2025-08-31-accounts

The Headmistress	Mrs LD J Hughes BA (Warwick)
The Bursar	Mr RKJ Hill OBE МА АСМA
Address	Channing School
	Highgate Hill
	London
	N6 5HF
BANKERS	Lloyds Bank plc
	Commercial Banking
	PO Box 1000
	BX1 1LT
SOLICITORS	Dentons UKMEA LLP
	One Fleet Place
	London
	EC4M 7WS
	Veale Wasbrough Vizards LLP
	Narrow Quay House
	Narrow Quay
	Bristol
	S1 4QA
AUDITOR	RSM UK Audit LLP
	25 Farringdon Street
	London
	EC4A 4AB
REGISTERED OFFICE	Channing School
	Highgate Hill
	Highgate
	London
	N6 5HF

Channing House Incorporated, Highgate GOVERNORS, RE.SPONSIBILI"I"IES IN THE PREPARATION OF FINANCIAL STATF,MENTS The GoveTnof5 are responsible for pr¢paring the Governors. Report and the financial stateinent5 in accordance with applicable law and United Kingdom Aceouniing Siandards (United Kingdom Generally Accepted Arcounting Praciicel. Company law require5 the Governors to prepare fJnan¢ial statements for each financial year which give a true and fair view of Ihe state of affairs of the charitable company and of tlie iiicoining resources and applicaiion of resources, including the income and expenditure. of the Charitable company for that period. In preparing these financial siaiement5. the Governors are required 10: seleel suitable accounting policies and then apply them ¢onsistenily; observe ihe methods and principle5 in the Charities SORP; Tnake judgments and estimates thai are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disc105ed and explained in the financial statements., and prepaTe the financial Statements on the going concern basis unless it is inappropriate to presume that the charitable COTnpany will continue in business. The Govemors are ￿ sp0115ible for keeping proper accounting records that disclose with reasonable ac¢uracy at any time the finan¢ial position Of the charitable cornpany and enable them to ensure ihai the financial %tatementE comply with the Companies Act ?006. They are also responsible for safeguarding the asseis of ihe charitable company and hence for takin¥ r¢a50nable steps for th¢ preventioii and detection of fraud and other irregulariiies. 10

Channing House Incorporated, Highgate Opinion We have audited the financial statements of Channinn Hoiise IncorrK)rated. Highgate (the 'charitable company'} for the year ended i l Au. (Tust 2025 whi¢h comprise the Siaternent of F'inancial Activiiies, the Balance Sh¢¢t, the Statement of Cash Flows and notes to the financial stateinents, incliiding signilicant accountin¥ polici¢s. The r1nancial reportin framework that has been applied in their preparation is applicable law and United Kingdoill Accounting Standards, includillij FRS 102 'The Financial Reporting Staiidard applicable in the UK ai)d Republic of Ireland" {United Kin" -dom Generally Accepted Accounting Practice). In our opinion the financial stat¢m¢nts: ¥ive a tru¢ and fair view of the stale of the charitable company's affai￿ as at i l August 2025 and of its incoming resources and application of resources, including its incoine and expenditure, for ihe year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praciice; and have been prepared in accordance with the requiretnents of the Companies Act 2006. Basis for opinion We conducted our audit in accordanc¢ with Intemaiional Standard5 on Auditing IUK) IISAS IUKII and applicable law. Our responsibilitie5 under those standards are turiher described in the Auditor's responsibilities for the audit of Ihe financial statement5 section of our repon. We are independent of tlie charitable company in accordance with th¢ ethical requirements that are relevant to our audit of the financial statements in the UK, including ihe FRC'S Ethical Siandard and we have fulfilled our other ethical responsibilitie5 in accordance wiih Ihese requirements. We believe that ihe audit evidence we have obtained is sufticient and appropriate to provide a basis for our opinion. Coneluslons rtl*ting to going eoneer In alldilinuj the financial statements. we have concluded thai the Governors. use of the going concem basis of accounting in the preparaiion of the financial statements is appropriate. Based on the work we have perfomied, we have not ideniified any material uncertainiies relaiing to event5 or conditions that. individually or collectively, may casi significant doubt on tlie charitable company's ability to continu¢ as a going concem for a peritsd of at least twelve months from when the financial siateillents are auihorised for issue. Our responsibilities and the responsibilities of the Governors with respe¢t to going coneem are described in the relevant Sections of this report. Other information The other information comprises the information included in the Governors, Report oiher ihan the financial Statements and our auditor's report thereon. The Governors are responsible for ihe other inftsnnation contained within the Governors, Repon. Our opinion on th¢ financial slatemenis does noi cover the other information and, except to the extent otherwise explicitly 5t<lted in our report, we do not express any forrn of assurance conclusion thereon. Our responsibility is to read the oiher inforniaiion and. in doinij so, consider whether ihe other information is materially inconsistent with the fincincial statements or our knowledge obiained in tlie course of the audit or otherwise appears to be materially Mi￿￿tated. If we identify such materiic l incon51Steiicie5 or apparent maierial misstatem¢nts, we are required to deleTmine whether this give5 rise io a material n)i55tatemenl in the financial stgt¢incnts themselves. If, based on the work we have pertormed. we conclude that there is a material niisstatem¢nt of this oiher information. we are required to report that fact. We have nothin¥ to r¢port in this regard. Opinions on other rnatters prescribed by the Companies Aet 2006 In our opinion, bas¢d on the work undertaken in the course of the audit.. the infomialion given in the GoveiMor5' Report, which includes the Directors. Rewrt and the Sirategic Report prepared for the purp05e5 of Company law. for the financial year for which rhe financial siaiemenis are prepared is conslstent with the financial statements; and

Channing House Incorporated, Highgate INDE The Directors, Report and the Straiegic R¢port included within the Govemor5' Report have been prepared in accordance wiih applicable le&ial requirements. Matters on whieh we are required to report by ¢xception In Ilie lig)hi of th¢ knowled&)e and understandin. IF of the charitable company and its environment obtained in the course of the audit. we have noi identified material missiatements in tlie Dir¢ctors' Report or the Stratcgic Rewrt included within the Governors, Report. We liave noihing to report in respect of che following matters where the Companies Act 2006 requires u5 to report to you if, in our opinion.. adeqiiate accountinbj records have not been kept. or returns adequate for our audit have not been received from bi'anclies not visiied by us; or the financial Statements aiE not in agreement with the aeeounting records and returns; or cei1ain disclosures of Trustees, remuneration specified by law are not mad¢,' or we have not received all the infomiation and explanations we require for our audit. Re5pon5ibilities of Governor5 As explained more fully in the Statemeni of Governors, responsibilities set out on page 10. the Governor5 (who are also the Dire¢tors of the charitablc company for the purposes of company law) are responsible for the preparation of the financial statements and for being 5at15fied that they give a true and fair view. and for such internal control as the Govemors d¢tertnine is necessary to enable the preparation of financial staiementS that are free from material missiaiement. whether due to fraud or error. In preparing the financial statements. the Governors are responsible for assessing the charitable company's ability lo continue as a going7 conLern. disclosing, as applitable. matters related tts going concern and iisingi th¢ going concem basis of accouniingF unless the Trllstees ¢lth¢r inicnd io liquidate the charitabl¢ cornpany or to ¢a5¢ operarions, or have no realistic alternative but to do $0. Auditor's responsibilities for the audit of th¢ finanelal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material rnisstatemeni. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonabl¢ assurance is a higjl) level Lif assurance, but is not a gllardnt¢e that an audit condiicted in accordance with ISAS IUKI will always deteci a material misstatement when it exists. Misstatements can arise from fraud or error and are coiisidered marerial if, IndividL￿lIY or in ihe a(t(tregate, Ihey could reasonably be expected to influence the economic decisions of userg taken on the basis of these financial staiement5. The extent to which the audit wa5 considered capable of detecting irregularili¢5, including fraud Irregulariiies are instances of non-conipliance with laws and regjulations. The objectives of our audit are to obtain sulricieni appropriate alldii evidence i'ebjai'ding complianct with laws and regulations that have a direct effect on the detemiination of material ainoiiiits aiid disclosures in th¢ financial siatements. to perfom) aiidit procedures to help identity instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriaiely io identified or suspected non-compliance with laws and regulation5 ideiitified durin¥ Ihe audit. In relation to fraud, the objectives of our audit are io identify and assess th¢ risk of material missratement of the financial slateinents due lo fraud. to obiaiii sufficient appropriate audit evidence reuarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropi'iately to fraud or su5PgCted fraud identified durinÉF the audit. However, it is the primary responsibility of management, with the oversighi of those tha￿ed with govemance, to ensure that tlie entity's operativns are conducied in accordance with the provisions of laws and renularions and for the preventloll 2nd detection of Iralld. In idenlilyiniT and assessing risks of material misstaiemeni in respect of i￿egularl11eS. including fraud, the audit enga¥einent team.. obtained an understanding of the nature of the sector. including the legal and reuulatory framework Ihat the cliaritable company operates in and how the charitable company is complyin. with the legal and regulatory framework; 12

Channing House Incorporated, Highgate inquired of management, and those Charged witli governance, about their own identification and assessment of the risks of irregularitie5, including any known actual. Suspected or alleged instances of fraud; discussed matters about non-compliance wtih laws and iegulatlOll5 and lTrow fraud might occur including ass¢ssiMent of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most siunificaiit laws and regulations that have a direci iinpaci on Ihe financial statements are FRS 102, Charities SORP (FRS 10?). Companies Aci 2006, Cliarities Act 2011 and the charitable company's tsov¢ming documeni. We perfomied audit procedures to detect iion-¢onipliances which may have a maierial impact on the financial statement5 which included reviewing the financial slareinenis the Governo￿, Report and remaining alert lo new or uniisual transactions which illay not be in accordance with the governing documents. The most significant laws and regulations Ihat have an indirect impact on the finaneial statements are The Education Ilndependent School Siandards) Regulations 2014, Keeping Childrell Safe in Education under section 175 of tlie Educaiion Act 2002, and Ihe UK General Data Protection Regulation {UK GDPRI. We perlormed aiidit procedures to inquirl of management and those Charged with governance wheth¢r the charitable company is in coinplian¢¢ with these laws and regulations and inspected correspondence with regulaiory authorities. The aud￿1 engag?emeni ieam id¢ntified the risk of manaiyenient override of controls a5 the area where Ihe rinancial statemenis were m05t Susceptible to material mi5Statem¢nt due to fraud. Aiidit procedures perfomied included bui were not liinited to iesiing manual journal entries and other adjustinents, evaluating Ihe business rationale in relaiion io significant, unusual transactions and transactions entered into outsid¢ the normal coutse of business and challenging judgments and estiniates. A further descripiion of our responsibilities for rhe atidit of the financial statements is located on the Financial Reponiiig Council's website at http'.Ilwww.frc.org.uklauditorsresponsibilities. This description forms pan of our auditol S Teport. Ust of our report This repurt is Made solely io the charitable company's members, as a body, in accordance wilh Chapter i of Part 16 of the Cotnpanies Act 2006. Our audit work has been undenaken so ihai we miijht state to the charitable company's tReinbeis those matters we are requir¢d to state to them in an auditor's repon and for no other purpose. To Ilie fullest exteni permitted by law. we do noi accepi or assume responsibility to anyone other than the charitable cotnpany and the charitable company's members as a body, for our audit work, for this report. or for the opinions we have formed. 4trJl A• ULf Nicholas Sladden {Seiiior Sia¢uiory Auditur) For and on behalf of RSM UK AUDIT LLP, Siatulory Audilor Chartered Accountants 25 Farringdon Street London EC4A 4AB ..Lt........O.£QrA.b.￿.. 2025 13

Channing House Incorporated, Highgate TIE IN F'or tlie year ended 31 August 2025 NoiL Unre51riclcd Fun Rcstriaed R¢stria Fund5 £'ooo 2024 £"o(x) £'ooo £'(K) -000 INCOME FROM: Donations Charitable Activities: School Fees receivable Other income Investments Inv¢stment income Bank interest J3.8 37.0 14.5 24.820.5 1.657 24,820.5 24,397.7 898.9 24.397.7 995.4 75.7 96.5 1.036.9 1ffj43.2 860.2 Total Income 27.518.4 27th43.4 26.1 f7.0 26.276.6 EXPENDITURE ON: Raising funds: Bank loan interest 123.6 ID.6 123.6 ChArit2ble 8etivities: School operaiinLTr cosis 22.5fy1.2 1022 22.6Q&4 22.028.6 95.4 22.124.0 Totxl Expenditure 22.6tv) 6 IV2.2 22,711 22.li2.2 22.247.0 (LossllGain on revaluation of investments- unTealised 13.41 24.2 24.2 Net Income before transfers 4.908.8 4.928J 4.0()4.8 484 4.053.2 Transfers between funds 12.41 10 Ntt movement in fuNd5 4,928.J 4.006.8 46.4 4.053 2 Balances brought forward at I September 33Jll.9 33,842.9 29.30). I 484.6 29.789.7 Balances carried forward at 31 Aii%ust 38.223.1 548.1 38.771.2 531.0 33.842 9 14

Channing House Incorporated, Highgate Company No.. 00063121 BALANCE SHEET As at 31 August 2025 2025 £'ooo 2024 £'ooo FIXED ASSETS.. Tangibl¢ assets Investments 33,687. 548.1 29,345.9 531.0 34,235.2 29,876.9 CURRENT ASSETS.. DebtOTS Bank tenn deposits Cash at bank and in hond ,466.6 13,700.0 9,118.8 1.015.2 16,500.0 9,478.9 24285.4 26,994.1 CREDITORS- Amounts falling due within one year (10,285.1) (10.355.71 NET CURRENT ASSETS 14.IKIO.3 16.638.4 TOTAL ASSETS LESS CURRENT LIABILITIES 48,235.5 46,515.3 CREDITORS.. Amounts falling due after more than one year (9.464.3) (12.672.4} TOTAL NET ASSETS 38.771.2 33,842.9 REPRESENTED B Y.. RESTRICTED FUNDS 10 548.1 531.0 UNRESTRICTED FUNDS Retained Income 38,223.1 33.311.9 TOTAL FUNDS 38,771.2 33,842.9 These financial statements were approved by the Board of Governors und authorised for issue on 27 November 2025 and si 'ts behalf by= L Leigh (Cha 15

Channing House Incorporated, Highgate BALANCE SHEE L Leigh (Chairl 16

Channing House Incorporated, Highgate NT FLOWS For the j'ear elided 31 August 2025 2024 £'CK)D ¢1 ¢yh frurn optrating 8ciivltlÈs ('85h flowi fr(Mn invr4tinR actlVllle5 {Al .422.0 14.199.91 247.2 12.777.91 Cash flows fr(bm nnits¢in¥ acliwilic5 Ici Incrca5e cash and raih tyuivxlerjts ITh the yt8r Cash and cD5h equiv8lenis al l 8Cpt¢tnl￿r L%971S.9 14.938.5 To￿1 e&5h ¢$h tquiiAleThts 2131 A￿gUst 21818.8 25.978.9 (AI- Iyei ¢$b ptYTrYidtd by operaiiTrg acili.Iile$ NLI Irtoming Rewurc¢s las pcr Ilic statcrncni of fillaniial aillvlliesl 4.928.3 4.053.2 llllrealiwd1.o5￿[G1in} on re¥￿￿all1￿ of invc51￿￿liLS Depreci8tiM Inoic 51 124 2} 7&%.3 895.4 Bank loan inter¢si payabl¢ IIiv¢sim¢ni income receivabl¥ 123.6 19Jl Bdiik and w'nn (t¥wsil Inierest rec¢ivable IllKreasel in dL-bw IDr¢rcas¢Yliicrease in tredilots IIW43.21 IR60 21 12,896.$1 7.J88 9 ti eAsh provided by optriiirtg 4rlivilie5 IBI-C'ASth flows Irom I￿vs11￿l HetiYititS 9J BaNk' aiid tenn d¢rMi%il imeresi received Bank loan inlcrc51 paid Purchase of t&ngibl¢ se15 I.IN3.2 860.2 1126.5 1476 01 Iliicrcase) In inv¢sim¢ni cash 22.2 (Cl- C%s1i fi￿Rne111% •ttlwilie¥ 1382.2 1488.21 ,It I S¢pi 2U24 (.a3h tIow5 1131.4ux 12,81MI.OTr IJ,71MI.O Borro￿l￿g5'. 1381.61 1397.21 tkbi due after ()n¢ )¢ar InoIL' 9 Icl I 17

Channing House Incorporated, Highgate IN For the ycar ended 31 August 2025 BASIS OP FINANCIAL STATEMENTS The accounts uf the School are prepar¢d in accordance with the Companies Act 2006, and with ihe Charities Statemeni of Recommended Practice I'SORP {FRS102)' effective l January 20191 and Financial Reportin Standard 102. The accounts are drawn up on the historical accounting basis except that investments held as fixed asseis are carried at market value. The School meets the definition of a public benefit eniity under FRSIO2. The financial statenients are prepared in sterling. which is th¢ functional currency of the School. Mon¢tary amounts in these financial siateinents are rounded to the nearest thousand pounds. GOING CONCERN Tlie nature of (he School'5 aciiviiies is such that fee income repiEsent5 the majority of th¢ School's income. Fee income ig billed and received one term in advance. Forecasts are produced taking account of ihe tiining and quantity of fee income, likely expenditure profile. These forecasts are provided ro the Goveriiors. On ihis basis no material uncertainties that may cast si£Jnificant doubt abolit the ability ot. the School to coniinue as a sjoing concern liave been identified by the Governors. Therefore, the Governors have concluded to prepare the accounts on a going concern basis. CRITICAL ACCOUNTING ESTIMATES AND JUDGF.MENTS Iii the application of the accollniing policies. where the value of asset5 and liabilities are ngt readily appa￿￿t fiDm other sources, accountin&T e51imates and judgjcmenis are made based on historical ex￿rIence and otlier factors. including future expectations, which are considered io be ￿aSOnable in the circumstances. The estiniates and und¢rlyingT assumpiions concerning the futurc are reviewed on an ongoing basis. Revisions io ac¢ountinLT estimates are recognised in the period in which the estimate is Tevised. Accoiinting? e5tthJnaies and assumptions, will, by definition. seldom eqllal the actual results. DONATIONS, LEGACIES, GRANTS AND OTHER VOLUNTARY INCOME Voluntary income is accounted for as and when entiilemeni arises, the amount can be reliably quantified and the economic benefit io the School is considered probable. Voluntary income for the S¢hool'5 general purpose is accounted for as unrestricted and is credited to Retained Inclime. Where the donor or an appeal has imposed Testrictions. volufttary income is ¢redited to the relevant restrieted fund. FEES RECEIVABLE AND SIMILAR INCOME Fees receivable comprise fees charÉTed to pupi15, net of Scholarship5, Bursaries and allowances ar¢ net of Value Addod Tax, and are accounted for in the year in which the serviee is provided. Pupi15 joining the School are required to pay a deposit which is ihen applied against the pupil's final terni's fee bill. Reasonable assumptions aiE mad¢ r¢gJardin¥ Ihe rime pupils will reinain with the Sehool in assessing when the deposits held will be applied to offset the pupil's fees for their final term. EXPENDITURE Expendilure is accrued as soon as a liability is considered probable. Expenditure attributable lo more than one cost categyory iii ihe Siattiment of Financicil Activities is apportioned on tl)e basis of the actiwities siaff are involved in. Certain c05t5 are netted otTagFain5t relaied income when it is appropriate ro do so. The School became regTlStered for Value Added Tax on l December ?024. All expenditure prioi. to this date is included in the Cxpeiise catetsory to which it relates inclusive of any Value Added Tax. Expenditure after this date is includ¢d exclusive of any recoverable Value Added Tax. Following the School becoming registered ftsr Value Added Tax. Valiie Added Tax incurred in respect of certain pre-registration capital and revenue ¢xpenditure has become recoverable in respect of ihe current year. This

Channing House Incorporated, Highgate TING P Ll For Ilie year ended 31 Aiigiist 2025 retrospective Value Added Tax has been included within'oiher Income" and is s¢parately disclosed in note 2. TANGIBLE FIXED ASSF.TS Land and buildings are carri¢d in the balance Sheet at original cost less accumulated depreciation as the Governors Consider thai li is not appropriate lo incur the expense of obiainincy valuations of such assets. The ¢ost of new buildinÉFs is added 10 fixed as5¢ts although repair5, alterations and in)PTovements that do not mat¢rially enhance the economic benefit of the buildings are expensed as incurred", Such costs are often substantial. Costs incurred in arranging long tem) debt to fund material additions to the School'5 land and buildings are included in rixed ass¢t additions. The insur¢d value of ihe School's assets is shown in note 5. Furniture and leaching equipmeni are exp¢nsed in the peritsd of acquisiiion. Such items will generally cost less Ihan £20,000 per individual item and will include computers, equipment, furniture and aneillary itetns. DEPRECIATION Depreciation is calcLflated by reference to the cost of fixed asseis llsin¥ a straight line basi5 at rates considered appropriate having re¥ard to the expected lives of the asseis. Depr¢¢iation is noi provided on freehold land. The annual rates of depreciation in use are.. Freehold buildings (including landscaping) Buildin(TS ill the course of construction Plani, Equipineni, Fixtures and Fittings Motor Vehicles 250/0 Govemors have considered the impatrmenl of those freehold btsildin&Fs with an estimated useful life ofover 50 y¢ars and are saiigfied, having considered both realisable value and value in use, Iliai the buildingis have noi been maierially impaired. INVESTMENTS Inve5tmeiits are initially recognised at cost. They are held as fixed asset5 to provide an inv¢stment reium and are Slated in the balance sheei at iheir open markei value as at the balance sheet date. Any resulting unrealised ciain or loss is taken to the fund to which it relaies. FUNDS The fllnd5 of the School are segre¥at¢d between: Restricted Funds Scholarship. Prize and Bursary Fund5 The School receives some of its income primarily for the provision of ScholarSh￿p5. Bursaries and Prizes. This income is credited directly to the relevant fund account. All expendilure in relation to this income is charged direcily to tlie relevan¢ fund account. School Developrnent Fund Incorpordted within Ihe School Development Fund is 'The Capital Challengie" fundraising pro(kramme. Thi5 programme was launched in 2013 10 raise fundg to build a new Sports Hall and Sixih Fom Ceiitre and a New Perforining Arts Facility. The School is no longer actively prornoting fundrdi5in(r for the Capital Challenge, Ihousjh donations continue io be received and credited to this fund. In addition, fiinds raised towards ilie Junior Scliool redevelopment arc also credited to this fund. Fund5 credited 10 ihis f'und are transferred lo Unrestricted Funds when the restriction placed on the incomc received has b¢en discharg7ed. The restriciion placed on the funds received in respect of botl) The Capital Challenbje lundi?Isiiig prof)ramille and in respect of ihe Junior School redevelopment have been discharbTed &s Ilie expendiluTe has been incurred and capitalised within fixed assets. The funds received in respect of both The Capital Challentse 2nd Junior School redevelopineni have therefore been irdnsferred to Unrestrictcd Funds. 19

Channing House Incorporated, Highgate TIN ICIES For tlie year ei)ded 31 Aii¥ust 2025 Channing Alumnae The Channing Alurnnae Fund is a restricted fund uf the School for ihe purpose of promoring School alumnae. The fund is used to PToinote ¢ommunication between the School and alumnae and algo amonust alumnae. A number of rellnion events are also held tliroughoul the year. The Channino Alumnae fund is managed by the Alumnae committee. Channingi Association Th¢ Channing Association is a restricted fund of the Sch¢)ol for the purpos¢ of fostering suppon from ihe wider Channing commiinity incliiding current and lorrner parents and friends of the School. The Channing Association or. anis¢s social evenis for ly)th parents and piipils and also helps 5UPPQrt a number of School events during the year. The Associaiion also undertakes (￿caSiOnal fundrai5Tng for the School. bul tliis is in¢idenial io 115 core purpose. The Channing Assa¢iation has its own coillmittee structure, which determines both its activities and expenditure for ihe yeai.. Unrestricied Funds Reiained Income The School seeks to maintain undesignated unrestricted funds at a level appropriaie to meet the School's ongoin(s working capiial requirements. FINANCIAL INSTRUMENTS The School only has financial assets and financial liabilities of a kind that qualify as basic financial in5truinents. As such, financial insinjments are initially recogni5ed at transaction value aiid subsequently medsured and held at amortised cost using the etTective interest rate method. Financial assets ¢(>rnprise Cash ai bank and in hand iogether with debtors less prepaytnents and are recognised when the School becomes ¢ontractually entiiled to receive cash or other financial assets from a third party. Financial liabilities comprise creditors falling due both within and after one year excluding deferred income and other tax and social security liabiliiies and are recogjnised when the School incurs a legal or constructive obliL*ation to deliver cash or anoilier finan¢ial assei to 8 third party. All financial iiisti'uineiits are held lor the sole purkx)se of man2gJinuy the cash flow of the School on a day-to-day basis or arise froin nomial operating activiti¢s. PEtYSlON COSTS Rctiremenl benefits for teachers wlio joined the School prior io Novernb¢r 2023 are provid¢d by the Teachers. Pension S¢hetne ITPSI unless they have opied out. The TPS is a multi employer defined benefit pension scheme. It is not possible to identify the School's share of the underlying assets and liabilities ot- the Scheine. Accordin¥7ly, as required by FRS102, the Sch(x)I has accounted for its contributions to the Scheme as it. it were a delined contribution scheme. The School also operates defined contribution schemes for staff noi in ihe TPS. Contributions to these schemes are chartsed to tlie Staleinent of Financial Activities iii the year in whiLh they are incurred. OPERATING LEASES Rcntal paymenis on operating leases are cliarged io ihe Statetn¢nt of Financial Activitie5 on a strai￿t-lIne basig over the life of the lease. 20

Channing House Incorporated, Highgate TIIE fiNAN TATEM For the year ended 31 Augiist 2025 CHARITABLE ACTIVITIES- SCHOOL FEES RECEIVABLE Fees receivable are slated nei of Scholarships and Bursaries award¢d and allowance5 given. Scholarships. Bursaries and allowances ioialled £2,194,975 (2024.. £2.053,3741. CHARITABLE ACTIVITIES- OTHER INCOME 2025 £'ooo 2024 £'O(K) Educational wisit5 and other recoverable items Re¥iistration fees and fees in lieu of noiice Pre-registraiion re¢overable VAT Other income 690.4 243.6 662.2 7&2 100.8 TOTAL EXPENDITURE Staff costs (note 4) £'ooo Depreciation Other costs 2025 Total £'ooo 2024 Total £'ooo £'ooo £'ooo Raisillg funds: Bank Loan interest 105.4 105.4 123.0 Total Cost of Raising Funds 105.4 105.4 123.6 Charitable aetivitie5: SchoLII operating costs.. Teaching W¢lfare and Cat¢ring Premises and occupancy Propirt}' r¢pair and maini¢nitnct Adiminisiration and support Governan¢e Grant5. awards and prizes 12,748.8 793.6 366.0 2,516.1 491.5 15,264.9 1,285.1 2,731.8 89(xS 2,327.S 87.6 14,051.7 1,301.7 3,376.7 1.075.8 2,218.2 87.7 785.3 1.580.5 896.5 1,513.5 51.5 814.0 36.1 13.0 iJ.o 1?.2 Total Charitable expenditur¢ 15,473.4 785.3 6,347.7 22,606.4 22,124.0 TOTAL EXPENDITURE 15,473.4 785.3 6.453.1 22,711.8 22,247.6 202J. J4,Q56.0 89).4 7,295.6 21

Channing House Incorporated, Highgate THE FINANCIAL For the year ended 31 Augusi 2025 TOTAL EXPENDITURE (Coniinued) 2025 £'ooo 2024 £'ooo Charitable expenditure includes.. Operating lease rentals Auditor's remuneration.. For audit services- RSM UK Audit LLP l¢x¢lusive of VATI 215.0 106.7 34.5 29.7 For risk assuraT]ce service- RSM UK Risk Assurance Services LLP For VAT advice- RSM UK Tax and Advisory Services LLP STAFF COSTS The aggre&iate staff costs {note 3) were as follows- Wages and salaries Social securiiy cosis Pension contributions 12,078.4 ,379.7 2,015.3 10,985.4 1.139.8 1.931.4 15.473.4 14.056.6 Included in wages and salaries are (em)ination payments toialling £256,260 (2024.. £62,400). The average monthly number of employees during the year was made up as follows-. 2025 2024 Full Tlme Part Time Full Time Part Time Teaching Technical and support Catering Maintenan¢¢ and caretaking Administraiive 81 37 84 39 10 16 16 15 15 127 129 57 * Equivalent to approximately 29 (2024..30) number of full time employees. In addition to the above. the School also made payments io peripatetic music teachers 2812024.'291. 22

Channing House Incorporated, Highgate TH ANCIAL TATE TS For Il)¢ year elided 31 Augiist 2025 STAFF COSTS {continued) The number of employees whose emoluments {excludes employer's pension contribution) exce¢d¢d £60,000 was.. 2025 2024 £60,001- £70,000 £70.001- £80.000 £80,001- £90,000 £90,001 £100,000 £ioo,001 £iio.000 £110,001 £120.000 £120,001 £130,000 £180,001- £190,000 £190,001 . £200,000 £210,001- £220,000 37 12 13 Contribuiions of £960.225 12024.. £877.5281 w¢r¢ made to the TeacheTS' Pension Scheme. which is a defined benefiis scheme, for 49 {2024.. 47} hiJer paid ¢mployees. Contribuiions or £ 111.253 {2024.. £61,856) were also made to defined contribution schemes for 16 (2024.. 10) higher paid employees. A￿re￿a(c eiMploy¢¢-benefits of key managemeni personnel £531,023 £511.900 (includingy ¢inployer pension and naiional insurance contributions) 'I'ANGIL4LL I.'IXLD AS%I.'I'S l.reehold land and building Buildings in Pldnl. Ihc coiirsL' of EquipmLnl. consiruciiun MulLTrr Vehicl¢s Total and Fiiiings Cosi.. £'wo £'(M)o £-aoo I Sepletnb¢r 2024 34.154.4 476.0 2.576.0 120.6 J7,327.0 AdditlQn5 5,OYO.O 36.) 31 Augusi 2025 42 443.5 I Sept¢rnb¢r 2024 5.383.4 2.505_2 92.5 7.981. Chargcd in ihc Jlar 731.3 32.0 22.1 31 Augus12025 31 August ?025 I Sep¢embLr 2024 28.039.7 5.566.0 38.8 4?.5 23

Channing House Incorporated, Highgate AN For the year ended 31 August 2025 TANGIBLE FIXED ASSETS (Continued) Freehold land and buildings include an estimate by tlie Govemors of the original cost of the land and biiildiiig)s at £56,00012024.. £56,000) of which £18.000 is estimated to be the original cost of lh¢ land. The Scliool's buildings (excluding the value of freehold landl have been valued ai £19,000.000 for insllrance piirposes. The Governors believe that the vallle of the SchoLII's land, coinprising just under 3 hectares in North London. is v¢ry significantly in excess of its original cost. INVI.'s'fMENTS 2025 2024 £-000 Market value al I S¢piemb¢r Addiiii)ns Revaluaiion 531.0 484.6 22.2 20..$ 13.4) 24.2 Mark"¢t valu¢ at 31 August 531.0 Hisivrical cost ofinvLStmLnt5 289.7 267.9 InN'csim¢nis comprise thL lollowing.. Li%lid on Siock E.Y¢hdnge Cash dLpos115' 288.7 292.1 259.4 238.9 548.1 531.0 Th¢ SLhool had inVLStment holdings ufgreaiLr than 5Q/o ol'ov¢rall market value Ihe follDiving.' Charilics l)tTiLial Invesitn¢nt Fund J.P. Morgdii UK SirdiLgiL Equitj Income fund M&(1 E4uiiiLs Iiivesltn¥ni Fund li)r Chariiics 214.7 222.6 40.7 37.3 26.8 25.8 DEBTORS Fees receivable Other debtors Prepayments and accrued income 122.6 436.1 24.8 907.9 985.7 1,466.6 1,015.2 24

Channing House Incorporated, Highgate TES TO TI4 , .INAN 'IAL For tlie year ended 31 Aiigust 2025 CREDITORS= Amounts falling due within one year 2025 £'ooo 2024 £'ooo Advaiic¢d Fe¢5 received l year in advance (see Note 9(all Oihei. Fees received in advance Bank Loans repay2ble wiihin l year (see Note 9 Icll Tax including National Insurance Contributions and VAT Trade Creditors 5,190.8 2,428.6 397.2 6.356.9 381.6 529.6 285.0 225.6 621.2 Other erediiors Trips Accruals 223.0 170.8 1.239.8 705.5 10.285.1 10.355.7 CREDITORS.. Amounis falling due after more than one year Advanced fees (see Note 9lall Filial term deposits (see Note 9ibll Bank loans (see Note 9lcll 7.?59.8 2.931.4 2,481.2 3.109.3 2.1183.5 9.464.3 12,672.4 9{a) Advanc¢d fees Parents for Inany years have been otTered the opportunity to pay for future years, tuition fees in advance. Some par¢nts have taken advantilbwe of this offer and have entered intts an arrangement wilh the School to pay theii. tuition fees in advance. Assuming pupils will remain at the School the amounrs paid in respect of future years, tuition fees will be applied to the future years, tuition fee5 as follows.. Fees due in 1- 2 years Fees due in 2- 5 years 4.427.3 2.832.5 965.7 4371.5 7,259.8 Fees due within l year (see Note 81 5.190.8 6.356.9 9,462.3 13.616.7 The movements during the year were as follows.. Balance at I September Ainounts received during th¢ year Amoiinls ulilis¢d during the year 13,616.7 6,878.6 2.202.5 16J$6.91 11.683.5 14.945.41 Balance at 31 August 13 616.7 25

Channing House Incorporated, Highgate STOTHE NANCIAL For the year ended 31 Aiigust 2025 9 Ibl Flnal Term Deposits All new pupils are required io pay a deposit which is then applied acjainst the pupil's final tenn's fee bill. ApplyingF reasonable assumpiions regarding the lime pupi15 will r¢main with the School the deposits held will be appli¢d to offset fees for their fillal temi as folloivs.. 2025 £'ooo 2024 £'ooo Deposiis due to be refunded in 1 2 years Deposits due io be refunded in 2- 5 years Deposiis due to be refunded in more than 5 years 541.2 533.0 760.7 800.9 ,767.2 1.6i7.7 3.109.3 2,931.4 91¢) Bfink Loans Baiik Loans are repayabl¢ as follows ￿ follows.. Repayment5 Within 1- 2 years Repayments wiihin 2- 5 years R¢payments in mor¢ than S yeaTS 413.5 1,202.9 467.0 397.2 792.0 2.083.4 397.2 2,481.2 381.6 Repayments wiihin l year (see Note 81 2.480.6 2.862.8 As at the 31 Autsust 2025 the School has drawn down bank loan facilities totalling £7.5tn to part fund the coiistruction of the new Spons Hall and Sixth Form Centi'e, and the Performing Art5 Buildiiig. These facilities are secured on the School's freehold land and building5. Of the £7.5m loan facilities drawn down.. £lm was converted to a fixed ierm loan repayable over 10 years comineneing on 29 August 2014 ai an interest rate fixed ai 4.4P/D p.a. for ihe duration of the loan. This loan was fully repaid tsn 30 Augusi 2024. £2m was converted to a fixed temi loan repayable over 15 years comm¢ncing> on l December 2015 at an interest rate fixed al 4.73Q/o p.a. for the duration ofthe loan. £ l. I m was converted to a fixed term loan repayable over 15 years commencin(t on 29 Augusi 2015 at a variable interest rate of ?.OO/¢ p.a. above the Base Rate. This loan was subsequently. on 16 October 2016, converted to a fixed term loan repayable over 14 years at an interest rate fixed at 3.40/0 p.a. lor the diiration of ihe loan. £2.4m was drawn down on 20 Decetnber 2017 as a Iixed iem) loan repayable over 15 years at ai) interest rate fixed ai 3.fv1°/D p.a. lor the duration of the loan. £ I m w&s drawn down on 30 June 2020 as a fixed tenn loan r¢payable over 12 years and 7 months at a variable interest rate of 2% over Base Rate for ihe duration of the loan. This loan was repaid on l) December 20?2. 26

Channing House Incorporated, Highgate TEST TFIE FI TATEME For tlie year ei)ded 31 Augiist 2025 10 RESTRICTED FUNDS Balance 31 Augusi 2024 £'ooo Incoming resources Resources expended Transfer5 Loss on Tevaluation of investments BAIAnce 31 August 202.$ £'ooo £'ooo £'o(M) £'O(K) 'o(M) Scholarship, Prize and Bursary Fund5 School Developrnent Fund Channing Alumnae Channin8 AssiKiation 448.9 47.0 13.41 473.2 12.41. 25.4 16.61 176.31 2&8 56.7 67.7 4&1 531.0 1102.21 12.41 13.41 This trdnsf¢r relate5 to donations received for the purpose of developing the Sporrs Hall, Sixth Form Centre, Music and Performing Arts facilities at the Senior School and the Junior School redevelopm¢nt. The restriction placed on ihe incom¢ re¢eived has been dischar(Fed in that expenditure has been inciirred and capitalised within fixed assets. Consequently, the funds were trdnsferred to unrestricted funds. A d¢5cription of each restricted fund and lis Ljse tan found on page 6. FIJNDS_ ALLOCATION OF NET ASSETS Tan¥iblL Invebim¢nis NLI Lurreni A55CIS Ciedilors falling due after morL' than I yLar 2025 Totil £'OLK> £'ouo £'o £'ooo Restricied funds 548.1 548.1 Unrestrict¢d funds 33.687.1 548.1 14,000.3 19.464.3) 38,77la 2024 Total 531.0 Restricted funds 531.0 Unrestri¢t¢d funds 29,345.9 16.638.4 {12.67?.41 33,311.9 29.345.9 531.0 16,638.4 112.67?.41 33,842.9 *lncluded in Resirict¢d Funds are cumulative unrealised gains of £258,363 1?024.. £?61,8231. 27

Channing House Incorporated, Highgate TOT INANCIAL TAT TS For Il)e ycar elided 31 August 2025 12 SHARE CAPITAL The company is limited by g?uaraniee and has no share capital, members having a liability not ¢xceeding £5 each. 13 PENSION COMMITMENTS a) Teachers Teachers who joined the School prior to November 2023 have the option to either join ihe School's defiiied ¢ontribulion pellsion scheme or remain as member5 of the Teachers, Pension Scheme England and Wales ITPSI. The TPS schetne was closed to leache￿ joining the School after l Noveinber 2023. The TPS scheme is a multi-employer, siatulory, contributory. defined benefit scheme, governed by the Teachers, Pensions Scheme Regulaiions 2014. Membership is automatic for full-time teachers and, froin l January 2007, automatic for teachers in part-iime employrnent followin(T appointment or a chansse of ¢ontraci. Teachers are able to opt oui of ihe TPS. The TPS is an unfunded scheiM¢ and members contribute on a 'pay as you go, basis these contributions along with those tnade by employers are credited to the Exchequer. Retirement and other pension benefiis are paid by public funds provided by Parliameni. As th¢ TPS is a multi-eTnployer pension sthetne, the School is unable to identify its share of the underlying ￿setS and liabilities of ihe scheme. Accordingly. the School has taken advanta¥Je of the exemption in FRS 102 and has accounted for its contributions lo the scheme as if li were a defined-contribuiion plan. Tlie Schi)ol has sei out within this note the scheme infomidtion available and the implications for the School in terms of the anticipated coniributitsn rates. Not Icss than every foiir years the Governinejit Actuary ("GA"). llsingy normal aciuarial principles. coiidiicts a fomial actuarial Irview ol. the TPS. The aim of ihe review is to specify the level of fuiiire ontributions. Actuarial scheme valuations are dependeni on assuinpiions about the value of fLilure costs. design of benefit5 and many other lactors. The latest actU41rial valuation was carried out as at 31 March 2020 in accordance with The Public Service Pensions (Valuations and Etnployer Cost Capl Directions 2023 and the Employer Contribution Rate was assessed using agr¢cd &5sumpiions in line with the Directioiis and was accepted at the original asse55ed rate as there was no cost conirol mechanism breach. The valuation report was published 26 October 2023. The key results of the valuaiion are.. Total scheme liabilities (the Capital sum n¢¢ded at 31 March ?020 to meet ihe stream of future cash flow5) Ivas £262 billion, Value of notional assets lih¢ eslinialed future contribuiions together with the proceeds from the notional inve5tmeiits held) wa5 £2?2.2 billion. Notional past service deficit of £J9.8 billion {2016 £22 billion) Discount rate is 1.7/¢ in e.%cess of CPI (2016 2.4/¢ in excesg of CPI). This change has had the gr¢atest financial impact on the valuation. As a result ol. the valuation. new employer contribution rates were set at 28.68Q/o of pensionable Pcly lincludin&) a 0.08/0 einployer adininistration chdrile) from April 2024 onwards. This ¢ompares tts 23.6￿/0 previously. 28

Channing House Incorporated, Highgate TEST E FINAN IAI. TEMENT For the year ended 31 August 2025 PENSION COMMITMENTS (continued) During the year the employee contribution rate ranged beiween 7.40/0 and I1.7U/o depending on a Inember's salary. copy of the valuation report and supporting d￿vr￿entatIOn is on the T ers, Pensions The pension cha￿e includes employer contributions payable to the scheme. which amounted to £1,452,706 12024.. £1,540,110). As at ? l Augiist 2025 there were outstanding contributions payabl¢ to the scheme of £170.701(2024'. £171,644) included in other creditors. The contribution5 of th¢ School represent a minor proponion of the payments into the sthein¢. b) Staff not in the TeJcher5' Pension Stherne. Th¢ School operate5 a defined contribution Scheme for sraff not in the Teachers, Pension Scheme. The assets of this scheme are held separately fi'om those of ihe School in funds administered by an in5llran¢e company. The pension cosi charge represents contributions payable in respect of ihis scheme and amount to £562,567 (2024.. £i91,2821. £59,423 {2024.. £50,540) included in other creditors was payable to the scheme ai the year end. 14 COMMITMENTS As at 31 August the SchoL)I had the following capital commitiments.. 2024 £'ooo 282.0 40 £'oDo 4,$75.0 Contracted for Authorised for 575.0 15 OPERATING LEASE ARRANGEMENTS As at 31 August the Sch(x)I had minimum lease payments under non-cancellable operaiing leases, in aggregaie, as follows.. _ Buildings £'ooo Equipment £'ooo 202.$ £'ooo 20?4 £'ooo Amounts payable.. Within one year Within 2-5 years 133.8 22.8 156.6 161.5 38.3 39.8 78.1 299.6 62.6 234.7 461.1 2024.. 358. 7 16 RELATED PARTY TRANSACTIONS Two GoveTnors eacli had a daughter at the School. Fees were charged at normal raies. There were no transactions Wlth related parties during ihe year 10 31 August ?025 or during ihe year 10 31 August 2024. 29

Channing House Incorporated, Highgate NOTE Tll NCIAL TAI"EMEN For the year ¢nded 31 Aiigiist 2015 No member of the Association or Board of Gov¢rnor5 r¢c¢ived any remuneration or other benefits froim the School. No (2024.. five) Governors were reimbursed travelling and iiicidenlal expenses (2024: £1,520). The insurance premium paid by the School intlude5 an element of indemnity cover for 'Direttors' (Governors). 30