

Aims, objectives and intended impact

Kingswood School aims to challenge its students to realise their academic potential; however, the School measures a child's worth by more than examination results. It seeks to establish the development of character, talent, responsibility and independence as the important foundation for adult life. It provides students with the opportunities to develop these qualities and, through a comprehensive pastoral structure, aims to give them the support they need as they mature. Kingswood aims to give children a sense of joy in their own achievement and that of others, balanced by a strong sense of humility, modesty and teamwork. It endeavours to foster a love of learning, the ability to reason and make considered judgments, the courage to question assumptions, a commitment to community, a willingness to lead and to serve, and an appreciation and understanding of others.

The beneficiaries include:

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Kingswood School GOVERNORS’ REPORT For the year ended 31 August 2025

Achievements and Performance

The highlights of the School year appear in the Principal’s foreword to this report and the governors are pleased with the excellent progress made by the Foundation Leadership Team in accordance with the Annual Development Plan.

The excellent public exam results achieved by our pupils in the Summer of 2025 attests to the importance that we attach to the academic achievement of our pupils. Indeed, the proportion of all GCSE exams graded 9,8 or 7 was the best in Bath, while over 90% of our Year 13 leavers secured offers from universities of their choice. This academic excellence is one important element of a wider vision. Our Kingswood mission and identity means that this must be part of the well-rounded development of each individual through a focus on nurturing their talents and guiding them towards a personally developed life philosophy, underpinned by kindness and compassion. The academic enrichment provided by our supra-curricular programme goes from strength to strength. The Governors are delighted that Kingswood continues to produce significant success in boys’ and girls’ sports (including some National titles to boot), drama, music, outdoor education (including Ten Tors, the Duke of Edinburgh award scheme) and the many other extra-curricular activities on offer. Thanks to the generosity of an alumnus we received a legacy gift which we used to purchase a good stock of instruments and launch a new instrumental music curriculum in Year 7.

Kingswood is a boarding and day school which provides education to girls and boys aged from 9 months to 19 years. For the 24/25 year, The Garden (our Nursery) now comprised 88 children, with numbers in the Prep School at 340 and 892 in the Senior School during the year. Entry to the Senior School is predominantly in Year 7, with a smaller intake at Year 9 and into the Lower 6th Form. Approximately one in five of senior students board in one of our five houses, and the majority of day pupils live within 45 minutes of the School. We are the largest independent school in Bath, having steadily grown our market share in recent years. We know that a key reason parents choose Kingswood for their children is because of our very strong focus on the primacy of pastoral care as the cornerstone that underpins our broad and balanced educational offering.

The Governors and the Senior Management Team continue to balance fee affordability with the provision of high-quality education set against a backdrop of developing and maintaining existing infrastructure. They make use of regular survey data to deepen the School’s understanding of its parent base and it continues to receive benchmark information from organisations such as the ISC, HMC, ISBA and Baines Cutler. The aim is to attract children from a diversity of backgrounds and to prepare students with the tools, skills, and personal qualities they need to lead meaningful lives in the workplace, in their communities and in their relationships with others.

We have invested in areas of the school estate to address essential building compliance and to further enhance social areas for our students and staff. During the year, these projects have included the creation of a new indoor common room space for the Middle School, a refurbished and expanded common room for the boys of Upper House, and the restoration of the beautiful facades on our Music School and Art department. We have exciting future plans as we look to deliver on the recommendations in our Estate Development Plan around classroom and laboratory space and indoor sports facilities.

Our Alumni and Engagement office continued to partner with alumni, parents and the wider community to support current students through careers and mentoring, and through generous gifts to support our bursary programme.

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Kingswood School GOVERNORS’ REPORT For the year ended 31 August 2025

Financial Review and Yearly Results

A summary of the financial results for the year is set out in the consolidated statement of financial activities in the Financial Statements. The net movement in funds showed an overall increase of £772,547 (2024: increase of £1,981,942) before an unrealised gain on investments of £2,043 (2024: £16,411).

Strategic Risk Management

The Board of Governors is responsible for putting in place strategies to mitigate major risks to the Foundation. The Board formally reviews the Risk Register annually and governors are represented on the termly meetings of committees and take ownership of their relevant sections of the register. Each Committee identifies, assesses, and considers mitigation and control mechanisms. The Foundation Leadership Team reviews the risk register termly and contributes to the identification and management of the risks. The risks are separated into categories, as identified by the FLT, committees and _ by the Board. The highest risks are the key focus and each categories have high priority risks which comprise of:

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Kingswood School GOVERNORS’ REPORT For the year ended 31 August 2025

e Financial Risk o Government changes (VAT on fees/Budget changes — employer costs) o Pupil Roll o Insufficient Cash Reserves o Health and Safety ongoing compliance

e Strategic o Unfavourable IS Inspection Reports (reputational issue) © Compliance o Historical safeguarding cases o Property compliance and condition issues o Out of school educational visits/trips — potential incidents/accidents

e Operational o Cyber Security — effective management of network systems.

The last Governor review of the Risk Register took place in March 2025. The Governors are of the opinion that appropriate monitoring and measures have been put in place to mitigate significant risks. Sub-committees, strategic planning, budgeting, levels of authorisation, written policies and audits contribute to addressing risk factors; however, it is recognised that an absolute assurance cannot be provided.

Future Plans

The Board continues to map out the strategic direction for the Foundation as laid out in the Foundation Strategic Plan. The Annual Development Plan is based on a set of principles and measurables, agreed by the executive team and Board, with KPIs used to measure performance. The 2024/25 annual development plan details the actions that were our agreed focus for the year, and against which our progress this year has been very good and in most parts exceeded, given the financial climate the sector is facing.

Our plan continues to focus around four strategic priorities: Care for Each Individual, Educate for Life, Serve the Community and Live Sustainably. With our pupils at the heart of everything we do, these core priorities are our focus as we pursue the goal of excellence in all areas of school life as one Kingswood Foundation. The plan is dynamic and subject to ongoing review and updating in the light of changing circumstances both within the school and in external factors which impact on the school. The political headwinds are now with us and are a source of continued concern and we are engaged in a range of scenario planning about how we might mitigate changes, in particular around pupil numbers moving forward

It is important to continue to build on the academic and co-curricular success of the School, whilst seeking to broaden recruitment (sometimes with fee assistance) from a wide-range of family backgrounds. The Foundation is enriched by overseas students and this, together with a vibrant Sixth Form, is another major area of development. The Foundation must maintain the very healthy numbers of students in the Prep and Senior School, with targets set for our integrated marketing and admissions team.

The Board has emphasised the importance of reaching out to its alumni, parent body and other parties to pursue common goals of friendship, mutual cooperation and the development of various projects. To this end, the Kingswood Community network has been established. Board members frequently attend seminars on a wide range of independent school topics as organised by AGBIS, ISBA and other bodies of ISC. The Chairman, Principal, Director of Finance and Operations and other key management personnel attend a range of events hosted by the Methodist Schools Independent Trust (MIST).

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Kingswood School GOVERNORS’ REPORT For the year ended 31 August 2025

Board is committed to a number of future plans:

Public Benefit and Community Engagement

The Board recognises fully its obligations under section 17 of the Charities Act 2011 to operate a considerable benefit to the public. The Board has made significant provision to broaden the access to a Kingswood education.

Fee Assistance — broadening access to education

An extensive bursary and scholarship programme enables students from a wide range of backgrounds within our local community to benefit from the opportunities which a Kingswood education provides. The Foundation supports 375 pupils with financial assistance in the form of bursaries, scholarships, MOD/FCDO and staff discount schemes. The award of financial assistance is means-tested on an annual basis, ranging from 5% to +100% (which include support for travel to school, educational trips and uniform).

The fourth year of a partnership with Quadstar saw a total of two students supported on a transformational boarding bursary, funding academic and boarding fees and additional support for academic enrichment and equipment. Where there is a sudden change in family circumstances, the School will consider financial assistance to allow a pupil to reach the next natural break in their education. In addition, the school is currently supporting two children whose education has been interrupted by conflict in Ukraine and Afghanistan, and has partnered with charities in each country to identify these children.

The School believes that nurturing talent is important and therefore a number of academic, sporting, musical and dramatic scholarships are awarded. These range from 10% to 15%, with 200 children from a broad range of backgrounds benefitting.

We also provide tangible support to the Armed Forces by offering fee concessions of up to 20% of the basic boarding fees to members of His Majesty’s Armed Forces; this is currently utilised by 64 boarders.

As part of the 275" Anniversary celebrations, the 275 Campaign continued to raise funds for further Transformational bursaries, either through single donations or through the expansion of the Ten for One scheme (whereby ten donors partner to support a student).

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Kingswood School GOVERNORS’ REPORT For the year ended 31 August 2025

Community Engagement

Kingswood’s approach to community engagement in 2024-25 is built on two core pillars: Global and Local Partnerships and Community Enrichment through Student-Led Service. These pillars reflect the School’s commitment to fostering meaningful connections and delivering measurable impact both within the local community and across international networks. The first pillar, Global and Local Partnerships, has seen Kingswood collaborate with over 230 schools and institutions worldwide. Methodist partnerships with Selwood Academy in the UK and Madero College in Mexico have strengthened cultural exchange and shared learning opportunities. The John Wesley Challenge, now embedded in the Year 7 curriculum, continues to promote the United Nations Sustainable Development Goals, encouraging students to think globally while acting locally. Kingswood’s global impact is further demonstrated through its fundraising efforts, with £30,000 raised for five organisations in Malawi. One of these, Mbora, is using its donation to fund solar irrigation pumps and motorbikes, a development projected to transform food security and livelihoods for more than 3,000 farmers.

The second pillar, Community Enrichment through Student-Led Service, highlights the depth of student involvement in initiatives that make a tangible difference. Through the Mentoring Plus programme, 48 trained mentors delivered 500 hours of one-to-one support to younger pupils across Bath, fostering confidence and resilience. The Children’s Hospice South West Young Ambassadors scheme engaged over 20 students who collectively volunteered more than 300 hours and raised £2,000 to support families facing life-limiting illness. Meanwhile, the Social Justice Group, comprising 25 active members, led advocacy projects and partnered with local charities such as Southside and Genesis Trust, embedding values of empathy and social responsibility into everyday school life. In total, Kingswood students and staff contributed over 10,000 hours of volunteering and service during the year, generating an estimated social impact value of £68,000. This includes £31,000 attributed to Duke of Edinburgh activities alone, with additional benefits arising from the use of school facilities and community events exceeding these figures.

Partnering with the maintained sector

The Board strongly believes that the School must continue to forge links with local maintained schools. Kingswood demonstrates this through a range of collaborative initiatives. Specialist STEM coaching and classes are offered to local schools, alongside hosting external training providers and delivering subsidised continuing professional development opportunities for teachers. Joint events such as John Wesley Day and the Southside Student Forum further strengthen these state school partnerships, ensuring that Kingswood continues to play a leading role in promoting educational equity and community cohesion. Of note this year, is the development of an Independent State school partnership between Kingswood and local Methodist School, Selwood Academy. Kingswood’s Director of Partnerships is now Methodist Trustee on their Board and a number of Partnership activities are in place.

The staff provide specialist classes and coaching in science, technology, and mathematics for local schools. They also serve on specialist academic and technical bodies, speak at conferences, design frameworks for development programmes for teachers and serve as teacher mentors. The School has developed some long-established partnership projects as well as always seeking new opportunities to work with schools in the maintained sector, particularly locally.

Sharing of School facilities

One of the highlights of the academic year is the hosting of the Model United Nations Conference. Schools nation-wide, independent and maintained, are welcomed to Kingswood for a series of lively and topical debates. This year, the 34th, involved over 300 students from 25 schools representing 73 UN member states gathered for 2 days of debate on issues facing the global community.

The School hosts sessions for 6" form pupils from local state schools who are planning to apply for Medicine. They take part in an interview practice and have the opportunity to meet medical professionals who share their knowledge and expertise with the students. We also host a number of music events and workshops that the public can attend and to which local schools are invited. 13

Kingswood School GOVERNORS’ REPORT For the year ended 31 August 2025

The School is a sponsor of both the Bath Literary Festival and Children's Literature Festival, welcoming authors to the School, as well as the annual Bath Music Festival, with a live performance held for the public in central Bath.

The School is extremely proud to open its doors on Christmas Day to over 300 members of the public who live alone who are served a festive lunch by a local charity Christmas Connect. This is now the 17* year of our ‘Open Christmas’.

The Board also wish to extend the use of the School’s sports and recreation facilities across the local community providing either free or subsided hire. Extensive use is made of the School’s facilities throughout the year by local groups and organisations, coordinated through the widespread activities of the Commercial Manager. Examples in recent years include:

Further examples of public benefit can be found on https://www.kingswood.bath.sch.uk/news/2024-12-02/a-culture-ofkindness-launch-of-the-impact-report

Fundraising and other forms of charitable support

Charity fundraising is an integral part of the culture and life of Kingswood, either through the efforts of individual students or as part of the School’s overall charity initiatives. At a more general level, staff and students regularly raise funds through various personal and group initiatives in aid of a range of local, national, and international charities. We believe that this focus on charity and community work not only benefits others but also develops a sense of social responsibility among the pupils which brings long-term benefits. In keeping with our commitment to a holistic education and our outward-looking approach, we seek to engage in a wide range of activities within our local community which we hope will be of significant benefit to all those involved. Over £37,000 was raised by the Foundation in support of charities this year. We have also gifted our theatre on a number of occasions to enable external Rugby charity fundraisers.

Tutor groups and Houses fundraised for the following organisations during the year:

e INTERNATIONAL - A Rocha; All We Can; British Red Cross; Masicorp Int; Masiphumelele RFC; Save the Children; Step UK.

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Kingswood School GOVERNORS’ REPORT For the year ended 31 August 2025

We have ceased to raise money for charities where we cannot guarantee how funds are spent or where we differ on what constitutes good development.

Fundraising Activities

Pupil-led events have included bake sales, sausage roll sales, plant sales, selling Candy Canes, making dumplings, Concerts, MUFTI days (non-school uniform), walks, races, a Valentine’s Meal; UpperFest which included lots of traditional games, a swimathon, moustache growing, a Party space, sporting Rugby Bands; concerts.

Funds for our big charity focus in Malawi have been raised through our Annual Christmas Market and through donations at Services.

Students also supported charities by means other than fundraising:

It should be noted that the School only fundraises from known supporters and does not appeal to the general public. Staff involved with fundraising follow best practice guidance and do not engage with third party fundraisers. No complaints were received in the year relating to fundraising.

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Kingswood School GOVERNORS’ REPORT For the year ended 31 August 2025

Statement of Governors’ Responsibilities

The Governors are responsible for preparing the Governors' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011. They 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.

The Governors are responsible for the maintenance and integrity of the School and financial information included on the School's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Mr M Gordon

Chair of Governors, on behalf of Kingswood School Trustee Limited

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Kingswood School INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF KINGSWOOD SCHOOL For the year ended 31 August 2025 ee

Opinion

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

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 ofthe[Charities][Act][ 2011][and][report][in][accordance][with][the][ Act][ and][relevant] regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

17

Kingswood School INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF KINGSWOOD SCHOOL For the year ended 31 August 2025

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 16 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent 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 trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of noncompliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and the Charities SORP and consider other factors such as payroll tax.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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

18

Kingswood School

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF KINGSWOOD SCHOOL For the year ended 31 August 2025

permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

HaysMac LLP 10 Queen Street Place Statutory Auditors London EC4R 1AG

Date:

HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

19

Kingswood School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 August 2025

Unrestricted Restricted Endowed funds Total funds Total funds
funds funds
Note 2025 2025 2025 2025 2024
£ £ £ £ £
Income and endowments from:
Charitable activities:
School fees 3 23,910,895 (13,117) - 23,897,778 23,513,405
Ancillary trading income 6 938,244 - - 938,244 940,479
24,849,139 (13,117) - 24,836,022 24,453,884
Other trading activities:
Fundraising trading 205,350 - - 205,350 192,929
Other trading income 6 288,907 - - 288,907 355,239
Investment income 5 297,944 - - 297,944 77,816
Donations and grants 7 - 152,152 - 152,152 503,343
Total income 25,641,340 139,035 - 25,780,375 25,583,211
Expenditure:
Raising funds:
Fundraising trading 9 442,178 - - 442,178 440,310
Financing costs 9 668,444 - - 668,444 687,036
1,110,622 - - 1,110,622 1,127,346
Charitable activities:
Education and grant making 9 23,896,846 360 - 23,897,206 22,473,923
Total expenditure 25,007,468 360 - 25,007,828 23,601,269
Netincome / (expenditure) 633,872 138,675 - 772,547 1,981,942
before investment gains/(losses)
Gains / (Losses) on investments 12 490 1,089 464 2,043 16,411
Net income / (expenditure) 634,362 139,764 464 774,590 1,998,353
Net movement in funds 634,362 139,764 464 774,590 1,998,353
Fund balances brought forward 24 10,969,611 2,746,198 1,170,376 14,886,185 12,887,832
Fundbalancescarriedforward 11,603,973 2,885,962 1,170,840 15,660,775 14,886,185

Note 24 comprises the consolidated SOFA for 2024.

20

Kingswood School CONSOLIDATED AND SCHOOL BALANCE SHEETS as at 31 August 2025

Consolidated School
2025 2024 2025 2024
Notes £ £ £ £
Fixed assets
Intangible assets 11b 41,678 91,958 41,678 91,958
Tangible assets 11a 23,854,050 23,565,198 23,843,820 23,544,061
Investment assets 12 718,407 614,710 720,407 616,710
24,614,135 24,271,866 24,605,905 24,252,729
Current assets
Stock 17 21 - <
Debtors 13 7,029,352 5,116,993 7,157,277 5,231,716
Cash at bank and in hand 8,460,581 9,646,946 8,372,132 9,574,039
15,489,950 14,763,960 15,529,409 14,805,755
Creditors:
ts falling
PenitOrs! AIMOUNES Falling:
one year		 d ithi
CUEMTN		 14 (14,021,629) (12,361,915) (14,043,191) (12,380,706)
Net assets 1,468,321 2,402,045 1,486,218 2,425,049
Total assets less current liabilities 26,082,456 26,673,911 26,092,123 26,677,778
Creditors: amounts falling due after
more than one year:
Bank loan and fees received in advance 15 (10,421,681) (11,787,726) (10,421,681) (11,787,726)
Net assets 15,660,775 14,886,185 15,670,442 14,890,052
Financed by:
Endowed funds 18a 1,170,840 1,170,376 1,170,840 1,170,376
Restricted funds 18b 2,885,962 2,746,198 2,885,962 2,746,198
Unrestricted funds 18c 11,603,973 10,969,611 11,613,640 10,973,478
Totalfunds 17 15,660,775 14,886,185 15,670,442 14,890,052

The notes on pages 23 to 48 form an integral part of these Financial Statements.

Wl“Tf theGoverning Body on Au Jo2}2026 Mr M GordonA 4 AL Chair of Governors, on behalf of Kingswood School Trustee Limited

and signed on its behalf by:

21

Kingswood School CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 August 2025

2025 2024
Notes £ £
Cash flowfrom operating activities:
Cash generated by operations 23 971,141 10,644,124
Interest paid (668,444) (687,036)
Net cash from operating activities 302,697 9,957,088
Cash flowsfrom investing activities:
Dividends, interest and rents from investments 295,790 75,442
Purchase ofintangible assets (21,490) (82,037)
Purchase oftangible assets (1,626,775) (2,027,851)
Investment gains/losses 2,043 16,411
Additions to investments (99,500) (99,500)
Net cash used by investing activities (1,449,932) (2,117,535)
Cash flowsfrom financing activities:
Repayments of loans (39,130) ~
Netcash used byfinancing (39,130) #
activities
Movement in cash (1,186,365) 7,839,553
Cash and cash equivalents atthe beginning ofthe 9,646,946 1,807,393
reporting period
Cash and cash equivalents atthe end ofthe reporting 8,460,581 9,646,946
period
Analysis ofcash and cash equivalents:
Cashatbankandinhand 8,460,581 9,646,946

Charity law requires separate administration of the cash flows of endowed and other restricted funds of the School. This constraint does not adversely affect group cash flows as stated above.

The notes on pages 23 to 48 form part of these Financial Statements.

22

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Charity information

Kingswood School is a registered charity in England and Wales. The registered office is Kingswood School, Lansdown Road, Bath, BA1 5RG. Kingswood School meets the definition of a public benefit entity under section 34 of FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy.

The principal objectives of the charity are detailed in the Governors’ report found on page8 of these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 October 2019) — (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The accounting policies disclosed have been applied consistently throughout the current and preceding year.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 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 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Reduced disclosures

FRS 102 allows qualifying entities certain disclosure exemptions. The school has only taken advantage of the exemptions for the following disclosure requirements:

Going concern

These financial statements have been prepared on a going concern basis, which the Governors consider to be appropriate based on the results for the year ending 31 August 2025 and cash flow projections prepared for the period 31 August 2026 and beyond.

The cash flow projections indicate that the Group will be able to meet its liabilities as they fall due and together with current arrangements with the School’s bankers indicate that the School will be able to operate within the facilities currently available. Furthermore, the School’s bankers are satisfied that the School will meet its bank covenants going forward based on current forecasts.

The Trustees have identified no material uncertainties and for these reasons they have concluded that it is appropriate to use the going concern basis in the preparation of these accounts.

23

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Basis of consolidation

The consolidated statement of financial activities, balance sheet and statement of cash flows include the financial statements of Kingswood School, its subsidiaries, Kingswood Enterprises Limited (Co. Reg. No. 0254544) and Kingswood International Limited (Co. Reg. No. 10519713) as well as its subordinate charity, Kingswood School Development Fund (Charity Reg No. 310229) made up to 31 August 2025. Kingswood Enterprises Limited is involved in commercial lettings, property management and the rental of minibus services for the benefit of the School. Kingswood International Limited is involved in promoting the Kingswood School way of education to overseas partners and developing education opportunities to overseas markets. Kingswood School Development Fund's main objects are to fundraise and apply the annual income of the charity for such charitable purposes as the Governors shall determine. The results of the subsidiaries are consolidated on a line-by-line basis, with all inter group sales and profit eliminated fully on consolidation.

Fees and similar income

Fees receivable, charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School, but include contributions received from restricted funds for scholarships, bursaries and other grants. Fees received for education to be provided in future years are carried forward as deferred income in the balance sheet.

Donations and legacies

Donations receivable for the general purposes of the School are credited to “other unrestricted funds", to distinguish them from direct School income. Donations for purposes restricted by the wishes of the donor are taken to "restricted funds" where these wishes are legally binding on the Governors. Donations required to be retained as capital in accordance with the donor's wishes are accounted for as "endowments"; permanent or expendable according to the nature ofthe restriction. Legacies are recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability.

Expenditure

Expenditure is accounted for on an accruals basis. The allocation of expenditure between direct charitable and costs of raising funds is a subjective split based upon the Bursar's best estimate of the resources input to these different parts of the School's operations in the year. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the costs of running the charity, including strategic planning for its future development, also external audit, any legal advice for the Governors and all costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory Financial Statements and satisfying public accountability.

Employee Benefits

The School contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS 102 section 28 therefore, the scheme is accounted for as a defined contribution scheme.

The School also contributes to individual personal pension schemes for non-teaching staff, at 5% of annual basic pay, which is treated as a defined contribution scheme. The costs of contributions to these funds are charged to the revenue account in the accounting period for which they are payable.

Termination benefits are recognised immediately as an expense when the School is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Fixed assets

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the statement of financial activities. Normally items costing less than £1,000 are written off as an expense as acquired.

The School's land and buildings are owned by The Methodist Independent Schools Trust, but are included in these Financial Statements as substantially all of the risks and rewards of ownership are with the School. Land is not depreciated. Buildings are depreciated at rates calculated to write off the cost less their estimated useful residual values on a straight line basis over the expected useful economic life of each building. The range of annual rates used for this purpose is between 20 and 50 years.

24

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Depreciation is provided against all other assets, on a straight line basis at rates calculated to write them off over their useful life using the following rates:

Furniture and plant 10 - 50% Motor vehicles 20% IT Equipment 33.3%

Assets under the course of construction are not depreciated until they are brought into use.

Intangible fixed assets

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software (straight line) 33.3%

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the charity estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.

An impairment loss is recognised immediately in the statement of financial activities. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount ofthe asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the statement of financial activities.

Investments and investment income

Investment income is accounted for on a receivable basis and comprises dividend income and interest. In accordance with the SORP, investments are shown in the balance sheet at their market value.

Gains and losses on investment assets

Changes in the valuation of investments during the year are shown as gains or losses. Gains and losses arising from the disposal of assets are the difference between the sale proceeds and the market value at the beginning of the year.

Stocks

Stocks are valued at the lower of cost and net realisable value after due allowance for obsolete and slow moving stocks.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument.

25

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment offinancial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition offinancial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification offinancial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, and advance fee payments, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition offinancial liabilities

Financial liabilities are derecognised when, and only when, the charity’s contractual obligations are discharged, cancelled, or they expire.

Equity instruments

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. They are subsequently measured at fair value using observable market inputs and outputs.

Permanent endowment funds

The School holds investments donated under permanent endowment. Income arising on the Permanent Endowment Fund investments is treated as restricted income of the School.

Restricted funds

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the Financial Statements.

26

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Unrestricted funds

The General Funds comprise the accumulated surplus. As such the Governors consider these funds to be Unrestricted Funds within the definitions contained in the Charities Acts in that they are funds over which they have complete discretion as to their use.

2 CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

In the application of the charity’s accounting policies, The Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant, for example the useful economic life of fixed assets. 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 where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

3 SCHOOL FEES

2025 2024
£ £
The School’s unrestricted fee income comprised:
Gross fees 26,600,549 26,120,187
Less: Total bursaries, grants and allowances (2,715,888) (2,617,817)
23,884,661 23,502,370
Add back: Scholarships, Grants etc. paid for by restricted funds 13,117 11,035
23,897,778 23,513,405

27

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

4 INCOME FROM SUBSIDIARY’S TRADING ACTIVITIES

(a) The School owns 100% of the 1,000 £1 ordinary share capital of Kingswood Enterprises Limited (Co. Reg No 02545442), which provides minibus services to the School and obtains commercial lettings.

Its trading results for the year, as extracted from the audited Financial Statements, are summarised below:

2025 2024
£ £
Turnover 282,210 292,416
Cost ofsales (176,374) (203,830)
Gross profit 105,836 88,586
Administration (34,667) (23,199)
Operating profit 71,169 65,387
Donation to the School (75,235) (69,284)
Retainedprofit/(loss) (4,066) (3,897)

The net assets of Kingswood Enterprises Limited at year-end were £50,384 (2024: £43,543). Gross assets at year-end were £152,216 (2024: £149,396). Gross liabilities were £101,832 (2024: £105,853). During the year £75,235 (2024: £69,284) has been accrued for gift-aid relating to the financial year 24-25. The gift-aid donation in the year was greater than the profit due to using up reserves built up in previous years.

28

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

(b) The School owns 100% of the 1,000 £1 ordinary share capital of Kingswood International Limited (Co. Reg No 10519713), which promotes the Kingswood School way of education to overseas partners and developing education opportunities to overseas markets.

Its trading results for the year, as extracted from the Financial Statements, are summarised below:

2025 2024
£ £
Turnover - -
Cost ofsales = (37)
Gross profit é (37)
Administration (1,734) (1,192)
Operating loss (1,734) (1,229)
Donation to the School = =
Retainedprofit/(loss) (1,734) (1,229)

The net liabilities of Kingswood International Limited at year-end were £68,281 (2024: £66,547). Gross assets at year-end were £25 (2024: £25). Gross liabilities were £68,306 (2024: £66,572). Kingswood International is exempt from audit under section 479A of the Companies Act 2006 and therefore results of this entity are unaudited.

(c) The Trustees of Kingswood School Development Fund are the same as the Governors of Kingswood School Trustees Limited and therefore Kingswood School Development Fund is viewed as being a subordinate charity under the terms of the SORP (FRS102).

The Kingswood School Development Fund was dormant in the current and prior periods.

29

Kingswood School

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

5 INVESTMENT INCOME AND GAINS

Unrestricted
funds		 Restricted
funds		 Endowment fund
SANS		 Tota
2025 2025 2025 2025
£ £ £ £
Incomefrom investment property and other interest 312 - = 312
Interest receivable 297,632 - - 297,632
297,944 : - aa744
.
Unrestricted funds		 .
Restricted funds		 Endowment
funds		 Total
2024 2024 2024 2024
£ £ £ £
Incomefrom investment propertyand other
interest		 322 - - 392
Interest receivable 77,594 - - 77,594
77,816 = - 77,816

30

Kingswood School

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

6 ANCILLARY TRADING AND OTHER INCOME

2025 2024
Ancillarytrading income: £ £
Entrance and registration fees 45,860 57,861
Special educational needs income 45,209 45,049
Fees for extracurricular courses (860) 2,060
School meals 824,268 793,180
Fees in lieu of noticeand forfeited deposits 20,178 40,427
Miscellaneous income 3,589 1,902
938,244 940,479
Activities forgenerating funds:
Coursesandsub-lettings 288,907 355,239

All ancillary trading income and raising funds are unrestricted in the current and prior year.

7 DONATIONS AND GRANTS

Unrestricted funds —_Restricted funds Endowment funds Total
2025 2025 2025 2025
£ £ £ £
Donations and Legacies - 152,152 - 152,152
- 152,152 - 152,152
Unrestricted funds — Restricted funds Endowmentfunds Total
2024 2024 2024 2024
£ £ £ £
Donations and Legacies 80 503,263 - 503,343
80 503,263 - 503,343

31

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

8 NET INCOME FOR THE PERIOD

Net income in the period is stated after:

2025 2024
£ £
Charitable expenditure includes:
Depreciation forowned assets 1,010,340 1,053,882
Amortisation ofintangible assets 71,769 75,958
Bank loan and overdraft interest payable 503,137 557,614
Governance costs include in support costs:
Auditor’s remuneration:
for audit services 31,790 38,524
for non-audit services (tax advice and accounts prep support) 2,650 2,450
Total staff costs comprised:
Wages and salaries 13,400,920 12,240,265
Social security costs 1,476,063 1,244,746
Pension contributions 2,033,723 2,034,523
16,910,706 15,519,534

The average number of full-time equivalent employees in the year was 309 (2024: 300) of which 132 (2024: 129) were teaching staff. The average headcount in the period was 442 (2024: 415). During the period, termination payments were made to employees totalling £44,169 (2024: £10,051).

Neither the governors nor persons connected with them received any remuneration or other benefits from the School or any connected organisation, except for the reimbursement of expenses for travel, subsistence and training of the Governors for £4,061 (2024: £4,380).

32

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

The number of higher paid employees was:

2025 2024
No. No.
£60,000 - £70,000 11 11
£70,001 - £80,000 9 8
£80,001 -£90,000 4 2
£90,001 - £100,000 1 1
£100,001 -£110,000 0) 2
£110,001 - £120,000 2 0
£240,001 - £250,000 0 1
£250,001 -£260,000 1 0)
28 25

Contributions to the teaching staff pension schemes were made for the benefit of 24 (2024: 19) higher paid employees totalling £387,050 (2024: £341,800). Contributions payable into the non-teaching staff personal pension schemes for 4 (2024: 5) higher paid employees amounted to £21,375 (2024: £22,883).

The gross salary of the highest paid staff member was in the £190,000 - £200,000 bracket. In line with 23-24, the value in the table above includes salary in lieu of employer pension contributions.

33

Kingswood School

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

9 EXPENDITURE (UNRESTRICTED)

Staff
costs		 Oth
thercosts		 Amortisation &
Depreciation		 Total
5025
Cost of charitable activities: £ £ £ £
Teaching 11,851,426 651,225 - 12,502,651
Welfare 2,411,899 1,338,098 2,243 3,752,240
Premises 800,286 2,359,663 1,068,959 4,228,908
Support costs ofschooling 1,809,397 1,454,822 - 3,264,219
IrrecoverableVAT - 93,723 - 93,723
School's operating costs 16,873,008 5,897,531 1,071,202 23,841,741
Governance costs - 55,105 - 55,105
Costs of raising funds:
Fundraising trading - other - 277,108 - 277,108
Financing costs = 668,444 - 668,444
Trading costs ofKEL 37,698 116,431 10,907 165,036
Trading costs of KIL - 34 = 34
Total for Group 16,910,706 7,014,653 1,082,109 25,007,468
Staffcosts Othercosts Amortisation&
Dapreciation		 Total
3024
Cost ofcharitable activities: £ £ £ £
Teaching 11,121,957 714,338 - 11,836,295
Welfare 2,140,045 1,426,738 2,243 3,569,026
Premises 687,822 2,072,146 1,116,164 3,876,132
Support costs of schooling 1,554,682 1,573,407 - 3,128,089
School's operating costs 15,504,506 5,786,629 1,118,407 22,409,542
Governance costs - 64,003 - 64,003
Costs of raising funds:
Fundraising trading - other a 303,524 = 303,524
Financing costs - 687,036 - 687,036
Trading costs ofKEL 15,028 110,288 11,433 136,749
Trading costs of KIL - 37 - 37
TotalforGroup 15,519,534 6,951,517 1,129,840 23,600,891

34

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

10 ANALYSIS OF SUPPORT COSTS

Educational Admin Governance — Recruitment & Governance — Recruitment & 2025
Operations Operations Advertising
£ £ £ £ £
Audit Services —Audit Fees - - 31,790 - 31,790
Non audit fee - - 2,650 - 2,650
Independent Schools Inspection - - 16,604 - 16,604
Governor’s Expenses - - 4,061 - 4,061
Technology Costs 9,606 266,374 - - 275,980
Other Support Costs 161,432 284,739 - 42,540 488,711
Support StaffCosts 70,042 1,911,943 - - 1,981,985
Legal & Professional Costs - 82,336 - - 82,336
Stafftraining and expenses - 39,625 - - 39,625
Pupil Recruitment - = = 353,840 353,840
Staff Recruitment - - - 41,743 41,743
Other - - - = -
241,080 2,585,017 55,105 438,123 3,319,325

Staff costs are apportioned based on those employees who are employed in the different activities of the school. Other support costs relate to general office and sundry costs such as stationery and telephones.

Governance costs relate to accountancy services, the independent school’s inspection charge and Governor expenses provided to assist the Governors in the performance of their responsibilities.

Educational Admin Governance Recruitment & 2024
Operations Operations Advertising
£ £ £ £ £
Audit Services —Audit Fees - - 38,524 - 38,524
Non audit fee - - 2,450 - 2,450
Independent Schools Inspection - - 18,649 - 18,649
Governor’s Expenses = - 4,380 - 4,380
Technology Costs - 298,371 - - 298,371
Other Support Costs 170,243 273,249 - - 443,492
Support StaffCosts 55,837 1,629,513 - - 1,685,350
Legal & Professional Costs - 197,337 - - 197,337
Staff training and expenses - 32,990 - - 32,990
Pupil Recruitment - - 358,216 358,216
Staff Recruitment - - - 45,184 45,184
Other - - - 67,149 67,149
226,080 2,431,460 64,003 470,549 3,192,092

35

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

11a TANGIBLE FIXED ASSETS

GROUP AND SCHOOL

Assets in Subsidiary Subsidiary
Freehold
property		 course of
construction		 Motor
vehicles		 Furniture —School total
and plant		 plantand
equipment		 motor
vehicles		 Group
total
£ £ £ £ £ £ £ £
At 1 September 2024 33,326,479 13,916 136,328 8,145,488 41,622,211 71,626 113,023 41,806,860
Additions 1,187,703 - - 439,072 1,626,775 7 - 1,626,775
Transfers 13,916 (13,916) - . - - - -
Adjustments (327,583) - - - (327,583) - - (327,583)
At 31 August 2025 34,200,515 - 136,328 8,584,560 42,921,403 71,626 113,023 43,106,052
DEPRECIATION
At 1 September 2024 10,213,080 - 129,788 7,735,283 18,078,151 71,626 91,885 18,241,662
Charge for year 675,116 - 2,243 322,074 999,433 = 10,907 1,010,340
At 31 August 2025 10,888,196 - 132,031 8,057,357 19,077,584 71,626 102,792 19,252,002
NETBOOK VALUES
At 31 August 2025 23,312,319 - 4,297 527,203 23,843,819 - 10,231 23,854,050
At1September2024 23,113,399 13,916 6,540 410,205 23,544,060 - 21,138 23,565,198

36

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

11b INTANGIBLE FIXED ASSETS

GROUP AND SCHOOL

Software
£
Cost
At 1 September 2024 394,398
Additions 21,489
At 31 August 2025 415,887
Amortisation
At 1 September 2024 302,440
Charge 71,769
At 31 August 2025 374,209
Net book value
At 31 August 2025 41,678
At1September2024 91,958

Intangible Assets relate to purchased software technology. Amortisation is included in the Statement of Financial Activities within Charitable activities’ costs.

37

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

12. INVESTMENTS

GROUP

Unrestricted Restricted Endowed Unrestricted Cash Total
Endowment Cash
£ £ £ £ £ £
At 1 September 2024 11,828 186,244 244,682 129,695 42,261 614,710
Accumulated Interest - - - - 2,154 2,154
Additions - - 99,500 - - 99,500
Revaluations 490 1,089 464 - - 2,043
Balance at 31 August 2025 12,318 187,333 344,646 129,695 44,415 718,407
Historic cost 1,777 65,495 88,530 121,286 31,326 308,414
SCHOOL
Unrestricted Restricted Endowed Unrestricted Cash Total
Endowment Cash
£ £ £ £ £ £
At 1 September 2024 13,828 186,245 244,682 129,695 42,260 616,710
Accumulated Interest - - - - 2,154 2,154
Additions - - 99,500 - - 99,500
Revaluations 490 1,089 464 - - 2,043
Balance at 31 August 2025 14,318 187,334 344,646 129,695 44,414 720,407
Historiccost 2,777 65,495 88,530 121,286 31,326 309,414

SCHOOL

The unrestricted investment shown within the school note above includes the investment in two subsidiaries. This is a 100% holding in the 1,000 £1 ordinary shares of Kingswood Enterprises Limited and Kingswood International Limited, both companies incorporated in the United Kingdom. Kingswood Enterprises Limited provides services in property management, commercial lettings and minibus services. Kingswood International Limited promotes the Kingswood School way of education to overseas partners and develops education opportunities to overseas markets.

Restricted and endowed investments are held in investment fund units whose funds are invested in a wide variety of stocks and shares.

The cash deposits are held by the investment managers and interest accumulates monthly.

38

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

13 DEBTORS

Consolidated School
2025 2024 2025 2024
£ £ £ £
Due within one year:
School fees debtors 6,282,867 4,848,065 6,282,867 4,848,065
Trade debtors 13,612 6,654 - =
Amounts owed by group undertakings - - 66,866 65,272
Gift aid receivable from subsidiary - - 75,235 69,284
Other debtors 92,360 45,229 92,335 45,229
Prepayments and accrued income 640,513 213,196 639,974 203,866
Taxation and social security - 3,849 - -
7,029,352 5,116,993 7,157,277 5,231,716

Prepayments accrued income includes £328k (2024: Enil) which relates to accrued VAT recoverable via the Capital Goods Scheme in future years.

14 CREDITORS: amounts falling due within one year

Consolidated School
2025 2024 2025 2024
£ £ £ £
Current instalments due on bank loan 167,617 143,977 167,617 143,977
Trade creditors 944,010 1,206,279 944,010 1,206,279
idi
Amounts owed to subsidiary
companies		 : 49,599 54,453
Taxation and social security 1,633,872 - 1,629,421 -
Pension costs 243,851 44,191 243,851 44,191
Finance leases 286,120 90,689 271,208 69,200
Other creditors 388,948 347,011 388,948 345,128
Deposits received in advance 611,604 592,802 611,604 592,802
Accruals and deferred income 344,204 693,611 335,530 681,321
Deferred income—Autumn term bills 7,509,671 7,231,147 7,509,671 7,231,147
Advance fees 1,891,732 2,012,208 1,891,732 2,012,208
14,021,629 12,361,915 14,043,191 12,380,706

39

Kingswood School

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Deferred Income Analysis

2025 2024
£ £
At 1September 2024 al 8,524,370
Released to accounts in 2024-25 278,524 (1,293,223)
Balanceat31August2025 7,509,671 7,231,147
2025 2024
Advance Fee Payments £ £
Amounts due within one year 1,891,731 2,012,208
Amounts due within two years 1,179,900 1,558,180
Amounts due within three years 644,208 1,098,004
Amounts due within four years 475,571 577,032
Amounts due within five years 226,337 411,869
Amounts due within six years 122,228 212,791
Amounts due within seven years 60,329 93,651
Amounts due within eight years 19,855 60,322
Amounts due within nine years - 19,854
Balanceat31August2025 4,620,159 6,043,911

The balance represents the accrued liability under the contracts. The movements during the period were:

2025 2024
£ £
Balance at 1 September 2024 5,566,694 228,973
Movement in the period (1,423,751) 5,337,721
Balanceat31August2025 4,142,943 5,566,694

40

Kingswoodse School} NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

15 CREDITORS: amounts falling due after more than one year

Consolidated Consolidated School
2025 2024 2025 2024
£ £ £ £
Bank loan 7,693,253 7,756,023 7,693,253 7,756,023
School fees received in advance 2,728,428 4,031,703 2,728,428 4,031,703
10,421,681 11,787,726 10,421,681 11,787,726
16 BORROWINGS
Consolidated School
2025 2024 2025 2024
£ £ £ £
Bank loans 7,860,870 7,900,000 7,860,870 7,900,000
7,860,870 7,900,000 7,860,870 7,900,000
Payable within one year 167,617 143,977 167,617 143,977
Payable after one year 7,693,253 7,756,023 7,693,253 7,756,023
7,860,870 7,900,000 7,860,870 7,900,000

The School and Group previously had the facility of three loans and an overdraft facility provided by Barclays Bank plc, under composite overdraft arrangements with the Board of the Division of Finance of the Methodist Church covered by a legal charge on freehold property in Bath up until May 2023. In May 2023, the School and Group moved banking providers and now have the facility of one loan provided by NatWest Bank.

At 31 July 2001, there wasa legal charge in favour of the Board of the Division of Finance of the Methodist Church, over property described in an indenture dated 19 July 1852 and an indenture of conveyance dated 31 December 1863. Property comprised in this charge is to be taken by the Bank as security for the loan and overdraft facility.

The secured, variable loan with NatWest has an interest rate of 1.83%.

A1

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

17 NET ASSETS OF THE FUNDS OF THE SCHOOL AND GROUP

The Group's net assets belong to the various funds (including Advance Fees) as follows:

.
FixedAssets		 Investments Net current
Assets/(Liabilities)		 Long term
Liabilities		 Fund balances
£ £ £ £ £
Endowment funds - 474,340 696,500 - 1,170,840
Restricted funds - 187,333 2,698,629 > 2,885,962
Unrestricted funds 24,223,311 56,734 (2,254,391) (10,421,681) 11,603,973
24,223,311 718,407 1,140,738 (10,421,681) 15,660,775
The School’s net assets belong to the various funds (including Advanced Fees) as follows:
,
FixedAssets		 Investments Net current
Assets/(Liabilities)		 Long term
Liabilities		 Fund balances
£ £ £ £ £
Endowment funds - 474,340 696,500 = 1,170,840
Restricted funds - 187,334 2,698,628 ~ 2,885,962
Unrestricted funds 24,213,081 58,733 (2,236,493) (10,421,681) 11,613,640
24,213,081 720,407 1,158,635 (10,421,681) 15,670,442

The School’s net assets belong to the various funds (including Advanced Fees) as follows:

On 19 June 2018, the School received the approval of the Charity Commission to transfer £995,000 of the School’s Endowment funds to offset the capital purchase of the new build at KPS. The Agreement made specific reference to interest and capital payments:

The Charity Commission also approved the use of a subsidiary company, Ferens Posnett Limited (Reg. Co. No. 11376507) to reduce the conflict of interest between Kingswood School Trustee Limited and the Kingswood School endowed funds.

42

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Kingswood School

18a ENDOWED FUNDS: MOVEMENTS IN THE PERIOD

Balanceat
1 September 2024		 Income Amounts
expended		 Transfersand
investment losses		 Balanceat
31 August 2025
£ £ £ £ £
Endowment funds
Scholarships and bursaries 1,162,957 - - 458 1,163,415
Prizes and medals 2,193 - - 6 2,199
Otherfunds 5,226 - - = 5,226
School& Group 1,170,376 - - 464 1,170,840
Balanceat
1 September 2023		 Income Amounts
expended		 Transfers and
investment losses		 Balanceat
31 August 2024
£ £ £ £ £
Endowment funds
Scholarships and bursaries 1,160,182 - - 2,775 1,162,957
Prizes and medals 2,066 - - 127 2,193
Other funds 5,226 - = < 5,226
School&Group 1,167,474 - - 2,902 1,170,376

The Scholarship Funds

The net assets represent the historical monetary value of some 19 individual gifts from benefactors of the School, together with, since 1977, the accumulated surplus of income over expenditure. The income and expenditure is shown within the restricted funds.

The Prizes and Medals Fund

The net assets represent the historical monetary value of some 19 individual gifts from benefactors of the School. The income and expenditure is shown within the restricted funds.

43

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

18b RESTRICTED FUNDS: MOVEMENTS IN THE PERIOD

Balanceat
1 September 2024		 lageinie Amounts
expended		 Transfersand
investment losses		 Balanceat
31 August 2025
£ £ £ £ £
Restricted funds
Bursary fund 190,072 (13,117) - 1,089 178,044
Other restricted funds 9,487 - - - 9,487
Development 2,546,639 152,152 (360) - 2,698,431
School 2,746,198 139,035 (360) 1,089 2,885,962
Kingswood Development Fund - = = - -
Group 2,746,198 139,035 (360) 1,089 2,885,962
Balanceat
1 September 2023		 Teenie Amounts
expended		 Transfersand
investment losses		 Balanceat
31 August 2024
£ £ £ £ £
Restricted funds
Bursary fund 188,489 (11,035) - 12,618 190,072
Other restricted funds 9,487 - - ~ 9,487
Development 2,542,086 503,263 (378) (498,332) 2,546,639
School 2,740,062 492,228 (378) (485,714) 2,746,198
Kingswood Development Fund - - . = -
Group 2,740,062 492,228 (378) (485,714) 2,746,198

During 2023-24, there was a fund transfer of £498,332 between restricted funds and unrestricted funds. This related to money donated for specific projects (restricted) in previous years which has been spent out on those projects from unrestricted funds during the year ended 31 August 24.

Bursary fund

This fund represents monies given to the School specifically to invest for the provision of bursaries and gifts to support pupils.

Other restricted funds

These relate to several small restricted funds which have been donated during the year and are expended in accordance with the donor's wishes.

44

Kingswood School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

18c UNRESTRICTED FUNDS: MOVEMENTS IN THE PERIOD

Balanceat
1September2024		 Income Expenditure
p		 Transfersand
investment losses		 Balance at
31August2025
£ £ fe £ £
Unrestricted funds
General reserve 10,673,479 25,359,129 (24,719,458) 490 11,313,640
Designated funds
Bursary fund 300,000 - - - 300,000
School 10,973,479 25,359,129 (24,719,458) 490 11,613,640
Kingswood Enterprises Ltd 63,678 282,211 (286,276) - 59,613
Kingswood International Ltd (67,546) - (1,734) - (69,280)
Group 10,969,611 25,641,340 (25,007,468) 490 11,603,973
In the financial year 2012/13 the governors designated £300,000 for future bursaries to be given against school fees.
Balanceat
1September 2023		 Income Expenditure
P		 Transfersand
investment losses		 Balanceat
31August2024
£ £ £ £ £
Unrestricted funds
General reserve 8,685,356 24,798,567 (23,309,667) 499,223 10,673,479
Designated funds
Bursary fund 300,000 - - * 300,000
School 8,985,356 24,798,567 (23,309,667) 499,223 10,973,479
Kingswood Enterprises Ltd 61,257 292,416 (289,995) ; 63,678
Kingswood International Ltd (66,317) - (1,229) - (67,546)
Group 8,980,296 25,090,983 (23,600,891) 499,223 10,969,611

In the financial year 2012/13 the governors designated £300,000 for future bursaries to be given against school fees.

45

Kingswood School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

19 PENSION SCHEMES

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,204,637 (2024: £1,707,067) and at the year-end £0 (2024: £0) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

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

20 RELATED PARTY TRANSACTIONS

The key management personnel are deemed to be the Trustees, the Senior and Prep Headmasters, the Director of Finance and Operations, 5 deputy heads, the Chaplain and 3 directors as listed on Page 5 of the accounts. Their total remuneration costs including employer’s NI and pension in the year were £1,503,091 (2024: £1,438,678).

During the period the school received gift aid income from Kingswood Enterprises Ltd of £75,235 (2024: £69,284).

The school charged Kingswood Enterprises Limited £76,179 (2024: £97,587) for Minibus driving services, theatre and admin charges and Catering services. It paid £78,299 (2024: £99,487) to Kingswood Enterprises Ltd in respect of the supply of minibuses and other vehicle. At the year-end £49,599 (2024: £54,453) was due to Kingswood Enterprises Ltd.

At the year-end £66,832 (2024: £65,272) was due to Kingswood School Ltd from Kingswood International Limited. There were no other transactions between Kingswood School Ltd and Kingswood International Ltd.

21 ULTIMATE PARENT UNDERTAKING

The ultimate parent undertaking and controlling party is Kingswood School Trustee Limited, of Lansdown Road, Bath BA1 5RG, a company incorporated in England and Wales.

46

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Kingswood School

22 NET DEBT RECONCILATION

Brought forward Cash flow Carried forward
£ £ £
Cash at bank and in hand 9,646,946 (1,186,365) 8,460,581
9,646,946 (1,186,365) 8,460,581
Finance leases (90,689) (195,431) (286,120)
Debt due in more than one year (11,787,726) 1,366,045 (10,421,681)
Debt due within oneyear (143,977) (23,640) (167,617)
(2,375,446) (39,391) (2,414,837)

23 RECONCILIATION OF GROUP NET INCOME TO NET CASH INFLOW FROM OPERATIONAL ACTIVITIES

2025 2024
£ £
Net income 772,547 1,981,942
Adjustments for:
Investment gains (2,043) (16,411)
Interest received (297,944) (77,816)
Net financing costs 668,444 687,036
Depreciation and amortisation 1,082,109 1,129,840
2,223,113
3,704,591
(Increase)/Decrease in stock 4 1,561
(Increase)/Decrease in debtors (1,584,776) 729,057
Increase/(Decrease) in creditors 332,800 6,208,915
Netcashprovidedbyoperatingactivities 971,141 10,644,124

47

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

Kingswood School

24
CONSOLIDATED STATEMENT		 OF FINANCIAL ACTIVITIES — YEAR ENDED 31 OF FINANCIAL ACTIVITIES — YEAR ENDED 31 OF FINANCIAL ACTIVITIES — YEAR ENDED 31 AUGUST 2024
Unrestricted Restricted Endowed funds Total funds Total funds
funds funds
Note Yearended31 Year ended 31 Yearended31 Yearended31 13m ended 31
August 2024 August 2024 August 2024 August 2024 August 2023
£ £ £ £ £
Income and endowments from:
Charitable activities:
School fees 3 23,524,440 (11,035) - 23,513,405 21,053,609
Ancillary trading income 6 940,479 - - 940,479 851,640
24,464,919 (11,035) - 24,453,884 21,905,249
Other trading activities:
Fundraising trading 192,929 - - 192,929 182,483
Other trading income 6 355,239 - - 355,239 309,618
Investment income 5 77,816 - - 77,816 1,712
Donations and grants 7 80 503,263 - 503,343 537,089
Total income 25,090,983 492,228 - 25,583,211 22,936,151
Expenditure:
Raising funds:
Fundraising trading 9 440,310 - - 440,310 515,094
Financing costs 9 687,036 = - 687,036 575,285
1,127,346 - = 1,127,346 1,090,379
Charitable activities:
Education and grant making 9 22,473,545 378 - 22,473,923 22,518,753
Total expenditure 23,600,891 378 - 23,601,269 23,609,132
Net income / (expenditure) 1,490,092 491,850 - 1,981,942 (672,981)
before investment gains/(losses)
Gains / (Losses) on investments 12 891 12,618 2,902 16,411 (11,113)
Net income / (expenditure) 1,490,983 504,468 2,902 1,998,353 (684,094)
Transfers 18b 498,332 (498,332) - - <
Net movement in funds 1,989,315 6,136 2,902 1,998,353 (684,094)
Fund balances brought forward 24 8,980,296 2,740,062 1,167,474 12,887,832 13,571,926
Fundbalancescarriedforward 10,969,611 2,746,198 1,170,376 14,886,185 12,887,832

48