2024-08-31-accounts

Charity Number: 1101485 Company Number: 04931009 IN AROUIJ WELLINGBOROUGH SCHOOL ANNUAL REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 www.wellin borou hsthc()l.or

Introduction from the Headmaster Alongside the Maintenan￿ of so many aspects that make Wellinglx)rough School so strong, 2023-24 saw some additional highlights that will be added to its palmares and be remembered for many years to come. Over 90 students joined the Sthool in September but, as has become the norm, this was not the end of recruitment and additional students stsrted their WellinglK)rough joumey throughout the year. They, along with everyone else in our community, were met with the exating changes to the site, as enablement works for the new Technology Centre began. This, the centrepiece of the first phase of Project Copernicus (the School's 30-year masterplan), will S￿ state-of-th*art DT and Computing facilities housed in a new building, opening the way for innovation in those subjects and the Chan￿ to reimagine the optJ)rtunities for children. As part of the works, the sch￿)1 took on temporary buildings to accommodate displaced departments which, as ever, the students tcK)k in their stride. The works are still on track to be completed in readiness for the 2025-26 academic year. Whilst our ￿LebrationS are usually focussed on the students, this year saw two occasions when the efforts of the staff were highlighted on a wider stage. First, the work done by our Ecoschools group was recognised at the Northamptonshire Education Awards, by winning the Environmental and Sustainability Award, and then the Prep School's interpretstion of the Intemational Primary Curriculum won Reni1155dnie Lediiiiwig's Iiinovation and Creattvity Award. Sport has always been a keystone of Wellingborough life, and the quality and quantity did not diminish this year. The jewel in the crown, however, was the senior girls, progression to the Tier 3 National Hockey Finals at Nottingham Hockey Centre where, having won the regional competition, they took the bronze medal, missing out on the final on goal difference. The squad, superbly led by our stsff, blended girls who have develO￿d their hockey through many years at the School with newcomers into the Sixth Form, forging team spirit and tenacity to achieve Wellingborough's biggest 5POrting achievement in living memory. Hot on the heels of this, and in an entirely different arena, the School held its own in local and regional rounds to reach the national final of the Royal Society of Chetni5try'5'Top uf Llie Beiicli. wmpetition in Edinburgh. Pitted against students from some of the most academic schools in the UK, the team of four (made up of students from Years 9 to 11) pulled off a superb performance to finish fifth. Trips are never far from the front page, and this year proved no different. With the annual Battlefields trip leading the way in September, highlights included a junior S￿rtS tour to Jersey in the Easter holidays and Duke of Edinburgh expeditions IoGilly as well as to the Cotswolds, Peak Distritt, Snowdonia and Scotland, before what is I￿st described as an extravaganza at the end of the summer term whereby a new Activities W￿k across the School saw, at one stage, hundreds of students in ten different counties across the UK in addition to a Year 12 trip to Budapest. The School is very much bad( into the swing of post-covid public exams, and there was much to celebrate this year. On A level Results Day, there was a marked increase in the number of students being accepted into their preferred university pla￿ or apprenti￿ship- the latter of which have grown as a desired route for our Leavers. Students secured a wide range of opportunities from Accountancy to Agriculture, with destinations taking in Newcastle to Bristol and the USA to New Zealand. At GCSE, another record-largest year group prcxjuced record results, with 520/0 of grades awarded being 9-7 on Results Day, with 94 % at Grades 94, and value-added of up to 4 grades FEr subject for one particular pupil. Page I

Introduction from the Headmaster (continued) Whilst waves such as high inflation have tEen ridden, the Sch￿1 is very aware of further choppiness through the change of Government. Buoyed by continuing strong results, reaffirmation of its underlying ethos, enhancement of facilities and ex￿lIent financial planning, we feel we are well pla￿d to navigate through these waters, whilst continuing to guard against complacency. There is much to be excited about at Wellingborough Schcx)I, l))th as an organisation and for its students. Mr A N Holman Headmaster Page 2

WELLINGBOROUGH SCHOOL GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 AUGUST 2024 The following served as Govemors during the year or through to the date of signing: G)Tr ZG) T(n Governors 1111111 Mr P R Tyldesley BA MRICS Mrs D A Line BA CA CA(SA) Mrs C A Bru￿ MA Mr I M Cantelo BEng CEng MIEr Dr C F Duncan MBBS DRCOG MRCGP Mr N M Lashbr￿k Mr S M Marriott Mr J A Smith BSC MRI Miss S G Tafeni Bsc MA MBA RN Mr R H Thakrar BSC MBCS Miss R K Turner BA Mr D A Waller MA (Oxon) Chairman Deputy Chairman Resigned 16 June 2024 offi￿rS Mr A N Holman MA (Cantab) MEd Mr N A Johnson MA FCMI Headmaster Bursar / aerk to the Governors / Company Secretsry Registered Office WellingLN)rough School, Wellingborough, Northamptonshire, NN8 2BX Advisors Bankers Svenska Handelsbanken AB (publ), Northampton National Westminster Bank plc, Northampton Handelsbanken Wealth Management Ltd, London Wealth Management Ltd, Edinburgh H(R Hewitsons LLP, Cambridge, Milton Keynes, and Northampton Veale WaS￿rough Vizards LLP, Bristol RSM UK Audit LLP, Lei￿ster Harwood Surveyors Ltd, Wellingborough Marsh Brokers Ltd, London (until June 2024) Hettle Andrews Ltd, Birmingham (from June 2024) Investment Managers Solicitors Auditor Surveyor Insuran￿ Broker Page 3

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Report of the Governing Body The Governors, who are also Trustees and Directors for the purposes of the Companies Act, pre*nt their report and financial statements for the year ended 31st August 2024 and confirm they comply with the requirements of FR5102, the Companies Act 2006, the Charities Act 2011, and the Charities SORP (Second Edition, effective l January 2019). Directors, Re ort Objects, Aims, Objectives and Activities Charitable Objects The objects of the Charity, as Outlin￿ in its Articles of Association are "to advan￿ the education of children and young people by the provision of a co-educational day or Èrf)arding school in or near Wellingborough and by ancillary or incidental education activities and other associated activities for the benefit of the community" Public Benefit Aims and Intended Impact The philosophy of WellingtK)rough School places learning at the heart of a challenging education that promotes achievement through active involvement. The School Icoks to m￿t its public benefit aim by providing a first-class education, independent of the Stste System, for 860 pupils toth through strong academic tuition and the development of wider skills through an extensive co<urricular programme. The philosophy s&ks to develop self-awareness and a sense of responsibility, values trf)th individuality and altruism and fosters the spirit of community and commitment that have been traditional to the School. Wellingborough Schc()l endeavours to create a safe and happy environment in which pupils are given the tEst possible opportunity to learn and develop. Our public benefit aim is that all pupils will be self- confident and desire to contribute to the wider community. •• In the furtherance of these aims, the School Govemors, as the Charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidan￿ Con￿rning the operation of the public benefit requirement under that Act. The School strives to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from the &1ucation and facilities offered due to the need to pay a f￿. In addition to significant provision of bursaries and other forms of financial support, the School provides a wide range of OPFK)rtunities for community benefit and facilities, and events are often open to all. Educational Outreach and Community Involvement Through development of, and provision of access to School facilities, Wellingborough School remains at the heart of the community and a range of activities are undertaken on site by the Icol community, in addition to voluntary attivities within the Iccal community by pupils and staff. l Dated 17 March 2021, approved by the Charity Commission 3 August 2021. Page 4

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Structure, Governan￿ and Management The School is registered as a charitable company limited by guarantee and was incorporated on 14 October 2003. The liability of the members is limited by guarantee to £1. The company has conducted the operation of the schwl sintr l April 2004. The School has one wholly owned subsidiary, Wellingborough School Enterprise Limited (company number 01579353) whose prinapal activities throughout the year continued to be the commercial letting of the School's stM)rts faalities and the sch￿)1 shop. The School is also special trust￿ for Wellingb)rough khool Trust in respect of the permanently endowed assets, comprising part of the land on which the schcol was built, some of the playing fields and cash which represents the procetxl uf VdliUUS dsseL diSPUSdls. Tlie aiarity Coiiimission graiited permission for this charity, under a uniting direction dated 25 August 2004, to be treated as part of Wellingborough School charitable company for the purpK)ses of Part II (registration) and Part VI (accounting) of the Charities Att 1993. The School is also the sole member of the Wellingborough School Foundation (charity number 1206735), a charitable incorporated organisation registered with the Charity Commission on 26 January 2024. Qualifying third party indemnity provisions The company has made qualifying third-party indemnity provisions for the benefit of its Governors during the year. These provisions remain In for￿ at the repornng date. Appointment and Induction of Governors The Management of the School is the reS￿}nsIbIlity of the Govemors, whose appointment is governed by the Articles of Association, dated 17 Marth 2021. The maximum number of Govemors permitted is 20. The Old Wellingburian (OW) Club has the right to nominate one member (CLJrrp.ntly Mi££ R K TiJrnp.r) with the rest being co-opted by the Board. Co-opted Governors serve for a period of four years and may be re-elected. The Representative of the OW Club serves for a period of four years. The Governors who served during the year and Sin￿ the year-end are shown on page 3. Governors are recruited as far as is possible to represent a cross-section of skills and experience considered most useful in addressing the issues facing the Schc>ol. The Chair inteNiews all proposed Governors and presents their credentials to the Board, whose approval is required before they are invited to join. Sn addition to key documents, including the Association of Governing Bodies in Independent Schools (AGBIS) Guidelines for Governors, Trust￿ induction includes child protettion training, a tour of the Schiy)I, and meetings With Headmaster and Bursar. Ongoing training of Governors on topical subjetts is made available on a regular basis, and a prcrtJramme of annual Trust day-long observations of the workings of the School is in pla￿. Governors give of their time freely and no remuneration other than declared expenses, was paid in the 12-month perii)J. Organisational Management The Governors are legally responsible for the overall management and control of the School and meet routinely three times a year, to a planned schedule, with additional m￿tingS if required. In September 2021, the Board invited the Association of Governing Bodies of Independent Schools (AGBIS) to review its governan￿ structures and make recommendations on best prattice. As a result of the recommendations, the Board refined the Sub-committ￿ structure into thr￿ Trustee sub-committees, which meet prior to full Board mtttings and reFK)rt to it. Page 5

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Governing Body (Board) Meets three times a year Chair: Mr P R Tvldesley Strategic Planning Working Group Meets as required Chair: Miss R K Tumer Finance & General Purpose Education Committee Governance & Nominations Committee m￿t9 bi-annually a)air: Mr l M Cantelo* Meets four times a year Chair,. Mrs D A ￿ne Meets four times a year Chair: Mr N M Lashbrook The Finance & General Purpose committ￿ m￿ts four times a year2 and addresses matters relating to finance, internal controls, and the estste. The Education Committee also meets four times a year and addresses matters relating to the edur3tional. acadpmic, and pastoral agenda. The Governan￿ & Nominations Committee m￿ts twice a year and is responsible for corporate governance, legal and regulatory compliance, and risk management. The Strategic Planning Wothing Group is responsible for shaping the strategic direction of the School beyond the 4-year budget horizon (i.e. in the 4 to 30 year time frame). In addition, Dr C F Duncan is the nominated Govemor with responsibility for Child Protettion and Safequardinq. whilst Mr S A Marriott is the nominated Governor for Health & Safety. The Govemors are sUPPOrted by a collective of individuals known as Council Members, the purpose of which is to art as advisors to the sub-Committ￿S according to their specific areas of expertise. All Govemors are members of the Council, and in addition they admit for membership up to 15 other members who are not Govemors but are memters of the Council. In addition to the Governors listed on page 3, the following served as Council memters during the year and Sin￿ the year-end. Council Member Nominating Body Old Wellingburian Club Co-opted Co-opted (resigned 18 Marth 2024) Co-opted Co-opted Co-opted Co-opted Co-opted Co-opted Mr J W Browne BA m.st (Oxon) MrB WMBIiss Mr T Carlier Dr J K Cox MA (Cantab) MB Bchir FFCI Mrs J M A Howard Miss A B Jones BA MEd Mr C J A Silver Mr A Thakrar Mr C A Westley Resigned June 2024. 2 The committ￿ may also additionally meet at the stsrt of the academic year to confimi budget a￿umptIOns. Page 6

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Organisational Management (continued) In addition to the organisations listed, Cambridge, Leicester, and Warwick universities have the right to nominate one Member, and the Govemors await details of their nominated representatives. Council Members serve for a term of four years but may re-appointed on the same basis as for Govemors. The day-to-day running of the School is delegated from the Goveming BCKJY to the Senior Headmaster and the Bursar, both of whom attend m￿ting5 of the Goveming Body, toJether with committees as appropriate. The salary of the Senior Headmaster and the Bursar is reviewed by the Senior Management Pay Review Board (SMPRB), a Sub-committ￿ of the Main Board who present their recommendations to the Chdirtndn fur dppfuv¢al. The SMPRB ffldke use of the dnnudl AGBISI Bdine5 Culler Hedds drid Bursdpi Remuneration Survey when benchmarking salaries. The School supports the promotion of the highest standards in the IndepEndent Schools settor and, to this end, maintains membership of Association of Governing Bodies in Independent Schools (AGBIS), the Heads, conferen￿ (HMC), the Independent Schools Bursa￿, LeeJ)ciation (ISBA) and the Independent Association of Preparatory khools (IAPS) in order that its memLErs and offi￿r5 may contribute to and share best Practi￿ to further the Charity's Object. Equality Act Wellingborough School complies with the Equality Art 2010 and is committed to providing equal opportunities in employment. The School's ￿)IlaeS s￿k to avoid unlawful discrimination in all aspetts of employment including recruitment, promotion, opportunities ft)r training, pay and benefits, discipline, and selection for redundancy. Statement of Governors. Responsibilities I he (Jovernors (who are also directors of the chanty for the purposes of company law) are responsible for preparing the Retx)rt of the Govemors and the finanaal statements in accordanTr with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Govemors to prepare finanaal statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, induding the income and expenditure, of the charitable group for that period. In preparing these finanaal ststements, the Governors are required to: select suitable accounting tK)licies and then apply them consistently; observe the methcxls and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent. state whether applicable UK accounting stsndards have b￿n followed, subject to any material departures disclosed and explained in the finanaal statements; and prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charitable company will continue in business. Page 7

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Governors. Responsibilities (continued) The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transattions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and the group and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosures of information to auditors The Govemors confirm that: 50 far as they are aware, thcre is no rclcvant audit information of which the company's auditors are unaware, and they have taken all the steps that helshe ought to have tsken as Govemors to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. This confirmation is given and should be interpreted in accordan￿ with the provisions of s418 of the Companies Act 2006. strate icRe Strategies and Objectives The School has set out its Schcrf)l Development Plan for the period 2021-26, based around five pillars (education, pastoral, finan￿, stsff, community), and has determined how to build upon them so that the essence and ethos of the School is maintained whilst the interests of the pupils are promoted. The academic year 2023-24 was Year 3 under the Development Plan. Mission To enable every individual at the Schc()I to become the best version of themselves. Vision To be the first-choice school for all pupils and parents within our area. Values EX￿lIenCe Independence Empathy Dynamism Inclusivity Objectives Education Culture of learning fc(used on maximising the academic potential of eath student Effective and inspiring teaching to deliver improved outcomes for all students Optimising learning and teaching through effective, enabling SUPFOrt functions A high quality, wide ranging co-curricular programme which enhan￿5 the personal development of all students Developing personal character, moral leadership and promoting British values, diversity, equality, and inclusion within the academic and co-curricular elements of school life Page 8

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Strategies and Objectives (continued) Pastoral Ensure safeguarding is at the heart of everything we do Delivery of outstanding pastoral care that ensures pupils are happy, safe & thrive Support transition at all stages Ensure effective complian Finance Maximise surpluses Control cost base Explore & exploit bursary opportunities Staff Ethos of prcmjressive and focused professional development Develop provision for Early Car￿r Teachers Development of middle leaders Support for staff wellbeing Ensure effective and inclusive recruitment and retention processes Community Develop a sense of Servi￿ and charity Develop pupils, understanding of their Pla￿ in the world and their responsibility to it Enhan￿ links with the l(xal community Enhance the Old Wellingburian (OW) network Develop the bond with the Ows strengthen the ways in which Ows can support the School Review of Achievements and Performance for the Year Project COPERNICUS In late 2021, the Board undertook a review of the estate in order to identify how best to develop the site for the future. The principal consideration was the physical manifestations to SUPF(lrt future ways of teaching and learning, but other fattors included tEtter optimising the balan￿ between the'town, and 'field' areas, improving vehicular access, allowing the School to better play its part as a member of the community, and achieving a sustsinable net zero carbon footprint. The work was Wrap￿ into a master planning exercise under the title Project COPERNICUS, which set out a statement of strategic intent of how assets will be delivered to enhan￿ teaching and learning, and to underpin the School'5 vision. The puryN)se of this master planning exercise was to: Frame the vision and provide a commonly understood pathway rooted within the ethos of the School that maintains a sense of direction, no matter how long the joumey might be. Deliver clarity and context; to Sequen￿ and prioritise redevelopment along the pathway and prevent incremental ad hocdevelopment. Focus and inform robust financial planning. Demonstrate to stskeholders the longer-term ambitions for the School; and Provide suP￿rt to planning applications and provide focus for fundraising. The result of this work is a protK)sal that preserves and enhances the best of Wellingborough School whilst also adopting a strategic approach to developing the facilities. Whilst financing will ultimately dictate the precise timelines for the delivery of each phase, this is deliberately a long-term plan that envisages full delivery over a 30-year timeframe. The need to sustain current operations whilst delivering Project COPERNICUS means it will be phased, broadly as follows: Page 9

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Review of Achievements and Perforniance for the Year (continued) Pro ect COPERNICUS continued Phase l Technology centre & energy ￿ntre Gate House and new Phase 2 Sports centre and swimming FWI (including provision for community and loc31 primary schcK)l use Phase 3 CCF Duke of Edinbu Phase 4 scien￿ centre Phase 5 Teaching and Research building Landsca the uad Phase 6 Theatre rfomin arts centre Phase 7 Refurbishment of existing building st￿k (including energy efficiency works) and landsca in to run throu hout as o rations allow h faali arkin at the Embankment Work on Phase I began in June 2023 with the clearing of the site of the new technology and Icr building, which required the relocation of Reception, the English department, one of the girls, houses (Nevill), and the Admissions & Marketing department. Demolition of the old building stock, and the construction of a new car park adja￿nt to the Jubilee entrance were complete by late September. Construttion of the new technoloJy ￿ntre and energy ￿ntre began in July 2024 and is planned for completion is planned for completion for SeptemtEr 2025. Project HERMES In January 2021, the Board determined to achieve greater ￿rtaInty in the School's financial planning by removing the threat of future Govemment-imposed rises in Teachers Pension Scheme (TPS) employer (E'er) contributions. To achieve this, Projett HERMES was a consultation with staff on a potential withdrawal from the TPS and consideration of possible alternative options. Consultation concluded in SeptemlEr 2021, as a result of which TPS became a closed pension scheme at WellingEx)rough School from 31 December 2021. The School has established an alternative defined contribution (DC) scheme to run alongside the TPS, and all staff joining after l January 2022 are placed on the DC scheme and have no right of access to the TPS. All legacy staff have the Choi￿ between continued membership of the TPS or membership of the DC scheme. HERMES was always a risk*limination exercise- not a cost-saving measure - and the School maintains the current level of total E'er contributions into an altemative scheme. In order to further adhere to the principle of risk mitigation, the Board also decided that the Sch(K)I would consult with legacy staff over complete withdrawal from TPS when any one of the following trigger conditions is met: Any rise in TPS E'er contributions is announced, and tEfore they become effective Financial penalties ass(Kiated with TPS membership ststus emerge as a likely risk The School's business case changes In October 2023 the Treasury's announ￿ment of the confirmed increased E'er contribution rate of 50/0 points triggered the second stage of consultation with staff. Consultstion concluded in De￿rnber 2023 and from l April 2024, teaching stsff who wish to remain in TPS may only do so by accepting a commensurate reduction in salary to assure the School's totsl costs of employment. otherwise, they joined the alternative DC scheme. Page 10

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Review of Achievements and Perforniance for the Year (continued} Project MERCURY Projett MERCURY is the overarthing name given to a series of initiatives being implemented to ftJture- proof the School's operating model against potential political, financial, and organisational challenges identified on the risk register. It S￿kS to set the necessary conditions for organisational resilience beyond the 18-month horizon by making d￿￿r judgements than the going concern statement currently provides. Prior Financial Year Next 12-18 rnonths Trustees, Report hat ha5 happenefy Confidence- lOO% Going Concern Statement hat will happe1¢ Confidence- 75% Project MERCURY Vhat might happen, Confidence- 50%? At its core, MERCURY is about giving Govemors the options to allow them to treat, tolerate, or terminate threats as they materialise. Key tenets indude: The creation of a new Charitable IncorpK)rated Organisation (Wellingborough School Foundation) to separate and provide focus for fundraising attivities; Refining the operating model of the trading subsidiary (Wellingborough Schcol Enterprise Limited) to expand its remit and types of operations; Restructuring elements of staffing to identify cost appx)rtionment by business entity - including adaptation to the challenges of potentially reduced demand (i.e. falling birth rates); and Increasing agility of strategic and 0￿ratIonal level decision-making across the organisation. Not all measures may be required, but the FK)int of MERCURY is to create a framework to allow the School to pre-emptively pivot at a tK)int of time of its own choosing (lead), rather than try to react to external impositions (lag). Principal Risks and Un￿rtaIntieS The Governor5 have considered the risks and Un￿rtaintieS that the Charity is exposed to in the ordinary course of fulfilling its objettives, and the Business Risk Management Model was updated and amended by the Board throughout the year. Adequate review systems have b￿n established which, under normal conditions, should allow these risks to be mitigated to an ac￿ptable level in day-to-day operations, Risks previously identified continue to be reviewed by the Board and Sub-committees on a rolling programme throughout the year. The principal risks facing the Charity (summarised within the Business Risk Management Model) are: Inability to adapt, at pace and with agility, to an evolving hinterland (political, environmental, financial, etc) Invalid business planning assumptions and controls Loss of competencies in key staff or Board memlErs Lack of appropriate educational and safeguarding procedurdl controls Legislative and regulatory compliance failures Failure to m￿t charitable obligations, including tho* relating to public benefit Ensuring an appropriate balance of skills and knowledge within the Governing Body A combination risk several operational risks being realised within a period which in turn generates a strategic shcKk. 3 It is this risk that Project MERCURY is specifically designed to treat. Page 11

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGusf 2024 Principal Risks and Un￿rtaIntieS (continued) Key controls used to mitigate principal risks include fomial agendas for all Committee and Board meetings, detsiled terms of referen￿ for all committees, comprehensive ft)tward planning, budgeting & management accountingi measurement of performan￿ against pertinent KP15, vetting procedures as required by law for the protection of the vulnerable and adequate & appropriate training for Govemors and key staff. Financial Review and Results for the Year Financial Review The Consolidated Financial Stratements for the year ended 31 August 2024 show a surplus from all funds of £5,180,958 (2023: £824,307) after the unrealised gainl(losses) on investments (note 10) and gain on the revaluation of tangible assets (note 9) are consider&l. The totsl funds at the year-end stood at £32,390,631 (2023: £27,209,673) comprising unrestricted funds of £26,333,875 (2023: £22,+13,014), restricted funds of £1,310,910 (2023: £1,242,778) and endowed funds of £4,745,846 (2023: £3,523,881). Details of the funds are provided in note 18. The prinapal funding Sour￿ for the Charity is f￿ income and this year the net f￿ income was £14,584,283 (2023: £13,360,405). During the year the Group invested £1,074,678 (2023: £3,097,604) in Fixed Assets detailed within note The school's trading company, Wellingborough Sthool Enterprise Ltd made a profit of £28,696 (2023: £28,618). The Governors are satisfi&J with the finanaal results disdosed in view of the continuing challenging economic times. All the Financial KPIS were met or exceeded, less Expenditure Growth Rate (which did not fall as much as expected through a combination of inueased pupil numbers and changes to the National Living Wage in April). Reserves Policy It is the policy of the Charity to hold reserve5 in its capital account and special reserve account that have not yet b￿n committed or designated for any particular purpose. The Governors have set aside these reserves to protect the future operations of the Charity from the effects of any unforeseen variations in its income streams as part of a policy of good finanaal management prattice. At 31 August 2024 the amount of these reserves in capital account and special reserve account amounted to £23,939,2194 and £479,642 respectively (2023: £20,171,763 and £479,642). The capital account figure incorporates the tangible frxed assets of the school (less the endowment land and assets held within restritted funds) and includes the revaluation reseNe figure of £8,843,381 (2023: £6,609,065). After unrealised losses on investments and revaluation of tangible assets a￿ taken into account. Page 12

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Reserves Policy (continued) While it is the Governors, intent to increase the value of the Schcol's investment holdings, there is also a strategic intent to continue to invest in and enhan￿ the School's facilities and resources. The Governors aim to achieve this through an on-going programme of capital investment, which inevitably is achieved at the expense of creating free reserves. The Governors, desired intent to continue to invest in School facilities will therefore be balanced against the desire to increase the value of liquid funds held by the School. Aside from Specific reserves for distinct projects, it is the Governors, intention to build sufficient free cash or near-cash reserves to cover staff costs for one term. The policy has been established at this level due to the nature of the underlying employment contracts. The School's Reserves Policy calls for the School to hold £2.4M in free reserves to m￿t this requirement. A5 at 31 August 2024, the School held £12.4m in cash and investments (which are immediately available) and other capital working balances (including debtors and stock). It is the Governors, intent to generate an annual investment surplus5 of more than 10 % of net income. This yeigr the investment surplu5 wa5 8.3 % (2023: 11.2 % ). Fundraising Standards The Govemors recojnise the importance of rn￿ting the highest standards of practi￿ and care in relation to fundraising activities. The School keeps donors infomied about fundraising activities through regular communication. All fundraiJing activity i- carried out by thool rtaff, who all have re￿IVed training on fundraising stsndards. No complaints have b￿n received. The School only raises funds from past students, pa￿nts, staff, and those with a personal connection with the Schi))l and does not undertake fundraising campaigns to members of the public. Investment powers, policy, and Portfolio The investment pK)wers specified in the goveming instrument allow the Govemors to deposit or invest in any manner (but to invest only after obtsining advi￿ from a finanaal expert and having regard to the suitsbility of investments and the need for diversification). The Governors re￿1ve termly UFKlates from the Investment Managers and meet with them to review perf0rnan￿ on (at least) an annual basis. Portfolio metrics and investment class all(xation, performance and other data is also available via the Investment Managers secure online FK)rtal. Future Plans Objectives for the Forthcoming Year The objectives for the forthcoming year a￿ detsiled in the Year 4 tsrgets to the School's 2021-2026 str7tegic Plan, and may be summarised as: To maintain academic momentum across the School; To invest in and develop our staff. To initiate builds under Project COPERNICUS (induding works to achieve carbon neutrality by 2040). and To strengthen our links with the community. Defined as the surplus on unrestiicted fijnds before depreciation but exduding profitllo55 on the disposal of fixed assets, or unrealised gainsllosses on invesknents. Page 13

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 In approving the Govemors, Report, the Govemors are also approving the Strategic Report in accordance with Companies Att 2006 (Strategic Report and Directors, Report) Regulations 2015 in their capacity as company dirertors. The Govemors, Report is approved by order of the Board of Governors and the Strategic Report (included therein) is approved by the Board of Governors in their capacity as the directors at a meeting on and signed on its behalf by: MrsDA Chai Inan￿ Committee Date: 9 December 2024 Page 14

INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF WELLINGBOROUGH SCHOOL Opinion We have audited the financial statements of WellingEorough School (the 'parent charitable company? and its subsidiary (the 'group? for the year ended 31st August 2024 which comprise Group Statement of Financial Attivities (including the Income and Expenditure A￿oUnt), the Group and Company Balance sh￿ts, the Group Statement of Cash Flow and notes to the financial ststements, including significant accounting Folicies. The finanoal re￿rtIng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard appIl￿ble in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practi￿). In our opinion the finanaal statements: give a true and fair view of the state of the group's and the parent charitsble company's affairs as at 31st August 2024 and of the group's incoming reSoUr￿S and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prdctice. and have been prepare(i in a￿ordan￿ with the requirements of the Companies Att 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial ststements section of our report. We are independent of the group and parent charitable company in a￿ordanCe with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Stsndard and we have fulfilled our other ethical resp)nsibilities in accordan￿ with these requirements. We believe that the audit evidentr we have obtain8J is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the Govemors. use of the going con￿rn basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have ￿rformed, we have not identified any material untrrtainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or parent charitable company's ability to continue as a going con￿rn for a pertod of at least I￿e1ve months from when the financial statements are authorssed for issue. Our responsibilities and the reswnsibilities of the trustees with respect to going con￿rn are described in the relevant sections of this report. Other information The other information comprises the information induded in the Annual Report of the Governors other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the Annual Report of the Govemors. Our opinion on the financial statements does not cover the other infomiation and, ex￿pt to the extent otherwise explicitly stated in our report, we do not express any form of assuran￿ conclusion thereon. Page 15

INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF WELLINGBOROUGH 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 te 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 perfomied, 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Governors, Report. which indudes the Directors, Rp.port. and thp. Strategic Report prepared for the purposes of company law, for the financial year for which the financial ststements are prepared is consistent with the financial statements. and the Directors, Report and the Strategic Report induded within the (k)vemors' Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by ex￿ption In the light of the knowledge and understanding of the group and the parent charitsble company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Repjrt or the Strategic ReFM)rt induded within the Governors, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not b￿n received from branches not visited by us; or the parent charitable company financial statements are not in agreement with the accounting records and returns. or rtain disclosures of trustees, remunerBtion specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Ststement of Govemors, responsibilities *t out on pages 7 and 8, the Govemors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial ststements that are fr￿ from material misstatement, whether due to fraud or error. In preparing the financial ststements, the Govemors are resFxinsible for assessing the group's and parent charitable CoMpan￿S ability to continue as a going 1X)n￿M, disclosingi as applicable, matters related to going con￿rn and using the going concem basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to ￿ase operations, or have no realistic alternative but to do so. Page 16

INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF WELLINGBOROUGH SCHOOL Auditor's responsibilities for the audit of the financial statements Our objettives are to obtsin reasonable assuran￿ about whether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted in accordan￿ 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 Influen￿ the economic decisions of users taken on the basis of these financial statements. The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-complian￿ with laws and regulations. The objectives of our audit are to obtain aufficient appropriate audit eviden￿ regarding Complian￿ with laws and rpgulations that have a direct effett on the determination of material amounts and disclosures in the financial statements, to tErform audit prccedures to help identify instsnces of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate resp)nses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary res￿nsIbIlity of management, with the oversight of those charged with governan￿, to ensure that the entty's operations are conducted in accordan￿ with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misststement in respect of irregularities, including fraud, the group audit engagement team: obtained an understsnding of the nature of the sector, including the legal and regulatory frameworks that the group and parent charitable company operates in and how the group and parent charitable company are complying with the legal and regulatory frameworks. inquired of management, and those charged with governan￿, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud. discussed matters alK)ut non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be su￿ptIb1e to fraud. As a result of these Pr￿edureS we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitsble company's governing d¢xument, tax legislation and Charities (Protection and Social Investment) Att 2016. We performed audit procedures to detect non- complian￿5 which may have a material impact on the finanaal statements which included reviewing the financial statements including the Govemors, Report, remaining alert to new or unusual transattions which may not be in accordance with the goveming documents, inspecting CorresWnden￿ with l¢xal tax authorities and evaluating adviTr re￿iVed from external advisors. Page 17

INDEPENDENT AUDrroR'S REPORTTO THE MEMBERS OF WELLINGBOROUGH SCHOOL The most significant laws and regulations that have an indirect impatt on the finanaal statements are The Education (Independent School Standards) Regulations 2014, K￿pIng Children Safe in Education under section 175 of the Education Act 2002 and the UK General Data Protection Regulations (UK GDPR). We pErformed audit procedures to inquire of management and those charged with governance whether the group is in Complian￿ with these laws and regulations and inspetted correspondence with regulatory authorities. The group audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most su￿ptIb1e to material misstatement due to fraud. Audit prcKedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the norTnal course of business and testing a sample of revenue transactions around the year end to ensure they were recognised in the correct period. A further description of our reswnsibilities for the audit of the financial statements is provided on the Financial Reporting Council's website at http:/lwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable companys members, as a body, in accordan￿ with Chapter 3 of Part 16 of the Companies Att 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we a￿ required to stste to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this reFMJrt, or for the opinions we have fomed. LSM Ll( I,I,è LLF Gareth Jones (Senior Statutory Auditor) For and on behalf of RSM UK LLP, Ststutory Auditor Chartered Accountsnts Rivermead House 7 Lewis Court Grove Park Lei￿ster Leicestershire LE19 ISD 1211212024 Page 18

WELLINGBOROUGH SCHOOL CONSOLIDATED sfATEMENT OF FINANCIAL AcrivrrIES (INCLUDING INCOME AND EXPENDrruRE ACCOUNT) FOR THE YEAR ENDED 31 AUGusf 2024 Permanent Note Unrestricted Restricted Endowment Funds Funds Funds Total 2024 Total 2023 INCOME FROM: Charitable Activities School fees (net) Other ancillary trading income Donations & Grants other income 14,584,283 14,584,283 13,360,405 433,139 125,141 246,894 433,139 803,143 271,894 414,156 452,171 148,746 678,002 25,000 Total Income 15,389,457 703,002 16,092,459 14,375,478 EXPENDrruRE ON: Raising funds Trading expenses Fundraising Interest payable Charitable activities 143,766 112,787 41,826 14,460,496 143,766 76,121 112,787 29,466 41,826 10,027 14,512,242 13,374,563 51,746 Total expenditure 14,758,875 51,746 14,810,621 13,490,177 Net income before net gains/(losses) on investments 630,582 651,256 1,281,838 885,301 Net gainl(Ioss) on investments 10 366,234 366,234 (60,994) Net income 996,816 651,256 1,648,072 824,307 Gross transfers betw*n fijnds 659,729 (659,729) other recognised gains Gains on revaluation of tangible assets 2,234,316 76,605 1,221,965 3,532,886 Net movement in funds 3,890,861 68,132 1,221,965 5,180,958 824,307 Total funds brought forward 22,443,014 1,242,778 3,523,881 27,209,673 26,385,366 Total Funds carried fonvard 26,333,875 1,310,910 4,745,846 32,390,631 27,209,673 Page 19

WELLINGBOROUGH SCHOOL CONSOLIDATED BALANCE SHEET AT 31 AUGusf 2024 2024 2023 Note Fixed assets Tangible assets Investments 27, 192,574 8,146,924 35,339,498 23,210,032 3,041,620 26,251,652 io Current assets Stock Debtors Cash at bank and in hand 12 13 14 56,468 617,884 4,264,072 4,938,424 82,409 399,636 3,618,322 4,100,367 Current liabilities Creditors: amounts falling due within onc year 15 (4,725,505) (2,276,218) Net current assets 212,919 1,824,149 Totsl assets less current liabilities 35,552,417 28,075,801 Creditors: amounts falling due after more than one year 16 (3,161,786) (866,128) Net assets 32,390,631 27,209,673 The funds of the group Unrestricted funds Capital account (including revaluation reserve) .Sppcial rpservp Designated funds Total unrestricted funds 18 18 18 23,939,219 479.642 1,915,014 26,333,875 20,171,763 479,642 1,791,609 22,443,014 Restricted funds Permanent Endowment 18 18 1,310,910 4,745,846 1,242,778 3,523,881 Total funds 32,390,631 27,209,673 The financial ststements were approved and authorised for issue by the Board of Governors on 9 Dece r 2024 and signed on behalf of the b)ard of Governors by: P R Tyldesl Company registration number 04931009 Page 20

WELLINGBOROUGH SCHOOL SCHOOL BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets Investments 27,154,082 8,146,936 35,301,018 23,161,671 3,041,632 26,203,303 10 and 11 Current assets Debtors Cash at bank and in hand 13 14 736,096 4,129,693 4,865,789 522,358 3,541,420 4,063,778 Current liabilities Crp_ditnr_4: amounk falling diJg_ within one year 15 (4,710,096) (2,258,288) Net current assets 155,693 1,805,490 Total assets less current liabilities 35,456,711 28,008,793 Creditors: amounts falling due after more than one year 16 (3,161,786) (866,128) Net assets 32,294,925 27, 142,665 The funds of the School Unrestricted funds Capital account (induding revaluation reserves) Special reserve Designated funds Total unrestricted funds 18 18 18 23,843,513 479,642 1,915,014 26,238,169 20,104,755 479,642 1,791,609 22,376,006 Restricted funds Permanent Endowment 18 18 1,310,910 4,745,846 1,242,778 3,523,881 Total funds 32,294,925 27,142,665 As permitted by $408 Companies Att 2006, the Schwl has not presented ts own Statement of Financial Attivities and related notes as it prepares group accounts. The SchcK)I's net income for the year was £5,152,260 (2023: £836,570). The fin 9 Dec ial Ftatem 2024 nts were approved and authorised for issue by the Board of Governors on ed on behalf of the f Govemors by: PR Tyld Governor A Line ve Company registration number 04931009 Page 21

WELLINGBOROUGH SCHOOL CONSOLIDATED sfATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Net cash inflow from operating activities Net cash pmvided by oper3tsng 3ctivitses Cash flows from investing activities Payments to acquire investments Payments to acquire tangible fixed assets Proceeds on disposal of tangible fixed assets Net cash usedin invesbng activities Cash flows from financing activities Repayment on bank loans Proceeds of new ￿rrowingS Repayment of finan￿ leases Interest paid Net cash (used)/fivm in finanL7ng aLtivibes Change in cash and cash equivalents in the reporting period Cash and cash equivalents in the reporting period Cash and cash equivalents at the end of the reporting period 6,548,074 1,614, 174 (4,739,070) (1,074,678) 1,250 (5,812,498) (2,523,593) 36,683 (2,486,910) (48,000) 480,000 (11,589) (10,027) 458,384 (41,826) (89,826) 645,750 3,618,322 (414,352) 4,032,674 4,264,072 3,618,322 2024 2023 Reconaliation of net income to net cash flow from operating activities Net incotne for the reporting period (as per the SOFA) Adjustments for: Interest payable Depreciation of tanglble ftxed assets Profit on disposal of tangible fixed assets (Gain)/loss on investments Gain on revaluation of tangible assets Decrease in stock (Increase)/decrease in debtor5 In¢Jease in creditors 5,180,958 824,307 41,826 625,022 (1,250) (366,234) (3,532,886) 25,941 (218,248) 4,792,945 6,548,074 10,027 679,910 (36,683) 60,996 17,383 50,934 7,300 1,614,174 Net cash provided by operating activities Atl September 2023 At31 August 2024 Non- Cash Flows Reconciliation of net debt Cash flow Cash Debt due within one year Bank and other loans Debt due after one year Bank and other loan5 Total 3,618,322 645,750 4,264,072 (80,231) 48,000 (48,000) (80,231) 432 000 384 000 3,106,091 693,750 3,799,841 Page 22

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies General information and basis of preparntion Wellingborough School C'the School,) is a company limited by guarant￿ and is inix)rporated in England and Wales. It is also a registered charity at the Charity Commission for England and Wales. In the event of the School being wound up, the liability in respect of the guarantee is limited to £1 per member of the School. The address of the registered Offi￿ is given in the Offi￿r5 and advisors information on page 3 of these financial statements. The nature of the School's operations and prinapal attivities are that of the provision of an educational environment. The financial statements have b￿n prepared in accordan￿ with Accounting and Reporting by Charities: Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Charities SORP (FRS 102), the Financial ReF()rting Stsndard applicable in the United Kingdom and Republic of Ireland, including adoption of the amendments issued in D￿mber 2017 (FRS 102), the Charities Act 2011, the Companies Att 2006 and the UK Generally Accepted practi￿ as it applies from l January 2019. The funttional currency of the School is considered to LE GBP because that is the currency of the primary economic environment in which the Schcol operates. The School has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only statement of cash flows with the consolidated financial statements. The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee (company number: 04931009 and charity number: 1101485). The School constitutes a public benefit entity as defined by FRS 102 and has therefore applied the relevant public beiiefiL ieL4uireiiieiits of FRS 102. The accounts present the consolidated statement of finanaal attivities (SOFA), the consolidated statement of cash flows and the consolidated and Schcol balan￿ sheets comprising the consolidation of the School and with its wholly owned subsidiary WellingtrA)rough School Enterprise Limited. Going Con￿rn Having reviewed the funding facilities available to the School together with the expetted ongoing demand for places and the School's future projected cash flows, the Governors have an expectation that the School has adeyuate resources to continue its attivities for the ft)reseeable future and consider that there were no material Un￿rtaIntieS over the Sch(K)I's financial viability. To provide further assuran￿, the Schiy)I has stress tested seveTrl scenarios with further downside sensitivities, which consider the current economic effects of parentsl afft)rdability Gilculations. The purpose of this exercise was to further assure the going con￿rn status by adjusting strategic, operational, and financial risk mitigation strategies, whilst also ensuring the reserves policy is fit for purpose. The Governors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. Accordingly, the Governors also continue to adopt the going concern basis in preparing the finanaal ststements as outlined in the Statement of Accounting and Reporting Restx)nsibilities. Page 23

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 Accounting policies (continued) Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, Govemors are required to make judgement, estimates, and assumptions atK)Ut the carying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are reci)Jnised in the period in which the estimate is revised if the revision afferts only that period or in the period of the revision and future periods if the revision affected current and future periods. Judgements made by the Governors, in the application of these accounting p)liaes that have significant effect on the financial ststements and estimates with a significant risk of material adjustment in the next year are deemed to be in relab.on to the following: Depreciation The assessment of the useful economic lives, residual values and the method of depreciating fixed assets requires judgement. Depreciation is charged to profit or loss based on the useful economic life seletted, which r4uires estimation of the periixl and profile over which the group expects to consume the future economic ERnefits emtodied in the assets. At 31 August 2024, the carrying value of tsngible fixed a￿ets was £27,192,574 (2023: £23,210,032). Carrying freehold land and buildings The School values its fr￿hold land and buildings at valuation. The valuations are made by a qualified Chartered SuNeyor, using a variety of assumptions to determine the valuation of the freehold land and buildings. Any changes in these assumptions have the PK)tential to materially impact the carrying value of these land and buildings. The a55umptions used in the valuation are sen51tive to external factors; for example, a 30/0 change either way in the BCIS rates used would affect the valuation of the building stock by +1- £794,000 (i.e. a range of £1,589,000). The carrying value of the fr￿hold land and buildings at the year-end is disclosed within note 9. Fee income Income is the total amount of income receivable on behalf of the School in the accounting year. F￿S re￿1VableS are stated after deducting scholarships and alloWan￿S granted by the sch￿1. Bad and doubtful debts The policy is to provide for all invol￿S relating to fees and extras incurred in excess of 12 months old, together with any within the period where doubt emerges that they will be paid. Donations and Grants Voluntary income is recoJnis&l UF()n entitlement to the income, when receipt is probable and the amount receivable Gin be measured reliably. Donations receivable for the general purposes of the charitable company are credited to unrestricted funds. Donations for purFK)ses restricted by the wishes of the donor are taken to restricted funds. The relevant expenditure will be charged against the appropriate fund as it 0￿urs. Legacies The total amounts of legacies received in the year, induding the relevant tax refunds, are shown in the financial statements as restricted funds. The relevant expenditure will be charged against the fund as it occurs. Page 24

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 Accounting policies (continued) Rental income Rentsl income is included when receivable and represents the income generated from the rental of the Sch(K)I's property and land. All amounts receivable are committed to on-going School activities. Sale of goods Turnover is recognised when it and the asscKiated costs can be measured reliably, future economic benefits are probable, and the risks and rewards of ownership have been transferred to the customer. Sales of goods from the School Shop are recognised when goods are exchanged and legal title has passed and the School has no continuing managerial involvement associated with ownership or effective control of the gocKls sold. Sale of services Other income, including the hire of faalities is reccyjnised at fair value of the consideration re￿iVed or receivable in the period it is receivable and to the extent the School has provided the servi￿. Expenditure Expenditure is accounted for on an accrual basis and is allocated to expense headings on a direct cost basis. The irrecoverable element of VAT is included with the item of expense to which it relates. Governan￿ costs comprise the relevant direct costs of running the charitable company, including strategic planning for its futu￿ development, also external audit, any legal advice for the School's Govemors, and all the costs complying with constitutional and statutory requirements, such as the costs of Board and committ￿ meetings and of preparing statutory accounts and satisfying public accountability. Funds Resources re￿1vable are allocated to restricted funds according to the limitstions on their use specified by the donors or other providers. Funds receivable in the direct operation of the School are treated as unrestricted income funds. Other reSoUr￿S receivable without extemal restriction are designated by the Governors for particular pUr￿)seS as deemed appropriate. Permanent endowment funds are capitsl funds where there is no ￿Wer to convert the ￿pital into income and which must generally held indefinitely. Certain assets can be exchanged and may be subject to changes in value. Fixed assets and depreciation Tangible fixed assets are initially measured at cost and subsequently measur8d at cost or valuation, net of depreciation and any impaiment losses. Depreciation is caSculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Freehold buildings 50 years Freehold improvements 10-25 years Equipment 7-10 years IT and information systems 3-5 years Minibuses and vehides 4 years Assets under construction are included at cost. Depreciation on these assets is not charged until they are brought into use. The gain or loss arising on the diskX)sal of an asset is deterniined as the differen￿ betW￿n the sale proceeds and the carrying value of the asset and is credited or charged to ststement of financial activities. Page 25

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) Capital expenditure Any capitsl expenditure in respect of building activitie5 and minor works has been written off in the year of expenditure. ExpEnditure on sundry furniture, fittings and equipment with a low unit value has been fully written off in the year of acquisition as consumable items. The costs of minor additions or those costing below £5,000 are not capitalis&l. Costs relating to fr￿hold buildings, information system and equipment, mini-buses and vehicles and the field lease have b￿n capitalised. The School is responsible for k￿pIng the buildings in a fit and usable condition and these costs are written off as incurred. Investments InvesltnenLs dre d fuim uf bdSiC firidficidl irisLiurtienis dnd dre initidlly shown in the accounts at fair value. Any realised and unrealised gains or losses from disposals or revaluations shown within statement of financial activities. Profits and losses on the realisation of invesbnents are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated betW￿n sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the differen￿ between the fair value at the end of the year and their carrying value. The School's investment in its subsidiary company represents the cost of acquisition of the whole of the ordinary share capital of weiiingborough sth￿l Enterprise Limited. Stock Stock is stated at the lower of cost or net realisable value, after making due allowan￿ for obsolete and slow moving items. Loans and ljorrowings Loans and borrowings are initially recognised at the transattion pri￿ including transaction costs. Subsequently, they are measured at amortised cost using the effective interest r7te method, less impairment. If an arrangement constitutes a finan￿ transaction it is measured at present value. Impairment Assets not measured at fair value a￿ reviewed for any indication that the asset may be impaired at each balan￿ sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exTreds its recoverable amount, an impairment loss is recognised in the Statement of Financial Attivities unless the asset is carried at a revalued amount where the impairment10sS is a revaluation decrease. Financial instruments The School has eletted to apply the provi5ion5 of Section 11 'Basic Financial Instruments, and Settion 12 '0ther Financial Instruments Issues, of FRS 102, in ful5, to all of its financial instruments. Finanaal assets and financial liabilities are rec(xJnised when the Sthool becomes a party to the contractual provisions of the instrument, and are oftset only when the School currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneou51y. Page 26

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) Financial assets Trade debtors, Other debtors and amounts owed from group undertaking which are receivable within one year and which do not constitute a financing transaction are initially measured at the tran&iction pri￿ and are subsequently measured at amortised c05t, being the transattion pri￿ less any amounts settled and any impairment losses. A provision for impairment of outstanding fees is established when there is objective eviden￿ that the amounts due will not be collected according to the original terms of the contratt. Impairment losses are recognised in profit or loss for the excess of the carrying value of the outstsnding fees over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objettively relate to an event occurring after the impairment Soss was recognised, are reccyjnised immediately in 5tstement of financial activities. Financial liabilities and equity Financial in.qtriAments arp. rlas£ifipd a£ liahilitipq and pquity in£trump.nts according to the substance of the contractual arrangements entered into. An equity instrument is any contract that eVIden￿S a residual interest in the assets of the Schi))l after deducting all of its liabilities. Trade creditors and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction pri￿ and subsequently measured at amortised cost, teing the trdnsathon pri￿ less any amounts settled. Derecognition of financial assets and liabiltties A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another paty that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereoo is derecognised when the obligation specified in the contratt is discharged, cancelled or expires. Operating lease agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight-line basis over the period of the lease. Employee benefits - short-terni benefits Short term benefits induding holiday pay are recogni￿1 as an exrEnse in the perioj in which the service is received. Employee benefits - termination benefits The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the School is demonstrably committed to terminating the employment of an employ￿ or to provide termination IEnefits. Taxation The School is a registereyj chartty and as such, is exempt from income tax and corporation tax under the provisions of settion 478 of the CortK)ration Taxes Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate. Page 27

WELUNGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) Taxation (continued) The School has a subsidiary company, WellingLKirough Sch¢JJl Enterpri* Limited that is subject to •• taxes including corporation tax and VAT in the satne way as any comtnercial organisation. The tax charged to the profit and loss account is based on the subsidiary company's profit for the year and takes into account tax arising tecause of timing dIfferen￿S betW￿n the treatments of certain items for tsx and accounting pUr￿seS. The subsidiary company aims to pay over its profit to the School under Gift Aid and tsx liabilities are kept to a minimum. Pension The School operates the following pension schemes for stsff: Defined benefits scheme (Teachers) The School contributes to the Teachers, Pension Defined Benefits Scheme for teaching staff employed before 1st January 2022 at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme, and it is not F()ssible to identify the assets and liabilities which are attributable to the School. The scheme is accounted for as a defined contribution scheme and the costs charged in the year represent the amount of contributions payable. Defined contribution scheme (Teachers) The School contributes to the Aviva Pension Trust Scheme (AFfIs) for teaching stsff employed since 1st January 2022. The amount of benefit is detemiined by the a￿uMulated value of the contributions paid by and in respect of the member, dnd Lhe uJsL uf secuririy d peiisiuri dLwrding Lu dye dnd sex. The assets of the scheme are held separBtely from those of the School. The annual contributions payable are charged to the statement of finanaal activities. Defined contribution scheme (Support Staffj The School contributes to a dcfincd contribution thcmc for Support Staff. Thc amount of bcncfit is determined by the accumulated value of the contributions paid by and in respect of the mem1￿r, and the cost of securing a pension according to age and sex. The assets of the scheme are held sepafttely from those of the Schc()l. The annual contributions payable are charged to the statement of financial activities. School Fees (Net) - 2024 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2024 School fees (gross) Scholarships Bursaries Hardship fund Discounts- siblings Discounts- year in advan 15,377,817 (26,417) (605,049) (82,240) (66,039) (13,789) 14,584,283 15,377,817 (26,417) (605,049) (82,240) (66,039) (13,789) 14,584,283 Page 28

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 School Fees (Net) - 2023 (continued) Restricted Endowment Total Funds Funds Funds 2023 Funds School fees (gross) Scholarships Bursaries Hardship fund Discounts - siblings Discounts - year in advance 14,156,810 (45,421) (628,049) (48,255) (60,541) (14,139) 13,360,405 14,156,810 (45,421) (628,049) (48,255) (60,541) (14,139) 13,360,405 Donations and Legacies- 2024 Unrestricted Funds Restricted Endowment Total Funds Fund5 Fund5 2024 Donations 125,141 125,141 678,002 678,002 803,143 803,143 Donations and Legacies- 2023 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2023 Donations 3,594 3,594 448,577 448,577 452,171 452,171 Trading activities and other income - 2024 Unrestricted Funds Restrirted Endowment Total Funds Funds Funds 2024 other ancillary trading activity Income - Wellingborough School Enterprise Limited Other ancillary activities 172,462 260,677 433,139 172,462 260,677 433,139 Other income Rental income Investment income Other income 82,356 81,138 25,000 107,356 81,138 271894 Page 29

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 Trading activities and other income - 2023 (continued) Unrestricted Funds Restrirted Endowment Total Funds Funds Funds 2023 Other ancillary trading activity Income - Wellingborough School Enterprise Limited other ancillary activities 176,466 237,690 414,156 176,466 237,690 414,156 Other income Rental Income Investment income other income 78,947 3,980 40,819 123,746 25,000 103,947 3,980 40,819 25,000 148,746 Charitable activities- 2024 Total Funds 2024 Stsff costs Depreciation Other costs Fundraising School expenditure Tuition expenses Domestic and catering expenses Buildings and grounds Management and administration Marketing Depreaation Audit fees 98,006 14,781 112,787 8,233,041 1,549,793 869, 123 856,789 319,596 92,655 9,782,834 869,123 1,627,768 1,334,959 23J,515 615,153 48,890 14 512 242 770,979 1,015,363 14U,ilbU 615,153 48,890 3 736 846 10 160 243 615 153 Interest payable Subsidiary trading costs Total 41,826 93,954 3,887,407 41,826 143,766 14,810,621 39,943 10,298,192 9,869 625,022 Included in the expenditure above are governan￿ costs of £50,320 (2023: £32,208). Page 30

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Charitable activities- 2023 (continued) Total Funds 2023 staff costs Depreciation Other costs Fundraising School expenditure Tuition expenses Domestic and catering expenses Buildings and grounds Management and administration Marketing Depreaation Audit fees 22,355 7,111 29,466 7,554,747 1,495,221 820,148 880,895 181,578 83,675 9,049,968 820,148 1,539,521 1,062,438 213,552 661,196 27,740 13,374,563 658,626 880,860 129,877 661,196 27,740 3,489,257 9,224,110 661,196 Interest payable Subsidiary trading costs Totsl 10,027 19,230 3,525,625 10,027 76,121 13,490,177 38,177 9,284,642 18,714 679,910 Staff Costs The aggregate payroll costs were: The Group 2024 The Company 2024 2023 2023 Wages & salarie5 S(xial security costs Employer contributions to pension schemes 8,393,841 794,145 1,110,206 10,298,192 7,475,670 692,895 1,116,077 9,284,fA2 8,353,898 794,145 1,110,206 10,258,249 7,440,812 690,934 1,114,719 9,246,465 The School participates in the Teachers, Pension Scheme C'the TPS? for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £735,341 (2023: £969,002) and at the year-end £nil (2023: £nil) was accrued in resFXt of contributions to this scheme. The TPS is an unfunded multiemployer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is Set by the Secretary of State following scheme valuations undertaken by the Govemment Attuary's Department. The most recent actuarial valuation of the TPS was prepared as at March 2020 and the Valuation Report, which was published in Octoter 2023. Page 31

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Staff Costs (continued) Following the Mccloud judgement, the remedy prowsed that when tEnefits become payable, eligible members can select to receive them from either the reformed or legacy schemes ft)r the period l April 2015 to March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The valuation confirmed that the employer contribution rate for the TPS would increase from 23.68 % (under the previous valuation including a 0.08 % administration levy) to 28.6 % from l April 2024 until l April 2028. The School also contributes in to defined contribution schemes for its teaching and supty)rt staff, the pension charge in the year with restEtt to these scheme are £374,865 (2023: £147,075). Emoluments of the highest paid employees (which does not include employer pension contributions) fell within the following ranges: 2024 Number 2023 Number £60,001 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £90,001 to £lOO,000 £ioo,ooi to £llO,000 £120,001 to £130,000 £160,001 to £170,000 £170,001 to £180,000 15 io Pension costs in respect of the above employ￿ totalled £142,472 (2023: £165,311). 8 (2023: 8) higher paid employees are a￿rUIng benefits under the defined benefit pension scheme. Total remuneration of key management personnel during the year, defined as being the Trust￿5, Headmaster and the Bursar (which indudes employer NI contributions and employer pension contributions), was £387,344 (2023: £341,230). No remuneration was paid to the Govemors of the School (2023: none). During the year, a severance payment was made of £15,000 (2023: £38,500). The average number of employed by the charitable group during the finanaal year amounted to: 2024 Number 2023 Number Teaching staff (including peripatetic) Academic Support Support Staff 113 55 78 114 52 74 246 240 Page 32

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Payments to Governors and connected persons 2024 2023 Training and travel 3,911 4,468 3,911 4,468 During the year 5 (2023: 5) Govemors daimed exFenses of £1,293 (2023: £1,515) with respett to travel and Subsisten￿ expenses. Net income Net income is ststed after charging: 2024 2023 Depreciation Profit on disposal of tangible fixed assets Unrealised gainl(loss) on investments Loan interest Operating lease rentals Auditors, remuneration: Audit services Non-audit servi￿5 625,022 (1,250) 366,234 35,422 208,346 679,910 (36.683) (60,994) 68,508 29,865 26,115 27,740 2,815 Page 33

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Tangible fixed af>sets Group Freehold land Equipment Freehold land Assets under and buildings Information Minibuses and buildings construction improvements systems and vehicles Total Cost or valuation At I September 2023 Adjustment 18,919,867 2,644,124 3,860,991 2,011,151 545 3,879,360 2,011,696 29,886 178,626 (1,250) 175,666 27,611,799 18,919,867 2,644,124 866,166 175,666 27,630,713 1,074,678 (1,250) 399 949 175,666 29, 104,090 Additions Disposals Revaluations At 31 August 2024 Depreciation At I September 2023 Adjustment 4 309 195 23,229,062 3,510,290 2,189,072 1,288,007 1,339,534 1,656,282 117,9 4,401,767 1,288,007 25U,622 1,339,534 1,675, 196 254,1/4 Y/,b21 (1,250) 117,944 22,UU5 4,420,681 b25,U22 (1,250) (3,132,937) Charge for the year Eliminated on disposal Revaluations (1,538,629) (1,594,308) At 31 August 2024 1,771,567 139,949 1,911,516 Net book value At 31 August 2024 23,229,062 3,510,290 417,505 35,717 27,192,574 At 31 August 2023 17,631,860 2,644,124 2,539,826 336,500 57,722 23 210 032 School Freehold land Equipment Freehold land Assets under and buildings Information Minibuses and buildings construrtion improvements systsms and vehicles Totsl Cost or valuation At l SeptemtRr 2023 Additions Disposals Revaluation5 At 31 August 2024 Depreciation At I September 2023 Charge for the year Eliminated on distx)sal Revaluations 18,919,867 2,644,124 866,166 3,879,360 1,605,252 29,886 178,626 (1,250) 175,666 27,224,269 1,074,678 (1,250) 399 949 4 309 195 3 909 246 23,229,062 3,510,290 1,782,628 175,666 28,697,646 1,288,007 250,622 1,339,534 1,317,113 254,774 87,752 (1,250) 117,944 22,005 4,062,598 615,153 (1,250) (3,132,937) 1,543,564 (1,538,629) (1,594,308) At 31 August 2024 1,403,615 139,949 Net book value At 31 August 2024 23,229,062 3,510,2 379,013 35,717 27, 154,082 At 31 August 2023 17,631,860 2,644,124 2,539,826 288,139 57,722 23, 161,671 Page 34

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Tangible fixed assets (continued) To update the previous 2017 valuation, the Govemors, instructed Aitchison Raffety to carry out a formal valuation to enable them to detemiine the fair value of the freehold buildings and land including the assets under construction at the 31 August 2024, which has been determined at £26,739,352. This is based on the formal valuation re￿ived, appropriately sensitised for key assumptions and parameters within the reFK)rt. The previous formal valuation was carried out as at 31 August 2017 by Martin Pendered and Co (Chartered SuNeyors) of Wellingborough. If freehold land and buildings had not bn revalued, they would have b￿n included on the historical cost basis at the following amounts: Land & buildings Cost Accumulated depreaation Net book amount at 31 August 2024 Net book amount at 31 August 2023 8,203,888 (1,057,884) 7,146,004 7,234,112 io. Investments The Group 2024 The Company 2024 2023 2023 Handelsbanken Wealth and Asset Management Wealth Management Ltd Investment in subsidiary War stock - £2,508.15 War stock- £47.09 National savings bond 1,304,125 6,837,983 1,195,698 1,841,106 1,304,125 6,837,983 12 1,800 16 3,000 8,146,936 1,195,698 1,841,106 12 1,800 16 3,000 3,041,632 1,800 16 3,000 8,146,924 1,800 16 3,000 3,041,620 Valuation The Group & Company At I September 2023 Additions Net gain on revaluations At 31 August 2024 3,041,620 4,739,070 366,234 8,146,924 *Changed name on 4 September 2023, prewously called Standard Life Aberd￿n Group. From I September 2012 the previously independent, but closely associated Nevill Trust was merged into the School accounts, introducing new fr￿hold assets, investments, and cash balances to the sChc￿l. Since the Trust has specific purp)ses, these have b￿n treated as restritted fund items. Page 35

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Investments (continued) In August 2015 the School appK)inted CF Heartwood Investment Management (a wholly owned subsidiary of Svenska Handelsbanken) to invest monies in their Charities Defensive Multi-Asset Fund (now in a Cautious Fund). £lm was invested initially over thr￿ tranches and £88,619 was invested in 2016. In March 2021, the School appointed 1825 (1825 Financial Planning and Advi￿ Ltd, part of the standard Life Aberd￿n group) to invest in a general investment account. £2M was invested in August 2021. In the year ended 31 August 2024, with the IM￿ndIng general elertion in the summer, many parents took advantage of the School's fees-in-advance scheme to make agreed pre-payments against defined terms of eduGltion for their children. The feeS-ln-advan￿ received are held within a separate a portfolio with LGF Wealth Management Ltd. As at 31 August 2024, the balance of funds invested was £8,146,924. 11. Subsidiary company Shares at cost 2024 2023 Investment - Subsidiary company 12 12 The above interest relates to the School's wholly owned subsidiary company, Wellingborough School Enterprise Limited. The following extracts are from the approved accounts for the year ended 31 August 2024: Company Name WellingtM)rough Sch￿1 Enterprise Limited Address of Registered Office clo Wellingborough Schwl, London Road, Wellingborough, Northants NN8 2BX Country of incorporation England & Wales Class of Share capital Ordinary Shares of £1 each Proportion held Nature of business Management and hiring of Wellingborough School's facilities Capital & reserves £95,719 (2023: £67,023) Profit for the year £28,696 (2023: £28,618) Page 36

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Subsidiary company (continued) A summary of the results of the trading subsidiary is set out below: 2024 2023 Turnover Cost of sales 172,462 (65,292) 107,170 (69,074) (9,400) 28,696 176,466 (71,727) 104,739 (76,121) Gross profit Administrative expenses Tax charge Profit for the finanaal year 28,618 12. Stock The Group 2024 The Company 2024 2023 2023 GocKls for resale 56.468 82.409 13. Debtors The Group 2024 The Company 2024 2023 2023 Trade debtors Amounts owed from group undertakings Prepayments Accrued income Other debtors 168,560 113,731 154,529 132,243 332,590 113,724 3,010 736,096 102,834 136,309 283,215 332,590 113,724 3,010 617,884 285,905 399,636 522,358 There is no security provided or interest payable to the tharitable company on the loan owed from WellingLK)rough School Enterprise Limited. 14. Cash at bank The Group 2024 The Company 2024 2023 2023 Special reserve Permanent endowment account Bank accounts 798,411 24,230 3,441,431 781,134 23,879 2,813,309 798,411 24,230 3,307,052 781,134 23,879 2,736,407 3,541,420 4,264,072 3,618,322 4,129,693 Page 37

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Creditors: amounts falling due within one year The Group 2024 The Company 2024 2023 2023 Bank loans Loan - Old Wellingburian Club Trade creditors Accruals and deferred income Taxation and social security other creditors 48,000 32,231 399,938 3,745,466 196,701 303,169 4,725,505 48,000 32,231 289,619 1,796,864 3,412 106,092 2,276,218 48,000 32,231 399,938 3,735,659 191,099 303,169 4,710,096 48,000 32,231 286,809 1,785,156 106,092 2,258,288 Loan to the Old Wellingburian Club The loan has no fixed repayment date, is interest fr￿ and is repayable on demand. Deferred Income The Group 2024 The Company 2024 2023 2023 Deferred income at I September Resources deferred in the year Amounts released from prewous year Deferred income at 31 August 1,619,691 1,272,943 1,613,434 6,085,016 1,619,691 6,085,016 (1,619,691) (1,272,943) (1,613,434) 6,085,016 1,619,691 6,085,016 1,260,959 1,613,434 (1,260,959) 1,613,434 The deferred income relates to school f￿S and deposits received in advan￿. 16. Creditors: amounts falling due after more than one year The Group 2024 The Company 2024 2023 2023 Bank loans DeferTed income Fee desposits 384,000 2,475,901 301,885 432,000 100,054 334,074 384,000 2,475,901 301,885 3,161,786 432,000 100,054 334,074 866,128 3,161,786 866,128 Bank loan In July 2023, the Sch(x)I drew down a loan for £480,000 to maintain reserves after funding the Sixth Form Centre project from cash. The loan is a partial amortising facility with repayments set at a portion of the capital plus interest (at 2.46 % alK)ve Bank of England base rate) on a quarterly repayment basis until July 2026, when the outstanding balan￿ will be repaid in full. This loan is secured against a portion of the Schcol's investment p)rtfolio - there is no charge over any propety. Page 38

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Commitments under operating leases At 31 August 2024 the charitable company had tr)tal commitments under nOn-can￿lIable operating leases as set out below: The group and the company assets other than land and buildings 2024 2023 Operating leases payments due: Within l year Within 2 to 5 years 152,915 165,701 318,616 68,508 68,508 Page 39

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 18. Fund analysis Balan￿ at I September 2023 Balance at 31 August 2024 Income Expenditure Gains Transfers Current year Group Unrestricted funds School Capitsl Account Special reserve Revaluation reserve 13,562,698 15,264,316 (14,757,139) 479,642 6,609,065 366,234 659,729 15,095,838 479,642 8,843,381 2,234,316 20,651,405 15,264,316 (14,757,139) 2,6￿,550 659,729 24,418,861 School Unrestricted funds School Capital Account Special reserve Revaluation reseNe 13,495,690 15,091,854 (14,613,375) 479.642 6,609,065 366,234 659,729 15,000,132 479,642 8,843,381 2,234,316 2.6CK).550 20,584,397 15,OQl,854 (14.613.375) 659.729 24.323,155 Group and School Designated funds Designated Foundatvjn Designated Masterplan 24,198 1,767,411 125,141 (1,736) 147,603 1,767,411 1,791,6(VJ 125,141 (1,736) 1,91J,014 Group and School Restricted funds General restricted fund5 and donatioT6 Restrirted Bursary Restricted Prize giwng Restricted Nevill Trust Re5tritted Nevill Trust- Surplus in revaluation Restricted Sugden Art Fellowship Restrirted War Memorial Restrirted Thatcher Pavillion Restricted Edwards Legacy Restrirted Witham Awards Restritted Fenton Bursary Restrirted Copemicus 339,938 63,285 6.377 114,603 4,216 (5,098) 339,056 63,285 6,377 126,852 1.025 25,0 (1.025) (12,751) 336,987 8.751 29,479 5,842 25.079 76,605 413,592 5,936 31,525 5,842 25,079 544 292,822 (3,815) (9,986) 12,032 311,893 (19,071) 659,729 (659,729) (659,729) 1,242,778 703,(K12 (51,746) 76,605 1,310,910 Group and School Permanent endowment Revaluation Govemment st¢xk Historic sale prLKeeds Interest receNed on deposits 3,5(KJ,CM)o 16.182 1,221,965 4,721,965 16,182 2,000 5,699 5.699 3.523,881 1,221,965 4,745,846 Group 27.209.673 16.092,459 (14,810,621) 3,899,120 32,390,631 School 27,142.665 15.919,997 (14,666,857) 3,899,120 32,294,925 Page 40

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Fund analysis (continued) Balan￿ at I September 2022 Balance at 31 August 2023 Income Expenditure Gainsllosses Transfers Prior year Group Unrestricted funds School Capitsl Account Special reseNe Revaluation resave 10,381,088 13,898.307 (13.424,244) 479,642 6,609,065 17,469,795 13,898,307 (13,424,244) (60,994) 2,768,541 13,562,698 479,642 6,609,065 {60,994) 2,768,541 20,651,405 School Unrestrithd funds School Capial Account Special reseNe Revaluation reserve 10,301,817 13,762,722 (13,276,396) 479,642 6,609,￿5 17,390,524 13,762,722 {13,276,396) (60,994) 2,768,541 13,495,690 479,642 6,609,065 (60,994) 2,768,541 20,584,397 Group and SclM)oI Designated funds tksignated Fenton Hardship Designat￿1 Nursery Designated Foundation Designated Masterplan 2,051,343 60,0(M) 21,051 1,767,411 3,899,805 (2,051,343) {60,000) 3,594 (447) 24,198 1,767,411 3,594 (H7) (2,111,343) 1,791,609 Group and SclKJoI Restricted funds General resrntted funds and donauors Restricted Bursary Restricted Prize giving Restricted Nevill Trust Restricted NeMII Trust- suWus in revaluab.on Restricted Sugden Art Fellowship Restritted War Memorial Restritted Thatcher Pavillion Restricted Edward5 Leg Restricted Witham Awards Restricted 6 Fom Centre Restricted Fenton Bursary R￿trirted Prall Legacy Restrirted Q)tEmicus 339,372 63,285 5,327 114,178 6,919 (0,353) 339,936 63,285 6,377 114,603 1,050 25,(KKJ (24,575) 336,987 8,237 19,523 8,623 25,079 336,987 8,751 29,479 5,842 25,079 544 (3,486) (8,6(N) (3,231) 18,560 450 192,560 329,323 48,847 32.098 (1,807) (17,430) {222,851) 311,893 (48,847) (385,500) (657,198) 385,500 1,491,885 473,577 (65,486) 1,242,778 Group and School Permanent endowment Revaluation Govemment Stock Historic sale pr￿eedS Interest recewed on deF¥)srf5 3,500,LKJO 16,182 3,500,000 16,182 2,000 5,699 5.699 3,523,881 3,523,881 Group 26,385,366 14,375.478 (13.490.177) (60,994) 27,209,673 School 26.306.095 14,239.893 (13,342,329) {60,994) 27,142,665 Page 41

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Fund analysis (continued) Special Reserve fund The Special ReseNe fund represents unrestricted fvnds available to the Sch￿1 for contingencies. Designated fund - Foundation This includes general donations received by Wellingkorough Sch(x)l Foundation, so that they can be used in future years. Designated fund - Masterplan This fund has been set up to fund the Sch(K)I's ongoing development plans under Project COPERNICUS. Transfers In the prior year, a transfer was made from the designated Fenton hardship and designated Nursery funds back to the school capital account as the purpN)se for which they were designated have both now expired. A transfer was made from restritted funds back to the school capital account to reflect the value of tangible fixed assets purchased from a restricted fund donation but held for a general charitable purpose. The terms of the donation have been met at the point it is spent, allowing the charity to use the asset acquired on an unrestricted basis in line with its charitsble objects. Restricted Funds Bursary Fund Bursary support from Foundation Fundraising initiatives. Pnze Giving Fund Support ft)r award made at the Annual Prize Giving funded by specific donations from inter alia, the Old Wellingburian Club, the Old Wellingburian Masonic Lodge, and from Mrs Jane Fisher. Nevill Trust The aim of this incorporated Trust is to support School activitie: through the annual provision of grants for either capitsl investment or assisted places. Sugden Art Fe//owship OW sponsored awards to support Sixth Formers or recent leavers in the Arts (Art, Drama or Music). War Memona/ Foundation-generated suppjrt for Bursary awards to gifted pupils who otherwise could not afford a Wellingt()rough education, together with some small awards to leavers. Edwards LegaryA wards Supporting music throLJgh annual grants and awards to outstanding pupils. Thatched Pavilion Fund Monies raised by the Foundation tr) assist with the refurbishment of the Thatched Pavilion. Witham Fund Support to digitise the 1950's slide collection of Murray Witham. Fenton Bursary Funding to supr()rt a BAME pupil from Year 7 to 13 (thr￿ pupils over a total of 21 years). Prall Legacy Support to capital investment in the School. Copemicus Fund SupFK)rt to the 5th001'5 30-year development masterplan. Page 42

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Fund analysis (continued) Permanent endowment The £4,721,965 permanent endowment resenie has arisen from the re-valuation of the fr￿hOld land nd buildings. £16,182 represents the prc(eeds of &)vernment St(￿k deposits held by the original Trust. £2,000 relates to historic proceeds from the sale of permanent endowment land, and the balance of £5,699 represents interest received on permanent endowment detx)sits to date. 19. Analysis of net assets between funds Unrestricted Funds Restrirted Endowment Funds Funds Total Group Current year Tangible fixed assets and investsnents Current assets Current liabilities Long terni liabilities 30,198,099 4,023,067 (4.725.505) (3,161,786) 26 333 875 419,434 891,476 4,721,965 23,881 35,339,498 4,938,424 (4,725,505) (3,161,786) 32 390 631 1310 910 4 745 846 Prior year Tangible fixed assets and investrnents Current assets Current liabilities Long tem liabilities 22,408,823 3,176,537 (2,276,218) (866,128) 22 443 014 342,829 899,949 3,500,000 23,881 26,251,652 4,100,367 (2,276,218) (866,128) 27 209 673 1242 778 3 523 881 School Current year Tangible fixed assets and investsnents Current assets Current liabilities Long temi liabilities 30,159,619 3,950,432 (4,710,096) (3,161,786) 26 238 169 419,434 891,476 4,721,965 23,881 35,301,018 4,865,789 (4,710,096) (3,161,786) 32 294 925 1310 910 Prior year Tangible fixed assets and investments Current assets Current liabilities Long temi liabilities 22,360,474 3,139,948 (2,258,288) (866,128) 22 376 006 342,829 899,949 3,500,000 23,881 26,203,303 4,063,778 (2,258,288) (866,128) 27 142 665 1242 778 3 523 881 20. Transactions with Governors and connected persons Total donations received from Governors during the year amounted to £480 (2023: £660). 21. Controlling related party The Governors are the charitsble company's controlling related parties by virtue of their ststus as direttors and trustees. 22. Capital commitments As at 31 August 2024, the School had contractual capital commitments of £2,621,329 (2023: £nil). Page 43

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Company limited by guarantee The charitable company has no share capital and is limÈted by guarantee. Every member promises, if the Schwl is dissolved while he, she or it remains a member or within 12 months afterwards, to pay up to £1 towards the costs of dissolution and the liabilities incurred by the Schcrf)I while the contributor was a member. 24. Prior year comparatives by fund Permanent Unrestricted Restricted Endowment Funds Funds Funds Total 2023 INCOME FROM: Charitable Activities School fees (net) Other ancillary trading income Donations & Grants Other income 13,360,405 414,156 3,594 123,746 13,360,405 414,156 452,171 148,746 448,577 25,000 Total Income 13,901,901 473,577 14,375,478 EXPENDrruRE ON: Raising funds Trading expenses Funding Interest payable Charitable activities 76,121 2Y,466 10,027 13,309,077 76,121 29,466 10,027 13,374,563 65,486 Totsl expenditure 13,424,691 65,486 13,490,177 Net income before net lossess on investments 477,210 408,091 885,301 Net losses on investments (60,994) (60,994) Net income 416,216 408,091 824,307 Gross transfers Letw*n funds 657,198 (657,198) Net movement in funds 1,073,414 (249,107) 824,307 Total funds brought forward 21,369,600 1,491,885 3,523,881 26,385,366 Total Funds carried forward 22,443,014 1,242,778 3,523,881 27,209,673 Page 44