2025-08-31-accounts

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UNIVERSITY COLLEGE SCHOOL

ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 August 2025

Charity Number 312748

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UNIVERSITY COLLEGE SCHOOL FINANCIAL STATEMENTS for the year ended 31 August 2025

Contents

Governors, Officers and Advisers	1 - 2
Report of Council	3 - 16
Independent Auditor's Report	17 - 20
Consolidated Statement of Financial Activities	21
Balance Sheets	22
Consolidated Cash Flow Statement	23
Accounting Policies	24 - 27
Notes to the Financial Statements	28 - 41

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UNIVERSITY COLLEGE SCHOOL GOVERNORS, OFFICERS AND ADVISERS

Council and Charity Trustees

The Governing Body of University College School is the Council. The Council comprises the charity trustees of University College School. Members of Council who served during the year and to the date of this report are shown below, together with their membership of the main Council Sub-Committees.

	Finance &	Education	Development	Governance
	General	Committee	& Investment	Committee
	Purposes		Committee
	Committee
S Warshaw, BA,Chair of Council	*	*	*	Chair
N R Gullifer, MA (resigned 2 Jul 2025)		*		*
C Rodrigues, CBE, MBA, MA †	*
E Ziff, OBE, DL Hon, DBA	*		*	*
A Rao, B(Eng), MBA (resigned 2 Jul 2025)		*
Professor W Li, PhD, FBA, MAE, FACSS, FRSA		Chair
A Ryker-Gallagher, JD, MBA, §				*
R Gogna, LLB (Hons), §
A Brem, MA, MSc, MBA, §	*
J Cohen, BSc, † §	Chair		*	*
R Donner, BA			Chair
T Smith, BA, MBA		*
N Anwar, BSc, PGCE (resigned 2 December 2025)		*
H L Pike, MA, FCCT (appointed 7 Oct 2025)		*
W Sargent KBE, MBA, FRSA§(appointed 8 Oct 2025)				*

† Old Gower

§ Parent of a pupil at University College School

OFFICERS

The Headmaster M J Beard MA, M Ed The Headmaster of the Junior Branch L R J Hayward, MA Ed, MA, BA The Headmistress of the Pre-Prep Dr Z Dunn PhD, PhQ, B Ed

Chief Operating Officer V Heeley, BSc, FCA Clerk to the Council C Morton, BA (Hons), MBA

Addresses: The Senior School The Junior Branch The Pre-Prep Frognal 11 Holly Hill 36 College Crescent London London London NW3 6XH NW3 6QN NW3 5LF

The day-to-day running of the schools is delegated to the respective Heads and the Chief Operating Officer.

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UNIVERSITY COLLEGE SCHOOL GOVERNORS, OFFICERS AND ADVISERS (continued)

Advisers

Bankers Barclays Bank plc The Royal Bank of Scotland plc 1 Churchill Place 1 Spinningfields Square London Manchester E14 5HP M3 3AP

Solicitors Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA Independent Auditor RSM UK Audit LLP Chartered Accountants 1st Floor Platinum Building St John's Innovation Park Cowley Road Cambridge CB4 0DS Investment Adviser Schroder & Co Limited 1 London Wall Place London EC2Y 5AU Insurance Broker Marsh Limited Education Practice Capital House 1 Tower Place West Tower Place London EC3R 5BU

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

The Council of Governors of University College School (“UCS”) presents its annual report and audited financial statements for the year ended 31 August 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: 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).

Objectives and Activities

Objectives

The Object of the Charity is to promote the education of boys or, at the Governors’ discretion, of boys and girls, by the provision of a school or schools. The Charity also has a number of trust funds held for special purposes in connection with the development of its school facilities as well as for scholarships, bursaries, prizes and other educational purposes. The Governors confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Charity’s objectives and activities.

The Ethos of the UCS Foundation

UCS was founded to promote the Benthamite principles of liberal scholarship and education. That remains our first and over-riding aspiration. Intellectual curiosity, breadth of study and independence of mind combine to achieve academic excellence; they are not subordinate to it.

Selecting children with no regard to race or creed, UCS fosters in them a sense of community alongside a tolerance of and a respect for the individual. By offering the fullest range of opportunities for personal and for group endeavour, it teaches the value of commitment and the joy of achievement. It is a place of study, but also of self-discovery and self-expression; a school that places equal value on learning with others as on learning from others.

The Aims of the UCS Foundation

UCS seeks to impart or provide:

• A distinctively kind and respectful environment that values diversity, promotes self-awareness and respects every individual in a safe and supportive community.

• An academic education that stimulates, enriches and informs.

• Preparation for the world beyond UCS from a foundation of attitudes, attributes, skills and knowledge.

• A varied experience beyond the classroom that encourages creativity and aspiration and develops the individual talents of every child.

• Opportunities for all members of UCS within the local, national and global communities of which it is a part to recognise, and respond to, their own responsibilities.

• Via a Bursary Fund, an education for a diverse pupil population that will not be restricted by factors such as family income and wealth.

Particular attention is paid to endeavour for the wider good of society and examples of such activity are included under “Achievements and Performance” below.

Benefit to the Community

The UCS Foundation (comprising the Senior School, Junior Branch and the Pre-Prep, UCS Facilities and UCS International Services Limited) educates over 1,300 children at no cost to the State.

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

We offer wider access to our schooling through fee assistance and operate a means-tested bursary scheme which can remit up to 100% of fees. More detail is provided under “Fee assistance” below.

The Senior School continues to deliver academic results which are well above the national average and which demonstrate excellent added-value. We also demonstrate particular excellence in subjects that are regarded as at risk or in decline in the maintained sector, such as the sciences, maths, classics, modern languages, drama, music and art history.

We continue our efforts to promote education across the wider community and we offer the use of our facilities to a number of local schools and community groups. More details are provided under “Achievements and Performance” below.

We remain very actively engaged in charitable work in the local community and further afield, which not only benefits others but also those pupils engaged in the work (by developing social responsibility). A long-standing pupil-led initiative is the annual collection for the North Paddington Mother and Baby Bank, as well as collection for WrapUp London, The Passage and The Toy Project and the Children’s Literacy Project.. A number of our Year 8 pupils both volunteer and fundraise for the local conservation charity Heath Hands. Our Sixth Formers also volunteer in a range of local primary schools and undertake tasks including literacy and numeracy support as well as running sports sessions.

In addition to participating in specific externally organised charity events, our pupils’ own Community Action fundraising activities at both the Junior Branch and the Senior School produced £35,665 for various local and national charities (2024 - £29,538).

Through our current pupils and former pupils (the “Old Gowers”), UCS provides players, teams and playing venues to support a range of local sports activities and teams, including Athletics, Cricket, Tennis, Hockey, Fives, Football and Rugby. We make our playing fields and other sporting facilities available to other schools and sporting organisations. In addition, our swimming pool and indoor sports facilities are well-used by the local community.

Our extensive participation in programmes to promote Young Citizenship and enhance the awareness of street safety, knife crime, alcohol, sexual responsibility, road safety and drugs, benefit not only our pupils and their parents but also the police and local community at large.

Staff also offer their support to the community, including a number of staff acting as governors at state maintained schools across London and its environs.

Principal Activities in the Year

University College School continues to provide education to boys aged 7 to 11 at its Junior Branch in Holly Hill, Hampstead and to boys aged 11 to 18 and girls aged 16 to 18 at the Senior School in Frognal, Hampstead. The School has sports fields at Ranulf Road, West Hampstead. During the year, the Junior Branch averaged 249 pupils (2024: 250) and the Senior School 958 pupils (2024: 960). Both sixth form year-groups include girls, who were first admitted in 2008. Applications for entry continue to exceed capacity, providing confidence that demand will be sustained in the foreseeable future. At least in part, this may be attributed to the School’s very high standards of pastoral care, its resolve to maintain and improve academic standards and its placement of leavers to world-class universities, which in 2024 again underpinned the Senior School’s position in the premier division of independent day schools.

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

UCS Pre-Prep provided pre-preparatory education to 96 boys aged 4 to 7 (2024: 96). The Pre-Prep has access to the UCS playing fields at Ranulf Road and to our other facilities at the Frognal and Holly Hill sites.

Fee assistance

It is Council’s policy to promote wider access to education at the School. In part, this is achieved through the award of bursaries (fee assistance) based on assessed financial need, through scholarships and through discounts. The School continues to actively advertise the availability of fee assistance through its prospectus and website, through feeder schools, local libraries and local newspapers, and through participation in a joint advertising programme with a number of other London schools, including the website www.lfac.org.uk.

Bursaries awarded in each of the past three years were as follows:

2025 2024 2023	2025 2024 2023	2025 2024 2023
Fee assistance £1,537,365	£1,407,000	£1,366,000
Trips/books/exam fees assistance £31,045	£42,000	£26,000
Number of bursary awards of 75% or more 45 44 52
Number of bursary awards of up to 75% 15 15 10
Number of full-time equivalent bursaries 50 50 56
Scholarship awards £510,000	£452,000	£377,000
Number of scholarship awards 54 52 56
Other fee discounts £200,000	£189,000	£201,000
Number of other fee discounts 17 15 16
Total number of awards 131 126 134
Total number of full-time equivalent awards 73 72 78

During the year the School received £1,106,000 (2024: £1,057,000) in donations specifically for bursary support. The bursary funds made a net gain of £166,000 on brought forward fixed asset investments (2024: net gain of £225,000). From those funds, £1,569,000 (2024: £1,093,000) was used to support bursaries made in 2024-25. The restricted funds carried forward to support bursaries in future years totalled £2,574,000 (2024 - £2,871,000) (note 13).

We provide bursary support at two entry points: 11+ and 16+. Every applicant is required to submit detailed financial information and supporting documentation. Once a bursary has been awarded it will normally continue throughout the pupil’s school life. We do ask parents/guardians to submit updated financial information each year so that we can check that the level of the bursary award is still appropriate. In practice, there are few changes and any that are required tend to be small.

Ongoing cost of living pressures, compounded by the introduction of VAT on school fees, necessitated an increase in financial support for existing parents/guardians. This included providing an additional £209,000 (2024: £134,000) in hardship support towards this year’s fees, alongside agreeing to extended payment terms for a number of families.

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

Volunteers

The School continues to benefit immensely from the unstinting efforts of Old Gowers and the Parent Guilds, which provide extensive voluntary service in support of fundraising, career networking, interview practice and general extra-curricular activities. Council remains very appreciative of this valuable support.

Achievements and Performance

Partnerships

The academic year 2024-25 saw another busy but successful year for the UCS partnerships programme, characterised by a significant expansion of engagement and the launch of a major new strategic initiative. The projects continue to foster a strong sense of community between UCS and our partner schools, bridging our commitment to lifelong learning.

Across the year, the reported termly figures reflect a high level of participation, with over 550 UCS and partner pupils engaged in the Autumn Term alone. These events demonstrably enriched the academic and social experiences of both UCS and external pupils.

● Sustained Collaborative Programmes

Some of the most impactful work in our partnerships portfolio is that which takes place over a number of weeks, and where UCS pupils work collaboratively with partner schools. Maths and Literacy Workshops were relaunched in collaboration with Richard Cobden Primary School, providing invaluable learning opportunities for over 20 Year 4 pupils. These workshops allow between 10 and 15 UCS middle school pupils to serve as mentors, which provides them with teaching experience and also contributes to their volunteering requirements for the Duke of Edinburgh’s Award. This multi-term programme culminated in a celebratory breakfast where Year 4 pupils met their UCS mentors face-to-face.

The Sixth Form Team also continued to facilitate valuable experiences, such as the provision of primary school placements across Camden as well as the STEM and Oxbridge interview afternoon hosted in collaboration with LAE Stratford.

We welcomed LAE pupils in the Autumn Term for Catalyst for Change , a collaborative project between 20 UCS Sixth Formers and 60 students from UCS House at LAE that explored the concept of social change, fostering critical thinking and problem-solving skills.

Primary immersion opportunities continued, with UCS welcoming over 70 children from Rosary PS for Language Immersion (French, German, Italian, and Mandarin) led by Transitus Modern Linguists. Taster sessions in Minimus Latin are also planned with New End PS, providing Transitus Classicists with opportunities to support our partner primary pupils..

● Academic Enrichment and University Preparation

Our programme of partnership events focused on university preparation and careers went under development and continued to bring significant benefits. This year, the UCS Partnerships Team worked to expand access to our Academic Enrichment events across all departments by inviting partner schools to collaborate and attend events led by industry experts and professionals.

165 partner students attended several talks, including events on careers in the Civil Service and in Healthcare, as well as a Biochemistry lecture delivered by a leading UCL academic. The partnership with Michaela Community School Physics Department continued, with their A-Level Physics students visiting UCS to complete required practical activities that necessitated the use of radioactive

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

sources unavailable at their school. Thus, UCS continues to enable the delivery of curriculum at our partner schools.

Furthermore, new links were established with Harris Lowe Academy, Willesden following initial interest in receiving support for preparing students for Maths university admissions tests, helping to broaden opportunities and possibilities for study and work across Maths and Economics.

● Visual and Performing Arts

The Visual and Performing Arts remain an area of strategic importance in our partnership work, with 172 partner pupils attending at least one show. A number of LAE pupils attended our school productions, namely Into the Woods in the Autumn Term and the Middle School production of Burying Your Brother in the Pavement in the Spring Term. They wrote reviews of the plays for school magazines, offering invaluable experience for building skills.

Our partner primary schools were also invited to observe the performing arts (Kilburn Grange; New End; Childs Hill), attending the daytime performance of this year’s Lower School production, Private Peaceful . The children thoroughly enjoyed the show and the opportunity to meet the cast afterwards.

The Art Pen Pals Project significantly expanded across the year, connecting the Lower School Art Club with pupils from Fleet, Rosary, and Childs Hill Primary School, promoting creativity and cross-school collaboration. For the first time, we opened up the UCS Sports Grounds for a nature walk, allowing partner pupils to experiment with textures and creating openness across our sites. The project culminated in a gallery exhibition at Childs Hill PS and a creative workshop hosted by current Transitus students at the Senior School.

The Art Felt Performance remains an annual highlight, in which UCS Lower School pupils performed short plays that were written and workshopped by Year 5 pupils from Rhyl Primary School. In music, our Rock Band collaboration with LAE continued, providing an opportunity for the UCS and LAE band leaders to collaborate as well as the shared musicianship of our students.

● Strategic Developments and Highlights

The year saw the launch of several major strategic initiatives. Firstly, UCS was announced as the designated hub school for the London region to play a key role in a national Computer Science partnership project funded by the Hg Foundation, the first project of its kind in Great Britain. Branded “STEM Horizons”, this project aims to boost GCSE Computer Science attainment, particularly amongst children from more deprived areas. Starting in Autumn Term 2025, the UCS Computer Science Department will deliver teaching, training, and enrichment provision for Years 9-11 pupils in three maintained secondary schools, including new partnerships with Harris Lowe Academy Willesden and Parmiter’s School in Watford. Throughout the year, UCS played a key role in shaping the design of the project according to the expertise of our department and the priorities and needs of our partner schools. Over the course of the initial 3-year run, the project is projected to deliver ~100 hours of support per student and reach over 1000 students across England.

A significant new partnership was launched with St Luke’s Primary School. This multi-faceted collaboration involves St Luke’s pupils using UCS facilities, such as the swimming pool, for their statutory swimming entitlement. The initiative has also involved the planning of professional development opportunities for St Luke’s teachers through lesson observations and CPD collaborations with the UCS Junior Branch and Senior School.

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

Senior School

In the summer of 2025, our A Level cohort secured our third best ever set of results, securing 30% (A), 72% (A-A) and 94% (A*-B). UCS leavers went on to pursue a healthy mix of STEM (38%) Social Sciences (29%) and Arts and Humanities (26%) courses with Economics, Finance and Management remaining popular choices. At Oxbridge, we saw an increase in our offers from Cambridge, with 14 students taking up places on courses such as Classics, Natural Sciences, History, English and Medicine and, for the first time in a long time, Computer Science! 5 students began their studies at Oxford. Other courses of interest include Economics and Global Sustainability, Financial Mathematics, Archaeology and Anthropology, Molecular Bioengineering, and Theatre &Performance Studies. All Medics, Dentists and Vets received at least one offer each and have begun their medical careers at institutions such as Oxford, St Andrews, Nottingham, Sheffield, Liverpool, Keele and Queen Mary. 85% of our students took up places at Russell Group universities and if we include Bath and Loughborough then 95% of our cohort have begun courses at some of the country’s top institutions. London placements remain strong with UCL numbers buoyant and there was particular success with Imperial this year. Bristol remains our most popular destination for the second year in a row with 26 students taking up places there. Our overseas university applicants taking up their placements increased this year with a number taking up places in the US (including Northwestern, NYU, USC and Boston University). 2 students went off to study at McGill in Canada and 3 took up places in Europe; at Bocconi, Sciences-Po and WU Vienna.

At GCSE level, the school enjoyed its second best ever set of grades, with 77% graded at 9-8 and 50% grade 9.

Registrations and acceptances continue to reach high levels, with the 16+ entry point receiving a record number of applicants and 11+ holding up well despite the VAT on school fees policy. Our commitment to increasing both the awareness and the availability of fee assistance at UCS continues to be effective. A founding member of the London Schools Fee Assistance Consortium of which the Headmaster has now become the Chair, UCS provided fee assistance to the equivalent of 50 full time bursaries (c£1.6m).

Physical developments to the Frognal site included masonry work on the Edwardian facades, classroom refurbishments and upgrades to IT infrastructure.

The School continues to offer and encourage a wide range of co-curricular activities. All pupils participated in weekly physical education and sport, and many represented the School in inter-school fixtures. Main sports are rugby, football, netball, cricket, hockey and tennis. Pupils also have the opportunity to play a wide range of indoor sports including: basketball, badminton, squash, fencing, swimming, dance and use of the gym. Outdoor and adventurous activities are growing in popularity, with increasing participation in the Duke of Edinburgh Award Scheme.

Pupils also took full advantage of a wide range of clubs and societies: intellectual, inspirational, aesthetic and recreational. The staff lecture series remains very popular, as do the Academic Symposia for Year 12. Music and drama continue to thrive. There was a full range of classical, jazz and rock concerts throughout the year.

Partnership work with local schools, to mutual benefit for the pupils and staff involved, remains very important to us and we estimate some 2,000 state school pupils were influenced by UCS involvement accordingly. A good deal of community service and fundraising for charity also occurred, involving pupils across the full age range.

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

Junior Branch

In the 2024 to 2025 calendar year, we had teams in the finals of all three major national quiz competitions: the Maths Quiz, General Knowledge Quiz and the Science Quiz. Sadly an outright win eluded us, but our General Knowledge Quiz team did finish third.

Academically, the school built on excellent strengths in previous years. By assiduously working in CPD sessions with teachers, the management team managed to increase the academic profile of the students to the extent that by June 2025, the average pupil across all four year groups was operating at an average standardised score of 127.

Once again, pupils benefited from a rich and varied Equality, Diversity and Inclusion programme with a regular programme of assemblies about gender and ethnicity led both by school staff and visiting professionals.

The major production performed by Year 6 pupils last year was Wind in the Willows, performed in the Lund Theatre in the Senior School. Every boy in the year group was fully involved in each class’s performance, while in the Spring Term, Year 5 boys performed Holes in the drama studio. Year 4 boys engaged once again in a highly successful mime production, while Year 3 parents were also able to watch their sons perform in a poetry jam.

With the long term absence through illness of our Director of Music, the sequencing of concerts had to be reorganised last year. We held our traditional Autumn Concert in the Spring Term, but were very grateful to our Deputy Head Academic taking over the direction of the department during the Autumn Term, allowing us to host individual music concerts which showed how undiminished music remained in the school.

As in previous years, we ran a comprehensive package of residential trips. Our programme started with our Year 6 boys going on their annual residential trip to Norfolk. The rugby tour visited Ireland in December, while our ski trip returned to Passo Tonale in Italy in February and our huge football tour (72 boys and 67 dads from Years 5 and 6) went to Malaga, Spain in early April. This year’s art and cultural trip went to Paris in April, while our Y4 French language trip stayed in a centre near Boulogne in June.

Charity fundraising also remained a focus for the community. Because of the reorganisation of concerts, we missed a big annual fundraiser, the Spring Quiz, but the Winter Fair and Readathon continued to raise large sums of money, and regular appeals were held throughout the year for other charities.

During the summer holiday window all classrooms and the music room in the lower corridor were completely refurbished, with hard floors replacing carpets and a very pleasing all-round effect.

Pre-Prep

The academic year 2024-25 has, as ever, been full lessons, trips, House and sports events, productions and musical recitals. The children have been exposed to a myriad of new experiences and opportunities that have deepened their knowledge and skills across the curriculum and beyond. Back in March, the school was transformed into the seaside for World Book Day and it was a delight to see so many boys entering the school through our very own lighthouse, avoiding the pesky seagulls flying above them. Dressing up to celebrate International and Cultural Day was also a highlight where the pupils worked collaboratively to make digital islands inspired by AI. We also welcomed a number of parent visits where they shared their knowledge, cultures and creativity. These visits are always so appreciated and help us all to learn more about our diverse UCS community.

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

There were an abundance of trips this year celebrating the creative topics the boys were studying; such as the Tower of London, Houses of Parliament, the Water and Steam Museum, RAF museum, the Little Angel theatre and the Natural History Museum at Tring. Other visits have made use of our local environment: Belmont Farm, Camley Street Ecology Centre and, of course, slightly further afield, an exciting, if rather wet day, spent at Great Missenden at the Roald Dahl Museum. These trips enhance our creative curriculum and serve to complement our specialist subjects dedicated to fostering both challenge and enjoyment for every pupil. Theatrically, the boys thoroughly enjoyed their productions of Aladdin and most recently, King Arthur and the Sword in the Stone. These opportunities not only equip pupils with skills in dance, music and drama but also foster confidence and self-esteem by nurturing creativity and reinforcing collaboration—enriching the mind and providing much joy.

We have also had a range of charity events supporting local and national charities. The school community raised over £5,000 at the very well attended Autumn Quiz in September for GOSH and subsequently raised a further £1,000 for other charities across the year: Jeans for Genes, Macmillan, NSPCC, Comic Relief, Unicef and Fairtrade. The Paddington Food Bank received food donations for Harvest and toys and gifts in December for Secret Santa.

Physical Education continues to be a highlight of the school and has been celebrated at the Pre-Prep once more this academic year, a source of pride with pupils achieving new milestones and breaking records. The year commenced with the House Running Competition where Dragon were the victors of one of the most impressive runs in Pre-Prep history. KS1 ran a combined total of 122 km, with an impressive average of 1.5km per 15 mins. In the spring Pegasus managed to flip the highest pancake, narrowly missing the ceiling and Sphinx won the Sport Challenge Cup which tested their agility, balance, coordination and stamina. It was Griffin who were the champions in the water, during the swimathon where the school collectively swam 22km – 6 km more than last year smashing another PP record. Finally, Sphinx were the champions at Sports Day and Pegasus won the House cricket with 222 runs, although all the other houses were hot on their heels with one point between them!

Integral to our academic curriculum and a focus this year has been on helping the children become reflective learners—thinking about how they learn best and how they can tackle challenges. Alongside this, the boys have been encouraged to become more emotionally reflective; able to talk and think about their emotions and feelings so they can grow in confidence, kindness, and empathy. Through this dual focus, the boys learn to navigate social and emotional challenges. Includadon and team rex form an essential part of this work which aims to foster caring and courteous boys that appreciate and cherish their community.

We have continued to nurture and promote the importance of pupils’ opinions and voices through a series of initiatives known as Pupil Power such as Pupil Picks and the Pre-Prep Members of Parliament , PPMPs , who arrange votes and discussions across the school. The 2024-25 academic year was marked by a rich tapestry of learning, creativity, and community engagement, offering pupils a myriad of opportunities to deepen their knowledge and skills.

Financial Review

Council budget on the basis of making annual surpluses in order to provide the funds to enable us to maintain and improve the buildings from which we operate and the services we provide. Despite a year impacted by external political factors, as well as ongoing inflationary pressures, the School’s finances improved this year. A consolidated net income of £4,067,000 (2024 – net income £3,506,000) was reported.

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

Consolidated income for the year was £36,301,000 (2024 - £34,418,000). The primary variance relates to an additional £1,031,000 which was generated in fee income (net fees were increased by 5.5% on 1st September 2024 and reduced by 2.5% on 1 January 2025 following the introduction of the VAT on school fees policy) and there was an increase in donation income (£1,414,000 for 2025 compared to £864,000 for 2024). Our donation income, by its nature, tends to be fairly lumpy. We adopt conservative assumptions in relation to this type of income in our budgeting process.

We continue to aim to increase fees by the minimum amount required to run our schools effectively and efficiently, and to invest in new and improved facilities where required. Fees were raised by 4.9% on 1 September 2025.

UCS Facilities, which generates external income from running our sports facilities and hiring out our school buildings, reported a reduction in net profit to £904,000 (2024: £1,074,000) following the unexpected increase in employers’ national insurance contributions, as well as a fall in facilities hires, primarily fewer lucrative film hires. The sports side is now a relatively mature business and we expect any future growth to come mainly from external lettings.

Expenditure on charitable activities increased by £1,135,000 (3.8%) to £30,952,000. An analysis is provided in note 5. This was primarily driven by increases in business rates (following the removal of charitable business rates relief for independent schools) and employers’ national insurance contributions, as well as continuing inflationary increases across teaching budgets, welfare costs and administrative support.

Capital expenditure totalled £1,828,000 (see note 7). Significant items were: funds spent replacing the All Weather Pitch at the Sports Fields (£572,000); and IT infrastructure upgrades (£648,000).

Group bank and term deposit balances increased by £656,000 to £19,273,000 (2024 - £18,617,000), a small increase reflecting the higher than normal level of advance fee payments received in the previous year.

Investment powers, policy and performance

The investment sub-committee of Council has agreed with the investment advisers that School trust funds will be managed to maintain their contribution whilst preserving the real value of investments. Aside from this, no formal benchmark is set for investment performance but this is monitored against market conditions. In the context of the wider economic environment, the Governors are satisfied with the performance of the investment funds during the year, in which the value of the portfolio rose from £7,582,000 to £8,314,000 (see note 8).

Reserves

Notes 13 and 16 to the financial statements show the assets and liabilities attributable to the various funds by type, and also describe the various trusts of the Charity and summarise the year’s movements on each fund.

Unrestricted funds amounted to £41,377,000 (2024 - £37,312,000). Of that amount, £21,097,000 (2024 - £21,922,000) is invested in fixed assets (net, after related loans), leaving £20,280,000 (2024 - £15,390,000) of free reserves.

Restricted funds amounted to £3,691,000 (2024 - £3,689,000), primarily held for the provision of means-tested bursary support to pupils, as well as for scholarships, prizes, the development of school facilities and other educational purposes.

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

Council has determined that the appropriate level of free reserves which are not invested in tangible fixed assets should be equivalent to 4 months’ (one term’s) expenditure, approximately £10.3m (2024 - £9.9m). Our policy is, therefore, to maintain reserves to that level by means of annual operating surpluses and judicious management of our investment assets, supplemented by general-purpose appeals from time to time. Tangible fixed assets are all held for use by the schools.

Going concern

Council has prepared a number of prudent five-year income and cash flow forecasts covering the period to 31 August 2030. These are based on the principal assumption that there continues to be challenging inflationary pressure on salaries and overheads and compensating increases in income, as well as the planned capital build scheduled to commence in summer 2027. On the basis of these forecasts it is expected that the charity will be able to meet all financial commitments as they fall due, including the servicing of debts and associated covenants, and therefore it is appropriate for these financial statements to be prepared on the basis that the charity is a going concern.

Fundraising

We raise funds from parents of current pupils, Old Gowers and selected other individuals and organisations. We do not approach the general public for donations nor do we use professional partners or commercial fundraisers. We have not received any complaints regarding our fundraising. We do not ask for donations from vulnerable people.

Plans for future periods

As well as seeking to build on already commendable academic results, Council continues to oversee a strategic development plan for the School. Under the guidance of the Headmaster, the UCS Foundation Senior Leadership Team has completed its plan for the 2020-25 period and is moving forward with the plan for the 2026-30 period. This plan is consistent with the Foundation’s guiding ethos and aims as set out in the Objectives.

To achieve these aims, the Foundation:

• Has an ongoing development plan for educational and pastoral provision, new buildings, playing areas and facilities. Accordingly, the plans for “Project 200”, which received planning approval in September 2024, continue to progress, with work anticipated to commence in 2027. This scheme will provide a new wellbeing centre for pupils, a Lower School Hub, an upgrade to the performing arts facilities and enhance the catering facilities.

• Provides opportunities for consultation with staff, parents and pupils.

• Seeks able governors and uses their experience to help map out a successful future.

• Appoints and assists with the development of talented and inspirational staff.

• Develops close and positive relationships with schools in the maintained sector.

• Provides increased funding for bursaries, to allow a wide intake from the locality.

• Ensures prudent financial management.

• Adopts, and keeps current, suitable policies to ensure that all regulatory requirements are met.

Structure, governance and management

Governing Document

The Charity was constituted by the University College (Transfer) Act 1905 and is administered in accordance with the 1905 Act as altered or affected by the Scheme dated 9 February 2005 ordered by

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

the Charity Commission for England and Wales (‘the Scheme’), and by the statutes contained therein (‘the Statutes’) as amended by resolutions of Council dated 10 October 2013, 11 October 2018 and 15 October 2020, and in accordance with permissions granted by the Charity Commission.

The Charity changed its name on 16 November 2020, from “University College School, Hampstead” to “University College School”. This was to make it easier to register international trademarks as part of the ambition to open branded schools overseas. The Charity is interchangeably known as “University College School, Hampstead”, “University College School” and “UCS”.

Governing Body

The Governing Body of University College School is the Council (‘Council’). The members of Council are the charity trustees of the University College School. Members of Council serving at the date of this report, together with their Nominating Bodies, where appropriate, are shown on page 1. No member of Council has been a direct beneficiary of the Charity during the period or preceding year and no member of Council received any remuneration from the Charity during the period (2023 – nil). Members of Council may be reimbursed for costs incurred in attending meetings on behalf of the Charity.

Appointment of Members of Council

In accordance with The Statutes, Council should consist of no fewer than ten but not more than sixteen members, who each hold office for a term of four years and may be reappointed. There are currently twelve members.

Eleven current members are Co-opted Members appointed by resolution of Council, and one is the nominee of University College, London. Following the amendment of the Statutes on 10 October 2013, The Corporation of University College School no longer elects members of Council, and following agreement reached with Camden Council in 2023, they also no longer elect a member of Council.

Recruitment and Training of Members of Council

In response to vacancies, Co-opted governors are recruited to Council through the nominations process set out in The Statutes. Nominated Members are appointed by the Nominating Bodies. New governors are inducted into the workings of the Charity and its schools, including policy and procedures, through an individually tailored series of meetings with other governors and the executive officers. In addition, they are provided with appropriate publications and updates produced by the Charity Commission, by the Department for Education and by professional bodies concerned with the independent school sector, including the Association of Governing Bodies of Independent Schools (AGBIS), the Independent Schools Council (ISC), the Incorporated Association of Preparatory Schools (IAPS), The Heads’ Conference (HMC) and the Independent Schools’ Bursars Association (ISBA). Governors are also provided with a Handbook detailing relevant school information and policies. Where necessary and appropriate, further training is provided through specialist briefings and seminars.

Organisational Management

Members of Council, as the trustees of the Charity, are legally responsible for the overall management and control of University College School. Council meets at least 3 times each year to receive reports from its sub-committees, the Heads, the Chief Operating Officer and the Director of Development, and to make decisions on reserved matters. The main sub-committees of Council are the Finance & General Purposes Committee, which meets at least 3 times in each year and deals with matters including finance, resources, personnel and property matters, and the Education Committee which meets termly and deals with educational matters. The Development & Investment Committee (formerly the Investment Committee) meets with the investment advisers at least twice a year to

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

review investment policy and its implementation. Membership of the sub-committees is as shown on page 1. Governors are also represented on the school’s Compliance and Governance committees.

The Headmaster chairs the Foundation Cabinet, which comprises the Chief Operating Officer, the Vice Master, the Headmaster of the Junior Branch and the Headmistress of UCS Pre-Prep. The Cabinet directs the strategic development for the UCS Foundation and seeks to enhance the consistency, impact and efficiency of approach to our provision for UCS pupils, parents and staff. Day-to-day running of the schools is delegated to the respective head teacher. The Headmaster delegates the chair of other meetings covering a range of School activities to members of the Senior Leadership Teams, including the Academic Board, Pastoral Committee, the Compliance Committee and the Health & Safety Committee.

Group Structure and Relationships

University College School owns 100% of the share capital of UCS Education Services Ltd, a company registered in England and Wales (registered number: 12288444, formerly known as UCS International Services Limited). It was incorporated in 2019 to account for the international licensing activities of the Foundation. It produces its own report and accounts, and its results are consolidated in these group accounts. In 2022 it was decided to withdraw from these activities for the time being, however this is under review and the Council have taken the decision to rename the company with a view to future opportunities.

University College School owns 100% of the share capital of UCS Facilities (Company Number 5926954). Taxable profits generated by UCS Facilities are distributed to University College School. UCS Facilities produces its own annual report and financial statements, and its results are consolidated in the group financial statements of University College School.

Risk Management

Council is responsible for the management of the major risks faced by the School. Detailed consideration of risk is delegated to the Headmaster and his senior leadership team and reviewed by the Governance Committee. The Charity continues to develop its procedures to monitor and control risk and a formal review of this process is undertaken on an annual basis. Key controls employed by the Charity include:

• Formal agendas and recording for all Council business

• Terms of reference for all committees

• Comprehensive strategic planning, budgeting and management accounting

• Established management structures and lines of reporting

• Formal written policies

• Clear financial authorisation and approval levels

• Stringent application of vetting procedures as required by law and best practice for the protection of the vulnerable.

Through the risk management processes established for the School and overseen by the Governance Committee, Council is satisfied that the major risks so far identified have been adequately mitigated where possible. Key risks identified are student safety and welfare, school safety, online safety, cyber security, employing and retaining inspirational, properly qualified and vetted staff, and financial stability, which includes managing the risks associated with ongoing membership of the Teachers’ Pension Scheme as well as maintaining pupil numbers in an independent schools’ market impacted by the introduction of VAT on school fees.

Council recognises that systems can provide only reasonable but not absolute assurance that major risks have been adequately managed.

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

Pay policy for key management personnel

The Governors consider the Headmaster and his key leadership team (which comprises the Heads of the Junior Branch and the Pre-Prep, the Vice-Master and the Chief Operating Officer) to be the key management personnel in charge of directing and controlling, running and operating the Foundation on a day to day basis.

The pay of the senior staff is reviewed annually and increases are decided after considering market comparisons, any changes in responsibilities, increases in average earnings generally and inflation.

Reference and administrative details

University College School is an unincorporated charity, registered with the Charity Commission in England and Wales (registration number 312748). It is also known as University College School, Hampstead, UCS and UCS Hampstead.

The address of the principal office of the charity is University College School, Frognal, Hampstead, London, NW3 6XH.

The trustees (governors) and executive officers who served during the reporting year and/or on the date of this report are listed on page 1.

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UNIVERSITY COLLEGE SCHOOL Report of Council for the year ended 31 August 2025

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the Report of Council and the financial statements in accordance with 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).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

A resolution to reappoint RSM UK Audit LLP as auditors will be put to the trustees at the annual general meeting.

Approved by the Council of University College School on 18 March 2026 and signed on its behalf by:

(es by:

S Warshaw

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UNIVERSITY COLLEGE SCHOOL Independent Auditor’s Report to the Trustees of University College School

Opinion

We have audited the financial statements of University College School (the “parent charity”) and its subsidiaries (the “group”) for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and charity’s affairs as at 31 August 2025 and of their incoming resources and application of resources for the year then ended;

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

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We have been appointed as auditors under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 and parent charity 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 or parent charity’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 other information comprises the information included in the Report of Council other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Report of Council. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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UNIVERSITY COLLEGE SCHOOL Independent Auditor’s Report to the Trustees of University College School

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Report of Council; or

• sufficient accounting records have not been kept by the parent charity; or

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

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities 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 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 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 it 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.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with law and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

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UNIVERSITY COLLEGE SCHOOL Independent Auditor’s Report to the Trustees of University College School

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

• obtained an understanding of the nature of the sector, including the legal and regulatory framework, that the group and parent charity operates in and how the group and parent charity is complying with the legal and regulatory framework;

• inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

• discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Charites Act 2011, the parent charity’s governing document and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Report of Council, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, and inspecting any correspondence with local tax authorities and evaluating any advice received from external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) Regulations 2014, Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the group is in compliance with these laws and regulations and inspected correspondence with regulatory authorities.

The group audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to performing tests of detail on a sample of revenue items and testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates.

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

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UNIVERSITY COLLEGE SCHOOL Independent Auditor’s Report to the Trustees of University College School

Use of our report

This report is made solely to the charity’s trustees as a body, in accordance with the Charities Act 2011. 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 and the charity’s trustees as a body, for our audit work, for this report, or for the opinion we have formed.

RSM UK AUDIT LLP

RSM UK Audit LLP Statutory Auditor Chartered Accountants 1[st] Floor Platinum Building St John’s Innovation Park Cowley Road Cambridge CB4 0DS 25 March 2026

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

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21

UNIVERSITY COLLEGE SCHOOL Consolidated Statement of Financial Activities for the year ended 31 August 2025

Unrestricted Notes Funds £000 Income and endowments Donations and legacies 2 30 Charitable activities: School fees 2 32,799 Other educational income 3 333 Other ancillary income 3 - Other trading activities: UCS Facilities - turnover 3 2,197 Other 3 13 Investments - gross income 4 1,024 Total income 36,396 Expenditure Raising funds: 5 UCS Facilities 1,280 Loan interest and bank charges 36 Costs of generating voluntary income 363 Financing costs arising from Advance Fee Scheme 15 Charitable activities 5 30,933 Investments - management fees 10 Total expenditure 32,637 Net profit/(loss) on investments 8 306 Net income/(expenditure) 4,065 Reconciliation of funds: Total funds brought forward 37,312 Total funds carried forward 13 41,377	Restricted Funds £000 1,384 (1,569) - - - - 90 (95) - - - - 19 4 23 120 2 3,689 3,691	Total Funds 2025 £000 1,414 31,230 333 - 2,197 13 1,114 36,301 1,280 36 363 15 30,952 14 32,660 426 4,067 41,001 45,068	Total Funds 2024 £000 864 30,199 211 1 2,244 2 897
			34,418
			1,145 34 337 23 29,817 13
			31,369
			457
			3,506
			37,495
	3,691	45,068	41,001

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UNIVERSITY COLLEGE SCHOOL Balance Sheets as at 31 August 2025

	Notes		Group		Group		Charity		Charity
			2025		2024		2025		2024
			£000		£000		£000		£000
Fixed assets
Tangible Assets	7		22,878		23,089		22,599		23,002
Investments	8		9,384		8,652		9,384		8,652
Total fixed assets Current assets		32,262 31,741 31,983 31,654 ~~ee~~
Stocks			207		278		58		109
Debtors	10		2,376		8,749		2,591		9,317
Bank term deposits			11,000		9,000		11,000		9,000
Cash at bank and in hand			8,273		9,617		8,135		9,193
Total current assets Liabilities		21,856 ~~a ~~		27,644 21,784 27,619 ~~ee~~
Creditors: Amounts falling due within one year	11		(8,071)		(17,553)		(7,866)		(17,441)
Net current assets Creditors: Amounts falling due after more than one year	12	13,785 (979) ~~LJ ~~			10,091 (831) ~~Ee~~		13,918 (833) ~~Ed] ~~		10,178 (831) ~~LE~~
Total net assets		45,068 ~~a ~~		41,001 45,068 41,001 ~~	~~
The funds of the Group/Charity
Restricted income funds	13		3,691		3,689		3,691		3,689
Unrestricted funds			20,280		15,390		20,280		15,390
Fixed assets fund			21,097		21,922		21,097		21,922
Total unrestricted funds Total Group/Charity funds	13	41,377 37,312 41,377 37,312 45,068 41,001 45,068 41,001 ~~LJ EJ Ed]~~ ~~a	~~

The accounting policies and notes on pages 24 to 41 form part of these financial statements.

Approved and authorised for issue by the Council on 18 March 2026, and signed on its behalf by:

S Warshaw

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UNIVERSITY COLLEGE SCHOOL

Consolidated Statement of Cash Flows

for the year ended 31 August 2025

Total Total Notes Funds Funds 2025 2025 £000 £000 Cash flows from operating activities: Net cash provided by operating activities 1,487 Cash flows from investing activities: Dividends and interest 1,114 Proceeds from the sale of property, plant and equipment 11 Purchase of property, plant and equipment (1,638) Purchase of investments (327) Proceeds from investments 21 Deposit maturity 9,000 New deposits made (11,000) Net cash used in investing activities (2,819) (2,819) Cash flows from financing activities: Repayments of leasing (12) Net cash (used in)/provided by financing activities (12) (12) Change in cash and cash equivalents in the year (1,344) Cash and cash equivalents at the beginning of the year 9,617 Cash and cash equivalents at the end of the year 8,273 Reconciliation of net income to net cash flow from operating activities Net income for the year as per the Statement of Financial Activities 4,067 Adjustments for: Depreciation charges 2,039 Profit on investments (426) Dividends and interest (1,114) Profit on the disposal of fixed assets (11) Decrease in stocks 71 Decrease/(Increase) in debtors 6,373 (Decrease)/Increase in creditors (9,512) Net cash provided by operating activities 1,487 Analysis of cash and cash equivalents Cash in hand 8,273 Total cash and cash equivalents 15 8,273 Analysis of net debt At 1 September Cash Flows 2024 £000 £000 Cash 9,617 (1,344) Bank deposits 9,000 2,000 18,617 656 Loans falling due within one year - 12 Loans falling due after more than one year (65) - 18,552 668	Total Funds 2025 £000 1,114 11 (1,638) (327) 21 9,000 (11,000)	Total Funds 2025 £000 1,114 11 (1,638) (327) 21 9,000 (11,000)	Total Funds 2025 £000 1,487	Total Funds 2025 £000 1,487	Total Funds 2024 £000 897 - (708) (296) - 2,000 (9,000) (7,107) - -	Total Funds 2024 £000 8,881 (7,107) -
	(2,819)		(2,819)		(7,107)
	(12)
	(12)		(12)		-
			(1,344) 9,617
						1,774 7,843
			8,273			9,617
						3,506 2,255 (457) (897) - - (6,681) 11,155
			1,487			8,881
			8,273			9,617
			8,273			9,617
			Cash Flows £000 (1,344) 2,000 656 12 - 668		New Finance Leases £000 - -	At 31 August 2025 £000 8,273 11,000
					- (44) (146)	19,273 (32) (211)
					(190)	19,030

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UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025

1 Accounting policies

Abbreviations

The following abbreviations are used in these financial statements:

The Group - University College School and its subsidiary undertakings, UCS Facilities and UCS Education Services Limited

The School and the Charity - University College School

UCSES - UCS Education Services Limited

Charities SORP (FRS 102) - Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition effective 1 January 2019

FRS 102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland SoFA - Statement of Financial Activities

VAT - Value Added Tax

The members of Council are also referred to in this report as the Trustees or the Governors.

Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost, transaction value or, in the case of fixed asset investments, at fair value.

The presentation currency is the British Pound and the level of rounding used in the report is to the nearest '£000.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Group represents a public benefit entity as defined by FRS 102.

Going concern

Council has prepared a number of prudent five-year income and cash flow forecasts covering the period to 31 August 2030. These are based on the principal assumption that there continues to be challenging inflationary pressure on salaries and overheads and compensating increases in income. On the basis of these forecasts it is expected that the charity will be able to meet all financial commitments as they fall due, including the servicing of debts and associated covenants, and therefore it is appropriate for these financial statements to be prepared on the basis that the charity is a going concern.

Basis of consolidation

The consolidated SoFA, the consolidated balance sheet and the consolidated statement of cash flows include the financial statements of the Group made up to 31 August 2025.

UCS Facilities, a wholly owned subsidiary of University College School, commenced trading during 2006-07 and its financial results are included within Group figures.

UCS Education Services, a wholly owned subsidiary of University College School, commenced trading during 2019-20 and its financial results are included within Group figures. This entity is currently dormant.

The group has taken advantage of the exemption available in section 7 of FRS 102 not to prepare a charity only cash flow statement.

Intra-group transactions are eliminated fully on consolidation. There are no differences in the accounting policies of the three entities that would result in material differences to the financial results of the Group.

The parent charity, University College School, has not published its own SoFA as the results of the parent charity are clearly disclosed in the group SoFA on page 21.

Docusign Envelope ID: F75B719F-22E6-41D2-9C10-890D5E0FA4D5

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UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

1 Accounting policies (continued)

Income recognition

All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income from donations and legacies receivable

Donations and legacies receivable are credited to the SoFA in the year in which they are recognised, following the principles outlined above under "Income recognition", and to restricted or unrestricted funds dependent on any specific donor wishes.

School fees and other educational income

Fees receivable and the related income receivable for services and use of premises are accounted for in the year in which the service is provided. Fees receivable are stated after deducting the costs of bursaries, scholarships and other concessions granted.

Advance Fee Scheme

As explained in note 12, parents may enter into a contract to pay amounts to the School in advance of the relevant school terms. Parents receive discounts for these advance payments, which are effectively finance charges borne by the School. These finance charges are accounted for on a discounted cash flow basis over the related advance fee period, and are included as "Financing costs arising from Advance Fee Scheme" on the face of the SoFA. Advance fee receipts are recognised as creditors upon receipt of the funds.

Refundable deposits

Parents pay a deposit when they contract to send their child to the School.

This is retained until their child's last term to offset any incidental costs incurred in that last term, with any balance refunded at the end of their last term. These deposits are disclosed in these financial statements as amounts due within one year.

Expenditure recognition

Expenditure is recognised as soon as there is a legal or constructive obligation committing the Group to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses are allocated to the applicable expenditure headings below:

The costs of raising funds comprises the costs of our commercial trading subsidiary, the costs of our international trading subsidiary, the employment costs of our development department and the interest arising under our advance payment of fees scheme.

Charitable activities comprises the costs of teaching, welfare, premises, and support departments. More detail is provided in note 5.

Investment management fees relate to our fixed asset investments which support our restricted funds.

Irrecoverable VAT is charged to a separate expenditure heading.

Operating leases

Rentals payable under operating leases are charged to the statement of comprehensive income on a straight-line basis over the period of the lease.

Finance leases

An asset and corresponding liability are recognised for leasing agreements that transfer to the group substantially all of the risks and rewards incidental to ownership (“finance leases”). The amount capitalised is the fair value of the leased asset or, if lower, the present value of the minimum lease payments payable during the lease term, both determined at inception of the lease. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Pension schemes

The Group contributes to the Teachers' Pension Scheme ("TPS") at a rate set by the Government Actuary. The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a projected unit credit method. The TPS is an unfunded, multi-employer scheme with no underlying assets to assign between employers, consequently there is insufficient information available to use defined benefit accounting, and it is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the year to which they relate. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

The Group also operates a Group Personal Pension Scheme for all non-TPS staff. This is a defined contribution scheme and all contributions are charged to the SoFA in the year incurred. This scheme is administered by Royal London.

Docusign Envelope ID: F75B719F-22E6-41D2-9C10-890D5E0FA4D5

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UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

1 Accounting policies (continued)

Tangible fixed assets

The original land and buildings of University College School are not considered to be material to the financial statements and are carried at nil value. Subsequent purchases, developments and major improvements have been capitalised at their historic cost.

The costs of maintenance and refurbishment are written off as incurred.

Depreciation is calculated so as to write off the cost of fixed assets, less estimated residual values where applicable, on a straight-line basis over the expected useful lives of the assets concerned. The principal depreciation policies are:

Freehold land - is not depreciated Freehold buildings - 10 to 25 years Short leasehold land and buildings - 25 years, or if shorter, the period of the lease Plant and equipment - 3 to 25 years

The School has an equity interest in a residential property, which was co-purchased with a member of staff as part of an historic recruitment and retention policy which has now ended. The School's share of that property is capitalised at historic cost. The property cost is not depreciated but is subject to an annual impairment review.

Immaterial individual purchases of equipment and computers (costing less than £1,000) are not capitalised, but instead charged as expenditure in the year in which the acquisitions are made.

Investment property

Freehold land and buildings held as an investment are included at market value. The trustees review the carrying value annually.

Investments

Investments in subsidiaries are stated at cost.

Other investments are restated to fair value at each balance sheet date. Realised and unrealised gains are included in the SoFA as "Net gains on investments". Stock Stock is stated at the lower of cost and net realisable value. It comprises games kit, books, stationery, catering and cleaning items.

Financial Instruments

The Group has elected to apply the provisions of Section 11 and 12 of FRS 102 in full to all of its financial instruments. The Group only has basic financial instruments.

The Group holds the following financial assets and liabilities: Assets: Fixed Asset investments Short term debtors and accrued income Short term (<1 year) treasury deposits, all with Barclays Bank plc. Deposits with a maturity date of less than 3 months after the balance sheet date are included as cash at bank and in hand in the balance sheet, and as cash and cash equivalents in the statement of cash flows. Deposits with a maturity date of more than 3 months after the balance sheet date are included as bank term deposits in the balance sheet. Liabilities: Bank loans Short term creditors Obligations under finance leases

Financial assets are recognised when the Group becomes contractually entitled to receive cash or other financial assets from a third party.

Financial liabilities are recognised when the Group incurs a legal or constructive obligation to deliver cash or another financial asset to a third party.

Financial assets and liabilities, both short- and long-term, are initially measured at transaction price and are subsequently measured at amortised cost, except for investments which are measured at fair value.

Docusign Envelope ID: F75B719F-22E6-41D2-9C10-890D5E0FA4D5

27

UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

1 Accounting policies (continued)

Liquid Resources

These are cash or investments which can be withdrawn within 3 months.

School Trust Funds

These trust funds represent funds donated to the School for specific purposes. Further details of each fund are disclosed in note 13.

Fund accounting

Unrestricted funds are available to use to further any of the purposes of the Charity. Designated funds are unrestricted funds which the trustees have decided at their discretion to set aside for a specific purpose.

Restricted funds are to be used in accordance with specific instructions imposed by the donors. Further details of each fund are disclosed in note 13.

Corporation Tax

The School is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Critical Accounting Estimates and Judgements

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no critical accounting estimates or judgements.

Docusign Envelope ID: F75B719F-22E6-41D2-9C10-890D5E0FA4D5

28

UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

2 Income and Endowments and Charitable Activities

Donations and Legacy income School fee income comprised: Gross Fees Less: Bursary costs Scholarships Staff fee remissions 3 Charitable activities - other unrestricted income Other educational income comprised: Fee insurance receipts Registration fees Courses and other tuition Other Other ancillary income comprised: Refectory receipts and other income Other trading activities comprised: UCS Facilities - Turnover Other - Asset disposal Other - Commission & Profit on Asset Disposal	2025 2025 2025 2024 Unrestricted Restricted Total Unrestricted £000 £000 £000 £000 30 1,384 1,414 (278)	2025 2025 2025 2024 Unrestricted Restricted Total Unrestricted £000 £000 £000 £000 30 1,384 1,414 (278)	2025 2025 2025 2024 Unrestricted Restricted Total Unrestricted £000 £000 £000 £000 30 1,384 1,414 (278)	2025 2025 2025 2024 Unrestricted Restricted Total Unrestricted £000 £000 £000 £000 30 1,384 1,414 (278)	2024 Restricted £000 1,142	2024 Total £000 864
	33,509 - 33,509 32,289 - (1,569) (1,569) (356) (510) - (510) (452) (200) - (200) (189)				- (1,093) - -	32,289 (1,449) (452) (189)
	32,799	(1,569)	31,230	31,292	(1,093)	30,199
					2025 £000 10 166 24 133	2024 £000 7 175 20 9
					333	211
					-	1
					-	1
					2,197 11 13	2,244 - 2
					2,221	2,246

• 4 Investments - gross income

Bank interest receivable Property Rent Dividends	2025 2025 2025 2024 2024 2024 Unrestricted Restricted Total Unrestricted Restricted Total £000 £000 £000 £000 £000 £000 712 - 712 506 - 506 82 - 82 82 - 82 230 90 320 222 87 309	2025 2025 2025 2024 2024 2024 Unrestricted Restricted Total Unrestricted Restricted Total £000 £000 £000 £000 £000 £000 712 - 712 506 - 506 82 - 82 82 - 82 230 90 320 222 87 309	2025 2025 2025 2024 2024 2024 Unrestricted Restricted Total Unrestricted Restricted Total £000 £000 £000 £000 £000 £000 712 - 712 506 - 506 82 - 82 82 - 82 230 90 320 222 87 309	2025 2025 2025 2024 2024 2024 Unrestricted Restricted Total Unrestricted Restricted Total £000 £000 £000 £000 £000 £000 712 - 712 506 - 506 82 - 82 82 - 82 230 90 320 222 87 309	2025 2025 2025 2024 2024 2024 Unrestricted Restricted Total Unrestricted Restricted Total £000 £000 £000 £000 £000 £000 712 - 712 506 - 506 82 - 82 82 - 82 230 90 320 222 87 309	2025 2025 2025 2024 2024 2024 Unrestricted Restricted Total Unrestricted Restricted Total £000 £000 £000 £000 £000 £000 712 - 712 506 - 506 82 - 82 82 - 82 230 90 320 222 87 309
	1,024	90	1,114	810	87	897

Docusign Envelope ID: F75B719F-22E6-41D2-9C10-890D5E0FA4D5

29

UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

• 5 Expenditure

Raising funds (unrestricted expenditure): UCS Facilities Loan interest and bank charges Costs of generating voluntary income Financing costs arising from Advance Fee Scheme Charitable activities: Teachers' payroll and pensions costs Other teaching costs Teaching support staff payroll and pensions costs Teaching costs Staff and pupil welfare - payroll costs Staff and pupil welfare - non-payroll costs Staff and pupil welfare costs Property running costs - payroll costs Property running costs - non-payroll costs Property running costs Administrative support - payroll costs Administrative support - non-payroll costs Administrative support costs Grants, awards and prizes Governance costs Depreciation Total Charitable Expenditure Spending on grants, awards and prizes is further analysed between		Staff Other costs costs £000 £000 668 612 - 36 298 65 - 15	Staff Other costs costs £000 £000 668 612 - 36 298 65 - 15	2025 £000 1,280 36 363 15	2024 £000 1,145 34 337 23
		966 728		1,694	1,539
				2025 £000 15,779 2,231 667	2024 £000 15,066 2,292 1,315
	Teaching Activities
	Ages 11-18 Ages 7-10 Ages 4-6 £000 £000 £000 12,101 2,420 1,258 1,862 265 104 491 127 49
	14,454	2,812	1,411	18,677	18,673
	301 - - 1,351 331 30			301 1,712	285 1,796
	1,652	331	30	2,013	2,081
	1,019 265 102 2,611 379 234			1,386 3,224	1,116 2,711
	3,630	644	336	4,610	3,827
	1,622 422 162 1,312 30 10			2,206 1,352	1,770 1,133
	2,934	452	172	3,558	2,903
	30 3 - 48 13 - 1,928 36 36			33 61 2,000	50 65 2,218
	24,676	4,291	1,985	30,952	29,817
	restricted and unrestricted funds below: 2025 2025 2024 Unrestricted Restricted Unrestricted £000 £000 £000 14 19 16				2024 Restricted £000 34

Docusign Envelope ID: F75B719F-22E6-41D2-9C10-890D5E0FA4D5

30

UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

5 Expenditure (continued)

Comparatives for 2024 Charitable activities: Teachers' payroll and pensions costs Other teaching costs Teaching support staff payroll and pensions costs Teaching costs Staff and pupil welfare - payroll costs Staff and pupil welfare - non-payroll costs Staff and pupil welfare costs Property running costs - payroll costs Property running costs - non-payroll costs Property running costs Administrative support - payroll costs Administrative support - non-payroll costs Administrative support costs Grants, awards and prizes Governance costs Depreciation Total Charitable Expenditure	Teaching Activities	Teaching Activities	Teaching Activities	2024 £000 15,066 2,292 1,315
	Ages 11-18 Ages 7-10 Ages 4-6 £000 £000 £000 11,507 2,326 1,233 1,880 298 114 967 252 96
	14,354	2,876	1,443	18,673
	285 - - 1,478 286 32			285 1,796
	1,763	286	32	2,081
	820 214 82 2,251 289 171			1,116 2,711
	3,071	503	253	3,827
	1,301 339 130 1,061 46 26			1,770 1,133
	2,362	385	156	2,903
	47 3 - 52 13 - 2,144 36 38			50 65 2,218
	23,793	4,102	1,922	29,817

The above tables analyse expenditure between the Senior School (ages 11-18), the Junior Branch (ages 7-10) and the Pre-Prep (ages 4-6).

Directly incurred costs have been attributed to the relevant school. Property running costs - non-payroll costs include £95,000 (2024 - £95,000) in respect of rent paid under an operating lease.

Shared costs have been apportioned across the schools based on average pupil numbers of 958 (2024 - 960) for the Senior School, 249 (2024 - 251) for the Junior Branch and 96 (2024 - 96) for the Pre-Prep.

School, 249 (2024 - 251) for the Junior Branch and 96 (2024 - 96) for the Pre-Prep.
	2025	2024
Net income on the Statement of Financial Activities includes:	£000	£000
Audit fees - included in Governance costs	45	42
Audit fees - for UCS Facilities, included in costs of raising funds	5	5
Audit fees - for UCSES, included in costs of raising funds	3	3
Other fees to auditors	9	15
Lease payments recognised as an expense - included in property running costs	104	71
Profit on disposal of fixed assets	11	-

All expenditure identified above is unrestricted except for £19,000 (2024 - £34,000) of awards and prizes which were paid by the Prize Fund and Retired Masters Fund.

Docusign Envelope ID: F75B719F-22E6-41D2-9C10-890D5E0FA4D5

31

UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

• 6 Staff costs

The costs of employing staff in the year are analysed below: Wages and salaries Social security costs Employer pension contributions The total amount of termination payments made to departing staff was £120,000 (2024 - £37,000). These amounts are included within expenditure on charitable activities in note 5. The average number of employees in the year was: Teaching staff - Senior School Junior Branch Pre-Prep Support staff UCS Facilities	2025 £000 16,362 1,854 3,089	2024 £000 15,980 1,769 3,354
	21,305	21,103
	2025 133 25 16 155 44	2024 132 26 15 132 45
	373	350

The above employee numbers include as "1" any person with a contract of employment on 31 August, regardless of their start-date, and regardless of their full-time-equivalent status. Any employees who left before 31 August are included proportionately, for instance someone leaving on 28 February would be included in the calculation as "0.5". Teaching staff are mostly employed on full-time contracts. A significant proportion of non-teaching staff are employed on part-time contracts or, in the case of UCS Facilities, on zero-hours contracts.

The number of employees in the Group whose annualised emoluments (excluding pension costs) exceeded £60,000 was:

	2025	2024
£60,001 - £70,000	60	55
£70,001 - £80,000	29	32
£80,001 - £90,000	10	7
£90,001 - £100,000	5	3
£100,001 - £110,000	2	2
£110,001 - £120,000	0	1
£120,001 - £130,000	2	1
£200,001 - £210,000	-	1
£210,001 - £220,000	1	-

Key management personnel

The trustees have delegated day-to-day management of the operations of the schools to the Headmaster, who is assisted by his senior leadership team. The senior leadership team comprises the Heads of the Junior Branch and the Pre-Prep, the Vice-Master and the Chief Operating Officer. Total remuneration and benefits received by the Headmaster and the senior leadership team (together "key management personnel") was £1,070,000 (2024 - £1,035,000).

The School has taken out professional liability and indemnity insurance covering any losses arising from negligent acts committed by trustees and employees. That insurance also covers the personal liabilities of trustees and employees in respect of those negligent acts, or omissions, provided they acted in good faith. The cost for the year is not separately identifiable from the Group's other insurance premiums.

Pension costs

The number of higher-paid staff to whom retirement benefits are accruing under money purchase and defined benefit schemes were 25 and 84 respectively (2024 - 19 and 83). Contributions in the year in respect of defined benefit schemes for these employees were £1,748,000 (2024 - £1,558,000), and contributions to money purchase schemes were £333,000 (2024 - £223,000).

Total employer contributions in the year ended 31 August 2025 amounted to £913,000 in respect of money purchase schemes (2024 - £855,000). Note that this includes employee contributions made via a salary sacrifice arrangement.

Docusign Envelope ID: F75B719F-22E6-41D2-9C10-890D5E0FA4D5

32

UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

6 Staff costs (continued)

Teachers' Pension Scheme England and Wales ("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 £2,196,000 (2024 - £2,396,000) and at the year-end £230,000 (2024 - £263,000) 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%.

Docusign Envelope ID: F75B719F-22E6-41D2-9C10-890D5E0FA4D5

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UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

7 Tangible fixed assets - Group Cost at 1 September 2024 Additions Disposals Cost at 31 August 2025 Depreciation at 1 September 2024 Charge for year Disposals Depreciation at 31 August 2025 Net Book Value at 31 August 2025 Net Book Value at 1 September 2024	Freehold Short Leased Co-owned Plant and Property Leasehold Plant & Property Equipment Property Equipment £000 £000 £000 £000 £000 45,414 943 - 65 6,611 693 - 190 - 945 (1,495) - - - (688)	Freehold Short Leased Co-owned Plant and Property Leasehold Plant & Property Equipment Property Equipment £000 £000 £000 £000 £000 45,414 943 - 65 6,611 693 - 190 - 945 (1,495) - - - (688)	Freehold Short Leased Co-owned Plant and Property Leasehold Plant & Property Equipment Property Equipment £000 £000 £000 £000 £000 45,414 943 - 65 6,611 693 - 190 - 945 (1,495) - - - (688)	Freehold Short Leased Co-owned Plant and Property Leasehold Plant & Property Equipment Property Equipment £000 £000 £000 £000 £000 45,414 943 - 65 6,611 693 - 190 - 945 (1,495) - - - (688)	Freehold Short Leased Co-owned Plant and Property Leasehold Plant & Property Equipment Property Equipment £000 £000 £000 £000 £000 45,414 943 - 65 6,611 693 - 190 - 945 (1,495) - - - (688)	Total £000 53,033 1,828 (2,183)
	44,612	943	190	65	6,868	52,678
	23,622 812 - - 5,510 1,484 34 9 - 512 (1,495) - - (688)					29,944 2,039 (2,183)
	23,611	846	9	-	5,334	29,800
	21,001 97 181 65 1,534					22,878
	21,792 131 - 65 1,101					23,089

Tangible fixed assets - Charity

Cost at 1 September 2024 Additions Disposals Cost at 31 August 2025 Depreciation at 1 September 2024 Charge for year Disposals Depreciation at 31 August 2025 Net Book Value at 31 August 2025 Net Book Value at 1 September 2024	Freehold Short Co-owned Plant and Property Leasehold Property Equipment Property £000 £000 £000 £000 45,414 370 65 6,108 693 - - 904 (1,495) - - (688)	Freehold Short Co-owned Plant and Property Leasehold Property Equipment Property £000 £000 £000 £000 45,414 370 65 6,108 693 - - 904 (1,495) - - (688)	Freehold Short Co-owned Plant and Property Leasehold Property Equipment Property £000 £000 £000 £000 45,414 370 65 6,108 693 - - 904 (1,495) - - (688)	Freehold Short Co-owned Plant and Property Leasehold Property Equipment Property £000 £000 £000 £000 45,414 370 65 6,108 693 - - 904 (1,495) - - (688)	Total £000 51,957 1,597 (2,183)
	44,612	370	65	6,324	51,371
	23,622 239 - 5,094 1,484 34 - 482 (1,495) - - (688)				28,955 2,000 (2,183)
	23,611	273	-	4,888	28,772
	21,001 97 65 1,436				22,599
	21,792 131 65 1,014				23,002

The original school land and buildings are listed properties which were transferred to the school in 1905 by The University College (London) Transfer Act at a cost of £100,000. Such land and buildings are now carried at nil value. All other fixed assets are valued at historical cost.

Docusign Envelope ID: F75B719F-22E6-41D2-9C10-890D5E0FA4D5

34

UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

8 Fixed Asset Investments - Group

Fixed Asset Investments - Group
Fair value at 1 September Additions at cost Disposals Net realised and unrealised gains in year Fair value at 31 August Cost as at 31 August Fixed Asset Investments - Charity Balance at 1 September 2024 Additions at cost Disposals Net realised and unrealised loss in year Balance at 31 August 2025	2025 £000 8,652 327 (21) 426 9,384 7,408 Property Other investments (at market value) £000 £000 1,070 7,582 - 327 (21) - 426 1,070 8,314	2025 £000 8,652 327 (21) 426	2024 £000 7,899 296 0 457
		9,384	8,652
			7,084 Total £000 8,652 327 (21) 426
	1,070	8,314	9,384

Realised and unrealised gains and losses are taken to the SoFA in the year in which they arise.

The investment property comprises 12.61 acres of Metropolitan Open Land, with buildings, at Osterly in the London Borough of Harrow which is rented out to a third party at an open-market rent. This property was valued at £1.07m by Gerald Eve, Chartered Surveyors as at 7th November 2023.

Analysis of Fixed Asset Investments held at 31 August 2025 - Charity

Investments by asset class: Property UK Equities Overseas Equities Bonds Multi-asset funds Other Cash	2025 £000 1,070 248 5,232 653 741 243 1,197	2024 £000 1,070 256 4,804 809 769 244 700
	9,384	8,652

9 Subsidiaries

UCS Education Services Limited (company registration number - 12288444)

The principal activity of the company is the licensing of the UCS brand to companies overseas who wish to establish UCS-branded schools.

The trading results and net assets of UCS Education Services for the period, as extracted from the audited financial statements, are summarised below:

Turnover Total income Administrative expenses & tax Interest Income Donation to University College School Net Income Total assets Total liabilities Net (liabilities)/assets	2025 £000 -	2024 £000 -
	- -	- -
	- 2 -	- - -
	2	-
	- (150)	28 (180)
	(150)	(152)

Docusign Envelope ID: F75B719F-22E6-41D2-9C10-890D5E0FA4D5

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UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

9 Subsidiaries (continued)

UCS Facilities (company registration number - 05926954)

UCS Facilities organises and manages the commercial activity associated with University College School.

The trading results and net assets of UCS Facilities for the year, as extracted from the audited financial statements, are summarised below:

Turnover Cost of sales Administrative expenses Gain on sale of assets Operating profit Interest receivable Interest payable Profit before Tax Taxation Profit after Tax Distribution to UCS Retained Profit Total assets Total liabilities Net assets	2025 £000 2,191 (940) (351) 11	2024 £000 2,244 (828) (342) -
	911 6 (4)	1,074 - -
	913 (9)	1,074 -
	904 (904)	1,074 (1,074)
	-	-
	688 (688)	822 (822)
	-	-

10 Debtors

Trade debtors School fees* Loans to staff Prepayments and accrued income UCSES UCS Facilities Other debtors	Group Group 2025 2024 £000 £000 55 67 183 6,786 212 219 1,010 1,290 - - - - 916 387	Group Group 2025 2024 £000 £000 55 67 183 6,786 212 219 1,010 1,290 - - - - 916 387	Charity Charity 2025 2024 £000 £000 - - 183 6,786 212 219 984 1,215 - 23 334 715 878 359	Charity Charity 2025 2024 £000 £000 - - 183 6,786 212 219 984 1,215 - 23 334 715 878 359
	2,376	8,749	2,591	9,317

*Please note we billed annual fees for 2024/25 in advance which has resulted in an inflated School fees debtor position for 2023/24.

11 Creditors: amounts falling due within one year

Trade creditors Fees received in advance* Fees in advance scheme (note 12) Taxation and social security Lease liability Refundable deposits Accruals UCSES Other creditors	Group Group 2025 2024 £000 £000 1,934 808 2,235 13,973 343 330 455 426 32 - 1,506 899 750 202 - - 816 915	Group Group 2025 2024 £000 £000 1,934 808 2,235 13,973 343 330 455 426 32 - 1,506 899 750 202 - - 816 915	Charity Charity 2025 2024 £000 £000 1,875 794 2,235 13,973 343 330 455 426 - - 1,506 899 721 178 10 - 721 841	Charity Charity 2025 2024 £000 £000 1,875 794 2,235 13,973 343 330 455 426 - - 1,506 899 721 178 10 - 721 841
	8,071	17,553	7,866	17,441

*Please note we billed annual fees for 2024/25 in advance which has resulted in an inflated Fees in Advance creditor position for 2023/24. Pension contributions due but not paid as at 31 August 2025 were £371,000 (2024 - £263,000) and are included in other creditors.

Deferred Income Opening balance as at 1 September 2024 Earned Income allocated to Profit & Loss Unearned Income received Closing balance as at 31 August 2025	£000 13,973 (13,973) 2,235
	2,235

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36

UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

12 Creditors: amounts falling due after more than one year

Co-ownership loan Other creditors Lease liability Fees in advance	Group Group 2025 2024 £000 £000 65 65 69 69 146 - 699 697	Group Group 2025 2024 £000 £000 65 65 69 69 146 - 699 697	Charity Charity 2025 2024 £000 £000 65 65 69 69 - - 699 697	Charity Charity 2025 2024 £000 £000 65 65 69 69 - - 699 697
	979	831	833	831

The co-ownership loan of £65,000 is secured on the School's interest in a domestic property and is not repayable for 20 years or, if earlier, at the time of the disposal of the property. Interest is payable at a variable rate of 1.5% above the base rate of The Royal Bank of Scotland plc. The School's share (38.46%) of the co-ownership property is carried at its historic cost of £65,000.

The Trustees have considered the value of the secured property and consider it to be in excess of the outstanding loan amount.

Co-ownership loans in total are repayable over periods as shown below:

o-ownership loans in total are repayable over periods as shown below:
After 5 years	2025 £000 65	2024 £000 65
	65	65

Advance Fees Scheme

Parents may enter into a contract to pay to the School the equivalent of between 3 and 30 terms' tuition fees in advance. These advance payments can be returned in certain circumstances. Assuming pupils remain in the School, these advance fees will be applied as follows:

After 5 years Within 2 to 5 years Within 1 to 2 years Within 1 year	2025 £000 77 343 279	2024 £000 92 334 271
	699 343	697 330
	1,042	1,027

These balances represent the accrued liabilities under the contracts. The movements during the year were:

Balance at 1 September 2024 Amounts accrued to contracts Amounts credited to termly fee invoices Balance at 31 August 2025	£000 1,027 15
	1,042 -
	1,042

Finance lease and hire purchase contracts

Obligations under hire purchase contracts are secured by the related assets and bear finance charges at rate 9.6% per annum.

The total future minimum lease payments are payable: Less than one year Between one and five years	Group Group 2025 2024 £000 £000 32,043 - 146,304 -	Group Group 2025 2024 £000 £000 32,043 - 146,304 -	Charity Charity 2025 2024 £000 £000 - - - -	Charity Charity 2025 2024 £000 £000 - - - -
	178,347	-	-	-

During the year, the company entered into a finance lease agreement with BPCE Equipment Solutions for gym equipment used in its operations. The lease transfers substantially all the risks and rewards of ownership to the company, and there is a bargain purchase option of £60 at the end of the lease term, which the company intends to exercise.

The total lease liability at 31 August 2025 is £178,347, of which £32,043 (see note 6) is due within one year and £146,304 is due after more than one year. There were no such finance lease liabilities in the previous financial year. Finance lease obligations of £178,347 are secured on the underlying assets to which they relate.

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UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

13 Funds

Unrestricted funds - Group Accumulated Fund Fixed Assets Fund Total Fund	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 36,396 (32,637) 306 825 20,280 21,922 - - - (825) 21,097	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 36,396 (32,637) 306 825 20,280 21,922 - - - (825) 21,097	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 36,396 (32,637) 306 825 20,280 21,922 - - - (825) 21,097	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 36,396 (32,637) 306 825 20,280 21,922 - - - (825) 21,097	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 36,396 (32,637) 306 825 20,280 21,922 - - - (825) 21,097	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 36,396 (32,637) 306 825 20,280 21,922 - - - (825) 21,097
	37,312	36,396	(32,637)	306	-	41,377

The balance on the Fixed Assets Fund of the Group at 31 August 2024 is represented by the net book value of tangible freehold, leasehold and co-ownership fixed assets (£21,162,000, 2024 - £21,987,000), less the co-ownership loan '(£65,000, 2024 - £65,000).

Unrestricted funds - Charity Accumulated Fund Fixed Assets Fund Total Fund Restricted funds - Group School Trust Funds Prize Fund Bursary Fund UCS Endowment fund Retired Masters' Fund Project K1 Project 200 Eldar Tuvey Economic Research Grant Music award fund Art department funds AI Teaching fund Hocroft pavilion Total Group Trust Funds Restricted funds - Charity School Trust Funds Prize Fund Bursary Fund UCS Endowment fund Retired Masters' Fund Project K1 Project 200 Eldar Tuvey Economic Research Grant Music award fund Art department funds AI Teaching fund Hocroft pavilion Total Charity Trust Funds	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 35,116 (31,357) 306 825 20,280 21,922 - - - (825) 21,097	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 35,116 (31,357) 306 825 20,280 21,922 - - - (825) 21,097	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 35,116 (31,357) 306 825 20,280 21,922 - - - (825) 21,097	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 35,116 (31,357) 306 825 20,280 21,922 - - - (825) 21,097	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 35,116 (31,357) 306 825 20,280 21,922 - - - (825) 21,097	Balance at Income Expenditure Realised Transfers Balance at 1 September and unrealised 31 August 2024 gains/(losses) 2025 £000 £000 £000 £000 £000 £000 15,390 35,116 (31,357) 306 825 20,280 21,922 - - - (825) 21,097
	37,312	35,116	(31,357)	306	-	41,377
	Balance at Income Expenditure Realised Balance at 1 September and 31 August 2024 unrealised 2025 gains/(losses) £000 £000 £000 £000 £000 518 13 (6) 17 542 2,871 (391) (4) 98 2,574 - 13 - - 13 152 4 (10) 5 151 25 - - - 25 106 206 - - 312 6 - (3) - 3 4 - - - 4 2 - - - 2 - 60 - - 60 5 - - - 5 3,689 (95) (23) 120 3,691 Balance at Income Expenditure Realised Balance at 1 September and 31 August 2024 unrealised 2025 gains/(losses) £000 £000 £000 £000 £000 518 13 (6) 17 542 2,871 (391) (4) 98 2,574 - 13 - - 13 152 4 (10) 5 151 25 - - - 25 106 206 - - 312 6 - (3) - 3 4 - - - 4 2 - - - 2 - 60 - - 60 5 - - - 5 3,689 (95) (23) 120 3,691
	3,689	(95)	(23)	120	3,691

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UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

13 Funds (continued)

The Restricted Funds are for the following purposes:

The Prize Fund provides prizes for pupils at the School.

The Bursary Fund provides means-tested bursary support to pupils attending the School. UCS Endowment fund setup for long term sustainability of the school. The Retired Masters' Fund provides benefits to former long-serving members of staff. Project K1 is a fund to pay for a creative space next to the Lund Theatre.

Project 200 is a capital expenditure fund to celebrate the 200 years of the school.

The Eldar Tuvey Economic Research Grant funds individual students or student research teams on current economic issues. Music award fund used for high musical achievements.

Art department fund is used for pupil art projects.

AI Teaching fund provide educational needs for new AI learning.

Hocroft pavilion fund is for the refurbishment of the old building.

Sport field sprinkler fund used for the installation of the new sprinkler system on the grounds.

Comparatives for 2024

Unrestricted funds - Group Accumulated Fund Fixed Assets Fund Total Fund Unrestricted funds - Charity Accumulated Fund Fixed Assets Fund Total Fund Restricted funds - Group School Trust Funds Prize Fund Bursary Fund Retired Masters' Fund Kenneth Durham Memorial Fund Project K1 Project 200 Eldar Tuvey Economic Research Grant Music award fund Art department funds Hocroft pavilion Sport field sprinklers Total Group Trust Funds	Balance at Income Expenditure Realised 1 September and unrealised 2023 gains/(losses) £000 £000 £000 £000 11,051 34,282 (31,331) 329 22,981 - - -	Balance at Income Expenditure Realised 1 September and unrealised 2023 gains/(losses) £000 £000 £000 £000 11,051 34,282 (31,331) 329 22,981 - - -	Balance at Income Expenditure Realised 1 September and unrealised 2023 gains/(losses) £000 £000 £000 £000 11,051 34,282 (31,331) 329 22,981 - - -	Balance at Income Expenditure Realised 1 September and unrealised 2023 gains/(losses) £000 £000 £000 £000 11,051 34,282 (31,331) 329 22,981 - - -	Transfers £000 1,059 (1,059)	Balance at 31 August 2024 £000 15,390 21,922
	34,032	34,282	(31,331)	329	-	37,312
	Balance at Income Expenditure Realised 1 September and unrealised 2023 gains/(losses) £000 £000 £000 £000 11,051 34,282 (31,331) 329 22,981 - - -				Transfers £000 1,059 (1,059)	Balance at 31 August 2024 £000 15,390 21,922
	34,032	34,282	(31,331)	329	-	37,312
	Balance at Income Expenditure Realised 1 September and 2023 unrealised gains/(losses) £000 £000 £000 £000 495 13 (9) 19 2,737 34 (3) 103 152 4 (10) 6 1 - (1) - 25 - - - 42 64 - - 11 - (5) - - 4 - - - 2 - - 5 - - - (5) 15 (10) -				Balance at 31 August 2024 £000 518 2,871 152 - 25 106 6 4 2 5 - 3,689
	3,463	136	(38)	128

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UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

13 Funds (continued)

Restricted funds - Charity School Trust Funds Prize Fund Bursary Fund Retired Masters' Fund Kenneth Durham Memorial Fund Project K1 Project 200 Eldar Tuvey Economic Research Grant Music award fund Art department funds Hocroft pavilion Sport field sprinklers Total Charity Trust Funds	Balance at Income Realised Expenditure Balance at 1 September and 31 August 2023 unrealised 2024 Combined gains/(losses) £000 £000 £000 £000 £000 495 13 19 (9) 518 2,737 34 103 (3) 2,871 152 4 6 (10) 152 1 - - (1) - 25 - - - 25 42 64 - - 106 11 - - (5) 6 - 4 - - 4 - 2 - - 2 5 - - - 5 (5) 15 - (10) -	Balance at Income Realised Expenditure Balance at 1 September and 31 August 2023 unrealised 2024 Combined gains/(losses) £000 £000 £000 £000 £000 495 13 19 (9) 518 2,737 34 103 (3) 2,871 152 4 6 (10) 152 1 - - (1) - 25 - - - 25 42 64 - - 106 11 - - (5) 6 - 4 - - 4 - 2 - - 2 5 - - - 5 (5) 15 - (10) -	Balance at Income Realised Expenditure Balance at 1 September and 31 August 2023 unrealised 2024 Combined gains/(losses) £000 £000 £000 £000 £000 495 13 19 (9) 518 2,737 34 103 (3) 2,871 152 4 6 (10) 152 1 - - (1) - 25 - - - 25 42 64 - - 106 11 - - (5) 6 - 4 - - 4 - 2 - - 2 5 - - - 5 (5) 15 - (10) -	Balance at Income Realised Expenditure Balance at 1 September and 31 August 2023 unrealised 2024 Combined gains/(losses) £000 £000 £000 £000 £000 495 13 19 (9) 518 2,737 34 103 (3) 2,871 152 4 6 (10) 152 1 - - (1) - 25 - - - 25 42 64 - - 106 11 - - (5) 6 - 4 - - 4 - 2 - - 2 5 - - - 5 (5) 15 - (10) -	Balance at Income Realised Expenditure Balance at 1 September and 31 August 2023 unrealised 2024 Combined gains/(losses) £000 £000 £000 £000 £000 495 13 19 (9) 518 2,737 34 103 (3) 2,871 152 4 6 (10) 152 1 - - (1) - 25 - - - 25 42 64 - - 106 11 - - (5) 6 - 4 - - 4 - 2 - - 2 5 - - - 5 (5) 15 - (10) -
	3,463	136	128	(38)	3,689

14 Capital commitments - Group and Charity

As at 31 August 2025 the Group had no capital commitments. (2024 - nil)

15 Cash and Cash Equivalents

Cash and Cash Equivalents
Cash at Bank and in hand	Balance at Cash flow Balance at 1 September 31 August 2024 2025 £000 £000 £000 9,617 (1,344) 8,273
	9,617	(1,344)	8,273

16 Analysis of net assets between funds - Group

Net assets are held for the restricted and unrestricted funds as follows:

Restricted Funds School Trust Funds Unrestricted Funds Accumulated Fund Fixed Assets Fund	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,325 1,366 - 1,716 7,059 12,419 (914) 21,162 - - (65)	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,325 1,366 - 1,716 7,059 12,419 (914) 21,162 - - (65)	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,325 1,366 - 1,716 7,059 12,419 (914) 21,162 - - (65)	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,325 1,366 - 1,716 7,059 12,419 (914) 21,162 - - (65)	2025 Total £000 3,691 20,280 21,097 45,068	2024 Total £000 3,689 15,390 21,922
	22,878	9,384	13,785	(979)		41,001

Analysis of net assets between funds - Charity

Restricted Funds School Trust Funds Unrestricted Funds Accumulated Fund Fixed Assets Fund	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,325 1,366 - 1,437 7,059 12,552 (768) 21,162 - - (65)	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,325 1,366 - 1,437 7,059 12,552 (768) 21,162 - - (65)	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,325 1,366 - 1,437 7,059 12,552 (768) 21,162 - - (65)	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,325 1,366 - 1,437 7,059 12,552 (768) 21,162 - - (65)	2025 Total £000 3,691 20,280 21,097 45,068	2024 Total £000 3,689 15,390 21,922
	22,599	9,384	13,918	(833)		41,001

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UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

16 (continued)

Comparatives for 2024

Analysis of net assets between funds - Group

Analysis of net assets between funds - Group
Restricted Funds School Trust Funds Unrestricted Funds Accumulated Fund Fixed Assets Fund	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,121 1,568 - 1,102 6,531 8,523 (766) 21,987 - - (65)				2024 Total £000 3,689 15,390 21,922	2023 Total £000 3,463 11,051 22,981
	23,089	8,652	10,091	(831)	41,001	37,495

Analysis of net assets between funds - Charity

Restricted Funds School Trust Funds Unrestricted Funds Accumulated Fund Fixed Assets Fund	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,121 1,568 - 1,015 6,531 8,610 (766) 21,987 - - (65)	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,121 1,568 - 1,015 6,531 8,610 (766) 21,987 - - (65)	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,121 1,568 - 1,015 6,531 8,610 (766) 21,987 - - (65)	Tangible Investments Net current Long-term fixed assets liabilities assets £000 £000 £000 £000 - 2,121 1,568 - 1,015 6,531 8,610 (766) 21,987 - - (65)	2024 Total £000 3,689 15,390 21,922	2023 Total £000 3,463 11,051 22,981
	23,002	8,652	10,178	(831)	41,001	37,495

17 Related Party Transactions

Staff loans are provided to key management personnel on the same basis as other staff members. All staff are entitled to apply for a £10,000 10-year interest-free loan to help them buy a property. Two key management personnel have loans outstanding (2024: 2). There were no new loans provided in the year. The amount outstanding at the year-end was £915 (2024 - £2,914).

Eight trustees of University College School made a donation of £61,600 to UCS during the year (three trustees in 2024 - £120,000).

18 Trustees' expenses and remuneration

No expenses were claimed by trustees during the year (2024 - Nil). No trustees received remuneration during the year (2024 - nil).

19 Taxation

University College School is a registered charity and as such is entitled to certain tax exemptions on income, profits from investments and surpluses on any trading activities carried on in furtherance of its primary charitable objectives, provided that its profits and surpluses are applied solely for charitable purposes.

UCS Facilities distributes profits to University College School under Gift Aid and incurs tax liability of £8,819 (2024 - Nil).

UCSES made no profit or loss during the year (2024: Nil).

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UNIVERSITY COLLEGE SCHOOL

Notes to the financial statements for the year ended 31 August 2025 (continued)

20 Other financial commitments

At the year end, the Group had total commitments under non-cancellable operating leases of £2,527,000, as set out below:

low:
Payable within 1 year Payable within 2 to 5 years Payable in more than 5 years	2025 £000 267 673 1,587	2024 £000 190 491 1,682
	2,527	2,363

The operating lease is in respect of school buildings used by the Group, gym equipment and laptops used by the school.

21 Other financial commitments

There is a cross guarantee in favour of HM Revenue and Customs in respect of the Charity's membership of the University College School VAT group. At 31 August 2025 the amount of VAT reclaimable from HMRC in respect of the fourth quarter of 2024-25 was £412,041 (2024 - £22,709 payable to HMRC) which was settled on 10 October 2025.

22 Financial Instruments

Financial Instruments
	Group &	Group &
The carrying amount of the Group's financial instruments at fair value at 31 August were:	Charity	Charity
	2025	2024
	£000	£000
Financial Assets
Fixed asset investments measured at current fair value	8,314	7,582

23 Post Balance Sheet Events

On 24 March 2025, a new charitable company, University College School (Company House number 16336234; Charity Commission Reference 12215624), was incorporated as part of a plan to modernise the charity's legal structure.

Subsequent to the year-end, the Trustees have confirmed that all assets, liabilities and operations of the Foundation will be transferred to the new entity on 1 September 2026. Following the successful transfer of these funds, it is intended that the existing charity will be dissolved. These financial statements have been prepared on a going concern basis as the charitable acitivities will continue seamlessly within the new corporate structure.