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2025-08-31-accounts

WOLDINGHAM SCHOOL

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Registered company no. 6636665

Registered charity no. 1125376

CONTENTS

Page
3 Administrative Information
4 Directors’ Report
15 Statement of Governors’ Responsibilities
16 Independent Auditor’s Report to the Members of Woldingham School
19 Consolidated Statement of Financial Activities
20 Group and Charity Balance Sheets
21 Consolidated Cash Flow Statement
23 Notes to the Financial Statements

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

ADMINISTRATIVE INFORMATION

Legal Status

Originally founded in 1842, Woldingham School is an independent Catholic boarding and day school for girls, which welcomes students from all Christian denominations and other world faiths. The company is limited by guarantee (registered no. 6636665) and is a registered charity (no. 1125376).

Principal Address and Registered Office

Marden Park, Woldingham, Surrey CR3 7YA

Website: www.woldinghamschool.co.uk Email: info@woldinghamschool.co.uk

Professional Advisers

Bankers Barclays Bank plc Caterham Branch, PO Box 95 1 North End, Croydon CR9 1RN

HSBC UK Bank plc Level 6, 71 Queen Victoria Street London, EC4V 4AY

Solicitors Veale Wasborough Vizards 24 King William Street, London EC4R 9AT Auditors Crowe U.K. LLP, 5[th] Floor, R+ Building 2 Blagrave Street, Reading, Berkshire RG1 1AZ

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

DIRECTORS’ REPORT

Governance of the School

The School is governed by an established Board of Governors, each of whom is appointed as a Director of the Company and as a Trustee of the Charity. The Governing Body consists of at least three and not more than fifteen individuals of whom at least 40% are Catholic. The Governors, as Trustees, have control of the Charity, its property and funds and are responsible for the overall direction and control of the School.

Governors are made aware of their responsibilities through appropriate induction and training and are involved in educational development, financial planning and School strategies. The Chair of Governors is responsible for ensuring that the Board’s range of skills and competences are appropriate to Governors’ roles.

Governors regularly visit the School and thereby obtain a good insight into its workings and provide necessary advice and support to the Head and the Senior Leadership Team.

The Governors meet at least twice per term, once (or more than once) in Committees and once as a Board of Governors and twice during the period for strategic planning. Additional meetings are held as required. The Head and Director of Finance & Operations attend all meetings of the Board.

The day-to-day running of the School’s administration, financial and estate management is delegated to the Head and Bursar / Director of Finance & Operations. They are supported by the Senior Leadership Team and together this group are the key management personnel.

Board Members

Miss C Berwick, BSc Chair of Governors Mr I Baker, BA, ACA Vice Chair Mr J Wright, MA, FCA (resigned 18 June 2025) Mrs J Connor, BA (resigned 4 December 2025) Mr J Cons, BA, Dip Arch, Dip Proj Man, MBA Mrs S Coutinho, FCCA (resigned 4 September 2024) Mrs V Donegan, MA (resigned 4 December 2025) Dr J Goodman (appointed 22 July 2025) Mrs H Hanbury, MA, MSc (resigned 22 July 2025) Mr N Hiley, JD, MSc (appointed on 22 July 2025) Sister J Maltby, BEd, MPsych Mr M Matthews, CMgr, MEd Dr N Onyeador (appointed on 22 July 2025) Miss R Sarkar (appointed on 22 July 2025) Mr C Scattergood Mrs I Munonyedi (Summers), BA, Dip. Law, BL Designated Safeguarding Governor Mr N Waite, BSc Designated Safeguarding Governor

Membership of Committees

The Chair of Governors is an ex-officio member of all committees, and the Head and Director of Finance & Operations attend all committee meetings. Four committees meet at appropriate times during the school period and report to each meeting of the Board of Governors. Membership at the date of this report were:

Resources Committee (to which the Governors have delegated the oversight of the School’s management of its financial, human and physical resources)

Mr I Baker (Co-Chair) Mr J Cons (Co-Chair) Mr N Hiley Miss R Sarkar

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Teaching and Learning Committee (to which the Governors have delegated the oversight of the education provision within the School including staff performance and appraisal)

Dr J Goodman (Chair) Sr J Maltby Dr N Onyeador Mr C Scattergood Mr N Waite

Safeguarding and Wellbeing Committee (to which the Governors have delegated the oversight of matters of pastoral care including safeguarding)

Governance and Compliance Committee (to which the Governors have delegated all matters related to the School’s governance and compliance)

Mr M Mathews (Chair) Sr J Maltby Mrs I Munonvedi Dr N Onyeador Mr N Waite Mr N Hiley (Chair) Mr I Baker Dr J Goodman Miss R Sarkar

Senior Leadership Team (‘SLT’)

Head Mrs S Baillie Director of Finance & Operations Ms Elizabeth Roche, BSc ACA Deputy Head, Academic Ms N Weatherston, BSc Deputy Head, Operations & Co-Curricular Mrs S Woolaway, BSc Deputy Head, Pastoral Mrs K Renshaw, BSc Deputy Head, Safeguarding Miss T Bennett, BSc, MSc Head of Sixth Form Mr P Abbott BSc Assistant Head, Empowered Learning Mrs G Haythorne, MA Director of External Relations Mrs C Mair BA

Subsidiary Businesses

Woldingham School has one wholly owned subsidiary, Marden Enterprises Limited, company no. 02873104, registered address: Woldingham School, Marden Park, Woldingham, Surrey CR3 7YA.

Marden Enterprises Limited serves as the School’s commercial trading arm to ensure positive use of School assets for business purposes when the School is not in session.

The Directors of the subsidiary during the period including dates of changes to their directorships were:

Mr Ian Baker Ms. C Berwick Mr J Wright (resigned 22 July 2025)

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Marden Enterprises Limited owns 60% of the shares of Woldingham Vines Limited, company no. 14356451, registered address: Woldingham School, Marden Park, CR3 7YA.

The purpose of Woldingham Vines Limited is to use the school’s agricultural land to generate income for bursaries, by establishing a vineyard.

The Directors of the subsidiary during the period including dates of changes to their directorships were:

Mr J Cons Mr I Baker Mr B Cowie

STRATEGIC REPORT

Vision and Mission

The School’s vision is to provide an outstanding education for girls aged 11 – 18 years, within a Catholic ethos as part of the global network of Sacred Heart schools. The five Sacred Heart goals of faith, community, intellect, social awareness and personal growth underpin everything we do.

Our mission is to ensure Woldingham is a happy and successful school developing confident, compassionate and courageous young women.

In furtherance of this vision, the Governors, as charity trustees, have complied with the duty set out in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Key Objectives 2024 / 2025

The key objectives were to:

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Governance and Management

Strategic governance and management continue to be provided by the Board of Governors and the SLT. The Governors are aware of the Charity Governance Code, which sets out the principles and recommended practice for good governance within the sector. The School regularly reviews its governance arrangements against the principles within the code, thereby ensuring continuous improvement.

Diversity and Inclusion

Woldingham strives to put inclusion at the heart of our activities to create a culture where all parts of the school community feel valued and included. Our global community is very important to us and students from more than 30 different nationalities have attended Woldingham. We embrace the diverse cultures represented in our pupil, parent, governor and staff bodies which enrich our community.

Remuneration Policy

The remuneration of key management personnel is overseen by the Board of Governors, with the 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 remuneration is regularly reviewed including through benchmarking to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the single largest element of our charitable expenditure.

Risk Management

The Governors continue to monitor and manage the major strategic and operational risks which could impact on the success of the School and its subsidiary companies. The Governors are assisted in this by the SLT. In turn, these groups are supported by specialist advisers including external human resources, legal and health & safety advisers.

The Governors have examined the principal areas of the School's operations and have considered the major risks faced in each of these areas as outlined in the School’s risk management strategy. Risks are identified, assessed, monitored and controls established, as required, throughout the period. The Governors see the principal risks to the School as:

In the opinion of the Governors, the School has established resources and reviewed systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day-to-day operations. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed.

Safeguarding and Boarding

During the period, the Designated Safeguarding Lead (‘DSL’) and Deputy DSLs have undertaken required

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

compliance training and additional training was undertaken at regular intervals to keep up to date with local and regional changes and safeguarding trends. Safeguarding training is delivered termly to all staff at staff conferences and half termly at staff meetings.

Safeguarding Governors meet with the DSL and other key staff for termly safeguarding meetings. Items discussed include ongoing training, specific safeguarding concerns, new initiatives, current issues and pupil wellbeing.

During the year, six boarding houses operated in the school with one house for each year group from years 10 to 13, providing a warm and friendly home for both full and weekly boarders. Flexi boarding is also offered, where day girls can stay in the boarding house for one to three nights per week. For years 7-9 Marden is the combined junior boarding house for full and weekly boarders, and Main House provides flexi-boarding for these year groups.

ACHIEVEMENTS AND PERFORMANCE FOR THE PERIOD 2024/2025

Academic Achievement

A Level

13% of all grades at A 50% of grades awarded at A- A 81% of all grades at A* - B

89% of our students secured places at their first-choice universities, with the Russell Group universities continuing to be popular with the girls (66%). This figure rises to 70% when top universities such as Loughborough, St Andrews and Royal Holloway are included. Girls applied for a wide range of subjects with subjects relating to business and economics being the most popular followed by STEM subjects (including medicine) and psychology. Creative subjects including fashion, fine art, drama, illustration, architecture and film were also popular choices. The most popular university was UCL, followed by Exeter and Newcastle. Each year several students opt to study overseas, and this year saw girls choosing to continue their education in Europe and the Caribbean.

GCSE

24% at grade 9 50% of grades were at 9-8 >2/3 graded 9-7.

Results in English, Geography, Physics, Biology and Spanish were particularly impressive: more than 90% of grades for Physics, Geography and Spanish were 9-7. 72% of grades for Triple Science were at 9 or 8. MFL results were extremely strong with students achieving an average of 2 grades higher than their baseline (CEM) prediction for French, German and Spanish.

Value Added

We continue to add considerable value in educational achievement in relation to baseline data provided by the CEM Centre at the University of Cambridge at both GCSE and A Level.

This success is in part due to our extensive Futures programme that complements the outstanding teaching at Woldingham. Students benefit from a wide range of careers opportunities, including networking breakfasts, panel events, Morrisby assessments, interview skills workshops, UCAS preparation days, personal financial management workshops, talks from recent alumni and career activity days. A fortnightly ‘Woldingham Futures’ newsletter ensures that our families are aware of opportunities for career enrichment and university preparation outside school, and these are enthusiastically taken up, especially by sixth form girls. Specialist clubs are run for those hoping to apply for medically related careers.

We have held international application events and encourage girls to attend open days and university fairs. We

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

continue to develop strong links with parents and carers, alumni, education and training providers, employers and other organisations. We aim to empower our students with up-to-date knowledge about life beyond school, awareness of how to be successful in university applications and give them the opportunity to learn about and develop the skills and attributes to navigate and succeed in a rapidly evolving global employment landscape

Students are encouraged to take part in a variety of external competitions. Those studying Maths enter the London-based Hans Woyda competition each year and a large number of girls are entered for UKMT challenges each year including the senior, intermediate and junior challenges. Students have seen success at all stages. A Level students enter the Maths, Biology and Chemistry Olympiads, and our students have seen success in the English- Speaking Union’s Mace Debating and Public Speaking Competition.

Sport

During the year our students represented the school with outstanding commitment, teamwork and pride in more than 350 fixtures, across a wide range of sports.

Highlights included the U13 netball team qualifying for the Surrey Finals; strong runs in the Sisters in Sport netball competition; the U14A hockey team impressing in the Tier 2 County tournament; second place finishes for our Year 8 and Year 9 teams at the district cross country competition; and the U13 tennis team reaching the quarter finals of the Surrey Youth Tennis League. The cricket teams travelled to Lord’s for an invitational tournament, displaying skill and determination; the U14s took part in a very successful hardball cricket tour to Cheltenham in June, while Ascot was the tour destination for our U13 hockey and netball players to showcase their skills in the spring term.

Beyond the fields and courts, at the British Schoolgirls’ Ski Races in Flaine, the A team’s impressive performance earned them a bronze medal in the non-registered team event. The swimming team also made waves, finishing 15th in the medley relay and 16th in the freestyle relay at the prestigious Bath Cup. Woldingham swimmers also secured 1st, 2nd, 4th, 5th, and 7th place finishes in the school’s first aquathlon. Twelve Year 7 students attended the PowerHouse Games in Roehampton - a multi-sport event playing inclusive and adapted sports.

Six Year 12 students successfully passed their Level Three Sports Leadership qualification, which involved theory sessions as well as organising and leading sessions in a care home, a primary school and the wider school community.

A number of girls were selected into England Netball Franchise Hubs, reflecting the school’s growing reputation for excellence. In hockey several players representing Surrey and London, highlighting the depth of talent within the programme. A number of Year 8 and 9 runners were selected for the South Surrey Cross Country Squad.

Woldingham students were also lucky enough to benefit from the expertise and experience of two professional sportswomen, who visited the school last year. In March, England Roses star Natalie Metcalf ran a morning of netball masterclasses, focusing on attacking skills in three highly enjoyable and inspirational sessions, which students found extremely valuable. Marlie Packer, captain of the England Women’s Rugby team and a World Cup winner, was guest speaker at our annual Sports Dinner and Marden Sports Awards in May.

Music

In March 2025, Woldingham School hosted the final of the national Pro Corda Chamber Music Competition, having won the previous year. We welcomed some of the finest young musicians from over 140 schools across the UK to our world-class Millennium Centre and we were delighted that six of our Music Scholars were home-grown finalists.

Alongside the Music Department’s busy annual cycle of concerts and events, we hosted an inaugural masterclass series in which Woldingham pupils performed to and learned from leading industry figures, including Andrew Quartemain (piano and improvisation), Nicki Hutchins (woodwind), Tiffany Graves (musical theatre), Matthew Jones (strings), Daniel Greenway (organ), and Lada Valešová (conducting). We also welcomed leading jazz musician, Andre Cannier to host a series of Jazz and Pop nights in which pupils performed jazz and popular music, coached and accompanied by a professional band.

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Our capacious co-curriculum expanded to include new ensembles and to ensure there is inspiration and opportunity for pupils interested in all genres of music. These include Jazz Band, Junior Rock Band, Senior Rock Band, Brandenburg String Ensemble, Junior Chamber Choir, and numerous smaller chamber ensembles.

One of our students gained a place on the prestigious and highly competitive Electronic and Produced Music composition course at the world-renowned Guildhall School of Music and Drama.

The academic year concluded with over thirty Woldingham musicians setting off on the first international Music Department tour in recent memory. We travelled to Malta, where pupils performed a series of concerts and sang in Masses across Malta and Gozo, including a Mass in the National Cathedral, led by the Archbishop and broadcast live on national television.

Drama and Dance

The Autumn Term saw a magical adventure to the Emerald City as we joined a cast of 36 Year 12 and Year 13 exceptionally talented performers in the fun and uplifting musical ‘The Wiz’. This was supported by a team of technical students from all year groups, showing teamwork and student leadership across the board.

The Spring Term saw some exceptional performances by a whole host of including our Drama Ribbon’s directorship of KS3 drama students in an adaptation of Hercules and not forgetting the Drama and Performing Arts scholars in scenes from Willy Russell’s ‘Our Day Out’. We also had our tradition of the Year 10 GCSE drama students’ performance of their GCSE course set text, I Love You Mum, Promise I Won’t Die in January. This was followed by the official theatre company associated with the Spargo-Mabbs Foundation to further cement their understanding and empathy for the play.

Students in years 7-13 showcased their dance skills during the Get Up and Dance show in May. We were treated numerous wonderful performances encompassing dance styles including ballet, commercial, contemporary, lyrical and Bollywood, continuing the growing passion for dance in our school.

In June, students in Years 7 to 9, astounded the Woldingham audience with their exceptional talent when they performed ‘Charlie and the Chocolate Factory’, rivalling the cast of The Wiz, with a truly professional performance that would not have looked out of place in the West End! The Wold Fringe Festival wrapped up another successful uplifting music and dance from Glee Club in their show ‘The Legends Live On!’, performing music from of history’s greatest musical icons.

Extra-Curricular

The school runs almost 120 clubs and activities each week, spanning academic extension, creative arts, outdoor education, sport, service, leadership, and special interest societies. This breadth allows every student to find a space where they can explore new passions, deepen existing interests, and develop character and confidence beyond the classroom.

Some of our most popular activities continue to be horse riding and golf, both of which have grown from small initiatives into well-established programmes. The equestrian club remains at full capacity, supported by regular competition entries through our developing NSEA pathway. Our golf provision, which began only a few years ago as a fledgling operation, has now matured into a competitive squad. Students are not only training consistently but also representing the school at external fixtures—an achievement that reflects the commitment of our staff and the enthusiasm of the students.

We have also expanded opportunities for student leadership. Several clubs are now led or co-led by Sixth Formers, giving them meaningful experience in planning, communication, mentoring younger students, and managing small teams. This has become an invaluable part of our leadership development framework and has been very well received by both staff and students.

Our academic and special-interest societies have seen excellent momentum this year. The Debating Club achieved notable success, placing highly in the ESU competition and progressing to the next round. Our Beekeeping Society celebrated its most successful harvest to date. The students continue to raise funds through

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

honey sales which has contributed to the purchase a new honey extractor, enabling the society to become even more self-sustaining while offering hands-on scientific and environmental learning.

Personal Growth (including Staff Development)

Coaching

Coaching is well integrated into elements of the school life at Woldingham with every year group taking part in a coaching inspired Thrive session every academic year as well as a Brain Breakfast, which involves a carousel of activities lead by trained staff and a group coaching session with a trained coach to reflect on academic performance.

Since 2022, we have been running a student teaching programme course led by in-school Graydin trained facilitators that has trained 56 students in the 6th Form so far. Students are then paired with two students in Year 11 in a new initiative to provide ongoing coaching support after the school exam results and to establish closer bonds between year groups. Students in Year 10 who signed up to become a Big Sister, were also given coaching basic skills training prior to their first meeting with their Little Sister in Year 7.

All new staff who join the school are invited to complete Coach-lite, a 90-minute introductory session to coaching. Once a year, the facilitators run one foundation and one advanced Graydin-certified coaching course in-house, as well as coaching refreshers during staff conferences. The Coach-lite course will be offered to parents in an initiative this term.

Woldingham has trained 92 members of staff in coaching since we started our coaching journey in 2022, 25 of whom were trained in 2025, including members of staff from academic, boarding, pastoral and other support areas. We are in the process of training one more member of staff as a fully qualified facilitator. We were also very pleased to have received the Sprout Coaching Award from Graydin in the national awards of 2025 for our work in developing a coaching culture within the student and the teaching body.

Leadership

At the end of 2025, 3 members of staff were part of the Staff Leadership Programme, which includes coaching and FEiT (Fostering Excellence in Teams) training as part of the scheme.

20 students in Year 12 completed the student leadership scheme as part of their extra-curricular programme, with 6 of these going on to become Ribbons. The students have initiated and carried out a variety of projects as part of the scheme, which have benefitted our students and the wider community, including sixth form academic tutoring and pastoral help, promoting intellectual values, community building activities such as international pen pals with the Sacred Heart school in Japan, and helping students work on achieving a positive life balance.

Other leadership events included Leadership Live (an ex-Woldingham student speaking on leadership), staff leadership sessions, and student sessions in Thrive in all year groups – developing awareness of self and developing leadership skills. The Woldingham Leadership Award was launched in September 2023, and by the end of the period, we had 32 pupils with the award.

Chaplaincy and Faith

Everything that we do at Woldingham is encompassed in our five Goals of Sacred Heart Education. We are conscious that building a sense of community is essential for society and is a priority for our school, which is rooted in living out the values of the Gospel where everyone has a unique role to play in making Woldingham a special and engaging place.

We have continued to celebrate House Masses and to take time to learn more about the House Patrons and their life, work, and contribution to the Society of the Sacred Heart Sisters and their life-long commitment to education. The Year Masses promote the Sacred Heart Goal for the academic year and this year we have been praying for peace and justice throughout the world especially in Ukraine, the Middle East, Sudan and other wartorn countries. We have also celebrated Tutor Masses which, as Mass is on a smaller scale, allows students and

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

their tutors to be more present and celebrate their small community as a tutor group.

Our boarding community is generous and every Sunday at Mass, the money collected is given to the Cardinal Hume Centre who help homeless families and young vulnerable adults to rebuild their lives. As a school community, we took part in frugal lunch where we have a more basic meal for lunch, with the money that was saved from preparing an ordinary meal also being donated to the Cardinal Hume Centre. When we celebrated our harvest festival, we thanked the Purley Food Hub as we have worked closely with them since they opened their doors to help others 13 years ago.

During the year, Interfaith Week was celebrated, where students and staff were encouraged to meet to teach others about their faith and what their faith means to them. This was also an opportunity for students and staff to provide ideas for the new Multi-Faith Room and Chaplaincy Centre in order that their faith was represented and to express how these spaces could be set up so that we can see and celebrate the diversity of our community. During the week of prayer for Christian unity, we joined together in dialogue and prayer. The Anglican Vicar celebrated a termly eucharist and joins with us for the Foundation Mass and Prize Day Mass.

Wintershall has been a huge part of our Chaplaincy Community this year with Days of Reflection, Travelling Crib, and walking the Stations of the Cross. Days of Reflection for all year groups have taken place at the Wintershall Estate, Bramley, and they have been a huge success. The theme for the day was our Sacred Heart Goal for the academic year - ‘Social Awareness that Impels Action’ where the students took part in four workshops and were encouraged to consider their impact on the world today as well as learning about advocacy and courageous women, and to challenge injustice and change things that are unfair and harmful.

During Advent, the Wintershall team visited Woldingham where Year 7 and visiting primary schools took part in live re-enactments of the Christmas story. It was fantastic to share our space with local schools and acknowledge our wider community. Towards the end of Lent, the Wintershall Team created workshops for Year 7 and Year 8 to walk the new Stations of the Cross in the grounds of Woldingham. Students were encouraged to reflect on the message of Easter and what impact the message has on their own and others’ lives today.

Public Benefit and the Wider Community

In addition to providing bursaries, the School is committed to serving the wider community through outreach, partnership, and charitable activity.

The outreach programme continues to support local primary schools and regularly welcomes pupils from St John’s Primary School and Warlingham Village Primary School to make use of the Outdoor Education Centre and swimming facilities. The Music Department has also worked closely with St Francis Catholic Primary School through several joint musical events, and their choir was invited to perform at the School’s annual Carol Service at Westminster Cathedral. In addition, the Senior Choir supported the Woldingham village community by performing at the VE Day celebrations.

Charitable fundraising takes place throughout the year, with each of the four Houses nominating a charity to support annually. Whole school initiatives, including the annual Sponsored Walk, raise funds for the Cardinal Hume Foundation and the Lani Saba School in Kenya. The Chaplaincy Department works in partnership with local organisations such as the Purley Food Hub and Westerham Food Hub, and coordinated a Wash Bag Drive and Harvest Festival, with generous donations from pupils and families.

The School also supports staff engagement in the wider community, including those who serve as governors in local schools and participate in local action groups, further strengthening links between the School and the communities it serves.

Fundraising

The work of the Development Office continues to focus on securing philanthropic support for the School’s successful bursary programme and for capital projects through the Woldingham School Foundation.

Through the generosity of parents and alumnae during the period it has been possible to award a fully funded

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

transformational bursary for eight consecutive years to a girl starting Year 7 each September via the Jayne Triffitt Bursary Fund.

We eased our fundraising efforts in 2024/2025 due the imposition of VAT on school fees. However, we continued with our Summer Term donation initiative raising over £40,000, together with regular gifts and our leavers deposit scheme which raised £7,000. Total monies raised in the academic year were over £100,000.

The development team have membership of both the Institute of Fundraising (IoF) and the Institute of Development Professionals in Education (IDPE). The school is also a member of the Fundraising Regulator. To comply with the good practice recommended by the regulator, the School confirms that no fundraising activities were exclusively outsourced in this financial period and there have been no complaints during the reporting period. The Woldingham School Foundation maintains clear policies on both privacy and stewardship which govern the nature and style of our fundraising activities.

Investments

The Governors have authority to invest any monies in an appropriate manner. The investment portfolio is managed on a discretionary basis by CCLA and there is a small fund with Schroeder. During the period, the total value of investments has fallen slightly to £926,527 (2024: £959,946). Dividends from investments are allocated to the School Foundation Fund which is designated for the funding of bursaries.

Assets and Facilities

The School continues to significantly improve and upgrade its assets and facilities. Requirements for both capital and resources are formally reviewed and approved by the School Leadership Team and the Board of Governors. During the period, the School’s Sixth Form Centre and Library was brought into use and the creation of the Wellbeing Hub in Shanley was completed.

Marketing and Admissions

The average school roll for the year 2024-25 was 543 students of which 31% were boarders and 69% day students. Of the day students, approximately 20% flexi-board each term (where students stay 1 to 3 nights per week). The marketing and admissions plan continues to be developed with the appointment of a new post, Head of International Recruitment.

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW FOR THE YEAR ENDED 31 AUGUST 2025

The consolidated statement of financial activities for the year is set out on page 19 of the financial statements. This records the total activities of Woldingham School, its trading subsidiary, Marden Enterprises Ltd, and the Marden Enterprise Ltd.’s interest in Woldingham Vines Ltd.

Income

The School’s gross income for the year amounted to £18,105,979 (2024: £19,222,229) of which £16,440,705 (2024: £17,060,556) was derived from School fees, a decrease in fee income of 3.6% compared with the prior year. This reflects the impact of the introduction of VAT on school fees and the School’s decision to mitigate the impact on parents by reducing net fees. Bursaries, scholarships and allowances amounted to £1,773,662 (2024: £1,781,393).

Expenditure

The total expenditure for the year was £17,743,217 (an 8% decrease on prior year) (2024: £19,290,748). This was due to a number of factors including the impact of recoverable VAT offsetting inflationary increases elsewhere.

Reserves level and policy

The level of reserves is kept under review by the Governors when setting the annual budget. This review takes account of projected income and expenditure, as far as this can be ascertained. Reserves are required to provide sufficient working capital to maintain the day to day running of the School and to meet unforeseen expenditure, such as maintenance of School buildings and to provide sufficient funds to meet any shortfall in funding in future years.

The school’s total reserves (excluding Non-Controlling interest) of £23,216,930 at the year end included £71,588 of restricted funds, £204,852 of endowment funds and £22,940,490 of unrestricted funds. The School has no free reserves at the Balance Sheet date due to the investment of funds in tangible fixed assets, mainly in buildings for use within the School. The Governors regularly examine the School cash flow alongside development plans and are satisfied that they are adequate for the purpose of meeting its working capital requirements and that they will also cover the strategic capital expenditure when complemented with an appropriate amount of loan finance.

Going Concern

The Governors of Woldingham School consider that it is appropriate that the accounts be prepared on a going concern basis. They have considered carefully the facts and circumstances of the School and confirm that there are no material uncertainties relating to events or conditions that may cast significant doubt on the ability of the School to continue as a going concern. In coming to their decision, the Governors have:

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors (who are also directors for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each of the Governors of the charity at the date of approval of this report is aware there is no relevant audit information (information needed by the charity’s auditor in connection with preparing the audit report) of which the charity’s auditor is unaware. Each Governor has taken all of the steps that he/she should have taken as a Governor in order to make himself/herself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.

Approved by the Governors including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained herein, and signed on its behalf by:

………………………………………………… Catharine Berwick, Chair of Governors

Date: 26 March 2026

15

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WOLDINGHAM SCHOOL

Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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 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.

16

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WOLDINGHAM SCHOOL (continued)

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

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

Responsibilities of trustees

As explained more fully in the governors’ responsibilities statement set out on page 15, the governors, who are the trustees (and 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 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 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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.

17

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WOLDINGHAM SCHOOL (continued)

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 identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011 and taxation legislation together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, health & safety legislation, employment legislation and General Data Protection Regulation (GDPR).

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and Ofsted, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alastair Lyon, Senior Statutory Auditor Date: 15 May 2026 For and on behalf of Crowe U.K. LLP, Statutory Auditor Reading, UK

18

WOLDINGHAM SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Notes
Income from:
Charitable activities
School fees receivable
2
Ancillary trading income
3
Other trading activities
Non-ancillary trading income
4
Other activities
4
Investments
Investment income
5
Bank and other interest
6
Voluntary sources
Grants and donations
7
Total income
Expenditure on:
Raising funds
Non-ancillary trading
8
Financing costs
8
Fundraising and development
8
Total deductible costs
Charitable activities
Education and grant making
8
Total expenditure
Gains/(Losses) on disposal of fixed
assets
(Losses)/Gains on investments
Net income
Transfers between funds
21
Net movement in funds for the year		 Total
Unrestricted
funds
£
16,440,705
425,032
778,190
128,422
39,997
162,125
-
17,974,471
244,389
403,421
40,693
688,503
17,054,714
17,743,217
3,184
(25,863)
208,575
125,650
334,225
6,673
340,898
22,599,592
22,940,490		 Restricted
funds
£
-
-
-
-
5,858
-
125,650
131,508
-
-
-
-
-
-
-
-
131,508
(125,650)
5,858
-
5,858
65,730
71,588		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(7,556)
(7,556)
-
(7,556)
-
(7,556)
212,408
204,852		 2025
Total
£
16,440,705
425,032
778,190
128,422
45,855
162,125
125,650
18,105,979
244,389
403,421
40,693
688,503
17,054,714
17,743,217
3,184
(33,419)
332,527
-
332,527
6,673
339,200
22,877,730
23,216,930		 2024
Total
£
17,060,556
1,153,227
401,357
260,318
40,864
113,240
192,667
19,222,229
88,593
12,046
65,951
166,590
19,124,158
19,290,748
-
162,494
93,975
-
93,975
11,754
105,729
22,772,001
22,877,730
Deficit attributable to non-controlling
interest
Net movement in funds attributable
to the Group
Fund balances brought forward at
1 September 2024
Fund balances carried forward at 31
August 2025

The notes on pages 23 to 39 form part of these financial statements.

19

WOLDINGHAM SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

GROUP AND CHARITY BALANCE SHEETS (COMPANY NO. 06636665)

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Stock
13
Debtors
14
Cash at bank and in hand
CURRENT LIABILITIES
Creditors: amounts falling due within one year
15
NET CURRENT ASSETS / (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
LONG TERM LIABILITIES
Creditors: amounts falling due after one year
16
NET ASSETS
REPRESENTED BY:
FUNDS
Unrestricted
- General
21
- Designated
21
Restricted
21
Endowment
21
Non-controlling interest
Total		 2025
GROUP
£
28,999,267
926,527
29,925,794
7,006
5,089,542
7,947,042
13,043,590
(12,224,718)
818,872
30,744,666
(7,411,471)
23,333,195
22,248,599
691,891
71,588
204,852
23,216,930
116,265
23,333,195		 2025
CHARITY
£
28,859,629
926,529
29,786,158
-
5,485,002
7,194,950
12,679,952
(12,011,047)
668,905
30,455,063
(7,411,471)
23,043,592
21,406,979
1,381,197
37,247
218,169
23,043,592
-
23,043,592		 2024
GROUP
£
28,967,910
959,946
29,927,856
3,556
3,772,221
7,407,972
11,183,749
(11,817,068)
(633,319)
29,294,537
(6,293,869)
23,000,668
21,861,380
738,212
65,730
212,408
22,877,730
122,938
23,000,668		 2024
CHARITY
£
28,821,494
959,948
29,781,442
-
4,032,512
6,871,783
10,904,295
(11,697,485)
(793,190)
28,988,252
(6,293,869)
22,694,383
21,679,166
738,212
64,597
212,408
22,694,383
-
22,694,383

The notes on pages 23 to 39 form part of these financial statements.

These financial statements were approved by the Board of Governors on 26 March 2026 and were signed on its behalf by:

Catharine Berwick, Governor

Ian Baker, Governor

20

WOLDINGHAM SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

CONSOLIDATED CASH FLOW STATEMENT

2025 2024
GROUP GROUP
Note £ £ £
£
Net cash flow from operating activities
Net cash provided by operating activities (i) 2,111,096 136,384
Cash flows from investing activities
Purchase of tangible fixed assets (1,133,948) (6,637,800)
Dividends, interest and rents from investments 207,980 154,104
Contribution for Woldingham Vines - 149,216
Proceeds from sale of tangible fixed assets - -
Net cash used in investing activities (925,968) (6,334,480)
Cash flows from financing activities
Bank loan 2,300,000 4,700,000
Repayment of bank loans (198,582) -
Finance costs paid (403,421) (12,046)
Fees in advance scheme:
- New fees in advance 523,456 4,456,270
- Amounts utilised (2,902,984) (821,461)
- Debt financing cost 35,473 4,676
Net cash from financing activities (646,058) 8,327,439
Change in cash and cash equivalents in the
reporting period		 (ii) 539,070 2,129,343
Cash and cash equivalents at 1 September 2024 7,407,972 5,278,629
Cash and cash equivalents at 31 August 2025 7,947,042 7,407,972

The notes on pages 23 to 39 form part of these financial statements.

21

WOLDINGHAM SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

(i)
Reconciliation of net income to net cash flow from
Net income
Dividends, interest and rents from investments
Financing costs
Losses/(Gains) on investments
Depreciation charge
Profit on sale of assets
(Increase)/Decrease in stock
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Increase/(Decrease) in parents' deposits
Net cash provided by operating activities
(ii)
Analysis of cash and cash equivalents
Cash at bank
(iii)
Analysis of changes in net debt
Cash
Total cash and cash equivalents
Loans falling due within one year
Loans falling due after more than one year
Finance lease obligations
Total		 operating activities
2025
GROUP
£
£
332,527
(207,980)
403,421
33,419
1,105,774
(3,184)
(3,450)
(1,317,321)
1,546,632
221,258
1,778,569
2,111,096
At 1 Sep 24
£
7,407,972
At 1 Sep 24
Cashflows
£
£
7,407,972
539,070		 operating activities
2025
GROUP
£
£
332,527
(207,980)
403,421
33,419
1,105,774
(3,184)
(3,450)
(1,317,321)
1,546,632
221,258
1,778,569
2,111,096
At 1 Sep 24
£
7,407,972
At 1 Sep 24
Cashflows
£
£
7,407,972
539,070		 2024
GROUP
£
£
93,975
(154,104)
12,046
(162,494)
897,860
(377)
858,184
(1,178,472)
(230,234)
42,409
136,384
Cash flows
At 31 Aug 25
£
£
539,070
7,947,042
Other non-
cash
changes
At 31 Aug 25
£
£
-
7,947,042		 2024
GROUP
£
£
93,975
(154,104)
12,046
(162,494)
897,860
(377)
858,184
(1,178,472)
(230,234)
42,409
136,384
Cash flows
At 31 Aug 25
£
£
539,070
7,947,042
Other non-
cash
changes
At 31 Aug 25
£
£
-
7,947,042
42,409
136,384
At 31 Aug 25
£
7,947,042
At 31 Aug 25
£
7,947,042
7,407,972
(198,584)
(4,501,416)
2,592
2,710,564		 539,070
198,583
(2,300,000)
(2,592)
(1,564,939)		 -
(297,871)
297,871
-
-		 7,947,042
(297,872)
(6,503,545)
-
1,145,625

22

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the 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 (FRS102) - effective 1 January 2019.

The functional currency of the School is considered to be GBP since that is the currency of primary economic environment in which the School operates.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.

The accounts present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the consolidated and charity balance sheets comprising the consolidation of the School, its wholly owned subsidiary Marden Enterprises Ltd and its 60% holding in Woldingham Vines Limited. No separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Companies Act 2006.

1.1 Going concern

The Governors of Woldingham School consider that it is appropriate that the accounts be prepared on a going concern basis. They have considered carefully the facts and circumstances of the School and confirm that there are no material uncertainties relating to events or conditions that may cast significant doubt on the ability of the School to continue as a going concern. In coming to their decision, the Governors have:

1.2 Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Governors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Charity's financial statements.

23

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.3 Fees and similar earned income

Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided.

1.4 Investment income

Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis.

1.5 Donations, legacies, grants and other voluntary income

Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Grants are recognised on the performance model, when the School has complied with any conditions attaching to the grant and the grant will be received.

Voluntary income for the School's general purposes is accounted for as unrestricted and is credited to the general reserve fund. Where the donor or 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 is to be permanent or not. Gifts in kind are valued at estimated open market value at the date of the gift, in the case of assets for retention or consumption, or at the value to the School in the case of donated services or facilities.

1.6 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Expenditure attributable to more than one cost category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. The direct costs incurred in preserving the School's buildings and their contents are shown as a charitable activity distinct from that of the education and grant making.

Irrecoverable VAT is written off as an item of expenditure within the SOFA.

Grants awarded are expensed as soon as they become legal or operational commitments. Governance costs comprise the costs of complying with constitutional and statutory requirements. Intra-group sales and charges between the School and its subsidiaries are excluded from trading income and expenditure.

1.7 Tangible Fixed Assets

Expenditure on the acquisition, construction or enhancement of land and buildings, costing more than £20,000 together with vehicles, furniture, machinery, ICT infrastructure and other equipment costing more than £3,000 are capitalised and carried in the balance sheet at historical cost less depreciation. ICT equipment costs are written off as incurred.

Costs relating to the establishment of the grapevines (agricultural asset) are capitalised and carried on the balance sheet at historical cost net of any impairment losses.

Other expenditure on equipment incurred in the normal day-to-day running of the School and its subsidiaries are charged to the Statement of Financial Activities as incurred.

24

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.8 Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market values, in equal annual instalments over their expected useful lives as follows:

Freehold buildings 50 years Facilities 10 - 25 years Furniture and equipment 6 - 15 years Motor vehicles 4 years ICT equipment 3 years

It takes a number of years for grapevines to reach full production capacity and depreciation is not provided prior to reaching this point.

1.9 Investments

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the "ownership" of the underlying assets.

1.10 Stock

Stock represents goods for resale and is valued at the lower of cost and net realisable value.

1.11 Fund accounting

The charitable funds of the School and its subsidiary are accounted for as unrestricted or restricted income, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded.

Unrestricted income belongs to the School's corporate reserves, spendable at the discretion of the Governors either to further the School's objects or to benefit the School itself. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund.

Restricted income comprises gifts, legacies and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor.

Endowment funds are funds which are held permanently and subject to specific restrictions imposed by the donor on their use. The Charity cannot draw down the original capital donation, but the income and capital growth can be used to provide an income to fund activities in accordance with the donor’s wishes.

1.12 Pension costs

Retirement benefits to employees of the School are provided through three pension schemes, one defined benefit and two defined contribution schemes. The pension costs charged in the Statement of Financial Activities are determined as follows:

25

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.13 Operating leases

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

1.14 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised value except for investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

2. SCHOOL FEES

The School’s fee income comprised:

School fees
Less: total bursaries, grants and allowances		 2025
£
18,214,367
(1,773,662)
16,440,705		 2024
£
18,841,949
(1,781,393)
17,060,556

Scholarships and bursaries were awarded to 169 pupils (2024: 191). Within this, means tested bursaries totalling £931,887 were awarded to 49 pupils (2024: £991,996 to 57 pupils).

3. CHARITABLE ACTIVITIES – OTHER INCOME

School trips and other income
Entrance and registration fees
Lettings income		 2025
£
315,332
109,700
-
425,032		 2024
£
699,074
64,587
389,566
1,153,227

26

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4. OTHER TRADING ACTIVITIES

Trading income
Marden Enterprises Limited
Other activities
Miscellaneous		 2025
£
778,190
128,422		 2024
£
401,357
260,318

5. INVESTMENT INCOME

Unrestricted
£
Securities investment income
Equities
23,079
Property investment income
Rents receivable
16,918
39,997
BANK AND OTHER INTEREST
Unrestricted
£
Bank interest
162,125
GRANTS AND DONATIONS
Unrestricted
£
Donations
Jayne Triffitt bursary fund
-
Bursary fund donations
-
-		 Restricted
£
5,858
-
5,858
Restricted
£
-
Restricted
£
61,791
63,859
125,650		 Endowment
£
-
-
-
Endowment
£
-
Endowment
£
-
-
-		 Total
2025
£
28,937
16,918
45,855
Total
2025
£
162,125
Total
2025
£
61,791
63,859
125,650		 Total
2024
£
26,040
14,824
40,864
Total
2024
£
113,240
Total
2024
£
159,354
33,313
192,667

6. BANK AND OTHER INTEREST

7. GRANTS AND DONATIONS

27

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

8. ANALYSIS OF EXPENDITURE

(a) Total expenditure

Costs of generating funds
Trading costs
Financing costs(note 9)
Development costs
Total costs of generating funds
Charitable expenditure
Education and grant making
Teaching
Welfare
Premises repair & maintenance
Support costs (note 8b)
Total charitable expenditure
Total expenditure

Governance included in
Remuneration paid to auditor for
Remuneration paid to auditor for
FINANCE COSTS
Bank charges
Loan interest
Operating lease payments		 Staff costs
Depreciation
(note 10)
(note 11)
£
£
-
-
-
-
-
-
-
-
6,345,177
-
792,533
-
1,096,783
1,105,174
1,869,841
-
10,104,434
1,105,174
10,104,434
1,105,174
support costs(note 8a)
audit services
non-audit services		 Other
£
244,389
403,421
40,693
688,503
575,478
1,708,943
2,074,268
1,486,417
5,845,106
6,533,609		 Total
2025
£
244,389
403,421
40,693
688,503
6,920,655
2,501,476
4,276,225
3,356,358
17,054,714
17,743,217
2025
£
51,331
20,944
72,275
12 months
2024
£
9,350
394,071
-
403,421		 Total
2024
£
88,593
12,046
65,951
166,590
8,113,245
2,641,018
4,763,775
3,606,120
19,124,158
19,290,748
2024
£
37,000
2,964
39,964
13 months
2023
£
12,046
-
36,300
48,346

(b) Governance included in support costs (note 8a)

9. FINANCE COSTS

28

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

10. STAFF COSTS

The aggregate payroll costs for the year were as follows:

Wages and salaries
Social security costs
Pension costs		 2025
£
7,885,478
934,123
1,284,833
10,104,434		 2024
£
8,952,469
950,734
1,404,755
11,307,958

None of the Governors received any remuneration or other benefits from Woldingham School or from any connected body.

2025 2024
£ £
Aggregate employee benefits of key management personnel 1,249,567 1,293,999

The number of employees paid in excess of £60,000 in the 12 months to 31 August 2025 were:

2025 2024
No No
£60,000 - £70,000 15 18
£70,001 - £80,000 5 7
£80,001 - £90,000 5 4
£90,001 - £100,000 1 -
£130,001 - £140,000 1 -
£170,001 - £180,000 - 1
£180,001 - £210,000 1 1

The average number of employees during the year was:

Teachers and academic support staff
Non-teaching staff		 No.
85
112
197		 No.
95
120
215

During the year settlement agreement payments totalling £222,436 (2024: nil) were paid.

29

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11. TANGIBLE FIXED ASSETS

Charity

Cost
At 1 September 2024
Additions in the period
Reclassification
Disposals in the period
At 31 August 2025
Depreciation
At 1 September 2024
Depreciation in the period
Disposals in the period
At 31 August 2025
Net Book Value
At 31 August 2025
At 31 August 2024		 Freehold land
& buildings
£
34,319,588
1,009,933
7,039,502
-
42,369,023
13,337,497
887,685
-
14,225,182
28,143,841
20,982,091		 Furniture &
equipment
£
4,379,113
105,715
-
(421,921)
4,062,907
3,748,145
196,975
(421,920)
3,523,200
539,707
630,968		 Motor
vehicles
£
194,569
18,300
-
(42,768)
170,101
155,372
14,336
(45,952)
123,756
46,345
39,197		 Assets under
construction
£
7,169,238
-
(7,039,502)
-
129,736
-
-
-
-
129,736
7,169,238		 Charity
Total
£
46,062,508
1,133,947
-
(464,689)
46,731,767
17,241,014
1,098,996
(467,872)
17,872,138
28,859,629
28,821,494

Assets under construction consist of costs relating to the redevelopment of the existing swimming pool. The costs of construction of the Sixth Form Centre were reclassified from Assets under construction to Freehold land & buildings, as the Sixth Form Centre was brought into use from 1 September 2024.

Group

Cost
At 1 September 2024
Additions in the period
Disposals in the period
At 31 August 2025
Depreciation
At 1 September 2024
Additions in the period
Disposals in the period
At 31 August 2025
Net Book Value
At 31 August 2025
At 31 August 2024		 Charity
Total
£
46,062,508
1,133,948
(464,689)
46,731,767
17,241,014
1,098,996
(467,872)
17,872,138
28,859,629
28,821,494		 Subsidiary
Furniture &
equipment
£
2,317
-
-
2,317
2,317
-
-
2,317
-
-		 Subsidiary
Agricultural
(vines)
£
152,735
-
-
152,735
6,319
6,778
-
13,097
139,638
146,416		 Group
Total
£
46,217,560
1,133,948
(464,689)
46,886,819
17,249,650
1,105,774
(467,872)
17,887,552
28,999,267
28,967,910

30

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

12. INVESTMENTS

2025 2025 2024 2024
Group Charity Group Charity
£ £ £ £
Market value at 1 September 2024 959,946 959,948 886,555 886,557
Additions at cost - - - -
Disposals - - - -
Unrealised gain / (loss) in the year (33,419) (33,419) 73,391 73,391
Market value at 31 August 2025 926,527 926,529 959,946 959,948
Cost at 31 August 2025 685,901 685,901 685,901 685,901
Comprising:
Cash and cash equivalents - - - -
Equities 926,527 926,529 959,946 959,948
Market value at 31 August 2025 926,527 926,529 959,946 959,948
Charity investments include the £2 investment in its subsidiary Marden Enterprises Ltd. All investments relate
to restricted or designated funds and are held in the UK. Investments comprising 5% or more of the portfolio are
as follows:
2025 2025 2024 2024
Group Charity Group Charity
£ £ £ £
CCLA Charities Investment Funds 912,442 912,442 946,099 946,099
13.
STOCK
2025 2025 2024 2024
Group Charity Group Charity
£ £ £ £
Stock of goods for resale 7,006 - 3,556 -
14.
DEBTORS
2025 2025 2024 2024
Group Charity Group Charity
£ £ £ £
School fees 4,704,708 4,704,708 3,370,065 3,370,065
Amounts due from subsidiary undertakings - 480,849 - 271,912
Other debtors and prepayments 384,834 299,445 402,156 390,535
5,089,542 5,485,002 3,772,221 4,032,512

31

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

15. CREDITORS: Amounts falling due within one year

Fees in advance (note 17)
Taxation and social security
Other creditors and accruals
Fee deposits
Deferred income
Bank loans:		 2025
Group
£
1,348,672
839,698
2,268,904
1,889,136
5,580,436
297,872
12,224,718		 2025
Charity
£
1,348,672
821,886
2,073,045
1,889,136
5,580,436
297,872
12,011,047		 2024
Group
£
2,808,199
-
2,254,454
1,667,878
4,887,953
198,584
11,817,068		 2024
Charity
£
2,808,199
-
2,134,871
1,667,878
4,887,953
198,584
11,697,485

The Governors have reviewed the contract terms under which pupil fee deposits are held by the school. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The school does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2025 have been included within current liabilities.

16. CREDITORS: Amounts falling due after one year

Fees in advance
(note 17)
Bank loans:
Amounts falling due within 1 to 2 years
Amounts falling due within 2 to 5 years
Amounts falling due after more than 5 years		 2025
Group
£
907,926
297,872
893,617
5,312,056
7,411,471		 2025
Charity
£
907,926
297,872
893,617
5,312,056
7,411,471		 2024
Group
£
1,792,453
198,584
595,752
3,707,080
6,293,869		 2024
Charity
£
1,792,453
198,584
595,752
3,707,080
6,293,869

The bank loan is secured on the freehold property of the school. Interest on the loan is charged at 2.25% over base rate. Repayments started in January 2025.

32

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

17. ADVANCE FEE PAYMENTS

Parents may enter into a contract to pay to the School up to the equivalent of seven years' School fees in advance. The money may be returned to parents or another School, subject to specific terms and conditions. If all pupils remain at the School, the fees paid in advance will be applied as follows:

Within 2 to 5 years
Within 1 to 2 years
Within 1 year
mmary of movements in liability
Balance at 1 September 2024
New contracts
Amounts used to pay fees
Amounts repaid
Amounts accrued to contract as debt financing cost
Balance at 31 August 2025		 2025
Group
£
289,046
618,880
907,926
1,348,672
2,256,598		 2025
Charity
£
289,046
618,880
907,926
1,348,672
2,256,598		 2024
Group
£
688,943
1,103,510
1,792,453
2,808,200
4,600,653		 2024
Charity
£
688,943
1,103,510
1,792,453
2,808,200
4,600,653
£
4,600,653
523,456
(2,902,984)
-
35,473
2,256,598

Summary of movements in liability

18. OPERATING LEASES

At 31 August 2025 the School had annual commitments under non-cancellable operating leases in respect of equipment expiring as follows:

Operating leases which expire:
Within 1 year
Within 1 to 2 years		 2025
Group
£
14,478
-
£14,478		 2025
Charity
£
14,478
-
£14,478		 2024
Group
£
21,822
14,478
£36,300		 2024
Charity
£
21,822
14,478
£36,300

33

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

19. CHARITY FUNDS

The School's funds are analysed under the following headings:

Unrestricted funds

Unrestricted funds represent accumulated income from the School's activities and other sources that are available for the general purpose of the School.

Designated funds

The following designated fund are expected to be used within the next three years:

Roof fund For the maintenance of the roof of Main House School Foundation fund Donations made to the School Foundation

Restricted funds

Chapel Fund For expenditure to benefit the school chapel Community use project For expenditure to benefit the local community Corbishley fund To fund a prize day award in memory of an Old Girl Deborah Ogle fund To fund a prize day award in memory of an Old Girl Emily Gray prize day award To fund a prize day award in memory of an Old Girl McGowan prize day awards To fund two annual prize day awards The Jayne Triffitt bursary fund To fund a full bursary award for a local day pupil Bursary fund To fund transformational bursary awards for pupils

Endowment funds

Endowment funds represent a donation from the Woldingham Sacred Heart Association (‘WSHA’). The purpose of this gift is to invest the money in a ring-fenced portfolio that will generate an annual income and capital growth (yield). The income generated from the investment is to be put towards bursary funding for future generations of Woldingham girls via the Woldingham School Foundation. The yield from this investment will be either re-invested into the portfolio or drawn down to support further bursary funding as agreed with WSHA.

34

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current year:

Tangible fixed assets
Investments
Net (current liabilities) / assets
Long term liabilities
Group funds
Previous year:
Tangible fixed assets
Investments
Net (current liabilities) / assets
Long term liabilities
Group funds		 Unrestricted
funds
£
28,999,267
-
777,069
(7,411,471)
22,364,865
Unrestricted
funds
£
28,967,910
-
(491,141)
(6,492,451)
21,984,318		 Designated
funds
£
-
707,590
(15,700)
-
691,890
Designated
funds
£
-
733,690
4,522
-
738,212		 Restricted
funds
£
-
14,085
57,503
-
71,588
Restricted
funds
£
-
13,847
51,883
-
65,730		 Endowment
funds
£
-
204,852
-
-
204,852
Endowment
funds
£
-
212,408
-
-
212,408		 Total
£
28,999,267
926,527
818,872
(7,411,471)
23,333,195
Total
£
28,967,910
959,945
(434,736)
(6,492,451)
23,000,668

21. MOVEMENT ON CHARITY FUNDS

Current year:

General funds
Unrestricted funds
Designated funds
Roof fund
School Foundation fund
Total designated funds
Restricted funds
Chapel fund
Community use project
Corbishley fund
Deborah Ogle fund
Vicky Feng prize day award
McGowan prize awards
Jayne Triffitt bursary fund
Bursary fund
WSHA endowment income
Total restricted funds
Endowment funds
WSHA endowment
Non-controlling interest		 Balance at
1 Sep 2024
£
21,861,380
534,719
203,493
738,212
2,762
11,094
5,697
9,104
350
3,893
-
-
32,830
65,730
212,408
22,877,730
122,938
23,000,668		 Income
£
17,957,420
-
20,235
20,235
-
-
-
-
-
-
61,791
63,859
5,858
131,508
-
18,109,163
-
18,109,163		 Expenditure
£
(17,695,851)
-
(40,693)
(40,693)
-
-
-
-
-
-
-
-
-
-
(17,736,544)
(6,673)
(17,743,217)		 Transfers
between
funds
£
125,650
-
-
-
-
-
-
-
-
-
(61,791)
(63,859)
-
(125,650)
-
-
-
-		 Gains /
(Losses)
£
-
-
(25,863)
(25,863)
-
-
-
-
-
-
-
-
-
(7,556)
(33,419)
(33,419)		 Balance at
31 Aug
2025
£
22,248,599
534,719
157,172
691,891
2,762
11,094
5,697
9,104
350
3,893
-
-
38,688
71,588
204,852
23,216,930
116,265
23,333,195

35

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

21. MOVEMENT ON CHARITY FUNDS (continued)

Transfers from restricted to unrestricted funds represent donations which have been used for the purpose for which they were given in prior years.

Previous year:

General funds
Unrestricted funds
Designated funds
Roof fund
School Foundation fund
Total designated funds
Restricted funds
Chapel fund
Community use project
Corbishley fund
Deborah Ogle fund
Vicky Feng prize day award
McGowan prize day awards
Jayne Triffitt bursary fund
Bursary fund
WSHA endowment income
Total restricted funds
Endowment Funds
WSHA endowment
Non-controlling interest		 Balance at
1 Sep 2023
£
21,790,262
534,719
192,356
727,075
2,762
11,094
5,296
8,480
605
3,530
-
-
26,546
58,313
196,351
22,772,001
74,582
22,846,583		 Income
£
19,113,522
-
19,756
19,756
-
-
-
-
-
-
33,313
159,354
6,284
198,951
-
19,222,229
-
19,222,229		 Expenditure
£
(19,213,043)
-
(65,951)
(65,951)
-
-
-
-
-
-
-
-
-
-
-
(19,278,994)
(11,754)
(19,290,748)		 Transfers
between
funds
£
191,534
-
-
-
-
-
401
624
(255)
363
(33,313)
(159,354)
-
(191,534)
-
-
-
-		 Gains /
(Losses)
£
89,105
-
57,332
57,332
-
-
-
-
-
-
-
-
-
-
16,057
162,494
60,110
222,604		 Balance at
31 Aug 2024
£
21,861,380
534,719
203,493
738,212
2,762
11,094
5,296
8,480
605
3,530
-
-
32,830
65,730
212,408
22,877,730
122,938
23,000,668

22. PENSION SCHEMES

The School participates in the Teachers’ Pension Scheme (‘TPS’) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £935,964 (2024: £1,161,202).

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 employer contribution rate for the TPS is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the valuation report was published in October 2023.

36

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

22. PENSION SCHEMES (continued)

Following the McCloud judgement in 2018, when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.68% to 28.60% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

During the academic year the school continued the phased withdrawal from the TPS. From 1 April 2024, the school established a defined contribution scheme, administered by Aviva, known as the Aviva Pension Trust for Independent Schools ('APTIS'), which also provides income protection and death in service cover. From this date, all new teaching staff who join the school will only be able to join the APTIS scheme. Current teachers can choose to move from the TPS to the APTIS scheme from this date, however the TPS will remain available to all existing staff (as at 1 April 2024). Existing teachers who chose to move from the TPS to APTIS will not be able to re-join the TPS at Woldingham School.

The total employer contribution to APTIS will remain at 23.68%, with 22.00% of gross salary available for employer pension contributions and 1.68% used to provide the income protection and death in service cover, similar to the cover provided as part of TPS membership.

The 22% available from the school for employer pension contributions can be taken flexibly between pension and salary, subject to a minimum of 7% going towards pension contributions. Where teachers opt to take less than 22% as employer pension contributions, this is paid as non-pensionable salary. Teachers will be able to opt to amend this split between pension contribution and salary on an annual basis.

Pension contributions for non-teaching staff are made to a defined contribution scheme with Standard Life. In addition, the School as the Employer contributes to a very small number of additional non-teaching staff personal pension arrangements operating on a defined contribution basis.

The pension charge for the year includes contributions payable to defined contribution schemes of £321,675 (2024: £202,857).

There were no amounts unpaid or prepaid to any scheme at the year end. The assets of all schemes are held separately from those of the School.

23. TRANSACTIONS WITH GOVERNORS’ AND RELATED PARTIES

Governors are not remunerated. Expenses totalling £924 (2024: £527) were reimbursed to Governors during the year. One daughter of a Governor attended the school in the year to 31 August 2025.

In the year ended 31 August 2025, the School charged £325,146 (2024: £175,211) to Marden Enterprises Ltd for the provision of staff and administration charges. The balance owed to the School by Marden Enterprises Ltd at 31 August 2025 was £456,564 (2024: £257,194).

In the year ended 31 August 2025, the School charged £7,034 (2024: £8,966) to Woldingham Vines Ltd for the provision of staff and administration charges. The balance owed to the School by Woldingham Vines Ltd at 31 August 2025 was £24,286 (2024: £14,718)

37

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

24. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – PRIOR YEAR

Notes
Income from:
Charitable activities
School fees receivable
2
Ancillary trading income
3
Other trading activities
Non-ancillary trading income
4
Other activities
4
Investments
Investment income
5
Bank and other interest
6
Voluntary sources
Grants and donations
7
Total income
Expenditure on:
Raising funds
8
Non-ancillary trading
Financing costs
9
Fundraising and development
Total deductible costs
Charitable activities
Education and grant making
8
Total expenditure
Gains/(Losses) on investments
Net income
Transfers between funds
20
Net movement in funds for the year		 Unrestricted
funds
£
17,060,556
1,153,227
401,357
260,318
34,580
113,240
-
19,023,278
88,593
12,046
65,951		 Restricted
funds
£
-
-
-
-
6,284
-
192,667
198,951
-
-
-		 Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-		 2024
Total
£
17,060,556
1,153,227
401,357
260,318
40,864
113,240
192,667
19,222,229
88,593
12,046
65,951
166,590
19,124,158
19,290,748
146,437
(121,033)
191,534
70,501
11,754
82,255
22,517,337
22,599,592		 -
-
-
-
198,951
(191,534)
7,417)
-
7,417
58,313
65,730		 -
-
-
16,057
16,057
-
16,057
-
16,057
196,351
212,408		 166,590
19,124,158
19,290,748
162,494
93,975
-
93,975
11,754
105,729
22,772,001
22,877,730
Deficit attributable to non-controlling
interest
20
Net movement in funds attributable to
the Group
Fund balances brought forward at 1
September 2023
Fund balances carried forward at 31
August 2024

38

WOLDINGHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

25. SCHOOL RESULTS

The School’s own results for the period included in the consolidated Statement of Financial Activities were:

Income from:
Charitable activities
Other trading activities
Other activities
Investments
Investment income
Interest receivable
Voluntary sources
Grants and donations (including any gift aid receivable)
Total income
Expenditure on:
Charitable activities:
Education and grant making
Other activities to raise funds
Total expenditure
Net income and capital outflow for the year before gains / losses
Gain/(Loss) on disposal of fixed assets
Investment gains / (losses)
Net movement in funds for the year
Corporate reserves and trust funds brought forward
Corporate reserves and trust funds carried forward		 2025
£
16,440,705
425,032
128,422
45,855
151,211
125,650
17,316,875
16,711,266
439,987
17,151,253
165,622
3,183
180,403
349,209
22,694,383
23,043,592		 2024
£
17,060,556
1,153,227
280,142
26,040
106,834
284,420
18,911,219
18,889,670
73,686
18,963,356
(52,137)
-
73,291
21,154
22,673,229
22,694,383

39