2025-08-31-accounts

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

Charity Registration No. 1103326

Company Registration No. 05011039 (England and Wales)

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

CONTENTS

	Page
Company information	1 - 2
Directors’ report (incorporating the Strategic report)	3 - 18
Independent auditor’s report	19 - 23
Financial statements of the company	24 - 71

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

COMPANY INFORMATION

DIRECTORS AND ADVISORS

Directors Jason Barnsdale (Custos) Tim Conroy (Vice Custos) Kumar Muthukumarappan Malcolm Phillips Nigel Porter Robert Ross Sarah Maskell MBE Richard Stones (from 23 June 2025) David Knowles (from 23 June 2025) Charity No. 1103326 Company No. 05011039 Principal Address and Registered Office Woodard Schools (Nottinghamshire) Limited trades as Worksop College and Ranby House School Worksop Nottinghamshire S80 3AP Key Management Personnel Head Dr John M Price PhD, BSc Hons (until 30[th] April 2025) Charles Bailey MA, BA, PGCE, FCCT (from 21[st] April 2025) Bursar Andrew Graham Auditors Moore Kingston Smith LLP 6[th] Floor Appold Street London EC2A 2AP Bankers Allica Bank 4th Floor 164 Bishopsgate London EC2M 4LX

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

COMPANY INFORMATION

Solicitors

Solicitors Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA Investment Advisers Cazenove Capital Management Limited 1 London Wall Place London EC2Y 5AU Insurance Brokers Marsh Insurance Brokers Limited 4 Milton Road Haywards Heath West Sussex RH16 1AH

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

The directors present their report and financial statements for the year ended 31 August 2025 and confirm they comply with the requirements of the Charities Act 2011, including the Directors’ and 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 1103326. 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 20 March 2013, replacing those dated 18[th] March 2004 amended by Special Resolutions dated 25[th] January 2006 and 23[rd] June 2009. 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 Woodard Schools (Nottinghamshire) Limited 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 16. 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 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

Governors are volunteers providing their time for free to support the governance of the school. The school also relies on a number of others to undertake volunteer roles including fund raising, assisting with school events and providing other support where required.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

The Ranby Parents Group have supported numerous events and activities for the school community. The events have been popular and effective in raising funds for the school. The Ranby Parents Group also have designated volunteers who oversee the management of the School shop. The group provide experiences for the Year 6 leavers, small gifts at Christmas and Easter for all the children, and have renewed playground equipment to enhance the children’s experience.

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 16.

Finance and General Purposes Committee – takes delegated responsibility on behalf of the Board of Governors (The Board) for overseeing all financial aspects of the School, working alongside the Head of Finance so as to provide assurance to the Board on the School’s short and long-term viability. It met 3 times during the year.

Estates Committee – takes delegated responsibility on behalf of the Finance and General Purposes Committee for overseeing the School’s Estate (including buildings, plant and vehicles, grounds, gardens, roadways and security) and compliance with Health and Safety requirements relating to the School’s Estate, to provide assurance to Finance and General Purposes and the Board on all Estates matters. It met 3 times during the year.

Education Committee – takes delegated responsibility on behalf of the Board for overseeing the agreed academic, curricular and pastoral provision of the School, including the making of recommendations as appropriate to the Board, so as to provide assurance to the Board on the School’s educational provision and has lead responsibility for Safeguarding. It met 3 times during the year.

Governance Audit and Risk Committee – takes delegated responsibility on behalf of the Board for implementing and advising on the external audit; for examining and reviewing all systems and methods of control both financial and otherwise including risk management; and for ensuring the School is complying with all aspects of the law, relevant regulations and good practice. It met 3 times during the year.

Human Resources Committee – takes delegated responsibility on behalf of the Board for overseeing all Human Resources (HR) aspects of the School, working alongside the Head of HR, so as to provide assurance to the Board on all HR matters. It met 3 times during the year.

Enterprise Committee – takes delegated responsibility on behalf of the Finance and General Purposes Committee for overseeing the School’s enterprise activity including all income derived from rental arrangements and use of the School’s assets by outside organisations to and so as to provide assurance to Finance and General Purposed Committee and the Board on all enterprise matters.

The day-to-day management of the company is delegated to the Head and the Bursar 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 oversees the recruitment of administrative and non-teaching support staff. The Head and Bursar are invited to attend Governors’ meetings.

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 School’s success.

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

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

Delivery of the School’s charitable vision and purpose is 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, Woodard Schools (Nottinghamshire) Enterprises Limited, the activities and trading of which are described below. Note 34 provides details of connected charities.

The School has developed links with a wide range of organisations to ensure the widest possible access to our facilities and schooling. Through membership of Headmasters’ Conference, Independent Association of Prep Schools, Boarding Schools Association, Independent Schools Bursars Association, Association of Governing Bodies of Independent Schools and Association of the Education and Guardianship of International Students and through networking with peer groups we ensure that we are able to attain the highest standards of quality and performance. We encourage our pupils to develop an awareness of the social context of the all-round education they receive at the School and they are engaged in a number of activities to enhance their understanding.

We are proud to have a thriving and engaged alumni community, the Old Worksopians, whose ongoing relationship with the School plays a vital role in its continued success and development. Their support extends well beyond financial generosity; Old Worksopians contribute their time, expertise, and experience through mentoring, careers guidance, networking opportunities and active participation in school life. This enduring connection enriches the educational experience of current pupils, strengthens the School’s sense of identity and tradition, and fosters a lifelong affiliation that benefits both the individual and the wider community.

Alongside this, the School is deeply committed to meaningful community outreach. We work in partnership with a wide range of local charities, organisations, and community groups to ensure that our facilities, resources, and expertise are used for the wider public good. This includes widening access to educational opportunities, sharing our cultural and sporting facilities, and supporting local initiatives that promote wellbeing, inclusion, and social mobility.

CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The charity’s objects, as set out in the Articles of Association, are to promote and extend education (including spiritual, moral, social, cultural and physical education) in accordance with the doctrines and 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 & Strategic Objectives

Woodard Schools (Nottinghamshire) Limited (incorporating Worksop College and Ranby House Preparatory School) are boarding and day schools for pupils from the ages of 2 to 18. 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, music or dance. We produce ‘well rounded’ individuals who are able to make a positive contribution to society. All Woodard schools aim to provide a rounded education to help the pupils to make their way in adult life.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

Towards the end of the academic year the Strategic Vision 2025-30 was launched. The strategic plan is the result of collective reflection and ambition. It sets out clear objectives across three pillars: Heritage, Stewardship, and Transformation. Each pillar represents a promise to celebrate our traditions, to steward our resources wisely, and to innovate for the future, and are underpinned by a series of objectives:

Heritage Objectives

• Preserve and celebrate heritage: Promote both schools’ rich histories, Christian heritage, and values to strengthen its identity and place in the independent school market.

• Engage the alumni and parental communities: Continue to foster strong connections with alumni, parents, and friends of the schools, with the intention of building a strong sense of belonging and support.

• Local and international communities: Enhance the two schools’ reputations internationally and locally, with a view to cementing Worksop College and Ranby House as a premier educational brand globally.

Stewardship Objectives

• Generate sustainable income and a healthy annual operating surplus: Increase revenue streams to support long-term growth and operational stability.

• Improve the built environment: Modernise facilities and infrastructure to meet contemporary educational and boarding needs.

• Foster a culture of environmental responsibility: Integrate sustainable practices into school operations, curriculum, and pupil activities with the aim of reducing the two schools’ carbon footprint and creating operational efficiencies.

• Develop an endowment fund: Establish a financial foundation to ensure long-term sustainability.

• Expand international and domestic admissions: Target overseas and domestic markets to grow the international pupil and boarding populations.

Transformation Objectives

• Transform educational opportunities for all pupils: Innovate teaching and learning to prepare pupils for the future.

• Invest in leadership and staff development: Cultivate a culture of excellence among teachers and support staff.

• Promote diversity and inclusion: Foster a welcoming and inclusive community.

• Ensure that the two schools’ offering represents good value for money for parents.

• Promote co-curricular parity for boys and girls: Ensure that at both elite levels and participatory levels, there are opportunities for all.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

Principal Activities of the Year

The principal activity of the school is the delivery of education to pupils ranging from 2 to 18 years of age. We also run a number of summer school activities 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 477 208 62 747 2024/2025 Boys 266 107 36 409	(114 boarders) (3 boarders) Girls 211 101 26 338		2023/2024 492 203 56 751 2023/2024 Boys 269 103 31 403	(91 boarders) (4 boarders) Girls 223 100 25 348

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. The aim is that the Preparatory School pupils will be sufficiently self-confident to flourish in the Senior School and that all Senior School pupils will be fully equipped for their chosen future. Our public benefit aim, and on an individual basis, is that all pupils will be self-confident and desire to contribute to the wider community.

In the furtherance of these aims the Woodard Schools (Nottinghamshire) Limited Governors, as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector 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 we provide. An individual’s economic status, gender, ethnicity, race, religion or disability do not form part of our assessment processes.

Our School is a part of a wider community, and we are keen that our staff and pupils participate. We also offer 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 activities undertaken and the success of our programme are explained in the ‘review of achievements and performance for the year’ section of this report.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

Woodard and its schools provide a significant benefit to the public. The school strives to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from the education and facilities offered due to the need to pay a fee. In addition to significant provision of bursaries and other forms of financial support, the school provides a wide range of opportunities for community benefit and facilities and events are often open to all. Further detail of the public benefit offered is included in the section entitled ‘Review of Achievements and Performance for the Year’ below.

It is a key requirement of evidencing public benefit that any private benefit to individuals or elements of the charity will be incidental to the charity's objectives. An example of private benefit may be the reimbursement of travelling expenses for trustees attending training courses: any private benefit to individuals or elements of Woodard are incidental to delivery of the charitable objectives.

Concessions Including Bursaries & Scholarships

Details of our concessions policies and how to apply are available on our website at www.wsnl.co.uk.

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 hardship where a pupil’s education and future prospects would otherwise be at risk, for example in the case of redundancy.

This year the value of means tested bursaries totalled £211k (2024: £253k) and represented 2.3% (2024: 2%) of our gross fees. They provided assistance to 32 pupils (2024: 30 pupils). A hardship fund is also available to help pupils in receipt of bursaries meet the costs of school trips, examination entrance fees and similar expenses.

Scholarships

The purpose of our scholarship awards is to recognise high academic potential or the ability to excel in our cocurricular activities. Our scholarships are awarded on the basis of the individual’s academic potential 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 scholarships to 204 pupils (2024: 194 pupils), based on their educational merit and potential, totalling £1.1m (2024: £1.6m) and representing 12.9% (2024: 10 %) of our gross fees. Of this number, 25 also qualified for means-tested bursary support and are included in the figures relating to bursary awards.

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.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

The trustees recognise their legal responsibility under section 172 of the Companies Act 2006 to act in a way they consider, in good faith, would be most likely to promote the success of the school for the benefit of its members as a whole and to have regard to the long-term effect of their decisions on the school.

The Promotion of Education

During the year we educated 747 children between the ages of 2 and 18. The school provides a very high standard of education and this is validated by the review of the academic results, our measurements of added value and through external inspection.

The school offers a broad curriculum and educates children with a wide range of ability. The school can demonstrate excellence across not only the academic spectrum but also in sport, music and the arts. The aim of the school is to support children in reaching their potential in all areas of their activity at the school. This holistic approach is reflected in success in art, drama, music or on the sports field, where pupils compete and succeed at regional and national level.

The school produces ‘well rounded’ individuals who are able to make a positive contribution to society. A very large majority opt to move on to higher education or apprenticeships – all pupils achieved their first or second choice university, with none needing to go through clearing. This year results broke School records for the percentage of pupils achieving grades 9-5, and also the number achieving 5 GCSE passes including Maths and English, for the second year in a row. Our value-added data continues to rise particularly, but not limited to, GCSE. The number of pupils achieving both the highest GCSE grades and number of passes at 9-4 were significantly above national averages.

Community

Through development of, and provision of, access to new facilities, the school remains at the heart of the community. Facilities made open to the public include:

• The school swimming pool, which is made available to local swimming clubs and organised bodies such as Sparken Hill Academy, Holy Family School, Splash and Worksop Dolphins Swimming Club.

• Our Music facilities which are made available to a wide range of local music societies. Our music school is the venue for the annual Worksop Music Festival.

• We are an ABRSM examination centre which enables members of the local community to take examinations locally without travelling to unknown venues.

• Our Director of Music is also the Director of the North Nottinghamshire Choir, a role he takes on a voluntary basis. The Choir rehearses and performs in the school facilities.

• We continue work with the Root66 academy to promote cricket in Bassetlaw state schools by sending coaches out to teach in the schools and host tournaments at the School.

• Our Head of Chemistry takes a Science Roadshow out on a regular basis to state primary schools in the region to help engage young people and promote science.

• Our sports pitches are recognised as being of particular quality and are regularly used by Nottinghamshire County Cricket Club (we hosted the 2[nd] XI twice this year), Worksop Harriers Athletics Club, numerous football groups, orienteering groups, Worksop Cadets, and pathway rugby sides looking for quality facilities.

• Our wider school grounds host the local Junior Park Run every week; a national initiative to promote sport and wellbeing to children in the community.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

• Various drama, sport and music courses took place throughout school holiday periods which were open to both our pupils and members of the wider community.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Arts, Music and Drama

The Worksop College Professional Music Concert series was generally well attended by members of the school and wider community. The choir sang at a variety of locations in the UK, including Durham, Derby and Selwyn College, Cambridge. The School continued to host the Worksop Music and Drama Festival. Music scholars gave performances at Tickhill and Chesterfield Parish Churches and the Lincolnshire Show. We held piano masterclasses with Ben Firth and invited Outwood Academy Portland pupils to participate. There were numerous individual music achievements, with 3 pupils selected for the national school final and a number in national youth and children’s orchestras.

Sport

Individual national success was achieved by pupils in cross country, golf, swimming, hockey and cricket with two pupils representing the England Under 19s and signing professional contracts with Yorkshire. Numerous pupils gained representative honours in a number of sports, and the boys hockey team were national champions at tier 2. The Worksop College girls football academy continued to grow and a number of these players represented pathway football outside of school, received international honours and went to university in the USA. Participation was also a focus with the launch of the College’s active wellbeing programme to ensure that sport life and mental wellbeing was also at the heart of what we do.

Charitable Activities

Each House undertook specific fundraising for projects. These causes were promoted by pupils, voted for by their peers and then promoted to the whole school community. The School community took part in a wide range of sponsored events and other fundraising activities including chapel collections. The School completed charitable works with VOCES8 for the Primary Schools Singing Day.

Investment Policy and Objectives

The company’s Memorandum and Articles of Association permit funds to be invested in such manner 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.

Investment activities are managed in line with the requirements of the Trustee Act 2000. The Governors have appointed Cazenove Capital Management Limited as investment manager. Our investment policy is to preserve the capital value of investments and maximise the return and income on all investments.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

Key Performance Indicators

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

KPI	Target	Actual
Surplus	1%	0%
Pupil Numbers	771	747
Total Salaries to net fees	64%	68%

Funds held as custodian trustee on behalf of others

Woodard Schools (Nottinghamshire) Limited does not hold funds or act as custodian trustee on behalf of others.

FINANCIAL REVIEW

Results for the Year

The total incoming resources for the year amounted to £13.2m, the School’s operating deficit in year was £125k.

Our trading company, Woodard Schools (Nottinghamshire) Enterprise Limited continues to hire out Woodard Schools (Nottinghamshire) Limited facilities out of term and during school hours, as well as undertaking commercial activity on behalf of the school and externally. The company contributed £127K to the School’s operating results.

From the 1[st] January 2025, the School became subject to VAT on educational fees and certain related charges following changes in UK VAT legislation. The School has passed this VAT charge onto fee payers as part of its fee structure. VAT collected is accounted for to HMRC in accordance with statutory requirements and is not recognised as income of the School. Any input VAT recoverable is offset against output VAT in the normal course of business.

In addition to the very substantial benefits our school brings to our pupils, the local community and society through the education we offer, our bursary programme creates a social asset without cost to the Exchequer.

Woodard Schools (Nottinghamshire) Limited 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, Woodard Schools (Nottinghamshire) Limited is committed to contributing to a recovery plan with an annual cost of circa £5k.

Reserves Level and Policy, and Financial Viability

It has been the school’s policy to utilise funds to ensure that high quality up-to-date facilities are provided for the benefit of pupils. The aim is to budget so to provide sufficient working capital to meet the present needs and future development requirements of the School without the requirement to have recourse to sales of tangible fixed assets.

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. Woodard Schools (Nottinghamshire) Limited 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. The company’s unrestricted reserves are primarily invested in tangible fixed assets which are all used for its direct charitable activities.

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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

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 principle risk faced by the School. For September 2024, the governing body increased fees by 5% .

• There are several challenges within the independent sector with regards to financial sustainability, these include;

• Rising costs and increasing competition for enrolments

• The relatively recent introduction of VAT on school fees

• Increasingly discerning and price-sensitive parents

• Vulnerability to political changes and uncertainties

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 directors, 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 governing body. A formal review of the risk management processes is undertaken annually by the relevant committees of the board.

The school plans strategically having regard to risk. The executive provide the governing body with regular reports which include details of the principle strategic objectives and the actions to achieve those objectives. The school also records significant achievements and updates the governing body and Woodard on short-term plans.

The principle 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 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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WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 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 group’s operations.

The main issues arising from the group’s financial instruments are liquidity risk and interest rate risk. The school’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 by producing long-range forecasts and negotiating adequate facilities with the school’s bankers.

GOING CONCERN

Having considered all factors and after reviewing the available evidence, the directors have a reasonable expectation that the group will be able to continue to meet its obligations and will operate for at least the 12 months from when these accounts have been signed. Further details related to the adoption of the going concern basis can be found in the accounting policies on page 33 and highlight the Group’s continued dependency upon the bank loan facility and as a result the financial statements have been prepared on a going concern basis.

FUTURE PLANS

The Strategic Vision 2025-30 outlines the ways in which the pillars of Heritage, Stewardship and Transformation will be underpinned.

Heritage

• Host an annual Heritage Week to celebrate traditions, alumni achievements, and community milestones.

• Develop marketing materials to tell the schools’ story.

• Present the Archive in a way that allows it to be readily available to visitors and alumni.

• Develop and promote a lecture series based on the history of the two schools.

• Develop an active parents’ group at the College, akin to Ranby House.

• Reinstate key School traditions and nomenclature.

• Further develop the Alumni Network with events to encourage donations toward an endowment fund.

• With a view to creating a lifelong affinity for the College, improve levels of retention from Year 11 into the Sixth Form.

• Establish the St Cuthbert’s Society (Friends of Worksop College and Ranby House) in celebration of the College’s 130th anniversary.

• Through reflecting on the College’s 130th anniversary, re-establish an alumni giving programme tied to specific projects (e.g. scholarships and facility upgrades).

• Collaborate with local businesses and international education agents to enhance the schools’ reputation in the Midlands, nationally, and internationally.

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

• Develop partnerships with traditional boarding families (armed forces; diplomat families etc.) and key UK publications (e.g. Good Schools Guide) to promote boarding to UK families.

• Develop a structured pupil-led community outreach programme across both schools, with the view to ensuring that all pupils engage with at least one impactful project during their time at Worksop College and/or Ranby House.

• Publish an annual impact report on the two schools’ impacts on the local community through local outreach work and philanthropy.

Stewardship

• Conduct a comprehensive audit of current boarding provisions to optimise utilisation of the two sites and address gaps in the built provision.

• Launch campaigns targeting international families through education fairs, partnerships with agents, educational publications, and social media.

• At the College, continue to grow the Girls’ Football Academy and explore the viability of creating a boys’ version.

• Appoint a Head of Commercial Enterprises to identify new commercial opportunities for the two schools.

• Rent out school facilities for external events with regularity (summer schools; professional sports clubs; film/tv filming; arts and cultural events).

• Offer holiday camps and weekend programmes for external participants.

• Reevaluate the School’s bursary/scholarship policy to ensure that such awards are high impact, both for the individual pupil and for Worksop College and Ranby House.

• Renovate boarding houses to meet the expectations of domestic and international families.

• Upgrade teaching facilities, to include a re-haul of the technical infrastructure at both schools (IT; devices; teaching facilities etc.).

• Upgrade key “flagship” areas of the two sites (e.g. EYFS building, swimming pool, Ranby quad etc.).

• Explore opportunities for built investment with external partners which could lead to increased revenue (a running track and padel court for example).

• Conduct an energy usage audit, with the intention of making financial savings and ensuring both sites become more sustainable.

• Launch a “Sponsor a Space” initiative to allow donors to fund specific areas (e.g. boarding houses, classrooms, sports facilities).

• Launch a dedicated fundraising campaign for an endowment fund, targeting alumni, parents, and corporate sponsors, initially through the St Cuthbert’s Society launch.

• Appoint a Development Officer to oversee major gifts and planned-giving.

• Partner with global education consultants and boarding specialists to attract families from regions with high demand (e.g., Asia, Europe, the Middle East).

• Establish strong links with emerging markets (West Africa, the Caribbean, and South America).

• Attract traditional boarding families from the South-East and South-West of the UK.

• Further develop golf and girls’ football as keys USPs for international and domestic recruitment.

• Host virtual and in-person open days and webinars specifically tailored for international families.

• Develop multilingual marketing materials and a dedicated “International Admissions” area of the website.

• Leverage the use of social media in international markets and develop a new website.

Transformation

• Introduce a “Future Skills” initiative with focus areas like coding, entrepreneurship, sustainability, and oracy.

• Develop a sector-leading Sixth Form environment which is markedly different to the middle and junior school experience, more akin to the world of work or university.

• Develop a buoyant super-curriculum to complement the existing curriculum and co-curriculum.

• Transform the current offering in the Sixth Form, with a view to making the experience more akin to university.

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

• Create a clearly articulated digital strategy for teaching and learning.

• At the College, go through a shape of the day review process to ensure the primacy of teaching time.

• Launch a new appraisal and annual review programme for teaching staff.

• Fully embed EveryHR and, relatedly, performance management processes.

• Through a working group, publish a “Teaching Standards” guidance document which directly refers to the schools’ values.

• Provide regular professional development opportunities to staff, including leadership training and postgraduate study support.

• Launch a teaching and learning conference for Woodard schools

• Develop a clear pathway for middle leadership professional development.

• Create an action research culture at both schools.

• Re-visit the College values system to ensure consistent messaging from Ranby to the College.

• Actively promote EDI themes within the two school communities through, for example, the use of EDI pupil leads, EDI-themed lectures and competitions, and staff EDI fora.

• Aim to attract applications for teaching and support roles in both schools from a pool that represents a wide range of backgrounds and life experiences.

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

DIRECTORS

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

Jason Barnsdale (Chairman) Finance and General Purposes Committee, Estates Committee, Enterprise Committee Tim Conroy Finance and General Purposes Committee, Enterprise -Committee, Human Resources Committee Kumar Muthukumarappan Education Committee, Governance Audit and Risk Committee Malcolm C Phillips Safeguarding Governor, Education Committee, Human Resources Committee Nigel Porter Estates Committee Robert Ross Finance and General Purposes Committee Sarah Maskell Human Resources Committee, Education Committee Richard Stones Human Resources Committee David Knowles Estates Committee

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

None of the directors has any beneficial interest in the company. Woodard Schools (Nottinghamshire) Limited buys trustees and officers insurance on behalf of the directors.

Exemptions from disclosure

Woodard Schools (Nottinghamshire) Limited has not taken advantage of any exemption from disclosure in relation to trustee details.

AUDITORS

Moore Kingston Smith LLP were appointed as the company’s external auditors at the Annual General Meeting held on 23[rd] May 2024, for the year to 31 August 2024 onwards.

DIRECTORS’ RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors’ Report, the Strategic Report included within the Directors’ Report 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 group’s and the company’s transactions and disclose with reasonable accuracy at any time 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.

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

DIRECTORS’ REPORT (INCORPORATING STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2025

The directors confirm that:

• so far as each director is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board of Directors of Woodard Schools (Nottinghamshire) Limited including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by:

J C Barnsdale MRICS

Chairman Date 29 May 2026

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

Opinion

We have audited the financial statements of Woodard Schools (Nottinghamshire) Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the consolidated statement of financial activities, the company statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 August 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;

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

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

Basis for opinion

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

Material uncertainty related to going concern

We draw attention to note 2.2 in the financial statements which identifies breaches in the loan covenants which could result in the bank recalling the loan. Whilst the bank has confirmed that they are unlikely to act on the current breaches, this is not certain, and this indicates that a material uncertainty exists that may cast significant doubt on the Group and Company’s ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

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

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

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Directors' Report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the Directors' 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. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

• the information given in the Directors’ Report, which includes the Directors’ 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.

• the Trustees' Report and the Strategic Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

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

• the parent charitable company has not kept adequate and sufficient accounting records, 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

• certain disclosures of directors' remuneration specified by law are not made; or

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

Page 20

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, 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 Trustees 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 Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in 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:

• 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.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control.

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

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, 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 parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the 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.

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED (CONTINUED)

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 non-compliance or suspected non-compliance with laws and regulations.

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

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Shivani Kothari (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP Chartered Accountants Statutory Auditor 6th Floor 9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP

Date: 29/5/2026

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 AUGUST 2025

Note Income and endowments from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Other income 8 Total income and endowments Expenditure on: Raising funds 9 Charitable activities 10 Total expenditure Net (expenditure)/income before net gains on investments Net gains on investments Net (expenditure)/income before taxation Taxation 14 Net (expenditure)/income after taxation Transfers between funds 24 Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Actuarial losses on defined benefit pension schemes 31	Unrestricted funds 2025 £ - 12,696,176 317,331 71,685 33,413 13,118,605 696,216 12,548,145 13,244,361 (125,756) - (125,756) (3,239) (128,995) (3,041) (132,036) (57,572)	Restricted funds 2025 £ 49,060 - - 663 - 49,723 - 58,374 58,374 (8,651) 636 (8,015) - (8,015) 7,643 (372) -	Endowment funds 2025 £ - - - 6,211 - 6,211 462 - 462 5,749 6,688 12,437 - 12,437 (4,602) 7,835 -	Total funds 2025 £ 49,060 12,696,176 317,331 78,559 33,413 13,174,539 696,678 12,606,519 13,303,197 (128,658) 7,324 (121,334) (3,239) (124,573) - (124,573) (57,572)	Total funds 2024 £ 168,738 11,238,444 351,292 15,861 234,421 12,008,756 785,223 12,138,722 12,923,945 (915,189) 6,075 (909,114) - (909,114) - (909,114) -

Page 24

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Note Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2025 £ (189,608) 3,690,996 (189,608) 3,501,388	Restricted funds 2025 £ (372) 217,719 (372) 217,347	Endowment funds 2025 £ 7,835 152,404 7,835 160,239	Total funds 2025 £ (182,145) 4,061,119 (182,145) 3,878,974	Total funds 2024 £ (909,114) 4,970,233 (909,114) 4,061,119

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.

Page 25

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 AUGUST 2025

Income and endowments from: Note Donations and legacies 4 Charitable activities 5 Investments 7 Other income 8 Total income and endowments Expenditure on: Raising funds Charitable activities Total expenditure Net (expenditure)/ income before net gains on investments Net gains on investments Net income/ (expenditure) Transfers between funds 24 Net movement in funds before other recognised gains/(losses) Other recognized gains/(losses): Actuarial losses on defined benefit pension schemes 31 9 10	Unrestricted funds 2025 £ 127,246 12,696,176 69,660 33,413 - (128,995) (3,041) (132,036) (57,572) 12,926,495 507,345 12,548,145 13,055,490 (128,995)	Restricted funds 2025 £ 49,060 - 663 - 636 (8,015) 7,643 (372) - 49,723 - 58,374 58,374 (8,651)	Endowment funds 2025 £ - - 6,211 - 6,688 12,437 (4,602) 7,835 - 6,211 462 - 462 5,749	Total funds 2025 £ 176,306 12,696,176 76,534 33,413 12,982,429 7,324 (124,573) - (124,573) (57,572) 507,807 12,606,519 13,114,326 (131,897)	Total funds 2024 £ 230,707 11,238,444 15,861 234,421 11,719,433 6,075 (909,114) - (909,114) - 495,900 12,138,722 12,634,622 (915,189)

Page 26

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Note Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	3,501,388 Unrestricted funds 2025 £ (189,608) 3,690,996 (189,608)	217,347 Restricted funds 2025 £ (372) 217,719 (372)	7,835 160,239 Endowment funds 2025 £ 152,404 7,835	Total funds 2025 £ (182,145) 4,061,119 (182,145) 3,878,974	Total funds 2024 £ (909,114) 4,970,233 (909,114) 4,061,119

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.

Page 27

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

REGISTERED NUMBER: 05011039

CONSOLIDATED BALANCE SHEET

AS AT 31 AUGUST 2025

Note Fixed assets Tangible assets 15 Investments 16 Investment property 17 Current assets Stocks 18 Debtors 19 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 20 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 21 Net assets excluding pension liability Defined benefit pension scheme liability 31 Total net assets Charity funds Endowment funds 24 Restricted funds 24 Unrestricted funds - including share capital £100 (2024: £100) and pension reserve (£89,743) (2024: (£37,926)) 24 Total funds	61,275 1,314,164 2,154,904 3,530,343 (9,120,774)	2025 £ 9,462,752 175,547 1,000,000 10,638,299 (5,590,431) 5,047,868 (1,079,151) 3,968,717 (89,743) 3,878,974 160,239 217,347 3,501,388 3,878,974	86,735 887,516 1,477,976 2,452,227 (7,743,635)	2024 £ 10,428,362 166,647 - 10,595,009 (5,291,408) 5,303,601 (1,204,556) 4,099,045 (37,926) 4,061,119 152,404 217,719 3,690,996 4,061,119

Page 28

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

REGISTERED NUMBER: 05011039

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2025

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

J C Barnsdale MRICS

Chairman Date: 29 May 2026

The notes on pages 33 to 71 form part of these financial statements.

Page 29

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

REGISTERED NUMBER: 05011039

COMPANY BALANCE SHEET

AS AT 31 AUGUST 2025

Note Fixed assets Tangible assets 15 Investments 16 Investment property 17 Current assets Stocks 18 Debtors 19 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 20 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 21 Net assets excluding pension liability Defined benefit pension scheme liability 31 Total net assets Charity funds Endowment funds 24 Restricted funds 24 Unrestricted funds - including share capital £100 (2024: £100) and pension reserve (£89,743) (2024: (£37,926)) 24 Unrestricted funds 24 Total funds	61,275 1,446,322 1,971,179 3,478,776 (9,069,055) 3,666,374	2025 £ 9,462,500 175,647 1,000,000 10,638,147 (5,590,279) 5,047,868 (1,079,151) 3,968,717 (89,743) 3,878,974 160,239 217,347 3,501,388 3,878,974	70,374 924,703 1,435,022 2,430,099 (7,721,294) 3,690,996	2024 £ 10,428,049 166,747 - 10,594,796 (5,291,195) 5,303,601 (1,204,556) 4,099,045 (37,926) 4,061,119 152,404 217,719 3,690,996 4,061,119

Page 30

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2025

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

J C Barnsdale MRICS

(Chair of Trustees) Date: 29 May 2026

The notes on pages 33 to 71 form part of these financial statements.

Page 31

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2025

Note Cash flows from operating activities Net cash from operating activities 27 Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Investment management fees and write off Net cash (used in)/provided by investing activities Cash flows from financing activities Cash inflows from new borrowing Repayments of borrowing Repayments of finance leases Other financing costs Movement on fees in advance Net cash (used in)/provided by 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 28	2025 £ 1,653,443 78,559 36,262 (335,531) (1,576) (222,286) - (353,273) (40,696) (35,298) (324,962) (754,229) 676,928 1,477,976 2,154,904	2024 £ (451,859) 16,552 660,000 (97,337) 446 579,661 4,044,406 (3,204,171) (37,049) (141,237) 620,304 1,282,253 1,410,055 67,921 1,477,976

Page 32

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. General information

Woodard Schools (Nottinghamshire) Limited is a private company, limited by shares and incorporated in England and Wales. The address of the Registered Office is Worksop College, Worksop, Nottinghamshire, S80 3AP. The principal activity of the company is the provision of independent education for children aged 2 to 18.

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

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are presented in sterling and the functional currency is sterling, and they are rounded to the nearest £1.

Woodard Schools (Nottinghamshire) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

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 the company 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.

2.2 Going concern

The activities of the Group, together with the factors likely to affect its future development and performance are set out in the Strategic Review. The financial position of the school, its cash flow, liquidity and borrowings are described in the financial statements and accompanying notes. At the year end the Group and school had net current liabilities as at 31 August 2025 of £5.6m (2024 - £5.3m) which included bank loan and overdrafts of £3.98m (2024- £4.04m). Whilst the loan covenants have been breached in the year and since the year end, the bank has confirmed that it will continue to support the school with an on going loan facility until at least 31 May 2027. However, under the terms and conditions of the loan the bank has the ability to recall the loan at any time as a result of the current and ongoing loan covenant breaches. In the event that the loan was recalled the Group may be unable to realise its assets and discharge its liabilities in the normal course of business and therefore gives rise to a material uncertainty which has been highlighted in the audit report. The school has been impacted by economic and political factors outside its control in the form of VAT on school fees, the changes to the National Insurance rates as well as the retraction of the rates rebates. All of these changes have had a significant financial impact on the group. However the Group has benefitted from the influx of pupils as a result of the closure of a key school in the area which has boosted pupil numbers and its cashflow position going forwards.

In terms of forward financial planning, the increased pupil numbers will have a compound effect throughout

Page 33

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.2 Going concern (continued)

the year groups which will ensure a reliable level of income. Staffing costs remain within sector benchmarks and a review of all non-pay expenditure will be taking place during the budget build process in June 2026.

The Trustees and the senior management team closely monitor the financial position of the Group. Whilst the Group continues to attract new pupils in all year groups, Trustees are mindful of the unpredictable nature of its cost base. The Trustees have prepared profit and cash flow forecasts covering the period to 31 May 2027 which demonstrate that the company and group have sufficient working capital to enable the group to meet its liabilities as they fall due only with the continued support from the Bank.

As a result the accounts have been prepared on a going concern basis for at least 12 months from the date of the signature of the audit report.

2.3 Income

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 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.

In terms of financial reporting and planning it is important to note than in this period the income taken into the income and expenditure account is net of VAT.

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.

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.

Page 34

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.4 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.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Finance and Other Costs

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

2.6 Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Pensions

The school company participates in the Teachers' Pensions scheme, which is an unfunded government scheme, the Pensions Trust scheme and the Independent Schools' Pensions scheme, all of which provide benefits based on final pensionable pay. The funds of the schemes are separate from the company, although the company's share of the schemes cannot be identified as the schemes are multi-employer schemes, and so the pension costs are accounted for as defined contribution schemes. The companies also contribute to other defined contribution pension schemes for non-teaching staff.

The company offers membership of the Pensions Trust Growth Plan and the Independent Schools' Pensions Scheme to employees other than the full-time academic staff. The Pensions Trust Growth Plan and the Independent Schools' Pensions Scheme are multi-employer pension schemes 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 which is similar to a defined contribution scheme.

Page 35

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.7 Pensions (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. More detail is given in note 31.

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £10,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

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 charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Freehold land	- Not depreciated
Freehold buildings	- Variable according to the building and written off
	over the expected useful life (see below)
Plant and machinery	- 10% to 25% on cost
Motor vehicles	- 25% on cost
Fixtures and fittings	- 25% on cost
Computer equipment	- 20% to 25% on cost

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 charged. The review is based on the directors’ assessments of the market value and the future economic benefit derived from an asset versus its carrying value in the financial statements.

Page 36

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.8 Tangible fixed assets and depreciation (continued)

When the company undertakes a significant refurbishment project that will have an economic benefit, the cost of the refurbishment is capitalised, recorded separately under ‘Freehold Improvements’, its useful life is estimated and it is depreciated over that useful life.

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.

Woodard School (Nottinghamshire) exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment.

2.9 Investments and Fees in Advance

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

Realised and unrealised investment gains and losses are recognised as ‘net gains/(losses) on investment assets’ in the Statement of Financial Activities and are allocated to the appropriate fund according to the ‘ownership’ of the underlying assets.

2.10 Stocks

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

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and 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.

2.13 Liabilities

Liabilities and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Page 37

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.13 Liabilities (continued)

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance cost.

2.14 Financial instruments

The Group 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.

2.15 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.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

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.

Investment income, gains and losses are allocated to the appropriate fund.

Page 38

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

2.17 Taxation

The company is a registered charity and as such are exempt from income tax and 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.

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 is based on the subsidiary company’s profit for the year and takes into account tax arising 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 Woodard Schools (Nottinghamshire) Limited under Gift Aid and tax liabilities are kept to a minimum.

2.18 Deposits from parents

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.

Page 39

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

3. Critical accounting estimates and areas of judgment

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 2 to the financial statements.

Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

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.

Pension scheme deficit reduction payments

As explained at note 31, there is a deficit reduction plan in place in respect of Woodard Schools (Nottinghamshire) Limited's membership of the Pension Trust's Growth Plan. 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 30, there is a contingent liability in the event that Woodard Schools (Nottinghamshire) Limited were to withdraw its membership of the Pension Trust's Growth Plan. 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.

Valuation of investment property

The valuation of land involves significant judgement and estimation. Where relevant, valuations are based on available market evidence; however, where market evidence or comparable transaction data is limited, assumptions are required which introduce estimation uncertainty.

In assessing the carrying value at the reporting date, the Directors have considered market conditions, comparable data where available, and the specific characteristics and use of the asset.

Given the inherent uncertainty, actual outcomes may differ from these estimates, and changes in assumptions could have a material impact on the carrying value in future periods. The Directors are satisfied that the carrying amount is reasonable and not materially misstated.

Page 40

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

4. Income from donations and legacies

General donations Total 2024	Unrestricted funds 2025 £ - 3,000	Restricted funds 2025 £ 49,060 165,738	Total funds 2025 £ 49,060 168,738	Total funds 2024 £ 168,738

The company only figure for income from donations and legacies is £176,306 (2024: £230,707) which includes £127,246 (2024: £61,969) of gift aid received from the trading subsidiary which has been eliminated on consolidation.

5. Income from charitable activities

School fees receivable (see below) Ancillary trading income (see below) Total 2024 School fees receivable Gross fees Less: total scholarships, bursaries, etc Less: discounts given	Unrestricted funds 2025 £ 11,914,135 782,041 12,696,176 11,238,444	Total funds 2025 £ 11,914,135 782,041 12,696,176 11,238,444 2025 £ 14,066,442 (1,873,698) (278,609) 11,914,135	Total funds 2024 £ 10,681,742 556,702
			11,238,444
			2024 £ 12,588,035 (1,736,748) (169,545)
			10,681,742

Page 41

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

5. Income from charitable activities (continued)

Charitable activities - ancillary trading income Extras Entrance fees and registration fees Pupil transport Commissions and related income	2025 £ 315,185 35,215 416,669 14,972 782,041	2024 £ 263,816 19,981 258,832 14,073
		556,702

All of the charitable activities income is in relation to the parent company only, in both years.

Scholarships, bursaries and other awards were paid to 264 pupils (2024: 224 pupils). Within this, means-tested bursaries totalling £211,355 were paid to 65 pupils (2024: £253,600 to 30 pupils)

6. Income from other trading activities

Non-ancillary trading income

Woodard Schools (Nottinghamshire) Enterprises Limited Total 2024	Unrestricted funds 2025 £ 317,331 351,292	Total funds 2025 £ 317,331 351,292	Total funds 2024 £ 351,292

The company only figure for income from trading activities is £nil (2024: £nil).

Page 42

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

7. Investment income

Income from fixed investments Interest receivable Total 2024	Unrestricted funds 2025 £ - 71,685 71,685 8,529	Restricted funds 2025 £ 663 - 663 718	Endowment funds 2025 £ 6,211 - 6,211 6,614	Total funds 2025 £ 6,874 71,685 78,559 15,861	Total funds 2024 £ 7,332 8,529
					15,861

The company only figure for investment income is £76,534 (2024: £15,861).

8. Other income

Profit on sale of fixed assets Miscellaneous income Total 2024	Unrestricted funds 2025 £ 27,580 5,833 33,413 234,421	Total funds 2025 £ 27,580 5,833 33,413 234,421	Total funds 2024 £ 233,452 969
			234,421

All of the other income is in relation to the parent company only, in both years.

Page 43

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

9. Expenditure on raising funds

Investment management

Investment management fees Total 2024 Financing costs Bank interest payable Bank loan interest payable Lease finance costs Bank charges Provision for bad and doubtful debts Other finance costs Movement in pension recovery plan Other interest payable Total 2024	Endowment funds 2025 £ 462 436 Unrestricted funds 2025 £ - 289,118 8,629 31,769 168,898 3,482 5,402 47 507,345 495,464	Total funds 2025 £ 462 436 Total funds 2025 £ - 289,118 8,629 31,769 168,898 3,482 5,402 47 507,345 495,464	Total funds 2024 £ 436
			Total funds 2024 £ 2 307,369 3,985 137,451 40,661 369 2,212 3,415
			495,464

Page 44

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

9. Expenditure on raising funds (continued)

Non-ancillary trading

Support costs Staff costs Depreciation Total 2024	Unrestricted funds 2025 £ 132,859 55,949 63 188,871 289,323	Total funds 2025 £ 132,859 55,949 63 188,871 289,323	Total funds 2024 £ 241,660 47,584 79
			289,323

The parent company only figure for raising funds is £507,807 (2024: £495,900), being the investment management costs and financing costs only.

10. Charitable activities expenditure

Summary by fund type

Teaching Welfare Premises School administration Governance costs Total 2024	Unrestricted funds 2025 £ 6,443,259 1,081,376 2,868,092 2,079,942 75,476 12,548,145 12,138,722	Restricted funds 2025 £ - - - 58,374 - 58,374 -	Total 2025 £ 6,443,259 1,081,376 2,868,092 2,138,316 75,476 12,606,519 12,138,722	Total 2024 £ 5,861,297 1,301,487 3,100,048 1,827,617 48,273
				12,138,722

Page 45

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

10. Charitable activities expenditure (continued)

Summary by expenditure type

Teaching Welfare Premises School administration Governance Total 2024	Staff costs 2025 £ 5,853,630 182,782 745,279 1,380,204 - 8,161,895 7,440,065	Depreciation 2025 £ 55,745 46,806 189,847 - - 292,398 288,573	Other costs 2025 £ 533,884 851,788 1,932,966 758,112 75,476 4,152,226 4,410,084	Total 2025 £ 6,443,259 1,081,376 2,868,092 2,138,316 75,476 12,606,519 12,138,722	Total 2024 £ 5,861,297 1,301,487 3,100,048 1,827,617 48,273
					12,138,722

All of the charitable activities expenditure is in relation to the parent company only, in both years.

11. Net income/(expenditure)

Net income/(expenditure) for the year includes: Fees payable to the auditor in respect of audit services Depreciation of tangible fixed assets owned by the group Depreciation of tangible fixed assets held under finance leases and hire purchase contracts Operating lease rentals Reimbursement of personal expenses to governors	2025 £ 33,054 264,403 28,056 278,019 162 603,694	2024 £ 26,940 260,916 27,737 254,873 648
		571,114

Page 46

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

12. Staff costs

Wages and salaries Social security costs Pension costs Private medical insurance	Group 2025 £ 6,528,751 657,222 1,006,315 25,556 8,217,844	Group 2024 £ 6,273,459 413,606 773,319 27,265 7,487,649	Company 2025 £ 6,472,802 657,222 1,006,315 25,556 8,161,895	Company 2024 £ 6,225,875 413,606 773,319 27,265
				7,440,065

The average number of persons employed by the company during the year was as follows:

Teaching Other activities	Group 2025 No. 94 134 228	Group 2024 No. 94 131
		225

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

	Group	Group
	2025	2024
	No.	No.
In the band £60,001 - £70,000	4	3
In the band £70,001 - £80,000	3	-
In the band £80,001 - £90,000	1	1
In the band £140,001 - £150,000	1	1

There are no redundancy or termination payments included within staff costs in either year.

The Headmaster and Bursar are classified by Woodard Schools (Nottinghamshire) Limited as being the key management personnel. The aggregate employee benefits of key management personnel were £277,581 (2024: £340,505) including defined benefit pension scheme contributions of £38,834 (2024: £38,036).

Page 47

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

13. Trustees' remuneration and expenses

None of the governors received remuneration or other benefits from Woodards Schools (Nottinghamshire) Limited or any connected body.

None of the directors (or any persons connected with them) received any remuneration during the year. Gross fees totalling £148,968 (2024: £113,190) were charged in respect of children of directors attending the school. Scholarships of £13,046 (2024: £12,243) were awarded to children of directors in accordance with the school’s scholarship process. At year-end, directors owed £nil in respect of these fees (2024: £nil). 1 director was reimbursed £162 during the year in relation to expenses (2024: 2 directors reimbursed £648).

14. Taxation

Corporation tax Adjustments in respect of previous periods Taxation on net (expenditure)/income	2025 £ 3,239 3,239	2024 £ -
		-

The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25 % ). The differences are explained below:

Net (expenditure)/income before tax Net (expenditure)/income multiplied by the standard rate of corporation tax in the UK of 25 (2024 - 25%). Effects of: Adjustments to tax charge in respect of prior periods Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment Total tax charge for the year	2025 £ (121,334) (30,334) 3,239 30,334 3,239	2024 £ (909,114)
		(227,279) - 227,279
		-

There are no factors considered likely to affect future tax charges.

Page 48

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

15. Tangible fixed assets

Group

Cost or valuation At 1 September 2024 Additions Disposals Transfer to investment property (note 17) At 31 August 2025 Depreciation At 1 September 2024 Charge for the year On disposals At 31 August 2025 Net book value At 31 August 2025 At 31 August 2024	Freehold property £ 12,244,420 - - (1,000,000) 11,244,420 2,222,061 165,753 - 2,387,814 8,856,606 10,022,359	Plant and machinery £ 518,176 33,322 (16,800) - 534,698 331,892 70,900 (8,118) 394,674 140,024 186,284	Computer equipment £ 443,520 15,480 - - 459,000 326,819 55,806 - 382,625 76,375 116,701	Assets under construction £ 103,018 286,729 - - 389,747 - - - - 389,747 103,018	Total £ 13,309,134 335,531 (16,800) (1,000,000) 12,627,865 2,880,772 292,459 (8,118) 3,165,113 9,462,752 10,428,362

All assets are used for charitable purposes.

Included in plant and equipment are assets held under finance leases which have net book values of £39,483 (2024: £87,784). Depreciation of £28,056 (2024: £27,737) respectively was charged during the year.

During the year, property meeting the definition of investment property has been reclassified to investment properties in the accounts.

Page 49

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

15. Tangible fixed assets (continued)

Company

Cost or valuation At 1 September 2024 Additions Disposals Transfer to investment property (note 17) At 31 August 2025 Depreciation At 1 September 2024 Charge for the year On disposals At 31 August 2025 Net book value At 31 August 2025 At 31 August 2024	Freehold property £ 12,244,420 - - (1,000,000) 11,244,420 2,222,061 165,753 - 2,387,814 8,856,606 10,022,359	Plant and machinery £ 518,176 33,322 (16,800) - 534,698 331,892 70,900 (8,118) 394,674 140,024 186,284	Computer equipment £ 431,435 15,480 - - 446,915 315,047 55,745 - 370,792 76,123 116,388	Assets under construction £ 103,018 286,729 - - 389,747 - - - - 389,747 103,018	Total £ 13,297,049 335,531 (16,800) (1,000,000) 12,615,780 2,869,000 292,398 (8,118) 3,153,280 9,462,500 10,428,049

Page 50

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

16. Fixed asset investments

Group

Group
		Listed investments	Total 2025	Total 2024
Cost or valuation		£	£	£
At 1 September		164,907	164,907	158,832
Revaluations		7,324	7,324	6,075
At 31 August		172,231	172,231	164,907
Investment cash		3,316	3,316	1,740
At 31 August		175,547	175,547	166,647
Company	Investment in subsidiary	Listed investments	Total 2025	Total 2024
	£	£	£	£
Cost or valuation
At 1 September	100	164,907	165,007	158,932
Revaluations	-	7,324	7,324	6,075
At 31 August	100	172,231	172,331	165,007
Investment cash	-	3,316	3,316	1,740
At 31 August	100	175,547	175,647	166,747

Page 51

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

16. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the company:

	Name	Principal activity	Class of	Holding	Included in
			shares		consolidation
	Woodard Schools (Nottinghamshire)	Commercial letting and	Ordinary	100%	Yes
	Enterprises Limited	sales from the school
		tuck shop
	The financial results of the subsidiary for the year were:
	Name	Income	Expenditure	Profit for the	Net assets
		£	£	year	£
				£
	Woodard Schools (Nottinghamshire)	319,356	(192,110)	127,246	100
	Enterprises Limited
17.	Investment property

Group

Valuation Transfers from tangible fixed assets At 31 August 2025	Freehold investment property £ 1,000,000
	1,000,000

Page 52

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

17. Investment property (continued)

company

Valuation Transfers from tangible fixed assets At 31 August 2025	Freehold investment property £ 1,000,000
	1,000,000

The Directors have reviewed the valuation of the land at the reporting date, having regard to market conditions and relevant supporting evidence, and consider that the carrying amount is a reasonable approximation of its current value.

As a result of the freehold investment property, lease receipts in the year to August 2025 were £52,000. The minimum future lease receipts after one year are £1,546,000.

18. Stocks

	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£
Finished goods and goods for resale	61,275	86,735	61,275	70,374

Page 53

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

19. Debtors

School fees receivable Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	Group 2025 £ 878,270 15,504 - 38,145 382,245 1,314,164	Group 2024 £ 255,106 57,937 - 143,838 430,635 887,516	Company 2025 £ 878,270 - 158,249 38,145 371,658 1,446,322	Company 2024 £ 255,106 39,451 138,935 136,113 355,098
				924,703

School fees receivable are net of £229,117 (2024: £40,661) provided for doubtful debts. £30,062 (2024: £5,505) is allocated against Enterprises Ltd.

20. Creditors: Amounts falling due within one year

Bank loans Deposits from parents (note 20) Trade creditors Fees in advance scheme (note 21) Other taxation and social security Obligations under finance leases (note 32) Other creditors Accruals and deferred income	Group 2025 £ 3,980,251 89,640 409,264 679,806 954,517 30,687 147,632 2,828,977 9,120,774	Group 2024 £ 4,044,406 187,938 172,486 719,207 124,994 34,972 162,509 2,297,123 7,743,635	Company 2025 £ 3,980,251 89,640 381,526 679,806 942,416 30,687 147,632 2,817,097 9,069,055	Company 2024 £ 4,044,406 187,938 166,028 719,207 124,994 34,972 162,509 2,281,240
				7,721,294

The loan is secured by fixed charges over the land and buildings and floating charges over property and the undertaking of the company and its subsidary.

The terms of the loan are 25 years with an interest rate of 2.65% over base rate and repayments are being made monthly. The balance at the year end is held in current liabilities due to a covenant breach. More details of this can be found in Note 2.2

Page 54

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Deferred income at 1 September Resources deferred during the year Amounts released from previous periods	Group 2025 £ 2,130,973 2,543,456 (2,130,973) 2,543,456	Group 2024 £ 3,631,144 2,130,973 (3,631,144)
		2,130,973

Deferred income arises due to school fee invoices for the autumn term being issued and applied to the fees ledger prior to the year end. The income that relates to the following term is deferred until the term to which the income relates.

21. Creditors: Amounts falling due after more than one year

Deposits from parents (see below) Net obligations under finance leases (note 33) Fees in advance (note 22)	Group 2025 £ 525,423 46,624 507,104 1,079,151	Group 2024 £ 337,485 74,406 792,665 1,204,556	Company 2025 £ 525,423 46,624 507,104 1,079,151	Company 2024 £ 337,485 74,406 792,665
				1,204,556

Deposits from parents:

The split of the deposits from parents is as follows:

Over 5 years Within 2 to 5 years Within 1 to 2 years Within one year	Group 2025 £ 220,183 166,200 139,040 89,640 615,063	Group 2024 £ - 82,250 255,235 187,938
		525,423

Page 55

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

22. 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. Parents can request future payments back at any time. 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 New contracts Amounts used to pay fees Balance at 31 August 23. Financial instruments Group Group 2025 2024 £ £ Financial assets Financial assets measured at fair value through income and expenditure - Bank accounts 2,154,904 1,477,976	2025 £ 100,080 168,314 238,710 507,104 679,806 1,186,910 2025 £ 1,511,872 234,845 (559,807) 1,186,910 Company 2025 £ 1,971,179	2024 £ 108,949 291,496 392,220 792,665 719,207 1,511,872 2024 £ 891,568 1,158,354 (538,050) 1,511,872 Company 2024 £ 1,435,022

Page 56

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

24. Statement of funds

Statement of funds - current year

Unrestricted funds General reserve Pension reserve Revaluation reserve Endowment fund Worksop Foundation Share capital Endowment funds Revaluation Reserve Special Endowment	Balance at 1 September 2024 £ 3,569,420 (37,926) 50,946 2,193 106,263 100 3,690,996 1,861 150,543 152,404	Income £ 13,118,605 - - - - - 13,118,605 - 6,211 6,211	Expenditure £ (13,253,355) 5,755 - - - - (13,247,600) - (462) (462)	Transfers in/out £ (11,347) - - - 8,306 - (3,041) - (4,602) (4,602)	Gains/ (Losses) £ - (57,572) - - - - (57,572) - 6,688 6,688	Balance at 31 August 2025 £ 3,423,323 (89,743) 50,946 2,193 114,569 100 3,501,388 1,861 158,378 160,239

Page 57

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

24. Statement of funds (continued)

Restricted funds Revaluation reserve Benefit Fund Sheila Fletcher Fund Mountgarret Fund Simpson Smith Fund Restricted donations Total of funds	Balance at 1 September 2024 £ 29,769 - - 2,706 19,506 165,738 217,719 4,061,119	Income £ - 75 21 37 530 49,060 49,723 13,174,539	Expenditure £ - - - - - (58,374) (58,374) (13,306,436)	Transfers in/out £ - (75) (21) (37) 7,776 - 7,643 -	Gains/ (Losses) £ - 2,362 675 (2,706) 305 - 636 (50,248)	Balance at 31 August 2025 £ 29,769 2,362 675 - 28,117 156,424
						217,347
						3,878,974

a) ENDOWMENT FUNDS

The endowed 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. The funds were donated to the company by Woodard Schools (Midland Division) Limited who had previously administered the funds on behalf of the College. The revaluation reserve is required by the Companies Act 2006 and represents the amount by which investments exceed their historic cost.

b) RESTRICTED FUNDS

The income funds of the company include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes. The Benefit and other minor funds provide or contribute towards the provision of education, scholarships, bursaries and prizes for the pupils at the College or in such a manner as the College Governing Body shall consider to be for the benefit of the College. The Revaluation Reserve is required by the Companies Act 2006 and represents the amount by which investments exceed their historic cost. Realised gains and losses have been disclosed separately as incoming resources or resources expended.

c) UNRESTRICTED FUNDS

Unrestricted funds represent accumulated income from the school's activities and other sources that are available for the general purposes of the school. Designated funds contribute towards bursaries and scholarships.

A transfer has been made in the year from Endowed and Restricted funds to Unrestricted funds to contribute towards the bursaries granted in the year.

Page 58

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

24. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds General reserve Pension reserve Revaluation reserve Endowment fund Worksop Foundation Share capital Endowment funds Revaluation Reserve Special Endowment Restricted funds Revaluation reserve Benefit Fund Sheila Fletcher Fund Mountgarret Fund Simpson Smith Fund Restricted donations Total of funds	Balance at 1 September 2023 £ 4,654,899 (42,479) 50,946 2,193 114,118 100 4,779,777 1,861 142,586 144,447 29,769 771 2,308 2,472 10,689 - 46,009 4,970,233	Income £ 11,835,686 - - - - - 11,835,686 - 6,614 6,614 - 98 28 72 520 165,738 166,456 12,008,756	Expenditure £ (12,928,062) 4,553 - - - - (12,923,509) - (436) (436) - - - - - - - (12,923,945)	Transfers in/out £ 6,897 - - - (7,855) - (958) - (6,178) (6,178) - (91) (26) (72) 7,325 - 7,136 -	Gains/ (Losses) £ - - - - - - - - 7,957 7,957 - (778) (2,310) 234 972 - (1,882) 6,075	Balance at 31 August 2024 £ 3,569,420 (37,926) 50,946 2,193 106,263 100 3,690,996 1,861 150,543 152,404 29,769 - - 2,706 19,506 165,738 217,719 4,061,119

Page 59

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

25. Summary of funds

Summary of funds - current year

General funds Endowment funds Restricted funds	Balance at 1 September 2024 £ 3,690,996 152,404 217,719 4,061,119 - prior year Balance at 1 September 2023 £ 4,779,777 144,447 46,009 4,970,233	Income £ 13,118,605 6,211 49,723 13,174,539 Income £ 11,835,686 6,614 166,456 12,008,756	Expenditure £ (13,247,600) (462) (58,374) (13,306,436) Expenditure £ (12,923,509) (436) - (12,923,945)	Transfers in/out £ (3,041) (4,602) 7,643 - Transfers in/out £ (958) (6,178) 7,136 -	Gains/ (Losses) £ (57,572) 6,688 636 (50,248) Gains/ (Losses) £ - 7,957 (1,882) 6,075	Balance at 31 August 2025 £ 3,501,388 160,239 217,347
						3,878,974
						Balance at 31 August 2024 £ 3,690,996 152,404 217,719
Summary of funds
General funds Endowment funds Restricted funds
						4,061,119

Page 60

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

26. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges Total	Unrestricted funds 2025 £ 10,462,752 - 5,169,521 (10,961,991) (1,079,151) (89,743) 3,501,388	Restricted funds 2025 £ - 15,308 202,039 - - - 217,347	Endowment funds 2025 £ - 160,239 - - - - 160,239	Total funds 2025 £ 10,462,752 175,547 5,371,560 (10,961,991) (1,079,151) (89,743) 3,878,974

Analysis of net assets between funds - prior year

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges Total	Unrestricted funds 2024 £ 10,428,362 (6,108) 2,254,859 (7,743,635) (1,204,556) (37,926) 3,690,996	Restricted funds 2024 £ - 22,212 195,507 - - - 217,719	Endowment funds 2024 £ - 150,543 1,861 - - - 152,404	Total funds 2024 £ 10,428,362 166,647 2,452,227 (7,743,635) (1,204,556) (37,926) 4,061,119

Page 61

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

27. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Financing costs Losses on investments Dividends, interests and rents from investments Profit on the sale of fixed assets Decrease/ (increase) in stocks Decrease in debtors Increase/(decrease) in creditors FRS 102 pensions adjustments Net cash provided by/(used in) operating activities	Group 2025 £ (124,573) 292,459 333,045 (7,324) (78,559) (27,580) 25,460 598,249 648,021 (5,755) 1,653,443	Group 2024 £ (909,114)
		288,653 452,591 (6,075) (16,552) (233,452) (9,018) 1,559,194 (1,578,086) -
		(451,859)

28. Analysis of cash and cash equivalents

Cash in hand Total cash and cash equivalents	Group 2025 £ 2,154,904 2,154,904	Group 2024 £ 1,477,976
		1,477,976

Page 62

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

29. Analysis of changes in net debt

Cash at bank and in hand Debt due within 1 year Debt due after 1 year Finance leases	At 1 September 2024 £ 1,477,976 (4,763,613) (792,665) (109,378) (4,187,680)	Cash flows £ 676,928 103,556 285,561 32,067 1,098,112	At 31 August 2024 £ 2,154,904 (4,660,057) (507,104) (77,311) (3,089,568)

30. Contingent liabilities

The company has been notified by The Pensions Trust of the estimated employer debts on withdrawal from the Plan based on the financial position of the Plan as at 30 September 2022. As of this date the estimated employer debt for the Company for withdrawal from The Pensions Trust was £179,632 (30 September 2024: £179,632), including Series 3 liabilities.

Page 63

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

31. Pension commitments

The School participates in the APTIS Pension Scheme ("APTIS") for its teaching staff. The pension charge for the year includes contributions payable of £730,945 (2024: £417,100) and at the year-end £60,879 (2024: £56,310) was accrued in respect of contributions to this scheme. All new teachers are automatically enrolled into the APTIS scheme.

Teachers' Pension Scheme

The School also participates in the Teachers' Pension Scheme ("the TPS") for its teaching staff who opted to remain in the scheme after the School came out of the scheme in September 2021. The pension charge for the year includes contributions payable to the TPS of £339,915 (2024: £339,915) and at the year-end £29,213 (2024: £38,123) was accrued in respect of contributions to this scheme as the School has now left the scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The 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).

Pensions Trust Growth Plan

The company participates in the scheme, a multi-employer scheme which provides benefits to some 521 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

Page 64

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

31. Pension commitments (continued)

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 company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Unless a concession has been agreed with the Trustee the term to 31 March 2028 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 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 asked the participating employers to pay additional contributions to the scheme as follows:

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.

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

31. Pension commitments (continued)

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

Provision at start of period Unwinding of the discount factor (interest expense) Deficit contribution paid Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule Provision at end of period INCOME AND EXPENDITURE IMPACT Interest expense Remeasurements – impact of any change in assumptions Remeasurements – amendments to the contribution schedule	2025 £ 1,366 11 (2,329) 50 6,501 5,599 2025 £ 11 50 6,501 6,562	2024 £ 4,504 165 (3,305) 2 - 1,366 2024 £ 165 2 - 167

ASSUMPTIONS

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.

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

31. Pension commitments (continued)

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

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.

Pensions Trust Independent Schools' Pension Scheme

The company participates in the scheme, a multi-employer scheme which provides benefits to some 51 nonassociated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with 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 company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2023. This actuarial valuation was certified on 11 December 2024 and showed assets of £99.2m, liabilities of £151.5m and a deficit of £52.3m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows:

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

31. Pension commitments (continued)

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the 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.

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

Provision at start of period Unwinding of the discount factor (interest expense) Deficit contribution paid Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule Provision at end of period INCOME AND EXPENDITURE IMPACT Interest expense Remeasurements – impact of any change in assumptions Remeasurements – amendments to the contribution schedule	2025 £ 36,560 1,595 (5,032) (360) 51,381 84,144 2025 £ 1,595 (360) 51,381 52,616	2024 £ 37,975 2,047 (4,885) 1,423 - 36,560 2024 £ 2,047 1,423 - 3,470

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Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

31. Pension commitments (continued)

ASSUMPTIONS

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.

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

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.

Page 69

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

32. Operating lease commitments

At 31 August 2025 the Group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years Finance lease obligations Within 1 year Within 1 to 2 years Within 2 to 5 years Over 5 years Due within one year Due after more than one year	Group 2025 £ 254,873 236,582 28,525 519,980 2025 £ 30,687 14,967 31,657 - 77,311 2025 £ 30,687 46,624 77,311	Group 2024 £ 254,873 435,614 5,840
		696,327
		2024 £ 34,972 30,687 38,233 5,486
		109,378
		2024 £ 34,972 74,406
		109,378

33. Finance lease obligations

No security is held over these assets.

Page 70

Docusign Envelope ID: AE414009-B7B5-8950-80DA-C11C235AD030

WOODARD SCHOOLS (NOTTINGHAMSHIRE) LIMITED

(A company limited by shares)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

34. Share capital

Authorised, allotted, called up and fully paid 100 Ordinary shares of £1 each	2025 £ 100 100	2024 £ 100
		100

All shares are registered in the name of the Woodard Corporation. Woodard Schools (Nottinghamshire) Limited has no power to issue, allot or dispose of any other shares and the shares already issued are not transferable. Upon winding up or dissolution, and after satisfaction of all liabilities, any remaining property shall be paid to the Woodard Corporation.

35. Related party transactions

As stated in note 34, Woodard Schools (Nottinghamshire) Limited is a wholly owned subsidiary of The Woodard Corporation. An amount of £73,597 (2024: £67,017) was paid during the year to Woodard Corporation by way of a levy to meet running costs. There is £24,532 outstanding to the Woodard Corporation as at 31 August 2025 (2024 - £nil).

The company also controls a subsidiary trading company, Woodard Schools (Nottinghamshire) Enterprises Limited (registered number 05181900), the results of which are included in these financial statements.

During the year, Woodard Schools (Nottinghamshire) Limited recharged costs to the subsidiary company amounting to £47,449 (2024: £79,593). The subsidiary company recharged costs to Woodard Schools (Nottinghamshire) Limited amounting to £nil (2024: £41,598) and paid donations under Gift Aid to Woodard Schools (Nottinghamshire) Limited of £127,246 (2024: £61,969). An amount of £127,137, was owed by Woodard Schools (Nottinghamshire) Enterprises Limited at 31 August 2025 (2024: £138,935).

Further information in respect of transactions with directors is given in note 13 to the financial statements.

There are no further related transactions to report.

36. Controlling party

The Woodard Corporation Limited is the ultimate controlling party, a registered charity number 1096270, Company number 04659710, which is incorporated in England and Wales. Copies of the financial statements of the Woodard Corporation can be obtained from High Street, Abbots Bromley, Rugeley, Staffordshire, WS15 3BW. The accounts of Woodard Schools (Nottinghamshire) Limited are included within the consolidated financial statements of the Woodard Corporation Limited.

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