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2025-08-31-accounts

ST ALBANS SCHOOL

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Company limited by guarantee Registered in England No. 4400125 Charity No. 1092932

ST ALBANS SCHOOL

CONTENTS

Page
Annual Report of the Governors 2
Independent Auditor’s Report 21
Consolidated Statement of Financial Activities 25
Consolidated Summary Income and Expenditure Account 26
Consolidated and School Balance Sheets 27
Consolidated Cash Flow Statement 28
Notes to the Financial Statements 30-48

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ST ALBANS SCHOOL

ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

The St Albans School Governors present their Annual Report for the year ended 31 August 2025 under the Charities Act 2011, including the Directors’ and Strategic Reports, under the Companies Act 2006, together with the audited financial statements for the year.

CONSTITUTION AND OBJECTS

St Albans School was founded in AD948 by Abbot Wulsin and is believed to have operated as a school without break since that time.

It was incorporated on 21 March 2002 as a company limited by guarantee and not having a share capital (registered in England, No.4400125). The School is registered with the Charity Commission as a registered educational charity No.1092932. The undertaking comprising the former charitable trust of the same name was transferred to the company with effect from 31 August 2003. The registered office and address of the School is at Abbey Gateway, St Albans, Hertfordshire, AL3 4HB.

The School’s Object and principal activity, as set out in the Memorandum and Articles, were updated during the year and are to advance education and training by the provision and operation of a school or schools in or around Hertfordshire.

AIMS, OBJECTIVES AND ACTIVITIES

During the year, the School was a secondary day school for boys between the ages of 11-18 with girls in the Sixth Form. In furtherance of the Objects for the public benefit, the School operates premises in St Albans, has established and administers bursaries, grants, awards and other benefactions, and acts as the trustee and manager of property, endowments, bequests and gifts given or established in pursuance of these Objects. The School also maintains its buildings and endowed land, with its Scheduled Ancient Monument and other listed buildings considered of national importance.

The Ethos, Vision, Goal and Aims are:

Motto

NON NOBIS NATI (born not for ourselves)

Ethos

Over seventeen hundred years ago Saint Alban, a seeker after truth, lived and died in this place. Today, more than one thousand years since its foundation, this School which bears his name continues to play an important role in the local community, fostering scholarship and intellectual enquiry at the heart of an exceptional holistic education. Enriched by inspirational teaching, wide-ranging academic, cultural and sporting opportunities and strong pastoral care our pupils develop a love of learning together with the values, skills and qualities to enable them to live successful and happy adult lives in an ever-changing world, faithful to the altruism of our motto.

Vision

To help each pupil flourish intellectually and personally, developing self-knowledge and self-confidence in order to find meaning and purpose in life.

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Goal

To enhance the School’s reputation as one of the UK’s leading institutions for academic excellence at the heart of an exceptional holistic and value-rich education that develops intellectual, personal and interpersonal potential, and that is attractive to pupils, parents and staff.

Aims

WE AIM TO DELIVER OUR ETHOS AND VALUES, REALISE OUR VISION AND ACHIEVE OUR GOAL BY:

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Widening entry via means-tested bursaries, where possible, for local children with the potential to benefit from a St Albans School education; and exercising a careful and responsible stewardship of the School’s finances and facilities, ensuring the best-possible educational value.

STRATEGIES TO ACHIEVE THE SCHOOL’S OBJECTIVES

In setting our objectives and planning activities, Governors have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging.

During the period of this report, the School maintained excellent results at A level and at GCSE. Sporting standards and participation remain excellent, high-quality musical and theatrical performances were maintained, and an active programme of tours was achieved, expanding pupils’ horizons. Community and service activities continue to expand; staff training and facility improvements continue.

Since the year end, the ISI inspected the School between 14 to 16 October 2025 which was found to be compliant in all areas. The report is available on the ISI website and on the School’s website.

Principal activities of the year

The School provided education in St Albans to boys from the age of 11 and girls in the Sixth Form. This year the School averaged at 888 pupils (2024 – 906) in the financial year and opened in September 2025 with 884 pupils.

Despite the challenging environment for independent schools, the demand for places remains strong. This means that admission is academically competitive as evidenced by the increasing academic ability of the intakes at 11+ and 13+. This gives us confidence that the School can operate at high capacity for the foreseeable future without compromising its resolve to maintain the high academic standards with which the School has long been identified.

Grant-making policy

The Governors regard bursary awards as important in ensuring that children from families who would otherwise not be able to afford the full School fee can access the education the School offers. All pupils who meet the entrance requirements, whose parents meet the financial conditions, may be considered for an award, subject to the availability of funds. These are made solely on the basis of parental means or to relieve hardship where a current pupil’s education may be at risk. In assessing means we take into account family income, savings, assets and other family circumstances. However, the School does not have a large endowment and awards are funded mindful that Governors must maintain a balance between possibly hard pressed, fee-paying parents and those benefiting from bursary awards. Bursaries need to make a material difference to the family concerned, bringing life-changing opportunities.

The Governors' aim is to award new, means-tested, bursaries and scholarships to the value of eight full fees each year as follows:-

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The majority of available funds go towards bursaries.

Scholarships and bursaries valued at £1,114,000 (2024 - £1,193,000) were awarded in the year. Of this total, £637,000 (57%) was awarded through means-tested bursaries. A total of 190 pupils in the School received either a bursary or scholarship during the year (2024: 194) of whom 15 received total remission of fees (2024: 14).

Available bursary funds were deployed on a means-tested basis during the academic year. Means-tested bursaries, in some cases in combination with scholarships awarded independently on academic merit, were offered to those who qualified in respect of ability and financial need, in strict order of attainment in the relevant selection process. The School’s Bursary Policy is available on the School’s website.

STRATEGIC REPORT

Operational performance of the School

The School is committed to safeguarding and promoting the welfare of pupils and expects all staff and volunteers to share this commitment. The School prides itself on the strong pastoral care provided for all pupils by Form Tutors under the aegis of Heads of Year and Heads of Section.

The School welcomes pupils from all backgrounds. For a candidate to be admitted, the School needs to be satisfied that it will be able to educate and develop them to the best of their potential and in line with the general standards achieved by their peers. Entrance assessments are undertaken to satisfy the School and parents that potential pupils can cope with the pace of learning and benefit from the education provided. These assessments are made without regard to economic status, ethnicity, race, religion or disability.

Academic

In summer 2025, pupils experienced a normal year of public examinations and were well supported by teachers with ways to develop efficient and effective Learning to Learn (LTL) strategies.

At A Level in 2025, A grades accounted for 23% of all grades (32% in 2024) and A and A grades were at 58% (70% in 2024). 3 candidates achieved at least 4 A grades, 21 achieved at least 3 A grades and 41 gained at least 2 A*s.

The School's 2025 GCSE results included 62% of examinations graded at 9-8 (compared with 68% in 2024). Almost two-thirds of the year group gained at least five grades 9-8, with 57% of the cohort gaining at least six grades 9-8. 42% of the year group achieved at least eight 9s and 8s. 31% achieved at least nine 9s and 8s and 29 candidates (almost one-fifth of the cohort) achieved at least ten 9s and 8s. 28 pupils achieved straight 9s and 8s. Half of our candidates gained at least seven grades 9-8.

127 (72%) of students who applied to university in 2025 secured a place at their first preference university on results day with 29 (16%) being offered a place at their second preference university. 122 (69%) were offered places at Russell Group universities with 30 (17%) confirming places at former 1994 Group universities such as Bath and Loughborough. Twelve students will be enrolling on Medicine or Dentistry courses. Four students will take up Oxbridge places (2 at Oxford and 2 at Cambridge). The most popular

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destinations for St Albans School alumni this year are Nottingham, Bristol, Warwick, Loughborough, Leeds, York, Durham and Bath. Three students took up a degree apprenticeship. Two students pursued opportunities outside the UK.

St Albans School believes that a good education is about so much more than examination results and university places. Our pupils undertake a Learning to Learn (LTL) programme and develop transferable skills across the curriculum; they leave us with the skills and qualities they will need to be successful in the rest of their lives. The thriving programme of academic enrichment beyond the classroom supports and facilitates curiosity and enables the development of independent thinking and academic excellence. Activities include lecture programmes, the creation of academic magazines and journals, trips, national competitions and a vast array of academic societies.

Music

The past year was an exceptionally vibrant one for music across the school, marked by an impressive range of performances, workshops, and collaborations.

Highlights included:

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Sport

Rugby

Rugby continued to thrive across all year groups, with 18 teams regularly representing the School throughout the term.

Tennis

Tennis attracted pupils from all year groups, with regular participation in Games lessons, weekend fixtures, and county and district competitions.

Girls’ Sport

Cricket

Cricket continued to flourish, with over 350 boys representing the school across 16 teams, including D teams at U14 and U15 levels and a Senior 4th XI.

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Athletics

Athletics saw excellent participation and achievement across age groups, with strong team and individual performances.

ADDITIONAL COMMUNITY AND PUBLIC BENEFIT

The Governors regard the School’s wider activities as a critical part of its activities; the School must be, and be seen to be, an important part of the local community. Governors have reviewed the guidance from the Charity Commission in respect of public benefit and continue to review this regularly against the policies and objectives of the School. Accordingly, Governors have had due regard to the guidance in reviewing activities in the year.

The Governors see the charitable benefit as being in the following categories:-

  1. The education of the pupils at the School

  2. Widening access through the bursary scheme

  3. The considerable use of its educational and sporting facilities by the local community

  4. The extensive partnership programmes with local schools and charities

Each is now considered in detail:-

1. The education of the pupils at the School

In pursuing the charitable objects, the School demonstrably provides a first-class education to its pupils. This education is more than academic and social; it concerns itself with linguistic, mathematical, scientific, human, social and physical development and prepares pupils for the wider world in the best possible manner.

By parents choosing to educate their pupils at St Albans School, the taxpayer is saved from paying for their education in state-maintained schools. The Independent Schools Council estimates that this saves the taxpayer some £6,500 per pupil per year (the approximate cost per pupil at an Academy), amounting to some £6m per annum for the 885 pupils currently at this School.

2. Widening access through the bursary scheme

The awarding of bursaries for those unable to afford the School’s fees is a measurable means of demonstrating additional public benefit beyond the education of the Charity’s direct beneficiaries.

In maintaining, and where possible expanding, the bursary scheme operated by the School, we are able to select a number of pupils on purely academic criteria with minimal reference to their ability to fund the fees levied by the School. The School currently supports a total of 15 full fee remissions and a further 175 partial remissions including both Bursaries and Scholarships. This represents some 21% of the total

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School roll. In this way we believe we ensure that the benefit provided by the School is not restricted to those who have the ability to pay for education.

3. The considerable use of its educational and sporting facilities by the local community

In addition to the above, the School provides a wide variety of Community benefits as detailed above and as follows.

The Woollams Pavilion also hosted a national seminar on groundsmanship.

Much of this use is provided by the School free of charge or at low cost to cover directly-incurred expenses.

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4. The extensive partnership programme with local schools and charities

Partnership and Community Engagement

In 2024/25, the Partnership Scheme between St Albans School and local primary and special schools continued to thrive, involving over 65 Lower Sixth students and approximately 100 visiting pupils each week.

Swimming Lessons

Pupils from four local primary schools used the School’s swimming pool twice weekly, supported by qualified coaches and a St Albans School teacher. Sixth Form students acted as lifeguards, with all associated costs covered by the School.

Masterclasses for Primary Schools

Weekly masterclasses in Science, Music, Drama, Computer Science, Musical Theatre and Art were delivered by staff and Sixth Formers, both at St Albans School and partner schools. These sessions offered pupils access to specialist facilities and curriculum support while giving Sixth Formers valuable leadership experience.

Musical Theatre Workshops

Each term, A Level Music and Drama students helped deliver primary school workshops culminating in performances of Joseph and the Amazing Technicolor Dreamcoat .

Book Club

The weekly Book Club, led by the School Librarian and Sixth Form English students, encouraged Year 5 and 6 pupils to explore reading for pleasure. Books were selected by ability and provided by St Albans School.

Specialist Support

Staff from Drama, Music, Art, Science, Maths and French departments visited local primary schools to run subject-specific workshops, enhancing pupils’ learning and teacher collaboration.

Classroom and Sports Assistants

Lower Sixth Form students volunteered weekly in primary schools, supporting lessons, reading, sport, and creative activities. Their work provided valuable classroom support and fostered communication, organisation and mentoring skills.

Special Schools – Watling View School

Four Sixth Formers volunteered weekly at Watling View School, assisting children with complex learning needs in reading, sport, gardening and play. Their placements strengthened empathy, adaptability and communication skills.

Fitness and Fun

Held during National School Sport Week, this event welcomed over 240 Year 4 pupils from local schools to Woollams for activities led by St Albans School’s PE staff, promoting teamwork and confidence.

Sports Experience Day

Staff and pupils volunteered at St Luke’s School in Crouch End, hosting a day of cricket, tennis and rugby for over 400 children with learning disabilities from Hertfordshire special schools.

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School Staff as Governors and Volunteers

Ten staff members served as Governors of local schools and four as charity Trustees. Many others volunteered in community, educational and welfare roles, reflecting the School’s deep civic commitment.

Community Link Programme

Volunteers supported local care homes, charity shops and food banks through weekly visits and assistance, providing companionship, practical help and community engagement.

Sports Facilities Access

The School’s Sports Centre and Woollams were made available to 16 local clubs and societies, supporting community sport and recreation.

Visiting Care Homes

Sixth Form volunteers offered conversation, music and quizzes at local care homes, building lasting relationships with residents. An Art teacher also provided weekly creative sessions at Verulam House.

LinkAges Christmas Party

Over 80 elderly guests attended the annual festive event hosted by the School, featuring food, music, and carol singing by pupils. Complimentary transport was provided for all attendees.

Higher Education Support

Sixth Form staff delivered Oxbridge and Medicine/Dentistry support for local state-school students, including workshops with a Cambridge tutor and mock interviews for 16 candidates.

Combined Cadet Force Partnership

Since 2015, the CCF has partnered with Marlborough Science Academy. Around 25 cadets joined weekly training, taking part in fieldcraft, first aid and camps throughout the year.

The Duke of Edinburgh Award

This popular scheme continues to give young people a great deal of opportunity to involve themselves in volunteering for their local community. It is very popular with pupils with:

Expeditions taking place all over the British Isles and assisted and assessed by the School’s teaching and support staff.

Environmental Work

The Environmental Group is a member of the British Trust for Conservation Volunteers (BTCV) and aims to foster an awareness of local conservation issues and to help the community by participating in schemes to improve the local environment.

Charitable Fundraising

This year the School community has again raised considerable sums for charitable causes. It has achieved this through a wide range of activities, including whole-school activities, form group events and individual efforts.

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SUSTAINABILITY

The School, its pupils and its staff recognise the importance of sustainable development and the need to reduce the impact of carbon emissions. In recent years, the School has taken a large number of measures to reduce its environmental impact, including the following:-

Around half of students travel in by coach, thus reducing car travel. Approximately 25% of pupils commute by car. This proportion is substantially less than the average across all Hertfordshire schools (which is around 40%) and already in line with the County Council’s ambitious targets for all schools.

Governors are pleased to have received consent to add an array of photo-voltaic (solar) panels to the sports hall roof. Work is due to take place during 2025/26.

The School also has a Green Council, where pupils and staff meet to review progress and consider what further steps might be taken. The school was again awarded the Green Flag Award in 2025.

EQUITY, DIVERSITY AND INCLUSION

The School has developed a clear EDI policy and has also reviewed its position using a detailed questionnaire developed by AGBIS in conjunction with Farrer & Co. To quote the policy:-

Our commitment is to an equitable, diverse and inclusive school. St Albans School is committed to promoting equity, diversity and inclusion through the creation of an environment in which individuals have the opportunity to thrive and be valued for what makes them unique.

The School is committed to work to eradicate discrimination and prejudice, reduce barriers to learning and promote participation for all, responding to and embracing the diversity of our pupils, parents, staff, governors, volunteers, donors and suppliers (hereby known as the “school community”) as well as the local community. The School recognises the benefits of having a diverse and representative school community who value one another and the contributions everyone is able to make.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The School had 885 pupils at the end of the financial year (2024 – 906). The School population from September 2025 was 884 pupils.

Total income of the School (excluding donations) for the year was up by 1.1% on the corresponding period in 2023/24. This level of income is required to finance the ongoing capital expenditure needed to

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upgrade the School's facilities and support the playing fields, and in order to keep pace with what is expected of the School as a premier educational establishment.

The School's Net Income (excluding donations) was £1,280,000 (2024 - £1,690,000), some 6.5% of net fee income. The surplus was below the medium-term benchmarks that the Board uses but is moving in the right direction. In order to maintain standards and investment, while keeping our costs and therefore our charges to parents, to a minimum, the Governors wish to see continued improvement over the medium term and a plan is in place to do so.

During the year the School Foundation raised a total of £363,000, which was allocated as requested by donors in supporting bursaries, and specific capital projects where a difference could be made to the School. These donations have significantly assisted in our ability to provide funding both for the future and for current needs.

Also during this year there were significant financial events arising from the Government’s policies:-

The consequences of the above are that fees are now subject to VAT at 20% and school costs of business rates and national insurance have risen significantly.

As an educational charity, the School gives parents the assurance that all income must be applied for educational purposes. Further, school resources are used to support both our bursary policies and partnership scheme.

Educating some 900 pupils provides saving to the taxpayer of around £6.5million, to which needs to be added the approximate amount of UK tax supported by the School of approximately £10million. In addition to this relief to the public purse, the School brings substantial benefits to the local community, as a major employer, through the education we offer, our bursary programme and the Community Link and Partnership scheme, which creates a social asset without cost to the Exchequer.

We consider that the key financial performance indicators are those that communicate the financial performance and strength of the School as a whole, those being pupil numbers, academic results for the year, surplus for the period, extra-curricular performances and applications for places for the following year. For the period under review, pupil numbers continue to be at historically high levels, academic results are strong, the financial result for the period was acceptable in current circumstances and registrations for future admission have increased on the previous year. Taking all of these together, the performance of the School remains excellent. All of these factors give the Governors the confidence that the School is, and will remain, a going concern, and so the accounts have therefore been prepared on this basis.

Reserves Policy

The total funds of the Charity at 31 August 2025 amounted to £33,505,000 (2024 - £31,795,000) of which £1,213,000 (2024 - £1,184,000) were endowed funds, £1,517,000 restricted and £30,775,000 unrestricted (2024 - £1,432,000 and £29,179,000 respectively). The unrestricted funds include designated funds which represent Bursary and Foundation Funds and amounted to £5,300,000 (2024 –£4,753,000) at the year end.

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It is the Governors’ aim to maintain adequate reserves between 5% and 10% of fee income to enable the School to meet unforeseen costs or to cover any shortfall in expected fees or other income. The level of reserves is monitored and reviewed annually by the Governors. Free reserves in the School at the yearend (non-designated, unrestricted reserves less fixed assets minus loans on such assets) amounted to £6,980,000 (2024 - £6,480,000) which the Governors regard as adequate, but not excessive, having regard to forecast levels of income and expenditure and to the likelihood of contingencies arising that might not be met out of income when they arise.

Investment policy and objectives

The Governors’ investment powers are governed by the Memorandum and Articles of Association which permit the funds of the School to be invested as may be thought fit subject to such conditions and such consents as may be imposed or required by law.

It is the Governors' policy to aim for a reasonable long-term overall return with the emphasis on income generation whilst maintaining the capital value of the funds in real terms.

The School continues to diversify its investments to provide a moderate but managed level of risk, commensurate with maintaining a suitable annual income and some element of capital growth. The Finance Committee continues to review investment policy and returns.

The fund managers aim to preserve the portfolio above the rate of inflation. For the year to 31 August 2025 this performance was achieved.

FUTURE PLANS

The School’s latest Strategic Development Plan was approved by the Board in November 2022 and the School is being managed in accordance with that. This plan sets out the development for the School over the following five years, reaffirming the Aims and Objectives as set out in the relevant section above.

In addition, the Governors took the decision in March 2025 to extend co-education within the school for pupils in the first to fifth form. The first cohort of girls will join the first form in September 2026.

Since the year end, a decision was taken for Beechwood Park School to become a subsidiary of the School. Consequently, St Albans School became the sole member of Beechwood Park School on 2 January 2026.

GROUP STRUCTURE AND RELATIONSHIPS

The School has two connected charities:

(a)

Development Trust (Registered Charity No. 311052)

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The School has a trading subsidiary company Abbey Gateway Enterprises Limited which is included and consolidated into the School’s group accounts in the year ended 31 August 2025.

Results for Abbey Gateway Enterprises Limited show a retained profit for the year of £35,081 (2024 – (£346)).

PRINCIPAL RISKS AND UNCERTAINTIES

The major risks faced in each of the principal areas of the School’s operations have been examined. The School’s Risk Register is regularly reviewed in detail by the Audit & Risk Committee and the full Board, which receives a formal annual report from the Audit & Risk Committee as well as updates at each meeting.

In the opinion of the Governing Body, the major risks to which the School is exposed, as identified, have been reviewed and processes to manage those risks have been established, which, under normal conditions, should allow these risks to be mitigated to an acceptable level in the School’s day-to-day operations. Risks are also reviewed in the context of the long-term strategic objectives of the school and their likely impact on this plan. At the time of writing, major risks currently identified include:-

The potential impacts of these risks, together with their likelihood of occurrence, are reviewed against the ability of the School to continue to operate at the highest level academically and appropriate control mechanisms have been established. With these risks and uncertainties in mind, the Governing Body is aware that plans for future development of the School may be subject to unforeseen future events outside of the direct control of the School.

The School looks to address the risks above through generic controls (see below) and specific actions such as:-

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The generic controls used by the School to minimise risk include:

The Governors regularly review the effectiveness of current plans and strategies for managing all identified major risks for both the School and its subsidiary.

GOVERNANCE AND MANAGEMENT

Governing Document and Governing Body

The School is governed by its Articles of Association which were fully updated in August 2018. The Governors, who are also the Charity Trustees, are responsible for the overall management and control of St Albans School. The Governors are the Directors, Members and Charity Trustees of the Charitable Company. The Governors of the charitable company during the year were as follows; unless otherwise indicated they served throughout the year.

Lt Col MWS Cawthorne RM Retd 4, 5
Mrs F Lightowler 2, 3, 6
Professor J Luzio 1
Mrs C Millington 5, 7
Mr N Moore (OA) 5, 6
Mr C Oglethorpe 1, 4, 7
Mr N Osborn (OA) (Chairman) 1, 4, 7
Ms A Philpott (OA) 1, 2
Mrs C Pomfret 2, 4, 6
Mr Guy Sanderson 1 Appointed 15 March 2025
Mr B Walker (OA) 1
Mr A Woodgate (OA) 3, 6

1 - Education Committee, 2 – Finance Committee, 3 – Property Committee, 4 – Nominations, Remuneration and Governance Committee, 5 – Audit & Risk Committee, 6 - North St Albans Committee, 7 – Environmental and Social Governance Committee

During the year the Board of Governors met formally 3 times to review all matters relating to the School and more frequently when necessary. All Trustees give of their time freely and no remuneration was paid in the year.

Biographical details of all governors can be found on the School’s website.

The Board’s committees all have clearly defined responsibilities, terms of reference and reporting lines back to the Board of Governors. In addition, individual Governors give time to specific projects to match their skills and experience.

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Governors are be appointed for terms of four years. Any retiring Governor who remains qualified shall be eligible for reappointment in accordance with Article 5.3 for up to two further terms of four years but shall not then be eligible for reappointment unless the Governors resolve by a majority of not less than 75% of those voting at the relevant meeting that they should continue in office (Article 5.5).

The Bursar, in their role as Clerk to the Governors, is responsible for co-ordinating the work of the Governing Body and its Committees, circulation of papers and reviewing matters arising.

The School has also access to, and is very grateful for, an Advisory Panel of experts who kindly donate their considerable specialist expertise to support governors, principally through their attendance at meetings of the governors’ committees. They are not Governors, Trustees, Directors or Members of the Company. The current Advisory Panel comprises Mr P Brown, Mr O King, Ms B Mehta-Parmar, Dr F Osuagwu, Mrs C Preston, Mr P Rattle, Mrs C Screen, Mr L Sinclair and Mr M Sutton.

Recruitment and Training of Governors

Governors are appointed following careful analysis of a skills matrix and are carefully screened for eligibility, specialist skills and availability. Consideration is also given to achieving diversity on both the Board and Advisory Panel to support the outworking of School values and School EDI Policy. New Governors are inducted into the workings of the School and its connected charities, including Board policies and procedures. They are also invited to attend, where appropriate, training courses and seminars organised by AGBIS and associated bodies or organisations.

Organisational Management

The day-to-day running of the School is delegated to the Headmaster and Bursar supported by the Senior Leadership Team. The Headmaster, Bursar and Second Master attend meetings of the Governing Body and its committees.

Remuneration

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

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel; staff costs are the largest single element of the School’s charitable expenditure.

Employment policy

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

Charity Governance Code

The Board of Governors has reviewed the Charity Governance Code in detail and compared the School’s structures and performance against each key area. This analysis has been presented to, and discussed by, the Board of Governors as a whole. The Governors are satisfied that the School applies the principles

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of the Code within its current Governance arrangements and is making additional efforts to ensure that the constituents of the Governing Board has a diverse representation which reflects the nature of the Charity’s beneficiaries.

Fundraising

St Albans School Foundation is managed by the staff of the School’s Development Office, led by the Development Director, and does not engage third party fundraisers or commercial participators. The Development Office is overseen by the Headmaster with overall oversight by members of the Governing Body and in particular, the Audit & Risk Committee of the Board. SAS Foundation is a member of the Institute of Development Professionals in Education and subscribes to the Fundraising Preference Service. It has voluntarily registered with the Fundraising Regulator and complies fully with the Code of Fundraising practice. The Development Office has Terms of Reference approved by the Board of Governors.

St Albans School Foundation always ensures that due care and attention is given to protect members of the public, and in particular vulnerable people, from any undue pressure or unreasonable intrusion related to fundraising. The Foundation also ensures that our storage and use of personal data used for fundraising is compliant with relevant data protection legislation.

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ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

SENIOR LEADERSHIP

Key members of the Senior Leadership team: Headmaster Mr Joe Silvester MA Bursar & Clerk to the Governors (to 31 Aug 2025) Mr Richard Hepper MA (Cantab), FCA Bursar & Clerk to the Governors (from 18 Aug 2025) Mrs Angela Higgs BSc, FCA Second Master Ms Melody Jones BSc Deputy Head – Academic Mr Daniel Sabato BA Deputy Head - Staff Mr Gareth Nichols BA, MEd

PRINCIPAL ADDRESS AND REGISTERED OFFICE

St Albans School, Abbey Gateway, St Albans Hertfordshire AL3 4HB

WEBSITE www.st-albans.herts.sch.uk COMPANY SECRETARY Mrs Angela Higs BSc FCA

BANKERS

Clydesdale Bank Plc - Verulam Point, St Albans AL1 5HE Barclays Bank Plc - Blenheim Gate, 22-24 Upper Marlborough Road, St Albans AL1 3AL

SOLICITORS

Debenhams Ottaway LLP – Ivy House, 107 St Peter’s Street, St Albans AL1 3EW Farrer & Co LLP – 66 Lincoln's Inn Fields, London WC2A 3LH

Veale Wasborough Vizards LLP – Barnards Inn, 86 Fetter Lane, London EC4A 1AD

CMS Cameron McKenna Nabarro Olswang LLP – Cannon Place, 78 Cannon street London EC4N 6AF

AUDITORS

Saffery LLP, 71 Queen Victoria Street London EC4V 4BE

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T AL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIE5 The members ot the Governing body Iwho are also rhe Direciors of Si Albans School for Ihe purposes of company law} are responsible for preparing the Annual Report of the Governors, the Strategic Report and the financial gtatements in accordancé with applicable law and United Kingdnm CiP.ng.rally Ar.cg.Ptpd Accounting Practice Iunited Kingdom Accounting Standardsi. Company law requires the members of the Governin8 Body to prepare financial statements for each financial year. Under company law the tsoverning Body mernbers MLJSI noi approve Ihe flnanclal sLdieinen¢s unles5 they are sat15fied that they give 8 true and fair view of the statc of affairJ of thc Charitable Company and of the incoming resource5 and application of resource5. including the income and expenditure, of the Charitable Company for that period. In preparin8 these financial statements, the Governing Body memh@rs are reqiiirpd tn'_ select the most suitable accounting policies and then apply them conslstently,. observe the methods and principles in the Charities SORP.. make judgments and accountins estimate3 that are re8Jonable and prudcnt., state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements-, and prepare the financial statements on the going concern basis unless it is inapproprlate to presume that the charitable company will continue in bu•inca.. The members of the Governing Body are responsible for ensuring that adequate accounting records are kept sufficient to show and explain the charitable companys transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to pngLire that the financial statements comply with the Companies Act 2006 and the provisions of the Charitys constitutlon. They are 3150 responsible for safeguarding the assets of the Charity and hence for taking reasonable for the prevention and detertion of fraud and other irre8ularitios. Relevant Audit Information Insofar as each of the Directors, as members of the Governing Body, at the date of approval of this report 1% aware there is no relevant audit intormation Iinformation needed by the Companys audlior In connectir)11 wiLlI yi ¥yai 1118 tlie éudit report) of which the Compan/5 auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a rllember Of Llie Guveiiiiiig Body in order to make himself or her3elf aware of the relevant audit information and to establish that the Compan515 auditor is awaré of that information. This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of St Albans School on 21 March 2026, including in their capacity as company dirertors approving the Direttors, and Strategic Report therein, and Is signecl on its behalf by.. MrN Chair an and Dir 20

ST ALBANS SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST ALBANS SCHOOL

Opinion

We have audited the financial statements of St Albans School (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Summary Income and Expenditure Account, the Consolidated and School Balance Sheets, the Consolidated Cash Flow Statement and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

21

ST ALBANS SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST ALBANS SCHOOL

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report of the Governors and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 20, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

22

ST ALBANS SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST ALBANS SCHOOL

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Further the Group is subject to other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the Group’s operations. We identified the most significant laws and regulations to be the Independent Schools Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

23

ST ALBANS SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST ALBANS SCHOOL

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Turtington Senior Statutory Auditor For and on behalf of Saffery LLP Statutory Auditors

71 Queen Victoria Street London EC4V 4BE Date 15 April 2026

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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T ALBAN CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST2025 (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) Unrestrirted Restricted Endowed Funds Funds Funds £ OOO'S £ OOO'S £ OOO'S 2025 £OOO's 2024 £OOO's Notes Income and endowments from- Charltable actlvltles School fees receivable Other education31 income 19.761 2,387 19,761 2,387 19.813 2,240 Other trading activities Non-ancillary trading income Other activities Investments Investment income and interest Donations and legacies Donations Total income 318 171 318 171 294 259 551 91 642 424 284 79 363 115 23,472 170 23,642 23,145 Expèndlturè on: Raising funds Financing costs Development office Non- ancilliary trading Investment management costs Total dedurtible costs 66 66 84 253 1,215 253 1,215 283 1,297 22 1,542 1,548 1,686 Charltable actlvltles Education Total expenditure 20,372 21,914 79 20,451 21,999 19,654 21,340 85 Net incominglloutgoingl funds from operation5 before transfers and investment gains 1,558 85 1,643 1,805 Gains on Investments 38 29 67 210 Transfers between funds Net Income and capltal Inflow 19 1,596 85 29 1,710 2,015 Fund balances brought forward at 1 September 2024 29,179 1,432 1,184 31,795 29,780 Fund balances carried forward at 31 August 2025 19 30,775 1,517 1,213 33,505 31,795 The notes on pages 30 to 48 form part of these financial statements. 25

T ALBAN CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2025 2025 £OOO's 2024 £OOO's Notes Income from: Charitable activities School fees Other educational income other tradlng actlvltles Sub-letting and management charges Non ancillary trading Income Investments Dividends, bank and other interest Donations and legacies Grants and donation5 19,761 2,387 19,813 2,240 171 259 318 294 642 424 Unrestricted Restricted 115 79 other Income Total income 23,642 23,145 Expenditure on- Costs of ralslng funds Financing costs Development office Non ancillary trading Investment management costs 66 253 1,215 14 283 1,297 22 1,548 1,686 Charitable activities Education Total expenditure 20,451 21,999 19,654 21,340 Net income before investment gains and inter-fund transfers Net investment gain5 for the year Net Income for the year 1,643 1,805 38 117 1,681 1,922 Tot31 income comprises £23,472,000 unrestricted funds 2nd £170,000 for restricted funds. A detailed analysis of income and expenditure by source is provided in the Statement of Financial Activities. Expenditure comprises £21.914,000 for unrestricted funds and £85,000 for restricted funds. The income and expenditure account excludes all movement on the Charity's permanent endowment fund so as to comply with the requirement5 of Companies Act 2006. The Summary Income and Expenditure Account is derived from the Statement of Financial Activities on page 26 which together with the notes to the financial statements on pages 30 to 48 provide full information on the movements during the year on all the funds of the School. 26

ALBA COMPANY REGI￿RATION NUMBER 0440012S CONSOLIDATED AND SCHOOL BALANCE SHEET5 ASAT31 AUfjUST2025 Group school 2025 £OOO's 2024 £OOO's 2025 £OOO's 2024 £OOO's Notes FIXÉD ASSETS T3ngible a5s*ts Investments 18.4SO 9,258 27.708 18.945 9,202 28.147 18.450 Y,Z58 18.945 9,202 28,147 10 CURRENT ASSETS Stock Debtors Cash and dep051ts 83 2.013 12,519 14,615 74 881 15,804 16,759 11 2.001 12,453 14,454 872 15,751 16,623 CURRENT LIABILITIES Credilurs Pdydblv wiiliiii oiie year 12 16,7961 18,3121 16.6911 18,1961 NET CURRENT ASSETS 7.819 8.447 7,763 8,427 TOTAL ASSETS LESS CURRENT LIABILITIES ?£.4?7 36.594 35.471 36.574 LONG-TERM LIABILITIES Creditor5 payable after one year 13 12,0221 14.7991 12,0221 14,7991 NE[ A55EIS 18 33,505 32,449 REPRESENTED BY 19 PERMANENT ENDOWED FUNDS EXPENDABLE ENDOWFD FUNDS RESTRICTED FUNDS UNRESTRICTED FUNDS Oesignated Reserve 5choDI ReseivE Pension Reserve 63 1.150 1,517 63 63 1.150 1.517 63 1.432 1,432 S,300 25,494 4,753 24.431 5.300 25,438 4,753 24,d11 21 TOTAL FUNDS 33,505 31.795 33,449 31,775 The net result tor the financial year deali wilh In rhe flnanclal siaiemen15 Qf Lhe Pdieiil Llidi ily a sui-plu5 of £1,674,000 12024 £2,016,000). These financial statements were authorised for issue and approved by the Board on 21 March 2026 and were signed on its behalf by.. Mr Neil Osb Chairman of the Governing 8ody The notes on p•8•s 30 to 48 form part of these finantÉal Etat@m@nts.

T ALBAN CONSOLIDATED CASHFLOWSTATEMENT FOR THE YEAR ENDED 31 AUGUST2025 Note 2025 £000'5 2024 £OOO's Net cash inflow from operations Net cash provided by operating activities 12,7711 9,976 Cashflows from Investlng actlvltles: Payments for tangible fixed assets Additions to securities investments portfolio Withdrawals from securities investments portfolio Investment income and bank interest received 1651 1311 14 642 13441 1201 22 424 Net cash provided by investing activities 560 82 Cashflows from financing activities: Repayment of loans Finance costs paid Net cash (used inl flnancing activitles 11,0081 1661 15231 1841 11,0741 16071 Changè In cash and cash equlvalents In the reportlng perlod 13,2851 9,451 Cash and cash equlvalents at the beglnnlng of the reportlng Derlod 15,804 6,353 Cash and cash equivalents at the end of the reporting period 12,519 15,804 The notes on pages 30 to 48 form part of these flnanclal statements. 28

T ALBAN NOTES TOTHE CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST2025 lil Reconciliation of net income to net cash flow from operating activities 2025 £OOO's 2024 £OOO's Net income Elimination of non.operating cashflows- Investmeni income Finance costs Investrnent management charges Defined benefit pension scheme adjustments Depreciation charge Profit on sale of assets Ilncreaselldecrease in inventory Ilncreaselldecrease in debtors Increa5e/ldecrea5el in creditor5 Net cash provided by operating artivities 1,643 1,805 16421 66 14 14 560 14241 84 22 551 191 11,1321 13,2851 12,7711 28 7,903 9,976 lill Analysi5 of cash and cash equivalents Cash at bank 12,519 12,519 15,804 15,804 liiil Analysis of net changes in debt At1 At31 Sèptember 24 £OOO's Cashflows August 25 £OOO's £OOO's Cash Loans due within one year Loans due over one year Total 15,804 1671 19411 14,796 13,2851 67 12,519 12,2771 12.519 29

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES Basi5 of preparation The financial statement5 have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Charities SORP IFRSI 021. The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment In which the School operates. The accounts are drawn up on the historical cost basis of accountlng, as modified by the revaluation of investment properties and other Investments. The School ha5 taken advantage of the exemption available to a qualifying entity in F￿102 from the requirement to present a charlty only Cash Flow Statement with the consolidated flnancSal statements. Going Concern The Governors consider that the key financial performance indicators are those that communicate the financial performance and strength of the School as a whole. those being pupil numbers, academic results for the year, surplus for the period, extra-curricLJlar performances and applications for place5 for the following year. For the period under review, pupil numbers continue to be at historically high levels, the financial result for the period was good and registrations for future admission have Increased on the previous year. The Governors have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future and consider that there were no material uniertainties over the School'5 financial viability. Accordingly, they continue to adopt the going concern basis in preparlng the financial statements as outlined in the Statement of Accounting and Reponing Responsibilities on page 21. Accounts These accounts. in accordance with a Charity Commisslon unlting direction. combine the financial statements of the company. 51 Albans School, and its Irusts, the Si Albans School Trust, Ihe St Albans School Scholarship and Bursary Trust, the St Albans Schoollohn Clough Bursary Trust, George Wishart Prize Fund and thelames Baum Prize Fund. The accounis for the School's wholly owned trading subsidiary. john Insomuch Schoolmaster Prin(er114791 Limited. have not been consolidated on the basis that it is dormant and not material to these accounts. The accounts present the consolidated statement of financial activities ISOFAI, the consolidated cash flow statement and the consolidated and School balance sheers on a line by line basis. comprising the consolidation of Ihe School and i(s wholly owned subsidiary Abbey Gateway Enterprises Ltd. No separate SOFA has been presented for the School alone as permitted by Section 408 of the Companies Act 2006. The School Is a Public Benefit entity registered as a charity in England and Wales and a company limlted by guarantee. It was incorporated on 21 March 2002 (company number 44001251 and regis(ered as a charity on 12 july 2002 Ichariiy number 10929321. The registered office is Abbey Gateway, St Alban5, Hertford5hire, AL3 4HB. Critical accounting judgements and key sources of estimation uncertainty In Ihe application of Ihe accounting poliiies, the Governors are required 10 make judgement, esiimates, and assumpiions about the carrying value of a55ets and liabilities that are not readily apparent from other 50urie5. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual resulis may differ from these esiimates. The esiimaies and underlying assumpiions are reviewed on an ongoing basis. Revisions to accounting estimates are recogni5ed in the period in which the estimate 15 revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. 30

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 ACCOUNTING POLICIES Icontinuedl The following accounting policies have been applied consistently in dealing with items which are ion5idered material in relation to the School's financial statements. Fees and other educational income Fees receivable and charges for seryices and use of premises are accounted for in Ihe period in which (he service is provided. Fees receivable are stated after dedurting allowances, scholarships and other remissions allowed by the School, but include contributions received from bursaries and other tru5t5. Investment Income The income derived from investments is accounted for on an accruals basis and is credited to the relevant fund when it is receivable. Income from investment properties Is accounted for in the period to which the rental income relates. Rental income lincluding incentives received or paid) for operating leases on investment property are recognised in the Statement of Financial Artivities on a Straight line basis over the lease term. Donations. legacies grants and other voluntary income Voluntary income is aciounted for a5 and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable. Donations received for the general purposes of the School are credited to'designated funds to distinguish them from direct School income. Donation5 subjert to specific wi5he5 of the donor5 are carried to the relevant restricted fund5 Of to endowed funds as appropriate. Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. All cost5 have been dirertly attributed to one of the funitional categories of expenditure in the SOFA. The irrecoverable element of VAT is included within the item of exDense to which it relates. Governance costs cornprise the costs of external audit, any le8313dvice for the Governors, and 311 cost5 of complying with constitutional and statutory requirements. such as preparing statutory accounts and satisfying public accountability. Intra- group sales and charges between the School and its subsidiaries are excluded from trading income and expendiiure. School buildings The original Sihool building5 erected before 1929 are all listed properties. They are carried at the amount of the original gift together wlth the cost of other buildings erected subsequently as the Governors consider it Is not appropriate to apply a current value 10 such property. The School is responsible for keeping these properties in fit and useful condiiion and such costs are written off as incurred. Depreciation Depreciation Is provided on the orlglnal cost of all tangible fixed assets. except freehold land. at rates calculated to wrlte off the cosi less estimated residual value based on curreni markei prices of each asset over its expected useful life as follows.. Freehold property Long Leasehold property Equipmeni and vehicles Over 50 years Over SO years Over 3 to 10 years Capitalisation Items of equipmeni and fixiures and fillings in excess of £25,000 are capitalised or when part of a new projeci where the total cost of such items exceed5 £25,000. Other incidental costs of equipment are charged to the st3tement of financial activities under appropriate cost headings. Investments Investmen( properties are valued as individual investments at their market values as at the balance sheet date. Rental income is recognised in the period to which it relates. Purchases and sales of investment properties are recognised on exchange of iontrart5. The investment properties at Cheapside Farm are stated at market value a5 at 23 August 2019, a5 calculated by 8idwells LLP Chartered Surveyors Iregulated by RICS). The Governors believe this to be a reasonable estimate of the current open markei value. 31

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 1 ACCOUNTING POLICIES Icontinuedl Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the "ownership" of the underlying assets. Investments in subsidiaries are valued at cost less provision for impairment. Fund accounting Foundation Maths Fund Foundation Bursary Fund St Albans School John Clough Bursary Trust St Albans School Trusi St Albans School Scholarship & Bursary Trust The unexpended income of the above trusts is restricted. The School land ai Abbey Gateway, St Albans. has been acquired by gift and purchase over more than one hundred years. All of this School land is permanently endowed and is held in the St Albans School Trust. The School's other funds are unrestricted except that some funds have been designated by the Governors for certain purposes. Restricted funds Restricted funds Permanent endowment funds Permaneni endowment funds Expendable endowment funds Penslon scheme The Teachers, Pension Scheme - Thi5 schetne is a multi-ernployer pension scheme. It 15 not P055ible to identify the School's share of the underlying asset5 and liabilities of the Teacher5, Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as If it were a defined contribution scheme. The School's contributions, which are in accordance with the recommendations of the Government Artuary, are chzrged in the period in which the salaries to which they relate are payable. The School offers membership of a defined contributions pension scheme IThe Pensions Trust Growth Plan) to non- teaching staff. The School's contributions to the pension schemes are charged to the income and expenditure account as they fall due. Some staff hold funds in Growth Plan Series I to 111,. although no contributions were made after 30th September 2013. This is a multi-employer scheme where it is not possible to identify separately the assets and liabilities. A liability 15 recogni5ed for the present value of agreed additional contributions payable to fund a deficit in the scheme related to Past 5eryice. See Note 21. The School contributes to Aviva's Pension Trust for Independent Schools l APTIS I, a defined contribution scheme for teachers offered as an alternative to the Teachers, Pension Scheme, from lune 2024. Financial instrurnents Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial asseis held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank account5 and used as working capital. Financial liabilities held at amortised cost comprise all creditor5 except fees received in advance Ideferred income), Social security and other taxes and provision5. A55et5 and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate. Advance fee scheme Parents may enter into a contract to pay the School in advance for fixed contributions towards the tuition fees for up to seven years. The money may be returned subject to specific conditions on the receipt of notice. Assuming pupils will remain in the School, fees in advance are recorded as deferred income and allocated to current and long term liabilities per note 14. Taxation The School's SLJrpluses are derived from, and are applied towards, the mainten3nce of charitable activities and as such are not subject to taxation. 32

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 CHARITABLE ACTIVITIES- FEES RECEIVABLE 2025 £ OOO'S 2024 £ OOO'S £OOO's E OOO'S lal School fees comprlse: Gross fees Less.. Bursaries, scholarships, grants and allowances 21,154 11,4721 21,154 11,4481 19,682 19,706 Add.. Scholarships and bursaries paid for by restricted funds 79 19,761 107 19,813 Ibl The total grants. awards and prizes paid for by restricted funds comprises: 2025 E OOO'S 2024 E OOO'S Scholarships Music awards Foundation Bursaries 33 66 79 73 107 Scholarships and bursaries valued at £1.114,000 12024- £1,193,000) were awarded in the year. Of this total, £637,000157%1 was awarded through means-tesied bursaries. A total of 190 pupi15 In the School received either a bursary or 5cho13rship during the year12024'. 1941 of whom 15 received total remission of fees12024.. 141. CHARITABLE ACTIVITIES- OTHER EDUCATIONAL INCOME 2025 £ OOO'S 2024 £ OOO'S Coaches Entrance and registration fees Examinations Welfare School Tours and trips Miscellaneous 935 89 201 489 578 95 2,387 929 81 182 486 504 58 2,240 OTHER TRADING ACTIVITIES 2025 2024 £ OOO'S £ OOO'S Non anclllary tradlng Income Abbey Gateway Enterprises Ltd 318 318 294 294 Other actlvltles Management charges Sub-lettings Miscellaneous 132 27 143 104 171 259 33

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 5 INVESTMENT INCOME AND INTEREST 2025 £OOO's 2024 £ OOO'S Investment Income UK equities Overseas securities 52 55 77 79 Bank and other interest Cash 587 642 345 424 6 DONATION5 RECEIVABLE 2025 2024 £OOO's £ 000.5 Restricted bursary donations Other donations 79 284 363 74 41 115 7 ANALYSIS OF EXPENDITURE lal Total expendlture Staff Other Depreciation (see below) Total 2025 costs (Note 81 £ OOO'S costs £ OOO'S £OOO's £ OOO'S Charitable expenditure Education and grant making Teaching Welfare Premises Support costs of schooling and governance Grants, awards and prizes 10,357 129 493 2,015 813 2,348 1,916 92 226 12,598 942 3,175 3,644 92 334 1,728 Total charitable expenditure 12,707 7,184 560 20,451 Costs of raising funds- Financing costs Development office Abbey Gateway Enterprises Ltd Investment mznagement 66 66 185 68 253 22 1,193 14 1,215 14 Total expenditure 12,914 8,525 560 21,999 Depreciation and other costs relating to the School's endowed fund properties totalling £63512024 - £6351 have been charged directly to the endowment fund. 34

ST ALBANSSCHOOL NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 7 ANALYSIS OF EXPENDITURE Icontinuedl Ibl Total expenditure- comparative Staff Other Depreciation (see below) Total 2024 cost5 INote 81 £￿0.5 costs £OOO's £ 000.5 £ 000.5 Charitable expenditure Educatlon and grant maklng Teaching Welfare Premises Support costs of schooling and governance Grants, awards and prizes 9,816 123 484 1,641 1,890 809 2,706 1,509 125 217 11,923 932 3,524 3,150 125 334 Total charltable expendlture 12,064 7,039 551 19,654 Costs of ralslng fun(Is: Financing costs Development office Abbey Gateway Enterprise5 Ltd Investment management 84 283 179 20 1,277 22 1,297 22 Total costs of raising fund5 199 1,487 1,686 Total expenditure 12,263 8,526 551 21,340 Depreciation and other costs relating to the School's endowed fund properties toialling £63512023- £6351 have been charged directly to the endowment fund. Icl Governance included in support costs- 2025 £ OOO'S 2024 E OOO'S Auditor's remuneration audit prior year loverllunder provision 26 28 27 30 other services Other governance costs ss 36 35

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 STAFF COSTS AND RELATED PARTY TRANSACTIONS Total staff costs comprlsed: 2025 2024 £000'5 9,692 1,179 2,020 23 12,914 £ OOO'S 9,422 1,073 1,768 Salaries and wages Social Security contributions Pension contributions Pension Trust revaluation 12,263 lal None of the Governors received remuneration from St Albans School. No Governor12024-01 requested or received reimbursement of travel expenses. Ibl During the year the School paid £25,656 in respect of directors. and officer5, indemnity in5urance12024- £19,735). Icl The average number of employees in the year calculated on a full time equivalent basis was17012024-1701 of which 10412024- 1031 were teaching siaff. This equated to total average employees of 20212024- 2001. Idl DLJring the year there were termination payments amounting to £10,780.12024- £10,500). le l Aggregate employee benefits of key management personnel was £913,76412024_£840,8071. The remuneration of the highest paid employees fell within the following bands (excluding pension contributions). 2025 2024 £60,001- £70,000 £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000 38 31 £110,000- £120,000 £130,001 - £140,000 £220,001- £230,000 £240,001- £250,000 The number of higher paid employees for whom retirement benefits are accruing under a money purchase scheme amounted to 1212024- 91 and under a defined benefit scheme 4912024- 431. TANGIBLE ASSETS Freehold Long Leasehold property £OOO's Equipment & vehicles Group and School property £OOO's Total £OOO's E OOO'S Cost at 1 September 2024 Additions 21,250 270 1,997 65 23,517 65 Cost at 31 August 2025 21,250 270 2,062 23,582 Depreciation at I September 2024 Charge for year Depreciation at 31 August 2025 Net book value at 31 August 2025 Net book value at 31 August 2024 3,495 329 89 988 226 4,572 560 3,824 94 1,214 5,132 17,426 176 848 18,450 17,755 1,009 18,945 36

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 10 INVESTMENTS Unrestrirted Designated £OOO's £OOO's Endowed £OOO's 2025 £ OOO'S 2024 £OOO's GROUP INVESTMENTS Valuation at 1 September 2024 Additions Disposals at opening market value Revaluations Group valuation at 31 August 2025 6,599 1,437 264 1,166 213 9,202 477 9,016 2,723 12,6331 96 9,202 12841 51 1,468 12301 42 15141 93 9,258 6,599 1,191 The split of investments by fund for 2025 is shown in note 17 Group Investments comprise: At At 3110812025 3110812024 MV MV £ OOO'S £OOO's Cash Non-UK investments assets 42 2,353 264 2,230 333 UK investment assets Investment properties 6,599 9,258 6,599 9.202 School Investments comprise: At At 3110812025 3110812024 MV Cost £OOO's MV Cost £OOO's £OOO's £ OOO'S Cash Non-UK investments assets 42 2,353 264 42 1,932 503 40 2,230 333 1,932 503 UK investment assets Investment properties 6,599 9,258 5,859 8,336 6,599 9,202 5,859 8,334 Investment equltles and other holdings £OOO's Investment Properties £ OOO'S Total £1￿0.$ Valuation at 1 September 2024 Additions Disposals at opening market value Revaluations Valuation at 31 ALJgust 2025 2,603 477 15141 93 2,659 6,599 9,202 477 15141 93 9,258 6,599 The investment properties were valued in August 2019 by Bidwells LLP Chartered Surveyors Iregulated by RICSI. 37

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 10 INVESTMENTS {continuedl other Investments Six ordinary £1 5hare5 in Abbey Gateway Enterprises are held by St Alban5 School. The company is a wholly owned subsidiary. The results have been consolidated with the School accounts (see note 231. Three Ordinary £1 shares in John Insomuch Schoolmaster Printer114791 Limited are held by the directors of the company on behalf of St Albans School. The company is a wholly owned dormant subsidiary. The net asset5 are immaterial 50 have not been consolidated into these account5. 11 DEBTORS Group 2025 £OOO's Group 2024 £000'5 School 2025 £ 000.5 School 2024 £ 000.5 Due within one year Fees Income tax rec(>verable Sundry debtors Prepayments 1,137 30 33 813 2,013 160 1,137 30 25 809 2,001 160 12 73 636 881 64 636 872 The debtor5 in respect of 5chtsol fee5 ha5 increased a5 3 consequence of the introduction of the charging of VAT on school fees. The VAT element of outstanding September fees 15 included above and also included in other taxation and social security owed In note 12. 12 CREDITORS- AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 £OOO's Group 2024 £000'5 67 School 2025 £ 000,5 School 2024 £ 000,5 Bank loans and overdrafts Fees and deposits received in advznce Trade creditors Other taxation and social security Other creditors Advance fee scheme deferred income Accruals and deferred income Pension provision- Pensions Trust 67 1,611 629 4,327 647 1,611 537 4,327 545 1,427 315 2,365 260 1,422 314 2,365 434 260 315 2,342 349 308 2,342 342 6,796 8,312 6,691 8,196 Pupil Fees Deposits the tot31 amount held in relation to fee deposits of £948,000 is included above. In the normal course of business the expected repayment of these amounts will be £202,000 12024.. £294,000) within one year and £746,00012024'. £485,800) after more than one year. The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the School, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and. in line with the requiremenis in FRS 102. the balance of the deposits held at 31 August 2025 have been included within current liabilities. 38

NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 13 CREDITOR5: AMOUNTS FALLING DUE AFTER MORETHAN ONE YEAR Group 2025 £ OOO'S Group 2024 £ OOO'S 941 3,858 School 2025 £ OOO'S School 2024 £ OOO'S 941 3,858 Bank loans Fees in advance scheme 2,011 2,011 Pension provision- Pensions Trust 2,022 4.799 2,022 4,799 The Clydesdale Bank loan was repayable by instalments over 5 years from November 2022 with an interest rate of 2.5% over base rate. It was repaid in full during the year. 14 FEES IN ADVANCE SCHEME Parents may enter into a contract to pay the School in advance for fixed contributions towards the tuition fees for up to seven years. The money may be reiurned subject to specific conditions on the receipt of notice. Assuming pupils will remain in the School. fees in advance will be applied as follows 2025 2024 £ OOO'S £ (WJO'S After five years Within two to five years Within one to two years 75 1,802 1,981 3,858 2,342 6,200 1,155 2,011 2,365 4,376 Within one year 2025 Summary of movements In Ilablllty £￿0'S At I September 24 New contracts Repayments Amounts used to pay fees At 31 August 25 6,200 510 1961 12,2381 4,376 39

NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15 MATURITY OF DEBT ANALYSIS 2025 £ OOO'S 2024 £ OOO'S Amount falling due-. In one year or less or on demand In more than one year but not more than two years In more than two years but not more than five years Secured 67 70 871 1,008 16 LEASES During the year, no operaiing lease payments were expensed through the Statement of Financial Aciivities. 17 CAPITAL COMMITMENTS At the year end the School had no capital commitmenis12024-£nill. 18 ALLOCATION OF THE GROUP NET ASSETS Net 2025 Total net assets Tanglble assèts current assets Long term Investments £ OOO'S E OOO'S £ OOO'S £ OOO'S £ (rfjo's Permanent endowed funds Expendable endowed funds Restrirted funds Unrestrirted funds.. Design3ted School reseNes Pension reserve 52 63 1,190 1401 1,517 1,150 1,517 1,470 6,598 3,830 2,479 5,300 25,494 18,439 12,0221 18,450 9,258 7,830 12,0331 33,505 Net 2024 Tangible assets current assets Long term Total Investments £ OOO'S net assets £ OOO'S £ OOO'S £ OOO'S £ (XIO'S Permanent endowed funds Expendable endowed funds Restricted fund5 Unrestricted funds.. Designated School reserve5 Pension resewe 52 1441 1,432 63 1,121 1,432 1,165 1,439 6,598 3.314 3,698 4,753 24,431 18,934 14,7991 18,945 9,202 8,447 14,7991 31,795 40

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 19 SUMMARY OF MOVEMENTS ON MAJOR FUNDS Balance blfvid 2024 £ OOO'S Income Funds Transfers Net Gainsl Incomel {Lossesl {expenditurel £OOO's Balance clfvid 2025 £OOO's spent £OOO's £ OOO'S £OOO's £ OOO'S SCHOOL School Reserve Pension Reserve 24,431 151 24,426 23,120 121,8601 11971 1,063 25,494 1191 25,475 23,120 121,8741 11971 1,049 DESIGNATED FUNDS BursaryFund School Tours Fund School Foundation Fund 4,017 30 181 197 219 38 4,274 736 322 1321 1401 290 1,026 5,300 4,753 352 197 509 38 UNRESTRICTED FUNDS 29,179 23,472 121,9141 1,558 38 30,775 RESTRICTED FUNDS Scholarship & Bursary Trust John Clough Bursary Trust Foundation Maths Fund Foundation Bursary Fund 191 24 141 1,430 1,432 145 170 1661 1851 79 85 1,509 1,517 ENDOWED FUNDS Permanentendowed funds john Clough Bursary Trust St Albans School Trust 52 52 63 63 Expendable endowed funds Scholarship and Bursary Trust & others. 29 1,150 1,184 29 1,213 TOTAL RESERVES 31,795 23,642 121,9991 1,643 67 33,505 * Others comprise-. The George Wishart Prize Fund1£5001 and thejames Baum Prize Fund1£1001. Transfers are made from the School to the Bursary Funds termly based on pupil numbers so 35 to fund designated expenditure, which amounted to £1,298,680. Bursaries and Scholarships of £1,102,174 were funded by the Bursary Fund. Transfers from the Foundation Fund to the Foundation Bursary Fund are in accordance with the donors, wishes. 41

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 19 (Continued) SUMMARY OF MOVEMENTS ON MAJOR FUNDS- 2024 COMPARATIVE Balance blfwd 2023 £ OOO'S Income Funds Transfers Net Gainsl Balance incomel (Losses) clfwd lexpenditurel 2024 £ OOO'S £OOO's £ OOO'S spent £ OOO'S £OOO's £ OOO'S SCHOOL School reserve Pension reserve 22.947 22,795 121.1431 11681 1,484 24,431 22,932 22,795 121,1331 11681 1,494 24,426 DESIGNATED FUNDS Bursaryfund School tour5 fund School foundation fund 3,701 167 199 117 4,017 1121 1611 666 197 1661 1781 70 736 4,378 242 258 117 4,753 UNRE5TRI￿ED FUNDS 27,310 23,037 121,2111 1741 1,752 117 29,179 RESTRICTED FUNDS Scholarship & Bursary Trust John Clough Bursary Trust Foundation Maths Fund Foundation Bursary Fund 1431 191 191 20 1.356 1,379 1121 74 53 73 108 1731 11291 74 74 1,430 1,432 ENDOWED FUNDS Permanentendowed fund5 Scholarship and Bursary Trust St Albans School Trust 49 52 60 63 Expendable endowed funds Scholarship and Bursary & others 1,031 90 1,121 1,091 93 1,184 TOTAL RESERVES 29,780 23,145 121,3401 1,805 210 31,795 * Others comprise: The George Wishart Prize Fund1£5001 and thejames Baum Prize Fund1£1001. Transfers are made from the School to the Bursary Funds termly based on pupil numbers so as to fund designated expenditure, which amounted to £1,252,676. Bursaries and Scholarships of £1,084,444 were funded by the Bursary Fund. Transfers from the Foundation Fund to the Foundation Bursary Fund are in accordance with the donors, wishes. 42

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 20 PURPOSE OF FUNDS lal Deslgnated: The Bursary Fund exists to fund bursaries for pupils of the School. The balance available is reviewed annually. School Foundation fund exists to account for and hold unrestricted donations received by the St Albans School Foundation either through regular giving, specific donations or legacy donations lexcept for donations to bursaries (See below). The details of the expenditure of the donations are published annually in the Foundation Annual Report. Ibl Restrirted: The Foundation Bursary Fund receives donations made to the Foundation where donors request monies to be applied towards bursaries. The Foundation Mzths Fund was 3 restrirted fund for the purpose of developing a new maths centre at the school. It was funded to date by specific donations. The balance is being used to fund specific costs in the maths centre. Icl Endowed as to capltal and Restrlcted as to Income arlslng from that capltal: Expendoble enrjowment.. The Scholarship & Bursary Trust exists to fund scholarships of up to half of a full fee, which are awarded following competitive examination to pupi15 entering the School at age 11, 13 and 16. Scholarships are awarded in art and music in addition to academic excellence. Permanent endowment.. The john Clough Bursary Trust, established in memory of a former Head of Music at the school, exi5t5 to help defray the c(>st of additional music tuition. Bursarie5 are awarded for tw(> year5, following competitive performance on the recommendation (>f distinguished independent adjudicators. The St Albans School Trust was founded with the object of providing and conducting, in or near St Albans, in the County of Hertfordshire, a day school for boys and also for girls in the Sixth Form. On 31 August 2003 the unrestricted and restricted activities of the trust were transferred to the company, St Albans School. The Trust hold5 the pertnanently endowed property of the School. 21 PENSION SCHEMES Teachlng staff The School participates in the Teacher5, Pension Schetne (￿he TPS") for its teaching Staff. The pension charge for the year includes contributions payable to the TPS of £1,608,81412024: £1,533,413) and at the year-end £nil12024- £nill was accrued in respect of contribution5 to this scherne. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers. Pension Scheme Regulations 2014 las amended). Members contribute on a.pay 3S YOLJ go" b3SlS With contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament The employer contribution rate 15 set by the Secretary of State following scheme valuations undertaken by the Government ActuarY5 Department. The m05t recent actuarial valuation of the TPS wa5 prepared as at 31 March 2020 and the Valuation Report Wa5 published in October 2023. The Valuation Report show5 notional a55ets of £222.2bn and liabilitie5 Of £262bn, re5ultin% in a schetne deficit of £39.8bn. 43

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 PENSION SCHEMES Icontinuedl Teachlng staff The employer contribution rate for the TPS is 28.6%. and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. Non-teachlng staff Non-ieaching staff are offered membership of defined contribution schemes offered by The Pension Trust. The employer's contributions are charged in the Statement of Financial Activities in the period in which the salaries to which they relate are due. During the accouniing period, the School paid contributions to non- teaching staff pension5 totalling £159,487 Some staff continue to hold funds in Growth Plan Series 110 111, although no contribuiions were made after 30ih September 2013. This is a multi-employer scheme which provides benefits to some 521 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not Possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with docLJments issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK The scheme is classified as a 'last-man standing arrangement,. Therefore the company is potentially liable for other participating employers. obligarions if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on wiihdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 Septernber 2023. This valuation showed assets of £514.9m, liabilities of £531.Om and a deficit of £16.1 m. To eliminate this funding shortfall, the Trustee ha5 asked the participating employers to pay additional contributions to the scheme (see provi5i0n below) Note that the scheme's previous valuation was carried out with an effective date of 30 September 2020. This valuation showed a55ets of £800.3m, liabilities of £831.9rn and a deficit of £31.6m. To eliminate this funding shortFall, the Trustee asked the participating employers to pay additional contributions to the schetne (see provision below) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series l and Series 2 scheme liabilities. Where the scheme is in deficit and where the School has agreed to a deficit funding arrangement the School recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding tsf the discount rate is recognised as a finance cost. PRESENTVALUES OF PROVISION 31 Aug 2025 £OOO's 31 Aug 2024 £OOO's 31 Aug 2023 £OOO's Present value of provision

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 PENSION SCHEMES Icontinuedl RECONCILIATION OF OPENING AND CLOSING PROVISIONS Period Ending 31 Aug 2025 £OOO's Period Ending 31 Aug 2024 £OOO's Provision at start of period Unwinding of Ihe di5COUnt factor (interest expense) Deficit contribution paid Rerneasurements- impact of any change in assumptions Provision at end of period 181 22 INCOME AND EXPENDITURE IMPACT Period Ending 31 Aug 2025 £OOO's Period Ending 31 Aug 2024 £OOO's Interest expense Remeasurements- amendments to the contribution schedule 22 ASSUMPTIONS 31 Aug 2025 %per annum 31 Aug 2024 31 Aug 2023 %per annum per annum Rate of discount 4.37 5.13 6.04 The discount raies shown above are the equivalent single discount rates which, when used 10 discount the future recovery plan contributions due, would give the same results as using a full A4 corporate bond yield curve to discount the sarme recovery plan contributions. The following schedule details the deficit contributions agreed between the School and the scheme at each year end period.. DEFICIT CONTRIBUTIONS SCHEDULE Year ending 31 Aug 2025 £OOO's 31 Aug 2024 £OOO's 31 Aug 2023 £OOO's Due within one year Due after one year The School mLJSt recognise a liability measLJred as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. It Is these contributions that have been used to derive the School's balance sheet liability. 45

T ALBAN NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 22 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVE FIGURES BY FUND-TYPE Unrestrlctèé Restrlcted Endowèd Funds Funds Funds £OOO's £ OOO'S £ OOO'S 2024 E OOO'S Notes Income and endowments from: Charitable activities School fees receivable Other educational income Other trading activities Non- ancillary trading income Other activities Investmènts Investment income and interest Donatlons and legacles Donations other Income Other income Totsl income 19,813 2,240 19,813 2,24C> 294 294 259 259 316 108 424 115 115 23,037 108 23,145 Expenditure on- Raising funds Financing c05tS Development office Non ancilliary trading Investment management costs Totsl deductible costs 84 283 1,297 84 283 1,297 22 1,676 1,686 Charitable activities Education Total expenditure 19,535 21,211 119 129 19,654 21,340 Net incominglloutgoinglfunds from operations before transfers and Investment galns 1,826 1,805 Gainslllossesl on investments 117 93 210 Transfers between funds Net Income and ¢apl¢al Inflow 20 1741 1,869 74 53 93 2,015 Fund balances brought forward at 1 September 2023 27,310 1,379 1,091 29,780 Fund balances Carried forward at 31 August 2024 19 29,179 1,432 1,184 31,795 46

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 23 ABBEY GATEWAY ENTERPRISES LTD FINANCIAL STATEMENTS 2025 2024 BALANCE SHEET CURRENT ASSETS stock Debtors Cash at bank and in hand 82,511 11,509 66,026 160,046 74,407 11,891 53,176 139.474 CURRENT LIABILITIES 1104,5551 1119,0641 TOTAL NET ASSETS 55,491 20,410 CAPITAL AND RESERVES Called up share capital Capit31 redemption reserve Profit and loss account SHAREHOLDERS FUNDS 55,482 55,489 20,402 20.409 PROFIT AND LOSSACCOUNT Turnover Operating costs 1,251,137 11,177,002) 1,295,483 11,258,960) GROSS PROFIT 74,135 36,523 Administrative expenses PROFITIILOSSI ON ORDINARY ACTIVITIES BEFORE TAXATION 139,0541 35,081 136,8691 13461 T3X3tion RETAINED PROFITIILOSSI FOR THE YEAR 35,081 13461 Abbey Gateway Enterprises Limited Iregi5tered company number - 034510491 results are con501idated with the Charity. The company became a fully owned Subsidiary of St Albans School on 1 September 2016. 47

T ALBAN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 24 RELATED PARTY TRANSACTIONS St Albans School charged Abbey Gateway Enterprises Ltd management fees of £6,000 in the year to 31 August 2025 12024 £6,000) and no amounts12024 Nil) were outstanding at the year end. Abbey Gateway Enterprises Ltd received income amounting to £1,001,36812024 £933,393) from St Albans School which included the licence fee for the use of sports facilities and sales to the School of sports kit. No amoLJnts were OLJtstanding at the year end 12024 Nill. The position of the single entity is shown in note 23. At 31 August 2025, the Bursar of St Albans School was the sole director of Abbey Gateway Enterprises Ltd. St Albans School Woollam Trust charged Abbey Gaieway Enterprises Lid licence fees. for the use of sports facilities. of £1,085.820 12024 £1,172,597) in the year to 31 August 2025 and £90.198 was ouistanding at the year end 12024 £97,543). St Albans School Woollam Trust charged St Albans School licence fees, for the use of sports facilities, of £500,000 12024 £560,000) and St Albans School charged St Albans School Woollam Trust management charges of £6,000.12024 £6,000) No amount512024 Nil) were outstanding at the year end. St Albans School Woollam Trustee Company is the Corporate Trustee of St Albans School Woollam Trust, Neither the School or its subsidiary made any transactions in the year with St Albans School Woollam Trustee company. At the year end, two Trustees of St Albans School were also Directors of St Albans School Woollam Trustee Company Imrs F Lightowler, A Woodgatel. Donation5 received frotn Governors in the year arnounted to £100,00012024 £25,000). 48