2024-08-31-accounts

Registered number: 03931222 Charlty number: 1079822 OSWESTRY SCHOOL GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 YWR Partners Protecting your future.

OSWESTRY SCHOOL (A company limit￿ by guarantse) CONTENTS Page Reference and administrative details of the School. its Govemor8 and advi8er8 Chainnan's ststement Governors. report 6-16 Independent auditors. reporl on the flnanclal statements 17-20 Statement of flnanclal activfties 21 Balance sheet 22 ststement of cash flows 23 Notes to the flnanclal statements 24-46

OSWESTRY SCHOOL (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Governors Mr P T WIIcox-Jones. Chairman1 Mr T Moore-Bridger. Vice Chaiman1 Mr E Bowen MrsHVCox Mr C J Dillon1 Mr D S Evans Mr D P Evisonl Reverand H L Gibbons Mrs L M Guy Jenkins Mrs A J Leel Mr J D Lloyd Mrs R M Wamer Mr B Welti1 Mr A J Grove (appointed 25 June 2024)1 Mrs S L Ellis Anderson (appoint8d 25 June 2024) Member of the Finance and General Purpose Committee Company reglstered number 03931222 Charity registered number 1079822 Registered offlce Upper Brook Street Oswestry Shropshire SY112TL Company secretary MrPABowd Independent auditors WR Partners Chartered Accountants Slatutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bank•rs NatW8St Bank PIC 17 Church Street Oswesty Shropshire SY112SX Page 1

OSWESTRY SCHOOL (A company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE SCHOOL. ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Senlor Leadership Team Mr P Middleton {Headmaster) Mr P Bowd (Bursar) Mrs C Belk (Head of Oswestry School Prep) Mr R Lane (Deputy Head) Mr R Price (Deputy Head) Mrs A Addison {Assistant He￿} (Appointed 0110912023) (Resigned 3110812024) Mrs A Coullas (Deputy Head) (Appointed 0110912024) Page 2

OSWESTRY SCHOOL (A company Ilmlted by guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 The chainnan presents his stalement for the year. Oswesty School has continued to thrive and flourish in its 617th year with a growing reputation and increased profile. heatthy pupil numbers, a robust financial posltlon, and signfficant capitsl investment in the facilltles for our puplls and the local communty. A successful ISI Inspection in April 2024 provided a glowing endorsement of Oswesty School. recognising all the very many ways in which we provide outstanding education for our pupils, with the lead inspector concluding her verbal report by saylng slmpty, You have a very, very speclal school." The 2023124 academic year saw the Sch￿)1 roll exceed 5CQ pupils for the first in our history with a total of 514 pupils on roll in September 2023. Coincidlng with the launch of the schcol's 2030 Strategic Plan - Forte - the confidence in Oswestry School is at an all-time high with a clear vision for the years ahead focused on the strengthening and excelling at an individual and an institutional level. The school year began with the opening of the newly-refurbished Sigi Faith Sixth Form Centre. Funded by the philanthropic generosity of the Faith family who felt compelled to give back to the School that h8d given so muth to the young Sigi came to England as part of the kindertransport during the second world war. This new facility followed on from the investment in a brand new Library at the heart of the school in the previous academic year. with both facilities providing pupils with enhanced opportunities for study and acad8mic exploration. As a school whose motto translates as We L8am Not for School but for Life, our focus continues to be on preparing our pupils for lrfe beyond schcol, developing the skillsets, mindsets, attributes and attitudes required for successful. thriving and fulfilling adult lives. As part of this continued commitment, we launched an inaugural Futures Fortnight programm8 across both the Prep and Senior Schc()Is focused on futur8 pathways. and have likewise remodelled our boarding provision with a new cooducational Sixth Fomi Boarding House set to open In September 2024. a pioneering project providing our senior students with a valuable slepping stone living 8nd learning experience as th&y prepare for lif8 after Oswestry. Exciling plans have also been unveiled for a brand new Performing Arts Centre, a £2.3m project which will see the school's Memorial Hall transformed into a state-of-the-art 160-seat auditorium and will include an expanded facility with a new foyer and multi-purpose studio spaces for the benefit of pupils and members of the Ioc81 community. Wlth a strong reputatlon for excellence in the Performing Arts, the school likewlse plays an actlve role in the community in providing opportunities within the Performing Arts. most notably its Dan￿ Academy which caters for over 120 youngsters from the local community aged 2-18 who benefit from weekty lessons and numerous dance performances throughout the year. The project has gained significant traction with the seed donation of half a million pounds from a lead donor. and full planning permission having been received. Fundraising has begun in e8rnest with a view to curtains up in September 2026. Amongst the highlights in the realm of Perfom)ing Arts this year was the 9th annual Dance Showcase with sold-out Perfomiances and 154 dancers taking to the stage. All KS2 pupils,all 2nd Form pupils and many more from the Third Fonn to Upper Slxth took elther Acting or Public Speaking LAMDA examinations (203 pupils in total) with over 800/ts achieving the top mark of distinction. whilst at the annual Oswestry Youth Music Festival. Oswestry School pupils achieved 16 placiros. nine trophies. and four pupils reached the finals. Head Boy Myles Wllklnson Ilkewlse galned a Choral Scholarshlp at Oxford Unlverslty where he has gone on to read Biology. Productlons and performances have been many and varied including The Wizard of Oswestry, Mean Girls and Chicago alongside numerous musical con￿rtS and perfomances throughout the year. Page 3

OSWESTRY SCHOOL (A company limited by guarantee) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 In the world of Outdoor Education and CCF, we were delighted to be able to field a full team for the finals of the British Shooting School air rifle championships, whilst our CCF once again played a key role in the town's Remembrance Day parade in November and likewise took part in the 80th Anniversary of D-Day commemorations in Cae Glas Park. We were likewise delighted to hear that 00 and fomier CCF Cadet RSM Haydn Cook had passed out of the Royal Military Academy at Sandhurst with a commission into the Royal Engineers folk)wing a long line of oswestrtans going on to serve in the Amied Forces. Almost all of the Third Form undertook the Bronze Duke of Edinburgh Award, with 28 Upper Sixth Formers (x)mpleting the Gold Duke of Edinburgh expedition to South Wales. In sport, we launched our very first Football Academy leading to a stellar season for the 1st Xl whilst the u16s made it into the national finals of the Society of Heads Cup. At the ShropshI￿ Schools. County Cross-country Championships hosted on our playing fields, Oswestry School won team bronze for Year 7 boys, and team silver for Inter Girls, Junior Girls. and Junior Boys. Four pupils qualified for the Hickstead National Schools. Eventing competition. our fledgling Ski Team have picked up a number of trophies at various national indoor competitions. Oswestry swimmers continue to rack up the medals on the county and nab.onal stage, whilst five Oswestrians played for Oswestry Rugby Club u16s in the North Midlands RFU Plate Final. Individual achievements were many and varied with international honours being achiev8d by a number of pupils, induding one pupil gaining representation for Great Britsin at the European Fencing Championships in Hungary, another being named in the u18 Wales hockey squad, and one pupil competing for GB in Italy at the World Long Raroe Shooting Championships. Another pupil retum8d from the World School Games in Rio de Janelro with ￿ golds and a sllver In the para-swlmmlng championships, whilst another represented GB at the World Biathle Championships in Bali. The development of our innovative Teaching and Learning model continues to focus on individualised stretch and challenge for our pupils. with foundational skills in literacy and numeracy developed in the Prep School alongside an educational philosophy rooted in an enquiry approach, whilst independent learning and study Is fvrther developed in the senior school includlng the full launch of the Extended Project Qualification (EPQ) in th8 Sixth Form. As a non-selective school, we pride ourselves on assisting our pupils in achieving their own personal bests, and our Value Added scores continue to demonstrate the benefits of studying within a smaller school setbng. In the summer 2024 examinations, Oswestry SchcM)I students achieved almost double the number of A. grades compared to the year before wlth Just under. 10% of grades at the tr)p level with eight pupils gaining a clean sweep of A" and A grade. and well over half of grades in the A. lo B category. Pupils progressed to a wide variety of destinations including a high proportion going on to Russell Group universwties. with students going on to course study in areas ranging from traditional￿ popular subjects such as Law. Engineering and A(muntancy to emergent areas including Digital Animation. Artificial Intelligence. and Sports and Coaching Science. GCSE results likewise saw a o)ntinued trajectory of improvement with 300A of grades awarded the top bracket of 9-7 representing a 50A improvement on pre-pandemic levels and comparing favourably with the previous yearfs results where 280/0 of grades vrfere in this 9-7 bracket. Value Added data demonstrated that on average. for every single pupil in every single subject they gained close to one full grade higher than they would have done set against the national average. Page 4

OSWESTRY SCHIXIL (A company limited by guarantsa) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Our commitment to global education and inlernationalism has likewise taken significant strides forward with a successful first intemational pupil exchange programme between Oswestry School and Kearsney College. South Africa. with plans to expand the programme involving partnership with St Mary's Diocesan School for Girls in 2024125. Summer 2024 also saw the launch of our inaugural Intemational Summer School across three weeks in July and August with an innovative and bespoke programme modelled on Oswesty School values and virtues and delivered almost exclusively by members of our own teaching and support staff. The programme will expand to the full extent of the summer period in 2025 with a planned Easter revision programme also set for launch. Further international deveh)pment has Included support for The British Academy of Montenegro in its prfroperational phase with Oswesty School playing a key role in translating vision into reality and preparing for the opening of the new school in the nation's capitsl of Podgorica in September 2024. We look forward to further ass(Kiation with the school in the years ahead with a partnership agreement enabling Oswestry School to provide continued support and advice as the school develops and grows in the years ahead. This commitment lo internationalism was recognised at a national level where Oswesty School was named as a finalist in the Independent School of the Y8ar Awards in th8 'Best Int8mational Student Experien￿, category. an award that followed on from Oswestry School being named as winners in the 'Best Learning Support, category of the Muddy Stilettos Best Schools Awards, whilst member of staff Rob Howell was a finallst in the prestigious TES Awards, gaining Highly Commended recognition in the 'Teaching Assistant of the Yearf awards. In summary. it has been a year to look back on with considerable pride. and a great deal has been achieved in the first year of the schwl's Forte strategic vision. On the horizon are much-publicised challenges for Ihe independent sector. but with a clear plan and vision mapped out for navigating the road ahead. Oswesty School goes into this period in a position of strength and with much to take confidence from and build on in the years ahead. We firmly believe that momentum will continue to gather. and this "very. very special school" will continue to thrive and flourish in the years ahead, and our pupils will b8 enabled to find their forte as we prepare them not just for school but for lrfe. Mr P T wilc0x￿onOB Chalrnian Date: 10 December 2024 Page 5

OSWESTRY SCHOOL (A company Ilmlted by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Governors (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of the School for the 1 September 2023 to 31 August 2024. The Annual report seNes the purposes of both a Governors, report and a directors, report under company law. The Govemors confirm that the Annual report and financial statements of the charitable company comply with the current statutory reqU1￿Ments. the requirements of Ihe charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Objectives and activities . Policias and obj•ctiv•s The objects of the School, are: he provision and conduct of a day or day and boarding school for boys and girls in or near the town of Oswestry,. andlor to further the objects of the charity in so far as they relate to the above provision., We aim to provide a first class education to ￿yS and girls from the ages of 4 to 18. We seek to provide structured educational environment that develops our pupils. capabilities. competen￿'S and skills. We promote the academic. moral and physical development of our pupils through our academic curriculum. pastoral care. sporting and olher activities. We provide an educational environment where each student can develop and fulfil his or her potential, building their self confidence and inculcating a desire to Contribute to the wider community. In so doing, we prepare our pupils to leam not just for school, but for life. Page 6

OSWESTRY SCHOOL (A company limited by guarantse) GOVERNORS, REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Objectlves and actlvltles {continu•d) b. Strategles for achieving objectives Our objectives are set to reflect our educational aims and the ethos of the School. It is important to us that we maintain and enhance the academic success of the School. This objective is. however, set in the context of the broader goals we set for the Sthool and its pupils. The Governors are responsible for setting a strategy for achieving the objectives they have set. The focus of our strategy is on the development of our pupils. their continued high levels of academic and co cu￿1CUlar achievement and to further wider aC￿sS to the education our Sch(K)I provides. Our motto is Ive leam not for school but for life". The Schoofs five year strategic plan is updated annually and formally approved by th8 Board. The overall summary of this plan is for Oswestry School to be the 'the famlly school of Choi￿ in Shropshire,. caring for pupils from early years to the end of their Sixth form. lis pastoral care will be second to none. It will be non- selective in the b8st sense: it will SUPF(lrt, challenge and develop pupils of a wide range of abilities. to reach their fullest potential. It will have academic renown. Its co4urriculum will be broad and demonstrate excellence in many areas: music. drama. sport; and adventure education. The School will adhere to its motto, 'not for school. but for life, (non scholae sed vitse). Oswestry School is a British independent school with a long and rich heritage. It will have a strong international dimension, celebrating the diversity of its comrnunity. Its pupils will be free from pretension. The School will be a trusted provider of education, with a genuine family atmosphere and a sense of community. Oswestry School is a charitable company which seeks to benefit the public through the pursuit of its stated aims and obj8Ctives. Our f88s are set at a level to 8nsure th8 financial viability of the School and at a level that is consistent with our aim of providing a first class education to boys girls. Our School welcomes pupils from all backgrounds. To admit a prospective pupil, V￿ need to be satisfied that our School will be able to educate and develop that pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance InteNiews and assessments are undertaken to satisfy oursefves and parents that potential pupils can cope with the pace of leaming and benefil from the education we provide. An individual's e(XJnomic status. gender. ethnicity. race. religion or disability do not form part of our assessment processes. We are an equal opportunity organisation and we are committed to a working environment that is free from any form of discrimination on the grounds of colour, race. ethnicity. religion. sex. sexual orientslion or disability. We will make ￿asOnable adjustments to meet the needs of staff or pupils who a￿ or be(x)me disabled. Our School is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. In the last Independent Schools, InstEctorate report, the pastrjral care provided by our Form Tutors. Heads of House and Year, was described as "excellent.. Parents are given regular informab'on about their children's social and academic progress through parents evenings, in addttion to the traditior)al end of temi and year reports. We maintain regular contact with parents throughout the year through infomial contacts. the Headmasterfs weekly, end of term. and other letters and through our newsletter. Older pupils have a Form Tutor and Head of Section responsible for pastoral care and academic developrnent. Activities undertaken to achieve objectives The School principally provKles education in Oswestry to boys and girls aged beknn 4 and 18. Page 7

OSWESTRY SCHIX>L {A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectlves and actlvltles (contlnued) d. Accèss Pollcy It is important to us that access to the education we offer is not restricted to those who can afford our fees. We believe our pupils benefit from leaming within a diverse community. A great deal of leaming occurs through social interaction. conversation and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives. Our bursary policy contributes to a widening of access to the education we offer and the faciltties we enjoy. and our Accessibility Plan ensures our facilities are accessible to all. e. Bursary and scholarship policy The Governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afft)rd the fees can access the education we offer. Our bursary awards are available to all who meet our general enty requirements and are made solely on the basis of parentsl means or to ￿lIeVe h8rdship where a pupil's educab'on and future prospects would otherwise be at risk for example in the case of redundancy. In assessiNJ means we take 8 number of factors into conSiderat￿n including family incom8. investments and savirKJs and family circUmstan￿s, for example dependant relatives and the number of siblings. However. our School does not have a large endowment and in funding our awards we have to be mindful that we must ensure a balance bebNeen fee paying parents, many of whom make considerable personal sacrifices to fund their child's education and those benefiting from the awards. We are also consclous that we onty have a finite sum of money available for these awards. The bursary awards range from 5°A to 100°A fee remisslons. Infomiatlon about fee 8SSiStance through bursarles is provided to all applying to the School. Further detsils of our bursary wlicy and how to apply are avallable on our website. To underline the value we place on continuity for families, we offer discounts where parents have more than one child at the School. Further discounts are also available for serving members of the Armed Forces and ex pupils of the School. The purpose of our scholarship awards is to recognise high academic potential or the ability to excel in our (xi curricular activities. Our scholarships are awarded on the basis of the individual's academic potential or evidence of exceptional abilities which will contribute to our co curricular activities. Scholarships are awarded with a fixed remission of fees of between 5 % and 20Yo. Where further assistsnce is required. scholarship awards may be supplemented by a means tested bursary. We advertise the availability of scholarship awards each winter in the local press. Further details of our scholarship policy are available on our website. f. Staff Discounts As part of our emphasis on attracting and retaining high caliber stsff. we offer a discount scheme where stsff members choose to educate their children at our School. Page 8

OSWESTRY SCHOOL (A company Ilmlted by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectlves and activities {¢ontinued) g. Maln actlvltles undertaken to further the School's purposes for the public benefit In setting our objectives and planning our activities, the Govemors have given careful consideration to the Charily Commission's ￿vISed guidance on public benefit and in particular to its supplèmentary public benefft guidance on advancing education and on fee charging. Our key objectives for the year. as set out in the School Strategic Plan, included: continuing to implement the capital building plan., maintaining charitable status- implementing increased benchmarking techniques; reviewing the breadth of curriculum offered" implementing activities to ease transitional process8S Wlthin School; maintaining and improving links with the local community; reviewing current marketing strategies. maintaining pupil recruitment to agreed minimum18V81s' planning and implementing facilities development programme. and continuing review of financial procedures. Oswestry School's Community Action programme demonstrates the school's strong s8nse of its individual and collectlve sod81 responslbillty. There Is a commitment by all members of the school community to maintain relationships with other local schools. and to community initiattves. as well as sharing the school's facilities with the wider community, at the same time regularly supporting local. national and int8rnational charities throughout the year. Oswesty School is committed to connecting the school. its stsff and all its pupils with the local community. through participation in a broad rarKJe of activities that are clearty for the benefit of the wlder public. Some of the activities Oswestry School offers at low cost or free of charge to the local community on a regular basis are: Ilteracy workshops, maths challenge days, science sessions, sports training to local schools, induding transport if required: community reading, for example hosting 1.000 local primary school children for a well known author. outreach programme, teaching stsff visit local nurseries and schools to offer specialist languag8, maths and science teaching as well as sports training. Community Action programme: each week pupils are involved in activities such as visiting local retirement homes, pond. rubbish and weed clearing in the town and also in the countyside with both the Shropshire and Montgomeryshire Wildlife Trusts" use of our swimming Fool to local schools" playing fields to local schools and sports clubs. rugby pitches to the local rugby dub. hosting regional fixtures, for example cross-country. football and swimming galas; use of minibuses for local primary schools for trips. and to transport their pupils to other school facilities" sharing leadership expertise with the lo(al school's by members of the SLT being governors of local primary schools" support the local church and indeFendent choirs by providing them with a venue to rehearse and thoral scholarships., a cross county venue for the county cross country school championships,. the local amateur athletics, netball and hockey clubs use our facilities for their base: and provlde grounds upkeep services for two local primary scfv)ols. Page 9

OSWESTRY SCHOOL (A company limited by guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and actlvltles (contlnued) We regularly update the Schools Together website with case studies of our public benefit activities to help the wider population understand the positives that independent schools brlng to the natlonal economy. According to the most recent figures available as calculated using the ISC Economic Impact Assessment tool, the economic impact of Oswestry School can b& d8monstrat8d by: supportlng the addition of £5.7 million a year to the local economy and over £8.5 million to UK GDP supporting 161 locally and 212 jobs nationalty. supporting £2.8 million 8 year in tax receipts to the Exchequer, including approximately £150k in VAT on goods and servlces that cannot be recovered,. and saving the Exchequer £2.5 million a year by educating over 350 British pupils who would otherwise be educated within the state system. strat•glc report Achlevements and perfomiance . Main achievements of the School Key achievements are included in the Chairman's statement. Academic results are pleasingly strong from a truly comprehensive intake of pupils. We take great pride in the academic achrevements of our pupils.. from those achieving A's and As to those for whom passing an A4evel is a slgnlflcant achlevement. Those leavlng the school have been supported to sultable universities (including Oxbridge) or, increasingly, excellent apprenliceship schemes. In the sports arena, there have been many results to celebrate with a hugely diverse sports offering. The Performing Arts faculty is purposeful and is well supported, with our Dance offering being by far the best in the area. Nearty 300 pupils in the school achieved LAMDA certificates rec8ntly {all achieving Merits or Distindlons). Music performances are also impressive, including one of our choirs reaching regional finals and one third of all pupils taking music lessons. Outdoor education and CCF contlnue as signlficant areas of strength. The Duke of Edinburgh Award programme is widely followed and our cadet corp is heralded as an example of best practice. b. Key performance Indlcators Key results are mentioned in the Chaiman's Statement. Review of activiti88 A review of activities is included within the Chaimian's Statement on page 3. Page 10

OSWESTRY SCHOOL (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Strateglc report (contlnued) Achl•vements and perfomiance (contlnued) d. Investment policy and performance It is part of the Financial and Gener81 Purpose Committee's remit to determine the level and nature of investments held by the School, which is in accordance with the Schoofs Memorandum and Articles of Association. The aim will always be to ensure that the School has sufficient cash reserves to cover current expenditure which is monitored monthly in the management accounts. The School does not have sufficient funds to invest due to the School's policy being to continually invest in the infrastructure and facilities of the Sch(y)l. Financial reviow . Business perfomlance and outlook A financial review is included in the Chairman's Report. b. Going concern The Govemors consider the School to be a going (x)ncern and continually review this through having at least two years of advance budgets to confirm financial safety. Other areas considered are the implication5 of compliance with other legislation whfch can critically damage the School if not managed correctly. Regular reviews of Safeguarding policies and procedures are critical. as are confimiation of no accidents and full fire compliance. Both Intemal and external risks are monitored and documented in the School's risk rnatrix which is annually reviewed by the Governors and management are acutely aware of the need to continually monitor compliance in all areas. The last Integrated ISI inspection that the School had was in April 2024 which confirmed total compliance in all areas. The School is currentw in a strong position in terms of cash resources and surpluses being achieved. and the governors will work hard to ensure that this continues in light of the current political challenges, but the weak pound is proving advantageous in respect of our intemational pupils and our forecasts. whilst prudent, show cash surpluses for at least the next academlc years. Page11

OSWESTRY SCHOOL (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 c. Principal risks and uncertaintles The GovenKJrs are responsible for managing the risks faced by the School. Detailed consideration of risk is delegated to the Senior Leadership Team of the School. Risks are identified. assessed and controls established throughout the year. A formal review of the School's risk management processes is undertaken on an annual basis. Risk is managed under the headings of financial sustainabilty. school safely. student welfare. employment, school trips and 8V8nts and communwty aC￿sS. Through the established risk management process8S, th8 Gov8mors are satisfied that the major risks ar8 identified and that systems and procedures are in place to manage the exposure to major risks. It is recognised that systems can only provlde reasonable but not absolute assurance that major risks have been adequately managed. The principal risks and uncertainties Identified by the above process concentrate on financial stabllity and pupil role, of whith the external factors like a global pandemic. political landscap8 and the exchange rate are curr8ntly high on the agenda. Our abilty lo issue visas under the CAS regime is businesswcriticAI and so procedures have been put in place to mitigate the risk of ever-changing government legislation in this regard. ConseNative budgets are in plac8 to tsk8 into account the risk of 8 significant drop in the pupil rol8 which highlights what the critical number is before it is deemed that cost reviews are needed. This is being constantty monitored by both management and Govemors. d. Reserves pollcy The total reserves shown on the balance STr￿et a￿ £5.558.308 (2023: £5.345,688). Free reserves induding designated funds are a deficit balance of £3,328.268 (2023: £2,876.006) and are made up of unrestricted current assets of £3,558,060 {2023.' £2.438.028). unrestricted current liabilities of £4,546.233 {2023: £3,769,517) and unrestricted non current liabilities of £2.340.095 (2023: £1.544,697). If designated funds of £330,000 (2023.. £330,000) are exduded, free reserves are a deficit balance of £3.658.268 (2023: £3.206.0￿). Total restricted funds shown on the balan￿ sheet total £449,467 (2023: £417,602). The Govemors consider that given the strength of the School's balance sheet. the stable cash flow, the ongoing popularity of the School, the available banking facility that can be called upon if the need arises. and that the Schwl's reSoUr￿S are managed on a monthly cash flow basi5 the negative free reserves position is acceptable when consldering the ongolng investment of the fabrlc and improvement of the School. The Governors recognis8 that the18vel of reserves fluctuates during periods of investment in the School and the arrangements with our bank are in place to provide an adequate 'safety net, should it be required. Th8 School revalued land and buildings during the year ended 31 July 2002. which produced a revaluatlon surplus of £2,648,112. Page 12

OSWESTRY SCHOOL (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Structure, governance and management a. Constltutlon The School is registered as a charftable company limited by guarantee and w8s set up by a Trust deed. The sthool is a registered charity number 1079822. The Schcol's Memorandum and Artldes of Association are dated 29 October 2001, as amended on 4 November 2003. b. Methods of appointmenl or election of Governors New Governors are appointed by the existing Board of Governors. In addition, one Govemor is nominated by the Bish)p of Lichfield and one Governor is nominated by Oswestry Town Council. A maximum number of Governors permitted by the Articles of Association is 18, and the minimum number is 7. c. Policies adopted for the induction and training of Governors The Goveming b(￿Y ￿qUIreS breadth and depth of experience to carry out its duties effectively and efficiently. When recruiting new Governors. the important attribute is a passion for the work of our Schwl and an understanding of education as a holistic and rounded experlence of personal growth. The Govemors consider that the skills and experlence of the Board should include the following: a Gov8mor with a legal background. a Governor with a financlallaccounting background. Govemor with educational experience. a Gov8mor with senior managerial or business experience., a Govemor with expertise in the field of human resources; a Govemor with experien￿ of equal opportunities or disability needs. and at least one famale Govemor and at least one male Governor. One Govemor may have one or more of these skills and each receives a Governor pack and training sessions upon appointrnent. and updates as appropriate. All new Governors, when appointed, recerve an induction booklet. safeguarding training and a tour of the School. They also receive the AGBIS Guidelines for Govemors. CC3 The Essential Trustee and a (x)py of the School Memorandum and Articles. AGBIS training courses are made available to the Governors as appropriate. d. Pay policy for key managoment personnel The Finance and General Purpose Govemors. committee sets the remuneralion for the Headmaster and Bursar and ratified at Full Bo8rd level. The rest of the senior management's remuneration is at the dlscretion of the Headmaster. subject to the budget allowing. Page 13

OSWESTRY SCHOOL (A company limlted by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, govemance and management (continued) e. Organisational structure and declslon maklng The Govemors are responsible for the overall management and control of the School and meet at least three times a year. The work of implementing most of the Goveming Body's policies is carried out by various Governor led sub committees. namely Finance and General Purpose, Estates, and Education and Pupil Welfare. which then feed into the full Board meetings held at least once a term. Each committee includes at least iwo Govemors, the Bursar and the Headmaster. The Bursar. who is also the Clerk to the Governors. is responsible for coordinating the work of the Govemors and their Committees, preparation of papers and management accounts and the review of matters arising. All Governors give their time freely atKI did not receive any remuneration in th8 year, although travelling expenses have been reimbursed. No Govemor. or person connected wlth a Governor, received any benefrt from either means tested bursaries or scholarships awarded to our pupils. The Govemors determine the general policy of the School. The day to day running of the School is delegated to the Headmaster, supported by senior staff. The Headmaster undertakes the key leadership role overseeir 8ducational, pastoral and administratlV8 funclions in consultation with thè senior staff. The day to day administration of the School is undertaken within the policies and procedures approved by th8 Governors which provide for only significant expenditure decisions and major capitsl projects to be referred to the Governors for prior approval. The Headmaster oversees the recruitment of all educational staff. whilst under delegated authority the Bursar oversees the ￿eruItMent of administratlV8 and non teaching support staff. The Headmastsr, Deputy Head, Head of Oswestry School Prep and Butsar are invited to attend Govemors, meetings. f. Related party rnlationships The School is a member of The Headmasters Conference (HMC), The Society of He8d5 (SoH}, the Independent Association of Preparatory School {IAPS), Boarding Schools association (BSA), the Associatron of Governing Bodies of Independent Schools (AGBIS) and the Independent Schools, Bursars Associalion (ISBA) which provide opportunities to share expertise, knowledge and experience across the independent SCI￿1 sector. g. Risk Management The Governors have assessed the major risks to which the School is exposed, in particular those related to the operations and finances of the School. and are satisfied that systems and procedures are in pla￿ to manage our exposure to the major risks. Future developments Both boardlng and 6th Form recruitment is strong. and so w8 have plans to significantly refurbish those facililies during the next finanGial year. Beyond that. we l)ope to C8pitslise on the Success of our Performing Arts department and build a new Theatre. Fund8 held as custodlan No such funds held. Page 14

OSWESTRY SCHOOL IA company limited by guaranteo) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Members. Ilablllty The Members of the School guarantee to contribute an amount not exceedlng £1 to the assets of the School in the event of winding up. Stalement of Governors. responsibilities The Governors (who are also the diredors of the School for the purposes of company law) are responsible for preparing the Govemors, r8POrt including the Strategic report and the financial statements in acc(Ydance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlce). Company law requires the Govemors to prepare financlal statements for each financial Under company law. the Governors must not approve the financial statements unless they ar8 satisfied that they give a true and fair view of the state of affairs of the School and of its incoming resources and application of resources. induding its income and expenditure, for that period. In preparlng these financial statements. the Govemors are requlred to.. select suitable accountlng policies and then apply them consistently; obseNe the methc*Js and principles of the Charities SORP (FRS 102). make judgments and accounting estimates that are reasonable and prudent; stats whether applicable UK Accounting Slandards (FRS 102) have been followed. subject to any materfal departures disclosed and explained in the financial statements. prepare the financial slatements on the going concem basis unless it is inappropriate to presume that the School will continue in business. Th8 Govemors are responsible for keeping adequate accounting records that are sufficient to show and explain tha School's transactions and disclose with reasonable accuracy at any time the financial Fosition of the School and enable them to ensure that the financial ststements compty with th8 Companies Act 2006. They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularltles. Disclosure of information to audltors Each of the persons who are Governors at the time when this Governors, report is approved has confirmed that: so far as that Governor is aware, there is no relevant audlt Informatlon of which the charity's audttors are unaware and that Governor has taken all the steps that ought to have been tsken as a Governor in order to be aware of any relevant audit infonnation and to establish that the chariws auditors are aware of that information Page 15

OSWESTRY SCHOOL (A company limlted by guarantee) GOVERNORS, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Audltors The auditors, WR Partners, have indicated their willingness to contlnue In office. The designated Govemor5 will propose a motion reappointing the auditors at a meeting of the Governors. Approved by order of the members of the board of Govemors and signed on their behalf by: Mr P T WilcoxJones Chairman Date: 10 Dec8mb&r 2024 Page 16

OSWESTRY SCHOOL {A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OSWESTRY SCHOOL Oplnlon We have audited the financial statements of Oswestry Schclol {the 'school') for the year ended 31 August 2024 which comprise the Ststement of financial acttviti8S, th8 Balance sheet, the Statem8nt of cash flows and the related notes. induding a summary of signfficant a¢¢ounting policies. The fin8ncial reporting framework that has been applied in their preparation is applicable law and United Kingdom Acc£sunting Stsndards. including Financial ReFY)rting Standard 102 The Financial R8POrting Stsndard applicabl8 in th8 UK and Republic of Irelsnd, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements". give a true and fair view of the state of the charitable company's affairs as at 31 Augusl 2024 and of its incoming resources and application of reSoUr￿s, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Practice. and have been prepared in accordanee wlth the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our r8sponsibiliti8s under those starmdards are further describ8d in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial stalements in the United Kingdom, including th8 Financial R8POrting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is SLrfficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audtting the financial statements, we have concluded that the Governors, use of the going concern basis of accountlng in the preparatlon of the financlal statements Is approprlate. Based on the work we have performed. we have not identified any material uncertainties relating to events or condttions that. indNidually or collectively, may cast slgnlflcant doubt on the charitable companvs ability to continue as a going concem for a period of al least twelve months from when the financlal statements are authorised for issue. Our r88ponsibilitl8s and the responsibilities of the Governors with respect to going concem are described in the relevant sections of this report. Page 17

OSWESTRY SCHOOL (A company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OSWESTRY SCHOOL (CONTINUED) Other inforniation The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Governors are responsible for the other infomiation contained within the Annual report. OLFr opinion on the financial statements does not cover the other information and. ex￿pt to the extent otheDNise explicitly ststed in our report. we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other infomiation is materialty inconsistent with the financial statements or our knowledge obtained in the course of the audit. or othernise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. V￿ are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. b8sed on the work we have performed, we condude that there is a material misstatement of thi5 Other information. are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters prescrfbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: th8 information given in the Govemors, Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Govemors. Report and the Strategic Report have been prepared in accordance with applicable legal quirements. Matters on which we are required to report by exception In the light of our knowledge and understsnding of the tharitable company and its environment obtained in the course of the audtt. we have not identified material misstatements in the Governors, Report including the Strategic Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: adequat8 accounting records hav8 not b88n k8Pt, or r8tums ad8quate ft)r our audit have not been re￿iVed from branches not vlsited by us: or the financial statements are not in agr88m8nt with the accounting records and returns. or certain disclosures of Govemors, remuneration specified by law are not made,, or we hav8 not rec8ived all the information and explanations we require for our audit. Pag8 18

OSWESTRY SCHOOL (A company Ilmlted by guarantee) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF OSWESTRY SCHOOL (CONTINUED) Responsibilities of trustees As explained more fully in the Governors, responsibilities statement. the Governors (who are also the directors of the charitable company for the purFK)ses of company law) are reswnsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error. In preparing the financial statements, the Govemors are responsible for assessing the charitable company's ability to continue as a going con(£rn. disclosing. as applicable, matters related to going con￿rn and using the going concern basis of accounting unless the Govemors either intend to liquidate the charitsble company or to cease operations, or have no realistic altemative but to do so. Auditors. rosponsibilities for the audit of the financial sLqtements Our objectives are to obtain reasonable assurance about whether the financial statements as a whol8 are free from material misstatement, whether du8 to fraud or error, and to issue an Auditors, report that includ8s our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted in ac￿rdance with ISAS (UK) wlll always detect a material misstatement when it exists. Misstatements can arise from fraud or emr and are considered material if, individually or in the aggr8gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instsnces of non-complian￿ with lav￿ and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We revlewed the susceptibility of the Charitys financial ststements to material misstatement and identffied the principal risks, implementing a series of testing procedures to provide us with sufficient comfort to ISSU8 our opinion. We reviewed the Charitys regulatory environment to ensure we could conclude that it had acted in accordan￿ with the framework relevant to the Charity and its environment and identify any instanc8s of non-compliance. We also assessed the Charitvs internal control procedures to ensure we could appropriately scrutinise these controls and establish whether our understanding of the control environment was sufficient to supplement our additional testing procedures. The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and awareness to carry out our WO￿ to the required standard. Page 19

OSWESTRY SCHOOL (A company limltsd by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OSWESTRY SCHOOL (CONTINUED) Because of the inherent limitations of an audwt. there is a risk that we ￿111 not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation 15 removed from the events and transactions reflected in the financial statements. as we ￿111 be less likely to become aware of instances of non-complian￿. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .uklauditorsres onsibilities. This description fonns part of our Auditors, report. Use of our report This report is made solely to the charitable company's members, as 8 body, in accordan￿ with Chapter 3 of Part 16 of th8 Compani8s Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and its members. as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Malpass BA FCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date:11 D8c8mber 2024 Page 20

OSWESTRY SCHOOL (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE AccouKn FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restr5cted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Nots Income from: Donations and legacies Charitable activities Other trading acttvities Investments 64455 141,441 7.423.530 289.687 32,482 8.634.342 273.765 82,614 8.634.342 273.765 82,614 Total income and endowments 8,990,721 9.055.176 7.887, 140 Expenditure on: Raising funds Charitable activities 471,646 359,263 1,222 19,146 472.868 8,378,409 315,904 7.362, 718 10 Total expenditure 8.830.909 20,368 8.851,277 7,678,622 Not income before net galns on Investments Net gains on investments 159,812 44,087 203,899 208,518 15 553 8,168 8,721 127 Net income Transfers between funds 160,365 44,087 8.168 212.620 208,645 20 12.222 (12222) Net movement in funds 172,587 31.865 8,168 212.620 208.645 Reconcillatlon of funds: Total funds brought foThvard Net movement in fijnds 4.156.487 172,587 417.602 31,865 771,599 8,168 5.345,688 212.620 5.137,043 208,645 Total funds carrled forward 4.329,074 449,467 779,767 5,558,308 5.345,688 The Statement of Financial Actlvities indudes all galns and losses recognised in the year. The notes on pages 24 to 46 form part of these financial statements. Page 21

OSWESTRY SCHOOL (A company limited by guarantee} REGISTERED NUMBER: 03931222 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Nots Flxed assets Tanglble assets Investrnents 14 15 8,788,602 96,274 8, 152,576 87,553 8,884,876 8,240,129 Current assets Stocks Debtors Cash at bank and in hand 16 17 65,432 296,156 3.198,172 68,580 206,672 2, 162,956 3,559.760 2.438,208 Creditors: amounts falling due within one year 18 (4,546.233) (3, 787,952) Net current liabilities (986,473) (1,349, 744) Total assets less current Ilabilitles 7,898,403 6.890,385 Creditors: amounts falling due after more than one year 19 (2,340,095) (1,544,697) Total not ass•ts 5.558,308 5,345,688 Charity funds Endowment funds Restricted funds Unrestricted funds 20 20 20 779.767 449,467 4.329,074 771,599 417,602 4,156,487 Total funds 5,558.308 5,345,688 The Govemors acknowledge thelr responsibilities for complying with the requirements of the Act with respect to accJ)unting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Govemors and signed on their behalf by: Mr P T Wil¢ox￿one6 Chairman Date: 10 December 2024 The notes on pages 24 to 46 form part of these financial statements. Page 22

OSWESTRY SCHOOL (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flows from operatlng actlvltles Net cash us8d in operating activities 22 2,216,691 1,098,864 Cash flows from Investlng activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 33,918 17,750 {1,025.101) (646,651) Not Cash used In Investlng actlvltles (991,183) (628,901) Cash flows from financing activities Repayments of borrowing New finance leases Repayments of finance leases (196,444) (254,931) 91,964 81,040 {85.812) (67,919) Net cash used In financlng actlvllle8 {190,292) {241.810) Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 1,035,216 2,162.956 228,153 1.934,803 Cash and cash equivalents at the end of the year 23 3,198,172 2, 162.956 The Mtes on pages 24 to 46 fomi part of these financial statements Page 23

OSWESTRY SCHOOL (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information Oswestry School is a charity and company limited by guarantee and registered in England. The address of the registered office is given in the charity infomiation on page 1 of these financial statements. The nature of the School's operat￿)nS and principal activities are that of an educatlonal establishment. Accounting policies 2.1 Basis of preparation of flnanclal statements The financial statements have been prepared in accordance with the second edition Charities SORP {FRS 102) Accounting and Reporting by Ch8rities: Stst8ment of Recommended Praotice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Oswestry School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognis8d at historical cost or transaction value unless 0th8rwis8 Stated in the relevant accounting policy. 22 Going concern Having reviewed the funding facilities available to the Company together with the expected ongoing demand for places and the Company's future projected cash flows. the Governors have a reasonable expectation that the Company has adequate resources to continue its activities for the foreseeable future. Accordingly. they continue to adopt Ihe going concern basis in preparing the financial statements as outlined in the Governors Responsibilities Statement. 2.3 Income All income is recognised On￿ the School has entitlement to the income, it is probable that the income will be re￿iVed and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investrnent income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have b88n provided or on compl8tion of th8 S8tViC8. Page 24

OSWESTRY SCHOOL (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcies (continu•d} 2A Expenditur• Expenditur8 is r8cognised On￿ there is a legal or constructive obligation to transfer economic benefit to a third party, It Is probable that a transfer of economic benefits wlll be requlred in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity ar8 made up of the total of dir6Ct costs and shared costs, including support costs involved in undertaking each actlvlty. Dlrect costs attributsble to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between thos8 activities on a b8sis consistent with the use of reSoUr￿s. Central staff Costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of Ihe asset's use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating Information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the obj8Cts of the School and include proiect management carried out at Headquarters. Costs of generating funds are costs Incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitsble activities and Governan￿ costs are costs incurred on the School's educational operations, including support costs and costs re18ting to the governance of th8 School apportioned to charitable activities. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by the School,. this is nomially upon notffication of the interest paid or payable by the institution with whom the funds ar8 dewsited. 2.6 Tanglble flxed assets and depreclation Tangible fixed assets of a capital nature are capitalised and recognised when future economic benefits are probabl8 and the cost or value of the asset can b8 m8asured reliably. Tangible fixed assets are initialty reccgnised at cost. After recognition, under the cost model. tsngible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended wotking condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed 8888ts18SS their residual value over thelr estlmated useful Ilves, on a reduclng balance basls. Depreciation is provided on the following bases: Freehold prop8ty Long-term fixtures and fittings Fixtures and fittings Motor vehicles Kitchen equipment Computer equipment - 50 years 20 years - 10 years 10 years 5 ye8rs - 5 years Page 25

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.7 Investments Fixed asset investments are a form of financial instrument a￿1 a￿ initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gainsl{Losses) on investments. in the Slatement of financial activities. 2.8 stocks Stocks ar8 valued at the lower of cost and net realisable value after making due allowance for cl)solete and sbw-moving stocks. Cost indudes all direct costs and an appropriate proportion of fixed and variable overheads. 2.9 Debtors Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the 8mount prepaid. 2.10 Cash at bank and In hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a shcrt maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan￿ sheet date as a result of a past event. it is probable that a transfer of economic benefrt will be required in settlement, and the amount of the settlement can be estimated reliabty. Liabilities are recognised at the amount that the School anticipates il will pay to settle the debt or the amount it has received as advanced payments for the goods or services rf( must provide. Provisions are measured at the best estimate of the amounts required to setue the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those arTh)unts. discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the diswunt is recognised in the Ststement of financial activities as finance cosL 2.12 Flnanclal Instruments Th8 School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initialty recognised at transaction value and subsequendy measured at their settlement value with the exception of bank loans whith are subs8qU8ntly measured at amortiS8d cost using the effectiv8 int8rest method. Page 26

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.13 Finance leases and hire purchase Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are dep￿CIated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the School. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finan￿ element of the rental payment is charged to the Statement of financial activities so as to pr&￿UCe a constsnt periodic rate of charge op, the net obligation outstanding in each period. 2.14 Operating leases Rentals paid under operating leases are charged to the Statement of financial aclivities on a straight line basis ov8r th818a88 t8rm. 2.15 Penslons The School operates a defined contribution pension scheme and the pension charge represents the amounts payable by the School to the fund in respect of the year. The School contributes to Group Personal Pension Schemes for the benefit of all employees. The schemes are defined contribution schemes administered by Scottish Widows and Pensions Tnjst. 2.16 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Govemors in furtherance of the general objectives of the School and which have not been designated for other purposes. Endowment funds comprise funds that represent the land endowed in the School's constitution. and is held on Trust for Oswestry School. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Sch)ol for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 2.17 Composlte fee8 scheme Parents may, subject to contractual ternis and conditions, pay to the School tultlon fees in advance. The money may be returned subj8Ct to specific condittons. Page 27

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Critical accounllng estlmates and areas of judgment Estlmates and judgments are continually evaluated and are based on historical experience and other factors. induding expectstions of future events that are beli8ved to be reasonable under the circumstances. The School makes estimates and assumptions concerning the future. The resulting accounting estlmates will, by definition, seldom equal the related actual results. In the opinion of the Governors there are no estimates and assumptions that have a slgnlficant rlsk of causlng a materlal adjustment to the carrying amount of assets and liabilities within the next financial year. Income from donatlons and legacles Restricted funds 2024 Total funds 2024 Total funds 2023 Donations & fundr8islng 64,455 64,455 141,441 Total 2023 141,441 141,441 Income from charitsble activities Unrestrlcted funds 2024 Total funds 2024 Total fvnds 2023 School Fees R8gistration Income Shop Income Other School Income 8.178.555 43.050 99,950 312.787 8.178.555 43,050 99,950 312.787 6.994,086 81,816 104,582 243,046 Total 2024 8,634,342 8,634,342 7,423,530 Total 2023 7,423,530 7.423.530 Page 28

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Charitable actlvllias . school fees 2024 2023 Gross school f88S Scholarship, bursaries and remissions 10,361,434 9, 144,867 (2,185,879) (2. 150. 781) Totsl 8,175.555 6,994,086 Income from other trading actlvltles Income from non charltable tradlng aetivllles Unre￿ricted funds 2024 Total funds 2024 Totsl fvnds 2023 LettingslHire of School 273,765 273,765 289,687 Total 2023 289.687 289,68T Page 29

OSWESTRY SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment income Unrestrlcted Endowmenl funds funds 2024 2024 Total funds 2024 Total funds 2023 Llsted Investments Cash Investments 410 82,204 410 82,204 1,337 31.145 82,614 82,614 32,482 Total 2023 31,227 1.255 32,482 Expenditure on raising funds Costs of raising voluntary income Unrestrlcted Restrictsd funds funds 2024 2024 Total funds 2024 Tot81 funds 2023 Finance costs Fundraising costs 147,774 323,872 147,774 325,094 123, 140 192, 764 471.646 1.222 472,B68 315,904 Total 2023 315.904 315.904 Page 30

OSWESTRY SCHOOL (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysis of expenditure on charitable activitiès Summary by fund type Unrestrlcted Restrlcted funds funds 2024 2024 Total 2024 Total 2023 Teaching Welfare Premises Support costs and govemance 3,639,669 994,493 2.037.834 1,687.267 3,235 3,642.904 994,493 2,053.745 1,687,267 3.097,516 895,895 1,903, 120 1.466. 187 15,911 8,359,263 19,146 8,378,409 7,362. 718 Tot812023 7,332,976 29,742 7,362, 718 Summary by expenditure type Depreclallo n Other costs 2024 2024 Staff costs 2024 Total 2024 Total 2023 Teaching Welfare Premlses Support costs and govemance 3,368,796 160,570 744,828 591.458 274,108 833,923 955,838 1,095,809 3,642,904 994,493 2,053,745 1,687,267 3,097.516 895.895 1,903, 120 1,466, 187 353.079 4,865.652 353,079 3.159.678 8,378,409 7.362,718 Total 2023 4.144.251 344.152 2,874,315 7,362,718 Page 31

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Net Income￿XpendItUre This is ststed afler charging: 2024 2023 Depreciation of tangible fixed assets - held under finance lease Depreciation of tangib18 fixed assets - owned by the charity Auditors. remuneration - audit and accounts preparation 52,480 300,599 18,466 50, 139 294,015 16,583 371,545 360, 737 12. Staff costs 2024 2023 Wages and salaries Social securfty costs Other pension costs 4,053,653 351,325 460,674 3,461,795 292, 180 390.276 4,865.652 4,144,251 Included within th8 above are exceptional staff payments of £30,000 {2023: £nil). The average number of persons empk)yed by the School during th8 y8ar was as follows: 2024 No. 2023 No. Academic Admlnlstrative Estates Welfare 92 21 39 10 85 18 35 162 146 Pag8 32

OSWESTRY SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Staff costs (contlnued) The average headcount expressed 85 fijll-time equivalents was: 2024 No. 2023 No. Academic Support Estates Welfare 77 19 31 70 16 26 131 116 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,0(Ki was." 2024 2023 In the band £50.001- £60,000 In the band £60.001- £70,000 In the band £70.001- £80.000 In the band £110,001- £120,000 Aggregate employee-benefit5 (including employer pension contributions) of key management personnel were £523,750 (2023: £307,598). 13. Governors. remuneration and expenses During the year. no Governors received any remuneration or other benefits (2023 - £NIL). During the year ended 31 August 2024. expenses totaling £774 were reimbursed or paid directly to 1 GoverrK)r (2023 - £4,003). This relates to the accommodation costs required to attend the board meetings. Page 33

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1& Tangible fixèd assets Freehold property Motor Fixtures and vehicles fittlngs Total Cost or valuatlon At 1 September 2023 Additions Disposals 8.681.474 108.992 407,082 98,765 (70.985) 4,113,474 13,202.030 817,344 1,025.101 170.985) At 31 August 2024 8,790,466 434,862 4,930,818 14,156,146 Depreciation At 1 September 2023 Charge for the year On disposals 1,984184 124,564 186,382 33,245 (34,987) 2.878,888 195,268 5.049.454 353,077 (34,987) At 31 August 2024 2,108,748 184,640 3,074,156 5,367.544 Nét book value At 31 August 2024 6.681,718 250.222 1,856.662 8.788.602 At 31 August 2023 6,697.290 220, 700 1,234.586 8, 152,576 The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows". 2024 2023 Motor vehicles Fixlures and fittings 134,835 91,666 43.922 127.801 226,501 171,723 Page 34

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Tanglble fixed assets {contlnued) Included in land and buildings is freehold land at a deemed cost of £1,199.726 (2023: £1.199.726). which is not depreclated. Of this amount £681.793 (2023: £681.793) is permanently endowed. Of th8 abov8. the following land and buildings have been used as securty via fixed charges, and have been agreed as a negative pledge wlth Lombard North Central Publlc Llmited Company and National Westrninster Bank PLC.. Oswestry Junior School, Upper Brook Street, Oswestry Vno SL106680, bellan house school. 40 Church Street, oswesty Uno SL106681 and the land and buildings on the south west side of Oswald's Well Lane. Oswesty Vno SL106682. There is also a third party legal charge over Ihe following.. Bellan House School 40 Church Street Oswesty Shropshire and land and buildings on the south west side of Oswalds Well Lane Oswestry Shropshire un's SL1C6680, SL106681 and SL106682 by way of fi'xed charge any other interest in the property, all r8nts r8c8ivab18 & all plant machinery fixtures fittings furnFture equipment implements & utensils. The gC￿will of any business carried on at the prop8ty & th8 pr(￿edS of any Insurance affectlng the property or assets. The third party legal charge is held with National Westminster Bank PIC by way of18gal mortgage. 15. Flxed asset Inveslments Llsted investments Cost or valuatlon At 1 September 2023 Revaluations 87.553 8,721 At 31 August 2024 96,274 Net book value At 31 August 2024 96.274 At 31 August 2023 87,553 Page 35

OSWESTRY SCHOOL (A company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Stocks 2024 2023 School shop items 65,432 68,580 17. Debtors 2024 2023 Due within one year Fee debtors 8.156 87,141 124,199 71660 2,117 71,941 125,606 7.008 other debtors Prepayments and accrued income Trad8 d8btors 296.156 206.672 18. Creditors.. Amounts falling duè within one year 2024 2023 Bank loans Deposits held Trade creditors Fees in advance Composite fees Other taxation and S￿la1 security Obligab'ons under finance lease and hire purchase contracts other creditors Accruals and deferred income 383.258 506,302 707,668 2.027.606 562.866 98,297 49,954 82,131 128.151 199,767 533,445 451.527 2.045.325 159.905 76.621 53.866 114.702 q52, 794 4,546,233 3, 787,952 Page 36

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 19. Creditors: Amounts falling due after more than one year 2024 2023 Bank loans N8t obligations under financ8 lease and hire purchase contracts Composite fees 946,259 115,839 1,277,997 1,326.194 105, TT5 112,728 2,340,095 1,544,697 Bank Loans Included within the above are amounts falllng due as follows: 2024 2023 Bètween one and two years Bank loans 177A64 199.767 Betwèon two and five years Bank loans 377.393 504,302 Over five years Bank loans 391,402 622, 125 The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is: 2024 2023 Payable or repayable by instalments 638,301 622. 125 638.301 622,125 The bank loans and overdrafts are secured by a mortgage over the School's freehold land and propety. Page 37

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Credltors: Amounts falllng due after more than one year (¢ontinued} Finance Leases Obligations under finance leases and hire purchase contracts ar8 s8cur8d on th8 applicable terms. Obligations under flnance leases and hlre purchase contracts. included above, are payable as follows: 2024 2023 Between one and years Between kn and five years Over five years 77,057 38,782 37,389 68,386 115,839 105, 775 Page 38

OSWESTRY SCHOOL (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Statement of funds Statsment of funds - current year Balance at 1 September 2023 Balance at Gainsl 31 August (Losses) 2024 Transfers inloul Income Expenditure Unrestricted funds Dèsignated fvnds Sch￿1 Development Fund 330,000 330,000 General funds General Funds Revaluation reserve 1,178,375 8,990.721 (8.830.909) 12,222 553 1.350.962 2,648,112 2,648,112 3,826,487 8,990,721 (8,830,909) 12,222 553 3,999,074 Total Unrestrlcted funds 4,156,487 8,990.721 (8.830.909) 12.222 553 4,329,074 Endowment fund5 School Charity Fund Mrs Wynne Corrie Memorial Fund Exhibition & Scholarship Fund Endowed Land 36,764 196 36,960 8,362 418 8,780 44,680 681.793 52,234 681,793 771,599 8,168 779,767 Page 39

OSWESTRY SCHOOL (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Statement of funds (continued) Balance at 1 September 2023 Balance at Gainsl 31 August (Losses) 2024 Transfers inlout Income Expendlture Restrlcted funds David Holbathe Appeal Fund Refurbishment Fund Old Oswestrian Society Leaming Development Fund STEM Fund 177,402 14.868 192.270 227,978 48,284 (20,368) 255,894 11,222 (11,222) 1,000 (1,000) 1,303 1,303 417.602 64,455 (20,368) (12,222) 449,467 Total of funds 5.345,688 9.055,176 (8,851,277) 8,721 5,558.308 Page 40

OSWESTRY SCHOOL (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Statement Df funds (continued) Designated Funds School Development Fund: The govemors have designat8d the funds received from the sale of some land which will be set aside for various future school developments as they arise. Th8 funds will be kept in a different bank account from the rnain current account. Endowmant Funds Endowed Land r8pr8sents the land endowed in the School's constitution, and is held on Trust for Oswestry School. Rèstricted funds David Holbache Appeal Fund.. This restricted fund represents funds receNed under the David Holbache Appeal for various capital projects. Refurbishment Fund: This restricted fund represents a donation for the refurbishment of certain facilities. Learning Support Fund: This restricted fund represent a £1,000 donation received for the purchase of new laptops for the leaming support department. This donati¢)n was fully spent in October 2023. STEM Fund.. This restrict8d fund represents donations received to help purchase supplies for Science, Technology. Engineering and Mathematics departments. Page 41

OSWESTRY SCHOOL (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Statement of funds (contlnued) Statsment of funds - prior year Balance at 1 September 2022 Balance at 31 August 2023 Gain (Losses) Income Expenditure Unrestricted funds Deslgnated funds School Development Fund 330,000 330,000 General funds General Funds R8valuation res8rv8 1,082,863 2.648,112 7, 744,444 (7,648,880) (52) 1. 178.375 2,648,112 3. 730,975 7.744.444 (7,648, 880) (52) 3.826,487 Total Unrostricted funds 4,060,975 7, 744,444 (7,648,880) (52) 4, 156,487 Endowment funds School Charity Fund Mrs Wynne Corrie Memorial Fund Exhibition & Scholarshlp Fund Endowed Land 35.451 563 750 36. 764 8,096 44,825 681,793 266 (837) 8.362 44.680 681,793 692 770, 165 1,255 179 771,599 Page 42

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Statement of funds (continued) Balance at I September 2022 Balance at 31 August 2023 Gains/ (Losses) Income Expenditure Restricted funds David Holbache Appeal Fund Refurbishment Fund Old Oswestrian Society Library Fund Learning Development Fund 154.229 151,674 23,173 92,215 6,618 18,435 177,402 227,978 11,222 (15,911) 4.604 (18,435) 305,903 141,441 (29, 742) 417,602 Total of funds 5, 137,043 7,887,140 (7, 678, 622) 127 5.345.6B8 21. Analysis of net assets betrmen funds Anatysis of net assets between funds - current period Unrestricted Restricted Endowment funds fvnds funds 2024 2024 2024 Total fvnds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 7.657.342 449.467 681.793 96,274 1,700 8,788.602 96.274 3,559,760 (4,546.233) (2.340.095) 3,558,060 (4.546.233) (2.340.095) Total 4,329.074 449,467 779,767 5.558,308 Page 43

OSWESTRY SCHOOL (A company limrted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Analysis of net assets betwe•n funds (continued) Analysis of net assets betwtsn fund$ - prior period Unr8Stn'ct8d funds 2023 Restrict8d Endowment funds fvnds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 7,034, 746 (2,253) 2,438.208 (3, 769,517) (1.544, 697) 436,037 681, 793 89.806 8. 152,576 8T,553 2,438,208 (3, 787,952) (1.544.697) (18,435) Total 4, 156,487 417,602 771,599 5.345.688 22. Reconelllatlon of net movement In funds to net cash flow from operatlng actlvltiès 2024 2023 Net income for the period (as per Statement of Financial Activities) 212,620 208,645 Adjustments for: Depreciation charges (Gainsylosses on investments (Profityloss on the sale of flxed assets Decreasel(increase) in stocks Increase in debtors Increase in creditors Increasel{decrease) in fees re￿iVed in advance 353,077 (8,721) 2,080 3,148 {89,484> 193,460 1,550,511 344,154 (127) (8,373) (6. 793) (73.593) 16.615 618,336 Net cash provided by operating activitles 2,216,691 1,098,864 Page 44

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anatysis of cash and cash equivalents 2024 2023 Cash in hand 3.198,172 2.162,956 Total cash and cash equivalents 3,198,172 2. 162.956 24. Anatysis of change$ in net debt At1 Septembér 2023 Cash flows At31 August 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year Finance leases 2,162.956 1,035,216 3,198,172 (199,767) (183.491) (383,258) (1,326,194} 379.935 (946,259) (159,641) (6,152) (165,793> 477,354 1,225.508 1,702,862 25. Capltal commltments 2024 2023 Contracted for but not provided in these financial statements Acquisition of tangible fixed assets 151.698 Pension commlknents Group Personal Pension Schemes The School contrlbutes to Group Personal Penslon Schemes for the benefit of all employees. The sthemes are defined conlribution schemes administered by Scottish Widows and Pensions Trust. The pension cost charged in the accounts is the amount payable by the School during the year which amounted to £460,674 (2023: £390,276). There were contributions payable to the fund at the balance sheet date of £nil (2023: £nil). Page 45

OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Op•rating1oasa commitments At 31 August 2024 the School had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not18ter than 5 years 10,983 2.160 14,068 13,143 13,143 27,211 28. Relatsd party transactlons The School is under the control of the Board of Govemors WIK) are directors of Oswesty School, 8 charrtable company. During the year the School provided tuition to 14 pupils related to the Governors and 8 pupils of key management personnel (2023: 5 related to the Governors, 8 related to key management personnel). Fees receivable were £124,832 (2023.. £77,885). The amount outstanding due to Oswestry School St the year end was £nil (2023: £nil). No special remissions were awarded to those children by virtue of their membership of the Governing BcKly. Details of staff discounts are noted on page 8. Controlling party The School, having no share capital, is under the control of the Board of Govemors. who are also the Tnjstees and the Directors of th6 School. Page 46