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 (ManC￿ster) 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 I￿th 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 (Incl￿Ing S￿h Form and Ya￿@hI
- The King David Primary School
- CrèchelNursery lincorporaled within the Charity)
Effecive partnership belween the Trustee. Goveinors and statt has contr1t￿ted signllicantly to a successlul year
ol aclivily. Tho Trustees meet, lornialty, once year to discuss the accounts aMJ are in touch y￿th each other
throughout the year. These meetsngs include a review of strategy and O￿TatiOnal 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 decIs￿n-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 d8￿gated 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 Sch￿1 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. PrOC￿lUreS 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 Yth￿h 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 y￿th 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 wh￿h 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 excel1w￿8 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 {k￿ndent on voluntary conlTil)utions from parents, donations and 8ducational grants in order to
lulffl thelr o￿leCtiVes. Failure of parents lo meel their voluntary contribution commitments will Ihroaten the
$¢hool's abillty to achi8ve its obA￿t￿e$.
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 Finan￿al ACt￿IbeS {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 i￿￿rred 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, v￿￿ntary 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 fu￿1$ to be SLI)tract&l from the reserves. The Trustee rem￿nS 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￿ fUndr￿se1 and relies on assiStar￿e from th8 Trustee. Governors and parents.
Whilsl it was noted Ihat the Voluntary Contributions Irom parents continued b8k)w expecta￿On, 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 rec￿Ved any complalnts aboul Its fundralslng act5v1￿e5 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 ￿esU￿ng 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
Improv￿1. 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 pr￿rarnmes 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 theMSe￿e5 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 t￿l￿ng 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
a￿lliCable 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 requir￿1 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 fiJlow￿J, 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 I￿51￿8Ss.
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 ena￿8 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 Ch￿lty and he￿e 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 dIr￿torS 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 SCI￿01$ (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¢1￿11ng 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 Gh￿ltyS affairs as al 31 August 2025
and of the Group's Incomlng resources and a￿lCatIOn of resour￿$, induding its Income and expenditure
for the year then end￿1.,
have been propedy prepared in accordance with United lfjThJdom Generally A￿pIed Accounting
Practlce- and
have been prepared In accordance w￿1h the requirements of Ihe Charit￿5 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 fu￿re lund raislng evenls and donations for which amounts are ur￿MMItted 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 at￿lIty 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 a￿rOPriate.
Our rgswnslbllllles and the responsi￿litieS 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 Informa￿On
comprises thg information i￿luded 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 ￿nClu￿On 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 Mate￿al 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 requir￿1 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¥1￿1 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 incon￿stent 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 explaIn￿l wnore fully in the Trustee's responsllllitles statement set oul on page 7, the Tnjstee Is responsikAe
for th8 preparation of the finan￿al 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 aFFI￿e. 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 a￿lIOr undBr section 151 01 the Chartues A¢1 2011 a￿1 report in a￿D[dance with
the Act atNJ relevant reguLations mad8 or having eff￿t thereunder.
(￿r objeotives are to obtain reasonab￿ assu[ar￿e 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 I￿low.
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.uklaudtt0rs￿SFXjnSib]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-ComE￿Iance 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 obt￿nIng audit evidence SUff￿lent 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. IncI￿rIng fina￿￿ reFKJrting legislation and the Charities
SORP {FFIS 1021. We assessed the required cOmpl￿nce 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 a￿11 prOc￿ureS 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 i￿enti¥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 Com￿eteneSS ot (knnalB)n income. Our audit wcudur8S to respond to
Ihese rSsks includ￿1 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 Cor￿pondence 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 tranSa￿onS 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 h￿her 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 requir￿1 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 (IlA￿HEsTEA)
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 a￿1vitieS
Other income
651,287
1￿47￿54
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 acti￿lIeS
2.355,712
9,910O32
12,265,744
11,468,806
Total expendlturn
355,712
9￿10,032
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)
23￿25,360
(863.169)
24.512,047
(886,68n
Total funds canied forward
710,848 21.991 W 22.762.191
23,625,360
The Consolidat￿1 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
18￿16
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
unrest￿ctBd funds
19
19
21￿91,343
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
1g￿TIN08
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
cr￿ltors.. 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 g￿ned 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 2￿5
2025
2024
Note
Cash flows Irom oparntlng actlvltles
Nel cash uS￿j 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 finan￿al ststements
Page15

KING DAVID SCHOOLS (MANCHEsfER)
NOTES TO THE FiNAfKIAL sfATEMEKTS
FOR THE YEAR ENDED 31 AUGUST 2025
General Infomiatlon
lfjng David Schools (M￿heSter) is a regisler￿ Charity (No. 5266311. its p￿ncipal 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 finan￿al statements have trAen prepared In accordanoe wlth th8 Charllies SORP IFRS 1021-
Accounting and Reporting by Charities". Statement of ReCoMmen￿d Practice a￿lICable to charlties
preparing their accounts in aCcOrda￿e 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 re￿Vant accounling polw.
The Consolidated statemer)t of financSa] acmies (SOFA) and Consolidated b￿ance sheet
consofidale the linanclal stalements of Ihe Charity and tts subsldlary undertakings. The results ol tha
subsidiaries are consolKlat￿l on a line by line ba￿s. 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 Co￿eM 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 wh￿h 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 ch￿lty 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
F￿a￿s, 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 defer￿1 I￿Ome. Where enllllement occurs
before income Is rerEived, the income is accrued.
Incorne tax re￿Verable 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￿ or￿e 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 Underta￿ng each a￿1vIty- 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 aFPO￿oned ￿tween those activities on a basis consistent with
the use of resources. Central staff (xjsts are alIC￿a￿ 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&1￿1VeS. 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 Cor￿ltIOnS which have not been met at the year end are noted as a
commtttnenl. bLrt not accrued as expendtture.
All ex￿ndItUre 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 r￿gnitiOn. 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
includ￿1 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 fi￿and￿ activtiies.
2.7 Sto¢ks
Stocks are valued at the k)wer of cost aThJ net re￿iSable 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 valu￿1 at the amount prepaid nel of any trad8 dlscounls due.
2.9 Cash at bank and In hand
Cash ￿ bank and in hand incI￿leS 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 tt￿re 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￿ r￿18￿.
Liablllllgs are recojnised at the amount that the Charlty anti￿PaI95 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 v￿ue 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 reCognis￿l In the Corwlkjated stat8ment of financial actiwties as a
finance cost.
2.11 Financial Instrumenls
The Group onty has finan￿81 assets aiKI finan￿al 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 u￿rIg a prO$￿etiVe
unit cred￿ method. TPS is an UnfUnd￿ mU￿-employeT scheme wf(h no under￿ng assets to asslgn
between employ8rs. ConSequen￿y. the TPS is treated as a deflned contribution scheme for
accounlng purposes and the contributions re￿gnIsed in the period to whlch they relate.
The LGPS is a funded multi*mployer 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¢oun*ing
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 ir￿Me• 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 ￿ntr￿ul10n$
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
E￿catIOnal 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
9,979￿50
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
GoVernar￿e
Security and transport
Repair costs
ght & heat
Loan Interest
Cleanlng
Printing, postage and stationery
Bank charges arml Inte￿St
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
195￿72
296￿7T
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
Ad￿InIstratIon
Premises
Management
124
52
125
15
io
209
207
The number of employees wlTh)se employee bgnefits (eXd￿lng 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 mar￿gernent pgrsonnel of
the Charity was £101.158 (2024: £92.7051. The remunoratlon receiv￿1 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 inCl￿e 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 incU￿￿j (2024 ~ £NILJ.
12. Tanglble Ilx8d agsets
Group
Freehold
proporty
Motor FIx￿re5 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
27￿o.n8
530,837
5,130 28,126.685
Depreclatlon
At 1 September 2024
Charge torthe year
7￿26368 451635
S51￿14
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
19￿12,626
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
le￿16
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 s￿la1 securtty
Olher creditors
A¢¢ruals and deferred ]r￿me
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 defe￿ed 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)
(1￿702)
108.702
2,167
7,716
Page 31

KING DAVID SCHOOLS (MANCHESTER)
NOTES TO THE FINANCIAL sTATEME￿s
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 secur￿1 by a ￿tter of set off over ¢redlt bala￿&$.
In Ihe year to 31 August 2025, a Cor￿s1o￿ary loan from J Rowe. a trusteo of King Davld Schools
(Manchester) of £325,617 Wds waived and the funds donat￿1 to the Charity. Thls b￿ance 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
1,131￿74
1,755.428
432211
815,813
Finan¢lal assets MeaSur￿j 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
7￿63,270 (8P92,1681
845,284
(845,2841
128.801
{128,8011
273,5
{273,580)
6,954
{6.954)
{1.000) 3,727,853
18￿2&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 lu￿1CHEsTER)
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 repaY￿e 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, wh￿h is managed by Hymans Flobertson LLP. Both aro multl-8mployer
defin￿1 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￿ MulU*mF￿OYer (*fined I￿nOfftS penwon scheme governed by The Teachers.
Pensions Regulations 2010 {as ame￿10￿) arKI The Tea￿rs, 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)
aMe￿Ied). 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 Departme￿t. The most recent actu￿191 valuation of the TPS was prepared as at
31 March 2020 and the Valualon ReFX)rt, wh￿h 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 gI￿ng 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￿.IeachersF￿nS1onS.C0.Uk).
Under the definilions set out in FRS 1ry2, the TPS is an unfvnded multl-employer pension scheme. Tho
a￿erny has accounted for its contriLKJlions to the scheme as il it were a delined contribution schgme.
The academy has set out above the Informalion availa1￿e on the schem&.
Local Government Pension Schemo
The LGPS Is a funded defin￿1 benefft penS￿n 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 em￿ye￿S 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 eM￿0yerS 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 mainlan￿1 sch(y)l and new employee5 who
were 81iglble to. aNJ did. loln the Scheme In the year. The Obliga￿On in respect ol employees who
transferred on conversion represerrts their (ajmulattve serv￿6 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[a￿e sheet date (express￿1 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 Consolid*ed Siat*nent of Financlal
Activitias
216,000
220,000
321,000
436,(M)O
529,000
Page 39

KING DAVID SCHOOLS (MANCHESTER)
NOTES TO THE FINANCtAL sTATEME1￿s
FOR THE YEAR ENDED 31 AUGUST 2025
24. Penslon commftments (conilnued)
Movements In the Ixeserrt va￿8 of Ihe defimj benefft otAlgalon w￿e as follows:
2025
Openlng defined benefrt Obl[ga￿On
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 tOtall￿j £5,694k (2024
£5,133k). An assel celllng has been appligd and as s￿h a derecognttlon of the asset was made lotalllng
£943k12024- £821 kl and is Included wthin actuarial losses. The total der￿CyJn1I1on lo date Is £1,764k.
The present valu& of the defin￿1 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 the￿lore, 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 D1￿ctOr 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 nO￿e 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