2025-08-31-accounts

Charity Registration No. 1102588

Company Registration No. 05010957 (England and Wales)

DENSTONE COLLEGE LIMITED

FOR THE YEAR ENDED 31ST AUGUST 2025

DENSTONE COLLEGE LIMITED

CONTENTS

	Page
Company information	1
(incorporating the Strategic report)	2-16
Independent auditor s report	17-20
Financial statements of the company	21-52

DENSTONE COLLEGE LIMITED COMPANY INFORMATION

DIRECTORS AND ADVISORS

Directors Prof N T Ratcliffe (Chair) Mr D T Brown Mr M F Coffin Mr A D Coley Mr D A Cooper Capt. M G Huddy Mr H R Jones Mr C J Lewis Mr G T McAloon Mrs B A McNally-Young Mrs J J Marshall (resigned 26 June 2025) Mr J C Sampson Dr Q Siddiqi Charity No. 1102588 Company No. 05010957 Principal Address and Registered Office Denstone College Ltd, Uttoxeter Staffordshire, ST14 5HN Key Management Personnel Head Miss L E Tulloch Bursar/CFO Mrs M A Walker Auditor Moore Kingston Smith LLP 6[th] Floor, 9 Appold Street, London, EC2A 2AP Bankers Lloyds Bank 1 Pride Hill, Shrewsbury, SY1 1DG Solicitors Veale Wasbrough Vizards LLP Narrow Quay, Bristol, BS1 4QA Farrer & Co 66 Lin Martin Kaye The Foundry, Euston Way, Telford, TF3 4LY Investment Advisers Cazenove Capital 1 London Wall Place, London, EC2Y 5AU

Insurance Brokers

Marsh 1 Tower Place West Tower Place London EC3R 5BU

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The directors present their report and financial statements for the year ended 31st August 2025 and confirm they comply with the requirements of the Charities Act 2011 Strategic Reports, under the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE INFORMATION

The charity was formed in 2004 and is registered with the Charity Commission as charity number 1102588. The charity is a limited liability company and wholly owned subsidiary of The Woodard Corporation (charity number 1096270). The charitable company is incorporated in the United Kingdom. Directors of the Company are also Fellows (members) of the Woodard Corporation and participate in the election of its board of management and are committed to its charitable objects.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The company is governed by Articles of Association as adopted by Special Resolution dated 2 July 2015 and 20 March 2013, replacing those dated 9 January 2004 amended by Special Resolution dated 25 January 2006. They permit funds to be managed in such a manner as the directors see fit, provided that such powers are only exercised for the purposes of attaining the objects and in a manner which is legally charitable. The Articles of Association forbid the distribution of any property or funds, which are to be applied solely towards the promotion of the objects of the company.

Governing Body

The Governors are the directors and charitable trustees of the company and comprise the governing body of Denstone College and are elected to hold office for five years. The school is governed by the governing body which operates using a number of committees. Membership of each committee is outlined on page 15. The governing body met 4 times during the year.

Recruitment and Training of Governors

All Governors are Fellows of the Woodard Corporation. Fellows are responsible for electing the Woodard Corporation Board. Governors are recruited on the basis of nominations from school contacts and from selection when a post becomes available. The governing body look to ensure a mix of skills and select new governors on the basis of background, competence, specialist skills and, in the case of Fellows, Christian commitment. Governors are provided with induction training by the Head, Bursar/CFO and staff and a wider programme of training events is organised by the Woodard Corporation.

Where possible the Governors consider that the skills and experience of the governing body should comprise the following:

A Governor with a legal background.

A Governor with a financial/accounting background.

A Governor with education experience.

A Governor with senior managerial or business experience.

A Governor with experience of equal opportunities or disability needs.

At least one female Governor and at least one male Governor.

One Governor may have one or more of these skills.

Volunteers

Volunteers are central to the school's operation. Its Governors offer their time without charge to manage the school's governance, often drawn from the ranks of OD's and parents. This volunteer base extends to other critical support functions, such as the independent listener, individuals helping children with reading in the Prep School, and those providing Chapel assistance. All these endeavours contribute significantly to community-building and relationship development, with some groups also undertaking fundraising to support specific small projects.

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Organisational Management

The school is governed by the governing body which delegates work to a number of committees. Membership of each committee is outlined on page 15. The directors determine the general policy of the company.

Compliance Committee Risk Management, Health, Safety & Environment, GDPR, UKVI, security and inspection are agenda items. It met 3 times during the year.

Finance & General Purpose Committee the Committee has a remit to consider budgets, both revenue and capital, cash flow information and financial reports, including the financial statements. It also considers financial policies and the financial regulations. Estates, building maintenance and capital development are also reviewed here. It makes recommendations to the full governing body for approval. The Committee met 4 times during the year.

Education Committee the Education Committee is responsible for oversight of the academic performance of the school and educational policy, making recommendations to the full governing body. It met 3 times during the year.

Other committees include Development, IT, People, Remuneration and Safeguarding/Wellbeing.

The day-to-day management of the company is delegated to the Head and the Bursar/CFO as the Key Management personnel, overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day-to-day administration is undertaken within the policies and procedures approved by the Governors which provide for only significant expenditure decisions and major capital projects to be referred to the Governors for prior approval.

The Head oversees the recruitment of all educational staff, whilst under delegated authority the Bursar/CFO and Operations Director oversee the recruitment of administrative and non-teaching support staff. The Head and Bursar/CFO are invited to attend governors

The remuneration of key management personnel is set by the governing body, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the s

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere.

We aim to recruit, subject to experience, at the relevant point within a band, providing scope for rewarding excellence. We recognise that delivery of the s primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

Group Structure and Relationships

The company has a wholly owned non-charitable subsidiary, Denstone College Enterprises Limited, the activities and trading of which are described below. Note 33 provides details of connected charities.

We have a thriving alumni group, the Old , who are generous in supporting the work of the school and whose support we greatly appreciate. We also cooperate with local charities in our ongoing endeavours to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils, in the public interest, an awareness of the social context of the all-round education they receive.

CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

Articles of Association, are to promote and extend education (including spiritual, moral, social, cultural and physical education) in accordance with the doctrines and

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principles of the Church. The Church is defined as being the Church of England and churches in full communion with the See of Canterbury.

Intended impact

Woodard Schools strive for the best all round education of every aspect of each individual; they ensure high standards of religious education; and they see themselves as communities working together for the benefit of all members, and of the Church and the nation. They are strong Christian foundations which adhere to catholic belief as found in the Church, to Christian worship focused in the Eucharist, and to the care of each individual and the whole school community particularised in the ministry of the Chaplain.

Aims

Denstone College is a boarding and day school for pupils from the ages of 4 to 19. It aims to support children in reaching their potential in all areas of their activity at the school, and in the wider community. This may be in academic subjects but could just as easily be reflected in success in art, drama, sport, society. All Woodard schools aim to provide a rounded education to help the pupils to make their way in adult life.

Primary objectives

The primary objectives of Denstone College to fulfil these aims are:

• to provide a stimulating learning environment in which pupils can develop their academic potential to the full;

• to provide a happy and secure pastoral environment in which pupils can learn to live together and thus foster a sense of community, respect for one other and good citizenship;

• to provide pupils with the opportunity to take advantage of a breadth of co-curricular activities in order to develop positively all aspects of their character;

• to provide pupils with the opportunity to take decisions based on their own judgment and to communicate those decisions appropriately and effectively;

• to provide financial support to enable children whose parents are unable to afford the full fees to benefit from a Denstone College education;

• to provide a clear, simple and effective management structure capable of taking timely decisions and allocating necessary resources appropriately, and

• to provide the necessary administrative and logistic framework to meet the needs of members of staff and pupils alike.

Strategies to achieve the primary objectives

• to resource the College to provide a broad and relevant curriculum that leads to successful participation and academic outcomes;

• to grow boarding for our younger pupils, from Y3, delivering a wider experience for all of our boarders, with older pupils as role models;

• 10-12% of fee income is allocated to assist in enabling talented children to attend the school;

• Governors are responsible for the overall management and control of the school. They meet at least three times a year and also hold sub-Committee meetings for decisions to recommend to the Full Board of Governors. The day-to-day management is delegated to the Head and Bursar/CFO, supported by senior management, covering a variety of operational and compliance aspects. Additionally, Housemasters and Housemistresses are heavily involved in pastoral support. Our tutor system links most academic staff to one of eight Houses, bringing a strong cohesion to our community;

• a forum is held half-termly to ensure colleagues have a valued voice in the school. Representatives from all areas of school attend and provide feedback.

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Principal Activities of the Year

The principal activity of the school is the delivery of education to pupils ranging from 4 to 19 years of age. We also let the school to sporting and other groups during holidays and the school is open at other times for use by the local community. Pupil numbers at the school during the year were as follows:

Senior School Preparatory School Pre-Preparatory School Total Senior School Preparatory School Pre-Preparatory School Total	2024/2025 652 (180 boarders) 79 (3 boarders) 21 752 2024/2025 Boys Girls 380 272 50 29 17 4 447 305		2023/2024 674 (182 boarders) 82 (1 boarder) 23 779 2023/2024 Boys Girls 389 285 57 25 15 8 461 318

Public Benefit

Within the objects, the school aims to create an environment to nurture children, to get the best from them and to allow them to develop and fulfil their potential. We provide them with a first-class independent education and a wide range of sporting and artistic opportunities. Our public benefit aim is that all pupils will be self-confident and desire to contribute to the wider community. Denstone College fully understands the truly privileged position it holds as an independent school in the current climate. To that end, the College seeks to allow every member of our community to understand this privilege and to ensure a sense of giving back is at the heart of our mission. As a Woodard school guided by Christian values, the sense of putting others before selves is critical.

In the furtherance of these aims the Denstone College Governors, as the charity trustees, have published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act.

Our school welcomes pupils from all backgrounds. To admit a prospective pupil, we need to be satisfied that our school will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education or disability do not form part of our assessment processes. Our assessment seeks to find children who would thrive in this environment, and protected characteristics are indeed protected. Denstone College continues to support a number of families through financial bursaries up to 110%. We work closely with the Local Authority and the Royal National Springboard Foundation to educate some of the most vulnerable children.

Our school is a part of a wider community, and we are keen that our staff and pupils participate. Our school also offers a resource to support a range of educational activities for the benefit of local children attending state schools and their teachers. Our Governors are committed to developing our programme of cooperation and joint working with local maintained sector junior and secondary schools. The an page.

Denstone College proudly educates its young people in the need to give back and in doing so, weekly charitable assemblies showcasing many fundraising and charitable efforts are a highlight in the school week. Children are encouraged to give freely of time, resource and care; statistics for volunteering hours earned through the Duke of Edinburgh Award Scheme only skim the surface of what our pupils achieve often without realising their generosity.

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Concessions Including Bursaries & Scholarships

Our school does not have an endowment and in funding our concessions we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal Further details of our concessions policies and how to apply are available on our website at https://www.denstonecollege.org

All criteria and policies relating to concessions are kept under review and are updated when necessary.

Bursaries

Bursary awards are important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve case of redundancy. as far as possible, whilst giving priority to the continuity of education of those pupils already at the school.

This year the value of means tested bursaries totalled £709k (2024 £622k) and represented 4.2% of our gross fees. They provided assistance to 83 of our pupils of which 4 pupils benefited from a full remission of fees.

Scholarships

The purpose of our scholarship awards is to recognise high academic potential or the ability to excel in our copotential or evidence of exceptional abilities which will contribute to our co-curricular activities. In addition, awards may be subject to conditions imposed by the original donor.

The school awarded (financial) scholarships to 69 pupils (2024 99 pupils), based on their educational merit and potential, totalling £206k (2024 £267k) and representing 1.2% of our gross fees. Of this number, 10 also qualified for means-tested bursary support and are included in the figures relating to bursary awards. Scholarships awarded after September 2021 no longer carry a financial award, with those awarded previously continuing.

The progress of pupils receiving scholarships is reviewed at least annually to ensure their progress is in line with their abilities. No scholarships were withdrawn in the year as a result of reviews.

Employment Policy

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Engagement with Suppliers, Customers and Others in a Business Relationship with Denstone College

Denstone College seeks to engage actively and positively with all stakeholders in the local community and in the wider educational landscape. Collaborative relationships with suppliers, parents, educational partners and community leaders are seen as key enablers to achieving success in all of the s operations.

During the year the school has further promoted this engagement though specific initiatives including:

• Regular communication and engagement with parents and prospective parents of pupils attending Denstone College to enhance the understanding of the provision to each pupil and to fully coordinate support to pupils from parents and schools.

• Engagement with other educational organisations and partners at local and national levels to share best practice and to provide peer support.

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• Active dialogues with local councils on matters which impact children and families in the community as well as relate to operation of each school.

• Engaging with local businesses to promote career and educational opportunities for pupils for their mutual benefit.

• Seeking all possible opportunities to engage with local and national suppliers in the area.

• Seeking regular communication with all suppliers and ensuring good commercial practices of prompt payment and clear communication to optimise arrangements for supply of goods and services to Denstone College.

• Promoting and encouraging pupil and staff opportunities to engage in local voluntary and other projects to support the community.

• Providing community access to Denstone College and, in many cases, adopting a role that puts the school or academy at the heart of a community.

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Responding to External Pressures

During the year there were a number of significant changes implemented by the new Labour Government. 1st January 2025 saw the introduction of 20% VAT on school fees, creating a higher fee and making the education experience we offer more expensive and therefore less accessible. The increase in Employers National Insurance contributions and the lowering of the threshold also impacted the school significantly financially. The removal of 80% Business Rates Relief from April 2025 caused another sizeable financial adjustment impacting the school. This academic year saw these three items start to take shape, and next academic year, 2025-26, will see the full annual cost impact. The Head and Bursar/CFO, alongside Governors, took swift action to manage the changes announced.

School Performance and Achievements

During the year we educated 752 children between the ages of 4 and 18. The school offers a broad curriculum and educates children with a wide range of ability. The educational performance of the school was pleasing, as demonstrated by some excellent public examination results. Candidates at the school achieved a 95% pass rate (grades 4 or above) at GCSE, of which 45% were graded 7 or above. In A Level and equivalent qualifications, 65% of grades were B or above, including 12% gaining the highest grade of an A* or equivalent. With an average score of 228 UCAS points per candidate equivalent to ABB grades at A level cohort secured an impressive array of post sixth form destinations, with the vast majority moving on to higher education at their first choice destination. These results are well above the national average for all schools with positive average value added residuals also achieved at both GCSE and A level.

We continue to improve facilities through constant investment in the fabric of the buildings and assets, and ambitious programmes to provide the best facilities to support teaching and learning. Denstone College continued with its refurbishment programme and during 2024-25 undertook refurbishments including transformation of a number of boarding rooms in North House, replacement of some aged water infrastructure, restoration of the Chapel roof towers and upgrade of elements of light and sound in the theatre.

Arts, Music and Drama

One of the important elements of any Woodard school is the concentration on arts, music and drama. Denstone College makes excellent provision in all different aspects of these activities. The interes from art competitions, mythology research projects, science speed presenting, declamations, model castle building, and many others.

The 2024-2025 academic year continued to see exciting musical opportunities for the pupils. The concert programme kicked off with the Scholars and Advanced Musicians' Concert which set the bar extremely high for the rest of the year to come. We then had a fantastic House Music event. Each house really upped their game and was a great example of pupil-led ensembles and what they can achieve Concert, The Michaelmas Ensembles Concert and Carols by Candlelight featuring, for the first time, the College Orchestra accompanying the carols. The Lent Term saw a return of the Music Theatre, LAMDA and now also Dance showcase with pupils from 1st to U6th Form performing a range of numbers from

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a Denstone Village Hall Big Band evening and a Spring Serenade Concert, as well as 2 music trips, a vocal workshop at Shrewsbury School and a 6th Form Musicians Dinner. The start of the Summer Term saw the return of the Choral Concert. The Chapel Choir has continued to push itself with diverse and known but loved by Beethoven. As always, a selection of U6th pupils performed solos with the orchestra, fantastic experience for those musicians, something that you would rarely get the opportunity to do in a school setting. The parent choir aspect of this event continues to be popular and well attended. The Summer Term also saw a Rock and Pop concert with over 30 musicians taking to the stage, a first time-ever pupilin the Quad. We also had a Chapel Choir social and a music tour to Wales where our pupils performed

At the Prep, music continued developing at a pace. Teatime Concerts were a regular occurrence with pupils from the age of 5 years upwards performing and developing confidence when performing in front of others. The Prep House Music Competition was hard fought and all pupils in The Prep were fully involved, developing performance experience and enjoying singing. Regular music clubs take place throughout the week e. g. chapel choir, show choir, string group, recorder group. The Prep production was of a larger scale this year with all pupils from Prep 3 to Prep 6 (approx. 80 pupils) performing The Wizard Of Oz to a packed house. We also had a Prep and Primary school Music Day where pupils from 3 different local primary / prep schools joined forces to partake in workshops with our VMT teachers and then perform a vocal and instrumental number as a massed item.

In December 2024, over 60 of our talented Middle and Senior School worked to produce an outstanding performance of its leads, the energy of the ensemble, the enthusiasm of the singing, the accomplished 12-piece band, the challenging and captivating choreography, the ambitious stage design, and the fun mood generated by the tech team all ensured that the show was full of energy and fun. The Lower School revealed equal dramatic ability and professionalism in our Lower School. This was a beautiful show, featuring 60 student actors, several student assistant directors, twenty plus student designers and a student tech team. The audience were treated to four performances, all of which were received with delight. February 2025 saw again the House Drama Festival, an event involving all of our Second Form students and creative representatives from the Lower Sixth. All of the students worked together in houses to create original and entertaining pieces of theatre; all of which were well-received by their two audiences. Those taking GCSE and A Level performed in 4 different evening showcases as a part of Shakespeare, Political and Comedy, and others, all to a very high standard. Alongside the extracurricular performances, these were again supported by the pupil tech team members who continue to impress with their practices in lighting and sound. LAMDA has gone from strength to strength, and this has continued to be a success. We have continued to host evening screenings of a range of theatrical productions, and we were fortunate to take our students to visit Stoke Regent Theatre to watch a production of the thrilling War Horse. At the Prep, all pupils from Prep 3 to Prep 6 have weekly drama lessons and LAMDA again proved popular with many children attending regular lessons and successfully achieving in exams.

Sport

Sport at Denstone continues to stand out as an integral and impressive part of our co-curricular offering, highly valued by both pupils and their parents. It not only enhances school life but also plays a key role in shaping the culture of our community. Our programme retains a firm commitment to the traditional sports that define our identity, while also embracing a broader recreational pathway, one guided by the enthusiasm, expertise, and passions of our staff. This dual approach ensures that every pupil can find opportunities to enjoy sport, whether at a competitive or recreational level.

At the heart of our games programme lies a clear and unwavering focus on the development of the individual. We take pride in this bold stance, recognising that sport is not simply about performance, but about personal growth. Through participation, pupils develop essential life skills such as resilience, communication, humility, patience, and decision-making. These qualities sit alongside the refinement of their practical sporting skills, ensuring that the benefits of sport extend well beyond the pitch or court and into all aspects of their education and future lives.

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In rugby, this culture of participation and personal development is firmly established. It has been particularly encouraging to see the senior boys embrace this ethos so strongly, taking ownership of their improvement and demonstrating real commitment both in training and in competition. Netball continues to progress with clear long-term goals and ambition. The programme has expanded to include additional training opportunities during the school day and before lessons, ensuring greater access for all players. Alongside this, we have introduced more competitive opportunities for younger year groups, striking the right balance between challenge, motivation, and enjoyment.

Cricket has seen significant recruitment this year, giving the programme exciting depth and potential for the future. Building on the achievements of our U17 team last summer, we are working hard to develop our younger players, instilling good habits early so that they can thrive in the years ahead. Hockey also continues to be an area of real strength, with the school competing at Tier 1 level. The Director of Hockey has worked tirelessly to establish a programme that reflects both our ambition and our resources, creating an environment where pupils can challenge themselves and excel. Football remains a consistently popular option, drawing strong participation across year groups and providing an enjoyable outlet for many pupils.

the school across a wide range of fixtures, including netball, rugby, and hockey. Their commitment and team spirit have been a joy to witness. We continued to build on our sporting traditions with the return of our highly successful cricket tournament, where sixteen teams competed in an exciting all-day event. Our second netball festival was another highlight, welcoming eight schools and showcasing some tournamen ~~t a~~ n exciting new addition to our sporting calendar that promises to be a memorable occasion for all involved.

Sport at Denstone continues to thrive because it remains rooted in values that matter: participation, ambition, and the development of the individual. From our youngest Prep pupils to our senior competitors, every pupil is given the chance to benefit from a sporting education that is both broad and purposeful. Looking ahead, we remain ambitious in our aims and confident in our belief that sport will continue to be one of the defining strengths of life at Denstone.

Community

• Through development of, and provision of access to, our facilities, Denstone College remains at the heart of the community. Facilities, which are offered at times free of charge or at rates below commercial levels, that are made open to the public include: Our all-weather cricket nets and sports hall that are made available to both local senior and junior clubs, often along with coaching to participants. Our swimming pool, which is made available to local swimming clubs and for use by local primary and middle schools. In addition to swimming lessons for our secondary age pupils, we 5 and 12 years.

• The Sports Hall is made available for local groups across various sports and leisure activities. Our sports pitches are used in regular fixtures against local schools in a variety of sports, with the outside community also able to use these facilities. Various youth groups and child sports clubs enjoy evening sessions, particularly on our floodlit all-weather pitch. We have historically hosted county, and indeed regional, hockey, rugby and cricket matches and trials, including some national cricket trials at various age levels. The local community are welcome to attend our Carols by Candlelight and other Chapel services and our drama and musical performances, either in the theatre or Chapel, are open to members of the village community, upon request, including visiting professional concerts. The College allows some 80 associate members from the local community to enjoy our golf course facilities. Subject to the necessary permissions, we can host wedding ceremonies and receptions. Through our Enterprise Company, we provide our facilities to children and adults in various sport and general activity groups during the school holidays. We continue to work with the Parish Council and ensure we work collaboratively within the village.

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• Our Prep Eco-Committee continues to work with the school community, developing links with the College. Activities included continuing to tend the College Wellbeing Garden where they have their own planting bed, working to reducing waste, litter picking, electricity conservation activities and introducing paper recycling throughout the school. The local community was udges coming from

• Denstone Horticultural group. The Prep recently won the Talk Education Award for Environmental Achievement, with transforming the outside space and community links being

Other Activities undertaken in the Community

These include the many that benefit from the fundraising efforts of our pupils and staff, and from volunteer work locally and further afield. Members of the College CCF contingent meet with local Army, Air Training and Sea Cadets in competition, and our CCF contingent also includes pupils and staff from a nearby state school. Local cadet forces and Uttoxeter Rifle Club use the outdoor range. Pupils embarking on their Duke of Edinburgh Awards tend to undertake activities such as visiting the elderly and help with local projects, volunteering with young pupils and assisting as junior coaches in local sports clubs. Our Directors of Rugby, Hockey and Netball are in regular contact with local clubs. We continue to value our links with the local community and make facilities available to them. We continue to support our local branch of the Royal British Legion; this year a student attended the village Remembrance Service and laid a wreath on behalf of the college and members of the local community returned later in the week to attend our service in college.

Outreach

Our outreach programme continues to grow, offering meaningful opportunities for local pupils and for Sixth Form pupils from local state schools and several of our staff serve on governing bodies in the region.

• Swimming local primary schools continue to use our facilities to support their teaching of swimming.

• U10 Cricket Festival In July 2025, we welcomed approximately 100 children for a day of fixtures, supported by our Director of Cricket and Cricket Coach, who also visited schools to deliver coaching sessions. Hockey Festival In October 2024, we hosted 150 children from five primary schools for a full day of hockey, led by our Director of Hockey.

• Art Exhibition Local pupils showcased their work in a dedicated exhibition at the College. Staffordshire Sports Partnership Throughout the academic year, we have welcomed numerous local primary schools for sports events, with approximately 300 children involved in at least one event.

• We also maintain strong partnerships with organisations such as OSSMA in Stoke, Derby County, and the Staffordshire Sports Partnership, which has recently used our facilities to host sports events with local schools.

Through these initiatives, Denstone College continues to build valuable community links and widen educational access. Many of these opportunities are provided free of charge or at significantly reduced rates, reinforcing our commitment to service, inclusion, and partnership.

Wider Experiences

The College offered many trips to its pupils this year, including important fieldwork trips (such as the Geography trip to Cornwall, and trips to academic conferences and workshops and the 3[rd] Form History trip to the trenches), a range of stimulating sports trips, tournaments and tours (including rugby trips to where teams performed very strongl entertainments, including seeing Jack and the Beanstalk at the Buxton Opera House, and a wide range of other edifying opportunities, in addition to the numerous trips associated with outdoor pursuits. In the Prep, children have benefitted from a number of off-site activities and trips including our annual trip to the pantomime in Buxton, Alton Castle, Tittesworth Reservoir, Blists Hill, The National Justice Museum and The Black Country Museum. All pupils from Prep 3 to Prep 6 also attended residentials during the Summer Term, where they experienced outdoor activities to develop teamwork, social skills and independence. All Prep pupils also regularly attend sports fixtures off site. Pupils in Prep 4 took part in a JCB workshop day where they worked in teams to solve STEM based problems. This year also saw the start of our Curious Careers Talks, with visiting speakers coming to speak to Prep 3 to Prep 6

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wide variety of careers e.g. pilot, dentist, milliner, police dog handler.

Combined Cadet Force (CCF) and Duke of Edinburgh (DofE) Awards From 4th Form upwards, all pupils have the opportunity to join the CCF, which has an Army and RAF section within the contingent. Currently over 100 students take part in the CCF. The CCF run Field Day exercises at Swynnerton and Leek military training areas and some pupils take part in an annual camp during the summer holidays at Warcop near Penrith. DofE remains a big part of the Activities programme. Completion rates are strong, especially at Bronze and Silver, and pupils find a lot of fulfilment in the programme.

Charitable Activities

The year once again began with the Prep Macmillan Coffee Morning & Cake Sale, which was a delightful success, bringing together students, staff, and parents for a good cause, and raising over £250. We continued a working relationship with the YMCA in Derby where pupils ran a cake sale to raise money for stress bags these are bags containing supplies to be given out by their psychotherapist to assist young people suffering mental health issues. Additionally, we supported both the YMCA and our local foodbank at harvest. Services were held in both the Prep School and College. Over 2000 items of food and toiletries were donated to YMCA Derby and Renew Church Foodbank in Uttoxeter, showcasing our ce Service, where we welcomed the members of the local RBL. Michaelmas Term was a busy time too for our Upper Sixth: 10 of them ran in a local half marathon raising money for Young Lives Vs Cancer. This was particularly poignant following the untimely passing of one of our Lower School Pupils. Upper Sixth were also prominent in In January, the Chaplain also spoke at our local Rotary Club and we welcomed their Chairman into school to talk about their Charity of the year: Cardiac Risk in the Young. As a result, total donations to support their work amounted to £2000. Our efforts continued throughout the year and by July over £10000 had been donated to other charities such as: Goodhub Ashbourne, MND, Girl-Guides,

In the Prep, each house chose their own charity to support: Cedars supported Dougie Mac Hospice and raised £198, Oaks supported the YESS (Your Emotional Support Service) and raised £238 and Beeches supported Ashbourne Ark Animal Rescue and raised £274. Prep children also raised £185 for Children In Need through a non-uniform day. For the first time this year, Prep Houses set up and ran their own stalls at the Horticultural Show raising money for their House charities.

In terms of our religious charitable function, we believe that Nathaniel Woodard would be pleased to see so many engaging with what the chapel offers: a foundation of faith for life, a moral compass for their choices, and a place they can call home.

Investment Policy and Objectives

as the directors see fit, providing that such powers of investment are only exercised for the purpose of attaining the objects and in a manner that is legally charitable. For the Advanced Fees Scheme, the aim is to match the return on investments with the maturation profile of the related liability to provide schooling in future years.

Investment activities are managed in line with the requirements of the Trustee Act 2000.

11

DENSTONE COLLEGE LIMITED

( incorporating the Strategic Report ) YEAR ENDED 31ST AUGUST 2025

Key Performance Indicators

The Key Performance Indicators (KPIs) used by the school are:

----- Start of picture text -----
KPI Target Actual
Surplus £0.5m £1,203k operating surplus
(£1.0m before depreciation) + £23k investment gains
= £1,222k surplus after depreciation
Pupil Numbers 770 752
Total salaries to net fees 68% of net fees 67% of net fees
----- End of picture text -----

Funds held as custodian trustee on behalf of others

Denstone College does not hold funds or act as custodian trustee on behalf of others.

FINANCIAL REVIEW

Results for the Year

The net incoming resources for the year amounted to £16,333k of which the operating surplus on school activities was £1,222k. This was above our target. This surplus has been achieved against a background of strongly rising operating costs, so in the circumstances we consider it a highly satisfactory achievement. Gross income for the year was up by some 6.8% on last year, reflecting the fee increase and boarding/day mix changes.

Our trading company continues to hire out Denstone College facilities during vacations and school hours, as well as undertaking commercial activity on behalf of the school and externally. The company contributed £137k

The parents of our pupils often make significant sacrifices to pay the fees. In doing so they help to relieve the state of the financial burden of educating 730 UK based children. The saving is estimated to have a value in the last year of £5,993k.

Denstone College provides a pension to some staff under the terms of the Pensions Trust Growth Plan. As a result of this pension scheme being under funded, Denstone College is committed to contributing to a recovery plan. During the course of the year Denstone College made contributions to the recovery plan of £14k and the recognised liability under the plan reduced by £8k, with this value being recognised in the Statement of Financial Activities. Further details can be found in note 25.

Reserves Level and Policy, and Financial Viability

Denstone is to retain sufficient unrestricted income reserves to enable the company to continue to meet its short-term financial obligations in the event of an unexpected revenue shortfall.

The balance sheet contains a number of non-cash and longer-term liabilities, including those related to pensions. These items are excluded from consideration of the available reserves. Unrestricted funds increased by £1,161,220 to total £9,230,022, as shown in note 24. Denstone College plans to fund longer term capital expenditure and meet long term liabilities through careful management of resources and investments and through building reserves through operations and trading. unrestricted reserves are primarily invested in tangible fixed assets which are all used for its direct charitable activities when the cash position permits.

In common with most independent schools, and due to the having to fund their own capital investment plans, free reserves are at a negative balance illustrating the extent of the investment in our school. 9.9m at the year-end included £0.3m of endowed funds, £0.3m of restricted funds and £9.2m unrestricted designated funds. Denstone College also reserves for £16k of pension-funding deficit. Fixed assets held for charity use totalled £11.9m, leaving free reserves of -

12

DENSTONE COLLEGE LIMITED

( incorporating the Strategic Report YEAR ENDED 31ST AUGUST 2025

£2.7m (2024: -£3.5m) at the year-end. The s reserves but in its ability to continue to trade at a surplus on an annual basis, and on the substantial portfolio of fixed assets held for operational use. The school does not have, and cannot rely on, permanent endowments. There was a closing cash balance of £4.4m. The school does operate a Fees In Advance scheme and held £1.9m of funds at year-end. Creditors due within one year at year-end totalled £5.3m, with the largest elements, £2.2m representing fees received in advance of Michaelmas 2025 Term and Fees In Advance scheme £1.1m.

PRINCIPAL RISKS AND UNCERTAINTIES

The Governors consider the economic turbulence of recent years and the affordability of fees by parents across the independent sector to be the principal risk faced by the school. The school continues with a healthy pupil roll, but there is no room for complacency. The governing body decided last year to increase the fees for September 2024 by 12%. For September 2025 the governing body has limited fee changes and held them at 2024/25 levels to assist families in the transition to VAT being applied to fees from January 2025.

The independent sector as a whole is currently subject to increased political risk following the introduction of 20% VAT on school fees, and the removal of business rates relief. The introduction of VAT creates a level of uncertainty in business planning for all independent schools. Planning future income based on pupil numbers has become more difficult due to an increased level of uncertainty in demand. The full effect will not be known until levels of demand settle down, schools adapt, and parents become more secure in their finances. This is unlikely to happen for a number of pupil recruitment cycles.

Health and Safety is always a significant area for risk management. The risks range from fire and damage to infrastructure, to personal risks (most notably when away from the campus on trips and expeditions). The level and breadth of activity at the school is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment.

The governing body is responsible for the identification and management of risks. The major risks to which the charity is exposed, as identified by the Governors, have been reviewed and systems or procedures have been established to manage those risks. Detailed examination of the risks and establishment of controls to mitigate them is delegated to the Executive Officers and the process is overseen by the Compliance Committee. A formal review of the risk management processes is undertaken annually.

The principal risks to which the school is exposed include those affecting protection of pupils and security and preservation of charitable assets both now and in the future. Significant risk areas:

• the Governors consider possible catastrophic events and ensure that the school has a plan in place to allow education to continue in a range of different scenarios

• the market in which the School operates is highly competitive and we monitor developments in education to ensure that pupils always receive a first class, holistic and varied educational experience in our school

• we strive to ensure that all staff are able to work in a safe and supportive environment and policies, procedures and training in Human Resource management and Health and Safety help to ensure that the school meets expectations

• the school operates in a highly regulated sector, including in matters of child protection, and we appoint appropriate professional advisers to ensure that we can keep up to date with all requirements; school or individual membership of bodies being the constituent associations of the Independent Schools Council also ensure that we have access to up-to-date information and support

• the school operates in an increasingly litigious environment, and we appoint appropriate professional advisers and purchase insurance using specialist brokers and advisers to ensure that we can keep up to date with all requirements and meet all challenges

• all organisations face difficult economic conditions, particularly in relation to the impact of inflation, and Directors and senior managers in the school keep abreast of economic conditions locally, nationally and internationally to identify trends and develop plans to address issues.

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DENSTONE COLLEGE LIMITED

( incorporating the Strategic Report YEAR ENDED 31ST AUGUST 2025

The key controls used by the School include:

• formal agendas and minutes for all meetings of the governing body and committees

• terms of reference for all committees

• comprehensive strategic planning, financial forecasting, budgeting and management accounting

• established and identifiable organisational structures and reporting lines which are regularly reviewed

• comprehensive formal written policies

• clear authorisation limits

• vetting procedures, as required by law, for protection of the vulnerable

Financial risk management objectives and policies

The school uses financial instruments, other than derivatives, comprising loans, cash and other liquid resources and various other items such as trade debtors, creditors and finance lease arrangements that arise directly from operations. The main purpose of these financial instruments is to raise finance for the school

The s Directors adopt policies for managing each of the risks and these are summarised below:

• Liquidity risk the school seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and by negotiating adequate facilities with our banks.

• Interest rate risk the school finances operations through a mixture of retained surpluses and bank and other borrowings. The exposure to interest rate fluctuations is managed by the use of both fixed and floating facilities and the exposure is rated low.

GOING CONCERN

It has been a turbulent few years for independent schools and businesses in general, following the COVID-19 pandemic, ongoing wars in a number of regions and associated high inflationary cost pressures on purchased goods and services and utilities. Elections resulting in changes in world leaders have also contributed to the unsettled state of the world economy. In terms of current issues, the Government budget announcements on October 30[th] , 2024 (namely loss of Charitable Business Rates , have now been fully applied and budgets have been set taking them into account.

Having considered all factors and after reviewing the available evidence, the directors have a reasonable expectation that the school will be able to continue operating for the foreseeable future and the financial statements have been prepared on a going concern basis. Further details related to the adoption of the going concern basis can be found in the accounting policies on page 26.

FUTURE PLANS

The key objectives of the current plan are:

• To maintain steady growth of pupil numbers for consistent increases within our determined capacity. To focus efforts on non-fee-based revenue through private lettings (managed by Denstone College

• Enterprises Ltd) and through fundraising efforts of Denstone Foundation.

• To continue our partnership work with local organisations particularly educational links. To continue to grow the strength and size of The Prep at Denstone College (aged 4-11).

• To widen access to the school still further through the provision of means-tested bursaries.

14

DENSTONE COLLEGE LIMITED

( incorporating the Strategic Report YEAR ENDED 31ST AUGUST 2025

DIRECTORS

The Directors who served during the year, and the committees of which they are members, are:

Prof N T Ratcliffe (Chair) Education, Finance & General Purpose, Remuneration. Also invited to attend other committees in capacity as Chair. Mr A D Coley (Deputy Chair) Development, Finance & General Purpose, Remuneration Mr D T Brown Development, Finance & General Purpose Mr M F Coffin Development, Finance & General Purpose Mr D A Cooper Compliance, Education, Finance & General Purpose, IT Capt. M Huddy Compliance, Education, Finance & General Purpose, IT Mr H R Jones Education, Safeguarding/Wellbeing Mr C J Lewis Development, Finance & General Purpose Mrs J J Marshall (resigned 26 June 2025) Education Mr G T McAloon Compliance, Development, Education, People Mrs B A McNally-Young IT, People, Remuneration Mr J C Sampson Development Mr Q Siddiqi Compliance, Safeguarding/Wellbeing

None of the Directors has any beneficial interest in the company. Denstone College buys trustees and officers insurance on behalf of the directors.

Exemptions from disclosure

Denstone College has not taken advantage of any exemption from disclosure in relation to trustee details.

AUDITORS

Moore Kingston Smith LLP, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless the company receives notice under section 488(1) of the Companies Act 2006.

15

DENSTONE COLLEGE LIMITED

( incorporating the Strategic Report YEAR ENDED 31ST AUGUST 2025

DIRECTORS RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare group and company financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group and the company for that period.

In preparing each of the group and company financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP (FRS 102);

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and,

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

• The directors confirm that:

• so far as each director is aware, there is no relevant audit information of which the charitable

• the directors have taken all the steps that they ought to have taken as directors in order to make auditor is aware of that information.

The directors are responsible for the maintenance and integrity of the corporate and financial preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board of Directors of Denstone College on 13/01/26, including, in their capacity as behalf by:

Mr M F Coffin Chair of Finance & General Purpose Committee

16

DENSTONE COLLEGE LIMITED

INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF DENSTONE COLLEGE LIMITED YEAR ENDED 31ST AUGUST 2025

Opinion

We have audited the financial statements of Denstone and its or the year ended 31 August 2025 which comprise the Consolidated Statements of Financial Activities (including an Income and Expenditure Account), Company Statements of Financial Activities (including an Income and Expenditure Account), the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS Generally Accepted Accounting Practice).

In our opinion the financial statements:

• at 31 August 2025 its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the groups or the parent from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the Annual Report other than the financial The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

17

DENSTONE COLLEGE LIMITED

INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF DENSTONE COLLEGE LIMITED YEAR ENDED 31ST AUGUST 2025

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• which includes the Report, and the Strategic

• Report prepared for the purposes of company law for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• have been

• prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

• we have not received all the information and explanations we require for our audit.

Responsibilities of directors

page 16, the trustees

(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 directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsi

to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

responsibilities for the audit of the financial statements

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

• As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

18

DENSTONE COLLEGE LIMITED

INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF DENSTONE COLLEGE LIMITED YEAR ENDED 31ST AUGUST 2025

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and continue as a going concern. If we conclude that a material uncertainty exists, we are required to disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence group or parent charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.

• We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The extent to which the audit was considered capable of detecting irregularities, including fraud

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks 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 responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

• We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

19

DENSTONE COLLEGE LIMITED

INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF DENSTONE COLLEGE LIMITED YEAR ENDED 31ST AUGUST 2025

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

Use of our report

3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kersse (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP, Statutory Auditor Chartered Accountants 9 Appold Street London EC2A 2AP 13/01/26

20

DENSTONE COLLEGE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2025

Notes Income and endowments from: Charitable Activities School fees receivable 2 Ancillary trading income 3 Other trading activities Non-ancillary trading income 4 Investments Investment income 5 Bank and other interest 6 Other Grants and donations Grants and donations 7 Other incoming resources TOTAL INCOMING RESOURCES 24 Expenditure on: Raising funds 8 Non-ancillary trading Other income generating activities Financing costs 9 Investment management Fundraising and development TOTAL DEDUCTIBLE COSTS Charitable Activities Education and grant making 8 TOTAL EXPENDITURE Net gains/(losses) on investment assets 14,15 Net income/(expenditure) Transfers between funds 24 Other recognised gains/(losses) Pension scheme actuarial (losses)/gains 25 Net Movement in funds for the year Fund balances at 1st September FUND BALANCES AS AT 31ST AUGUST	Unrestricted Funds £ 14,251,036 1,170,527 609,337 - 95,040 132,069 24,000 16,282,009 371,744 - 188,193 - 6,962 566,899 14,553,890 15,120,789 - 1,161,220 - - - 1,161,220 8,068,802 9,230,022	Restricted Funds £ - - - 4,258 - 37,289 - 41,547 - - - 7999 - 799 - 799 7,613 48,361 - - - 48,361 262,661 311,022	Endowed Funds £ - - - 9,648 - - - 9,648 - - - 2,234 - 2,234 9,556 11,790 14,671 12,529 - - - 12,529 317,378 329,907	Total 2025 £ 14,251,036 1,170,527 609,337 13,906 95,040 169,358 24,000 16,333,204 371,744 - 188,193 3,033 6,962 569,932 14,563,446 15,133,378 22,284 1,222,110 - - - 1,222,110 8,648,841 9,870,951	Total 2024 £ 13,420,060 1,052,123 486,828 14,724 26,378 246,150 -
					15,246,263
					325,768 - 152,563 2,234 2,784 24,043
					505,158 14,228,456
					14,733,614
					43,705
					556,354 - - -
					556,354 8,092,487
					8,648,841

All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in the statement of financial activities. The notes on pages 26 to 52 form part of these financial statements.

21

DENSTONE COLLEGE LIMITED

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2025

	Notes	Unrestricted	Restricted	Endowed	Total	Total
		Funds	Funds	Funds	2025	2024
		£	£	£	£	£
Income and endowments from:
Charitable Activities
School fees receivable	2	14,251,036	-	-	14,251,036	13,420,060
Ancillary trading income	3	1,060,599	-	-	1,060,599	927,755
Other trading activities
Non-ancillary trading income	4	294,201	-	-	294,201	207,094
Investments
Investment income	5	-	4,258	9,648	13,906	14,724
Bank and other interest	6	93,789	-	-	93,789	25,457
Other Grants and donations
Grants and donations	7	132,069	37,289	-	169,358	246,150
Other incoming resources		24,000	-	-	24,000	-
TOTAL INCOMING RESOURCES		15,855,694	41,547	9,648	15,906,889	14,841,240
Expenditure on:
Raising funds	8
Non-ancillary trading		-	-	-	-	-
Other income generating		-	-	-	-	-
activities
Financing costs	9	186,379	-	-	186,379	135,771
Investment management		-	799	2,234	3,033	2,784
Fundraising and development		6,962	-	-	6,962	24,043
TOTAL DEDUCTIBLE COSTS		193,341	799	2,234	196,374	162,598
Charitable Activities
Education and grant making	8	14,501,134	-	9,556	14,510,690	14,165,993
TOTAL EXPENDITURE		14,694,475	799	11,790	14,707,064	14,328,591
Net gains/(losses) on investment assets	14,15	-	7,613	14,671	22,284	43,705
Net income/(expenditure)		1,161,219	48,361	12,529	1,222,109	556,354
Transfers between funds	24	-	-	-	-	-
Other recognised gains/(losses)		-	-	-	-	-
Pension scheme actuarial		-	-	-	-	-
(losses)/gains	25
Net Movement in funds for the year		1,161,219	48,361	12,529	1,222,109	556,354
Fund balances at 1st September		8,067,526	262,661	317,378	8,647,565	8,091,211
FUND BALANCES AS AT 31ST AUGUST		9,228,745	311,022	329,907	9,869,674	8,647,565

All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in the statement of financial activities. The notes on pages 26 to 52 form part of these financial statements.

22

DENSTONE COLLEGE LIMITED

CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31ST AUGUST 2025

Note FIXED ASSETS Tangible assets 13 Investments 14 CURRENT ASSETS Stock Debtors due within one year 15 Current asset investments 16 Cash at bank and in hand CURRENT LIABILITIES Creditors payable within one year 16 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES LONG TERM LIABILITIES Creditors payable after one year 17 Provisions for liabilities 25 NET ASSETS REPRESENTED BY: CALLED UP SHARE CAPITAL 21 ENDOWED FUNDS 24 RESTRICTED FUNDS 24 UNRESTRICTED FUNDS General reserve 24 Pension reserve 25	Group 2025 £ 11,855,343 528,405 12,383,748 6,127 840,657 - 4,759,863 5,606,647 (5,434,322) 172,325 12,556,073 (2,669,669) (16,629) 9,869,775 100 329,907 311,022 9,228,746 9,869,775	2024 £ 12,130,720 467,134 12,597,854 7,465 421,792 - 4,745,331 5,174,588 (5,310,583) (135,995) 12,461,859 (3,788,653) (24,265) 8,648,941 100 317,378 262,661 8,068,802 8,648,941	Charity 2025 £ 11,845,860 528,405 12,374,265 - 1,141,662 - 4,463,491 5,605,153 (5,423,346) 181,807 12,556,072 (2,669,669) (16,629) 9,869,774 100 329,907 311,022 9,228,745 9,869,774	2024 £ 12,112,285 467,134
				12,579,419
				- 514,238 - 4,655,781
				5,170,019 (5,288,855)
				(118,836)
				12,460,583 (3,788,653) (24,265)
				8,647,665
				100 317,378 262,661 8,067,526 8,647,665

23

DENSTONE COLLEGE LIMITED

CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31ST AUGUST 2025

The financial statements were approved and authorised for issue by the Board on 13/01/26 and signed on its behalf by:

Mr M F Coffin

Chair of Finance & General Purpose Committee Company registration number 1102588.

The notes on pages 26 to 52 form part of these financial statements.

24

DENSTONE COLLEGE LIMITED

CONSOLIDATED CASH FLOW STATEMENT AS AT 31ST AUGUST 2025

Notes Cash flows from operating activities: Net cash provided by/(used in) operating activities 26 Cash flows from investing activities: Dividends, interest and rents from investments Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments Purchase of current asset investments Net cash provided by/(used in) investing activities Cash flows from financing activities: Repayments of borrowing Cash inflows from new borrowing Financing costs Fees in advance new contracts Fees in advance repayment of deposits Fees in advance payment of fees Receipt of endowment Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 27	2025 2,469,983 13,906 24,000 (214,025) - - (176,119) (103,059) - (188,193) 32,276 (30,595) (1,989,761) - (2,279,332) 14,532 4,745,331 4,759,863	2024 2,674,323
		14,724 - (305,973) - -
		(291,249) (97,437) - (152,563) 1,776,262 - (199,534) -
		1,326,728
		3,709,802 1,035,529
		4,745,331

25

DENSTONE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

1. ACCOUNTING POLICIES

The principal accounting policies, all of which have been applied consistently throughout the year and in the preceding year are:

a) Basis of Accounting

The accounts of the group have been prepared under the Companies Act 2006 and in accordance with the Statement of Recommended Practice for Charities and with applicable UK Accounting Standards. They are drawn up on the historical cost accounting basis except that property and share investments held as fixed assets are carried at fair value.

Denstone College meets the definition of a public benefit entity under Financial Reporting Standard (FRS) 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Further details are provided in note 35, and in the accounting policies for depreciation of fixed assets, for pensions and for bad debts. The financial statements are presented in sterling (£) and the functional currency is sterling (£).

b) Going Concern

The accounts have been prepared on a going concern basis. The Denstone College Board reviews the financial information for the company and the group and considers whether the group and company are a going concern for a period of at least 12 months from the date of approval of the accounts.

Having considered all factors and reviewing the available evidence, the directors have a reasonable expectation that the company and the group will be able to continue operating for the foreseeable future and the financial statements have been prepared on a going concern basis.

It has been a turbulent few years for independent schools, and businesses in general, following the COVID-19 pandemic, the war in Ukraine, associated high inflationary cost pressures on purchased goods and services and utilities. Elections resulting in changes in world leaders have also contributed to the unsettled state of the world economy. Further issues in Gaza and Iran have added to world instability.

In the UK, the change of government to Labour in 2024 brought about a number of significant changes for independent schools. 20% VAT was added to school fees from 1[st] January 2025, a mid-school-year implementation. Business Rates Relief of 80% was removed in April 2025 , also in April 2025.

The costs of these items are not insignificant, and the directors therefore approved a breakeven budget for 2025-26, giving time for the impact of planned changes to take effect. The directors expect to return to making a modest surplus each year beyond this interim year.

c) Group Accounts

The financial statements consolidate the financial statements of the company, and all its subsidiary companies, charitable trusts and funds with all inter-company balances being eliminated. Entities are consolidated where Denstone College exercises overall control either through ownership of shares, or through having common trustees with a common objective. Accounting policies are consistently applied between group companies.

d) School Fees Receivable and Similar Income

Fees receivable and other educational income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions by the school, but include contributions received from restricted funds for

26

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

scholarships, bursaries and other grants.

Fees in Advance Scheme Contracts are those fees received in advance of education to be provided in future years under a specific contract. The fees are either held as investments in interest bearing assets until taken to income to match liabilities in the term when used, or refunded, or they are held within the unrestricted reserves of the school. Any surplus of assets over liabilities is held within the fund as a buffer.

Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement.

e) Ancillary and Non-Ancillary Trading Income

Ancillary trading income represents amounts from activities to generate funds within the charitable objects, for example school shop sales, coaches to and from school and school trips. Non-ancillary trading income represents amounts from activities not directly related to the charitable objects, for example lettings of school facilities out of term time and rental from spare school buildings. Income from these activities is recognised in the Statement of Financial Activities when the goods are sold or services provided.

f) Voluntary sources, Grants and Donations

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can reliably be quantified, and the economic benefit is considered probable.

Voluntary income for general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention to be permanent or not.

Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the school in case of donated services or facilities.

g) Expenditure

Expenditure is accrued as soon as there is a contractual obligation or a liability is considered probable, discounted to present value for longer term liabilities. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates. Bad debts are provided for in accordance with the group bad debt policy.

The cost of refurbishing and converting existing buildings is written off in the year in which it is incurred except where the useful life has been extended.

h) Finance and Other Costs

Other costs include amounts accrued in accordance with the terms of Fees in Advance Scheme Contracts.

i) Pension Costs

The school company participates in the Teachers' Pensions scheme, which is an unfunded government scheme, which provide benefits based on final pensionable pay. The funds of the es cannot be identified as the schemes are multi-employer schemes, and so the pension costs are accounted for as defined contribution schemes. The company also contributes to other defined contribution pension schemes for non-teaching staff.

The company offers membership of the Pensions Trust Growth Plan to employees other than the full-time academic staff. The Pensions Trust Growth Plan is a multi-employer pension scheme where the scheme assets are pooled for investment purposes and cannot be attributed to individual employers. Benefits are paid from the total scheme assets. It is in most respects a money purchase arrangement, but has some guarantees. As a result, it is not possible or appropriate to identify the assets and liabilities of the scheme which are attributable to the company, though, due to the guarantees inherent in the scheme, the companies remain potentially liable for a debt on withdrawal from the scheme. In accordance with Financial Reporting Standard (FRS) 102 (section 28) therefore, the scheme is accounted for in a fashion

27

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

which is similar to a defined contribution scheme.

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. More detail is given in notes 25 and 35.

The school also offers an alternative to the TPS for teaching colleagues. The provision is from Royal London and is a Contract Based Defined Contribution scheme. This type of scheme involves the build-up of finds/contributions that may be used to provide a combination of cash and income on retirement. Royal London is a mutual insurer which means that it is owned by its policyholders, not shareholders.

j) Tangible Fixed Assets and Depreciation

In accordance with Section 35.10 (d) of FRS102, Denstone College has elected to use the carrying value of any of the above freehold land and buildings previously carried at a valuation, as their deemed cost at the date of transition to FRS102, 1 September 2014.

Tangible fixed assets are stated at cost less depreciation. Individual capital items, or projects, with a value greater than £10,000 are capitalised. Assets in the course of construction are stated at cost less any provision for impairment. They are transferred to completed assets when substantially all of the activities necessary to get the asset ready for use are complete. Where appropriate cost includes our own labour costs in relation to construction, and directly attributable overheads.

Where tangible fixed assets have been acquired with the aid of specific grants, they are included in the balance sheet at cost and depreciated over their expected useful economic life. The related grants are credited to a restricted fixed asset fund (in the statement of financial activities and carried forward in the balance sheet). The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.

Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each asset based on current market prices, over its expected useful life, as follows:

Freehold Buildings:	- Variable according to the building and written off over
	the expected useful life (see paragraph below)
Freehold improvements	- Over the useful economic life of the improvement
Leasehold land and buildings	- Over the shorter of the economic life of the asset or the
	life of the lease
Leasehold enhancements	- Over the shorter of the economic life of the asset or
	the
	life of the lease
Fixtures, fittings and equipment	- 25% on cost
Computer equipment	- 25% on cost
Motor vehicles	- 25% on cost

Freehold land is not depreciated.

The company has reviewed its tangible assets, which comprise land, buildings and initial fixtures and fittings. The company undertakes an annual review of all buildings assessing their useful economic life. In some cases, the useful economic life of a building is anticipated to be of considerable length, often in excess of 100 years. The buildings are capitalised in the financial statements at historic cost. Where the calculated depreciation charge is a material figure, it is charged in these financial statements but, where the carrying value is not more than the estimated recoverable amount and the depreciation on the building is not material to these financial statements, it has been assessed, but not charged on the basis that it is not material. The directors will continue to carry out annual assessments of the recoverable amount and the estimated useful life of all buildings and where the depreciation is a material value, it will be f the market value and the future economic benefit derived from an asset versus it s carrying value in the financial statements.

When the company undertakes a significant refurbishment project that will have an economic

28

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

No depreciation is provided for in respect of investment properties in accordance with Section 16 of FRS102. Such properties are held for their investment potential and not for consumption within the business. Investment properties are stated at their fair value at the balance sheet date.

Denstone College exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment.

k) Financial Instruments

Denstone College only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

l) Investments and Fees in Advance Investments

Investments and Fees in Advance investments are carried at fair value, which is deemed to be market value as at the balance sheet date.

m) Stocks

Stocks comprise raw materials, consumable stores and goods held for resale: they are valued at the lower of cost and net realisable value.

n) Leasing Commitments

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives or the period of the lease whichever is the shorter. The interest element of the obligations is charged to the Statement of Financial Activities over the period of the lease. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the lease term. Lease incentives are accounted for over the lease term on a straight-line basis.

o) Fee Deposits

Refundable fee deposits are currently classified between long term and short term in the financial statements. These deposits are refundable in the event that the pupils leave a school on one term's notice and as such the deposit would be refunded to the parents at that point. However, the financial statements are prepared on a going concern basis, and it is assumed that the majority of children will remain in school for their full years of education and therefore the deposit will be refunded to them when they leave school.

Short term deposits reflect those pupils that will be leaving a school within one year, and the longer-term element reflects those pupils that will be leaving a school after 12 months from the balance sheet date.

p) Fund Accounts

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. Endowment funds are further sub-divided into permanent and expendable, where required by the terms of the trust.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Designated funds comprise funds which have been set aside at the discretion of the directors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

q) Taxation

Denstone College is a registered charity and as such are exempt from income tax and

29

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

corporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate.

Total Incoming Resources exclude VAT on taxable outputs and Total Expenditure excludes recoverable VAT. Irrecoverable VAT is included as a cost, where applicable.

The school has a subsidiary company that is subject to taxes including corporation tax and VAT in the same way as any commercial organisation. The tax charged to the profit and loss account because of timing differences between the treatment of certain items for tax and accounting purposes.

The subsidiary company distributes the majority of its profits to Denstone College under Gift Aid and tax liabilities are kept to a minimum.

r) Cash

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2. CHARITABLE ACTIVITIES - SCHOOL FEES RECEIVABLE

The school fees income comprises Gross fees Less: Total scholarships, bursaries, etc Add back: Scholarships, Grants etc paid for by Restricted Funds	2025 £ 16,681,147 (2,430,111) - 14,251,036	2024 £ 15,612,815 (2,192,755) - 13,420,060

Scholarships, bursaries and other awards were paid to 313 pupils (2024:309 pupils). Within this, means-tested bursaries totalling £709,192 were paid to 83 pupils (2024: £622,235 to 99 pupils)

3. CHARITABLE ACTIVITIES ANCILLARY TRADING INCOME

Extras Entrance fees and registration fees Pupil transport Sundry other income 4.OTHER TRADING ACTIVITIES Non-ancillary trading income Denstone College Enterprise company trading turnover Rents receivable Interest receivable pupil bills Other non-ancillary trading income	2025 £ 574,998 18,950 432,492 144,087 1,170,527	2024 £ 422,017 19,700 480,957 129,449
		1,052,123
	2025 £ 449,328 1,919 6,785 151,305 609,337	2024 £ 302,187 507 5,768 178,366
		486,828

30

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

5. INVESTMENTS - INVESTMENT INCOME

Investment income Equities Fixed interest Other Rents receivable	Unrestricted £ - - - - 1,919 1,919	Restricted £ 2,045 1,664 549 4,258 - 4,258	Endowed £ 5,008 2,475 2,165 9,648 - 9,648	Total 2025 £ 7,053 4,139 2,714 13,906 1,919 15,825	Total 2024 £ 8,201 4,175 2,348
					14,724 507 15,231

6. INVESTMENTS - BANK AND OTHER INTEREST RECEIVABLE

Bank interest Other interest	Unrestricted 95,040 - 95,040	Restricted - - -	Endowed - - -	Total 2025 £ 95,040 - 95,040	Total 2024 £ 26,378 - 26,378

7.OTHER - GRANTS AND DONATIONS Unrestricted Grants to Denstone College from: Old Denstonians - JCB 100,000 Giving Day appeal 15,275 Chapel Organ appeal - Imagine Tomorrow campaign 15,000 Others 1,794 132,069	Restricted 9,974 - - 4,060 - 23,255 37,289	Endowed - - - - - - -	Total 2025 £ 9,974 100,000 15,275 4,060 15,000 25,049 169,358	Total 2024 £ - 200,000 - 8,850 15,000 22,300
				246,150

31

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

1. ANALYSIS OF EXPENDITURE

a)Total expenditure Costs of raising funds Non ancillary trading Other income generating activities Financing cost (note 9) Investment management Fundraising and development Total cost of generating funds Charitable expenditure Teaching Welfare Premises School administration Donations Grants awards and prizes (note 8b) Governance Education and grant making Total Expenditure	Staff costs (note 10) £ 90,170 - - - - 90,170 6,777,560 815,626 1,053,471 1,258,717 - - -	Support costs £ 272,623 - 188,193 3,033 6,962 470,811 946,053 518,009 1,630,850 1,071,020 - 8,604 3,085	Depreciatio n (Note 13) £ 8,951 - - - - 8,951 7,813 - 472,638 - - - -	Total 2025 £ 371,744 - 188,193 3,033 6,962 569,932 7,731,426 1,333,635 3,156,959 2,329,737 - 8,604 3,085	Total 2024 £ 325,768 - 152,563 2,784 24,043
					505,158
					7,664,471 1,315,055 2,995,618 2,239,185 - 11,074 3,053
	9,905,374 9,995,544	4,177,621 4,648,432	480,451 489,402	14,563,446 15,133,378	14,228,456 14,733,614

32

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

8. ANALYSIS OF EXPENDITURE (Continued)

b) Grants, awards and prizes

Denstone College makes awards to individual families to support schooling.

From Endowed Funds: Other grants and awards From Restricted Funds: Other grants and awards Prizes and leaving awards From Unrestricted Funds: Other grants and awards Prizes and leaving awards	2025 £ 8,604 - - - - 8,604	2024 £ 11,074 - - - - 11,074

c) Total resources expended include:

Denstone College reimburses Governors for out of pocket expenses including travel subsistence and accommodation, where a claim is made. Three Governors were reimbursed during the year (2024: one).

Remuneration paid to auditor for audit services Additional remuneration paid to auditor for prior year Remuneration paid to auditor for non-audit services Depreciation of tangible fixed assets: - owned by the Charitable Company - held under finance leases and hire purchase contracts (Profit)/loss on disposal of fixed assets Operating lease rentals: - land and buildings - other assets Reimbursement of personal expenses to Governors 9.FINANCING COSTS Bank interest payable Other interest payable Fees In Advance debt financing costs Lease finance costs Pension Scheme financing cost Bank charges Other finance costs Provision for bad and doubtful debts	2025 £ 31,451 - - 489,402 - (24,000) - - 1,025 2025 £ 78,158 - 19,289 - 1,809 17,770 - 71,167 188,193	2024 £ 22,920 14,400 - 473,619 - - - - 304 2024 £ 85,940 - 2,017 - 1,662 15,575 - 47,369 152,563

33

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

10. STAFF COSTS

The aggregate payroll costs for the year were: Wages and salaries Social security costs Other pension costs Private medical insurance	2025 £ 8,063,065 860,349 1,064,358 7,772 9,995,544	2024 £ 7,848,749 800,112 1,050,334 5,174 9,704,369

Included in staff costs are redundancy or termination payments totalling £56k (2024: £30k). The amount outstanding at the year-end was £0 (2024: £0).

None of the Governors received remuneration or other benefits from Denstone College or from any connected body.

The Head and Bursar/CFO are classed by the school as being the Key Management Personnel.

Aggregate employee benefits of key management personnel The number of higher paid employees whose annual emoluments were £60,000 or more was: £60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000 £100,001 - £110,000 £110,001 - £120,000	2025 2024 £ £ 254,107 246,689 2025 2024 No No 11 11 6 4 1 - 1 1 - 1 1 -

34

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

10. STAFF COSTS (Continued)

The average number of employees during the year calculated on a head count basis, was 252 (2024: 254)

(2024: 254)
Teaching Welfare Premises Support Other activities	2025 No 108 34 37 66 7 252	2024 No 105 32 39 71 7
		254

11. DIRECTORS

None of the directors (or any persons connected with them) received any remuneration during the year. Scholarships totalling £0 were awarded to children of directors attending the school (2024: £0).

During the year, 3 (2024 : 1) directors received reimbursement of travel and training expenses totalling £1,025 (2024: £304).

12. TAXATION

The company is a registered charity and therefore no liability to taxation arises on its charitable activities.

35

				Total	£		16,531,678	214,025	(35,251)	-	16,710,452		4,400,958	489,402	(35,251)	4,855,109		11,855,343		12,130,720
			Motor	Vehicles	£		82,713	-	(12,000)	-	70,713		59,843	11,866	(12,000)	59,709		11,004		22,870
			Computer	Equipment	£		704,222	-	-	-	704,222		689,249	8,213	-	697,462		6,760		14,973
		Fixtures,	Fittings &	Equipment	£		2,023,979	187,319	(23,251)	-	2,188,047		1,000,985	153,921	(23,251)	1,131,655		1,056,392		1,022,994
			Under	Construction	£		-	-	-	-	-		-	-	-	-		-		-
		Leasehold	Land &	Buildings	£		-	-	-	-	-		-	-	-	-		-		-
13.TANGIBLE FIXED	ASSETS	Group and company Freehold	Land & Freehold	Buildings Improvements	£ £	Cost	At 1stSeptember 2024 13,720,764 -	Additions - 26,706	Disposals - -	Transfers - -	At 31st August 2025 13,720,764 26,706	Depreciation	At 1stSeptember 2024 2,650,881 -	Charge for the year 315,116 286	Disposals - -	At 31st August 2025 2,965,997 286	Net book value at	31st August 2025 10,754,767 26,420	Net book value at 31st	August 2024 11,069,883 -

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

14. INVESTMENTS

Group investments At 1 September New money invested Reinvested income Amounts extracted Investment management fees Realised gains/(losses) on investments Unrealised gains/(losses) on investments Movement in uninvested cash Group investments at 31 August Investment in subsidiaries Company investments at 31 August Investments comprise: Listed investments Fixed interest Equities Multi-asset funds Unlisted investments Land and buildings Other Cash Group investments at 31 August Investment in subsidiaries Company investments at 31 August		2025 £ 467,134 - 41,976 - (2,989) 2,270 20,014 - 528,405 100 528,505 117,746 294,192 - - 71,938 44,529 528,405 100 528,505	2024 £ 425,971 - - - (2,699) 6,200 37,505 157
			467,134 100 467,234 99,965 327,208 - - 33,670 6,291 467,134 100 467,234

Denstone College owns all of the share capital of Denstone College Enterprises Limited, a company incorporated in England/Wales. Further details are provided in note 33.

In addition to the above investments, cash balances within the Fees in Advance Scheme are included in current assets as cash deposits.

The main Investments and Fees in Advance Scheme Investments deposits are managed for Denstone College by Cazenove. All investments are managed and held in the UK.

37

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

15. DEBTORS

DEBTORS
School fees receivable Trade debtors Other debtors Prepayments and accrued income Tax recoverable Amounts due from subsidiary company Amounts due from parent company	Group 2025 £ 434,615 8,749 39,819 357,414 - - - 840,657	2024 £ 53,033 60,240 35,315 228,204 45,000 - - 421,792	Company 2025 £ 434,615 330 4,892 357,414 - 344,411 - 1,141,662	2024 £ 53,033 37,448 33,168 222,812 - 167,777 -
				514,238

School fees receivable are net of £91,325 (2024: £23,043) provided for doubtful debts.

38

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

16. CREDITORS: amounts falling due within one year

Bank loans and overdrafts (note 18) Other loans Net obligations under finance leases Deposits from parents Fees received from parents in advance of term Trade creditors Taxation and social security Other creditors Fees in Advance Scheme (note 19) Accruals Deferred income Amounts due to subsidiary company Amounts due to parent company	Group 2025 £ 118,013 - - 50,800 2,216,836 444,038 977,734 264,690 1,063,123 273,952 25,136 - - 5,434,322	2024 £ 117,174 - - 47,000 2,197,641 118,996 298,827 267,107 1,988,077 275,761 - - - 5,310,583	Company 2025 £ 118,013 - - 50,800 2,216,836 443,926 977,734 263,417 1,063,123 264,361 25,136 - - 5,423,346	2024 £ 117,174 - - 47,000 2,197,641 113,065 288,930 265,357 1,988,077 271,611 - - - 5,288,855

Summary of movements in deferred income Balance at 1 September 2024 Amounts arising in the year Amounts transferred to SOFA Balance at 31 August 2025	£ - 25,136 - 25,136

Deferred income arises for the first time due to changes in our home-to-school bus provision. Instead of billing on termly bills, parents may now buy trips on a daily basis via a portal. During the summer of 2025, parents purchased trips for Michaelmas / Autumn 2025. The cash was received and the income deferred into the term to which the trip income related.

39

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

17. CREDITORS: amounts falling due after one year

Bank loans and overdrafts (note 19) Other loans Net obligations under finance leases Deposits from parents Other creditors Fees in Advance Scheme (note 20) Amounts due to subsidiary company Amounts due to parent company	Group 2025 £ 1,503,673 - - 319,786 - 846,210 - - 2,669,669	2024 £ 1,607,571 - - 311,252 - 1,869,830 - - 3,788,653	Company 2025 £ 1,503,673 - - 319,786 - 846,210 - - 2,669,669	2024 £ 1,607,571 - - 311,252 - 1,869,830 - -
				3,788,653

Parents pay to the school a deposit of £600 in advance. The money may be returned subject to Assuming pupils all remain in the school (which the vast majority do based on historical information), we record the deposits for students as due after one year, with the exception of students in the Upper Sixth form.

18. BANK LOAN

The bank loan is repayable in instalments Due after 5 years Due within 2 to 5 years Due within 1 to 2 years Due after more than one year Due within 1 year	2025 £ 999,731 382,840 121,102 1,503,673 118,013 1,621,686	2024 £ 1,108,779 378,776 120,016
		1,607,571 117,174 1,724,745

Denstone College has a bank loan from Lloyds Bank Plc. The loan is secured by charges on the on an interest-only basis until March 2022. This loan was converted to include capital repayment from March 2022 and is repayable over 15 years.

40

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

19. FEES IN ADVANCE SCHEME

Parents and others may enter into a contract to pay for fixed contributions towards pupil tuition fees for a number of years in advance. The money may be returned subject to specific conditions on the receipt of notice. Assuming pupils remain in the school, fees in advance will be applied as follows:

After 5 years Within 2 to 5 years Within 1 to 2 years Due after more than one year Within 1 year Summary of movements in liability Balance at 1 September 2024 New contracts Repayments Amounts used to pay fees Amount accrued to contract as debt financing cost Balance at 31 August 2025	2025 £ - 402,121 444,089 846,210 1,063,123 1,909,333		2024 £ - 402,121 1,467,709
			1,869,830 1,988,078
			3,857,908
			£ 3,857,908 71,781 (30,595) (1,989,761) - 1,909,333

20. COMMITMENTS UNDER OPERATING LEASES

The future minimum commitments under non-cancellable operating leases are:

Within 1 year Within 1 to 5 years After 5 years	2025 £ 125,094 279,815 - 404,909	Other 2024 £ 141,365 86,967 -
		228,332

41

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

21. SHARE CAPITAL

SHARE CAPITAL
	2025	2024
	£	£
Authorised
100 Ordinary Shares of £1 each	100	100
Allotted, called up and fully paid
100 Ordinary Shares of £1 each	100	100

22. FUNDS

Denstone are analysed under the following headings:

a) ENDOWED FUNDS

Special Endowment

The Special Endowment funds of the company include a number of individual trust and prize funds set up by donors as permanent capital. The income generated is restricted to funding scholarships, bursaries, grants and prizes.

b) RESTRICTED FUNDS

The benefit fund is held in trust by the Woodard Corporation to assist former pupils by contributing towards the school fees of their children or dependents or in such a manner (being exclusively charitable) as the Trustees consider for their benefit. The fund has been built up by voluntary contributions. The College Council has power to determine on behalf of the Trustees which pupils shall receive benefit and the nature and extent of such benefit. The purpose is to provide financial support to pupils whose family circumstances would otherwise prevent them from attending the College.

c) UNRESTRICTED FUNDS

Unrestricted funds represent accumulated income from the s that are available for the general purposes of the school.

42

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group Tangible fixed assets Investments Property investments Fees in Advance Scheme investments Net current (liabilities)/assets Long term liabilities Charity Tangible fixed assets Investments Property investments Fees in Advance Scheme investments Net current (liabilities)/assets Long term liabilities	Unrestricted £ 11,855,343 100 - - 59,701 (2,686,298) 9,228,846 Unrestricted £ 11,845,860 100 - - 69,183 (2,686,298) 9,228,845	Restricted £ - 144,156 - - 166,866 - 311,022 Restricted £ - 144,156 - - 166,866 - 311,022	Endowed £ - 384,249 - - (54,342) - 329,907 Endowed £ - 384,249 - - (54,342) - 329,907	Total 2025 £ 11,855,343 528,505 - - 172,225 (2,686,298) 9,869,775 Total 2025 £ 11,845,860 528,505 - - 181,807 2,686,298 9,869,774	Total 2024 £ 12,130,720 467,134 - - (136,095) (3,812,918)
					8,648,841
					Total 2024 £ 12,112,285 467,234 - - (118,936) (3,812,918) 8,647,665

43

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

24. SUMMARY OF MOVEMENTS ON MAJOR FUNDS GROUP.

Endowed - Expendable Bursary Fund School Revaluation Reserve Total Endowment Restricted Funds Scholarships, bursary & prizes Revaluation Unrestricted Funds General Reserve Total Funds	At 1 Sept 2024 £ 225,644 91,734 317,378 317,378 215,412 47,249 262,661 8,068,802	Incoming resources £ 9,648 - 9,648 9,648 41,547 - 41,547 16,282,009	Resources expended £ (11,790) - (11,790) (11,790) (799) - (799) (15,120,789)	Transfers £ - - - - - - - -	Gains/ (losses) £ - 14,671 14,671 14,671 - 7,613 7,613 -	At 31 August 2025 £ 223,502 106,405
						329,907
						329,907
						256,160 54,862
						311,022
						9,230,022
	8,068,802 **8,648,841 **	16,282,009 16,333,204	(15,120,789) (15,133,378)	- **- **	- **22,284 **	9,230,022
						9,870,951

Note 22 provides details of the individual funds.

44

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

25. PENSION SCHEMES

The s pension charge for the year includes contributions payable to the TPS of £748k (2024: £880k) and at the year-end £0 (2024: £0) was accrued in respect of contributions to this scheme.

TPS is an unfunded multions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The school has accounted for its contributions to the scheme as if it were a defined contribution scheme.

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020 in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 and the Employer Contribution Rate was assessed using agreed assumptions in line with the Directions and was accepted at the original assessed rate as there was no cost control mechanism breach.

The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are:

• Total scheme liabilities for service (the capital sum needed at 31 March 2020 to meet the stream of future cash flows in respect of benefits earned) of £262 billion

• Value of notional assets (estimated future contributions together with the proceeds from the notional investments held at the valuation date) of £222 billion

• Notional past service deficit of £39.8 billion (2016 £22 billion)

• Discount rate is 1.7% in excess of CPI (2016 2.4% in excess of CPI) (this change has had the greatest financial significance)

As a result of the valuation, new employer contribution rates have been set at 28.6% of pensionable pay from 1 April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation including a 0.08% administration levy).

45

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

25. PENSION SCHEMES (Continued)

Pensions Trust Growth Plan

The school participates in the TPT Retirement Solutions - The Growth Plan, which is a multiemployer scheme providing benefits to over 521 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the school to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for it as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore, the school is potentially liable for other participating employers' obligations if those employers are unable to meet their share of scheme deficits following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficits on an annuity purchase basis on withdrawal from the scheme.

Summary of provision for pension deficit recovery plan

Summary of provision for pension deficit recovery plan
	Company
	2025	2024
TPT Retirement Solutions - The Growth Plan	16	24

TPT Retirement Solutions - The Growth Plan Deficit Contributions

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

From 1 April 2022 to 31 January 2025: £3.312 m per annum

Unless a concession has been agreed with the Trustee the term to 31[st] January 2025 applies.

with an effective date of 30 September

1. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows.

£11.243 m per annum (payable monthly and From 1 April 2019 to 30 September 2025: increasing by 3% each on 1[st] April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

46

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

25. PENSION SCHEMES (Continued)

Present Values of Provision Present value of provision Reconciliation of opening and closing provisions Provision at 1 September Unwinding of the discount factor Deficit contribution paid Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule Provision at 31 August Income and expenditure impact Interest expense Unwinding of the discount factor Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule Contributions paid in respect of future service Costs recognised in income and expenditure account Assumptions* Rate of discount	2025 £000 2025 £000 4 - (7) - 20 17 2025 £000 - - - 20 - - 2025 % per annum 4.37	2024 £000 2024 £000 14 1 (11) - -
		4
		2024 £000 1 - - - - - 2024 % per annum 5.13

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Deficit Contributions Schedule

The following schedule shows the deficit contributions agreed between the company and the scheme at each year end period:

at each year end period:
	2025	2024
	£000	£000
Year 1	7	4
Year 2	7	-
Year 3	4	-
Year 4	-	-
Year 5	-	-
Year 6	-	-
Year 7	-	-
Year 8	-	-
Year 9	-	-
Year10	-	-

47

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

25. PENSION SCHEMES (Continued)

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the company's balance sheet liability.

The current valuation does not reflect the expected increase in benefits and therefore liability as a required as a result of the removal of the Additional State Pension. Methodologies for a long-term solution are still being investigated by the Government as set out in the published (January 2018) e the expected impact cannot be reliably estimated and consequently no provision/liability has been recognised.

Royal London Defined Contribution Pension Scheme

On 1st January 2022 the Royal London pension scheme was opened to newly recruited teachers in place of . The group made total employer contributions to the defined benefit scheme of £396,189 (2024 £351,546). As this scheme is solely a defined contribution scheme, there are no scheme liabilities to report.

26. RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATIONS

Net income for the period (as per the Statement of Financial Activities) Adjustments for Depreciation charges (Gains)/losses on investments Dividends, interest, and rents from investments Financing costs Investment Management fee Loss/(profit) on the sale of fixed assets Defined benefit pension scheme (Increase)/decrease in stocks (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by (used in) operating activities ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand and at bank Total cash and cash equivalents	2025 £ 1,222,110 489,402 (64,260) (13,906) 188,193 2,989 (24,000) 7,636 1,338 (418,866) 1,079,347 2,469,983 2025 £ 4,759,863 4,759,863	2024 £ 556,354 473,619 (43,881) (14,724) 152,563 2,699 - - 41,343 (164,555) 1,670,904 2,674,322 2024 £ 4,745,331 4,745,331

27. ANALYSIS OF CASH AND CASH EQUIVALENTS

48

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

28. ANALYSIS OF CHANGES IN NET DEBT

Cash and cash equivalents Cash Overdraft facility repayable on demand Borrowings Loans falling due within one year Loans falling due after more than one year Finance lease obligations Total	At 1stSept 2024 £ 4,745,331 4,745,331 (117,174) (1,607,571) - (1,724,745) 3,020,586	Cash flows £ 14,532 14,532 (839) 103,898 - 103,059 117,591	Other non- cash changes £ - - - - - - -	At 31st Aug 2025 £ 4,759,863
				4,759,863 (118,013) (1,503,673) -
				(1,621,686) 3,138,177

29. SUBSIDIARIES

The Company owns all of the share capital of Denstone College Enterprises Limited, a company incorporated in [England/Wales] (Company number: 05181951). This company carries out trading activity on behalf of the Denstone College tuck shop.

Denstone College Enterprises Limited had a turnover of £561,175 (2024: £427,062), gross profit of £157,504 (2024: £39,717), and a profit before tax and gift aid of £137,085 in the year ended 31 August 2025 (2024: profit of £67,960). At 31 August 2025 £100 (2024: £100).

49

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

30.	Consolidated Statement of Financial Activities	Consolidated Statement of Financial Activities	Comparative	figures by fund	type
	Year Ended 31 August 2024	Unrestricted	Restricted	Endowed	Total
		£	£	£	£
	Income and endowments
	from Charitable activities
	School fees receivable	13,420,060	-	-	13,420,060
	Ancillary trading income	1,052,123	-	-	1,052,123
	Other trading activities
	Non-ancillary trading income	486,828	-	-	486,828
	Investments
	Investment income	-	3,674	11,050	14,724
	Bank and other interest	26,378	-	-	26,378
	Voluntary sources
	Grants and donations	211,656	34,494	-	246,150
	Other incoming resources
	Total Incoming Resources	15,197,045	38,168	11,050	15,246,263
	Expenditure on:
	Raising funds
	Non ancillary trading	325,768	-	-	325,768
	Other income generating	-	-	-	-
	activities
	Financing costs	152,563	-	-	152,563
	Investment management	-	501	2,283	2,784
	Fundraising and development	24,043	-		24,043
	Total Deductible Costs	502,374	501	2,283	505,158
	Charitable activities
	Education and grant making	14,217,709	-	10,747	14,228,456
	Total resources expended	14,720,083	501	13,030	14,733,614
	Net gains/(losses) on	-	10,137	33,568	43,705
	investment assets
	Net income/(expenditure)	476,962	47,804	31,588	556,354
	Transfers between funds	-	-	-	-
	Other recognised
	gains/(losses)	-	-	-	-
	Pension scheme actuarial	-	-	-	-
	gains/(losses)
	Net movement in funds for the year	476,962	47,804	31,588	556,354
	Fund balances at 1st	7,591,840	214,857	285,790	8,092,487
	September
	Fund Balances at 31st August	8,068,802	262,661	317,378	8,648,841

50

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

31. CONTINGENT LIABILITIES

The Company has been notified by The Pensions Trust of the estimated employer debt on withdrawal from the Plan based on the financial position of the Plan as at 30 September 2024. As of this date the estimated employer debt for the Company was £X, including Series 3 liabilities.

32. ULTIMATE CONTROLLING PARTY

The Woodard Corporation Limited is the ultimate controlling party, a registered charity number 1096270, which is incorporated in England and Wales. Copies of the financial statements can be obtained from The Woodard Corporation, 1 Adam Street, London, WC2N 6LE. The accounts of Denstone College Limited are included within the consolidated financial statements of the Woodard Corporation Limited.

33. RELATED PARTIES

As stated in note 32, Denstone College Limited is a wholly owned subsidiary of The Woodard Corporation. An amount of £95,030 was paid during the year to Woodard Corporation by way of a levy to meet running costs.

The company also controls a subsidiary trading company, Denstone College Enterprises Limited.

A small number of expenses were paid to three Trustees during the year, for hotels and mileage.

A staff discount was applied to the fees of the children of one member of the Key Personnel.

34. POST BALANCE SHEET EVENTS

At the date of signing these financial statements, no events had occurred subsequent to the year end which require disclosure in these financial statements.

51

DENSTONE COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2025

35. ACCOUNTING ESTIMATES AND JUDGEMENTS

In preparing the financial statements, the directors are required to make estimates and judgements. The matters detailed below are considered to be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations, financial position and cashflows. Accounting policies are shown at note 1 to the financial statements.

Pension scheme deficit reduction payments

As explained at note 25, there is a deficit reduction plan in place in respect of Denstone FRS 102 requires a liability to be recognised in respect of the present value of future contributions payable under the terms of the deficit recovery plan. The incorporation of this liability in the financial statements involves the exercise of judgement in a number of areas, including the selection of an appropriate discount rate.

Pension scheme contingent liability

As explained at note 25, there is a contingent liability in the event that Denstone College were to The independent qualified actuaries advising the Pensions Trust in respect of the contingent withdrawal liability exercise significant judgement in determining the amount of that liability. Judgement is exercised in a number of areas, including future changes in salaries and inflation, mortality rates and the selection of appropriate discount rates.

Provision for bad debts

Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement.

Depreciation, impairment and residual values of fixed assets

Judgement is exercised in estimating the residual values of fixed assets, the selection of appropriate rates for depreciation, and for matters of impairment.

52

Denstone_College_Accounts_Pack_2024-25_FI NAL Final ALJdil Report 2026-01-13 Created.. 20264)1-13 By.. Emtna Robey [e-mail] Slalus.. Signe(I Transaction ID.. CBJCHBCAABAAUiFlCvP4Xpx￿UrCkj1eYmc¢bIAPp4c "Denstone_College_Accounts_Pack_2024-25_FINAL" History Document created by Emma Robey [e-mail] 2026-01-13- 9..26..40 AM GMT Document emailed to Malcolm Coffin [e-mail] for signature 2026-01-13- 9.'28.'50 AM GMT Email viewed by Malwlm Coffin [e-mail] 2026-01-13- 10..08..23 AM GMT Document e-signed by Malcolm Coffin [e-mail] Signature Date.. 202&01-13- 10..09..49 AM GMT- Tirne Sou￿.. server Agreement completed. 2026-01-13- 10.'09.'49 AM GMT la Adobe Acrobat Slgn