2025-08-31-accounts

	Page
Annualreportofthetrustees	2-12
Charityinformation	13-14
Independentauditor9sreport	15-17
Consolidatedstatementoffinancialactivities	18
Consolidatedandcharitybalancesheets	19
Consolidatedstatementofcashflows	20
Notestothefinancialstatements	21-40

28 January 2026

AssetsinthecourseofconstructionrelatedtositeimprovementsworkscarriedoutduringSummer2025	31August2024 31,754 651 701 47 33,153 9	31August2025 30,657 821 740 34 32,251 6	Netbookvalues	31August2025 13,725 - 2,391 374 16,490 29	Chargefortheyear 1,253 - 350 27 1,630 4	Disposals (118) (6) (30) (154) -	1September2024 12,590 - 2,047 377 15,014 25	Depreciation	31August2025 44,382 821 8,131 407 48,741 34	Completedintheyear 154 (154) - - - -	Disposals (139) (6) (30) (175)	Additions 27 320 389 12 749 -	1September2024 44,340 655 2,748 425 48,167 34	Atcost	2'000 2'000 2'000 2'000 2'000 2'000	construction equipment	of computer equipment	buildingsfreehold thecourse officeand vehicles total and	Landand Assetsin School Motor Charity Furniture	4.Tangiblefixedassets	Notestothefinancialstatementsfortheyearended31August2025	Reed9sSchool
	-	-		7	-		7		7	-		-	7		2'000			vehicles	Motor
	33,162	32,257		16,526	1,634	(154)	15,046		48,783	-	(175)	750	48,208		2'000		total	consolidated	Group

					Reed9s	Reed9s	Reed9s	School	School
	Notestothefinancialstatementsforthe								year	ended31	August2025
5.	Investments
				Consolidated						Charity
			2025				2024			2025		2024
			£'000				£'000			£'000		£'000
Investments- listed			22,769			23,875				22,769	23,875
Investments- subsidiaries				-				-		250		250
			22,769			23,875				23,019	24,125
a)	Investment	insubsidiaryundertakings
TheCharityowns		100%ofthe	issued		sharecapital			ofReed9sSchoolEnterprises			Limited,		incorporated
in	EnglandandWalesundercompany				number		2503013.The		principalactivitiesof		the	Companyare		the
letting ofsports,		generaland	social		facilities,		the	operation of		aswimmingclub,		the	provision	of
communityswimming,tennisandcricketcoaching,thesaleofclothingandsportswear,												and	theprovision
of	atuckshop.	Thecompany	has	beenfully		consolidated.			TheCharityalsoowns100%				oftheissued
sharecapital(£1)		ofReedsSchool		International			Ltd(RSILtd)		adormantcompanyincorporatedinEngland
andWalesunder		companynumber		9874554.		There		havebeenno		significanttransactionsinRSILtd				and
RSILtdhasnotbeenconsolidated.
	SubsidiaryInvestment									2024
										£'000
	Cost
	At31August2024									250
	NetBookValue
	AtAugust2025									250
Theresultsfortheyearended31August2025						areasfollows:
										2025		2024
	Subsidiarycompany									£'000		£'000
	Turnover									342		326
	Costofsales									(242)		(201)
	Grossprofit									100		125
	Otherincome									423		391
	Administrationcharges									(375)		(391)
	Netprofitforthe	yearbeforetaxation								147		125
	Taxation									-			-
	Netprofit)forthe	year								147		125
	Netassets									487		465
							27

	Reed9sSchool	Reed9sSchool	Reed9sSchool
Notestothefinancialstatementsfor			the	yearended31			August2025
Investmentsinlistedsecurities
Atbid-pricevalue					2025		2024
					2'000		£'000
Openingvaluation					23,875		5,484
Additions					650		18,198
Withdrawals					(2,994)		(841)
ReinvestedIncome					761		84
ChangesinValuation					477		450
Closingvaluation					22,769		23,875
Otherinvestmentsrepresentequities,fixed interestsecurities,					hedgefunds		andpropertyincluding
investmentsmadethroughCommonInvestmentFunds. These					fundsarepooledinvestmentvehicles
specificallysetupforcharitiesandestablished		undertheCharitiesAct2011.The					historical		costofthese
investments£24.4m(2024:£24.0m).
TheGovernorshavedelegateddaytoday	managementoftheseinvestmentstoCazenove							CapitalLimited
inaccordancewith theCharity9sinvestmentpolicy.The			Charityalsoholds			aFees	inAdvanceportfolioat
Cazenove.Thesefundsareinvestedin	governmentbondandmoneymarkets						funds.	Therestofthe
Charity9sinvestmentfundsarenowinvestedin		CazenoveCapital			LimitedCharity		Multi-AssetFund.
Includingunrealisedgainsof£477k(2024:gainsof£450k)				and	realised	incomefrom		disposalsand
dividendsof£252k(2024:£247k)thetotal	return	onthemaininvestmentportfolio					amounts	to	6.1%(2024:
11.7%). TheFeesinAdvanceportfolio	returned£762k		(2024:£85k)ofre-investedincomeduringthe
year.
6.Debtors
				Consolidated					Charity
			2025			2024			2025	2024
			2'000			£'000			£'000	£'000
Tradedebtors				104		94			E		-
Schoolfeesanddisbursementsrecoverable				178		227			178	227
Prepaymentsandaccruedincome				609		661			609	661
AmountsowedbyGroupundertakings				-		-			-	243
				891		982			787	1,131
		28

	Reed9s	Reed9s	School	School
Notestothefinancialstatements			fortheyearended			31	August2025
7.Creditors:amountsfallingduewithinoneyear
	Consolidated							Charity
	2025			2024		2025			2024
	£'000			£'000		£'000			£'000
Bankloansandoverdrafts	188			176			188		176
Taxesandsocialsecuritycosts	322			284			322		284
Advancefees(Note9)	8,003			10,344		8,003			10,344
AmountsowedtoGroup
undertakings		-		-			33		12
TradeCreditors	669			619			632		618
Othercreditors	156			216			151		211
Deposits	1,356			1,337		1,356			1,337
Accrualsanddeferredincome	700			472			700		472
	11,394			13,448		11,385			13,454
8.Creditors:amountsfallingdueafteroneyear
				Bank	Advance			Other	Total
Charity				loans	fees			creditors
				£'000	£'000			£'000	£'000
Amountsrepayablebyinstalments:
In 1to2 years				198	5,589			-	5,787
In 2to5 years				687	1,955			-	2,642
After5 years				2,894	266			-	3,160
At31August2025				3,779	7,810			-	11,589
At31August2024				3,968	12,811			-	16,779
TheCharityhadtwo10-yearloanagreementswith			Lloyds	Bank.One	takenoutin		2017tofund		theSixth
FormHousedevelopmentandthesecondtaken		outin2019tofund			thedevelopment			oftheBridgeman
Buildingtoprovideadditionalclassroomspace.Theloans				wererestructuredin		March		2024tostrengthen
theCharity'scashflowandbringcertaintyaround			interest	andcapitalrepayments.			Thetwoloanswere
merged,andtherepaymentperiodextendedfor		a	further	15yearsat	afixedrateofinterest.
			29

Reed9sSchool
Notestothefinancialstatementsfortheyearended31August2025
9.Advancefeepayments
AdvancefeesincludetheearlypaymentoftheAutumnterm2025fees.Parentsmayalsopayfuture
tuitionfeesinadvance.Themovementsduringtheyearwere:
	2025	2024
	£'000	£'000
At1 September2024(2023)
Amountsfallingduewithinoneyear	10,344	3,835
Amountsfallingdueafteroneyear	12,812	1,055
	23,156	4,890
NewContracts	890	20,888
EarlypaymentofAutumnterm2025(2024)fees	2,312	2,079
Amountsutilisedinpaymentoffees	(8,465)	(1,550)
EarlypaymentofAutumnterm2024(2023)fees	(2,081)	(8,152)
At1 September2025(2024)	15,812	23,155
Amountsfallingduewithinoneyear	8,003	10,344
Amountsfallingdueafteroneyear	7,809	12,811
	15,812	23,155

Totalrestrictedfunds 661 977 (843) - - - 795	Otherfunds 356 964 (814) - - - 506	Forumfund 41 - (8) - - - 33	OR'ssyndicatedfund 264 13 (21) - - - 256	2'000 2'000 2'000 2'000 2'000 2'000 2'000	RestrictedFunds funds	total income investments between	2024 Income Expenditure Investment Netgainson Transfer 2025total	Totalendowedfunds 4,371 103 (2) 182 346 (182) 4,818	TheRoyalHousehold 14 - - - - - 13	und	CazenoveAndrewReedbursary 631 _ _ 26 40 (26) 671	Growthfund 2,662 103 (2) 112 239 (112) 3,002	Consolidatedsmallfunds 1,064 - - 44 67 (44) 1,131	2'000 2'000 2'000 £'000 £'000 £'000 £'000	EndowedFunds funds	total income investments between	2024 Income Expenditure Investment Netgainson Transfer 2025total	10.Endowedandrestrictedfunds	Notestothefinancialstatementsfortheyearended31August2025	Reed9sSchool

supportedbytheOldReedonianswithinthenext5 years.	DesignatedreservesexistwheretheGovernorshaveallocatedfundsfora setpurpose.TheOldReedonians'fundisintendedtofundtheactivitiesorprojects	30,355 28,336 (26,976) 132 182 32,029	OldReedoniansFund 125 96 (121) - 5 100	DesignatedFunds:	GeneralReserves 30,230 28,240 (26,855) 132 182 31:929	Consolidated	30,140 27,704 (26,364) 132 182 31,794	OldReedoniansFund 125 96 (121) - - 100	DesignatedFunds:	GeneralReserves 30,015 27,607 (26,243) 132 182 31:693	Charity £'000 £'000 £'000 £'000 £'000 £'000	funds	total investments between total	2024 Income Expenditure NetGainson Transfer 2025	11.Unrestrictedfunds4 movementsintheyear	Notestothefinancialstatementsfortheyearended31August2025	Reed9s School

	Reed9s	School	School
Notestothefinancialstatements		for	theyear		ended31		August2025
12.Analysisofnetassetsbetweenfunds
Charity	General		Designated		Restricted		Endowed			2025
	Funds		Funds		Funds		Funds			Total
	£'000		£'000		£'000		£'000			£'000
Tangiblefixedassets	32,251			=		7		=		32,251
Investments	18,272			-		-	4,747			23,019
Cashatbankandinhand OtherNetCurrent(Liabilities)	3,347 (10,589)		100	"	795	-	71	-	4,313 (10,589)
itors: i redtorsamountsfallingdueaftermore	(11,589)			_		_		_	(	11,589	)
anoneyear
Totalfunds	31,693		100		795		4,818			37,406
Consolidated	General		Designated		Restricted		Endowed			2025
	Funds		Funds		Funds		Funds			Total
	£'000		£'000		£'000		£'000			£'000
Tangiblefixedassets	32,257			7		7		7		32,257
Investments	18,022			-		-	4,747			22,769
Cashatbankandinhand	3,491		100		795		71			4,457
OtherNetCurrent(Liabilities)	(10,252)			-		-		-	(10,252)
Creditors:amountsfallingdueaftermore thanoneyear	(11,589)					_		_	(11,589) '
Totalfunds	31,929		100		795		4,818			37,642
13.Capitalcommitments
Therewerenotcapitalcommitments	outstandingatthe		endofthe	financialyear.
		34

14.Leasecommitments	14.Leasecommitments
Asat31	August2025Reed9s	Schoolhadtotalcommitmentsunderoperatingleasesasfollows:
		2025 2024
		£'000 £'000
Within	1Year	104 65
Within	2-5Years	211 138
Within	morethan5 Years	5 16
		320 219
15.Relatedpartytransactions
Reed's	Schoolhasinvested	inthewholeoftheissuedsharecapitalofReed's SchoolEnterprises
Limited	(theCompany), acompanyincorporatedinEnglandandWales.
During	theyearReed's SchoolowedReed'sEnterprisesthesumof£33k(2024:(£255k)).
Governorsdonated£12,977		(2024:£12,470)totheCharityduringtheyear.

Totalrestricted funds 941 645 (690) - - (235) 661	Otherfunds 627 624 (660) - - (235) 356	Forumfund 49 2 (10) - - - 41	OR'ssyndicated fund 265 19 (20) - - - 264	£'000 £'000 £'000 £'000 £'000 £'000 £'000	RestrictedFunds funds	total income investments between	2023 Income Expenditure Investment Netgainson Transfer 2024total	Totalendowed funds 3,972 129 0 178 270 (178) 4,371	TheRoyal Household 14 - - - - - 14	CazenoveAndrew Reedbursaryfund 591 - - 26 40 (26) 631	Growthfund 2,371 129 0 108 162 (108) 2,662	Consolidatedsmall funds 996 - - 44 68 (44) 1,064	2'000 2'000 2'000 £'000 £'000 £'000 £'000	EndowedFunds funds	total income investments between	2023 Income Expenditure Investment Netgainson Transfer 2024total	18.RestrictedandEndowedfunds- Comparativefiguresfor2024	Notestothefinancialstatementsfortheyearended31August2025	Reed9sSchool

29,212 26,020 (25,469) 179 413 30,355	OldReedoniansFund 118 93 (86) - - 125	DesignatedFunds:	GeneralReserves 29,094 25,927 (25,383) 179 413 30,230	Consolidated	29,048 25,382 (24,882) 179 413 30,140	DesignatedFunds: OldReedoniansFund 118 93 (86) - = 125	GeneralReserves 28,930 25,289 (24,796) 179 413 30,015	Charity 2'000 2'000 £'000 £'000 £'000 £'000	funds	total investments between total	2023 Income Expenditure NetGainson Transfer 2024	19.Unrestrictedfunds- Comparativefiguresfor2024	Notestothefinancialstatementsfortheyearended31August2025	Reed9sSchool

	Reed9sSchool	Reed9sSchool
Notestothefinancialstatementsfor		the	yearended31August2025
20.Analysisofnetassetsbetweenfunds- Comparativefiguresfor2024
School	General	Designated		Restricted	Endowed	2024
	Funds		Funds	Funds	Funds	Total
	£'000		£'000	£'000	£'000	£'000
Tangiblefixedassets	33,153		0	0	0	33,153
Investments	19,829		0	0	4,296	24,125
Cashatbankandinhand	6,126		125	661	75	6,987
OtherNetCurrent(Liabilities)	(12,314)		0	0	0	(12,314)
Creditors:amountsfallingdueaftermore						(16,779)
thanoneyear	(16,779)		a	0	0
Totalfunds	30,015		125	661	4,371	35,172
Consolidated	General	Designated		Restricted	Endowed	2024
	Funds		Funds	Funds	Funds	Total
	£'000		£'000	£'000	£'000	£'000
Tangiblefixedassets	33,162		7	7	7	33,162
Investments	19,579		E	-	4,296	23,875
Cashatbankandinhand	6,525		125	661	75	7,386
OtherNetCurrent(Liabilities)	(12,257)		-	-	R	(12,257)
Creditors:amountsfallingdueaftermore	(16,779)		_	]	.	(16,779)
thanoneyear						,
Totalfunds	30,230		125	661	4,371	35,387