Regi$ter8d number: 03931222 Charlty number: 1079822 OSWESTRY SCHOOL GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 WR Partners Protecting your future.
OSWESTRY 8CHOOL {A company Ilmlted by guarantee) CONTENTS Page Roferen¢e and admlnlstratlvo detslls of the School, Its Governors and advisers Chalmian's statement Governors, report 6-15 Independent auditors. report on the financlal slatements 16-19 statement of ftnanclal actlvttles 20 Balance sheet 21 Statement of cash flows 22 Notes to the finanGlal stotements 23-44
OSWESTRY 8CHOOL (A company Ilmlted by guarantee) REFERENCE AND ADMINISTRATNE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 Governors Mr P T Wilcox-Jones, Chairman1 Mr T Mo0Bridger, Vice Chairman1 MrT E Bowen MrsHVCox Mr C J Dillon1 Mr D S Evans Mr D P Ewsonl Reverand H L Gibbons Mrs L M Guy Jenkins Mrs A J Lee1 Mr J D Lloyd Mr8 R M Wamer Mr B Welli1 MrA J Grovel Mrs S L Ellis Anderson Member of the Finance and General Purpose Committee Company reglstsred number 03931222 Charity registered number 1079822 Reglst•r•d offlce Oswestry School Upper Brook Street Oswestry Shropshire SY11 2TL Company secretary MrPABowd Indepgndent auditors WR Partners Chartered Accounlanls Stslutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshlre SY2 6LG Bankers Nalwest Bank PIC 17 Church Slr8et Osweslry Shropshire SY112SX Page 1
OSWESTRY SCHOOL (A company limlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISERS (CONTINUEO) FOR THE YEAR ENDED 31 AUGUST 2025 Senlor Leadershlp Team Mr P Middleton (Headma$ler) Mr P Bowd (Bursar) Mrs C Belk (Head of Oswestry School PP) (Rellred 31 March 20251 Mr R Lane {Senior Deputy Head) Mr R Price {Deputy Head Academic Futures) Mrs A Coullas (Deputy Head Pupils Wellbeing & DSL} Mr Mahony {Deputy Head - Co-Gurricular Partnerships) Mrs C Lyons (Head of Prep) (Appointed 1 April 20251 Page 2
OSWESTRY SCHOOL IA Company limited by guarantee} CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 The chaimian presents his statement for the year. As we pass the w8ymark two years on from the launch of the school's 2030 Strategic Plan - Forte - it provides an important juncture lo reflect on the considerable momentum and growth that has been achieved in that period as we look lo fulfil our visiorb for inslitulional and individual thriving and flourishmenl. With a proud history and heritage stretching back over 618 years since our foundation. we continue to cherish and treasure all that is special and unique about Oswestry School. building on those Strong foundations whilst likewise looking forward with a fulure-focused vision that ensures our pupils are enabled to thrive. flourish and find their forte within our uniquely special community. Recent years have seen a period of considerable investment and development in school facilities including the opening of a new library and a new Sixth Form Centre alongside the opening al the start of the 2024125 academic year of a newty refurbished and reconfigured first coeducational Sixlh Form boarding house. This is the only co-educational boarding facility in the region, and is an innovative, first class facility focused on preparing our students for life beyond Oswestry as a stepping stone experience before university and the working world. The school has now embarked on its biggest and mosl ambitious project yet with the wsion to cre8le a brand new slate of the art Perfom)ing Arts Centre for the benefit of both the school and our local community. A fundraising tsrgel of £1.5 million was sel lo support the £2.3 million project, a campaign that gol off to the very best of possible starts with a subslanlial seed donatiorb of half a million pounds from a lead donor. A Fundraising Launch Dinner in November 2024 raised a further £325.000 with the school year concluding with the fundraising total having topped the million pound milestone in less than twelve months, aided not least by a memorable 24hT non-stop fundraiser involving pupils, staff, parents and alumni. The fundraising efforts were recognised in the recent Independent Schools of the Year Awards where Osweslry School was named as a finalist in the Outstsnding Fundraising Achievement category, and the Performing Arts Project has now moved into its bulld phase with ground broken in August 2025 and an anticipated curtains up opening in July 2026. The success of our fundraising campaign for the Performing Arts Centre (PAC) has resulted in a sizable surplusthis year following the donations received for the campaign during the financial year amounting lo £886,071,which is ringfenced towards the building of the PAC. Therefo, on a like-for-like basis with the 2024 surplus,2025 is reporting a deficit of £78,242. The Perfoming Arts is an area that goes from strength to strength with a thriving programme for dance, music. drama and musical theatre. This year, over 100 pupils competed at the Oswestry Youth Music Festival with 10 pupils making finals and six winning classes, with the school orchestra winning the coveted trophy in their c12SS for the first time in 10 years. The Dance Showcase featured over 150 youngsters from the Prep School and Senior School alongside m2mbers of the community Dance Academy in what was a filling Iribule lo the Academy as it celebrated ils 10th anniversary. Olher highlights of the perfoming arts year included the Senior School musical Legally Blonde and the Prep School musical How Far They'll Go alongside a memorable series of carol services. Christmas and summer concerts, and '.le ever-popular and holly contested House Singing competition. In sport. Oswestry School pupils continue to excel wilh a number of individuals compeling al a national and intemational level with GB and England representation in swimming, fencing, skiing, modern penlalhlon and girls, footb211, whilst in shooting our junior team were crowned national champions and one of our final year overseas students was crowned individual national champion having only taken up the sport when she joined the school the year before. These students have very much embodied the spirit of'finding your forte. al Oswestry School. Page 3
OSWESTRY SCHOOL IA company limited by guarantee) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Three Oswestry School pupils were nominated for awards al the prestigious High Sheriff of Shropshire's Ouislanding Young Citizen Awards with one named as winner in the Polibcal Engagement category, our Fourth Form cadets participated in the Cadet Skill al Arrns Meet returning with the prestigious award for Best Conlingenl whilst the CCF also played a prominent role in the town's commemorations during the 80th Anniversary of VE Day. As a non-seleclive school, we pride ourselves on ensuring all pupils are enabled lo achieve their own personal bests. and our Value Added Data continues lo demonslrale the benefits of studying within a smaller school selling. In the summer 2025 examinations. our A Level results pass mark increased to over 99./0 with over a quarter of grades in the very top A'IA bracket. Over 80'k of students progressed lo their first choice university with many progressing lo a Russell Group university including Oxford, York and Brisiol. GCSES were our best ever sel of results with 92Q/o of grades al 9-4 up from 859/0 in 2024 and 88'A in 2023. Our Prep School continues to likewise thrive under the leadership of newty-appoinled Head of Prep Claire Lyons. with our highly-regarded Transition Programme providing a seamless progression from the Prep School to the Senior School and ensuring that strong foundations are laid in those crucial preparatory years. Building on the successes of ils inaugural year, this year's Futures Fortnight was another triumph with the addition of a range of symposiums along with seminars to broaden the range of professionals pupils had the chance to speak lo. The programme included insights into Law & Order, Health & Medicine, Media & Marketing, Finance & Accounting, Planning, Design & Construction, IT & CO)ersecurity, Sport & Exercise, and a seminar session on Understanding Apprenticeships. Our South African exchange programme entered ils second year wlh an expansion Df the programme to include the opportunity for our girls lo spend a term al Sl MaS School for Girls in Kloof. Kwa-zulu Natal not far from Kearsney College where we have established an exchange partnership for our boys. Further opportunities for developing intercullural fluency included a Perfomiing Arts trip lo Greece and a first trip lo Kenya where our pupils spent U'me volunteering at the Restsrt Cenlre orphanage in Gilgil and al the 01 Pejela Game Reserve. We conllnue lo extol the value and importance of global education with the 30 and more nations represented by our inlemalional boarders adding wonderful vibrancy and diversity to our school community. We were delighted to be named as fin£lisls in the Independent Schools of the Year Awards for Best International Student Experience in recognition of oijr outstanding support we provide for our students fmm overseas. Following the successful launch of our new Summer School programme in 2024, the following summer saw an expansion of the programme and heightened interest, with a strong reputation already established. The Summer School programme is a reflection of our Continued commitment lo and passion for global education and widening access to an Oswestry education, bul il is likewise a key fa1 of our strategy for diversifying income streams and ensuring future financial sustainability for the school. Through prudent and careful planning and management, the school has relumed robust financial performance year on year with a strong and stable school roll, a decreasing remissions rate, and a broadening revenue stream. This has been carefully and diligently planned for as we've prepared for the new government policies surrounding VAT on fees which has significantly impacted the independent sector as a whole. Al Osweslry, we have been able lo share that additional financial burden with parents so that they have not been landed with the full exlenl of the VAT impact, and in turn this has resulted in a school roll level that has been sustained avoiding the snario of pupils having lo leave the school. We remain committed lo providing our renowned value for money offering, and ensuring that we remain a family- focused school for our local community that is accessible and provides Iransformalional opportunity for generations to come. Page 4
OSWESTRY SCHOOL (A company limited by guaranteo) CHAIRMAN'S STATEMENT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 a result of this change of fiscal policy for the independent sector, as slated earfier our operating performanceihis ac8demiclfinancial year has resulted in a deficit of £78,242. However, the careful financial planning that IheBoard and Leadership Team have been doing over the past 24 months has resulted in a strong balance sheeland a return to an operating surplus being forecast for the next two financial years, which is a leslamenl lo Ihehard work that has been undertaken by my Governor colleagues and the Leadership Team. and my thanks goeslo them during these difficull limes for the sector. We will continue lo plan for the unexpected and ensure thalosweslry School is well sel for the next 618 years. Whilst the independent sector has been rocked and deslabilised by the seismic impact of recent policy decisions, Osweslry School remains strong, stable. and secure. We remain proudly independent retaining our autonomy, our govemance structure and our charitable status, and in our 2030 Strategic Plan we have a vision that looks to the horizon and paves the way for a future that conlinues to ensure this very special historic school continues lo thrive. flourish and find ils forte in the years and decades ahead. Mr P T WilcoxJones Chairman Dale.. 9 December 2025 Page 5
OSWESTRY SCHOOL {A company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Govemors {who are also directors of the charity for the purposes of the Companies Acll present their annual report together with the audited financial sialemenls of the School for the 1 September 2024 10 31 August 2025. The Annual report seNes the purposes of both a Govemors, report and a directors, report under company law. The Governors confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORP) applicable to charities preparing their accounis in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 leffeclive 1 January 20191. Objectives and activities a. Policies and objectlves The objects of the School. are.. 'Ihe provision and conducl of a day or day and boarding school for boys and gids in or near the town of Oswestry,. andlor lo further the objects of the charity in so far as they relale lo the above provision.. We aim lo provide a first class education lo boys and girls from the ages of 4 to 18. We seek to provide a struclured educational environment that develops our pupils. capabilities, competence's and skills. We promote the academic, moral and physical development of our pupils through our academic cU1cUlum. pastoral care, sportin9 and other aGlivilies. We provide an educational environment where each sludenl can develop and fu11 his or her potential, building their self Confiden and inGulcaling a desire to contribute lo the wider community. In so doing, we prepare our pupils to leam not just for school, bul for life. b. Strategies for achieving obSectlves Our objectives are sel to reflect our educational aims and the ethos of the School. It is important ID us that we maintain and enhance the academic success of the School. This objective is, however, sel in the context of the broader goals we sel for the School and its pupils. The Govemors are responsible for setting 8 strategy for achieving the objectives they have sel. The focus of our strategy is on the development of our PLJpils, their continued high levels of academic and co curricular 8chievemenl and lo further wider access lo the education our School provides. Our motto is "we learn not for school bul for life.. The School's five year strategic plan is updated annually and formally approved by the Board. The overall summary of this plan is for Oswestry School lo be the 'lhe family school of choice in Shropshire,. caring for pupils from early years lo the end of their Sixth fomi. Ils pastoral care will be second lo none. It will be non-seleclive in the best sense-. it will support. challenge and develop pupils of a wide range of abilities, lo reach their fullest polenlial. It will have academic renown. Ils co-curriculum will be broad and demonstrale excellence in many areas.. music,. drama,. sport., and adventure education. The School will adhere lo ils mollo. 'nol for school, bul for life. (non scholae sed vitael. Osweslry School is a British independent school with a long and rich heritage.11 will have a strong inlemalional dimension, celebrating the diversity of ils community. Its pupils will be free from pretension. The School wll be a trusted provider of edur2tion. with a genuine family atmosphere and a sense of community. Page 6
OSWESTRY SCHOOL {A cornpany limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Objectives and activitles {contlnuedl Osweslry Sch(x)l is a charitable company which seeks lo benefit the public through the pursuit of ils slated aims and objectives. Our fees are set al a level to ensure the financial viability of the School and al a level that is consislenl with our aim of providing a first class educalion lo boys and girls. Our School welcomes pupils from all backgrounds. To admit a prospective pupil, we need lo be satisfied that our School will be able to educate and develop that pupil lo Ihe best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken lo satisfy ourselves and parents that potential pupils can cope with the pace of leaming and benefit from the education we provide. An individual's economic status, gender, elhnialy, ra, religion or disability do not form part of our assessmenl processes. We are an equal opportunity organisalion and we are committed lo a working environment that is free from any form of discrimination on the grounds of colour. race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjuslmenls to meet the needs of staff or pupils who are or become disabled. Our School is commilled lo safeguarding and promoting the welfare of our pupils and expects all staff and volunteers lo share this commitment. In the last Independent Schools, Inspeclorale report, the pastoral care provided by our Form Tutors. Heads of House and Year. was described as excellent.. Parents are given regular information aboul their children's social and academic progress through parents evenings. in addilion lo the traditional end of term and year reports. We maintain regular contact with parents throughout the year through infomal contacts, the Headmaster's weekly, end of term. and other letters and through our newsletter. Older pupils have a Forni Tutor and Head of Section responsible for pastoral care and academic development. G. Actlvlties undertaken to achleve objectives The School prinapally provides education in Oswestry lo boys and girfs aged between 4 and 18. d. Access Pollcy 11 is important to us that access lo the education we offer is not restricted lo those who can afford our fees. We believe our pupils benefit from leaming within a diverse community- A great deal of learning occurs through social inleraclion, 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 conlribules to a widening of access to the education we offer and the facilities we enjoy, and our A¢sSibl11Y Plan ensures our facilities are accessible lo all. e. Bursary and scholarshlp policy The Governors view our bursary awards 8s important in helping lo ensure children from families who would otherwise not be able lo afford the fees can access the education we offer. Our bursary awards are available lo all who meet our general entry requirements and are made solely on the basis of parental means or lo relieve hardship where a pupil's education and future prospects would otheiSe be al risk for example in the case of redundancy. Page 7
OSWESTRY SCHOOL (A company limited by guarantee} GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Objectives and activities Icontlnued} In assessing means we lake a number of factors into consideration including family income, investments and savings and family CircumstanS, for example dependanl relatives and the number of siblings. However. our School does not have a large endowment and in funding our awards we have lo be mindful that we musl ensure a balance belween fee paying parents, many ol whom make considerable personal sacrifices lo fund their child's edLJcalion and those benefiling from the awards. We are also consuous that we only have a finite sum of money available for these awards. The bursary awards can range from S. lo 1000/0 fee remissions. Infomialion about fee a$sl3nCe through bursaries is provided lo all applying to the School. Further details of our bursary policy and how lo apply are available on our website. To underline the value we place on continuity for families, we offer discounts where parents have more than one child al the School. Further discounts are also available for serving members of the Armed Forces and ex pupils of Ihe School. The purpose of our scholarship awards is lo recognise high academic potential or the ability to excel in our co curricular aclivilies. Our scholarships are awarded on the basis of the individual's academic potential or evidence of exceptional abilities which will contribute lo our co curricular activities. Scholarships are awarded with a fixed remission of fees of between 50A and 20'A. Where further assistan 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 Dlscounts As part of our emphasis on attracting and retsining high caliber staff. we offer a discount scheme where staff members choose to educate their children al our School. g. Maln actlvltles undertaken to further the School'5 purposes for the publlc benefit In selling our obleclives and planning our activities, the Governors have given careful consideration to the Charity Commission's revised guiéance on public benefit and in particular lo ils supplementary pub5ic benefit guidance on 3dvancing education and on fee charying. Our key objectives for the year, as sel out in the School Strategic Plan, induded.. continuing lo implement the capi181 building plan., maintaining charitable slalus.. implementing increased benchmarking techniques., reviewing the bre8dlh of curriculum offered.. implementing activilies lo ease Iransilional prosseS within School-, maintaining and improving links with the local community., reviewing cuent marketing strategies., maintaining pupil recruilmenl lo agreed minimum levels., planning and implementing facilities development progr8mme', and continuing review of financial procedures. Page 8
OSWESTRY SCHOOL IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Oblectlves and activities (continued) Oswestry School's Community Action programrne demonslrales the school's strong sense of its individual and c(Illective social responsibility. There is a commitment by all members of the school Cornmunily lo maintain relationships with other lo1 schools, and lo community initiatives, as well as sharing the school's facilities with the wider community, al the same lime regularly supporting local, national and international charities Ihroughoul the year. Osweslry School is commilled lo connecting the school, ils staff and all its pupils with the local community, through participation in a broad range of aGlivilies that are dearly for the benefit of the wider public. Some of the activities Oswestry School offers al low cost or free of charge to the local community on a regulaT basis are-. literdcy WDrkshops, maths challenge days, Scien sessions, sports training lo local schools. including transport if required., community reading, for example hosting 1,000 local primary school children for a well known author,. outreach programme, leaching staff visit local nurseries and schools lo offer specialist language, maths and science leaching as well as sports training., Community Aclion 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 countryside with both the Shropshire and Monlgomeryshire Wildlife Trusts". use of our swirnming pool to local schools,. playing fields lo local schools and sports clubs., rugby pitches lo the local rugby dub", hosting regional fixtures, for example cross-counlry. football and swimming galas,. use of minibuses for local primary schools for trips. and to transport their pupils to other school facllilies- sharing leadership expertise with the loral school's by members of the SLT being govemors of two local primary schools., support the local church and independent choirs by providing them wth a venue to rehearse and choral scholarships., cross country venue for the county cross country school championships., the local amateur alhlelics. netball and hockey clubs use our facilities for their base: and provide grounds upkeep ServIS for Iwo local schools. We regularly update the Schools Together website with case studies of our public benefit activities lo help the wder population understand the positives that independènt schools bring lo the national economy. According to the most renI figures availl8ble as calculated using the ISC Economic Impact Assessment tool. the economic impact of Oswestry School can be demonstrated by.. supporting the addition of £5.7 mlllion a year lo the local economy and over £8.5 million to UK GDP supporting 161 locally and 212 jobs nationally- supporting £2.8 million a year in tsx receipts to the Exchequer, including approximately £150k in VAT on goods and services that cannot be recovered,. and savirkg the Exchequer £2.5 million 8 year by educating over 350 British pupils who would otherwise be educated within the slate system. Page g
OSWESTRY SCHOOL IA company limlted by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Objectives and activltles {continuedl Strategic report Achievement5 and perfomiance Main achievements of the School Key achievements are included in the Chairman's slalemenl. b. Key perfomiance indicators Key results are mentioned in the Chairman's Slalement. Review of acttvities A review of activities is included within the Chairman's Statement on page 3. d. Investment policy and performance 11 is part of the Financial and General Purpose Commillee's remit to delemine the level and nature of investments held by the School, which is in accordance with the School's Memorandum and Artides of Association. The aim will atways be lo 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 lo cornlinually invest in the infraslruclure and facilities of the School. Flnanclal review a. Buslness performance and outlook A finan21 review is included in the Chairman's Report. b. Golng concern The Governors consider the School to be a going concern and continually review this through having at least years of advance budgets to confirm financial safely. Other areas considered are the implications of compliance with other legislation which can critically damage the School if not managed correctly. Regular reviews of Safeguarding policies and procedures are critical, as are confirm81ion of no accidents and full fire compliance. Both internal and external risks are monitored and documented in the School's risk matrix which is annually reviewed by the Govemors and management are acutely aware of the need lo continually monitor Complian in 811 areas. Page 10
OSWESTRY SCHOOL IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 The last Inlegraled ISI inspection that the School had was in April 2024 which confimied lolal compliance in all areas. The School is currendy in a strong position in terms of cash resources and surpluses being achieved, and the govemors will work hard to ensure that this continues in light of the currenl political challenges, but the weak pound is proving advantageous in respect of our international pupils and our forecasts, whilst prudent, show cash surpluses for al least the next Iwo academic years. c. Principal risks and uncertainties The Governors are responsible for managing the risks faced by the School. Detailed consideration of risk is delegated lo 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 sustainability, school safely, student welfare, employment. school trips and events and community access. Through the established risk management processes, the Governors are satisfied that the major risks are identified and that systems and procedures are in place lo manage the exposure lo major risks. It is recognised that systems can only provide 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 stability and pupil role, of which the external factors like a global pandemic, political landscape and the exchange rale are currently high on the agenda. Our ability to issue visas under the CAS regime is business-crilical and so procedures have been pul in place to miligale the risk of ever-changing government legislation in this regard. Conservative budgets are in place lo take into accounl the risk of a significant drop in the pupil role which highlights what the critical number is before il is deemed that cosl reviews are needed. This is being constantly monitored by both management and Governors. d. Reserves pollcy The lolal reseNes shown on the balance sheet are £6,382.616 12024.. £5,558,308). Free reseNes induding designated funds are a deficit balance of £3,241.013 {2024.. £3,328,268) and are made up of unreslricled current assets of £2,845.735 (2024.- £3,558.0601. unrestricted current liabilities of £3,574.839 12024.. £4,546,233) and unreslricled non current liabilities of £2,511,909 {2024.- £2,340.0951. If designated funds of £330,000 12024.. £330,000) are exduded, free reserves are a deficit balance of £3.571,01312024.. £3,658,268). Total restricted funds shown on the balance sheet total £1.103,66012024.. £449,467). The Governors 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 School's resources are managed on a monthly cash flow basis the neg81ive free reserves position is acceptable when considering the ongoing investment of the fabric and improvement of the School. The Governors recognise that the level of reseNes fluclu8les during periods of investment in the School and the arrangements with our bank are in place lo provide an adequate 'safety nel, should it be required. The School revalued lancl and buildings during the year ended 31 July 2002, which produced a revaluation surplus of £2,648,112. Page11
OSWESTRY SCHOOL (A company limited by guarantee) GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 structure* governance and management . Constitution The School is registered as a charitable company limited by guarantee and was sel up by a Trust deed. The school is a registered charity number 1079822. The School's Memorandum and Articles of Association are dated 29 October 2001, as amended on 4 November 2003. b. Methods of appointment or electlon of Governors New Governors are appointed by the existing Board of Govemors. In addition, one Governor is nominated by the Bishop of Lichfield and one Govemor is nominated by Osweslry Town Council. A maximum number of Governors permilled 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(xJy requires breadth and depth of experience to carry out ils dutie5 effectively and effiaenlly. When recruiting new Govemors, the important attribute is a passion for the work of our School and an understanding of education as a holistic and rounded experiell of personal growth. The Governors consider that the skills and experience of the Board should include the following.. a Govemor wllh a legal background., a Govemor with a financiallaccounling background.. a Governor with educational experience., Govemor with senior managerial or business experience- a Governor with expertise in the field of human resources., a Govemor with experience of equal opportunilies or disability needs.. and al least one female Govemor and al least one male Governor. One Govemor may have one or more of these skills and each receives a Govemor pack and training sessions upon appointment, and updates as appropriate. All new Governors. when appointed, receive 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 copy of the School Memorandum and Arbcles. AGBIS training courses are made available to the Governors as appropriate. d. Pay policy for key management personnel The Finance and General Purpose Governors, COTnmittee sets the remuneration for the Headmaster and Bursar and ratified al Full Board level. The rest of the senior m8nagemenl's remuneration is al the discretion of the Headmaster, subject lo the budget allowing. Page 12
OSWESTRY SCHOOL {A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 structure. governance and management (continued) Organisational structure and decislon maklng The Governors are responsible for the overall managernent and control of the School and meet al least three times a year. The work of implementing most of the Goveming Bodvs policies is carried out by various Govemor led sub committees, namely Finan and General Purpose, Estates, and Education and Pupil Welfare, which then feed into the full Board meetings held al least once a term. Each committee includes 81 least two Governors, the Bursar and the Headmaster. The Bursar, who is also the Clerk lo the Govemors. is responsible for coordinating the work of the Governors and their Commillees, preparation of papers and management accounts and the review of mallers arising. All Governors give their time freely and did not recelve any remuneration in the year, although Iravelling expenses have been reimbursed. No Governor. or person connected with a Governor, received any benefit from ellher means lesled bursaries or scholarships awarded lo our pupils. The Governors determine the general policy of the School. The day to day running of the School is delegated lo the Headmaster, supported by senior staff. The Headmaster undertakes the key leadership role overseeing educational, pastoral and adminislralive functions in consullalion with the senior staff. The day lo day administration of the School is undertaken within the policies and procedures approved by the Govemors which provide for only significant expenditure decisions and major capital projects to be referred to the Governors for prior approval. The Headmaster oversees the recruilmenl of all educational staff. whilst under delegated authority the Bursar oversees the recwilrnenl of adrninislralive and non teaching support staff. The Headmaster, Deputy Head. Head of Osweslry School Prep and Bursar are invited lo attend Govemors. meetings. f. Related party relatlonshlps The School is a member of The Headmasters Conference IHMCI, The Society of Heads ISOH), the Independent Association of Preparalory School IIAPSI, Boarding Schools assD¢ialion IBSAI, the Association of Governing Bodies of Independent Schools IAGBISI and the Independent Schools. Bursars Association IISBAI which provide opportunities to share expertise, knowledge and experience across the independent school sector. g. Rlsk Management The Governors have assessed the major risks lo which the School is exposed, in particular those related lo the operations and finances of the School. and are satisfied that systems and procedures are in place lo manage our exposure lo the major risks. Future dèvelopments During the Summer of 2025 we broke ground for our new Performing Arts Cenlre, scheduled for completion in the Summer of 2026, al a cost of around £2m. Funds held as custodlan No such funds held. Page 13
OSWESTRY SCHOOL IA company limited by guarantee} GOVERNORS. REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 Members, liability The Members of the School guarantee to conlribule an amount not exceeding £1 to the assets of the School in the event of winding up. Statement ol Governors. responsibilities The Govemors (who are also the directors of the School for the purposes of company lawl are responsible for preparing the Governors, report including the Strategic report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepled Accounting Practi1. Company law requires the Govemors lo prepare financial statements for each financial . Under company law, the Governors musl not approve the financial slalemenis unless they are satisfied that they give a true and fair view of the siale of affairs of the School and of ils incoming resources and application of resources, including lis Income and expenditure, for that period. In preparing these financial slatemenls. the Govemors are required to: select suitable accounting policies and then apply them consislenlly,- observe the methods and principles of the Charities SORP IFRS 1021; make judgments and accounting esb'mates that are reasonable and prudent.. stale whelher applicable UK Accounting SlaTid2rds {FRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., prepare th& financial statements on the going concem basis unless it is inappropriate to presume that the School will continue in business. The Govemors are responsible for keeping adequate accounting records that are sufficient lo show and explain the School's transactions and disclose with reasonable accuracy al any lime the financial position of the School and enable them lo ensure that the financial statements comply with the 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 irregularities. Dlsclosure of Informatlon to auditors Each of the persons who are Govemors al the time when this Governors, report is approved has confimied that.. so far as that Govemor is aware, there is no relevant audit infomialion of which the charills auditors are unaware and th21 Governor has taken all the steps that ought lo have been taken as a Governor in order to be aware of any relevant audit information and to establish that the charitys auditors are aware of that information Page 14
OSWESTRY SCHOOL (A company Ilmhed by guarantee) GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Audllors The auditors, WR Pathers, hav8 indicated their willingness to continue in office. The deslgnated Govemors will propose a motlon reappointing the auditors al a meeting of the Governors. Approved by er of the members of the board of Govemors and signed on their behalf by: Mr P T WIl¢oXone$ Chaimian Date.. 9 December 2025 Page 15
OSWESTRY SCHOOL IA company limited by guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OSWESTRY SCHOOL Oplnion We have 8udilerl the financial statements of Osweslry School Ilhe 'gchool'l for the year ended 31 August 2025 which comprise the Statement of financial aclivilies, the Balance sheet, the Slalemenl of cash flows and the related notes, includir>g a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stslemenls: give a true and fair view of the slate of the charitable company's affairs as al 31 August 2025 and of its incoming resources and applicalion of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance wlh United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordan wth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI (ISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the United Kingdom, induding the Financi£l Reporting Counal'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 sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concern In auditing the finaneial slatemenls, we have concluded Ihat the Govemors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we h8ve performed, we have not identifi'ed any material uncertainties relating lo events or conditions that, individualty or collectively, may cast significant doubt on the charitable CoMpanS abilily lo continue as a going concern for a period of al least e1ve months from when the fin8ncial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Governors wth respect to going conrn are described in the relevant sections of this report. P2g& 16
OSWESTRY SCHOOL IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OSWESTRY SCHOOL (CONTINUED) Other information The other infomiation comprises the information included in the Annual report other than the financial statements and our Auditors, report Ihereon. The Governors are responsible for the other infofrnalion contained within the Annual report. Our opinion on the financial slalements does not cover the other infomiation and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsislenl wlh the financial statements or our knowledge obtained in the course of the audit, or olhemise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalements. we are required lo delemine whether this gives rise lo a material misslatemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 Ir> our opinion, based on the work undertaken in the course of the audit.. the inforrriation given in the Govemors. Report including the Strategic Report for the financial year for which the financial sialemenls are prepared is consislenl with the financial slalemenls. the Governors, Report and the Strategic Report have been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misslalemenls in the Governors, Report including the Str8tegic Report. We have nothing lo report in respect of the following mallers in relation lo which Companies Act 2006 requires us lo report to you if, in our opinion= adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the finanaal statements are not in agreement with the accounting records and returns., or certain disclosures of Governors, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit. Page 17
OSWESTRY SCHOOL IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OSWESTRY SCHOOL ICONTINUEDI Responsibilities of trustees As explained more fully in the Govemors, responsibilities stslement, the Govemors Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being salisffed that they give a true and fair view, and for such inlemal control as the Governors determine is necessary lo enable the prepamlion of financial statements that are free from rnalerial misstatement. whether due to fraud or error. In preparing the financial stalemenls, the Govemors are responsible for assessing the charitable companls ability lo continue as a going concern, disclosing, as applicable, mallers related to going concem and using the going concem basis of accounting unless the Govemors either intend lo liquidate the charitable company or lo ase operations, or have no realistic allernalive bul lo do so. Auditors. responsibilities for the audit of the financial statements Our objectives are lo obtsin reasonable assurance about whether the financi81 stslemenls as a whole ara free from material misslatemenl, whether due lo fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducled in accordan with ISAS IUKI will always delecl a material misslatemenl when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of tjsers taken on the basis of these finacial stslemenls. Irregularities. including fraud. are insiances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below-. We reviewed the susceptibility of the Charivs financial statements lo material misslatemenl and identified the principal risks, implementing a series of testing procedures to provide us with sufficient comfort to issue our opinion. We reviewed the Charitls regulatory environment to ensure we could conclude that il had acted in accordance with the framework relevant lo the Charity and its environment and identify any instances of non-compliance. We also assessed the Charity's inlerrbal 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 lesling procedures. The eng8gemenl team consisted of a team that Ihe engagement partner believes is equipped with the relevant level of technical and awareness to cary out our work lo the required standard. Because of the inherent limitations of an audit, there is a risk that we wll not delecl all irregularities, including those leading to a material misstatement in the financial slalemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalemenls, as we will be less likely lo become aware of instances of non-compliance. 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 Dur responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website 81: www.frc.or .uklaudilorsres onsibililies. This description forms part of our Auditors, report. Page 18
OSWESTRY SCHOOL (A company Ilmfted by 9uaranteel INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OSWESTRY SCHOOL (CONTINUED) Use of our report This report ts made solely to the charltsble mpan$ members, as a body, In ac¢or¢Jance with Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so that we mlghl stale lo the ch8rbtable compan¥$ 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 responsibility lo anyone other than the Charitable company and its members, as a body, for our audit work, foT this report, or for the oplnlons we have formed. Alox ey FCCA {Sonlor Statutory audltor) for and on behaW ol WR Partnors Chartered Accounlanls Slatulory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshir8 SY2 6LG Date'.9 December 2025 Page 19
OSWESTRY SCHOOL (A Company Ilmlted by guarantèé) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2025 Unrestrictgd funds 2025 Rgstricted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Notè Income from: Donations and legacies Charitable activities Other trading activities Investments 7,441 .338,413 405,642 90,802 923,017 930.458 8.338.413 405.642 90.802 64,455 8,634,342 273, 765 82,614 Total income and endowmgnts 8.842.298 923,017 9,765.315 9,055, 176 Expendlture on.. Raising ftjnds Charitsble activities 594,110 ,326,430 594,110 8,347,686 472,868 8,378,409 10 21,256 Total expendlturo 8,920,540 21,256 8,941,796 8,851,277 Net (expendlturellincomg before net gains on investments Nel gains on investments 178,2421 901.761 823,519 203,899 739 50 789 8, 721 Net 1gxpenditure}Ilncome Transfers beeen funds {77,503) 901.761 50 824.308 212,620 20 247,568 (247,568) Net movement in funds 170.065 654.193 50 824,308 212,620 ReconGlllatlon ol funds: Total funds brought forward Nel movem8nl in funds 4,329,074 170,065 449,467 654,193 779,767 50 5.558,308 824,308 5,345,688 212,620 Total funds carrled forward 4.499,139 1,103.660 779,817 6,382,616 5,558,308 The Statèment of Financial Activities includes all gains and losses recognised in the year. The notes on pages 23 to 44 form part of these financial slatemenls. Page 20
OSWESTRY SCHOOL IA company1SmSted by guarantee) REGISTERED NUMBER.. 03931222 BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Note Fixed assets Tangible assets Investments 14 8,797,646 97.064 8,788,602 96,274 15 8,894,710 8,884,876 Current assets Stocks Debtors 16 66,060 177,838 3.330,756 65,432 296,156 3, 198. 172 17 Cash al bank and in hand 3,574,654 3,559,760 Current liabilitie5 Creditors.. amounts falling due within one year 18 13,574.839) (4,546,233) Net CUTrent liabilities 11851 (986,473) Total assets less current liabllltles 8,894,525 7,898,403 Credltors: amounts falling due after more than one year 19 12,511.909) (2,340,095) Total net assets 6,382,616 5.558,308 Charity funds Endowment funds Restricted funds Unrestricted funds 20 779,817 1,103,660 4.499.139 779. 767 449,467 4,329,074 20 20 Total funds 6.382,616 5,558,308 The Govemors acknowledge their re5ponsibililies for complwng with the requirements of the Act with respect to accounling r s and preparation of financial statements. The finan by.. late Isw e approved and aulhorised for issue by the Govemors and signed on their behalf Mr P T Wilcox-Jonès Chairman Date.'9 December 202 The notes on pages 23 to 44 form part of these financi31 slalements. Page 21
OSWESTRY SCHOOL (A company Ilmlted by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Nots Cash flows from operntlng actlvltles Net cash used in operaling activities 160,617 2,216,691 Cash flows from Investlng activlties Proceeds from the sale of tangible fixed assets Purchase of tsngible fixed assets 665 33,918 (403,2731 (1,025.101) Net Gash used In Investlng actlvltles (402,6081 1991,183) Cash flovts from Ilnanclng actlvltles (Repaymentslllnflows from new borrowlng (Paymentylncrease of finance leases 351.233 23,342 (196,444) 6,152 Net cash provided byl{used inl flnanclng actlvltles 374,575 (190,2921 Change In cash and cash equivalents In the year Cash and cash equlvalenls al the beginning of the year 132.584 1,035,216 3,198,172 2, 162,956 Cash and cash equlvalents at the end of the year 23 3,330.756 3,198.172 The not8s on pages 23 10 44 form part of these financial ststements Page 22
OSWESTRY SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 General Informatlon Oswestry School is a charity and company limited by guarantee and regislered in England. The address of the registered Offi is given in the charity infoTrnalion on page 1 of these financial stalemenls. The nature of the School's operations and principal activities are that of an educational establishment. Accounting policies 2.1 Basls of preparation of financial statements The financial statements have been prepared in accordan with the second edition Charities SORP {FRS 1021 Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) lissued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Osweslry School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise sialed in the relevant accounting policy. 2.2 Golng concern Having reviewed the fundlng facililles available lo the Company together with the expected ongolng demand for places and the Company's future projected cash flows. the Covernors have a reasonable expectation that the Company has adequate resources lo continue its activities for the foreseeable future. Accordingly. they continue lo adopt the 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 hag entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax recoverable in relation lo investment income is recognised at the time the investment income is receivable. other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the seNlCe. Page 23
OSWESTRY SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies (Continued) 2A Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit lo a third party. il is probable that a Ir8nsfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single aclwily are allocated directly to that 2Ctivity. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single aclDiily are apportioned belween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating infomialion in support of the charitable aclivilies. Support costs are those costs incurred directly in support of expenditure on the objects of the School and include project management carried out al Headquarters. Costs of generating funds are costs incurred in attracting voluntary income. and those incurred in trading activities that raise funds. Charitable activities and Govemance costs are costs incurred on the School's educational operations, including support costs and costs relating lo the governance of the School apportioned to charitsble activities. 2.5 Interest receivable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the School,. this is normally upon nolrfication of the interest paid or payable by the inslilulion with whom the funds are deposited. 2.6 Tangible fixed assets and depreciation Tangible fixed assets of a capital nature are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model. tangible fixed assets are measured al cost less accumLJlaled depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, on a reduung balance basis. Depreciation is provided on the following bases.. Freehold property Long-lerm fixtures and fittings Fixtures and fillings Motor vehiclès Kitchen equipment Computer equipment 50 years 20 years 10 years 10 years 5 years - 5 years Page 24
OSWESTRY SCHOOL (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies lcontlnuedl 2.7 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value al the Balance sheet dale, unless the value cannot be measured reliably in which case il is measured al cost less impairrnenl. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLosses) on inveslmenls, in the Slalemenl of financial aclivilies. 2.8 stocks Stocks ale valued al the lower of cost and net realisable value after making due allowance for obsolete and slow-rnoving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.9 Debtor5 Trade and other debtors are recognised al the settlement amount. Prepayments are valued at the amount prepaid. 2.10 Cash at bank and In hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 Llabilitle5 and prov15ions Liabilities are recognised when there is an obligation al the Balance sheel dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllemenl can be eslimaled reliably. Liabilities are recognised al the amounl that the School anlieipales It will pay to sellle the debt or the amount il has received as advanced payments for the goods or services il must provide. Provisions are measured al the best estimate of the amounts required lo settle the obligalion. Where the effect of the lime valLJe of money is material. the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific lo the li8bilily. The unwinding of the discount is recognised in Ihe Slalemenl of financi81 activities as a finance cost. 2.12 Flnanclal Instruments The School only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their selllemenl value wilh the exception of bank loans which are subsequently rneasud al amortised cost using the effective InteSt method. Page 25
OSWESTRY SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies {continuedl 2.13 Finance leases and hlre purchase Assets obtained under hire purchase contracts and finance leases are capilalised as tangible fixed assets. Assets acquired by finance lease a depreciated 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 subslanlially all of the benefits and risks of ownership are assurlled by the School. Obligations under such agreements are included in creditors, net of the finance charge allocaled lo future periods. The finance element of the rental payrnenl is charged lo the Slalemenl of financial activities so as to produce a constant peri¢Jdic rale of charge on the nel obligation ouislanding in each period. 2.14 Operating leases Rentals paid under operating leases are charged lo the Slalemenl of financial activities on a slraighl line basis over the lease term. 2.15 Pensions 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 SGhool conlribules lo Group Personal Pension SGhemes for the benefit of all employees. The schemes are defined contribution schemes administered by Scottish Widows and Pensions Trust. 2.16 Fund accountlng General funds are unreslricled funds which are available for use al the discretion of the Governors in furtherance of the general objeGlives 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 conslitulion, and is held on Trust for Osweslry School. Reslricled funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the School for particular purposes. The costs ol raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is sel out in the notes lo the financial slalemenls. Investment income, gains and losses are allocated lo the appropriate fund. 2.17 Composlte fees scheme Parents may, subject to contractual terms and conditions, pay to the School luilion fees in advance. The money may be returned subject to speafic conditions. Page 26
OSWESTRY SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Crltical accounting estlmates and areas of judgment Estimates and judgments are conlinually evaluated and are based on histOriC81 experience and other factors, including expectations of fulure events that are believed lo be reasonable under the circumstances. The School makes eslimales and assumptions concerning the future. The resulting accounting eslimales will, by definition, seldom equal the related actual results. In the opinion of the Govemors there are no estimates and assumplions that have a significant risk of causing a material adjuslmenl lo the Carrn amount of assets and liabilities within the next financial year. Incorne from donations and legacles Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Donations & fundraising 7,441 923,017 930.458 64,455 Total 2024 64,455 64,455 Income from charltable activities Unrestrlcted funds 2025 Total funds 2025 Total runds 2024 School Fees 7,818,740 95.671 84,709 339,293 7.818,740 95.671 84,709 339.293 8, 778,555 43,050 99.950 312,78T Registration Income Shop Income Other School Income Total 2025 8,338,413 8,338,413 8,634,342 Total 2024 8.634,342 8.634,342 Page 27
OSWESTRY SCHOOL (A company Ilmlted by guarante¢) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Charltable actlvltle8 - school fees 2025 2024 Gross school fees Scholarship, bursaries and remissions ,754,906 10,361,434 (1,936,166) (2, 185,879J Totsl 7,818,740 8, 175,555 Income from other trading activities Income from non charftsble tradlng activitie5 Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 LellingslHire of School 405,642 405,642 273, 765 Total 2024 273, 765 273, 765 Page 28
OSWESTRY 8CHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Investment Income Unrestricted funds 2025 Total funds 2025 Totgl fvnds 2024 Listed Investments Cash Investments 109 90,693 109 90,693 410 82,204 90,802 90,802 82,614 Total 2024 82.614 82,614 Expendlture on ralsing funds Costs of raising voluntary Income Unrestrlcted Re$trl¢ted fund$ funds 2025 2025 Totsl funds 2025 Tof81 funds 2024 Finance ¢osts Fundraising costs 210,858 383,252 210,858 383,252 147, 774 325,094 594,110 594,110 472,868 Total 2024 471,646 1,222 472.868 Page 29
OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. Analysis of expenditure on charitable actlvlties Summary by fund type Unrestricted Restrided funds funds 2025 2025 Total 2025 Total 2024 Teaching Welfare 3,654,741 970,439 2,049.777 1,651,473 3.654,741 970.439 2,071,033 1.651.473 3,642,904 994,493 2,053, 745 1,687.267 Premises Support costs and govemance 21,256 8,326,430 21,256 8,347,686 8,378,409 rotal 2024 8.359.263 19, 146 8,378,409 Summary by expendlture type Staff costs Depreclatlon Other costs 2025 2025 2025 Total 2025 Total 2024 Teaching Vvelfare Premises 3,450,102 169,045 816,360 629.446 204,639 801,394 861,109 1.022,027 3,654.741 970,439 2,071,033 1,651,473 3,642,904 994,493 2,053, 745 1.687,267 393,564 Support costs and govemance 5,064.953 393.564 2,889,169 8,347,686 8,378,409 Total 2024 4,865,652 353,079 3, 159,678 8,378,409 P8ge 30
OSWESTRY SCHOOL (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11. Net IncomelExpendlture Th18 is stsled after charging.. 2025 2024 Depreciation of tangible fixed assets - held tsnder finance lease Depreciation of tangible fixed assets- owned by the charity Auditors. remuner8tson- audit and accounts preparation 44,452 349,112 15,500 52,480 300,599 14,800 409,064 367,879 12. Staff costs 2025 2024 Wages and salaries Social secLbrity costs Other pension costs 4,160,530 414.336 490,087 4,053,653 351,325 460,674 5,064,953 4,865,652 Included within the above are exceptional staff payments of £Nil12024'. £30,000). The average number of persons employed by Ihe School during the year was as follows: 2025 2024 Academlc 97 19 92 Administrative Estates 21 39 Welfare 10 165 162 Page 31
OSWESTRY SCHOOL (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. Staff costs {continuedl The average headcounl expressed as fulklime equivalents was: 2025 2024 No. Academic Support Eslales Welfare 81 18 32 77 19 31 136 131 The number of employees whose employee benefi'ts (excluding employer penslon costs) exceeded £60,000 was: 2025 2024 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £100,001- £110,000 In the band £110,001- £120,000 Aggregate employee4)enefils (Includlng employer pension conlribulions) of key management personnel were £558,56712024.' £523,750). 13. Governors. remuneratlon and expenses During the year, no Governors received any remuneration or other benefits (2024- £NIL). During Ihe year ended 31 August 2025, expenses tolaling £2,776 were relmbltrsed or p8id dlrectly to Governors (2024 - £774}. This related to the accommodation costs required to attend the board meetings. Page 32
OSWESTRY SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. Tangible fixed assets Freehold property Motor Fixtures and vehicles flttlngs Total Cost or valuation At 1 September 2024 Additions Disposals 8,790.466 51,865 434,862 140,075 (6,6501 4,930,818 14,156,146 211.333 403.273 {6,650) Al 31 August 2025 8,842,331 568,287 5,142,151 14,552,769 Depreciation At 1 Seplember 2024 Charge for the year On disposals 2,108.748 124,269 184.640 43,879 {5.9851 3.074,156 225,416 5.367,544 393.564 {5.985) Al 31 August 2025 2,233.017 222,534 3,299,572 5,755,123 Net book value Al 31 August 2025 6.609.314 345,753 1,842,579 8,797,646 At31 August 2024 6,681,718 250,222 t,856,662 8, 788,602 The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows.. 2025 2024 Motor vehicles Fixtures and fittings 242,322 72,347 134.835 91.666 314,669 226,501 Page 33
OSWESTRY SCHOOL {A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Tangible fixed assets (continued) Included in land and buildings is freehold18nd al a deemed cost of £1,199.726 {2024- £1,199,726), which is not depreciated. Of this amount £681,79312024.. £681.7931 is pemianenlly endowed. Of the above, the folbwing land and buildings have been used as security via iwo fixed charges, and have been agreed as a negative pledge wlh Lombard North Central Public Limited Cornpany and National Westminster Bank PLC.. Osweslry Junior School. Upper Brook Street, Osweslry Ilno SL106680, bellan house school. 40 Church Street, oswestry Ilno SL106681 and the land and buildings on the south wesl side of Oswald's Well Lane, Osweslry Ilno SL106682. There is 81so a third party legal charge over the following.. Bellan House School 40 Church Street Osweslry Shropshire and land and buildings on the south wesl side of Oswalds Well Lane Osweslry Shropshire Vn's SL106680, SL10é681 and SL106682 by way of fixed charge any other interest in the property, all rents receivable & all plant machinery fixtures fillings fumiture equipment implements & utensils. The goodwill of any business carried on at the property & the proceeds of any insurance affecting the property or assets. The third party legal charge is held wlh National Weslminsler Bank PIC by way of legal mortgage. 15. Flxed asset investments Listed Investments Cost or valuatlon At 1 September 2024 Revaluations 96.274 790 Al 31 August 2025 97.064 Net book value At 31 August 2025 97.064 At 31 August 2024 96,274 Page 34
OSWESTRY SCHOOL {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 AUGU8T 2025 16. Stocks 2025 2024 School shop items 66,060 65,432 17. Debtors 2025 2024 Due withln one year Fee debtors Other debtors PrepanentS and 8ccnted income Trade debtors 20,794 23,020 106,486 27,538 8,756 87, 141 124, 199 76,660 177,838 296, 156 18. Credttors: Amounts falllng due wlthln one year 2025 2024 Bank loans Deposits held Trade creditors 166,383 383,053 332,232 1,404,282 673,826 440,267 68,210 55.700 45,886 383,258 506,302 707,668 2,027,606 562,866 98,29T 49,954 82,131 128, 151 Fees in advance Composite fees Other laxatlon and social security Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income 3,574,839 4,546,233 Page 35
08WESTRY SCHOOL (A company Ilmlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Credltors: Amounts falllng due after more than one year 2025 2024 Bank loans Nel obligations under finance ase and hire purchase contracts Other creditors 1,514,367 120,925 876,617 946,259 115,839 1.277,997 2,511,909 2,340,095 Bank Loans Included withln the above are amount8 falling due as follows: 2025 2024 Between one and two years Bank loans 131,383 177,464 Behveen two and Ilve years Bank loans 319,149 377.393 Over Ilve years Bank loans 1,063,835 391,402 The aggregate amount of liabilities payable or repayable Itholty or in part more than five yearyts after the repjrting dale is: 2025 2024 Payable or repayable by instslments 1,063,835 391,402 1,063,835 391.402 The bank loans and overdrafts are secured by a mortgage over the School's freehold land and propety. Page 36
OSWESTRY SCHOOL (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Credltors: Amount falllng due after more than one year {contlnuedl Finance Leases Obligations under finance leases and hire purchase contracts are secured on the applicable temis. Obligations under finance leases and hir8 purchase contracts, induded above, are payable as follows.. 2025 2024 Betsveen one and years 8etween and five years Over five years 54.155 66,770 77,057 38,782 120.925 115,839 Page 37
OSWESTRY SCHOOL {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 20. Statement of funds statement of funds - current year Balance at 1 September 2024 Balance at Gain51 31 August {Losse5) 2025 Transfers Inlout Income Expendlture Unrestricted funds Designated funds School Development Fund 330.000 330.000 General funds General Funds Revaluation resetve 1,350,962 8.842,298 18,920,540) 247,568 739 1,521.027 2,648,112 2.648,112 3.999,074 8,842.298 {8,920,540} 247.568 739 4,169.139 Total Unrestrlcted funds 4,329.074 8,842,298 (8,920.5401 247.568 739 4.499,139 Endowment funds School Charity Fund 36.960 1,266 38,226 Mrs Wynne Corrie Memorial Fund 8,780 403 9,183 Exhibition & Scholarship Fund Endowed Land 52,234 681,793 11,6191 50,615 681.793 779,767 779.817 Page 38
OSWESTRY SCHOOL IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 20. Statement of funds Icontinuedl Balance at 1 September 2024 Balance at Galnsl 31 August (Losses) 2025 Transfers Inlout Income Expenditure Restricted funds David Holbache Appeal Fund Refurbishment Fund P.A.C Fund STEM Fund 192.270 22,946 215.216 255,894 12,930 886,071 1,070 {21.256) 1247,5681 886,071 2,373 1.303 449.467 923,017 121,256) 1247,5681 1.103.660 Total offunds 5,558,308 9,765,315 (8,941.7961 789 6.382.616 De51gnated Funds School Development Fund.. The govemors have designated the funds received from the sale ol some land which will be sel aside for various future school developments as they arise. The fLJnds will be kept in a different bank accounl from the main current account. Endowment Funds Endowed Land represents the land endowed in the School's constitution, and is held on Trust for Osweslry School. Restricted funds David Holbache Appeal Fund.. This reslricled fund represents funds received under the David Holbache Appeal for various capital projects. Refurbishment Fund- This restricted fvnd represents a donation for the refurbishment of certain facilities. STEM FJJnd'. This reslricled fund represents donations received lo help purchase supplies for Science, Technology. Engineering and Malhemalics departments. Performing Arts Centre Fund.. This reslricled fund represents income from the appeal made lowards building our new Performing Arts Cenlre, which was started in the Summer of 2025 and will be completed in 2026. Page 39
OSWESTRY 8CHOOL {A company Ilmltod by guarantse) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 AUGUST 2025 20. Statement of funds (continuodl 8tstement of funds . prlor year 8al8nce at 7 September 2023 Balance 8t 31 August 2024 Transfers Inlout Gainsl (Losses) In¢ome Expenditur8 Unrestrlcted funds Deslgnated funds School Development Fund 330,Ot)O 330,000 General lunds 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 funds School Charity Fund Mrs Wynne Corrie Memorial Fund Exhlbllion & Scholarshlp Fund Endowed Land 36, 764 196 36.960 8,362 478 8,780 44,680 681,793 7,554 52,234 681,793 771,599 8,168 779, 767 Pagg 40
OSWESTRY SCHOOL {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 20. Statement of funds Icontlnuedl Balance al I September 2023 Balance al 31 August 2024 Transfe in/out Gains/ (Lossos) Income Expenditure Restricted funds David Holbache Appeal Fund Refurbishment Fund Old Osweslrian Society Leaming Development Fund STEM Fund 177,402 14.868 192,270 221,978 48,284 (20,368J 255,894 11,222 (11,222J 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 21. Analysls of net assets between funds Analysis of net assets between funds . current year Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 7,737.407 2,745 2.845,735 13,574,839) 12.511.909) 378,446 681,793 94.319 3,705 8,797,646 97,064 3,574,654 (3.574,8391 (2,511,909) 725,214 Total 4,499.139 1,103,660 779,817 6.382.616 Page41
OSWESTRY SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21. Analysis of net assets between funds (continued) Analysls of net assets between funds - prior year Unreslricled funds 2024 Reslricted Endowment funds funds 2024 2024 Tolal funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due wlhin 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, 160 (4,546,233) (2.340.095) 3,558,060 (4.546.233) (2,340,095) Totsl 4,329.074 449,467 779,767 5,558.308 22. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net Income for the year {8s per Slalemenl of Financial Activities) 824.308 212.620 Adjustments for: Depreciation charges (G8insytosses on investments (Profilllloss on the sale of fixed assets Decreasel{increasel in stocks Decreasellincreasel in debtors Increaselldecrease) in creditors Increaselldecreasel in fees received in advance 393,564 1790) 353,077 (8. 721) 2,080 3. 148 (89,484) 193.460 1,550,511 1628} 118,318 {661,791} {512,3641 Net cash provlded by operatlng actlvltles 160,617 2,216,691 Page 42
OSWESTRY SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 23. Analysis of cash and cash equivalents 2025 2024 Cash in hand 3,330.756 3. 198.172 Total cash and cash equlvalents 3.330.756 3,198,172 24. Analysls of changes in net debt At1 September At31 2024 Cash flows August 2025 Cash al bank and in hand Debt due within 1 year Debt due after 1 year Finance leases 3,198,172 132,584 3.330,756 1383,258) 216,875 1166,3831 1946,259) 1568.1081 (1,514,367) 1165,793) 123.3421 1189,135} 1,702,862 (241,991} 1,460.871 25. Capital commltments 2025 2024 Contracted for but not provided in these financial statements Acquisition of tangible fixed assets 1,941,354 151,698 26. Penslon commitments Group Personal Penslon Schemes The School contributes lo Group Personal Pension Schemes for the benefit of all employees. The schemes are defined contribution schemes administered by Scollish Widows End Pensions Trust. The pension cost charged in the accounts is the amount payable by the Schaol during the year which amounted to £490,087 12024.. £460,674). There were contributions payable lo the fund al the balance sheet dale of £nil12024.' £nill. Page 43
OSWESTRY SCHOOL IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 27. Operatlng lease commitments Al 31 August 2025 the School had commitments to make future minimum lease payments under non- cancellable operating leases as follows: 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years Laler than 5 years 12.516 11,220 29.667 10,983 2,160 53,403 13, 143 28. Related party transactlons The School is under the control of the Board of Govemors who are directors of Osweslry School, a charitable company. During the year the School provided tuition to 13 pupils related lo the Govemors and 8 pupils of key management personnel (2024.. 14 related lo the Governors, 8 related lo key management personnel). Fees receivable were £176.978 (2024- £124,832). The amount outstanding due to Oswestry School al the year end was £nll12024.' £nill. No special remissions were awarded lo those children by Mrtue of their membership of the Goveming Body. Detsils of staff discounts are noted on page 8. During the year a Governor made donations totalling £250,000 (2024.. £nil) which are included within donations and fundraising income. 29. Controlling party The School. having no share capital, is under the control of the Board of Govemors, who are also the Trustees and the Directors of the School. Page 44