Charity number. 525934
THE KING'S SCHOOL, CHESTER
GOVERNORS. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

THE KING'S SCHOOL. CHESTER
CONTENTS
Page
Reference and adminlstratlve details of tho Charfty, Its Govemors and advlsers
Govemors. r&port
Gov8mofs' To$ponsibilities statement
Independont audltors. report on the financial statements
Consolidated statement of financial activities
4-19
20
21-24
25-26
Consolidated balance sheet
27-28
Charity balance sheet
Consolidated statement of Cash flows
29-30
31
Notgs to the flnancial statements
32-60

THE KING'S SCHOOL, CHESTER
REFERENCE AND ADMINISTRATIVE DETALS OF THE CHARITY, ITS GOVERNORS AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2025
Gov•mors
S Verity D.Lit(hc} . Chair of Govemors. Chair of Risk & Compllance Committee3.5.6
A Bartley7
A Bentley, Vice Chair, Chair of Finance & General Purposes Committeel.5.6,7
N Dowling, EYFS Govemor14
J Ebo, Health & Safety Governor3
C A Edwaids Chair of Safeguarding Committee, Safeguarding Govemor. Staff
Liaison Govemor4
C J Gillies1
D Leonard, Vice Chair, Chair of Education Committee15,6
D K Rowlands1
M Sayer2
Very Revd Dr T Strafford2
M Troy1,3
J Christon, Strategy Working Group lapwnled 1 January 20251
Finance & General Purposes Committee
2 Education Committee
3 Risk & Compliance Committee
Safeguarding Committee
Govemance Committee
Remuneration Committee
Bursaries and Partnerships Committee
Charty registered
number
525934
Prlnclpal office
The King's School
Wrexham Road
Chester
CH4 7QL
Ind•pand•nt audltors
WR Partners
Chartered Accountants
Belmont House
Shrawsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
Page I

THE KING'S SCHOOL, CHESTER
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS
ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Bankors
Handelsbanken
2 Albion House
Albion Sl
Chester
CH1 1RQ
United Trust
One Ropemaker Street
London
EC2Y 9AW
Cambridge & Counties
Charnwood Court
5B New Walk
Leicester
LE1 6TE
Insurance
Hettle Andrews
2 Brunswick Square
Birmingham
81 2LP
Lawyers
Weightmans
100 Old Hall Street
Liverpool
L3 9QJ
WorkNest
Woodhouse
Aldford
Chester
CH3 6JD
Knights 1759
The Bramplon
Newcaslle-Under-Lyme
Slaffordshire
ST5 OQW
Investmènt Advlsèrs
Rathbones Group PIC
Th6 Plaza
100 Old Hall Street
Liverpool
L3 9AB
Archlt$ct$
Scotl Ar¢hile¢lure Limited
2 Crowton View
Frodsham
WA6 8PX
Page 2

THE KING'S SCHOOL, CHESTER
REFERENCE AND ADMINISTRATIVE DETAILS OF ThE CHARITY. ITS GOVERNORS AND ADVISERS
ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Clerk
Hayley Jordan
Senior Managgmont
Team
George Hartley, Headmaster
Ha￿eY Jordan, Bursar
Patrons
Duke of Weslminslor, Hugh Richard Louis Grosvenor
Th& Lord Bishop of Chester, The Rl Rev'd Mark Tanner
Page 3

THE KING'S SCHOOL, CHESTER
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The Charity and Group present their annual report together w((h the audited financial slalemenls of the Charity
also refer￿d to as 'lhe School" and the "Group for the year 1 September 2024 10 31 August 2025. The
Govemors confirm that the Annual report and financial glatemenls of the Charity comply wth the Current
slallrtory requirernen15. the requirements of the Charity's governing document and the provisions of the
Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 leffeclive 1 January
20191.
Objgctivos and actlvltles
a. Policies and objectives
The King's School, which is the oldest independent school in Chester, was founded by Henry Vlll in 1541 and for
over foul hundred years the school occupied buildings adjacent lo the Cathedral. The school moved lo a new
sile on the Wrexham Road in 1960. The site has continually developed since then with a Junior and Infant
School and in recent years a 10-year maslerplan that has included a new sports hall. sixth form cenlre, pastoral
and medical building. new sports facilities, and a complete programme DI relurbishmenl of ctassrooms and
science rooms. The school maintains strong links with Chester Cathedral.
The King's School is for pupils of high academic ability and comprises the Senior School (ages 11-181, the Junior
School (ages 7-111 and the Infant School, Willow Lodge (ages 4-71. We seek lo develop this ability in each pupil
to his or her full potential wtth excellent leaching. Support￿ by extensive sporting and exira<urricular activrts'es.
Further inforniation about the school can be found on our website.. www.kingschesteT.co.uk
The Charty also has permanent endowed and unendowed trust funds held for Speci￿ purposes in connectron
with the development of the school's facilities and for bursaries, prizes and other eijucational purposes.
In setting objectives and planning for activit￿s, the Govemors have given due considefalion lo general guidance
published by the Chanty Commission relating to public benefit, including the guidance 'PUbl￿ benefrt.. running a
charity IPB21'.
b. Stratogies for achiavlng oblgctlves
Aim
The schoofs aim is to provide an outstanding independonl education, through superb academic luf(ion and
through giving the opportunities lo develop wider sporting, artistic and social skills to all ils pupils. The school
nurtures spiritual growth and provides an environment where each pupil can develop and fulfil hi5 or her
polenlial, helping build sÈlf<onfKlÈn¢e and 8 desire 10 serve the wider community.
Vlsion
To be one of the counlrfs leading academic day schools that equips students wrth the skills, courage and
haracter lo flourish in a constantly changing world. carrying with Iherll a lifelong love of learning, comrnilmenl lo
Service and the enduring spir(( of King's throughout their lives.
Page 4

THE KING'S SCHOOL, CHESTER
GOVERNORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Obj8Ctives and actlvltles Icontlnuedl
Core Values
In caring about excellence and each other, and in promoting enjoyment and happines5 through fulfilmenl, Ihg
members of the King's community believe in OUT three core values..
Asplre- We want all our students lo aspire lo be the very best versions of themselves. This relates to both their
academic achievement, where we want them lo attain their 'suslainable best, and just as importantly to their
personal development as unique indiwduals. Excellent qualification5 remain important, bul the nurture of
allributes such as resilience. adaptability, emothJnal intelligence and Curiosity are arguably even more significant
in tcKlay's world.
Respect- We want our students to have respect for Ihemsefves and others in the school community, particularfy
their fellow students. We believe that allowing young pecyle to be comfortable in their own Skin, as well as
respectful of diffefence in olhets wrth Tegard lo diversity, are both essential. We also want our students to
respect their Surroundings in terms of the school itself, where they Iivg outside school and with due regaid lo the
global environment.
Collaborate - We want our students lo collaborate effectively so that they can achieve more than they would on
their own and le8m how lo work effectively wi(h others. We also want lo collaborate positively as part of the
broader school community and in doing so contribute to a higher purpose than Simp￿ advancing themsolv¢s.
Human ¢ollaboralion is only goin9 to becom8 more relevant in the years ahead.
Strategic Plan
The current strategic plan for the school has eight key objectives".
Every pupil known, valued and cared for. developing pastoral care with the new house system wrth a
renewed focus on sludenl well-being
Great place to work.. for staff in all sections of the school, both leaching and support
Great learning, fulure-orientaled.. oplimising leaching and leaming across the school and developing the
curriculum
Opportunities for all.. ensuring the provision of extraacurricular activities for all students across the sch¢x)I
A full cwtucational school.. maximising sludenl numbers on the CUTrenl site with a lar9el of 40.kn girls
Al the heart of the community.. developing Closer and collaborative links with parents, Chester sch¢aols and
other institutions in the a￿a
Widening access." ensuring the recNitment of the brightegt students from our catchment area. including
the increased provision of bursaries
Revrtalising the sf(e'. dglivering Ihg principle$ of tho ten-yoar maslerplan to redevelop tho s¢h¢x)I
Page 5

THE iaNG'S SCHOOL, CHESTER
GOVERNORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Objoctlves and activitie$ (¢ontlnuedl
- Activities undèrtaken to achieve objectives
A new strategic plan 2025-2030, wh1ch the Governors have been working on throughout the reporting peric¥J, wll
now have six strategie objectives and reflects the changing landscape of education at The King's Sch¢)ol'
STIUI Eck
2030
yaiyed
eii¢ellln
CTtswLh
Academic Excellence. We are lulty committed lo providing an engaging and enriching academic experien￿ for
all our students that will allow them lo attain their sustainable best. This will be a¢hieved by con515tent excellence
in leachin9 and learning, innovative use of digitsl technologies and the development of curriculum pathways lo
ensure all students can achieve positive value-added outcomes.
Character for the Futur8. W& will ènsure that ail students are looked after and valued by outstsnding pastoral
care and involved in our extensive ¢(Kurricular programme. This, wilh their academic achievement and an
outstanding futures programme, wll develop them with the skills and knowledge required lo flourish in a rapidly
changing world.. resilience, adaptability curiosity and collaboration.
Sustainablllty and Growth. We will manage resources prudently lo maintain affordability and accessibility,
whilst preserving educational excellen¢e, thereby securing the s¢hool's long lerm financial health. We will wisely
explore diversification i)pportunrtie5 to slTenglhen the school. Further site development will be approached
judiciously and sustainably.
Ono Family. Four Schools. We will ensure continuity and eoheTence across the four $eclion$ of the school,
each of which will relain age-appropriate distinctiveness, united by a whole school othos and values. We will look
to foster strong parental engagement, smooth transitions, and student excitement as they progress through each
stage.
Staff Valugd and Excelling. We are committed to attracting the highest qualty staff and valuing them as
individuals whilst promoting welkbeing and professional growth. Leadership al all levels, with the support of
coaching and appropriate technology, will encourage a culture of continuous review and improvement for the
benefrt of all staff and students.
Page 6

THE KING'S SCHOOL, CHESTER
GOVERNORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Objectives and acttvitios Icontinuèdl
CommUn￿Y Strength. We will look lo develop our partnership links to broader communibes at all scales, for the
purpose of mutual benefit. Central lo this will be our continued invoivemenl with the development of Chester
School$ Together, which alongside other areas of innovation will allow us to share best practice as a national
beacon of excellence, nationally and internationally.
ACTIVITIES UNDERTAKEN TO ACHIEVE OBJECTIVES
Awards
Sunday Times Parent Power Gulde. We are delighted lo announce that The King's School Chester has been
named the lop perfomiing co-educational School in the North West in this year's Sunday Times Pargnt Power
Guide.
The guide, which was been published on 5th December 2025, based the ranking on national A4evel, GCSE and
IB outcomes from summer 2025
Our incredible results last Summer
84Qh 9-7 grades al GCSE and 600h of A-￿e1 grades al A'A - have
propelled the school an impressive 50 places in the national rankings,. now firmly within the lop 100, we are
proud to be recognised 85 the 79th best independent secondary school in the country.
Htghlights from the guide Include..
A rise of 50 places nationally
Top co-educational school in the North Wesl and North East
Ranked 79th nationally- one of onty three North Wesl schools to feature in the top 80
Highest ratio of A'IA gTades for A levels in Che5hire1600fi1
ISI Inspoctlon. The King's Sch¢x)I Chester is celebrating an outstanding report from the Independent School$
Inspectorate IISII. including the rarg accolade of being given a 'signrficant strength, for the c(Fcurricular lrfe of the
school.
The awarding of a 'significant strength. is a notsble honour, bestowed on only 20¥0 of independent schools
nationally, wth even fewer receiving il speufically for the quality and breadth of their cwurri¢u5ar programme.
Mr Hartley said.. 'We understand the difference Ihal an exceptional CLxurricular programme can make in lemis
of nurturing intellectual curiosity, creativty, and a lrfelong love of learning.
'Pupils al King's embrace opportunities that contribute so richty lo their confidence, well-boing, and character
development, from our youngest learners in Willow Lodge right through lo Sixth Form.
'So often, those crucial skills of collaboration, leadership. and resilience are developed both in and out of the
classroom. l am proud that our ¢ommitment lo the developing the whole child has befjn recognised by
inspectors."
The sch¢)ol's co-curricular proMs¢on is exceptionally broad, including sports, drama, art, music, CCF, academic
scholarship, Sublect-relat￿J clubs, and much more. ensuring that every pupil can explore their interests and
talents.
King's mel all the exacting standards of the new ISI framework. refloctin9 a commitment lo the highg$t standards
of educational excellence, pupil well-being and ch8racler-led educ81ion across the school.
Page 7

THE KING'S SCHOOL CHESTER
GOVERNORS, REPORT ICONTINUED}
FOR THE YEAR ENDED 31 AUGUST 2025
Objectives and activities Icontinued}
AGBIS School of the Year. The A5sociats"on of Governing Bodies of Independent Schools {AGBISI named The
King's School Chester as their School of the Year.
The prestigious accolade was awarded by Chief Executive of AGBIS, Richard Haman, who praised the school's
governing body for their commitment, strategic focus and positNe working relats'onships.
Acad4mlc Achlevements at GCSE and A-Levol
The King's School Chester is celebrating a truly historic year of GCSE results, achiev*ng the highest pBrcentage
of top grades Sin￿ current records began.
A remarkable 850/¢ of all gTades wefe al grade IAIA. equivalentl which represents the slrongesl performance
in 16 years. Overall, the results set new benchmarffs for a¢ademi¢ excellen￿ with 38¢/0 of all grades awarded al
grade 9 and 660/4 of all grades al grade 918.
This followed a truly exceptional year of A Level results, wth students achieving remarf(able grades across a
broad range of subjects. Delighted students achieved the best results in three years and the highest percentage
of A. grades since prwandemic giading. marking a ITiumphant enil lo their lime at King's.
Overall, 25Yo of all grades were A" with 6￿/0 gTaded AIA. and an Imp￿ssIVe 85V¢ graded A'_B. These resuits
will see them PTogress lo some of the UK'S most competitive courses and universities.
GCSES..
38°A-9
66°10- 918
840/o- 9-7
960A_ 9-6
A Levels..
250A_A'
60Y.- A'IA
85°A-A'IB
Page 8

THE KING'S SCHOOL, CHESTER
GOVERNORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 202S
ObJ•ctlves and a¢tlvltles Icontlnuedl
Other Achiavomonts
students continued to excel in bolth academic and Cothcurricular outcomes. Recent hghlights include..
Sixth Fomi Mathematical OIy7npiad success
Four legional titles for gids. hockey team
North ol England lilles retained by boys, hockey team5
King's named as one of UK'S top cricketing schools by The Cricketer, the world's oldest and best￿ellIng
Cricket magazine
150 pupils from Thirds, Fourths and Frfths look part in the UK Mathematical Trust IUKMT> Intemiediate
Maths Challenge. 12 pupils achieved a gold certrfic8le, 26 achieved silver and 43 achieved bronze
14 budding engineers from Shells travelled lo the N¢)rth Wesl regional finals of the F1 in Schools
competition al the University of Botton
U11 hockey team who have been crowned the 2025 Hockey North West champions.
A Fourth Year pupil took part in an international writing competition and was awarded third place in the Ink
ofAges Ficb'on Prvze organised by Wodd History Encyclopedia
The U16s boys, squad clinched the school's second national hockey li(le of the season
A Sixth Fom student wa5 offered a full scholarship lo study Tuba at the Guildhall School of Music and
Drama in London
Five Removes pupils travelled lo London to take on 24 sCh￿IS from around the country in the grand final
of this year's National Reading Champions Quiz
In addition, the number of King's pupils representing regional, nalK)nal and intemational teams has continued to
be strong, in particular in the following sports..
Hockey
Rowng
Football
Netball
Athletics
Go
Karting
Cricket
Swimming
Dressage
Page 9

THE KING'S SCHOOL, CHESTER
GOVERNORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
ObSo¢tives and actlvlties Icontlnued)
School Development
The school continued ils programme of development for both staff and our pupils, both current and future. with
the following pToje¢t5'.
Continued Professional Development for all leaching staff across the three Schools.
Continued development and implementation of the 'Learning to Leam, programme to develop more
effective and sustainable study ski115 throughout the school.
Continued whole school curriculum review.
Implemenl81ion 8nd embedding of a new Senior Sch¢x)I reporting system.
New IT systems added for well-being of students. safeguarding and training, school visi15 and parental pay
portals.
The refurbishment ol the Art Department.
Upgrade works to the swimming pool including ventilation and decoration.
Continued improvements lo the Boathouse, including showers and gym.
A continued redevelopment of classrooms throughout the Senior and Junior Schools.
The continued car park improvement programme.
A pfogramme of maintenance including roofing and guttering across the sf(e.
d. Publlc Benefit
The King's School educated an average of 1,134 pupils during the reporting period from the ages of 4-18 at no
cost lo the UK Treasury. Despite the addrtional pressure5 placed on the school's finances durin9 the ￿PortIng
period including increased National Insurance costs, the loss of Business Rates Relief, and allocating funds to
subsidise the VAT burden added lo the cosl of school fees, the Governors limrted the increase lo fee5 to match
inflation.
8ursaries
During the reporting peTiod, the bursary programme educated a total of 63 rneans-lesled pupils in the senior
School. the majority of which were awarded bursaries of over 759h. The total cost lo the school of these
bursaries was £1,258,786 equating lo 7.3'/0 of gross fee in￿rne.
Page10

THE KING'S SCHOOL, CHESTER
GOVERNORS. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Objectrves and activities Icontinu8dl
Hiring of Facllltles
The following organisations from the l¢xal area have regularty benefitted from using the school's grounds and
Boughton Bells Netball Club
British Rowing Limited
Broughlon United Football Club
Bryanslon School Rowing Club
BSL- Deaf and Sensory Network
Castle squa￿ Cutters Cricket Club
County Cricket Officers Club
Chester Bach Singers
Chester Boughlon Hall Cri¢kel Club
Chester Gang Show
Chester Hockey Club
Chester Netball Club
Chris Brett Football Group
Christlelon Cricket Club
Deeside Ramblers Hockey Club
House of Dance
Innholders C¢x)ks and Victuallefs Company
Jamie's Cricket Academy
Karl Rosedale Football Group
Kings Actwe Foundation
Mad Science Northwest
Maryiebone Cricket Club
Outlaws Cricket Club
Pickle fit- pidtle ball
Pop Vox Choir
Rex rowing Boat Club
Sallney Town Football Club
Sistèrs in Sport Netball Club
SNW Karate
Saint Werburgh Parish Choir
St Edwards School Rowng
The Swim School
Tarvin AFC ladies, football
Tarvin AFC under 16
University College London Boat Club
Uplon Juniors football club boys
ijplon Juniors football club girls
Uplon YC FC seniors
Vicars Cioss Dynamos Football Club
Welsh Rowing
Wfjsl Chesiro Cricket Club
Page11

THE KING'S SCHOOL, CHESTER
GOVERNORS. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Obj'actives and activities (continued}
Chester Schools Togeth•r
We are very proud to be part of an award-winning Independent Stale School Partnership IISSPI between The
King's Schwl and all the slate secondary schools in the City called Chester Schools Together. (Chester SchLw)Is
Together- Chester Schools Together).
Originally established in 2018 with two stste schools, we have now grown to six slate partnership schools.
In 2021, we secured £444,216 of funding from The Westminster Foundation. This funding is used to pay a
Chester Schools Together Staff Represenlalive in each school and cover project cosls, including tran5POrt and
spe¢ialisl resources. The King's School does not Claim any money for a School Rep and donates £10,000 a year
lo partnership activities, as well as the Director of Marketing, Communications and Partnerships, time.
All projects are based on an identrfied 'mulual need, between all schools. including King's, which arè agreed by a
Headleacher Strategy Group. with student voice al the heart of all decisions.
These 'mutual needs. have included careers, Climate change action, engagement in STEM and specialist
university guidance.
Vlsion ol Che$t•r Schoob Together:
Working in equal partnership to provide a range of educational and cuttural opportunrties for pupils across the
Chester community and lo facilitate the professional and personal development of staff
Partners in the Chester Schools Together work together lo".
Provide a diverse programme of opportunities for interested and committed young people, regaTdless of
their social or economic background
Widen the educational and cultural horizons of all participants
Engender a spirit of commltmenl, collaboration and ¢onfidence amongst pupils
Provide stimulating professional development for staff and promote mutual respect across the different
schools
Foster a sense of belonging and pride in the City of Chester
Encourage links with other city inslilulions for the eduealion and benefrt of all
Events from S6pt 202Mugu$t 2025 included-
Oxbridge Preparation Evening
Mock Interview- Medics
Saturday Master¢lasses- Scalexlric4Sehools
Vets. Medics. Dentist Uni Application Event
Learn lo Row Programme- weekly, ongoing sessions for all schods
EDI Conference
Camegie Award Shadowing Group
Lifeguards Qualffication Course
Drama showcase
Page 12

THE KING'S SCHOOL. CHESTER
GOVERNORS. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
ObjectNes and activitles Icontinuadl
Fundraising by Pupll$:
We believe engagement with the local community should be part of every King's student's education and we are
increasing the spread of activities through our enrichment programme. This includes..
Sixth Fom) students volunteered al a bcal primary School throughout the academie year
Litter-picking around Chester a5 part of Biodiversity
Sixth Fom students visited Grosvenor Manor Care Home
In 2025, the school raised a total of £12,919 for charitable causes.
FINANCIAL REPORT
The school Tecorded a operational surplus of £1.198k (Group.. £1.174kl for th8 reporting period, compared with a
operational surplus of £1,373k (Gioup.. £1,420kl in the 2023124 financial year. The lower surplus is primarily
attribulabl$ lo reduced pupil numbers followng an increase in school fees arising from the introduction of VAT.
In response, the school implemented a number of cost-saving initiatNe5 to en5Ufe it contsnued lo achieve a
minimum surplus of 50A. compared with an 80A surplus in the previou5 year.
Surplus projections for the next iwo years remain volatile and unpredictable. Pupil numbers for the 2025126
academic year are at a record high of 1.170, with prqecled numbers for 2026127 expeded lo be 1,140. The
school has r8mained agile in responding lo this volatility and has already implemented a successful voluntary
redundancy programme in 3nti¢ipation of the lower pupil numbers proje¢te<l for 2026127. Governors remain
fimly committed lo ensuring the school's ongoing finan¢ial stability, continued development, and attractiveness
to parent9, while doing everythin9 POS5ible to keep fees affordable.
Total pupil numbor5 starting tho school in Sgplember 2025 wgre 1,170. ropresenting a significant increase from
1,134 in September 2024. The school will continue to work proadivgty lo improve fulurg pupil numbers and,
where necessary, 8djusl staffing leve15 to rellect changes in demand.
Charitable activty expenditure during the year was well controlled and subject to regular Scrutiny by the
Govemors.
King's Space Ltd has continued lo trade in support of the school. This wholly owned subsidiary manages the
hi￿ of the school's premises outside of school hours, with any profits generated being Gift Aided back lo the
sch¢)ol.
Golng Concern
After making appropriate enquiries, the Governors have a reasonable expectation that the Charity has adequate
resources lo continue in operational existence for the foreseeable future. FOT this reason, they continue lo adopt
the going concern basis in Preparing the financial statements. Further details regarding the adoption of the going
concem basis can be found in the a¢wunling policies.
. Rosorves pollcy
The Govemors recognise the need lo hold minimum reserves, 8nd this is currently sel at an ambitious amount of
£3M. equivalent level to one term's worth of costs.
Page13

THE KING'S SCHOOL, CHESTER
GOVERNORS. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
b. Investments pollcy
The Govemors. investment powers are determined by the Scheme of Government dated 13th June 1988
lu￿￿ated in 20221, which permf(s investment in trust foi 'The School, of sums not needed for immediate wort(ing
purposes, modified in the case of The King's Sch¢x)l Bursary Trust Fund IKSBTFI to pemiit, amongst other
things, investment in any stock, funds or securi(ie5 authorised by law for the investment of trust funds.
The Governors, policy is lo maximise the overall ielurn on investments having regard lo the need for a fjow of
income to meet the school's requirements for funding a number of bursary awards. In order lo achieve this
perfomiance, the Govemors and the Iruslees of the KSB TF have appointed an Investment Manager.
The performance of the Investment Manager is monitored undef the terms of 8 Slalemenl of Investment
Principles lo which the Manager is required to adhere. Th8 investment objectives are to preserve the Iong-lerm
value of the funds in real terms and lo maintain an appropriate level of income in real terms. The achievements
of the Manager are measured against appropriate benchmark5 in respect of equities. gills and lolal retum. The
Govemors and trustees meet with the Investment Manager al least once each year and receive quarterty
reports.
Investments in a range of company stocks, 9ill*dged securities and unitised funds. are held in the name of the
Investment Manager's nominee company.
Investment Performance
The trustee5 of The King's School Bursary Trust Fund adopted a discretionary management route with the
school's investment advisers in September 2005. The Iruslees of The Lester Smith Bursary Fund and The
King's School Prize Fund adopted the same route in August 2008.
The investment figures for three trust funds have all increased over the period. but al a Jower rale than the
previous year. The King's School Bursary Trust Fund returns have risen by 13.559￿, The Prize Fund by 11.780
and following two years of negative relums The Lesler Smith Fund returns havg risen by 12.84010. The five-yeaf
retums have also increased.
Total Retum- measured against a bespoke benchmark in the period lo date are as follows..
Fund
The Ki
s School Bursary Trust Fund
The Kin
s School Lester Srnith Fund
The Kin
s School Prize Fund
FTSE All Share
FT Government All Stocks Index
Bes
oke 8enchmark
Net Peer Group Index
l Year % Return
5.87
5 Year % Rèturn
32.40
33.47
33.25
80.5Q
-25.19
7.79
13.64
-1.87
9.23
5.56
32.97
Page 14

THE KING'S SCHOOL CHESTER
GOVERNORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Short4emi Fee In Advance Sch•m8
The School has established a short-torm investment fund to manage the incroased uptake of the Fees in
Advan￿ Scheme. The fund was established in 2024 and will operate for a maximum period of five years.
Funds are drawn down on a temily basis as school fees become payable.
The fund was created lo ensure the secure management of larger cash balances that exceed the UK
Government's £85,000 deposit protection limit for financial institutions. To minimise risk, the funds are invested
solely in UK Government Bonds and Treasury Bills.
Any investment returns generated are used to offset the impact of the partial VAT exemption applied by HMRC
lo fee8 paid in advance, as well as to mitigate the shortfall beh¥een the VAT the school can reclaim and Ihe 50
VAT discount passed on lo parents through the scheme.
Consolidatéd Accounts
The consolidated aecounls, which includes King's Space and investments, show that al the end of the period the
Charity held unrestricted funds of £21,991k12024 £20,527kl, Free reserves (after accounting for long lem bank
borrgwings and pension assets) al the end of the year were £443k12024 -£39kl. After two consecutive years of
tha free reserve being a negative figu￿ due to the amount of investment in Capitsl projects, the figure has now
become a posilNe result once more as the lon*lerm bank loan come5 to an end.
In the coming ye8TS, it is a key objective to increase the funds maintained. in particular, by The King's School
Bursary Trust Fund in order lo support more familios who need assistance with fees. The school 1$ generating
additional reserves on an ongoing basis to fund new developments at the school which will further improve the
off8r for our pupils and the wider community.
In respect of the Charivs defined benefit scheme for support staff, the valuation at thi5 year*nd continues to
show a surplus. The Goveinors believe that this notional funding calculation has no material effect on the
Charity's short-lerm cash flow and that in the longer lemi ils effects are sustainable out of future in￿me. For
this reason, il is considered that it should be disregarded for Reserves Policy purposes.
Fundraising for the Bursary Trust Fund
The school has an in-house Development team responsible for all fundraising actimties. No member of this team
has been subject to an undertaking to be bound by any voluntary scheme for regulating fvndraising, or any
voluntary standard of fundraising. in iespect of activities on behalf of the school.
In order lo protect vulnerable people and other members of the public frorn unreasonably intrusive or p&rsi$lent
fundraising, the school's fundraisin9 activities are overseen by the King's Leadership team and board of
Governors. No complaints have been received by the school regarding fundraising activities.
c. Prlncipal risks and un¢ortalntles
The Govemors, together with the King's Leadership Team, are ￿SPonsIble for managing the risks faced by the
Charity. They identify potential risks, assess their impact, and pul in plaee appropriate controls lo minimis& the
effect of signrficanl risks. A formal review of risks is conducted on an ongoing basis and al least once a year,
wrth a comprehensive Risk Register maintained by both the school and the Board of Governors.
Page 15

THE KING'S SCHOOL, CHESTER
GOVERNORS. REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
d. Financial risk management objectivgs and pollcles
The Governors have assessed the major risks lo which the Group and the Charity are exposed. in particular
those related lo the operations and finances of the Group and the Charity. and are satisfied that system5 and
procedures are in place lo mitigate exposure lo the major risks. The key controls used by the school include..
• Formal agendas for all Committee and Board aclwity,
Detailed terms of reference for all Committees.
Comprehensive strategic planning, budgeting arKI management accounting.
Established organisalional structure and lines of reporting,
Formal written policies,
Clear aulhorisation and approval levels,
Safeguarding procedures as required by law for the protection of children,
Engagement of extemal, expert audits of finance and health and safety.
The sch(x)I has continued to keep fee increases as low as possible to maintsin affordabilty for parents. The
Governors continually review the len-year financial plan to ensure thal the school continues to develop, despite
the additional pressures on the school's finances.
e. Principal funding
The principal funding for the school is through the charge of school fees which are reviewed each year by the
Board of Governors and Carefulty considered lo be balanced against continuing lo achieve aCadern￿ eX￿llence,
sporting and axtra¢urricular adivilies and continued development and to be affordable to the maximum amotsnl
of parents.
Page 16

THE KING'S SCHOOL. CHESTER
GOVERNORS. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
StructUTe, governanca and manag•mgnt
. Constitutlon
The King's School, Chester is a registered charity, number 525934, and is constituted under a Trust degd.
b. Methods of appointment or election of Govarnors
The management of the Group and the Charity is the responsibility of the Govemors who are elected and co
opted under Ihetgmis of the Trust deed.
The Board having adopted fixed terms of Office for Governors and the Chair of the Board, seeks via the
Govemance Committee, to refresh itself on an ongoing basis wf(h new Governors being nominated lo the Board
following a sel induction process. This involves an interview process with members ot the Governance
Committee. the Chair of the Board, the Headmaster and the DiTector of Finance and Operations prior lo the
nomination boing approved by the full Board al a subsequent meeting, notice of which is given in advance lo all
Govemors.
Nominations can be received from any source bul mainly come from existing Govemors and those organisalions
having nomination rights lo the Board. Appoinlments are made based on eligibilty, personal competence and
specialist skills that will complement the skills of the existing Governofs.
The Board undertakes regular audits of ils skills in order lo ensure that ils membeTS possess the skills
conside￿d ne¢e55ary for the successful running of the school In the CLtrrenl era. The Board wll also undergo an
exteTnal audit by the Association of Governing Bodies ol Independent Schools IAGBISI every thre& years.
All new Governors receive an Induction Pack, includin9 the school's up-lo-date Conslilution," a list of current
Govemors and school staff., the most iecenl accounts of the Schtr)I", the most recent inspection report.. the
school's strategic and busines5 plans., the s¢hool'5 budget for the relevant financial period., the school's
Governance Manual and a full list of all the school's policies lon website)., the Charity Commission publication
CC3 '1he Essential Trustee the school's key risk assessment d¢xumentalion,' the minutes of the last three
meetings ot the Governors and related papers. These new Govemors are then personally briefed by the Clerk to
the Govemors. New Govemors are invited to join the most appropriate commillees according lo their specialist
skills. All Govemors are trained in Child Protection and Safeguarding and attend training seminars as and when
required.
Page 17

THE KING'S SCHOOL. CHESTER
GOVERNORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Structure. governance and management Icontinuedl
c. Organlsational stru¢ture and decislon4naking pollcies
The Govemors, a5 the trustees, are legally responsible for the overall management and control of the school and
meet four times a year, with one meeting being solely dedicated lo The Protection and Safeguarding of Children.
Further meetings take place a minirnum of once per term as the following committees.
Finance and General Purpose Committee
The Education Committee
The Risk and Compliance Committee
The Governance Committee
The Partnerships and Bursaries Committee
The Board appoints a head who is responsible for the overall leadership, management and day lo day running of
the school and is supported by the King's Leadership Teams and Senior Leadership Team and middle leaders.
The Headmaster and the Bursarlclerk to the Governing Board attend meetings ol all the Governors, sub
commillees and working groups. The Headmaster also attends meetings of the Senior Leadership Team and
heads of academic departments. which deal with relevant and necessary operational mallers.
d. Pay policy for key managtrment personnel
Salaries for key management personnel are Teviewed and sel on an annual basi5 by the Remuneration
Committee. In undertaking this review the commitlee utilise independent benchmark data from a variety of
sources IAGBIS. HMC, Baines and Cutler, Turning Pointl in addition lo performance assessments of the key
management personnel.
e. Relationships within the $•¢tor
The school aclivety supports the highest standards of education through netsvorking with other ￿h0O1$ and
maintaining excellent relationships withirl the educational sector. The Headmaster is an elected member ot the
Headmasters and Hgadmislresses Conference IHMCI and its Membership Committee. The school is a membei
ol the national HMC network Leading Academic Day Schools, the Bursar is a member of the Independent School
Bursars Association, a Fellow of the Institute of Leadership and Management and a Member ol the City and
Guilds Inslilule. The Head of Willow Lodge and the Junior School is a member of the regional ne￿rkIng group
AJIS {the Association of Junior Independent Schools). Close links are maintsined with the Cathedral at Chester.
f. Governors. ind8mniii8s
The Governors are protected by a 'Management Liability Protection for the Education Sectorf insurance policy
that is undeNrillen by AXA Insurance.
Plans for future periods
Wrth the current economic conditions, the school will need to continue wlh Ils CDs14aving measures lo ensure
that future fee increases are kept lo a minimum 10 5UPPOrt parents who have been significantly impacted by VAT
being added to their school fees. The School has pul a hold on future major projects for the foreseeable future.
but will continue wsth smaller-scate improvements lo the school sile.
Page 18

THE KING'S SCHOOL, CHESTER
GOVERNORS, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Dlsclosuro of Infomiatlon to audltors
Each of the persons who are Governors at the lime whgn this Govemors, report is approv￿ has confimied that..
so far as that Govemor is aware, therè is no relevant audf( infornation of whleh the charitable group's
auditors a￿ unaware, and
that Governor has taken all the steps that ought lo have been taken as a Govemor in order lo be aware of
any relevant audit information and lo establish that the charitable group's auditors are aware of that
infom)alion
Auditors
The auditors, WR Partners. have indicated their willingness lo continue in office. The designated Governors will
Propose a motion reappointing the auditors at a meeting of the Governors.
Approved by ordei of the members of the board of Governors and Signed on their behaw by..
Mrs S Verlty
Chaii of Governors
MrABe
ey
Chair ol I
e Finance and General Purpose
Committee
Dale..
13laG
Page 19

THE KING'S SCHOOL. CHESTER
STATEMENT OF GOVERNORS. RESPONSIBIUTIES
FOR THE YEAR ENDED 31 AUGUST 2025
The Govemors are responsible for preparing the Govemors. report and the finanaal statements in accordance
th applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
The law applicable to charities in England & Wales requires the Govemors to prepa￿ financial slalemenls for
each financial which give a true and fair view of the slate of affairs of the Group and the Charity and of their
incoming resources and applicath)n of resourcgs. including their income and expenditure, for that period. In
preparing these financial stalemenls, the Governors are requI￿d lo..
select suitsble 8ecounling policies and then apply them consistently,
observe the methods and principles of the Charities SORP IFRS 1021.,
make judgments and accounting eslimales that are rèasonable and prudent-
slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material
departures disclosed and explained in the financial stalemenls.,
prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the
Group will continue in business.
The Governors are responsible for keeping adequate accounling records that are sufficient lo show and explain
the Group and the Charity's transactions and dis¢lose with reasonable accuracy al any time the financial position
of the Group and the Charity and enable them lo ensure that the financial slalements comply wrth the Charilies
Act 2011, the Charity (Accounts and Report51 Regulations 2008 and the provisions of the Trust deed. They are
also responsible for safeguarding the assets of the Group and the Cha¥ity and hence lor taking reasonable steps
for the prevention and detection ol fraud and other irregularities.
The Govemors are responsible for the maintenance and integrity of the charity and financial information included
on the charity's website. Legi51alM)n in the United Kingdom governing the preparation and dissemination of
financial slalemen15 may drffer from legislation In other jurisdictions.
The Govemors who were in office on the dale of approval of these financial statements have confimed as far as
they are aware that therè is no relevant audit information of which the auditor is unaware. Each of the Governors
has confirmed that helshe has taken all of the steps that helshe ought to have taken as Governors in order to
make Ihemsefves aware of any Tebevanl audf( inlomialion and to estsblish that il has been communicated to the
auditor.
Page 20

THE KING'S SCHOOL, CHESTER
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE KING'S SCHOOL. CHESTER
Opinlon
We have audited the financial slalements of The King's School, Chester Ilhe 'parenl charity'l and ils subsidiarie$
{the 'group'l for the year ended 31 August 2025 which compTl8e the Consolidated slalemenl of financial
aclivilies, the Consolidated balance sheet, the Charity balan￿ sheet, the Consolidated statement of cash flow8
and the related notes, including a summary of significant accounting policies. The financial ￿porting framework
that has been applied in their pr6paralion is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland. Iuniled Kingdom Generally Accepted Accounting Practice).
The financiai statements have been prepared in accordance with Accounting and Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standards appli¢able in the UK and Republic
of I￿land IFRS 1021 in preference to the Accounting and Reporting by Charities.. Slalement of ReMmmended
Practice issued on 1 April 2005 which is referred lo in the extsnl regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance wrth the Generally
Accepted A￿OuntIng Practice effective for reporting periods beginning on or aft¢1 1 January 2015.
In our opinion the linancial 5tatements'.
give a true and fair view of the slate of the Group's and of the parent charitys affairs as al 31 August 2025
and of the Group's incoming resources and application of Tesources, including ils ineome and expenditure
fof the year then ended.,
have been properfy prepared in accordance wrth United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audr( in accordance wrth International Standards on Auditing IUKI IISAS IUKII and appI￿able
law. Our responsibilitie8 under those standards are further described in the Auditors. responsibilities for the audit
of the financial 5talemenls section of our report. We are independent of the Group in accordance with the ethical
requirements that are r&lgvant to our audit of the financial ststements in the United Kingdom, including the
Finanaal Reporting Council's Ethical Standard. and we have fulfilled our other elhi¢al responsibilities in
accordan￿ with these requirements. We believe that the audit e￿den￿ we have obtained is sufficient and
appropriate lo provide a basis for our opinion.
Conclusions relating to going concorn
In auditing the financial statements, we have concluded that the Govemors, use of the going concern basis of
accounting in the preparation of the financ￿1 statements is appropriate.
Based on the work we have performed, we have not identified any material uneertainties relating lo events or
conditions that, individually or colSgclively, may Cast significant doubt on the Group's or the parent charitls ability
to continue as a going Concern for a pariod of al least tsvelve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilrties of the Govemors with respect to golng concern are described in the
rdevanl sections of this report.
Page21

THE KING'S SCHOOL, CHESTER
INDEPENDENT AUDITORS. REPORT TO THE MEPIBERS OF THE KING'S SCHOOL, CHESTER
{CONTINUEDI
Other information
The other information comprises the infDrm*ion included in the Annual report other than the financial slalements
and our Audilor5' report Ihereon. The Govefnors are responsible for the other information Contained within the
AnnLtal report. Our opinion on the financial slalemenls does not cover the other inlormation and, except lo the
extent otherwise explicitly 51aled in our report. we do not express any form of assurance conclusion Ihereon. Our
responsibility is lo reall the other information and, in doing so, consider whether the other Information is
materially inconsislenl with the financial statements or our knowledge obtained In the course of the audrt, oi
otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material
mis5talements, we are required to delemine whether this gives rise lo a material misslalemenl in the financial
stslements themselves. If, based on the work we have perfomied, we conclude that there is a material
misslalemenl of this other information, we are required to report that fact.
We have nothing lo report in this regard.
Matt6rs on which we are required to raport by exception
We have nothing lo report in respect of the folk)wing matter5 where the Charities IAccounts and Reports)
Regulations 2008 requires us to report lo you if, in our opinion..
the information given in the Governors. report is inconsistent in any material respect wrth the financial
stalemenls., or
the parent Charity has not kept sufficient accounting records," or
the parent Charrty financial statements are not in agreement with the accounting records and relums.. or
we have not ￿ceiVed all the Information and explanations we require for our audit.
Rgsponslbllltles of trustees
As explained more fully in the Governors, responsibilities slalemenl, the Governors are responsible for the
prepaolion of the financial statements which give a true and lair view, and lor such internal control as the
Govemors determine is necessary to enable the preparation of financial statements that are free frtsm material
lnisslalemenl. whether due lo fraud or error.
In preparing the financial stslemenls. the Governors are responsible for assessing the Group's and the parent
charitys abilty to continue as a going concern. disclosing, as applicable, Tnatters related lo going concern and
using the going concern basis of accounting unless the Governois either Intend lo liquidate the Group or the
Parent charity or lo cease operations, or have no ￿aliStiC akemalive bul lo do $0.
Page 22

THE KING'S SCHOOL, CHESTER
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE KING'S SCHOOL. CHESTER
ICONTINUEDI
Audltoys. r8sponslbllitles for the audlt of the flnanclal statements
We have been appointed as aud+tor under section 151 of the Charities kl 2011 and report in accordance wf(h
the Act and relevant regulations made or having effect thereunder.
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error. and lo issue an Auditors, report that includes our
opinion. Reasonable assuranc9 is a high level of assurance, bul is not a guarantee that an audrt conducted in
accordance wrth ISAS IUKI wll always delecl a material misslalemenl when il exists. Misslalements can arise
from fraud or error and a￿ considered material if, individually or In the aggregate, they COU￿ reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial stalemenls.
Irregularities, includin9 fraud, are instances of non-compliance with laws and regulations. We design proceduTes
in line with our responsibilities, outlined above, to detect material misslalemenls in respect of irregularities.
including fraud. The extent lo which our procedure5 are capable of delecling irregularities, including fraud 1$
detailed below..
We reviewed the susceptibility of the charitys financial statements lo maerial mi$$tatement and identified the
principal risks, implementing a series of testing procedures lo provide us with sufficient comfort lo issue our
opinion.
We rewewed the chaTty's regulatory enwronmenl to ensure we could conclude that (( had acted in accordance
wf(h the framework relevant lo the Charity and its environment and identify any instances of non<ompliance.
We also assessed the charity's intemal control procedures lo ensure we could appropriately scrutinise these
controls and establish whether our understanding of the control environmont was sufficient lo supplement our
additional lesling procedures.
The engagement team consisted of a team that the engagement partner believes is equipped wrth the relevant
level of technical and ¢harily awareness lo carry out our work lo the required standard.
Because of the inheTenl limitations of an audit, there is a risk that we will not delecl all irregularities, including
those leading lo a material misstatement in the financial slalom8nls or non4omplian¢e with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
refflected in the financial statements. as we will be less likely lo become aware ol instances ol non-cc4npliance.
The risk is also gre*er regarding irregularities occurring due lo fraud rather than error, as fraud involves
intentional concealment, forgery, eollusion, omission or misrepresentation.
A further description of our responsibililios for the audit of the financial statements is located on the Financial
Reporting Council's websrte at.. vMw.frc.oi
.ukJauditorsres
onsibilities. This description lorms part of our
Auditors, report.
Page 23

ThE IQNG'S SCHOOL, CHESTER
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE KING'S SCHOOL. CHESTER
ICONTINUEDI
Use of our report
This report is made solely to the ¢harty's Iruslees. as a body. in accordance with Part 4 of the Charitie5
(Accounts and Reports) Regulation5 2Q08. Our audit work has been undertaken so that we might slate to the
charitys trustees those matter5 we are required lo slate lo them in an Auditors, report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity
and its Iru5tees, as a body, for our audit work, for this report, or for the opinions we have formed.
Pkn-7E
WR Partners
Chartered Accounlanls
Stalulory Auditors
Belmont House
Shrew5bury Business Park
Shrewsbury
Shropshire
SY2 6LG
Date..
23 March 2026
WR Partners are eligible lo act as auditors in terms ol section 1212 of the Companies Act 2006.
Page 24

THE KING'S SCHOOL. CHESTER
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2026
Endowment
funds
2025
£000
Rèstricted Unrestricted
funds
funds
2025
2025
£000
Total
funds
2025
£000
Total
funds
2024
Note
Incoffle and
endowments from..
Donations and legacies
Charitable activf(ies
Other trading aclNrties
Investments
Other inc¢yne
20
213
324
16,683
147
16,975
139
115
199
16,975
139
241
199
126
282
72
Total income and
endowments
17,641
17,787
17,508
Expenditurn on:
Raising ftjnds
Charitable activi(ies
10,11
27
103
131
16,483
114
15,974
215
16.288
Total expenditure
242
16.371
16,613
16,088
Nel
lexpendlture}lincome
bofore net gains on
investments
1961
1.270
1.174
1,420
Net gains on
investments
Net movement in
fundy before other
recognised
galnslllossesl
Actuarial gains on
defined benefit pension
schemes
163
183
412
67
1,270
1,337
1.832
29
194
194
84
Ngt movement In
funds
67
1A64
1.531
1,916
Page 25

THE KING'S SCHOOL, CHESTER
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Endowmont
fund$
202S
Restricted Unrestricted
funds
funds
2025
2025
£000
£000
Total
funds
2025
£000
Total
funds
2024
Noto
Reconciliatlon of
funds-
Total funds brought
fo￿ard
Nel movement in funds
238
4,420
67
20,527
1,464
25.185
1.531
23.207
1,916
Total funds carried
forward
238
4,487
21,991
26.716
25,183
The Consolidated Slalement of Financial Ad1vil￿$ includes all gains and losses recognised in the year.
The notes on pages 32 10 60 form part of these financial statement5.
Page 26

THE KING'S SCHOOL, CHESTER
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2025
2025
£000
2024
£000
Note
Flxed assets
Tangible assets
Investments
16
17
20,023
19.857
4, 169
24,466
24,026
Current assets
Stocks
Dabtors
Investmènts
Cash at bank and in hand
18
19
20
10
5.432
7.341
4,710
16
3.020
11,915
4,267
17,493
19,218
Current Ilabilities
Credltors.. amounts falling due within one
year
21
{12,131)
(11, T67?
Net current assets
5.362
7,451
Total asset$ less current Ilabilitles
29.828
31,477
CTedilors'. arnounts falling due after more
than one year
22
{4,725)
17,652)
Ngt a$S8ts ax¢ludlng pen$lon au¢t
Defined benefit pension 5theme as5el
25,103
23,825
29
1,612
1.360
Tota5 net assets
26,71 S
25,185
Page 27

THE KING'S SCHOOL, CHESTER
CONSOLIDATED BALANCE SHEET ICONTINUEDI
AS AT 31 AUGUST 2025
2025
£000
2024
£000
Note
ChaTlty fund$
Endowment funds
Reslricled fvnds
Unreslricled funds
23
23
238
4.486
238
4.420
Unrestricted funds excluding pension asset
Pension ￿serve
23
20.379
1.612
19,16T
1,360
23
Total unreslTlCted funds
23
21,991
20.527
Total fund$
26,715
25, 185
The financial statements were approved and authorised for issue by the Govgmors and signed on their behalf
by..
?J£
S Verity
Governor
A Bentlèy
Governor
Dats..
13kG
The notes on pag6s 32 to 60 form part of these financial statements.
Pège 28

THE KING'S SCHOOQ CHESTER
CHARITY BALANCE SHEET
AS AT 31 AUGUST 2025
2025
£000
2024
£000
Nots
Fixed a$s8ts
Tangible assets
Investments
16
20,023
4,493
79,867
4,219
17
24,516
24,076
Curr•nt a$sots
Stocks
18
19
10
5,410
7,341
4,521
16
Debtors
2.99Q
11,915
4,084
Investments
Cash al bank and in hand
20
17282
19,005
Curront Ilabllltles
Creditors.. amounts falling due within one
year
21
112.0371
(11.694)
Not current assets
5,24S
7.311
Totsl ass8ts 10$$ ¢urr•nt Ilabllltlos
29,761
31,387
Creditors.. amounts falling due after more
than one year
22
(4,725)
(7,652)
Net assots excluding ponsion assot
Defined benefit pension scheme asset
25.036
23.735
29
1.612
1.360
Total ng1 a$$ots
26,648
25,095
Page 29

THE KING'S SCHOOL. CHESTER
CHARITY BALANCE SHEET ICONTINUEDI
AS AT 31 AUGUST 2025
2025
£000
2024
£000
Note
Charlty funds
Endowment funds
Restricted funds
Unrestricted funds
Unrostri¢led funds excluding pension asset
Pension reserve
23
238
4.486
221
4,425
23
23
23-
20.302
1,612
19,089
1,360
Total unrestrictod funds
23
21.924
20,449
Total funds
26,648
25,095
The financial statements were approved and aulhorised for issue by the Govemors and signed on their behalf
by..
S Verlty
A 88ntl•y
Date..
013116
The notes on pages 32 to 60 form part of these financial stalemenls.
Page 30

THE KING'S SCHOOL. CHESTER
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
2025
£000
2024
Note
Cash flows from operating acllvlfjos
N8t cash used in operating activities
25
12.640)
14,345
Cash flows from Investlng actlvities
DThiidends, interests and rents from investmen15
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
282
(1,454)
297
(422J
{6471
Net cash used in lTrvestlng a¢tlvltlg$
11,4891
{1.297}
Cash flows from flnanclng actlvltles
Repayments of borrowing
13131
(463)
Net cash used In financlng activities
(3131
{4631
Chang? In cash and cash oqulvalents In the yoar
Cash and cash equivalents at the beginning of the year
{4,4421
18.182
12.585
3.597
Cash and cash equlvalents at thè end of tho year
26
11,740
16.182
The notes on pages 32 10 60 form part of these financial Statements
Page 31

THE KING'S SCHOOL. CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
General Information
The King's School, Chester is an unin¢orporaled charitable trust Icharily no. 5259341. registered in
England. The School is a public benefit enlty. The School's address is The King's School, Wrexham
Road, Chester, CH4 7QL. The object of the charity is the provision and conduct, in or near Chester, of a
school for boys and gir15, in connection with the cathedral at Chester. The principal a¢tNrty of the School is
the provision of an Infant, Junior and Senior School and Sixth Form.
Accounting policies
2.1 Basis of praparatlon of financlal statements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charrties.. Statement ol Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic ol Ireland IFRS 1021 leffeclive 1 January 20191, the Financlal Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The finanGial $18lemenls have been prepared to give a 'triJe and fairf view and have departed from
the Charities IAccounls and Reportsl Regulations 200e onty lo the extent required to provide a 'lrue
and fairf view. This departure has involved following the Charities SORP {FRS 1021 published in
October 2019 rather than the Accounting and Reporting by Charities." Statement of Recommended
Practice effective from 1 April 2005 which has since been wrthdrawn.
The King's School, Chester meets the definition of a public bènefit entity under FRS 102. Assets and
liabilities are initially recognised al hisloncal cost or transaction value unless otherwise slated in the
relevant ae¢ounling policy.
The Consolidated slalemenl of financial activities ISOFAI and Consolidated balance sheet
consolidate the financial statements of the Charrty and its subsidiary undertaking. The results of the
subsidiary are consolidated on a line by line basis.
2.2 Going concem
After making enquiries, the Govemors have a reasonable expect81ion that the School has adequate
resources lo continue in operational existence for the foreseeable future. The School therefore
continues lo adopt the going concern basi5 in preparing rts financial slalements.
Page 32

THE KING'S SCHOOL. CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Accounting poli¢io$ Icontlnuedl
2.3 Income
All income is recognised once the Group has enlillem¢nl lo the income. it is probable that the income
will be received and the amount of income receivable can be measured reliably.
The recognilK)n of incorne from donations, gifts and legacies is dependent on establishing
enlillemenl, the probabilty of receipt and the abilty lo estimate with sufficient accuracy the amount
receivable. Income received for the general purposes of the School is included as unrestricted funds.
Income for activities restricted by the wishes of the donor is taken lo restficted funds where these
wishes are legally binding on the Governors. Income reqUI￿d lo be retained as capitsl in accordance
wth the donols wshes is accounted for as endowments.
Grants are included in the Consolidated stalemgnt of financial activilios on a receivable basis. The
balan￿ of income received for specffic purposes bul not expended during the period is shown in the
relevant funds on the Balance sheet. Where income is received in advance of entittemenl of receipt.
ils recognition is deferred and included in creditors as deferred income. Where enlitlemenl occurs
bef￿e income is received, the Ir￿ome is aecrued.
Income tax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
Other income is recognised in the perTod Sn which It Is receNable and lo the extent the goods have
been provided or on completion of the service.
The School offers a number of bursaries each year lo ils pupils. All families in receipt of a bursary are
means lesled with the level of bursary awarded dependent on the family income and assets. All
bursaries are subject to annual ￿vIeW. In addition. the School offers a small number of scholarships
lo pupils each year for perfonnance in the senior school entrance exam. The individual scholarship
awards are for no more than £500 and are a one off amount.
2.4 Expendlture
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third paty. it is probable that a transfer of economic benefits will be required In selllement and
the amount of the obligation Can be measured reliably. Expenditure is classified by a¢tNily. The costs
of each activity are made up of the tol81 of direct costs and sha￿d costs. including support costs
involved in undertaking each aclivty. Direct costs attributable lo a single aclivty are allocated direclty
lo that activity. Shared costs which contribute lo more than one aclivrty and support costs which are
not attributable lo a single activity are apportioned b&￿een those activities on a basis Cgnsislenl with
tha use of resources. Central staff Costs are allocated on the basis of time spent, and depreciatjon
charges allocated on the portion of the asset's use.
EXpend((U￿ on faising funds includes all expendf(ure incurrad by the Group to raise funds lof its
charitable purposes and includes costs of all fundraising activiÉies events and non<harilable trading.
Expenditu￿ on charitable 8CtwiÉies is incurred on directly undertaking the acts'vrties which further the
Group's objectives, as well as any associated support costs.
A proportion of the expendilLsre is inclusive of irrecovgrable VAT.
Page 33

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Accounting policies Icontinuedl
2.5 Interest recelvable
Inl&resl on funds held on deposit is in¢luded when receivable and the amount can be measured
reliably by the Group,. this is normally upon notification of the interest paid or payable by the institution
with whom the funds are deposited.
2.6 Tangible fixed assets and deprnciation
Tangible fixed assets costing £1,000 or more are capilali5ed and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, langible
fixed assets are measured at cost less accumulated depreualion and any accumulated impairment
losses. All ¢osls incurred lo bring a iangible fixed asset into Ils intended working condition should be
induded in the measurement of cost.
A55ets in the ¢our5e of construction are included al costs ir￿Urred to dale. Depreciation on these
assets is not eharged until they are brou9hl into use.
Depreciation is charged so as lo allwate the cost of tangible fixed assets less Iheii ￿SIdUal value
over their eslimaled useful lives. using the slraighl-line method.
Depreciation is provided on the following bases..
Freehold property
Long-lemi leasehold property
Fixtures and r￿Ing$
- 2.5%
- 6.66- 33.30
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their
transaction cost and subsequently measured al fair value al the Balance sheet dale, unless the value
cannot be measured reliably in which case rt is measured at cost le55 impairment. Investment gains
and losses, whether realised or unrealised, aTe combined and PTe5enled as 'Gain51lLos5es} on
investments. in the Consolidated statement of financial aclmlies.
Investments in subsidiaries are valued at cost less provision for impaimient.
2.8 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for
obsolete and slow-moving stocks.
2.9 Debtots
Trade and other debtors are re¢ognised at the settlement amount after any trade discount offered.
Prepayments awe valued at the amount prepaid net of any trade discounts due.
2.10 Cash at bank and in hand
Cash at bank and in hand includes ¢a5h and short-lerm highly liquid Inve51menls with a short maturity
of three months or less from the dale ol acquisition or opening of the deposit or similar account.
Page 34

THE KING'S SCHOOL. CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Accountlng pollcles lcontlnuedl
2.11 Liabilities
Liabilitiès and provisions are recognised when there is an obligation al the Balance sheet dale as a
result of a past event, it is probable th81 a Iransfef of economic benefit will be required in Settlement,
and the amount of the settlement can be eslimaled reliably.
Liabilities are recognised a the amount that the Group anlicipales f( will pay to settle the dobl or the
amount rt has received as advanced payments for the goods or services it must provide.
Provisions are measured al the best estimate of the amounts required to settle the ¢Jbligation. Where
the effect of the lime value of money is material, the provision is based on the present value of thoso
amounts, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The
unwinding of the discount Is re¢o9nised in the Consolidated ststemenl oi financial actNities as a
finance cost.
2.12 Flnanclal Instmments
The Group only has financial a$sels and financial liabilitsos of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value wlh the exception of bank loans which are subsequent
measured al amortised cost using the effective interest method.
2.13 Flnance1oa$es and hire purchas•
Assets obtained under hire purchase contracts and finance teases are capilalised as tangible fixed
assets. Assets acquired by finance lease are depreciated over the shorter of the lease lem and their
useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases
are those where substantially all of the benefits and risks of ownership are assumed by the Group.
Obligations under such agreements are included in credi(ors, nel of the finance charge allocated to
future periods. The finance 01gmonl of the rental paymgnl is charged lo the Consolidated statement
of financial activities so as to produce a constant periodic rale of charge on the net obligation
outstanding in each period.
2.14 Operating leases
Rentals paid under operatin9 leas8$ a￿ charged lo the Consolidated statement of financial activities
on a straight line basis over the lease tem).
Page 35

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Accounting policies (continu￿}
2.15 Pensions
Reliremenl benefits to employees of the Schoc4 are provided through three pension schemes, iwo
defined benefit and one defined ￿ntribUtIon. The pension costs are charged in the Slalemenl of
Financial Activities and are detemined as follow5.'
al Teachers, Pension Scheme the School contributes lo the Teachers, Pension Defined Benefits
Scheme al rates sel by the scheme actuary and advised to the Board of the scheme adminislralor
and are ¢harged in the period in which the salaries lo which they relate are payable. The Scheme is a
murti-employer pension scheme and it is not possible lo identify the assets and liabilities of the
scheme which are attributable to the School. In accordance with FRS102 therefore, the scheme is
accounted for as a defined contribution scheme.
bl The School Support Staff Pension the School also conlribules lo a defined benefit scheme for a
numbei of support staff al rates advised by the scheme actuary. The defined benefit pension scheme
current service cosls are charged to the Statement of Financial Activf(ies within 51aff costs. The
expected return on the scheme assets les5 the scheme interest costs are credited wrthin other
interest. The scheme a¢￿ar￿al gain5 and 1055es are recognised immediately as other recognised
gains and losses. The defined benefit scheme assets are measured at fair value at the Balance
Sheet date. Scheme liabilities are measured on an actLJarial basis at the Balance Sheet dale using
the projected unil method and discounted al a rate relevant lo the cuirent rate of return on a high
qualrty corporate bond of equivalent term lo the scheme liabilities. The re5ulling defined benefit asset
or liabslty 15 presented separately after other net assets on the face of the Balance Sheet.
cl The School Personal Pension Scheme - the School operates a personal pension scheme wth
Scottish Widows for support 51aff not in the above defined benefits scheme. This is a money
pur¢ha$e scheme under which the School contributes a matching amount lo the employee up lo a
maximum of 50A of pensionable salary per annum.
The GrosJp operates a defined benefits pension scheme and the pension charge is based on a full
actuarial valuation dated 2 December 2018.
2.16 Fund ac¢ountlng
General funds are unrestricted funds which are available for use al the discretion of the Governors in
furtherance of the general obje¢tives of the Group and which have not been designated for other
purposes.
Reslricled funds are fund5 which are lo be used in accordance with specrfic reslriclion5 imposed by
donor5 or which have been raised by the Group for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and use of each restrbcled
fund is set out in the notes to the fi'nancial statements.
Endowment funds are funds which have been given for a specrfic purpose and the capital has lo be
maintained.
Investment income, gains and losses are alloc8led lo the appropriate fund.
Page 36

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Critlcal accounting estlmates and arna$ of Judgment
Eslimales and judgments are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed lo be reasonable under the
circumstances.
Critical aC￿untIng estimates and assumption5'.
The Charty makes estim81es and assumptions concerning the future. The resulting accounting eslimales
and assumptions will. by definf(ion. seldom equal the related actual results. The estimates and
assumptions that havg a significant risk of causing a material adjustment lo the carrying amounts of
as5els and liabilities within the nexl financial year are discussed below.
Penslon scheme valuatlon assumptlons
Assumptions have been made by the actuary in calculating the valuation of the defined benefit ￿nSIOn
scheme al the year end. Details of the assumptions made are included within the pensions note.
Critical areas of judgment-
A provision for impaimenl of fee debtors is established when there is objective eviden￿ that the
arnounls due will not be collected in line with the usual fee colledions due to finanrAal difficuty of the
parents.
Page 37

THE KING'S SCHOOL. CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Income ffom donations and legacle$
Restricted Unre$lricted
funds
nds
2025
2025
£000
£000
Total
funds
2025
£000
Tol81
fun(Js
2024
Donations
20
213
233
324
Total 2025
20
213
233
324
Total 2024
87
237
324
Income from charitable activities
Unrestricted
funds
2025
Total
funds
2025
£000
Total
funds
2024
School fees
Other educational inccffle
Other ancillary income
16,786
108
e1
16,786
108
81
16,520
104
59
Total 2025
16,975
16.975
16, 683
Total 2024
16,683
16,683
School fees
2025
£000
2024
Gross fees receivable
Less. scholalships, bursaries and other discounts
18.087
11,3011
17,746
(1,226)
16.786
16.520
Page 38

THE KING'S SCHOOL. CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Income from other trading adlvltles
Income from non ¢harltable trading activltles
Unrestricted
funds
2025
£000
Total
funds
2025
£000
Total
funds
2024
Kin9's Space income
139
139
147
Total 2025
139
139
147
Total 2024
147
147
Investment Ineome
Restricted Unrestrictod
funds
funds
2025
2025
£000
£000
Tol
fvnds
2024
funds
2025
£000
Dividends
Bank interest
123
115
238
279
Total 2025
126
115
241
282
Total 2024
105
177
282
Page 39

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 202S
Other incoming resources
Unrestricted
funds
2025
£000
Total
funds
2025
£000
Total
funds
2024
£000
Capital income
other income
153
153
46
72
Total 2025
199
199
72
Total 2024
72
72
10. Expenditure on raising funds
Costs of raising voluntsry Income
Unrestricted
funds
2025
£000
Total
funds
2025
£000
Tolal
funds
2024
£000
Fundraising for voluntary rèsources- Staff costs
Costs of raising voluntary income- Nl
Costs of raising voluntary income- pension costs
37
37
Total 2025
42
42
Tot812024
34
34
Page 40

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
10. Expendlture on raising lund$ Icontlnugd}
Fundraising trading *xynses
Unr•strlcted
funds
2025
£000
Totsl
funds
2025
£000
Tol81
fvnds
2024
King's Space Limited expenditur8
61
61
57
Totsl 2025
61
61
57
Total 2024
57
57
11. Inv•stment management Costs
Ro$tri¢tod
funds
2025
£000
Totsl
fund$
2025
£000
Tot81
lunds
2024
£000
Investment management fees
27
27
23
Total 2025
27
23
Total 2024
23
23
Page 41

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
12. Analysis of expend5ture by activiti
Activities
undertaken
directly
2025
£000
Total
fun(Is
2025
£000
Total
funds
2024
Teaching
Teaching Support
Welfare
Premises
Support
9,484
1,201
68
2,616
3,114
8,829
I, t49
83
2, 746
3, 167
1,201
68
2,616
3,114
Total 2025
16,483
16,483
15.974
Total 2024
15, 974
15,974
Analysis of dirgct Costs
Teaching
Support
2025
Teaching
2025
£000
Welfare
2025
£iioo
Premises
2025
£000
Staff costs
8,573
51
160
303
397
1,071
65
668
1,017
Depreciation
Olh@r Staff Costs
Teaching Aids
Other Educational Expenditure
Catering
129
369
562
Premises Mainlen8nee
IT & Communications
Welfare
Banking & Finan
Professional Expenditure
Total 2025
9.484
1,200
68
2,616
Total 2024
8,829
1, 149
83
2. 746
Page 42

THE KING'S SCHOOL CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
12. Analysls of expendlture by activities Icontinuodl
Analysis of direct costs Icontinuodl
Total
fund$
2025
£000
Total
funds
2024
Support
2025
£000
Staff costs
Dep￿¢18110rn
Other Staff Costs
Teaching Aids
other Edu￿tIonal Expendf(ure
Catering
1,101
176
11,478
1,244
160
303
526
1,082
389
10,733
1,232
120
327
550
1,062
265
1,082
Premises Maintenance
IT & Communications
Welfare
Banking & Finance
Professional Expenditure
$62
865
264
246
246
48
461
48
461
88
463
Total 2025
3,114
16.482
15,974
Total 2024
3, 166
15, 974
13. Auditors. romungratlon
2025
£000
2024
£000
Fees payable to the Charty's auditor for the audit of Ihg Charity's annual
accounts
19
17
Page 43

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
14. Staff costs
Group
2025
£000
Group
2024
Charity
2025
£000
Charity
2024
Wage5 and salanes
Social securrf(y costs
Contribution to defined contribution pension
schemes
8.758
1.029
8,407
879
8,758
1,029
8,407
879
1.761
1.503
1,761
1,503
11.548
10, 789
11,548
10,789
During the year there were redundancy or temiination payinenls lolalling £nil 12024.. £60kl paid lo nil
members of slaff12024'. 2 member of $taffj.
During the year there were agency costs lotalling £41k12024'. £nill relating ta members of staff.
The average number of persons employed by the Charity during the year was as follows..
Group
2025
No.
Gn)up
2024
No.
Employees
244
241
The number of employees whose employee benefits {excluding employer pension coslsl eK¢eeded
£60.000 was
Group
2025
No.
Group
2024
No.
In the band £60.001- £70,000
In the band £70,001- £80,000
In the band £80.OQ1- £90,000
In the band £100,001 - £110,000
In the band £11Q,001- £120,000
In the band £180,001- £190.OQO
In the band £200.001- £210,000
28
20
The key management personnel of the School are listed on page 1. The total amount of employee
benefi15 (including emptyer pension contributions and employer national insurance conlribulionsl
received by key management personnel for their services to the Charity was £426k12024.' £399kl.
Page 44

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
15. Govemors. rgmuneratlon and ex￿n$9$
During the year, no Governors received any remuneration or other benefits (2024- £NIL).
During the year ended 31 August 2025. no expenses were reimbursed or paid direct￿ lo Govemors.
During the year ended 31 August 2024, no expenses were reimbursed or paid directty lo Governons.
16. Tanglble flx8d assets
Group and Charlty
Long-term
leasehold Flxtures and
pro￿rtY
flttings
£000
£000
Freehold
property
£000
Total
£000
Cost or valuation
At 1 September 2024
Addrtion5
Disposals
18
21,389
8,096
1,411
19851
29,603
1,411
(9851
At 31 August 2025
18
21,389
8.522
29,929
Dopreclatlon
Al 1 Septembef 2024
Charge for the year
On disposals
12
3,588
772
19861
472
1.246
19851
Al 31 August 2025
14
6.517
3.375
9,906
Net book valuo
Al 31 August 2025
14.872
6.147
20.023
At 31 Augusl 2024
15,344
4,508
19.858
Page 45

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
16. Tangible fixed assets {continuedl
Group and Charity {contlnu8dl
Leasehold Propgrty
The School occupies 33 acres of land by Wrexham Road. adjacent lo the Chester business park. The
sile was acquired under a 999 year lease granled, without premium. lo The King's School in 1956 by the
Giosvenor Eslale. The lease provideg for a yearfy rent of £300, restricting the use of the property lo
educational purposes.
No value is attributed in the financial slalemènts to the land under the residue of the lease. The School is
responsible for all repairs, maintenance and insuranGe of the building5 erected on the leased prèmises.
All of the assets are held for the School's own use on direct chantable activities.
17. Fixed assgt Investments
Listed
Investments
£000
Group
Cost or valuation
Al 1 September 2024
Additions
4.169
$47
Disposals
Revaluations
14691
196
At 31 Augvst 2025
4.443
Net book value
Al 31 August 2025
Al 37 August 2024
4,169
Page 46

THE KING'S SCHOOL. CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
17. Flxed asset Investments Icontinuedl
Investments
In
subsidiary
Llsted
companies Invgstmonts
£000
Total
£000
Charity
£000
Cost or valuation
Al 1 September 2024
Additions
Disposals
Revaluations
50
4,169
547
4,219
547
{4691
196
14691
196
Al 31 August 2025
4A43
4.493
Not book value
Al 31 August 2025
4.443
4N93
Al 31 August 2024
4, 169
4,219
Principal subsidiarlos
The following was a $ubsKliary undertaking of the Charty..
Name
Company
number
Holding
Included In
consolidatlon
King's Space Limrted
11067044
The financial resutts of the subsidiary for the year were..
Name
In¢om•
£000
Expenditure
£000
Profiv
ILo$sl for
theyear
£000
Net assets
£000
King's Space Limrted
139
{611
78
128
Page47

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
18. Stocks
Group
2025
£000
10
Group
2024
£000
16
Charity
2025
£000
io
Charily
2024
Catering stock
16
19. Debtors
Group
2025
£000
Group
2024
Charity
202S
£000
Charity
2024
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
4,870
S7
2,444
155
421
4,869
57
2,431
155
505
404
5,432
3,020
S,410
2,990
20. Current asset Investments
Group
2025
£000
7.341
Group
2024
£000
11,915
Charity
2025
£000
Charity
2024
Unlisted inveslmgnls
7,341
11,915
P￿e 48

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
21. Creditors: Amounts falllng duo wlthln ong ygar
Group
2025
Group
2024
£(XJO
Charlty
202S
£000
Charity
2024
Bank foans
Deposits rgcgived in advance
Trade creditors
Other taxation and social security
Obligations under finance lease and hire
purchase contrads
Other creditors
124
592
814
1.052
462
124
462
586
592
199
592
814
1.043
586
592
195
59
485
9,005
52
261
59
52
263
473
Accruals and deferred income
9,615
8,932
9,544
12,131
71,767
12.037
11,694
Group
2025
£000
Group
2024
£000
Deferred income at 1 September 2024
Resources deferred during the year
Amounts released from previous periods
16,654
6,623
16,654
{6,623J
{1,0311
15.623
18, 654
Deferred income relates to income received under the School's advanced fee scheme contracts for
education not yel utilised to settle school fees and cash received in advance for the forthcoming period.
22. Creditors: Amounts falling due after more than one year
Group
2025
£000
Group
2024
Charity
2025
Èooo
Charity
2024
£000
Bank108ns
Net obligations under finance lease and hire
purchase contracts
Accruals and deferred income
124
124
305
14
7,514
305
4,420
74
4.420
7,514
4,725
7.652
4,725
7,652
In October 2020 three loans held by the School with Royal Bank of Scotland were consolidated into one
single loan of £2.365k wrth Handelsbanken. The loan is over a 5 year tem) and the interest rates are al
7.93'/o at year end. Both repayments and interest are paid quarterfy. The loan is secured by a first legal
Chafge over The King's School, Chester, CH4 7QL and ils associated assets.
Page 49

THE KING'S SCHOOL. CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
23. Statement ol funds
Statement of funds - current ygar
Balance at 1
September
2024
£000
Balance at
31 August
2025
£000
Transfers
inlout
£000
Gainsl
(Losses)
£000
Income Expenditure
£000
£000
Unrestricted
funds
Unrestricted
Funds
King's Space
Pension reserve
19,078
89
17,S02
139
(16,3681
1611
58
90
190)
20,302
77
1,612
1.360
194
20.527
17.641
(16,371)
194
21,991
Endowmont
funds
Prize and
Exhibition
Capital Fund
Lester Smith
Capital FLknd
130
130
108
108
238
238
Page 50

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
23. Statsmgnl of funds {contlnuedl
Balancg at 1
Soptembèr
2024
£000
Balan¢0 at
Gain$1 31 August
{Lossesl
2025
£000
£000
Transfer$
Inlout
£000
Income Expendlture
£0
Restrlcted
funds
Prize and
Exhibrtion
Income Fund
Donations Fund
The King's
School 8ursary
Trust Fund
Lester Smith
Income Fund
398
{74}
330
3.821
134
{1521
149
3.9S2
200
{171
14
203
4.420
12431
163
4,486
Total of funds
2S,185
17.787
116,6141
357
26.715
Page 51

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
23. Statement of funds Icontinuedl
Lester Smith Fund {linked chartyl
This fund was established Ljnder the Will of an Old King's Scholar. The Governors of The School for the
time being comprise the Iruslees. The funds are held for the benefit of pupils al The School and
contributions out of income are made lo support worthy pupils whose families would not otherwise be
able lo pay the lees.
Income consists of investment income of £6k12024.. É7k}. Expendiluro consists of costs on ra¢sing funds
of £17k12024-. £2kl. The Trust also had gains on investments of £14k12024". £20kl.
The King's School Bursary Trust Fund (linked charltyl
This fund was established by a trust deed dated 8th May 1969. The Iruslee5 shall be not more than ten in
number including the Chaimian of the Governors and the Headmaster. So far as possible, there should
be representation on the Iruslees body from the Chester Association of Old King's S¢holafS, The King's
School Parents. Association and the Staff of The School.
The trustees hold the funds and the income therefrom essenli81Sy lo make contributions towards the
payment of fees of any scholar whom the Iruslees in their ab501ule discretion consider worthy of
as5151ance. The trustees havo wide powers lo further the advancement ol education.
Income consists of investment income of £116k 12024.. £95kl and donations of £17k 12024." £87kl.
Expenditure consists of costs on raising funds of £26k 12024. £21kl and expenditure on charitable
activities of £127k (2024." £117kl. The Trust also had gains on investments of £149k12024.. £393kl.
Prize & Exhibition Income Fund
This fund was established to generate addrtional income fof The School.
Donations Fund
Restricted income received from donors. Funds are restricted when they have been gwen or raised for a
spe¢ili¢ purpose. Includes income received for spècific activities such as Special EduGalional Needs
ISENI, CCF training for pupils and optional language classes.
Page 52

THE KING'S SCHOOQ CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
23. Statement of funds l¢ontlnuedl
Statemont of funds - prlor year
Balance al
I September
2023
£000
Balance al
31 August
2024
Trdnsfe
in/out
£000
Gain
(Losses?
Income Expenditure
£000
Unrestricted
funds
Unrestricted
Funds
King's Space
Pension reserve
17.689
92
17,169
147
(15,860)
(58)
52
80
(92)
19,078
89
1.360
1,224
84
19,005
17,316
(15,866)
(12)
84
20,527
Endowment
funds
Prize and
Exhibrtion
Capital Fund
Lesler Smith
Caprtal Fund
113
17
130
708
221
17
238
Restrlctod
funds
PrEe and
Exhibition
In¢ome Fund
Donations Fund
The King's
School Bursary
Trust Fund
f5J
475
{81)
398
3,385
182
(138)
392
3,821
Lesler Smrth
Income Fund
IT5
(2)
20
200
4,041
193
(221)
(5)
412
4,420
Total of funds
23,267
17,509
(16,087)
496
25,185
Page 53

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 202S
Analysis of not assgts between funds
Analysis of net assots between funds - currant year
Endowment Restricted Unrèstricted
funds
fvnds
funds
2025
2025
2025
£000
£000
£000
Total
funds
2025
Tangible fixed assets
Fixed a5sel investments
Current assets
CTedilors due within one year
Creditors due in more than one year
Provisions for liabililies and charges
20.023
20,023
239
4,205
281
18,674
113,5921
14,7251
1,612
18,956
113,593)
14,725)
1,612
Total
239
4.486
21,992
26,715
25. Reconciliation of net movement in funds to net cash flow from operatlng actlvitiey
Group
2025
Group
2024
Nel income for the year las per Slalement of Financial Actiwtiesl
1,337
1,832
Adjustments for:
Depreciation Charges
loss on investments
Dividends, interests and rents from investments
Loss Dn the sale of fixed assets
Decreasellincreasel in stocks
Decreasellincreasel in debtors
Increaselldecreasel in creditors
Defined benefit pension scheme adjustment
1,246
11961
1,232
{420J
{282)
12,4121
12,5631
1581
2,382
9, 651
(52)
Net cash provided byl{u$gd In) operatlng activities
12.6401
74,345
Page 54

THE KING'S SCHOOL. CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2026
26. Analysls of cash and cash equivalonts
Group
2025
£000
Gmup
2024
Cash in hand
11.740
16, 182
Total cash and ¢a$h equlvalents
11.740
16,182
27. Analysls of changes in net debt
At1
September
At31
2024 Cash flows August 2025
£000
£000
4,267
14621
{1241
1661
11.915
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases
4,710
{1241
338
124
12981
{4.5741
{3641
7.341
Liquid investments
15.530
13.9671
11.563
Capltal commitments
Group
2025
£000
Group
2024
Contracted for but not provided in these flnanclal statements
Acquisition of tangible fixed as$els
31
Page 55

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 202S
Pension commitments
The School's employees belong to three principal pension schemes.. Ihe Tea¢h6rs' Pension SGheme
England and Wales ITPSI for leaching staff.. the Local Government Pension Scheme ILGPSI managed by
cheshi￿ Pension Fund for some support staff and a Group Personal Pension Scheme IGPPI managed
by Scottish Widows for the remaining support staff.
Both the TPS and LGPS are defined benefit schemes and the GPP is a money purchase scheme.
The latest actuarial valuation of the TPS related lo the period ended 31 March 2020 and of the LGPS 31
Maich 2022.
Contributions amounting lo £138k 12024- £129kl were payable to the schemes al 31st August and are
included within creditors.
Teachers. Pension Scheme
The Teachers, Pension Scheme ITPSI is a slalutory, conlribulory, defined benefit scheme, governed by
the Teachers, Pension Scheme Regulations 2014. Membership Is automatic for full-time teachers in
schools. All teachers have the option lo opt-out of the TPS following anrolment.
The TPS is an unfunded scheme lo which both the member and employer makes contributions, as
percentage of salary these conlributsons are credited to the Exchequer. Retirement and other pension
benefits are paid by public funds provided by Parliament.
Valuation of the Tèachèrs, Pension Scheme
The Government Actuary, using nomal actuarial principles, conducts a formal actuarial ieview of the TPS
in accordance with the Public Service Pensions (Valuations and Empk)yer Cost Capl Directions 2014
published by HM Treasury every 4 years. The aim of Ihe review is to ensure scheme costs are recognised
and managed appropriately and the review specifies the level of future conlribulions.
Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of
benefits and many other factors. The lalesl actuarral valuation of the TPS was carried out as 8131 March
2020. The valuation report was published by the Department for Education on 27 October 2023. wrth the
SCAPR rate, set by HMT, applying a notional investment retum based on 1.7'h above the rale of CPI.
The key elements of the valuation outcome are".
Employer contribution rates sel al 28.68% of pensionable pay (including a 0.08Vo adminislr*ion ￿vY).
This is an In¢￿8$e of 50/0 in employer eonlribulions and the Cost control result is such that no change in
member benefits is needed.
Total scheme liabilities Ipensions Current￿ in payment and the estimated cost of future benefits) for
service to the effective dale of £262,000 million and notional assets leslimaled future contributions
together with the notional investments held al the ValUat￿n dale) of £222,200 million, giving a notional
past seNice deficit of £39,800 million.
The result of this valuation will be implemenled from 1 April 2024. The next valuation result is due to be
implemented from 1 April 2028.
The employerfs pension costs paid lo TPS in the year amounted lo £1,666k12024'. £1,416kl.
A copy of the valuation ieport and supporting documentation is on the Teachers, Pensions website.
Page 56

THE KING'S SCHOOL. CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
29. Pension commitmonts Icontlnuedl
Under the definitions set out in FRS 102. the TPS is an unfvnded MU￿1￿mployer pension scheme. The
School is unable lo identify f(s Share of the underlying assets and liabiif(ies of the plan. Accordingly. the
School has taken advantage of the exemption in FRS 102 and has accounted for ils contributions to the
scheme as If it wero a defined contribution scheme. The School has set out above the information
available on the scheme.
Local Government Pension S¢heme - Che$hlre Pension Fund
The School also contributes to the Cheshire Pension Fund for its support staff.
The pension costs are assessed in accordan¢8 with the adV￿e of a firm of independent qualified
a¢luaries, Hyman5 Robertson using the projected unit method. A full valuation wa5 prepared as al 31
March 2022.
The s¢hom8 was closed lo new entrants of the School on 31 March 21)05.
The LGPS is a funded defined benefrt p¢ns#)n scheme, with the assets held in separate Iruslee-
administered funds. The lolal contribution made fof the year ended 31 Augu512025 wa5 £2k12024 - £4kl,
of which employerfs contributions lotaled £Nil 12024 £Nill and employees, conlllbulions lotalled £2k
12024 _ £4kl. The agreed conlributson rates for future years are OOA for employers and 6.5QA for
employees.
Principal acluarTal assumptions al the Balance shget dale {gxpressed as weighted averages)..
At 31 August At 31 August
2025
2024
Discount rate
Future salary increases
Future pension increases
5.95
3A0
2.70
4.95
3.35
2.65
At 31 August At 31 Augusl
2024
2024
Yèars
Yea
Mortality rates lin years)
- for a male aged 65 now
- al 65 for a male aged 45 now
- for a fema￿ aged 65 now
- al 65 for a female aged 45 now
21.1
21.6
20.9
21.4
24.5
26.1
26.2
Page 57

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
29. Pension commitments Icontinuedl
The School's share of the assets in the scheme was".
At 31 Al 31 Augusl
August 2025
2024
£000
EqUit￿S
Bonds
Property
Cash and other liquid assets
1,562
1,$62
472
1,593
1,484
471
36
72
Total fair value of assets
3,632
3,620
The actual relum on scheme assets was £149.000 (2024- £322,000).
The amunls recognised in the Consolidated Slalemenl of Financial Activities are as follows..
2025
£000
2024
Current service cost
Net interest ¢o$ts
Total amount ro¢ognised in the Consolidatèd Statement of Financial
Activltles
12
f64J
167)
158}
f52J
Movements in the present value of the defined benefrt obligation were as follows,.
2025
£000
2024
£000
Opening defined benefft obligation
Aduarial losses
Current service costs
InleTesl cost
Contributions by members
Benefits paid
2,260
12241
2,222
41
12
114
11361
(133)
Closing defined benefit obligation
2.020
2,260
Page 58

THE KING'S SCHOOL. CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Pension commitments l¢ontinued}
Movements in the fair value of the Scho)I's share of scheme assets were as follows..
2025
£000
2024
£000
Opening fair value of scheme assets
Actuarial {lossesllgains
Contributions by mombers
Interest co$t
Benefits paid
3,620
3,446
125
176
11361
178
f133)
Closing fair value of $chomg assots
3,632
3, 620
Support Staff personal pon$ion scheme
The School also operates a personal pension scheme wrth Scottish Widows for support staff not in the
above defined benefit scheme. This is a money purchase scheme under which the School contributes a
matching amount lo the employee up to o Maximum of 5'kn of pensionable salary per annum. Empbyer
contributions lotaling £138k12024'. £130kl were paid in respect of this pension schgme for the period. As
al year end £11 k12024'. £11k} was payable into the scheme and is included within crediloTS.
The School also operates a private pension scheme wrth Virgin. Employer contributions lotaling £15k
12024.. £14kl were paid in respect of this pension scheme for the period. AS at year end £1k12024'. £1k}
was payable into the Scheme and 15 included within creditors.
30. Opgratlng leaso commltments
At 31 August 2025 the Group and the Charity had commitments to make future minimum lease payments
undef non<ancellable operating leas0$ a$ fO1￿￿s..
Group
2025
£000
Group
2024
Not later than 1 year
Later than l year and not later than 5 years
41
23
28
84
Page 59

THE KING'S SCHOOL, CHESTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
31.
Relatgd party transactions
Fees paid by a Governor in respect of their children amounted lo £35k during the year {2024'. £142kl. A
balance of £107k was held al the yeat end as fee5 received in advance.
The School owns all the issued share caprtal of King's Space Limi(ed, the results for the year are showrb
in note 17.
During the year the School made purchases of £15k12024'. £8kl from Chester Cathedral, an ￿gan￿SatiOn
of which one Governor has significant Influence. No amounts were outstanding at yeaf end.
Page 60