Regi%tered r•Jmber: 00429150 Churity nurrl)ew.' 512677 FOREST SCHOOL. LONDON (A Company Ltrnited by Guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 FOREST SCHOOL, LONDON (A Company Limlted by Guarantee) CONTENTS Page A•l•r4n¢• ond Adrths*rat￿e Delailsolthe CompaThy. 1lsGoY•m￿ ondAdv4*ry 5-14 GKiYemov¥' R•4>oMlbllities Stalem Ihd•p•bthnlAditorn' Report on*• Stat•m•nts 16-18 Conwlid¢Jtod %4)l*mOAt offk￿￿¢[olA￿1Y1*l•s io Conwlidated Balance Sheet 20 Compony Sheet 21 Co•wlid•tsd $14)l•m•r*t of Coih Fl) 22 Notes tothe Sl•t•m•nts 23-40 FORESTSCHOO¥ LONDON IACompany Llmlted by Guarantee) REFERENCE ANDADMINISTRATIVE DETAILS OFTHE COMPANY, ITS GOVERNORS ANDADVISERS FOR THE YEAR ENDEO 31 AUGUST 2025 Gryemors D. Wilson, LL8- Chair of Governors111 Dr S. Berryman131141 J.D. Davies13- Chairl14- Chairl W.M. Fuller111121 Ms Y Gibbons DrSMHadi Ms N Lall OBE131 R Mann111121 Venerable Michael Power131 (appointed 18Jvne 20251 P. SBmpat111121 S.T. Perry11- Chairl12- Chairl K. Law lappointed 4 September 20251 111 Finance and Estates Committee 121 Health, Safety and Risk Mana8ement Commrttee 131 Education Committee 141 Academic Committee Company reEiStered Dumber (K)429150 Charity reKistered fiymber 312677 Re8lstered offlce Forest school Nr Snare5brook London E17 3PY Bursar and SÈLTetary Mr5 D. Coomb5 Iretired 10 December 20251 Warden Mrm. Clrff Hodge5 (retired 31 August 20251 Mrs ClaireTao (from I September 20251 Independent audftor Haysmac LLP 10 Queen Street Place London EC4R IAG Banker5 Barclays Bank PIC London E14 5HP Sth(it¢Jrs Edward5 DuthieShama5h Bank House 269- 275 Cranbrook Road Ilford E55ex 14TG Page 3 FOREST SCHOOL LONDON IACompany Limitèd by Guaianteel CHAIRMANS STATEMENT FOR THE YEAR ENDED 31AUGUST2025 Like many schools in our sector, Forest has spent the last year recasting its financial and operational functions to meet the impact of VAT, NIC increases and the end of charitable rates relief. While the School faced an increase in its operational costs, it held up well in the last year in terms of pupil numbers. while bve continued to double down on strategSes to strengtheri our financial position to secure Foresvs future. A significant part of thi5 Was to begin nègotiations to acquire Snaresbrook Preparatory School, which, like many, faced rising costs and falling rolls. While a bold move in challenging tirne5, we believe this will strengthen our position locally and deepen our communitv connettions. Significantly, it also creates an opportunity for Forest to offer more personalised pathways. to meet different pupil needs, as a rnean5 of acce55inB an onward journey to our senior school within the Forest 8roup. Familles. of course. remain at the heart of what we do. WÈ want Foresr's parents, both current and future, to be tonfident in the School's commitment to managing their investment well, and to be assured that the School can continue to deliver the hi8h-ouality education they have bought into. Over the last year, both governors and senior staff have met many Forest families to hejr theirview5, build trust, create connections and provide reassurance that we wll work hard to mitigate their financial burden the best we can. In the reportingyear. Forest rernained loyalto tontinuin8 its cornmunlty commitment, expre55ed through our outreach and access work with local schools and in our charity work. rnuch of which 15 covered in the Govemors, Report which follows. A% ever, l extend my personal thanks to all our staff, pupils and parents who continue to make Forest such a flourishing and Special cornrnunity. In particular, l a150 thank my fellow governors for their commitment to the khool and for their support to me during my tenure as Chair which ends during the comingyear. David Wi5son Chair of the Governing Council Date.. ."161zL Paee 4 FORESTSCHOOL LONDON IA Company Limited by Guaianteel GOVERNORS, REPORT FOR THE YEAR ENDED31 AUGUST2025 The GovernoT5 are pleased to subfflit their Report on the school's activities together with the Financial Statements for the year ended 31 August 2025. which have been prepared in aicordance with the Financial ReportinE Standard applicable in the UK and Republic of Ireland IFRS1021, the StateTnent of Recommended Practice applicable tg charitie5 preparin8 thelr accounts in accordancÈ with the Financial Reporting Stèndard applicable in the UK and Republic of Ireland IFRS 1021 (2nd Edition, effective l January 20191 and the Companies Att 2QO6. IIEFERENCEANDADMINISTRATIVE INFORMATrON Details of the Governor5, executive offiters and advisers are shown on Page 3. At its AGM on 5 December 2024, the Governin8 Council ratified the appointment of Richard Mann. STRUCTURE. GOVERNANCE AND MANAGEME Governing docurnwt The School was founded in 1834 and was incorporated In 1947 as a Company Lirnited byGuarèntee. Each member of the company has a liability under the guarantee lirnited to £1. The organisation and operatlons of the School are prlmarily governed by the School's Memorandum and Article5 Of As50Ciation. Or8anlsaiion The School is managed by a Governing Council whiih provides its services on a voluntary bè515. The following are also relevant to understanding the basis on which the School 15 rnana8ed duringthe year under review.. al Flnance and Esmes Cornmittee The Commiriee meets at least three time5 a year to consider major polio. financial and signrfitant infrastructure matter5. It comprlses nominated Govemors, with the Warden, Bursar and Chief Accountant ln attendan￿. It reports each term to the Governin8 Council. bl Heakh, Safetyand Rls* ManaBemeTrt Commtttee The Committee meets terrnly to identify and evaluate potentl81 threats to the future operation of the School. It compri5e5 notninated Governors, with the Warden, Bursar. Director of Health, gafety and Compllance, Information Director and other senior Staff in attendance. It rÈwrts each term to the Governlng Council. cl Educatim Commfttee The Committee meets termly and ha5 a monitoring and adwi50ry role relating to the School's curficular and pastora1 provision. It eomprlses nomlnated Governors with the W3rden and other senior staff in attendance It reports each term to the Governing Council. dl Academic Committee The Committee meets once in both the Michaelma5 and Lentterms Ènd has a monltorlng and advisory role relatin8 to the School's academic piovision It comprises nominated Governors with the Warden, Deputy Head Academic. the Head of the Prep School and other senior acadernic staff in attendante. It reports each term to the GOVern￿n8 Council. el Operational MaThagernent The daily trper8tional management of the School 15 the responsibility of the Warden, who Is primarily sUPPOrted by the Deputy Heads, Head of the Preparatory School and the Bursar. Use ol Unpaid Volunteers All Governor5 provide their servlces on a voluntary unpaid basi5. TherÈ are no other unpaSd vdunteer5. St•ff The School employ5 an average of 455 staff, of whom 227 are teaching staff. For details of the full-tirne equivalents, please refer to Note 8 on P&Ee 29. At year end, the Governlng Council consisted of eleven member5 and, alon8 Wlth its sub-commirrees, met every term (Council meets twice in Michaelmasl. In addition. Individual rnembers supported the Warden and senior team on specific project5 and aspects of the School's bvork Forest's Governing Couricil cornpri5e5 people from a wide range of experience in education. buslness. finance and the professlons. Governor5 give freely of their tirne and are 501ety committed to the enduring success, health and happlne5s of the School. Page 5 FOREST SCHOOL, LONDON (Acompany Limlted byGuaranteel GOVERNORS, REPORT ICONTINUEDI FOR THEYEARENDED31AUGUST2025 All nebv Governors are checked throuEhthe Dlsc1osure and 8arring SeNice and inducted intotheworking5 of the Schoo1 priorto the date of formal appointment. Training is provided for all Governors as appropriate to keep them abreast of their leÉèl and trustee responsibilities. Key Management Personnel During the year under review the day-to-day running of the School was delegated to the Warden and the Bursar. They were supported by the Senior Leadership Team and tDgether thi5 group represented the key management personnel. The Senior Leadership Team cornpri5ed the Deputy Head Academic. Deputy Head Staffing & Operations, Deputy Head Co-curriculum. Oeputy Head Pastoral, Deputy Head kfeguardin& Head of s￿th Form, Head of Middle School, He4d of LDwer School arid Head of Preparatory School. Remuner3tion is Set by the Governing Ccuncil in a fair and responslble manner with the objective of ensurin8 approprSate incentives to encourègeenhanced perFormance. In setting pay, considerat￿￿ 15¥iven tothe natureofthe role and re5pon5ibilitie5. the sectoraverage for cornparable posltions and trend5 in pay. Tradlng company Sylvestrian Enterpri5e5 Limited 15 R wholly owned subsidiary of Forest School, London. and is independently funded. Its financial year is totemiinous with that of the Scheol. Its principal activitie5 are the provision of leisure facilities. the letting of the School's facilitles to third parties and a tuck shop facility. STRATEGIC REPORT ObJEcfsAND AcfiviTIES The objects foi which the company Is established. and a5 Set out in thÈ Articles of AssociatSon are.. fopromote Gndprovide for rhe odvoncement of edurJrion and Jn connection therewith to estoblish ond provide. conduct, corry On, tstouire ond develop in the United Kinodtrm onyboordino ordoy school orschoo15for theeducotion trf children. Principal activity The khool's principal activity isto promote and provide for the advancement of educatvn, to include the continuance of Forest khool, London. Policy for achieving objectives The GovÈrnors have had re8ard to 8uldance from the Charity Cornrni55ion in ensurin8 that the khool's objectives are for public benefit. The polScles for achievlng the khool's obiertives are a5 follows.. 1. To Supply to all pupils8eneral instruction on the highesr class of moral and physical trainin8, tQ8ether wirh religioustraining accordin8 to the principles of the Church of England and to art, wherever possible. to the benefit of the local community, as a whole. 2. To Èquip, furnish ènd maintain the buildinES and grounds of Forest School, London for the said use. 3. To award bursaries to support the children of parent5 Wlthoirt the tneans as well as award prize5 and scholèrships to pupils for proficiency In studies, exercise of games. art or music. 4 Co-operation with local schoo15 in advice to pupi15, teachin8 staff exchan6es and sharing resources. 5. To subscribe money for charitable objects through a regular programmè of fundraisin£ event5. 6. To control cc5ts and to maintain tuition fees at the lowest practical levels, consistent with the School's object5. 7. To act as trustees or managers of any property, endowrnent, legacy, bequest or gift, for charitable education purposes onlv. 8. To share sporting facilities with bona fide organisations, within the local comrnunity. To borrow or raise moneyforthe purpose5 of the School on such security as may be thought fit. 10. To do 3115uch other lawful things as are necessary to the attainment of the above objert5 or any of t￿m. There have been no tnaterial chan8es in the above pollcies since the last report. ACHIEVEMENTSAND PERFORMANCE The khool provide5 hi8h quality education to Its pupils offering a wide ran8e of acadetnic tovrses at both GCSE ènd A Level with a number of 5ubject5 not 3vèil?ble at all schools. Acadernitresultsfor the ye8r The number of pupi15 durin8 thÈ year 2024-25 3vera8ed 1,58912023-24.. 1,5011. A totsl of 391 pupils benefited through Pa8e 6 FORESTSCHOOL LONDON (Acompany Limited by Guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 financi31 supportfrom Scholarships 3nd Bursaries. In Summer 2025.. 122 pupils were entered for GCE Advanced Level. The pass rate at grades A'_B was 81% with A -A at 49%. This r05e to 51% A -A when the Extended Projert Qu81ific3tion results are factored in. 57% of all EPQgrades were at A or A Afurthèr 150 pupils were entered for G￿E examinations.. 78% achieved 8rades 9-7, wlth 58% af 9-E 29.5% of all Higher Project QualificatlOn5 achieved the hS8hest grade of A. with 53% achievin8 A -A. Once a8ain, for the second 5ucces5ive year. Forest pupils achieved the khool's best ever set of GCSE resu￿5. The èchievements of our Year 13, in producing anothpr Set of except￿nal￿ stronE Outcomes, demonstrat&d the School's consistent strength in academlc excellence. 90% of pupils progressed to universitles, Including iwo to Oxfor(l and one to CambridÉe. 88% of the cohort progressed onto Russell Group institutions or top 10 UK universities. Others took up high prestige apprentice5hip5, plates at overseas universities and drama school. HiÉh standards continue to be maintiined In sport, rnU51c, drarna ènd art. Once again there were notablÈ sporting successe5 in tritket with the U14 boys winning the Essex Cup trophy for the second year running as well as competing into the lèter stages of the National Cup. The 1st Xl beat New Hall in the Essex Cup final thus completing three Essex Cup wins in four years. Forest also continued to show its dominance and growth a5 a cricket school 35 the U14 girls reachinE the area finals iri the National Cup. In football the 1st Xl recordÈd 13 wins from 15 matches, reaching the Essex Cup Final. In swimmin8 there was a particularly outstandin8 athievement from the U13 girls, teatn, who setured second place in the naiional champiDn5hip5 In the medley, while In the Winter Wonderland Swim Gala there was another resounding win for Forest. Hockry totr success for Forest with one of the season's most remarkable stories came fromthe Boys, U14Ateam.who made history bybecorning both Countyand Re8Sonal Champions and in doin8 so secured Forest School's first-ever plèce in the Outdoor National Final. PUBLIC BENEFIT Forest khoc>l educates pupils frorn the ages of 4 to 18. The khool continues to value and prornote the ethos of wider cotnmunity Involvement and public Service and 15 well irTrtegrated in its local community. which, while concentrated in the irnmediate vicinities of the School. also spreads across a significant part of the suburban area of north-east London. The Promotiorj of EducGtion, Involvement the Community, ond the Charitable ObjettoJRelief PARTNERSHIPS lond(￿ Academy of Excellen Our partnership with LAE has been a successful one over the years which ha5 been of mutuèl benefit to our student5 and those at L4E. Dating back to 2012. we have created many opportunities for our Sixth Form students to meeL Share ideas and. where p055ible, work together with their peers at LAE. During the past year WÈ have hosted LAE 5tudent5 at a nurnber of events including the 3nriual visitof Forest House, a Solnt debate ond a History Symw5ium. Hockney Empire Our continuing partnership with the Hackney Empire saw the ever-popular'Battle of the Bands, event take place at the iconit venue on 23rd June. Student bands- èlonE wlth a few stsff ones- took to the stage to compete for the lop 5POt in their re5pettive categories Iloyol Notional Children'5 SpringbGoidFoundtttion The Roy31 National Children'5 Springboard Foundation ISprinEboardl 15 the UK'5 largest bursary charity. helping di5adv8nta8ed and vulnerable children accessfullyfunded bursary placements at leaditTrg independent Schools. Currently. four Springboard pupils are bein8 supported at Forest School. SUPPORTTO LOCAL SCHOOL5 Forest provided 5UPPOrt to a nurnber of local schools, and the following are example5 of the work undertaken.. 50ENCE Juniorscience Competitio 19 prep and prirllary 5choo15 took part in the Junior science Competition, including Forest Prep School. Team5 of four Year 6 pupi15 participated in three exptiiments where they had to determine the m05t logical conclusions based on their observatlons and scientific knowledge. While the tèams w8lted for the results. two Forest Science teathÈrs put on an amazlng science-based show. Page 7 FORESTSCMOO¥ LONDON (Acompany Llmlted by Guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31AUGUST 2025 MATHS Timetobled Outreoch One of our Maths teachers ran fortniEhtly Maths sessions at Ni8htin8ale Primary School fortheir more able YÈar 6 pupils. HUMANITIES ANOLITERACY Author Talk In ottober 2024, the Prep school wasioined by pupils from Nightingale and Coppermill Primary khools for a special visit from author Patrick Ness, double Carnegie Medal winner, who spoke about his latest book, Chronicles of o £￿0rd￿0b0dv. Patrick encouraged pupils to draw on thÈir own life experiences- combining facts and feelin85- a5 inspiration for their writinE. and to embrace the belief that they can become anything they aspire to be. Hi5 talk was both funny and eng8gin& capturing the iTnèein8tion of the audiÈrKe. Pupils èlso had the chance to sketch one of tIE book's characters and get thelr books and bookmarks $18ned. History5ymposium Now in its fourth year, we h95ted the joint Forest-LAE Historlcal Symposium at Forest School November 2024. This event is popular and è testamentto the successful relationship between the History Departments at the two schools. A second Symposium was also held in June 2025 at LAE and a group of fwe Year 12 Forest students gave presentations on their chosen areas of historical study. The Symposiurn is a great opportunity for student5 to select a historical topic of their thoite which can be outside of their A Level syllabus. This offers students the chance to 'deep dive, inttr a topic and present a paper to their peers and tÈathin$ staff, ready to be questioned on its content in a mutually supportive environment. The Students made the most of both of these academically enriching eventsto explore histtrricaltopics of interestto them outside of the A Level Hi5torycurriculum3nd particip3te in an Intellectuallyri8orous exchange of ideas Wlth their peers. JDifit FDrest-LAE Debote We welcomed four students and a member of5taff from the London Academyof ExcellerKe ILAEI in Stratfordto a joint debète at Forest khool. There were two motion5, one Supplied byeach school.'Should the United Kingdom abolish the rnonarchy?, and'This House would make it illegal to pay a ransom. which made for two very fascinatin8 and well-argued debates. The 3fternoon was a 8rÈat success and Forest ha5 bèen invited to LAE for a reciprocal debate In the near future. C4fiEER5 HEond Ctsreers Ftsir The HE 3ncl C3reer5 Fair took place in February with over 60 exhlbltors showc39ng a range of universities and businesses, includin employers offering apprenticeships and gap year opportunities. The Fair was attended by our own Forest pupi15 from Year5 9 to 13, and we welcomed over 150 Year Ioand 11 pupilstothe Fair from The Forest Academy, Wèlthamstow School for Girls, Hi8hatn5 Park School, Normanhurst khool, Leytonstone School and Connaught School. "Mystudent5 get50 much outof this ond woulé not rjtherwise hJve the opportunityfvr EXP05ure to universities/employers/provider5 to this level...We Jre so groreful fvr the invite ondyour generosity in shoring this event. We would love to come ogL¥in.- Walthamstow School for Gid5 riffletobled Drtsrna orJdLtstin Outreach sessions at locol PrimorySchoo15 We offered weekly Dram8 workshops acro55 the year to ChingFord COE Primary School, Oakdale Junior School and Snaresbrook Primary School. Newfof this year, a Lètin Club WÈS run at Our Lady of Lourdes Primary School fortheir keen Year 6 pupS1s which will continue next year. Life Drtswlno Classes Forthe third-year running. we offered place5 on Dur popular Life Dr8win8classesto our partner secondary Schools which ran afterschool every week durinÉ Michaelmas ènd Lent Terms. Davenant Foundation School, Klng Solomon High khool and Woodbridge High School sent sotne of their A Level Art students to these se￿lOn$ which are of great benèfit to the students who attend particularfy for building portfolio. Donce Workshops Weekly Street Oance and Cheerleading classes were run at Wan5tead Church School, Snèresbrook. Aldersbrook, Mayville, Chin8ford COE and Henry Maynard Primary khools. One-day workshop5 were also run at 8arley Lane and Ni8htingale Primary Schoo15. We a150 offered spare places on our Easter Dance School to children from low-income families attending NiÈhtinÉale Prlmary School. There are huge benefits to wpils participating in Dance including increased confidence and improved wellbeing. Page 8 FOREST SCHOOL. LONDON (Acomparty ilmlied by Guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 -ljust wonted to suy o big thonk you providin9 the street donce teocher...The children Teolly enjoyed the Se￿On5, goined J lot OA confldence, ond leorned new skills We olso receivefl posltivefeedbLTckfrom parents, which wJsfontGstic tD heGr...Thonk youfvr your support." Barley Lane Primary khool he children havethoroughlyenioyedhuving...DGnce on Fridoysond benefitimmen5ely lfroffl thesesessionsl"Wanstead Church School A ChristmJs Corolperformance In Novetnber, we welcotnod 67 Year 5 pupils from ChingFord COE Primary School to a matlnée performance of 'A Chri5trnas Carol.. the School's Michaelmas production. The pupils been learning about Charles Dickens and the Victorian 50tiety in which his book ts Set to fully appreciate the world which the characters in the book InhabSt. MODERN FOREIGN LANGUAGES Geiman Fiench Pltys-othtstti Thetstre Company In March 2025 we welcorned Frederick 8remer School and Woodbrid8e Hi8h School to a performance by the Onatti Theatre Company of a Gerrnan langua8e play, Auf Dem Campin8plat2. alongside our own student5. The play followed the experience of two lriends on camping trip who arrive totally unprepared. without any food and the resulting rnayhÈm. We also welcomed Oaks Park High School and Woodford County High School for Girls tojoin our student5 for a Second Onatti play. this time in French. The play Prendre 5a Revanche centred around the possession of an incOr￿ctlY a55vmed Monet painting by two unscrupulous antique5 dealer5 and their attempts to sell it. Both plays used word5 that the students would not have readS1¥ recognised alongside language that they would have been f8mili3r with already,. vocabulary sheets were prowded as well to help thern followthp ￿3y. French lecture by Profe55or fvlezione Losfer Professor Meziane Lasfer gave a lecture in French to our Year 12 and 13 French A Level students who were joined by students from Higham'5 Park School and Woodford County High School for Girls. The lecture was on the topic of itnmi8ration in France which directlv tied into one of the key themes of Forest School's A Level curriculum. Professor Lasferfs insights delved into complex and multifacÈted issue of Immigration wSth a particularfocuson the Algerian expÈriÈnce, which remalns a significant part of France's modern -A huqe thonk you...for the invitution to and the WGrrn welcome at the leciure last week. It wos ufa5cinLTting experience tsnd ollof the groupfrtrm Woodfordoppreciotedit veiy much.-Woodford County High School for Girls SPORT Swimmin9 Outreach We have continued to ofFer local schools acce55 to our pool this academic year. Snare5brook Primary School used our pool for weekly swimmlnE sessions from May until the end of July 2025 and Our Lady of Lourdes Primary Sihool had the use of the pool every morning for a week in mid July. Woodford County High khool for Girls also used the pool in July for their GCSE rnoderatiori. COMMUNITY AcfioN Pupil-led ChorityonL¢ CommunityA£tlon Committee Last year, our two Deputy Head Boy5 3nd our Speci31 Projects Arnba55ador for Charity and Outreach had looked at how more Outreach opportunitie5 and the philosophy of service could be embedded throughout the School. They conducted a survey of the then Year 12 students to ascertain leve15 of engagement with volunteerinÉ both Inside and outside of school and held a Slxth Fomi 3s5ernbly to promote the benefi15 of volunteering and outreach work in the wider community This year, one of the Deputy Head Girls continued the le8acyof her predecessors b¥ establishinga pupil-led Charity and Community Action Committee with representation from èllyearÉroJps in the Senior School to carry forward and build upon this Important work. The Committee members aim to capture pupil voice on School-wide charity and community èction Issues and further inspire and promote a spirit of service in the cornmunity amongst their peer5. It has been encouraging to observe the Cornmittee's enthusiasm for Spreading the message of seryice and the importance of community and in wanting to Éet other pupi15 more actively involved. Foodbonk donotions This year we changed thè frèquency of our regular 8ivin8 to Redbridge Foodbank to a toncÈntrated fortnight of donations once every term. We held a fantastic collectiori ahead of Christmas, followed by another at Easter and a final one just before the sumrner break. Page 9 FORESTSCHOOI LONDON IA Company Limlted by Guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THEYEARENDED31AUGUST2025 The pupil-led Charity and Corntnunity Action Committee Is committed to ensuring that our contrlbutSons continue to help towards makSng a difference to those in cri515 in our local comrnunitv. Winter Cout Collertion In November 2024, we held our annual Wintèr Coat Collection and once again we were overwhelmed by the fantastic response from parents/carer5 and staff from right acrD55 the School. We filled over 20 sacks of coots which were donatèd to the Leytonstone branch of The Safvation Army. -Mony people in our community were blessed by your generosity I10st yeor)...Thortk you very muchfvr organi5ing thi5. We uppreciote your kindness once more." The Sa1vatiOn Artny, Leytonstone Branch TimetobledActivities- Volunteering A group of Year 11, 12 and 13 students. who were undertaking Volunteering as part of timetabled activities lesws, took on the challenge of paintin8 a mural in Nightln8ale Prirnary School's new library space. Insplred by the book The Lostwords by RDbert Macfarlane and Jackie Morris, the students devised de5ign5 which reflected the beauty and diversity of the natural environment and thus, over the course of five weeks. created an enchanting and calm library spatÈ forthe primary school pupils to enjov. 8ook Donotion Following a clear-out of several years, worth of book5 in the English DepartmenL nine boxes of bwks rangingfrom textboo￿ to fictyon to the Bible, were donated to Book$2Afrlca which 5end5 the boo￿ to a number of African countrie5 where they will be put to 8ood use rather than bein¥thrown awèy or recycled. LOCAL EWCATION Mock Interview5fvr OxbriLlge CandiLlotes We were pleased to help studentsfrom Heathcote School and Sciencecollege and Holy FamSly Catholic School hopingto study Medicine, Dentistry, PhyslC5, Engineering, Cornputer Science, English and Psychology who had all received invitations for interview èt Cambrid8e. A huge thank you goe5 to our departmental heads and teaching staff and our Head of &xth Form for interviewSng and providing each student wSth valuable feedback on their perforrnance. -1 would just like ttr thtsnk you once oooin for lyourl help with lour student'sl opplicarion ond to let you know he htss received on oAlerfrom Combridge. He stsid yourhelp wos involtsoble.~ Holy Family Catholic School Motk Multiple Mini Interviews Immlslfor Ipledicine ond Dentlstry Several members of Forest School staff conducied J series of interviews and tssks wlth ourYe8r 13 students planningto study medlclne or dentistry which took place èftèr school. These Mmls mirror those conducted by univer5Ities as part of their rigorous entry proce55e5. We were pleased to welcome student5 from Trinity Catholic High khool and 8eal High School who were put through their pacès alongside our students. St(Jff Vi5Itlrorn The ExcelsiorAcoderny We weliomed two A5S15tant Headteachers from The Exce15ior Academy in Dalston who visited our Sixth Form and rnet a group of Year 12 and 13 5tudent5 and key staff at Forest. Opportunities to hear direct frotn students about thelr experlence of sixth forrn lrfe and to share best practlce with colleagues in the state sector are of immense mutual v31ue as well as providing insights intowhat our respective sectors are doing well and where we can build upon these to continually Improve our standards across the board. "I just wuntefl to extend my sincere thtsnksIor arron9ino the visit for our stGff. Theyfound it immensely useful and curne bock with P051tive idE05 on how to ifflprove the educotionfoiourstudents. fhey werep(Trticularlyirnpre5sed byhow mtsch thesfvdents lovedtfvÈir school." The Exce15ior Academy RSHE Conference We held our Second RSHE IRelationships, Sex, Health and Education) Conference this year, our inaugural one being in 2023. Thi5 year's theme was 'Healthy Mind5, Healthy Lives.. Best Practices in RSHE,. The speakers were expert5 in their fields-. Caroline Waran who has worked with the NHS 3nd Mind, lain Mahonywho spoke about engaglng boys in mental health and his own personal experiences, Alicia Drummond who spoke about creatin8 safe spaces to talk 8bout mental heèlth with care and confidence Amanda Gale, Catherine Hèyes- Fisher and Nadia Rarnoul from Place28e and our own Head and Deputy Head of RSHE also spoke. Page 10 FORESTSCHOOL, LONDON IAComp3ny Limited by Guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ÉNDED 31AUGUST 2025 We had over 30schoolsloln us from primary 3nd secondary leve15from boththe state and Independent 5ector5to hear frotn thespeakers and learn from each other about RSHE besr practice and how to adapt and implernent this in their own settings. Duke of Edinburgh Award IDOFI 242 students took part1160 at Bronze level. SO at Silver level and 32 at Gold levell. Volunteering Is a core element of the DofE Award Scheme and Students took part in 2769 hours with a soclal walue of £17.720. Eostlondtrn Cltsssics5ummer5chool Now in its fifth year, the East London Classics Summer khool drew a group of brilliant and dedicated student5 to SI￿dY for thi5 intensive five-day GCSE Latin revision course. The Director of the Summer School 15 a Forest School Classlcs teacher who has worked tirelessly every year to organi5e the summer revision tourse. Pupils from twelve 5choo15 acros5 London attended and many were able to benefit from full and haff bursaries owin8 to the Eenerous support from the Classical Association, the Society for the Prornotion of Hellenic Studies, the UCL Classics Society. and Profe55or Mary Beard together with other independent 5POn50rs. Many of the students came from families with Pupil Premlum or Free School Mea15 Sessions covered essential examlnations for GCSES in 2026 a5 well as lecturE5 from leading academic5 on topics regarding the Classical world and literature such as Classical London and Wrgil's Aeneid designed to broaden horizons and to Éive students a ts5te of the Study of Classics at a higher level and possible career pathways. y¢w for the bur50ry. Without it I wouldn't hove been oble to come, ond l frel much more reodyfvr GCSE now.- Student hJnk youforsponsoring mystuderJts- it hGs mode ull the difference to their leorning Jnd their ¢onfidence.- Teacher -1 deeply oppreclote the core. enthusiosm, und ocademic rigour thot shoped the week. The worrn ond inclusive Èftvironment you creGted allowedour child to leGrn, gfow, GndfeelpoTt Lif somethirtg meoningful.- Parent After SchoolMoth5 LTnd5tience aLibs At thÈ start of the academic year, our new cohort of Year 12 student5 tookcverthe Maths and Sclence ifter-school clubs at Wanstead Church SclKioI from the out80in8 Year 13$, who were focusing on unlver51ty. apprentiteship, and other post-school application5. rhe after-school club5 have been a mutually enriching experience for both the Ye3r 3-6 pupils at Wanstead Church School and our students. They provide valu3ble opponuniiies to develop new skills, gain confidence. and engage with younger age Éroups in a profÈssional setting. Placements like these allow our 5tudent5 to grow and ￿arn outside the classroom, whi15t 8iving them 8reai experience5 to draw upon in applications interviews. e like to thonk Foiestfoi their unwttveringsupoort in sendlno such rerrilic studentsfor the Dutreoch clubs- CHARITY SENIORSCHQOI CharityAfternoon retained it5 festival atm05pherewth 5ta115 rangingfrom Èlitter tattoos to sweettreat5 to penaky shoot-out challenges to the perennial lavourite.. sponge the teacherl Together with the non-vniform day held the next day, £2,140 wa5 raised for the Senioi School charities as previously chosen by the pupils.. Haven House Children's Hospice, Cancer Research UK, Water Aid and WWF. Fusion 15 a lon8-Standin8 arid rnuch-loved event in the Forest calendar. now in its eighteenth year. It is è student-run event featuring musical. drama and dance acts which celebrate 5tuiJent5' identitie5and cukures. The evening raised £202 whichwas split between Gre8t Ormond Street Hospital ch3rity IGOSHI and Young Mind5. Live Lounge is a firm favourite in the Forest calendar, and this year was no exception. Students from Years 10 to 13 came together to perfomi song5 of their own choosing to an audience of their peers and ralsed rnoney for Refuge and Great Ormond Street Hospital charity. MaCmil￿rI Coffee Morning took place in October and raised £645 The Winterconcert took place in NoveTnberat Sinfonia Smith 54uare in London 8nd thejunele Bell Rock Concert took place in Decernber in the School Chapel. Both events raised £758, tsvhich was split equally between the two charltie5 which the A Level Music students had Pa8e 11 FORESTSCHOOL, LONDON (Acompany Limited by Guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THEYEARENDED31AUGUST2025 hosen.. Cancer Research UK and Youth Music, a d)arity which enables young people to'make, learn and earn in music,. A group of Year 12 students devised a charity fundraisin8 project a5 part of theirweekly tirnetabled Volunteerin8 Actlvlties lessons and decided to hold a charity dlsco for the younger years to raise monÈy for their chosen chariry REACT, which helps families with life-limiting medical condition5. Their Drganisational efforts came to fruition in January 2025 when the Lower School Charity Disco raised £541.90for REACT. The Lower School Perforrnance of The Red Shoes in late May was an amazing production Showcasing the musical and dancing talents of the Lower kho?1. A collertion was held acr055 the three evening performances and just under £515 was raised forGreatOrmond Street Hospital Charityl Copeland's House got busy in thÈ kitchen for 3 November bake sale, Taising just over £207 for Macmillan Cancer SuppDrt. Baylis House came together to hold a pre-loved clothing sèle to raise funds for Haven House Children's Hospke, a local charlty based in Woodford Green. whilst encouraging the environmental principle of re-using existing resource5 throughout the Forest community. A call-out for unwanted clothes in good condition was met with a brilliant response ffom the khool community- All unsold Ilothes were donated to charity. The pre-loved clothing sale raised over £152 for Haven House which will 80 towards the vltal work of the H05pice, for example, fundlng resplte care or activitie5 such as therapeutic yoga, Mu￿¢ therapyand sen50ry play for children who are unlikely to reach adulthood. "We ore so pleased to huve roi5ed moneyfvr such o oreot couse. Hoven House is o biillionr £hority. oiwno extraordirjary ctsre to those children who need it most. Thunkyou to all involvedundeveryone who boughtfrorn thg 5torel" Baylis House Captain Kingsley House orÈanised a call-out for Christmas gifts a5 part of the toy appeal for The Giving Tree, set up by the charity Kid50ut. The toy appeal aimsto provide Christmas presentsforchi1dren living in refuges havingÈscaped situatlons of domestic abuse, who otherwise might not get a present at this time of year. There was a fantastic response from the School community. 3nd a mountain of pre5entS was colletted. A5tell House collected donations for Eat or Heat Foodbank in Wattham5tow in the run up to Christma5. In celebration of World Book Day in March. School House held a collection for unwanted children's books in partnership with the Children's Book Project. A request for gently used children's books to be Eiven a Second life and, thus, sharing the joy of readin8 Wlth others who hève limlted access to books. was met with a very generous response from the khool CDmmunity. Both Doctorf5 House and Franklin House ran separate events to raise rnoney for Médecins Sans Frontières IMSFI. Ooctorfs House undertook r?sks around the horne duringthe Easter break and were paid fortheireffort5whilst Franklin rana hot chocolate sale. Dottorfs raised just over £61 and Franklin raised Just under E109 for MSF. Year 10 Bishop's House ran 8 bubble tea stall one lunchtime and raised £463 to be spllt equally between Unicef, Save the Children ar Centrepoint charities. PREP5CHOOL The Prep khool was, once again, consistently busy raising mor*y for charity during the yÈ8r. In October, Atkin50n House donated Hèrvest gifts to Heat or Eat, o local foodbank charity in Walthamstow and thÈ Prep School lolned the Senior khool In donating coats to thÈ wholè school winter coat collection in mid NovÈtnber. Thè Prep School answered the call for advent calendars for the TrÈèts for KSds Charity Advent Calendar Appeal ènd also donated toys, books and stationery to the Newham Christmas Toy Appe31, 4 charity which aim5 to fill 3000 Christmas stockings forvulnerable children facing poverty, poor wellbein& disability, educational underachievement bnd housing dtFficulties. A Year 5 pupil cut off eight inche5 of her hair and donated it to the Little Princess Trust, a charity which donates free real hair wigs to children who have105t their own hairthrough cancer treatment or other conditions. The charity also funds research Into findin8 kinder and more effective treatments for childhood cancers. The Year 6 Pupil Action Team 501d delightfully warmin8 hot chocolate and made £230 which was split between The Epilepsy Society ènd Cèncer Rese3rch UK. The Treat5 for Kid5 charity also ran its Easter Egg Appe31 for vulnerable clHldren. £1,297 was raised for UNICEF ihrough events such a5 Sports Day and Soccer Aid while £1,361 wa5 r4ised for the NSPCC through events Such a5 the Prep School charity disco Red Nose Day events a150 raised £1,831 for Comlc Relief. A Prep School teècher a150 completed a skydive raisine £730 for Place2Be, a charity which prowdes mental health 5UPPOrt to children In schools and a pyiama party a150 r315ed just over £257 for Place2Bè. Page 12 FOREST5CHOOL LONDON IA Company Limited byGuaranteel GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 One Me[n￿r of Prep School staff completed the London Marathon for the Samaritan5 raising £4.1761 Another member 01 Staff completed the Belfast Marathon and raised £1,400 for the Kevin Bell Repatriation Trust IKBRTI, a charitywhich helps bereaved farnilies to brinE loved ones. who have passed 4way oversea5, horne to Ireland. The pupils celebrated thi5 achievement by dèsi8ning their own medalsl Prep School pupils have Sent messè8es of support and encouragemeni to Old Forester, Polly of Team Cruising Free. on her and her team's voyage aboard The Spiiit o]Bluestone acr055 the Atlantic Ocean The voyage has been sponsored ￿ the Old Foresters Club, but theteam hès continued to raise awareness and fundsforthree charities.. the Cystic Fibrosis Trust. Emily's Entourage, and the Paul 5artorl Hospice at Home. Polly and her team have enjoyed reading all the me55a8e5 which have kept their spirits high during the voyage. FUNDRAISING PRA￿lcE5 AND PERFORMANCE The governors are aware of the Charities (Protection and Soci81 Investment) Act 2016 and recognise the importance of meeting the highesi standards of practice and care in relation to fundraising attivities. The school has signed up to the fundraisin8 code of practice and has voluntarily re8iStered wSth the Fundraising Preference Service IFPSI. The khool raises funds from Old Foresters, parents, staff and those with a personal connection to the School onW and does not undertake fundr3isln8 campaign5 to members of the public. The School ConS￿er5 the origin of unsolicited donations and le8acies. No complalnts were recewed concÈrnin8 the school's fundr315ing FINANCIAL REVIEW Incorne of the con501idated entityforyear Ènded 31 Au8ust 2025 was £39.009,29412024.. £34,431,7951. After allowing for depreciation of £1,348.517 and impairment of £539,537 the Group rnade a Surplus of £1,884,705 for the ye8r, ol which £1,619,060 Is due to the operation of the School, includlnÉ donations receNed. For the year ended 31 August 2025, Forest made a healthier operatlne surplus than anticipated of £1.9 million. The reasons for this are s follows-. In anticipation of the imposition of VAT on fees we budgeted for a lar8er reduttion in pupil numbers both newjoiners at key Irits of entry and exi5tin8 pupils, particularly those stayine on into the Sixth Form than wè experienced in practice. We were able to recover more VAT, particularlythrough the cap￿01 Goods kherne, than we had originally antSclpated. The improved outcome has strenJhened the School's financial p051tion and will allow addition31 funds to be rin8-fenced for fvture capit81 expenditure and estate maintenance prtrjects, intluding the development of a 10-year Estates Improvement Plan. These Snvestments will support the continued enhancement of the School environment and facilities for the benefit of the wider forest community. whilst also assisting the khool in seeking to maintain fee5 at an èffordable level for p3rents going forward. Flxed assets A full analy515 of fixed asset movements Is shown on note io. Ouring the ye4r, the School spent £1,346,247 on fixed asset additions. Reserve5 policy At 31 August 2025, the Group had total reserves of £L8,634.553 of which £29,851 were restricted funds and £19,681 was designated a5 a scholarship fund. Unrestricted general funds totalled £18.580.433. A key feature of the policy is to ensure compliance with the bank's covenants applicable to the outstanding loan. One of the financial covenants reouires that the School maintaiw an EBITDA to Debt Se￿iCe ratio of at least 1.50 to l. With an EBITDAto Debt Servile ratio of 6.27 to I, the bank's covenant has been Comfortably met. The reserves policy of the Schwl 15 reviewed annually by the Governors. FUTURE PROSPEcrs Within the School's fin3nc131 development p13n'. To contSnue wlth on-going refurbishment of existing facilities To Implement the plan for a pavilion on The Park IFore5t'5 SPOrt$ 8roundl. currenrly at pre-p13nning st￿e To be aware of suitable opportunities that may arise in relation to other independent 5choo15, following the implementation of VAT on School feÈs plus monitor and reatt to the Impact of VAT on school fees. PaBe 13 FOREST SCHOOL. LONDON IACompany Limited by Guaranteel GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED31 AUGUST2025 PRINCIPAL RISKSAND UNCERTAI￿lEs The Gowernor5 have a&5essed the major risks to whSch the School is exposed and ère satisfied that systems are In plhce to rnit￿tte the School's exposure to the major risks. Such risks are reviewed on a re8ular basis. by the Health, Safety and Risk Management Cotnmittee, and thè Finance and Estates Committee in orderto gain assurance that appropriate stepslaction hH5 been takento mttigate any irnpact that they rnay have on the School in the fvture. The Govemor5 considered these and other m8jor risks to which the School Is Cufrently exposed Includi￿." Risk of accident involvlng staff, pupils or visitor School's reputatSon in the marketplace Cotnpliance with safeguardina regvlations The imp3Ct of infiation and the introdurtlon of VAT on income and CD5t5 Breach of security due to unauthorised acces5 to the School site and IT systems The key contro15 Used by the School to manè8e risk Include.. Regular risk a55e55ments with internal checks Ensuring good public relations and tnonitorinÈ examination resutts Regular review of Safeguarding policy and provision of staff trainir The monitoring and control of financial performance CCTV monltorin8and enhancement of security rnea5ure5. CARBON AND ENERGY REPORnNG The information below Is based on rhe 3rn0unt of 8a5, oil, electricity and fuel consumed by the School during the year. This was converted to CO2 equivalent using the website carbonfootprint.corn. 2025 2024 School and Leisure Centre UK energy use k 4,164.474 4,143.771 Gas, ￿1, electricity andluel A55ociated8rÈen￿U$e 8as emissions tonnes C02e Intensityrètio 1,295 tonnes 1,019tonne5 The intensity ratio measuresenergy usage compared with an appropriate business metric. Emi55ionsperpupil.. 1,587 pupils 0.81 tonnes per pupil 0.68 tonnes per pupil Governors, du er Section 172 of the Corn anie5 Att 2L¥J6 Settion 17211] ofthe Cornpanies Act 2006 requires that a director of a company must act in the way they consider, in good faith, would be rrTrost likely to prom(rte the success of the £omp8ny for the benefit of it5 members as a whole and in doing so have regard to.. the likely consequences of any decision in the long temi the interests of the company's employees the need to foster the cotnpanl5 business relationships with supplier5, Customers and others the impact of the company'5 operations on the community and the environment the desirability of the company maintaining a reputation for hiÉh standards of busine55 conduct, ar the need to act fairly between members of the company The Governors have regard to the intere5t5 of the khool's employee5 and have ensured thèt the School provides a safe. inclusive environment forall emplc>yees to work within. All employees are treèted fairly. with the con515tent applicttion of the School's rules and polit1È5. INSET is provided throughout ihe year to helpensure thaternployees are kept up ro d3te with regulatory chan8e5 and emerÉing issues that may affect thern. An Etnpltryee Assistance Programrne 1$ available to all ern￿oYeeS and provides confidential acce55 to an online source of self-he1p and wellbeing inforrnation. Governors have regard to rhe need to foster the School'5 business rel8tionships with its supplier5. Payments are made to suppliers promptly, in accordance with their p8yment terrns and all supplier5 arè treated falrlv, irrespective of their size. Potential suppliefs are afforded the opportunity to tEndèf their goodslservices to the School and no preferencp 15 given to any suppliers duririg thi5 proce5S. Page 14 FOREST SCHOOL LONDON IACompany Llmlted by Guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 STATEME￿OF60vERNORs. RESPONSIBILlllES The Governors (who are also dirertors of Forest School, London for the PLJfp05es of company 18wl dre re5ponsiblÈ for preparing the Governors. Repon and the financial statements in accordance with applicable law and United Kingdom Accountin8 Standards (United Kinsdtrm Generally Accepted Accountin8 Piacticel. Company law require5 the Governor5 to prepare financial 5tètemÈnts for each financial year which gwe a true and fair view of the state of afFairs of the charitable company and the group and of the income and application of re50urce5. including the income ènd expenditure, of the charitable group for that period. In preparing these financial statetnent5, the Governors are required to.. Select suitable accountin8 policies and then apply them consi5tentlv Observe the methods and principle5 in the Charities SORP Make judgements and estimate5 that are reasonable and prudent State whether applicable UK Accountin8 Standards have been followed, subjert to any rnaterial departures disclosed and explained in the financial statements Prepare the f1nancial statement5 on the going concern basi5 unle55 It is inappropriate to presume that the charitable company The Governors bre responsible for keepin¥ proper atcountin£ records that disclose with reasonable accuraty at ènytime of the financial P051tion of the charitable company and enable thern to ensure that the financial statements comply with thE CoTTrpanies Act 2006. They are also resPOn5ible for safÈ8uardin8 the assets of the charitable company and the 8roiJp and hence for taking reasonable step5 for the prevention ènd detection of fraud and other irre8ularities. In so far as we are aware.. There is no relevant audit information of which the charitable company's auditor 15 unaware,. and The Governors have taken all sreps that they ought to have taken to rnake themselves aware of any relevant a￿JIt Information and to establish thar the auditor is aware Df that infortnation. In approving the Governor5. Report the governors also approve the StrateEiC Plan in their cap3city as company directors. Thi5 rewrt was approved by the Board on 2L and Signed on their behalf by-. D. Wllson (Chair of the GovernSn8 Counc511 Page 15 FOREST5CHOOL, LONDON (Acompany Limited byGuaranteel INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF FORESTSCHOOL, LONDON Opinion We have audited the financlal statements of Forest Schoo1, London IthÈ'pèrent ch8rltable company'l and its sub5idi3ry Ithe'group'l for the year ended 31 August 2025 which comprise the Consolid8ted Statement Df Financial Activitie5, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Staternent of Cash Flows and the related notes. including a sutnmaryof significant accounting policies. The financial reporting frarnework that has been applied in their preparatlon is applicable law 3rKI United Kinsdom Accounting Standards, including Financi81 Reporting Standard 102 'The Financial Reporting StatFdard applicable in the UK and Republic of Ireland, (United Kingdorn Generally Accepted Accounting Pratticel. In our opinion thÈ finantial statements.. give 8 true and fair v1ew of the state of the Group's and of the parent charltable company'5 affairs a5 at 31 Au8USt 2025 and of the Group's net movement in funds. Including its incornÈ and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom GenerallyAccepted Accountin8 Practlce,. and have been prepared in accordance with the roquirements of the Companles Act 2006. Basls for oplnlon We conducted our audbt in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and èpplitable lèw. Our responsibilitie5 under those 5tand8rd5 are further described in the Auditors, responsibilities for the audit of the financial stètements section of our report. We are independent of the Group in accordance with the ethical requirements that are rele¥8nt to our audit of the financial statetnents in the United Kingdom. including the Financi31 Reporting Council'5 Ethical Standard, and we have fulfilled our other ethical respon51bilities in accordance with thÈse rÈouirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to8oin8 concern In auditing the flnancial statements, we have concluded that the Governors. use of the golnE concern b35is of attountin8 in the preparation of the financial statements is appropriate. 845ed on the work we have perforrned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast 5ignitlCBnt doubt on the Group's or the parent charitable company's ability to tontinue as a 8oinE concern for 3 perlod of at least twelve rnonths from when the financial staternents are authorised for issue. Our responsibilities and the responsibilities of the Governor5 With re5PÈCtto going concern are described In the relevant sertions of thls report. Other int¢ymation The GOVer￿rS are responsible for the other inforrn3tion. The other informatlon comprlse5 the information included in the Chalrfs Statement and Governor5 Reporr. Our opinion on the financial statements does not cover the other Information and, except to t extentotherwi5e explicitly stated in trur reporL we do not expre55 8ny form of assurance conclusion thereon. In conneition with our audit of the financial statements. our responsibility is to read the other information and. in doing 50, consider whether the other Information is materially iriconsi5tent with the financial statements or our knowledge obtèined in the audit or othenvlse appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements. we ale required tD determine whether there Is a materi31 misstatement in the financial statements or a material mi55tatement Df the other inforrnation. If, based on the wtrrk we have performed. we conclude that there is a material misstatement of thls other information, we are requlred to report that fact. We have nothin8 to report in this re8ard. Page 16 FOREST SCHOOL, LONDON IA Company Lirnited by Guarantee) INDEPENDENT AUDtTORS' REPORTTO THE MEMBERS OF FOREST SCHOOL, LONDONICONTINUEDI Oplnion on other matters Prts￿[bed bythe Companles Act 2CIJ6 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Governors. Report Iwhith includes the strategic report 4nd the directors, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consistent with the financlal staternent5,' ènd the 51rategic report and the director5, report included wlthln the Govemors, RepoTt have been prepared In accordarKe with applic8ble legal reouirements. Matter5 on which we are Fequired to repert byexcepti In the light of the knowled8e and understanding of the Eroup and the parent charitable company ond it5 env1ronment obtained in the course of the audit, we have not identified material misstatements In the Governors, Report (which Incorporates the Strategic report and the directors, reportl. We have nothing to report in respect of the followin8 matters in relation to which Companies Art 2006 requires us to report to you If, In our opinion-. adequate accounting records have not been kept bythe parent ch8ritsble cornpany,. or the parent charitable company financial statements are not in a¥eement with the accounting records and retums; or certain disclosures of Governors. remuneration specified by law are not mède.. or we have not received all the Information and explanations we require for our audSt. Responslbllllles ol Governors, for the finandal statements A5 explained more fully in the Govprnors, Responsibilities Statement. the Govemor5 (who are also the directors of the charitable company for the Pufposes of comp3n¥ lawl are responsible for the preparation of the financial statements and for being satisfied that they glve a true and falr vlew, and for such intern81 control as the Governors determine is necessary to enable the preparation of finBncial statement5 that are free from material misstatement, whether due to fraud or error. In preparing the financi31 stateYnent5, the Governors are responsible for assessing the Group's and the parent charrt8ble company's ability to continue a5 a going concern, di5c105in& as applitable, matters related to going concern and using the 80inÉ concern basis 01 accountin8 unless the Govemors either intend to liquidate the Sroup orthe parent charitab5e company or to ce35e oPerat￿On5, or hève no reBlistic alternative but to do 50. Audiiors, responsibllities for the audlt of the finanual statemerrt5 Our objertives are to obtain reasonable assurance about whether the financial statements as a whole are free frorn material misstaternent, whether due to fraud or error, and to 155ue an Auditors, Report thai includes our opinion. Reasonable assurance 15 a high level of assurance. but is not a guarantee that an audit conducted in èttordènce with ISAS IUKI will always detett a materlal rni55tatement when it exlsts. Misstatements can arise from fraud or error and arè considered materi81 if. individually or in the a88regate, they could re3$0nably be expected to influence the Èconomic decisions of users raken on the ba515 of these financial statements. Irregularitie5, including fraud, are instances of non-compliance with laws and regulatlOn5. We desiÈn procedures In line with our responsibilities. ouilined above, to detect fflaterial mi55tatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, includirig fraud 45 detailed below.. Based on our understanding of thè Broup, the parent charitable company and the environrnent in which it operate. we identified thbt the principal ri5k5 of non-compliance with law5 and regulatlons related to The Education Ilndependent Schools Standardsl Re8ulations 2014, safeÉuafding regulations. health and ￿fer¥ requirements, GDPR, employment law and Cha¥ity L4w and we considered the extent to which non-cotnplianie Fni8ht have a material effeci on the financial 5tatement5. We a150 considered those laws and regulation5 that have a direct impact on the preparation of the f￿nanCIal statements such as the Companies Art 2006, the Charirie5 Act 2011, the Statement of Recommended Practice for Charities ISORP 20151 (Second Edition, effertive l January 20191, and consider other factors suth as payroll taxes and VAT. P88e 17 FORESTSCHOO¥ LONDON IA Company Limited by Guafanteel INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF FOREST SCHOOL LONDON ICONTINUEDI We evaluated rnanagemenY5 incentive5 and opportunities forfraudulent manipulation of the tinancial statements lincludin8 the rlsk of override of controlsl. and deiermined that the principal risk5 wpre related to posting Inappropriate journal entrie5 and rnanagement bia5 in certain accounting estimates and judgements. Audit procedures pÈrformed by the en888ement team Sncluded.. Inspectln8 correspondence with regulators and tax authorities.. Inspecting the outcornes of any re8ulatory inspections. Discussions W￿th mana8ement including consideration of known or suspected instarices of nonol income 836.450 Other trading actitrit*s Investments 1,366356 1,615,221 631409 1,433,906 630A67 316,625 Totsl tncome 17.640.996 1.368.298 39.LNJ9,294 34.431,795 Expenditure C￿.. Baising fund5 Charitable artivfties 29J.154 1,102.653 1393,C#)7 35.731.SB2 1,353,215 35.731582 32,602,102 Total expenditure 34021,936 1.101653 37,124.589 33,955,317 Net Incorne 1,6J9.060 265,645 1265.6451 L884.705 476.478 Transfer5 between furMIs 19 265,645 Net movement in lunds 1,884,705 1.884.705 476,478 Reconciliationof fund5'. Total funds brought forward 16.695.728 1,884,705 29.851 24.269 16.749,84B L884.705 16.273,370 Net movement in fund5 476,478 Total funds rwried lorward 18.580133 29I51 24.269 18,634553 16,749,848 The Consoli(Jated Stètement of Financial Actlvities Includes all gain5 3nd105ses reco8nised in the year. The note5 on ges 23 to 40form part of these financial statements. Page 19 FOREST SCHOOL. LONDON IA Company Llmited by Guarantee) REGISTERED NUMBER: 00429150 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Notè Flxed assets Tar￿ible as5et5 io 20.155.334 21,777,330 Ctsrrent assets Stocks 32.328 16A25.142 9A74.578 30,532 819,529 16,294,473 Debtors 14 Cash èt bank and in hand 25,932,(h18 17,144,534 Creditors.- amounts falllnE due wlthin one year 15 121.584.9901 112,605,372) turrent assets 4.347.058 4,539,162 Total a55els le55 current liabllitie5 24.501392 26,316,492 Creditors.. arnountsfalling due after morethan one vear 16 15,867,839) I9.￿6,644) Net IB.634.553 16.749,848 Total net assets 18.634553 16.749.848 Charityfunds Non-charitable tradin8 actNities Restricted funds 19 19 24.269 29151 24,269 29,851 Unrestricted fund5 DÈsi¥nated funds General funds 19 iY.68J 18.560.752 19,681 16,676.047 19 TotBI unrestricted funds 19 18,580,433 16,695,728 Total funds 18.634,553 16,749.848 The Governors ècknowledge thelr responslbilities for complying with the requirements of the Act wlth respect to accountin8 record5 and preparation of financial 5tatement5. This repo wès approwed by the Board on 2k and signed on their behalf by.. D. Imlson (Chair of GovernDf51 The notes on pages 23 to 40 form part of these financSal st8tements. Page 20 FOREST SCHOOU LONDON {A Company Limited by Guarantee} REGISTERED NUMBER: 00429150 COMPANYBALANCESHEET AS AT31AUGUST2025 2025 2024 Fixed a55et5 Tangible assets Investments io 13 20.138.337 21,751,705 20,138.339 21,751,707 Current assets Stock5 29.876 16.855.639 8,669.619 28.249 1.383.401 15,408.129 Debtors 14 Cash at bank and in hand 25,555,134 16,819,779 Creditor5.' amounts falling due within one year 15 121.215.3481 112,279,261> Net current assets 4.339.786 4,540,518 Total assets less current liabilities 24.478.125 26,292.225 CrÈditor5'. amountsfallin6 due after more than one year 16 IS￿67.839) 19,566,644> Net asset5 18.610,286 16,725,581 Total net assets 18.610.286 16.725,581 Charityfut)ds Non-charitable trading activities Restricted funds Unrestricted fund5 19 19 I9￿51 29,851 Designated furhys General fund5 19 19.681 18,5fAJ.752 19,681 16,676.047 19 Total unrestricted funds 19 18,580.433 16,695,728 T￿?1 fvnds 18.610,286 16,725,581 The Company'5 net movement in funds for the year was £1,891.88312024- £320,422>. The Governors acknowledge thelr responsibilities for complyin8 Wlth the requirements of the Act with respect to accountin8 records and preparation of financial 5tatetnents. This report wès approved by the Board on IL JvhJÉ nd signed on their behalf by.. D. Wilson (Chair of Governors) Paee 21 FOREST SCHOOL, LONDON IA Company Limlted by Guarantee) CONSOLIDATEDSTATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Cash flows frorrt operatinB acliMtie5 Net cash used in operating activities 3,694.703 600,677 Cash flows frcth Investln8 attivities Purchase of tangible fixed assets Interest receivable 11278.1531 632,409 1174,5471 1714,7161 316,625 1199,6121 Interest payable Net tash used In InvestlnE activities 1820.2911 1597,7031 Cash flowsfrom flnancln8 attivltles Repayment5 of borrowin8 New Composite fees received Release of composite fees Amounts accrued to cornposition fee contracts Finance lease repayments 1496,1541 308.203 19.359.160) 1496,1541 14.823,047 1560,7671 54.430 1186.3341 1147.1961 Net rAsh (used inllprovided byfinamcing artivities 19.694.3071 I3￿34.222 Change in and cash equivalent5 in the year 16.819.895) 13,637,1% Cash arid cash equivalent$ 8t the beginning of the year 16.294.473 2,657,271 Cash and cash equivalents atthe end of theyear 9.474.578 16,294,473 The notes on pages 25 to 43 form pèrt of these finèntsal statements Pale 22 FOREST SCHOOL. LONDON IA Company Limited by Guarantee} NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 Attounting polldes 1.1 Basis of preparation ol hnancial statements The financial statements have been prepared in accor(Sance with the Financial Reporting Standard applicable in the UK and Republitof Ireland IFR51021, the Statement of Recomrnended Practiceapplitable to charitles prep3ringtheiraccount5 Sn accordance with rhe Fin¥nci31 Reportin8 Standard applicable in thp UK and Republic of Ireland IFRS 102112nd EdIt￿nI. The èceounting policies set out below have been applied in prepbring the financial statements. The financial statements are drawn up underthe historical cost convention. The School is a Public Benetit Entity registered a5 a charity and company in England Bnd Wèles,. it was re8lStered on 6 February 1947 (charity number 312677 and company registration number 004291501. The Company ha5 taken advantage of the Exemption èllowed under section 408 of the Companies Act 2006 and has not presented Its own Statement of Financial Activities in these financi*l ststemenis. 1.2 Basis of cortsolidation These financial Statements con501idate the re5uIt5 of the School and its wholly-owned subsidiary Sylve5triÈn Enterprlses Limited on a line-by-llne basis. In accordance with Section 408 of the Companies Aci 2006, nD separate Statement of Financial Activities IS Pfe5ented for Forest School Limited. The parent ch3rity income for the year was £37.640.996 12024.. £33,406,587) with a 5urplu5 of £1,619,06012D24.. £477,048). The Charity has taken advantage of the exemption 3v3ilable to a qualifying entity in FRS 102 from the requiretnent to present a charity only Cash Flow Statement within the consolidated financial stètements. 1.3 Goinz concern Having reviewed the funding facilities available to the School together with the expected ongoing demand for plates and the School's future projetted tssh flows, the Governors have a reasonable expectation that the School has adequate resources to continue it5 activities for the foreseeable future and consider thai there were no material uncertainties over the School's financial viability. AccordinEly. the Governor5 continue to adopt the going concern basis in preparing the rinancitl statements. 1.4 Crltical accounting estimates iud8emeiits In the application of the accounting policies. the Go¥ernor$ are required to make judgement. estimates, and assumptions about the carrying value of asset5 and liabilities that are not readily apparent frorn other sources. The esrim3tes and underlying assumptions are based on historical expèrience and other factors ihat are considered to be relev3nt. Actual results may differ from these estimates. The estimates and underlyin8 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 revi510n affected current ènd future periods. In the vlewof the Governors. no 455UmPtion5 concerning thefuture Of eStimatSon uncertainty affectinga55ets or liabilitles at the balance sheet date are likely to re5LJIt in 8 material adjustment to their carryin8 amounts In the next financial year. 1.5 Fees and similar income Fees receivable and charges for serwlces and use of the premises, le55 any allowances, scholarships, bur5arie5 granted by the School 38ain5t those fees, but includin8 contribution received from restricted funds, are accounted for in the period in which the service 15 provided. Pège 23 FOREST SCHOOL. LONDON IA Company Limited by Guarantee) NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31AUGiJST2025 Attountln8 pollcles Itontinuedl 1.6 Donation5 Donations are accounted for as and when entitlement arises, the amount can be reliably qubntrfied and the economic benefit to the School is considered probable. 1.7 Investment Income Investment income from bank balantes is accounted for on an accrua15 basi5. 1.8 EXPend￿￿re Expenditure is accounted for on an accruals basis and Irrecoverable VAT is inclvded with the item of expense to which it relates. Governantr costs comprise the cost5 of running the School, IncludlnÉ costs of complying with tonstitutional and statutory requirements. 1.9 financial instrument$ Basic financial instruments are initially recognised at transèction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash 4t bank and in hand, tO8ether with trade and other debtors. A specific provision is made for debts for which retoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working caplt81. FlnarKial liabilities held at amortised cost comprlse all creditors except social securSty and other taxes and provi5pons. 1.10 Tansible fixed assets aftd depretiation Tangible fixed assets costing £1.5(N) or more are c3pitali5ed and recoEnised when future ecorK>mic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed a55ets ère initially retO8nised at cost. After recognition, under the c05t model. tanglble fYAed asset5 are measured at C05t le55 accumulated depreciation and any accumulated irnpairrnent 1055es. All costs Incurred to bring a tan8ible fixed asset Into ￿$ Intended working condition should be included in the measurementof cost. Fixed a55et5 Wlth a cost of less than £1,500are not capitalised but charged directtothe statement of Financial Activitie5 as an expense in the year of purchase. Professional fees arising in respect of the design or planning of building work5 ère only capitalised a5 fixed a5set5 rf the buildin8 project has coMMen￿d prior to the balance shÈÈt date. Depreciation Ss provlded on the followin8 ba5i5'. Freehold building$ Freehold improvements Motor vehlcles and boat Fixtures and fitting5 Computer equipment 2% straiEht line 5% straiEht line 25% fedutin8 balance 20% reducing b313nce 25% strai8ht line A full year of depreciation 15 charged in the year of purchase for all assets brought into Use during thÈfinancial year. 1.11 Sto￿$ Stocks are valued at the lower of cost and net reall￿ble value. PèEe 24 FOREST SCHOOL, LONDON IA Company Limited by Guarantee) NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 AccouTht5ng poliues Ic¢)htinuedl 1.12 Debtus School fee and other debtor5 are reco8nised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net OF ariy trade discounts due. 1.13 Creditors and wovisions Creditors and provisions are recogni5ed where the School has è present obligation resulting Irorll a past event that wlll probably resuk in the transfer of funds to a third party and the amount due ttr settle the obligation can be measured or e5tim4ted reliably. Creditors and provi5ion5 are normally recognised ai their settlement arnount 8fter 811owinE for any trade discounts due. 1.14 Lease and Hlre Puithase Assets obtained under hire purchase contracts ènd finance leases are cJpitali5ed as tangible fixed assets. Finance lease5 ère those where substantially all the benefits and risks of ownership are assumed by the khool. Obligations under such agreements are included in creditors net of the finance charge allocated to future perlods. The finance element of the lease payment is charged to the incotne and expenditure account on i straight-line ba515. 1.15 Operating le05es Rentals applicable to operatinÉ leases, where substantl8lly all the benefits ind risks of ownership rem?in with the lessor, are charEed to the income and expenditure account as incurred. 1.16 Employee Benefrts short term beftefits Short term benefits Including holiday pay are reco8nised ès an expense in the period in which the service is received. Employee terminotion benefits Termination benefits are accounted for on an accrua15 ba515 and in line with FRS 102. Penyon5 The company operates two contributory pension 5cherne5 for substantially all staff. The Teachers. Pension Scheme is multi-employer pension 5theTne. It is ntrt possible to identify the School'5 share of the underly1nE assets and liabilities of the Teachers, Pension Scheme on a con515tent and reasonable basis and therefore. as required by FRS102, accounts for the scheme as Sf It were a defined contribution scherne. The 5choDI'5 iontributions. which are in accordance with the recommendations of the Government Actuary. are charged in the period in which the salaries to which they relate are payable. The School operate5 a defined tontribution penslon scheme for non-teaching staff and the pengion char8e represent5 the amounts payable by the School to the fund in respect of thè year. 1.17 FuTrds Restricted funds are those where there arÈ spetific donor restrlctions as to their use. Designated funds are those which have been earmarked by the Governors for specific purposes. Unrestricted funds can be used at the discretion of the Goveinors. Page 25 FOREST SCHOOL, LONDON IA Company Limlted by Guarantee) NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 Tuition Fee5 2￿15 2024 Fees recewable 39,189,789 13277,2191 34,920,483 Le55.' bursaries. stholarshlps and alloWar￿e$ 13,144,711) 35.912.570 31,775,772 Other Sthool Inujme 2024 Reglstratlon fees Deposits retained school 128.942 221.275 486.213 144,800 289,500 388,612 836,450 822,912 Other Trading ArtNitie$ 2025 2024 Lettings- school Trading 8ttivities- Sylvestrian Enterprises tsrnited Sundry income 239.648 L366.356 9.217 219.819 1,177,363 36,724 1,615,22J 1,433,906 Page 26 FOREST SCHOOL. LONI)ON IA Company Limited by Guarantee) NOTE5 TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED31 AUGUST 2025 Anatysrsof total Expenditure 2025 Z025 2025 staff Costs Other C0515 Oepreaation Total Rais￿8 funds Publicity Costs TradinÉ subsidiary Finance cost5 79,913 1.092.620 79,913 1.102,653 10,03J 1382 974 1393 frJ7 tharitable adi¥ities Teaching Welfare 16.729.376 2.091,168 2.835,593 285.431 19.1(6.975 3.142,971 6,023,976 307.378 PrÈmises 664.409 5 885 101 4,306,514 1573 559 1.053.053 Support costs 10 806 834 5 731 $82 21586 26 12 189 808 l 148 517 7 124 589 2024 CIThporalive5 2024 2024 2024 2024 St4ff Costs Other Costs Depreriation Total Ralsfjng fut)ds Publicity costs Trading subsidiary Finarice cost5 91,421 1,017,236 91,421 L025,778 8,542 135321 Charitable actlvhles Teachine Welfare 14,417,492 284.194 578.438 5 293 111 2,471,174 2,759,046 3,830,331 174447 265,767 17,154,433 3,Ch13,240 Prem15e5 958,078 5,366,847 Support tosts 20 573 235 22 1223 845 20 573 23 1232 387 33 9S5 317 Firkance Cost5 2025 2024 Bank and loan interest 174.547 35.894 199,612 36.404 Bank thafges 210,441 236,016 Page 27 FOREST SCHI)OL. LONDON IA Company Limited by Guaranteel NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Anatysls of support costs 2025 2024 Staff costs Administrative & IT costs Govemance laudit & legal fÈesl 5m5.101 1.362.91S 210.644 5,293,111 1,560,898 183.573 7,458,660 7.037,582 Staff costs Group Group 2024 Company 2025 Company 2024 2025 WaEes and salaries Social security Costs Contributiontodefined contribution pension schemes 17,731,784 061￿19 15,612,728 1,743,409 17,687N43 2,C64,819 15,582,605 1.743,409 3A84.296 305,365 3,101,589 145.632 3.484.296 305.365 3,101,589 145.632 Redundancy and termSnation payments 21.586,264 20,603,358 23,541,923 20,573.235 The werage numbef of per50n5 ernployed by the group durln8 the yearwa5 as follows.. GTQUP 2025 No. Group 2024 No. Teaching Non-teachlng 218 204 422 The averjge staff nurnbers expressed a5 full-time equwalents was., Group 2025 Group 2024 No. No. Teaching Non-te3chin 138 107 106 267 244 Page 28 FOREST SCHOOL, LONDON IA Company Limited by Guarantee) NOTE5 TOTHE F5NANCIALSTATEMENTS FOR THE YEAR ENOED 31 AUGUST 2025 Staff cost5 Icontinuedl The number of employees whose employee benefrts (excluding employer pension costs) exceeded £60,000 was.. Group 2025 Group 2024 No. In the band £60,WI- £70,QX)O In the band £70,(M)1- £80,ffl0 In the band £80,CKII- £90,000 In the band £90,(M)I- £IOO,O In the band £lOO,001- £IIO.000 In the band £IIO,001- £120.000 In the band £130,001 £140,000 In the band £150,001- £160,(￿0 In the band £170,001- £18D,(QO In the band £200,001- £210,(M)D In the band £210,001- £22D,CKID In the band £230.001- £240,000 In the band E300.001- £310.C io The totsl remuneration p3id to key management personnel in the yearwas £2,106.47612024.. £1,683,476). Teacher5, Pension Sthtme The School participates In the Teachers. Pension Schetne 1.the TPS") for its teaching stafF. The pension charge forthe year include5 contributions p8yable to the TP5 of £2.442.62912024.. £2,047,704) and at the yeal-end £269.12112024.. £251,480) was accrued in respect of contributionsto this scheme. The TP5 is an unfunded multi-employerdefined benetits pension schetne governed by The Teachers, Pensions Regulations 2010 la5 amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Metnbers contribute on a -pay as you go" bas15 With contribution5 from members and the employer being credited to the Exchequer. Betirement and other pension benefirs are paid by public funds provided by Parliament. The employei contrlbutSon rate Is set by the Secretary of State followin8 scheme valuations undertaken by the Guvèrnment ActUary'5 Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgernerTrt, the remedy proposed that when benefits become payable, eligible members can select to rÈtÈive thÈm from either the reformed or legacy schemes for the period l April 2015 to 31 March 2022. The actuarie5 have assumed that mptnber5 are likely to thoosè the option rhar provides them with the greater benefits. and in preparing the 2020 vgluation has valued the 'greater value, benefits for groups of relevant members. Defined Contribution stheme The School operates a definÈd contribution pension scheme for non-teaching staff and thosÈtea£hin8 Staff who have opted out of the Teacher5. Pension Scheffle,. the pension charge represents the amounts payable by the School to the fund In respect of the year. The pension charge for the year Includes con¢ributlOn5 payable to thi5 schetnÈ of £1,374.97812024.. £963,8861 and at the year-end £138,27212024.. £124,267) was èccrued in respect of contribution5 to thi5 scheme. Page 29 FOREST SCHOOL, LONDON IA Company Limited by Guarantee) NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Net Movemeni ITr Fund5 2025 2024 The net mtsvement of funds Is stated after charElng/lcreditingl (beforè VAn.. Auditor'5 rernunerati0r￿ audit fee Igroupl Auditor'5 remuneration- other seTvices Rent receivable 37AWY) 34,000 1239.6481 1219.8191 Tangible ftxed assets Grwp Freehold land FreEhold buildings & Impro¥ements AME￿re$ & flffings Cafflputer equipment Total C05t or valuation At I September 2024 Additions iO.L 39,977,030 1.054.640 4,749,262 IZZ,358 160,3031 I730￿37 IOL154 47,466,329 1.278,152 160,3031 1952.1911 0i5P05als Capital Good5 Scheme Adlustmentl 1952.1911 Impairment 1539,5J71 1539.5371 At 31 August 2025 (K) 39,539.942 4.811,317 2,831,191 47,192MSO Depredaiion Af I September 2024 Char8e forthe year On di5posa15 18,761,937 1.049.589 4.390A09 99,294 (7,7381 2,536,653 206.972 25,688,999 I,355￿55 17,7381 At 31 August 2025 19.811,526 4881.965 1743,625 27037,116 Net ljook y￿ue At 31 August 2025 io 19,728,416 329,352 87,566 20,155354 At 31 August 2024 io.o(N) 21,215,093 358,853 193.384 21,777,330 Under the Caplta1 Goods kheme Forest Is able to reclaim a portion of thÈ input VAT cap￿alISed over the previou5 10 years. The reclaimed amount 15 amort15ed over the eliÉible portion of the rernaining 10-ye•r adjustment period. Forest expects the relief recognised to be received ower the next eight ye3r5. Page 30 FOREST SCHOOL. LONDON {A Company Limited by Guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. Tangiblefixeda55et5 Icontinuedl Included in frAturÈs and ÈquipmÈnt are group assets with cost brought forward of £121,408, additions of £981, disposals of £Nil, depreciation brou8ht fonvard of £95,783. a depreciation charge of £9,608, depreciation reversal on disP05415 Of ENil and a net book value of £16,998 which are owned by the trading svbsidiary. The othergrovp a55et5 are all used for charitable purposes. Compary Flxtures. equipment &motor vÈhlcle Freehdo Fieehold land buildings & irnprovements Computer equIl￿ent Totsl Cosi LY valuation At I September 2024 Addition5 io.otw) 39.977￿30 4,627￿54 12L378 1730.037 47.344,921 1.277.In 160.3031 LO54HI IOl154 160.3031 Capital Good5 Scheme Adjustment 1952,1911 1952,1911 Impairment 1539.5371 1539,5371 At 31 August 2025 ioMK) 39.539.942 4,688.929 2￿31.191 47,070.062 Depre¢lation At 1 September 2024 Char8e forthe year On di5P05a15 18.761,937 l.(b19.589 4.294.626 89.686 1536.653 206?72 25.593.216 1.346247 17,7381 17.7381 At 31 August 2025 19,811,526 4.376.574 1743.625 26,931.725 book val￿8 At 31 August 2025 iomx) 19.728.416 312,355 87.566 20.138,337 At 31 August 2024 io,o(M) 21,215,1￿3 333.228 193.384 21.751.705 Included in computers and fixtures and equipment are asset5 accounted foras finance leases with a net bookvalue of £nil12024.. £175,839). The depreciation charÉe in the year for these 355et5 totalled £175,83612024. £175.8361- During the year a review of dÈprÈciation ratÈs was carr￿d out and It W3s agreed to change the depreciation estimate from 1% straight line 10 2% straight line for Freehold Buildings. Thi5 has a resulted in an increase of £174,764 of depreciation charÉes in the currentyear. Also certain assets were Identified where their useful live5 had expired which resulted In an impairrnentchar8e amounting to £539,537. 2 Under the Capital Goods Scherne Forest is able to reclèlm a portion of the input VAT capitali5ed overth& prevSou$ 10 years. The reclaimed mounr is arnoni5ed over the eligible portion of the retnaining 10-year adjustment perlod. Forest expects the relief reco8nised to be received over the next eiEht years. Page 31 FOREST SCHOOL. LONDON IA Company Limited by Guarantee) NOTESTO THE FINANCIALSTATEMENfS FOR THE YEAR ENDED 31 AUGUST2025 10. Tanglble fixed assets Icontinuedl Development ol a cornprehwsive e5tstes plan During the year under review, the Warden and Council commenced the development of a comprehensive lfyye3r Esrates Improvement to addre55 the long-term m3intenance, refurbishment ènd infrastructure requiremen15 of the khool estate. The Plan identifies a number of s1£nif￿ant capital wojects anticipated overthe period, includingworks to the Chapel roof, the khoOl'5frontfa￿de and the daddingof the preparatory school buildings, two of whKh are listed buildi￿$ and wlll therefore require Sensitive re5tor3titrn, renovation or replacement in due course The Plènwill also consmlerthe wider Infrastructure improvernents neceswryto supportthefuture operètbnal and strategic need5 of Forest. Work istur￿ntlY underwayto determinethe mostappropriatetechnica1501utK>ns, projert prioritisation and assoclsted coste5tirnates required to dÈliverthe evofviry¥ Plan. 11. Taxatyon There is no liability for taxbtion a5 the school is è registered charty. 12. vestments Investment5 consist of two ordinary shares held. at cost, in Sylvestri8n Enterpri5e5 Limited, See r￿te 13. 13. Flxed assei Inve￿Me￿$ Inve5tmer in subsidiary eompary Companv Cost or valuation At 15eptember 2024 At 31 August 2025 Net book value At 31 August 2025 At 31 August 2024 Page 32 FOREST SCHOOL, LONDON IA Company Limited by Guarantee) Details of subsFdiary The subsidi3ry detHils are 35 folbws.. Regi#ered office OT ptincipal place of bu5ine55 N•me Company Number 03323866 Prlt)dpal attivlty Tradir aa55 *)f shares HddlnE Sylwestrian Enterpri5e5 Ltd England Ordinary The financial results of the subsidiaryfor the yearwere.. Income E¥penthture ProfitiitOSs1 for the year Net ass￿5 Sylvestrian Enterprise5 368,298 1,102.653 265.645 24269 Ltd Paee 33 FOREST SCHOOL, LONDON IA Company Limited by Guarantsel NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDE031 AUGUST2025 14 Debto Group 2025 Group 2024 Cwnpanv 2025 Cornpanv 2Q24 Dye wlthin oneyear Fees 12.792,645 84,122 12.743.128 486.431 2,214,512 1,411.568 84,122 608,850 588,104 102,325 Amounts due from subsidiary undertakinE Prepayments and accrued Income Other debtors 2.220.683 L411.814 591,188 144,219 16,425,142 819.529 I6￿55.639 1,383,401 Included Mthin other debtors are amounts recoverable under the Capital Goods Scherne of £845,122, of thLg £648,SL81s due in more than one yÈÈr. 15. tseditors.. Amounts falling due wlthln one year Group 2025 Greup 2024 Company 2025 Cornpanv 2024 8ank loans 496.154 54.950 11483,670 1637.9al 844.286 130.981 5,145￿26 683,156 1,108,036 496.154 98,500 747,181 8,518,481 436,118 160,568 497,529 86&345 782,496 496.154 54.950 12M3.670 2,637,931 839345 130,981 3.144.956 660.562 766.799 496,154 98,500 747,181 8,518,481 431.534 160.568 427.LKNJ Fee deposits Fees received in advance Composition fees Trade creditor5 Finance leases Other taKation and social security Accruals 844,191 555,652 Other c￿dItorS 21,$84.990 12,605,372 21,215,348 12.279,261 16. Creditors: Amountslalllng due after mcrfe than one year Group Group 2024 Qjmpany 2025 Companv 2024 2025 Net obligation5 under finance leases Bank loan5 117,519 2.315.385 117,519 2.315,385 6.500,915 632,825 I￿19231 3.330.518 718,1 1.819.211 3,330.508 718.100 Composition fees Fee deposits 6,500,915 632.825 5.867.839 9.566,644 5,867,839 9,566,644 A bank facility for £4.3 million was tèken out in 2021 with Barclays Bank Plc. Thi5 15 repayèble over 10 years at £496,154 per annum. Interest is charged ar 2% above the Bank of England Base Rate. This loan Is secured on the khool'5 property. Page 34 FOREST SCHOOL, LONDON IA Company Llmlted by Guarantee) NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17. Bank loan 2024 The bank loan is due for repayment as follow5.. Within one to two years Within two to five years 496.154 323M77 496,154 1,819,231 I￿19.231 2.31S.385 Repayable withSn one year 496.154 496,154 2,315,385 2,811,539 18. Comp05iticn fee5 Pèrents may enter into a contrart to pay the School for tuitiori fees in advance. The money may be returned Subject tQ specific conditionson the receipt of one term's notice. Assuming pupilswill rernain atthesthool, advancefeeswlll be applied as follows.. 2025 2024 Within one to two years Within two to five years 1,798.370 1,532,138 4,749,586 1.751,328 3.330.508 6,5W.914 Repayable within one year 2.637.931 8,518,482 5,968,439 15.019.396 2025 2024 The movernent5 durin8 the year were as follows.. Balance at I Septe[n￿r New contracts 15,019,396 308,203 702,686 14.823.047 54,430 Arnount5 accrued to contracts 15327.599 15.580,163 Amounts utilised in payment of fees 19.359.160) Is￿.767> Balan£eat 31 August 5.968.489 15,019,396 Page 35 FOREST SCHOOL, LONDON IA Company Limited by Guarantee) NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 19. Statement of lunds ststement of funds- current year Balartce at I September 2024 Transfers Inlout Balance at 31 Au8USt 2025 kncome Expendhure Unrestrirted fund5 Desfjgnated fvk)ds Scholarship and bursèry fund 19,681 19.681 Ge*eral hFnds General funds 16,676,047 37.640.996 136.021.9361 265,645 18,560.752 Total Unrestrirted lunds 16.695,728 37,6W,996 136,021,936) 265.645 18580A33 DÈsi8mated non-tharitable tradin8 activitie5 24.269 1368298 11.102.6531 1265.64511 24,269 Non-cF￿ritab1e trading activitie5 Restritted funils Organ Fund Tyler Fund Wolf50n Foundatyon 73 73 376 376 14.202 14202 Deaton Fund Jago Fund Colin Smith Priie 14.2(K) 14.2(#J 29.851 29.851 Total of fut)ds 16,749W8 39,009294 137.124,5891 18,634,553 The scholarship 3nd bursary fund consists of amounts put aside by the Governors for future scholar5hip5 and bursaries. No transfers were made to JnrestrScted Eeneral funds during the year in respÈct of stholarships or bursarles granted. Non-charitsble trading relate5 to the ètbwt1È5 of the trading subsidlaryi Sylvestrian Enterprises Lirnited. The Organ Fund was established specifically to enable 3 new instrument to be constructed in the Chapel and for subsequent improvements. The Wolf50n Foundation Fund is for the refurbishment of SCIen￿lSb0rat0ries. The other re5trlcted fund5 are for the pr￿lS1on of various bursaries and prizes for academic 4chEvement. Page 36 FOREST SCHOOL, LONDON IA Company Limited by Guarantee) NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31AUGUST 2025 19. statement ol funds Icontinuedl Statement of funds- prior year BalarKeat I September 2023 Balanceat 31 August 2024 Tran5fer5 inlout Income ExpÈnditure Unrestricted fund5 DesSzn￿ed lunds Scholarship and bJrsèry fund 19,681 19,681 General funds Gener81 fund5 16,194.219 33.249,961 132,924,759) 156,626 16,676,047 Total Uthrestrictedlunds 16,213.900 33,249,961 132,924,759) 156,626 16,695,728 Designated Fund Non-charitable trading activities 24,839 1,181.834 11,025,778> 1156,6261 24,269 Restrirted fvnds Organ Fund Tyler Fund Wolfson Foundation 73 73 376 376 18.882 14,6801 14,202 Deaton Fund 220 220 Jago Fund Colin Smith PrSze 14,300 14,2(N) 34,631 14,7801 29,851 Total of funds 16.273,370 34,431,795 133.955.3171 16.749.848 Page 37 FOREST SCHOOL, LONDON IA Company Llmlted by Guarantoel NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 nalysis ol net a55Èts bÈtweem funds Analysls ol net assets between fund5- current year Nmlharftable Unrethicted funds 2fJ25 Restr5rted lu*ds 2025 Total Fund5 2025 trading 2025 Tangib￿ fixed asset5 Current assets 20,138,336 25￿54926 121.584.9901 IS￿67.839 16,998 7271 20,155,334 25,932,048 121.584.9901 15,867.8391 29*51 Creditors due withSn one year Creditors due In more than one year Total 18.580.433 29.851 24,269 18.634.553 alysls ol net assets between ￿nd5- prioryear Unrestricted funds 2(Y24 Restricted fvnds 2024 Total funds 2D24 tradin8 2024 Tangible fixed assets 21,751.705 25.625 21,777,330 Current assets 17,114,683 112,604,016) 19,566,644) 29,851 17,144,534 Creditors due wlthSn one year Creditors due in more than one year 112.605,3721 19,566.6441 Total 16,695,728 29,851 24,269 16,749,848 Pa8e 38 FOREST SCHOOL, LONDON IA Company Limited by Guarantsel NOTES TOTfr¢E FINANCIALSTATEMENYS FOR THE YEAR ENDED 31 AUGUST 2025 21. Rewntiliat¥om of net movement in fut)ds to net cash fknv from operating adi￿1(e$ Group 2025 Group 2024 Net income for the yèar las per Ststement of Financial Activities) 1.884.705 476,478 AdjLb5tment5 fcr.. Depreciation and Impairment charges Dividends. Interests and rent5 from investrnents L05s on the sale of fixed assets 1.895,392 1632.41091 52.565 11,7961 114,653,422) 14,975,120 174,548 1,232.387 1316.6251 Decrea5e/lincrea5el in stocks Increase in debtors Increaselldecreasel in credrtors Interest payable 4,221 158,3401 1937,0561 199,612 Net cash provided bY0perati￿ arti￿11*$ 3.694.703 600,677 Analysis ol cash and cash e4uivalents Group 2025 Group 2024 Cash in hand 9A74S78 16,294,473 Total cash and cash equI￿ents 9,474578 16,294,473 Ana￿515 of cha￿e5 in net debt At Isepternber 2024 At 31 A￿U$l 2025 Cash flow5 Cash at bank and in hand Debt due wlthln l year Debi due after l year Finance leases 16,294,473 1496.1541 12315.3851 1278,(*71 16*19,8951 9.474,578 1496.1541 11,819.2Jll 1130,9811 496.154 147.106 13.204.847 16.176,6351 7.028.212 Page 39 FOREST SCHOOL LONDON IA Company Limi19d by Guarantee) NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEARENDED31AUGUST2025 24. Related partY1r￿sa￿lQ1 No related party transattions took place during the year. The Governors did not receive èny remuneration during the ye3r, bui one Governorwas reirnbursed for expenses of £29312024. one Governor5 were reirnbursed £1091 covering the cost of travel. Pom balaTh￿ sheet events On I September 2025 the School acquired I(￿% of the share capitsl of Snaresbrook Preparatory School Ltd. Page 40