Warwick Schools Foundation Enabling transfomiation through the power of education COMPANY NUMBER: 04252305 CHARITY NUMBER: 1088057 DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Warwlck ScMooÈ Found8tiOn lyloh Ro8J Warwick CV34 6PP 01926 735400 In¢ioèl¢wat￿￿k$Cho0is.¢Ouk warwl¢kprep.eom th*klngsl•yschool.co.u* king5highv4ar¥YickX￿u* warwlckschool.tsrg coin￿lDY Mo 4d573 Ptyi%ltrtdO*¢É Ylaryncc School kfylODP￿a Wts*•ickCVY6PP DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 DIRECTORS, OFFICERS AND AJ)VISORS Governors. Directors and Charity Trustees The Govemors of Vvarwick Independent Schools Foundation I'lhe Company" 'the Foundation", 'the Group" 'the Charity'l are the Directors and members of Ihe Company and trustees of the Charity and have all served in office throughout the financial year except where indicated. Those who have served during the year are shown below. The total number of elected Governors comprises three nominated and 14 co-opted Govemors. Nominations are subject to approval by the Board. All Governors may serve up to three lerms of four years. In addition, the Lord-Lieutenant of Warwickshire and the Mayor of Warwick have the right to be ex-officio Govemors should they choose to take up the position. Cjovernors nominated by ihefulloiving bodies.. The Charity of Sir Thomas While, Wwwck Mr A F Keeling, KC The lQ"ng Henry Vlll Endowed Trust, VVwwi¢k Ms V Bosworth University of Warwick Prof D Griffin Co-opted GovernoTS.' Mrs M B Ashe Mrs S M Austin Ichairl Ms J L Broughlon Dr F Jaffri Mr P Ledgard (from 1 January 20251 Mr J D Loudon Mrs J Mxkenzie-L￿rie Mr H Cooper (from 29 April 20251 Ms L RanThsell Mr D B Rankin Mrs C Robbins Ms R Sandby-Thomas Dr R A Weeks Mrs A E Wilson Mr C White The Lord-Lieulenant of Warwickshire Mayor of Warwick MrTBCox INot taken upl Ollieers.. Foundation Piincipa Mr R Nicholson Foundation Bursar" Headrnasler. Warwick School Headmaster, King's High School He*Jteacher, The Kingsley School Headmistress, Warwick Preparatory School HeanBsler, Warwick Junior School Mrs V Espley Mr J S Earker Dr S J Burley Dr S Ho￿1ng Mrs H Dodsworth Mr J Bond "Icompany Secret￿) Waiwick Scttools Found&tl Idyion Rodd Waiwirk CV34 6PP 01926 135400 PlIliCroal(XviarwickschoolsKtsJk I warwl¢kprep.com thekings1ey5chool.co.uk ing$hi9hwarY+lck.co.uk warwi¢kschool.or9 CwD81'yP4o 4352JOS VIH"Vrif.I S¢wi C￿4 1083057 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Addresses 'IIILtpalAddi'ess and Registered Office.. Warwick 5ndependenl Schools Foundation Myton Road WARWICK CV34 6PP Schools King's High School Banbury Road WARWICK CV34 6YE Day, girls l 1-18 Warwick Preparatory School Bridge Field Banbury Road VVARWICK CV34 6PL Day, boys 3-7 girls 3-11 Boarding, girls 13-18 WaTwick School Myton Road WARWICK CV34 6PP Day, boys 11-18 Warwick Junior School Myton Road WARVVICK CV34 6PP Day, boys 7-11 Boarding. boys 13-18 The Kingsley School Beauchamp Hall Beauchamp Ave LEAMINGTON SPA CV32 5RD From 1 September 2025 Boys 3- 18 Day, boys 3-11. girls 3-18 Advisers Bankers Lloyds Bank PIC 12 Swan Streel WARWICK CV34 4BJ HSBC 6th Floor 120 Edmund Street BIRMINGHAM B3 2QZ Insurers Marsh Brokers Capital House 1-5 Perrymount Road HAYWARDS HEATH West Sussex RH16 3SY Avditors Crowe U.K. LLP 41h Floor, St James House Sl James, Square CHELTENHAM GL50 3PR Solieitors Veale Wasbrough Vizards Narrow Quay House Narrow Quay BRISTOL BS1 4QA InueslinentAduisers Evelyn Partners 14th Floor 103 Colmore Row BIRMINGHAM B3 3AG Page 2 STRATEGIC REPORT FOR THE YE4R ENDED 31 AUGUST 2025 The Directors of the Company present their annual report for the year ended 31 August 2025, together with the financial statements for the year, which have been prepared in accordance with Company Law and in compliance with the Charities SORP 2015. Reference and Administrative Information The Company was incorporated on 13th July 2001 and is registered in England under Company Number 04252305. It is also a Charity, registered with the Charity Commission under Charity Number 1088057, and is the Corporate Trustee of the Warwick Schools Foundalion Trust {"Ihe Trust'l. The DireGtors and Governors of WanNick Independent Schools Foundation and the executive officers are listed on page 1 and the principal addresses. and profassional advisers are listed on page 2. Structure, Governance and Management Governin Document In 1875, a scheme was approved by the Endowed Schools Commission for the amalgamalion of certain educational charlties in Watwick. under the name King's School Foundation. The Scheme provided for the re- establishment of the old King s School in new buildings, lo be called the Grammar School (for boys), a Middle School (for day boys lo the age of 151, and a school for gir15. A number of local charities contributed the whole. or a portion, of their annual income. A Charity under the name Warwick Schools was registered with the Charity Commissioners for England and Wales (registration number 5287751 and was regulated by Schemes signed on 231a December 1981, 26, November 1991. 131n June 1995. and 16 September 1998. On 29" August 2001, this Charity changed its name lo Warwick Schools Foundation Trusl. Und8r the Charity Commission Scheme made on 29, August 2001 all trust funds other than the Trust's permanent endowment of the Schools, land were transferred to a new Charity known as Warwick Schools. as property of the Cornpany, and the Trust ils6lf was made a subsidiary Charity of the Company as its Corporate Trustee. On 1 Ilh March 2003 the Charity and the Company changed its name from Warwick Schools lo Warwick Independent Schools Foundation At that time, the Company was governed by ils Memorandum and Articles of Association dated 131tt July 2001 and amended by Special resolution on 28, March 2012. By way of special resolution. updated Articles of Association were adopted by the FoundatlDn on 30 June 2023, 10 incorporate all previous amendments and to ensure compliance with all current Companies and Charity Laws. Governin Bod The Governors listed on page 1 are appointed as Governors of the Foundation and have overall responsibility for the operation of three Schools, namely King's High School (incorporating Warwick Preparatory School, which has separate DfE reglstralion), Warwick School {incorporating Wa￿1ck Junior School) and The Kingsley School. Subsidiary Committees of Governors have been established, one for each School, with Governors spread evenly across the School Committees. Page 3 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 There are also four tactical Committees. each comprising a subset of the Governors. In this way, Governan is delivered to the individual Schools within an overall Foundation framework The benefits of the approach are robust, inclusive governance, with all Governors taking equal responsibilty for the effective running of the Charity. The full Board of Governors plus one ex-officio Govemor are also the Directors and Members of the Limited Company and Trustees of the ChaTity. They are responsible for ihe overall management and control of the Company and m￿t al least three limes a year. The Foundation Principal is the executive lead across the Foundation. He is supported by a Principal's Group comprising the School Heads and Foundation Bursar. In his capacity as Foundation Principal, he has ultimale responsibility for the managernent of the indDiidual schools and subsidiary trading company. He reports directly to the Trustees. anisational Mana emenl School Committees are responsible for overseeing the educational business and financial management of each individual School within the broader strategic outline provided by the Foundation Governors. Any matters with implications for the Foundation andlor the other Schools are referred to the Education andlor Resources and Estates andlor Finarice and Regulatory Committees as appropriate. School Committees are chaired by the Foundation Principal. The Safeguarding Committee is responsible for considering all matters pertaining to safeguarding and child protection. including historic cases, and also the safeguarding responsibilitres as sel out by the Charity Commission. It has the power lo recommend any decisions as it feels are necessary to fulfil its responsibility. The Education Committee is responsible for considering all matters pertaining to the educational side of the Foundation's business and has the power to make any decisions as rt feels are necessary to fulfil 'rts responsibilities. The Committ& is also responsible for liaising wrth the Safeguarding Committee. the Resources and Estates Committee and the Finance and Regulatory Committee in ensuring robust and collective governance is delivered. The Resources and Estates Commirtee is responsible for ensuring the effective delivery of the operational and capital resources required foreducalional and business activities, Including oversighl of the central Estates and Operations function. It has the pjwer to make any decisions as rt feels are necessary to fulfil its responsibilrties. The Comrnittee is also responsible for liaising with the Finance and Regulatory Committee in ensuring that robust and collective governance is delivered. The principal purpose of the Finance and Regulatory Committee is to advise and provide recommendalior to the full Board of Foundation Governors on finance and regulatory matters. It has delegated powers to act on behaK of the Foundation Governors in financial matters should the need arise. It can also make any decisions necessary to ensure compliance with current regulation and legislation. The Appointments Committee is responsible for discussing and recommending to the full Board of Foundation Governorsthe appointment of Governors and the Foundation Principal. The Foundation Principal is responsible, with appropriate support and oversight from Governors, for appointin9 the Heads. the Foundation Bursar and such other employees as are deemed necessary or expedient from time to time. The Page 4 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Appointments Committee meets termSy and consists of the Chair and Vic&Chair of the Foundation and tl Chairs of the four Strategic Committees. Remuneration Remunerats"on is set by the Board. wrth 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 ihe remuneration policy is reviewed annually. Delivery of the Foundation's charitable vision and purpose 15 primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure. Em lo ment Polic The Foundation is committed to being an inclusive and dwefse workplace and is proud to ￿ an equal opportunibes employer. 11 treats all prospective and current employees fairly and wilhoul discrimination, fostering an environment where everyone can thrive. The Foundation is dedicated to providing meaningful opportunities for all, regardless of age, disability, gender reassignment. marital or civil partner status, pregnancy or maternity, race. colour, nationalty. ethnic or national origin. religion or belief. sex or sexual orientation {Protected Characteristics). It 15 also comrnitted to providing equitable treatment to all those we deal with as an organisation, Including customers and supplier5. The Foundation prioritises open and transparent communication with employees. ensuring their views and feedback are considered when making decisions that may impact them. Engagement is facilitated through a variety of accessible and effective channels, supporting collaboration and Inclusivty at all levels. Grou Structure and Relationshi The Company has a wholly owned subsidiary, Warwick Schools Enlefprises Limited (WSELI, which carries out a nurnber of trading activities to generate funds for the Foundation. WSEL aims to relain a small surplus each year so as to build up working capital, bul thereafter any surplus Femaining is gift-aided back to the main Chanty Govemor Recruitment Induction and Trainin Nominated Governors are selected by their respective Nominating Bodies I￿ page 11 but must then be approved by the Governing Body. Co-opted Govemors are selected having regard to Ihe particular skills required on the Governing Body at the time of appointment. All Governors follow an induction programme on appointment including meetings with the Foundation Principal, School Heads, Foundation Bursar, and relevant Chairs. All Govemors are encouraged to attend external training courses to complement internal training provided. As *andard, all Governors receive annual Child Protection and Safeguarding training. Pa8E 5 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Objects, Alms. Objectives and Activities Charitable Ob'ects The Obiects ofthe Charity are sel out in Ihe Articles of Association and are.lo advance education by caryi on in or near Warwick day and boarding schools f or boys and girld. Within these Objects, the Charity and the Trust havevarious permanent endowments and unendowed trust funds held forspecial purposes in connection w(fh the development of the schools, facilities and for schoSarships, bLtrsaries, prizes, and other educab'onal purposes. Strat ies to Achieve the Yearfs ob.ec￿-veS and Su ortLo Term Goals Warwick Independent Schools Foundation is a leading educational charty in the Midlands. providing education to over 2,800 pupils from ages 3 to 18. Our fundamental airn Is to enable each indwidual pupil to achieve personal fuKilment and success, and we seek to develop intelligent. respons*ble, resilient, and compassionate young people of character to succeed in a changing world. Our VI￿On is to create a world-class educational establishment based in the heart of Warwick. able to contribute to our community and society. The long-lefm strategic aims and priorit￿ remain in place, as follows. wtth our core values driving our priorities.. Our Values: Together. we aspire to excellence. Together. we lead with courage. Together. we foster inclusivity. Together, we are respectful. Together, we draw on the best of each other. Page 6 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 20%5 Our Strategic Intents: t. We will put learning at the heart of all we do This intent will be fulfilled through the following strategic goals: Facilitate outstanding outcomes for our pupils Stimulate intellectual curiosity and cherish the pursurf( of scholarship Enable the acquisition of skills and encourage lifelong learning Attract, recrurt and retain outstanding staff and volunteers 2. We will cultivate a healthy environrnenl for the menlal and physical self This intent will be fulfilled through the following strategic goals.. Be a fulfilling place to study, work and live Nurture the wellbeing of our community Prioritise everybody's mental and physical hea￿h Promote lifelong healthy living 3. We will be forward-thinking and innovative This intent will be fulfilled through the following strategic goal& Prepare our pupils for Ihe world of tomorrow Empower our pupils lo be posrtive agents of chan9e Harness the best of our heritage whilst embracing innovation Be recognised for thought-leadership 4. We will inspire and excite imaginations, bringing joy lo live5 This intent will be fulfilled through the following strategic goals. Champion the'3 Ps, _ Participation, Pathway and Performance Establish excellence In artistic expression, and a platform for others to enjoy it Inspire creative thinking Curate a breadth of stimulating opportunities 5. We will build a connected local, national, and global community This intent will be fuFfilled through the fallowing strategic goals.. Have a meaningful impact in the local a￿a and reflect the communities we serve Keep our schools as financially accessible as possibse Extend the influence of our charitable purpose Instil the importance of social responsibility o Create global opportunities Grow a giving community 6. Vve will take responsibility for protecting our planet This intent will be fulfilled through the following strategic goals. Raise awa￿ne$S and engagement of the global climate imperalTve Devise a pathway to achieving carbon net zero Ensure a15 our stakeholders become5 advocates of chang8 Champion environmental matters for the school sector. Page 7 STIL4TEGIC REPORT FOR THI YEAR ENDED 31 AUGUST 20%$ Princi al Activities of the Year During 2024125. There were 2,874 pupils in total12023134.' 2.8601. Warwick School had 1,017 {2023124. 9881 boys in the Senior School. of whom 5412023124.. 641 were boarders, and 23812023124. 2501 boys in the Junior School. King's High Scht)ol had 82212023124.. 82n girls and Warwick Preparatory School had 434 12023124., 440) children in the main School and 6012023124: 58) children in the Nursery School. The Kingsley School had 86 {2023124: 81) in the Prep School and 217 {2023124.' 216) in the Senior School. All the Schools continue to i* wpular choices amongst local parents and demand for places remains strong. Public Benefit Aims and Intended Im ct Having been a significant participant in the Government Assisted Places scheme and its forerunner, the Direct Grant system, the Foundation has a￿ayS operated with a strong emphasis on providing education to pupils f rom a wide range of social backgrounds. Our aim is that pupils from all backgrounds are able to benefit frt*n the excellent education provid￿, irrespective of the ability to pay full fees. The Trustees of the Foundation are determined to rnaintain the philosophy of providing the rounded education synonymous with the Schools to as wide a pupil base as possible. including those pupils who do not possess the means lo afford fees. A robust means tested bursary scheme is operated to ensure Ihe effective and charitable delivery of this aim, wrth an annual review of the scheme carried out to ensure appropriate distribution of available resources. Although the main focLSS for bursary support ensures that means-tested free places are offered to a large number of recipients, the ￿herne a150 provides of a number of part-funded places, thereby further widening access to potential beneficiaries. In addition lo providing public benefit through the provision of bursarie5, the Foundation is committed to playing a significant role within the local community. through a number of outreach inilialives. These include the Sharing of facilities, running holKSay clubs and revision courses that are open to pupils from all around WaMick5hire and its bordering counties. Across the Foundation there are 117 {2023124.'1141 pupils in receipt of means-tested bursaries, who btheen them achieve some outstanding academic results. and in line with their peers. attain the very highest grades on offer, Wrth ever increasing financial pressures on parents, we are doing more and more to generate furth funds over the coming years. with the Development Off ice planning lo actrvely target fundraising for means- tested support. A Cornmunity Outreach Officer has been appointed to actively engage with the parents in the local area to identify who would most benefit. Offering financial support to those otheTwise unable to afford to enjoy the education our Schools ¢)ffer 15, however, just oneway in whichwe offer public benefit. On 15l September 2025, the MATcame into existence Its founding schools are Clapham Terrace Community Primary School and Nursery, Evergreen School, and Vveslgate Primary School. wa￿1Ck Schools Foundation has proudly worked together with each of these schools for several years. wrth the formatlon of the WSF MAT acting lo strengthen these existing relationships for now and the years to come. Its creation aligns the shared interests of the two educational sectors- stale and indeFendent forthe benefit of children across the local community. Vvhilst Warwick Schools Foundation and Warwick Schools Foundation Mulli Academy Trust are distinct entities, they are closely linked, including through governance structures, and a shared educational mission. The overriding aim of the WSF MAT is to support excellence in educational provision in the local and surrounding area, drawin9 on the best of all the Warwick Schools Foundation schools and sharing practice to ensure that the lrfe of every pupil is enhanced. Three transformational aims underpin the Trust.. social cohesion. social mobility, and inclusion. Page 8 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Through a shared belief that the more pupils from different schools can work together. the stronger our society will be, the WSF MAT provides a plattorm f or the schools to learn from each other. thereby raising standards of achievement and enabling access to an even greater range of high-qual'ty educational opportunities. The Schools have an irnportant role to play in their wider community, achieved through outreach work and the provision of facilities for local clubs and associations, as well as the wider public. Many of these activities incorporate educational benefits to our own and wider pupil bodies. Individual members of staff serve in a variety of capacities for the benefit of the public, including as public examination examiners, sports coaches, school governors, and volunteers wffch local charities and in local churches. In addition, our leaching staff have made links with their peers in the maintained sector lo exchange expertise, resources and besl practice ideas through local forurns and social media groups, particularly in Politics, Food and IT department5. There was continued wide-ranging use of the FoLtndation facilities by the local community, and we intend to continue andlor develop them. We are a￿ayS proud of the sense of social purpose we foster in our pupils and the resuKing enthusiastic fundraising and awareness initiatives: some of which also include our parent associations as well. In the last academic year, pupi15 across our Schools raised a t¢Xal of £36,380 from charitable aclivities, distributed to a wide range of beneficiary charities, wrth a strong emphasis on children. Donatsons were made lo local. regional. national and international charities. These included Myton Hospices, Ki5sng it Better, Save the Children, WaTwickshire Air Ambulance and continued support to Brass for Africa. In the furtherance of these aims, the Foundation Governors, as the Charity Truslees, consider that they have complied with the duty in Section 4 of the Charrties Acl 2011 to have due regard to the Charity Commissiori's published general and relevant subsector guidance concerning the operation of the Public Benefit requirement under that Act. Grant-makin Polic During the year, the value of scholarships, Foundalion Awards, and Bursaries totalled £2.721 m12023124.' £2.571 m). Of this, the amount of unrestricted funds totalled £1.945m12023124 £1.705m) with a further £775k {2023124'. £866k) contributed from restricted funds. The breakdown of Bursaries. Scholarships and Awards is as follows. 2024125 £OOO's 1.636 1.067 18 2.721 2023124 £OOO's 1675 890 Bursaries Scholarshi Awards TOTAL Pa8e 9 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 2024125 Number granted 117 453 570 2023124 Number granted 125 370 495 Bursaries Scholarshi TOTAL 49712023124.. 466) pupils benefited from these regular grants and awards, with the result that one in pupils at the senior Schools receives some fomi of financial assistance. The Foundation Award Scheme, which was introduced in 1999, is a meansptested scheme and enables Governors lo widen access to as broad a group of pupils as possible. There are currently 71 {2023124'. 791 pupils attending the schools who pay no tuition fees at all las well as those who pay reduced f*sl. The schools also operate scholarship Schemes awarded on academic merit, Review of Achievements and Performance for the Year erational Performance of the Schools King's High School The School has enjoyed another year of outstanding success and it has been a great pleasure to celebrate so many notable achievemenls and awards. In September 2024, Dr Burley was named by Tatler as the Best Head of a Public School,. in Novemberwe were inspected by the Independent Schools Inspectorate and, in addition to a glowing feport, we received a significant strength for our culture of changemaking - the report celebrated our students empowerment as changemakers,, praising our pupils, active involvement in 'community service, sustainability projects, global citizenship and for in"rtiatives that fo*er respect. responsibilrty and awareness of societal and ethical issues. Finally, June 2025 King's High was chosen as Senior School of the Year at the Awards, Ceremony of the Independent Schools Association, capping a remarkable year of success and prcgress. In the last fouryears only. we have won the Senior School of the YearAward twice at the Independent Schools Associats"on Awards. as well as our school being Finalists ￿l¢e forTES Independent School of the Year and once Girls, Independent School of the Year. Public exam results remain incredibly strong and the value added scores for student progress are exceptional. Our school is thriving with well over 800 girls in the senior school, including a growing number of boarders at Way House. Once again we were very pleased with academic results in August 2025. At GCSE 58% of grades awarded were at &8, and 78% al grades 9-7. with the most common grade awarded being the top grade 9. At A Level 44Vo of grades were at A"_A with 71 % at A'_B grades, with over 700ts of leaving students attending Russell Group universities. Our most popular universty destination is Exeler (for the second year running), wrth 10 pupils. followed by Leeds 181. and Durham (61 Five pupils went on to Degree Apprenliceships-a recoffl number. Page io STIL4TE, GIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 We continue lo be a hub for innovation. Representatives f rom the school have spoken in London, Be￿aSt and Manche51erlhis yearabout how to innovate during the GCSE years. wrth a focus on our Global Changemak and Innovation & Entrepreneurship courses. Pupils who have completed our Innovative course5 spoke to educational leaders as keynote speakers at a conference at Pearson Headquarters in London earlier in the year. Pastoral care and wellbeing remain the key focus at the heart of our school culture. This ethos is evident in all elements of our school lrfe as we create personalised pastoral care for students who need support, as well as the spirit of fun and engagement in events throughout the school year available to all. From Just Dance at break time, to visiting miniature donkeys in the Quad, lo Silent Discos during fom kn'me - King's High is an inclusive, supportwe and special place to be. Sludent voiceand student-led Initiatives continue to be guiding forcesin our communty. From the Appreciation Station (the thank you card postal service available lo all) lo sludent-led assemblies, what is important for our students has a plafform within our school. This year we have seen our Sixth Fomi Wellbeing Prefects create our first Hello Yellow Fair in October to mark World Mental Health Day, as well al the development of the Big Sister mentoring programme which provides Sixth Form emotional support and guidance lo students in younger year groups. My Neurodiverse S81f, our drop-in club, continues to provide a safe space for students to share experiences, build connections and work closely with staff. The club ha5 expanded to create rnulti-media publications and has also created a space for staff to attend Q&A se$5ions hosted by Èhe club. Our focus on Equality. Diversity and Inclusion 15 overseen by the dedicated EDI Team. facilitating conversation and ulilising The Peace Pod wherein we celebrated a Moment of Peace during Remembrance Day commemorab'ons. Events such as The Big Conversation, our newly formed Racial. Religious and Culiural Equalities Committee and assemblies promoting and educating the school communty aboLrt faith and culturfrled experiences, events and celebrations continue to be priority for the school. The annual Fair of Faith and Culture is a joyful event to share and celebrate cultural diversity and understanding. Joy belonging and communty arefundamental parts ofthe educational experience at King's High. A rich co- curricular programme includes clubs focused on mindfulness. creativity. play and fun. Ourschool dog, Parsnip, has been joined by our second newcomer. school wellLEing dog. Moose, and both support the pastoral wo of the school in responding to student need. Annual events promoting joy, gratrtude and inclusion are calendared throughout the year. Nats'onal 'Thank a Teacher Day is an opportunty to show our appreciation, the Festival of Vvellbeing brings opportunities forjoy. giving, togetherness and fun and Anti-bullying Week provided us with reflection on how we all havethe capacity lo use or voice and our influence to be upslanders and a force for good. Co-curricularprovision and community engagement remain central lo the school's charitable mission. ensuring pupils develop character, leadership. service and aspiration, while extsnding meanin9ful benefit beyond the school community. King's High continues to provide extensive volunteering opportunities from Year 9 upwards. including placement5 in local primary schools, care homes and Wafwick Hospital Over 250 siudents are engaged in weekly volunteering through schaol-led initiatives. A notable development this year has been the introduction of a student-led mentoring programme. in which Sixth Form pupils work W￿klY with Year 6 pupils to support Page li STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 transition to secondary education and to raise fLrture aspirations. Early evaluation sug9ests this programme is having a highly positive Impact for both mentors and mentees. Alongside local engagement, the school has developed its international links through the establishment of a long-term communty partnership wrth Riandira School in Kenya. Fundraisng efforts this year have focuwj on raising suff icient funds to rebuild the school's toilet block and to provide additional desks and seating for classrooms. directly improving the leaming environment and pupil wellbeing. This partnership is intended to be sustained over time, wrth students visiting Riandira for the first time in February 2026. supporting cultural understanding, global citizenship and long-term community impact. Students also demonstrated a strong commitmentto charitable giving. Across the year, pupils raised in excess of £9,000 for local, national and international charities, with continued support for six house charities. In addrtion: over 600 toys were donated to the Salvation Army and Birmingham Children's Hospital Ronald McDonald House, alongs)de a substantial food donation lo Wanmick Food Bank in October 2025. The School Prefect team also hosted the Kissing It Better (KIB) Art Auction, jointly organised with Warwick School, which raised over £5.000 to support patient wellbeing in local hospitals. Each week, pupils can choose from over 300 Copcurricular activities, encompassing sport. creative arts, academic enrichment and service. New activities this year included chess, with the school entering competitive fixtures for the first time. The Saturday sports programme continues lo be enhanced, with increased recreational opportunities and the inclusion of pupils from four local primary schools. Sporting participation and performance remain strong. with pupils achieving success at county, regional and national levels across a range of disciplines. The School Council is now entirely student-led and opwates through an online platform that promotes debate, discussion and democratic voting. Over the past year, the Council has Successfully responded to pupil feedback. implementing changes to the uniform code and improvements to the reward system. This model has strengthened pupil voice and provided authentic leadership experience. The School has continued to strengthen its commitment to environmental responsibiSity through a clear sustainabilty action plan and strong pupil engagement. Students are empowered as active agents of change through the Environmental Action Society and related co-CLtrricular groups, with plans in place to introduce sustainabilty officers in each form. Biodiversrty has been enhanced across the site through the creation of a wildflower meadow and ¢orridor, a Reflection Garden, and the continuaknon of initiatives such as Bee Club and Happy Hens. The School also monitors ils on-site weather slalion lo support engagernent with climatescience. integrates sustainability into the curriculum and careers guidance. and promotes practical measures to reduce carbon emissions, including the responsible use of energy within school buildings. Participation in whol&school concerts has increased compared to 202>24, with student pride and enjoyment on stage notably enhanced. The restructuring of informal concerts has provided more consistent, low-pressure performance opportunities, contributing to a marked increase in corfidence and engagement. Whol&school and class singing have improved considerably, wf(h a5sernbly singing now consistently joyful ar)d sJnging mo fully embedded within the KS3 curriculum. Partnerships wrth high-quality musical organisations have expanded. including Ex Cathedra. the Roy Academy of Mu&c. Royal Bimiingham Con*rvatoire and an increasingly collaborative relationship with Page 12 STRATEGIC REPORT FOR'fHE ITAR ENDED 3M AUGUST 2025 Orchestra of the Swan. Provision for the most able musicians has become more clearly defined, with 1",1 rnentoring. regular workshops, concert vists and specialist preparation for conservatoire and universty audrtions. The School's outreach work with local primary schools continues lo grow. The Saturday School programme now supports pupils from seven local schools. providing additional leaching in English, Mathematics and Drama. The Inspire School prograrnme supported 20 gifted and talented primary pupils through a ten-wed( curriculum spanning academic, creative and enrichment subjects. Partnerships have a150 been extended with the children's charity Lel s Play to increase holiday provision with Evergreen Special School. Departments continue lo offer bespoke 5UPPOrt to primary schools on request, including 5peciali5t geography sessions on the water cycle Students also maintained a strong presence at Vvarwick Hospital. visiting on weekday evenings and Friday afternoons in partnef5hip with the charity Kissing It Better. Pupils pri)dLAced cards, athork and crafts, and assembled goodie bags. for patients and staff. During the summer holidays, older students undertook addf(ional volunteering at Warwick Hospital and Park View Nursing Home. Warwick Preparatory School The school has achieved great success in many areas during the course of 2024125. Following the award CA places to all girls in Year 6 at King's High, thirty-six scholarships and awards (academic, music, sport. art. drama. and all-rounderl were made. Forty boys transferred successfully to Warwick Junior School from Year 2. The school ha5 continued lo be highly successfu1 in maintaining rts roll during 2024125 and the number of registrations for entry in 2025 and 2026 remains strong. In English and Drama, we have enjoyed tremendous success in LAMDA examinations with over 100 entries across all year groups in the Prep department with 850A awarded distinction and the remaining 15 % awarded merrt. Ouf Music department continues to Inspire the next generatr'ons of instrumentalists with our Pre-Prep Strings Project and Prep Woodwind Project where every child has the opportunty to learn an instrument with the instruments funded in large part by our PTA. Children have gained places in the National Orchestras and Choirs and a large number of children in Years 2 6 receive turtion in one or more instruments. Of the Associated Boards examinations taken, there has been an increase to 800A being awarded merit or distinction. We have introduced new ensembles this year, giving more children opportunities lo experience the joy cl musi¢-making together, including our Year 4 Brass Ensemble and our phenomenally successful Luminae Trio who reached the national Pro Corda Chamber Music finals. Sport saw children competing at a national level in various sports wrth our U11 football and swirnming teams reaching the IAPS National Fina15. alongside a comprehensive programme of weekSy fixtures. toumaments and compeb'tions. Pupils also represented the school at a national level in equestrian eventing and skiing. The extra-ctjrricular life of the school continues to inspire interests, maintaining over seventy_five clubs f(Y children to attend each week, with new clubs added to reflect the interests of our children. including debating. To meet the needs of working parents. the school's After-school provision continues to operate with over one hundred children in attendance at different sessions across the week. Residential visits undertaken this year included a Year 4 PGL activty W￿￿. Year S staying in a chateau in Normandy and Year 6 spending a week at a science study centre in North Yorkshire Educalional visits have flourished with over thity separate day visits enjoyed by children from Nursery upwards. Page i'.1 STL4TEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The school has supported a variety of local, national and international charities through fund raising activities and sFecial charity days. Funds were also raised by the school and Parents Association for Macmillan Canc Research, Children in Need, Myton Hospice, Save the Children, The Royal British Legion. and the Warw District Food bank, raising a grand total of over £8,600. Finally. Warwi¢k Preparatory School has been confirmed as one of the country's leading prep schools after an inspection report from the Independenl Schools Inspectorate {ISI). The ISI spent three days in June 2025 carrying out a comprehensive review of all aspects of the school and their verdict is that Wanmick Prep continues to provide the highest standards of education for our pupils. The school was also awarded with the rare and coveted'significanl strength. label forits Early Years Provision. Significant strengths covering a range of areas of school life are given to les5 than ten percent of schools. Wanvick School Warwick School continued to build on its long tradrf(ion of educational excellence in the a¢ademic year 202& 2025. The school strengthened its commitment to outstanding achievement across academics. sport. the arts, and pupil well-being, reflecting sustsined demand for entry at 11 + and continued growth in pupil numbers. Academic Achievements Warwick School celebrated another year of strong public examination perfomiance, with signrficant impfovements at both GCSE and A Level. A Level Results 2025 Wamick recorded ils best A Level outcomes in a decade, with 53. 7% of grades awarded at AIA and 81.1% at A-B"" These results supported an excellent set of university destinations, with 85°k of pupi15 securing places at Russell Group+ institutions and 108 pupils conf irming a firm-choice universty place, including offers from Oxbridge and other highly competitive universities. GCSE Flesulls 2025.. The cohort achieved another strong sel of GCSE result5, with 53. 8% of grades at A/9/V and 75 6°k graded At7-9 or better. exceeding long-lerm averages and confirming continued acaderniG excellence. These outcomes reflect the sustained effort of pupils and staff across the curriculum and provide a solid foundation for future success. Sporting Excellence Sporting opportunities remained a vibrant part of school life. Pupils competed at high levels across a broad range of sports. with notable achievements including.. Selection of pupils for national rugby squads. {3 x England U18 Rugby, 1 x Wales U18 Hockey and 1 x England U16 Hockey) A Year 8 pupil won the National U13 Cess Championship Strong performances in hockey. tennis, swimming and skiing. Continued high participation in rugby and hockey fixtures with more than 110 hockey fixtures and 250 rugby matches, involving over 400 pupils. The* results showcase the school's commitment to fostering teamwork, resilience and athle*'c aspiration, Page SIRATEGIC REPORI, FOR THE y￿*R ENDED 31 AUGUST 2025 Artistic Achievements Highlights frorn the year included indicative of Warwick's comrnrtment to the arts include.. A captivating senior theatre production of Sweeney Todd All 131 Year 7 pupils performing in the annual Year 7 Music Scheme Concert. All Warwick School ensembles that entered the National Concert Band Finals won platinum The Bridge House Theatre celebrated it's 251h anniversary with an evening featuring performancesfrrAn alumni who have gone on to careers in acting A Year 9 pu￿1 won the national Performing Shakespeare Compelrtion at the Glo1￿ Theatre Key Developments The 2024k25 academic year saw several strategic enhancements and initiatives.. The Harkness Discussion Programme was launched for Year 10 All Lower Sixth pupils benefrted forni a new Science of Study programme 8 and 9 GCSE pathways and Combined Science GCSE were introduced to increase curricultjm flexibility Sociology A level was introduced Well-Being and Pastoral Care Warwick School maintained its focus on pastoral provision and pupil well-being.. The Well-Being Hub continued lo provide high-quality support. Pupil Voice sui>committees actively shaped pastoral priorities. The introduction of YONDR aimed al addressing challenges associalaj with mobile phones, ￿CeiVing a very positive response f rom pupils and staff. These developments undedine the school's comrnitfnentto fostering a supportive and nurturing environment for all pupils. Conclusion The academic year 2024-25 was another year of robust achievement and positive development for Warw School With continued excellence in academic outcomes. high participation and success in sport and the arts, and a deep commitment to well-being and pastoral care, Watwick School remains firmly focuse(l on preparing pupils to thrive now and in their f utures. Warwick Junior School The academic year 2024-25 was a successful one for the Junior School. Pastoral care of our pupils remains a priorty. We build strong relationships between pupils, families and staff ensuring we know every child. The Junior School Pastoral Committee continues to meet on a weekly basis with senior staff reviewing pastoral and safeguarding concems and effective training and systems ensure that pupils stay at the centre of our provision. Pa8e 15 STRATEGIC REPORT FOR THE YL4R ENDED 31 AUGUST 2025 Pupi5 leadership is a key part of our pastoral offering with our Anti-Bullying Ambassadors leading an assembly forAnti-8ullying Vveek on the theme of 'Choose Respect.. This was followed wrth a celebration of Odd Socks Day celebrating what makes us all unique and a trail of 'odd socks, was laid around the school, which proved a great talking point for pupi15 and visitors. alike. As part of our approach to support pastoral ca acros5 the schoo5, a new Playground Pals initiative was launched where pupils were invited to apply lo be a 'Playground Pal, and training was given. The aim of the initiative is to have a team of boys on duty each playts"me, to be a friendly 'pal' that is available to play with anyone who is feeling upset or londy during playtime. Our pupil Digital Leaders took a lead in presenting an assembly about Safer Internet Day- this year's theme was 'Too good to be true? Protecting yourself and others from scams online, The Digital Leaders have conlinued lo be a Presence around school and have run a number of workshops for the Year 3 and 4 pupils to help thern with their basic computer skills and leaching simple online safety. In February, we took part in Children's Mental Heatth week, which had the therne 'Know Yourself. Gro Yourself,. The week began with a presentation f rom some Year 5 pupils in assembly and then over the course of the week, Form Tutors led a series of activities and reflection times lo promote activities for well-being. During the Summerlerm, the PSHE curriculum focuses on the'changing Me, and RSEunits ofwork. Parents are invited to a meeting where the curriculum content and resources are shared, and parents have the opportunity to ask any questions. Our Year 6 pupils also had a series of workshops with an officer flcm Wawickshire Police Youth Engagemenl. His workshops included Knife Crime. Hate Crime, and Drugs and a￿ayS prove to be IhoL*ght-provoking for the pupils. Wellbeing continues to be a focusarea acros5 the school. Supporting children with early interventions remains hugely important for the safeguarding of our pupils, mental health and wellbeing and we continue to 5UPPOrt pupils both at a school level via our mentoring programme and, where rnore expert professional intervention is needed, via our School counsellor from Snowford Grange. Developing links with other schools in the Foundation remains an importarrt focus. In N0Ve￿ber, Year 5 and 6 look part in a Link Day with the girls from Warwick Prep School. These events form part of our broader 'Respecfful Relationships, teaching and provide an opportunity for the boys and girls to work together on a shared task. Later in the academic year, pupils from Years 3 and 4 took part in their Link Day activities with the girls from Warwick Prep School. This year'5 theme was problem 501ving and STEM challenges. Links between the schools continued with Yeaf 6 pupils taking part In a joint PSHE drama workshop wrth the girls from Warwick Prep School on the theme of Respecfful Relationships, presented by the Loudmouth Theatre Cornpany. The morning covered some challenging topics. and the pupils impressed with their maturty and participation. Our cros&Foundation work has continued with the focus on developing healthy relationships and providing the boys wrth opportunities to mix and work with the girls. This summer saw the first Year 3 Cricket Feth"val that both Warwick Prep School and Kingsley Prep School pupils were invited to. This ran along&de cricket and tennis events with Warwick Prep School pupils in Year 4.5 and 6. We were delighted to attend an orienteering event at Kingsley School for Year 4 pupils with SEMH needs. This was a very successful event and the boys involved thoroughly enjoyed the afternoon. Ensuring puptls feel well prepared for the transition stages of ioining and leaving the Junior School is an important feature of our school year As part of the enhanced transition programme both Year 5 and Year 6 pupils have been invited over to Warwick School for a series of workshops including drarna, robot art. science and classics. As part of our Year 6 transition to Senior School programme, the pupils were visrted by members of Warwick School staff and some current Year 7 pupils. to talk about lrfe in Year 7. Additionally, a number of pupils were taken to visrt the Senior School Wellbeing Hub and introduced to the Head of Wdlbeing The summer term also saw the Year 2 boys from Vvarwick Prep School. invrted over to the Junior School for a Page JO STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 transition lunch and assembly. which culminated in the Year 3 pupils introducing the Year 2 ljoys to popular playground games In the Junior School. Academically. Junior School boys, attainment remain5 significarrtly at)ove the national average in Maths and English. Maths continues to be a strength across the school, with attainment in standardised tests well above the national average. Earlier in the year. Year 6 pupils sat the national Primary Maths Challenge and had their best yearto date.. 17°h of boys qualrfied forthe Bonkjs Round, putting them in the top 4.7°k of entries nat￿onallY, o boys achieved Silver awards putting them in the top 1.5 % and Ihree a¢hieved Bronze awards in the top 2.1010 nationally. In English. there has been a focus on improving reading standards for the past two years which has resulted in boys in all year groups making stronger progress in reading reading is now a strength for English. As well as progre55 being made. boys are s*n reading for pleasure and there is an overall positive ethos for reading. Grammar skills have also improved following the introduction of bi-weekly half class grammar lessons. A target to develop greater independent learning skills throughout the school saw Open Homework projects each term. For example, in the Autumn, the theme was Kindness linked to the UN International Volunteer Day in December_ Such inftialives support the boys in developing their research, analy&s and presenting skills. Responding to current technological development we continue lo build a curriculum on Artificial Intelligence. Pupils in all year groups have lessons on Al, to learn about how il works. its benefits and risks, and ethical considerations. We are also highlighting the importance of sustainabilty through an audil of sustainability in the curriculum with the intention lo launch a sustainability committee next academic year. We also had our best year ever in the Bebras Computational Thinking Challenge.. the Y6 boys comttie alongside Y7 pupils. and four Junior School boys scored full mark5. and 15 boys came in the top 10°A nationally. Pupil voice is a key part of school life. All pupils take a pupil attitudes Su￿eY ￿lce during the academic year the resu￿$ provided greater insight into the boys, approach to school and possible barriers lo learning Results were reviewed by year group leaching teams, to allow individuals and groups to be followed up and monitored. as appropriate. As a school. we place irnportance on staff professional development This year it included sessions on More Able Pupils.. Quality First Teaching." Adaplive Teaching., Positive Behaviour Management., Trips leadership and procedures,. Understanding and using Pastoral data.. ISI updates and Safeguarding. In addth'on. individual staff have attended external training to support their DSL, Subject or wider leadership roles. Following research into effective feedback and marking, the Teaching & Leaming Workin9 GTOUP ITALWGI have trialled a range of strategies which ensu￿ boys receive timely, specific and actionable feedback, while managing teacher workload - these have now been introduced across the subject range. TALWG have also provided research evidence and practical strategies to improve teachers, adaptive leaching io meet the wid ranging need5 of our pupils. The Junior School continues lo provide a wide range of C(￿cUrrICUlar activities, trips, music and sporting opportunities. We pride ourselves on these being as inclusive as possible whilst offering stretch and challenge to our more able pupils. Success on the sports field continues to be judged not just be achievements but by the opportunities available lo all boys in the Junior school. This academic yearthe school competed in over 500 f ixtures acTOSS 12 sports Page i? STRATEGIC REPORT FOR THE YEAR ENDED 31 .4UGUST 2025 Levels of opportunity were high, for example by the end of Ihe Lent Term boy5 in Year 3 boys averaged 8 fixtures. Year 4 averaged 11, Year 5 averaged 10 and in Year 6 boys averaged 15 fixtures. Each term we host number of sports festivals, the highlight being the U10 and U11 Rugby festival in Decemberthat had ov 550 boys participating from 15 drfferent schools. Swimming continues to be extremely successful with the U11 s and U1 Os both having success at the ESSA and IAPS national finals. At the IAPS National Finals, the U11s Medley Relay f inished 11th. the U1 Os Medl Relay finished 5th. and U10 Freestyle Relay finished 5th as well. There was also individual success with 2nd place in the U10 Breaslslroke and 5th place in the U11 Butterfly In the ESSA National Finals. the relay teams f inished in 7th place in the f reeslyle relay and 8th place in the medley relay. Music continues lo play a major role and the boys are fully engaged in this aspect of school life wrth 14Q boys in Big Choir, 44 boys in Micro Choir. 45 boys in Orchestra and 166 boys in 17 different music clubs. We currently have just over 200 boys leaming at least one musical instrument including piano, guitar. violin, viola, cello. double bass, oboe. flute. clarinet. allo saxophone. drumkil, orchestral percussion, trumpet, French horn, trombone. euphonium, recorder. electric gurtar, bass guitar. The JAMP cello quartet were semi- finalists in the national Pro Cofda Chamber Music festival and the Junior Foundation Symphony Orchestra IJFSOI had their inaugural performance alongside the Foundation Symphony Orchestra IFSOI to a packed audience in Ihe Warwick Hall. There were also excellent achievements in national musc exarns with 67 exams taken from tF Initial Grade to Grade 8 with 27 merits and 22 distinctions. Our co-curricular programme extends into a wide range of clubs and activities with approximately 70 clubs available for pupils to join each w*k All 235 boys are involved in at least 1 club a week and on average a Junior School boy takes part in 5 clubs a week Most clubs remain inclusive lo all, but we are developing our invite only clubs such as 'Maths in Motion,. 'Junior Journalists,. 'Invitational Cricket training, and a new 'Debating Club, to extend our More Able provision. We also review our clubs regularly wrth new clubs added such as FEZ Pop Science, Parkour and the Junior Journalists club which pr(xluced a fantastic termly magazine. Chess is continuing to blossom in the school. We continue to participate in the Coventry and wa￿l¢kSh1re Chess league and have once again made the finals of the Midlands primary school chess championship. We also came 2nd in the Warwickshire Junior School chess competition missing out on 1 st place by 0.5 points. Trips and residentials are an important aspect of school life. In the Autumn, the Year 6 boys had the opportunty to attend a Rugby tour to Bristol and Cardrff, with 35 boys attending. They represented the school impeccabty, playing fixtures as well attending the SA v Wales Autumn international at the Principal'ty Stadium The Year 6 pupils once again returned to Plas-y-Brenin, the National Mountain Centre fora week of outdoor activity The boys experienced a mountain day, going down a mine and tackling an icy gorge. It proved to be tremendous success wrth genuine challenge provided throughout the w*k. The Year 3 and 4 boys went to Mount Cook, in Derbyshire and it was another enormous success. The Year 5s also spend a week campirg on the Jurassic Coast this summer, enjoying a range of water sports and teambuilding exercises. We have also been embedding the Schools Values IWJS Learning Strengths} into our resdential program. The Klngsley School The 2024-2025 academic year at The Kingsley School was marked by steady progress. renewed purpose and a Strengthening sense of community. Key developments included refinement of the curriculum. sustained academic achievement, continued investment in digital leaming. and the deepening of pastoral and charact education. Preparations for the moveto co-education gathered momentum, and pupils benefited from a rich programme of co-curricular activity, leadership opportunities and community engagement. Page 18 STIL4TEGIC IiEPORT FOR THE YEAR ENDED 31 AUGUST 2025 The year began wrth a ￿ViSed school day, moving from five one-hour Iwons lo six 50-minute lessons and aligning the timetable with the wider Warwick Schools Foundation. This change enabled the launch of Friday Afternoon Activities for pupils Years 9-13. King￿eY students joined tkers from King's High and Wa[W￿k School in activitie5 across both campuses, Including CCF, Model United Nations. Ways to Wellbeing, Strength Studio. Additional Maths. and GCSE Dan¢e and World Literature, and the programme strengthened overthe year as collaboratson grew bettmeen the schools. Momentum continued in delivering the ambitions of The Kingsley Way and the school's strategic priorities. Admissions remained strong, particularly for Year 7 (20251, where interest in the new co-educational off grew. Event5 such as the Year 5 Detective Discovery Day played an Important role in this rising engagement. Alongside this, the school prepared for the introduction of Bring Your Own Learning Device IBYOLD) in September 2025 Staff engaged wrth Microsoft 365, Teams and OneNote, supported by workshops, 1..1 guidance and the installation of new classroom screens. staff development continued to grow, with instructional and peer coaching piloted across the Seniof School and Sixth Form. Staff engaged with key professional learning themes, including attention and engagement, and made increasing use of the Steplab platform lo support reflection and the sharing of effective practic Training throughout the year included safeguarding, data protection, neurodiversity, active listening. narrating norms and effective f*dback, alongside department-specrfic development. The academic year began with the opening of newly devesoped facilities. The Learning Resource Centre, Frtness Suite, Senior School garden and the refurbished Prep Library were welcomed with enthusiasrn and quickly became much-loved spaces for learning, collaboration. and development_ Alongside this, academ results were also strong. Al GCSE. 35% of grades were awarded at levels ￿7. signrficantly al)ove the national average, and the school achieved a 100% pass rate. At A Level and in Cambridge Techn1cal qualification5, 530A of grades weie at A-B or equivalent, and over three quarters of students achieved their first-choice univeNty. These outcomes reflect Stl￿ents, commrtment and the strength of teaching across the school. students conttnued to benefit from a broad Cohcurricular programme, with renewed emphasis on lunchtime clubs and the Friday Afternoon Activities programme. Sport remained an important part of life al Kingsley. Pupils across Prep and Senior took part in a range of sports, including athletrcs, cricket, football. tennis and rounders, wrth increased participation across year groups. Highlights included strong performancesin athletics at town, regional, and ISA events", expanded tennis fixtures,. continued developrnent in cricket.. and notable Individual achievements, especially in athletics and equestrian disciplines. where students qualrfied forregional and national competitions. The Performing and Creative Arts also enjoyed a successful year. Prep pupils staged a joyful produclion crf Matilda, while the Senior School performed SisterAct, both were held at the Bridge House Theatre. The Year 7 instrumental programme continued to gTOW. and participation in ensembles and performances increased across the school. Collaboration within the Foundation enriched the musical offer. including joint orchestral and Choral events. The annual Art Exhibition again celebrated students, crealTvity and was well attended. Community engagement remained central to school life. Kingsley's 140th anniversary provided a unrfyirg theme throughout the year. A well-attended alumni garden paty opened the celebrab'ons in September, and Founderfs Day included a dress-UP-Ihrough-Ih&decades theme and moving reflections from members of the communty. The whole-school art competition on the theme of 'Celebration' and the 140 Acts of Kindness Page 19 STRATEGIC REPORT FOR'fHE YEAR ENDED 31 AUGUST 2025 initiative involved pupils, staff . parents and alumni, inspiring acts of service, gratitude and connection fn>n care-home visits to handwritten letters of thanks. other cornmunity-strengthening activrties included the official opening of the Lady Egan Learning Resource Centre in honour of alurnna and benef actor Lady Julia Egan. as well as communty and fundraising events such as the Santa Dash and Rose Ball. Additional initiatives, Including wond-hand clothing s81es and the Christmas Shoeboxes project, reflected the school's continued commilment to kindness, so¢ial responsibility and local engagement. Collaboration with parents also grew through a programme of workshops on topics such as adolescent development, the teenage brain and parenting in a digrtal age. The school also fornied a new partnership with Tooled Up Education, offering evidence-informed resources and support for individual and family wellbeing and learning. Dlscovery and Futur&focused Education continued to broaden students, horizons. The DLske of Edinburgh award ￿heme continued with achievements al all levels and overseas trips included Senior School visits to Barcelona and Austri8, and a Year 6 cultural visit to Madrid. The curriculum was further enriched through the introduction of Pathf inder lessons, giving Year 7 and 8 pupils regular experiential oppOrtun￿lieS in areas such as Al, climbing and orienteering, developing comrnunicalion, leadership and problem-solving. Whole-school engagement with 88illionldeas continued through drop-down days that fostered innovation. entrepreneurialism, teamwork and presentstion skills. In P0511ive Education, a new programme ISOARI was launched in ihe Senior School to support wellbeing and resilience through a strengths-based approach, while Prep introduced the Round Square Heroes fram￿£ lo nurture character. Pupil leadership expanded through the appointment of Year 10 Prefects and a strengthened Sixth Form Leadership Team with portfolio roles. In Prep, pupil voice remained strong Ihrough ambassadors, leadership responsibilities and regular opportunitses to contr¢bute to school life. Collaboration The Foundation is proud of its diverse group of schools. each wrth i(s untque identity. The experiences af pupils at our individLtal schools are enhanced by opportLtnities to work together across our wider Foundation communty- Key areas where collaboralion has been taking place during the year include,. Our partnership with the Orchestra of the Swan. A local professional orchestra with a reputation for innovative programming with younger mu&cian5. Thereby futfilling our strategic aim to develop a national reputation in Ihe Arts. Delivery of Waiwick - A Singing Town. to promote a posf(ive and exciting project for all residents to celebrate the joy of snging. Major productions from Warwick School and King's High in the Bridge House Theatre. Ffiday Aflernoon Activities Programme. Oxbridge preparation and interview programme. Sprint Finish revision programme. Open invitations to Sixth Form academic society m*ting5 in ￿S￿eCtiVe schools. Drama and Mus¢c staging many joint events and running of the Saturday morning drama club. Page 20 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Financial Review and Results for the Year The Foundation achieved an investment surplus {Ihe widely recognised atvj benchmarked FerformarKe measure in the sector which is calculated before depreciation, interesl and realisedlunrealised gains and osses} for the year of £2.43m (2023124 £2.48m) This investment surplus includes the finance cost of the defivalive of £0 429m. Governors strive to ensure that fee increases are maintained al the lowest possible level, whilst mindful of the importance of generating sufficient returns for the development of facilitie5 to ensure the contsnuous improvement of teaching and learning in the Foundation schools. The Foundation is grateful to the Trustees of The King Henry Vlll Endowed Trust. WaNick and The Charity of Sir Thomas Vvhite, Watvjick, for income provided exclusively for funding means tested bursaries to pupils residing within the town of Warwick and other educational activities with local schools. and also to the Trustees of Old WaNickian Trust for income provided exclusively for bursaries to pupils attending Warwick School. We acknowledge wrth thanks fundin9 received from the Nicholas Chamberlain Trust that has enabled us to extend our "Singing Town" project to the town of Bedworth. This communty singing project has now been running since February 2024 dunng which lime over 1,000 children from eight local ￿hoOlS have been singing as a result of the project in addition to Adult sjnging work5hop5 every Ihreeweeks which have been established at Bethorth Heath Community Centre. The trading subsidiary {Warwick Schools Enterprises Ltd - WSELI continued hiring out the Foundation's facilities during the year and generated income from Ucket sales for events. It contributed £Nil (2023124". £Nil) to the investment surplus. Reserves The Foundation's Free Reserves at 31 August 2025 were in deficit by £19.592m {2023124.. £23 040ml. with unrestricted and desunaled funds standing at £68.506m 12023124.. £68 133ml at the end of the year, Unrestricted funds were made up of £69.998m 12023124. £74.532m) represenling funds deployed as part of the Schools, premises and £19.248m 12023124. £17 744ml as Bursary Funds, with the balancing minus £1.149m (2023124.. £1 103m) being within the subsidiary company Restricted funds were £3.128m {2023124: £3 322ml at the end of the year. The Directors a￿ satisf led that the sch1￿1$, operating cash f l¢)ws and external finance facilities are sufficiert to meet the Schools, day-to-day working capital requirements. Investment Polic and Ob'ectives Under the Charity's Articles of Association, the Trustees have powers to invest in such securities or property a5 they may think fit, subject lo the appropriate legal censiderations. In practice, the Board of Governors has delegated responsibility to the Finance and Regulatory Committ* to make such decisions Dn ils behaff. The Finance and Regulatory Committee in turn appoints an investment manager to oversee funds under investment. The core objective of the investment portfolio is to achieve a balance btheen income and capital growth, medium risk. over a longer-term17 year51 tsme horizon. Page 21 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 As at 31 August 2025. the Foundation had a total of £28.104m12023124 £18.616m) invested for the long tern wrth an investment objective of achieving a balance of income and capital growth. In the year to 31 August 2025, the total return generated by the Foundation's main portrolio was +8.02% {2023124: +12.93%) compar8 with +8.89% (2023124.. +14 6.10} for the agreed benchmark. in light of the economic conditions. In addtton to this main portfolio. the Foundation invested £11.7m in addrtional gilts during the year. Fundraisin Performance Warwick Schools Foundation enables transtormation through the power of education. Our vision Is of a future where young people with the potential lo succeed at one of our Schools are able to attend, irrespective of their background or ability to pay the fees. Our first steps towards tuming this vision into reality are the 130 means- tested bursary places that we offer each year. We are passionale about widening access lo education. and over the next decade we will be working towards a 5ong-term goal of increasing our endowment so we can offer an additional 100 bursary places, in perpetuty. to increase SOGial mobility for children living in Wanmickshire and the West Midlands. As a not-for-profil organi%*ion, we are already contrtbuting what we can to realise our vision. We want lo inspire our whole Foundation community to join wrth us by giving whatever they can to help us achieve our goal of increasing access to quality education. To enable us to achieve our fundraising tsrgets lo realise our vision, we are planning to launch the Ignrting Futures Campaign to raise enough fund5 to endow 100 bursary places. The focu5 of our f undraising activity in 2024125 was to move the Foundation through the initial planning phase of the Igniting Futures fundraising campaign and into the private phase, developing relationship5 'behind the scenes, which will generate major grfts to support the campaign. in advance of a public campawJn launch at the end of 2025126. The completion of our planning activities saw the review and establishment of all the systems and processes needed lo prepare our team for f uture fundraising success i.e. alignment of our alumni relations operations, the crealion of a gift recognition pr)licy, robust grft processing procedures. an impact and stewardship programme, a fundraising ethics policy and a review of our fundraising database. We also established the 914 Society as a vehicle to unite all the Foundation's regular givers and increase the number and amount of donations receiv&J by regular givers, creating a pipeline into our major donor giving programme. A review of our initial campaign planning w'rth independent fundraising consultants, Brake￿y. revealed strengths and areas for irnprovement, fof example, a need to increase our staff resources, which we addressed with a recruitment plan thatwe began to implement In 2024125 and will conclude during the 2025126 financial year. Page 22 SIRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Risk Man ement The Board of Governors is responsible for the management of the risks faced by the Foundation. Risks are assessed and controls established throughout the year. A formal review of the Foundation's risk management processes is undertaken on a lermly basis by each of the tactical committees. The key controls used by the Foundation include: formal agendas for all Committee and Board activity", detailed Terms of Reference for each Committee., comprehensive strategic planning, budgeting and management accounting., established organisational structure and lines of reporting.. formal written po5icies', clear aulhorisation and approval levels,. and vetting procedures as required ty law. The most significant risks considered during the year were as follows.. | I(￿k Mitij( all'nn al lee alfordabilily and Increased compelilion from ' RobLisI budgeting light cost controls 2nd strong other local schools. le&J￿n9 to a potential fall in marketing presence to ensure continued growth or a gtudenl numbers andlor demand for places. least slalic position of pupil roll. Strong ￿￿emIC performance A baanced portfolio through a respected and trust investment partner. Regular reviews. Regular briefing reports to Governors at termly Finance & Regul*ory Committee. Strong budget controls and regular production of 10-year cash flow plan. There are a range of miligalion in place, networf( security, ma￿are prevention. remvable media controls, secure configuration of devices and software. mana3ing user privileges. multi fact authentication. incident man4ement and rr￿nItor1ng. user educaion and aw¥eness and cyber security risk rrWage￿ent. Regular briefing reports lo Governors at termly Finance & Regulatory Committee. Strong budgei controls and regular production of l D-year cash flow plan, continued promotion marketing of the schools. understanding the loca demgraphics. cost savings and Pfioritising 3Jdilional income streams. and ￿ ongoing review of the Foundation structure Continue lo review afford*ilily of the scheme. SCheff￿ closed to new entrant5 from January 2026 Comprehensive insurance In pl￿e which is regularly reviewed by the Executive the Finance Resources CoMrr￿11ee to ensure robustness bl diminishing inveslnEnl returns applying pressure lo supported plxes. cl the servicing and repaynEnt of a significant loan taken out in 2017 for a major building project dl the risk of a major cybersecurity attack on our IT systems el the continuing financia Pressure being applied through centra government policy, via pensions. teacher pay, Nationa Minimum Vvage and the incorrNng loss of business rate reliefs and VAT levied on fees in 2025. fl cost of Teachers Pension Scheme expected b) increase significantly gi Litigation with current and fornEr parent pupils and staff. Page 23 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Mitigation Speciaist legal, financial and sector adviser5 avalable to consutt, robust Contr￿t5 in pl&e for parents. pupils and staff and membership of professiona bodies. Through the risk management processes established for Ihe Schools, the Governors are satisf led that the major risks identified have t)een adequately managed. with further mitigation applied to each of the key risks. However. it is recognised that Systems can only provide reasonable but not ab501ute assurance that major risks have been adequately managed. Section 172111 statement The Trustees have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consder, in good faith. would be most likely to promote the success of the Foundation for the benefit of its members as a whoEe, having regard to the stakeholders and matters set out in section 17211) of the Compani&s Act 2006. In discharging their dLrties above, the Trustees caref ully consider, amongst other matters, the impact on and interest of other stakeholders in the Foundation and factor these into their decison-making process. AII OLtr pupils benefit from the Foundation schools. outstanding academic, pastoral, and co-curricularprovision. Pupils are actively encouraged to offersuggestions on developing their school experience, forexamplethrough School Council or Pupil Voice committees. The voiceof pupils is a￿ayS actively considered in decision-making processes. The pupil-cenlric focus continued during the Government-mandated closure and the move to remote learning. recognising the challenges faced by pupils during lockdown. More information as lo how thi5 was introduced and developed during the year is included by School under the 'Review ol Achievements and PerformanGe for the Year,. Em lo ees The Foundation recognises that the qualitie5. skills and commrtment of its employees play a major role in the Foundation's success. More information as lo how the Foundation ensures the interests of employees are considered is outlined in the Employment Policy on page 5. Parents The FoL¢ndation embraces engagement wrth parents, through both formal and Informal Tneans. For example, that may be via formal feedback events on pupil progress, or through parents, association events. Surveys are also undertaken to 5UPPOrt strategic developments. In recent years, means of communication have expanded lo include 'virtual' methods, for example through parents events via Microsoft Teams. Feedback from parents has also enabled the development of the online learning provision. Page 24 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Communrt The Foundation is proud of ils place in the local community and more infomiats.on aboLrt the engagement and partnership activittes that have taken place are outlined under 'Public Benefit Aims arsd Intended Impact, on pages 6 and 7. In addition to the formalised relationships with the WSF Multi Academy Trust schools. the Foundation endeavours wherever possible to enable local schools and sports clubs to benefit from rts academic and c¢>curri¢ular facilities. UK reenhouse as emissions and ener use data The FoL6ndation took the following measures during the year to improve energy eff iciency.. Warwick School. as part of the Warwick Independent Schools Foundation, has been making clear and meaningful progress in reducing its environmental impact. Student-led initiatives such as the Green Team. Switch-off Fortnight, and improveTnents to recycling have helped embed sustainability into everyday school life, supported by the school's achievement of the Eco•Schools Green Flag Award. Engagement from pupils across different yeargrthrough the Eco Council and switch off events have strengthened a culture awareness and responsibiltty. Alongside behavioural change, the Foundation has taken strategi¢ steps to r￿UCe energy use through the adoption of real-time energy monitoring across ils building5. This dala-driven approach has already delivered a reduction in energy consumption and allows the eslales team to identrfy inefficiencies more accurately. The Foundation's broader commitment lo developing a pathway to nel-zero carbon. combined with participation in Wawickshire's climate action efforts, highlights a strong intention to continue improving energy perforMa￿e and environmental stewardship across the school community. There has ljeen a decrease in Energy consumption (kwh), both electricty. nalural gas and transport consumption of 19.3%. This translates to an absolute reduction in carbon emission5 of 23.4°A. There has been a decrease in pupil numbers from the previous period with a revised TCo2elPupil pf 0.4g5. A relative emissions decrease of 18.6% over the previous period. Page 25 srRATEGJC REPORT FOR THE YEAR ENDED 31 AITGUST 2025 2024125 kwh 4,708,023 168,973 4,876,996 2.524,493 85,281 2,609,774 7,486,770 2024125 tC02e 860 41 901 442 2024125 '/0 of total 630/a 2,/0 6501. Type of emission Scope 1 Activity Natural Gas Transport (Minibus) Sub Total Electricity {Imwrtedl Electricity {Generation} Sub Total Scope 2 442 1,343 35Y. 100° Total Gross emissions 2023124 kwh 6,380,189 192,920 6,573.109 2,611,279 88,321 2,699,600 9,272,709 2023124 tC02e 1,165 47 1,212 541 2023124 Type of emission Scope 1 Activity Natural Gas Transport (Minibus) Sub Totsl Electricity Ilmportedl Eleclricty (Generation) Sub Total 66°/. 30 69Q/. 31Vo Scope 2 541 1,753 31, 100° Total Gross emissions Intensity rretric.. Number af pupils.. 2,710 {2023124. 2,8851 Tonnes of C02e per pupil. 0.49512023124. 0.6081 Energy usage is calculated with reference to gas electricity r￿ter reJJings. Page 26 COMPANY NUMBER.. 04252305 STATEMENT OF DIRECTORS, RESPONSIBILITIES The Direclors are responsible forpreparing the Directors. Report and the Financial Statements in accordan with applicable law and regulatsons. Company law require5 the Directors to prepare financial statements for each financial year in accordan with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under Company Law, the Directors 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 Charity and the Group and of the surplus or defict of the Group for that year. In preparing these f Inancial statements, the D￿reCtorS are required to-. select suitable accounting policies and apply ihem consistently-, observe the methods and principles in the Charities SORP., make judgements and accounting estimates that are reasonable and prudent., slate whether applicable UK Account+ng Standards have been followed, subject to any malerial departure5 disclosed and explained in the financial statements", and prepare the financial stalements on the going concem basis unless it is inappropiate to presume that the charitable Company will continue in business. The Directors are responsible for ensuring that adequate accounting records are maintsined that afe sufficient lo show and explain the Charity's and the Group's transactions and disclose wrth reasonable accuracy at any ts'me the financial position of the Charity and the Group and enable them to ensure that the financial statements comply wrth the Companies Act 20C6. They are also responsible for safeguarding the assets of the Charity and the Group and ensuring their proper application in accordance with Charity Law, and hence for taking reasonable steps fof the prevention and delection of fraud and other irregularilie5. So far as each of the Directors is aware. at thè time this report is approved.. there is no relevant audit information of which the Company's auditors are unaware,, the Directors have taken all steps they ought to have taken to make themselves aware of any relevant audti infomabon and to establish that the auditors are aware of that information. This report, incorporating Ihe Strategic Report. was approved by the Trustees as Directors of Warwtk Independent Schools Foundation. Approved by the Board of Directors of Warwick Independent Schools Foundation on 2(yh March 2026 and signed on its tehalf by. DIRECTOR (rfIAQIE. (kowErrc_ P6¥ (print namel DIRECTOR SIILL rt oSTihJ (print namel Page 27 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WARWICK INDEPENDENT SCHOOLS FOUNDATION Oplnion Vve have audited the f inancial statements of Warwick Independent Schools Foundats"on ('the charitable company'} and its subsidiary {'the group'l foi the year ended 31 August 2025 which comprise Consolidated Slalement of Financial Act(vities. Charity and Consolidated Balance Sheets. Consolidated Cash Flow ststement and notes to the financial statements, including signrficant accounting policies. The financial reporting framework that has applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the f inancial statements.. give a true and fair view of the state of the group's and the charitable company's affairs as at 31 August 2025 and of the group's income and expenditure. for the year then ended., have been properly prepared in accordance with Unrted 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 accorrjance with International Standards on Auditing IUKI {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 group in accordance with the ethical requirements that are relevant to our audit of the fin8ncial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordancewith these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a bas¢5 for our opinion. ConclusTons relating to going concern In auditing the financial ststements, we have concluded that the trustees, use of the 90ing concern basis cf accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not iderrtified any material uncertainties relating to events or cond"rtions that, individually or colleclively. may cast signrficanl doubt on the charitable company's or the group's abil'rty to contr'nue as a going concem for a period of at least I￿e￿e months from when Ihe financia statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wtth respectlo going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other informatton contained within the annual report. The other information compri*s the information included in the annual report. other than the financial statements and our auditor's report thereon. 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. Page 28 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF wAR￿CK INDEPENDENT SCHOOLS FOUNDATION Other informatlon Icontlnuedl Our responsibility is to read the other information and, in doing so. consder whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi5Stated. If we identify such material inconsi51encies or apparent material rnisstatements, we are required lo determine whether this gives rise lo a material misstatement in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material rnisstatement of this other infoTrnation, we are required lo reFJ)rt that f act. We have nothing to report in this regard. Opinions on other matters prescribed by the CompanTes Act 2006 In our opinion based on the work undertaken in Ihe course of Ouf audit the informatiDn given in the trustees, report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements". and the strategi¢ report and the directors, report included within the trustees, report have been prepared in accordance wrth applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit. we have not identified material misstatements in the strategic report or the directors, report included within the trustees, report. We have nothing to report in reS￿l of the following matters in relation to which the Companies Act 2006 requires us to ￿port to you rf. in our opinion.. adequate and proper accounting records have not been kept, or the financial statements are not in agreement with the accounting records and returns.. or certain disclosures of trustees, remuneration specrfied by law are not made., Of we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustee5' responsibilities statement, the trustees (who are also the directors r the charitable company for the purposes of company lawl are responsible for the preparatton of the financial statements and for being salisfied that they give a true and fair view, and fof such internal control as the trustees determine is necessary to enable the preparation of f inancial statements thal are free from material misstatement. whether due to fraud or error. In prepariro the financial statements. the trLtstees are responsible for aswsng the charitable company's ability to continue as a going concern. disclosing, as applicable. matter5 related to going concern arid using Ihe going concem basis of accounting unles5 the trustees etther intend to liquidate the charitable compa or to cease operations, or have no realistic alternakn've but to do so. Page 29 INDEPENDENT AITDITORS. REPORT TO THE MEMBERS OF WARWICK INDEPENDENT SCHOOIS FOUNDATION Auditor's respon5ibillties for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the f inancial 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 bul is not a guarantee that an audit conducted in accordancewith ISAS (UK) will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered matenal if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these f inancial statements. Details of the extent to which the audrt was considered capable of detecting irregularities. including fraud and non-compliance wrth laws and regulations are set out below. A f urther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org,uklauditorsresponsibilitps. This description forms part of our auditorfs report. Extent to which the audit was considered capable of detecting irregularlties, including fraud Irregularities, including fraud. are instances of non-compliance with laws and fegulations. We identified and assessed the risks of material misstatement of the financial statements from irrwJular-rt1es, whether due to fraud or error, and discussed these be￿eern our audit learn members. We then designed and perform audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basi5 for our opinion. We obtained an understanding of the legal and regulatory frameworks within which Ihe charitable comp and group operates, focusing on those laws and r￿UlationS 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 together wrth 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 charttable company's and the group's ability lo operale or to avoid a material penalty. We also considered the opportunities and incentives that may existwilhin the charrtable company and the group forfraud. The laws and regulations we considered in this contextforthe UK operations were The Education (Independent School Standards) Regulations 2014. Auditing standards limit the r4uired audit procedures to identify non-compliance with these laws and regulations to enquiry of Ihe Trustees and other management and inspection of regulatory and le9al correspondence, rf any. We identified the greatest risk of material Impact on the financial statements from irregularities, including fraud. to be within bursaries, scholarships and other discounts, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit & Rig( Committee about their own identrfication and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over bursaries. Scholarships and other discounts, reviewing accounting estimates for biases. reviewing regulatory correspondence wrth the Charrty Commission, Independent Schools Inspectorate, Ofsted and reading minutes of m*lings of those charged wrth governance. Pase 30 ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WARWICK INDEPENDENT SCHOOLS FOUNDATION** ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations[(] irregularities[) ] is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **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[p] ermitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. **Tara Westcott Senior Statutory Auditor for and on behalf of CROWE U.K. LLP** Chartered Accountants and Statutory Auditors Crowe U.K. LLP 4th Floor St James House St James S[q] uare Cheltenham GL50 3PR Dated: 24 March 2026 Page 31 CONSOUDATED STATEMENT OF FINANCIAL AcfIviTIES (INCORPOIL4TING INCOME & EXPENDITURE ACCOUF4T) FOR THE YEAR ENDED 31 AUGUST 2025 Notes Untestricted FunJs Restricted Endowed Sthoob Other Funds Funds Total Toial Funth 31 Fwids JA Awg 2025 2024 £'ooo £'ooo £'ooo INCOME FROM.. Donations Charitable ACtIv￿.eS.. School fees Other income Other Trading Activities.. Trading tumover.. WSEL Investment Income Total Income 17 1.159 21 1,197 1,576 45,428 4,743 45,428 4,743 44,160 5,557 761 761 1,128 53,257 729 790 52, 752 1,128 51,299 778 1.159 21 EXPENDITURE ON. Raising Fund5'. Cost of Development Office Cost of trading activitres.. WSEL Other activities Charitable Activities.. Schools and grant-making Total Expenditure 394 394 716 25 335 773 36 716 25 51,116 51,510 993 1,734 1.338 1,338 27 27 53,474 54,609 53.588 54, 732 Net gains on investments Net lexpenditurel l income Transfers between funds Pension Scheme actuarial Ilossll gain 133 -78 78 1,113 157 -81 1,248 -104 1,514 -466 -180 -14 17 20 -6,278 NET MOVEMENT IN FUNDS 76 -194 14 -104 -6, 742 Balance brought fomard at 1 September 2024 71,064 3,322 2,681 77,067 83,809 FUND BALANCES at 31 August 2025 71,140 3,128 2,695 76.963 77.067 All activities relate to continuing operations. The notes on pages 35 to 58 form part of these accounts. P2ge 32 COMPL￿ NUMBEIL. 04252305 CHAIUIY AND CONSOLIDATED BAiANCE SHEET AT 31 AUGUST 2025 Notes Group 31Aug 2025 £'ooo Clwryty 31Au8 2025 £'ooo 31AuB 2024 31 Au8 2024 NON-CURRENT ASSETS Tangible Fixed assets Inveslrrents 71,482 32,632 104.094 75.969 23,012 98, 987 71,397 32,632 104,029 75.853 23,012 98,865 CURRENT ASSErs Stock Debtors Cash at bank in hand io 10 19,662 6.054 25,726 -31,629 2,640 18,106 20,757 -75.908 20,862 6.005 26.869 -31.558 3.844 18.056 21,902 -15,834 CREDITORS.. due within one ye¥ 12 NET CURRENT ILIABILITIESI I ASSETS -5.903 4, 849 4,689 6.068 TOTAL ASSETS less Current Liabilities 98.191 103,830 99,340 104.933 CREDITORS." (lue after more than one year 12 -21,228 -26.763 -21.228 -26,763 TOTAL NET ASSETS 76,963 77.067 78,112 78,170 ENDOWED FUNDS RESTRICTED FUNDS UNRESTRICTED FUNDS Designaed & general funds Revaluation Reserrfe Derivative Reserve (a) As(b) 2.695 3,128 2,681 3,327 2,695 3,128 2,681 3,327 J5(e) 15(e) 1s{e) 68,505 2,006 629 68,733 1,874 1,058 69,654 2,006 629 69,236 7.874 1,058 Net Unrestricted Funds 71,140 71.065 72.289 72,168 TOTAL FUNDS 76,963 77,067 78.112 78,770 The deficit for the year sustained by the Charity was £81,36012023124." Oeficil of £6,592,741). Approved b the Board on 20th March 2026 and signed on ils behalf by. DIRECTOR Iprint namel DIRECTOR Iprinl nanEI The notes on pages 35 10 58 form part of these accounts. Pa8e 33 COMPANY NUMBEIi' 0425230fj CONSOLIDATED CASH FWW STATEMEwr FOR THE VEAR ENDED 31 AUGUST 2025 Notes 2025 2024 fooo £'ooo CASH FLOWS FROM OPERATING ACTIVITIES 21 1,279 655 CASH FLOWS FROM INVESTING ACTIVITIES.. Investment income & bank interest Purchase of property, plant and equipment Ctt￿ge in fixed asset value for current VAT clam {CGSI Purchase of investments Proceeds from sale of investments Decrease I Ilncreasel in bank deposits NET CASH USED IN INVESTING ACTIVITIES 1.128 -655 2,225 -12.982 1,319 3,291 -5,674 790 -2,875 -2,125 2,041 -2,572 4,687 CASH FLOWS FROM FINANCING ACTIVITIES. Other Interest paid Loan repaynEnls Advance PayrrEnt Scherr NET CAS14 USED IN FINANCING ACTIVITIES -480 -1,334 -5,843 -7,657 -528 -7.333 17,629 75.768 CHANGE IN CASH & CASH EQUIVALENTS IN THE REPORTING PERIOD 22 -12.052 7 7. 742 CASH & CASH EQUIVALENTS AT THE BEGINNING OF THE REPORTING PERIOD 22 18,106 6. 364 CASH IN HAND NOTICE DEPOSITS CASH & CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD 6,054 78.706 22 6.054 18, 106 Note: Charity Law requires separate alministration of the cash f low of endowed and other restricted funds of the Charity. This conslrainl has not ajversely affected Group cash f5ows as stated above. The notes on paje 55 form part of these ￿counts. Page 34 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 Statement of Accounting Policies Warwck Independent Schools Foundation is a Charitable Company limited by guarantee Ireg151ered number 042523051. which is registered in England & Wales tts Charity regTStralion nLJmber is 1088057 The registe￿d office and principal place of business is Warwck School. Mylon Road, Wamck. CV34 6PP. Ils principal a¢tivity is the provision ol day and boarding schooling. (b) Basls of Acc The financial st8iemenls have been prepared under the historical cost ¢onvention with the exceplkX of investments which are included al market Value The financial slatements have been p￿Parert In accordan wth the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 1021. the Companies Act 20Cfj and the Slalemenl of Recommended Practice ISORP 20151 applicable to charities prepanng Iheii accounts In accordance with the Financial Reporting Standard applicable In the UK and Reputslic ol Ireland IFRS 1021- ellective 1 January 2019 and updated In January 2022. Warwck Independent Schools Foundation meets the definition ol a public benefit entity under FRS 102. The functional Currency of the Charity is considered lo be GBP because that is the CUTrency of the primary econom1c environment in thich the Charity operales. The accounts present the consolidated statement of f inancial activities ISOFAI and the Charity consolid*S balance sheet5 ¢omprising the consolidation of the Charity and the Company and its Vlholly owned subsidiary, Warwck Schools Enterprises Limited (Company no.. 036175921. The results of the subsidiary a consolidated on a line by line basis. The Charity became the Corporate Trustee ol the Tnjst on 29 Augu512001 and the accounts, thereforq include the Twst as a subsidiary Charity for the accounting period commencing 1 September 2001. Under the Charity Comrni5sion S¢heme of 29 Au9usI 2001 all tfU5t funds other than the Trust's pemianenl endowment of the Schools land ￿Ere I￿nSfe￿a lo the new Charity known as Wawck Independent Schools Foundation, as property of the Company, and the Trust itself was made a subsi(Siary Chanty of the Compary as its Corporate Trustee. No separate SOFA has been presented forlhe Chanly alone 85 pemilled by section 408 of the Companies Act 2006 and paragf8ph 397 of the SORP The Charity has taken 8dv8nl8ge of the exemption available to a qualifying entity in FRS 102 frorn the requirement to present a charity only Cash Flow Statement with the consolidated financial slalemenls Having reviewed the funding facilities availabltt lo the Schools logetherufilh the expected ongoing demaNS lorplaces and the Schools, future projected cash f Iow5, the Govemors have a reasonable expectation that tme Schools have adequate resources to eonlinue its activities for the foreseeable future antt al least 12 months Iromthe8pproval tsf these financial statements and considerthal there were no material uncertainlbes overthe Chanly's financial viability. Accordingly, they Continue to adoplthe going concem basis In p￿pann9 the financial statements as oullineL# In the Statement of Directors, RespOnsibil￿tIeS on page 28 Page 35 N(yfES TO THE Accouwfs FOR THE YEAR ENDED 31 AUGUST 2025 Id) Bas s of Consol. The financial 5tatement5 consolidate the accounts ol Warwck Independent Schools Foundation and Sts subsidiary. Warwryck Schools Enterprises Limited. The deficilforthe year dealt wlh in the accounts ol the Charity was £81,380 12023124.. Deficilof £6,592,741). (e) Charitable Income and DonatiDns Voluntary incoming reSou￿e5 Including legacies are accounted for as and ￿then entitlement arises. the amount Can be ￿lIabIlItY quanlified and the economic benefit to the Charity is considered probab Chantable income 8nd donations received for the general purposes of the Chanty are credited lo other unrestriGled funds. to distinguish Ihem from direct schtsol income. Gtxnts given for specific purpose5 are treated as income in the year of receipt and are taken to'restricted funds" on the ba51s that there is nolhirrJ Ihat would prevent income recognition from gTrnl conditions Imposed. Unspent restncted Income is includa under re31ricle(I lun(Js as il is fully cornmitted Income received from the Charities of The King Henry Vlll Endo¥%ed Trust, Wa￿1ck and The Charity of SirThomas W)ite, Warwck is accounted foron a Teceipts b8SL8. Investment Income is recognised when reeeivable (Q Fees nd S'mila Fees receivable and charges forseNi¢es and use of p￿miseS are accounted for In the year in ￿1¢h the 5ervi¢e is provided. Fees receivable includes conlrfbulions ￿CeiVed from Restricted Fund5 for Bursaries arKt Awards. T￿ding income is exclusive of Value Added Tax and trade di5counls. (g) urc Ex en ed Resour¢es expended are accounted lor on an accruals basis. Certain expendilure is apportioned lo cost categories based on the eslirTraled amount attribLrtable to that aclivrty ITI the year Teaching. welfare and premises costs are denved from activities c185sified in cost departments that are directly ftsr the pupils. benefit Support costs ctsnsist ol the administration costs of running the S¢hDols, Marf(eting & Recruitment ¢osts for Ihe Schoo15 and expenditu￿ In relation lo school expeditions. Govemance costs cornprise the C051s of running the Charity lincluding strategic planning for ils future developmenll, extemal audit, lega advice forthe Governor5 and all costs of complyirTg statutory requirements Liabilities are ￿cOgniS when they can be measured reliably and there Is a legal orconstwctive obligation committing the Charity to the expenditure. Teminalion payments are accounted for as soon as the Sehools are 8wa¥e of the obligations to make payments. Rentals payable are cttafged on a lime basis ovef the lease term, even if the payTnenls are not rnade on . such a basis 8enefils received and receivable as an incentive to sign an operating lease are similamy sprea on 8 Stoight-line basis over the lease tem. Page 36 N(YfES TO THE AccouNfs FOR THE YEAR ENDED 31 AUGUST 2025 The ScfK)ols participate in a mulliemployer pension scheme, the Govemmenl'5 Teachers Pension Defi￿￿ Benefits Scheme (rpsi. forlheir teaching staff. The pension li8bllily Is the responsibility of the Teachers, Pension Scheme. As a re5uII. il is not p0$5ible to identify the assets and liabilitie5 01 the scheme that are attribolable to the Schools Accordingly, under FRS 102 the scheme is accounted for a5 if it We￿ a defi[￿1 Contributions scheme. The Charity closed the Lo¢al Govemment Pension Scheme ILGPSI arKI the National Employment Savings Trust INEST. an independently fun defined contribution scheme, on 30 November 2023. These we placed writh a new defined Contribution pension scheme, administered by Aviva. f￿M 1 December 2023. Employees are enrolled automatically into the s¢Meme and can select to increase their contributions above the minimum set amount if they so wish lo a maximum OA. The assets of the scherne are helll separately from those of the School in independently administered fur¥Js. Payments to the scheme are charged as an expense as they fall due. Pension Gosls fom part of staf costs and are allocated dirEclly a¢ross activities and between restricted and unrestricted funds on the ba515 of iThe spent (i) Schoo ndE nl Copitt71isotion and Replacement The origlnal land and buildings endowed lo the Schools togetherwith al subsequent additions record&l by the Trust ￿re professionally revalued as al 31 August 2001. On 1 September 2001. 811 land and builain9S. other than the original endowed property. were transferred to the Charity. In these accounts these transfer6 are treated as being at cost lo the Charity. The Charity is also responsible for keeping the origin81 buildivJ in fit and useful Gondilitsn and these cosls are wilten off as incurred Buildings improvements and exten510rB and fumitu￿ and equipment c08ting MO￿ than £5.000 individually are capitalised and carried In Ihe balance sh*1 at hislorical cost. The fixed assets brought in from The Kingsley School as a gift, were brought in at fair value. Deprectotion Depreciation is calculated on a slraight4ine basis to write off the cost. less estimated residual value of fi¥&1 assets, Dver their estimated useful ecorK)mic lives. These rate5 are currently as lollows.. Building5 Sports constructions FUmitu￿, fixtures & equipment Motor vehicle5 20 - 50 yeaFs 20 - 25 yeais 3- 10 years 4 years No depreciation is charged on freehold land or assels under the Course of construotion. Depreciation chafged when assets become in use. Inveslments. which include listed investmerils and investment properties, are stated at market value Investment properties a￿ professionally valued every five years and reviewtd for Impairment annually. Unit tiusl inveslrnenls are slated at mid-market price. Pdse 37 N(yfES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 (k) Invest Is Realised gain5 and losses on investments. calculated as the difference between the sale Proceeds and Iheif martet value at the start of the year. OT subsequent cost, are creililed or charged lo the SOFA in the year of gain or1055. Unrealised gains and losse5 representing the movement in market values during the year are Credited or charged to the SOFA in the year of gain or loss. (i) Stock stocks a￿ valubj at the lower of cost and nel realisable value aflermaking due allowance for obsolete SI0￿mOvIng stock5. The Charity includes flxed tem deposits tsf less than one year as liquid resources. {n} Deblo Trade and other debtots are recognised at the settlement amount after any trade discount offered Creditors and provision5 are Tecognised where the Charity has a present obligation resulting f rom a past event that wll probably result in the transfer Df funds lo a third party anLI the amount due to sellle the obligation can be measured or eslirnated ￿lIablY Creditors and provisions are nomially recognised al Ih&r settlement amount after allobmng for any trade discounts due. ncial Inst men Baslc financial instnjments are initially measurej at transaction value and 5ubsequenlly meaSu￿d amortised cost with the exception of investments which are held at market value Financial assets held arnortised Cost comprise cash at bank and in hand. logether Mlh all deblots other than p￿PaYMents. A specific provision is made for any debts for which recoverability is in doubl. Financial liabilities held at amortised cost comprise all c￿ditO￿ except social security and ottter taxes an¢J fees received in advance. Derivatives, in¢luding interest rate swaps, are not basic financial instruments. Derivatives are initial ognised at fair value on the dale a derivative Gontracl is ente￿d into atKJ are subsequently re-measured at their fair vaue. Changes in the fair value of derivatives are recL)gnised in the Statement ol Financial Activities vAthin finance cost5. Financial Iiabililies are dereco9nised the liability Is extinguished. that vknen the contractual obligation is discharge(I, Cancelled or expires Pa8e 38 NOTES TO THE Accour(rs FOR THE YEAR ENDED 31 AUGusf 2025 Unrestricted funL15 are available for use at the discretion of the TtUStees in furtherance of Ihe general obieds of the Chanty. Unrestricted funds a￿ identified as either Designated Funds or Genepl Funds. Designat Funds reP￿sent funds that the Trustees have Set aside for defined purposas Certain element5 01 the Designated Bursary Fund5 are subject to restrictions set out in the Memorandum ancl Articles of Associatp) Each Designated Fund is disc105ed 5epar*ely in the notes to the financial slaternents. There is a commitment to Ljse these monies in future years. a5 designated. General Fund5 represent 8¢¢umulated surplusesldefi¢ils lo dale. after transfers to Designated Funds. Restricted Funds are funds subject 10 5pecifi¢ Testrictions imposed by the donors. The Endowment Funds a￿ pemianent endowment funds. i.e., the donors have stated that the funds are to be held as capild. The Charity makes estlmates and a55umplions conceming the futu￿. The esliFnales and assumptions th have a significantrisk of causing a material adjustment to the carrying amounts of as5els and liabilitie5 within the next financial year are disCU5sed below. The Charily came out of the Local Govemment Pension Scheme on 30 November 2023. Up until then, Ihe ' present value of the Local Govemment Pension Scheme defined benefit liability depended on a number of factors Ihal were determined on an actuarial basis using a vanely of assurnptions. The assumptions used in detemiining the net cost 11ncomel for pensions included the discount rate Any changes to these assumptions. thich a￿ di8¢losed in note 20. would impact the carrying amount of the pension liability. Furthemiore. a roll fO￿ard approach ￿1[h proje¢ts results from the latest full acluan81 valuation perfonrel at 31 March 2016 was used by the actuary In valulng the pensions liability at 31 August 2024 Any differen between the figures derived from the roll forwrd approach and a full actuanal valuation would impact the carrying amount of the pension liability. Fees Receivable 2025 £'ooo 49,507 -1.300 -58 -2,721 45.428 2024 £'ooo 48.006 -7.275 Fees Less Staff Fee Remission Less Advance Payment Discount Les5 Scholarships and Bursaries -2, 571 44, 160 Other Income 2025 £'ooo 2024 £'ooo Charitab19 AdSvltios Other educational charitable activities.. Entrance and ￿[StratIon fees Musi¢ luilion fees Holiday Action and Swm School Other 89 1,005 598 1.905 3.597 1.024 651 1.837 3.596 Other ancillary activities.. Excursions 1 146 4.743 1. 961 5, 557 Page 30 NOTES TO THE Accouwfs FOR THE YEAR ENDED 31 AUGUST 2025 Income from Subsidiary'5 Trading Activities The Charity 0￿S the bthole of the £1 ordinary share Capital of Warwick Schools Enterprige$ Limited The pri￿spaI activity of the Company 15 that of letting the school facilities and managing events al the Bridge House Theatre. The trading ￿SuIts forlhe year, extracted frornthe audited accounts. a￿ summarised below. 2025 £'ooo £'ooo Tumover Operating cosis L05s from continuing activities Gift Aid donation gross Balance carried forward 761 -806 45 729 -878 -149 45 -149 Warwck S¢hoDls Enterprises Limited nomially makes a gift aid donation of any sutplus eamed lo ils parenL Warwck Independent Schools FOundat￿On This amounted to £Nil 12023124". £Nill lo the Charity during the year. 2025 £'ooo 2024 £'ooo Assets Liabililles Net liabilities 214 -1,362 -1,148 235 -1,338 -1. 103 The net liabilities of Warwick Schoo15 Enterprises Limited al 31 August 2025 amounted lo £1,148.44B 12024.. £1, 103.4821. Investment Income 2025 Ullre$trlrted Restricted £'ooo 2024 Total £'ooo Total rooo UK Fixed Interest UK Equities Property Fund Bank Interest Investment property 183 .348 183 348 68 360 11 273 78 790 520 520 66 1,128 1.128 Pase 40 NOTES TO THE AccouNfs FOR THE YEAR ENDED 31 AUGUST 2025 Expenditure 21)25 2024 £'ooo Charitsble expenditure includ88: Auditors. ￿muneratIon For audit For audil of Subsidiaries For other services Operdling Leases payable For Motor Vehicles For Ptoperty Othei Loss on sale of fixed assets Depreciation and impairment Bank Loan Inte￿51 payable 45 43 15 172 172 34 135 133 10 2,899 480 2,895 528 Totsl staff costs comprised: Wages and 581aries So¢ial security costs Pension conlribLJlions Compensation for105s of office 28.345 3,013 5,886 194 37,438 27. 742 2. 525 5, 031 34 35.332 Aggregats employèe bonefits of key management pefsonn¢l 1.570 1,447 During the year the￿ temiination payments made ￿lch amounted to £194.210 12023124". £34,0031. There was £119,429 12023124." £23.4411 outstanding at the year end Pa￿ 41 NOTES TO THE AccouNfs FOR THE YEAR ENDED 31 AUGUST 2025 6. Expenditure {continuedl The average number of the Group's employees during the year calculated on an average headcounl basis was 97512023124. 9651 2025 443 532 975 2024 429 536 965 Teaching Support Neither the Governors nor persons connected with them received any remuneration or other benefits from the schools or any connected organisalion, other than Ihree Governors whose children were in receipt of a Scholarship. Travelling and course expenses amounting lo £7,27912023124'. £16,134) were reimbursed lo 2 Governors12023124.. 31. The number of higher paid employees was as follows., 2025 2024 £60,000 - £70.000 £70,001 - £80,000 £80,001 - £90.000 £90,001 £100.000 £110,001 - £120.000 £120,001 - £130,000 £130,001 - £140,000 £200,001 - £209,999 £210,000 - £219,999 38 35 Page 42 NOTES TO THE ACCOUNfs FOR THE YL4R ENDED 31 AUGUST 2025 Analysis of Total Resources Expended 2025 2024 Total Siaff Costs Other Depreeiation and ImpaSrment £'ooo Total £'ooo £'ooo £'ooo £'ooo Costs of Generating Funds.. Other Activities Cost of Development Offlce Total for Charity Trading Costs of the Subsidlary Total for Group 14 118 132 362 494 25 394 419 715 1,134 36 335 371 773 1, 144 276 276 302 578 11 51 62 Charitable Activities-. Teaching Welfare Premises Support Costs and Governance BanklPension Interest & Other Financing Prizes & Other Awards 28.503 2.053 2,611 3,693 3,108 1,637 3,394 4,606 37,611 3.690 8.870 8,299 30.432 4.103 8.975 8,324 2,865 1.004 1,004 1,750 Sub-Total Total RBsour¢es expendad Group Charity 36,860 37,438 37,136 13,749 14,243 13,880 2,865 2,928 2.876 53,474 54,609 53,892 53,588 54.732 53,959 Included in BanklPension Interest & Other Financing is a credit of £428,82012023124.. £895,944) for the decrease in fair value of the liability from the inleresl rale swap. Govornanco Costs included in support costs 2025 £'ooo 62 167 226 2024 £'ooo 57 166 227 Auditors remuneration Liability insurance Page 43 N(YTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 8. Tanglble Fixed Assets Charlty i*Jd & Buildings Moloy Vehxcles %setS ill Course of const￿CtIoN £'ooo Chwyty Total Ftttings & Equipment £'ooo £'ooo £'ooo COST Al 1 September 2024 Additions Disposals VAT claim ICGS) At 31 August 2025 92,858 10,101 171 84 103,214 87 588 -711 -31 9.927 655 -718 -2,225 100,926 -2,194 90,744 171 84 DEPRECIAMON Al 1 September 2024 Charge for year On Disposals At 31 Augu512025 21,345 5,857 159 27,361 906 -701 6,C62 2,876 -708 29,529 23,302 165 NET BOOK VALUES At 31 August 2025 At 37 Augusr 2024 67,442 71.513 3,885 4. 244 84 71.397 75, 853 12 Group Charity Tgtal £'ooo Subsidiarv Total Group Total COST At I September 2024 Additions Disposal VAT ¢5aim ICGSI Al 31 August 2025 103,214 855 -718 -2,225 100.926 638 103.852 655 -718 -2.225 101.564 638 DEPRECiAnON At 1 September 2024 Charge for year On Disposals At 31 August 2025 27,361 2,876 -708 29,529 522 51 27.883 2,927 -708 30,102 573 NET BOOK VALUES At 31 Au9USt 2025 At 31 August 2024 71,397 75. 853 65 116 71,462 75.969 Included in the nel book value of land and buildings 15 £336.91712024.. £349,917) in respect of long leasehold buildings The remainder is freehold. Pa8e 44 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 Investments Unrestricted Designated £'ooo Re5tricled Totaj 2025 Tot 2024 £'ooo Group". Balance at 1 September 2024 Additions Disposals al opening m8rf(et value Movements in cash deposits Revaluation gains I Ilosse$l Net Unrealised losses Balance at 31 August 2025 22,988 12,982 -1,319 -3.291 133 1,115 32,808 24 23,012 12,982 -1.319 -3.291 133 1,115 32,632 18.842 2. 725 -2.041 2. 572 1, 574 24 23.012 Securities Listed on the Stock Exchange Property Cash deposits 27,889 4,528 191 32.609 24 27,913 4,528 191 32,632 15, 134 3, 482 23,012 24 Ligled Se¢urilies comprise.. UK Fixed Interest UK Equities Property Fund 13,720 13,662 507 27,889 24 13.744 13.662 507 27.913 7.297 73.39Y 440 15, 734 24 Charity: as above Investment In subsidiary company Isee note 41. Reconciliation of openlng and closing investmerrts by class Securitie5 Property Listed o Stock Ex¢hangt Cash Depo￿tS Total £'ooo £'ooo £'ooo Group- Balance al 1 September 2024 Addition5 D1sposals Movement in cash Oeposits Revaluation gain5 Net unrealised Ios5e5 881ance at 31 August 2025 15.134 12.982 -1.319 4,396 3.482 23.012 12,982 -1.319 -3.291 133 1.115 32.632 -3,291 133 1.115 27.912 4,529 191 The Kingsley School investments were donated to the group on the 10 March 2021 as part of the mergerof The Kingsley School into the Foundation. The valualion on transfer of these investment5 tota11ed £1,317.OS9 al the 10 March 2021. The investment properties were reviewed as at 31Sl August 2025 using a rllarket price indicator ￿$￿Iling in a gain Df £133,000 All investments a￿ hel(J lo provide a retum, and all held in the UK. Pa8e 45 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 Stocks Grou 2025 gooo 10 Charity 2020 £'ooo 2024 $024 £'ooo Goods lor resale and consumables 11 Stocks recognised as 8n expense in the Statement Df Financial Activities during the ye8T were £315.3 12024 £252,413). Oebtors Group 2025 £'ooo 15.095 223 28 2,091 2.225 Charity 2025 £'ooo 15,095 191 28 2.081 2,225 1.242 20.862 2024 £'ooo 647 TT 2024 School fees" Trade deblo Other debtors Prepayments and accrued income VAT as5el"' Amount due from subsidiary undertaking 647 62 1,909 1.864 1. 264 3, 844 19.662 2, 640 Due to VA T implementation the autumn 2025 billing which took place In July 2025 has been grossed up as debtor {school fees) and a Creditor la¢¢ru313 and deferred incomel circa £14m. The VAT Asset rElate5 to amounts eligible for reclaim from HMRC in ￿latiOn to the Capital Goods Scheme followng the introduction of VAT on private school fee5. The provision of bad debt against trade debtors al year end tolalled £438.521 12024.. £747,695) 12. Creditors Group 2025 Clwity 2025 É'ooo 2024 £'ooo 2024 fooo Due vAthin one year. Fees received in advance and deposits Trade creditors Other creditors Taxation and social security Accruals and deferred income - VAT liabi5ily Bank loan Advance Payment Scheme 2,382 2,020 5, 003 7, 754 438 651 1. 521 2.382 2,000 .003 1, 142 376 651 1,521 679 17,418 2,352 1,333 4.596 31.629 679 17.352 2.367 1.333 4.596 31,558 1.333 1.333 &808 15.834 15, 908 Due after one year. Bank loan Advance Payment Scheme Derivative financial instruments 14.667 7.190 -629 21.228 16,000 17,827 -1.058 26. 763 74.667 7.190 -$29 16.000 17.827 -7.058 26. 763 21,228 Due lo VAT implemenlation the autumn 2025 billing which look place in July 2025 has been grossed L*P 8$ a debtor (school feesl an(J a creLlitor laccfuals and deferred income) Circa £14m. Pase 46 NOTES TO THE ACCOUNIS FOR IHE YEAR ENDED 31 AUGUST 2025 12. Creditors {continuedl A loan for£20m Wds taken out with HSBC lo support delivery of Project One Campus in August 2017 An interest rale swap arrangement was entered into to pay a fixed rate of 3V. 11.6% interest rate and 1.4Q margin) over £20rn of the outstanding loan balance. The dale of temiination of the agreement is August 2027. HSBC has security over the Shares held by the FoLbndation through a Memordndum Df Qeposit made between both parties, dated 14 September 2017. The Bank Loan falls due as follows". 2025 L'ooo 1.333 5,333 9,334 16.000 2024 £'ooo 7,333 5.333 10, 667 17,333 Within one year Bet￿een and f ive years Over five years 13. a) Deferred Income- Group 2025 £000 930 -930 16.491 16,491 B8I8nce at 1 September Released in the yeaf Deferred in the current year Balance al 31 August 895 495 930 930 Income has been deferred cash ha5 been received before the year end bul the event Imainly schi)ol tripsl takes place in the next financial year. b) Advance Payment Scheme 2025 2024 £(￿0 Balance at 1 September Billed in Ihe year Cash received in the year Cash refunded in the year Balance al 31 August 17.629 -5,832 582 -593 11.786 17.629 17,629 14. Financial Instruments- Group 2025 £'ooo 15,658 38,686 -33.937 629 21.036 2024 Financial assets measured at amortised cost Financial assets measured at fair value Financial liabilitie5 measLJred at amort15ed cost Financial liabilities measured al fair value Net fin8n¢ial assetsllliabilitiesl measured at amortised cosl 1,342 41,117 42,075 1. 058 7, 442 Page 47 N(YTES TO THE AccouNfs FOR THE YEAR ENDED 31 AUGUST 2025 14. Financial Instruments- Group {continuedl 2OZ5 2024 £'ooo Totsl investment losses forfinarycial assets measured at fair value through income and expenditure 1,238 1,5t4 Included in net linancial assetsllliabilitieg) measured 8t amort15ed cost are school fee debtors. trade debtOTS. other debtors and accrued income. Included in financial asseis measureil at fair value are cash at bank and in h8rTrd and investments. Included in financial liabilities measured al amortised cost are bank loans, fees received In advance. fee deposits. trade creditor5. Other creditors and a¢cwals. Included In financial liabilities Tneasured at fairvaltje a￿ (Senvalive financial instruments linterest rate swaps). The group has entered into an Inte￿$1 rate ywdp to receive interest at SONIA and pay Intere51 al a fix8Y 1.6% The swap is based on a principal amount of £20m and matures in 2027 on the same date as the loans. The fair value of the interest rate swap is £629.02012024". £1.057.8401. 15. NetAssets of the Funds of the Charity and the Group The nel assets are hdd for the various funds as follows.. F￿ed Inve81ments Assets Net tA)n8Te Cu￿nt liabilities IiabilitTres £'ooo Totsl £'ooo rooo Endowed funds Restricted funds UnreslrT¢le(I lurKIs Bursary funds Other 1.951 744 24 2.695 3,128 3.104 31,864 31,864 40.402 78.089 -1.149 76,940 69,423 71,374 65 71,439 -7 793 -21.228 -21,228 Charity 32,632 4.669 -1 214 -5.903 Subsidiary Reserves Group 32,632 -21,228 (a) ndowed Fun Balantt 1st TraThrfeTJ It￿oMe Sepl 2024 Exp¢rtdlture Inve5tmenl Balance 31st Aug 2025 £'ooo 000 £'ooo Exhibition & Prizes Fund Legacy Funds Fixed Assets Funds 202 501 1.978 2,881 202 542 1,951 2,695 17 21 .27 17 21 Page 48 NOTES TO THE AcCour￿S FOR THE YL4R ENDED 31 AUGUST 2025 A5. Net Assets of the Funds of the Charity and the Group {continued) Legacy, Exhlbrtions & Prizes These Funds ￿present the capital value of amounts originally donated for the pU￿ose of generating income to be distributed as prizes. Fixed Assets The End0￿Ed funds rep￿sent the vaue of land and buildings originally end0￿ed to the Schools of the Charity BalaD£* tst Sept 2024 Tran8ftrs Income £YpenditMre In￿￿￿etst B4lanee 3tstAug 2025 (Los8) Vooo Parents Associatson5 Funding Donatsons from OGA- TKS Scholarsh1p Funds King Henry Vlll 20°1ts lor CV34 King Henry Vlll MA T Set Up Borough ICV341 Fund Non-Borough FuDd Legacy Fund5 & Prizes Sunttry -10 43 47 57 -18 55 81 98 122 122 100 -165 55 -218 1.943 318 603 250 -538 -273 -77 2.010 292 698 821 16 40 -20 45 3.322 -14 1,159 -1,338 3.128 Parents Associations Funding monies raised by Schools parents fundraising for specified use. Donations from Old Girfs Association IOGAI at The King51ey School- monie5 from Old Girts forawards for current students. Scholarship Funds - The Machen Srholarship5 and The Massie Scholarship in¢ome relates to donations lff) these linked charities of The Kingsley Sthool. King Henry Vlll 20Vk ol Ihe monies ￿CeIved from KHVIII to be used for activities sp￿lfIe lo CV34 King Henry Vlll MAT Sel Up - monies specifically for set up of Multi-Academy Trnjsl (see Note 231 Borough and Non-Borough Funds includes lunds received from t￿) chaiitable bodies. which are usa primarily io provide bursaries for pupils from the Old Borough of Warwick who would otherwse be unable to attend the school, with the refflainder used to 5UPPOrt activities for wa￿Ck-baSe￿ schoo15 and other community activities. Income from Legacy Fund5 - rnonies left In legacy from various partles lo be used for bursane5 across all schools Sundry - all other smaller donations and monie5 received. Pase 49 NOTES TO THE Accouwfs FOR THE YEAR ENDED 31 AUGUST 2025 15. Net Assets of the Funds of the Charity and tho Group (continued) (e) Unreslricled Funds B￿aTree at i Sept 2024 É'ooo tncome ￿￿enditure Tr￿Sfern tnvestment B￿ance at Gain](ios$) 31Allg 2025 £'ooo £'ooo £'ooo É'ooo £'ooo Designated Funds Bursary Fund Mary Hall Leg8¢y Other Legacy Fixed Assets R8p8irs & Maintenance Fund 17.137 477 130 74.091 441 490 -1,048 949 1.113 18,641 477 130 69.511 487 -4,580 49 Unre5tri¢ted Funds Free Reserves Charity Subsidlary Trading Funds -23,040 69.236 -1,103 68,133 1,874 1,058 50,7TI 51,316 761 52,077 -51,047 -52.098 -716 -52,814 3,718 87 -90 -19.593 69,654 -1.148 68,506 2.006 629 1,113 1,113 132 R8valu8lion Reserve Deriv8tive Rgserve -429 Group 71,065 52,077 -53,243 1,246 71,141 Bursary Funds - These funds enable the Governors to provide such number of free and assisied places in the Schools of the Charity as they shall determine, for the benefit of pupils who ar& in need of financial assistance. There were transfers during the year from the Schools, free reserves into the Bursary Fund of £948,954. Governors have designated these funds lo be used for means-tesled Bursaries. Fixed Assets- These represent the nel book value of the un-endowed assets available for LJ5e by the Charity, excluding assets fLJnded out of Bursary Funds. The fixed asset transfer relates lo the rnovemenl in f1xed assets which is principally made up of depreciation for the year and the reduction in cost due lo the reclaim from HMRC in relation to the Capital Goods Scheme following the introduction of VAT on privale school fees. Repairs and Maintenance Fund This fund is being accumulated from net rental income lo finance future repairs and maintenance. Page50 NOTES TO THE Accou￿ FOR THE YEAR ENDED 31 AUGUST 2025 Is. Net Assets of the Funds of the Charity {continuedl A sels of The FunLls of th Gh 3tAu ust 2024 Investments Current Assets LongTerm IAabllltles Total Assets £'ooo 1,978 £'ooo £'ooo £'ooo £'ooo 2.681 3,321 Endowed funds Restrictgd fvnds Unrestricted funds 703 24 3.297 Bursary funds Olher 22,285 22.285 49.883 78,170 -1, 103 17.D6T 73,875 75,853 2, 771 6.068 -1,219 4,849 -36, 763 -26,763 Charity Subsicliary Reserves Group 23,C172 75,969 23.012 -26.763 End d Funds." Movements in the Year as IAU ust 2024 Balance 1st TTansfers Sept 2023 Income Expendlture Investment Balance Gain / (Loss) 3A5t Aug Z024 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo 202 Exhibition & Prize5 Fun 202 L89acy Funds Fixed Assets Funds 501 501 ?.D05 2,70B -27 1.978 -27 2,681 Reslricted Funds.. Mo in the Year as at 31 Au ust2 Balance 1st TraI￿eT5 ltteome Sept 2023 Exijenditure InVeSt￿e11t Balance 3tst Aug 2024 / (IA)ss) £'ooo É'ooo £'ooo £'ooo -20 £'ooo £'ooo Pa￿ntS Associations Fundin9 D(>nations from OGA- TKS Scholarship Funds King Henry Vlll 20°/o for CV34 King Henry V111 MAT Sel Up Borough ICV341 Fund Non-Borough Fund Legacy Funds & Priies Suqdry 21 42 57 54 56 105 141 -148 98 200 -78 122 7,980 -540 893 -391 1,942 318 292 439 -413 -142 838 -10 12 698 191 -82 10 -104 3,120 -21 1,516 -1,296 3,322 Page 51 NiyfES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 15. Net Assets of the Funds of the Charity (continued) Un Éric us 24 BalaDce at tnLyJming Resotws Tr￿tsfer$ Investment Balance I Stpt 2023 Resotrces ExTrended Gain 31 L¥ug 2024 £'ooo £'ooo DesignatèdFunds Bursary Fund Mary Hall Le98Cy OtherLeg8Gy Fjxecl Assets Repairs & fvlaint8n8nG8 nd UnrestrictedFunds Free ReseTh&s Charity Subsidiary Trading Funds 15.257 477 130 398 474 889 1,467 77.737 477 130 74.097 441 74.199 408 -108 47 -21.595 68.87 -954 50.069 50.508 729 51.237 -50.859 -51.741 -773 -52.514 .655 126 -7D5 21 -23.040 69.236 -1.103 68.733 7.874 1.467 67.922 1.829 6.276 1.954 77.981 Revaluatsvn R8seThe P8nsion Rsserve Dgnwalive Resetve Group 45 -6,276 .896 -53.410 51,237 21 4, 764 71.065 16. Capital Commitments There were no capital commitments for the year ended 31 August 202512024.. Nill. Page 52 N(YfES TO THE AccouNfs FOR THE YEAR ENDED 31 AUGUST 2025 17. Operating Lease Commitments Al 31 August 2025. the Group had the followng fLrtuTe minimum lease payments under non-cancellable oper8ling lease5". Group and Charity 2025 2024 É'ooo otor V¢hiele5 eooo Total É'ono Other Equipment Other EquipmeDI Motor Vehicles Tot Operating leases which expire Within one year Between 2 and 5 years 108 149 257 59 128 187 310 202 152 354 After 5 year5 407 160 567 261 541 Taxation No Corporation tax has been PFovided for in these accounts because income ot the Charfty is within the exemptions granted by Section 505 of the Income and Corporation Taxes A¢1 1988 The Charity has borr VAT on it5 expenditure whEre appropnate. The trading subsidiary provides for corpor*ion tax as applicabk, nil thi5 year. It 15 also wistered lor VAT. 19. Principal Subsidiaries Company Name Principal Place of Business Pereentage Sbttrtr holdin8 Deseription Principal ACti￿ty Warw¢k Schoolg Enterprises knmiled {WSELI Mytori Road, Warwck CV34 6PP 100% £1 Ordinary Sha￿ capital Letting of school facilities (Registered number. 03617592, in¢orporated in England & Wale51 Tre Charity is also the co￿orate Trustee of the Wanmck Schools Foundation Trust {Charity registration number.. 528775). These financial statements include the results of the above entities. During the year the Charity charged £297,214 to WSEL forlhe provision of staff and administrative services 12023124. £279.8221. The balance owed lo the Charity at 31 August 2025 was £1.241.629 12024. £1,264,454). Intercompany transactions of a management lee £79.218 12023124. £94.8681, a licence f £10,000 12023124.. £10.0001 and Interest on the intercompany loan £551 12023124. £7041 are eliminated on onsolidalion. Page 53 NOTES TO THE ACCOUNIS FOR THE YEAR ENDED 31 AUGUST 2025 20. Pension Schemes sio The Foundation participates in the Te8chefS' Pension Scheme ltthe TPS'I for its teaching Staff. The pengion charge forthe year includes contributions payable to the TPS of £5,003,83812023124.. £4,347,572) and a the year*nd there were no conlribulions12023124.. no conlribLrtionsl accrued bul unpaid in respect of thts scheme. The TPS is an unfunded mulli-employer defined benefits pension Scheme governed by The Teachers. Pensions Re9ulalions 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 la5 amended). Members contnbute on a 'pay as you go. basis unth contributir)ns from members and the employer being C￿dited lo the Ex¢heqtJer. Retirement and other pension benefits are paid by public fuThJs provided by Partiament. The employer conlnbLrtion rate is sel by the Secrtary of State fDllothriny scheme valuation5 undertaken by the Govemment Actuary's Department. The most recent actuanal valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report. which ￿ds published in October 2023 The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme (feficlt of £39.ebn. The employer conlribLrtion rale for the TPS increased lo 28 6.kn from 1 April 2024 Employers are also reqUI￿d to pay a gcheme admlnislration levy of 0.08% giwing a total employer contribution rate o128.680h. The Charity came out of the Local Government Pension Scheme on 30 November 2023. Up until then, non- teaching members of staff. joining befoie October 2013 were entitled lo belong to the WanMckshI￿ County Council Pension Fund ILGPSI, a rnulti-employer defined benefil scheme operated wthin the Loca Govemment Pension Scheme, to vknich contributlQn$ s￿ made by both employee5 and the employer. Employers, contrfbulions for the year to 31 August 2025 were £0 12023124". £48.3471 including defr payments. The scheme applied only io member5 of staff employed by the Foundation before 31 Octob 2013 vkno Signed up prior lo that dale. The scheme closed to exisling members on the 30 November 2023, so the ¢ontribLrtions are from September 2023 - November 2023 for the 2023124 year IPe Employer Contributions forthe year lo 31 August 2025 werE £012023124. £8.7791 forThe Kirgsley School def ined contribution scheme, the Royal London pension scheme. The scheme c105e¢J to existing members on the 30tn November 2023 and $0 2023124 contributions ￿tre for September 2023- November 2023. Page 54 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 20. Pension Schemes (continued) herP ements Up until 30 November 2023. all other eligbble non-teaching staff were aulo-enrolled onto the National Employment Savings Trust INEsf). an independently run defined contribution scheme. Employe￿, contributions to the NEST scheme for the year lo 31 August 2025 were £012023124". £117, 1811 The NEST scheme also closed lo members on the 30 November 2023 and so contributions for 2023124 ￿ere for September 2023 - November 2023. All non.leaching members ol staff were enrolled onlo the Aviva Pension Trust for Independent Schoo15 IAPIISI from 1 December 2023, Employers, contributions to the Aviva Pension Trust lor Independent Schools IAPMSI lor the year to 31 August 2025 We￿ £908.290 12023124.- E6S6,031} 21. Reconciliation of Cash Flows from Operating Actlvities 2025 E'ooo -104 -1,128 480 2.927 20 £'ooo 466 -790 528 2.946 Net expenditure for the worting period Interest Teceivable Interest paid Depreciation Decrease Ilincreasel in stock Ilncreasel in (Jeblors Increase Ildecreasel in creditors - other Increase in creditors - denvative instruments (Gains) I losses on investments IGain51 I losses on investment property Loss on tangible fixed assets Nel cash provided by operating activities -17,022 16.934 429 -1,115 -133 10 1.279 -295 -649 896 -1.469 45 655 22. Analysis of changes in net debt Balanee al I Sept 2024 Cash flows Fair ialue Ba]attct at movements 31 Aug 2025 Cash and cash equivalents Bank loan Oerivative financial instruments 18,106 -17.334 1,058 1.830 -12.052 1.334 6,054 -16.000 629 -9.317 429 429 -10.718 Page $5 NOIIS TO THE AccouNfs FOR THE YEAR ENDED 31 AUGUST 2025 Related Party Transactions Warwick Schools Enterprises Ltd is wholly owned by Warwick Independent Schools Foundation and has been incorporaled In these accounts Transactions with the subsidiary are disclosed in note 4. Six Trustees were also Trustees of seven other organisalions which had transactions with the Foundation. Two Trustees of the Found81ion Iruslees had $1gnificanl conlrol of the other organisalions. The other Trustees did not have significant control of the other orgariisations. All transactions are Sisled below. Related Part Income Related Party Naturg of transaction Amount £ King Henry Vlll Charity Donation 610.309 Sir Thomas White Charity Donation 114.365 05d Vvatwickian Trust Donation 64,480 M51verton Primary School Income for use of facilities 162 Related Part Ex gnditure Related Party Nature of transaction Amount £ University of Warwick Expenditure for goods/s8Nices 41.226 Combined Services Orthopaedic Expenditure for goodslservices Society 15,240 IDPE Ilnslilule of Development Professionals in Education) Expenditure for goodslservices 1.469 Kite Packaging Lid Expenditure for goodslservices 139 The value in the current year was £724,67412023124.. £1,034,264) for ihe two organisations which were King Henry Vlll Charity and the Charity of Sir Thomas While. Warwick. The related party amounts disclosed for these two charities are lower than the prior yeaT This reflects a correction lo Ihe accounting Irealmenl in accordance wllh FRS 102 and the Charilies SORP. lo recognise these donations on receipt, rather than decrease in the amounts received or providecl. All other aspects of the transactions remain unchanged. During the year. the Foundation provided fee remissions. bursaries, and scholarships lo children of certain governors and senior management. These benefits were provided on the same terms as those available lo other participants. The lolal value of benefits provided lo related parties during the year was £88.858. 8enefils were provKled lo 606 cttildren in lolal. The Charity received donations in the year from employees tolalling £17212023124". £4101. Donations were also received from the families of Dne Governor lolalling £1.20012023124.. £1,2001. Page 56 NOTES TO THE AccouNfs FOR THE YL4R ENDED 31 AUGUST 2025 Related Party Transactions Icontlnued) The Ministry of Defen￿ provides some funding each year foT the purposes of the Combined Cadet Force ICCFI. A separate CCF bank account is held by the Charity which is consolidated within these financial slatemenls. The CCF bank account balance al 31 August 2025 was £11,78412024". £7,819). wart￿1ck Schools Foundation {"Ihe Foundation") supported the establishment of the Warwlck Schools Foundation Mulli Academy Tru511 WSF MAT.). which was founded on 1 September 2025 with founding schools Clapham Terra￿ Community Primary School and Nursery, Evergreen School, and Weslgale Primary School This support was provided through the use of resiricled ch8rilabl& funds received from King Henry Vlll Ch3rily. in accordance with the terms of the restrictions and no parental fees or unrestricted income were used. The total amount of restricted funds used for the eslab1ishmenl of the WSF Mulli Academy Trust during 2024-25 was.. £218,155. No p2renlal lees or other unreslricled incorne were used in the establishment of the MAT. This SUPPOrt conslilules a related party transaction due lo the shared governance and oper8tional links between ihe Foundation and the WSF MAT. While the Foundation and WSF MAT are separate lega1 enlilies, they are closely linked through governan slruclures, shared Iruslees and a shared educalional mission 50 constitute 8 related party Iransaclion. Two merylbers of the Senior Leadership Team prov1de one day a week of their time to helping manage the MAT. These arrangements do not affecl the Foundation's financial position al the tsalance sheet dale bul are disclosed for Iransparenty. 24. Post Balance Sheet Event On 26 February 2026 the Foundation established a privale nursery, Warwlck Schools Day Nurseries Limited (Company number 170583151. The company is wholly owned by the WaTwick Independent Schools Foundation and has ils regislereé office al Mylon Road, Warwick, CV34 6PP. The nursery 15 expected to open in September 2026, in Leaminglon Spa, al the sile of The Kingsley School. and will have capacity for 62 children As the company was incorporated after the balance Sheet dale, Ihis represents a non-adjusting event after the reporting period. Accordingly, no adjuslmenls have been made lo the amounts recognised in the financial statements for the year ended 31 August 2025. Page 57 NiyfES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 CONSOLIDATED STATEMENT OF FINANCIAL AcrtVlTIES - COMPARATIVE FIGURES BY FUND TYPE Notes Ulwestrlrted Re$trfeted Endow'ed Fund5 Tot Funds 31 Aug 2￿4 Sthoo other 000 £'ooo £'ooo INCOME FROM.. Donations Chantable Aclivilies.. School fees Other ￿ncome Other Trading Aclivilies" Trading lumover" WSEL Investment Income Totsl Incoming Resourcès 1,516 1.516 44,160 5.557 44.160 5,557 729 729 790 52,752 790 50,507 729 1.516 EXPENDITURE ON: Raising Funds". Cost of Development Office Cost ol trading aclivilies". VVSEL Other activities Chafil3ble Activities.. Schools and grant-making Total Expended 335 335 773 36 773 50,511 50,846 1,754 2.563 1.296 1,296 27 27 53,588 54.732 Net gains I Ilossesl on investments Nel Income I lexpendilurel Transfers between funds Pension Scheme actuaria Ilossll 9ain 45 1.467 -367 -273 4.276 1,514 466 -27 294 -21 20 ,276 NET MOVEMEwf IN FUNDS -6.916 201 -27 ,742 Balance broughi forward al 1 September 2023 Tl,981 3,120 2,708 83.809 FUND BALANCES at 31 August Z024 71,065 3,321 Page 58