THE CORPORATION OF KING'S COLLEGE SCHOOL A Registered Educational Charlty REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Charity No: 310024
THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Contents Page Governcrs, Officers and Advisors Report of the Governlng Body Report of the Auditors 17 Consolldated Statement ol Flnantial Activities 20 Balance Sheets 21 Consolldated Cash Flow Statsment 22 Accounting Policies 23 Note5 to the Fbnancial Ststements 27
THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 202S GOVERNORS Thè Governor5 of the School, all ofwhom served during the year, ayè as follows: Lord Deighton KBE (Chair) Mrs S.A. Bennet¢ BA (resigned I l December 2024) Dr S. Gawley (special intere5t.' Safeguarding) Mr C.G. Hale MA LLM {vice chair fram 31 st March 2025) Mrs S.A.B. Hobbs BA PGCE {special interest.. WCPS) Mr D.G. Ingram MA (sp2cial interests.. Health & Safety and premises. estate& Outreach & 8ursaries) Sir R.M. Jay BA QC {chair of Appeals, Disciplinary Jnd Complaints Committee) (term of office ended 31, December 20241 Mrs IA Larizad2h BA PGCE (special interest: parts)ershlps) (chair of Appeals. Disciplinary and Complaints Commlttee from 31. December 2024} PlfeSsor G Lord 8A MA MB Bchir PhD FRSB FRCP Fmedsci (appointed January 2025) Mr l.A. Macmillan Bsc ACA MBA {speciil interests.. Sports and Games, 5UPPOrt staff) Mrs A. Ng Bsc FCA (special interest.. senior school) Mr T. Oki BA Mi- R.J. Parker MA (special Interest.. Friends of KCS) Mr J-A. Prager BA Ms l.L. Robinson BA PGCE MEd (special interest.. junior school and perfom7ing arts) Mrs J.G. Sarpong BSC MBA (Special Inrest.. Eqsjality, Dlversity and Incl$10. GDPR} Mr G.C. Slimmon MA MBA (vice chair,. chair ol K.C.S Enterprises) (term of office ended 31" March 20251 MrA.M. Stockil BA MBA Mr P.l.L Strafford 8A MBA MMbÈrs of the Finance and Plannlng Committee.. Mr R.J. Parker MA IF&P chair) Lord Deighton KBE Mr D.G. Ingram MA Mr C.G. Hale MA LLM (from 31" Mirch 20251 Mr l.A. Macmillan Bst ACA MBA MrsA. Ng BSC FCA Mr A.M. stkIl BA MBA Members of the Governors, Appointments CommlttéÈ: Mrs l.G. Sarpong Bsc MBA {chalr uniil 31, M2rch 2025) Lord Deighton KBÉ Mr D.G. Ingram MA Mr C.G. Hale MA LLM {from 3 1st March 2025) Mr l.A. Macmillan Bsc ACA MBA Ms J.L. Roblnson BA PGCE MEd (chair from 31" March 2025) Mr G.C. Slifflmon MA M8A {¢erm of office ended 31" March 2025) Members of the Education Commltté: Ms J.L. Robinson BA PGCE MEd (chair) Mrs S.A.B. Hobbs 8A PGCE Mrs l.A. Larizadeh BA PGCE MrJ.A. Prager BA Members of tho Safeguarding Committee Dr S. Gawley {chair) Mrs S.A. Bennett BA {rasigned I lth December 2024) Mr D.G. Ingram MA MrJ.A. Prager BA {appointsd February 20251 Mrs l.G. Sarpong Bsc MBA
THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Members of tho Equalkty Diversity and Inclusivity Committee Mrs l.G. Sarpong Bsc MBA (chair) Mr T. Oki BA Mr l.A. Prager BA Ms l. Robinson BA PGCE Med Mr A.M. Stockil BA MBA {appoiTrted March 20251 Membtrs of the Estate Projects Implementation Committee: Mr D.G. Ingram MA (chair) Governor Board Members of K.C.S Enterprlses Llmlted: Mr R.J. Parker MA {chairl Mr T. Oki BA Mr G.C. Slimmon MA MBA (term of office ended 3 1st March 20251 Governor Board Members of King's College School Wimbledon (International) Limited: Mr C.G. Hale MA LLM {chairl Mr P.l.L. Straflord BA MBA Mr A.M. Stockil BA MBA OFFICERS Head Dr Anne Cotton BA MA. MS( DPhil {Oxonl, M.Ed. Headfflaster of the junior School Mr EH Lougher BA Hons PGCE MSC (Oxonl Bursar Mr Dave Navarro Bcom (Honsl l LL8 Address.. King's College School South5ide Wimbledon Common London SW19 4TT www 020 8255 5300 ADVISERS Solicitor5'. Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Auditors.. Crowe U.K LLP Registered Auditors 2. Floor 55 Ludgate Hill London EC4M 7JW Bankers: Natwest 16 Wimbledon Hill Rd London SW19 7NN
THE CORPORATION OF KING'S COLLEGE SCHOOL
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
REPORT OF THE GOVERNING BODY
The governors present their annual report, together with the audited financial statements, for the year ended 31" July 2025. The report covers the activities of The Corporation of King's College School, which owns, operates and manages King's College School ('the senior school'), King's College Junior School ("the junior school') and Wimbledon Common Preparatory School ('WCPS'). The senior school, junior school and WCPS are together called 'the schools'. The senior school and junior school are together called 'King's'.
REFERENCE AND ADMINISTRATIVE INFORMATION
Reference and administrative information is set out on pages I to 3 and forms part of this report. The financial statements comply with current statutory requirements and the Statement of Recommended Practice "Accounting and Reporting by Charities" (Second Edition, effective I January 2019) ("SORP").
STRUCTURE, GOVERNANCE AND MANAGEMENT
History and Constitution
King's College School was founded by Royal Charter in 1829 as the junior department of King's College London.
In 1897 King's College School moved from its premises in the Strand to its present site in Wimbledon. In 1909, by virtue of the King's College London (Transfer) Act I 908, King's College School became separately incorporated and all the powers, duties and functions of the Corporation of King's College London passed to the newly constituted Corporation of King's College School ('The Corporation'). The Corporation holds charitable status and is registered as number 310024.
The Corporation
'" The Statutes of the Corporation were revised by a scheme sealed on 24 October 2008 by the Charity Commissioners and amended by resolution in December 20 I 0, March 2011, December 20 I 4, March 2018, December 2018 and December 2019. The following are eligible for membership of the Corporation:-
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Governors elected at a general meeting of the Corporation, held annually in January.
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ii) People unconnected with the schools who have contributed £1,500 for the purposes of the Corporation. iii) Former pupils or parents of pupils or former pupils of King's College School who have contributed £500. iv) Members of staff of King's College School who have contributed £ I 00. i)
The Corporation currently has 778 members living in all parts of the world. Presently, 573 members are contactable by the Corporation.
A detailed report on the Corporation's progress during the previous year is submitted by the chair of the governing body at the Corporation's annual meeting in January.
The Governing Body
The governing body consists of up to 26 members, of whom one, the Bishop for the time being of the Diocese of Southwark, is an ex-officio member; twelve are appointed by the Corporation; four are appointed to represent academic institutions and the remainder are co-opted members. Provision is made for the appointment of the following - representative governors:
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Two by the Council of King's College London
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One by the Hebdomadal Council of the University of Oxford
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One by the Senate of the University of London
Each of the governors (except the ex-officio governor) is appointed for a term of three years and may serve up to four terms. The governing body has a Governors' Appointments Committee which recommends potential candidates as governors. Th.e Committee particularly considers diversity, competence, specialist skills and availability. New governors receive an induction training programme as appropriate. Governors also receive training from appropriate external organisations.
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THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 GOVERNANCE Governlng Body The st3tsJtes reguire that the rights. power$. duties and funct¢ons vested it7 the Corporation are to be exercised by the governing body on its behalf. Acci)rdingly, thegoYern¥ng body has power to decide matter5 01 policy relating to the schools and to make major decs5iOtt5 affecting the affair5 01 the 5choals. It 15 specifically requ¢red ¢0 keep accounts. to determine ¢uitioJ2 lees and salaries, to make Senior appointment5 and ¢0 ¢ake responsibility for the Corporation's estates. building5 and equipment as well as for Heth and Safety. The responsibility for Implementing detlsions mado by thé governing body rests wlth the head, supported by the bvrsar, who oversees the busines$ and support functions of the Corpordtion. Commltte¢ members are shown on pages 1-2. The Governing Body rÈtains overall re5pon5ib41iLy and meets at leasL three time5 2 year. It also holds a regular strategy day to examinÈ str2Legtc matters. and its strntegic intentions are set ou¢ in its strategic plan. The b02rd focused attention this year on maintaining its long-term focus on offerin% the highest standards ol education for pupils, the implic3tions of the governmettt's Inip05ition ol VAT on independeni School fees, inspection, the establlshmeTrt of the new KiTrg'5 College School Bursaries Foundation and plan5 for the new jvnior school as well 2s staff development and welfare, EDI, Strengthening our community partTrerships and growing non-fee iftcome. The Financ¢ and Planning Committee 5its at least four times a year prior to governing body meetings. Its remi¢ is to monttor and direct as appropriats the financial aflairs of the school, including budget settins fee settin& remuneration, reviewing management accounts 2nd bursary provision, The Education Commlttee 5its once a term. It assists and Supports the head and the junior school headmaster in their oversight of educational provision at King's. It scrutinises key policies and receives reports from members of academlc staff. The Safeguardlng Committee meets termly. The commlttee a551St5 the governing body In fulfilling its overslght responsibilities for safeguarding at the school and proMde5 additional Support for the nominated 5ale8uardi8 governor. It agrees, monitor5, reviews aad evaluates all relevant policies, strategies and procedure5 including staff and governor tr21ning and pupil feedback. The Estate Projects Implementation Committee {EPIC) monitors and directs all major expenditure on capital projects and oversees ihe school's Environmental and Sustainability strategy. The Governors, Appointments Committee (GAC) Identifies current or future strntegie gaps of personnel on the main board or its sub committees, making recommendations on appointmen¢s to the board. Th• Equalltyi Diversity and Inclusivity Committee meets termly and is chaired by the governor with responsibility lor ED&I. This committee oversees matters relating to ED&1 in the school. Whilst no standing committee exists to hear appeals, dbsc%pliTrary mattsrs and complaints, a governor 15 nominated a5 standing chair and other members are selected, based on avai12b51iiy and skills, should such a committee be required. Thss commlttee, when formed, will be known as the Appeals, Disciplinary and Comp5aints Committee (ADCCI- The Health and Safety governor meets with the bursar and the deputy bursar to review the annual Healch and Safety report. A governor oversees the schools, compliance with GDPR. The appropriate members of the schools, executive attend 211 governors. meetings other than the Goyemors, Appointments Commlttee, whlch the head and the clerk to the governors attends.
THE CORPORATION OF KING'S COLLEGE SCHOOL
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
LEADERSHIP AND MANAGEMENT
Management Board
The head, the headmaster of the junior school, the deputy heads of the senior school and the junior school and the bursar form the Management Board, which meets half-termly. The finance director, director of people and director of development are non-voting members. The Management Board oversees the general and administrative management of the schools and reports to the appropriate governor committee depending on the matter being considered. This year the management board focused on the revised mission and aims, the new operational plan developed to support the new strategic plan, staff welfare, inspection, bursaries, digital strategy, and school routines as well as maintaining its review of EDI, safeguarding, pupil welfare, pupils' academic progress. staffing matters, inspection and school finances. The board also regularly reviews KPls, health and safety, complaints and the risk register.
RELATED ENTITIES
The Corporation has two wholly owned trading subsidiary companies; K.C.S Enterprises Limited, which is responsible for managing the sports club, school shop and the commercial letting activities of school facilities, and King's College School Wimbledon (International) Limited, which is responsible for managing the school's commercial overseas educational activities. In line with Charity Commission guidance, the governors ensure that the charity maintains appropriate connections with these trading subsidiaries and regularly assesses the potential risks to the charity from these trading activities. These are logged in the charity's risk management matrix and in each subsidiary's risk management matrix. Further details on these companies can be found in note 11.
K,C,S Enterprises Ltd
This is a separate entity whose entire share capital is owned by the Corporation of King's College School. K.C.S Enterprises has its own board, chaired by one of the main board governors, which meets twice yearly and reports to the governing body.
The managing director of K.C.S Enterprises reports to the bursar. K.C.S Enterprises manages the school shop as well as lettings throughout the site. It is also responsible for the running of the King's Club, which operates the school's sports facilities on a commercial basis.
King's College School Wimbledon (International) Ltd
This is a separate entity whose entire share capital is owned by the Corporation of King's College School. King's College School Wimbledon (International) has its own board, comprising three main board governors, an external director and three senior staff, which meets termly and reports to the governing body. The director of international schools reports into the head. He meets regularly with the head and produces an annual budget and termly reports. In China, KCSW(I) works with four schools in a consultancy capacity. It opened a school in Bangkok in September 2020 and signed a licence and service contract with an existing school in Monaco in August 2020. A contract to open a school in Vietnam and one in Abu Dhabi were signed during the year.
KCSW(I) works closely with the operator in the territory in Bangkok and with the executive teams of all overseas schools. Two representatives f om King's sit on the governing body of the Bangkok school, one is a former King's chair of r governors, and one is the current chair of KCSW(I).
There is no financial commitment from King's or KCSW(I) to new ventures abroad. KCSW(I) continues to explore further opportunities in territories identified as having a demand for British independent education and is also approached by potential partners interested in collaborating.
Risk is managed through careful selection of partners, who share King's values and commitment to delivering high academic standards as well as levels of pastoral care, and by putting appropriate systems in place to ensure that the overseas operations do not impact on the provision of education in our core UK schools. All contracts with international partners are entered into via the trading subsidiary KCSW(I), not the Corporation of King's College School.
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THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 King's College School Bursarles Foundation A new foundation has been Set up to fund bursaries. It wa5 registered with Companles House in March 2024 and was registered with the Charity Commission on 6 May 2025. Trustees have been appointed and three trustee meetings have been held. An inYe5tment committee has been foi'med and has met oj) several occasions ¢0 determine the investment strategy lor the loundation with the main principles to ensure the long-term financtal resilience of the fund, which 15 intended to lorm a permanent endowment to support bursaries. Other related entities Information on the Old King's Club is set out Sn note 23 to the Accounts. The Friends of King's College School are generous contributors to a wide variety of projects benefiting the pupils ol the senior and junior school, as are the Friend5 of Squirrels (WCPS). Their support is warmly acknowledged., the Friends of the schools gifted £65k to the Corporation during the year. Further infoi'mation is provided in note 24 of the A£count5. RISK MANAGEMENT Risk Management The governing body is responsible for overseeing the management of the risks laced by the 5choo15 and Corporation. Detailed oversight of risk is delegated to the Finance and Planning Committee. Risks are identified. assessed. and controls establshed throughout the year. Risk5 are managed through dedicated time being 25signed to identifylng the risks associated with key strategic initiatives nd operational aciivities, mitigation measures put in place with clear aciions identified. undertaken and reviewed. This bs a continuou5 process that feeds into formal agendas ol the Governing Body and its committees. The risk register is reviewed regularly by the Management Board. Risks are assigned to the members of the Management Board and considered as part of operational planning. The key areas of risk identified in the period of this report were.. Financlal: Careful consideration was given by the executive, the Finance 2nd Planning Committee and the Governing Body to the 10.year financial projections of the Corporation and potential scenar¢os that may impact on financial health. National tax policy {in particular the introduction ol VAT on school lees, increase in national insurance contributions for employers and the loss of mandatory business rate relief for independent schools which are charities) and the costs of the teachers, pen510ri scheme were all ton5idered as possibly negatively impacting the Corporation's firTrattces. SceTrarios of likely impact were presented and discussed at key meetings throughout the year, actions weed and projections amended accordingy. Operational: Cyber security remained an important area ol focus during the perlod, with regular phishing training and 3dditional measure5 being implemented to protect the network. A health and safety committee meets termly, and the bursar and his team carefully monitor and control health and safety policTes and procedures. Site security and safety checks are carried out via a 5y5tem ol multi-level site checkingb incltjding visual inspections, a checklist system and a maintenance reporcing system. The head ol compliance oversees policies and monltors regu13tory and legislative chIge5. All policies are reviewed on 3 regular cycle. A range of edycational visits and trip5 are oflered every year as part of a broad aTrd balanced curriculum and a sir¢ct set ol guidelines is adhered to when planning and conducting trips. Safeguarding: An annual audit is carried out to ensure that the school's provision in the area of saleguarding represents best pract¢ce. A large number of SLaff are now trained in Youth Mental Health First Aid. Monitoring and supporting pupi15' welfare is at the heari of safeguarding across the whole school. A governors, safeguarding committee meets cermly, providing opportunities lor rigorous Scrutiny of the school's practice and plans. The executive team has focused on supporting mental health and wellbeing which is an essential part of ovr 5aleguarding work. PSHE provision has been reviewed and revised and m3tly 5tafl have benefited from our programme ol in-house training.
THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Pupll Numbers,. Recrviiment to 311 three of the Corporation's schools remains steady. with demand remaining strong for plices at 211 entry poinrs. The average number of pupils (rom September 2024 to July 2025 in the senior school was 1222. in the Inior school was 2B4 and In WCPS was 162. quality, Diversity and Inclu5ivity'. The school's commitment to Equality and Inclusivity remairls a cen¢ral guiding principle. The school has a director of EDI and a governors EDI committee. The overarching objecuve is to ernbed EDI at every level of the school. Of particular noté during thè pÈriod was the number of pupil societies and advocacy grovps, work on race. dèvèlopménts n PSHE provision and the work with other local schools. Work also continued on expandtng the bursary programme to assisi those who show academic potential but do not have the mèans to join the school. Cost of the Support Staff Defined Benefit Pension Scheme Recovery Plan. A5 agreed with the Trustees, the current paymeDt plan by tlie school ended in summer 2024 and the school continued and will continue to moritor carefully and forecast prudently on thls risk element. Cost of RemainTng an Employer within the Teacher5 Pension Scheme. The governors continued to carefullyconsider the financial impact ol remainingwithin the scheme, given the increases in employers. contributions in recent years. The governors maintained their conclusion that this was still an important and appropriate benefit to offer teaching staff in the interests of recruiting and retaining staff of the hlghest calibre and the Ccrporation does not currently plan to leavÈ the scheme. Governors continued to monitor developments with peer group schools in ¢hÈ sector and to assess the affordability both ol the current level of contributions and any further rises. The s¢h¢tsl adopted an alternatYe pension scheme that is offered to teaching staff as an altemative to the TP5. Reputational: The executive and the Goyerllors are aware of and regularly discuss activities and i5sue5 that may impact repurationally on the Corporation.15sue5 such the national political context and potential policy changes, ovr international operations, the actions of pupils and staff, and adherence to our policies and procedures were all carefully examined to ensure that the school adheres to the Corporation's values Ind strategy and acts in line with the requirÈmÈnts of thÈ Charity Commission and the Independent School Standards. Through the risk management Pro$$eS established for the Corporation, the governors are satisfied that the major risks Identified have been adequately mitigated where nece5siry. It 15 recognsed that 5y5tem5 can only provide reasonable but not absolute a5surnnce that major risks have been ade9uately managed. We no¢¢ ¢hit our risk management process was ommended in the recent ISI Inspect¥ons. CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIONS Charitable Objects The Corporation's principal objec¢ as Set out in ¢he Ststute5, 1$ the advancement of education. There has been no change to the objects during this year. In meeting the objects, the Corporation supeNlses the schools which are indepèndent day schools for pupils up to age 19. The sthoo15 are committed to equality, diversity aRd inclusivity and have the pastoral care ol pupils at the heart of all that they do. The schools seek ¢0 provide academic education of high qvality. extended by a broad range of cultural and co-cUrric1ar opportunities, and supported by a responsive and sensitsve pastoral system. The Corporation recognises its charitable role w4thin the wider£ommuniw and 115 duty to develop re5POT%sib12, respectful citizens,. all pupils of the schools are encouraged to thifik indep2ndently. to engJge actively with their wider commvnitie5, and to make a p051tive contribut40n in the world. The Corporacion also co-operaces with local schools, charities and other organisations to widen public access to the education and its facilities. In furthérance ol thesè aim5, thé governing body has complied with the duty in the Charities Act 2011 to hi¥e due regard to the Charity Commission's published general guidance. where relevant. tonterning the operation of the public benefit requirement under that Act
THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 The Aims of Klng's Collège School The aims were revised during the year and refletc our foundauon a5 the junior department ol Kin<s College London nearly 200 years ago. Frorn the 5tar( our pupils have been encouraged to lead theSr Ilves 1th holilless and wisdom,. tn the words of our shared motto, and to look to the pgsTrtiYe contribution they can make In the woAd, with the heart of our liorÉ. Today, as we adapt to our fast-changing contexu our mission Is to oller 2 tr¢Je edvcation in Mind. Spiric and He2fL the endurlng values ol our foundauon. and to furnish our young people wtth the very best preparation to crea their futures In the world beyond school. A5 a school, we want each of our pupils to enloy an exhilarating adventure of learning and to pursue academic èxcellence n a fun, caring and welcoming enviro#menL Wè want our puwls to grow strong irs spirit and in our shared values a5 they become the person they are Inspired to be. And we want to prepare our young people for life a¢ 25 $0 that when the tIMe comes, they are ready to strike ot lor the world beyond school, to lorge ¢he pathway they choose, and to make a purp05eful impact In thé world. Our aims for members ol the King's community are.. MIND embryate the of learnin and in within and be ond the classroom ursue academic excellence and fulfil their ersonal otential through kindness. respe£L and support for one another. together crèate a caring and welcomin cultui'e in which each individ¢Jal ma belon and thrive contribte Rctively and pvrposefully within the King's community and our wider communities, and make a 051tive im act in the world be ond school 5. give of thelr best in all they do. as they develop thelr own Individu purpose and passions, ins ired b curricul2r and co.curricular o ortuRi 6. be prepared for the world beyond school, with the skills and values for a fulfilled and ur oseful life. read both to sèrve and to lead SPIRIT HEART The governors are sat15fied that the school has c105ely examined Its delivery of these over4rchlng alms thls year and has soughL externil guidance and support where appropriate to d0 50. PRINCIPAL ACTIVITIES DURING THE YEAR During the year, the Corporation has provided education at its site in Wimbledon as follows: Averagé number ol pupils 2024.25 Age King's College School King's College Junior School Wimbledon Common Preparatory School 1,222 284 162 1.668
THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Development5 in 2024-25 Key areas of devélopment during the 2024-25 academlc year in¢luded: The school undertook preparations for Its routlne ISI inspection. in which i¢was lound to meet all s¢andards alld was offered the rare recognltion ol a signlficanf strength for our "extremely wlde-rawng and hlghly effective co-curricular activitles, partnership and enrichment programme" which played "a major role In encouraging pupils, self-confidence, self-esteem and dÈv¢lopmen¢ olkey personal qualities on which to found their adult lives" The school, continued to develop opportunities lor academic enrichmenL intellec¢ual creativity and scholarship, through iniiiatives such as the Enlightening MiRds Lectvres.. the TEDX event and academic lair., the Curious Minds academic enrichment programme for lower and middle school pupils,. and the exten510n of our Rosseiti Academlcs programme. The school cortinued to develop its work in preparing pupils for the world beyond school and for lÈfe at 25, through initiatives such a5 the expanded King's Business School, enhancement of our support (or un¥versiry applicatlons overseas, our Fuwre5 Hub and the development of Woi'ld Beyond Week at the concluston ol the academlc year. The school demonstratéd it5 dedication to wlde-ranng Co-curritular opportunities through a broad Pr0MMe ol clubs and soctetiÈs'. the development of our CCA leaders programme., our collaboration with èxternal professionals including the Etole l&cques Lecoq and the Academy of Ancient Music,. the opportunities for pupils and thè community offered through our Arts Festival,. and the Improvèment of our sports facilities on the main site and at Kingsway. The school continued to extend oppor¢unities for development and support for staff through it5 online professional development hub. Sapienter,. the introduction of Sn-housé coaching tra4ning,' and the embedding of our 4llterfi21 teacher training scheme. The school established the King5 College School Bursaries Foundation, which is Intended to form a permanent endowment to support bursarie5 Wlth the aim ol ensuring tha¢ a King's education is accessible any ¢alented young person who may thrive here. Following the school's #equisition of a new site on The Downs, work has been under¢aken to draw up plans for ¢he creation ol a new world class junior school facility and engagement sought across che community. The Governors made the decision to extend co_educatitsn throughout the Corporation of King's in carefully sequenced way over the next decadé and this was tommunicated to our community and more widely. PUBLIC BENEFIT The Corporation provides education to 1,668 pupils who would othenyise be educated in maintiifièd schools ac public expense. The Corporation 15 commttted to making a positive contribution to the communities of which it form5 H parL and seeks to do this through its bursaries programme, and through partnerships and community projects. The CorporaiioTr ha5 had due regard to the Charlty Commi5si0n guidance on public benefit. In addition to the access projects ou¢lin¢d below. the school also encourages use of the school facilitie5 by var40ys chartties and communlry groups illclvding various sports and theatre group5 and Northwest Re5idersts Association. Bursarles The Corporation sets aside fvnd5, and raises money, to support scholar$hlp$ and mèans-tested bursaries. In partcular, the Corporation has been buildin8 a bursary fund from various In¢om¢ source5 to 5UPPOrtfuture requirements. Bursaries, which range from l 0% to IOO/o ol the tuition fees, plus extras, are offered to parentslguardians of pupils who could not othervlise afford to send their childi'en to Klng's based on a comprehensive assessment of finaniial need, u51ng external assessors. These bursaries aré re-asse$5ed aDnually and may change during a pupil'5 lime a¢ the school depending on chaTrges to thelr financi21 sltuation. In 2024-25, ¢he senior school proylded entrance bursaries at various entry points between ages I I to 16 as well as finiRcial assis¢ance in both the senltsr sthool and the junior school ¢0 those who have 2 change of circumstances whlch
THE CORPORATION OF KING'S COLLEGE SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 makes p3ying the fees dilficult. Bursaries ol up to 100% ol the fees plus extras are available, Subject to the caTrdidate meeting the school's entrance requirements. Depending on need, bursaries can also include 5UPPOrt lor additional cost5. such as for uniform, transport and lunch costs. In the ye31. ended 31" July 2025 the Corporation gave fee remission lor bursaries to 75 pupils aggregating £1,724,000 (2023-24.. 73 pupils aggregating £1.677.0001 which has been shown in these accounts. Included in these figures are IOOYO and 100% plus bursaries awarded to 46 pupils. Funds for bursarie5 are provided from doTrations and from the Corporation's tradlng companles profit$ which are gSft aided IK.C.S Enterprises Limited and King's College School Wimbledon Ilnternatlonal) Limitedl- Partnerships programme During 2024-25, the Klnls partnership programme concinued to develop and expand. Communlty Projects: The community project programme saw record levels of participation of almost 450 Kings, pupi15 in conjunction with 41 partnership schools, Wimbledon Library, Wimbledon Guild and two care home5. In to1 2,917 p3rtnership school pupils were involved and King's pupils and staff volunteered for 24,138 hour5. Thi5 year's project5 in English, Maths. Sclence, Spanish, Latin, 5por( reading choral direction and physic31 theatre have been varied and impactful. and have been co-led by Kings, pupils with parthership schools across Merton. Wandsworth & Kingston. The programme has been extended so that pupils in all year groups of the school now contrlbute to the programme every year. During World Beyond Week, pupils designed and led Primary Math5, Science and Design Engineering workshops, sports days. collected donations lor local lood banks at supermarkets and acted as classroom a5S15tants at Aragon Primary School. Junior Aspirations Thelunior Aspirations Programme expanded to nine primary schools across Merton. Wandsworth and Kingston, engaging 36 gifted year 5 pupi15 in English, Maths and Science sessions led by 22 King's pupils. A graduation event in May 2025 marked ihe completiors of the programme and was supported by Friends of King's, who funded weekly travel and provided each participant with a graduation pack containing educational resources. Additionally. Friends of Kings fin3nced an interactive jazz concert in May featuring the Blues and Roots Ensemble and the King'5 jazz Combo. attended by 150 pupils from lour partner schools, whlch Introduced student5 to jazz instruments. improvisation and performance tschniques. Senior Aspiratlons The senior aspirattons programme for pupils in receipt of pupil premium and who would be first generation university 5cholar5 Continued this academic year and included bespoke visits to univer51ties focu5iThg on higher education option5, a debating session coupled with a visit to Parliament, as well as King's pupil-led series of interactive Science experiments and workshops on Imagineerin& Philosophy, Engineerin& Economics, Computing 3nd Classics. Open Doors Project The annual summer Open Doors Proje£¢ this year involved over 180 pupils from lour primary schools led by fifty pupil leaders from King's and three partner secondary schools. This week-long event had two strands, sports leading to a tournamen4 and creative arts culminating in a devised performance. University Access Support We continue to offer support with a variety of extension classes and personal statement advice to over 60 partner school sixth formers who are pursuing competitive university admission. Qur programme ol support expanded this year. extending enrichment opportunities spanning clubs. societies. lectures and UCAS inlormation sessions to partnership lower sixth pupils during lunchtime and alter school. Connect The Connec¢ programme, our I l + support prowamme for talented year 5 pupils who may be eligible for a bursary. ha5 continued to expand and evolve. In response to feedback from families and stalf. the programme kept its six-session format while offering those ses5ion5 earlier in the academic year, to offer lamilies more time to prepare lor bursary applications and to navigate I l + deadlines with confidence. Participation grew significantly, with around 75 children from partner primary schools t2king part. Alongside focused preparation in Maths, English and Verbal Re350ning pupils explored enrichment opportunities in areas such as musie, oracy* entrepreneurship, sport and Mandarin, helping them build coThfidence and interview skills as well as academic strength. We remain gratelul to the Friends ol Kings lor continuing to fund both the programme and 115 online learning platlorm. provÉded by Atom Learnin& which once again saw strong engagement and careful lollow-yp with individuals where needed. 10
THE CORPORATION OF KING'S COLLEGE SCHOOL
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
PUBLIC EXAMINATIONS
At IB higher level, 70% of exams were awarded the top grade 7 and 97.5% were awarded 7 or 6. Thè averagè IB Diploma
Programme points Score was 42.2 lout of 45).
At A level, 50.75% of all grades were A and B6% of all grades were A_A grade. 62 pupils achieved three or more A
g17des, with 34 achieving four or more A grades.
Consldering the uppei- sixth a5 a whole. 54.4% of all examinations were awarded an A or IB HL 7 and 88Y THE CORPORATION OF KING'S COLLEGE SCHOOL
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
Drama
Drama had another stand-out year of theatric21 productions Including..
Dracula {Edinburgh Fringe) winning crit*cal acclaim from The Fringe
Cornm Boy (Senior School Production) gaining numerous norniTrations from the National School Theatre
Award5
Community Production of Beowul[- a creative collaboration wlth our partnership schools
House Plays Fèstival 2025 leaturing slx 20-mintste shows over the COLrr5e of a month involving 120 pupilg
Academlc Dram4 hosted a Yaried and engagtng showcase of academic drama work with performances of
Blockbirds. Beduty & the 8eost, FNght Club, Homlet. Otwell's 1984, Heothers the muslcol The Lehmon Trilogy. Journe$
End, The Womcn in Blocl The Importance of Being Eurnes¢ Crime ond Pufiishm8n¢ The Lobours ofHercule5, a studio
produttion of Twefve Angry Men and an original Sixth Fomi play Remembron£e
KCS Theatre Co. New Writing Festival a celebration of original pupil work submitted to the prestigious
Royal Court Young Playwrights Award - a néw n&tional seheme from the UK'S leading theatre lor new writing.
with one pupil being shortlisted as onts of only tén writers in hi5 age catesory nationwid< an incrediblè
achievement.
Ecole Internationale dè Théatrè Jacques Letoq.. Drama trip to AvigRon Uuty 2024)-. for the first time. École
lacques Lecoq invited school age pvpils to participate in a five.day workshop course focusing on prnctical skill-
building and dramatic.s¢orytelling at their base in Ayignon.
King's Art5
Pupils from p3rtner5hip schools and King's combined as performers and organiser$ of King's Arts 2025. 293 King's and
partnership school pupils performed during the week and there were a150 41 KFng's and partnership pupil ushers for
events and 15 Arts amba5sa6or5.
Sport
King's pupils continue to shlne on the regional, national and international sporting stage with more pupils than ever before
repi'esentlng Surrey Cricket, Harlequins Rugby, Fitlham FC, ISFA National (ootball sq¢Jad, Surrey badminton and England
hockey.
Throughout the year, puplls achieved success Tn a Yartety of sporting competiOn$ highlighting the talent and dedication
of our pupils, the s¢rength of the school's sporting programtne the ongoing commitment of ovr coaching staff.
Rowing was once again a highlight with no lewer than three meda15 at this yeai s National Scliool's Regatta for theJ14 2
octo,116 2nd viii 2nd J16 1. Vlll. The115s set a new sehool best J15 timè over 2k during a Strong 2 place shovAng at
Madow Regatta and the ser¢ior girls won a silver medal at the Ball Cup Regitta. The senior boys, sqv2d has had afiother
Stellar year, with a 5 plaee in champ Vllls at N?ti0Th21 Schools, Regatts, making the quarter fin21 at Henley Royal Regatta
and six of this squad representing the country over the summer at the three main international regattas, including a
lanta5tic 4 place 2t the junior Vvorld Championships for one U6th rower.
In other sport5, the pupils continued this success in tlie following areas..
London League champEon5 and ESSA national finalists in swimming
finl$t9 in basketball's LISBA COmPEtition
finalists In netball's ISNC plate'competit40n
Surrey champions in the ESCA T20 cup, runnèrs up in 5urrey County Cup and frnalists of the U13 Watcyn
Evans trophy in cricket
Surrey Champions, Rootham Shleld runners-up, National Platè Champions, Surrey Festival winner$ & Notional
regional runners-up in tenni5
Bronze winnei's of sqvash's Natlonal Plate competitio
In badminton wins against Hampton. Epsom and Fieeds as well as competln¥ at the London Summer Seh¢)ols
¢ournarnent
winners ol the Sovth London Individua15 tide and London League in table tennis
Silver medal winners in athletics, English National Champion5hip& and selection as Merton repre5entative5 In
high jump, javelin and triple jump in the Wimbledon Park Stadium event
12 THE CORPORATION OF KING'S COLLEGE SCHOOL
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
DEVELOPMENT OFFICE
Tran$formlng our School through our Philanthroplc Communlty
Philanthropy has helped shape thé opportunities we can offer our pupi15 and our contribution to our wider communtties
for almtsst 200 years. In particular, our bursary programme enables us to open our dL)ors to talend young people who
would not otherwise be able to attend King's. This year, we havè strengthened our ¢omm>¢m¢Trt to ¢ur bursary provision
fuiure through the establishment of the King's College S¢hool BursJri¢s Foundatyon.
Approach
Fundraising
2024-25 saw total donations of £1,587,000 {2023.24.. £1,032,000), of which £1,083,000 (2023-24.. £649,000) was lor
bursaries and the Bursarics Foundation. The remainder was for ¥enewal ol the school $ite (music and $port particularly)
and other specific projects including our partnerships, rowing and entreproft¢urship prog¥amm¢5.
Fundralslng Cod¢ of Practlco
King s College School is committsd to maintsinlng the highest Standards ol ethical behaviour in lundraislng and alumni
engagement.
No external professional fundraisers carried 04Jt any fundraising activlties on behalf of the school dttrlng the year. The
school is lormally registered with the Fundraising Regulator dèmonstrating our commitment to 'good fundraising
practices,. The school also adheres to the Codè of Fundraising Praccice and 15 a member ol the Institte ol DeYelopm¢nt
Professitsnals in Educltion IIDPEI and CASE Europe (Council for Advancement and Support ol Education). There are
no lThst2n¢¢s co report ol ¢he school failing to comply with (undraising standards or schemes for fundraislng regulation
and the school received no complaints about its f4Jndralslng actiV4ty during the year. The school adheres to the General
Data Protection Regulaiion (GDPRI, which came inio effect in May 2018.
REVIEW OF FINANCIAL ACTIVITIES AND RESULTS FOR THE YEAR
The Corporaeion aims to generate a surplus to fiftante thÈ orgoing capital expenditure needed to Pgrade the scho01'$
educational seryi¢e5 and facilities so that it can continue to olfer the high.quality education expected ol the schools.
The Corporation reported an operatlng surplus of £6.953m which is 14% as a percentage ol operating income which is
on par wlth 2023-24 (14Yts ol 0pernlig income ae £7.506m). The net income after transfers and iiivestment 8ainsllosses
was LO.985m compared co £7.962m in 2023-24. The net income includes transfers of £5.732m to the King's College
School Bursaries Foundation.
The wholly owned subsidiary and trading company, KCS Entérpri5e5 Limited, continues to Manage the letting 2nd hiring
of laeilities at the school. For the year ended 30, April 2025 the tradTrng company made a profit of £516k {2023-24: £585k)
and donated under gilt èid of £528k {2023-24: £595k).
The wholly owned subsidiary and trading company, King's College School Wimbledon {Incernational) Limited, coniinues
to manage the CorporatlOn'5 overseas 5chg01s' projects. For the year ended 31" July 2025 the trading company made a
prof41 01 £3.606m12023-24 £3.3B8ml and gift aided £3.603m12023-24: £3.500m) to rhe Corporntion.
Overall. the consolidated income foi. theyear was £55.302n) {2023-24.. £50.890m up8.7%) 2nd ¢xpenditure was £47.042m
(2023-24: £43.548m up 8.0%) producing net income 01 £8.260m (2023-24: £7.342m).
RESERVES POLICY
At the end of the year 2024-25. the Corporation had total reserves of £IO1.099m. 01 these furds. £5.742m related to
endowment funds, £3.644m reflects unexpended restricted funds where there are donor-lmposed restrlctions on how
the funds are io be applied, and the School has chosen to designate funds of £5.618m.
The remaTrning unrestricted fund5 amount to £96.095m. As with many independent schools. King's works towards an
agreed strategic development p14n and has continued, over the years. co invest in the labric of the school esrate. The net
13 THE CORPORATION OF KING'S COLLEGE SCHOOL
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
book value ol the tan8lble fixèd asse¢s amounts to £70.1 (Klm at the year end. FTrxed asseu lrtcrèastd as a re5ul¢ of the
purchase of a new site on ThÈ Down5. A policy of site improvemen¢ can result In positive or negaiive free reserye&
dependent on the tlming ol ¢apltal projects. Pension reserve revaluations year on year will a150 impact free reserve
At the year end, the Corpora¢lon had posltive Iree re5erYes of £15.995m. The gt)vernors do not consider Iree reserves
but adopt a Stra*&¢ approach to ensurè that the medium to longer term strategy of the school. Incorporating both
development and operational cash flow requirements, are monitored reglarlY ¢hrov8h the relevani committees and
ultimately by the board. At the y¢ar end. the governors are content tha¢ the re5eThes and cash posiiion are in line with
Its strategy and sufflcleftt headroom 15 available to manage the day-to-day operations of the school.
Restricted lunds are usèd according to the donors, instructions. Where the purpos¢ is not speclfically dlrec¢ed. restricted
bursary funding is used in a way that ensvres the long-term sustainabllity of tho bursary fund, Re5trlcted project funds are
applied to specific projects at the earliest appropriate OPPDrtunity.
Designated funds are used as the spècifrc proiectslacuvlry is undertaken. The largest portion ol thésè fund5 Is for bursaries.
INVESTMENT POLICY AND OBJECTIVES
The CorporatSon'5 policy. unless specifically instruc¢ed otherwise. is to credit Cash Irom all sources, Includlng th
Adwanced Fee5 Payment Schem4 to the Corporauon's main bank accounL Thb5 allows bank borr¢)wlngs and interest
charges to be kept to a minimum.
The Advanced Fees Paymènt kheme ha$ been In lett for nearly 30 years and the thscount ratss ollered on deposits are
reviewed regularly.
CAPITAL EXPENDITURE
Recent capital expenditure has concentrated on the upkeep of facilities health and $ale¢y and statUry cornplian.
improving pypil experience and enviroTrmen¢al sustainability. Projects Èn 2024-25 included rertrewal of the Kingsway hockey
pitch and the WCPS all.weathÈr playing surface, refurblshment of remaining science labs and classr¢)0rn5 lalmosL 60 over
the p35t tyyo years), rÈlurbishmen¢ ol the Learnlng Enrlchment Centre. a5 well as creatlon ol a new outd¢xw play area.
STATEMENT OF GOING CONCERN
The Governor5 have revi•wed th• School's financial Posion and future plans as part ol theSr responslbllSty to assess the
appropriateness of preparing th• finincial statements on a going concern basis.
This review included:
ForecaSng and budgeriftg- An 3sses5ment of the expected ongoing demand for places. projected cash flows, and
budgets covering a period of more thaft 12 months from the date ol signing the financlal statements.
Capital projècts and development plans.. Consideration ol the khool's planned capital projects and development
iniciatives, including a detailed review ol as50C12ted cosiings and poteniial lundiTrg arrangements.
seti¥llY analysls.. Evaluauon ol key financFal risks, 5tre5S testing of aswmptlons, and consideratyon of available
reserves and Ilquidity.
8ased on this a5xe$$men¢ the Governors have a reasonable expectation that the School and the youp havè adequate
resource5 to contintje thelr actlvitie5 lor the foreseeable luture. The Governors consider that thèrè are no mèteri31
uncertainties regarding the School'5 financial viabllity. Accordingty. they continue to adopt thè golng concern basis in
preparing the flnanclal statemen¢s.
14 THE CORPORATION OF KING'S COLLEGE SCHOOL
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
FUTURE PLANS
Our strategic plan lor 2023-29 was informed by discussion across our school commtsnlLy, Includig with pupils. stalf,
governorsi paret¥ts, alumni, partnership schools and feeder schools.
Key future objectives include..
Preparing to welcome girls throughout the Corporation of King's. as we become a lully co-educatioTral
community oyer the next decadè
Extending the opportunities we can offer our pupils through the development of 0r site. including through
the creation ol a new worldclass campus for our junior school pupils on our new slte at The Downs and
the renewal of facilities on our main site
Further developing opportJnities lor academtc enrichment. innovation and intellectual creativity, lor
example through the Curious Mind5 programme, while supporting each individual to fulfil thelr academlc
potential
Further extending the preparation we offer our pupils for the world beyond sch¢)ol and for life at 25,
including through the King's 8usine5s School. futures education. ovr alumni activltles and engagèment with
digital technologe$
Further strengthening the IndiYFdual pastoral care we offer our pupils. including through further developing
our House 5y5tetn, 2$ we con¢inue to place the highest value on indivSd(t3lised pastoral cère, on belonging.
and on diversity. equity and inclusion
Further developing opportunitiès lor oui- pupils to engage in collaboratlye partnershlp actlvity both locally
through the Wimbledon Partnership 2nd internationally through oui. network ol international schoo15
Growing the King's College School Bursaries Foundation. so that we can open our doors to more talented
young people who would otherwise be unable to join King's
Furrher extending our provision ol opportrtsnitlos for the development and support of our staff.
15 THE CORPORATION OF KING'S COLLEGE SCHOOL
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
STATEMENT OF GOVERNORS, RESPONSIBILITIES
The governors are responsible lor preparing the annual report and the financial statements in accordance wlth applicable
law and the United Kingdom's Generally Accepted Accounting Practice.
The Corporation's Statute5 and the laws applicable to charities in England and Wales require the governors to prepare
financial statements for each financial year which give a true and fair view of the s¢ate of aflairs of the CorporatioD and of
the profit or result ol the Corporation for that period. preparillg those financ+al statements, governors are required
to:
select suitable accounting policies and then apply them consistenlly..
observe the methods and prineiples in the Charities SORP..
make judgements and estimates that are reasonable and prudent,.
prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the School
will continue in business.
The governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any
time the financial position of the Corporat+on and enable them to ensure that the financial 5tatement5 comply with the
Charitie5 Act 201 l. They are also responsible for safeguarding the assets of the Corporation and hence lor taking
reasonable steps for the prevention and detection of fraud and other irregularitie5.
On behalf of the Governing Body
Southslde
Wimbledon Common
London
SW19 4TT
Lord Deighton
Chair of the Governing Body
16 INDEPENDENT AUDITORS, REPORT TO THE GOVERNORS OF
THE CORPORATION OF KING'S COLLEGE SCHOOL
OpinTon
We have audited the ftnancial statements of The Corporation ol Klngs College School ('the charity.) and its subsidiaries
{'the group.) for the year ended 31 July 2025 which Comprisé the Consolidated Statetnent of Frn2ncial Activities, Balance
Sheets, Consolidated Cash Flow Statement and notes to the financial statement5, including 5ignifican¢ accoynting policies.
The linancial reporting framework that has been applied in their preparatson is applicable law and Ur¢iod Kingdom
AccountÈng Standards, including FinaRcial Reporting Standard 102 The Financial Reporting Standard applicable in the UK
and Republic of Iréland Iunited Kingdom Generally Accepted Accountlng Practice).
In our oplnlon the financial scatements..
give a true and fait view of the state of the group's and the parent charlS affairs a5 at 31 july 2025 and of the
'group'5 income and expeTrditure. for the year then ended.,
have been properly pi'epared in accordance with Unitsd Klngdom Generally Accepted Accounting Practice,. and
havé been prepared in accordance with the requirements of the Charite5 Act 2011.
Basis for opin¥on
We conducted our audit in accordance with Intern2tional Stsndards on AudiiiRg IUKJ (ISAS (UK)) and applicable law.
Our responsibilities under those standard$ are fur¢her described Sn the Audstor's respofjsibilities for the audit ol the
financial statements sectl¢sn ol our report. We are Independent ol the group in accordance with the ethical requirements
that are relevant to our audit of the financlal statements in the UK, including the FRC'S Ethical Standard. and we have
fulfilled our other ethical responsibillties in accordance with these requiremeTrts. We believe that the audit evidÈnté WÈ
have obtained is sulficient and appropriate to provide a basis for ovr opinion.
Conclusions relatlng to golng Concern
In auditlng the financial statetnent5, we have concluded that the trustee's use of the going concem basis of accounting In
the preparation of the financial Statements is appropriate.
Based on the work we have performÈd. we have not identified any material vncertalnties rela¢ing to events or condirigns
tha¢ individually or collect4Yely, may cast significant doubt on the charitls or the group's ability to contlnuè As 2 going
concern for a period ol at least twelve months from when the financlal statements are authorised for i5sve.
Our respon5fbilite5 and the responsibilitiès ol the trustees with respect to golng concern arè dostr4b¢d In th4 rèleyant
sections of this report.
Othèr Information
The trustees are responsible for thè other inlormation contained within the annual report. The other inforniation
compri5e5 the Informatio inclvded in the annual repor¢ other than the financial statements and our auditor's report
thereon. Our opinion on the financial statements doe5 not cover the other Information and, except to the extent
OtheISe explicitly stated in our report. we do not express any lorm of assurance £onclusion thereon.
Our responsibility is to read the'other information and, in doing so, consider whé¢hÈr the other information is materially
incon51Stent with the financial statements or our knowledge obtained in the audlt or otherwise appears to be materially
misstated. If we identify such materièl inconsistencies or apparent material misstatements, we are required to detei'mSne
whether this &ves rise to a material missta¢ement in the financial statsment5 themselves. If, based on the work we have
performed, we conclude that there Is a material misstatement ol this Other information, we are required to report that
facL
WÈ have noth5ng to report in this re8ard.
17 INDEPENDENT AUDITORS, REPORT TO THE GOVERNORS OF
THE CORPORATION OF KING'S COLLEGE SCHOOL
Matters on which we are required to report by exception
We have nothing to report In respect of the following matters in relation to which the Charities {Account5 and Reports)
Regulation$ 2008 requires u5 to report to you if, in our opinion-.
the iTrformation &ven in the financial statements Is Incon51Stent in any material respec¢ with the trustees. report,.
or
sufficient and proper accounting records have t50t been kept by the parent charity,. or
the financial statements are no¢ in agreement with the accounting records and re¢urns.' or
we have not received all the information and explanations we require for our avdit.
Re5pon5ibilities of trustees
As explained more lully in the trustees, responsibilities statement set out on page 16, the trustees are responsible for the
preparation of the financial statements and for being s3t+sfied that they give a true and fair view, and lor Such internal
control as the trustees determine is necessary to enable the preparation of financial statements thatare free Irom material
misstatement, whether due to fraud or error.
In preparing the fin3ncial statements, the trustees are responsible for assessing the group and the parent charity's ability
¢0 continue a5 3 going concern, disclosing. as applicable, matters related to going concern and using the going concern
basis of accounting vnless the trustees either intend to liquidate the ch3rity or to cease operations, or have no realisti
alternative but to do so.
Auditor'5 responsibilities for the audit of the financial 5tatementS
We have been appointed as auditor under section 151 of the Ch3ricie5 Act 2011 and report in accordance with the Acts
and relevant regulations made or having effect thereunder.
Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to Iraud or error. and to Issue an auditor's report that includes our opinion.
Reasonable assurance is a hlgh level of assurance. bu¢ is not a guarantee that an audit conducted in accordance with ISAS
IUKI will alvrfays detect a material misstatement when it exists. Misstatements can arise from (raud or error and are
considered material if. individually or in the aggregate, they could re350nably be expected to influence the economic
deci5*0n5 01 users taken on the basi5 of these financlal statements.
Details of the extent to which the audit was considered capable ol detecting irregulari¢ies. including fraud and non-
compliance with laws and regulations are set out below.
A lurther description of our re5ponsibilicies for the audit of the financial statement5 15 located on the Financial Reporting
Council's website 3t.' www.(rc.or£.ukJauditorsresponsibilitie5. This description forms part of our auditor's report.
Extent to which the audit wa5 considered capable of detecting irre8ularitles, Ineludlng fraud
Irregularities. including fraud, are tn5tances ol non-compliance with laws and regulations. We identified and assessed the
risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, 3nd discussed
these between our audit team members. We then designed and perforffled audit procedures responsive to those risks,
including obeaifiing audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory Irameworks withln which the charity and group operate5,
focusing on those laws and regulations that have a direct effect on the determiTh3tion of material amounts and disclosures
in the financial 5ta¢ements. The laws and regulation5 we considered in tlsis contexc were the Charities Act 2011 together
with the Charitie5 SORP IFRS 1021, The Education Ilndependent Schools Standards) Regulations 204 and UK Taxation
legislition. We assessed the required compliance with these laws and regulations as p3rt of our audit procedure5 on the
related financial ststement items.
In addition. we considered provisions of other liws and regulations that do not have a direct eflect on the financial
statements but compliance w4th which might be fundamental to the charitls and the group's ability to operate or to avoid
a material penalty.
18 INDEPENDENT AUDITORS. REPORT TO THE GOVERNORS OF
'THE CORPORATION OF KING'S COLLEGE SCHOOL
Auditing standards limlt the required audit procedLFres to Ideatify non-compliance with these laws and regulations to
enq4Jiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statement5 from irregularitles, induding Iraud, to bE
within the timing surroLnding the recognltlon ol contr3Ct Income within the trading subsÈdiary and thè override of
controls by management. Our audit procedures to respond to these risk5 Included enquiries of managemenL and the
Finance & PlannIg Comrnittee about theÉr own identification and as5e5sment ol the rtsk5 of irregularitie5, sample tèsting
on the posting of joui'nals, revsewing accouRtit>g estimate5 for biases. reyiewing regula¢ory correspondence with the
Charlty Cotnmission, and reading mirÈutss of meetings of those charged with governance.
Owirg to the inherent limitations of an audi¢ there Is an unavoidable risk that we may not have detsctod some material
misstatements the financial statemenis, even though we have properly planned and performed our audit in accordance
wlth auditing standards. For example, the lurther removed non-compliance with laws and regulations {irregularit*es) is
from the event5 and traH5actions reflected in the financial statement5, ¢he less likely the inherently limited procedure5
required by auditing standards would identify it. In addition, as wlth any audit, there remained a higher risk of non-
detec¢ion of irregularitie5. a5 these may involve collusion, lorgeryi Intentional omls5ions, mlsrepresentitions, or the
oyerride ol internal controls. We are not responsible for preventing non-compliance 2nd cannot be expected to detect
non-cor¥tpliance with all laws and regulations.
Use of our repoyt
This report is made solely co the charitys trustees, as a body, in accordance with Part 4 of the Charities {Accounts and
Keportsl Regulations 2008. Our audit work has been undertakert so that we might state to the charity's trustees those
matters we are required to state to them in 2uditor's report and for no other purpose. To the [lIest extent permitted
by law, we do not accept or assume responsibiltty to anyone other than the charlty and the charity's trustees as a body,
for our audit work for this reporL or for the opinions we have formed.
Crowe U.K. LLP
Stathtory Auditor
London
Date 16 January 2026
Cr¢)we U.K. LLP Is eligible for appointment a5 auditor of the charity by Yirwe of it$ eligibility for apporntfflent a5 auditor
of a comparly under section 1212 of the Companies Act 2006.
19 THE CORPORATION OF KING'S COLLEGE SCHOOL
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 JULY 2025
Unrestricted funds
Re5trÉct¢d and
School Deslgnated Endowed Fund5
£'ooo
£'ooo
£'ooo
Total
2025
É'ooo
Total
2024
£'ooo
Note5
INCOME FROM:
Charfftoble activities
Tvityon fees
Ancillary income
Other trodlng activitles
KCS Enterprises income
KCSW International income
Investments
Donotlons
40,296
5,084
40.296
5,084
38.636
3,979
1.481
5.512
1,342
1,587
1.445
4,764
1,034
1.032
5,512
1,342
194
229
1,164
Total income
53,909
229
1.164
55.302
50.890
EXPENDITURE ON:
Roising fvnds
KCS Enterprises costs
KCSW In¢ernatlonal costs
KCSB Foundation ¢05ts
Finance and other costs
Fundraising costs
942
1,871
28
165
942
1,871
28
165
860
1,401
76
409
3.517
3,517
2,746
Choritoble octlvltles
School operatlng costs and
8rant-maklng
42,886
639
43,525
40.802
Total expenditure
46,403
639
47.042
43.548
Net income before transfers
Transfers between funds
7,506
(4.6121
229
(1.120)
525
5,732
8,260
7,342
1& 19, 20
Net incomel (expendltur¢)
2.894
(891)
6.257
8,260
7,342
Inve$tment propery (lossll galn
20
(1,9091
{1.909)
1.009
Net movement In funds
Fund balanc•s at l August
2024
985
(891)
&257
6,351
8,351
18,19,20
85.110
6.509
3,129
94,748
86.397
Fund balances at 31 July
2025
17.20.25
86,095
5,618
9.386
101,099
94,748
The Group's endowment funds amounted co £1 Ok as at l August 2024 and £5,742k as at 31 July 2025.
The net movÈment in funds presented above also represents the gr0P.S net income for the year. The parent charity's total iTrcome
for the year was £52,500k (2024: £47,820k) and Its net income was1£4.168k) (2024: £7,090kl.
Comparatlve Informatlon for the statement of financial aetivltles ts giyen in Note 25 to the accounts.
20 THE CORPORATION OF KING'S COLLEGE SCHOOL
BALANCE SHEETS
AT 31 JULY 2025
Group
Charlty
2025
É'ooo
2024
'ooo
2025
É'ooo
2024
£'ooo
Notes
FIXED ASSETS
Tanglble
Intangible assets
Other inves¢ments
70,100
86
3,083
63,943
48
4.975
70,027
86
3.083
63.857
48
4.978
loa
12
73.269
68.966
73.196
68.883
Debtor5: amount falling due after one
year
13a
1,953
1,953
CURRENT ASSETS
Stock
Debtors
Cash and cash equivalents
139
1.614
50,409
134
1.661
52,008
13b
4.778
35,970
5.304
48,005
52,162
53,803
40,748
53.309
CURRENT LIABILITIES
CREDITORS payable within l year
15
{16,1701 112.991)
119,554)
(12,6051
NET CURRENT ASSETS
35,992
40,812
21,194
40.704
TOTAL ASSETS LESS CURRENT
LIABILITIES
LONGTERM LIABILITIES
CREDITORS payable after more than I
year
Pension fund surpluslldef(ci¢l
109,778
96,343
109,587
110.115) (15.030)
(15,0301
NET ASSETS
101.099
94.748
86.228
94.557
Represented by:
Perfflanent endowed lunds
Expendable endowment fund
Restricted funds
Unres¢ric¢ed funds
School funds
Designated (unds
18
18
19
10
5,732
3.644
10
10
10
3.119
3.644
3,119
20
20
86,095
5,618
85.110
6,509
76.956
5,618
84,919
6.509
101,099
94,748
86,228
94,557
The Ilnaftcial statem
signed on its behalf
nt
were approved and authorised f
r issue by the Governing Bo
10
cember 2025 and wÈrè
Lord Deighton
Chairman of the
R Parker
Chairman
nlng Body
¢e
d Planning Commlttee
21 THE CORPORATION OF KING'S COLLEGE SCHOOL
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2025
2025
2024
£'ooo
£'ooo
£'ooo
£'ooo
CASH FLOW FROM OPERATING ACTIVITIES
Net income fov thè yÈar
Depreciation
Bank interest and other investment income
{Increasel ITr stock
Decrease in debtors
Increaselldecreasel in creditors
Increase in fee deposits
{Increasel in reali5éd gaills from Investments
8.260
2,735
11,-261)
{5>
347
3,500
783
(19)
7,342
3,565
(1,0341
(Is)
40
(415)
82
(211
14,340
9,544
INVESTING ACTIVITIES
Investfflent Income received
Purchase of tangible fixed assèts
Purchase of Intangible assets
1,261
1,034
{1,4751
(481
138}
{9,9201
{489}
FINANCING ACTIVITIES
Net {decreasellincrease in lee composltion scheme
16,0191
18.254
{6.019)
18,254
(DECREASE)I INCREASE IN CASH AND CASH
EQUIVALENTS
(1,599)
27,309
Cash and cash equivalents at l August 2024
52.008
24.699
Cash and cash èquivalents at 31 July 2025
50,409
52,008
ANALYSIS OF CHANGES IN NET CASHI Balance at I Cash flows
(DE8T)
August 2024
£'ooo
Balance at
31 July 2025
É'ooo
£'ooo
Cash and cash equivalents
52,008
11,599}
50.409
N6t (dèbt)Ifunds
52,008
11,5991
SO,409
22 THE CORPORATION OF KING'S COLLEGE SCHOOL
ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 JULY 2025
Statement of compliance and basis of accountln8
The financi31 statements are prepared under the historical cost convent10 3s modified to include the revaluatlon
of investments. The format ol the fir¢allcial scatemencs has been presented to comply with the Charities Act
201 I, FRSI 02 The Financifjl Reporting Stondord opplicoble in the UK ond Republic of Ireland and the Statement of
Recommended Practice Accounting and Reporting by Charicies (Second edition. effective l January 2019). The
Corptrratlon 4$ a Publlt Benefit Entlty as dehned by FRSIO2.
b. General lnformatlon
The Corporatlon 15 a charity registered in England and Wales (charity aumber.. 310024) and its reglstered office
address is: Southside. Wimbledon Common, London SW19 4TT.
Basis of Consolidation
These financial ststements consolidate the results, assets and liabilioes of che Corporation's trading subsidtaries
KCS Enterprises Limited and King's College School, Wimbledon Ilnternationall Limited and the Corporatons
thari¢able company Kings College School Burs?flés Foundation on a line-by-line basis.
d. Going concern.
The Governors have reviewed the School's financial position and futvre plans as part of their re5pon$ibllity to
assess the approprlateness of preparing the financial statements on a going cortcern basis.
This review included..
Forecasting and budgeting.. An assessment of the expe£ted ongoiThg demtnd for places. projected cash
llows, and budgets ¢overlng a period of more than 12 months from the date of Signing ¢he financial
statements.
Capital projects and deyelopmerst plarss: Consideration ol the School's p13nned capital projects and
development initiatives. including a detailed review of associated costings and potential Ivnding
arrangements.
SensitlVlLy analysis: Evaluation of key tinanctal risks. stres5 testing of assumpdons, and conslder2ti0n of
available reserves and liquidity.
Based this as5e55fflent, the Governor5 have a reasonable expectation that the School and the group havè
adequate re50urce5 to continue th2ir activities for the foreseeable future. The Governor5 tonsider that there
are no material uncer¢atntie5 regardiftg the School's financial viability. Accorditgglyi they continue to adopt the
going cgncern basts in preparing the financial sta¢ements.
Stgnificant judsments and sources of estimation uncertainty
The preparation of financial statements ir compliance with FRS 102 requires the use ol certain critical accouTrt4ng
estimates. It also require5 management to exercise ludgment applying the Corporation's accounting policie5.
The key judgérnent5 that have been applied by management relate to..
The residual valtjes and uselul economic lives of tangible fixed assets
The actuarial assumptions which underpln the WalallOn of thè d¢fined benefit penslon scheme
liabilitylasset
The value of the invéstment property
The followlhg prlnclpal atcountlng pollclts havo beén applied:
Income and endowment$
All income and er¢dowmeTrts are recognised when the crtteria ol entidernen¢ mea5vrement and probabllity of
receipt have been sat*sfied.
TuStion lees, less any allowances, bursarSes or scholarships awarded, are recognised in the period in which the
serviee Is provided. Intomè is rècorded net of Value Added Tax (VAT), as VAT collected on behalf of HMRC
does not constltutè income of the charlty.
Trading income is re£ognised in the period in which the good5 are sold or the service5 are provldèd.
23 THE CORPORATION OF KING'S COLLEGE SCHOOL
ACCOUNTING POLICIES
FOR THE YEAR ENDED JI JULY 2025
Donation5 are accounted for on a receiyed basis. Legaiies are recognised on a receivable basis. when the
conditions ol enticlemenL probability and measurement are meL Where thè probability andlor measurement
criteria lor legacies and donations are not satisfied as at the balance sheet date bui subsequent evénts resolve
the uncertainty such that the criterla are me( an adjvstmÈnt is made to recognise the incom2.
Grartts, investment income. including interest recelvable, and other m>scellaneous Income are accounted frir on
a receivable basts.
Ineome from the endowmen¢ (und5 is spli¢ between rescritted and unrestricted funds according to the specifi
terms of each fund.
8. Expenditure
Expenditure is recogniséd as soon as the related liability is incurred and has been classified under he8dings that
aggrègate èll costs relating to thai category. Liabilities are recogn¢sed as soon as there is a legal or ¢onstructve
obligation committing the Corporation to the expenditure.
Employment benefits, including holiday pay, are recognised in the period in which they are earned. Terminarion
benefits are recogni5ed in the period in which the decision is made and communicated to the relevant
employee{5).
Expenditure on raising funds eomprises trydding costs. fundrdising costs and finance costs.
Expendiiure on charitable activities comprises expendlture dlrectly related to the provision of educatS0n.
Where VAT Incurred on expendi¢vrè 1$ recoverable. it 15 excluded from the cost of the related item.
IrrecoYer7ble VAT is charged ¢0 the relev3Jlt expense category.
Support costs represent indirect costs relatlng to raising lunds afid the Corporation's charitable activlties.
Governance costs are included wlthln support costs and comprise the cos15 of running the charity ificluding
auditors, rèmunerntioTh. certain legal costs and all costs ol complying with constitutional and statutory
requirements, such as costs of Board meetings and of preparing the statutory accOut5.
h. Tanglble Flxed Assets and Depreelatlon
Tangible fixed assecs are initially recognised at cost. In accordance with the transitional provisions of FRSI 02,
¢he Schc)ol buildings are recogni5ed using the most recent Yaluation, as at 31 July 2000, as detmed cost.
Depreciation is provided on fixed assets to wr4te off their cosc less estimated residual yalue over their estimated
useful economic life by equal annual instalments as follows..
School buildings & Residences
Motor veh¥cle5 and cornpu¢ers
Boa¢s. audic Yisual. ground and sporcs equipment
Ca¢ei-ing equipment and furniture
Building services and muslcal Snstruments
2% to IO% pèr annvm
25% per annum
20Yo per annum
12.5% per annum
Ioyts per annum
Freahold land is not depreciated because it is considered to have an indefinite useful economic life.
The carrylng values ol tafibIe fixed assets are revlewed for ImpairmoTht In accordance with the requiremencs of
FRSI 02.
Intangible A55ets- Tradem?rk5
Trademarks are recognised as intangible assets as it is probable that future economlc benefits attrlbutable to the
assets will ffow to thè organisation and the cost of the asset can be measured reliably. Trademarks that are
purchised or internally developed are initially recorded at COSL This includes costs direcdy at¢ribMtable to
acquiring and registering the trademark. Trademarks are considered to have a finite yseful lile and are amor¢ised
on a straight-line basis over their estimatsd useful life, which is detèrmined to be 10 years. The amortisation
24 THE CORPORATION OF KING'S COLLEGE SCHOOL
ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 JULY 2025
period and useful lile will be reviewed annually. Currentiy the trademarks are considered Intangible assets under
development and have not beeTr amortised.
Invèstment5
Listed irsvestments are recognlsed at market value. Investment properties are stated at market Yalue at the
balance sheet date. The property in the portfolio is revalued by a professional valuer who is qknalified for the
purposes required, b35ed on market knowledge. at least every threeyears. Gains and losses arising on revaluation
or disposal are recognised in the Statement ol Financial Activities.
Investments in subsidiaries are recognised at cost.
k. Stock
Stock represents goods held for resale and is valued a¢ the lower of cost and net realisable value.
Baslc financial instruments
Basic financial instruments transactions that result in the recognition of financial assets and liabilitie5 like trade
and other accounts receivable and payable are measured at amortised c05t a5 follows:
Cosh and cosh equivolents
Cash and cash equivalents includes cash in hand. deposits held at banks, other short-term highly liquid
investment5 Wlth original maturities olfovr months or less and bankoverdrafts. Bank oYerdraft5. when applicable,
are shown within current liabilities.
Debtors creditors
Debtors and creditors are measured at the transaction price less any provision for impalrment. Any losses
arising Irom impairment are recognised as expenditure.
Fee composition scheme
This 15 a scheme whereby parents and others make advance payment5 which. together with the discount accruing
thereon. provide for a set contribution each term toward5 the pupils. fees. The capital portion outstanding is
recognised as a liability and the amount of di5covnt crystallised in the year is included in the Statement ol Financial
Activitte5
Pensions
The Corporation contributes to the Teachers. Superannuation Scheme at rates set out by the Scheme Aciuary
and advised to the Corporation by the Scheme Administrator. The Scheme is a multi-employee pension scheme
$0 it is not Possible to identify the assets and liabilities of the scheme whtch are accountable to the Corporation.
In accordance with FRS102 therefore, the scheme is accounted lor as a defined contribution scheme.
The Corporation has contrlbuted to a defined benefit pension scheme for many of its non-teachlng staff whlch
is wholly funded by ¢ontribution5 from the Schools at rates determined by independent actuarie5 in the light of
regular Valuations. Such contributions are held ir¢ trustees administered lund5 completely independent of the
Corporniion's finance5. This scheme is accounted for as a defined bellefit scheme in 3ccordance with FRS102
and the details ol the movements on the scheme deficlt are set out in note 6. This scheme was closed on 31
July 2016 and any members translerred to the group personal pension plan. The scheme is currently in surplus.
The Corporation also contributes to a group personal pension plan for non.tea£hing stalf. Thls scheme is
ompliant with the requirements of au¢o-enrolment.
In September 2024 che school introduced a new alternatlve pension scheme for teaching staff. The Aviva pension
Trust for Independent schools IAPTISI is a defined contribution scheme set up by Aviva. written specifically for
the Independent School Sector.
Leases
Rentals paid under operating leases are charged to the Statement of Financial Actlvities on a Straight line basis
over the lease term.
25 THE CORPORATION OF KING'S COLLEGE SCHOOL
ACCOUNTING POLICIES
FOR THE YEAR ENDED JI JULY 2025
Value added tax (VAT)
Tho majority of the Corptsration's supplies attract VAT. Input VAT Is retovered where a taxable supply is made.
and output VAT is charged. Non-recoverdble input VAT in relation ¢0 non-¢axable supplie5 is expensed to the
Statement of Financial ActvItt$. The Corporation opera¢es a partial exemption arrangement.
The Corporatyon applies the capital goods scheme in accordancé with HMRC VAT Notlcè 70612. Adjustments
co inpuc VAT is made annually over the adjustment period on the basis of tsxabla u$e.
p. Funds
De5ignoted funds
Bursary Fund
The Governor5 have estab1È5hed a Separate designated fund to provide support to bursaries in the comin8 years.
KCS Centenary Challenge Fund
The Centenary Chillenge Appeal was lauTrchtd on 14 September 1998 to fund the construction of a ntw art
and design technology building and the refurbishment ol the KCJS sctence building and to finance additional
bursaries. The proceeds of the appeal less administration costs are credited to thls fund. Donltlons specifically
for bursaries. and 25% of other net receipts, are transferred to the designated Bursary Fund. These funds will
support the work of the The King'5 College School Bvrsaries Foundatyon and will be spent and invested
atcordsngly.
Legacy funds
Legacy funds consist ol legacies received whith havo been désignated lor spetific purposes by the Governors.
Thesè funds will support the work of the The KInS College School Bursaries Foundation and will be spent and
inves¢ed accordingly.
Endowed funds
Julian Belthamber Memorial Fund
The Corporation received a donation under a trust deed to be invested separatsly, with the invesiment Income
rising to be applied towards specific prizes, which are awarded every two years.
Klnls CollÈgè School Bursaries Fovndation
The King's College School Foundation was establlshed Sn May 2024. In accordance with the transfer agreemen¢
donations made by the School haye been allocated to an expendable endowment lund. This fund has been created
to support the provsion ol futtsre bursary grants for the School. The endowment will be managed ullder the
guidance of professional investment managers to generate investment income, ensuring long.term support for
the School's bursary programme.
Restrtaed funds
A numb¢r of dofiors provided funds ¢0 the Corporatyon ¢0 be applied towards specific capital and revenue items.
The Schc>larships Trust Funds inclyde the John Cutler Fijnd, Ed8ell Hunt Fund, Forest Fund, Inglis Fund, Wllliam
Fund, Rothschild Fund, Simbrooke Fund, Ward Fund and Cleaver Fnd. The aim ofthe Scholai'ship5 Trust Funds
is to administer specific donations and ¢0 grant scholarships in accordance with the donors. wishes. The Other
Trust funds include the Or8an Fur*d. Frank Hole Fund, Carmichael Bequest Fund, Trevelyan Trust Fund, JHG
Maltby Memorial Prize Fund, A Perry Fund, ITN Gaby Rado Award F¢Jnd, Wikram Singh Memorial Fund, Louisa
Lewisohn Memorial, Thomas Wilton Prize. Arthvr Beatty Prize and Chzrlie Bartlett Pi'ize.
Generol Funds
The 5urplu5 Irom normal activities of the Cerporation is transferred to the General Reserves.
26 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
TUITION FEES
2025
£'ooo
2024
£'ooo
Fees receivable Consist of..
Gr05s fees
Less..
41,839
40.265
Discounts and stalf allowances
Scholarships
Bursaries
{1471
{2771
11,7241
{294)
11,677)
39,691
605
38.176
460
Add: Bursarles paid for by re5tricied funds
40,296
38,636
b)
The total expenditure in year lor scholarshlps and bur5arie5 is as follows:
Scholarships and bursaries paid by general lunds
Bursaries paid for by restricted funds
1.396
605
460
2,001
1,971
ANCILLARY INCOME
2025
£'ooD
2024
£'ooo
Other tultion
Catering
Other
Trip Income
1.188
1.677
528
1,691
443
1,548
426
1,562
5,084
3,979
BANK AND INVESTMENT INCOME
2025
É'ooo
2024
£'ooo
Bank interest and investmen¢ income
1.342
1.034
1.342
1.034
27 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
DONATIONS AND GRANTS
2025
£'ooo
2024
iooo
5¢hool
The Friends of Kings College S¢hotsl Fund
Friends of WCPS
Other
65
75
129
10
194
87
Designated
Legacy funds
229
201
229
201
Re5trlcted funds
Building Renewal Fund
11+ 8ursary Ftjnd
Bursary Fund
Sports Facilitie5 Fvnd
Boat Fur¢d
Other
45
604
21
35
38
974
12
33
35
1.164
744
1,587
1,032
ANALYSIS OF EXPENDITURE
Staff
Costs
£'ooo
Other
£'ooo
Depreciation
Total
£'ooo
2025
Costs of generatlng fund5
KCS ETrterprises
KCSW Internatsonal
KCSB Foundation
Finance and other costs
F4tndraigFng
É'ooo
496
1.127
433
744
28
165
140
13
942
1.871
28
165
371
1.994
3.517
Charitoble octlvltles
The Schgol'5 0p¢ra¢ing cos¢s
and gi'an¢-making
Teaching
Catering and welfare
Premises (Including depreciation)
Support costs
Governance costs
Restricted spend Dn bursaries
21,632
1,251
1.297
3,644
57
3,522
1,102
5,438
2,174
47
639
25,154
2,353
9,457
5,818
104
639
2,722
27,881
12,922
2,722
43.525
29,875
14,432
2,735
47.042
28 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
ANALYSIS OF EXPENDITURE (contlnued)
Staff
Costs
£'ooo
Other
£'ooo
Depyeciation
Total
£'ooo
2024
Costs of genert7ting funds
KCS Enterpri5e5
KCSW Internation31
Flnance and other costs
Fundrktsing
£'ooo
427
818
420
583
76
103
13
860
1.401
76
409
306
1,551
1,182
2.746
Chorltable uctivities
The School's operaong costs
and grant-making
Teaching
Catering and welfare
Premtses Ilntl¢Jding depreciat40n>
Support costs
Governance costs
Restricted spend on bursaries
19,585
1,103
1.288
3.546
38
3.404
1.012
4.371
2,282
65
556
22,989
2,115
9,211
5,828
103
556
3,552
25,560
11,690
3,552
40,802
12.872
3,565
43.548
SALARIES AND WAGES
2025
£'ooo
2024
£'ooo
Wages and salarles
Social securiiy
Penslon costs
Other
22,533
2,587
4,731
24
20,702
2,258
4.101
so
29.875
Included In staff costs abgve are ¢erminatyon paYMet5 amounting to £81k (2024.. £0) theré wÈre no amount5
unpaid at yèarend.
The number ol employees 1$ givèn below..
Headcount
2025
2024
Tèaching staff
Teaching support
Support 5ff
Trading activitie$
251
85
159
54
232
83
159
54
549
528
29 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
SALARIES AND WAGES {continued)
The n¢Jmber of employees whosè salary ex¢eeded £60,000 per annum was:
2025
2024
60,001 £ 70,000
£ 70.001 £ 80,000
£ 80.001 £ 90.000
£ 90,001 £100,000
£ioo,001 £iio,000
1110-001- £120.000
£120.001 £130.000
£130.001 £140.000
£160,001 £170,000
170,001 £180,000
£280,001 £290,000
£290,001- £300,000
59
32
15
12
46
25
18
Remuneratlon of key management personnel
The Management Board pl¢Js the Head of WCPS prè-prep comprise the School's key management personnel.
The aggregate remuneration for key managefflent personnel amounted to £1,981k12024: £1,457k)-
Pension Schemes
The School participatss In the Teachers, Penslon Scheme ("the TPS, ) for it$ tsachlng staf(. The pension charge
k)r the year includes contrlbutlons payablÉ to the TP5 of £5.184k (2024.. £3,216k) and at the year-end £0 {2024
£0) was accrued in respec¢ of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions
Regulatyons 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 (3s amended). Membei's
contribute on a'pay as you go" basi5 With conrributions from members and the employer being credited to the
Exch¢quer. Retirement and other pension benefits are paid by public funds provided by Parliamenr.
The employer contribution raté is s¢t by the Secretsry of Stste following scheme valuations undertaken by th¢
Government Ac¢uarfs Depa#iment. The mosc rent actuarial yaluation ol the TPS was prepared as at 31 March
2020 and the Valuation Report was published in October 2023. The Valuadon Report shows notional assets of
£222.2bn and liabilities ol l262bn, resuliing in a scheme deficit of £39.8bn.
The employer CotribUtion rate for the TPS 15 28.6%. and employers are also required to pay a scheme
admintstration levy ol 0.08% giving a tocal employer contribution rate of 28.68%.
A number of non-teaching staff aro deferred n)ember5 of th¢ Kings College School Pension Scheme. constituted
by a trJJs¢ d¢ed and administered in accordance with the rules by Trustees. The Scheme c105ed to existing
mÉmbers 31 july 2016. The Scheme's assets are invested in. and benefits under the scheme are secured by. a
Group with profits Policy with the Prudentlal Assui?nce Company Limited. The Ti'ustees are advised on the
financial stats ol the scheme at least every three years by an actuary* who makes recommendations 25 to the
total tontributlons, whrth should be paid to provide the benefits. The Corporatton has a commitment to make
good any actuartal deticiL Members are not contracted out of the State Earnings Related Pension Scheme.
A full triennial Yaluacion was carried out by 2 qualified independent actuary as at l August 2022 which showed
the scheme had a defi¢it of £539k. A formal recovery plan has been put in place to eliminate ¢he deficit by paying
£132k p¢r year for five years. The Corporation paid £Ok in the year to 31 july 2025 {2024.. £132kl.
Accounting rules require the Corporation to dlstlose addltional information in atcordanee w(th the
requirements ol FRS102, as follows..
30 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
SALARIES AND WAGES {continued)
The m3jor assumptions used by the actuary
were:
At
3 l July 2025
At
31 July 2024
At
31 July 202J
Discount rate
Rate of increase In salarie5
Inflation a55umption
Rate of increase in pensions in payment
P05t retirement mortality
5.60Y.
s.oo%
5.10%
nla
3.50%
3.5%
S2PXA. CMI
2021 with
1.2510 underpin
2.90%
2.9%
S2PXA, CMI
2023 with
1.25Yo underpin
3.20%
3.2%
S2PXA. CMI
2022 wlth
1.25% underpin
Life expectancy for 65 year old male
Life expectancy for 65 year old female
21.3 years
23.8 years
21.1 years
23.2 years
20.6 years
22.9 years
The assumptions used by the actuary are the best estimates thosen from a range of possible actuarial
assumptions which. due to the timescale covered, may not necessarily be borne out in practtce.
The assets in the scheme, which exclude a55ets relating to members, AVCS, were..
Value at
31 July 2025
£'ooo
Valuo at
Value at
31 July 2024 31 July 2023
£'ooo
£'ooo
Stheme assets
6.904
6.581
6,182
Top market value of assets
Presen¢ value of scheme liabllities
6,904
14,6841
6,581
15,2311
6,182
{5,2071
Surplus in the scheme
2,220
1,350
975
2025
'ooo
2024
£'ooo
Amounts reco8nlsed in expenditure
Net interest
(491
{491
Total
1491
(491
Actual return on scheme assets
418
418
Changes In the present value of the Defined Benefit Obllgatlon
Opening defined benefit obligation
Interest cost
Actvarial Igainslllosses..
Changes in assumptions
Experience losses
Benefits paid
5.231
262
5,207
266
(6381
159)
55
{1461
4.684
5.231
31 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
SALARIES AND WAGES (contlnuèd)
2025
É'ooo
2024
£'ooo
ChangÈs In the Fair Value of Plan A55Qts
Opening lair value of plan a55ets
Interest on plan a55ets
Actual return less interest on plan assets
Total con¢ribu¢ions paid
Benefi¢s paid
6,581
329
106
6,182
315
103
132
(151)
6.904
6,581
The School expects to con¢ribu¢e £0 to its defined benefit penslon scheme in the next twelve monchs as the
schetme is in surplu5 Under the scheme's governlTrg rnle5, the school is not pemiitted to access or utilise this
surplu5.
Major Categorlès of Scheme Assets as a Percentage of Total Plan As$ets
Th2 assets of the Scheme con$is¢ mainly of unitised with profits pollcy with the Prvdential. The a55et ttgure5
exclude assets relating to members, AVC'S.
The major percentage spli¢ of the Scheme assets as a percentage of total plan assets were as follows..
2025
2024
Unitised with profits policy
Mobius Life Portfolio
Cash
90.3
89.1
10.4
loo%
loo%
Sensitivity analysTS
Thè results ol the scheme valuation are sens1¢4v¢ ¢0 change5 Ill the key accuarial assumptions. The followlng table
illustrates the sensiclvlty ol the liabiliyes to changes in assumptions, consldered In i501ation=
Change in a55umption
Approximate increase In
liabillties
Approximate increase In
1Sabilities
£'ooo
Discount rate reduced by l.OY.
Inflation assumption increased by 1.0%
Incre2se in life expectancy ol l year for a membèr
retiring at 65
23.70%
17.70%
829
3.10%
145
A GPP Pension Scheme was introduced in February 2012. Ir¥ 2024-2025 the Corporation contributed IO% {2023-
24.. 10%) ol the employees. gross pay and the en7ployee5 contributed a minimum amount of 5%12023-24: 5%).
For employees who have joined this schemè under auto-enrolment. the employers, and employees, contributions
were 4% of gross pay.
In September 2023 an alternative teacher's pension scheme was laun¢hed. The Aviva Pension Trust for
Independent Schools. Employer concributions weré 2279. and employee's contributions were [0%.
32 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 IULY 2025
EXPENDITURE
2025
É'ooo
2024
£'ooo
Expenditure in¢ludes'.
Auditors, remuneryation
lor audlt
or other services
Operating lease rentals
Governors, liability inslsrance
Depreciauo
55
52
38
120
2.735
3.565
As In prev¢ous years the Corporation has taken out Governors. liAbÈlity insurance to protectitand the Governors
from losses arising from the lleett or défavl¢ of ifs Governors. employees or agents.
Theré was £0 of ¢ravel expenses reimbursed to Governors In the cvrrent year12024-. £01.
TAXATION
No ¢axation liability arises on the results for the year because of the charitable status of the Corporaoon.
FINANCE AND OTHER
COSTS
2025
2024
£iooo
£'ooo
Comp05iuon fee discount
76
10.
FIXED ASSETS
FIXED ASSETS- TANGIBLE
Group and charity
Fr¢Èhold Re55dential
School
Land
Property Buildings
£'ooo
É'ooo
£'ooo
Other
Assets
£'ooo
Tota
£'ooo
Cost or v2lu3tion
Ac l Augus¢ 2024
Additions
Disposals
Adjustments
1,660
2.707
92.440
10.465
3.764
681
13)
100,571
131
12.2531
(2.253}
At 31 JlY 2025
1,660
2.707
100,652
4,442
109,461
At COSL
1,660
2,707
100,652
4.442
109.461
ACcumlated deprecia¢ion
At l Augus¢ 2024
Charge for year
D&sposals
Adjustment5
866
37
32,986
2,284
2.776
469
12}
36,628
2,790
121
(55)
{SSJ
At 31 July 202S
903
35,215
3,243
39,361
Nei book value
At 31 July 2025
1,660
1,804
65,437
70,100
At 31 July 2024
1,660
1.841
59.454
988
63,943
33 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
FIXED ASSETS (continued)
Fixed assets under constructlon or recently acquired whlch have not been depreciatéd amount to
£10,313k 12024- £425k). The fixed assets above are wholly used for direct chiritsble purpo5e5. Group fixed
assets include £73.33712024.. £85,829) in respect of other fixed asset5 which are held by the School's subsidiary
company, KCS Entèrprises Limiied.
Followirsg the introduction of VAT on ¢ui¢ion fee Irom I lanuèry 2025, we hive recognised a VAT asset of
£2.253K in the year. The payment due back to the school under thè Capitil Goods Scheme is recorded as Capital
Good. These amounts are Subject to agreement wlth HMRC. During the year a VAT adjustmerstwas made under
the Capiral Goods Scheme relating to butlding developments incurred prlor to VAT reglstration.
An adjustment has been made to depreciation to reftect the impact of the VAT reclaim on ¢he overall c05¢
allocation for thèsè asset5 across their remalnlng useful econom1¢ life.
loa. INTANGIBLE ASSETS
Opening balance as at l August 2024 was £47.907 and in 2024-25 thè School incurred c05ts of £37,846. these
Costs are directly attribu¢3ble to acquiring and registering the trademark. There wa5 no amortisation in the year
12024- £nil).
INVESTMENT IN SUBSIDIARIES
2025
2024
InYe5tments in subsidiaries consist of..
Shares in KCS Enterprises Limited
Shares in King's College School. Wimbledon Ilnternational) Limited
The Corporation owt15 IOOYO ofthe issued ordinary share capital ol K.C.S Enterprises Limited {KCSE), I company
re&stered in England and Wales (company number.. 01882088). The company's activities include provision of a
Sports Club, School Shop and the tommertial letting of School facilities. It exists to generate a financial surplus
to further the Corporation's charitable objective5.
ThÈ Corporation owns 100% of the issued ordinary Share capi¢al of King's College School, Wimbledon
Ilnternationall Limited (KCSWII, a company registered in England and Wales (company number.. 088234001. The
company was incorporated on 20 December 2014. The company's att1Vfties comprise ol developing
opporLunities to set up international schoo15 Outside the UK with regional partners. It extsts to generate a
financial surplu5 ¢0 further the Corporation's charitable objective5.
KCSE
Year ended 30 April
2025
2024
Éiooo
£'ooo
KCSWI
Year ended 31 July
2025
2024
£'ooo
É'ooo
Profit and los$ account
Turnover- external
Cost of sale5
1.481
{6771
1,445
(621)
5,512
{5)
4.764
17)
804
{2861
824
12391
5,507
(1,9011
4,757
{1,369)
Administrauoh expensès
Operating prof4t
Gilt Aid p2yment to Corporation
Taxation
516
(5281
585
{595}
3,606
(3,603)
13)
3.388
13,SOO}
{591
(Lossl for the year
(12)
{101
10)
34 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
INVESTMENT IN SUBSIDIARIES (continued)
KCSE
As at 30 April
2025
2024
£'ooo
£'ooo
KCSWI
Asat31 luly
2025
2024
É'ooo
£'ooo
Balance sheet
Tangible fixed assets
Currén¢ a$5è¢S
Curren¢ liabilities
73
881
{8471
86
864
(830}
4.097
{4,022)
3.788
13.713)
Net assets
107
120
75
75
I l a. Klng's College School Bursaries Foundation
Statement of FÉnancial Activities for the period ending 31 July 2025
Unrestricted
Expendable
Ersdowment
Total
2025
Income from:
Donation
Total Income
8,986.960
8,986,960
5,731,577
5,731,577
14.718,537
14,718,537
Support C05t5
Governance and legal
Total Expenditure
27.571
27,571
27,571
27,571
Net Income
Nèt movement in funds
8,959,389
8.959.389
5,731,577
5,731,577
4.690,966
14,690,966
Total funds carried forward
8.959.389
5.731,577
14.690.966
King's College School Bursarles
Foundation
Balance Sheet as at 31 July 2025
2025
Current A$5ets
Debtors
Cash at baTrk and in hand
4,131,577
10.569.025
Total Currènt Ass¢ts
14.700.602
Credltor5
Amount falling due withln one year
9,636
Net Current Assets
14,390,966
Net Assets
14,390,966
The funds of th• Charlty
UnrestrlcEed funds
Restricted funds
Expendable endowment
Total Chari¢y funds
8.959.389
5,731,575
14.690.966
35 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Klng's College School Bursarles Foundatlon (contlnued)
The King's College S¢hool Bursaries Foundation was in¢¢rptsra¢ed in England and Wales on 27 March 2024 as a
company {company registration number 1 $598824) and registered a5 a chai-ity on 6 May 2025 (charity registration
number 12131821. The Foundatlon is 2 wholly owned subsldiary of King's College School. The aim of the King's
College School Bur5arles Foundation Is to proylde support to King's College School. Wimbledon. and in particular
to provide financial assistance and bursary Support to pllpils who othÈrwi5e would not have the opportunity of a
Klngs educatlon. The Trustees do so by investing the funds of the Foundation and making grants to support
widening access by the award of free and assisted places. Looklng to the future, we bellevè that offering bursary
support will increas¢ the school's wider societal impact and will maintain its position as a leading independent
school with a worldwide reputauon.
Dur4ng the year the Fotjndation received funds from King's College School of £14.718,537. £8,986,960 represents
accumulated net historic surpluses from Ihe School's tradlng subsidiaries. which exceeded the annual bursary
awards made by the school. £5.600,000 relates w the School's annval donation to the Founda¢ion to 51EPPOrt
bursary provision, and £4,131,577, representing the 2024.25 Gifi Ald from thé School's subsidiaries. which the
Sthool has agreed co donate to the Foundation.
OTHER INVESTMENTS
Llsted Investments
12a.
Market value
at l August
2024
Net
investment
gains
Market
value at
31 July
2025
£'ooo
'ooo
£'ooo
Listed investments
17
133
Market value
at l August
2023
Net
investment
gains
Market
valu¢ at
31 July
2024
£'ooo
£'ooo
£•ooo
Listed investments
95
21
The listed investment Is a re5trieted donation of shares. All investments are held in the UK and Investment are
valved at the current market value.
12b.
Investments property
Market valu
at l August
2024
Revaluation
(loss)
Market
value at
31 July
2025
£'ooo
£'ooo
£'ooo
Investment property
4.859
11.909)
2,950
Mavket value
at l August
2023
Revaluation
galns
Market
value at
31 July
2024
£'ooo
L'ooo
£'ooo
Investment propery
3.850
,(X)9
4,859
36 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
The investment property IS 2 residential property located in Wimbledon held for investment purposes and which
is not used in the Corporation's own activities. The investment property 15 let out on the open market. A form31
valuation ol the property was carried out on the 31 july 2025 by john D Wood & Co an independent valuer
holding a recognised and relevant prole5sional qualification wlth recent experience in the lOCaOn and class of the
property.
13a.
DEBTORS: Amount5 falling after one year
Group
Charity
2025
'ooo
2024
£'ooo
2025
É'ooo
2024
£'ooo
Amounts falling alter one year
Capital goods scheme receivable
1.953
1.953
13b. DEBTORS: Amounts falling due within
one year
Group
Charlty
2025
£'ooo
2024
£'ooo
2025
£'ooo
2024
£'ooo
Amounts falling due within one year
Fee debtors
Other debtors and prepayments
Amounts due from subsidiary companies
Capital goods scheme recelvable
1,314
1.657
346
4.132
300
4.159
300
1.614
1,661
4.778
5,304
BANK OVERDRAFT
The Corporation has an overdra(t facility of £ 1,000.000. which is secured on the freehold property of the
Corporation and interest is charged ac 2% over the base rate.
CREDITORS: amounts falling due within
one year
Group
Charity
2025
£'ooo
2024
£'ooo
2025
É'ooo
2024
'ooo
Trade creditors
Fee deposits
Fee Compos*tion Scheme (see note 16a}
PAYE and Nat¢onal Insurance and VAT
Amount owed to subsidiary companies
Accruals and deferred income
682
4.278
5.632
3,610
818
3,495
6,748
47
361
4.278
5,632
3,537
4,132
1.614
744
3,495
6,748
1,968
1,883
1.618
16.170
12,991
19.554
12,605
37 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
16.
CREDITORS: amounts falllng due after one year
Group and charity
2025
2024
L'OOO
£'ooo
Fèe Composition Scheme {see note 16a)
Other liabilttie5 and ch2rges (note 16b)
10,057
58
14.960
70
10,115
15,030
16a Fee Composition Scheme
2025
£'ooo
2024
£'ooo
Within one to two years
Within two to flve year$
After fiye year5
3,793
5,064
1,200
5,264
7,556
2.140
Due after one year {note 161
Within one year (note 16)
10.057
5.632
14,960
6,748
15,689
21.708
The balance represents the accrued liability under contrncts. Thè movemènts dLtring the year wer&
2025
£'ooo
2024
£'ooo
Balance at l August 2024
New contracts
21.708
1.573
3,453
19,437
23,281
{7.592)
22.890
11,IB2J
Amounts u¢ilised in payment of lees
Balance at 31 July 2025
15,689
21.708
16b Other liabilities
Other liabilities totalliTrg £58k {2024.. £70k) ¢onslst of provisions for pensions not lunded through the Teachers,
Pension Scheme or the School's Defined Benefits Scheme. £11,700 is due within one yéar.
38 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
17. ALLOCATION OF NET ASSETS BETWEEN FUNDS
Net
Current
As$et$
£'ooo
Fixed
Asset5
£'ooo
Long teym
Liabllities
£'ooo
2025
Total
£'ooo
The net asse¢5 are held lor the
var¢ous (unds as lollow5.'
Permanent endowed funds
Expendable endowmen¢ fund
Restricted funds
Unrestricted fund5:
School funds
Designated funds
10
5,732
3,644
5,732
3.644
73.269
22,941
5,618
86.095
5,618
73,269
37,945
101,099
ALLOCATION OF NET ASSETS BETWEEN FUNDS (continued)
Net
Current
Assets
£'ooo
Flxed
Assets
Long term
Liabilitie5
2024
Total
£'ooo
£'ooo
£'ooo
The ne¢ assets are held for the
variou5 funds as follow$'.
Endowed lunds
Restricted funds
Unrestrieted funds..
School lunds
Pension reserve
Design?ted funds
10
3,119
10
3.119
68,966
31.174
115,030)
85,110
6,509
6.509
68,966
40.812
{15,030}
94,748
ENDOWED FUNDS
Balance at
l August
2024
L'ooo
Balance at
31 July
2025
LIOOO
Incomt
Expenditure
Transfers
£'ooo
É'ooo
£'ooo
jIln Belchamber Memorial
Fund
King's College School Bursaries
Foundation
10
10
5,732
5.732
10
5,732
5,742
The movement in the fund 15 Outlined in note I12nd relates to the newly created Krn¥'5 College School
B¥rsarie5 Foundauon and the atK)Ye relates to thè expendable endowment lund.
39 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
RESTRICTED FUNDS
Balanee at
l August
2024
£'ooo
Balance at
JI July
2025
£'ooo
Incomè
ExpÈndlturè
£'ooo
Transfèrs
£'ooo
£'ooo
Seholarship5 Trust Funds
Bursary F¢Jnd
1 i + Bui'sary Fund
Buildlng Renewal Fund
Other Trus¢ Fund5
Sports Equip¥nent Fund
Sports Facilit4es Fund
Boat Donatoon
Partnerships
Maths Fund
271
1.623
995
(2)
(221
(583)
278
2,575
521
974
92
25
81
38
93
40
33
3,119
1,164
1639)
3,644
RESTRICTED FUNDS
(continued)
Balance at
l August
2023
£'ooo
Balance at
31 July
2024
£'ooo
Inrom
Expenditure
Transfer5
£'ooo
£'ooo
£'ooo
ScholarshSps Trust Funds
Bursary Fund
11 + Bursary Fund
Building Renewal Fund
Other Trust Funds
Sports EquipmÈr*t Fund
Music School Fund
Sports Facilities Fund
Boat Donation
Partnerships
Maths Fund
262
1,143
1.287
271
1,623
995
604
45
(124)
(334
70
28
16)
92
65
91
16
35
81
38
188)
2,931
744
1556)
3,119
The transfers between funds are all in respect of capltal expenditure incurred durlng the year In aecordance with
the restrictions on each lund.
40 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
20. UNRESTRICTED FUNDS
(continued)
Balance at
l August
Balance at
31 July
Tran5fer$ and
revaluations
(losses)
£'ooo
2024
£'ooo
Income
£'ooo
Expenditure
2025
É'ooo
£'ooo
General reserves
Transfer between lund5
85,110
53.909
(46,403)
(1,909}
{4.612}
90.707
14.612}
85.110
53,909
(46.403)
(6.521)
86,095
KCS Centenary Challenge Fund
Legacy funds
Bursary fund
702
2.721
3.086
25
95
109
727
2.816
2.07S
Designated funds
6,509
229
5,618
20. UNRESTRICTED FUNDS
(continued)
Balance at
l August
Balance at
31 July
Transfers and
revaluation5
Gains
2023
£'ooo
Incom¢
£'ooo
Expenditure
2024
£'ooo
£'ooo
£'ooo
General reserves
77,148
49.945
142,992)
1,009
85.110
77.148
49.945
142,992)
1.009
85.110
KCS Centenary Challenge Fund
Legacy funds
Bursary fund
672
2,649
2,987
30
72
99
702
2,721
3,086
Designated lunds
6.306
201
6.509
See note I l & 18 for details in relation to the transfers made.
21
OPERATING LEASE COMMITMENTS
Equlpmtnt
2025
£'ooo
2024
£'ooo
At 31 july 2025 the Corporation had the following commitments
under operating leases payable..
Within one year
After one year but wlthln five years
35
36
41 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
22. CAPITAL COMMITMENTS
2025
£'ooo
2024
£'ooo
Authorised and contractsd
1.395
794
23. RELATED PARTY TRANSACTIONS
The Corpora¢ion has taken idyantage of the exemptlon within FRS102 from disclosing transactrons with Tts wholly
owned subsidiaries, KCS Enterprises Llmlted. King's College School. Wimbledon {Internatyonall Limited and King's
College School Bursaries Foundatiorl.
R Parker and An N& who are Governors ol the Corporation, also served as Truse$ ¢f the Kings, CollÈge Schc>ol
Pension Scheme during the year. R Tomlin was appointed a member-nomina¢ed Tru5¢ee gf the Scheme on 28 Juné
2022. Dui'ing the year, the School mad¢ con¢ributions of £0 to the Scheme12024: £132,000). No amounts were
due as at the year end.
Five governors are parents of children at thé school and paid school fees kt normal rates for six children during
the year. A member of Key Management Personnel had a closely connecied person earning £24,690 12024:
£29,671>.
rhe Old King's Club serves as the alumni association for King's College School. The club receives limited
administrative supporL Further information can b¢ provtded by the Secretary co ¢he Governor5.
The KCS Old Boy5. Rugby Club pays an annual license fee of £4,500 to the Corporatlon, for the use of Me$
pitches at Arthur Road, Motspur Park, owned by thè Corporation.
24. CONNECTED CHARITIES
(a) The Friends of King's College School (Chavlty No: 1005992)
The object of Th¢ Friends is ¢0 advance the education ol pupils at KCS and KCJS. In further1 of this obj(
the Friènds may-
a) Develop moré extended relationships beiween the staff* parents and others associated with KCS and KCJS.
b) Engage in activitie5 which suppor¢ KCS and KCIS and advance the education of the pupils attending.
c} Provtde and assist in the promsion of facllities for educatlon at KCS and KCJS not normally provlded by the
Governing Body.
The Friend$ gilt¢d £65.284 ¢0 KCS and KCJS during the year {2024: £74.355).
{b) Thts FrSend$ of Squirre15 (Charity No.. 1139036)
The object of the Friends is to advance the educatron of pupils at Wlmbledon Common Preparatory School. In
2024-25 the Friends paid for 5erYices on behalf ol the school,12024.. £2.16e).
42 THE CORPORATION OF KING'S COLLEGE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
25. COMPARATIVE STATEMENT OF FINANCIAL
ACTIVITIES
Unrestrltted funds
Restricted and
School Dèsignated Endowed Funds
£'ooo
£'ooo
£'ooo
Total
2024
'ooo
Notès
INCOME FROM:
Choritable actlvltles
Tuition fees
Ancillary Income
Other trodlng ortivitles
KCS Enterprises income
KCSW International income
Investment$
Donutlons
38,636
3,979
38,636
3,979
1,445
4.764
1,034
87
1,445
4,764
1.034
1,032
201
744
Total incomè
49,945
201
744
50,890
EXPENDITURE ON:
Raising funds
KCS Eaterprises costs
KCSW International costs
Finance and other costs
FundraisFng costs
860
1,401
76
409
860
1,401
76
409
2,746
2.746
Charitable actlvltlès
School operatlng Costs and
8rant.m3king
40,246
556
40,802
Total expénditure
42.992
556
43,548
Net income before transfers
Translers between funds
6.953
201
188
7,342
19. 20
Net Income
6.953
201
188
7,342
InYestmen¢ property gdin
Pension scheme actuarial gainl (loss)
1.009
1.009
Net movement Sn funds
Fund balancti at l August
2023
7.962
201
188
8,351
77.148
6.308
2,941
86,397
Fund balance5 at 31 July 2024
85,110
6,S09
3,129
94.748
43 Three of this year's leavers were recruited lor sport to prestlgious US universltles.
MUSIC, ART, DRAMA AND SPORT
Music
For the chamber choir, the highlights have been sir¢gin8 in St George's Chapel, Windsor Castle. in the Chapel Royal at
Hampto Courc Palace and on a tour to Germany, where the choir performèd to grèat acclaim in Leipzig. Muhlhausen.
lena and Weimar. The main school choirs tamè together and joined with the choral society in early March lor a gala
concert in Southwark Cathedral featvring Fauré's Requiem, with in vpper sixth bass soloist. Thls, the highlight event of
the musical caléndar. ?Iso Saw twenty-five instrumentalists joift with the London Mozart Player5 to perlorm piano
¢on¢¢rcos with talented upper slxth pianlsts. Overall, eighiy K4fig's musicians took part from Rvshmere to upper
sixth pupils and involving staff, lormer Klng's staff, parent5 and former King's parents. Thi5 truly brought all sections of
the school communlty together and the concert was a resgunding wccess.
The orchestras and band5 have perlormed at an impressive level at events across the year, with notablè èvènts being jazz
club. the band showcases and the orchestral concerts. Equally noteworthy has been the exceptional standard ol solo
playin8 in the seyen dilferent instrumental compétitions and the various masterclasses. This year's Arts FÈstlV21 saw an
extraordinary pei.formancè of lorty pianists on four grand pianos in the concerL hall. It was as spettacular as It sounds,
with istonishing perlormances of Bach. Beethoven and Debu5Sy as well as a jazz piano itnprovi53t¢on. Other evetS
In¢ludèd an irnpressive string showcase with Klng s and partnership pupils joining with the Academy of Ancient Music.,
memorable performance ty the Band of the Scots Guard5 also involving King's instrumeThtalists'. a stunning band showcase.
and a partnership thoir event involving three primary schools chorale and King's 9.
Music in the junior school aims to ensure the provision for, and musical education ol, all pupils ran&ng from i'tcitals for
the youngescand newest musicians to masterclasses and workshops for the most mu5icilly able. There are two significant
large.scale concerts a year wich over one hundred pupils taking part in each. There are 12 soloists. recita15 over the
course ol the year providing pupi15 of all ability. in both Rushmere and Priory, an opportunlty to perform. Annually, there
are several masterclassès. i Rushmere and Priory Young Musician competitlon, as well as a Beginner Group concert for
new ins¢rumen¢altst on orchestral instruments. It is from thls Be&nner Group Scheme that we recruit approximately 20
new musicians on orchegtral instruments a year, adding to our number of over 200 ir*s¢rumental lessons for junior school
pupils each week.
The breadth of provision with regards to class music education 2nd co-curricular opportunity for all pvpils is at the hèart
ol what the School music department aims to provide.
11