Chartty number: $26631 KING DAVID SCHOOLS (MANCHESTER) TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025
KING DAVID SCHOOLS IMANCHESTER> coKrETrtrs Reference and admlnlslratlve detalls ol the Charlty. Ils Trustse and advlsors Truslee's report Independenl audltors. roport on tho Ilnanclal 8tatements Consolldated statomart of Ilnanclal acllvltles 8-11 12 Consolldated balan¢8 sheet 13 Charlty balance 8heot Consolldated slatement of cash Ilows 14 15 Notss lo the flmnelal 3tstements 16-41
KING DAVID SCHOOLS (MANCHESTER) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARrrY, ITS TRUSTEE AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2(Y2S Trustoe KDS Trustees Llmlled Dlrectors of Trustsa company.. J Rowe (Chair ol Truslees) S E Elias A Berkeley ITreasurer} D Loplan (Resigned 31 March 2026) Charfty rnglstered number 526631 PrlnclpAI oftlce Ealon Road Crurnpsall Manchester M8 5DY Ind6wndBnt audliors Crow8 U.K. LLP 3rd floor St Georges House. S6 Pelsr Sl. Manch8Ster M2 3NQ Bankers The Co-operative Bar)k plc 1 Balloon Street Manchester M60 4EP Lh)yds Bank Manchest Market Branch PO Box 100 Andover BX1 1LT Sollcltors Kurt Sl$lnart Levy 3 Sl Marls Parsonage Manchester M3 2RD Page 1
KING DAVID SCHOOLS (MANCHESTER) TRUSTEE'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Trustee presents its annual retth together [h tho aLKlited flnandai statements of the Charity IDr the year 1 September 202410 31 August 2025. Oblectlves and actlyltlès . Charlty Infomatton The Twstee presents its annual report and the finan¢ld slatements lor the year eThled 31 August 2025. These accounts are prepared in accordan(x vrith the Financsal ReF)Orting Slandard amlicable In the UK and Republic of Ireland IFRS 1021, the Charities Stslement of Recommended Practico ISORP) 2019 and Charities Ac12011. b. Reference and Admlnlstratlve Delalls Klng Davld Schools (Manchester) Is a reglster&J Charity (No. 526631), tls principal acklress Is shown on ihe Charty informatlon page. Th8 Charty is a wblk benefft enuty. c. Structure, Governance and Management King David Schools (ManCster) was established under a Trust Deed daled 20 February 1873 arKI Articles 01 Government sealed 27 January 1959 as am8Thled by Constlttjbon dated 13 January 2(K)3. On 7 February 2012 the Chartty Commisslon for EnglarKI arKI Wales approved the replacemsnl ol the former individual Truslees by a corporate Trustee. KDS Trustees knmiled. The former irKlividual Trustees became directors of the new Trustee company. The Trustee Is responsti Jle for the overdl govemance of the Schools as a charity. The Trustee's rol8 is to hav8 an overview of the effectiveness of the Schools arKI to ensure the malnlenarw of th9 Ith and of the high standards of education generally. The Trustee appoints the Governors. The delivery of th8 8ducation and curriculum atKI the management of the Schods is controlled through the various Boards ol Governors ol each of tho schools, namely - The King David High School (InclIng Sh Form and Ya@hI - The King David Primary School - CrèchelNursery lincorporaled within the Charity) Effecive partnership belween the Trustee. Goveinors and statt has contr1tted signllicantly to a successlul year ol aclivily. Tho Trustees meet, lornialty, once year to discuss the accounts aMJ are in touch yth each other throughout the year. These meetsngs include a review of strategy and OTatiOnal performance and set operating plans and budgets as and when nocessary. New officers of the Trustee company receive an induction pa(* contalning everythlng they need tr) know about Ihe Schools and Its work for 8ff8ctiv8 and infomied decIsn-MakIng. officers of the Trustee company are regularfy k8pI up to dale about their responsibiltlles. Remuneralion ol key managemgnl personn611s delem)Inad by Ihe Tnjstee. d. Bursar and Trustoè Tho &Jrsar and tsrtain d8gated officers of the Truslee (x)mpany a responsible for th8 day to day managomenl of King David 8KhooLs (Manchester) 8rt for imFAementing polic$. Paoo 2
KING DAVID SCHOOLS (MANCHESTER) TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Objectlves and actlvltles {contlnued) e. Corporate Governan¢e Procosses are in place to ensure that pert¢ymance is monilored and that approprlate managemont informatlon Is prepared and reviewed regulady by t(sth the Treasurer of the Trustee company aThl its Board ol Directors. The systems of Intemal control are designed to prowdo reasonablo assurance but not absolute assurance against material misstatement or loss. They IrKlude: . An annual budget awroved by the Tnjstee ¢ompany. . Regular consideralon by Ihe TTUStee of finanrid results and variancos from budgets. . Delegation of day to day management authorlty and segregation of duties. . Identilicalion and managemerrt ol risks. f. Rlsk Managemenl The Trust* has introduced a fomial iisk management process to assess bUs1r risks and Implemonl rlsk management slrategies. Thls has invdved klentify'ng the type5 of risks the Sch1 faces. prioritising them In terms of potential impact and likelihood of occuThence. arKJ identifyng means of managing the risks. As part of this process the Trustee has reviewed the adequaGy of the School's current internal controls and the ¢08ls ol operating partlcular controls relaiive lo the benefrts obtwned. PrOClUreS have bB8n established lor reporting failings immediately to the Board ol Directors of the Trustee that indude regular bank r8conciliations as well as the production ol management accounts every month Ythh are reviewed by the officers of the Trustee. The key risk facing the Charity Is the level of voluntary contributions and donations that it receives from parents and donors. Declining receipts translate into 18ss funds available lo improve the education being offered to our pupils. The Trustee endeavours to &lucale parents dong yth the wder community ol the importanco of thoir flnancial support especlally in the light of the reducing government funding bsing made to our schools on the KD campus. Page 3
KING DAVID SCHOOLS {MANCHESTER) TRUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Achlevemonts and p8rtorrnance a. Oble¢tlv8s, Actfvitles, Achlevements and PeTtormance Klng Dav ScFKols (Manchester) exlsts to provide chlldren %Mth a meanir4Jlul orthodox Jewish rdigious educatlon cwpled th an excellent Secular education. The maln objeotives of all units on Campus during the perictyJ erxled 31 August 2025 were: Academic- The &hool aims to achieve the hlghest academlc standards and ensure that every pupil realises their lull potential. Welfare- The school has a warm and carfng approach and aims lo ensuro the well belng arNJ happiness of every Child. Religious- The school promotes the values, standarrls and dlsclpline of the fath. It provldes a strong Jewish education whh imbues ¢hiklren with the knowledge of, and prKle in, their heritage and Identtty. The excellent results that the Sch(M)l achieves as reflected In the wttjished Government tables is lestlmony to Ihg lumllment of the Charity je¢Ve$. Tho Tnjstee has glven due consKleralion lo the Charity Comml$gon's guidance on public benefit requlrement under the Charltles Act 2011. when reviwng the Charity's aims and (*)jeclives and in planning future acllvities. 18ailng qudity school to the Jewish ¢ommunity. the Trustee notes that tts success continues to b9 acknowledged nalionally both in the secuLir and religious fiekjs. Our pupils are well prepared to move on lo ading unlverslues. religious and secular colleges With many of our form9r students achieving success In the wider communlty. b. Core Oblectlves and Strategy The strategy Is achieved by 8ncouraging all untls on the lfjng Davkl Campus to employ highest grade teachers who are able to inslil in the pupils not only excel1w8 in knowledge Ixrt also lo experience a warm. friendly Jewish envlronment a commitment to gwing lo the community a5 a vthole. The Trustee continues to ensure that the tadlltles am up to date and 8Uitable for the delrvery of the educational and religious objectives. Tho Schools are {kndent on voluntary conlTil)utions from parents, donations and 8ducational grants in order to lulffl thelr oleCtiVes. Failure of parents lo meel their voluntary contribution commitments will Ihroaten the $¢hool's abillty to achi8ve its obAte$. Page 4
KING DAVID SCHOOLS (MANCHESTER TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Flnanclal revlew a. Flnanclal Revlew, Managoment Pollcl8s and Results forthe Yoor The Consolidated Stalement of Finanal ACtIbeS {SoFAI. set out on page 13, shows that the Group recelved lolal income of £11,400.60012024.' £10,471,324). £12,265.744 {2024: 11,488.806) was irred as expenditure leaving a loss of £863.169 {2024.. £886,687) after a depredatTron charge of £671,589 12024: £693,525) and sses arising from changes In actuarial assumptions of £1,CKIO12024: gains of £107,000}. This Group posillon however. lakes into aclount surpluses in actsJari81 gain(lO$se$l In the penslon schemos positions. which are long temi non<ash itetns. of (£10,OCO} 12024: 1£2,0001) in The King David High School IKDHSI and £9,000 12024.. £109,0(NJ} in the King Da¥ Primary School IKDPSI. Had these accounting enlrles not been included in thls years results, we *UkI b9 facing a loss of around £862,16912024.. £993,687). The principal funding sources are donations, vntary contrtbutions from parents, Income from the nursery and statutory government furKllng for the Iwo academies. King David High School and King Dawd Prfmary School. The Charty itself before consolEdation general a loss of £294,788 (2024:1oss of £554,528). The Charity made an unreallsed gwn on its investments of £2.975 {2024.' £3.7951. leaving a tolal net movement in fu1$ to be SLI)tract&l from the reserves. The Trustee remnS conscious that more funds VAII have to be ralsed lo maintain the ongolng excellence lo which they are committ. Without parental asslstan¢e the current achbevement of acclaimed success coukd be threalened. The Charity continues tu monitor tts results against Ferformance as Its measuremenl of su¢¢ess. The Ghartty does not employ a profession fUndrse1 and relies on assiStare from th8 Trustee. Governors and parents. Whilsl it was noted Ihat the Voluntary Contributions Irom parents continued b8k)w expectaOn, Ihe Charity held a Fundraising event in January 2026 to raise much needed funds. The Charity must ¢ontlnue Its fundraising activities in order for it to be able to continue providing for tts primary objectlves and lo malntaln hlgh levels of educational standards. The Charity has not recVed any complalnts aboul Its fundralslng act5v1e5 and has policies in place to onsure that there is no unreasonable intrusion into a person's prlvacy. b. Reserves The FX)Iloy of the Trustee has been continuos to be to ullllse all reseNes to fund the activities ol the Charity which has resulted from the development and growth of the campus, partlctjlarly the High School and to improv8 th6 religious and cultural educational experience across a]1 the schools. Ideally the Trustee would like the trust lo hold one year's net expenditure of approx £1,lJ)O.000 in the unrestricted reserve fund bul with constant grosion of Ihe Academies funding from centrd govemment esUng In the Trustee having to swport the two acadgmies on thg KD campus at a gT8ater level than was envisaged that has nol been w)ssiLIe. The total reseTve5 al the year end are £22,762,191 (2024.. £23.625.360). This includes unrestrictgd reserves of £770,848 (2024: £840.874} and restricted reserves ot £21.991,34312023: £22.784.486}. The Trustee is seeking sources of additional funding for capital expendituro in ord8r that total reseNe levels are Improv1. The Trustee does not conslder that this has inhibited activities in any way. Free reserves for the Group as at 31 August 2025 stoc#Y at (£561.299112024.' {£463,043)1. Pag8 5
KING DAVID SCHOOLS {MANfHESTER) TRUSTEE'S REPORT {coFifiNUED} FOR THE YEAR ENDED 31 AUGUST 2025 c. Investment Pollcy and P8rfomiance The Charity has a small investment in a quoted company. The Foli¢y is to sell these shares as and when the Trustee considers the time lo propitious. d. Stsff Tralnlng and Career Dovelopment The Schools are commttted to the trainirbg, reer devdopment arxl weware ol its employees. An iThthvidual's care8r development 15 assessed through appraisal aThJ supervision. Training prrarnmes are prowdgd to meel ongoing needs, whh the aim of developing employees for both their current and their future roles. Pay and remuneratlon of Key Management Personnel are rewewed indwndemly by ihe Dlrectors of Ihe Trustee Company who theMSee5 are not compensated. Audltors Crowe U.K. LLP thill be woposed for Te-apwjintment at the Trustee meetlng. f. Future Plans The King DavKI School Campus now prowdes top dass education in both secular and Jewish rellglous studies, wth a wde cross $tIon of extr&urricular aclmties covering sports. art and cultur8 housed in the most mc<lern buikjings wllh enhanced advance technological fadltbes SUPFh)rted by a most dgdical8d aryj capable staff. The Trustee is determined to reach out further in tlng a sch(M)l of exc8llenc* vthich will continuo lo bo th8 prfd8 of the Jewish Community. g. Going Concem The Tnjslee has considered the Charity and Group's abiltty lo contlnue as a going concem for a period of at least 12 months from the date of approval of these financial statements. Th8 Charity and Group's cash ff ow forecasts are reliant on continued lundraising efforts arKI increased levels of voluntary conlributlons by parents, thg suoxs gf whKh by tholr very nabjre remains uncertain at the Ime of signing. To mltlgale the impact of Ihls unc8rtainty, the parent Charity has overhauled its lundratsing processes, contlnues to actlvely encourage voluntary contributions and Is activety monitorlr)g tts cashllows. The Charity and Group are explorfng opportunities lo generats altemative income streams and to increage pupS1 numbers at the two Slbsldlary academies whllst retaining the Jewish ethos of the academies. Th8se factors iThJicale the existence of a material uncertanty thal may cast doubl on the Charitls ability to contlnue as a going concern. Nevertheless. the Tnjstee lieveS that, based on currenl plans, 11 remains appropriate to prepare the linancld statements on a golng concern basis. The financial statemenls do not Include any adluslments that woukl result if the Chaiity were unthe to continue as a golng concem. Page 6
iaNG DAVID SCHOOLS (MANCHESTER) TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Statement of Tru9tee's responslbllltks The Trustee is Tesponsible for preparing the Trustee's report aTrJ the financial statements In accordance ¥th alliCable law and United lfjrydom Accounting Standards (United Kingdom Gen6raJly Accepted Accounting Practice). The law applicable to charities In England & Wales wuires the Trustee to preparg financial statemgrrts lor each financial which give a true and falr vlew of the state of affairs of the Group the Charity and of their incoming resources application ot resources, I[UdIng th8ir income and expgnditure, for that li(X1. In preparlng these financial statements, the Trustee are requir1 to: select suitable a¢¢ounting pollues and then aFpty them consislenuy," obs8rve the methods and prindples ol the Charlties SORP {FRS 1021- make judgments and accounting eslmales that are reasonable and prudent; state whether applicable UK Accounting Standards {FRS 1021 have been fiJlowJ, subject to any material departures (tisclosed and explaned in the fina statements., prepare the flnancial statements on Ihe going concem basls unless It Is inapproprfate lo presume that the Group will conttnue In I518Ss. The Trustee is responsible for keeptng adequate accounling records that are suffi¢ienl to show awl explaln the Group and the ChariVs transaclions and disdose with reasonable ac¢urw al ar)y lime the financial posltlon of the Group and the Charity and ena8 them lo ensure that the financial statements Comply with Ihe CharllSos Act 2011, the Charfty {A¢counts and Rewrts) Regulations 2(X)8 arvj the provisions ol the Trust deed. Thoy aro also regponslble for safeguarding the assets of the Group and tho Chlty and hee for taking reasonable steps for th& prevenuon and delection of fraLwJ 0th8r irregularities. Dlsclosure of Inlormation lo audltors Each (Mreclor of Ihe Twstee at the time Ythen this Trustee's report is awroved has Confirmed Ihal.. so lar as Ihg directors of the Trustee are aware. there Is no relevanl audlt Informatlon of whlch the charitable group's auditors are unaware. and Ihal Iho dIrtorS of the Trustee have taken dl th8 Stq)s that ought to have been taken as a Trustee in order lo b8 aware of any relevant aLb]It information and to establish that the charitab18 group's audhors are aware of that Inlormalon. Approved by order of the members of the board of Trustee on their behalf /f I(/ arKI signod on Andrew Berkeley Treasurer ol KDS Trustees Ltd Page 7
KING DAVID SCHOOLS (MANCHEsfER) INDEPENDEKf AUDrroRS' REPOFrr TO THE MEMBERS OF KING DAVID SCHOOLS {MANCHESTERI Oplnlon We have audited the financial statements of lfjng DavKI SCI01$ (Manchester) for the year ended 31 ALJgust 2025 whlch comprise the Consolldated Statement of FinarKial Activities. Consolidated Baance Sheet, Charity Balance Sheet, ConsolKlated Statement of Cash Fk)ws and notes to Ihe financial statements. In¢luding signlflcanl a(xounling policies. The flnanual repjrling framework that has been apFlied in their preparallon is applic4ble law and United Kingdom A<xounting Standards, in¢111ng Financial Reporting Standard 102 Th9 Financlal ReF)Orting Standard aP[ICalle In the UK Republic ol Ireland (United Kingdom Generally Accepted Accountlng Practice). In our oplnion the finand statsmerrts: give a true and f&r vlew of the state of the Group's and of the parenl GhltyS affairs as al 31 August 2025 and of the Group's Incomlng resources and alCatIOn of resour$, induding its Income and expenditure for the year then end1., have been propedy prepared in accordance with United lfjThJdom Generally ApIed Accounting Practlce- and have been prepared In accordance w1h the requirements of Ihe Charit5 Act 2011. Basls for oplnlon We conducted our audit in accordance Inlefflationd Slarnlard5 on Auditir¥J {UK) IISAS IUIQI and appllcable law. Our responsibilites under those standards are further described in the Auditorfs responsibilitles lor the audlt of the financial statements section of our reporL We are Independent of the group in accordance ¥Mlh the ethical requlrement5 that are relevant lo ijur audil of the finanlid statements in the UK, including the FRC'S Ethic Standard. and we have fulfilled our other ethical reswnslkllllles in accordance with these requlrements. We believe that the audit 8vidence we have obtaned is wfliclent and apyropriale to provide a basls for our opinlon. Materfal uncertainty related to going concern We draw attention lo note 2.2 in lh8 financi statements. 1¢h describes the Trustees, assessmgnt ol the ChariWs and the Group's ability to continue as a going ts)ncem. As s6t out in that note, the Charity is rellant upon fure lund raislng evenls and donations for which amounts are urMMItted which irKJlcales that there Is a material uncertainty of the future fuT¥Jing of the Charity arvj Group. As stated In note 2.2. these events or conditions. along the other matters as set forth In nole 2.2. iTrthcal& that a materid un¢ertwnty exists that may cast significant doubl on the Charivs and Gii)up's atlIty to continue as a wlng concern. Our opinlon Is not moditied in resw ol thi% rnattor. In aLKliting Ihe ffnancial statements. have Conclud that tha Trustee's use of the going concern basis of accounting in the preparation of the financad statements is arOPriate. Our rgswnslbllllles and the responsilitieS of the Trustee with reswt to going co[eM arg described in th8 relevant sectlons of this repjrt. Page 8
KING DAVID SCHOOLS IMANCHESTER) INDEPENDEKf AUDrroRS' REPORT TO THE MEMBERS OF KING DAVID SCHOOLS (MANCHESTER) (CONTINUED) Othor Informatlon The Trustee is responsible for tho other Information contained wthin the annud reFX)rt. The other InformaOn comprises thg information iluded in the annual report, other than the financial statements and our audltor's report Ihereon. Our opinion on the financ1 slalements dws not cover the other Informalion and we do not express any form of assurance nCluOn thereon. Our responsibility is to read the other infomiation and. in doiw so, consider whether the other information is materlally inconsistent wth the finanryal statements or our knowledge obtsined in the audit or otherwise appears lo be Material misstated. 11 we identity such Mateal inconsistencies or apparent malerial misslatetnents, we are required to determine whelher this gives rfse to a material misstatement in the Ilnancld statements Ihemselves. tl, based on the work we have performed. we concludo that there is a malerlal mlsstalement ol this other Information, w8 are requir1 to report that facL We have nothing lo report in this regard. Matters on whl¢h we are requlred to report by ex¢eptlon We have nothing to report in re¥11 of the followlng matters vthere the Charmles {A¢counts and Reports) RegulalSorLs 2008 rgquires us to rewrt to you if. in our oplnion: the Information given in the Trustee's rewrt ts inconstent in any materid respoct with tho financial statements., or the parent Charity has mt kept suffi(Ment arx¢xJnting re(a)rds" or the parent Chariiy financial slalements are not in agieemenl with the accounting records and r8turns", or w& have rKJt ceN8d all th8 Information and ext4anations we rwuire for our aLtdit. Responslbllltlos of Truslees As explaInl wnore fully in the Trustee's responsllllitles statement set oul on page 7, the Tnjstee Is responsikAe for th8 preparation of the finanal statements whkh give a true and fair ViV*V, and for such intemal control as the Trustee determine is necessary lo enable the preparation of finanaa statements that are free from materiat mlsslatement, wheth8r due to fraLKI or error. In preparing Ihe financial stalemenls, the Trustee is resp)nsible for assesslng the Gmup's and the parent charivs ability to continue as a going concern. discthing. as aFFIe. matters lated lo going concern and using the going concern basi8 of accounting unless the Trustee either Intend to IiquKlate the Group or the pargnl charfity or to cease operations, or have no realist aliernatiV8 but to do so. Page 9
KING DAVID SCHOOLS (MANCHESTER) INDEPENDEMf AUDITORS. REPORT TO THE MEMBERS OF KI DAVID SCHOOLS (MANCHESTER) (CONTINUED) Audltors, rnspon51bllltl85 for the audlt of th& flnan¢lal ststomonts We have been awointed as alIOr undBr section 151 01 the Chartues A¢1 2011 a1 report in aD[dance with the Act atNJ relevant reguLations mad8 or having efft thereunder. (r objeotives are to obtain reasonab assu[are aLx)ul whether the finan¢i21 statements as a whole are free from material mlsstalemenl, whether due to fraud or error, and lo Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wth ISAS (UK) will alwayE detect a materfal mlsstatement when it exists. hAisslatements can arlse from fra or error and are considered Materi 11. IrYJMdually or In the aggregale. they Ul reasonably be expected to InlluerKe the economic deosions of users taken on the basls of Ihese finarKial statements. Delalls of the exlent to which the audit was conskkred (apabie of detecting irreguiarilies, in¢ludlng fraud and non-compllance laws and regulations are set out Ilow. A further descrlpllon of our responslilities for the au(fft of the Ilnandd stalemenls is lo¢aled on the nanclal Reportlng Couwl's website at: wvm.lrc.org.uklaudtt0rsSFXjnSib]Iltte$. This descripb'on forms parl of our audltoi's report. Extent to whlch the audlt was con$ld8rod ¢apable ot deledlng Irregularftlgs, In¢ludlng fraud Irrogularltles. Inchjding fraud. are inslances of non-ComEIance wlth laws and regulations. We identlli8d and assessed the risks of material misstatement of the flnandal statements from irregularities, whether du& lo fraud or error, and discussed these belween our audit team membors. We then designed and performed audSt procedures responsive to those rtsks. induding obtnIng audit evidence SUfflent and awropriate to provide a basis lor our oplnion. We obtalned an urKlerstanding of the legal and regulatory frameworks wthin whioh the Chartty and group operates. locuslng on those laws and regulations that have a direct effect on Ihe delerminalion of material amounts and disclosures in Ihe financial slalements. IncIrIng fina reFKJrting legislation and the Charities SORP {FFIS 1021. We assessed the required cOmplnce with theso laws and regulalons as part of our audit procedures on the related financial statemenl flems. In acklilion, we considered provisions of other laws aTKI regulations that do not have a dlrect effeot on the financia statements bul compliance with whTrch mighl be necessary to the Group's abillty to operale or to avold a material penalty. Auditing standards limit the required a11 prOcureS to identify non-¢Qtnplian¢e with thèse laws and regulations to enquiry ol the Trustee aTrJ other management and inspection ol regulatgry and legal correspondence. il any. We also considered the otportun111es and ienti¥eS thal may exist *rythin tho Group lor fraud. W8 Klentified the greatest risk of material Impact on the financial statements from irregularfliBs, including fraud. to be from th8 management override of controls and CometeneSS ot (knnalB)n income. Our audit wcudur8S to respond to Ihese rSsks includ1 enqulries ol management and the Trustee 8boul their own idenlification and ass8ssmgnt ol Ihe risks of irregularlues, testing a sele¢tlon ol wstiNJ of journals. comparing donation rates against history and reviewing regulatory Corpondence wtlh the Charlty Commission. and reading minutes ol meetings of those charged with govemance. ng to the inherent Ilmltations of an there L8 an unavoidable r(sk that we may not hav8 d8lect8d some materid mlsstatemenls In the financial stalemenls. even though have properly planned and performed our audll In accordance wlth audhing standards. For example, Ihe further removed non-compliance th laws ar)d regulallons (Irregularltlesl is from the events and tranSaonS reflected in Ihe financial statements, the18ss likely the Inherenty Ilmlted procedures required by auditlng standards wouhj Klentity il. Page 10
KING DAVID SCHOOLS (MANCHESTER) INDEPENDEMf AUDITORS. REPORT TO THE MEMBERS OF KING DAVID SCHOOLS (MANCHESTER) (coNrwuED) In addition, as with any audit. there remained a hher rfsk of non-(leteclion of irregularities, as thestr may invofva collusion. lorgery, intentional omissions. mlsrepresentations. or the override of inlemal controls. We *e not responsible lor preventing rton-compfjance and (2nnot be expected to dete non-compliance with all laws and regulations. Us6 of our report Thls rqjort Is made solely to ihe Charitys Trustee. as a t, in accordance th Part 4 of the Charities (Accounts and Reports} Regulalions 2008. Our audit work has been undertaken so that we mlght slate to the Charl$ Trustee those matters we are requir1 io state to them in an Audttors, report and for no other purpose. To the fullest exterrt pemiitted by law. we do not accept or assume responsibility lo anyone other than the Charlty and its Twslee. as a body, for our aLKlit work. for this report, or lor the niOnS we have lortned. Crowe U.K. LLP Stalulory Audtior 3rd floor st Georges House. 56 Pater St. Manchester M2 3NQ Date.. 19 May 2026 Crowe U.K. LLP are ellgible to act as auditors in tenns of tiOn 1212 01 the Companles Act 2006. Page 11
KING DAVID SCHOOLS (IlAHEsTEA) CONSOUDATED STATEMEKf OF HNANCIAL ACTivrnES FOR THE YEAR ENDED 31 AUGUST 2025 Unrestrlcted R8Strlded funds funds 2025 Total fvnds 2024 funds 2025 Nol• In¢om8 from: Donation$ and legacies Charitable activities other trading a1vitieS Other income 651,287 14754 281.484 848207 8269.682 1,499.494 9,617236 281,484 720,545 8.929.799 817,637 3,343 Totsl Ineomo 228l711 9.117.889 11,4,6() 10,471,324 Expendlture on: Chadtabl6 actilIeS 2.355,712 9,910O32 12,265,744 11,468,806 Total expendlturn 355,712 910,032 12265.744 11,468,806 Net &xpendlture before net galns on Investments Net gains on Investments Net movement In funds before other r8cognisod gainsl(losses) (73,1)01) 2,97S (792,143) (865.144) 2,975 (997,482J 3,795 <70,1Y26) (Tr2,143) (862,169) (993,687) Other recognlsad galnsl(losses): Actuarial Ikssses)Igalns on defined beneflt nSIOn schemes 24 (1,000) (1,IXIO} 107,000 Nel movement in funds 170.026} (794143) (863,169) (886,687) Reconclllatlon of funds: Total funds brought forward Net movement In lunds 840074 170,026) 22.784A86 {793,143) 2325,360 (863.169) 24.512,047 (886,68n Total funds canied forward 710,848 21.991 W 22.762.191 23,625,360 The Consolidat1 Statemenl of Finawal Acknvihes indudes all gains and losses recognised in th8 year. The notes on pages 16 to 41 fonn part ol ihese finanaal glatements. Page 12
KING DAVID SCHOOLS (MANCHESTER) CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2tr25 2025 2024 Nol8 Flxed assets Tangible assets Investments 12 13 23,305,261 18,229 23,965.360 15,254 rd 23,490 23,980,614 Current asse18 Stocks Debtors Cash at bank and in hand 14 15 1816 219.852 376W2 10,718 265,022 1.124.434 615.170 1,400,174 Current Ilabllltlos Creditors: amounts falling due withln o year 16 {1,176A69) (1,429,811) Net current Ilabllltles (561,299) (29.637) Total ass8ts loss current Ilabllltles 21762,191 23,950,977 Credltors: amounts falling due after more than one year 17 {325.617) Totsl net assets 22,762,191 23,625,360 Charfty lunds neslricted funds unrestctBd funds 19 19 2191,343 22.784,486 840,874 Total lunds 22,762,191 23,625,360 The financial stalgments were approved and aulhorised for issue by th& Twstee and signed on their behalf by: Andrew Berkeley Treasurer of KDS Trustegs Limited Dale.. Iqls'/ulr Tho notes on pages 16 to 41 fomi part of these fina statements. Page 13
KING DAVID SCHOOLS IMANCHESTER) CHARrrY BALANCE SHEET AS AT 31 AUGUST 2(r25 2024 Noto Flxed assels Tangible assels Inveslments 12 13 1gTIN08 18.229 20. 140,652 15,254 19.595,637 20,155,906 Current assets Stocks Debtors Cash at bank and in hand 14 15 12.895 26,193 211,088 10.718 IY5,689 247,506 250,176 373,913 CuThent Ilabllllles crltors.. amoLtnts lalllThJ due withln one 16 {466,204) (526.196) current Ilablllttes (216,028) (152,283) Total assels less current Ilabllllles 19.379,609 20,003,623 Creditors.. amounts falling due after more than on8 yBar 17 (325,617) Total net set5 19.379,609 19.678,006 Charlty lunds Reslrfcled funds Unrestrlcted funds 19 19 18,261491 1,116.118 18,826,735 851,271 Total funds 19A79.609 19.678,006 Thè Charitys nel movement in funds for the year £(298.397112024- £{554,52811. The financial statemerts w8re aFproved aThY authorised for issue bythe Trustee and gned on thelr behalf by: Andrew Berk818y Treasurer of KDS Trustees Limlted Date.. /4 Ij< Th6 notes on pag85 16 to 41 lorm part of these statemerrts. Pa 14
KING DAVID SCHOOLS (MANCHESTER) CONSOLIDATED sfATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 25 2025 2024 Note Cash flows Irom oparntlng actlvltles Nel cash uSj In operating actiwtres 21 1735,320) 401,980 Cash flows Irom Inv6stlng actlvltles Purchase of tangible flxed assets (11,490) (12,171) Net cash used In Investlng a¢tlvltl8S (11,490) (11171) Cash flows frorn flnanclng actlvhle8 Net cash provlded by tlnanclng aotMt185 Change In cash and cash equlval8nts In the year Cash and cash wjuivalents at the beginning of Ihe year (746,810) 759,073 389,809 389,264 Cash and cash equlvalents at the ond of thè year 22 12.263 759.073 The notes on pages 16 to 41 fomi part of these finanal ststements Page15
KING DAVID SCHOOLS (MANCHEsfER) NOTES TO THE FiNAfKIAL sfATEMEKTS FOR THE YEAR ENDED 31 AUGUST 2025 General Infomiatlon lfjng David Schools (MheSter) is a regisler Charity (No. 5266311. its pncipal ackness Is Sho on the Charity Intormatlon pag8. The Charity is a publ bonefft enlity. Accountlng pollcles 2.1 Basls of preparatlon of flnanclal ststements The finanal statements have trAen prepared In accordanoe wlth th8 Charllies SORP IFRS 1021- Accounting and Reporting by Charities". Statement of ReCoMmend Practice alICable to charlties preparing their accounts in aCcOrdae with the Financial RetK)rbng Standard applicable in the UK aThJ Republic ol Ireland IFRS 1021 {elleclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic ot Ireland IFRS 102) and the Charities Act 2011. Klng David Schools {Manchesterl meets Ihe defintiyon of a public benefit entity vrnler FRS 102. Assets and liabilities are Initially recognis&J al historical ¢J)st or transaction value unless otherwise statsd in the reVant accounling polw. The Consolidated statemer)t of financSa] acmies (SOFA) and Consolidated bance sheet consofidale the linanclal stalements of Ihe Charity and tts subsldlary undertakings. The results ol tha subsidiaries are consolKlatl on a line by line bas. The Charlty has the right to aFwolnV remove mombers and governors of the (x)nsolkJated entities and as such has control. The subsldlari8S included in the consolidation are The ng David Primary School Icy)mpany number 084241541 and Tho King David High School (company numb8r 0771605n. 22 Golng concem Tho Tnjstee ha5 considered Ihe Gharty and Group's aliltty to continue as a going CoeM for a period of at least 12 month5 from the date ol approval of these flnancial slatem8nts. The Charlty and Group's cash flow forecasts are reliant on continued fundralslng efforts and increased levels of voluntary contiibutions by parevts, the SLMSS of whh by their very nature remains une8rtaln at the lime of signing. To mlllgate the impact of this uncertainty, the parent Charty has overhauled its lundralslng processes, continues lo actwely en(x)urage voluntary contribulions and is aclivgly Tnonitoring its cashftows. The chlty and Group are explorfng opportunthes to generate alternative income streams and to increase puiil numbers at the Iwo subsidiary acad8mies whilst retaining Ihg J8Nsh ethos of the academles. These factors In(Scate the existence of a material uncertainty that may cast doubl on Ihg Charity's abillty to conJnue as a going corum. Nevertheless. the Trustee l*lieves that, based on current Fas, it remalns appropriate to prepare the finatKial statements on a going concern basis. The financi stalements do not include any adjusbnents that woukl result11 the Charity were unable to continue as a going concern. Page 16
KING DAVID SCHOOLS (IAANCHESTER} NOTES TO THE FINANCIAL STATEMETr FOR THE YEAR ENDED 31 AUGUST 2025 Accounllng pollclos <¢ontlnued) 23 Incomè All income ts recognls&l once the Charity has entitlement to the Income, it 15 probable thal Ihe income 11 be reeelved and the amount of income receivable can be rneasured rellably. As pledges of donations made al fuNJraisiThJ events over mults'e years are not ¢onsldered certan. they are nol r9cognised as IrKome until they are rEreived. Grants a IrKluded In the ConsolKlaled statement of finan(xal activities on a recelvable basis. The balan of Income received for SpeCrf purpos6s Ixrt not expended during the perlod is shown in Ihg relevant funds on the Balan sheet. Wherg income is rece In advance of entldement of recoipl, its rec(¥Jnttlon Is deferred and included in creditors as defer1 IOme. Where enllllement occurs before income Is rerEived, the income is accrued. Incorne tax reVerable in relation to donations received under Glft or deeds of covenanl is recognised at the tlme of the donation. Pag917
KING DAVID SCHOOLS {MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounllng poll¢l&s (contlnuod) 2A Expendlture Expendhure Is recognIs ore therg is a legal or conslnjctlve obllgation to transfer economic beneflt to a Ihird party, it is probable that a transfer of economic benefits MNII be required In settlement and the amount of the obligallon can be measured reliab. Expenditure Is classilied by actiwty. The costs of each aclivlty are made up of Ihe total of dlrecl costs and sharwj costs. in¢ludlng support costs involved in Undertang each a1vIty- Direct costs attributable to a single actwity are allocated directly to that actimty. Shar&J costs which contriljjie lo more than one acdvtty and support costs which are not attributable to a single activity are aFPOoned tween those activities on a basis consistent with the use of resources. Central staff (xjsts are alICa on the basis of time swnt, and d4x8ciation charges allocated on the rkn0n ol the assefs use. Experxllture on charttable activitses Is incurrwj on (threctly undertaking activities which further the Group's C&11VeS. as well as any a$ated support costs. Grants pay2ble are charged in the year when the offer Is made except in those cases where th9 olfer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfllled. Grants off6red subject to CorltIOnS which have not been met at the year end are noted as a commtttnenl. bLrt not accrued as expendtture. All exndItUre Is incluslve of irrecoverable VAT. 2 Tanglblo flxed assets and doprectsuon Tanglble fixed assets costing £2.(KKJ or more are Capitari8 and recognised when future economic benellts are probable and th8 Cost or value of the asset can bg measured reliably. Tangljle fixed assets a initialty recognised al cost. After rgnitiOn. uTrJer the cost model. tangible fixed assets a mgasured at cost less accumulated d&preuation and any accumulated Impairment losses. All costs incurred to bring a tangble ffixed assel Inlo its Intended wothng condition should t includ1 in the measurement of cosL At each reportlng date the Charity assesses whether there is any Indication of impairment. If such Indlcation exists. the recoverable afflount of Ihe asset is determined to be the higher of Its far value less costs to sell and tts value in use. An imwrment loss is recognised where th8 canyng amount exceeds the recoverabl8 amounL Deprecaation Is charged so as lo alktate the cost of tangible tixed assets less their residual value over their estlmated usoful INes. using the straight-line method. Depreciation is provkl8d on the tollowing bases: Freehold prryety and bulldings - 2% StravJht Ilne Motor vehicles Fixtures and fittings 21PA Siraight line Computer equipment 159A Redu¢lng balanee &3% Straight line Page 18
KING DAVID SCHOOLS IMANCHESTER) NOTES TO THE FINANCIAL sfATEMEpirs FOR THE YEAR ENDED 31 AUGUST 2025 Aceounllng pollcles (contlnuod) 2.6 Investments Fixed asset Investments are a form of financial instnjmenl and are Initialty recognised at their transactlon cost and subsequently measured al fwr vaiue at the Balance sheet date, unless the value Gannot be measured reliably In case f( is measured at cost less impaimient. Investment gains and Sosses, theiheT realised or unrealised. are combined and presented as 'GainsllLossesl on invesbnents, in the Consolldated statement of fiand activtiies. 2.7 Sto¢ks Stocks are valued at the k)wer of cost aThJ net reiSable value after making due allowance for obsolete and slow~moving stocks. Cost includes all dlrect costs and an appropriate proportlon of fixed and varfable oveTheads. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade dlscount offered. Prepayments are valu1 at the amount prepaid nel of any trad8 dlscounls due. 2.9 Cash at bank and In hand Cash bank and in hand incIleS cash and short-terni highty liquid investsn8nts wth a short maturity of three morrths or less from the dat8 of acquisitK)n or ¢)pening of the deFX)slt or similar accounl. 2.10 Llabllltl8s and provlslons Ltabilttles aro recognised when ttre Is an obiigaknon at the Balance sheel date as a result of a past event, it is probable Ihat a transfer of n0m benelll will be required in s&tdement. and the amount of thg seluement can be estimat r18. Liablllllgs are recojnised at the amount that the Charlty antiPaI95 il will pay to settle the debt or lh8 amount It has received as advanced payments for the goots or services tt must prowde. Provislons are measured al the best estlmate of the amounts required to gettle th8 obligation. Where the effect of the time value of money is matsrial, the provSsN)n is basgd on the present vue ol those amounts, dlscounled at Ihe pr8-tax discA)unt rate thal reflects the risks speckflc lo the liabllity. The unwnding of the discount ts reCognisl In the Corwlkjated stat8ment of financial actiwties as a finance cost. 2.11 Financial Instrumenls The Group onty has finan81 assets aiKI finanal liatllities of a kind that qU21rfy as basic financial instruments. Baslc finanual instruments are Inltlally recognised * transaction vaSue and subsequendy measured al Ihelr settlement V8Jue wtth the exception of bank loans which are subsequently measured al amorused ¢osl using the efFeclNe Interest method. Page 19
KING DAVID SCHOOLS {MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Aceountlng pollcle8 {coMlnued) 2.12 Penslons The Group operates a I defi contrilyjtion pension scheme and the pension charge rewesenls the amounts payable by the Group to the fund in respect of the year. Contributions for personal pension schemes are accounted lor in the yearto which they relate. Retirement benefits lo employees of Ihe academies are provided by the Teachers, Pension Scheme {TPSl and the Local Govemment Pen&on Scheme {"LGPSI. These are defined b8nefil schemes. The TPS Is an urnfund scheme aTrJ contrlxrtion5 are calculated so as lo spread the cost of pensions over employees. worklng Itves th the academy in such a way that lh6 Fension cost is a substantlalty level percentage ol current arKJ future pensionable payroll. Thg contribution5 are deternined by the Governmenl Actuary on the basis ol quadrennial vaiuauons urIg a prO$etiVe unit cred method. TPS is an UnfUnd mU-employeT scheme wf(h no underng assets to asslgn between employ8rs. ConSequeny. the TPS is treated as a deflned contribution scheme for accounlng purposes and the contributions regnIsed in the period to whlch they relate. The LGPS is a funded multimployer scheme and the assets are held separately from those ol the academy In separate trustee administGred funds. Pension scheme assets are measured at far value and liabiliJ8s arg measured on an actuarfal basis u&ng the projected untt credit method and discounted at a rate equivdent to ihe cuThent rale ol return on a hlgh quality corwrale bond of equwalenl term and cuThen¢y lo the liabilrli8s. The actuarfal valuations are obtained at least Irionnldly and are updated at each Balance sheet d8te. The amounts charged to operating surplus the c#Jrrenl servlce costs and the costs of scheme introductions, benoflt changes, settlements and c#Jrtalmenls. They ar8 induded as part of staff costs as incurred. Nel Interest on the nel defined benefit liabllltylasset is also recognis&J in the Slatement of financial a¢tIeS and comprkses th& interest cost on th8 defined benefit obligation and interest Income on the scheme assets, Gdculaled by multiplying the lar value of the scheme assets at Ihe beginning of the period by the rate used to discount the benefit obligations. The drfference 1th1gen the interesl Income on the scheme assets and the actual return on the scheme assets Is recognised in other recognlsed gains and losses. 2.13 Fund ac¢ouning General funds are Unrestrict funds whlch are availab for use al the discretion of the Trustee in furtherance of the general objectwes of the Group and which have not begn designated lor other purposes. Reslrfcted funds are funds whTrch are to be used in accordance specific r8Stricllons imposgd by donors or which have been by the Group for particular purposes. The costs of raising and adminlslering such funds are charged against the SpeCrf fund. The aim and use of each restricted fund Is set out in the notes lo the finandal statfjments. Investrnont irMe• gains and lows are dlocated to Ihe appropriate fund. Page 20
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMEpif3 FOR THE YEAR ENDED 31 AUGUST 2025 Income trom donatlons and legados Unrostrlctad RoStrl¢ted tunds funds 2025 2025 Total funds 2025 Donallons & grants Parental voluntary eontdbLrtlons Tax refund 4.031 548.665 98.591 841.253 6,954 845,284 555,619 98,591 651.287 848.207 1,499,494 Unresfrlcted Restrict8a fvnds funds 2024 2024 Tot funds 2024 Donations & grants Parentsl voluntary ntrul10n$ Tax refund 37,209 6,914 37,209 577.280 106,056 570.366 106.056 676,422 44,123 720,545 Incom8 Irom ¢harltable adlvllles Unrestrfcled Restrl¢ted funds funds 2025 2025 Totsl funds 2025 Operation of tr8 schools 1.347,554 8,269,682 9.617,236 Unrgstrictoo nds 2024 Reslriotett funds 2024 Total lunds 2024 Operation of the schooL8 1,161,715 7.768.084 8,929,799 Page 21
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YFAR ENDED 31 AUGUST 2025 Fundralslng Incoma Income from tundralslng events Unr•strl¢tod fund$ 2025 Total funds 2025 Donauons 281,484 281,484 Unrestrlctea funds 2024 Total funds 2024 t)onatlons 817,&37 817,637 Other Income Unrestrlcled fLFnds 2(r25 Totsl ftinds 2025 Inlerest recerv 2.386 2,386 Unrestricte(J funds 2024 Total funds 2024 Interest e1Ved 3,343 3,343 Page 22
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 21Y25 Analysls ol oxpendlturg on charftable acllvltles Summary by fund type Unrestrlcted Reslrlcted funds funds 2025 2025 Total 2025 Operalion ol Ihg schools 2.355.712 9.910,032 12,265,744 Unreslricl8d funds 2024 Restrict@O funds 2024 Total 2024 (>)eration of the schools 2.762,575 8,706,231 11.468,806 Analysls of expendltur• by actlvttles Actfvilios undertakon dlrèctly 2025 Support costs 2025 Tolal lunds 2025 Operation ol the schools 9,979,550 2,286,194 12,265,744 Activities uffKlertaken dlreclly 2024 Support s¢5 2024 Total lunds 2024 Operation of the Schools 8.998,938 2,469,868 11,468,806 Page 23
KING DAVID SCHOOLS (MANCHESTER> NOTES TO THE FINANCIAL STATEIAEKrs FOR THE YEAR ENDED 31 AUGUST 2025 Analysls ol oxpondlturn by actlyltlos (contlnuod) Analysls ol dlrect costs Operatlon otthe schools 2025 Total funds 2025 Staff costs EcatIOnal materials Food & moal $ts Trips Teacher traning Other direct costs 8,075.441 788,765 809,016 275.180 26.507 1.428 3.213 8,075,441 788,765 809,016 275,180 26,507 1,428 3,213 Potential bad debt 9.979,550 9,97950 C*9ration ol th8 school 2924 Total fvnds 2024 Staff costs Ethcatlonal matertals Food & meal costs Trlps Travel costs Teacher training Other direot Costs 7,074.861 799,436 743, 745 318,223 786 56.626 5,460 7,074,661 799,436 743, 746 318,225 786 56,626 8,998,938 8,998,938 Page 24
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysls of expondllure by actlvlues (¢onllnued} Analysls of Support costs Operatlon ol thB sehool 2025 Totsl funds 2025 Staff costs Depre¢iab'on GoVernare Security and transport Repair costs ght & heat Loan Interest Cleanlng Printing, postage and stationery Bank charges arml InteSt Insurance Sundrles Telephone Legal and professional fees 276,138 671,590 42.(9 288.686 195,572 298.577 5.495 28,729 8,208 6,474 276,138 671,590 42,069 288,686 19572 2967T 5,495 28,729 474 li 92,737 27,302 2,758 341,859 91737 27,302 2,758 341,859 2,286,194 2286,194 Page 25
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST W25 Analysls of expendtture by actlvltles (¢onllnuod) Analysls ot support costs (contlnued) Operation ol the school 2024 Total fvnds 2024 Statt costs Depreciation Govemanco Securlty and transport Repatr costs Llght & heat Loan interest Cleanlng Prlnllng. postage and stalionery Bank charges and interest Insurance Sundrles Telephone Legal and PTolessional fees 203,982 693,525 44,204 339,270 175,821 439,571 6,242 50,851 8,111 6,892 79,733 159,023 5,745 256,898 203,982 693,525 44,204 339,270 175,821 439,571 6.242 50,851 8,111 6,892 79.733 159,023 5,745 256,898 2,469.865 2,469,868 Audftors. Temunerdtlon 21Y25 2024 Fees payable to th9 Group's aLhJitor in respecl of: Audit ol subsKliaries Audit of Charity Accounts pr8paration of subsidiaries Accounts pr8paratlon of Charity 21,833 11,500 2,400 1,800 16,225 2,410 7,292 Pag9 26
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE RNANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2025 10. Staff Costs Group Group 2024 Charity 2025 Ch8rity 2024 Wages and sdaries Swial securfty costs Conlribuiion to defin conlnlxrtion pension schemes 6,514P07 5.504,961 557,340 1,659,563 83,209 7.083,053 98,545 1247.494 I,,342 39.593 58,512 8,351,580 7.278,643 1,782,365 1,240,110 The avorage number of wrsons employed by the Chwity during the year was as follows.. Group 2025 No. Gmup 2024 No. Teaching Educational Support AdInIstratIon Premises Management 124 52 125 15 io 209 207 The number of employees wlTh)se employee bgnefits (eXdlng empbyer p8nslon costs) exceeded £60,000 was: Group 2025 No. Group 2024 In the baNI £60,001- £70.000 In the barKI £70,001- £80,000 In the barky £80,001- 0,01X) In the band £90,001- £100,CrfXI Th8 ramuneralion (excluding emFAoyer nSIOn and Nl costs) received by key margernent pgrsonnel of the Charity was £101.158 (2024: £92.7051. The remunoratlon receiv1 by key management pBrsonnel of the academies was £933.67712024: £849,665). Key management of tho Charity include the bursar and tho govemor$' adminlstrator. Key management of the academies inCle tho Trustee and senior management team. Page 27
KING DAVID SCHOOLS IMANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11. Trustee's remunerntlon and oxpen8es During the year, no Trustees receNed any remuneralion or other benefits (2024- £NJLJ. During the year enfjed 31 August 2025, no Trustee expenses have been incUj (2024 ~ £NILJ. 12. Tanglble Ilx8d agsets Group Freehold proporty Motor FIxre5 and vehlcles fittings Computer equlpment Total Cost or valuallon At 1 September 2024 Additions 31ffi28263 56,175 938,176 474,271 33,096,885 11.490 At 31 August 2025 31.628.263 56,175 93&176 485,761 33,108,375 Depreclatlon At 1 September 2024 Charge for the year 7.907,834 632,565 740ts89 26A91 433,159 9,131,525 671,589 At 31 August 2025 8WJ.399 53.642 767,280 441.793 9,803,114 Net book valuo Al 31 August 2025 23m7.864 170,896 41968 23,305.261 At31 August2024 .720,429 6.192 197,487 41, 112 23,965,360 Pag8 28
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 AUGUST 2025 12. Tanglble flxed assets (¢onilnued) Charlty Freehold Flxtures Hnd property fittlngs Computer equlpm8nt Tolal Cost or valuatlon At I Septemkr 2024 27WO,718 530.837 5.130 28,126.685 Al 31 August 2025 27o.n8 530,837 5,130 28,126.685 Depreclatlon At 1 September 2024 Charge torthe year 726368 451635 S5114 11.430 5,130 7,986,033 563.244 At 31 August 2025 8,078,082 464065 5.130 8,549,277 Net book value At 31 August 2025 1912,626 6(772 19,57T,408 At 31 Augus12024 20,064,450 76.202 20, 140,652 Page 29
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 13. Hxed a88et Investments Llsted Investments Group and Char Cost or valuatlon At 1 September 2024 Aevalualons 15,254 2,975 At 31 August 2025 18,229 Net book value At 31 August 2025 18,229 At 31 Augusf2024 15.254 14. Stocks Group 2025 Group 2024 Charfty 2025 Charlty 2024 ifjichen supplles le16 10.718 12,895 10,718 15. Dobtorg Group Gmup 2024 Charfty 2025 Charlty 2024 Due within ono year Trade debtors Amounts owed by Group urKlertakings Other debtors Prepayments and wxrued income 7,337 1226 7.337 50 58,216 26443 19l183 41.974 215,7YI 15,178 9,789 219.852 265.022 26,193 115,689 Page 30
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 16. Credltors: Amounts talllng due wlthln one y Group Group 2024 Char]ty 2D25 Charity 2024 Bank overdrafts Bank loans Trade oreditors Amounts owed to Grow) undertthngs Oiher taxation and sla1 securtty Olher creditors A¢¢ruals and deferred ]rme 365.361 12,836 78.616 364.539 365.361 12,836 56,042 1,750 21,735 21,576 46,896 36,646 31320 394,m 127W1 21,735 777.310 173.953 31,320 19,542 14,157 1,176869 1,429.811 466204 526, 196 Group 2025 Group 2024 Charlty 2025 Charity 2024 Deferred Income at 1 September 2024 Resources defeed during the yoar Amounts reteased from prnwous porlods 10Q71r2 26,238 108,702 (26.238) 7.716 2,167 (7,716) 13,IY9 197 (5,600) (1702) 108.702 2,167 7,716 Page 31
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL sTATEMEs FOR THE YEAR ENDED 31 AUGUST 2025 17. Credltors: Amounts lalllng due 8fter morg than one year Group 2025 Group 2024 Charlty 2025 Gharity 2024 Other loans 325.617 325,617 Included vitthin the alJov8 are amounts falling due as fdlovs- GTOUP 2W25 Grt>up 2024 Charlty 2025 Chaiity 2024 Between one and two years Other loans 325.617 325.617 Included thIn crodllors are bala$ due to lenders in respect of bank k)ans. At 31 Augusl 2025 thls loan was fully repald {2024.' £12,836 ¢)utstanrfing). The interest Chary on the loan Is 3.5Q/o over bank bas8 rate. The loans arg secur1 by a tter of set off over ¢redlt bala&$. In Ihe year to 31 August 2025, a Cors1oary loan from J Rowe. a trusteo of King Davld Schools (Manchester) of £325,617 Wds waived and the funds donat1 to the Charity. Thls bance was Included within credttors above for the year ended 31 August 2024. Before Ihe waiver. the loan was unsecured. subject to a 12 monlh rtotice period and nol subject lo interest. Page 32
KING DAVID SCHOOLS (MANCHESTER) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18. Flnanclal Instruments Group Group 2024 Charlty 2025 Chanty 2024 Flnanclal asaets Financlal assets measured at amortlsed cost 551?11 1,389,456 221,055 363, 195 Group Group 2024 Charlty 2025 Charity 2024 Flnanclal liabllhles Finandal liabililies measured al amorused cost 1,13174 1,755.428 432211 815,813 Finan¢lal assets MeaSurj at amortised 51 comprise trade deblors. olher debtors and a¢¢ruod Income. Financial Nabllltles measurod at amorlis&J cost comprise bank loans aNI ovordrafts, trade creditors. other creditors and accruaL8. Financial assets Measur at fair valu8 through irwme and expenditure comprise inveslments and total £18.22912024'. £15,524) for kx)th the Group Charity. Page 33
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMEi¥rs FOR THE YEAR ENDED 31 AUGUST 2025 19. Statement of funds- Group Statement ot lunds- current yèar Balan¢e a11 Balanc9 at Galnsl 31 August (Losses) 2025 2024 In¢omo Expendlture Unrestrl¢ted funds General Funds - all lunds 84Q,874 2281711 (2,355.712) 2,975 770.848 Restrkted funds Acthmy fvnds Donations SEN in¢ome Nursery grant Further &Jucation grant Grant of bulldings arKI fixtures trom BSF 3,957.751 763,270 (8P92,1681 845,284 (845,2841 128.801 {128,8011 273,5 {273,580) 6,954 {6.954) {1.000) 3,727,853 182&735 (563245) 1&263N90 21784,486 9,117W9 (9,910.032) (1,{1) 21.991,343 Tolal of lunds 23,625R60 11 AI)OHKI (12,265.744) 1,975 22,762,191 Page 34
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2025 19. Statement of lunds (contlnu8d) ststement of lunds. Group- prlor y alance ai 31 August 2024 I Septeml 2023 Gain (Losses) Unrestrfcted funds General FuThJs 940.537 2.659, 117 P.762,575J 840,874 Restrlcted lunds Academy funds Donations SEN income Nursery grant Further education granl Grant ol buiblngs and fixiures from BSF Pension resorvg 4.279,513 (100.OGO) 7.463,030 f7,784,792} 110.113 (io, I t3) 730.701 (130,701) 701,449 {101.449) 6,914 (6,914) 3,957,751 19.391.997 (565.262) {107.000) 18,826,735 107,000 23.571.570 7.812.207 (8,706,231) 107,000 22.784.486 Totsl ol funds 24.512.047 10,471,324 (11,468,806) 110.795 23,825,360 Analysls of n8t assets btheen lunds Analysls of net asset8 b8tween lunds- ent year UnTestrfcted Restricted funds tunds 2025 2025 Total lunds 2025 Tangible lix&Y assets Fixed asset investments Current assets Creditors due within one year 1.559,946 21,745,315 23,305,261 18.229 18,229 250.839 364,331 615,170 {1.058,1661 1118,303) {1,176,469) Total 770,848 21,991,343 22,762,191 Page 35
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Anatysls ol nel assets between fun¢ts lcontlnuod) Analysls ol net assets botwo8n funds- prfor year Unrestricted fvnds 2024 Restrid8U Unr8Stnct9d lunds funds 2024 2024 Total funds 2024 Tangible flxed assets Fixed asset Investments Current assets Creditors due within one year Creditors due in more than one year 22.661,443 1.303,977 23,965,360 15,254 15,254 1.026.938 373.236 1,400,174 (903,895) (525,916) {1,429,81 IJ (325,61n (325,617) Total 22.784.486 840.874 23,625,360 R8¢onclllatlon ot nel movement In funds io nel cash Ilow from operailng tIVItIeS Group 2025 Group 2024 Nel expenditure for the year las p8r Statemetrt of Finanaal Activtties) (862,169) (995,687) Adlustments for: Depreciation charges Galnsl{losses) on Investments Decreas81lincreasel in slo( Decreas8lllncrease} in debtors Increasolldecrease) in creditors LGPS penslon rnovement Dofined benefit pension scheme cost less c>JntrQxrtions payable 71,589 (2,975) {7,798) 45,833 (578,800) {1,IXIO) 693,525 8,795 2,042 56,962 516,478 107,000 15,885 Net cash prOvId byl(used In) opernllng acllvltles (735.320) 401,980 Page 36
KING DAVID SCHOOLS lu1CHEsTER) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. Analy818 of cash and cash equlvalonts Group 2025 Gmup 2024 Cash In harKI Overdraft facility repaYe on demarxl 376.802 1, 124,434 (364.539) (365,361) Total cash and cash equlvalenls 11263 759,078 23. Analysls ot changos In not debt At1 September At31 2024 Cash flows August 2025 Cash at bank and In harKI Bank overdrafts r4iayable on demand Loan due within 1 year Loans due after l y88r 1,124,434 {365,361) (12,836) {325,617) (747,632) 822 12,836 325,617 376,802 {364,5391 420,620 <408,35n 1l263 24. Ponsion commltments The Chartty operates a defined contributN)n ponsion scheme. Contributions totalllng £11,862 12024.. £15,0) were payable lo Ihe fund at the balance sheet da18 and are Included In creditors. The GroLP operates a defined benefit pension scheme. The academies, empkiyees belong to two principal pension schemeg". the Teachers. Pension Schem8 lor England and Wales (TPS) for academic and related staff; and the Locai Government Pension Scheme LGPSI for non-teaching slaff, whh is managed by Hymans Flobertson LLP. Both aro multl-8mployer defin1 benefit schemes. The latesl actuarlal vatuation of the TPS related to Ihe perK)d erKled 31 March 2020 and of the LGPS 31 March 2022. There were no outstanding or prepatd coniributlons al etlher the b8ginning or the end ot the financial year. Teachers. Penslon Schome The pension charge for the year indulkn ¢ontritM]tions payat4e to the TPS of £39,59312024.' £58,512) and at tho YOar-er £11.862 (2024 - £15.0) was a(xruod in respect of contiibutions to thls 8cheme. The TPS is an Unlu MulUmFOYer (fined InOfftS penwon scheme governed by The Teachers. Pensions Regulations 2010 {as ame10) arKI The Tears, Pension Scheme Regulations 2014 las Page 37
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEUENTS FOR THE YEAR ENDED 31 AUGUST 2025 24. Panslon commhments (contlnued) aMeIed). Members contrilxrte on a *ay as you go. basis vrith contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by publk funds provKled by Parllament. Valuatton ot the TeacherG' Penslon Scherne The employer conldbution rate Is set by the Secretary of State following scheme valuatlons undertaken by the Government Acluarvs Departmet. The most recent actu191 valuation of the TPS was prepared as at 31 March 2020 and the Valualon ReFX)rt, whh was wljlshed in October 2023. Following the mccloL judgement, th9 remedy prowsed that when benefits become payable. ellglb19 members select lo receive Ihem from eilher the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that memb8rs are likely to choose the optlon that prowdes them wth the greater benefits, atKI in pyeparlng the 2020 valuallon have valued the 'greater value, benefits for groups of relevant members. The employer contrlbution rate for the TPS is 28.6Yo. and em 0YerS are also rgqulred to pay a scheme adminislralion levy of 0.08Yo gIng a total employer ¢ontdbution rate of 28.68%. A copy of the valuation retM)rt and swthng do¢umontatkJn is on the Teachers, Penslons wobsite Ihttysjlb.IeachersFnS1onS.C0.Uk). Under the definilions set out in FRS 1ry2, the TPS is an unfvnded multl-employer pension scheme. Tho aerny has accounted for its contriLKJlions to the scheme as il it were a delined contribution schgme. The academy has set out above the Informalion availa1e on the schem&. Local Government Pension Schemo The LGPS Is a funded defin1 benefft penSn scheme, vllth the assets h9kJ In separalo truslee administered funds. The total contnTr)Lrtion made for the year ended 31 August 2025 was £257.00012024 - £245,QM)O}, of which emyeS contributions totdled £191.CKX) {2024 - £182,000) and omployeos, contributions loldl8d £66,000 (2024- £63,000). The agreed contribution rates for future years are 19.1 per cent for eM0yerS and 5.5- 12 per cent for emFth)yees. As descrlbed ill rh)te the LGPS obligation relates to the employees of the academy, who were the employees transferred as part of the conversion from the mainlan1 sch(y)l and new employee5 who were 81iglble to. aNJ did. loln the Scheme In the year. The ObligaOn in respect ol employees who transferred on conversion represerrts their (ajmulattve serv6 al both the predecessor school the academy at th8 baLqnce sheet dalo. Parliament has agreed. at the request of Ihe Secretary ol State for Education, to a guarantee that, in the event of academy closure, outslanding LOC Govemmenl Penslon Soheme liabilities would be mot by the Department for Educalion. The guarantee came into force on 18 July 2013. Princtpal actuarial assumptions at the B8[ae sheet date (express1 as welgmed averages): At 31 At81 Augusl August 2025 2024 DlseouTrt rate Rate ol increase in salades Rate of increase for wnsions in paymenvlnflation 6.05 5.00 3.45 3.50 2.70 2.65 Page 38
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST W25 24. Penslon ¢ommltments {¢ontlnued) At 31 At31 August August 2025 2024 Years Years Mortallty rales lin ygars) - lor a male aged 65 now - at 65 for a male aged 45 now . lor a female aged 65 now - at 65 for a femde aged 45 now 20.3 20 22.3 24.4 19.9 22.2 24.2 The Group's share ol the assels In the scheme was: At 31 At 31 August August 2025 2024 Equities Glhs Property Cash and other Ilwld assets 4701.100 967.980 512.460 511460 2,280,450 495,750 264,400 264,400 Total fair value of assots 5,694,000 3,305,000 The actu retum on scheme assets was £427.050 (2024 - £310.670). The amounts rgcognised in tho cons0llda1 Statement of Finarrial Acliwties are as follows: 2025 2024 Current setmce cost Inleresl oost Total amount recognised In the Consolided Siatnent of Financlal Activitias 216,000 220,000 321,000 436,(M)O 529,000 Page 39
KING DAVID SCHOOLS (MANCHESTER) NOTES TO THE FINANCtAL sTATEME1s FOR THE YEAR ENDED 31 AUGUST 2025 24. Penslon commftments (conilnued) Movements In the Ixeserrt va8 of Ihe defimj benefft otAlgalon we as follows: 2025 Openlng defined benefrt Obl[gaOn Actuarial gains Benefits paid Current cost Interest eosl Employee ¢ontrlbutions 4,312.000 1796.0001 {88.0001 216,000 220,0(M) 66,0110 Closlng defined benefft obllgallon 3,930,000 Movements in the falr value of the Group's share of scheme assets were as follows: 2025 Opening fair vdue ol scheme assets Interest income Actuarial losse5 Contributions by scheme paitr¥Jants Benefits paid Employer contributions 4,312,IKJO 246,000 (797,000) 66,000 {88.000) 191,000 Closlng falr value of hem? assets 3,930,OLKI The fair value ol the Group's share of scheme assets at 31 August 2025 tOtallj £5,694k (2024 £5,133k). An assel celllng has been appligd and as sh a derecognttlon of the asset was made lotalllng £943k12024- £821 kl and is Included wthin actuarial losses. The total derCyJn1I1on lo date Is £1,764k. The present valu& of the defin1 benefft penslon has been in a surplus position over the past years. Our accounting pollcy states that a net surplus is recognised only to the ext8nl that il Is recoverable by the Group through reduced conlrit%rtions or through refunds from the plan. N8ilher applies to Pension surplLJS thelore, the present vdue has been adjusted lo niL Page 40
KING DAVID SCHOOLS IMANCHESTER) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Operatlng lease commllments At 31 August 2025 the Group and the Charity had ¢ommitments to make fLrture minimum lease paym8nls under non-cancellable operating leases as follows.. Group Grt)up 2024 Nol laler Ihan l year Later than 1 year and nol later than 5 years 15,340 25,332 6,600 24,750 40,672 31.350 Related porty transactlons Dudng the year J Rowe, a D1ctOr of the Trustee Company, wowded £nll12024.' £40,000) of addltlonal loan lundlng lo the Charity. In the year lo 31 August 2025. a (x)ncessionary loan from J Rowe, a Trustea of King Davkj Schools (Manchester) of £325.617 vrds bwved and the furKls donated lo the Charity. This balance Was Included wfthln creditors aLx)ve for the year ended 31 August 2024. Before the waiver, tho loan was unsecured. subiectto a 12 morrth nOe pgriod arKI not subject to InteresL The Charity has clalmed exemption under FRS 102 110 33.1A to not disclose related paty Iransacllons wholly owned subsKliaries lfjng DavNJ High School and Kng David Primary School whlch form part ol the consolldated ffinanci statements. Page 41