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2025-08-31-accounts

THE WHITGIFT FOUNDATION

GOVERNORS’ ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

HaysMac LLP Chartered Accountants Registered Auditors

Registered Charity Number: 312612

Status The Whitgift Foundation is regulated by the Whitgift Charities Act 1969 as varied or affected by a Scheme of the Charity Commission dated 6 June 2011 Charity number 312612 Principal office North End Croydon CR9 1AA Trustee The body corporate called The Whitgift Foundation (known as John Whitgift Foundation) is the Trustee of the Charity

Key executive personnel

Chief Executive Ms R Hughes CBE, MA ( appointed 2 December 2024 ) Chief Executive (Interim) Mrs E Boynton MA (interim from 8 December 2023 to 30 November 2024) Head of Whitgift School Mr T Seth MA ( appointed 1 September 2025 ) Head of Whitgift School (Interim) Mr A D Halls OBE, MA ( interim from 1 September 2024 to 31 August 2025 ) Mr A Kennedy MA Head of Trinity School Mr A Christie MA (interim from 1 September 2024 to 31 August Head of Old Palace of John Whitgift School 2025) (Interim) Bankers National Westminster Bank 1 High Street Croydon, CR9 1UY Auditors HaysMac LLP Chartered accountants & registered auditors 10 Queen Street Place, London EC4R 1AG Solicitors Streeter Marshall 74 High Street, Croydon CR9 2UU Lee Bolton Monier-Williams 1 The Sanctuary, Westminster London, SW1P 3JT Farrer & Co 66 Lincoln’s Inn Fields, London, WC2A 3LH Investment managers CCLA Investment Management Ltd Senator House, 85 Queen Victoria Street, London EC4V 4ET Sarasin & Partners LLP Juxon House, 100 St Paul's Churchyard, London, EC4M 8BU Navera Investment Management LLP Riverside House, 2a Southwark Bridge Road, London SE1 9HA Evelyn Partners Investment Management LLP 45 Gresham Street, London, EC2V 7BG Citi Private Bank 33 Canada Square, London, E14 5LB

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THE WHITGIFT FOUNDATION GOVERNORS’ REPORT

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A message from our Chair

I am delighted to share the annual report for John Whitgift Foundation. The Foundation has two charitable objectives: education and care in Croydon.

Since taking up the position of Chair earlier this year, I have seen first-hand the fantastic work that goes on day in, day out, in the Foundation’s schools, its care homes and sheltered accommodation, and in the almshouses in the town centre.

We provide our charitable support principally through bursaries to talented young people who would not otherwise be able to afford to attend our schools, and the provision of the almshouses in central Croydon. This is funded from income from our endowment and property holdings. This year we have continued to deliver on those and, at the same time, we are making a number of changes in order to maximise the outcomes and the sustainability of our charitable work.

Looking back over the past year, there is much to celebrate, with a plethora of achievements by young people in our schools, outstanding teaching, and continued and considerable financial support to enable less well-off children to attend our schools. Trinity and Whitgift schools were both awarded ‘significant strengths’ in their inspections this year, an accolade reserved for only 10% of independent schools. Our care facilities have a varied offer, both homes are rated ‘good’ by the CQC, and residents enjoy compassionate care and a sense of community. We are looking to the future with our work to expand Trinity School for both girls and boys, and with new leadership in the Foundation. My fellow trustees and I are working with the executive team to agree the strategic direction for the Foundation for the next 15 years.

This year has also seen challenges. For over twenty years the Foundation has provided support for carers in Croydon, more recently as a partnership with Croydon Council. This partnership came to an end in March. In education, Old Palace School finally closed its doors this summer, after a two year wind-down to allow pupils taking public exams to complete those at the school.

While the fundamentals of John Whitgift Foundation are strong – we have a clear purpose, a significant endowment and a very clear base - it is no secret that in recent years we have faced financial challenges, principally driven by falls in income from our endowment, as well as cost pressures in some of our establishments. Securing our financial sustainability for future generations is a key priority.

As Chair, I firmly believe that we need to do more to explain what we do and why we do it. This year we have started to build more proactive engagement and communications as a Foundation. Some of the challenges of recent years have eroded the relationship between Croydon and the Whitgift Foundation and one of the key priorities I have as chair is to rebuild this, to enable the Foundation to succeed.

Finally, I would like to thank my predecessor Chris Houlding and my fellow trustees for their diligent stewardship of the Foundation and look forward to building on these successes in future years.

Fiona Fletcher-Smith Chair of the Court of Governors

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THE WHITGIFT FOUNDATION GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

GOVERNORS

Save for the ex-officio governors, members of the Court are appointed for three-year terms. They can be reappointed for a further three terms of three years or longer in exceptional circumstances. The number of governors provided for in the scheme approved in June 2011 (as amended by a resolution dated 8 December 2016) is fifteen:

The members of the Court, who are also the Charity Trustees, and who served during the year and since year end are detailed below:

Appointed by:

Mr C J Houlding (resigned 3 February 2025) Archbishop of Canterbury Mr D Seymour CB Archbishop of Canterbury Dr A Mehta Archbishop of Canterbury Mr A Patel Archbishop of Canterbury The Revd Canon Dr Andrew Bishop Ex-officio Mr N Edwards Archbishop of Canterbury Mr M Long Archbishop of Canterbury The Rt Revd Dr Rosemarie Mallett Ex-officio Mr W Jones Archbishop of Canterbury Mr P Cornforth Archbishop of Canterbury Mr J Beckwith Court Ms V Dews Court Ms C Ashley Court Mr M Gascoigne Court Ms F Fletcher-Smith (appointed 3 Feb 2025) Court Mrs J Jukes (appointed 9 Sep 2025) Court

Recruitment and training of governors

The Governance Committee continues to monitor appointments and reappointments of all governors including subcommittee governors. Attention is given to ensuring that the Court and its subcommittees comprise an appropriate balance of skills. New governors are inducted into the workings of the Foundation, its schools and care homes and complete specialist external courses relevant to their roles and responsibilities of Charity trustees, including safeguarding.

Members of the Court attend governor away days held in the spring and autumn where general matters of governance and strategy are reviewed together with operational priorities for the future.

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ORGANISATIONAL STRUCTURE AND GOVERNANCE

The body corporate called The Whitgift Foundation is the Trustee of the Charity.

The governing body of the Foundation is the Court, whose present composition is set out on page 3. The Court carries final responsibility for our schools, care homes, and properties but a great deal of the day-to-day management is carried out by committees on whom the following Foundation governors serve.

As a general rule and subject to the terms of the Charity Commission Scheme as to ex-officio governors and external nominations, the Foundation continues to follow Charity Commission guidance on the appointment of governors by advertising, engaging consultancies and through local community networks.

Finance Committee

Mr M Long; Dr A Mehta; Mr W Jones; Mr P Cornforth; Mr J Beckwith

Whitgift Care Committee

Dr A Mehta; The Revd Canon Dr A Bishop; Ms V Dews, Mr W Jones

Education Committee

Mr M Gascoigne

Governance Committee

Mr A Patel; The Rt Revd Dr R Mallett; Ms C Ashley

Investment Committee

Mr M Long; Mr P Cornforth; Mr W Jones; Mr J Beckwith

Remuneration Committee

Mr C J Houlding (resigned 3 Feb 2005); Mr D Seymour CB; Mr A Mehta; Mr A Patel; Mr N Edwards; Mr M Long: Ms F Fletcher-Smith (appointed 3 Feb 2025)

Whitgift School Committee

Mr N Edwards; Mr A Patel; The Revd Canon Dr Andrew Bishop; Mr M Gascoigne

Trinity School Committee

Mr D Seymour; Mr W Jones, Mr A Patel, The Revd Canon Dr Andrew Bishop; Mr M Gascoigne

Old Palace of John Whitgift School Committee – Disbanded in June 2025

Mr C Houlding (resigned 3 Feb 2025); Mr W Jones, The Revd Canon Dr Andrew Bishop; Ms F FletcherSmith (appointed 3 Feb 2025)

Terms of reference for each of these committees have been laid down by the Court and certain delegated authority granted in instances where duty is delegable.

Day to day management of the Foundation and Care is vested in the chief executive and in the Heads for the schools.

CONSTITUTION

The Whitgift Foundation known as John Whitgift Foundation (Charity No. 312612) is regulated by the Whitgift Charities Act 1969 as varied or affected by a Scheme of the Charity Commission dated 6 June 2011, and

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subsequently amended by resolutions dated 8 December 2016 (amending clauses 1 and 7(2)) and 30 March 2017 (amending clause 8(9)).

ABOUT JOHN WHITGIFT FOUNDATION

Our story

John Whitgift Foundation operates in the London Borough of Croydon. For four hundred years we have had two overarching charitable objectives: providing education and care. Our roots stretch back to 1596 when the then Archbishop of Canterbury laid the two foundation stones of the Hospital of the Holy Trinity, now known as the Whitgift Almshouses. In the same year, a stone’s throw away, he opened a school. These two buildings enabled him to realise his vision to educate and care for the people of Croydon. This has taken various forms over the centuries.

Today, we are:

John Whitgift Foundation supports a wide variety of people, young and old, from different backgrounds, from Croydon and from further afield. Our annual Founder’s Day celebrations in March reflect our efforts to bring together young and old as part of a broader community.

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Summary of our impact in 2024-25

To bring to life the impact the Foundation has had over the past year, here are highlights from our work in education and care.

Care

Our care facilities are designed for approximately 100 residents, across four sites. Our registered homes are rated “good” by CQC.

At Whitgift Care we currently care for around 100 older residents in sheltered living, residential, respite and nursing care.

The Almshouses

Steeped in history, the Whitgift Almshouses is located in the heart of Croydon’s town centre. Residents here enjoy supported independent living, under their own care in self-catered sheltered housing that overlooks a beautiful private quadrangle. Our founder laid out specific entry criteria for residents of the Almshouses: that they must be over the age of 60, of modest means, communicant members of the Church of England, and come from either the parishes of Lambeth, Croydon, or Kent and this is still followed today whenever possible.

Wilhelmina House – open to all

Residents at Wilhelmina House, Park Hill, enjoy the peace and tranquillity of the beautifully kept gardens, sitting on the patio or relaxing in the bright and spacious garden rooms behind the building. Within our safe and secure environment, residents enjoy a high quality of residential care and respite care. Our on-duty care staff are available 24/7, with every meal prepared by our in-house chef and daily activities planned to keep our residents active and engaged.

Whitgift House – open to all

Situated on the beautiful grounds of Whitgift School, Whitgift House care setting offers a wide range of services from nursing care to independent living apartments with an on call alarm.

Residents in nursing care at Whitgift House receive the best care from qualified nursing professionals with weekly GP visits to ensure each individual receives the highest standard of respite and nursing care.

Residents in the independent living apartments are part of a thriving community of self-contained apartments supported by a friendly warden team.

Carers Information Service

John Whitgift Foundation has supported carers for over two decades, in recent years via a contract with the London Borough of Croydon.

In the financial year 2024-25, we broadened our reach, reaching more carers across Croydon than ever before - developing the central hub in Croydon as a safe space for carers and a thriving base for activities, training and advice. In its final year the service, provided as a partnership between John Whitgift Foundation and LB Croydon:

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In 2025, following a new tender by the Council, John Whitgift Foundation was not selected. As a result, our Carers Information Service closed at the end of March 2025. We are pleased that the new provider, Carers First, has continued to operate from the same hub in central Croydon.

Education

Bursary scheme

Key to our work as a Foundation is our bursary scheme. This enables children from families who would not otherwise be able to afford to attend our schools to do so. The funds for our bursary scheme are generated from income from our investments and property holdings.

In the 2024/25 academic year, 318 pupils across our schools received fee assistance in the form of bursaries. An additional 59 pupils at external schools also benefited, as part of our ongoing commitment to support former Old Palace students. The Foundation’s total contribution to bursary funding amounted to £5.86m. A further £0.5m was awarded by the Trinity School Bursary Fund.

Independent Schools Inspectorate inspections

Our schools are run at an excellent standard.

In November 2024, The Independent Schools Inspectorate carried out an inspection of Trinity School and found that high standards were met across all aspects of school life. The school was also awarded a ‘significant strength’ for its community work. Inspectors recognised that this is an exceptional part of the school, which has a ‘clear, demonstrable and highly beneficial impact for pupils’.

Following an inspection in April 2025, the Independent Schools inspectorate also awarded Whitgift school a ‘significant strength’. The inspectorate was very impressed with what they saw and noted that the wonderful positivity towards the school shown in the parent, staff and pupil questionnaires, a real credit to the school community.

Among the many positive findings, a particular highlight was the rare accolade of a ‘significant strength’ in the school’s co-curricular programme, which offers an exceptional range of clubs and societies tailored to pupils’ individual needs.

This rare distinction is offered to only 10% of schools, and we were delighted that in 2024-25 both Whitgift and Trinity schools (see below) were awarded it.

Whitgift School

Whitgift School provides education for over 1,500 boys and young men in South Croydon. The school prides itself on a fantastic academic offer combined with superb co-curricular provision. Following Andrew Halls’ interim leadership as Head in 2024-25, Toby Seth has now taken up post as the 30th Headmaster of the school.

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From Croydon and the surrounding area, 3,700 primary pupils attended partnership events at Whitgift in the 2024-25 year. These events, supported by Whitgift staff and students, are dedicated to increasing access to the school facilities, and raising levels of attainment and aspiration. Examples include 1.300 pupils coming to lessons in computing and other subjects as part of the 25th year of the Whitgift Primary Project, a concert in the Fairfield Halls for 1.000 pupils and their teachers, swimming lessons and a Summer School for selected pupils. Many of the pupils who attend have opportunities which they wouldn't have otherwise thanks to the strong relationships between Whitgift and primary schools, who select the pupils who would benefit most from the experience. In addition, over 100 Whitgift Sixth Form students support local pupils at their primary schools with reading, times tables practice, 1-2-1 classroom support and games in 5 local schools as part of a weekly 2-3 term placement, which is mutually beneficial for all involved.

Trinity School

Trinity school currently caters for around 1,050 students, boys from ages 10 to 16 and then girls and boys in the sixth form. Under the leadership of Alasdair Kennedy, the school combines academic excellence with a wonderful co-curricular offer. In April, Trinity School announced it would be extending co-education from sixth form only to students of all ages. The first co-educational intake in Year 6 and Year 7 will be welcomed to the school in September 2027 which will be fully coeducational in 2031.

Extending its co-education provision reflects Trinity’s longstanding commitment to nurturing outstanding young people and preparing them for their future. The aim will be to build an even more diverse learning environment that benefits everyone. With a welcoming and inclusive community, excellent teaching and learning, and outstanding co-curricular opportunities, Trinity is in a strong position to make this transition as the school expands over the next five years.

Students from the Third to Fifth Form who took part in the Community Action programme carried out almost 1,900 hours of volunteering across the school’s Autumn and Summer Field Days, while Lower Sixth students carried out around 1,500 hours as part of their Diploma volunteering. Through Trinity’s Charity Days and other ad hoc events, the school raised over £10,000 for a range of charities, including c£2,000 for Hope4Malawi.

Around 140 local care home and neighbourhood care residents attended a Christmas party in December and were entertained by students including the Big Band, Musical Theatre Group and Sixth Form Carollers.

Old Palace School

It was with sadness that the Old Palace Senior School closed on 31 August 2025. The closure was announced in September 2023 but deferred by two academic years to enable pupils to remain at the school to sit their public exams. Throughout the process, staff showed real dedication and commitment to the students, which helped pupils achieve exam results as good as previous years and move on to their chosen sixth forms and universities.

As part of the commitment to supporting girls in receipt of bursaries and scholarships who have left Old Palace for other schools, the Foundation has paid bursaries of £1.2m this year and expects to pay a further £1.7m in the years to August 2028. This future figure is an estimate as bursary cost

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may change depending on the impact of other school fee rises. For pupils in receipt of a scholarship £0.4m was paid this year to other schools with a future commitment of £0.8m in the years to August 2028.

Following the sale to Curwen Group, the site continues to be used for educational purposes, with Serenity School Old Palace Croydon opening on 1 September.

Founder’s Day

Founder’s Day in March remains a highlight of the year, bringing the entire Whitgift community together to honour the vision and generosity of our Founder Archbishop John Whitgift. The service unites pupils from our schools, residents from our homes, staff, clergy and both current and former governors. Following the service, a celebratory lunch was held at Whitgift House attended by governors, staff, residents, pupils and a representative from the Worshipful Company of Fishmongers’, whose support for this tradition spans more than four centuries.

Our investments: how we fund our charitable activity

Historically our Founder left a large amount of property assets in and around Croydon to fund the endowment which supported the Almshouses and schools. Over the centuries, our property assets have also been converted into financial investments and together with school fees, provide the majority of our funding for our charitable work. The value of these investments is influenced by the economic cycle, and returns over the past year have remained broadly in line with those seen in 2023/24. We use the Church of England investment principles to guide our choice of investment assets.

The Foundation’s charitable objectives are education and care and we hold land and property as part of our endowment to fund these charitable objectives. We retain important land and property holdings in Croydon and we are working collaboratively with partners to support options to regenerate the town centre.

We do recognise that supporting efforts to create a brighter future for Croydon’s town centre will assist in increasing the value of our property investments and enhance the lives of Croydon’s residents. Over the past year there has been wider recognition of the need to invest more public and private money in regenerating Croydon town centre and making it a safer place to be. This will not be easy, given the challenges now facing high street retailers and town centres up and down the country, but we will continue to work with our partners on potential development schemes.

Sustainability - preparing for a changing world

Looking to the future we will need to consider how to adapt our properties to cope better with climate change and reduce their energy usage. In recent years we have carried out works to improve the energy efficiency of our residential properties. We have submitted our Energy Savings Opportunity Scheme report and will use this to inform our plans for the coming years. We have installed very successful solar panels at Trinity and Whitgift schools. The 1,600 panels at Trinity School now provide around half of its electrical power. There is more to do, and we expect this to be a growing focus in the years to come as the Foundation is well placed to take a long-term view.

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THE WHITGIFT FOUNDATION GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

POLICIES

Among our various responsibilities there are two which are fundamental both to our history and our ethos; the care of the elderly and the provision of bursaries at our two schools. This is because they are the direct continuation of the vision of our Founder, John Whitgift, when in 1596 he established his Foundation. He wanted to provide an almshouse, the Hospital of the Holy Trinity, for deserving old folk. There are now three care homes, providing sheltered accommodation, residential care and full nursing care, as appropriate. John Whitgift also wished to ensure as far as was practicable that no prospective pupil who would benefit from the education provided by his school (currently two schools) would be prevented from doing so by financial limitations.

Bursary Policy

There can be no assurance of grants unless there is an assurance of income; each year the Court sets an annual allocation of funds for new bursaries.

A bursary award once granted remains available to a pupil for the duration of their education at their Foundation school but is subject to annual assessment of parental income and assets.

Bursaries provided by the Foundation from its investment income can be supplemented through donations to the school bursary funds specifically to provide additional bursaries over and above those provided by the Foundation. These additional Trinity and Whitgift school bursaries are held in separate restricted funds and can only be used towards the provision of school bursaries and in Whitgift School’s case, outreach work.

Reserves Policy

The aim is that the assets of the Foundation produce sufficient income to meet its commitments. It is not governors’ policy to build up additional reserves except where these are being put aside to finance future capital expenditure.

Total funds held are £204,849,439 of which £3,981,553 is endowed, £4,413,730 restricted and £196,454,156 unrestricted (designated). The Unrestricted funds are represented by tangible fixed assets and fixed asset investments. Both the tangible assets and the investment portfolio have been designated by the governors as they represent monies already incurred, or in the case of the investments are held for the longer term to maintain a sufficient income flow to support the activities of the Charity and the objects for its existence, in particular bursary support and the provision of care for the elderly.

As part of the reserves management for the Foundation, the Court do not look at general reserves but monitor the availability of cashflow within the different aspects of the activities undertaken by the Foundation, against an assessment of business need.

The Court is satisfied that the Foundation's current level of cash flow is sufficient to meet its short and medium term needs and aligns with the overall strategy.

Investment powers, policy, and performance

The governors’ investment powers are determined by the Charity Scheme, which permits the Charity’s funds to be invested in property investments and any listed equities and collective

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investments. The investment objectives continue to be a total return approach with a balanced attitude to risk.

The investments have continued to be managed in conformity with this policy and the Charity Scheme.

Our asset managers, Sarasin & Partners LLP, CCLA Investment Management Ltd, Navera Investment Management Ltd (formerly Meridiem Investment Management) and Evelyn Partners Investment Management LLP, manage our major funds on a discretionary basis and are asked to deliver CPI +4% over the medium term. Citi Private Bank manages a portion of our assets with a focus on long term growth.

The day-to-day management of the investment property assets continues to be contracted out. Montagu Evans manages our freehold interest in the Whitgift Shopping Centre, Stiles Harold Williams manages our residential and commercial property portfolios.

Risk Policy

The Foundation has a formal risk management process through which the Court and its key subcommittees (Governance; Finance; Care and school committees) identify the major risks to which the organisation may be exposed, and, via set control procedures, agree actions to strengthen controls and mitigate impact.

The Foundation’s Risk Register has been fully reviewed by Court this year to ensure the organisation focuses on, and prioritises the right strategic risks, and implements stronger controls and mitigations. Progress is reviewed quarterly by the Court and other committees as relevant.

The governors are satisfied that systems have been developed and are in place to mitigate identified risks to an acceptable level.

The principal risks identified are operational, financial and reputational.

Financial sustainability continues to be a significant risk, and work is underway in each establishment to drive good financial planning, monitoring and delivery. The Finance Committee oversee progress by the Executive team on our five-year financial forecast. The introduction of VAT on school fees has weakened the independent education market – and potentially income - which requires schools and the Foundation to ensure costs are contained as far as possible in order to mitigate the potential financial impact.

Both our schools and our care homes are subject to regular inspections – and these can affect the attractiveness of our education and care offer. Our two schools were inspected by the ISI in the last 12 months and were found to have “significant strengths”. However, there has not been an inspection in either care home for a while. Whilst both homes have a current “Good” rating, the Foundation has commissioned “mock” inspections to ensure that processes, practice, and our staff capabilities are as strong as they can be against the Care Quality Commission areas of: Safe, Effective, Caring, Responsive, and Well-led. The findings are now being used to improve our service further. Using – or commissioning our own – inspections help us ensure students and residents in our care receive the best service, in a consistent manner.

We are committed to providing a safe, supportive and welcoming environment to the pupils and adults in our care, and to our staff. We have strong safeguarding policies in place, with a lead

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safeguarding governor – and standing safeguarding agenda item at school committees and Court. The Care Committee also has a lead safeguarding governor. We continue to build the Foundation’s safeguarding, and health & safety, culture to ensure it is equally strong across all parts of the Foundation.

Whilst progress has been made towards the redevelopment of the Whitgift Shopping Centre, with a new Masterplan in place, the scale of the project – and the uncertainties which remain – create inherent risks for the town centre. Given our property exposure, the lack of or meaningful delay of such a project could have an impact for the Foundation both financially (income reduction and portfolio value) and operationally. Regular meetings take place with the developer and other key stakeholders to monitor progress.

The Foundation holds standing risks in term of failure of IT networks - such as through a cyber attack - data breach and the failure to comply with its charitable objects and the regulatory framework in which it operates. To provide governors with an increased level of assurance, the Foundation is both strengthening its internal audit capabilities and commissioning external input to assess maturity and undertake testing - in parallel with the rolling-out of training to staff where local risks are identified.

Pay Policy

The governors consider that the Court and executive management team are the key personnel in charge of directing and operating the charity on a day-to-day basis. All governors give their time freely and no governor received remuneration in the year. Details of governors’ expenses and related party transactions are disclosed in note 7 to the accounts.

The Remuneration Committee determines the remuneration approach for senior members of staff within the Foundation. It will also review proposals to amend the remuneration package and annual cost of living adjustment of all Foundation staff, including pensions, pay and benefits and make recommendations to Court. In view of the nature of the charity, the governors benchmark against pay levels in the independent school and health care sectors.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable objectives

Maintenance and repair of the Almshouses for communicant members of the Church of England of modest means, either single persons or married couples, who are unable to maintain themselves by their own exertions; to be taken from the following:

Education to be provided in its schools and instruction in accordance with the provisions of the Education Acts and religious instruction consistent with the doctrines of the Church of England. Award of maintenance allowance, prizes, scholarships, and exhibitions.

The governors may, if they think fit, provide and maintain for the extension of the purposes of the Charity one or more homes for elderly people in addition to or (subject to the approval of the Charity

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Commissioners) in substitution for the Almshouses and one or more hospitals for the care of the aged and one or more additional schools for boys or girls or both boys and girls.

The principal aims of the Charity remain the care of the elderly within our homes and the provision of education within our schools with an emphasis on reaching out to able pupils from lower income families who are assisted by grants.

Public benefit

The governors have considered the guidance contained in the Charity Commission’s general guidance on public benefit and, in particular, its supplementary public benefit guidance on advancing education and on fee-charging, when exercising their powers and duties and planning the future activities of the Charity.

The Whitgift Foundation remains committed to the aim of providing public benefit in accordance with its founding principles.

The awarding of bursaries is a measurable means of providing public benefit and during the year the Foundation continued to assist many deserving and talented children that would otherwise be unable to afford the fees to attend our schools. This year, total awards of bursaries and scholarships amounting to £11,444,353 were given to 1,077 pupils (previous year £14,000,962 to 1,368 pupils). Within this the means-tested awards based on a sliding scale according to financial circumstances totalled £6,685,058 (previous year £7,280,711). As a percentage of pupils in the schools 43% were in receipt of fee assistance.

In addition to bursaries, the schools of the Foundation play an active part in numerous other activities within the wider community for the benefit of the public.

The websites of our schools show numerous examples of such public benefit and include significant partnerships, academic, sporting and cultural, with local maintained primary and secondary schools including the sharing of facilities and shared staff training and expertise; national involvement in educational initiatives; PGCE student training and mentoring programmes.

After over 20 years of supporting carers across the borough through our Carers Information Service, and with the last 11 years delivered in partnership with Croydon Council, this year the Council awarded the contract to a new provider, bringing our collaboration to a close at the end of March.

Financial support for our care operations amounted to £1,443,967 during the year, before central allocation of administrative expenses and depreciation and this is covered by a transfer from general reserves.

FUNDRAISING

School development activity

All three schools have continued to work hard to build relations with their respective alumni and invite them to various networking events, school activities and bursary appeals.

The Charity has not conducted any other fundraising activity in the year and has not employed any third party to fund raise on our behalf. We do accept donations which can be made via our website

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or by post. We have received no complaints about fundraising, and we have a complaints policy in place should any be received in future.

FINANCIAL REVIEW

The Foundation made a loss of £2.1m after accounting for unrealised gains of £12.2m and realised gains of £3.3m.

School fee income remains the main source of income for the Foundation and reduced to £53.4m (previous year £54.5m) net of scholarships and bursaries of £11.7m (previous year £14.4m). This is accounted for as this was the last year of Old Palace school remaining open and there were a significantly smaller number of pupils sitting their public exams in this final year than in previous years. Other educational income increased to £7.4m (previous year £7.3m).

The expenditure incurred in operating the three schools increased by 2.36% from £80.6m to £82.5m during the year. This increase reflects one off costs in relation to the closure of the Old Palace school.

Whitgift Care income increased during the year to £5.0m (previous year £4.2m), while delivery costs during the year fell to £6.8m (previous year £7.3m), as a result of a focus on delivering high quality care in a more efficient way where costs are directed to supporting our residents and beneficiaries following an organisational restructure in year.

The market value of all equity funds held by our investment managers at the end of the financial year was £131.4m (previous year £132.5m). Income from the funds totalled £3.3m (previous year £3.3m).

The investment property portfolio continues to be affected by adverse market conditions, causing rental income to remain low at £2.1m for 2025 (2024: 2.8m). The value of investment property decreased by £3.4m after disposals of £0.3m. However, this reduction was offset by the transfer of £14.5m in operating assets to investment assets, resulting in a total investment property value of £54.2m, compared to £43.4m in the previous year.

Investment property costs remained unchanged at £0.2m in 2024/25, consistent with the prior year. The governors closely monitor the competing demands on its funds and the utilisation of longer-term assets that sustain the delivery of our charitable activities.

The results for the year are then adjusted for unrealised gains and losses on the investment portfolio which are a reflection of the market value of our investments and property assets at the year-end date. The equity investments made a £2.4m unrealised loss, representing an adverse movement of £14.1m compared to the year ending August 2024 and a £12.2m unrealised gain for our property investments, £8.8m greater than the year ending August 2024; largely due to the transfer of £14.5m of operating assets reclassified as investment assets.

Depreciation charged in the year was £2.1m and as with the unrealised gains this is not reflected in cash terms.

J.W. Educational Ltd is a trading company wholly owned by the Foundation and its prime operation is to support the business activities for the school shop and sports centre at Whitgift School and the Sports Club at Trinity School. The turnover in the year of these accounts was £1,238,710 (previous

14

THE WHITGIFT FOUNDATION GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

year £930,932) and the operating profit was £379,380 before gift aid of £379,380 (previous year £185,854) paid to the Foundation.

Whitgift Construction CIC is a trading company wholly owned by the Foundation and its principal activity is the provision of a design and construction service to John Whitgift Foundation for redevelopment work on the Foundation’s residential property portfolio. The turnover in the year of these accounts was £142,866 (previous year £57,918) and the operating profit was £9,428 (previous year loss £10,665).

Whitgift School International Limited is a trading company wholly owned by the Foundation. It was set up to manage commercial international school partnerships through franchise, management and service agreements on behalf of Whitgift School and John Whitgift Foundation. The turnover in the year of these accounts was £5,007 (previous year £100,249) and the operating loss was (£12,341) (previous year profit £38,061).

FUTURE PLANS

The executive and governors are developing a new 15 year strategy for the Foundation which will shape our future plans over the coming years.

Our schools remain committed to providing excellent education for both girls and boys. With the closure of Old Palace School, Trinity School will begin its transition to be fully co-educational in 2031 with the first intake in September 2027.

In the current economic climate, careful financial planning and coordination will be essential to support capital investment at both Trinity and Whitgift School.

Our strategy for delivering our care services is constantly under review and cost efficiencies continue to be implemented to ensure that the charitable support is aligned to benefit those individuals living at our homes and supporting their needs appropriately.

15

THE WHITGIFT FOUNDATION GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

STATEMENT OF THE COURT OF GOVERNORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

The Court is responsible for preparing the Governors’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the governors to prepare financial statements for each financial year and not approve the financial statements unless they are satisfied that the financial statements give a true and fair view of the state of the affairs of the Charity and the group as at the balance sheet date and of its net movement in funds, including income and expenditure of the Charity and the group for the year then ended.

In preparing those financial statements which give a true and fair view, the governors should follow best practice and:

The governors are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and the group in compliance with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and other applicable laws. The governors 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.

Auditors

During the year the company’s auditors name changed from Haysmacintyre LLP to HaysMac LLP.

HaysMac has expressed its willingness to continue in office as auditors. A resolution proposing that HaysMac be reappointed as auditors of the Charity for the forthcoming year will be put to the next full meeting of the Court.

Approved by the Court at its meeting on 4 December 2025 and signed on its behalf by the Chair to the Court of Governors.

Ms F Fletcher-Smith Chair to the Court of Governors

4 December 2025

16

INDEPENDENT AUDITORS REPORT TO THE BOARD OF GOVERNORS OF THE WHITGIFT FOUNDATION

Opinion

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

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Governors’ Report and the Chair’s Message. 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

17

INDEPENDENT AUDITORS REPORT TO THE BOARD OF GOVERNORS OF THE WHITGIFT FOUNDATION

work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

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

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

Auditor’s responsibilities for the audit of the financial statements

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

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

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

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 the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

18

INDEPENDENT AUDITORS REPORT TO THE BOARD OF GOVERNORS OF

THE WHITGIFT FOUNDATION

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

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

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

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

Date: 17 March 2026

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

19

THE WHITGIFT FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Restricted &| |Unrestricted|Endowment|Total|Total| |Funds|Funds|2025|2024 Restated| |Notes|£|£|£|£| |INCOME AND ENDOWMENTS FROM:| |Charitable activities| |School fees receivable|2|53,409,580|-|53,409,580|54,475,272| |Other educational income|3|7,354,946|3,200|7,358,146|7,335,552| |Nursing and Care|533,408|4,438,766|4,972,174|4,166,178| |Other trading activities| |Income generated by trading subsidiary|10|1,243,717|-|1,243,717|1,031,181| |Investments| |Bank and other interest|4|3,299,558|62,925|3,362,483|3,469,439| |Investment income|4|5,310,858|137,094|5,447,952|6,166,114| |Voluntary sources| |Voluntary Income|5|16,760|999,973|1,016,733|801,706| |Other|5|266,157|(539)|265,618|511,792| |-------------------------|-------------------------|-------------------------|-------------------------| |Total Income|71,434,984|5,641,419|77,076,403|77,957,234| |-------------------------|-------------------------|-------------------------|-------------------------| |EXPENDITURE ON:|6| |Raising funds| |Investment management|1,813,883|260|1,814,143|1,114,365| |Investment property expenses|224,382|-|224,382|165,960| |Trading Company costs|990,116|-|990,116|855,849| |--------------------------------|--------------------------------|--------------------------------|--------------------------------| |Net income available for charitable| |68,406,603|5,641,159|74,047,762|75,821,060| |application| |--------------------------------|--------------------------------|--------------------------------|--------------------------------| |Charitable activities| |School operating costs|81,817,134|716,565|82,533,699|80,636,703| |Nursing and care|930,690|5,882,744|6,813,434|7,271,618| |--------------------------------|--------------------------------|--------------------------------|--------------------------------| |Total charitable expenditure|82,747,824|6,599,309|89,347,133|87,908,321| |--------------------------------|--------------------------------|--------------------------------|--------------------------------| |Total expenditure|85,776,205|6,599,569|92,375,774|90,044,495| |Net (expenditure) before|(14,341,221)|(958,150)|(15,299,371)|(12,087,261)| |investment gains and losses| |Gains/(Losses) on equity investments|(2,470,931)|120,922|(2,350,009)|12,174,149| |Gains on property investments|9|12,187,355|-|12,187,355|3,435,005| |-| |Gains on disposal of property|3,327,561|3,327,561| |investments| |--------------------------------|--------------------------------|--------------------------------|--------------------------------| |Net income/(expenditure)|(1,297,236)|(837,228)|(2,134,464)|3,521,893| |Transfers between funds|13|(1,443,967)|1,443,967|-|-| |--------------------------------|--------------------------------|--------------------------------|--------------------------------| |Net movement in funds|(2,741,203)|606,739|(2,134,464)|3,521,893| |Balances at 1 September 2024|199,195,359|7,788,544|206,983,903|203,462,010| |-------------------------------------|-------------------------------------|-------------------------------------|-------------------------------------| |Balances at 31 August 2025|196,454,156|8,395,283|204,849,439|206,983,903| |=============|==========|============= =============|

----- End of picture text -----

The above results are derived from continuing activities. There are no other gains or losses other than those stated above. Full comparative figures for the year ended 31 August 2024 are shown in note 18. The accompanying notes are an integral part of this statement.

20

THE WHITGIFT FOUNDATION GROUP AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2025

GROUP GROUP CHARITY CHARITY
2025 2024 restated 2025 2024 Restated
Notes £ £ £ £
FIXED ASSETS
Tangible assets 8 47,572,087 51,684,547 47,572,087 51,684,547
Investments 9 185,617,911 175,946,881 185,617,917 175,946,887
-------------------------- -------------------------- -------------------------- --------------------------
233,189,998 227,631,428 233,190,004 227,631,434
-------------------------- -------------------------- -------------------------- --------------------------
CURRENT ASSETS
Stocks 97,402 100,578 - -
Debtors 11 20,145,035 5,126,145 20,577,582 5,343,191
Short term deposits 20,120,986 46,287,095 20,120,986 46,287,095
Cash at bank and in hand 49,244,280 26,509,958 48,828,579 26,319,160
Investment asset held for sale 9 1,687,500 7,500,000 1,687,500 7,500,000
------------------------ ------------------------ ------------------------ ------------------------
91,295,203 85,523,776 91,214,647 85,449,446
CURRENT LIABILITIES
Creditors - due within one year 12 (45,163,306) (26,951,194) (45,096,011) (26,893,039)
-------------------------- -------------------------- -------------------------- --------------------------
NET CURRENT ASSETS 46,131,897 58,572,582 46,118,636 58,556,407
-------------------------- -------------------------- -------------------------- --------------------------
TOTAL ASSETS LESS CURRENT 279,321,895 286,204,010 279,308,640 286,187,841
LIABILITIES
Creditors – due after one year 12 (74,472,456) (79,220,107) (74,472,456) (79,220,107)
-------------------------- -------------------------- -------------------------- --------------------------
TOTAL NET ASSETS 204,849,439 206,983,903 204,836,184 206,967,734
============ ============ ============ ============
Represented by:
ENDOWMENT FUNDS 13 3,981,553 3,981,553 3,981,553 3,981,553
RESTRICTED FUNDS 13 4,413,730 3,806,991 4,413,730 3,806,991
UNRESTRICTED FUNDS
Designated funds 14 196,454,156 199,195,359 196,440,901 199,179,190
-------------------------- -------------------------- -------------------------- --------------------------
TOTAL FUNDS 204,849,439 206,983,903 204,836,184 206,967,734
============ ============ ============ ============

The financial statements were approved and authorised for issue by the Court of Governors on 4 December 2025 and were signed below on its behalf by:

Ms F Fletcher-Smith Chair of the Court of Governors

Michael Webb Chief Finance Officer

The accompanying notes are an integral part of this balance sheet

21

THE WHITGIFT FOUNDATION CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2025

2025 2024
£ £ £ £
RECONCILIATION OF NET INCOME TO NET CASH
INFLOW FROM OPERATING ACTIVITIES
Net expenditure (15,299,371) (12,087,261)
Dividends, interest and rent from investments (8,810,435) (9,635,553)
Investment property expenses 224,382 165,960
Depreciation (net of disposals) 2,098,245 2,064,307
Bond Interest 2,440,500 2,440,500
------------------------ ------------------------
Operating deficit (19,346,679) (17,052,47)
(Increase)/Decrease in stock 3,176 (8,436)
(Increase)/Decrease in debtors
 (15,018,890) 2,902,219
Increase/(Decrease) in creditors 13,464,461 3,404,709
------------------------------------------------------------ -----------------------------------------------------
(1,551,253) 6,298,492
----------------------------------------------------- --------------------------------------------------
CASH FLOW STATEMENT
Net cash flow from operating activities (20,897,932) (10,753,555)
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends from investments 3,327,704 3,323,517
Interest from investments 3,362,483 3,469,439
Rent from investments 2,140,248 2,862,597
Investment property expenses paid (224,382) (165,960)
Proceeds on sale of fixed assets 14,242,065 -
Purchase of fixed assets (2,939,609) (2,604,408)
Sale of investments 7,861,845 4,687,098
Purchase of Investments (7,417,815) (5,829,007)
Decrease/Increase in investment cash (445,894) (102,624)
------------------------- -------------------------
----------------------- -----------------------
Net cash provided by (used in) investing
activities		 19,906,645 5,640,652
CASH FLOWS FROM FINANCING ACTIVITIES
Fees in advance - 9,083,836
Bond Interest (2,440,500) (2,440,500)
------------------------- -------------------------
----------------------------------------------------- ---------------------------------------------------
Net cash provided by (used in) financing (2,440,500) 6,643,336
activities
CHANGE IN CASH AND CASH EQUIVALENTS IN (3,431,787) 1,530,433
THE REPORTING PERIOD =========== ===========
Cash & cash equivalents at beginning of period 72,797,053 71,266,620
--------------------------------------------------------- --------------------------------------------------------
Cash & cash equivalents at end of reporting period 69,365,266 72,797,053
=========== ===========
ANALYSIS OF NET DEBT 2024 Cash flow 2025
£ £ £
Cash and short-term deposits 72,797,053 (3,431,787) 69,365,266
-------------------------------------------------------- ------------------------------------------------------ ---------------------------------------------------------
72,797,053 (3,431,787) 69,365,266
=========== =========== ===========

22

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - Second Edition.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.

The governors having reviewed the funding facilities available to the Foundation together with the expected future cash flows, have a reasonable expectation that the Foundation will have adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the Foundation's near term financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements.

The Foundation is a Public Benefit Entity, incorporated under Royal Charter and registered as a Charity in England and Wales (Charity number 312612). The registered address of the Foundation is North End, Croydon, CR9 1SS.

Critical accounting judgments and key sources of estimation uncertainty

In the application of the accounting policies, governors are required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the governors, the principal judgments are in relation to the valuation of investment properties.

Income

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Foundation's financial statements. In line with Financial Reporting Standard 102, income is recognised when the Foundation is entitled to the income, receipt is probable, and the amount concerned can be measured reliably. The policies in relation to specific areas of income are set out as follows:

Turnover

Turnover is the amount derived from ordinary activities, and stated after trade discounts and net of VAT.

Fees and other earned income (including income from nursing and care)

Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the Foundation against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided.

23

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Investment income

Investment income from dividends, bank balances, short term deposits, fixed interest securities and investment properties is accounted for on an accruals basis.

Donations, legacies, grants and other voluntary incoming resources

Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Foundation is considered probable.

Voluntary income for the Foundation's general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund.

Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure attributable to more than one cost category in the Statement of Financial Activities is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Costs of raising funds comprise those costs associated with the management of the Foundation's investments and investment properties.

Support costs which cannot be directly allocated are apportioned between charitable activities on the basis of governors' estimate of the time spent on the relevant functions or an estimated usage.

Tangible fixed assets

Tangible assets comprise those properties held by the Foundation at 1 April 1965 and those held in respect of Old Palace School at a nominal cost of £1, plus additions thereafter at cost.

Expenditure on the acquisition, construction or enhancement of land and buildings together with vehicles, furniture, machinery, ICT infrastructure and other equipment costing more than £10,000 are capitalised and carried in the balance sheet at historical cost.

Other expenditure on equipment incurred in the normal day-to-day running of the Foundation is charged to the Statement of Financial Activities as incurred. Individual items costing less than £10,000 are normally written off as an expense on acquisition on the grounds that the impact is not material.

Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annual instalments over their expected useful economic lives as follows:

lives as follows:
Freehold property - 2% on cost on a straight line basis
Leasehold property - 4% on cost over the life of the lease
Artificial pitch - 5% on cost on a straight line basis
Solar panel roofing - 5% on cost on a straight line basis
Furniture and equipment:
-
Hardware		 - 20% on cost on a straight line basis
-
Computer equipment		 - 33% on cost on a straight line basis
-
Motor vehicles		 - 25% on cost on a straight line basis
-
Furniture and equipment		 - 20% on cost on a straight line basis
-
Boilers		 - 5% on cost on a straight line basis

24

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Investments

Listed investments are valued at market value as at the balance sheet date. In line with FRS 102 bid value is used as the basis of valuation. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the "ownership" of the underlying assets. Investments in subsidiaries are valued at cost less provision for impairment.

Investment properties consist of both commercial and retail properties and are reported in the financial statements at their open market value. Investment assets held for sale are included at their fair value as of the year-end date. A proportion of the properties are externally valued and the rest are internally valued with the resulting gain or loss shown on the Consolidated Statement of Financial Activities.

Fund accounting

The charitable trust funds are accounted for as unrestricted or restricted income in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded.

Funds

The Foundation maintains four types of fund:

Endowment funds

The amount shown in the Balance Sheet of £3,981,553 (2023: £3,981,553) represents the value of the original endowment of the Almshouses from John Whitgift in 1596, the A.G.E. Jones Will Trust, a fund set up from a legacy from a former pupil to provide a prize for Trinity School pupils from the income of the fund and a permanent endowment from a transfer of capital assets of the Charity Ralph Snow (205380). Income arising will be used for the general educational purposes of The Whitgift Foundation. Endowment funds are presented in combination with restricted funds on the face of the Statement of Financial Activities.

25

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

Pension costs

Retirement benefits to employees of the Foundation are provided through three pension schemes. The pension costs charged in the Statement of Financial Activities are determined as follows:

Consolidated accounts

The group financial statements represent the activities of the Foundation consolidated with its linked Charity, and three trading subsidiaries, JW Educational Limited (company number 03470213), Whitgift Construction CIC (company number 07441486) and Whitgift School International Limited (company number 14846293). All subsidiaries have been consolidated on a line by line basis. No Statement of Financial Activities has been disclosed for the Charity, however the net movement in funds before consolidation was (£2.1m).

Operating leases

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, short term deposits, trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

26

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Cash at bank and in hand

Cash at bank and cash in hand encompass all funds held in instant access bank accounts and liquidity funds, serving as working capital.

Stocks

Stocks are stated at lower of cost and net realisable value.

2. FEES

2025 2024 Restated
£ £
Fees receivable consist of:
Gross fees 64,628,982 68,436,987
Total bursaries, grants and allowances (11,732,976) (14,400,962)
-------------------------- --------------------------
Fees receivable from parents 52,896,006 54,036,025
============ ============
Add back bursaries paid by restricted funds 513,574 439,247
-------------------------- --------------------------
School fees 53,409,580 54,475,272
============ ============
3. OTHER INCOME
2025 2024
£ £
Other educational income
Entrance and music fees 844,208 850,768
Trips and excursions 1,596,364 1,584,541
Catering, laptop fees and transport 3,146,053 2,881,472
School club income 1,248,665 1,266,366
Other 522,856 752,405
----------------------- -----------------------
7,358,146 7,335,552
=========== ===========

27

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

4. INVESTMENT INCOME

4.
INVESTMENT INCOME
2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Investment properties 2,120,248 - 2,120,248 2,842,597 - 2,842,597
UK Listed 3,166,564 121,196 3,287,760 3,149,402 125,619 3,275,021
Non-UK Listed - - - 8,917 - 8,917
Other UK Unlisted 24,046 15,898 39,944 24,225 15,354 39,579
---------------------- ------------------ ---------------------- ---------------------- ------------------ ----------------------
Investment income sub total 5,310,858 137,094 5,447,952 6,025,141 140,973 6,166,114
---------------------- ------------------ --------------------- ---------------------- ------------------ ---------------------
Deposits 3,299,558 62,925 3,362,483 3,456,853 12,586 3,469,439
---------------------- ------------------ --------------------- ---------------------- ------------------ ---------------------
8,610,416 200,019 8,810,435 9,481,994 153,559 9,635,553
========== ======== ========== ========== ======== ==========

The investment property income of £2,120,248 (2024: £2,842,597) relates to operating leases of variable lengths with multiple terms and conditions.

5 . VOLUNTARY AND OTHER INCOME

2025 2024
Unrestricted Restricted
Total		 Unrestricted Restricted
Total
£ £ £ £ £ £
Voluntary income
Donations and legacies 16,760 999,973 1,016,733 10,991 790,715 801,706
--------------- ----------------- ------------------ --------------- ----------------- ------------------
16,760 999,973 1,016,733 10,991 790,715 801,706
======= ======== ======== ======= ======== ========
Other income
Covenant and other
property income 247,125 247,125 430,230 430,230
Pension surplus - - 43,424 43,424
Other 19,032 (539) 18,493 36,845 1,293 38,138
------------------ ----------------- ------------------ ------------------ ----------------- ------------------
Total other income 266,157 (539)
265,618		 510,499 1,293 511,792
------------------ ----------------- ------------------ ------------------ ----------------- ------------------
Total voluntary and
other income		 282,917 999,434 1,282,351 521,490 792,008 1,313,498
======== ======== ========= ======== ======== =========

28

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

6a. ANALYSIS OF EXPENDITURE

2025 2024 2024
Group
Charity Subsidiaries Group Total
Charity
Subsidiaries
Total
£ £ £ £ £ £
Net income is stated after charging
Auditors' remuneration:
Audit fees 56,740 11,265 68,005 57,930
10,550		 68,480
Other services
 24,244 10,314 34,559
 24,065
5,696		 29,761
--------------- -------------- -------------------- ---------------
--------------		 --------------------
Total audit costs
 80,984 21,579 102,564
 81,995
16,246		 98,241
--------------- -------------- -------------------- ---------------
--------------		 --------------------
Depreciation (net of disposals) 2,098,245 2,064,307
========== ==========
6b. ANALYSIS OF EXPENDITURE- CURRENT YEAR
Depreciation
(net of 2025
Staff costs Other costs
disposals)		 Total
£ £ £ £
COST OF RAISING FUNDS
Investment management 220,404
1,593,739		 - 1,814,143
Investment property expenses -
224,382		 - 224,382
Trading company costs 530,343
459,773		 - 990,116
------------------
------------------		 --------------------- ------------------
750,747
2,277,894		 - 3,028,641
======== ========== ========== ==========
CHARITABLE ACTIVITIES
School operating costs
Teaching costs 36,843,704
6,275,833		 -
43,119,537
Welfare - 4,492,773 - 4,492,773
Premises - 13,339,131 1,834,733
15,173,864
Support costs 12,154,618 3,758,640 -
15,913,258
Grants, awards, and prizes - 32,004 - 32,004
Management & administration - 3,802,263 - 3,802,263
------------------------ ------------------------ --------------------- ------------------------
48,998,322 31,700,644 1,834,733
82,533,699
=========== =========== ========= ===========
Nursing and care
Nursing 2,470,919 310,686 - 2,781,605
Welfare - 388,439 - 388,439
Premises - 1,362,127 263,512 1,625,639
Support costs 1,522,021 364,237 - 1,886,258
Administration expenses - 131,493 - 131,493
---------------------- ---------------------- ----------------- ----------------------
3,992,940 2,556,982 263,512 6,813,434
========== ========== ======== ==========
TOTAL EXPENDITURE 53,742,009
36,535,520		 2,098,245 92,375,774
=========== =========== ========== ===========

Included in support costs are governance costs of £84,235 (2024: £107,943)

29

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

6b. ANALYSIS OF EXPENDITURE – PRIOR YEAR

2024
Total -
Staff costs Other costs Depreciation Restated
£ £ £ £
COST OF RAISING FUNDS
Investment management 157,687 956,678 - 1,114,365
Investment property expenses - 165,960 - 165,960
Trading company costs 472,370 383,479 - 855,849
------------------ ------------------ --------------------- ------------------
630,057 1,506,117 - 2,136,174
======== ========== ========== ==========
CHARITABLE ACTIVITIES
School operating costs
Teaching costs 35,966,518 6,232,716 - 42,199,234
Welfare - 4,878,732 - 4,878,732
Premises - 10,551,640 1,810,662 12,362,302
Support costs 12,361,156 5,030,841 - 17,391,997
Grants, awards, and prizes - 43,367 - 43,367
Management & administration - 3,761,071 - 3,761,071
------------------------ ------------------------ --------------------- ------------------------
48,327,674 30,498,367 1,810,662 80,636,703
=========== ============ ========== ===========
Nursing and care
Nursing 2,400,861 544,707 - 2,945,568
Welfare - 673,084 - 673,084
Premises - 1,330,611 253,645 1,584,256
Support costs 1,364,816 606,337 - 1,971,153
Administration expenses - 97,557 - 97,557
---------------------- ---------------------- ----------------- ----------------------
3,765,677 3,252,296 253,645 7,271,618
========== ========== ======== ==========
------------------------ ----------------------- -------------------- ------------------------
TOTAL EXPENDITURE 52,723,409 35,256,779 2,064,307 90,044,495
=========== =========== ========= ===========

Included in support costs are governance costs of £107,943 (2023: £64,408)

30

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

7. STAFF NUMBERS AND COSTS

Average no of FTE employees Average no of FTE employees Average headcount Average headcount
2025 2024 2025 2024
Schools 612 678 753 841
Care - Operations 66 62 102 91
Care – Charitable Activities 8 10 11 14
Foundation Office 27 27 30 28
--------- --------- --------- ---------
713 777 895 974
==== ==== ==== ====
The costs incurred in respect of these employees were: £ £
Wages and salaries 39,783,680 40,413,522
Social security costs 4,562,265 4,479,569
Pension costs 7,456,208 7,106,085
Termination payments 1,943,416 710,148
------------------------ ------------------------
53,745,568 52,709,324
=========== ===========
------------------------ ------------------------
Aggregate employee benefits of key management personnel 1,160,930 1,335,947
=========== ===========

The key management of the Foundation comprise of the governors, Chief Executive Officer, Head of Trinity School, Head of Old Palace of John Whitgift School and Head of Whitgift School.

The number of higher paid employees with emoluments exceeding £60,000 was:

2025 No. 2024 No.
£60,001 - £70,000 111 127
£70,001 - £80,000 68 51
£80,001 - £90,000 37 16
£90,001 - £100,000 17 8
£100,001 - £110,000 10 1
£110,001 - £120,000 4 1
£120,001 - £130,000 3 -
£140,001 - £150,000 1 -
£160,001 - £170,000 1 2
£180,001 - £190,000 2 -
£190,001 - £200,000 - 1
£200,001 - £210,000 - 1
£220,001 - £230,000 -
1
£250,001 - £260,000 1 1
£260,001 - £270,000 - 1
£290,001 - £300,000 1 -

31

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

7a. GOVERNORS EXPENSES AND RELATED PARTIES

No remuneration was paid to the governors during the year (2024: £nil)

No governors received expenses during the year (2024: 4 governors received a total of £2,262). There are three governors whose children attend the schools. These governors are subject to the same terms and conditions as all parents.

Other than as stated above no governor or any person related to the Foundation had any personal interest in any transactions entered into in the period.

8. TANGIBLE FIXED ASSETS – GROUP

Freehold
Freehold Leasehold Furniture & under
property property equipment construction Total
£ £ £ £ £
LAND AND BUILDINGS
At 31 August 2024 78,059,474 1,914,309 2,948,896 5,085,654 88,008,333
Additions 241,504 - 113,922 2,584,183 2,939,609
Disposals (6,203,992) - - - (6,203,992)
Asset reclassification (494,573) 848,047 833,479 (1,186,953)
-
Asset declassification - - - (499,487)
(499,487)
Capital goods vat
adjustment		 (141,754) - (86,803)
-		 (228,557)
Transfer to Investment
asset held for sale		 (1,271,673) - - - (1,271,673)
------------------------ --------------------- ---------------------- ---------------------- -------------------------
At 31 August 2025 70,188,986 2,762,356 3,809,494 5,983,397 82,744,233
------------------------ --------------------- ---------------------- ---------------------- -------------------------
DEPRECIATION
At 31 August 2024 33,055,154 1,741,130 1,527,502 - 36,323,786
Charge for the year 1,610,272 60,559 427,414 - 2,098,245
Assets reclassification (423,092) 423,092 - - -
Disposals (3,067,885) - - - (3,067,885)
Impairment - 446,339 7,063 - 453,402
Transfer to Investment
asset held for sale		 (635,402) - - - (635,402)
-------------------------- ---------------------- ---------------------- ---------------------- -------------------------
At 31 August 2025 30,539,047 2,671,120 1,961,979 - 35,172,146
------------------------- ---------------------- ---------------------- ---------------------- -------------------------
NET BOOK VALUE
At 31 August 2024 45,004,320 173,179 1,421,394 5,085,654 51,684,547
=========== ======== ========== ========== ============
At 31 August 2025 39,649,939 91,237 1,847,515 5,983,396 47,572,087
=========== ======== ========== ========== ============

32

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Certain properties, including schools and care homes, have been classified as operational assets and, in accordance with our accounting policy, are excluded from the reported valuation. In 2020, Knight Frank and SHW carried out an assessment of these assets, which resulted in a valuation of £150,855,000.

Since then, a portion of this portfolio has been revalued annually by SHW, with the remainder assessed by JWF.

In 2025, following the revaluation and reclassification of residential properties as investment properties, the disposal of the Old Palace Prep site and part of the senior site, and the transfer of the remaining Old Palace freehold to assets held for sale, the value of these assets has been revised to £119,550,000.

9. INVESTMENTS - PROPERTIES – CHARITY AND GROUP

2025 2024
£ £
Market value
At 1 September 43,417,500 45,691,688
Additions 14,505,000 -
Disposals (315,000) -
Transfer to Investment Asset held for sale (5,000) -
Revaluations (3,363,875) (2,274,188)
------------------------ ------------------------
54,238,625 43,417,500
=========== ===========
Investment Asset held for sale
2025 2024
£ £
Opening balance 7,500,000 -
Transfer/addition 7,500,000
Disposal – Old Palace Prep School site -7,500,000
Transfer – 3/7 Park Street 187,500
Transfer – Old Palace Senior School site 1,500,000
---------------------- ----------------------
Closing Balance 1,687,500 7,500,000
========== ==========

The Old Palace Prep School officially closed in July 2024 and was subsequently reclassified as an investment asset held for sale. The site was sold in February 2025. The Old Palace Senior School closed in July 2025. Part of the site was sold in August 2025, and the remaining freehold area has been reclassified as an investment asset held for sale, following a valuation conducted by Knight Frank.

Included within investment property assets are a mixture of residential and retail properties owned by the Foundation which are held for investment purposes. These properties are revalued on a cyclical basis and included in the financial statements at market value.

The Whitgift Foundation own the freehold of the Whitgift Shopping Centre. As freeholder of the land, the Foundation sub-lets to a head tenant, who is then responsible for the overall day to day management of the Centre and lettings of the retail and office units. The head tenant is Croydon Limited Partnership – previously a Hammerson and Westfield joint venture. Westfield was acquired by Unibail-Rodamco, and the Hammerson share was purchased in 2023. The Unibail-Rodamco-Westfield team have been working to shape and develop a new masterplan for a mixed-use development of the Whitgift Centre

33

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

and adjacent assets better suited to the current market needs, and after public consultation in 2024 and 2025 a new Masterplan for the North end quarter has been adopted.

The investment properties are stated at their open market value as determined by Knight Frank, Stiles Harold Williams and Cushman and Wakefield, consultant surveyors and valuers.

A revaluation took place at 31 August 2025 by the surveyors Knight Frank, Stiles Harold Williams and Cushman and Wakefield that indicated a total value of £55.9m, incorporating certain properties on the site let on long leases to third parties (2024: £50.9m).

At the date of approval of these accounts the investment properties have been valued at their market value at the year-end date in line with accounting standards. (There will have been movements in these values post year end but no account has been made of these post year end movements).

The market values stated above include a revaluation surplus of £21,837,324 (2024: £25,201,199).

9a. FIXED ASSET INVESTMENTS – GROUP AND CHARITY

2025 2024
£ £
Market value
At 1 September 131,994,713 118,696,654
Additions 7,417,815 5,829,007
Disposals (7,080,618) (4,743,872)
Revaluations (1,933,186) 12,212,924
--------------------------- ---------------------------
130,398,724 131,994,713
============ ============
Cash held as part of investment portfolio 980,568 534,674
--------------------------- ---------------------------
At 31 August 2025 131,379,292 132,529,387
============ ============
Investments held are categorised as follows:
2025 2024
£ £
UK listed investments 126,168,304 129,004,459
Non-UK listed investments 2,371,350 1,101,402
Other UK unlisted securities 1,859,064 1,888,846
UK cash held 980,568 534,674
Investment in subsidiary 6 6
--------------------------- ---------------------------
131,379,292 132,529,387
============ ============

The listed and unlisted investments and securities above are financial assets held at fair value.

UK listed investments and Non-UK listed investments are stated at their market value as at 31 August 2025 determined by Sarasin & Partners LLP, CCLA Investment Management Limited, Navera Investment Management Ltd (formerly Meridiem Investment Management Ltd), NCL Investment Limited and Citi Private bank. Other UK Unlisted Securities are stated at their market value as at 31 August 2025 as determined by CCLA Investment Management Limited and Evelyn Partners Investment Management LLP.

The Foundation may realise real terms investment gains particularly if it helps with working capital.

34

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Fixed asset investments for the group are £6 lower than the above reflecting the elimination of the investment in the three subsidiaries on consolidation. The Whitgift Foundation has three wholly owned subsidiaries. In respect of J.W. Educational Limited, Whitgift Construction CIC and Whitgift School International Limited, The Whitgift Foundation has a holding of six ordinary shares. All companies are incorporated in England and Wales. Further details are provided in note 10 below.

The market values stated above include a revaluation surplus of £47,516,229 (2024: £49,449,409).

10. NET INCOME FROM TRADING ACTIVITIES OF SUBSIDARIES

The Charity has three wholly owned subsidiaries. J.W. Educational Limited (company number 03470213), trades as a retailer of school clothing and manages the trading activities of Trinity Sports Club and the Whitgift Sports Hall. Whitgift Construction CIC (company number 7441486) was dormant up until January 2023 and its principal activity is design and build services for The Whitgift Foundation’s residential portfolio. Whitgift School International Limited (company number 14846293) manages the commercial international school partnerships through franchise, management and service agreements on behalf of Whitgift School and The Whitgift Foundation. Each of the three companies has entered into a deed of covenant under which, if a profit is made, all taxable profits are covenanted to The Whitgift Foundation. A summary of their trading results is shown below.

J.W. Educational J.W. Educational Whitgift Construction Whitgift Construction Whitgift School Intergroup Intergroup Consolidated Consolidated
Limited C.I.C International Limited Undertakings Financial Statement
2025 2024 2025 2024 2025
2024		 2025 2024 2025 2024
£ £ £ £ £
£		 £ £ £ £
Turnover 1,238,710 930,932 142,866 57,918 5,007 100,249 (142,866) (57,918) 1,243,717 1,031,181
Cost of sales (818,117) (704,582) (127,598) (61,159) (7,772) (58,575) -
-		 (953,487) (824,316)
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Gross profit 420,593 226,350 15,268 (3,241) (2,765)
41,674		 (142,866) (57,917) 310,230 206,865
Administrative
expenses
(41,213)		 (40,496) (5,840) (7,424) (9,576)
(3,613)		 20,000 20,000 (36,629)
(31,533)
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
379,380 185,854 9,428 (10,665) (12,341)
38,061		 (122,866) (37,918) 253,601 175,332
Gift Aid paid to
the Foundation		 (379,380) (185,854) - - - (38,061) -
-		 (379,380) (223,915)
-------------------- -------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------- --------------------
Net profit / (loss) - - 9,428 (10,665) (12,341)
-		 (122,866) (37,918) (125,779)
(48,583)
======= ======= ======= ======= ======= ======= ======= ======= ======= =======

11. DEBTORS DUE WITHIN ONE YEAR

GROUP GROUP CHARITY CHARITY
2025 2024 2025 2024
£ £ £ £
Trade debtors 1,527,100 2,212,771 1,496,424 2,206,035
Trade debtors Autumn Term 16,269,114 - 16,269,114 -
Other debtors 442,157 186,932 442,063 186,932
Amounts due from subsidiaries - - 468,248 246,756
Prepayments & accrued
income		 1,906,664 2,726,442 1,901,732 2,703,468
---------------------- ---------------------- ---------------------- ----------------------
20,145,035 5,126,145 20,577,582 5,343,191
========== ========== ========== ==========

35

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

12. CREDITORS

Due within one year

Due within one year
GROUP CHARITY
2025 2024 Restated 2025 2024 Restated
£ £ £ £
Trade creditors 2,081,983 1,725,371 2,060,599 1,722,517
Other creditors 11,046,252 12,185,659 11,060,377 12,197,910
Accruals and other deferred
income		 7,778,289 5,657,879 7,05,145 5,580,575
Autumn term fees 16,269,114 - 16,269,114 -
Deferred income fees in
advance		 4,454,485 5,998,681 4,454,485 5,998,681
Taxation and social security 3,533,183 1,383,604 3,546,291 1,393,356
------------------------ ------------------------ ------------------------ ------------------------
45,163,306 26,951,194 45,096,011 26,893,039
=========== =========== =========== ===========
Due after one year:
Finance lease due 1 to 2 years 263,909 187,301 263,909 187,301
Fees in Advance due 1 to 2 2,136,987 4,599,886 2,136,987 4,599,886
years
Finance lease due 2 to 5 years 304,390 257,539 304,390 257,539
Fees in Advance due 2 to 5 1,699,782 3,830,967 1,699,782 3,830,967
years
Fees in Advance due after 5 67,388 344,414 67,388 344,414
years
Other borrowings due after 10
years		 70,000,000 70,000,000 70,000,000 70,000,000
------------------------ ------------------------ ------------------------ ------------------------
74,472,456 79,220,107 74,472,456 79,220,107
=========== =========== =========== ===========

On 7 June 2022 the Foundation entered into a private placement for £70m funding paid in four tranches to assist in the financing of the Foundation’s capital programme. The first drawdown was for £9m at an interest rate of 3.54% repayable on 7 June 2052. The second drawdown was for £5m at an interest rate of 3.54% repayable on 7 June 2052 and £25m at an interest rate of 3.39% repayable on 7 June 2062. The third drawdown was for £21m at an interest rate of 3.54% repayable on 7 June 2052. The fourth drawdown was for £10m at an interest rate of 3.54% repayable on the 7 June 2052. For all tranches the first interest payment was made on 7 December 2022 and continues at six-monthly intervals thereafter.

36

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Fees in Advance 2025 2024
£ £
Opening Balance 14,773,948 -
Additions
Fees in Advance - 15,564,047
Correction of items included in Fees in Advance
balance but should have been presented in deferred
income
Old Palace commitment (269,961) (388,199)
Fees in Advance refunded in year (145,877) -
Too much moved to Fees in Advance from deferred
income		 (786) (401,899)
Amounts utilised in year Fees in Advance (5,998,680) -
---------------------- ------------------------
Closing Balance 8,358,642 14,773,948
========== ===========
within 1 year 4,454,485 5,998,681
due 1 to 2 years 2,136,987 4,599,886
due 2 to 5 years 1,699,782 3,830,967
after 5 years 67,388 344,414
---------------------- ------------------------
8,358,642 14,773,948
========== ===========

37

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

13. RESTRICTED AND ENDOWMENT FUNDS – CURRENT YEAR

Balance at
1 September Gains/(Losses) Market value Balance at
2024 Income Transfers on funds adjustments Expenditure 31 August 2025
£ £ £ £ £ £ £
Restricted funds
Cumulative Funds 444,827 - - - (2,919) - 441,908
Trinity Boys Choir Fund 54,583 165,896 - 2,207 - (146,716) 75,970
Exhibitions Scholarships & 381,909 34,434 - - (13,117) - 403,226
Prize Bequest Funds
Almshouses Charity Fund 120,871 3,323 - - (4,286) - 119,908
Dr HJ Strong's Outpensions Fund 137,916 2,141 - - (2,762) - 137,295
Fry Trust Fund 9,424 213 - 403 - (58) 9,982
Crispin Brown Memorial 25,166 976 - 1,254 - (214) 27,182
Theodora Clark Fund 7,933 - - - - - 7,933
Bursary Appeal Trinity 906,922 522,007 - 3,354 41,678 (513,624) 960,337
Whitgift For All (Bursary Fund) 916,597 347,278 - - - (33,960) 1,229,915
Old Palace Benevolent Fund 16,219 - - - - - 16,219
Mollie Christopher Award 5,500 - - - - - 5,500
AGE Jones Will Trust 106,915 6,149 - 1,245 28,936 (5,136) 138,109
Edridge Bequest 99,073 - - - 408 - 99,481
Ralph Snow 506,164 104,543 - - 64,522 12,632 687,861
Trinity School Malawi Project 36,347 15,682 - - - (28,750) 23,279
OP: Dr Salma Hussain Award
Drama		 1,000 - - - - (1,000) -
WS Community Summer School 29,625 - - - - - 29,625
3,806,991 1,202,642 - 8,463 112,460 (716,826) 4,413,730
Whitgift House - 3,079,965 855,614 - - (3,935,579) -
Almshouses - 88,270 349,653 - - (437,922) -
Wilhelmina House - 1,270,542 238,700 - - (1,509,242) -
----------------------- ---------------------- ---------------------- --------------- ------------------- ------------------------ ----------------------
3,806,991 5,641,419 1,443,967 8,463 112,460 (6,599,569) 4,413,730
=========== ========== ========== ======= ========= =========== ==========

38

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

13. RESTRICTED AND ENDOWMENT FUNDS – CURRENT YEAR (continued)

Balance at
1 September Gains/(Losses) Market value Balance at
2024 Income Transfers on funds adjustments Expenditure 31 August 2025
£ £ £ £ £ £ £
Permanent endowment
Almshouses Original Endowment 1 - - - - - 1
AGE Jones Will Trust Endowment 215,517 - - - - - 215,517
Ralph Snow Endowment 3,766,035 - - - - 3,766,035
---------------------- ---------------------- ------------------ --------------- -------------------- ----------------------- -----------------------
3,981,553 - - - - - 3,981,553
========== ========== ========== ======= ========= ========== ==========
7,788,544 5,641,420 1,443,966 8,463 112,460 (6,599,569) 8,395,283
========== ========== ========== ======= ========= ========== ==========

39

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

13. RESTRICTED AND ENDOWMENT FUNDS – PRIOR YEAR

Balance at
1 September Gains/(Losses) Market value Balance at
2023 Income Transfers on funds adjustments Expenditure 31 August 2024
£ £ £ £ £ £ £
Restricted funds
Cumulative Funds 407,525 810 - - 36,492 - 444,827
Trinity Boys Choir Fund 11,588 109,682 - 148 2,769 (69,604) 54,583
Exhibitions Scholarships & 420,535 10,019 (37,551) - 28,124 (39,218) 381,909
Prize Bequest Funds
Almshouses Charity Fund 85,617 2,434 23,714 - 9,106 - 120,871
Dr HJ Strong's Outpensions Fund 130,478 1,569 - - 5,869 - 137,916
Fry Trust Fund 8,673 148 - 3 672 (72) 9,424
Crispin Brown Memorial 22,402 545 - 6 2,476 (263) 25,166
Theodora Clark Fund 7,933 - - - - - 7,933
Bursary Appeal Trinity 676,661 570,169 40,952 12,903 31,785 (425,548) 906,922
Whitgift For All (Bursary Fund) 713,492 234,445 2,654 - - (33,994) 916,597
Old Palace Benevolent Fund 16,219 - - - - - 16,219
Mollie Christopher Award 6,000 - - - - (500) 5,500
AGE Jones Will Trust 45,908 9,139 - 14,985 43,106 (6,223) 106,915
Edridge Bequest 89,667 522 - - 8,884 - 99,073
Ralph Snow - 106,702 - - 387,982 11,480 506,164
Trinity School Malawi Project 23,843 13,386 - - - (882) 36,347
OP: Dr Salma Hussain Award
Drama		 1,000 - - - - - 1,000
WS Community Summer School 16,653 12,972 - - - - 29,625
2,684,194 1,072,542 29,769 28,045 557,265 (564,824) 3,806,991
Whitgift House - 2,545,565 1,480,087 - - (4,025,652) -
Almshouses - 73,616 339,487 - - (413,103) -
Wilhelmina House - 1,084,243 545,414 - - (1,629,657) -
----------------------- ---------------------- ---------------------- --------------- ------------------- ------------------------ ----------------------
2,684,194 4,775,966 2,394,757 28,045 557,265 (6,633,236) 3,806,991
=========== ========== ========== ======= ========= =========== ==========

40

THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Permanent endowment
Almshouses original endowment 1 - - - - - 1
AGE Jones Will Trust Endowment 215,517 - - - - - 215,517
Ralph Snow Endowment 3,766,035 - - - - - 3,766,035
--------------------- --------------------- ---------------------- ------------------ ----------------- ------------------------ -----------------------
3,981,553 - - - - - 3,866,035
========== ========== ========== ======== ======== =========== ===========
6,665,747 4,775,966 2,394,757 28,045 557,265 (6,632,867) 7,788,544
========== ========== ========== ======== ======== =========== ===========

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THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

13. RESTRICTED FUNDS (continued)

Restricted funds consist of donations made to The Whitgift Foundation for restricted purposes. The Trustees are not aware of any restrictions over the separate use of the capital and income for these donations. Each fund has been split by the Trustees into a capital and income fund where appropriate. An explanation of each fund is given in more detail below. We are reviewing the restricted funds linked with the former Old Palace School to ensure they are best employed as originally intended.

Transfers to the care homes represent contributions from the unrestricted fund.

Cumulative funds

These funds represent investments which were made to provide for major repairs to the Almshouses.

Trinity Boys Choir Fund

This is a fund set up for the activities of the Trinity School Choir enabling them to gain experience and widen their musical and dramatic interests.

Exhibitions, scholarships, and prize bequest funds

These funds represent bequests by former pupils at Whitgift and Trinity schools to award prizes to boys who have excelled in various school subjects and activities. These individual funds have been consolidated into one fund.

Almshouses Charity Fund

This fund represents an investment for the upkeep and maintenance of the Almshouses.

Dr H J Strong's Outpension Fund

The fund represents an investment to provide for the payment of pensions to men and women of poor standing in the Church of England over the age of 65 who have resided in the Croydon area for not less than ten years.

Fry Trust Fund

This fund arises from an endowment by two Trinity old boys to provide an award to the best entrant to medical school each year.

Crispin Brown Memorial Fund

This fund is named after an Old Whitgiftian and was set up from an anonymous donation to provide extra educational opportunities for current Whitgift pupils from less privileged backgrounds and to provide special links with pupils at maintained schools.

Theodora Clark Fund

This fund was set up to provide travel scholarships to pupils leaving Croham Hurst School.

Bursary Appeal – Trinity

A Development Office was established at Trinity School in 2018, dedicated to raising further funding for bursaries at the school. Funds raised for the Trinity Bursary Fund are held in segregated accounts by the Foundation and used to provide additional funding over and above the central bursary

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THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

allocation. The Fund has steadily increased over that period and is now supporting 25 additional students at the school with significant bursary awards.

Bursary Appeal – Whitgift For All

Whitgift For All was approved by the Charity Commission in December 2021 as a linked charity, governed by five trustees with discretionary powers to spend and invest funds. Its primary aim is to raise money for bursaries, enabling Whitgift School to expand its provision and offer transformative 110% bursaries to bright boys from the local area. In addition, funds are used to support community projects run by the school. Funds raised are held in a restricted fund by the Foundation to supplement the bursary allocation provided by the John Whitgift Foundation.

Mollie Christopher Award

This fund was set up from a donation from a former pupil of Croham Hurst School to provide a prize for a pupil in year 9 for her sporting achievements.

A.G.E. Jones Will Trust

This fund was set up from a legacy from a former pupil to provide a prize for Trinity School pupils, from the income of the fund.

Sir Frederick Thomas Edridge

This is a fund set up to provide scholarships for or otherwise assisting young men from Whitgift and Trinity schools intending to take Holy Orders who proceed to university.

Dr Salma Hussain Award

This fund was set up from a donation from the family of Dr Salma Hussain to provide a prize for an Old Palace pupil in recognition of her contribution to drama. Following the closure of Old Palace School, the funds were returned to the family.

Trinity School Malawi Project

This fund was set up from regular fundraising to support Trinity School’s ongoing partnership with Chipwepwete Primary School in Malawi to transform lives by helping increase the number of students attending school by providing free school lunches and new classrooms.

Whitgift Community Summer School

This fund has been set up to enable Whitgift School to hold a free of charge Summer School for local disadvantaged pupils.

Ralph Snow Fund

This is Income arising from the Ralph Snow endowment fund and will be used for the general educational purposes of The Whitgift Foundation

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THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2025

14. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Fixed Net current Long-term
assets Investments assets liabilities 2025 Total
£ £ £ £ £
Endowment funds 3,981,553 - - - 3,981,553
Restricted funds - 4,413,730 - - 4,413,730
Unrestricted funds 43,590,534 181,204,181 46,131,897 (74,472,456) 196,454,156
------------------------- -------------------------- ------------------------ ------------------------- --------------------------
47,572,087 185,617,911 46,131,897 (74,472,456) 204,849,439
=========== ============ =========== ============ ============
Restated
Fixed Net current Long-term
assets Investments assets liabilities 2024 Total
£ £ £ £ £
Endowment funds 3,981,553 - - - 3,981,553
Restricted funds - 3,806,991 - - 3,806,991
Unrestricted funds 47,702,994 172,139,890 58,572,582 (79,220,107) 199,195,359
------------------------- -------------------------- ------------------------ ------------------------- --------------------------
51,684,547 175,946,881 58,572,582 (79,220,107) 206,983,903
=========== ============ =========== ============ ============

15. CAPITAL COMMITMENTS

The governors have authorised, and the Foundation is committed for future capital expenditure of £nil (2024 £0).

16. LEASE COMMITMENTS

At 31 August the Foundation had the following commitments under non-cancellable operating leases:

Other assets 2025 2024
£ £
Total cost of leases expiring within 1 year 215,130 500,604
Total cost of leases expiring between 1 - 2 years 1,738,216 389,003
Total cost of leases expiring between 2 - 5 years 1,008,283 2,499,440
Total cost of leases expiring after 5 years - 241,735
----------------------- -----------------------
2,961,629 3,630,782
========== ==========
Property Assets 2025 2024
£ £
Total cost of leases expiring after 5 years 3,909,334 4,095,437
========== ==========
--------------------- ---------------------
Total 6,870,963 7,726,219
========== ==========

Lease costs charged to the Statement of Financial Activities were £948,535 (2024: £1,040,796).

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THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

17. PENSION COSTS

PENSION COSTS
2025 2024
£ £
Teachers’ Pension Agency contributions 5,474,909 5,821,861
Teachers’ Defined contribution 698,354 -
Group Personal Pension Plan contributions 1,282,944 2,196,056
Payments to pensioners - -
----------------------- -----------------------
7,456,208 8,017,917
========== ==========

Pension payments outstanding at the year-end are included in creditors were £1,017,327 (2024: £943,790).

Teachers’ Pension Scheme (TPS)

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 £5,474,909 (2024: £5,821,861) and at the year-end £603,768 (2024: £746,293) 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%.

In June 2024 following extensive negotiations the Foundation successfully reached a collective agreement with the trade unions which a) reduced the 1 September 2024 pay award for teacher’s opting to remain in TPS which effectively capped the increase to the employer contribution rate to 25% of salary and b) introduced a new defined contribution (DC) scheme for teaching staff to opt into. This is operated by Standard Life, based on a comparable 25% employer contribution rate including cover for life assurance and income protection. Teachers will still be auto enrolled into TPS which will remain the default scheme but can opt to join the DC scheme at any time. If they do join the DC scheme, they will be placed on the enhanced DC pay scale and have the flexibility to reduce their employer and employee contributions and receive a cash allowance instead. By increasing their contributions through salary sacrifice teachers can reduce their liability for tax and national insurance and grow their pension fund faster. As at 1 October 2025, 62 teachers have chosen to opt for the DC scheme (around 19% of those eligible).

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THE WHITGIFT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

18. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVE FIGURES BY FUND

COMPARATIVE FIGURES BY FUND
Restricted &
Unrestricted Endowment Total
Funds Funds 2024 Restated
Notes £ £ £
INCOME AND ENDOWMENTS FROM:
Charitable activities
School fees receivable 2 54,475,272 - 54,475,272
Other educational income 3 7,207,180 128,372 7,335,552
Nursing and care 464,150 3,702,028 4,166,178
Other trading activities
Income generated by trading subsidiary 10 1,031,181 - 1,031,181
Investments
Bank and other interest 4 3,456,853 12,586 3,469,439
Investment income 4 6,025,141 140,973 6,166,114
Voluntary sources
Voluntary Income 5 10,991 790,715 801,706
Other 510,499 1,293 511,792
------------------------- ------------------------- -------------------------
Total Income 73,181,267 4,775,967 77,957,234
------------------------- ------------------------- -------------------------
EXPENDITURE ON: 6
Raising funds
Investment management 1,113,965 400 1,114,365
Investment property expenses 165,960 - 165,960
Trading company costs 855,849 - 855,849
-------------------------------- -------------------------------- --------------------------------
Net income available for charitable
application		 71,045,493 4,775,567 75,821,060
-------------------------------- -------------------------------- --------------------------------
Charitable activities
School operating costs 80,072,279 564,424 80,636,703
Nursing and care 1,203,207 6,068,411 7,271,618
-------------------------------- -------------------------------- --------------------------------
Total charitable expenditure 81,275,486 6,632,835 87,908,321
-------------------------------- -------------------------------- --------------------------------
Total expenditure 83,411,260 6,633,235 90,044,495
Net expenditure/income before (10,229,993) (1,857,268) (12,087,261)
investment gains and losses
Gains on equity investments
(Losses)/Gains on property investments 9 11,588,841 585,308 12,174,149
3,435,005 - 3,435,005
-------------------------------- -------------------------------- --------------------------------
Net income/(expenditure) 4,793,853 (1,271,960) 3,521,893
Transfers between funds 13 (2,394,757) 2,394,757 -
-------------------------------- -------------------------------- --------------------------------
Net movement in funds 2,399,096 1,122,797 3,521,893
Balances at 1 September 2023 196,796,263 6,665,747 203,462,010
------------------------------------- ------------------------------------- -------------------------------------
Balances at 31 August 2024 199,195,359 7,788,544 206,983,903
============= ========== =============

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