Company No. 4296085 Financial Statements The Pilgrims, School For the Year Ended 31 August 2025 Régistered Charlty No. 1091579 The Plt4rliiiB' School Flnahclal stat•m•ht$ lor th• y•ar a￿d•d 31 A￿￿•t 2025 Index to the financial statements Report ol the G￿rnIng Body Ind•pgnd•nt Audltorfs repprt 8-lU statem•nt of flnancial activlti•s li Balanc• $he•t 12 Cash Ilow statement 13 princip￿ accountlng poli¢l•$ 14-17 Not•¥ to th• financlal stst•ments 18-27 Th• Pllgrlm¥' school Fln•n¢lal statem*nt* th• y•aT •Trd•d 31 August 2025 Report of the Governing Body The Trustees (hereaft￿ referred to as the Governots ￿ Governti¥ Body) prcsent their annual repoEt foi the year eDded 31 August ?025 under the Compatiie$ Act 2006, together with the audited financial statements for the ye2r. and confirni that the Jattet comply with the requiremcnts of the Ac¢ the T￿st Deed aftd the Charitie5 SORP (FRS 102). Summary of ov•rall P•b*omian¢o The School continued to thllve and flourish in teth)s of acadeti)ic, musical and spotw excellenec. during the ia$t 6nancial ye•r. Sl¥hdy lower pupjl numbers and the d]alleoges of the current economic cljmite have kd to a contitiuatit)n of the ovcr2ll deficit for the year. On I September 2025 the School Merged7￿th Wthchcstcr College, 18 explained moxe fiJty bdow. Rol•r•nc• and admlnl•tratlon Inforniation The Pi]gxims' Scbool foutuld in 1931 as a Prep&r2tory School for the Winchestei Cathcdr21 Choiistets but Opened ￿50 for eAtr#n¢e by other pupils known as Commoners. In 1966 ArrAngemcnts were made uryth Witichester College fot the QuiLi5ters (the College Chapd Choir Boys) to join they txke part Eully in the life of th¢ SdwoL The School pmvidc5 a kngh levd oEeducatioft for pupils between the age5 OE 4 and 13 yeArs etther &s boarders or d2yboys. The School seeks to enabk each Pd8titn to find and devdop his b2sic tsients iti tbe fyamcwork of A disap]med £￿illg con)muniry. (kn vision ig to be'x School that enable5 boys to be the best they c2n, 2 School wxth boys who hve not just for them$theg but Ear others.. We Aim to ensure thkt pupds att*itt the h￿br$t acade￿1£ kvels whilst allowing thelll to benefit from Anally Cxtta-auriculat aC￿lIes, especially in th£ provision of facilities #nd wit*)n to devdop their m￿$1¢￿1 talents. Thi5 eth05 been rnade ckar through a leg•lly devised P#rent-School Agtecmeat. The tenDS 2nd conditions of thi8 agreer￿nt have been provmled to ail parents. The School operated 25 2n Andependcnt comwAThy limited by guarantre w)der the Ownersh￿ of The Chapter of Winchesitr Carhethal unttl the year cnd. at which point owneiship was transfttttd to Witichester College as part 0£ thc m￿ger with the College 2Dnounc¢d OJJ 2J April 2025. see Note 73. The P4txms' %chool wa$ regjstered as a ptivate ]imited company with the Rw'strai of Companies En8l*nd 8tLd Wgles, company numbcr4296085. on 28 September 2001. The Pi]gErn5' SchooL regLStued dwi'ty nutuber 1091579. entered in the Centd Rcgister of Charities with effect from 10 Apd 2002. Govenlltsg Body The Governr)r5 OE the School {who arc also directors of the c(&mpany Eor the purpose5 of the Compaote5 Act) who served at any lime during the ye21 were.. Mr J Gnffith- Chair Mt A Barnard Mrs S S%unders Mr M Wthon Mr S Woodw2rd Mrs J Flory (appoiiited I September 209J) The Revd CaJ)¢y) R Riem (resigned 10 March 25) s S BAldock (resjgned I SeptettLbrr 2025) ¥Mr R Boissiei {resi8ned I Scpttmber 20251 *Mr J Pumphrry (resigned I Septttyjber 2025) *Mr I Smith (resigned I September 2025) VThe Revd C8nox) A Treniex (resigned 11 July ?025) *: These resignaiions wete in actord￿ce with the tern￿ of the metger with Wmchester College. The Pilsrims. Sthoal Fin•ncial statèmont8 lor th¢ yèar end•d 31 August 2025 Report of the Governing Body Key per50ttttel and ptofe88ional odvAsets He2dtn2St MT T Butcher Director ol Fin2nct & Resource$ Mr R Bentley (resigned 2 Apxyl 2026) Addrc55 Tht Pdgllms, School 3 The Close Winthtster Hampshire .$093 9T.T B2nkeis NationAi Westmin5tei BAnk plc 105 High Slteet Winchest Hampshiie SO?3 9AW Uoyds Bank PIC Black Horse House Jacobs Y2rd, London Street Basingstoke H)mpshire RG217Nr Sohcitors Blake Morgan New Kings Court Tollgate, Chandler's FoId EA¥tltigh 142mpshite S053 3LG Auditor5 Azets A￿￿'t Services limited TOl￿are Chandler Ford S053 3TG Th• Pllgrfms. S¢hog1 Flnancial statem•nts for the year •nd•d 31 AuH¥st 2025 Report of the Goveming Body Poli¢y The Govtrnors dttetmijke the stt2te￿£ directiott of the School. The day-tTrday management of the Sthl is delegated to the He2dn)a5ter and Djrector 0£ Pill￿ce & Resource$. Stru¢ture¥ govern•nce and rnJn?9grn•nt Govetnlttg docvment The Scbwl 1$ govemed by its Artide$ of Associ*tion. These were updated in Decembet 2021 to reflect the chw4e in the governance of the.School 50 that the Dean of WJnche8tet Cathedral became the Visitor tather than the ex-officio Ch¥ir of Governors and 2D indq)endent Ch2it of Governois was Appointed. Coveffiing Body The Goveming Body compiises up to 14 members.. 2 ate ex officio and S are appoiThted by ext¢rn81 •ppointing bo(lies (3 by the Dean and Chapter of Winchester Cathedral ind 2 by the W2tdett and Fellows of WJn¢he¥teT College). The iem2ining Governots. Andudthg the Chair, are elected at a n￿e11ftg of the Board on the b2sis of J￿minatiOnS received Erom Mthin the Board. All appointsnents take into cOnS￿er￿ll0￿ per$¢)ng1 competence. specia]i$t ski]ts and local Av2ilabth"ry and follow the procedures for good governance e5tab]ishcd by the GOvcrn￿£c 2nd Nomllutions C,ommittett The terni of office for Govunors apFrf)inted by the external appoiniing bodies ts at the discretion OE those bodies but is notmalty 5 yeats. the Govemots *ppointed by the Board serye foi an initial temi of fvc yeats buL if e]i8ibk.. they may be re-elected. Rdated party re12tion5]ll"ps and ttwTrs#ctions are disclosed in Note 20 to the accounts. Mrs Ju]i2 Flory w2S 2PPOArtted is Govemor on I Sq)tembet 2024. The Revd Calyms R Riem and A Tieriw iesjgned a$ # Governor on 10 M￿ch and I l Jul). 2025 respectively. In accordance with (he terms of rhe Sclkool's mergetwith wfthchcster College. M$ S B3ldo¢L Mr R Boissiet, Mr J Pumphrey and Mt J Smith resigned as GovemoLS on I￿ Sq)tember 2025. Tru8tse tr*itiing New Governor5 receive an induction sLssioti from the Clerk to the Govemitig Body and recei￿ brieFJngs fcom the Chair, Headmaster and Director of Fioancc& Rcsourcc5 as Iicccssary. All Governo￿ 2rc encouraged to catry out training provided by the Association oEGoveming Bod￿3 of Independent Schools (AGBISI. Organis*tional managemeni The Governor5 meet as a Board at le25t three Iirnes a yeat to dete￿Ine the gener21po]icy of the School and ttview its oi'et211 n)gnagement and ¢ontsoL for whith they are leg*lLy teswnsible. The HeAdmaster and the Dirertor of Finance & Resource$ a150 attend meetings ill att 2dvisory c2P2ciry. The wo& of xmplementing most of the Bo*td'$ policies is C￿rIed out by thc following Standing Committees that meet at least once a temi ptiot to ea¢h meeting oEthe Govcrnitig BodT. The Govemance *nd NoJ))yo*tions Comn)ittee The Trinance and Genetal Putpo$e$ Cotnmittte The Aca¢]emic and Pastoral Cotllmittee The daY-t￿daY management and running of the School Arc dekgltcd to the Headmastet aud the Director of binance & Resource5. 5upp)rted by other memlxrs of the Senior L£adership Tearn and staff. Remutteration of the Governitig Body Methb￿s of the Governing Body do not Eeceiye any remuner2ti0n foi tb¢ir suviccs. Detsijs of the remunetition for the Headm95ter aftd the Directot of Firtance & Resources are contained in Note 3 to tbe financi91 statemen Th• Pllgrlm¥' School Flnam¢lo18tatom•nt5 ftbr thé y•ar •nd•d 31 Au9U#t 2025 Report of the Goveming Body Org*rti8*1iOnAI 8tnKture And tel*tlon8hips The School 1$ #n #ctiv¢ member of the Independent A550CAation 0£ Prep Schools. the Choir Schools, Association, the B0￿dIng Sch¢x>15' AssocAation the Independent School$, ButsArs Association for the promotion And maintejwice ol hool Stand￿d$ generally. Chadtable obje¢dv¢B sind aims The School's piincipgl objecriv¢ is to provide a high leyd of education to its pupi15, both in ￿adeMiC terms *nd by eneouraEitig them to beneftt from man}. ¢xtt2-cutticular a¢tiYities, especially th05e who develop their musical txknts. The School z150 ccFoperAte$ with many local ch￿ltieS ij) out ongoing ende*vows to pub]ic access 10 our schoo]in& to optimise the ust oEour cultural and sporting Eaciiiiies and to 2vaken in our pup& In avnrerLess of the Soci￿ context of the education th¢y ttceive at the School. Furth£r detai15 OE the School's dlatitable *ctivities are provided in the op￿￿tional Report below. 108pecdots reports The Sthool inspected b) the IndeperLdent Schools. Inspectoratc ITSD in Match 2026. Its Repott ¢onclllded th2t the School mct ￿ Idevant S19nd2rds, notJDg that l>upils are xiticulate. #nd respectful of others. 'Thcy dcmonsttate spon5ible gnd diligent attitudes towatds kamtyg. The teport de8ukbed musie as a'$ignificAnt strength of the School, with'an exteDMFe 2nd 5timu]atingmu$ic curriculum that has a h4hly Positive impact on pupils, musical achievements *nd the (kvdopmeJ)t of pupils, sdf-expte5sion throughout the FuDdr4isiDg In View of the rel*tivety l¢)w level OC its #ctiviry, the School has not registered with the Fundtlising Reydator but d¢)es supptsrt the $tand*tds for fimdiai5ing set outin th¢ Code of Fundtyising Pxxctice. To it5 knowledge. thc School ha5 complied with those PDnciples and has Eeceived no compliintr about its fundraising aaivities. Aa amowit of £21742 (2023124.. £li.754) wa5 donated to chatities iti the year because of y￿loUS fundr*isi£Lg ictivitie$ organiscd by the Sch¢)ol and the Pi]gn'm$' Parents Associalion. strate9k and Op•ratlonal Report ReTlew of AchievementB *ttd perfotm4nc¢ for the year During the )ear the S¢hTh)I had the followw4 nwy)bets.' Chotisters: Quirister5: 15 Commonet Bo*tders: 49 Ct>mmoL)er Day W'5.. 117 Ptt-Prep'. TotsL. 21L IAvcr2ge number of pupils for 2024/25) The Schwl coniinues to flourish An its three main 2re25 of academ&c. musical, and spoiring excelltntt. The I￿vetS from Year 8 achicv¢d ¢￿dIent iesults in their final ¢xamination> The ovuAU nun)bet of Awards was 19 this year (2023/24.. 26). Twehre *¢ademic awards bave been 2c]Jieved, consisting of.. $ix boys gaining Election and tkne Ix>y$ ￿1n￿l8 Wjnchesttr Collcge EKlubiti¢)n$' one Kttig's schol￿ to Eton. one Foundation kho]#r to St Paul's,. one schoknsbip ¢0 KES. This w*$ anothet excellent year EOE music. Four boy8 achieved fl￿ music sthO1￿5hIps (one each •t Wmchester College. H2rrow, Shcrborne 2nd Churchets) and a fill*hei two music exhibitions wut awarded (one each at Wuichesw Co]lege and Eton) a5 well 25 one DTama Schohr5h¥ to Bradfield. The Pll9rfm8' S¢h•ol Financi81 statèm*nt$ ftyr the year ended 31 August 2025 Report of the Governing Body Ch*ritable objects The School is alvarc ol tht %uidxnce A55ued by the Chariry Commission undu the ch￿ltieS Act in re]#tion to Pub]ic Benefit and the Govemors and the HeAdrJJastet #nd DirectoI of Fin2nce & Resources #re mindful of their ob]xgRtiOll to have regatd thereto. All are c(mFident tb2t the School's gCtiNities gre in pursuit of its objccts and are delivering pubbc bentfit. Thts is achieved both by the piovision of education for the Cbotisrers the Quitistei$ axjd school b￿S￿le.% and assist2nCC to Eund the education of non-dior81 pupjls whose iydrents would not nomi•lly be in i Position to send their bo}s to che school. During 2024/25. 26 pupjls reeeiyed some fortn of bursary $upport zcpre%nting I l°/¢ of the pupil population (2023/24.. 15 and 6,10 ￿sPectIVe￿}. All 26 pupjls teteived 5UPPQrt EIOM the School's Bursary ￿1th 5UPPOrt totaumg £217.835 (2023124.. 14 and £172,253). OE those 26 pupils, l treceived furthez support from rhe G*vin Roynon Fund of £4,708 P023124.. 1 and £4.3501 and 4 received adJJ'tional support of £35.210 (net ofVAT) from the Ra)Trond Freke Award Fund 12023/?4.. 1 and £10,674). The School's Bursary Fwid induded £A? ,108 (2023124.. £96,222) froyn extemal sources, of which £11,246 (2023/24.. £7.7361 came from Winchester Cathedial. Burs%ties awatded in the year rattged from 200/0 to IOO°/o of their Lolal fees. The totsl provis￿n of £257.753 (2023/24.. £213,500) equ*tes to 5.ff/o {2023124.- 3.10/.) of y05s Ece incomc. The School has a150 been able to ptovide support to two boys from Ukr2ine, now ]iVllkg in thc UK. Ift *ddL'tion to bur52ries, the School's actxi4tie5 havc rtached ollt mto the local communiry 2nd gNen te50urce5 fiee or fo minimal charges. to hdp other5. In particu12t, the Following have been undertaken.. The School continued co lead a choral outreath woiect combincd with WJnche$ter cathedr￿ Music Department, Winche$tet College and moie rcccntty St Swithun'$ Sch¢)oL As of the School'5 object as A Choit SthvoL a strong rnusical ethos is maintsined throughout the School and thi5 is extended itito the loLal ￿M￿UnIty by pIoviding'. Fxcib'ties fot external music les$on$ and music cxams for local childten- School choir P￿£0￿￿￿C£S in the ci)mmvnity. which included singmg carol$ at a local eare home; and Thtee members OE the School'$ Senior Leadership Te2m volunteer as Governors in other school. Two are Govemots iti x loc￿ pIimar)' school. The thitd a local Prep $¢hoDI. Undct thc object of the advancement OE the Chti5tiary rel￿.0n, the School plays 2 full part in the lrfe ofwinchester Cathedtxl and the Srhool ha5 cooper3ted in mxtty sjwll way$ with the mi55ion of the Cathedral. The School ci)AWllUnit} ¢(butinue5 to contribute generously thtoughout the year to many nation21 local ch2ritablc c*ust$' dullng t]Jis yeat Eunds wete rgised to support charitie5 such as Red Nose Day. The Govtming Bod}T are 8f2te(ul to the Pl1￿j￿$, Patents Association, who SUPE)oxc aftd run m9ny of these events. We have tefttred to the CILariry Con)mission's general gwdante on public benefit when teviewin8 Out aims and objectiyes and in plA]Mi￿ activities. Financi￿ petforniance The School's tth9J]ciAI p￿[￿nn￿nce iti 20?4125 comptised a loss of £356k CoMp￿ed to a s￿hrty kngher £409k k>s5 last ye2f. Pupil numbers dtopped slighdy year on yeat, at) AverAge OE 231 io 20?31?4 coinpaied to 237 in rht pieviou5 year.. in addition, professional fees were incutred as paIt of the merger with Wmchtster College. Given th2t £226k of the Ioss WAS accounted for by depIeciatiofj, I n0Th-￿Sh chxrge, the impact on thc School's ￿$h much less and At year end the School tetsined a strong c2sh position. The School's restrve po]icy requires it to maintsxti $uEficicnt cash and reserves to enable it to meet its short-temi financial obj'ectives in thc eNcnt of An untxpected revenue shotifall oi the emergence of an unexpected habjhty. At 31 August 2025. the School had ner assets *nd le>¢￿¢$ of D,42CJk (2024.. £3,785k), of which ￿t￿¥￿tiCted Ieserve5 wete £3,J40k12024.. £3,693k) 2nd Eestticted fi￿a$ were £8Yk (2024: £92k). Utirestti¢ted funds indude fixed assets of £3.794k (2024.. £3,81.Ik) held Eor use in rhe School. Free ieserves. d¢fJned as unrestricted ￿ndS less fjxtd assets, were £(454k)12024.. £(1 ?Ok)). At year end. the ¢#sh balance 5UPPOrting the ieseTr-es £1.767k (?024.. £3,482k) Thc Finance #od Gener21 Putpo$e5 ComD)ittee has conducted 8 review of the fiaancial risks facing the SchooL ilfter CO￿sidering the iisks and taking atcouiit The Pllyrim$' Sehtrol Financial $tatementB for th• y•ar 31 Aug¥st 2025 Report of the Goveming Body of tht agrccd mew with Winchester College who have committed to supponing the L?ngoAng operation the Sthool (see Future Pkns below), the Committee conduded that Iht level of reseLves 15 approptA#tr. The Governing Bodi. regul3rl}' reviews thc Sthool's fAnAnces Agaitist budget together with fi cash fiow AnAlysis as part of the efE¢ctive stewardship of the School. It considers thAt given rhe 5ttength of its b21*rtce $heet positio￿ the income 8enerat¢d, the reputation ofthe Scliool, its fisc21 conttols the post ye2r-cnd merger with Winche$tei (.i)llege, the cash ieseTh't5 held are adequate to meet lis tequirements 2nd so ir 1$ #ppxopiiate to ptepate thc Scbool'5 fmancial $¢itement5 as a 8OtsLg concem. Risk xD*ttogemtht The Governors revjtw annually the weas OE the School'$ oper&tLons and conS￿red the majoi risks f2Ctd in r2ch of these aTeas. The priti£ip31 risk5 identified Are captured in the School Bjsk Register, glso reviewed annually, and considers the Eullowing. The continuing impact of policy decisions bi the GovernmenL such as VAT on indtpendent sclMKbl fees. increases iti Nation￿ Insupdllce and Nailon￿ Minilnum W2gc the rernoval of ch￿l¢￿bI£ busines$ I*te$ teh"e£. Ongoing risk5 iS$OCiXted with the externaL financ1￿ and operaiirLg environment,. Complixnct with sta￿tory #nd ISI rcquiremeThts; nsuring there AS effective governanct and sound finattcial m2n2gement' A fall in pupll numbers that atTccts the abty to SUPPOTt cuttent structures and long-tetm plans. attd: Maintsilling the qualjty of educaiion and pa$tor21 care. 'I'hc following also included withm the Sth(K)I's Busine55 Cuntitilliry Disaster Ret¢xpery Plan.. lrnpact of m2jOT ifLcidents ttsultjng from fire. 5eEiou5 injury,105s of ut1￿"t1¢S Ipower and water)., and LT secvrAty, data recovery and continuity. In the opinion of the GovernoTS, the School ha5 the rquisite moDitoLing and review systems ond his access to the necessary zesources %￿Id skJls which. under n0rn121 circurnstsnces, should allow these risks to be mitigated io An icceptxble levd in it5 d#y-to-d2} operation5. Future p]sios On 23 April 2025 rhe Governing Body announced the merger of the Pi]grms' School with Winche$trr Co]leg4 9nd tkn's CAme ittto effett on I septemb￿ 2025. Tht Pj]gn￿$, School Winche5tcE Coll¢F havt sh2red 2 eommon educ2ti0n21 phdo%oph} for nearly a ctntury and $0 the muger strengthens these ties, ensuring that both schools ¢ootinue ro prrn'ide an educallon of excepuonal qua]iry and breadth. while also cte#ung new opportwiitrs Eor increascd collaboration #nd innovation. Acadtlljic exce]]encq th"stinction and the provision OE a uoique all-iound education will reinain at tht he2n of Pilgtinhs, 0[E￿Ing. Pdyllns, Continues to opcI*te as one of the le1dll￿ audemic pIep schcK>ls in the country, prepariti8 boys (OK the senior school OE their choice. Overarckung governance rc5pnsibJ]iry sits with Winchester Lollege's Warden and Fellows, with arIingements An piace to retlect the Int￿£St5 OE The PJ]gnms' School and the Kelation$hip with Winth¢si¢r Cathedral through thc new Pilgrims, Cotnmittec. On completion of the merger, the 8s$ets and ii#bih"ttes of the Company wert trxnsfclled to Winche5tet College artd operAtion8 of the Pkns. School are now cotsducted as part of Winchester Collw. Ilccoidjngly, the Comp#x)y ¢e#$ed optr2ting from the end of this financial year. The Pli grim5' School Flnanclal statemont$ tor th• y•w •nd•d 31 Augwt 2025 Report of the Governing Body Govemlng Bod￿* respomibilities lor the finanelal $tat•m•nts 'Ibe GovernoIs (who ate also ditettots of The Pi]pims' School Eor the purposes of company ￿w} are responsible for pieparing the Report olthe Governing Body aod the ststejneots in 4ccotdatsce with apphcable law t¢￿￿tions. Compatty Iaw Iwtires the Governors to prepate fingn¢iaL statements for cach fllwicial year. Utder th*r law the Governor5 have dected to Prep3￿ the fthancial statements in accordance with United Kingdom Genually Accepted A¢coutLiitig Practice (Ulli¢ed kngdom Accounting Standards and apphc2ble law). CAompany 18w a]$0 pIohibiis thc Govemots from pprovitig thc fJn2no21 statements unless they ￿t s*ti$fied that they gwe a trne and faii view of the State of affAirs of the school and ofthe incoti)ing resources and 8pplJcation of resources. IndUd￿ the income and expenth"tute. Eor that period. In pxepgtitig these finaticlai statements, the ¢Jovemors aTe required to.. $ekct suitablr accountthg pokncies and then apply them con5iStendT. ob$etve the methi)ds and pEincipks iti the Chariiies SORP,. make iudgments and accounting esiimates that ate teasonable and prudett¢ State whether applicable UK Accounting Srandards have bcen followe￿ subject to auy matsial deparNres disdosed and cxplatijed in the fu￿￿£￿1 st2tements' and tP2rt the financial statement5 on the going-toncern bAsis unless it 15 inappropiiate to presume that the School will continue in busiaes$. The Governor$ #re responsible fot keepti¥ adequate accounting ￿c0￿S th2t ate suffia.ent to show and exp12in thc school's transactions and dtsd05e re￿on￿ble *ccuracy at any time the Fjnancial Position of the company and tnable them to ensltre that the financigl statement5 comply with the CompAnic5 Act 2006. They are also responsible foI s2fc8uardts)g the #sset% of the $chfy)l and hence t%kthg zea50nable steps for rhe prevention And detection of fraud and other Ittegu]￿.ltie$. lrt so far as the Governots atc aware.. thete is no rdevant audit inforn]2ti0n of which the school's auditor is uttavdtt. and the Governo￿ hgv¢ taken au steps that they ought to have taken to make themselve5 *ware of any ttlevant audit itifomiation and to estsblish that the Auditor is aware of thit infornjation. The Govetoors ate responsible for the maintenance *)d ititegtity of any eorporate thd ffft2ncial infoimation indudcd on the company'5 website. Lyslation in the United Kitigdom governing the prep￿atiOn 2od dtsscmiJJauon of fin2aci¥J $tstements may dxffet ftom Iwlation in other iwi5&crions. The Govetijitig Body approved this ieport on 30th Juoe 2026. SAgned on its behalf bT. J GryEfith Chgit ofGovemors The Pllgrlms. Sehool Financial statÈmÈnt6 lor yeaw •nded 31 August 2025 Independent Auditor's report to the Members of The Pilgrims, School Opitdo We have audited the ststement$ of The I)dgE￿s, Sch(K>l (thc 'Ch2ritablc Company) lot the year ended 31 August 202) which compti5e the A¢countitig Policie¥, tlie Stateinent of fit]aiicial Activities. Balance Shcet, Cash Flow St*teinent and notes to the fthanctsl 6tatements, Jncludin8 i summari. o( SWuf￿Ant #c¢ountu¥ pokncie5. Th¢ financi￿ reporting Eramework rhit has been apptsed in their preparation 1$ apphcoble 12w and United Kthgdom AccouotinK Stsndird8, includmg FRS 10?'The FinAncial Reporting Stgndgtd applicable in the L,K #nd Repub]ic of I￿d￿d, (United Kingdom Generally Accepted ilccounting Practice). In our opinion. the stRtemeThtS'. give 2 true fait view of the stste of the Charitable C￿npanY'S affaity at 31 Au8U$t 2025 *nd of its incoming rc50urces and ippjicatioll oFresour¢e$, includmg its income xfid expenihture, foI the year then ￿ded. have been properly prepared in %ccord8nce with United Kingdom (ienerally Accepred Accountjng Practi£c.' 2nd have bttn prepared in #ccordance ￿fjth the ￿qUirements of the G)mp¥nie8 Act ?006. Basis for opinioo '¢ conducted our audit in ac¢otd2nce with Intern%tiOY)g1 Si'andards on Auditing (UK) GSAS (UIQ) and applicabk law. Our responsibilitie% under those standards ate knthet described in the iuditor respon5ibllittes fot the audit of the finan¢ial statetnents section oEow teporr. Ive indtpendent of the Charit2ble Company in accotd#nce with the ethical requirements that are relevant to our audit of the f￿0￿¢1#[ 8tatcments in the UK inclttding the FRC'S E(}ll'C￿ Stand￿d and we have half￿ed our othei ethital Ttsponsibilj'ties in accoxdAnce with these requirements. We be]ieve that the Audit evidence we have obtxined Js suEficieTht and appEf￿nate to ptovidt A basis for our opillion. Emphasis ofm*ttet- going concet W'e draw your attention to the going concern Accounting policy Dote on page 14 and Nott 23 ieg2rding Post Ba]gnce Sheet Eireiit5 which expl2￿ that rhe fin8ntial starements have been prepared otb a basis other than the going coacern basis. As described in the accounting pojicics. all assets ]i2bth'ties of the company w￿e rrAnsfetted to Winchestu College on I Septembet 2025 followin8 the meTgu and rhcreEore while ¢ompany ce25ed its aetiiryry from that date gnd ￿ill be wound up in due cour$e, the operations of the School itsdf ￿ryll coniinue under Ats new strucNte. There have been no adjusttnenfs to the ELn2nci*l statements as 2 resujt o( prepiring these accounts on the non-going concern basts. Our OPJn￿n 15 thereloie not modified. Cottclusiotts reS•tln8 to going eottcem respon5ibitsties and the te$pon5ibihttes of rhe (iovernors with respect ￿ gowg concern xre de5crJbed the xdevan( sections of thjs report. We dtkw attention to the Going Concern accounung pojics note on page 15 and Note ?4 regarJJng Post B•ignce Sheet EITetits. 'Ihese indicAte ihat The P￿£tIMs' School merged Txith Winchcster College on I Septembtr ?0?5 and that while the Sthool wi]1 continue as a Going Concern as p￿t of Winchcstcr CoJleg4 tm's Compiny will cease its activity from tha( d&t¢ Other inforniatiott The othet inEonnation compttses the infornjation induded in rhe Anftual Repor¢ othet than the financi21 stattmcnts and ow auditor's rewjrt thcrcon. The Govemors are respollsible Eox dLe other Infor￿￿tIon. Ow opimon on thc fthancial 5tstemtnts does not cover the other information and, except io the extent otherwise exp]i¢itty stated in our report, we d not express any forni of ￿sUrR￿ce condusion thtteoTh. Our responsibiknt5' 15 to read the other information and, in doll¥ $0, consider whether the other inf(>m)ation is maten2lly inconsistent tlLe fiJJ2ncd Statements ot out knowled8e obtaincd in the coutse of the audit, or othernse appears to be atuially misstated. IE we thnufj, such JrJateiiAI inconststencies Ot apparent matetial misstitements, we iequ&Ted to dctern]ine whether thi$ gives rise to 2 Mat￿la1 rnx$statement in tht finan(iAI statements them$elve%. 11, based on the work we have perfotme& we conclu¢k that there ts a material mi¥5taietnent of this other infoimatson. we #rt rtquired to report th•¢ fact. The Pilgrims, School Flnancial stattrment5 lor th• y•ar e￿dEd 31 August 2025 Independent Auditor's report to the Members of The Pilgrims, School We have notbjng to report iti dll"S tegard. Opinion$ ott other matter5 Pte5cribed by the Companies Act 2006 In our opinion, bastd on thc work undtrtaktn m the COULSe oFthe audit., the infotm4uon given in the Governors, Repot( inclUd￿E the Strategic Repoo prtpared for the pulposes of company ]2w, for the fin#nciJ yeat for whith the fth#n¢iaI $tatements ate preparcd is corJSA5tent wxth the fiDanci statements. and the Strategic Report and tbe Governors. Repori h￿e been prep*red in accordance with applic2ble legal Mattet8 on which we are tequired to report by exception In h8ht of the knowledge and understanding of the Charitable Company 2nd its £n￿OnMent obtsined in the course of the we hxvc not idtntificd mattXi21 missta￿lLe1)tS in tht Strategtc Report ot the CJovernoIs' Repoit. We have nothitig to repott in respect of the following tnattets in ielation to wknch the ComE>anies Act 2006 requires us io repott LO you ￿ in opjnion.. *dequ*te accounting ttcords h#ve nor been kept. ot rerums adequate foi audit havc not been re¢ewed from branches not visitcd by us; or the f￿#￿¢]￿ $tsiement$ #te not in agttemeTht v/ith the a¢cow)tiog ttcords and returns,. or certairt th'$df)SUtes OE (Jovetnots. rcmuneiation %pecified by law are made. ot we have r￿t iecuved all the informaiion and explAo2ti0n5 we require foI out audit Responsibilities of Govemors As explained more fully tn the Goveming Bodfs responsibilities stattrnenl the Govetnots (who are also the dxrcctors of the ch￿itable Company foi the purposes 0£ compan} law) ate responsible foi the pIep2r2tion OE the fiaan￿￿ statements and foi bcing s2ti5fied thAt they ￿ve a trne and fair view, and fox such internal coThirol as the Governois detern)ine is necessary to enable the preparauon of f￿anCial statements that aie free from material misstatemenL whether due to fraud or error. tn piqYdriAg the FJnancia] statements, the Governors ale Ie5ponsible asse5sittg the Charitable Company's abjh.ty to cotktinue as 2 going Concer￿ th"sdo$i￿ *$ 2pp]icable, mitter$ tdlted to going conceto and ￿lti8 rhc gomg c¢)n¢ern bH515 Of accounting unless the Govunors either intend to bquidatt the Ch2ritab]t Company ot to ¢ea5e opu2ti0ns, oi h2VC no tedistic ￿ternative bui to do so. Auditot te8ponBibilities for tht *udii of the fiDAncial 8iatement8 Out objectives Ate to Obta￿ regLsonÈble Rssutance about whethti the F￿#￿￿1%￿ 5txtemenrs as 2 whole are fr¢e from mAtexi9J misstateAnent, whttther due to fraud or and to issue an 2uditoes report that indudes out opinion. Reasorkable g$suran¢e s a levtl of assurance but is not a guarantee th#T ￿ audit conducted in accoIdaftce with ISAS (UK) wll alway5 detect a matejjal mi$$¢#¢emeni when tt exi$ts. M*st*temellts cxn atise ttom fraud ot ettot are considered nJattrial if, indi1￿IduallY oi in the aggregate. they could Ieasonably be expected to intluence the economic decisions of ￿tr$ taken on the basis of these &￿￿¢1%] st*tements. Irregularities, inch￿.￿E fraud. are instan¢e$ of non-compliance vlith law$ #nd regulatiorLS. We design procedures in hne with our itspon$ibI￿ttcs. oudts)cd abovc. to ¢kt¢ct mat¢iia] misst*temcnts iti trspcct oEitieguhrities, tncliidll¥ Itaud. The ¢Jttent to which our prorcdures are capxble oEdetecting irrrgukn"ties. includthg fiaud 15 detsiled below. Enquiry ofmanagement and those chargedwith governauct #round actual and potential htygation and daim5 as well as *cttuL suspected 2nd 2lleged fraud. ReFiewing minutes of meetings oFtho$e chxtged with govemAn¢e,' Assessing the exrent of compliance with the laMT% And re8u12tions coftsidercd to have 2 ditect matuiai etTcct on the fjnxncial statemtnts oi the operations of Iht tntity through tnquiry 2nd inspection. The Pll9rlms' Sehool Financial statÈmetr)ts foi th¢ year 31 August 2025 10 Independent Auditor's report to the Members of The Pilgrims, School Reviewirtg Fsngncial staiement th"sdo$ures and testtsjg to supporting documeDtstion to asse65 compiiance with applicable ]Aw8 And regulations: Performing audir work over the tisk of m2n2gement bi35 And override of contro￿, including ttst*ngoEjouxrtai entries and other adjusiments Eor ippropriatene55. evaluatjng the business r#tionale of swiiflcant trans*¢tions outside the nornd course of bustness And teviewing accountitig e5timaÈes Eot AndKatois of potential biis. Because of the itthtrent limi'tauotL¥ o( an 2udJ't, theie is a iisk thit we will not dttect all irrc8u12rities, including those le￿ing to a Materi￿ misstatement fft the ffft2nCi￿ statemaitb. vx non-comph2nce with Legnd2ti0n. Thts ri%k intttasts the more that ¢ompl]2nce with a ]2w or icguhtion is removed from the eveAt5 ood ts#n52Ction5 reflected the I￿anCIal 5tatemeyJts, ￿ we will be less lthely to becomt aware of in%tAnccs of non-compli8n¢¢. The risk is also gteatet reg2rding Irregul￿1￿¢5 occurr￿g due to lTrud rAthei than errot, as fraud invohTes inientionai cnnccAlmeni forgery. collus￿, omission or n)isrepres¢n12ti0n. A further descriptkon of out re5pon5ibilities is available on the fRCs website at htwS.'//ww.frc.o￿.uk/audItO￿s/#Uknt- assurance/2udiror-s-respon5ibilities-Eor-the-audit-tsF-tht-fi/desciiptioii-of-the-auditoe/¢EY/o80•/o99s-responsibliLlles-fOr. Thi"s d￿Cription fonns part of ow 2udituught fotiwd 3.693,470 91,777 3,785247 4,194.529 Balance8 earnied fr>twatd 3,340,395 88,883 3,429,278 3.78i247 All Amounts re]2te to contiiiuing operations. The a￿ompany￿)£ ￿coUn￿n8 pohcies and notes fortn an inte¥al part of these fix)ancial 5tat¢m¢nts. The Pi19rim$' Seh•ol Flnancial st•tèm•nts lor the yèar ehded 31 Awjust 2025 12 Balance sheet Note 2025 20?4 Fixed asset Tanpble 4ssers 3,794,078 3,813,261 Curtent assets Debtoxs 1,081844 £766,896 647,984 3.481,A13 C.￿h 2t b2nk 2ÉKI in hAnd 1849.740 4,129,797 Cteditot8'. falling due within one year io (&828.IM3) 13.078.284) Net cuttettt a88et8 21,697 1,051,513 Tot41 Ao8ets le86 current li8blllties 3,815,775 4,864,774 CffditorB'. amounts f￿1￿& due aftet mote thwh one year {386,497) {1.079,5271 Net *85ets 3,429,278 3,785.247 Fuods Unre5tritted fimd5.' Gertera] reserve Rcstricred funds 12 3J40J95 88.883 3,693,470 91,777 13 3.429,278 3,78i,247 The fLnAncial stateTnent$ w￿e Approved And #uthonstd fot issue b} the Governing Bcdy Ind are Signed on theit belx%dE ￿.: Mr J Griffith Chair of GovucLOT$ 30th June 2026 The %ccompanying accounting po]icie5 and norc5 form 2n integral p2rt ofthese fin2ncd StAtett￿ts. Th• Pllgrims, School Flnancial slatemènts t•r the year ended 31 August 2025 13 Cash flow statement 20 2024 C*8h fiow8 ftom oper*titig aciivides Net movement in fi￿d5 {355,969) (409.282) AdSustmeni$ fot., Depreciation of t$n￿b￿ *s$ets InteIt5t payable Interest rcceivable 226,373 4,735 (42223) (434,860) (918,834) 931,915 1,160 1?5,975) 462,930 1019,280 De¢re)se/(increasel in debtor5 Ill￿eaSe in creditor5 Net eA8h (ouitlow) / c*6h getterated from opetating aCUVAtie8 (L520.778) 2.280.028 C#sh flow8 ftom Invtstkng actiVilAe5 Purchase of tangible 2$5¢ts Intftt$t reccived (207,1￿} (139,012) 25.975 Net c￿h outflow ftom Investsttg activitie8 (164,967) (113,03 Cash flovls from financing *¢tivitie$ Rep2ymcnt oEbank and other 102AS lllterest paLd (24,437> (4,735) (111022) 11,160) Net ca8h outflow ftom financing *rttvint8 (29,172) (83,1821 Net (dectease) / increAs¢ in ¢aBh *1 bank and in hand (L714,917) ? 083,809 CÈsh at b#ok in hand at che beginni￿ of year 3,48L813 1,398,004 C45h at bank atsd in hatsd 1,766096 3.481,813 Net cash Cash xt bank xnd in hand l766,896 3,481,813 {In,000) (14,437> BarLk102ns due withiti one year B￿k losns due afrct one ycar L766.896 3,4i7,376 The accompanying accounting po]icies ai)d notes forni gn itite8tsl part of these F￿%￿£12L sr2tement$. Th• Pllgrlm*' S¢h••l Fin•ncial $tat•ment• for th• y••t •nded 31 Awst 2025 14 Accounting policies Company st•tss The Pi]gtlln8' Schonl is an independetst compAny lllnited by guuantee. The only membet of the compatty is the Chapter of Winchester C2thedtrdL In the event of the entity bejng wound up, the ltrabi]iry in respect OE the ￿￿tantee is ]Jmited to £1. Basi8 ot pr•paratlon The Fllwjcial $t2teme£Lts have been ptepared irt accordance with tylcci)unrJng gnd Reporting by Chatities.. St2tcment of Re¢ommended Practice app]icable to charttie5 Ptep3tittg their accounts in accvrdsttce with the Pinanciai Repoxtittg Stsndard applicabk in the UK and Republic of lid#nd (FRS 10?) (Chatities SORP IFRS 102)). the Financia] Reporing Sta))d#rd applicable in the UK asjd Repub]ic of lte1￿]d (FRS 102} #nd the Cornpanie5 Act 2006. The Piigtim5' SdK)ol meets the dcfinitioD of a pub]ic benefit entity undet FRS 102. Assecs and ]iabi]itie$ ￿ initi ¢ogtiised at histoIical cost ot tratssxction value unkss othe￿￿$t stated in th¢ rdevgnt accounting pohcy. Thc finaocial stateiDents are presented iti S¢et]thg W. The prin(ipai accountxng policie$ OE the School ate set out bdow. Oolng conumi th• dlsposal of all th• ass•ts ol th• school and c•a¥lng to tr•d• WhJ]e the Sthi>ol iemains a going o)ncern as detailed in Note 23, whert compkting these Accounts, they have not been PreP￿d on a going ¢oD¢ern b2515 25 this eutity no IoA8er exist Eollowing the mergex andwill bewound up in dlle cours The merger agreemenr includes the tr￿$6￿ of All xsset5 8nd ]iabilirics of thi5 comp#ny 10 W'inchtster College from I September 2025 gnd therefore th¢ prepaNtion of this company'5 ￿¢01￿ntS on 2 basi5 other thxn going conccrn has not Sulted in any adjustment$ ¢0 the figlues presented Vhen consdering 9￿Y %dju¥tmenis that may be neces5try the Govern￿5 have as5es5ed the going concun position of the School itsdf through teviews of after date rsults and Eutttr forecgsts, and undertaknygs from WuLche5ter College #s part of the merger deed. 'The 8overnors were sati5ficd that because the School VAS contittutllg as a going concern wideE its new stnKwr¢ thue was no nted to make ally %djustments in these fJnan¢iil st*temcnts ts a tesult ofthis individual entity ceasing to trade. FWMI a¢counting G¢D¢rAI funds att utlresttictcd funds which 2re avatlabk Eor use at the discretion of the Governors in further9nce ol the gencrgl obiecuves of the SchcK)l and which have not been desi8nated for other pU￿0$e$. Deswted fimds compxis¢ uN¢stsicted fi￿a$ thit h*ve been 5¢t xside by the G0Veu￿r$ for particulat putp)ses. The aim and use of each desigtLared fund is Set out in the notes to the fmanctsl ¥tatements. Re$tix¢ttd hmds are wkn.ch to be used in 4¢ry)Idance with speafic iestriction5 impostd by donor5 01 wILich h*ve been raised by the S¢hool for p2rticuht purposes. The costs of r4isitig and adrnintsterjng such 6Jnds arc chatged winst the ¥p￿1￿C fund. The aim and use of elch restiitted fi)wl is Set out in the notes to the Ftswlcial $t2t¢meAts. Incoming ro￿￿r¢05 Fee$ r¢ceiv*bles Consist of charges Eot the academic yeu 2024125 less allowances and bursaries out of the SCI￿1,$ designated fimds, but InCh￿t ¢onttsbut&ons ttceived from rc5tricttd fithd$ for bu￿￿rIeS. Othtt School income consists of optional extrA setvi¢e$ provided to the pupib, as well as income foy iJ)iid ry8tt2ti00 of and deposits fotfeitcd for pupjls. Tho Pllgrlms. School Fln¥n¢lal stat•M•nts l•r th• y•ar •ndgd 31 August 202% 15 Accounting policies Exp•ndlture Exptnthture i5 rccognised once there is a legal or constrnctiye obligation to tr20sfcr cconomi¢ berlefit to a third party. it is Pro￿ble that a transferof econc)nJic bcncfits will be requiredjn setdement and the *mowitof the obhgatioThcan bc rnea$uzed teli#bly. Expenditute 1$ ¢]a$$ified by activity. The costs of e2ch acttwiry arc madc up of the tot2] of dircct cost5 and shared costs, includmg support costs invoivcd in undcrtaktn8 each activity. Direct costs fLttributAbk to a activity are allocated direcdy to that activity. Shared costs which tontributc to n)ore one activity and support co$t$ which not attEiburAble to a 5Jngk activity are apportioned between those activities on a ￿S18 consistettt with the use of resources. Clwitsbk actsviiies are costs iticutred An connection with the tunning of the School. induthng ws, equipment to support teackng. attd other *dmini$ttation expen5e5. Govemance costs are thok inC￿red in connection with 2dmJnistration of the School and compiiince with Consu￿tiOnal and srattjtory requyrtmcnts. These costs indudt audit. legal advice for Govunors and the costs associated meeting constittitiona] $ta¢otory requ1￿MentS such as the c05t oEGovernoIs' meeiitigs 2nd the pIeparation of stsmtory Accounts. Cost5 oEgenuatin8 [l￿d3 are costs incuttcd in attracting voluntary intomc and th05c incurred in trading #ctivitie5 that r￿se fimds. FwidtaisAog costs are those incurred in s¢ekmg voluotary conttibutions and do not InCh￿e the costs of disseMi￿ting inforn￿tioll in support of the ch￿1t￿bk activitie& Fin¥Acing costs irldude Anrue5t on102n8 and othtt sources of 6n#nce. Resources expended ate iAdusive of w irretovttabk VAT. Tanglble fixed assets and dopr•clatlon Expenth"rure on improvements and modernisation which enhallces the long-tetm ca￿bilLty OE the School is capita]ised xt]d deprecigted in line with the pohcy Eor fteehokl buiithgs. Expendit[￿¢ on repairs aod general mointenance incurrcd on a reYJI￿ basis, dong individual items costing les$ than £l.(M)O, lte Charg￿ to the Ststement of Financial Activities 98 A rcview for impairJnellt of a (￿ed asset 18 Cattied ou¢ if event$ or chg4es in ¢itcwnst2nccs in(b"cate that the carrving value of any 6xed asset may notbe recovexable. Shortfalls between the caTryingvak￿ of fixed assets and their recoverable amoonts are recobmised 25 tinpairnients. Impaitmtnt 1055e5 are recognised in the Statement OE Financi￿ Artivities. Deprcciation is ptovided on gll twibk fjxcd as5etS tn use at rAtes caku]2ted to writt off the c05t ks$ ¢s1ima*d residu V31ue of cach as5Ct over it5 expected ]ife a5 follows". School buddings- freehold gtsd long leasehold Equipment Motot vehicles 5% Op•Mtlng l•aMg Rent*15 Und￿ opeE*iiog kases u¢ th*rged to the Statement of Financial Actiiryiies on a str•ight.line basts ov£t the le9se stocks No aceount ts taken at the ye2t-end of stock5 ofprovisions, $t#uonery. fixel %nd household rcquisitcs. In the opinion of the Govemins Body thi5 doe5 not reprc5ent 2 material deputure from stsndard accounting practice. Th* Pll9rlms' School Fin*nÉlal st*tètnent6 f•T th• y•ar •nd•d 31 A¥9U•t 2025 16 Accounting policies Inter•st recelvabl• Itstetest on hJnd5 held on deposit Ès included when receiwAble and the amounr cgn be tsie•5ured re]igbly by thc SchooL thts ts nottnally upoii notification of the intere$t p*id or pay*ble by the Bank Debtors Trade and other debtoxs iecogniscd at the settlement Amount %ftcI 20y trAde dis¢ount offered. The Governing Body tegulady ￿e￿e￿S debtois and piovi5iorJ AS made win5t 2Ay debts consAdtitd irrecovezabk. Cash at bank and In hand C.￿￿ at bank and in hand includes cash and shotf-tenn hghty investtnents with a short maturity of tltree months or less from the dltr oE2cquisition or opening of the (kposit or simi]ar accothit Uabllftles and provlslon• Lifibilities are ttcognised when there 15 % le8￿ or con5truttiYe oblytion *t the bxlance Sheet da￿ 2s a ie5uIt of a pg$t eYenL At As wobable that of economic bcftefit wjll be requllcd in 5tttlement. and the amount of the settkmeor can be estim•i¢d tr]i2bly. Li*bibties are iecognised at the amount that the entiry anticipates it will pay to settle the debt ot the nouot At has teceived #s adY2nced p#srynent$ the goods oi 8errices it must provide. Prorri$ioos are mea$￿ed at the best estim%te of th¢ gmounts iequited to settle the ob]igation. Where the eEfect of the time value of m¢)oey is m2teriaL tht provision ts based on the present value of those Amounts, discounted at the pic-tax discount rdte th*t reflerts thc iisks 5peafi¢ io thc ]iabiiity. The Un￿4￿dIng of the discount is recognised within Inte￿5t payable and rinanci*l imtruments The entity onli. has finAnci21 assets and financd ]i*bihtie5 of A kind that quaknfy as basic fin*)ctylitisrDJments. B*sic finan instiiiments are illiti2lly iecogrused at rr2tJs2ction value and subsequendy mts$￿red at theii settlement v4lue ￿th the exception oFbank k>an5, wbich measuted at 4moni5ed cost utsing thc eEfecmTe intexe$t method. P•nsions Refittment berJefit5 avadable to teAching stafEof the School iocknde the Texhers, Pensk)n Schett￿ ITrS). This 18 a dcfined benefit scheme and the assets are I￿a Sep￿*t¢1Y from those oEthe S¢hooL Thc TPS is In unfijnded scheme and contributiotis are calculated $0 as to spread cost of pensiotis over tmployees, workiELg INC5 wAth the School in such # way that the pensAon cost is a substantially levd percentage of curr¥)t and 51￿[C pe115ionabk p}toli 'IEe c()ntsibutiotis art &tenni￿a by the Government AcNary on the basis of quinquenni￿ vaiuauons u$iog a pIospecUYe bcnefit method. As stated in Note 19. the IVS is a tllulti-employer s¢hemc 2nd the School 1$ wi8ble to identify its share of the undedying Issets and jiabjlities OE th¢ scheme on a consistent 2rhd teasonxblc basis. The Trs. th￿tfore, is rttated as a defined contsibution $¢hemt and the contsibution$ are recognised as the) are paid each ye￿. The .School also operates defined conttibutty)n $dwmes fot te*¢l)ing sttff who hAve opted ollt of the Trs 2nd Eot non- trachtiig staff. Contributions are Cha￿ in the SOFA as they be¢oJne payable. The PllyrSm*' Sch¢M>I Finan¢l•l ¥tat•m•nts for lh• y•ar •nded 31 Aug￿$1 2025 17 Accounting policies Judgements In appfying accountlng pollel•s and key sour¢es ¢>f estimatlon unc•rtalnty ID the pteparation of th¢ J? 25 finanaal $fatements, it is the respon5ibAIity of both the Govtmots and Officet$ ¢0 m*ke infomhed judgement5 and estimAtes in the provision of ]iibi]ities attd expenses. The Pjigtims, Sthool acknowltdgts thc requiiements of thi5 di5c195ure. A5 SUC￿ thc Governors 2nd Officers of the School have made the follomqng judgeTnents •nd cstim2tions that hwe the most Swllficant effect on the amounts recogmsed in the finasjctsl 5t2tcnYnts. The schtsol btiildings have bten accounted in ]ioe with FK$ 102 on the basis that the existing k2se vixlI be extended be>Ymd its cuttent lease terni The Governor5 considu this judgement to be approptiate based on its ongoing di5CUssion5 the Ch2Pter of Wthchesttr CathedThl ind their intention to a8rce cxtcn5ion 01 2 ncw lease. Th• Pllortm•' S¢ho•l PIDanelal stat•ments ft+r th• yoar ottd•d 31 Augu¥l 2025 Notes to the financial statements Fees r•c•iv•ble 25 2024 Dai4ws BvaTder$ Pze-Prep Chviisters 589.082 IS08,040 394,876 650215 449,835 18,714 2,763,195 1,233,301 397,902 576.272 418.658 2,671 Sundry fre income Gross (ees re¢eiwablt 5,610,762 5J91,999 Less.. BU[s￿leS (217,836) (167,903) 5 J94926 1,992 (648) 5.??4,096 (1.032) Disbwsetnents (ner) Fees iemis8ion schemc coti]tiJi$sion 5,4]3270 (4,708) 5.223.066 (4.350) Lc5s.. Bursaties from icstricted flu￿9 s,408￿62 5218.716 Other School Income 2025 tkarntng 5UPPOrt Holi&y spoits COW5es/other dubs Choir time aftd expenses rechgged Registration fees Mwic f•uJiry Ch Sundry income 19,988 17.916 17,612 11,i(M) 3.761 6.815 31,956 21.920 16248 11212 3.563 2,317 77,192 87216 Th• Pllor4m¥' School Fln*th¢l•l stst•m•nts for th• y•ar •nd•d 31 Augu•t 2015 19 Notes to the financial statements staff costs 125 2024 W*ges and Salaries Soclai Securiry costs Ptnsion contribution$ I938,550 31L830 1978,774 281943 480,345 695.066 3.741062 The *Feryge number of emplo}'ees in the yeAt W?5". 2015 2024 Number Numbet Teac Domcstic/Welf*re Admtsiisttation 57 30 io 98 97 The emoluments OE ltsgher-paid employees fell within the fo]lowing ranges. 2025 2024 Numbet Number £60.001 to £lO,(M)O £70.001 to £80,000 £80.001 to £90,1)00 £90,IM)I to £lOO.000 £I(M).001 to D 10,000 Contnbutions totalling £101,635 {2023/24'. £82.304) wete made to pension schemes in ttspect of the hÉgher paid employee5. The key m2n2getnent persot]Jiel of the Chw comptise Headmaster ind the DRrector of Finance & Re50urce$. The tot21 employee benefits these petsonneL which indudes employer pension and Nl contiibutions, wete £239,781 (2023124.. £226.020). The Governors received no £em￿neration (luring the year. There wtse travel upenses fot GovemoTh durll¥ the yeat total]Ang £4,23512023124'. £3,457). Th• Pllgk1ms' S¢h•r41 Fin•nclal •tateThent¥ for the y•ar ••d•d 31 Auwust 202 20 Notes to the financial statements Gov•rnanc• costs 2025 2024 ALLdilo￿ ￿M￿￿er#U0n'. $t*Ntory audit serYAces C)ther profcssional lees Liabiliry it)sut￿ce 13x15 164.932 27A51 20,000 109,147 22290 205,418 151,437 Other pro£es5ionJ fees inc]udc £132,18412023124". £75,576) in respec¢ of legal lee¥ foi ewloymeni. ptoperty and advice ttspect of the mergcr with w￿d￿St￿ Colkgt. School financlng ¢osts 2024 loan intetest Other Antcrest 2nd sAmi]2r charges payable 961 3,774 1,591 4,735 3.897 Analysls of tolal v•sour¢e• axpend•d Stsff eo8t8 Oth¢t 2025 Staff costs 2024 Chatit*ble aetiFitie• bc1K￿l I)pet￿lI1¥ CUSiS.' TvAdwJg costs Welfxre costs Prcmi5e5 SuppoIt costs of sclM)oling Gr2ats awaTd5 and piizes 444,233 305,133 1749J66 2.646.097 215.439 2,859,536 494,652 34L415 836,067 473,542 380.715 854,257 269J74 L121735 IJ92,109 198,554 1,085,228 1.283.782 486.807 126.935 613.742 423.869 109,653 533,5L? £708 4,708 4550 4,350 15,418 2115,418 151,438 151.438 3,695,066 4106J44 5,801,410 3,741062 1.944,823 5,686,885 C0618 of gEtteiAting fundo FundrnisAng costs Finance costs 94A75 4,735 94275 4.735 53.085 3,897 53,085 3,897 3.695,066 4205?54 5,YIOA20 3.741062 ? (x)1,805 5.743.867 Th• Pllgrlm•' SGhool Flnan¢lal st*¢•m•nts for th• y••r •nd•d 31 Augyst 2025 21 Notes to the financial statements Net mov•mont In r•sources 2025 This AS Statcd afteE chargi￿. Depzeciation of tangibk fixed assets J73 231,915 AudAtor5' remuncr2iion- autht Se￿IceS 13335 240h55 243.455 Tangibl• fix•d as8•t¥ Long le*8elxold Equlpmtht property School bulldin88 Motor vehicle8 TotAI Cost At I Septembu ?024 Additions 4.937.287 50.930 1,809,866 207,190 69.181 6,867,?64 207,190 At 31 Avgust 2025 4,937,287 50.930 1017.056 69,181 7,074,454 Depteei#titi At I Septembei 2024 Charge kn tht yeat 1,816,683 102,002 1,175,007 123340 62,313 1,031 3,054,003 226,373 At 31 Awst 2025 1.918.685 1298J47 63,344 3.280J76 Net knok value #t 31 Augusi 2025 3,018.602 SO,9JO 718,709 5,837 3,794,078 Net knok value at 31 August ?024 3.120,604 50,930 634.859 6,868 3,813.261 Sc&ool buiidjngs comptise Plun￿llY the c05t of improv¢m¢nts. such as the Milleri￿ Blocl Pre-Ptep and the Wll)tOTJ complex mduding the wixnw pool. L'ndet thc temjs of the SchiK>I's lease ￿ the CathethaL these buildu)g$ fau within th¢ scope OE the kase 21 ye￿5 aftet they WCTe built and hence becoAne subject to reotal chargcs. The kase wa5 terniin2ted on I September 2025 Followi￿ the merger with Witithestu College which is exp12ined moie Fully in Note 23. Th• PllgTsms' S¢hool Financlal Btat•m•nts for th• y•ar •nd•d 31 August 2025 22 Notes to the financial statements Ihbtor4 Fees Others 955,139 127.705 586J42 61.64? 1,082,844 647,984 10 Cr•dltorn: amounts falllng duo within on• year 2025 2024 Bounce BKk10o Amow>ts owll￿ to suppliers Payxoll t￿eS and deducuons Fees invoiced in thance (FIA) Pupil deposit$ Other ue (386497) 3,429278 T4ngibk Cutt¢nt fixed a5set6 AB8eiE CutteJt lJ)ng-terni liabllitie$ liabiJirie8 Total Gentr￿ fillhd Restticted fimds 3,813,261 4,038,020 (5,078284) (1,079.527) 3,693,470 91.777 91.777 3.813261 4,129,797 (3.078,?84) {1,079.52n 3.785,?47 15 T•xation The School 15 registtIed as * ch2riry and there is no liabknty to tsxation on its clharitablc acliVit&es. 16 Capltal commitm•nts There Vd$ no capitAI commitM￿t at 31 Augu$t 2025 (31 August 2024 of £57.149 rehiing to woxk on dLe Schwl'5 boi]ers). 17 Oparntlng lew commltm•nl• At 31 August 2025 the Sdwol hAd futsue n)inimum renta15 pyable under non.cAocdlable operittllg le*ses as fo]iows.' latsd and buildin 2024 Non•c&n¢ellabk k46e comoiitiDettt8: Within l year Betiveen 2 wxd 5 years After more than S years 2AO.455 240.455 13,350 The lease commitment twhich uisted at the ba]Attce sheet date was exiinguished on I Septembtt ?0?￿ when the kase was tenti1￿1¢d following the mergcr with Winchestei Colly which 15 eApl*ined ll￿re fidly in Note 23. The Pll4rlm¥' 8ehool Flh•n¢lal s¢•t•monts for th• ￿*r *hd•d 31 Augu•t 2025 Notes to the financial statements 18 ontlnyont Ilablllll•* There were no tontin8ent ]12bilit￿ 8131 August 2025 ￿ 31 August 2024. 19 P•nslon ￿h¢M•S The Sch(K)I partscipates in the Teachers, Penston Scheme (England and Wole$l (the Trs? Eor its rc2chxng staff. The pension ch2rge for the ye4r includes contributions payable to the TPS of £334.134 (2023124.. £450,789) and at the yeatrfnd 12024.. £nil} was outStand￿g iti Lespect of contributions to this $chu))t. The TPS ts #n vnfunded multFemployei defined benefits PenSit￿ scheryLe governed by tht TeAcheTh' P¢nsions Re￿latIOnS 2014. Membcrs contsibllte tTrn a'pay as you go" basis with contributions ftom members gttd the employer bejng credited t the Exth4uet. ReliremtrAt and othcr pctision benefits ue pgid by public funds provided by As it 15 not POSSAble ot apptoptiate to consisiendy identify dy habilitie$ of the TPS thAt are Atrributxble to School. As ￿qUired by FRS 102"Retirement Benefits", the Sd￿1 accounts fot thts scheme &s Jf it wete * defthcd ct>ntribution schem The employer coJ)tributioo tste ts set Eollowing scheme vaiuxtions undettaken by the Goveniment Actuaty's Dq)arttnenL The m05t recent v21ll*tion of the Trs was pttpated as at 31 March 2020 #rkd the v￿Uation Report was published in October 2023. Fo]k>wing the MLCloud judgen￿L the remedy proposed that when benefits become payablt. eji￿.bk member5 C2n sclcct to receive them from eirher the refornled or legacy $chemes fot the pttiod l Apnl 2015 to Marth 2022. The aCtu￿leS have asswned that members are likdy to choose iht option thxt ptovides them with the greater benefits, •nd so iti preparing the 2020 valuation valucd the ￿talet value, benefits FOI groups of rt]ev#nt membus. Thr March 2020 vxluation confirmed that the employer rontsibulion rate foI the TPS would inuease from 23.60/0 to 28.68V/o from l Aptil 2024. Employers are also sequircd to WAY * $¢heme #dmintstsauon l¢ry of 0.08010 giving a total employtt contributM)n rate of 28.68°2o. With effect from I September ?024. some teachmg statTh4ve optcd to withthaw from the TPS and ¢ontsibute to the Aviva Pension TLU$t for Independent Schoo15 fAFtIS), a defjned Contiibution pension scheme, for which the S¢hty)I's contsibuiX>Q is 20ts/y of pensionabk Sglary. The pension chargc for the yearindudc5 coJ)tributions Pa￿ble to the Aiyfis of £71290 {2023124.. £NJI) and at the year-end £nd12024: £nU) was out5t2llthng in respcct ol contthutions to thi5 Scheme. For non-teaching staff, the School conttibute$ to a defined contribution pension scheme adminIst￿ta by Scottish Widows on behÈlf of th¢ Incotpotated A$socialion of Preparatory Schools. All other ehgible membrrs of staff are auto-enrolled to NFST. Tht School contributed £19,375 (2023/24.. £10,541) to the Scottish Widows Scheme and £19,887 (2023124.. £12,874) to NLqT duIll￿ the year. One staff membtt has a piiyate Scheme to whth the School contiibuted a fUttl￿ £Nil (20231?4'. £6.141). Rglat•d party transactlon The khwj operated as an independent company lio)ited by gwrantee under the ownerslup of The Chapter of Wirtthe5ter C2thedr2L The P￿8￿￿$, School was registered as A privat¢ Jimited company with the Registrar of Companie5 fot Engiaod 2nd Wales, company number 4296085. ol) ?J Seprember 2￿1. Included in premtses cost is tent of £?15,00012023124.. (Ml.O(X)) payable to the Chaptu of Winchester. Up until the M￿£¢[ date, the Chapter had the tight to appoint GovernoIs of The PJlgrixM' School Omited by guarantee). However, tbe Schty)I'$ re$utt$ not cons0]idatcd as the Ch*pttr dot$ nor regard rLumiAg thc Schcjol as part oftbe ministty of the Cathedral and any financial surplus is not P2$$ed on to the C2thc&JL save in the event of a dissolution 01 wind-up and onty after all debts and lJabi]itie5 have b¢¢n scttkd The PHgYlms' Sch￿1 Fln•nclal statomtnt• lor th• y••r •nd•d 31 •lii¥u#t 2025 2fj Notes to the financial statements Rolatgd transacllons (contimi•d) Duting the year, £291.930 {2023124.' £368,789) OF fees and sundts chuges weft p#id by Wjnchester C*thethal for the education of the Cathedt#i'$ ChoristU5. Io *d&"tion. School Eec5, inch￿1Ve of VAT. OE £40,721 (2023/24. £10,674) wue payable by the Raymond Freke Awrd foi which the School'5 Directoi of Finance & Resources #nd Fle*(1rn2$tet, and the Dean oEIVmchester Cathedtal arc ex olficio ttustees. At the yeat