2024-08-31-accounts

CHUKCHEII'S COLLEGE Annual Report & Financial Statqments For the year ended 31 August 2024 Registered company number: 10813349 Registered charity number: 1173833

CHURCHER'S COLLEGE CONTENTS OF THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 Page Report of the Trustees Ito26 Report of the Independent Auditors 27to29 Consolidated Statement of Financial Activities 30 Consolidated Balance Sheet 31 Charity Balance Sheet 32 Cash Flow Statement 33 Notes to the Cash Flow Statement Notes to the Financial Statements 3Sto53

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31ST AUGUST2024 GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governors of Churcherfs College 1.the College") are the College's tharity trustees under charity law. The members of the Governing Body who served in office as Governors during the year and subsequently are detailed below. The list also shows those Governors who are also directors of the subsidiary company Chur¢he¢s College Enterprises Ltd ICCE Ltd). Narne Govemor Sta￿s C Strick (Chairl Co-opted 131 J Bloomer (Vice Chairman) Co-opted S Barrett Co-opted (i) 13) S Beecham Co-opted K Bush Co-opted J Franklin Co-opted T Henderson Co-opted C Herraman-Stower5 Iretired December 20231 R Ingram Co-opted Co-opted Cjay Co-opted W Ajones Co-opted 141 P Lawrence Co-opted 141 M Leigh Co-opted Rmay Co-opted J Morris (from January 20241 Co-opted D Moses Co-opted R Oates Junior School Parents, Association- Nominated Governor Senior School Parents, Association- Nominated Governor M Steven 111 Management Committee (General Purpose and Finance) 121 Directors of the Subsidiary Company Churcherfs College Enterprises Ltd 131 Nomination5 Sub Committee 141 Goodfield Project Steering Committee During the year the activities of the Governing Body were supported by three committees and a subsidiary board, the membership of which is shown above for each Governor. At the end ofthe year there were 17 Governors. The maximum number of Governors allowed under the Articles of Association remains 20. CHUKCHER'S COLLEGE Page I

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 OFFICERS l¢urrently and throughout the year) S Williams MA Bsc Heodmaster- Churcher'5 College Mr N S Medley MPhys Bursor und aerk to the Governors PRINCIPAL ADDRESS AND REGISTERED OFFICE Ramshill. Petersfield. Hampshire GU314AS AUDITORS Sheen Stickland. The Engine House, 77 Station Road. Petersfield. Hampshire GU32 3FQ BANKERS Lloyd5 Bank. 5 The Square. Petersfield. Hampshire GU32 3HL LEGAL ADVISORS & SOLICITORS Veale Wasbrough Vizards LLP. Narrow Quay House. Narrow Quay. Bristol BSI 4QA WEBSITE www.churcherscolle e.com CHUKCHER'S COLLEGE Page 2

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 The Trustees present their report and the audited financial statement5 of the charity for the Year ended 31 August 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the charitv. REFERENCE AND ADMINISTRATIVE INFORMATION Churcherfs College {"the College") was founded in 1722. The College's legal status is that of a charitable company limited by guarantee with company number 10813349 and a registered charity number 1173833. The College operates two schools known as Churchels College Juniorschool and Nursery. and Churcherfs College Senior School. There is one Governing Body for the two Schools. Details of the members of the Governing Body. together with the College's officers and principal advisers. are given on pages l and 2. The College has a wholly owned trading subsidiary Churcherfs College Enterprise Ltd (Company Number: 5770329} which operates and maintains a swimming pool at the Senior School. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Documents The Company is governed by its 'Articles of A550Ciation' document which was adopted and approved by the Charity Commission with effect from I September 2017. and amended in 2020. Governlng Bodv The Governing 8ody is self-appointing, with either S-year (for Co-opted Members) or 3-year Ifor Nominated Members) terms of office. Members returning at the end of these terms can be re-elerted subjett to the provision of a maximum two consecutive terms unless a further term 15 agreed by the Board as being in the best interests of the Charitv. New members of the Governing Body are elected following nominations from the Governors. from the Committees of the Parents, Associations, or from the College's officers based on the candidates, professional qualities, experience, personal competence and local availability. Recrultment and Training of Govemors New Governors are inducted into the workings of the College and its schools, including Governing Body procedures and school policies. at induction sessions organised for them by the Head and Bursar. The new Governors also attend specialist training courses on the role and responsibilities of charity trustees. Members of the Governing Body attend internal and external trustee training sessions and information Courses designed to keep them informed and updated on current issues in the sector and regulatory requirements. Organisational Management The members of the Governing Body, as the charity trustees and company directors, are legally responsible for the overall management and control of the College and its senior and junior schools. They meet three times a year. A Management (Finance and General Purposes) Committee meets more frequently and is joined by the Headmaster and Bursar to whom the day to day running of the school is delegated, who in turn are supported by their Senior Management and Bursary Management Teams. CHURCHER'S COLLEGE Page 3

CHURCHER'S COLLEGE REPORT OF THE TRUSfEES FOR THE YEAR ENDED 31ST AUGUST 2024 Our Ethos, Strategy and Policles Our Governors are responsible for setting a strategy for achieving the objertives they have set. The focus of our strategy is on the development of our pupils. their continued high levels of academic and co-curricular achievement and to further widen access to the education our School provides. In taking forward our strategy we: Review and benchmark the School's academic syllabus, teaching and examination results- Ensure the range of co-curricular activities available to our pupils 15 Stimulating and challengin Invest in technology and the infrastructure of the School: Co-operate and share resources with local schools; Continue to review and develop our methods for awarding bursaries and scholarship5 to ensure wider access to pupils from all bèckgrounds- Seek to review. promote and minimise the environmental impart of the school business. A Carlng School Serving our Local Community and Society Churcher's College is a charitable company limited by guarantee which seeks to benefit the public through the pursuit of it5 Stated aims. Our fees are set at a level to ensure the financial viability of the khool and at a level that is consistent with our aim of providing a first-class traditional education to our pupils. Our School welcomes pupils from all backgrounds. To admit a prospertive 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 intervieV￿ and a55essment5 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, sex, gender reassignment. ethnicity, race, religion or disability do not form part of our assessment processes. We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the basis of age, sex. marriage and civil partnership. gender reassignment, race, disability, sexual orientation. religion or belief, pregnancy and maternity and part-time or fixed term employment. We will make reasonable adjustments to meet the needs of staff or pupils who have a disability. Our School is committed to safeguarding and promoting the welfare of our pupi15 and expects all staff and volunteers to share this commitment. Parents are given regular information about their children's academic progress and social development and wellbeing through parent evenings in addition to half tefmly grading cards and traditional end of term and year reports. We also maintain regular contact with parents throughout the year through informal contacts and through our various publications. A strong school-home partnership is a defining feature of the school. Senior School pupils have a Form Tutor (Personal Tutor in the Sixth Forml who is responsible foroverseeing pastoral care and academic development, as well as a Head of House who provides continuity of care during a pupil's time at the school. Access Policy It is important ta us that access to the education we offer is not restricted to those who can afford our fees. We believe our pupils benefit from learning within a diverse tommunity. A Ereat deal of learning occur5 through social interaction. conversation and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives. CHURCHER'S COLLEGE Page 4

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 GENERAL AIMS The School's statement of intent is as follows- We seek to give the widest range of experiences but also the opportunity to be the best. Children at Churcherfs thrive in an atmosphere of high expectation but even higher achievement in a happy, well-disciplined and carin8 environment. Excellent examination results are clearly important: the achievement of these forms a core element of a thild's time here. Equally the development of self-esteem. moral values and leadership are vitally important parts of a child's education. By developing the full academic. creative and sporting talents of the girls and boys. within the context of social awareness. our aim is to fully prepare them for all they will face in the dynamic and challenging world we live in. The pupils of Churcherfs College become confident but not arrogant. responsible, respected and selfless citizens in a world which will require gifted flexible young people of character, dedication and compassion. Our Oblectlves Forstudents.. To develop self-esteem by encouraging and recognising involvement and achievements in adivities both inside and outside the classroom and inside and outside school. To value all activities equally. To encourage personal and collettive ambition. challenge and endeavour. To encourage academic independence. enterprise and to enjoy learning. To provide a range of opportunities and experiences to Strengthen talents and key skills such as le3dership, teamwork, sociability, loyalty, commitment, communication. sustainability. problem-solvin& creative and critical thinking, integrity, competence and self-assurance. To offer equal opportunities to all students. To promote equality of opportunity based on protected characteristics such a5 gender, age, disability. ethnicity, sexual orientation. religion and background. To promote a sense of physical and mental well-being. To prepare students for life beyond Churcherfs. To facilitate access to the most appropriate pathway post Churchees. including access to top universities and the most competitive courses. To ensure education is placed in the context of the 50ciety in which we live. To create an inclusive community for the students where parents and the local community are involved in school life, where there is a strong school-home partnership and an all pervading philanthropic spirit. To provide a continuity of care, ethos and accomplishment from 3 years old to 18. To extend support beyond Churcherfs. For Staff.. To celebrate and recognise the contribution of all staff. Teaching and Operational. To aspire to be energetic. self-motivated and high achieving. To promote inclusion l involvement of all into Churcherfs school life both inside and outside the classroom. To encourage collective and personal ambition and development. To inspire creativity and innovative approaches. To promote positive mental health and well-bein& and healthy home.work place balance. To maintain a community of carin& collegiate stsff. To encourage all to lead by example. To encourage a 'can do attitude,. To continue to develop professionally. To make an active contribution to the academic. pastoral and extra-curricular life of the school. CHURCHER'S COLLEGE Page 5

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Strateglc Development Plan The Governors and the School Senior Management Team annually review and monitor the Strategic Development Plan of the school. During the year 2023-24 the Strategic Development Plan for the period 2020-2025 has been used to guide investment and initiatives Within the annual planning and budgeting cycle. Updates have been made to reflect items now completed and to include new and emergent priorities. Alongside other areas. the Strategic Development Plan includes, for example. the following elements: A celebration of the 300-year history of the school to include-. The reinforcement of the relationships with alumni and the town of Petersfield- b. the creation of a 'professional connections, community.. evidence of the school's commitment to the community and the social. economic and ecological environment of Petersfield with. for example, the creation of Tercentenary Wood,. the opening of the new Music School and the Goodfield Design & Technology buildin& strengthening of the Richard Churcher Foundation and the funds to support Bursary Awards. 2. The further development of the use of information technology in the school. The development of a Wellbeing Centre and strengthening of support for emotional as well as physical well- being including enhanced Counselling support. 4. The reinforcement of a gender non-binary environment including consideration of uniform regulations and The Atheno Project. Enhancement of pupil voice through. for example. enhanced roles for the School Council and the Peer Mentor system. The introduction of alternative pension provision option5 and a cap on the cost of pension contributions. Facility refurbishment and development including expansion of the Junior School allowing two-form provision for infants, a new art block at the Junior School. and upgraded dining facilities at both schools. Sustainability initiatives including the installation of solar panels on the swimming pool and other roots. Assessment of the consequences arising from. and development of the school's response to, the loss of charitable relief on business rates and the imposition of VAT on school fees 2025. CHURCHER'S COLLEGE Page 6

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Charitable Purpose. Community IrNolvement, Outreach & Public Benefft To assist atcess, the school operates a means-tested bursary scheme supported by the Richard Churcher Foundation IRCFI. Details of the RCF and the bursary awards are set out elsewhere in this report. The school is very active in the local community. with a number of longstanding relationships with public benefit sitting alongside new projects added every year. Some of the highlights are as follows. Community Artion Support- Penn's Place Path Building Project- June 2024 Churcher's College students started the three-year proce55 of tonnecting the Serpent Trail to the path behind Petersfield Rugby Club. The laid about 70 metres of the path which will eventually cover 265 metres. The path goes over Churcher's College land and will create a new path for the Petersfield Community- Churcheff s College students also maintained the Tercentenary Wood planted by Governors. staff and students in 2022. The students labelled the trees and started working out the attrition rate. Remembrance Parade and Concert The school provide5 a Wind Band. technical equipment. Staffing and printing of the orders of service to 5UPPOrt the annual Remembrance Parade in Petersfield. The school's CCF contingent marches through the town and provide a focus to the service. The occasion represents a key fundraising opportunity for the British Legion. The school also hosts an annual Remembrance Concert in St Peterfs Church. Petersfield. featuring the College Orchestra. Senior Choir and other choral ensemble. The event is open to the public and all proceeds go to the British Legion. Transport Support in the Community With the rising cost of transport, we support a number of local groups with access to our minibuses to facilitate their trips and community work in and around the Petersfield, Hampshire/Surrey & Sussex Area. Primary schoo15 in Froxfield, Sheet. Steep. Li55, Herne and Liphook have used our tran5POrt during theyear. Liss Crossover Youth Group. Age Concern, King's Arrn Youth Project and Scout group5 have also regularly used our minibuses to support their community action. Muslc. Drama and Events in the Commtsnlty During the year, the school's musicians were involved in a number of events including- GCSE musicians performing in local nursing home. Lunchtime concert5, Carol Services. Spring Concert and Remembrance Concert in St. Peterf5 Church, Petersfield, with proceeds to charity. Rock School oft Saturdays open to local community. Letting of facilities to local and regional bands and orchestras. On-going relationships with local and county music ensembles: Hampshire Youth Orchestra. Petersfield Orchestra, Petersfield Youth Theatre, Southern County Youth Jazz Orchestra. . CHURCHER'S COLLEGE Page 7

CHURCHEA'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Audio-visual & Technlcal Support in the Communlty The school's technical team provided equipment and transport for Remembrance Sunday. PA equipment for the Butser Hill Challenge and the occasional loan of equipment to local amateur dramatic societies. Outdoor & Adventurous Artlvltles in the Community Our Adventure Department has been providing staff, knowledge and guidance to Sheet Scouts, providing their leaders with the opportunity to jOlD our training weekends for DofE. Petersfield Scouts also often use the School facilities without char8e for fundraising. Old tents and other equipment have been donated to local Scout Groups. Sport in the Communlty Petersfield Cricket Club (PCC) The school maintains a relationship with PCC involving the use of our Penns Place playing field free of tharge. The club has use of our Indoor Net Facility during the Winter Season. Joint initiatives promoting and developing girls. cricket continue to progress. Petersfield Rugby Club and The RFU Links with PRC continue with shared use of each otherfs facilities to support busy programmes of rugby across both organisations. The school provides the club with use of our Penns Place playing fields for Sunday fixtures free of charge, while we use the club's changing facilities for matches. The school and club run linked events such as the 'Friday Night Lights, merging the school and PRC communities. The introduction of the tradition of competing for the 'The Frank Guv Cup, at the end of the Autumn Term involves all year groups facing PRC in a 'Festival of RugbV under the lights of the PRC pavilion. The school has also supported the running of RFC CPD and Community Courses providing the venue and equipment for these courses to take place. which are open to external coaches and officials. Swimming Pool Lotal School User Groups Our excellent swimming pool facility continues to be utilised for local school use in and around the school timetable. Structured swimming lessons are provided on an 'at cosv basis for Herne Junior Sthool. Froxfield Primary School, Liss Junior & Infants School and Langrish School. Swimming Pool External Club User Group5 The school provides use of our swimming pool and facilities for meetings and gym space and land training for a number of external organisations and groups including Portsmouth and District Synchronised Swimming Club. CHURCHER'S COLLEGE Page 8

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 But5er Hlll Challenge The school organises the annual Butser Hill Challenge, a local running race that the school has supported for many years as a sponsor. It is a unique event. being the UK'S most 50Utherly Fell race with the adult race taking on a S-mile course with multiple ascents of Butser Hill, one of the highest points on the South Downs. The event involves children's race5 from year 3 to sixth form along with the Senior race. Over the years the race has raised many thousands of pounds for local charities. The New Blendworth Centre is our charity partner for this event. The Centre provides day provision for P05t-19 year old people with varying degrees of learning difficulties/disabilities and offers work-orientated placements aiming to support individual goals, encourage friendships. raise self-esteem and promote confidence and independence. The 2023 event was a Ereat success. with record number of runners competing tompared with recent years desplte torrential rain and thunderstorm conditions. The school races proved the most popular with 41 Schools being represented from year 3 to year 11 age groups and many sixth formers taking on the full 5 mile fell race. £1,750 was raised for The New Blendworth Centre. Summer Solstice Event Raising Funds for Homestart Butser We continue our partnership with the Queen Elizabeth Country Park and The Sustainability Centre in the support of the Community Event of the 'Summer Solstice Challenge., an 18km overnight walk from Beacon Hill on the South Downs Way arriving at the peak of Butser Hill at Sunrise on the Solstice. Churcher's provided support on the infrastructure and logistical management of the walk with a large number of pupils. parents and staff taking part to support the marshalling of the event. The expertise of our Adventure Department and staff safely managed approximately 250 participants along the route, much of which was in complete darkness. Walkers were met by a Druid society who performed an impressive Solstice ceremony to welcome in the sunrise at the top of Butser Hill. The unique event raised £600 for one of our charity partners Home-start Butser. CHURCHER'S COLLEGE Page 9

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Maddvs Mark- An evenlng with Na55ar Hu55aln. Aprll 2024 In April we worked with one of our partner charities Maddy's Mark, in the organisation of 'An Evening with Nasserf. The Sky Sports cricket commentator and former England Captain, Nasser Hussain 08E. joined an audience of over 400 fans at Churcherfs College to share his experiences, wisdom and anecdotes. to raise funds for local charity. Madd￿5 Mark. The event raised approx. £10,000 for MaddWs Mark. a charity established in memory of Old Churcherian. Maddy Lawrence. by her familv. Flrst Ald Outreach We are lucky enough to have a first aid trainer and emergency responder within our staff body. who runs termly first aid courses for staff. with spare places offered out to community groups free of charge. In May 2024 3 place wa5 provided to Butser Ancient Farm staff members. a local historical educational centre. Lo¢al Charlty Facility Users We continue to provide free use of facilities to our partner charities who use our facilities for their fundraising events throughout the academic year, including: Butser Home Start- AGM and Family Fun Rosemary Foundation- Fundraising Fashion Show RNLI- Quiz Evening Macmillan Cancer Petersfield and District Scout- use of the climbing wall and field facilities The Charlties Commlttee The Charities Committees at both the Senior and Junior Schools are very active, with decisions and nominated charities being decided on by the students. During the school year 2023124 events run by and involving the pupils raised £20,533 for a range of charities and organisations. School in a Bag Charlty Partnershlp 'School in a Bag, is our main school charity partner. an inÉtiative that delivers ru¢￿ack$ full of statlonary, learning resources and eating utensils to poor orphan. vulnerable ènd disaster affected children. The CEO of School in a Bag, Luke Simons, came into Churcherfs to deliver the whole school assembly ahead of our October non-uniform day where each pupil donated money to the charity. In addition to the assembly. a production line was set up in the gallery and the I" year pupils expertly packed 200 bags with equipment ready to be sent off to Ukraine with each bag Containing a tracking number for the pupils to see where exactly their bag was sent to. Wear Something Plnv Day The start of the summer term contained a very special day, Wear Something Pink,, in memory of Islè, a first-year pupil who tragically died in a road traffic accident earlier in the year. The pupils were encouraged to wear something pink and the day started with form IC taking part in a Dance-a-thon before Isla's family were shown around the new Pink Garden planted by Isla's friends and a new paved seating area with 'lsla's bench,. kindly donated by a parent. Over £3,600 was raised with all donations going to Shooting Starf5 Children Hospices. CHUIICHER'S COLLEGE Page 10

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Whole School Charlty Fete and Relay Finals The end of year charity afternoon was a huge success. Combining a charity fete with a school first, the House Relay Fina15. Stalls at the fete, organised and run by the team of L6th Charities Committee members, included Sponge a Teacher, Ice Cream, Coconut Shy and many more. We raised a huge £3.550 for Maddvs Mark. a charity very close to the school and ourcommunity. Charlty Committee EveTrts: Christmas Save the Children Christmas Jumper Day ljunior & Senior) Morocco Appeal- clothing and equipment donations following the Moroccan Earthquake Reindeer Run in Aid of Chestnut House Ilst yrl Lower School Disco Ist-3rd yrs in support of Rainbow Trust Charity Haunted Library Event for BluePrintforAII Non-uniform Oays in support of MIND, Action Through Enterprise, Rural Refugee Ne￿Ork The 8enefactors' Receptlon At the end of November, it was our gre3t pleasure to come together in the Donald Brooks Auditorium for the inaugural Benefactors, Reception where we thanked over 70 members of the Churcher's community who have shown their stjpport to the Richard Churcher Foundation and Development Office activities this year. The Headmaster spoke about how our sUPPOrters' contribution5 can be absolutely life-changing for a bursary recipient, yet the impact goes far wider than that. to benefit the whole school community. - CHURCHER'S COLLEGE Page 11

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Pupil Numbers ond Fees Our educational activities are carried out through our Senior and Junior Schools. The average number of pupils at the Senior School was 1.04812022123 average- 10311 and at the Junior School the average was 23912022123 average= 2321. Our 17 Nursery pupi1512022123 average- 231 attended a chosen number of sessions acros5 each week. The Governors carefully reviewed fees with respect to affordability, inflation. and the Governors. desire to preserve the school's breadth and quality of delivery while maintaining the competitive position of ourfee levels and value for money in comparison to other independent schools in the region. With 5UStained high price inflation and pay inflation having eroded fees in real terrns over retent years, the Governors determined that a fee increase of 6.5% in both schools was necessary for 2024125 in order to achieve these aims. The 2023124 fees and the increase for 2024125 are below. 23124 Per Term £4,175 £4,455 £6.245 24125 Autumn Term £4,445 £4,745 £6,650 Junior School (Reception to Year 21 Junior School Iyears 3 to 61 Senior School IAII Years) Academic Churcherfs College A Level Results 2024 There will be few who might suggest that Paris and the Olympics were the curtain-raiser to the A Level exam results dav but, as one online newspaper suggested. there are similaritie5. As with the Olympics, years of hard work come to fruition as A Level students open their results. hoping for a place on the medal podium and richly deserved applause for their achievements,. just reward for all their talents but especially their efforts. It Is certainly a bumper year of the equivalent of Gold. Silver and Bronze medals, A A and B grades. for the Churcher'5 College students, with more achievin8 these top three grades than ever before, laying aside the three years of COVID adjustments. Year 2017 20 20 %A" %A&A 47.1 %AtoB %A"toC 915 %A"toD %A•toE I￿.0 212 55.8 87.8 97.7 I￿.0 2&3 63.2 85.8 3D.O 1().9 Y3.1 IL.U.L", iu.1 l)1.9 IUO.LXJ JJ2.2. 92.4 91.2 59.1 8L3 9&5 97.3 I￿.0 Just 35 the GB Olympic team can share the glory of the team performance. it is the success of the individual athletes that is most worthy of celebration. Likewise, along with the joy of the overall school results, the individual Churcher's students have absolutely excelled themselves. There were six students with at least three 'gold medals,. A exam results- a further twenty with two A. grades from their three exams and fifty with nothing lower than A and A grades. If there was a Brade or medal above gold then Churcherfs College student Louisa Moor would be awarded that; the Oxford. Cambridge and the Royal Society of Arts examination board have written to congratulate her on achieving one of the top grades in the country in her Fine Art exam. and that says nothing of the A grades she achieved in Biology, Chemistry and her Extended Project Qualification. Joel Ireland would join Louisa on thattop step with his four A* grades, a place he is accustomed to as a national award-winning gymnast. cake decorator and public speaker. CHURCHER'S COLLEGE Page 12

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Huge enterprise and endeavour with just reward inside and outside the classroom. that is a hallmark of Churcher's College. the breadth and depth of achievement here herald5 huge success beyond school for the Churcherfs College students. Paris and Petersfield, so much and 50 many to celebratel Churcherfs College GCSE Results 2024 As athletes who enjoyed Olympic glory in Pari5 find. the better you become, the harder it is to get better. to achieve personal bests, but. despite this, personal bests still keep coming at Churcherfs College. With around a quarter of exams at gold medal winning grade 9 and over SO% of all exams grade 9 and 8. this year's GCSE results for Churcher's bring many a smile to many a face and better-than-ever levels of success. With such stunning achievements at GCSE, and on the back of hugely impressive A Level results. demand for places in the Sixth Form at Churcher's College remains exceptionally high but it is not just about academic results. Just after they had clearly performed so well in the exam hall, over two hundred Churcherfs musicians were on the professional stage in London at Cadogan Hall enjoying standing ovation5' and over the summer there were expeditions to Mozambique, Eswatini and Norway, a team was completing the Welsh 30005, the choir wa5 performing on stage at Disneyland Paris, there was national recognition for our drama and art and, after all the regional and national sporting success of last year, pre-season training is just about to begin for the coming year. Another day with so much joy and reward for all at Churcherfs! 2018 22.0 26.0 43.5 65.7 83.9 94.2 98.3 98.5 98.6 2019 49.8 71.2 99.8 2020 35.5 62.5 85.0 95.7 99.6 100.0 i(x).o 2021 30.3 56.4 79.2 93.5 99.1 100.0 i(K>.O 2022 25.6 49.4 74.1 88.8 97.5 99.4 99.9 2023 2024 23.0 49.1 51.6 73.7 74.9 97.9 98.5 I￿.0 I￿.0 25.5 93.0 CHURCHER'S COLLEGE Page 13

CHURCHER'S COLLEGE REPORT OF THE TRUSTEE5 FOR THE YEAR ENDED 31ST AUGUST 2024 Extra-currlcular Activitles The school offers a wide range of extra-curricular activities for pupils which help to boost pupils. self-confidence and contribute to their well-being. The activities fall under the main headings of- cerebral: creative: adventure: enterprise,. altruistic and physical. Many activities rely on parent volunteers and this has allowed growth and free choice with activities including OSCA, an outdoor adventure group for nearly all 2nd year pupils. the Duke of Edinburgh Award scheme. the Combined Cadet Force. the Devises to Westminster canoe race. the Ten Tors. challenge on Dartmoor and the Welsh 30(X)s challenge. -41 h CHURCHER'S COLLEGE Page 14

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 TEN TORS 11! CHUKCHER'S COLLEGE Page 15

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 The Duke of Edinburgh Award programme and the number of participants has also grown exponentially, with 287 pupils participating during 2023124- 129 undertaking the Bronze award, 76 the Silver award, and 582 pupils the Gold award. The focus of growing our record DofE completion rates {belowl and burgeoning CCF provision will continue in 2024125. DofE Awards Completed 2021122 2022123 39 40 2020121 37 2023124 57 Gold Silver 42 56 56 93 Bronze 113 102 125 112 Totsl 192 197 221 262 Other adventurous activities included the school's return to the Ten Tors event. with 20 students in two 35-mile teams 14, year cadets) and one 45-mile team (Lower Sixth students), and the Devizes to Westminster canoe race with 14 Lower Sixth pupils participating. In August a team of six sixth form students attempted the We15h 30(MJs', a classic fellwalking endurance challenge in which participants aim to scale all IS Welsh peaks over 3,000 feet tall, ideally within 24 hours from first to final summit. The total route is over 50km in length and includes around 4,000m of ascent. Over half of the total 35cent was completed in August before hurricane force wind5 forced a 'stop the clock, adjournment. with the team due to return and complete the challenge in autumn 2024. AI; CHURCHER'S COLLEGE Page 16

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Academic clubs include the debating club. science clubs. computer club. thess and other brain games which are held in the Library. Creative clubs include drama. dance. LAMDA. fashion and textiles, and the Green Power. Over 400 pupils are involved in music every week in addition to their music lessons. Approximately 20 pupils are involved as a Tech Team assisting in various productions. Green and Eco Incentives The school Continues to involve pupils in pursuing a range of eco initiatives under the Green Flag scheme launched by Eco-schools, focusing on water, transport. marine and air quality. Examples of initiatives in the last year are.. Whole School Assembly regarding the declining numbers of insects and its correlation with the falling sperm count of men and falling fertility of women. This wa5 linked to the idea of reducing use of pesticides. which the Grounds team have supported during the year. Planting the herb garden. which now provides fresh herbs for school lunches on a daily basis. Installing an air-quality monitor which will give real-time data about the quality of the air on the school site. "&"IA CHURCHER'S . COLLEGE Page 17

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Sport Results 2021122 2022123 Girls 2023124 Boys Girls 82% 66% ioi Gids Rugby 69% 71% 107 36% li 42% 34% 109 65% 127 62% 13 Played R￿bY fs io 69% 45% 131 Hockey 15% 49% 154 28% 48% 146129) 42% 51% 182 25 47% 55% 191 11% 52% 170 55% 122 (301 Played i" vii Netball 58% 160 icket i'xi 36% 41% 73 36% 59% 75% 69% 48% 62 29 (4) mlxed O 67% 6f 77 37 (3) Tennls 1st 22 (rn￿ed li mlxed 15 mlxed O mixed O Note5'. win ratio Brackets = cancelled matches THE WORLD SCHOOLS NETBALL CUP 2024 CHUIICHER'S COLLEGE Page 18

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315r AUGUST 2024 Ji. I'.i.'¥ CHURCHER'S COLLEGE Page 19

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Music & Dnymo The continuing enthusiasm for Music and the gfowing enthusiasm for Drama is clear from the number of exam certificates being awarded. Music & Drama Grade I 2021122 Music Drama 2022123 Music Diama 2023124 Music Diama io 19 21 31 37 17 12 25 13 38 22 19 18 41 26 28 25 22 37 15 li iio 14 140 li 93 16 174 19 188 TOTAL 107 There are currently more than 400 individual music lessons whith take place weekly. and the many groups and ensembles include: Senior Choir Jozz Band Senior Wind Band Junior Choir SSA Choir Senior Chamber Choir Junior Chamber Choir Senior Jazz Quintet Blues Group Or¢hestra Junior Jazz Improvisation Group Four Brass Groups (Quartets} Guitar Group Saxophone Group Junior Wind Band Junior Strings Clarinet Group Recorder Group Flute Group Singerlsongwriter Club Five String Quartets Music Teach aub Rock School Barbershop Group AI. CHURCHER'S COLLEGE Page 20

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Liii¢m rance CHURCHER'S COLLEGE Page 21

CHVRCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 CHURCHERS COLLEGE 11. 12 & 13 December 2023 Sports Hall at 7.30pm BI￿￿. churCh•r￿OI1•g•.¢0M1wh4t•oTr CHURCHER'S COLLEGE • seV￿1(AL The Musical 5- 8 February 2024 The Festival Hall, Petersfield at pm CHUKC COLL CIIURCIIIR'S LLILLEGE NIGHT'S DREAM AMADEUS 19- 21 June 2024 .pm HI. PF. I l.:K sFI.IFF EII trrr'nr{I'Jnc ift j i. the gwunds ofChurche<s Le . 18 & 19 March 2024 25March 2024 Tickers £13 Ch￿rCherSCo1lt￿e.COmlY1hèl%0n CHURCHER'S COLLEGE Page 22

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 FUNDRAISING PERFORMANCE The fundraising activities of the school are focused through the Richard Churcher Foundation IRCFI, which is a restricted fund. In accordance with our reserves policy and RCF objectives it is intended that the capital value of the fund be grown to facilitate the permanent funding of long-term bursary support for pupi15 from farnilie5 suffering hardship. During the year the sum of E102,50812022123: £157.7401 wa5 allocated to the school for bursary funding, being the rental income generated from the RCF'S properties plus a Share of the school's lettings. swim school and other income. By allocating only the RCF'S income and 5¢hool donations. the full value of this yearfs external donations have been retairsed a5 growth in the RCF. accelerating its ability to fund bursaries from RCF income in future years. External donations increased to £393,772 12022123: £111.0711. while donations from the school's other income increased to £59,7S812022123= £56.0201. Overall, the RCF Fund value increased in the year by £408.694 to £1,841.484. FINANCIAL AWARDS Scholarships and Exhibitions are awarded in recognition of academic excellence and exceptional tontribution to the community of the school andlor the wider community of Petersfield. Exhibitions may also be awarded to those whose involvement in activities within the school are at an exceptionally high level. Bursaries are awarded to existing pupils of the College and also those entering at Il+. 13+ or 16+. The awards are based upon a clearly identified need. Pupils who have been awarded a scholarship may apply for additional support but these are likely to be awarded only in exceptional circumstances. Bursaries are awarded at variou5 levels from 15% to lOO% of fees, with increasing numbers of higher awards in recent years. Bursaries typically remain in place for l or 2 years before they are reviewed or until there is a significant change in parental income or a55ets. Analysis of Bursary and Scholarshlp Awards 2019120 2020121 2021122 2022123 2023124 Net Fee Income 14,839,168 15,451.794 16.851.121 18.774.572 20,920,974 Bursaries 571,377 429.757 642.470 687,644 786,334 % of Fee Income 3.8S% 2.78% 3.81% 3.66% 3.76% Scholarships 185,626 165.248 181.037 183,335 191.961 % of Income 1.25% 1.07% 1.07% 0.98% 0.92% The above means-tested bursaries assisted 67 pupils {2022n3: 571. of which 2112022123: 171 benefited from a full remission of fees. . CHURCHER'S COLLEGE Page 23

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST2024 FINANCIAL REVIEW The key financial results for the year were as foll0v￿. Junior School incl £OOWs I1￿￿1 Nursery ￿1 Senior School CCE Combined 2022123 2023124 2022123 2023124 2022123 2023124 2022123 2023124 Gross Fee Income 2,916.2 3,271.2 17.692.1 19.700.3 20,608.3 22,971.4 Net Fee Income 2,762.1 3.062.2 16.012.5 17,858.8 18,774.6 20,921.0 Letting5 & swim school Income 16.3 29.8 170.3 189.0 196.1 224.0 Surplus/lLossl Surplus1lLossl I Net Fee Income % {156.31 1181.01 741.4 1.962.0 1170.01 130.31 415.1 1,750.8 15.7%) 15.9%) 4.6% li.o% 2.2% 8.4% With a 1.9% increase in pupil numbers combined with a fee increase of 8.5% for 2023124, net fee income grew by 11.4% over 2022123. In response to and in readiness for the loss of charitable relief on business rates and the imposltion of VAT on school fees due to take effect in 202S. the school implemented a range of cost saving measures during the year where this was possible without impacting educational provision. This included staffing efficiencies, renegotiating or rationalising supplier contracts and updating our infrastructure to redu￿ utilities costs, including a major solar panel installation on the swimming pool roof. These savings along with a significant market reduction in energy costs added to robust income to deliver a strong recovery in the surplus to 8.4% of net fee income in 2023124, ahead of the increased burden of taxation anticipated from 2024125. The surplus enables the repayment of debts and Capital investment into the infrastrurture of the school. As a charity the parents of our pupils have the assurance that the income of the school must be applied for education purposes. As an educational charity we enjoy tax exemption on our educational activities and on our investment income and gains provided these are applied for our charitable aims. As a charity we are also currently entitled to an 80% reduction on our business rates on the property we occupy for our charitable purposes, albeit this relief is due to end in 2024125. The financial benefits we receive from these tax exemptions are all applied for educational purposes. However, while school fee5 remain exempt from VAT we are unable to reclaim VAT input tax on our costs,. again this is due to change in 2024125. We also pay tax as an employer through the national insurance contributions we make. 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. CHURCHEK'S COLLEGE Page 24

CHURCHER'S COLLEGE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2024 Reserves Level & Policv The policy of Churcherfs College is to maintain sufficient unrestricted income reserves to enable it to meet its short-, medium- and long-term financial obligations in the event of an unexpected revenue shortfall. A key objective is to maintain a strong balance sheet of well-maintained assets supported by effettive long term bank facilities. We also aim to produce an annual surplus before depreciation in excess of 5% of net fee income, in order to provide funding for capital projects and on-going improvements to the Estate. This will be achieved by maintaininE a competitive fee structure reflecting the services provided to parents and their children and by setting annual budgets for costs which are strictly monitored for efficienry. The School will continue to manage its operations and maintain reserves at levels agreed by the Governing Body to ensure access to funding for resources for the day to day and longer-term activitie5. This includes maintaining the School's assets and facilities. holding investments to maintain the value of re5erve5 ond the use of long-term borrowing where required. The School will continue to utilise banking facilities such as loans to allow investment in new facilities but ensuring risk is mitigated as far as possible. that gearing ratios are maintained at acceptable levels and that overall debt levels are at a comfortable level in comparison to income and assets. Pay and Remuneration The Governors are committed to the recruitment, retention and fair remuneration of its School staff. In setting the relevant pay scale rates for both teaching and support staff a range of factors are consistently evaluated annually including national pay awards. sector benchmarkin& local economic factors and of course the budgetary position of the school. The remuneration and employment terms of the key management personnel including the Headmaster and Bursar are reviewed by the Governor5 on an annual basis. Risk Management The Governors are responsible for the overseeing of the risks faced by the School. Detailed considerations of risk are delegated to the Senior Management of the School. Risks are identified. a55e55ed and controls established throughout the year. A formal review of the charity's risk management processes is undertaken on an annual basis. Risk is managed under the headings of Governance and Management. Compliance. External Factors, Admi55ions. Physical Disasters, Operational Matters. Information Technology. Health and Safety. Employment and Human Resources. Reputation, Financial Sustainability, Pupil Welfare. Through the risk management processes established for the School. the Governors are satisfied that the major risks dentified have been adequately mitigated where ne￿$Sary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The Governors examine the major risks that the school faces each financial year when preparing and updating the strategic plan. The Charity has developed systems to monitor and control these risks to mitigate any impact that they may have on the College in the future. . CHURCHER'S COLLEGE Page 25

CHURCHER'S COLLEGE REPORTOFTHE TRusfEES FOR THE YEAR ENDED 31ST AUGUST 2024 Trustees. Statement of Accounting and Reporting Responsibilities The Trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wale5 requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. select Suitable accounting policies and then apply them consistently observe the methods and principles in the Charities SORP IFR51021 make judgements and estimates that are reasonable and prudent state whether applicable accounting standards have been followed. subjert to any material departures disclosed and explained in the financial statements prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufflcient accounting records that disc105e with reasonable accuracy at anv time the financial position of the tharitable company and enable them to ensure that the accounts ¢omply with the Charities Act 2011, the Companies Att 2006 and the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustee5 are aware: There is no relevant audit information of which the charitable company's auditor is unaware. and the Trustees have taken all steps that they ought to have tsken to make themselve5 aware of any relevant audit Information and to establish that the auditor is aware of that information. Charities Act 2011 The Trustees have due regard to their duties under Section 17 of the Charities Act 2011 in relation to public benefit and have reviewed Charity Commission guidance. Relevant Audit Information In50far as each of the members of the Governing Body, at the date of approval of this report is aware there is no relevant audit information (information needed by the charitable company s auditor in connection with preparing the audit report) of which the charitable company's auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit information and to establish that the charitable compan￿5 auditor is aware of that information. th Approved by the Governing Body of Churcherf5 College on S December 2024. Charles Strick (Chair of Governing Body) CHURCHER'S COLLEGE Page 26

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHURCHER'S COLLEGE Opinion We have audited the financial statements of Churcherfs College (the 'parent charitable company'l and it's subsidiary company Ithe 'group'l for the year ended 31 August 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes to the financial statements. including a summary of significant acco¥Jnting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial Statements: give a true and fair view of the state of the group and the parent charitable company's affairs as at 3151 August 2024 and of its incoming resources and application of resources, including its incorne 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. Basss for oplnlon We conducted our audit in accordance with International Standards on Auditing {UKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are uthorised for issue. Our responsibilities ènd the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the group finantial statements, our responsibility is to read the other information and, in doing 50. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there 15 a material misstatement in the financial statements or a material misstatement in the other information. If, based on the work we have performed, we conclude that there is a material misststement 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 Companie5 Art 21)06 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is Consistent with the financial statements- and the Report of the Trustees has been prepared in accordance with applicable legal requirements. 4I. CHURCHER'S COLLEGE Page 27

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHURCHER'S COLLEGE Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the group and parent charitable Company and its environment obtained in the Course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2ts)6 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns- or certaln disclosures of trustees. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees Responsibilities. the trustees (who are also the directors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the finantial 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 group financial statements. the Trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern. disclosin& as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group and parent charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibllltles for the audlt of the finandal ststements Our objectives are to obtain reasonable assurance about whether the financial Statements as a whole are free from material mi55tatement. whether due to fraud or error. and to issue 3 Report of the Independent Auditor5 that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 ststements. 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 misstèlements in respert of irregularities, intluding fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is listed below- enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims- and auditing the risk of management override of controls including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities for the audit of the group's financial statements is located on the Financial Reporting Council'5 website at vrnw.frc.org.uklauditor5responsibilities. This description forms part of our Report of the Independent Auditors. . CHURCHER'S COLLEGE Page 28

REPORT OF THE INDEPENOÉNT AUDITORS TO THE TRUSTEES OF CHURCHER'S COLLEGE 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 auditors, 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 e chari ompany's members as a body, for our audit work, for this report, or for the opinions we have formed. Paul Wright FCA DChA Isenlor Statutory Auditor) for and on behalf of Sheen Stickland Chartered Accountants Statutory Auditors The Engine House 5 The Square Petersfield Hampshire GU32 3HL Date 51h December 2024 CHURCHER'S COLLEGE Page 29

CHURCHER'S COLLEGE CONSOLIDATED STATEMENT OF FINANCIAL AcrivmES FOR THE YEAR ENDED 31ST AUGUST 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Endowment funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Charitable actlvitles Education and grant making Other Incomlng resources 102.508 74.274 459.788 50,590 562,296 124,864 344,409 45,909 24,601,98S 225,247 24.601,985 225,247 21,604,093 197,647 Total 25.1)J4.014 510.378 25,S14.392 22,192,058 EXPENDITURE ON Raising funds CharStable activities Education and grant making Trading subsidiary expenditure 59,758 59,758 23,082 22,864.926 328,571 105,578 22,970,504 328.571 21,243,726 435,333 Total 23,253.255 105,578 23.358,833 21,702,141 NET INCOME BEFORE TRANSFERS 1.750,759 2,155,559 489.917 Transfers between funds 26 NET INCOME 1,750,759 404,8(M) 2.155.559 489,917 Other recognlsed galnsllosses Gainsllosses on investment as5et5 Actuarial gainsllosses on defined benefit schemes 65.947 3.894 69,841 11.3051 158.204 Net movement in funds 1,816,7( 408,694 2.225.4 646,816 RECONCILIATION OF FUNDS Total funds brought forward As previously reported Prior year adjustment 12.120.153 1.432.790 7.440,477 20.993.420 21,738,810 11.392,2061 As restated 12,120.153 1,432.790 7.440,477 20.993.420 20,346,604 TOTAL FUNDS CARRIED FORWARD 13,936,859 1.841,484 7,440,477 23,218,820 20,993,420 The notes form part of these financial statements CHURCHER'S COLLEGE Page 30

CHURCHER'S COLLEGE CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31ST AUGUST 2024 2024 Total funds 2023 Total funds Unrestrided funds Restricted funds Endowment funds Notes FIXED ASSETS Tangible assets Investments Investments Investment property 14 22.605,766 7,440.477 30.046.243 30,581,817 16 17 6,671,916 15.150 1.330,OIX) 6,687,066 1,330,000 11.256 950.000 29.277.682 1.345,150 7,440.477 38.063.309 31,543,073 CURRENT ASSETS Stock5 Debtors Cash at bank and in hand 18 19 1.333 559,399 1,949,178 1.333 559,399 2,445,512 735 348,695 479,229 496.334 2,509,910 496.334 3,006,244 828,659 CREDITORS Amounts falling due within one year 20 18.165.882) {8,165,8821 16,002,450) NET CURRENT UABILITIES 15.655.972) 496.334 {5,159,6381 15,173,791) TOTAL ASSETS LESS CURRENT LIA81LITIES 23.621.710 1,841,484 7.440,477 32.903.671 26,369.282 CREDITORS Amounts falling after more than one year 21 19,684.8511 19.684.851) 15.375.862) NET ASSETS 13,936,859 1,841.484 7.440,477 23.218.820 20,993,420 FUNDS Unrestricted funds Restricted funds Endowment funds 26 13.936.859 1.841,484 7.440,477 12,120,153 1,432,790 7.440,477 TOTAL FUNDS 23.218.820 20,993,420 The financial stateme bv: ere ap roved by the Board of Trustees er 2024 and were signed on its behalf C Strick- Chairman Bloomer- Wice Chairman The notes form part of these financial statements . CHURCHER'S COLLEGE Page 31

CHURCHER'S COLLEGE BALANCE SHEÉT FOR THE YEAR ENDED 31ST AUGUST 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Endowment funds Notes FIXED ASSETS Tangible assets Investments Investments Investment property Is 20,842.158 7.440.477 28.282,635 28,911.032 16 17 8,271.916 15,150 1.330.0(KI 8,287,066 1.330,000 1,611,256 950,000 29,114.074 1.345,150 7.440,477 37.899,701 31.472.288 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 18 19 1.333 836,769 1,940.431 1,333 836.769 2.436,765 735 451,784 471,776 496.3YI 2.778.533 496.334 3.274.867 924.295 CREDITORS Amounts falling due within one vear 20 18.136.014) {8,136,0141 {5,922,671) NET CURRENT LIABILITIES 15,357,481) 496.334 14,861.147) 14,998,376) TOTAL ASSETS LESS CURRENT UABILITIES 23.756.593 1.841,484 7.440,477 33,038.554 26,473,912 CREDITORS Amounts falling after more than one year 21 19.684.851) 19,684.8511 15,375,862) NET ASSETS 14,071.742 1.841.484 7,440,477 23.353,703 21,098,050 FUNDS Unrestricted funds Restricted funds Endowment fund5 26 14.071.742 1.841,484 7,440,477 12.224,783 1,432,790 7,440,477 TOTAL FUNDS 23.353,703 21,098,050 The by.. ncial stateme roved by the Board of Trustees on 5, 24 and were signed on its behalf C Strick- Chairman loomer- Vice Chairman The notes form part of these financial ststements CHURCHERS COLLEGE Page 32

CHURCHER'S COLLEGE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST AUGUST 2024 2024 2023 Notes Cash flows from operating activities: Cash generated from operation5 10,194,168 837.509 Cash flows from investing activities: Purchase of tangible fixed assets Reduction in cost of tangible fixed a55ets Purchose of fixed asset investments Purchase of investment properties Dividend & interest received 1809,3261 660.650 16,605,969) 1380,0001 82.114 {1.914.7581 3,159 Net cash provided by (used in) Investln8 actlvltles 17.052,5311 {1,911,5991 Cash flows from flnan¢ln8 actlvlties: Bank loan received Loan repayments in year 1256,2911 1249,603} Net cash provided by (used In) financln8 activitie5 1256,2911 1249,603} Change In cash and cash equivalents In the reportlng period Cash and cash equlvalents at the beginning of the reporting period 2.885,346 11,323,693} 1439,8341 883,859 Cash and cash equivalents at the end of the reporting period 2.445,512 1439,8341 The notes form part of these financial statements CHURCHER'S COLLEGE Page 33

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST AUGUST 2024 RECONCILIATION OF NET INCOME TO 14ET CASH FLOW FROM OPERATING AcrivmES 2024 2023 Net Incomel{expenditure) for the reporting period las per the statement of flnantlal actlvities) Adjustments for: Gainlllossesl on defined benefit scheme Depreciation of fixed assets Dividends & interest received Ilncreasel/decrease in stocks Ilncreaselldecrease in debtors Increaselldecreasel in Creditors 2,155.559 489,917 158,204 624,276 13,1591 1711 676,156 11.107,8141 684,250 182,1141 {5981 1210,7041 7,647,77S Net cash provlded by operating artivftles 10,194,168 837,509 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and in hand Overdrafts falling due within one year 2.445,512 479,229 1919,0631 Total cash and cash equivalents 2,445,512 1439,8341 The notes form part of these financial statements AI CHURCHER'S COLLEGE Page 34

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 STATEMENT OF COMPLIANCE Churcherfs College is a Public Benefit Entity registered as a charity in England and Wales and is a tompany limited by guarantee. The members of the company are the Governors who are also Diredors of the company. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 for all serving Governors. It was incorporated on 12 June 2017 Itompany number 10813349} and registered as a charity on 14 July 2017 (charity number 1173833). The registered office is Ramshill, Petersfield, Hampshire GU314AS. The financial statements are presented in sterling which is the functional currency of the group and rounded to the nearest pound. The Group's financial Statements have been prepared in compliance with FRS 102 as it applied to the financial statements of the Group for the year ended 31st August 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ACCOUNTING POLICIES Basls of preparlng the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 'Accountin8 and Reporting by Charities: Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Att 2011. The financial statements have been prepared under the historical cost convention with the exception of investments and certain tangible fixed assets which are included at market value. Consolidation The financial statements incorporate the results of Churcherfs College and its wholly owned subsidiary Churcherfs College Enterprises Limited Icompany number- 05770329), prepared on a line-by-line basis. Exemption has been taken from including the unconsolidated statement of financial activities of Churcher's College in accordance with section 408 of the Companies Act 2006. Critlcal accounting judgements and key sources of estimation uncertalnty In the application of the accounting policies. Directors are required to make judgement, 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 afferted current and future periods. In the view of the trustees. 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. CHURCHER'S COLLEGE Page 35

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 ACCOUNTING POLICIES- continued Fees and Similar Income Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deductin8 allowances. scholarships and other remissions granted by the school, but include contributions received from Restricted Funds for scholarships, bursarie5 and other grants. Fees in advance comprise fee payments made by instalment before the start of the financial year and a small number of lump sum fee prepayment amounts. Investment income Investment income from dividends. bank balances and fixed interest securities is accounted for on an accruals basis. Income from investment properties is accounted for in the period to which the rental income relates. Pupll deposlts A deposit is held by the College in respect of each pupil for the duration of their schooling. It is refunded when the pupil leaves less any final charge5. Donations Donations receivable for the general purposes of the Charity are credited to Unrestricted Funds. Donations for purpose5 restricted by the wishes of the donor are taken to Restricted Funds where these wishes are legally binding on Churcher's College Governors. except that any amounts required to be retained as capital in accordance with the donor's wishes are accounted for instead as Endowments - permanent or expendable according to the nature of the restriction. Expendlture Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevaTtt categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates. Support costs comprise the costs of running the charity. including the strategic planning for its future development, also internal and external audit. any legal advice for the Churcher's College Governors, and all the costs of complying with constitutional statutory requirements. such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public actountability. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure. Operatlng leases Rentals payable under operating leases are charged in the SOFA on a straight-line basis over the lease term. Assets in the course of constiurtion Expenditure incurred in relation to C3Pltal building projects is treated as assets in the course of construction until practical completion when all expenditure is reviewed and reclassified to the appropriate class of tangible fixed asset. . CHURCHER'S COLLEGE Page 36

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENfs- CONTINUED FOR THE YEAR ENDED 315T AUGUST 2024 ACCOUNTING POLICIES- continued Tangible fixed assets Expenditure on the acquisition, construction or enhancement of land and buildings costing more than £10,000 together with vehicles, furniture, machinery. ICT infrastructure and other equipment are capitalised and carried in the balance sheet at historical cost. In certain circumstances, where part of an asset is replaced but the original attributable cost is not a5certainable. a reasonable estimate of the cost. if material, has been used. Other expenditure on equipment and repairs and maintenance Iwhi¢h include an element of irnprovementl is regarded as incurred in the normal day-to-day running of the school and its subsidiary and is charged to the Staternent of Financial Activities as incurred. Oepre¢lation The freehold college land. and buildings under the Pennanent Endowment are not depreciated. Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices. in equal annual instalments over their expected useful economic lives as follow5: 20-IW years.. 3 -10 years- 5 years: New building5 and improvements to buildings {unle5s subject to revaluation) Fixtures fittings and school equipment Motor Vehicles Investment property Investment property is shown in the financial statements at the trustees, estimated valuation and this is reviewed annually. Any aggregate surplus or deficit arising from changes in market value is transferred to the Statement of Financial Activitie5. Stoeks Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow- moving items. Taxation The charity is exempt from tax on its charitable activities. Fund accountlng The charitable funds of the College are accounted for as unre5trirted or restricted income, or a5 endowment capital, in accordance with the terms imposed by the donor5 or any appeal to which they have responded. Unrestrlcted income belongs to the College's corporate reserves. spendable at the discretion of the Governors either to further the College's Objects or to benefit the College itself. Where the Governors decide to set aside any part of these funds to be used in future for some spetifit purpose, this is accounted for by transfer to the appropriate designated fund. Restrlcted income comprises gifts, legacies and grants vthere there is no capital retention obligation or power but only a restriction to some 5pecifit purpose intended by the donor. Permanent endowment represent5 certain land & buildings not transferred to the company but remain under the control of the predece550r charity Churcherfs College as detailed within the Charity Commission scheme approved on 31 August 2017. Investments Investments are valued in the balance sheet at their mid-market value at the balance sheet date. Investments management costs are accounted for as incidental costs of the acquisition or disposal where transaction-based, while investment income management costs are charged as expenditure out of the relevant income funds. CHURCHER'S COLLEGE Page 37

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 ACCOUNTING POLICIES- ¢ontlnued Goln8 concern The trustees consider that there are no material uncertainties that may cast doubt about the group's ability to continue as a going concern. Pension costs and other post-retirement beneffts The charity operates two defined benefit pension schemes. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Artivities in the period to which they relate. The School participates in the Teachers. Pension Scheme I'the TPS'I for its teaching staff. The pension charge for the year includes employer contributions payable to the TPS of £1.442,780 and at the year-end there was no outstanding amount due in respect of contributions to this Scheme. The TPS is an unfunded multi*mployer defined benefits pension scheme governed by the Teachers, Pension Scheme Regulations 2014. Member5 contribute on a "pay as you go" ba5iS Wlth contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set following scheme valuatlons undertaken by the Government Actuary'5 Department. The latest actuarial valuation of the TPS was prepared as at 31 March 2020 and the valuation report, which was published in October 2023. The employer contribution rate for the TPS has been set at 28.68% with effect from l April 2024. The valuation a5 at 31 March 2020 will determine the opening balance of the cost cap fund and provide an analysis of the cost cap as required by the Public Service Pensions Act 2013. Following a consultation with staff in 2022-23 the school capped the net cost of its TPS employer contributions at 23.68% by amending its employment contracts such that employees are required to fund any such increases through an adjustment to their salaries should they choose to remain in the TPS. This meant that there was no impact on the school from the increase in the employer contribution rate to 28.68% on l April 2024 and nor will there be any impact from any future increase in the rate. The School also participates in the Hampshire Pension Fund ("the HPF") for its non-teaching support staff. The HPF is part of the Local Government Pension Scheme and is administered by Hampshire County Countil. The HPF is governed by the Public Service Pensions Act 2013. It is a contributory defined benefit pension scheme dministered by H3mpshire County Council to provide pensions and other benefits for pensionable employees of Hampshire County Council. Portsmouth and Southampton City Councils. the 11 district tounclls in Hampshire. and a range of other scheduled and admitted bodies (under admi55ion agreements) within the county area including the school. The Fund is overseen by the Pension Fund Panel and Board. which is a committee of Hampshire County Council. The surplus in the scheme is recogni5ed in the financial statements in accordance with FRS 102. The expenditure recognised in the SOFA during the year is allocated to charitable activities. The scheme was revalued in April 2023 with the employer contributions rising from 23.1% to 23.4%. During the previous year the school launched a new defined contribution pension scheme, Aviva Pension Trust for Independent Schools IAPTISI, as an alternative scheme to the TPS with equivalent employer contribution levels and flexibility for employees on the level of their contributions. As at 31 August 2024 a total of 34 employees were enrolled in this scheme and employer contribution5 were £256,543 in the current financial year. In addition to providing pension contributions for current employees. the School also pays a pension to a former employee as shown within staff costs. CHURCHER'S COLLEGE Page 38

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 315T AUGUST 2024 DONATIONS AND LEGACIES- GROUP 2024 2023 Development donations Donations from Richard Churcher Foundation Fund 102.508 459.788 186,670 157,739 562,296 344,409 OTHER INCOMING RESOURCES- GROUP 2024 2023 Tuck Shop income Lettings Trading income Churcherfs College Enterprises Limited Disposal of asset 1.269 35.012 188.966 1,162 25,798 170,287 400 225.247 197,647 INVESTMENT INCOME-GROUP 2024 2023 Rental Income Dividends & interest received 42,750 82,114 42,750 3,159 124,864 45,909 INCOME FROM CHARITABLE AcllviTIES- GROUP 2024 2023 Artivity Education and grant making Education and grant making Education and grant making Education and grant making Gross school fees Entrance and registration fees Lunches and milk Other income (excl shop income) 22.971,535 50,000 1,007,622 572,828 20,608,370 52,298 888,890 54,535 24,601,985 21.604,093 RAISING FUNDS-GROUP Ralsinz donations and legacles 2024 2023 Raising donations and legacies- Richard Churcher Foundation 59,758 23,082 CHURCHER'S COLLEGE Page 39

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATEO FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 CHARITABLE AcnviTIES COSTS- GROUP Grant funding of activities Support costs {See note 9) (See note 101 Direct costs Totals Education and grant making Trading costs: CCE 20.824,292 325,073 2.050,474 95,738 3.498 22,970.504 328,571 21,149,365 2.050.474 99,236 23,299,075 GRANTS PAYABLE- GROUP 2024 2023 Bursaries and other grants and awards 2.050.474 1,833,799 io. SUPPORT COSTS- GROUP 2024 2023 Legal fees Auditors remuneration Accounts preparation serVi￿S Tax advisory services 75.386 17,230 6.120 500 95,901 18,720 5,700 500 99,236 120,821 ii. TRUSTEES. REMUNERATION AND BENEFITS- GROUP There were no trustees, remuneration or other benefits for the year ended 31st August 2024 nor for the year ended 31st August 2023. Trustees, expenses During the year, one trustee was reimbursed a total of £83 for travel and 5ubs1Sten¢e expenses12023.. £2.561). 13. STAFF COSTS- GROUP 2024 2023 Wages and salaries Soci31 security costs Other pension costs and apprenticeship lewi 10,733,724 1,161,872 2,309,791 9,663.659 1,053,568 2,095,189 14,205.387 12,812,416 CHURCHER'S COLLEGE Page 40

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 13. STAFF COSTS- GROUP contlnued None of the Trustees received any remuneration or other benefrts from Churcher's College or from any connected body. There were ten employees who are considered to be Senior Management within the College. Their total remuneration durin8 the year amounted to £1.093,655. The highest paid member of the Senior Management Team reteived total remuneration amounting to £244,854 excluding pension contributions. The average monthly number of employees duringthe year was as follows- 2023124 146 34 31 19 14 2022123 141 33 26 18 13 Teaching Administration Technicians Cleaners Site Nurses 248 234 2023124 2022123 Number of higher paid employees in bands of: £60.0(M)- £70,000 £70.001- £80,000 £80,001- £90,000 £90,001- £IOO,O¢XI £ioo.ooi - £iio,000 £110.001- £120.000 £120.001- £130.000 £130.001- £140,000 £140.001- £150,000 £150.001- £160,000 £160,001- £170.000 £170,001- £180,000 £180,001- £190,000 £190,001- £200,000 £200,001- £210,000 £210.001- £220,000 £220,001- £230,000 £230,001- £240,000 £240.001- £250.000 32 19 The number with retirement benefits accruing in Defined Benefit schemes was Of which the contributions amounted to 238 £822.153 229 £789,245 4&. CHURCHER'S COLLEGE Page 41

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YÉAR ENDED 31ST AUGUST 2024 14. TANGIBLE FIXEDASSETS- GROUP Freehold property Plant and machinery Motor vehicles Computer equipment Totals COST At 1st September 2023 Additions Reduction in cost 31,864.109 485.225 1660,6501 1.074,042 316,070 32.990 710,221 8,031 33,681,362 809,326 1660,650) At 31st August 2024 31.688.684 1,390,112 32,990 718,252 33,830,038 DEPRECIATION At 1st September 2023 Charge for year 2.642,151 420.671 269.629 113,331 6,598 6,598 181,167 143,650 3,099,545 684,250 At 31st August 2024 3,062.822 382,960 13.196 324.817 3,783,795 NET BOOK VALUE At 31st August 2024 28,625,862 1,007.152 19,794 393,43S 30,046,243 At 31st August 2023 29,221.958 804.413 26,392 529,054 30,581,817 In the opinion of the trustees all property assets should remain in these financial statement5 at historical cost. During the financial year a dispute was settled in respect of additional costs incurred in the construction of the Goodfield building. This resulted in a reduction in the overall build costs of £660.650 as disclosed in the note above. CHURCHER'S COLLEGE Page 42

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST Z024 15. TANGIBLE FIXED ASSETS- CHARITY continued Freehold property Plant and machinery Motor vehicles Computer equipment Totals COST At 1st September 2023 Additions Reduction in costs 29.693.308 485,225 1660.6501 1,029,624 168,138 32.990 710,221 8,031 31.466,143 661,394 1660,6501 At 31st August 2024 29.517,883 1.197.762 32,990 718,252 31,466,887 DEPRECIATION At 1st September 2023 Charge for year 2,097,717 374,574 269.629 104,319 6.598 6.598 181,167 143,650 2,555,111 629,141 At 31st August 2024 2.472,291 373.948 13,196 324,817 3.184,252 NET BOOK VALUE At 31st August 2024 27,045,592 823.814 19,794 393,435 28,282,635 At 31st August 2023 27.595,591 759,995 26,392 529,054 28.911,033 16. FIXED ASSET INVESTMENTS- GROUP Listed Investments MARKETVALUE At 1st September 2023 Additions Revaluations 11,256 6,605,969 69.841 At 31st August 2024 6,687.066 NET BOOK VALUE At 31st August 2024 6,687.066 At 31st August 2023 11,256 CHURCHEII'S COLLEGE Page 43

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAI STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 16. FIXED ASSET INVESTMENTS- CHARITY Share5 in group undertakings Listed investments Totals MARKET VALUE At 1st September 2023 Additions Revaluations 1.6(N).000 11,256 6,605,969 69,841 1,611,256 6,605,969 69,841 At 315t August 2024 1,600,0(K) 6,687,066 8,287,066 NET BOOK VALUE At 31st Au8USt 2024 1.600,0 6,687,066 8,287,066 At 31st August 2023 1.61XJ.000 11,256 1,611,256 The investment in the subsidiary company was made to enable it to construct certain buildings that are used primarily by the Charity. Those assets were revalued to £1.600.000 in the financial statements of the company at 31 August 2018. Thi5 revaluation has been reversed in the financial statements of the subsidiary and the assets are now depreciated. The net book value of those assets is £1.580.271 and therefore the trustees do not consider any change is required to the value of the investment as at 31 August 2024. The listed investments are held and administered by Cazenove Capital. The investments are in a variety of UK Government Treasury Stocks and Gilts with maturity dates between 2025 and 2030. There were no investment assets outside the UK. Subsidiary Chur¢hers College Enterprises Limited Nature of business.. Operation of Sport Facilities Class of shares- Ordinary holdin8 IC().(M) 2024 2023 A88regate capital and reserves Turnover Profitllloss) for the year 1.465.117 305,248 130.2531 1,495,370 271,760 1170,0381 CHURCHER'S COLLEGE Page 44

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 17. INVESTMENT PROPERTY- GROUP AND CHARITY MARKET VALUE As at 1st September 2023 Additions 950,000 380.OCrf) At 31st August 2024 1,330,0 NET BOOK VALUE At 31st August 2024 1,330,000 At 31st August 2023 950.000 The investment properties were informally valued by the trustees as 31 August 2021 by reference to local market conditions and value of similar properties in the are3. The addition during the year is stated at cost. 18. STOCKS- GROUP AND CHARITY 2024 2023 Stocks 1.333 735 19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR GROUP CHARITY 2024 2023 2024 2023 Trade debtors Other debtors Amounts owed by related undertaking Prepayments and accrued income VAT 136.989 6.596 257,831 3,259 136.617 6.588 282,501 411.063 258,705 3,259 105,072 84.748 411.063 4.751 84,748 2.857 559.399 348,695 836.769 451,784 20. CREDITORS: AMOUNTS FALLING DUE WIThIN ONE YEAR GROUP CHARITY 2024 2023 2024 2023 Bank loans and overdraft (see note 231 Fees received in advance lsee note 22) Trade creditors Deposits from parents Other creditors Accrued expenses and deferred income 262.864 6.066.608 1.095.782 136.867 132.660 471.101 1.175,169 3,486,564 685,565 127,6 154,798 372,754 262.864 6.066.608 1.069.464 136.867 132.610 467.601 1,175.169 3,486,564 660,448 127,600 154,758 318,132 8.165.882 6.002,450 8,136.014 5,922,671 CHURCHER'S COLLEGE Page 45

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 21. CREDITORS: AMOUNTS FALUNG DUE AFfER MORE THAN ONE YEAR GROUP CHARITY 2024 2023 2024 2023 Bank loans (see note 231 Fees received in advance (see note 22) Deposits from parents 3,629.514 4.946,212 1.109,125 3,892.563 4S8.407 1.024.892 3,629,514 4.946,212 1.109.125 3.892.563 458,407 1,024,892 9,684,851 5.375,862 9,684,851 5,375,862 zz. FEES IN ADVANCE SCHEME- GROUP AND CHARITY Included within fees in advance are amounts from parents who pay by direct debit in advance of the next terms invoice which totalled £2.758,307 {2023- £2,907.710). The remaining element is where parents enter into a contract to pay tuition fees in advance for up to seven years. Fees in advance are generally non-refundable and may only be returned subjed to specific conditions on the receipt of notice of withdrawal of the pupil. Assuming pupils will remain in the College, fees in advance will be applied as follows.. 2024 2023 Within one year Within one to two years Within two to five years 3.308,301 2.092.540 2.853.672 578,854 226,717 231,690 8.254.513 1,037,261 CHURCHER'S COLLEGE Page 46

CHURCHER'S COLLÈGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 23. LOANS- GROUP AND CHARITY An analysis of the maturity of loans is given below: 2024 2023 Amounts falling due within one yearon demand- Bank overdraft Bank loans 919,063 256,106 262,864 262,864 1.175.169 Amounts fallin8 due between two and fNe years: Bank loans - 2-5 years 1.127,844 1,097,338 Amounts falling due in more than five years: Bank loans more Syr 2,501.670 2,795,225 The bank loans disclosed above are made up as follows- Goodfield Project Development The charity entered into a phased drawdown loan with Lloyds Bank plc in July 2019 to support the construction of the new buildings on the Senior School site. The maximum facility available wa5 £4.500,000 and as at 31 August 2023 £4,500,000 ha5 been drawn in four tranche5 of £1.000.1￿0 in March 2020, July 2020. December 2020 and August 2021 and one tranche of £500.000 in March 2022. All tranches were subject to a capital repayment holiday until March 2022. Interest is being charged at the all-in rate of 2.905% in respect of the first tranche, 2.555% for the second tranche. 2.359% for the third tranche, 2.793% for the fourth tranche and 3.07% for the fifth tranche. The loan will be repaid over a fifteen year term. All loans are secured by way of a first legal charge over the freehold land and property owned by the charity together with an unlimited debenture. CHURCHER'S COLLEGE Page 47

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 24. PENSIONS The charity participates in the Hampshire Pension Fund which 15 a rnulti-employer defined benefit pension scheme administered by Hampshire County Council. The scheme was subject to a triennial valuation as at 31 March 2022 and the artuarial report was published on 31 March 2023. There is an overall surplus within the scheme at the valuation date. Using a lower risk funding level of 102.3% the share of the surplus attributable to Churcherfs College as at 31 March 2022 amounted to £219,000. The charity was previously required to make contributions over a 16 year period to earlier deficits within the scheme but these contributions ceased during the year having repaid a further £20.000. An over payment of the fixed contributions resulted in a refund of £8,334 being paid back to the school. The remaining deficit included in the financial statements at the date contributions ceased was £158.204. Given the overall surplus this liabilitywas reduced to nil in the financial statements for the year ended 31 August 2023. We understand the Government Actuarfs Department are currently investigating the consequences of the Virgin Media legal case on the Hampshire Pension Scheme. At this point in time there remains insufficient information to assess the potential impact, so we are unable to quantify it. This will be kept under review. 25. LEASING AGREEMENTS- GROUP AND CHARITY Minimum lease payments under non-cancellable operating leases fall due as follows.. 2024 2023 Within one year Between one and five years 94,169 175,640 73,463 83,897 269.809 157,360 CHURCHER'S COLLEGE Page 48

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 26. MOVEMENT IN FUNDS- GROUP Net movement in funds At 31.8.24 At 1.9.23 Unrestricted funds General fund 12.120,153 1.816,706 13.936,859 Restrlcted funds RCF 1.432.790 408,694 1,841.484 Permanent Endowment Fund 7.440.477 7,440.477 TOTAL FUNDS 20,993,420 2,225,400 23,218,820 Net movement in funds. included in the above are as follows.. Incoming resources Resource5 expended Gains and Movement in losses funds Unrestricted funds General fund 25.(K)4.014 123,253.2551 65.947 1,816,706 Restricted fund5 RCF 510.378 1105.5781 3.894 408,694 Permanent Endowment Fund TOTAL FUNDS 25,514.392 123.358,8331 69,841 2.225,400 The trustees have agreed that the Permanent Endowment Fund should be made up of those assets transferred to Churcher's College under the Charity Commission Scheme dated 31 August 2017 as adjusted by the revaluation carried out on I September 2017. Any additions to those assets and 3sSOClated depreciation will be treated a5 part of unrestricted fund5. CHURCHER'S COLLEGE Page 49

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 26. MOVEMENT IN FUNDS-GROUP continued Comparatlve movement lfi funds At 1.9.22 Prior year adjustment Net movement in funds At 31.8.23 Unrestrlrted funds General fund 9.975.601 1,571,270 573.282 12.120.153 Restrlrted funds RCF 1,359.256 73,534 1,432,790 Permanent Endowment Fund 10,403.953 (2.963.476) 7,440,477 TOTAL FUNDS 21.738,810 11.392,2061 646,816 20,993,420 Net movement in funds, included in the above are as follows- Incoming resources Resources expended Gains and Movement in losses funds Unrestrlcted funds General fund 21.959.479 121.544.4011 158.204 573.282 Restricted funds RCF 232.579 {157.7401 11,3051 73,534 Permanent Endowment Fund TOTAL FUNDS 22.192,058 121,702,141) 156,899 646,816 CHURCHER'S COLLEGE Page SO

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 26. MOVEMENT IN FUNDS- CHARITY continued Net movement in funds At 31.8.24 At 1.9.23 Unrestricted funds General fund 12.224.783 1.846,959 14,071,742 Restrlcted funds Richard Churcher Development Fund 1.432.790 408.694 1,841,484 Endowrnent funds Endowment fund 7.440,477 7,440,477 TOTAL FUNDS 21,098,050 2,255,653 23,353,703 Net movement in funds. included in the above are as follows. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlrted funds General fund 24.821.979 123.040,9671 65,947 1.846,959 Restricted funds Richard Churcher Development Fund 510.378 {105,578) 3.894 408,694 TOTAL FUNDS 25.332,357 123,146,545) 69,841 2.255,653 . CHURCHER'S COLLEGE Page 51

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENOEO 31ST AUGUST 2024 26. MOVEMENT IN FUNDS- CHARITY contlnued Comparatfve movement In funds At 1.9.22 Prior year adjustment Net movement in funds At 31.8.23 Unrestrirted funds General fund 9,975,597 1.505.866 743,320 12.224.783 Restrlcted funds RCF 1,359,256 73.534 1.432.790 Permanent Endowment Fund 10.403.953 12.963.476) 7,440,477 TOTAL FUNDS 21.738,806 11,457,610) 816,854 21.098.050 Net movement in funds, included in the above are as follows- Incoming resources Resources expended Gains and Movement in losses funds Unrestrlcted funds General fund 21.795.657 (21.210.541) 158.204 743,320 Restricted funds RCF 232,579 {157.740) 11.3051 73,534 Permanent Endowment Fund TOTAL FLINDS 22,028.236 (21.368,281) 156,899 816,854 CHURCHER'S COLLEGE Page 52

CHURCHER'S COLLEGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST AUGUST 2024 27. RELATED PARTY DISCLOSURES- GROUP AND CHARITY During the year Churtherfs College charged £6,930 (2023: £6,465) to Churcherfs College Enterprises Limited for the provision of staff and administrative services. Churcherfs College Enterprises Limited charged Churcher's College £116.28212023: £101,473) for swimming pool hire. At the year-end £282,50112023.. £105,072 owed bv Churcherfs College) was owed by Churcherfs College. Mr R May, a trustee of the Charity and director of the Company. is also a director of Ramsac Llmited. During the year costs of £32,47312023- £10,712) were incurred by the school in respect of IT services from Ramsac Limited. . CHUKCHER'S COLLEGE Page 53