2024-08-31-accounts

Financial Statements The Pilgrim%' Scliool For the Year Ended 31 August 2024 Company No. 4296085 Registered Charity No. 1091579

The Pilgwim5' School Financial statements for the year ended 31 August 2024 Index to the financial statements Report of the Governing Body Independent Auditorfs report 9-11 Statement of financlal actlvities 12 Balance sheet 13 Cash flow statement 14 Principal accounting policies 15-18 Notes to the financial statements

The Pilgrim5' School Financial statements for the year ended 31 Au9llSt 2024 Report of the Governing Body The Trustees (hereafter referred to as the Governors or Gol'erning Bodj). present their annual reporr for the year ended 31 August 2023 under the Companies Act 2006. together ￿ryth the audited ffftancial statements for the yekr, 2nd confm thxt the latter compl)r with the requirements of the Act. the Trust Deed and the Charities SORP (FRS 102). Summary of overall performance The School has continued to thrive and flourish in tern]s of academic. music21 and sporting excellence. during the 12St financial year. Slightly lower pupil numbers and the challenges of the cuttent economic climate have led to an overall dcficit for the ye2r compared with a small surplus 12St )te2r. although since most of the loss is accounted for by non-c2sh deprcciation, its impact Is mitigated to some extent. Reference and administration information The Pdgrims, School was founded in 1931 as A Prepar2tory £chool for the ix'inchester CathLdral c.horisters but opened also for entrance by other pupds knoNvn as Commoners. In 1966 arrangements werc made with Winchester College for the Quiristers (the Collcgc Chapcl Choir Boys) to join 2nd ihe}: take part fully in the life of the.School. The School provides a high lei'el of education for pupils between the ages of 4 2nd 13 }Tears either as boarders or daj-boys. The School seeks to cnablc cach P￿￿1￿ to fmd and develop his basic t2Aents in the IrameworL- of a disciplined and caring communitj,. Our vision is to be 'a School that enables bo}ys to be the best thci". can, a School ￿th boys whn lii'e not just for them.qelves but for others,. W'c aim to ensure that pupils attain the hghcst 2cadcmic levels whilst allowing them to benefit from many extra-curricular activities, especi2llTr in the provision of facilities and tuition to develop their music21121ents. "lThis ethos has been made clear tlirough a legall), devised Patent-school Agrccmcnt. "ll]e terms and conditions ol this agreement113ve been prn&'tded to all parents. The School operates Is an indepL"ndcnt companj limited b} guar2ntee under the ownersliip of "Ihe Cliapter of Il'inche8ter Catliedral. The Pilgrims, School was re￿$t¢rea 25 a Prii'xtc limitLd compan) Nvilh the Re￿strar OF Companies for England and Ix'ales, compans.. number 4?1)6085, on 28 £eptLYnbLt ?001. The Pilgrim8' School, re￿sterld chariti. number 1091579, entered tn the C.encral Re￿￿ter of Charities Nwth effect from 10 Aprll 2002. A fom121 ILase wxs signed between the .%cliool and C.Iiapter on I September200? Governing Body The Governors of the School (who are also directors of the company for the purposes of the Companies Act) who served at any time during thc )cat were: Mr J Griffith - Chair (appointed l January 2024). Mr I Power- Chair (resigned 31 December 2023) Ms S Baldock Mr A Barnard (appointed 14 March 2024) tr R Boissier Miss E Bourner (resigned 31 August 2024) Mr M Brnce (resigned 31 August 2024) Dr D Luckett (resigned 31 August 2024) Mr J Pumphre) (appointed 14 March 2024) The R￿,d Canon R Riem The Revd Canon A .1 renier Mr8 S Saunders Mr I Smith Mr M Ivilson Mr S IX'oodw2rd Subsequent lo the year end, Nfrs J Flory w2s appointed on I September 2024.

The Pilgrims. School Financial statements for the year ended 31 Au9USt 2024 Report of the Governing Body Key personnel and professional advisers Head Mr T Butcher (from I September 2023) Ditector of Finance & Resources Mr R Bende}, (from 24 M2}, 2024) Ms K Denneri (uncil 23 May 2024) Address The Pllgrims, School -3 The Close Winchester Ilampshire S02.3 9LI' Bankers N2tional Westminster Bank plc 105 High street Xinchester Hampshire S023 9AW Lloyds Bank l)Ic Black Horbc House Jacobs Yard London Street Basingstoke Hampshire RG217Nr R11loe New Kings Court Tollgate Ch2ndler's Ford Easdeigh Hampshire S053 3LG Auditors Azets Audit SeLvices Gateway 14ouse Tollgate Chandler Ford S053 3TG

The Pilgrims. School Financial statements for the year ended 31 Au9USt 2024 Report of the Governing Body Pollcy The Governors determine die strategic direction OF the School. The day-to-day management of the School is delegated to the Head and Directot of Finance & Resources. Structurei governance and management Governing document The School is govemtd by its Articles of Association. These were updated in December ?021 to reflect the ch2nge in the govem2nce of the School so th2t the Dean of Wlinchester Cathedral became the Vi8ltor rather than the ex-officio Chair of Governors and an independent Chair of Governors was appointed. Governing Body The Governing Bod}, comprises up to 14 members: 2 2re ex officio 2nd 5 Are appointed b}, external appointing bodies13 b}, the Dean and Chapter of IK'inchester Cathedral 2nd 2 by the Ix'arden and F'ellows of Ix'inchester College). The rematning Cyoirernors, including the Chair. 2re elected at 2 meeting of thL B03rd on the basis of nomination5 rcceiircd ftom ￿￿thin thc BoArd. Jlll appointments take into consider2rion person21 competence. specialist skills And Ioc212I"2aabth'ty 2nd follow the procedures for good governance estabh'shed by rhe Govem2nce 2nd Nominations Committee. The term of officL for CJovernors appointed b) the external appointing bodies is at the discretion of those bodies but 18 norn]ally 5 )eats; the Goirernors appointed b}, the Board serve for an initi21 term of five )e2rs but, if eligible, the) may be re-elected. Rclated party relauonsliips and tr2nsactions arL discloscd in Note 20 to the 2ccounts. Jeremy CJllfFith was 8ppninted cha￿ of CJovernnrs on l Januar)r 2024: Andrew Barnard 2nd Mr JAme5 Pumphrey were appointed as Governors on 14 hlarch 2024. and NIrs Julia Flory, was appointed as Governor on I Septembet 20?4. Mr 12n Power resyied as Chair of Goi"ernors on 31 December 2023. Mr 12rtin Bruce, Mr Domtnic Luckett. and Ntiss E Bourner resigned as Goi'ernors on 31 August 2024. Mr NIike W'ilson successFull}.' completed liis second five-yesLr tern] in August ?024. HoweTrTCt, duL to the ongoing sern'icL" rcquirLd Fot thc CXLcution of thc School's mLrgc"r plAn N4qtli Il'inchesier Lollege (a8 oiith'ned in Future Plans on pAge 7). hiq tenn was extended bN' one adth'uonal }Tear. Trustee training New GoiTernors receii'e an induction session from rhe Clerk" to tlie Governing Bod), and receive bnefings from the Cha￿, Ilead ind Director of Pinance & Resources as necessar).. ,4ll GoN'ernors arc encouraged to CAr4.' out training provided b}. the Association of Cjovemtng Bodies of Independent Schools (AGBIS). Organisational management The Goi'ernors meet as 2 Board at le2St three times 2 }'ear to determine the general polio OF the School and rei'iew its overall management And control, for which the}.. are legxllly responsible. The Head and the Director of Finance & Resources also Attend meetings in an advisory capacity,. The work of implementing most of the Board's policies is carried out b) the following Standing Committees that meet ar least once a terni prior to each meeting of the Goiterning Bods,: The Governance and NoM￿ationS Committee The Finance and General Purposes Corrllnittee The Ac2demic and Pastor21 Commitree

The Pilgrims. School Financial statements for tho year ended 31 August 2024 Report of the Governing Body The day-to-d2y management and running of the School are delegated to the Head and the Director of Fin2nce & Resources. qupported by other members ol the Senior Leadership Team and staff. Remuneration of the GovernAng Body Members of the Governing Body do not receive any remunet2tion for their services. Details of the remunerauon for the Head and the Directot of Finance & Resources are contained in Note 3 to the financial statements. Organisational structute and relationships The School is an active member of the Independent Assoaation of Prep Schools, the Choir Schools, Association, the Boarding Schools, Association and the Independent Schools, Bursars Association for the promotion and maintenance of school standards generally. Charitable objectives and aims The School's principal objective is to provide a high level of education to its pupils, both in academic tenns and by encouraging them to benefit from many extr2-curricu12t activities. especially those who develop their musical talents. The School also co-operates with many local charities in our ongoing endeavours to widen public access to our schooling, to optimise the use of our cultural and sporting facilities and to awaken in our pupas an awareness of the social context of the education they receive at the School. Further details of the School's charitable activities are ptovided in the Opcr2tional Report below. Inspection reports The School was inspected by the Independent Schools, Inspectorate OSI) in Febrnary 2023. Its Focused Comph2nce and Educational Quality Inspection Repott conduded that the School met all the required categories of compliance and it was deemed to be 'Excellent' in both the 'qua￿ty of the pupils, academic The report desctibed pupils as being 'curious, with a thirst for knowledge and understanding, that 'pupils' attitudes to others and behaviout are exemp12ry throughout the school. and that they 'are confident and assured that they can be themselves, nurturcd by teachers who praise and encourage them and celebtate their achievements,. Fundtaising In view of the relatively low level of its activity, the School has not tegistered with the Fundraising Regul%tor but does support the standards for fundraising set out in the Code of Fundraising Practice. To Its knowledge, the School has complied with those piinciples and has received no complaints 2bout its fimdraising activities. An amount OF £15,754 (2022/23: £13,776) was donated to several charities in the year bec2use of various fundt2ising activities organised by the School and the Pilgrims, P2rents Associ2ti0n.

The Pilgrims. School Financial statoments for the year ended 31 August 2024 Report of the Governing Body Strategic and Operational Report Review of achievements and perforniance for the year During the year the School had the following numbers.. Chorisrers.. Quiristers.. Commoner Boarders.. Commoner Day Boys.. Prc-Ptep'. 20 15 43 127 31 Total: 237 (Average number of pupils fai 202.3/24) The School continues to flourish m its three main 2reas of academic, musical, and sporting excellence. The le2I'ers from Year 8 achieved excellent results in their final examinations. The oN-erall number of awards w2S 26 this year (20221?3: 14). Fivc academic schnlarships and one exhibition were won at Winchester Col]ege, along ￿th academic scho12rships to both St P2uI's And H2rrow, 2nd a Martineau exhibition to Eton and an academic exhibition to.%herborne. This w2s another excellent }Te2t for music. Seven bo}ys achieved full music scholarships (two at Winchester College, two il Churchers and one at each of KES, Sherborne and R2dle)') and 2 further eight music exhibitions were awarded (four to l&'inchester College. two tu Eton, and one each to E12rrow and St Paul's). Other boys obt2ined entry to tlic aboire schools, as well as Canford, NIarlborough and Uppingham. Charitable objects "rhe School is aware of the guidance issued b), tl)e Chxrity Commission under the (-harities Act in relation to Pubh'c Bcncfit and the Cjovernors and the Head and r)irector of finance & Resources are mindful uf their obh"g2tion to h2I'e rcgArd thereto. All are confident th￿t the School's Activities are in pursuit of its objects And are delivering public benefit. is achici'ed botli bi, the provision of education for the Choristers and the Quiri£ter8 and schnnl burs2rie$ 2nd 2ssist2nce to fund thc L'ducation nf non-choral pupds whose parents wuuld not iiotinall}' be in A Position to send tlieir bo}'s to the scliool. During 20?3/24, 15 pupds received some fomi of bursary support representing 60/0 of the pupil population (20L?/23= 16 and 70/u respecui'ely)- Of tliese. 14 receiired fin2nciAI suppott tot2lling £172.?53 from the School's Bursar), Fund and I receii'ed support of £1 0.674 from tlie Ra}Tmond Freke ilward Fund (202?123: 13 and £l15,64C); l and £12,135). Iln addition21 £26,222 (21122/23.. £49,430) was proN"idc'd from extern21 sources, of which £7.736 (2022/23.. L8.132) camc from Winchester Cathedral. The mxximum bursari, provided to a single pupil ivAs 90, ol their total fee. The total provision of £213,500 (2022/23.. £177.214) equares to 3.10/. (2022/?3- 3.4, ) oFgross fee income. The School has also been able to proi'ide fi]ll support to rnvo bo}'s from Ukraine. now liiring in the UK. In addition to bursaries, the School's acuvities have reached out into the Ioc21 community and ￿1ren resources free or for minimAI chxrges, to help others. In pArticular, tlie folloiving hAI'e been undertaken.. The School continued to lead a choral ourre2ch project combined Nwith lx'inchester Cathedral Music Department, Ivinchester College and more recentl).. St Swithun's School. As part of the School's object as a Choir School, a strong musical ethos is maintained throughout the School and thi8 is extended into the local communit). b), proi'ith'ng.. o Facilities for external music Eessons and music exims for local children. o School choir performances in the communit)7 which included singing carols at R local c2re home. 2nd

The Pilgrims. School Flnancial statements for the year ended 31 August 2024 Report of the Governing Body Three members of the School's Senior LEadership Team vnlunteer #s ptimary school Governors. UndLr the object of the advancement of the CliristiAn religlon, the School plays 2 full part in the Ikfe of W'incheqier c.athedral and the School has cooperated in man}T small ways with rhe mission of the Cathedral. The School comfftunity continues to contribute generously throughout the year to many n2ti0n21 and local charitable c2uses; during this year funds werc r2ised to support charities such 2s Children in Need. Red Nose D2y, and W'inchester Home Start. The GoN"eming Body Ate grateful ro che Pdgrims, P2reiits Association, who support and rnn m2ny of these events. We hAve refetred to the Charity, Commission's genetAI guidance on public benefit when revieN4qng our aims Ind objcctiiTes and in planning future activities. Financial perforn)ance The School's fmanci21 perForn]ance deteriorated in 2023/24. making a loss of £409,?82 compared to a small sutplus last year. Pupil numbers droppLd slighdy )'e2r on jear, with in aiTerage OE 237 in 2023/24 compared to 243 in the previous j'ear. GivLn that £23?k of the loss was accounted for b}, depreciation, which is a non- cash charge, the impact on the School's cash wds much less 2nd at year end the School retained a strong C2sh position. The School's reseThTe policy requires it to maintain sufficient C2sh 2nd reserves to enable it to meet its short- term financial objcctives in the event of 2n unexpected revenue shortfall or the emergence of an unexpected liability. Ilt 31 August 2024. the school had net assets 2nd reserves of £3,785k (2023: £4.195k). of which unrestrlctcd resen'es were £3,693k (2023: £4,IOOk) and restricted funds were £92k (2023: £94k). Unresrricted funds include F￿ed assets OF £3.813k (2023.. £3,906L) held for use in the School. Free reserves, defined as unrestrlcted funds less fixed assets, were £(120k) (2023: £194k). At year end, the cash b212nce supporting the reserves Mras £3.482k (2023.. £1,398k) The Finance and CJeneral PU￿OseS Committee has conducted 2 review of the fJn2llcL21 risks facing the School. After considering these 2nd taling account of the 2greed merger with Winchester College (see Future Plans bLlow). the Commtttee concluded that the level of reserves is appropriate. rtiv i]uiLnLlli¥ Budj iL¥UiiiEI) dic JLlkuul'. fuj￿Ilt= bLiJgLI LugLaiLi ￿1111 A LA%li fJyK 2nalybiS as part of the eFFective stewardship of the School. It considers that given the strength of its balance sheet POSLtion, tlie incomc generated, the reputation of the School. and its fiscal controls, the cash reserves held are adequate to meet its requirements And so it is appropriate to prep2re the School's financial statements as a going concern. Risk management The Governors rthTiew annuall), the xreas of the School's operations 2nd considered the major risks faced in each of these areas. The ptincipal risks identified are captured in the School Risk Register, also reviewed 2nnu2lly. and considers the Following.. The impact of polics, decisions by the incoming Governments, such as the imposition of VAT on independent school fees and the removal of charit2ble business rates relief; Ongoing risks assoaated with the external fmancial and operating environment, increases in charges for teachers, pensions and other additional employment costs" Compliance with statutory 2nd ISI requirements" Ensuring there is effective governance and sound f￿anCIal management.

The Pi19rims' School Financial statements for the year ended 31 August 2024 Report of the Governing Body A fall in pupil numbers that affects the ability to support current Structures and long-tern) plans. Maintaining the quality.. of education and pastoral care. The folloiving aie also included Thllthin the Scliool's Business Continuity. Disaster Recoveri, Plan". Impact of major incidents resulting from ftre, serious injur),, loss of utih'ties (power and water). aiid IT securit),, data recoi'e4' 2nd conunuiti,. In thc opinion of the Governors, the School has the requisite monitoring and review systems and has access to the necessary resoutces and skills which, under nonnal circumstances, should allow these risks to be mitigated to an acceptable leirel in its d%}'_to-da)' oper3tions. Future plans On 23 Aprd 2025 the Govetning Body announced the merger of the Pilgrims. School with Winchester College, due to come into effect b) I September 2025. 'Ihe Pl1￿lMS, School 2nd Winchester Collcge have shared a common educational philnsophy for nearly 2 Cen￿ry and so the merger strengthens these ties, ensuring th2t both schools continue to provide an education of exceptional quality, and breadth, while also creating new opportunities for incrcascd collaboration And innovauon. Academic excellence, musical distinction 2nd the proviston of 2 unique all-round educ2tion will rcmain It the heart of Pdgrllns, oflering. It continue to operate as one of the le2ding academic ptep schools in the country. preparing boys fot thL senior school of their choice. Oi'erarching govemAnce responsibdity sit with Ivinchester College's larden and fellows. with arrangements in place to reflect the interests of The Pilgnms, School and the relationship with Winchester Cathedr21 through the new Pl1￿lMS, Committee. On completion of the merger, the assets and liabaities of the Company ￿ryll be tr2nsferred to Winchester College 2nd all opcrations of the l)ilgrims' School be conducted as part of Winchestet College. Accordingly. the Company will ccasc opctating from that date. Governing Body's responsibilities for the financial statements The Governors (wlio are also d￿eCtorS of I'he Pilgrin]s' School for the purposes of compan) 12w) are responsible for preparing the Reporr of the Goi'etning Body and the financial statements in accordance with applicable law And regulsLtions. Company law requires the Goi'ernors to prepare fmanci21 statements for eacli ftnancial }'ear. Under that laiv the Governors have elected to prep2re the fin2nciAI statementq in accord3nce with United l£ingdom GeneralliT ,4ccepted Accounting Practice (United kn'ngdom Accounting Sr2nd2rds 2nd applicable laiv). Compan! law Also prohibits the Goiretnors from approving the financial statements unless the}. Ire satisfied that the} ￿l'e a true and fair i'iew of tlie SCAte ol affairs uf the scliool and of die incoming resources and application of resources, including (he income and expendj'ture, for t112t period. In preparing these financial statements, the GoiTernors are required to.. select suitAble Accounting policies and tlien appl}, them consistenrl} obsen'e ilie merhods And principles in the Charities SORP; make judgments and accounung escimates that are reasonable 2nd prudent; stAte whether appb'cable L'K Accoiinting Standards hai'e been folloTh'ed, subject to ans, material departures disclosed 2nd explained in the fm2nci21 statements; and prep2re tlie fmancial stAtements on the going-concern basis unless ir is inappropri2te to presume that the school iiryll conunue in business.

The Pilgrims. School Financial statements for the year ended 31 August 2024 Report of the Governing Body The Governors are responsible fot keeping adequate accounting records that are sufficient to show 2nd explain the school's trinsactions and disclose wtth teason2ble accuracy at any time the financial position of the company 2nd enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the School and hence for t2kmg reasonable steps fnt the prevention and detection ol fraud and oihei irregularities. Jn so far as the Goirernors are 2w2re'. there 18 no relevant audit inforniation of which the school's Auditor is unaware. and the Goi'ernors have t2ken all Steps that the)-. ought to hai'e taken to makc themseli'es aw'are of any relei'ant aU￿'t information and to cstablish rli2t rhe auditor is aware of that infonnation. The Governors are responsible for tlie maintenance and intcgrity of 2n}1 corporate and financial infomiauon included nn the comp%n),"'s websiie. l.egis12tion in the United Kingdom governing the preparation And dissemination of f￿anCIal statements may dlffer Irom leyslation in other jurisdictions. The Governing Body approved this report on 27th August 2025. Signed on its behalf by.. J Griffith Chair of Governors

The Pilgrims. School Financial statements for the year ended 31 August 2024 Independent Auditor's report to the Members of The Pilgrims, School Opinion We have audited the financtal stAtements of The Pi]grims' School (the 'Charitable Company? for the ye2r ended 31 August 2024 which comprise the Accounting Policies, the Statement of Financial Acuvities, Ba12nce Sheet, Cash Flow Statement and notes to the financial st2tements, including a summary of significant accounting policies. The fin2nci21 reporting framework that h25 been applied in theit preparation is applicable 12W 2nd United Kingdom Accounting Standards, induthng FRS 102 "The Financial Reporting .Stsndard applicable in the UK and Republic of Jreland" (United Kingdom Generally Accepted Accounting Pr2ctice). In out opinion, the financial statements: give 3 trne and fair view of the state of the Charitable Company's affairs AS at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Gencr3lly Accepted Accounting Ptactice" 2nd have been prepared in accordance with the requitements of the Companics Act 2006. Basis for opinion We conducted our 2udit in accordance Nwth International Stand2rds on Auditing (LIK) (ISAS (UK)) 2nd applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the fm2ncial statements section of our report. Ix'e are independent of thc Chatitable Company in accordance with the ethic21 tcquirements that are relevant to our audit of the fm2nci21 st2tements in the UK including the FRC'S Ethical Stsndard and we have fulf￿ed our other ethic21 responsibiliues in accordance with these requirements. Ixle believe that the audit ￿'Idence we hai"e obtained is sufficient and 2ppropri2te to provide a basis for our opinion. Conclusions relating to going concern Our responsibilities and the responsibilities of the Govemors with respect to going concem ate described in the relev2nt sections of this report. K'e draw 2ttention to the Going Concern accounting policy notc on pagc 15 Rnd Note 24 regarding Post Balance Sheet F.vents. These indicate that The Pilgrims, School is expected to mcrgc with Winchester College on I September 20?5 and that therefore while the School continue 2s a Going Concern as part of Winchester College. this company will cease its activity from that date. Othet inforniation The other information comprises the infom2tion included in the Annual Report. other than the fin2nci21 st2tementS 2nd our auth"tor's rq)ort thereon. "fhe Governors 2re responsible Fot the other infonnation. Our opinion on the fthancial statements does not cover the other inforn]ation and. except to the extent otherwise explicidy stated in out tepott, we do not exptess any form of assurance conclusion thereon. Out responsibility is to tead the other infomiation 2nd, in doing so, consider whether the other information is materially inconsistent with the financi21 statements ot our lonowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identsfy. such material inconsistencies or app2rent mat￿1￿1 misstatements, we are tequired to determine whether this gil'es rise to a material misstatement in the finanaal statements themselves. If, based on the work we have perfomed, we condude that there is a material misstatement of this other infonnauon, we are required to report that fact. We have nothing to report in this regard.

The Pilgrims. School Financial statemen15 for the year ended 31 August 2024 10 Independent Auditor's report to the Members of The Pilgrims, School Opinions on othet matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the irjformation given in the Governors, Repott, including the Str2tegic Report, prepared for the purposes of comp2ny13w, fot the financi21 year Eor which the financial statements ate prepared is onsistcnt ￿1th the financi21 statements. and the Stratcgic Report and the Governors, Report have been prepated in accordance with applicable legal requirements. Mattets on which we ate required to report by exception In hght of the knowledge ind understanding of the Charitable Company and its envitonment obtained in the course of the audit, we have not identified material misststements in the StrAte￿C Report or the Governors, Report. Xle h2ve nothing to teport in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not been kept, or returns adequate for our 2udit have not been received from branches not visited by us. or the financial statements 2re not in sgreement with the accounting records and returns: ot certain disclosures of Governors, remuneration specified by law are not made. ot we have not received all the infornLation and exp12nations we require for our audit. Responsibilities of Governors As explained more fully in the Governing Body's responsibilities statement, the Governors (who are also the directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the Ethancial statemcnts and for being satisfied that they give 2 true and Fait view, and fot such internal control as the Governors deterniine is necessary to enable the preparation of financial statements that are free from matenal misstaremen(, whed]er due to trAud or errot. In preparing the financial statements, the Governors are responsible for assessing the Ch&tit2ble Comp3ny's ability to continue 2s a going concern, disclosing. as applicable, matters te12ted to going concern and using the going concern basis of accounting unless the Governors eithet intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audit of the financial statements Out objectives ate to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable 2ssurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UIQ will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered Materi￿ if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these finanaal statements. lttegularities, including frau(L are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The Pilgrim5' School Financial statements for the year ended 31 August 2024 Independent Auditor's report to the Members of The Pilgrims, School The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Enquirsl ol management and thnse charged with governance around Actual and potential litig2ti0n nd claims as well as actual, suspected and alleged fraud. Reviewing minutes of meetings OF those charged wAth governance. Assessing the extent of compliance with the laws 2nd regulAtions cnnsidered to have a direct material effect on the financial stAtements or the operations of the entity through enquiry and inspcction. Reviewing financial statement disclosures and testing to supporting documentation to Assess comph.ance with applicable laws and tegulsLtions' Performing auth't work over thc risk of man2gement bias and override of contro15. including testing of journal entries and other Adjustments for 2ppmpnateness. evaluating the business rationale of significant transactions outside the nom121 coursc of business 2nd reviewing accounting estimates for indicator.s of potential btas. Because of the inherent limitations of an audit, there is a risk that we not detect all ittegularities, including those leading to a material misstatement in the fin2nci21 statemcnts or non-compliance ￿ryth regulation. This risk incrcases the more that compli2nce with a law or regulation is removed from the ei'enrs and transacrions reflected in the fJnanci21 statemcnts, as we will be less likel}. to become aware of instAnce£ of non-compli2nce. The risk is also greater regAtdtng irrcgularities occurring due to fraud rather than ettor, as fraud involve8 intentional concealment. forgery. collusion, omission or misrepresentation. furthcr description our responsibilities is avai12ble on the Iic's website at.. https.'/lwww.Erc.org.uk/2uditors/audit-assutance/3uditor-s-responsibilities-for-the-2udkt-of-the- fi/description-of-the-auditoe/oE201080'/099s-responsibthues-for. 'Ihis description forms part of our auditor's report. Use of the audit report This report is made solel) to the Ch2rit2ble Company's membets, as a bodj, in accordance wkth Chapter 3 of Part 16 of the Cnmpanies Act 2006. Our auth't work has been undertakcn so that we might state to the Charitable Company's members those matters we are required to state to them in 2n auditor's report and for no other purpose. To the fullest extent petmittcd by law, we do not 2ccept or assume responsibility to anyone other than the Chantable Compan} and the Charitable Comp%n}T s members as a body. for our audit worK for this repott, or for the opinions we h2ve formed. Signed: Jon Noble (Senior Sta￿(04 Auditor) for 2nd on behalf of Azets Audit Services Chartered Accountants and Statutori, Auditor GAteway House Tollgate Chandler Ford S053 3TG 27th August 2025

The Pilgrlms. School Flnancial statements for the year ended 31 Au9USt 2024 12 Statement of financial activities Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tot21 Funds 2023 Note Incoming resources Income from charitgble aCti￿tieS Fees receii'able Other School income Income from generated funds Grants and donations -4L'/¥vilieJ'.[orgeneiatin£fAK£&.- Hkre of premises Bank interest rcceivable 5.218,716 87,216 5,218,716 87,216 5,096,203 90,462 10,975 900 25,975 900 27,753 2,600 13,772 L778 Total incoming resources 5 J32,807 1,778 5,334,585 5.214,012 Resources expended Charitable sctjvities School operating costs Costs ofgenerating funds Fundraising for voluntary income School financing costs Total resources expended 5,686.885 5.686,885 5,073,745 53,085 3,897 53,085 3,897 46.209 9,8()1 5,743,867 5,743,867 5.1?9.815 (411,060) 4JS0 (409 98? Transfers between funds 12 (4,350) (2,572) Net movement in funds for the year (406,710) (409,282) 84.197 Balances brought forward at I September 2023 Balances carried fornTard at 31 August 2024 4.100.180 94,349 4,194,529 4,110.332 3,693,470 91,777 3,785,247 4,194,529 All amounts relate to continuing oper2uons. The accompanying accounting policies and notes Eorm an integral part of these financi21 statements.

The Pilgrims. School Financial statements for the year ended 31 August 2024 13 Balance sheet Note 2024 2023 Fixed assets Tangible assets 3,813,261 3,906,164 Cuttent assets Debtors Cash at bink and in liand 647,984 3,481,813 1,110,914 1,398.(K)4 4,129.797 2,508,918 Creditors: amount8 falling due Thithin one year Net current a8set8 10 (3,078,284) (2,195,898) L051,513 313,020 Total assets less current liabilities 4,864,774 4,219,184 Creditors: amounts falling due after more than one year Net assets (1,079,527) 3,785,247 (24,655) 4.194,529 Funds L',nzescricted funds: General reseTh"e Restticted funds ]? 13 3,693,470 9L777 4.100.180 94,34(J 3,785,247 4,194.529 The finanaal statements were ipproi'ed and authorised for issue b}, the Goi"erning Bod} 2nd are signed on their behalf b}-: Ir J Griffith Chair of Goi'ernors ?7ih August ?025 The accomp2n!Till8 accounting policies and notes forn1 an integral part of tliese financi21 st2tements.

The Pilgrims. School Financial statements for the year ended 31 Au9USt 2024 14 Cash flow statement 2024 20?3 Cash llows from operating activities Net movement in funds Adjustments fot: Depreciation of tangjble assets Inieiest pAJable Interest receivable Decte2se in debtors Decrease in srocks Increase in creditors (409,282) 84,197 23L915 1,160 (25,975) 462,930 225,575 7,861 (13,772) 85J09 L276 13,733 2.019,280 Net cash generated from operating activities 2,280,028 404,179 Cash flows from investing activities Purchise of tangble assets Interest rccciTrred (139,012) 25,975 (84,153) 13,772 Net cash oufflow from investing activities (113,037) (70J81) Cash flows from financing activities Rq)ayment of bank and other loans Interest paid (82,022) (1.160) (176,827) (7,861) Net cash outflow from financing activities (83,182) (184,688) Net increase in cash at bank and in hand Cash at bank and in hand at the be￿nnIng 2,083,809 149,110 L398,004 248,894 Cash at bank and in hand 3,48L8L3 1,398,004 Net cash Cash at bank and in hand Bank loans due within one ye2r BanL102ns due after one year 3,481,8L3 (10,000) {14,437) 1,398,004 (8L804) (24,655) 3,457 J76 1,291,545 The accompanying accounting policies 2nd notes fonn an integral part of these fmancial statements.

The Pilgrims. School Financlal Statements for the yeay ended 31 August 2024 15 Accounting policies Company status The Pilgrims, School is an independent company limited b} gu2rantee. The onl) member of the compan}, is the Ch2Pter of Ivinchester Cathedral. In the event of the entity being wound up. the liability in respect of the guarantee is limited to £1. Basis of preparatlon The F￿Ancial statements have been prepared in accordance with Accounting and Reporting b}, C.harities: Statement OF Recommended Practice 2pplicible to charities preparing their accounts in accordance ￿1th the Financial Reporting %tsnd2rd applicable in the UK and Republic of Ireland (FRS 102) (Chariues SORP (FRS 102)), the Financi21 Repotting Standard applic2ble in the UK and Republic of IrelAnd (PIiS 102) and the Companies Act 2006. The Pilgrims, School meets the definition of 2 public benefit entity under FRS 102. Assets and liabilities are initi211} rccognised at historical cost or transaction i'21ue unless otherwise stated in the releN"ant accounting policy. The financiAI statements are presented in Sterling (£). The principal accounting poh'cies of thc School arc. set nut below. Going concern The financi21 statements have been prepared on thL basis that the School is a going concern. The Governors consider chat there are no m2tell21 uncertainties on thc School's ability, to continue its activities for the forcseeable future. X/hen considering the going concern posiunn, tlie Goi'ernors hai"e assessed separAtel! thc going conccrn position of ThL Pilgrims, School As An indii"idual legal entic) 2nd the going concern position of the Scliool itsell. These fin2ncial statements Iiave been prepared on ihe basis that the School is a going concern ￿Ven the expected completion of the merger of The Pilgrims, School with Ivinchester College on I September 2025 detailed in Note 24. As detailed in the note all assets 2nd liabilities of thc Compan! ￿ryll be transfcrred to W'inchester College and all operations of ThL Pilgrims, School UTIII be conducted as part of the iX'inche8ter College thereafter and thereforL the Lomp2n}' ￿ryll ceAse opcrating from that date and be wound up in due course. x.knen making Ilieir 3ssessment, the CJOI'ernors hai'e reviewed the12test results of the School for ?0?4/25, the forecasts for 2025/26, the expected L.ffect of measures that are being tak-en to improire tlie F￿ancIal performxnce, and in particulat. a8 detaded above, tlie announcement on 23 .,Iprd ?0?5 of the merger of tlie School with l¥'inchester College. "Ihis is expected to take effect from I September ?025. GiiTen this, the ext¥nt of its Al'ai]able resern'es xnd cash b21ances, tlie Governors are qatisfied th2t die School remain a going concern and so no specific fimendments h21re been made to these accounts a8 a result. Fund ac¢ounting Gener21 funds 2re unrestricted filnds which 2te avAilable for use at the discretion of the Govemors in further2nce of the general objectii.es of tlie School And which haiye not been designated for other Pu￿Oses.

The Pilgrims, School Financial statements for the year ended 31 August 2024 16 Accounting policies Designated ￿lld5 comprise unrestricted ftinds thAt have been set aside bi, the Governors for particular purposes. The aim 2nd use of eich designated fund is set out in the notes to the financAal statements. Restricted Eunds are funds which are to be used in accordance with specific restriccions imposed by donors or whtch have been raised by the School for pxrticular purposes. The costs of r2ising and administering such funds are charged Against the specific Fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Incomlng resources Fees receivable8 consist of charges For the 2cademic year 2023/24 less allowances and bursaries out of the School's designated funds, but include contribuuons receii'ed £rom restricted funds for bursaries. Other School income consists of OPtinn21 extra services provided to the pupi]s. as wel] as income for initi21 registration of 2nd deposits forfeited for pupils. Expenditure Expenditure is recognised once thcte ts g leg21 or constructive oblg2tion to transfcr economic benefit to a third p2rty. it is probable that a transfer of economic benefits ￿ryll be required in settlement and the amount of the obligauon can be measured reh'2bl}'. Expendj'ture is classified b) activity. The costs of each activity are made up of thc total of d￿eCt cosrs ind shared costs, including support costs ini'olvLd in undcrtaking each actiN"ity. Direct costs atcributable to 2 single actii'its- Ate Allocated directl).. to th2t activity. Sliared costs which contribute to more than one 2CtiI'ity and support costs which 2re not attributable to a single activity, are apportioned between those acttvlties on a basis consistent with the use of tesources. Charitable ictivities 2re costs incurred in connection with the running of the School. including w2ges, equipment lo support teaching, and other administtation expenses. .)LJ& LUIII constitutional and statutory requirements. These costs include auth't, leg21 advice for Governors and the co%ts associatcd ivitli mceting constitutional and statutory requirements such as the cost of Governors, meetings and the preparation OF starutor)" accounts. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Fundr2ising costs Are those incurted in seeking i'olunt2ry contributions and do not include the costs of disseminating information in support of the charitable activities. Fin2ncing costs include interest on 102ns 2nd other sources of fin2nce. Resources expended are inclusive of any irrecoi"erable VAT. Tangible fixed assets and depreciation Expenditure on improvements 2nd modemisation which enhances the long-terni capability of the School is capitab.sed and depreciated in b'ne with (he policy for freehold buildings. Expenditure on tepairs and general maintenance incurred on a regular basis, along with individual items costing less than £1,000. are charged to the Statement of Financial Activities as incurred.

The Pilgrims. School Financial statements lor the year ended 31 August 2024 17 Accounting policies A review for impairment of 2 r￿ed asset is carried out il events or changes in circumstances indic*te that the carrying value of any fixed asset may not be recoverable. Shortfalls betwcen the carrying 1'21ue of F￿ed assets and their recoverable amounts 2re recognised as impairments. Impairnient losses are recognised in the Statement of Financial Activities. DepreciAtion is provided on all tangible fixed assets in use at rates calculated to wite off the cost less estimated residual value of each asset over its expected life as follows.. Tangible fixed assets and depreciation (continued) School buildings - freehold and long leasehold Equipment Motor vehicles 2-5 /0 10-20/ 10-200/0 Operatlng leases Rentals under operating leases are charged to the Statcmcnt of Financial £lctivities on a straight-line b2sis over the lease term. Stocks No account is taken at the year-end of stocks of provisions, stationery. fuel And household requisites. In the opinion of the Cyoverning Bod), this does not represent a material departure from standard accounting practice. Interest receivable Intercst on funds hcld on deposit is included when receivable And tlie amount can be meAsurLd rcliablTr b}. Ihe School. this iq n0rn12ll).- upon notific2tion of tlic interest pAid ur pxyable b} the Bank. Debtors Trade and other debtors are recognised at the setdement amount after an) trade discount offered. The Governing Bod}y regularly reviews debtors and proitision is made against any debts considered irrecoverable. Cash at bank and In hand Cash at bank and in liand includes cash and short-tenn liighl), liquid ini'estments ￿tIl 2 short maturity of thtee months or less from the date of acquisition or opening of the deposit or similar account. Liabilities and provisions Li2bilities are recognised when there is a legal or constmctii't obh'gation at tlie balAnce sheet date as A result of a past ei'ent. il is probable IhAr 2 transfer of economic benefit be required in setdemenc, and the amount of the settlement can be estimated reliabl}-. Liabilities are recognised at the xmount that tlie entity nticipates it will PAY to setde the debt or die 2mount it has received 2s advanced p2Trments for the goods or sen'ices it musr provide. Provisions are measured at the besr esum2te of the Amounts required to settle the obh'gation. Where the effect of the time value of mone}, 18 materi21, rhe proi'ision is based on the present value of thoqe amounts, discounted At the pte-tax discount rate that reflects the risks specific to the h'ability.. The unwinding OF the discount is recognised witliin intere%t P2)"Able And similar charges.

The Pilgrims. School Financial statement5 lor the year ended 31 August 2024 18 Accounting policies Flnanclal Instruments The entity only has fthancial assets and financial li2bih.ties of a kn'nd Ih2t qualify as basic financial instrnments. Basic financial instruments are initiall) recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans, which are measured 2t amortised cost U8Ang the effective interest method. Pensions Retirement benefits kv2d2ble lo teaching staff of the School include the Teachers. Pension Scheme (TPS,). This is a defined benefit scheme and tlie 8SSCts are held separately from those of the School. The TPS is an unfunded scheme and contributions are calculated so IS to spread the cost of pensions over emplo}'ccs' workn'ng lives with the School in such a way that the pension cosr is a substantially lel'el percentage of current and future pensionable pa}Toll. The contributions 2re detennined by the Government AcNari' on the basis of quinquennial valuations using 2 prospective benefit method. As stated in Note 19, the TPS is a multi-employer scheme 2nd the School is unable to identify its sharc of the underliryng assets and liabilitics of the scheme on a consistent and reasonable basis. The TPS. therefore. is treated as a defined contribution scheme and the contributions are rccognised As they are paid each year. The School also operdtes defmed contribution schemes lot teaching staff who have opted out of the TPS and fot non-te2ching staff. Contributions 2re charged in thc SOFA as the}.. become payable. Judgements in applylng accountlng policie5 and key sour¢•s of estimatlon uncertainty In the prep2r2tion of thc 2024 fin2ncial statements. it is the tesponsibility ol both the Governors and Offlcers to make infonned judgements and estimates An tlie provision of h'2bilities and expenses. The Pilgtims. School %cknowledges the requirements of this ￿'scIoSUre. As sucli, the Governors and Officers of the School hal'e made the Follo￿1ng judgements 2nd estlmations that have the most sAgnificant effect on the mounts recognised in thc fmancial statemenrs. The School buildings hai'e bcen accounted in line with PRS 102 on the b2SlS tliat the existing lease will be extended be}yond its current lease term. 'I'he Governors consider this judgement to be ppropriate based on its ongoing discussions with the Chapter of Winchester Cathedr21 and theit intentiorj to agree an extension or a new I￿Se.

The Pilgrims. School Financial statements for the year ended 31 August 2024 19 Fees r•celvable 2024 2023 Da}'bo!Fs Boarders Pre-Prep Choristers Quiristers Sundri, fee income Gross fees receivable Less: Bursaries 2,763,195 1,233,301 397,902 576,272 418,658 2,671 2.717,050 1,104,830 41.3,519 529,962 433.728 5,39L999 5.201,519 (172,253) 5,219,746 (1,032) (115,649) 5.085,870 111,221 112 Disbursements (net) Fees remission schcmc comtnission 5,218,716 5,096,203 Add.. Burs2ries Irom rcstricted funds 5,218,716 5.096,203 Other School income 2024 ?02.3 LE3rning support Hoh"di}'- sports coutses/otlier clubs Choir time and expenses techArgcd Registration fees Deposits forfeited Iusic facility charge Sundr)." income 31,956 21,920 16,248 11,212 .35,829 29,905 11,511 8,597 3,563 2,317 3,890 730 87,216 90,46? Staff costs 2024 2023 'ages and sa12ries Soci21 security.- costs Pension contributions 2,978,774 282,943 480J45 2,730,?50 257,750 400,443 3,742,062 3.388,443

The Pi19Yims' School Financlal statements for the year ended 31 Au9USt 2024 20 The average number of employees in the yeAt was.. 2024 Number 20?3 Niimber Te2chin Dnmestic/Welfare Administration 57 30 10 54 32 97 97 The emoluments of higher-paid employees fell within the fOllO￿g ranges. 2024 Number 20?3 Number £C)O.001 to £70,000 00,001 to £80,000 £80,001 to £90,000 £90.001 to £1 00,000 £120,001 tn £1.30,01)0 Contributions totalling £82,304 (2022/23: £66.328) were made to pension schemes in respect of the higher paid emplo)'ees. The key management personnel of the charity comprise the Head (2022/23.. Interim Head) and the Director of Finance & Resources. 'fhc total emplo)'ee benefir8 for these personnd, which include employer pension and Nl contributions, wcre £2?6,020 (2022/?3.' £2611,343). The Governors received no remuneration duting the year. There were travel expenscs for Governors during the }Fear totalling £3,457 (202?/?3: £563). Governance costs ?n?I Auditors, remuneration.. statutory audit services Other profession21 fees Liability insurance 20,000 109,147 22,290 16,016 37,882 17,445 7L343 71,343 Otlier professional fees include £75,576 (2022/23: £13.163) in respect of legal fees for employment, debt 2nd property advice in the year. School financlng Costs 2024 2023 Bank loan interest Other interest 2nd similar charges pa}Fable 1,591 2J06 7.861 2,000 3,897 9.861

The Pilgrims. School Financial statements for the year ended 31 Au9USt 2024 21 Analysis of total resources expended Staff costs Other 2024 Staff costs Other 2023 Charitable activities School operating costs.. Teaching costs 2,646,097 X'elfare costs 473,542 l)remises 198.554 Support costs of schooh'ng Grants awards and prizes Goi'em2ncc costs 2L3,439 380,715 1,085228 2,859,536 2,438,017 198,757 2,636,774 854,257 1,283.782 389,779 212.499 350,763 1,008,049 740.542 1,220.548 423,869 109,653 533,522 348,148 55.895 404,043 4J50 4,350 495 495 151,438 151,438 71,343 71,343 3,742,062 1,944,823 5,686,885 3,388,443 1.685.302 5,073,745 Costs of genetating funds Fundraising costs Finance costs 53,085 3,897 53,085 3,897 46,209 46,209 9.861 9,861 3,742,062 2,001,805 5,743,867 3,388.443 1,741,372 5,129.815

The Pilgrims, School Financial statements for the year ended 31 August 2024 22 Net movement in resources This is stated after charging.. 2024 2023 Depreciation of txngible fixed asset8 Auth'iors remuneration - audit services Operating lease tentals - land and buildings 231,915 20,000 243,455 225.575 16,016 198,455 Tangible fixed assets IA)ng leasehold property Equipment School buildings Motor vehicles Total Cost At I Scptember 2023 Ad&'uons 4.937.287 50,930 1,670,854 139.012 69,181 6,728,252 139.012 At 31 August 2024 Depreciation At I September 21)23 Charge for the year At 31 August 2024 Net book value at 31 August 2024 Net book value at 31 August 2023 4.937.287 50,930 1,809,866 69,181 6,867,264 1,714,679 102,004 1,046.125 128.882 61,284 1,029 2,822,088 231,915 1,816,683 1.175,007 3,054,0(13 3,120,604 50,930 634,859 6,868 3,813.261 3,222,608 50.930 624,729 7,897 3,906,164 School bulldings comprise primanl), the cost of improirements, such as the Millennium BlocL Pre-Ptep 2nd vr.. -¢*-k. Q.L_ chese buildings fall within the scope OF the leasc 21 ye2rs after they were budt and hence become subject to rental charges. The f￿$t, the Mdleiinium Block, was due to take effect from 2021. The rental charge is subject to on-going negotiation; at this stage no additional charge beyond that chirgcd for thc cuttent )eat is expected to arise. Debtors 2024 2023 Fees Others 586,342 61,642 972,799 138,115 647,984 1,110,914

The Pi19rims' School Financial statements for the year endgd 31 August 2024 23 10 Creditors: amounts falling due within one year 2024 ?023 Bank-102n Bounce B2ck102n Amounts owing to suppliers Pa}roll taxes and deductions Deferred income Pupil deposits Other Cre￿.torS Accruals 71,804 10,000 125,420 10,000 158,556 2,507,490 129,420 37,992 234,826 1,592,986 13(),436 48,()44 ?17,208 3,078284 2.195,898 Analysis of deferred income: 2024 ?0?3 Dcfctrcd income at I September 202.3 Resources deferred during the )Texr Amounts released from previous ye2rs 1,592,986 1,679,00.3 2,507,490 1,592,986 (1,592,986) (1,679.(I03) 2,507,490 1.59? 986 Deferred income al 31 Au£ust 20?4 Creditors: amounts falling due alter more than one year 2024 20?3 Bouncc Back loan Dcferred income 14,437 1,065,090 24,655 1,079,527 24,655 Included within the above are amounts [2￿.ng due 2s follows: 2024 ?0?3 Bank loans Between one and cwo }rear 10,648 10.648 Between two and fil'e j.ears 3,789 14,008 The balance of tl)e bank loan was repAid in fi]ll duting the year. The Bounce Back Inan commenced in Janu%ry ?021 and is repas'able in 60 monthl) instalments, %fter an initial repa}'ment holidA}.' of one vear. Interest is charged on the loan at a rate of 2.5 1,0.

The Pilgrims. School Financial statements for the year ended 31 August 2024 24 2024 2023 Deferred Income Between one and two yeats 646,160 Between nvo and fil'e years 418,930 12 Unrestri¢ted funds General reserve At I September 2023 Incoming reqources Transfers frnm Restricted funds Resources expcnded At 31 August 2024 4,100,180 5,332,807 (5,743,867) 3.693,470 13 Restricted funds The Gavin Roynon Chorister Bursary Fund Ptizes Fund Total At I September 2023 Incoming resoutees Intcrc'st rLceivcd Resources expended 93,?56 1.093 94,349 1,778 1,778 dILLI FI￿L5 At 31 August 2024 1,093 91,777 The Prizes Fund was established by donations to lund prizes for achievement. The G2vin Roynon Fund was established in ?017/18 by an initial donation to provide finana21 assistance to choristers.

The Pilgrlms. School Financial statfrmenls for the year ended 31 August 2024 25 14 Allocatlon of net assets Current year Tangible fixed assets Current assets Cuttent liabilities Long-terni liabilities Total General reseThr 3,813,261 4,038,020 (3,078,284) (1.079.527) 3.693,470 Restrlcted Funds 91,777 91,777 3,813,261 4,129,797 (3,078,284) (1,079.527) 3,785.247 Priot year Tangible fixed assets Current assets Current labilities Long-terni liabilities Total General reqerve Restricted funds 3,1)0(),] 64 ? 414,569 94.349 (? 19i,898) (?4.655) 4,10(),181) 94,349 -3,906,164 2,508,918 (2,195,898) (24,655) 4,194,529 15 Taxation Ibe School is te￿StCrcd as a chatitlT and therc is no liabih"t)' to t2x2tion on its cliatitRble 2ctivities. 16 Capital commitments There was a capital cotnmitment at 31 August 2024 of £57.149 rL'lating to wotk on the School's boilers (31 August 2023: £46,284 - Prc-Prcp pla}'gruund and imprL)Iring thc GAP accommodation). 17 Operating lease Commitments At 31 ilugust ?024 the School 112d future minimum rentals pA}Table under non-c2ncellable operating leases as folloivs.. Land and buildings 2024 2023 Non-cancellable lease commitments: X'itliin l }'ear BeNieen 2 and 5 }rears After more than 5 }'ears 240.455 280.590 ?3.350 225,455 280,590 23,350 18 Contingent liabilities There were no contingent liabilities at 31 August 2024 or 31 Augusr ?023.

The Pilgrims. School Financial statements for the year ended 31 August 2024 26 19 Penslon schemes The School participates in the Teachers, Pension Scheme (F.ngland and Wales) (the 'TPS) for its teaching stRff. The pension charge lor tlie year includes contnbutions pA)'able to the ITS of £45(I,78() (?022/23.. £373,111) 2nd at the ye2r-end £nil (2023: £nil) was outstlnding in respect of contributions to this scheme. The IPS is an unfunded mulri-employer defthed benefits pension scheme govemed by the l eacl)ers' Pensions Regu12rions 2014. Members contributc on 2 "pay as you go" basis contributions from members and the employei being creth.ted to tlie F.xchequer. Retirement and other pension benefits are paid by pubh'c funds provided by Parliament. As such, it is not possible or appropriate to consistently identify the liabihties of the TPS that are atttibutable to the School. As required by FRS 102 "Retitement Benefits" the School accounts for this scheme as if it were 2 defined contribution scheme. The emplo}Ter contrlbution rate is set following scheme VAIuAtions undertaken by the Government Actuary'5 Department. The most recent ￿C￿arial valuation of the TPS was prepared as at 31 March 2020 And the V2lu2ti0n Report was published in Octobct 2023. Following the Mccloud judgement, thc remedy proposed thAr when benefits become p2)able, ell￿ble members can select to receiN"e thcm from either the reformed or legacy schemes For thc period l April 2015 tn March ?022. "rhe 2ctu2ries h2ve Assumed that members are likely to choose the Option that provides them with the greater benefits, and in preparing the 2020 Valuation have valued the 'greater value, benefits for groups of relev2nt membets. The March ?020 v21u2ti0n confmned that the emplover contribution r21e for the TPS would increase fro 23.60/0 to 28.6010 from l April 2024. Employers are also required to pay a scheme administration levy of 0.080/0 ￿VIng 2 total employer contribution rate of 28.68'10. Wlith effect from I Septembet 2024, some teacliing staff hAve opted to Mthdr2w from the TP% and contribute to the Aviv2 Pension Trust for Independent Schools £IPTIS). defined contribution pension sclieme. for which the School, conttibution wdl be 2￿,/0 of pensionable salary. For non-teaching st2Ff, the School contributes to a defined contribution pension scheme administered by Scottish IX,'idows on behalf of the Incorporated Association of Prep2ratory' Schools for which the School's contribution is 5.50/0 of pension2ble salary. ,4ll other eligble members of staff are auto-enrolled to NEST. ThL School contributed £10.541 (2022/23: £11,17D to the Scottish liIidows Scheme and £12,874 (?022/23: £11,648) to NEST during the iTeAr. One staff member has a private schemc to which the School contributed a further £6,141 (2022/23- £4,i06). 20 Related party transactions The Scho()l operates as an indcpcndenl company limited b), guar2ntee under the ownership of The c.hapter of Kx'inchester C2thedr21. The PilgTims' School was rcgistercd As a pril'ate limited cnmpan) ￿t￿ the Registrar of Comp2nies for England and Iylales, cumpany number 4296085, on 28 September 2001. Included in premises cost is rent of £2(K),000 (2022/23.. £155,000) pa}'2ble to the Chapter of Winchester. The bank loan is secured by way of 2 lettet of comfort from the Dean of KX,'inchester. The Chapter has the right to appoint Governors of The Pdgrllns, School (lIr￿'ted by gu2rxntee). However. the School's results are not consoh'dated as the Chapter does not reg2rd running the School as part of the ministry of the C2the&21 and 2n}, financial sU￿1￿S is not passed on to the Cathedral, save in the event of 2 dissolution or wind-up and only after 3ll debts and liabihties have been setded. During the year, £368.789 (2022/23.. £257,788) of fees and sun(ty' charges were paid by Wincliestet Cathedral for the education of the Cathedral's Choristers. In addition, School fees of £10,674 (2022/23: £12.135) were payable by tlie Ra}:mond Freke Aw2rd Fund, of which the Directot of Finance & Resources, Head and Chait of the Goi'erning Body are ex officio trustees. At the }e1￿~end 2 balance of £22,941 (2023.. £nil) was recorded as paid in Adi'ance fot the 2024/25 academic year.. being billed July %nd sett]ed in full 9 August 2024. A Governor, Nfr NI Wilson, is the senior pattner of Blake Morgan LLP. During the year, Blake Morgan provided £28,278 (2022/23: £1,163) of legal services to the School on an anns-length basis.

The Pilgrims, School Financlal statgmenls for the year ended 31 August 2024 27 21 Trading income and expenditure The School does not participate in an}, trading enterprise other than occisional small lets and the $21e of school uniforms. 22 Controlling party Throughout the }ear the entity, lias been under the control of rlie Governors, a b.st of whom is disclosed in the Gos'ernors, report. 23 Statement of Financial Activities - Comparative Figures by Fund Type Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total Funds Note Incoming resources Income from charitable actiTr7tses rees tCCCllTable Other School income Income fmm generatedfiJnds Grants and donations -41'livilieJ forg8neru/kNgfAnds.' Hire of premises Bank" interest tcceii'able 5,096,203 90,462 5,096,203 90,462 i,153,(I25 72,783 10,975 10,975 2,600 IL943 2,600 13,772 1,-300 1,829 Total incoming resources 5,212,183 1,829 5,214,012 5,229,68? Resources expended Charitable Actiwties School OPL'tating cr)sts Costs ofgenerating filnds Fundraising for i'olunta4' income School finAnang costs Total resources expended 5,073,250 495 5,073.745 5.14? 182 46,209 9,861 46,209 9.861 46,254 9,?68 5,129,320 495 5,129,815 5,197,704 Net incoming/(outgoing) resources Transfers between ￿ndS 82,863 1,334 84,197 31.978 Net movement in funds for the year 82,863 1,334 84,197 31,978 B212nces brought forwArd at I September 2022 Balances carried fonvard at 31 August 2023 4,017,317 93,015 4.IIOJ32 4,078.3i4 4,100,180 94,349 4,194,529 4,110.332 All amounts relate to conunuing operations.

The Pilgrims. School Flnancial statements lor the year ended 31 August 2024 28 24 Post balance sheet events On 23 April 2025 the Governing Body announced the merger of the Pilgrims, School with Winchester College, due to come into effect by I September 2025. The Pilgrims, School 2nd Ivinchesttr College Iiave shared a common educational phllosophy for nearly a century and so the merger sttcngthens these ties, ensuring that borh schools continue to provide an education of excepuonal quality and breadth, while also creating new oppottunities for incre2sed collabor2ti0n and innovation. Academic excellence, musical distincuon and the provision of a unique all-round education ￿all remain at the he2rt ol Pilgrim8' offering. It continue to operate as one of the leading 2C2demic ptep schools in the country, ptep2ring boys for the senior school of their choice. Overarching governance responsibility will sit ￿ryth Winchester College's Kxlarden and Fellows, iTrith arrangements in placc to reflect the interests of The Pdgn'ms, School and the te12tionship with Winchester Cathedr21 through the new PilgLims' Committec. On completion of the merger. the 2ssets and h'abilities of the Company ￿ryll be transfetted to Winchestet College and all operations of the Pilgrims, Schonl be conducted as part of Winchester College. Accordingly, the Comp2ny cease operating from that date.