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Registered number: 04177718 Charity number: 1087124

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

SEE ESSE SSS SESE FS SE SS SE SES ESTES SSS EE RT ESSE BTS SA SOT i EE TSE SEATON REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

Trustees

Mrs B M Bell (resigned 16 December 2024) Mr J S Birdi (resigned 14 October 2024) Mr S A Brown Mr JN Fisher, Chair (from 9 December 2024) Mrs B M Forster Mrs E M F Griffin, Chair (resigned 9 December 2024) Mr R W Harcourt, Deputy-chair Mr S J Higginson (appointed 18 October 2024, resigned 19 December 2024) Mr C H Jenkinson Mr RA Johnson Mrs H M Knight Mr RJ Lee Mr G S Redman (appointed 18 October 2024, resigned 26 November 2025) Mrs S A Rosser, Deputy-chair Mrs P K Sangera (appointed 23 September 2025) Mr N T Westlake Commodore B J Warner Mrs K Yuen (appointed 2 December 2025)

Company registered number

04177718

Charity registered number

1087124

Registered office

Princethorpe College Princethorpe Rugby CV23 9PX

Independent auditor

Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

a REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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Solicitors

Stone King LLP Upper Borough Court Upper Borough Walls Bath BA1 1RG

Wright Hassall LLP Olympus Avenue Leamington Spa Warwickshire CV34 6BF

Bankers

HSBC Bank Plc PO Box 24 55 Corporation Street Coventry CV1 1QJ

The Head Teachers

Mr E D Hester - Foundation Principal Mr A G du Toit - Princethorpe College Mr R P Duigan - Crackley Hall School Mr J P Thackway- Crescent School

Company Secretary and Clerk to the Trustees

Mr E J K Tolcher

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

SS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 September 2024 to 31 August 2025. The Annual report serves the purposes of both a trustees' report and a directors’ report under company law. The Trustees 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 (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

CONSTITUTION

The Princethorpe Foundation is a company limited by guarantee, registered number 4177718. It is a registered charity in England and Wales, number 1087124.

The governing instruments under which the charitable company operates comprise the memorandum and articles of association of the company and the instrument of government. The articles were amended in December 2019 to clarify the requirements relating to the retirement and reappointment of trustees.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Directors of the charitable company (‘the Foundation’) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The Trustees are also members of the company for the purpose of company law.

The Trustees who served during the year are named on page 1.

Mrs P Sangera was presented for appointment having become a trustee and director since the last Annual General Meeting.

Mr J N Fisher, Mr R A Johnson, Mr R J Lee and Mrs S A Rosser retired and, being eligible, offered themselves for reappointment.

Mrs B M Bell, Mrs E M F Griffin and Mr S J Higginson have stood down as trustees, directors and members of the Foundation since the last Annual General Meeting.

Trustees are committed to the standards outlined in the Charity Commission's Charity Governance Code.

Day to day management of the Foundation is delegated by the Trustees to the following executives:

Mr E D Hester (Foundation Principal)

Mr A G du Toit (Head of Princethorpe College)

Mr R P Duigan (Head of Crackley Hall School)

Mr J P Thackway (Head of Crescent School) Mr E J K Tolcher (Foundation Bursar to 31 December 2024) (Clerk to Trustees and Company Secretary) Mrs C Alcock, Foundation Director of Finance

Selection and induction of trustees

Trustees are selected with a view to maintaining on the governing body a balance of skills in a range of disciplines including education, finance, law, religious and pastoral issues and general business acumen. Individual qualities such as motivation and availability are also important for what is an unpaid and timeconsuming commitment. Suitable candidates are identified by personal recommendations from members of staff, existing parents and trustees.

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee) een Es ST tc SY TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

NN New trustees receive a comprehensive information pack detailing the role of a trustee, the Foundation and its structure, objectives and strategy. Statutory obligations are also explained, and copies of relevant Charity Commission guidance are issued. In addition, each new trustee is briefed by the Heads and the Foundation Bursar and, subject to availability, offered places on bespoke training sessions organised by national bodies such as AGBIS (Association of Governing Bodies in Independent Schools).

Management structure

The Foundation consists of three schools and one nursery:

° Princethorpe College, a co-educational senior school for pupils aged 11 to 18; . Crescent School, a co-educational junior school for pupils aged 4 to 11 in Rugby; ° Crackley Hall School, a co-educational junior school for pupils aged 4 to 11 in Kenilworth. The school incorporates Little Crackers Nursery for children aged 2 to 4 and from January 2026 from age 9 months.

The Trustees meet as a full board at least once each term and undertake the management of the Foundation through a structure of sub committees. A finance committee meets at least termly and monitors all aspects of the Foundation’s finances including capital expenditure, making annual budgetary recommendations to the governing body and considering applications for bursaries. Other committees meet regularly to oversee activities such as education, staffing, safeguarding, marketing, development, premises, health and safety and governance. An Environmental Sustainability Advisory Board has been established to ensure we have appropriate targets and appropriate associated actions to deliver our plans in this area.

Day to day management of the Foundation is delegated to the Foundation Principal, Heads of the Schools and Foundation Bursar (to 31 December 2024) who report to the Trustees and to the various subcommittees relevant to their individual responsibilities. From 1 January 2025 the role of Foundation Bursar was replaced by the role of Foundation Director of Finance and other roles including Foundation Director of Business Services and Foundation Director of Facilities. There is a regular meeting of the Foundation’s senior executives which comprise the Foundation Principal, the Heads, the Directors, who are senior leaders holding responsibilities across the Foundation. The group, known as the Foundation Executive Committee, are the key management personnel.

Remuneration

Remuneration is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the Foundation’s success.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the Foundation remains sensitive to the broader issues of pay and employment conditions elsewhere.

Delivery of the Foundation’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

Employment policy

The Foundation is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests.

Communication with employees continues through normal management channels in a variety of forms to apprise

staff of current issues.

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

OBJECTIVES AND ACTIVITIES

Charitable Objectives

The Foundation’s objectives are to establish, conduct and carry on an independent school, college and nursery or any one or more thereof, for the education of boys, girls and young adults of all or no religious denominations and of such ages as the Trustees may from time to time determine, and to do all things as are or may be incidental or conducive to the attainment of the above objects.

Aims

The Foundation aims to provide a caring Christian environment to children with a broad range of ability wherein their needs can be met and their talents developed. The Foundation pursues these objectives by creating a healthy balance between freedom and structure with an emphasis on self-discipline through responsibility and trust, supported by a high level of pastoral care.

Current year’s objectives

The main objectives for the year were:

° to continue to improve on the high levels of academic achievement, especially when assessed in terms of value-added;
° as a whole community, to follow faithfully the ethos of the school, creating an environment where each child will flourish;
° to continue to enhance the wide range of co-curricular activities that are so enjoyed by the pupils; . to continue the programme of refurbishment and expansion of facilities.

Current year’s strategies to achieve aims

Strategies employed to achieve these objectives include:

° attracting and recruiting high calibre staff; ° optimising pupil/teacher ratios; ° improving training and staff development;
° providing scholarships and bursaries to allow talented pupils from less well-off backgrounds to enrol: ° managing finances so as to retain competitive fees whilst maximising funds available to improve quality of education and facilities for pupils.

Current year’s principal activities

The Foundation successfully provided education to over 1,400 pupils. A total of 634 (2024: 595) pupils received help with fees to the total value of £1,295,099 (2024: £1,262,488) and the scholarships and bursaries fund is ata level equivalent to 6.6% (2024: 6.2%) of fee income.

The Trustees have been successful in raising some funds from existing parents and others towards the general bursary fund which is actively publicised. The Thomas More Scholarship is also actively publicised and is a means tested scholarship programme which is available for Catholic pupils.

The Trustees are indebted to the parents’ associations of all schools whose organisation of events bring together the wider school communities and whose support of school events is invaluable as well as raising significant sums of money to support the schools.

PUBLIC BENEFIT

Charitable aims, relevant benefits and beneficiaries

The Trustees are satisfied that the Foundation's aims are charitable, and that its operation was and is consistent with those aims. The Trustees have also given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging.

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

a TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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In accordance with the governing instruments of the Foundation, the chapel at Princethorpe College is provided to the local parish for services including weekly Mass, baptisms, weddings and funerals without charge.

As part of the Foundation’s educational provision, the schools encourage pupils to contribute to the wider community:

e fundraising for a wide variety of charities and other organisations; e Christmas Lunch for senior citizens from local care homes and from the local parish; e fundraising and practical help in local schools, care homes and institutions through Youth St Vincent de Paul Society;
e supporting the local Catholic state primary school; e Community Service as part of Sixth Form extended curriculum. Children and young people who are not pupils at the schools have also benefited from the Charity’s activities consistent with its objectives:
° the facilities of the Foundation are provided free or at reasonable cost to a wide variety of external groups for functions for children and young people including youth sports groups, children’s fun days and music festivals;
e the Foundation provides coaching in hockey to external youth teams and to individual external pupils; e the provision of training to teachers, including remedial training sessions, in maintained schools; e teachers provide support for exam boards for example as examination moderators, examiners, examination leadership, and in service training (INSET) for AQA for teachers for all sectors;
° a Music Day, a Mathematics Competition, a Football Festival and a Hockey Festival are run annually for local schools including state schools;
e anationally acclaimed cross country course is used by pupils in the independent and maintained sectors. There are also activities that have provided other charitable benefit, in addition to benefits directly associated with the objects of the Charity:
e some members of staff serve as governors at local schools in the maintained sector; e pupils completing post graduate studies with various academic bodies have the facility of carrying out teaching practice;
e aregular Reading Group is open to both parents and local people; e the schools’ facilities are used by a variety of groups at no or low cost; e Princethorpe College takes part in the annual Heritage Open Day.

The Trustees are satisfied that there is no evidence of detriment or harm associated with the schools’ activities. The Trustees are satisfied that any private benefits are incidental, the fee remission provided for staff being part of the employment terms offered to attract and retain high quality staff.

Access The Foundation applies appropriate academic entrance requirements to ensure that its pupils are able to benefit from the education provided. The Foundation wishes to ensure that admission to the schools is not restricted by financial circumstances excepting that overall, there has to be a proper balance between income and costs such that the continuation of the Foundation will not be financially imperilled.

When setting the fees for the schools Trustees are mindful of the need to ensure accessibility for as wide a range of socio-economic background as possible and therefore fee levels and increases are kept as low as practicable. a

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SESE SSD EN TPES ES SEELEY PES ELESET PSS ESR EN RTI WT BP MEET POE EL PE PSB PB EEE PS YE SSE PS BST SMP BES SDE EE SSS GESTSTS SLES PESTER TSE SSS FS PES WT IPS PSB MEN TS TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

The Trustees are satisfied that the opportunity to benefit from the Foundation’s activities is not unreasonably restricted. The Bursary Fund is used to enable access to members of the public who might not be able to afford the full fees. Means tested bursaries were granted to 59 pupils totalling £413,571 with pupils receiving fee remissions of 75% or more including pupils receiving full fee remissions.

The provision of free places and other financial assistance ensures that financial circumstances are not a barrier to pupils accessing the opportunities available within the schools.

Fundraising

The Foundation continues to engage actively with its community of alumni, current and former parents, staff, and friends of the schools to raise awareness of its charitable aims and fundraising priorities. All appeals and communications make clear that gifts are entirely voluntary and that no individual is placed under any obligation or undue pressure to donate.

Alongside the generosity of individuals, the Foundation also collaborates with corporate partners and charitable trusts to secure philanthropic support, broadening both reach and impact. These funds contribute directly to widening access through bursaries and hardship support, and to the enhancement of the educational experience across the Foundation’s schools.

The Foundation remains committed to the highest standards of ethical fundraising practice. It is a registered member of the Fundraising Regulator and maintains organisational membership with the Chartered Institute of Fundraising, ensuring adherence to the Fundraising Code of Practice. Representatives from the Development Office regularly participate in sector forums and conferences to remain informed about emerging trends and best practice in fundraising and stewardship.

There were no breaches or failures to comply with the standards or guidance of any regulatory body during the financial year, and no complaints were received regarding the Foundation’s fundraising procedures.

STRATEGIC REPORT

Review of achievements and performance for the year:

The links between the junior and senior schools are strong and continue to deepen. The Foundation is the sole provider of independent education in Kenilworth up to the age of 11 years. The Foundation has a ten-year building development plan for its schools. The development office continues its programme of raising awareness of its aims and objectives.

Crackley Hall:

e the school continues to benefit from high quality accommodation following a substantial building programme in recent years;
e academic results remain excellent with a high percentage of school leavers securing scholarships at their secondary schools of choice; testing programmes continue to facilitate close scrutiny of pupils’ progress, thereby impacting on value added and pupil achievement;
e it is pleasing to note that sport and other co-curricular activities are central to the life of the school, with participation and results being outstanding, with a number of pupils competing at area, county and national level; inter house sport and other activities have grown and continue to be an important forum of competition for the pupils, with high levels of passion and involvement and high levels of pupil participation at all levels of ability;
e Performing Arts continues to excel with a range of productions and all entrants to LAMDA examinations passed, with pupils gaining distinctions in most cases; equally, all music grade candidates passed with outstanding results; the school community enjoys a range of performances, including the annual production which included every pupil in the school;
e various art entries progress to the ISA national art finals;

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NN THE PRINCETHORPE FOUNDATION (A company limited by guarantee)
el TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
ee e Sport continues to be a strength of the school, including high levels of participation and high achievement at local, regional and national level. A number of pupils represented the Midlands at national competitions. Interschool results are excellent. A wide variety of clubs are offered, with take up and interest very high. Central to the school is the Catholic ethos of inclusivity and care for others and the world around us. The strong philanthropic outlook, of all pupils, staff and families, ensures ongoing support, both financially and in awareness and prayer, for those at the margins of society or in need of assistance and care. A number of local and national charities benefited from monies raised over the year, including Mary's Meals, Macmillan Cancer Care, Marie Curie and local foodbanks.

Crescent School:

e the planned programme of improvements and refurbishments to the site and related facilities continues, and recent improvements include improvements to the corridors, specialist classrooms, outdoor play areas and external security, as well as reception areas of the building;
e the additional classrooms, music and drama spaces and a well being medical area and the establishment of a sensory room for learning support have had beena significant improvement in the school’s facilities;
e sport inside and outside of the curriculum has continued to play a major part in the experience of the children. All pupils in key stage two have participated in competitive fixtures for the school this term, as they do throughout the year;
e speech, language, music and drama form a key part of the children’s development, both within the curriculum and in extracurricular clubs. We have achieved an extraordinary 95% pass distinction rate in Lamda exams, a clear indication of the very high levels that the children achieve in this area;
e fundraising for charitable causes continues to be significant within the school community. The children’s school council nominate a local, national and international charity for us to support each year. We have supported the Our Jay Defibrillator charity (who have installed a working cabinet with defib machine for public use at the gates of the school), the Macmillan Cancer Charity, the Rugby Foodbank, ReadEasy adult literacy charity as well as building on our longstanding commitment to the village of Bwengu in Malawi. Children actively participate in the fund raising by designing games and competitions for each other to enter.

Princethorpe College:

e the life of the school continues to flourish and the impact of the pandemic on the day to day life of the school has diminished over the 2024-25 academic year;
e the school continues to provide comprehensive pastoral support to pupils; ® achievement in Sixth Form and GCSE was impressive; in 2025 36% of A levels and L3 BTECs were AA grades, with 67% grades AB. At GCSE, 33% of grades were grades 9-8 and 53% grades 9-7, with a strong'value added’ score;
e our co-curricular programme continues to offer a huge range of activities, sport, music and drama to accommodate all ages and abilities. Large and growing numbers of pupils continue to take music exams and also achieve highly in the London Academy of Music and Dramatic Art (LAMDA) awards;
e participation in co-curricular sport continues to be very successful across a range of boys’ and girls’ sports with many pupils representing their county and some competed at national level. Individual sports are seeing a resurgence in success from sailing, golf, equestrian and athletics honours being achieved by the pupils;
e the College community continues to show kindness and generosity in abundance raising over ten thousand pounds, through pupil led activities which ranged from “welly wanging” to 24 and 40mile sponsored walks;
e outdoor education is a central pillar of our offering with over 200 pupils working toward Gold, Silver or Bronze Duke of Edinburgh Awards, with 34 pupils completed their Gold and 46 pupils complete their Silver expeditions. The number of awards achieved continues to increase each year. Pupils in Year 7 and 8 each experience a three day, two night residential to immerse themselves in Outdoor Education;

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

Ss TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

e pupils in many areas competed with success in national competitions including Art, Physics, Chemistry and Mathematics;
e pupil numbers continue to be very strong in all year groups, with a growing number of strong external candidates in the Sixth Form; the College continues to benefit from the range of building projects and campus improvements over the last ten years. We are in the process of planning for a farm and further sports developments across the site.

Foundation Office

The establishment of the role of Foundation Principal builds on the introduction of specialist Foundation-wide roles and supports the focus on developing and delivering the agreed strategy for the future.

Financial review

The results for the year are shown on page 18. The overall results reflect an operating surplus for the year of £500,765 (2024: £773,441). The results for this year show strong financial management during a challenging period of change.

Reserves policy

The Trustees have a responsibility to protect the Foundation against uninsurable risks and future uncertainties and to establish a level of reserves which satisfies operating prudence, bearing in mind the impact of potential change in the economic, political and legislative environment within which the Charity functions.

The Foundation does not possess large endowment reserves to generate income to assist in the financing of the charity.

The Foundations total reserves of £23,226,670 at the year-end included £953,823 of restricted funds and unrestricted funds of £22,272,847.

Restricted and endowed funds are, because of the particular spending constraints attached to them, not available for funding the general operations of the school. The unrestricted funds are expendable in accordance with the Objects of the Foundation. However, these unrestricted funds have already been invested by the governing body in the building, development and refurbishment of school buildings and other fixed assets used by the school. Accordingly, there are no current free reserves (unrestricted funds less the net book value of fixed assets financed by those funds). Given our plans for new buildings, this nil balance will continue for several years.

The Trustees are of the view that it is appropriate to retain a minimum cash balance of £1m on its bank accounts. The Trustees have established this reserve.

Principal risks and uncertainties

The Trustees are responsible for the management of risk to which the charity is exposed. The major risks to the Foundation as identified by the Trustees have been reviewed and systems or procedures have been established to manage those risks. An annual re assessment of risks is conducted as part of the strategy and business review process.

The principal risks and uncertainties that the Foundation faces include:

. adverse government policy and practices; ° political and economic uncertainty ° increased competition; . adverse economic conditions; . regulatory costs; ° recruitment of staff and trustees; ° adverse publicity; . increase in costs outside of the foundation’s control;

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a THE PRINCETHORPE FOUNDATION (A company limited by guarantee) pen a nS SSS SSS SSS SSS SSS SSS SSS SESS SS SSS SSS SSS SSS TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 cS Each of these would be high impact but their likelinood is monitored carefully. The government announced the loss of charitable rate relief, significant additional employer's national insurance costs and, most significantly, that VAT would apply to school fees from January 2025. The response of Trustees was to ensure that current pupils can continue their education in Foundation schools without facing the disruption and upset of moving schools, and that Foundation schools remain strong and continue to attract families whose children would benefit from all that the schools offer, and the high-quality education provided. Trustees acted to minimise the impact on families by reducing fees from January 2025. The increase passed on to parents is 5%, substantially less than the 20% VAT rate.

Future plans The Foundation’s strategy and business plan looks forward five years and is reviewed and revised annually. Strategic objectives for the period are:

e to attract and recruit high calibre teaching and support staff;
e to maintain and improve the academic performance of the schools;
e to maintain optimum staff/pupil ratios; e to grant scholarships and bursaries thereby enabling talented pupils from less well off backgrounds to enrol; e to manage finances such that fees are kept at competitive levels commensurate with the maintenance and improvement of a high quality learning and working environment;
e to improve the facilities at the schools through a programme of building works and enhancements;
e to continue the fund raising initiative to support the provision of bursaries to widen access to the Foundation and highlight future plans including fund raising for capital and special projects;
e to develop additional income through Princethorpe Enterprises to allow investment in our schools; e to ensure the ongoing financial and operational robustness of the Foundation for an uncertain future.

As a prudent charity, the Foundation has long-term financial plans, considers a range of possible future scenarios and takes appropriate professional advice to manage them whilst recognising that they may not happen or, if they do, they may not be as bad as feared. The Foundation has strong and robust finances and is well-prepared for an uncertain future range of possibilities.

Going concern

Trustees consider that the Foundation is in a strong position to deal with the current challenges of inflation, increasing energy costs and a more difficult economic climate.

The number of pupils in the Foundation’s schools is very healthy in November 2025 and a strong level of enquiry for current and future entry into all schools has been maintained. Trustees have reviewed the Foundation’s financial position including the budget and forecasts for 2025-26 and the Foundation’s medium and long-term financial plans and have every confidence that the Foundation will continue to flourish as a result of its financial strength, quality of provision of education and the support provided to pupils and their families and its reputation in the community.

Investment powers Under the memorandum and articles of association, the Foundation has the power to invest monies not immediately required for the furtherance of its objects in such manner as the Trustees may from time to time determine. At present any such investments are cash deposits. The Foundation maintains a substantial part of its cash reserves in the HSBC liquidity account.

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

2 eS SS SSS SSS SESS sc lt srs eecarncsit TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 e e a ee

Streamlined energy and carbon reporting

The Foundation’s reporting adheres to the Greenhouse Gas Protocol’s Corporate Accounting and Reporting Standard and is conducted to a reasonable level of assurance using DESNZ published emissions factors, UK Government's GHG Conversion Factors for Company Reporting 2025. The table below shows the key metrics that are to be reported for SECR in the most recent financial year, with further detail within this report.

Overall, there has been a 1.6% increase in total energy consumption for 2024-25 compared to 2023-24. Electricity shows a decrease of 4.0% and gas shows an increase of 3.7%. Degree days increased by 7.7% confirming a colder year, hence an increase in gas consumption. Gas used per degree day fell by 3.7%, confirming an improvement to heating efficiency.

The table below provides a comparison of current energy, emissions and intensity ratios relative to the previous financial years.

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----- Start of picture text -----
Area of FY 15 Sept 22 to FY 15t Sept 23 to FY 15 Sept 24 to Variance to
Measurement 318t Aug 23 31st Aug 24 315t Aug 25 previous year
GreenhouseEmissionsGas got.351.1| tCOveWU2e 990.0338.8 tCOveTLU2E OS344.4 tCOveWAI2E tfWILT1.7%fo increasease
Intensity Ratio 1 0.25 tCOQze per 0.23 tCOze per 0.25 tCOze per ay
(students) student student student 5.7% Inersase
Intensity Ratio 2 20.35 tCOze per 18.65 tCOze per 19.70 tCOze per ei é
(turnover) £m turnover £m turnover £m turnover 5.6% increase
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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

sees mmc ES SE NCE ES TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 aeS TT Over the last year the Foundation has invested in numerous projects, aimed at improving efficiency and reducing energy consumption, these activities are summarised below:

° Heat loss/reduction film added to south facing classroom windows . Installed Trend BMS heating control system to main boilers ° Minibus fleet reduced by 1 and one diesel van replaced an electric van ° Smaller, more efficient calorifier installed for main school hot water ° Heritage window repair/replacement to reduce draughts and thermal efficiency ° Netball court lights and emergency lights converted to LED ° Electric water chillers and calorifier removed from Resident area.

The aforementioned projects will have contributed to the 4.0% reduction in electricity and 3.7% improvement in gas per degree days, which has been observed in the current dataset.

Section 172 Statement The trustees have acted in accordance with their duties codified in law, which includes their duty to act in the way they consider, in good faith, would be most likely to promote the success of the Foundation for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172 of the Companies Act 2006.

In discharging these duties, the trustees carefully consider, amongst other matters, the impact on and interest of other Foundation stakeholders and factor these into their decision-making.

Pupils The pupils benefit from the schools’ focus on all-round personal development supported by excellent pastoral provision, in addition to wide-ranging academic opportunities and co-curricular activities.

Employees The qualities, skills and dedication of our employees underpin the success of our schools and the whole Foundation. Regular briefings keep staff informed of developments in their school and employee benefits enhance their quality of life. Staff well-being has been a key focus this year and will continue to be so. The Foundation is committed to equality, diversity and inclusion with oversight of this area being undertaken by a trustee.

Parents The Foundation recognises the benefits of engaging with parents and has an ongoing programme of communications. Following feedback from parents it has been decided that some events will continue to be online rather than returning to face-to-face and certain events will continue to be streamed live.

Community The Foundation recognises its place in the local communities and each school is proud of its involvement locally and conscious of the significant benefits it brings to the local economy and local cultural life.

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

2 st er SESS SSS tS lo SSS se ne TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 eee STATEMENT OF TRUSTEES' RESPONSIBILITIES The Trustees (who are also directors of the Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

° select suitable accounting policies and then apply them consistently; ° observe the methods and principles in the Charities SORP (FRS 102); ° make judgements and estimates that are reasonable and prudent;
° state whether applicable UK accounting standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
° prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: ° so far as each Trustee is aware, there is no relevant audit information of which the charitable company's auditor is unaware; and
. the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the charitable company's auditor are aware of that information.

AUDITORS

Crowe U.K. LLP have indicated their willingness to continue in office.

Approved by order of the members of the board of Trustees and signed on their behalf by:

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----- Start of picture text -----
Mr JN Fisher
(Chair of Trustees)
Date: 3) ia | ors
----- End of picture text -----

eee

Page 13

I THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

EE, INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION

NNN$$$

Opinion

We have audited the financial statements of The Princethorpe Foundation (the ‘charitable company’) for the year ended 31 August 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including 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 statements:

° give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
° have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 statements in the United Kingdom, including the Financial Reporting 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 sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

I Page 14

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements 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

In our opinion, based on the work undertaken in the course of the audit:

° the information given in the Trustees' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
° the Trustees' Report and the Strategic Report have been prepared in accordance 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 misstatements in the Trustees’ 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:

e 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 financial statements are not in agreement with the accounting records and returns; or
° certain disclosures of Trustees' remuneration specified by law are not made; or
° we have not received all the information and explanations we require for our audit.

Page 15

NN

THE PRINCETHORPE FOUNDATION

(A company limited by guarantee)

erence SES Se SSS TSR ee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION (CONTINUED)

aey

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible 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 Trustees 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 Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement 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 users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud.

nv

Page 16

eee

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

Te INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION (CONTINUED)

SSC

Because of the inherent limitations of an audit, there is a risk that we will 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 is removed from the events and transactions reflected in the financial statements, as we will be less likely to 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 our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies 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 Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility 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.

Helen Blundell LLB FCA FCIE DChA (Senior statutory auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

Date: 16 December ZO2S

Page 17

THE PRINCETHORPE FOUNDATION

(A company limited by guarantee)

SY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

		Unrestricted funds	Restricted funds	Total funds	Total funds
		2025	2025	2025	2024
	Note	£	£	£	£
Income from:
Donations and legacies	4	-	250,783	250,783	110,263
Charitable activities		19,620,332	-	19,620,332	20,329,624
Othertrading activities	7	277,143	-	277,143	277,091
Investments	8	292,953	-	292,953	180,781
Total income		20,190,428	250,783	20,441,211	20,897,759
Expenditure on:
Raising funds	9,10	322,459	-	322,459	333,134
Charitable activities	11	19,423,502	194,485	19,617,987	19,791,184
Total expenditure		19,745,961	194,485	19,940,446	20,124,318
Net movement in funds		444,467	56,298	500,765	773,441
Reconciliation of funds:
Total funds broughtforward		21,828,380	897,525	22,725,905	21,952,464
Net movement in funds		444,467	56,298	500,765	773,441
Totalfundscarriedforward		22,272,847	953,823	23,226,670	22,725,905

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 21 to 45 form part of these financial statements.

e e

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e
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Page 18

THE PRINCETHORPE FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 04177718

BALANCE SHEET AS AT 31 AUGUST 2025

			2025		2024
	Note		£		£
Fixed assets
Tangible assets	15		25,208,549		26,020,322
Investments	16		1		1
			25,208,550		26,020,323
Current assets
Stocks	17	111,192		127,677
Debtors	18	906,438		884,860
Cash at bank and in hand		6,064,355		4,705,715
		7,081,985		5,718,252
Current liabilities
Creditors: amounts falling due within one
year	19	(6,545,396)		(5,929,774)
Net current assets/ (liabilites)			536,589		(211,522)
Total assets less current liabilities			25,745,139		25,808,801
Creditors: amounts falling due after more
than one year	20		(2,518,469)		(3,082,896)
Total net assets			23,226,670		22,725,905
Charity funds
Restricted funds	22		953,823		897,525
Unrestricted funds	22		22,272,847		21,828,380
Totalfunds			23,226,670		22,725,905

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements, were approved and authorised for issue by the Trustees and signed on their behalf by: ff] i Mr J N Fisher (Chair of Trustees) TheDate:notes3]v7on pages [rr21 to 45 formiS part of these financial statements.

Page 19

a

THE PRINCETHORPE FOUNDATION

(A company limited by guarantee)

el

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

a

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Note|£|£| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|25|1,668,372|2,637,408| |Cash|flows|from|investing|activities| |Dividends,|interests|and|rents|from|investments|292,953|180,781| |Proceeds|from|the|sale|of tangible|fixed|assets|12,510|-| |Purchase|of tangible|fixed|assets|(146,861)|(542,735)| |Net|cash|provided|by/(used|in)|investing|activities|158,602|(361,954)| |Cash|flows|from|financing|activities| |Repayments|of borrowing|(281,091)|(251,166)| |Interest|paid|on|borrowings|(187,243)|(185,223)| |Net|cash|used|in|financing|activities|(468,334)|(436,389)| |Change|in|cash|and|cash|equivalents|in|the|year|1,358,640|1,839,065| |Cash|and|cash|equivalents|at the|beginning|of the|year|4,705,715|2,866,650| |Cash|and|cash|equivalents|at the|end|of the|year|26|6,064,355|4,705,715|

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The notes on pages 21 to 45 form part of these financial statements

Page 20

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

ss

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

General information

The Princethorpe Foundation is a Company limited by guarantee (registered number 04177718), which is registered in England and Wales. Its charity registration number is 1087124. The registered office and principal place of business is Princethorpe College, Princethorpe, Rugby, CV23 9PX.

Its principal activity is the provision of day schooling.

The Company is a company limited by guarantee. The members of the Company are the Trustees named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Company.

Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Princethorpe Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Foundation to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Foundation has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Foundation's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 21

I

THE PRINCETHORPE FOUNDATION

(A company limited by guarantee)

ec SE SS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

NN

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2. Accounting policies (continued)
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2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company 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.

2.4 Fees and similar income

All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the Foundation against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided.

2.5 Donations and legacies

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Foundation is considered probable.

Donations received for the general purpose of the Foundation are credited to unrestricted funds. Where the donor or appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends restriction is to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the Foundation in the case of donated services or facilities.

2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

NN Page 22

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2: Accounting policies (continued)

2.7 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are credited to the Statement of financial activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised asa liability.

2.8 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement 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 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 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.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 23

i THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

ensue SS lS nr ESS tS a SSE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

i

2. Accounting policies (continued)

2.11 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised 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 at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property	- 2% straight line
Motor vehicles	- 20% straight line
Fixtures and fittings	- 5-20% straight line
Computerequipment	-20-33.3%straightline

Freehold land is not depreciated.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term 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.

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Page 24

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

SSi

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.14 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.15 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

2.16 Taxation

The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.17 Pensions

The Foundation participates in the Teachers' Pension Scheme (England and Wales) ("the TPS") for its teaching staff. This is a multi-employer defined benefits pension scheme and it is not possible to identify the assets or liabilities of the TPS which are attributable to the Foundation. As required by FRS102 the Foundation accounts for this scheme as if it were a defined contribution scheme. The Foundation's contributions, which are in accordance with the recommendations of the Government Actuary, are charges in the period in which the salaries to which they relate are payable.

Contributions are also made to pension schemes for certain non-teaching staff. Contributions are charged to income and expenditure account as paid.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

Page 25

a

THE PRINCETHORPE FOUNDATION

(A company limited by guarantee)

esetTS SS SS TS SS Si Ss SES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Income from donations and legacies

Donations

Restricted	Total
funds	funds
2025	2025
£	£
250,783	250,783

	Restricted	Total
	funds	funds
	2024	2024
	£	£
Donations	110,263	110,263

Charitable activities - School fees receivable

Scholarships, bursaries and other awards were paid to 634 (2024: 595 pupils). Within this means tested bursaries totalling £413,571 were paid to 59 pupils (2024: £479,871 were paid to 58 pupils).

The total income from school fees is all unrestricted in both years.

Charitable activities - Ancillary trading income

	2025	2024
	£	£
Transport	671,428	655,395
Insurance income	26,045	23,257
Tripincome	789,354	864,179
Catering income	557,584	534,541
Sundry receipts	57,020	54,756
	2,101,431	2,132,128

The total ancillary trading income is all unrestricted in both years.

NN Page 26

THE PRINCETHORPE FOUNDATION

(A company limited by guarantee)

9 SSS St NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7. Income from other trading activities

Income from non-charitable trading activities

		Unrestricted	Total
		funds	funds
		2025	2025
		£	£
	Shop	188,045	188,045
	Lettings and other income	89,098	89,098
	Total 2025	277,143	277,143
		Unrestricted	Total
		funds	funds
		2024	2024
		£	£
	Shop	188,965	188,965
	Lettings and other income	88,126	88,126
	Total 2024	277,091	277,091
8.	Investmentincome

		Unrestricted	Total
		funds	funds
		2025	2025
		£	£
Interest	received	292,953	292,953
		Unrestricted	Total
		funds	funds
		2024	2024
		£	£
Interest	received	180,781	180,781

Page 27

EIS

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

ces SSS SSS SSS SSS SSS SSS SSS SSNS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

NN 9. Expenditure on raising funds

Trading expenses

		Unrestricted funds	Total funds
		2025	2025
		£	£
	Trading costs	132,643	132,643
		Unrestricted funds	Total funds
		2024	2024
		£	£
	Trading costs	139,770	139,770
10.	Financing costs
		Unrestricted funds	Total funds
		2025	2025
		£	£
	Bad debts	2,573	2,573
	Bank loan interest payable	187,243	187,243
	Total2025	189,816	189,816

ISS Page 28

fh.

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

er NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

fhee 10. Financing costs (continued)

	Unrestricted	Total
	funds	funds
	2024	2024
	£	£
Bad debts	8,141	8,141
Bank loan interestpayable	185,223	185,223
Total2024	193,364	193,364

Analysis of expenditure on charitable activities

Summary by fund type

	Unrestricted	Restricted
	funds	funds	Total
	2025	2025	2025
	£	£	£
Teaching Welfare Premises, repairand maintenance Supportcostsandgovernance	11,677,173 1,960,438 2,124,473 3,061,418	- - 194,485 -	11,677,173 1,960,438 2,918,958 3,061,418
Total 2025	19,423,502	194,485	19,617,987
	Unrestricted	Restricted
	funds	funds	Total
	2024	2024	2024
	£	£	£
Teaching Welfare	11,580,334 1,966,211	- -	11,580,334 1,966,211
Premises, repairand maintenance	2,967,396	134,472	3,101,868
Support costsand governance	3,142,771	-	3,142,771
Total2024	19,656,712	134,472	19,791,184

—.._jm ee Page 29

TTGn

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

41. Analysis of expenditure on charitable activities (continued) Summary by expenditure type

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|||||||| |---|---|---|---|---|---|---| |Staff costs|Depreciation|Other|costs|Total| |2025|2025|2025|2025| |£|£|£|£| |Teaching|10,794,701|235,446|647,026|11,677,173| |Welfare|115,095|31,170|1,814,173|1,960,438| |Premises,|repair and|maintenance|803,186|525,149|1,590,623|2,918,958| |Support costs and governance|1,366,118|154,359|4,540,941|3,061,418| |Total 2025|13,079,100|946,124|5,592,763|19,617,987|

----- End of picture text -----

==> picture [444 x 140] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Staff costs|Depreciation|Other costs|Total| |2024|2024|2024|2024| |£|£|£|£| |Teaching|10,570,183|240,647|769,504|11,580,334| |Welfare|111,139|31,858|1,823,214|1,966,211| |Premises,|repair and|maintenance|878,095|536,748|1,687,025|3,101,868| |Support costs and governance|1,303,392|157,768|1,681,611|3,142,771| |Total 2024|12,862,809|967,021|5,961,354|19,791,184|

----- End of picture text -----

Governance costs included within support costs include auditor's remuneration as per note 12, trustees expenses as per note 13 and other governance costs of £48,790 (2024: £57,491).

42. Auditor's remuneration

==> picture [443 x 105] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Fees|payable|to the Company's|auditor for the|audit|of the Company's| |annual|accounts|19,675|18,375| |Fees|payable|to|the|Company's|auditor|in|respect|of:| |Audit-related|assurance|services|1,050|975| |All|non-audit services|not|included|above|2,400|2,250|

----- End of picture text -----

TTaoPage 30

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

enna

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

——-sso.

13. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 August 2025, expenses totalling £22 were reimbursed or paid directly to 1 Trustee (2024 - £Nil). The expenses reclaimed were for mileage.

14. Staff costs

	2025	2024
	£	£
Wages and salaries Social securitycosts Pension costs	10,221,767 1,062,854 1,794,479	10,147,036 983,225 1,732,548
	13,079,100	12.862809

During the year settlement payments and termination payments were made which amounted to £Nil (2024: £42,801 to four people).

The average number of persons employed by the Company during the year was as follows:

	2025	2024
	No.	No.
Teachersand teachersupport Domestic	235 -	221 3
Maintenance and estates Administration	27 42	33 44
	304	301

Tf

Page 31

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 TT G&G

Staff costs (continued) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

==> picture [442 x 163] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |No.|No.| |In|the|band £60,001|- £70,000|9|7| |In|the band £70,001|- £80,000|2|3| |In|the band|£80,001|- £90,000|5|2| |In|the band £90,001|- £100,000|-|1| |In|the|band £100,001|- £110,000|1|-| |In|the|band £120,001|- £130,000|-|1| |In|the|band £130,001|- £140,000|-|1| |In|the band £150,001|- £160,000|1|1| |In|the|band|£170,001|- £180,000|1|-|

----- End of picture text -----

The total employee benefits of the key management personnel were £1 726,762 (2024: £1,694,948).

oooPage 32

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

nsec NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

e sassoo

ee

15. Tangible fixed assets

||Freehold
property
£|Motor
vehicles
£|Fixtures and
Computer
fittings | equipment
£
£|Fixtures and
Computer
fittings | equipment
£
£|Total
£| |---|---|---|---|---|---| |Cost or valuation|||||| |At1September2024
Additions
Disposals|33,238,234
-
(16,065)|328,492
39,190
(38,083)|2,231,134
58,664
(66,320)|991,466
49,007
(110,606)|36,789,326
146,861
(231,074)| |At 31 August2025|33,222,169|329,599|2,223,478|929,867|36,705,113| |Depreciation|||||| |At 1 September2024|8,117,537|283,740|1,615,071|752,656|10,769,004| |Charge forthe year|675,574|15,372|158,027|97,151|946,124| |On disposals|(16,065)|(25,573)|(66,320)|(110,606)|(218,564)| |At 31 August 2025|8,777,046|273,539|1,706,778|739,201|11,496,564| |Net book value|||||| |At 31 August2025|24,445,123|56,060|516,700|190,666|25,208,549| |At31August2024|25,120,697|44,752|616,063|238,810|26,020,322|

All tangible fixed assets were used for charitable purposes.

Freehold land of £1,437,750 (2024: £1,437, 750) included above has not been depreciated.

The freehold land and buildings donated to the foundation by MSC Charity Trust with effect from 1 September 2001 were professionally valued prior to the donation by Howkins & Harrison for Princethorpe College and Innes England for Crackley Hall. The values attributed to these properties were £5,900,000 and £842,099 respectively.

Inalienable and historic assets

In addition to the capitalised fixed assets held for the Foundation's own use, the Foundation also has a substantial endowment of assets bequeathed on trust for retention in perpetuity as a permanent record of the Foundation's history. These comprise a variety of religious artifacts whose intrinsic value is also bound up with the Foundation's history. These are irreplaceable originals to which no reliable cost or value can be attributed and accordingly these assets have not been capitalised in the financial statements.

a... A

Page 33

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Fixed asset investments

==> picture [441 x 120] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Investments| |in| |subsidiary| |companies| |£| |Cost|or|valuation| |1| |At|1|September|2024| |At|31|August|2025|4|

----- End of picture text -----

Principal subsidiaries

The following was a subsidiary undertaking of the Company:

==> picture [471 x 224] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Name|Company|Registered|office|Principal|Class|of|Holding| |number|activity|shares| |Princethorpe|Enterprises|07129698|Princethorpe|College,|Dormant|Ordinary|100%| |Limited|Princethorpe,|Rugby,| |CV23|9PX| |The|financial|results|of the|subsidiary|for the|year|were:| |Net|assets| |Name|£| |Princethorpe|Enterprises|Limited|1| |17.|Stocks| |2025|2024| |£|£| |Finished goods and goods for resale|111,192|127,677|

----- End of picture text -----

TTGoo FF Page 34

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

ersnrecrensneesseeerese

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

eee

==> picture [64 x 9] intentionally omitted <==

----- Start of picture text -----
18. Debtors
----- End of picture text -----

			2025	2024
			£	£
		Due within one year
		Trade debtors	66,571	68,396
		Otherdebtors	375,602	456,014
		Prepayments and accrued income	464,265	360,450
			906,438	884,860
	19.	Creditors: Amounts falling due within one year
			2025	2024
			£	£
		Bank loans	292,254	271,078
		Trade creditors	740,260	562,760
		Finalterm deposits (see below)	447,000	405,400
		Othertaxation and social security	253,038	230,728
;		Othercreditors and accrued charges	877,202	953,142
		Fees recieved in advance and other deferred income	3,269,969	2,584,764
		Fees in advance scheme (note 21)	665,673	921,902
			6,545,396	5,929,774

The bank loans are secured by a debenture comprising fixed and floating charges over all the assets and undertaking of the Foundation and a first legal mortgage over the freehold property at Princethorpe College.

There are two loans. The first loan has an interest rate of 3.56%pa until October 2023 and then 1.5% above base rate thereafter, the loan is repayable by October 2028 by monthly instalments. The second loan has an interest rate of3.86% until October2023 and then 1.5% above base rate thereafter. The loan is repayable byOctober2033 with monthly repayments commencing in October2023.
2025 2024
£ £
Fees received in advance and other deferred income
Deferred income at 1 September 2024 2,584,764 1,789,134
Resources deferred during the year 4,202,514 2,584,764
Amounts released from previous periods (3,517,309) (1,789,134)
Deferredincomeat31August2025 3,269,969 2,584,764

Page 35

I

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

LL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

I

Creditors: Amounts falling due within one year (continued)

Final term deposits

In the normal course of business and based on the going concern basis, the profile of pupils leaving the school and therefore having their deposits repaid, the expected repayment of deposits will be:

	2025	2024
	£	£
Inoneyearorless Between one and twoyears Betweentwo and fiveyears Overfiveyears	58,800 45,000 187,800 155,400	52,800 52,200 182,100 118,300
	447,000	405,400

Creditors: Amounts falling due after more than one year

		2025	2024
		£	£
Bank Fees	loans in advance scheme (note 21)	2,040,752 477,717	2,343,019 739,877
		2,518,469	3,082,896

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

		2025	2024
		£	£
Bank	loans	1,416,306	1,425,822

Page 36

oss

THE PRINCETHORPE FOUNDATION

(A company limited by guarantee)

a sess, NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

21. Fees in advance scheme

Parents may, subject to contractual terms and conditions, pay to the School tuition fees in advance. The money may be returned, subject to specific conditions but, assuming the relevant pupils remain in the School, advance fees will be applied as follows:

	2025	2024
	£	£
Within 1 year	665,673	921,902
Over 1 year	477,717	739,877
	1,143,390	1,661,779
The movement during the yearwas:
	2025	2024
	£	£
Balance at 1 September	1,661,779	-
Newcontracts	210,845	1,661,779
Utilised/released during the year	(729,234)	-
Balanceat31August	1,143,390	1,661,779

ee. $m

Page 37

a THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

==> picture [477 x 558] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |NOTES TO THE|FINANCIAL|STATEMENTS| |FOR THE YEAR ENDED|31|AUGUST|2025| |OT|Ga| |22.|Statement|of funds| |Statement|of funds|-|current|year| |Balance|at|1|Balance|at| |September|Transfers|31|August| |2024|Income|Expenditure|in/out|2025| |£|£|£|£|£| |Unrestricted|funds| |Designated|funds| |Tangible|fixed asset fund|25,480,322|-|-|(791,773)|24,688,549| |General|funds| |General funds|(3,651,942)|20,190,428|(19,745,961)|791,773|(2,415,702)| |Total|Unrestricted funds|21,828,380|20,190,428|(19,745,961)|-|22,272,847| |Restricted|funds| |Princethorpe|Chapel|Fixed| |Asset|Fund|540,000|-|(20,000)|-|520,000| |Biodun|Olanrewaju|Memorial| |Prize|13,038|-|(1,000)|-|12,038| |Princethorpe|Bursary Fund|95,502|155,559|(151,061)|-|100,000| |Princethorpe|Science|Building| |Fund|180,000|624|(624)|-|180,000| |Crackley|Hall- donations|25,000|14,170|(3,800)|-|35,370| |Princethorpe|- other donations|12,552|18,436|(16,500)|-|14,488| |Crescent|- donations|-|12,372|(1,500)|-|10,872| |Princethorpe|- Smallholding|31,433|484|-|-|31,917| |Greatest|Need/Capital|Projects|-|49,138|-|-|49,138| |897,525|250,783|(194,485)|-|953,823| |Total of funds|22,725,905|20,441,211|(1 9,940,446)|-|23,226,670|

----- End of picture text -----

8109090Page ag[38]

eee

THE PRINCETHORPE FOUNDATION

(A company limited by guarantee)

2] rE SSS SS SS Si ret ecru team paeanee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

eee

22. Statement of funds (continued)

Statement of funds - prior year

==> picture [450 x 472] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|Balance|at| |1|September|Transfers|31|August| |2023|Income|Expenditure|in/out|2024| |£|£|£|£|£| |Unrestricted|funds| |Designated|funds| |Tangible|fixed|asset fund|25,884,608|-|-|(404,286)|25,480,322| |General|funds| |General|Funds-|all|funds|(4,853,878)|20,787,496|(19,989,846)|404,286|(3,651,942)| |Total|Unrestricted|funds|21,030,730|20,787,496|(19,989,846)|-|21,828,380| |Restricted|funds| |Princethorpe|Chapel|Fixed| |Asset|Fund|560,000|-|(20,000)|-|540,000| |Biodun|Olanrewaju|Memorial| |Prize|14,038|-|(1,000)|-|13,038| |Princethorpe|Bursary|Fund|95,502|56,483|(56,483)|-|95,502| |Princethorpe|Science|Building| |Fund|214,642|424|(35,066)|-|180,000| |Crackley|Hall-|donations|25,000|15,489|(15,489)|-|25,000| |Princethorpe|-|other donations|12,552|2,834|(2,834)|-|12,552| |Crescent|-|donations|-|3,600|(3,600)|-|-| |Princethorpe|-|Smallholding|-|31,433|-|-|31,433| |921,734|110,263|(134,472)|-|897,525| |Total|of funds|21,952,464|20,897,759|(20,124,318)|-|22,725,905|

----- End of picture text -----

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Page 39

III

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

I

Statement of funds (continued) Tangible Fixed Asset Fund The tangible fixed asset fund represents the net book value of tangible fixed assets excluding assets held as part of restricted funds.

Princethorpe Chapel Fixed Asset Fund Under the terms of the gift by the MSC Charity Trust and in accordance with the memorandum of association of the Foundation, this endowment fund represents the gift of the chapel to the Foundation. The amount expended during the year represents the annual depreciation charge. This fund does not represent income available to be used on other projects. The chapel, which forms part of the premises, must be maintained as a public place of worship whilst owned by the Foundation.

Biodun Olanrewaju Memorial Prize This fund has been set up by three former pupils in memory of their late father to provide an award to a Sixth Form leaver. Princethorpe Bursary fund The Bursary fund was established to enable students to continue to attend the college.

Princethorpe Science building fund The Science building fund has been established to raise funds to contribute to the building of a new science building. The building was opened for use in September 2023 and there is a retention balance outstanding which is included within the funds. Once invoiced, this value will be released. Princethorpe - other donations fund This fund is to support activities at Princethorpe College . Crackley Hall - donations fund This fund is to support activities at Crackley Hall. Crescent - donations fund This fund is to support activities at Crescent School. :

Princethorpe - small holding This fund supports the development of the Princethorpe smallholding project, an initiative designed to enhance pupils’ learning through hands-on outdoor education. The fund enables the creation and maintenance of the smallholding space, helping to integrate horticulture, sustainability and environmental stewardship into the curriculum and wider co-curricular life of the Foundation.

Greatest need/capital projects This fund provides flexible support for the Foundation’s highest priorities, allowing investment where it is needed most. Contributions to this fund help the schools respond to emerging needs and deliver essential capital improvements, ensuring that facilities remain safe, modern and fit for purpose. This includes upgrades, refurbishments and strategic developments that directly enhance the experience of pupils across the Foundation.

O_o Page 40

eee

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

<a eS SS SSS Sr sere escent NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

eee

23. Summary of funds

Summary of funds - current year

	Balance at 1				Balance at
	September 2024	Income	Expenditure	Transfers in/out	31 August 2025
	£	£	£	£	£
Designated funds	25,480,322	-	-	(791,773)	24,688,549
Generalfunds Restricted funds	(3,651,942) 897,525	20,190,428 250,783	(19,745,961) (194,485)	791,773 -	= (2,415,702) 953,823
	22,725,905	20,441,211	(19,940,446)	-	23,226,670
Summary offunds- prioryear
	Balance at				Balance at
	1 September 2023	Income	Expenditure	Transfers in/out	31 August 2024
	£	£	£	£	£
Designated funds	25,884,608	-	-	(404,286)	25,480,322
General funds	(4,853,878)	20,787,496	(19,989,846)	404,286	(3,651,942)
Restricted funds	921,734	110,263	(134,472)	-	897,525
	21,952,464	20,897,759	(20,124,318)	-	22,725,905

SSeS

Page 41

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

TT

ee nn

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Analysis of net assets between funds
Analysis of netassets between funds -currentyear
	Unrestricted	Restricted	Total
	funds	funds	funds
	2025	2025	2025
	£	£	£
Tangiblefixed assets Fixed asset investments Current assets Creditors duewithinoneyear Creditors due inmorethan oneyear	24,688,549 1 6,660,059 (7,035,010) (2,040,752)	520,000 - 433,823 - -	25,208,549 1 7,093,882 (7,035,010) (2,040,752)
Total	22,272,847	953,823	23,226,670
Analysis ofnetassets between funds - prioryear
	Unrestricted funds	Restricted funds	Total funds
	2024	2024	2024
	£	£	£
Tangiblefixedassets Fixed assetinvestments Current assets Creditorsdue within oneyear Creditors due in morethanoneyear	25,480,322 1 5,360,727 (5,929,774) (3,082,896)	540,000 - 357,525 - -	26,020,322 1 5,718,252 (5,929,774) (3,082,896)
	21,828,380	897,525	22,725,905
Total

89090 Page 42

THE PRINCETHORPE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

25. Reconciliation of net movement in funds to net cash flow from operating activities

==> picture [474 x 364] intentionally omitted <==

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Net|income|for|the|year|(as|per|Statement|of|Financial|Activities)|500,765|773,441| |Adjustments|for:| |Depreciation|charges|946,124|967,021| |Dividends,|interests|and|rents|from|investments|(292,953)|(180,781)| |Decrease|in|stocks|16,485|19,801| |Increase|in|debtors|(33,475)|(336,989)| |Increase|in|creditors|344,183|1,209,692| |Interest|paid|on|borrowings|187,243|185,223| |Net|cash|provided|by|operating|activities|1,668,372|2,637,408| |26.|Analysis|of|cash|and|cash|equivalents| |2025|2024| |£|£| |Cash|in|hand|6,064,355|4,705,715| |Total|cash|and|cash|equivalents|6,064,355|4,705,715| |27.|Analysis|of changes|in|net|debt|

----- End of picture text -----

==> picture [448 x 119] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |At|1|Other|non-| |September|cash|At|31| |2024|Cash|flows|changes|August|2025| |¢|£|£|£| |Cash|at|bank|and|in|hand|4,705,715|1,358,640|-|6,064,355| |Debt|due|within|1|year|(271,078)|281,091|(302,267)|(292,254)| |Debt|due|after|1|year|(2,343,019)|-|302,267|(2,040,752)| |2,091,618|1,639,731|-|3,731,349|

----- End of picture text -----

Page 43

aN

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

jee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

28. Contingent assets

The Princethorpe foundation are entitled to recover VAT on certain historical asset purchases, the value of this claim has not been quantified as at year end.

29. Related party transactions

The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 August 2025.

30. Pension commitments

Teachers’ Pension Scheme

The Foundation participates in the Teachers’ Pension Scheme (‘the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,572,823 (2024: £1,512,377) and at the year-end £27,186 (2024 - £Nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Other Pension Schemes

Contributions are also made to pension schemes for certain non-teaching staff and teaching staff who have opted out of the TPS. Contributions are charged as paid; this years contributions payable were £221,656 (2024: £220,171). At the year-end £27,293 (2024: £5,376) was accrued in respect of contributions to this scheme.

aaa

Page 44

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

31. Operating lease commitments

At 31 August 2025 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

	2025	2024
	£	£
Due within one year	10,760	12,903
Laterthan 1 year and not later than 5 years	32,280	-
	43,040	12,903

Operating leases rentals charged during the year were £12,903 (2024: £12,903).

32. Financial instruments

		2025	2024
		£	£
Financial	assets
Financial	assetsmeasuredatfairvaluethroughincomeandexpenditure	1	1

Financial assets measured at fair value through income and expenditure comprise investments.

The School's income, expense, gains and losses in respect of financial instruments are summarised below:

	2025	2024
	£	£
Total investment income for financial assets measured at fair value through
income and expenditure	292,953	180,781
Impairmentlossesonfinancialassetsmeasuredatamortisedcost	189,816	193,364

Page 45

2025-08-31-accounts

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

CONTENTS

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

Trustees

Company registered number

Registered office

Solicitors

Bankers

The Head Teachers

SS

CONSTITUTION

STRUCTURE, GOVERNANCE AND MANAGEMENT

Selection and induction of trustees

nn

THE PRINCETHORPE FOUNDATION (A company limited by guarantee) een Es ST tc SY TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Management structure

Remuneration

Employment policy

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

OBJECTIVES AND ACTIVITIES

Charitable Objectives

Aims

Current year’s objectives

Current year’s strategies to achieve aims

Current year’s principal activities

PUBLIC BENEFIT

Charitable aims, relevant benefits and beneficiaries

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

a TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

NN

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

Fundraising

STRATEGIC REPORT

Review of achievements and performance for the year:

Crackley Hall:

Crescent School:

Princethorpe College:

NN

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

Ss TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Foundation Office

Financial review

Reserves policy

Principal risks and uncertainties

Going concern

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

2 eS SS SSS SSS SESS sc lt srs eecarncsit TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 e e a ee

Streamlined energy and carbon reporting

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

sees mmc ES SE NCE ES TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 aeS TT Over the last year the Foundation has invested in numerous projects, aimed at improving efficiency and reducing energy consumption, these activities are summarised below:

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DISCLOSURE OF INFORMATION TO AUDITOR

AUDITORS

I THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

EE, INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION

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Opinion

In our opinion the financial statements:

Basis for opinion

Conclusions relating to going concern

THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

Other information

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

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THE PRINCETHORPE FOUNDATION

erence SES Se SSS TSR ee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION (CONTINUED)

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Responsibilities of Trustees

Auditor's responsibilities for the audit of the financial statements

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THE PRINCETHORPE FOUNDATION (A company limited by guarantee)

Te INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION (CONTINUED)

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