2025-08-31-accounts

COMPANY NUMBER: 00057854

REGISTERED CHARITY NUMBER: 312590

King Alfred School Society A company having no share capital and limited by guarantee

ANNUAL REPORT AND FINANCIAL STATEMENTS

Period ended 31[st ] August 2025

The King Alfred School, North End Road, London, NW11 7HY

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THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

CONTENTS

CONTENTS	CONTENTS
REFERENCE AND ADMINISTRATIVE DETAILS		p.3
INTRODUCTION BY THE CHAIR OF COUNCIL		p.6
TRUSTEES’ REPORT BY COUNCIL		p.7
1.	OBJECTIVES, ETHOS, STRATEGIES AND ACTIVITIES	P.7
	1.1 Aims and objectives of the King Alfred School Society
	1.2 Ethos
	1.3 Strategies for Achieving Objectives
	1.4 Public Benefit
2.	REVIEW OF ACHIEVEMENTS AND PERFORMANCE	p. 9
	2.1 The King Alfred School
	2.2 Educational Research
	2.3 Broadening Impact and Dissemination
3.	FINANCIAL REVIEW AND RESULTS	p.12
	3.1 Income and Expenditure
	3.2 The Trading Company
	3.3 The Balance Sheet
	3.4 Reserves Policy
	3.5 Investment Policy
	3.6 Going Concern
4.	PLANS FOR FUTURE PERIODS	p.14
	4.1 Challenging the Educational Paradigms
	4.2 Further Strengthening the School and Community
	4.3 Continuing to Broaden our Impact via Partnership and Outreach
	4.4 Maintaining our Financial Results and Investing in the Future
5.	STRUCTURE, GOVERNANCE AND MANAGEMENT	p.15
	5.1 Governance and Organisation
	5.2 Conflict of Interest
	5.3 Development and Fundraising
	5.4 Appointment, Induction and Review of Members of Council
	5.5 Remuneration of Key Management
	5.6 Risk Management
STATEMENT OF TRUSTEES’ RESPONSIBILITIES		p.18
INDEPENDENT AUDITOR’S REPORT		p.19
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES		P.22
CONSOLIDATED AND COMPANY BALANCE SHEETS		p.23
CONSOLIDATED STATEMENT OF CASH FLOWS		p.24
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS		p.25

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THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

REFERENCE AND ADMINISTRATIVE DETAILS

PRESIDENT CHAIR TREASURER Kara Conti (resigned Sam Jukes-Adams Nick Friedlos February 2025) Annabel Cody Appointed February 2025)

HEAD Robert Lobatto BA Hons (Oxon), PGCE, NPQH (London)

DIRECTOR OF FINANCE & OPERATIONS Caroline Korniczky BA Hons, ACA

OTHER COUNCIL MEMBERS

Amy Chapman (appointed February 2025), Rebekah Clark, Phoebe D’Arcy, Angela Dehadray, Grace Edghill, Fiona Hackett, Nick Harper, Clare Jarmy (appointed October 2024), Jo Lucas (resigned February 2025), Lara McCann, Sarah Phillips (resigned February 2025), Sophie Ricard (resigned July 2025), Johnny Rosen, Sophia Senroy, Galia Shilo Sum, Marshall Stark (appointed February 2025), Jo Tang, Philip Whale.

REGISTERED ADDRESS 149 North End Road, London, NW11 7HY

AUDITORS HaysMac LLP, Chartered Accountants 10 Queen Street Place, London, EC4R 1AG

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REFERENCE AND ADMINISTRATIVE DETAILS

BANKERS Barclays Bank Plc, PO Box 12820, London N20 0WE

SOLICITORS

Harrison Clark Rickerbys, Ellenborough House, Wellington Street, Cheltenham, Gloucestershire, GL50 1YD

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INTRODUCTION BY THE CHAIR OF COUNCIL

In 1897, the King Alfred School Society (the Society) was established to provide a new model of education and to influence the educational landscape. Reacting to the selective and examfocused Victorian school system, and a desire to learn ‘out doors’, The King Alfred School’s (the “School”) purpose was to educate the whole child. Learning would take place in a non-selective coeducational setting in which staff would work collaboratively with pupils using teaching based on the latest scientific methods in an environment free from unnecessary pressures.

The relevance of education set out in this way is even more important today. Holding onto our way of educating recognises the ability to choose a holistic approach that benefits the whole child in school and beyond. It challenges a very target driven, exam-based approach and develops the child's sense of self as a learner, an individual and a group member, with the emphasis on intrinsic rather than extrinsic motivation. Beyond academic achievement, this is truly what students and families at KAS benefit from.

In January 2025, VAT on school fees came into force, and in order to enable the parent body to have a runway the Government did not supply, Council took the challenging decision during the year to raise fees marginally from September 2025 and below the cost of inflation and living. We know that this presented some challenges for the school, and the work that the Head and DFO have done in order to support that decision is not to be underestimated. This has enabled us to hold to our three key principles:

• To maintain and continue to develop the quality of our unique educational offering

• To ensure the long-term financial sustainability of the school

• To help protect our community, by taking measures to alleviate the financial burden of VAT on fees to household incomes as far as possible.

To enable us to underwrite the school’s sustainability and support the current and future KAS financial position, we continue to work on the commercial benefit that the school can derive from its brand and estate.

Alongside this big change, our dearly held Head, Robert Lobatto, made the big decision to retire from Headship. Robert has been a Head of schools for almost two decades and rightly felt that to be a fitting tenure to draw proceedings to a close. Council set about, with the aid of a search and selection firm experienced in education, finding a new head to lead KAS into this new decade and, after a long and indepth process, secured the hire of Stephen Campbell, who will be joining the school in 2026. Many thanks to everyone who engaged in the process, from staff to students, candidates and Council members.

The 2025 exam results, and value-added scores, across GCSE and A levels were once again strong, particularly at A* grade at A level, showing how it is possible for students to enjoy school, love learning and have academic success.

The AGM signals our annual retirement from and election to Council - this year we said thank you and goodbye to Sophie Ricard, who joined Council a decade ago and formed and headed up the Education Committee. Huge thanks go to her for her contribution to KAS Council. We also said farewell to Sarah Phillips, whose tenure on Council stretches multiple headships and includes being a parent, treasurer and eagleeyed policy reader! Jo Lucas also stepped down this year and we thank her for her contribution over the years. Likewise, Kara Conti stepped down from her epic tenure as President of The Society, and anyone who attended last year’s AGM will have enjoyed Kara’s 30+ year romp through the history of KAS. Annabel Cody, ex Chair of Council and fervent supporter of KAS and its founding principles, is the well-deserved successor to Kara’s time as President, and Annabel has great plans to build on Kara’s excellent tenure.

We welcome to Council Marshall Stark who brings particular expertise in ICT. We also welcomed back Amy Chapman, who re-stood for election successfully and brings legal knowledge. Clare Jarmy also joined us and, as an experienced teacher, brings her educational expertise and has kindly agreed to take on the role of Chair of the Education Committee. A huge thank you to all the Council members for their continued commitment and dedication to their governor roles and work. This year has been fulsome in its demands on Council members' times, and it does not go unappreciated. Lastly, to Robert, who has steered and held the good ship KAS for a fulsome decade, 2025/26 will be a year to celebrate your achievements at the school, for which the whole community are grateful and thankful to you.

SAM JUKES-ADAMS

Chair of The King Alfred School Council

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THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31[st] August 2025

The King Alfred School Society is a company and registered charity.

The principal concern of the Society is the operation of its schools, namely The King Alfred School in North London. However, the Society has a wider remit than simply the operation of the school.

It also aims to promote the wider advancement of education through research and to disseminate the results of that research. Additionally, the Society seeks to broaden its impact by making its education and educational philosophy available to a wider range of students.

The Members of the Society, of whom the majority are The King Alfred School parents, elect Council members to act as charity trustees, company directors and governors of The King Alfred School. Council members are all volunteers and come from a wide range of professions and occupations. As school governors of The King Alfred School, Council members work alongside the school’s senior leadership team, which is responsible for execution of policy and management of the day-to-day operation of the school.

At its heart, the Society promotes the belief that a good education provides the opportunity for each young person to achieve their potential and to contribute to society in whatever way best suits their talents.

In the report below, Council, as trustees of the Society, sets out the aims of the Society, its charitable objects, and how the Society has delivered public benefit.

1. OBJECTIVES, ETHOS, STRATEGIES & ACTIVITIES

1.1. Aims and Objectives of the King Alfred School Society

The objects of the Society are set out in the Articles of Association. These include:

• To promote the advancement of Educational Science in all or any of its branches by the diffusion of knowledge relating thereto.

• To establish and carry on Schools which take account of the work of educational reformers, to initiate or co-operate in educational research, and encourage the fullest development of whatever talents their members possess without resort to pressures which might upset the proper balance of the physical, the emotional and the intellectual aspects of the individual.

1.2. Ethos

The King Alfred School Society was established in 1897 by a group of parents with a specific vision that education should be based on rational, scientific principles focused on what is best for the individual development of the child as a whole person. The founders were influenced by reformers such as Pestalozzi, Herbart and Froebel and they set out principles of the Society by which schools were to be operated. The principles of education promoted by the Society have been developed but not materially changed in the years since and include:

• Being co-educational with a mixed ability intake

• Encouraging parental involvement

• Creating a trusting collaborative working relationship between teachers and pupils

• Developing each individual’s talents fully without the pressure of competitive testing

• Valuing learning for its own sake rather than the attainment of awards

• Encouraging a spirit of enquiry and developing habits of work and self-reliance

• Being free from any religious or political organisation

• Maintaining the value of play and a minimum of rules.

• “The King Alfred School Society Framework”, first published in 2012, illustrates many aspects of this approach.

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THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31[st] August 2025

1.3. Strategies for Achieving Objectives

1.3.1. The School

During the year, The King Alfred School educated 710 children aged 4 to 18.

The school provides a warm and nurturing environment in which children are treated as individuals and appreciated for who they are. Within the school, relationships between pupils and staff are informal and trusting. We minimise unnecessary pressure, and our approach to learning, testing and exams is based on the best available research evidence. We seek to foster the intrinsic motivation of a child over extrinsic approval and teach every individual the importance of valuing their achievement on their own terms, rather than in relation to others’ expectations. Having small classes with excellent teaching means that the needs of every child are planned for.

Council and the Senior Leadership Team continue to align strategic planning with our vision for education; a vision that has been richly informed by input from students, staff and parents.

The three core strategic areas of focus for the school are:

• Developing a 4 to 18 education that is holistic, rigorous and creative

• Increasing our impact on the world, both through empowering our students to be change-makers, and by partnering with others throughout the broader education system

• Developing a plan for investing in our campus and a long-term sustainable financial future.

1.3.2. Educational research and dissemination

The Society aims to inspire and influence others to create a more human-centred education. It runs conferences and promotes projects and partnerships that model our approach, generating evidence of best practice.

The Society supports research both externally and from individual staff members who can be offered financial assistance with their projects. Visitors are welcomed to the school and come from far and wide, both in the UK and beyond.

1.3.3 Broadening our Reach

The Trustees believe that it is important that access to The King Alfred School education is not restricted to only those who can afford our fees. Each year, means-tested bursaries are awarded to children entering Year 7 which, subject to financial review, remain in place throughout the school career of the child concerned. Means-tested bursaries are also awarded for children joining the Sixth Form. In addition, temporary financial support is provided on a means-tested basis for children whose circumstances have changed. Over the past few years, the school has also been able to provide fully-funded bursary places to five young people from Ukraine, whose education was disrupted following Russia’s invasion – four have now graduated and one is in her final year in the Sixth Form.

Partnerships at home and abroad continue to play an important role for both the Society and the school. The school has links with a hub of local state schools, including The Archer Academy, Henrietta Barnett, Parliament Hill, Christ College and School 21. Our contribution includes outreach activities and sharing access to facilities and counselling services. Partnership work with like-minded schools in both the state and independent sectors is growing, including through the local hub mentioned above, the Rethinking Schools network (previously known as ‘The Big 10’), and the School Directed Courses Consortium (SDCC). All these partnerships encourage and support other schools to explore and embrace a holistic vision of education, and also to contribute to the educational debate and influence future policy. Internationally, the school has an active partnership with a school in Namibia.

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THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31[st] August 2025

1.4. Public Benefit

The Trustees confirm that they have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the guidance on public benefit published by the Charity Commission, including the guidance “Public Benefit: running a charity” (PB2).

2. REVIEW OF ACHIEVEMENTS AND PERFORMANCE

2.1 The King Alfred School

In 2024/2025, an average of 710 students were educated within The King Alfred School, of which 64 students received education at subsidised rates or no charge.

The school has a holistic vision of educational performance and is committed to the notion of a ‘broad definition of success’ - exam results are important, but are an outcome of a good education rather than defining it.

The Society considers the school’s exam performance using a nationally recognised value-added method (ALIS and YELLIS), which evaluates whether or not the school has supported pupils to achieve outcomes above their predicted grades in public examinations. In addition, examination results are benchmarked against national and independent school averages. At A level and equivalent level 3 qualifications, 48% of all grades were A-A, and 92% of the grades were A – C. In addition to being significantly above the national averages, they were also in line with the averages for Independent schools. Students progressed to a variety of top tier universities, including overseas institutions, with some choosing alternative pathways such as internships and work experience in creative industries.

The sixth cohort successfully completed the UAL Diploma in Performing Arts this summer. This course is equivalent to three A levels and all students achieved distinctions, which are equivalent to three A*s at A level.

On value-added measures, ALIS calculated that for progress between GCSEs and A levels, the school’s A level results were in the top 13% of schools nationally and in the top 14% of Independent schools.

A Level / Level 3 Results for the last three years

	A*/A %	A*-B %	A*-C %	A*-E %
KAS 2025	48.1	77.3	92.4	98.9
National 2025	28.2	55.3	78.0	97.4
Independent 2025	48.0		92.1
KAS 2024	58.0	80.4	92.0	98.9
National 2024	27.6	53.6	76.0	97.1
Independent 2024	49.4		89.8
KAS 2023	52.0	74.1	88.9	98.9
National 2023	26.5	53.5	74.4	97.3
Independent 2023	47.4		89.0

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THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31[st] August 2025

At GCSE and equivalent level 2 qualifications level, students’ results were also significantly higher than national and in line with independent school averages.

YELLIS value-added calculations show that on average, students achieved approximately 0.4 of a grade higher than their expected grades, which is the joint highest value-added score since the school started to calculate this in 2015. Pleasingly, it demonstrates value-added achievement which is statistically significant.

GCSE/Level 2 Results for the last 3 years

	7/8/9	4and above (C
	(A/A*/A)% **	**and above)% **
KAS 2025	48.7	91.5
National 2025	22.2	67.0
Independent 2025	48.2	91.4
KAS 2024	55.4	94.2
National 2024	21.8	67.6
Independent 2024	48.4	90.9
KAS 2023	40.0	90.1
National 2023	21.6	67.8
Independent 2023	46.6	90.1

The United Nations Sustainable Development Goals are explicitly and systematically built into the Lower School curriculum, with students engaged in a range of activities such as a Climate Change Awareness programme. The school further evolved its environmental programme with new curriculum development and extracurricular activities in both the Lower and Upper Schools.

Students continued to have a significant voice. Peer support initiatives, such as the Peer Listener’s Programme (KPLs) and Peer Education mental health programme (PEP) are embedded in the timetable. Representatives from “School Six”, the elected student representatives for the Upper School, take the lead in coordinating a Pupils’ Council, which comprises representatives from each Upper School year group. In the Lower School, student councillors represent each class in Years 2-6 and student Council meetings take place on a regular basis.

The Development Office has continued to provide a hub for school alumni (Old Alfredians or OAs). Their stories and connections with the school provide a wonderful tapestry of experience and are sowing the seeds for a valuable network connecting past, present and future generations of Alfredians. The @OldAlfredians social media account has continued to grow, and the very successful Connections series continued to link Old Alfredians with Sixth Formers to provide careers advice and insights.

2.2 Educational Research

The focus over the last year has been less on original research and more on our partnership work and dissemination of practices. Notwithstanding this, Hannah Sheath, who plays a significant role in the development of the 6 to 8 curriculum, is researching for her PHD in the development of skills through enquiry-based learning. In addition, she has secured a grant from the Edge Foundation to consolidate and disseminate her findings.

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THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31[st] August 2025

2.3 Broadening our Reach

This year, the school has further consolidated its partnership strategy. This consists of three strands – influencing young people directly; developing, codifying and sharing progressive practices; and influencing the wider system.

In the first strand - influencing young people directly - in 2024/25, 27 (2023/24: 36) bursaries were in operation with a value of £408,184 (2023/24: £551,038). In addition, fee remissions and hardship awards totaled £488,953 (2023/24: £536,641).

We continued sharing our counselling services with the The Archer Academy, and have further developed our local partnership hub with Henrietta Barnett, Christ College, Parliament Hill and The Archer Academy. The highlight was a very well-received leadership programme for middle leaders from each of the schools, which was hosted at KAS and online, and which was led by our staff. Students visited Namibia once again to work with our partner – the Abraham Gariseb Primary School. Meanwhile, the school works in partnership with Tudor Park Education Trust (TPET) where the Head, Robert Lobatto, is on the Board of Directors. In addition, Daniel Love is the Chair of the Academy Council at the Noel Park Primary School, which is part of the AET Multi Academy Trust.

In the second strand - developing, codifying and sharing progressive practices - the school remains a key player within the “Rethinking Assessment” group, which is exploring alternatives to GCSE and counts the school’s Deputy Head, Al McConville, as a co-founder. Al’s work continues with the leadership of the School Directed Courses Consortium, which is an alliance of over 50 schools running or considering non-GCSE courses at Key Stage 4. Both organisations are involved in developing, codifying and sharing practices (such as digital learner profiles, templates for SDCs) as well as advocating for system change.

In a similar vein, the school has continued to be a key member of the Rethinking Schools network (previously known as ’The Big 10’), which consists of four separate cohorts of 10 forward-looking schools who are committed to sharing best practice and having a wider influence on the education system. KAS is one of only a few independent schools in the group and has focused its work on the development of learner profiles, the embedding of the skills of communication, collaboration and creative thinking into the curriculum, the evolution of Digital Literacy, and different models for teacher professional development. These have been captured in published guides. The school also hosted the final event of the year when different cohorts joined together, and it was an inspiring gathering of 80 plus committed professionals from around the country.

The Village Project once again went ahead in June 2025 with Year 8 students establishing a self-sufficient community in the school grounds, governing their society, building their own shelters and preparing their own food. The book about the Village Project, commissioned by the Society and written by Stephen de Brett, is now complete and looking for a publisher. The book will cover the ‘what, why and how’ of the Village, describing the history and inherent philosophy behind it, whilst also providing a handbook for other schools so they can replicate this extraordinary outdoor experiment. In addition, the shorter publication called ‘A day in the village’, giving visitors an insight into the experience, is in circulation and we have made a new film, which is available online.

In the third strand - influencing the system - we hosted visits this year from school leaders from Australia, India, Israel and London and Rotherham. In addition, we facilitated meetings of a coalition of educationalists committed to shifting the system to a more holistic vision of education – The UK Education Collaborative. We welcomed PGCE students from Cambridge University and spoke with PGCE students at University of East London. We also hosted a visit from the internationally renowned educator, Ron Berger, and welcomed a range of school leaders to a series of workshops that he supported.

Finally, the Head, Robert Lobatto, has been co-editing a book to be published by Bloomsbury in Spring 2026 on how to bring more progressive practices into schools. Both he and Al McConville have also spoken at various conferences during the course of the year.

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TRUSTEES’ REPORT FOR THE PERIOD ENDED 31[st] August 2025

3. FINANCIAL REVIEW AND RESULTS

3.1. Income and Expenditure

The Society took the decision last year to change its financial year from 31 July to 31 August in order to align its financial years going forward with academic years. This year’s results for 12 months ending 31[st] August 2025 will, therefore, compare to a 13 month period from the previous year.

As in previous years, by far the largest single income generating activity of the Society was the school, with 96% of the Society’s income representing educational activities for the school. The remaining 4% of income arose from activities of the trading company, including lettings, investment income and donations.

On the income side, the school increased 2024/25 fees by 5% (2023/24: 8%) in September 2024 to combat inflationary pay rises. However, net fees were reduced by nearly 5% in January 2025 in order to cushion the VAT increase for parents. Total income of the Society amounted to £17,012,277 for the period compared to £16,512,443 for 2023/2024, representing a rise of 3%.

Income included £202,323 (2023/24: £246,839) in donations and gifts. Some donations were given for specific purposes by the donor and appear as “restricted” funds. Others were donated unrestricted and were designated by the trustees for particular purposes and appear as “designated” funds. Donations which are neither restricted and have not yet been designated are unrestricted.

On the expenditure side, despite high levels of inflation, particularly in catering and energy costs, overall expenses of the Society were well controlled and increased by 2.7% in 2024/25 to £16,847,564 (2023/24: £16,397,863). Expenses, as in previous years, were mostly directly or indirectly costs of running the school (96%). The remaining 4% represented costs associated with depreciation. Of the staff costs associated with running the school, 82% were teaching costs and 18% were support staff costs, including finance, HR, ICT, marketing and admissions, development, catering and premises. Non-staff costs of £3,545,087 included educational costs plus other costs, including insurance, maintenance and repairs. Overall, the Society finished the year with a financial surplus of £164,713 for the year ending 31[st] August 2025 (2023/24: £114,580).

3.2. The Trading Company

The King Alfred Trading Company Limited manages after-school, weekend and holiday lettings of the grounds and buildings as well as the coffee kiosk. It is a wholly owned subsidiary of the Society and its profits are gift aided to the school. The results of its trading activities are set out in Note 5 and are consolidated into the financial results.

3.3. The Balance Sheet

At 31 August 2025, net assets of the Society totaled £34,001,171 (2024: £33,836,458). The most significant asset of the Society is the land and buildings of the school which had a net book value of £36,074,059 at the end of the period (2024: £34,636,239). Other fixed assets totaled £967,416 (2024: £1,668,472). Unrestricted funds of the Society totaled £33,698,341 with £488,170 of these funds designated for specific purposes. Restricted funds totaled £302,830 including a bursary fund of £70,529.

Net current assets on 31 August 2025 were £4,592,085 (2024: £5,300,293). Debtors of £6,011,807 (2024: £808,886) are primarily outstanding school fees plus prepayments and accrued income. Debtors increased considerably this year due to the necessary accounting entries surrounding the introduction of VAT. Current liabilities have also risen as a result of this. Cash, the other current asset, was £6,664,294 (2024: £7,149,631), bolstered by fees received in advance for future years.

Current liabilities, at £8,084,016 (2024: £2,658,224), include fees received in advance, fee deposits, tax, national insurance payments and trade creditors. Long-term creditors, at £5,930,389 (2024: £7,067,361), mostly comprise fee deposits and advance fee payments. The long-term provision of £1,702,000 (2024: £701,185) represents the potential deficit on the Independent Schools’ Pension Scheme.

12 THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

TRUSTEES’ REPORT

FOR THE PERIOD ENDED 31[st] August 2025

3.4. Reserves Policy

On 31 August 2025, the Society’s cash balances were £6,664,294 (2024: £7,149,631). Free reserves, defined as unrestricted funds plus long-term creditors minus fixed assets, were £3,990,965 compared to £5,019,123 on 31 August 2024. The reduction in free reserves is due to investment spend on the theatre.

The Society aims to have an operating surplus of unrestricted income each year. It does not aim to build up its free reserves but to invest its operating surplus in capital projects and infrastructure to keep the school providing an excellent education.

To ensure that the Society has adequate access to the cash, it has an arranged bank overdraft facility that allows up to £1,000,000 to be drawn. The bank overdraft facility was not used during 2024/25. There are no loans outstanding. Council monitors the level of cash reserves on a termly basis and reviews the reserve policy on an annual basis. Council considers the level of free and cash reserves currently held to be adequate.

3.5. Investment Policy

The school holds the cash it needs to meet its day-to-day requirements in its current account. Excess cash is invested in interest-bearing deposits.

3.6 Going Concern

Following the period of uncertainty caused by the pandemic, Council worked hard to ensure the financial sustainability of the Society.

The Society recorded a surplus in 2024/25 of £164,173 compared with £114,580 in 2023/24.

To provide further liquidity and resilience, the Society renewed its £1m overdraft facility and has no outstanding loans.

VAT on school fees added uncertainty to the future, and net fees were reduced in January 2025 so that the full force of the VAT would not be suffered by the parents. In addition, the incoming government removed business rates relief which came into effect in April 2025.

Overall, however, Council is confident that the Society has adequate resources to continue its activities for the foreseeable future. School numbers have risen to over 700 and Council hopes to maintain or increase these numbers to add to future income. In addition, the Society has some cash reserves in place.

In light of the above, no material uncertainties have been identified which compromise the Society’s operations. Accordingly, the financial statements have been prepared on a going concern basis.

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THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31[st] August 2025

4. PLANS FOR FUTURE PERIODS

The Society and the school are moving ahead with important strategic development goals. We are confident that these will both benefit our community and create a sustainable future.

• During 2025/26, Council and the Senior Leadership Team will take forward the strategic plan by:

• Further strengthening the School and Community through our five-year strategic plan ‘An ethos of ambition’.

• Managing our finances, especially with the challenge of VAT on fees, so that we can invest in our buildings and education.

• Enabling the Society’s work to become more formally understood and benefit both schools and wider educational learning and training through commercial and non-commercial means.

4.1 Further Strengthening the School and Community

We continue to develop our ambitious vision for the school with our new five-year strategic plan.

• The continued development of the educational provision in the areas of a coherent and holistic 4 to 18 curriculum, high quality adaptive pedagogy throughout the school, the intelligent use of data and reporting, and a continued focus on well-being and safeguarding.

• The continued development of the often unseen areas that underpin a great school – skilled leadership, efficient and effective operations teams, and outward-looking partnerships and collaborations.

• The development of three whole school priorities which thread through all of the above – Sustainability, DEIB (Diversity, Equity, Inclusion and Belonging), and Digital Literacy.

• The KAS community remains the bedrock of the school and society, and we will continue to nurture our relationships with parents, as well as finding new ways to engage alumni and connect them with the current generation of students.

4.2 Maintaining our Finances

Council will continue to carefully monitor the school’s cash flow and develop scenarios for the future.

As a sector as a whole, there are a number of external economic challenges that present uncertainty. The school will continue to review the business model and develop agile methodologies to respond to these as they arise, particularly with regard to political changes and the potential impact on student numbers. At the same time, the school is planning to maintain investment across the school curriculum and campus in order to enable and reflect our educational aims, to deliver our charitable objectives and to further strengthen our position in the market and maintain our student numbers. The school regularly monitors its cost base and reviews all expenditure plus potential income generation to ensure financial sustainability over the long-term.

14 THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31[st] August 2025

5. STRUCTURE, GOVERNANCE AND MANAGEMENT

5.1 Governance and Organisation

The King Alfred School Society is a company limited by guarantee governed by its Articles of Association which were last updated in February 2015. The King Alfred School Society is registered as a charity with the Charity Commission.

Council members, as Directors and Trustees, have the ultimate responsibility for good governance of the Society and all of its activities and is the highest decision-making body. Council members oversee the work of the school’s senior leadership team, who are responsible for execution of policy and management of the dayto-day operation of the school. On 31 August 2025, there were 17 Council members.

5.2 Conflict of Interest

Council takes the management of potential conflicts of interest very seriously and the Articles of Association, adopted in December 2015, brought the provision in this area up to current best practice. Each year, Council members receive a briefing note describing their responsibilities and giving guidance on managing conflicts. In addition, the Chair of Council and the Chair of the Governance Committee are available to help Council members to identify conflicts and to deal with them appropriately, which may include making a declaration to Council or withdrawing from discussions and/or decisions.

5.3 Development and Fundraising

The Society has registered with the Fundraising Regulator and complies with the Fundraising Code of Practice. It has received no complaints about its fundraising activities. The Society has developed rigorous procedures to support its fundraising activities, including a supported charter, gift form and gift aid declarations. It does not use third party participator firms to support fundraising activities. Fundraising practices, including GDPR compliance, are overseen directly by the Governance Committee.

5.4 Appointment, Induction and Review of Members of Council

Council can be between seven and 21 members. Council members are elected by the Society members, most in a general election, for a term of up to four years. Council reserves three places for co-opted members. The Treasurer and President are elected annually by members at the Annual General Meeting. Council elects its own Chair annually following the Annual General Meeting.

In 2024/25, the Council Committee structure continued to go from strength to strength. The Education, Governance, Finance, Community and Grounds & Buildings Committees provided Council with specific and broader skills in their area of focus. The Society Committee oversees the programme of conferences, outreach and research whilst a Bursaries Committee reviews all applications for financial support.

Council repeated its process of self-review, benchmarking Council’s performance against the Charity Governance Code and updating its strategy, action plan and objectives. This will continue to be reviewed each year. All new members of Council undergo induction training and meet with the Clerk to Council and Chair shortly after appointment. Ongoing training is provided to all Council members through training days and other appropriate external courses.

5.5 Remuneration of Key Management

Key management remuneration is reviewed by the members of the Finance Committee of Council, together with the Head, where appropriate. The review takes account of school academic and financial performance, school survey data, published information from comparable schools, the maintained school leadership scale and general commercial knowledge.

15 THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31[st] August 2025

5.6 Risk Management

Council is satisfied that the major risks to which the Society and school are exposed have been reviewed and that there are systems and procedures in place to manage those risks. The Governance Committee oversees the Society’s risk management process with individual risks delegated to relevant Council committees.

Council has identified a number of critical risk areas and defined for each of these risk areas a risk control process which sets out the level of risk, what the controls are, who is responsible, how frequently the risk should be monitored, and any further actions required. Risks are grouped into six areas shown in the table overleaf. Each risk is reviewed in depth at least once a year by one of the Council Committees.

The table overleaf shows the risk register and the risk mitigation strategies for the six risk areas.

16 THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

FOR THE PERIOD ENDED 31[st] August 2025

TRUSTEES’ REPORT

The King Alfred School Risk Register 2024/25

Risk Area	Risk Mitigation Strategies
1. Strategic Risks	• Council approves the Strategy and Strategic Plan and the Head reports to Council • Council monitors the external environment and the School’s financial position • Council oversees educational standards and approach The introduction of VAT on school fees is a significant risk for the school . The Finance committee keeps this under continual review and reports into the wider Board
2. Operational risks, including: - reduction in pupil numbers - major incident.	• The Finance Committee and Council carefully monitor school numbers and factors which affect admissions • The Designated Safeguarding Lead works closely with the Head and Council (including the designated Safeguarding Link Council Member) to ensure safeguarding is embedded into the school and Society’s practices and culture • The Critical Incident Management Plan is regularly reviewed and updated • The Grounds & Buildings Committee receives regular reports on the planned preventative maintenance programme, health and safety and on business continuity plans
3. Financial Risks	• The Finance Committee reviews and approves the annual budget, and monitors spend against budget and debtors • Long-term and short-term cash flow forecasts are maintained and reviewed • Financial controls are reviewed on a rolling basis by the external auditors and Finance Committee
4. Compliance Risks	• Governance Committee reviews an annual compliance report • External audits in a wide range of areas
5. Human Resources Risks, including: - recruitment & retention risk - key person risk	• The Governance Committee reviews HR strategies and policies on a rolling basis. • The Head is appraised on an annual basis, with external input every three years • Council carries out a self-review annually
6. Asset Risks, including Buildings and IT.	• The Grounds & Building Committee reviews the planned preventative maintenance programme, oversees security arrangements and maintains the master plan • The Finance Committee receives regular updates from the IT team on IT security

17

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31[st] August 2025

6. STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Council members who are Charity Trustees (and directors of King Alfred School Society for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires Council members to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Council members are required to:

• select suitable accounting policies and then apply them consistently

• observe the methods and principles in the Charities SORP

• make judgements and estimates that are reasonable and prudent

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business

The Council members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Council members are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

In so far as the Council members are aware:

• there is no relevant audit information of which the charitable company’s auditor is unaware; and

• the Council members have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Trustees’ Report is approved by the Council members of King Alfred School Society. The strategic report, which forms part of the Annual Report, is approved by Council in their capacity as Directors in company law of the King Alfred School Society.

Registered office and official address: BY ORDER OF THE COUNCIL

The King Alfred School Society Limited 149 North End Road London NW11 7HY

N Friedlos

Treasurer: Nick Friedlos Date: 3 February 2026

18 THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE KING ALFRED SCHOOL SOCIETY

Opinion

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

In our opinion, the financial statements:

• give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 August 2025 and of the group’s and parent charitable company’s net movement in funds, including the income and expenditure, for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

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

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THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE KING ALFRED SCHOOL SOCIETY

Opinions on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees’ Annual Report (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors’ report included within the Trustees’ Annual Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charitable company; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 17, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

Based on our understanding of the group and parent charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to independent school regulations, safeguarding regulations, health and safety law, GDPR and employment law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact

20

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE KING ALFRED SCHOOL SOCIETY

on the preparation of the financial statements such as the independent school regulations, Companies Act 2006, the Charities Act 2011, and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;

• Evaluating management’s controls designed to prevent and detect irregularities;

• Identifying and testing journals; and

• Challenging assumptions and judgements made by management in their critical accounting estimates.

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

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

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Stokes (Senior Statutory Auditor) For and on behalf of HaysMac LLP (Statutory Auditors)

10 Queen Street Place

London EC4R 1AG

Date: 12 February 2026

21

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST AUGUST 2025

					Total for the	Total for the
					year	period
		Unrestricted	Designated	Restricted	ended 31	ended 31
		funds	funds	funds	August 2025	August 2024
	Note	£	£	£	£	£
INCOME FROM:
Charitable Activities	1
Educational Income		16,402,462	(4,488)	-	16,397,974	15,852,577
KASS membership		-	13,650	-	13,650	16,312
Trading activities
Trading income		44,616	-	-	44,616	38,630
Investments	1
Investment income		316,711	-	-	316,711	287,462
Rents and lettings		35,964	-	-	35,964	70,623
Donations and legacies	1
Grants and donations		-	159,818	42,505	202,323	246,839
Profit on sale of fixed assets		1,039	-	-	1,039	-
		--------------------	---------------------	---------------------	--------------------	--------------------
Total income		16,800,792	168,980	42,505	17,012,277	16,512,443
		===========	============	============	===========	===========
EXPENDITURE ON:
Charitable activities	2
Education		16,677,160	84,838	20,845	16,782,843	16,339,640
Raising funds	2
Letting expenses		6,146	-	-	6,146	15,682
Trading expenses		58,575	-	-	58,575	42,541
		--------------------	--------------------	--------------------	--------------------	--------------------
Total expenditure		16,741,881	84,838	20,845	16,847,564	16,397,863
		===========	===========	===========	===========	===========
		--------------------	--------------------	--------------------	--------------------	--------------------
Net income/(expenditure)		58,911	84,142	21,660	164,713	114,580
		===========	===========	===========	===========	===========
Transfer between funds		112,928	(109,817)	(3,111)	-	-
		-------------------	-------------------	-------------------	-------------------	-------------------
Net movement in funds		171,839	(25,675)	18,549	164,713	114,580
		-------------------	--------------------	--------------------	--------------------	--------------------
Fund balances brought forward at 1 August		33,151,260	404,028	281,170	33,836,458	33,721,878
2024
		-------------------	--------------------	--------------------	--------------------	--------------------
Fund balances carried forward at 31 August	11,12	33,323,099	378,353	299,719	34,001,171	33,836,458
2025
		===========	===========	===========	===========	===========

Continuing Operations

None of the Society’s activities were acquired or discontinued during the above two financial periods.

Total recognised gains and losses

The Society has no recognised gains or losses other than those shown in the above two financial periods.

The notes on page 25 to 48 form part of these financial statements. Details of comparative figures by fund are given in Note 16.

22

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

CONSOLIDATED AND COMPANY BALANCE SHEETS AS AT 31st August 2025

		The	Group	The Company	The Company
		2025	2024	2025	2024
	Note	£	£	£	£
TANGIBLE FIXED ASSETS
School land, buildings and equipment	4	37,041,475	36,304,711	37,041,475	36,304,711
Investments	5	-	-	2	2
		-------------------	-------------------	-------------------	-------------------
		37,041,475	36,304,711	37,041,477	36,304,713
CURRENT ASSETS
Debtors	6	7,331,375	808,886	7,331,024	900,861
Cash	10	6,664,294	7,149,631	6,594,910	7,009,491
		-------------------	-------------------	-------------------	-------------------
		13,995,669	7,958,517	13,925,934	7,910,352
CREDITORS: amounts falling due	7	(9,403,584)	(2,658,224)	(9,345,496)	(2,652,753)
within one year
		-------------------	-------------------	-------------------	-------------------
NET CURRENT ASSETS		4,592,085	5,300,293	4,580,438	5,257,599
		-------------------	-------------------	-------------------	-------------------
TOTAL ASSETS LESS CURRENT		41,633,560	41,605,004	41,621,915	41,562,312
LIABILITIES
CREDITORS: due after more than one	8	(5,930,389)	(7,067,361)	(5,930,389)	(7,067,361)
year
PROVISIONS:for liabilities and charges	9	(1,702,000)	(701,185)	(1,702,000)	(701,185)
		-------------------	-------------------	-------------------	-------------------
NET ASSETS		34,001,171	33,836,458	33,989,526	33,793,766
		===========	===========	===========	===========
FUNDS
Unrestricted - General	11&12	10,523,999	10,352,160	10,512,354	10,309,468
Unrestricted – Revaluation Reserve	11&12	22,799,100	22,799,100	22,799,100	22,799,100
Unrestricted – Designated	11&12	378,353	404,028	378,353	404,028
Restricted	11&12	299,719	281,170	299,719	281,170
		-------------------	-------------------	-------------------	-------------------
TOTAL FUNDS	17	34,001,171	33,836,458	33,989,526	33,793,766
		===========	===========	===========	===========

The Company’s net movement in funds for the year was £195,760 (2023/24: £114,460)

Approved and authorised for issue by Council on 3 February 2026 and signed on their behalf by:

N Friedlos

Chair: Sam Jukes-Adams Treasurer: Nick Friedlos

23

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31st AUGUST 2025

	Note	Year ended 31	Period ended 31
		August 2025	August 2024
		£	£
NET CASH INFLOW FROM OPERATING ACTIVITIES	10	501,484	2,852,773
CASH FLOWS FROM INVESTING ACTIVITIES
Bank interest received		316,711	287,462
Payments to acquire fixed assets		(1,352,736)	(800,058)
Proceeds from sale of fixed assets		1,039
		-------------------	-------------------
NET CASH OUTFLOW FROM INVESTING ACTIVITIES		(1,034,986)	(512,596)
CASH FLOWS FROM FINANCING ACTIVITIES
Net receipts from new deposits and deposit increases less deposits		48,165	922,666
refunded
		------------------	------------------
NET CASH INFLOW FROM FINANCING ACTIVITIES		48,165	922,666
		------------------	------------------
INCREASE/(DECREASE) IN CASH		(485,337)	3,262,843
CASH AND CASH EQUIVALENTS AT BEGINNING OF REPORTING PERIOD		7,149,631	3,886,788
		--------------------	--------------------
CASH AND CASH EQUIVALENTS AT THE END OF REPORTING PERIOD		6,664,294	7,149,631
		============	============

24

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st AUGUST 2025

ACCOUNTING POLICIES

Company Information

King Alfred School Society is a limited company domiciled and incorporated in England and Wales. The registered office is 149 North End Road, London, NW11 7HY.

Accounting Convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Statement of Recommended Practice (SORP 2015) (Second Edition, effective 1 January 2019) “Accounting and Reporting by charities: Statement of Recommended Practice” and the requirements of the Companies Act 2006.

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

The financial statements have been prepared on the historical cost convention, modified by the recognition of certain investments, investment properties, and financial assets and liabilities measured at fair value. The principal accounting policies adopted are set out below.

Going Concern

These financial statements are prepared on the going concern basis. The Council has a reasonable expectation that the charitable company will continue in operational existence for the foreseeable future. They are not aware of any material uncertainties which may cause doubt on the charitable company's ability to continue as a going concern.

Group Financial Statements

These financial statements consolidate the results of the Society and its wholly owned subsidiary King Alfred School Trading Company Ltd on a line-by-line basis. Transactions and balances between the Society and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the Society's balance sheet. A separate statement of financial activities, or income and expenditure account for the Society itself is not presented because the Society has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006 and in accordance with the FRS 102 SORP.

Fees and similar income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees Receivable are stated after deducting allowances granted by the School but include contributions from Restricted Funds for bursaries. Fees received for education to be provided in future years are carried forward as deferred income.

Donations

Donations receivable for the general purposes of the Society are credited to Unrestricted Funds. Donations restricted by the wishes

of the donor are taken to Restricted Funds where these wishes are legally binding on the Council Members.

Expenditure

Expenditure is accounted for on an accruals basis and recognised when there is a constructive or legal obligation to pay for expenditure. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the

year. These estimates are based on staff time or on floor area as appropriate.

25

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

Fixed Assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Furniture and Equipment 20% on cost Motor vehicles 25% on cost

Assets under the course of construction are not depreciated until completed. No depreciation is charged on freehold land.

Items costing less than £2,000 are written off as an expense as acquired unless part of a larger project.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial

Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Basic financial assets

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

rate of interest.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

26

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

Impairment of financial assets

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in expenditure.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxes

Under Section 505 of the Income and Corporation Taxes Act 1988 the Company is exempt from certain taxes. Full account is taken

of tax credits attaching to covenants and dividends.

Fund Accounting

Unrestricted funds are available for use at the discretion of Council in furtherance of the general objectives of the Society.

Designated funds are unrestricted funds earmarked by Council for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

Operating Leases

Rentals payable under operating leases are charged on a straight-line basis over the lease term.

Pensions

The School contributes to the Teachers' Pension Scheme operated by the Teachers' Pension Agency and the Independent Schools Pension Scheme for non-teaching staff, a defined benefit scheme administered by the Pensions Trust. Under the provisions of FRS 102 as applied to multi-employer defined benefits schemes, both schemes are treated as defined contribution schemes and costs are charged as incurred.

The School also operates defined contribution schemes for teaching and support staff via APTIS and TPT.

27

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

Judgements and key sources of estimation uncertainty

In the application of the charitable company’s accounting policies, Council are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised

in the financial statements.

The charitable company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 6 for the net carrying amount of the debtors and associated impairment provision.

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 4 for the carrying amount of the property, plant and equipment and refer to the accounting policies for the useful economic lives for each class of asset.

The charitable company makes an estimate of the likely timing of repayment of deposits to establish which are due for repayment within one year. The timing of deposits being repaid is not certain as only a proportion of pupils continue from year 11 to sixth form each year.

28

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

1 INCOME

1.1 FEE INCOME

The Group’s activities are carried out within the UK.

Income comprised:
	For the year ended	For the period
	31 August	ended 31 August
	2025	2024
	£	£
School fees
Gross fees	15,918,256	15,708,663
Less: Total bursaries, grants and allowances	(901,812)	(1,070,277)
	-----------------	-----------------
	15,016,444	14,638,386
	-----------------	-----------------
Other educational income
School trips and camps	399,176	458,518
Textbooks and other extras	7,115	11,038
Fee deposits forfeited	182,554	36,460
Other educational income	224,279	242,139
Parent staff	(4,488)	20,712
	-----------------	-----------------
	808,636	768,867
	=========	=========
Other
Other ancillary income	572,894	445,324
	-----------------	-----------------
	16,397,974	15,852,577
	=========	=========

29

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

1.2 GRANTS AND DONATIONS

	Unrestricted	Designated	Restricted	Total
	funds	funds	funds	funds
	For year	For year	For year	For year
	ended 31	ended 31	ended 31	ended 31
	August	August	August	August
	2025	2025	2025	2025
	£	£	£	£
Donations and gifts	-	159,818	42,505	202,323
	-----------------	-----------------	-----------------	-----------------
	-	159,818	42,505	202,323
	=========	=========	=========	=========
	Unrestricted	Designated	Restricted	Total
	funds	funds	funds	funds
	For period	For period	For period	For period
	ended 31	ended 31	ended 31	ended 31
	August 2024	August 2024	August	August
			2024	2024
	£	£	£	£
Donations and gifts	-	114,156	132,683	246,839
	-----------------	-----------------	-----------------	-----------------
	-	114,156	132,683	246,839
	=========	=========	=========	=========

30

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

2 EXPENDITURE

Year ended 31st August 2025	Staff costs	Other	Depreciation	Total
	£	£	£	£
Charitable activities
Teaching	9,514,578	1,010,967	277,031	10,802,576
Catering	125,622	397,892	-	523,514
Premises	400,757	1,252,332	329,904	1,982,993
Other Support	1,583,310	869,317	9,037	2,461,664
	11,624,267	3,530,508	615,972	15,770,747
KASS Expenses	-	11,281	-	11,281
Pension provision movement (note 15)	1,000,815	-	-	1,000,815
	-----------------	-----------------	-----------------	-----------------
Total Education	12,625,082	3,541,789	615,972	16,782,843
Raising funds
Letting expenses	-	6,146	-	6,146
Trading expenses	-	58,575	-	58,575
	-----------------	-----------------	-----------------	-----------------
Total Raising Funds	-	64,721	-	64,721
	-----------------	-----------------	-----------------	-----------------
Total Expenditure	12,625,082	3,606,510	615,972	16,847,564
	=========	=========	=========	=========
Governance costs of £44,887 (2024: £39,923)	include auditors remuneration of £30,200 (2024: £30,225) and are
included within support costs of schooling.
Period ended 31st August 2024	Staff costs	Other	Depreciation	Total
	£	£	£	£
Charitable activities
Teaching	8,356,214	1,083,555	305,633	9,745,402
Catering	217,036	346,527	-	563,563
Premises	264,651	1,783,711	358,110	2,406,472
Other Support	2,676,992	956,716	7,481	3,641,189
	11,514,893	4,170,509	671,224	16,356,626
KASS Expenses	-	16,984	-	16,984
Pension provision movement (note 15)	(33,970)	-	-	(33,970)
	---------------	-----------------	---------------	-----------------
Total Education	11,480,923	4,187,493	671,224	16,339,640
Other Activities
Letting expenses	-	15,682	-	15,682
Trading expenses	-	42,541	-	42,541
	---------------	-----------------	---------------	-----------------
Total Other Activities	-	58,223	-	58,223
	---------------	-----------------	---------------	-----------------
Total Expenditure	11,480,923	4,245,716	671,224	16,397,863
	========	=========	========	=========

31

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY

(A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

3 STAFF COSTS

	For the year ended	For the period
	31 August 2025	ended 31 August
		2024
	£	£
Wages and salaries	8,685,657	8,613,255
Social security contributions	993,145	968,663
Pensions	1,945,465	1,932,975
Pension provision movement	1,000,815	(33,970)
	-----------------	-----------------
	12,625,082	11,480,923
	-----------------	-----------------
The school has paid termination payments during the year of £9,452 (2024: £56,223).
(a) The average number of employees of the group during the year was:
	For the year ended	For the period
	31 August 2025	ended 31 August
		2024
Teaching staff	110	112
Non-teaching staff	94	98
	-----------------	-----------------
	204	210
	-----------------	-----------------
(b) The remuneration of the highest paid employees fell within the following bands:
	For the year ended	For the period
	31 August 2025	ended 31 August
		2024
	No.	No.
£60,001-£70,000	26	13
£70,001-£80,000	16	15
£80,001-£90,000	4	8
£90,001-£100,000	1	1
£110,001-£120,000	-	1
£120,001-£130,000	1	-
£160,001-£170,000	-	1
£190,001-£200,000	1	-
	-----------------	-----------------
	49	39
	-----------------	-----------------

32

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

(c) Council Remuneration

No members of Council were paid any remuneration or reimbursed expenses during the current or preceding year.Trustees Indemnity Insurance is held by the School on behalf of the Council members.

(d) Key Management Personnel

Key management personnel comprises the Head, Deputy Head of Upper School, Head of Lower School and the Director of Finance and Operations. The total remuneration for these individuals was £780,503 (2024: £702,544).

3 TANGIBLE FIXED ASSETS – GROUP AND COMPANY

	Freehold	School	Assets under	Furniture &	Motor
	Land	Buildings	construction	Equipment	Vehicles	Total
	£	£	£	£	£	£
Cost
1 September	25,000,000	15,281,711	847,126	2,548,980	95,419	43,773,236
2024
Additions	-	1,180,221	-	137,334	35,181	1,352,736
Transfers		587,502	(847,126)	259,624	-	-
	------------------	----------------	------------------	-----------------	------------------	------------------
31 August	25,000,000	17,049,434	-	2,945,938	130,600	45,125,972
2025
	------------------	----------------	------------------	-----------------	------------------	------------------
Depreciation
1 September	-	5,645,472	-	1,753,231	69,822	7,468,525
2024
Charge for	-	329,903	-	277,031	9,038	615,972
the year
	-----------------	----------------	------------------	-----------------	------------------	------------------
31 August	-	5,975,375	-	2,030,262	78,860	8,084,497
2025
	-----------------	-----------------	------------------	------------------	------------------	-----------------
Net Book Value
31 August	25,000,000	11,074,059	-	915,676	51,740	37,041,475
2025
	=============	=============	=============	=============	=============	=============
31 August	25,000,000	9,636,239	847,126	795,749	25,597	36,304,711
2024
	=============	=============	=============	=============	=============	=============

1. The opening cost of assets under the course of construction are transferred to the relevant asset heading on completion.

2. On adoption of FRS 102 and the new SORP the freehold land was revalued to deemed cost at the transition date (1 August 2014) by the Council.

3. The carrying amount of freehold land that would have been recognised under the historic cost model is £2,200,900.

4. There were no assets disposed of in the year.

5. The bank overdraft facility is secured over the freehold property and is the amount currently drawn down on a standing facility of £1million repayable on demand. The facility was not utilized in the year.

33

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

4 INVESTMENT IN SUBSIDIARY

The Company holds two shares of £1 each, the whole of the issued ordinary share capital of King Alfred School Trading Company Limited (No.7863431). The subsidiary was incorporated on 28[th] November 2011 and registered in England.

The subsidiary operates a coffee bar and manages the lettings of school facilities. All activities have been consolidated on a lineby-line basis in the statement of financial activities. Available profits are gift aided to the Society.

A summary of the results of the subsidiary is shown below:

	Year ended 31	Period ended 31
	August	August
	2025	2024
	£	£
Turnover	80,580	109,253
Cost of sales	(49,130)	(54,883)
Gross profit	31,450	54,370
Administrative expenses	(15,590)	(7,462)
Operating profit	15,860	46,908
Profit before taxation	15,860	46,908
Taxation	-	(1,633)
Profit for the financial period	15,860	45,275
Total comprehensive income for the period	15,860	45,275

The aggregate of the assets, liabilities and funds was:

		As at	As at
	31	August 2025	31 August 2024
		£	£
Assets		69,735	152,283
Liabilities		(58,090)	(109,589)
		-----------------	-----------------
		11,645	42,694
		-----------------	-----------------

34

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY

(A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

	As at 31 August	As at 31 August
	2025	2024
Funds	£	£
Representing share capital (2 ordinary shares of £1 each)	2	2
Profit and loss account	11,643	42,692
	-----------------	-----------------
	11,645	42,694
	-----------------	-----------------

5 DEBTORS

	The Group		The Company
	2025	2024	2025	2024
	£	£	£	£
Fees and extras	6,932,306	423,565	6,931,955	406,122
Other debtors	23,375	20,786	23,375	20,786
Prepayments and accrued income	375,694	364,535	375,694	364,535
Amount due from group undertaking	-	-	-	109,418
	7,331,375	808,886	7,331,024	900,861
he School became VAT registered with effect from 14th December 2024. As a result, a VAT tax point was created				for Autumn
erm invoices that had been issued prior to the year end. These invoices, which were previously not recognised as				debtors, are
ow recognised due to the establishment of a VAT point. This change has led to a notable increase in both fee debtors and fees
eceived in advance as at the reporting date.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
	The Group		The Company
	2025	2024	2025	2024
	£	£	£	£
Advance fees	7,397,591	784,690	7,397,591	784,690
Trade creditors	210,606	151,852	210,606	151,852
Taxation and social security costs	226,595	200,808	226,595	200,808
Other creditors	213,392	174,741	159,434	173,670
VAT creditor	827,826	-	823,696	-
Accruals	161,639	447,237	161,639	442,837
Fee deposits (See note 8.2)	365,935	898,896	365,935	898,896
	9,403,584	2,658,224	9,345,496	2,652,753

The School became VAT registered with effect from 14th December 2024. As a result, a VAT tax point was created for Autumn term invoices that had been issued prior to the year end. These invoices, which were previously not recognised as debtors, are now recognised due to the establishment of a VAT point. This change has led to a notable increase in both fee debtors and fees received in advance as at the reporting date.

6 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

35

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

Deferred income (including advance fees):

Deferred income (including advance fees):
	The Group		The Company
	2025	2024	2025	2024
	£	£	£	£
Deferred income brought forward	3,270,652	405,007	3,270,652	405,007
Received in year	6,749,625	3,313,819	6,749,625	3,313,819
Released in year	(1,854,821)	(448,174)	(1,854,821)	(448,174)
Deferred income carried forward	8,165,456	3,270,652	8,165,456	3,270,652

7 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

Advance fees Fee deposits 8.1 Advance Fees Due within one year Due within one and two years Due within two to five years Due after five years	The Group 31 August 2025 31 August 2024 £ £ 767,864 2,485,962 5,162,525 4,581,399 5,930,389 7,067,361 The Group 2025 2024 £ £ 7,397,591 784,690 385,357 603,310 365,727 1,821,508 16,781 61,144 8,165,456 3,270,652		The Company 31 August 2025 31 August 2024 £ £ 767,864 2,485,962 5,162,525 4,581,399 5,930,389 7,067,361 The Company 2025 2024 £ £ 7,397,591 784,690 385,357 603,310 365,727 1,821,508 16,781 61,144 8,165,456 3,270,652	The Company 31 August 2025 31 August 2024 £ £ 767,864 2,485,962 5,162,525 4,581,399 5,930,389 7,067,361 The Company 2025 2024 £ £ 7,397,591 784,690 385,357 603,310 365,727 1,821,508 16,781 61,144 8,165,456 3,270,652
				3,270,652

36

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

8.2 Fee Deposits

8.2 Fee Deposits
Due within one year Due within one and two years Due within two to five years Due after five years	The Group 2025 2024 £ £ 365,935 898,896 425,195 326,908 1,100,472 1,135,706 3,636,858 3,118,785 5,528,460 5,480,295	The Company 2025 2024 £ £ 365,935 898,896 425,195 326,908 1,100,472 1,135,706 3,636,420 3,118,785 5,528,022 5,480,295
			5,480,295

9. PROVISIONS FOR LIABILITIES AND CHARGES

Pension Provision

Brought forward Incurred/(utilised) in the year Carried forward	The Group 2025 2024 £ £ 701,185 735,154 1,000,815 (33,969) 1,702,000 701,185	The Company 2025 2024 £ £ 701,185 735,154 1,000,815 (33,969) 1,702,000 701,185	The Company 2025 2024 £ £ 701,185 735,154 1,000,815 (33,969) 1,702,000 701,185
			701,185

The pension provision reflects the movement in the Pension Trust Pension provision disclosed in note 15.

37

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY

(A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

10. NOTES TO THE CASHFLOW STATEMENT

Reconciliation of operating result to net cash inflow from operating activities

		31 August	31 August
		2025	2024
		£	£
Net movement in funds		164,714	114,580
Depreciation		615,972	671,224
Profit on sale of fixed assets		(1,039)	-
Bank interest received		(316,711)	(287,462)
Interest payable		-	-
(Increase)/Decrease in		(160,960)	(159,102)
debtors
(Increase)/Decrease in		(6,361,529)	-
Autumn term debtors
(Decrease)/Increase in		6,561,037	2,513,533
creditors and provisions
		501,484	2,852,773
Analysis of Changes in
Net Debt
	At 1 September	Cash Flows	At 31
	2024		August
			2025
	£	£	£
Cash at bank and in hand	7,149,631	(485,337)	6,664,294

The above increase in Autumn Term debtors and corresponding increase in creditors (deferred income) is due to the introduction of VAT which, give that the fees were invoiced in August 2025, means that the tax point for recognizing the debt crystallises before year-end. This is the first year this has occurred since previously the school was not VAT registered. This has resulted in negative cash inflow from operating activities.

38

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

11. RECONCILIATION OF FUNDS

Year ending 31st August 2025 – The Group

UNRESTRICTED GENERAL FUNDS General reserve Revaluation reserve UNRESTRICTED DESIGNATED FUNDS Parent Staff Lower School Camp Fund KASS Subscriptions Treehouse Fund Voluntary Contributions Phoenix Theatre Priorities Development Fund Outdoor Education Fund RESTRICTED FUNDS Bursary Fund Upper School Building Fund Sophie Coleman Music Fund Development Fund KAS 125 TOTAL FUNDS	Balance 1 September 2024 Income Expenditure Transfers Balance 31 August 2025 £ £ £ £ £ 10,352,160 16,800,792 (16,741,881) 112,928 10,523,999 22,799,100 - - - 22,799,100
	33,151,260 16,800,792 (16,741,881) 112,928 33,323,099 25,614 - (4,488) - 21,126 3,787 - - - 3,787 20,793 13,650 (11,280) - 23,163 68,374 - (15,064) - 53,310 - 109,817 - (109,817) - 285,460 (58,493) 226,967 - 50,000 - - 50,000
	404,028 173,467 (89,325) (109,817) 378,353 70,529 - (17,120) - 53,409 3,111 - - (3,111) - 3,239 - - - 3,239 11,620 - - - 11,620 192,671 42,505 (3,725) - 231,450
	281,170 42,505 (20,845) (3,111) 299,719
	33,836,458 17,016,764 (16,852,051) - 34,001,171

Unrestricted Designated funds for the year 31 August 2025

• Parent Staff raises funds which are designated to various teaching requests made by teachers during the year.

• The Lower School Camp Fund is for the replacement of tents and camping equipment.

• KASS subscriptions are used for the purpose of promoting the advancement of educational science by the diffusion of knowledge relating thereto and is typically spent within 12 months of receipt.

• The Treehouse Fund has come from voluntary contributions received during 2017/18 and 2018/19. The fund is being used to replace the old treehouse plus any related remedial works. The first stage was completed in 2021.

• Voluntary Contributions raised during the year have been put towards the final phase of the Phoenix Theatre refurbishment.

• The Priorities Development fund was previously referred to as the COVID-19 fund and will be used for developing priorities which have been delayed through the pandemic.

• The Outdoor Education Fund comes from a gift of £50,000 to go towards the school’s outdoor education, including new housing for the farm.

39

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

11. RECONCILIATION OF FUNDS – CONTINUED Period ending 31st August 2025 – Company

UNRESTRICTED GENERAL FUNDS General reserve Revaluation reserve UNRESTRICTED DESIGNATED FUNDS Parent Staff Lower School Camp Fund KASS Subscriptions Treehouse Fund Voluntary Contributions Fund - Phoenix Theatre Priorities Development Fund Outdoor Education Fund RESTRICTED FUNDS Bursary Fund Upper School Building Fund Sophie Coleman Music Fund Development Fund KAS 125 TOTAL FUNDS	Balance 1 September 2024 Income Expenditure Transfers Balance 31 August 2025 £ £ £ £ £ 10,309,468 16,720,209 (16,630,251) 112,928 10,512,354 22,799,100 - - - 22,799,100
	33,108,568 16,720,209 (16,630,251) 112,928 33,311,454 25,614 - (4,488) - 21,126 3,787 - - - 3,787 20,793 13,650 (11,280) - 23,123 68,374 - (15,064) 53,310 - 109,817 - (109,817) - 285,460 - 50,000 (58,493) - 226,967 50,000
	404,028 173,467 (89,325) (109,817) 378,353 70,529 - (17,120) - 53,409 3,111 - - (3,111) - 3,239 - - - 3,239 11,620 - - - 11,620 192,671 42,505 (3,725) - 231,450
	281,170 42,505 (20,845) (3,111) 299,719
	33,793,766 16,936,181 (16,740,421) - 33,989,526

Restricted funds for the year 31 August 2025

• The Bursary Fund is to provide financial support to pupils who would not otherwise be able to afford to attend the School.

• The remainder of the Upper School Building Fund was utilized during 2024-25.

• The Sophie Coleman Music Bursary was set up from donations in memory of the former pupil to fund violin lessons.

• The Development Fund raises funds for specific projects as chosen by Council.

• The KAS 125 Fund was established during the prior year in advance of the School's 125th anniversary to raise funds towards continuing the School's educational vision for the next 125 years.

40

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

11. RECONCILIATION OF FUNDS – CONTINUED Year ended 31 August 2024 – The Group

UNRESTRICTED GENERAL FUNDS General reserve Revaluation reserve UNRESTRICTED DESIGNATED FUNDS Parent Staff History & Archives Fund Lower School Camp Fund KASS Subscriptions Treehouse Fund Voluntary Contributions Fund - Main Hall Voluntary Contributions Fund - Phoenix Theatre Priorities Development Fund RESTRICTED FUNDS Bursary Fund CNC Machine Fund Upper School Building Fund Sophie Coleman Music Fund Phoenix Theatre Fund Development Fund KAS 125 TOTAL FUNDS	Balance 1 August 2023 Income Expenditure Transfers Balance 31 August 2024 £ £ £ £ £ 10,154,977 16,228,580 (16,357,950) 326,553 10,352,160 22,799,100 - - - 22,799,100
	32,954,077 16,228,580 (16,357,950) 326,553 33,151,260 4,679 20,712 - - 25,614 - 3,787 - - - 3,787 21,464 16,312 (16,983) - 20,793 70,743 - - (2,369) 68,374 - 144,106 114,156 (1) (258,261) - 296,670 - (10,987) - 285,460
	541,449 151,180 (27,971) (260,630) 404,028 78,932 - (8,403) - 70,529 1,979 - (1,979) - - 3,111 - - - 3,111 3,239 - - - 3,239 65,923 - - (65,923) - 11,620 - - - 11,620 61,548 132,683 (1,560) - 192,671
	226,352 132,683 (11,942) (65,923) 281,170
	33,721,878 16,512,443 (16,397,863) - 33,836,458

Designated funds for the year 31 August 2024

• Parent Staff raises funds which are designated to various teaching requests made by teachers during the year.

• The Lower School Camp Fund is for the replacement of tents and camping equipment.

• KASS subscriptions are used for the purpose of promoting the advancement of educational science by the diffusion of knowledge relating thereto and is typically spent within 12 months of receipt.

• The Treehouse Fund has come from voluntary contributions received during 2017/18 and 2018/19. The fund is being used to replace the old treehouse plus any related remedial works. The first stage was completed in 2021.

• Voluntary Contributions raised during the year will be put towards the final phase of the Phoenix Theatre refurbishment.

• The Priorities Development fund was previously referred to as the COVID-19 fund and will be used for developing priorities which have been delayed through the pandemic.

41

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

11. RECONCILIATION OF FUNDS – CONTINUED

Year ended 31st August 2024 – Company

UNRESTRICTED GENERAL FUNDS General reserve Revaluation reserve UNRESTRICTED DESIGNATED FUNDS Parent Staff History & Archives Fund Lower School Camp Fund KASS Subscriptions Treehouse Fund Voluntary Contributions Fund - Main Hall Voluntary Contributions Fund - Phoenix Theatre Priorities Development Fund RESTRICTED FUNDS Bursary Fund CNC Machine Fund Upper School Building Fund Sophie Coleman Music Fund Phoenix Theatre Fund Development Fund KAS 125 TOTAL FUNDS	Balance 1 August 2023 Income Expenditure Transfers Balance 31 August 2024 £ £ £ £ £ 10,112,405 16,119,327 (16,248,817) 326,553 10,309,468 22,799,100 - - - 22,799,100
	32,911,505 16,119,327 (16,248,817) 326,553 33,108,568 4,679 20,712 - - 25,614 - 3,787 - - - 3,787 21,464 16,312 (16,983) - 20,793 70,743 - - (2,369) 68,374 - 144,106 114,156 (1) (258,261) - 296,670 - (10,987) - 285,460
	541,449 151,180 (27,971) (260,630) 404,028 78,932 - (8,403) - 70,529 1,979 - (1,979) - - 3,111 - - - 3,111 3,239 - - - 3,239 65,923 - - (65,923) - 11,620 - - - 11,620 61,548 132,683 (1,560) - 192,671
	226,352 132,683 (11,942) (65,923) 281,170
	33,679,306 16,403,190 (16,288,730) - 33,793,766

Restricted funds for the year 31 August 2024

• The Bursary Fund is to provide financial support to pupils who would not otherwise be able to afford to attend the School.

• The remainder of the Upper School Building Fund will be utilized during 2024-25.

• The Sophie Coleman Music Bursary was set up from donations in memory of the former pupil to fund violin lessons.

• The Phoenix Theatre Fund comprised donations to build a theatre foyer, to provide an entrance, including a bar and social space as well as extra classroom space for performing arts. The first stage was completed on 9 November 2018. £65,923 was transferred to general reserves during the year in recognition of funds spent towards the redevelopment.

• The Development Fund raises funds for specific projects as chosen by Council.

• The KAS 125 Fund was established during the prior year in advance of the School's 125th anniversary to raise funds towards continuing the School's educational vision for the next 125 years.

42

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

As at 31st August 2025

As at 31st August	2025	2025
	Unrestricted Funds		Designated Funds		Restricted	Funds	Total Funds
		£		£	£		£
	Group	Company	Group	Company	Group	Company	Group	Company
Tangible fixed	37,041,475	37,041,477	-	-	-	-	37,041,475	37,041,477
assets
Current assets	13,317,598	13,247,863	378,352	378,352	299,719	299,719	12,676,101	12,606,366
Current liabilities	9,403,584	9,345,496	-	-	-	-	8,084,016	8,025,928
Long term	5,930,389	5,930,389	-	-	-	-	5,930,389	5,930,389
liabilities
Provisions	1,702,000	1,702,000	-	-	-	-	1,702,000	1,702,000
Total Net Assets	33,323,100	33,311,455	378,352	378,352	299,719	299,719	34,001,171	33,989,526
As at 31st August	2024
	Unrestricted Funds		Designated Funds		Restricted	Funds	Total Funds
		£		£	£		£
	Group	Company	Group	Company	Group	Company	Group	Company
Tangible fixed	36,304,711	36,304,713	-	-	-	-	36,304,711	36,304,713
assets
Current assets	7,273,319	7,121,036	404,028	404,028	281,170	281,170	7,958,517	7,806,234
Current liabilities	2,658,224	2,548,635	-	-	-	-	2,658,224	2,548,635
Long term	7,067,361	7,067,361	-	-	-	-	7,067,361	7,067,361
liabilities
Provisions	701,185	701,185	-	-	-	-	701,185	701,185
Total Net Assets	33,151,260	33,108,568	404,028	404,028	281,170	281,170	33,836,458	33,793,766

12. RELATED PARTY TRANSACTIONS

During the year income of £80,580 (2024: £100,095) was received by the trading subsidiary, King Alfred School Trading Limited. Costs of £64,720(2024: £63,978) were incurred on behalf of the subsidiary. A donation of £46,909 (2024: £45,156) was received from the subsidiary. The balance owed to the School from the subsidiary at the year end was £57,515 (2024: £109,418). Total donations made by Council members to the Society during the year amounted to £Nil (2024: £Nil).

13. CAPITAL COMMITMENTS

Total capital commitments at 31 August 2025 are £30,400 (2024: £989,177) relating to DT Building decking work.

43

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

15. PENSION SCHEMES

Teachers' Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,535,107 (2024: £1,532,501) and at the year-end £125,423 (2024 - £173,347) was accrued in respect of contributions to this scheme.

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

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

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

TPT Retirement Solutions - Independent Schools' Pension Scheme

The company participates in the scheme(for non-teaching staff only), a multi-employer scheme which provides benefits to some 61 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore, the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2023. This actuarial valuation was published in December 2024 and showed assets of £99.2m, liabilities of £151.5m and a deficit of £52.3m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows:

From 1st September 2025 to 31 January 2034: £6,000,000 (to be shared among all the scheme employers) per annum payable monthly and increasing by 3% on each 1st September

44

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

15. PENSION SCHEMES – CONTINUED

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the Trustee had asked the participating employers to pay additional contributions to the scheme as follows:

From 1st September 2022 to 30 June 2032: £2,687,000 per annum payable monthly and increasing by 3% on each 1st September

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Present value of provision Present value of provision Reconciliation of opening and closing provisions Provision at start of period Unwinding of the discount factor (interest expense) Deficit contribution paid Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule Provision at end of period Income and expenditure impact Interest expense Remeasurements – impact of any change in assumptions Remeasurements – amendments to the contribution schedule Contributions paid in respect of future service* Costs recognised in income and expenditure account	31st August 2025 £'000's 1,702 Year Ended 31st August 2025 £'000's 701 31 (97) (7) 1,074 1,702 Year Ended 31st August 2025 £'000's 31 (7) 1,074	31st August 2024 £'000's 701 Period Ended 31st August 2024 £'000's 735 39 (93) 20 - 701 Period Ended 31st August 2024 £'000's 39 20 -	31st July 2023 £'000's 735

45

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

15. PENSION SCHEMES – CONTINUED

Assumptions
	31st August	31st August	31st July
	2025	2024	2023
	% per annum	% per annum	% per annum
Rate of discount	4.79	4.68	5.70

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The following schedule details the deficit contributions agreed between the School and the scheme at each year end period:

Year	ending	31st August 2025	31st August 2024	31st July 2023	31st July 2022
		(£000s)	(£000s)	(£000s)	(£000s)
Year	1	220	97	93	91
Year	2	227	99	96	93
Year	3	233	102	99	96
Year	4	240	105	102	99
Year	5	248	109	105	102
Year	6	255	112	108	105
Year	7	263	115	112	108
Year	8	271	99	115	112
Year	9	116	-	109	115
Year	10	-	-	-	109
Year	11	-	-	-	-

46

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY (A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

15. PENSION SCHEMES – CONTINUED

Defined Contribution Schemes

The company participated in other defined contribution schemes for non-teaching staff. The schemes included The Pensions Trust, APTIS (Aviva), Octopus Wealth and Prudential.

Contributions payable by the company for the year: The Pensions Trust APTIS Octopus Wealth	2025 £ 175,822 69,126 - 244,948	2024 £ 163,727 9,316 831
		173,874

Additionally, contributions towards The Pensions Trust past service deficit amounted to £96,509 (2024: £101,279.

47

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

COMPANY NUMBER: 00057854 REGISTERED CHARITY NUMBER: 312590

KING ALFRED SCHOOL SOCIETY

(A company having no share capital and limited by guarantee)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025, CONTINUED

16. PRIOR YEAR CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCOME FROM: Charitable Activities School fees KASS membership Trading activities Trading income Investments Investment income Rents and lettings Donations and legacies Grants and donations Profit on sale of fixed assets Total income EXPENDITURE ON: Charitable activities Education Raising funds Letting expenses Trading expenses Total expenditure Net income/(expenditure) Transfer between funds Net movement in funds Fund balances brought forward at 1 August 2023 Fund balances carried forward at 31August 2024	Unrestricted Designated Restricted funds funds funds Total 2024 2024 2024 2024 £ £ £ £ 15,831,865 20,712 - 15,852,577 - 16,312 - 16,312 38,630 - - 38,630 287,462 - - 287,462 70,623 - - 70,623 - 114,156 132,683 246,839 - - - -
	16,228,580 151,180 132,683 16,512,443
	16,299,727 27,971 11,942 16,339,640 15,682 - - 15,682 42,541 - - 42,541
	16,357,950 27,971 11,942 16,397,863
	(129,370) 123,209 120,741 114,580 326,553 (260,630) (65,923) -
	197,183 (137,421) 54,818 114,580
	32,954,077 541,449 226,352 33,721,878
	33,151,260 404,028 281,170 33,836,458

48

THE KING ALFRED SCHOOL SOCIETY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25