CLAREMONT Company Number.. 01262373 Charity number: 274664 FAN COURT SCHOOL THE CLAREMONT FAN COURT FOUNDATION UMITED IA Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1111 FI)XRFF 0710512026 COklPANIÉS HOUSE THE CLAREMONT FAN COURT FOUNfk4TION UMITEO {AcOrn￿ limited by Guarantee) CONTENTS CHAIRMAN'S STATEMENT...................................................................... ............... STRucfuRE. GOVERNANCEAND MANAGEMENT...................................................... . STFiATEGIC REPORT.................................. OBJECTS, AIMS, OBJEcfivES AND AcnvmES......................................................................................................... ACHIEVEMENTSAND PERFORMANCE..........-........................................................................................................... PUBUC BENEFIT................................................................................. .... .13 FUTURE PLANS........................................................................................................................................................1S STREAMLINED ENERGY AND CAR8ON REPORTING...............................................................................................17 FINANCIAL REVIEW.................................................................................. .19 RISK MANAGEMENT................................. .20 GOVERNORS AND CHARITYTRUSTEES...................................................................................................................23 OPINION..............................................................................................................................................................-...26 PROFESSIONALADVISERSTO THE SCHOOL............................................................-..-.....-.-...................................25 CONSOLIDATED STATEMENTOF FINANCIALAcnvrrES................................................................. .30 CONSOLIDATED BALANCE SHEET . -31 COMPANY BALANCE SHEEf....................................................................................................................................32 CONSOLIDATEO STATEMENTOFCASH FLOWS.........-............................................................................................33 NOTESTO FINANCIAL STATEMENTS........................................................................... .... .. . . 34-53 Page I THE CLAREMONT FAN COURT FOUNOATION UMITED IA Company Limited Guarantee) CHAIRMAN'S STATEMENT l am pleased to present the Trustees. Annual Report and Financial Statements of The Cla￿MOnt Fan Court Foundation Limiled for the year ended 31 August 2025. This year has been one of si8nifr.cant progress for the school. delivered against a backdrop of continued economic. political and regulatory challenge for the independent education sector as a whole. Thmughout the year, the Board of Govemors has remained steadfastly focused on safeguarding the long- term sustainability of the school while ensurin8 our pupils continue to benefit from a broad, ambitious and values.led education. Despite the challenges presented by rising operational costs, the introduction of VATfrom January 2025, the removal of business rates relief and an increase irb employer5. national insurance contributions, the school has navigated these pressures with care and clarity. Demand for places has ￿mained strong acT055 all age groups, and the quality of teachin& pastoral care and co-curricular opportunity continues to underpin our reputation in the local community. Educational standards remain high. We were delighted to see our pupils achieve the school's Stron8e5t A level and GCSE outcomes to date. with an outstanding level of added value to our academic achievements as well as an impressive array of university. apprenticeship and specialist pathway destinations. These achievements refiect the dedication and expertise of our teaching and support staff. who remain at the very heart of Claremont'5 svccess. Durin8 the year we continued to invest thou8htfully in our historic site and facilitr"es. ensuring that development5 were both educationalty purp05eful and financially sustainable, notably the expansion of the 5iYth form centre and improvements to the Joyce Grenfell performing art5 ¢entre. We are equally proud of the School's contr.nued commitment to public benefit. Claremont's ethos of service was reflerted in the breadth of fundrnising. volunteering and outreach inthatr.ves undertaken by staff and pupils throu8hout the year. The financial performance of the School remain5 robust. A surplus of £2.7m was generated. enabling us to continue investin8 in our people and site whilst ensuring our future resilience. The Board remains ViEilant in its oversight of risk, maintaining stron8 financial governance arbd ensurin8 the School is well-positi'oned to manage the uncertainties inherent in the current environment. Claremont Fan Court School stands today as a thrNing and ambitious community, led by its stronglv" rooted values. As we look ahead, we remain comrnitted to ensurinE that the School contr.nues to floLTrrish, providing Outstanding education and personal development for present and future generation5. kos&r g r MArfri Roger Martin Chair of Governors The Claremont Fan Court Foundation 2110412026 Page 2 THE CLAREMONT FAN COURT FOUNDATION LIMITED IA Company Lirnited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The trustee5 present their annual report together with the audited financial statements of The Claremont Fan Court Foundation Limited (the Company) foi the year ended 31 August 2025. The annual report Se￿e5 the purpose of both a trustee5' arKI a directors, report under company law. The trustees confirm that the annual report and financial statements of the Company cornply with current statutory requirements, the ￿quIrementS of the Company's governing document and the prov15ions of the Statement of Recommended Practi￿ ISORPI "A¢eounkn"ng and Reporting by Char￿"eS, applicable to charities preparing their accounts in accordance with the Financial Repo￿ng Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January 20151 as amended by Update Bullerin I leffertive l January 20191. STRUCTURE, GOVERNANCE ANO MANAGEME The Claremont Fan Court Foundation Limited was incorporated on 10 June 1976 and is registered with the Charity Commission under number 274664. It is constituted as a company limited by guarantee and registered in England. No. 01262373. The company is governed by its articles of association last amended on l August 2019. Governance and management The governance of the school is the responsibilty of the trustees (the "tmstees" andlor"governors"l. who apN)int the executive head and the Clerk to the governors. Williarn B Tierty is the executive head with re5ponsibilily for pupils aged 2 to 18 year5 across the whole school. The executive head delegates exetuts.ve ￿sponsIbl1￿￿eS to the key leadership team. The executive head and directors of finance arbd operats"on5 attend all 8overnors' rneetings. The head of the junior school attends èll plenary meet6n8S of the full governing body and some sulkcommittee meetings. Trustees are elected under the temis of the artitle5 of association and are elected or w-opted to committees according to their skills and experience and following the policy for the induction of 8overnors. Governo￿ are sought and selected according to the present and future needs of the school. balanced with the skills and experience of the current board of trustees. Governors are self-appointing and J nominations committee consider5 governor su¢ce55ion. The board enSU￿S at least two of the trustees shall be prattising Christian Scientists whilst recognising that they require appropriate skills and experience to fu￿1 their duties as trustees. Governors Jre appointed for a term of five years and may. upon re*lection. serve up to two temis. Induction and tfainin8 of trurtees All new trustees attend the school to see the day-twlay operation and to meet senior staff. New trustees rneet the chair of governor5. one or two othergovernors, the head and the direttors of finance and operation5. New governors receive key wlicies and p￿￿rtUreS. and the governor committee structure is explained. New governors a￿ ￿qUI￿d to undertake the Association of Governing Bodies of Independent Schools on-ltne training session for new trustees and to attend any further external training the chair of governors considers appropriate and helpful for their new role. Governors receive ￿gUlar ￿adIng material and trainin8 on the role and responsibilities of trustee and specific training where relevant. Page 3 THE CLAREMONT FAN COURT FOUNTh4TION UMITED (A Comp*ry limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31AUGUST 2025 Organisation and management A full goveming body meeting takes place at least three tr.mes each year. The work of decision- making and monitoring policies in the school is undertaken in a framework of formal sub-committees during the year including educakn"on. planning and development, finance and general purpose5 including health and safety IH&SI. and people, culture and governance Iformerty nominations). Governor working groups form when required- for example, over the review of staff pension provision. The trustees are clear that their main focus is on strategy. performance and as$urance rather than operational matters, wtth appmpriate delegation to the key leadershrp team. During the year. the key leadership team, comprising the head of the junior school. the whole-school deputy heads and bursar and chaired by the execub.ve head, meets weekly during term-time,. senior leaders induding deputy heads and support executive5 meet rnonthty and the senior management team convenes weekly during term-time. The junior school also holds weekly management meetings during term-tirne. Following the end of the academic year the key kadership team was restructured to include the direttor of operation5 and director of finance in place of the bursar. Structure and relationships The charity has one wholly owned nonaThy Limited by G￿raThle*1 TRUSTEES, REPORT FOR THE YEAR ENOEO 31 AUGUST 2025 Heritage open day The annual Heritage Open Day on Saturday 7 September 2024 saw the Claremonr mansion and grounds opened from 11.30am until 4.[￿1pM to members of the public. Guided tours with our resident historian were fulty booked and attendees enjoyed hearing the history of Claremont as they moved from room to room. The Mans￿)￿ was also free to explore with self-guided tOLtrs and ref￿shments available. This annual event is enjoyed greatly by visfrtors giving the opportunity to visit the Claremont ManS￿D and grounds and See the history of Claremont. Fundraisin8 *ti¥ities and other incomegenefation The Annual Giving Fund continued to receive donations during the year from those with an existing connection with the School. Notab￿. the Heritage Fund received a generous pledge towards the restOTatr"on of one of the historic mansbon classrooms. Charlotte's Room, allowing ihis important project to be completed. FUTURE PLANS Teaching and learning The school is continuing to deliver on its vision as an all-through co-educational school where there is cogency and consistency in the how we deliver our curriculums to ensure the pupil journey remains excitin& progressive ènd nurturing. We continue to ensure that curriculums are diverse and that we are able to build bespoke pathways for individual pupils that allow them to enjoy their studies and reach their full potential. This includes embedding the three- year GCSE and the introdu¢tion of the Higher Project Qualification. The school, while not aggressively selectr¥e. delivers competitive and comparatNe outcomes and is targetin8 top IOJ in league tables and in excess of 85% of A level grades at A. to B and 60% at 9 to 7 at GCSE whilst prioritising value-added over pure grades. Claremont believes in recruiting and retaining talented and motivated colleagues and enabling excellent pro8ress in their career5. We will achieve this through excellence in recruitment and professional development. effective use of reviews and targeted training of our staff. backed up by greater aspiration to see our staff progress both here and in the sector. Development of school facilities The school notes that in it$ 2023124 Trustees, Report it Stated that it had appointed a consultant to help develop a new site development plan. In view of the irnpact of. inter alia. the imposition of VAT on independent school fees. the school is revisiting the ambition of this plan and tailoring it run alongside the current challenging economic environment. At the heart of ihis will be an exatling purposing or upgrading of exiskn"n8 facilifies Whe￿ feasible. delivering relative￿ Iow-c05t, high impact projects that will make a real difference to all member5 of the school Community. Page 15 ThE CiAREMONT FAN COUIIT FOUNDAnoN iIMITEO (A Cornpany Lirnited by Guarnnteel TRUSTEES. REPORT FOR THE YEAR ENDEO 31 AUGUST 2025 As a demonstration of this recalibrated approach, summer 2025 saw the delivery of a c05t-effective but extremely impactful extension to the 6 Form Centre and a repurposing of 2 of our tennis courts into a multi-surface area compatible as a poor weather playground but with markings for tennis, netball and football. to provide additional prartical space tor children across the school. The medium-terrn estate plan will incorporate significant enhancements to existing facilities as well as some e￿enSionS to current spaces and the development of some new spaces, leveraging areas of the school site which will be easier to develop k)ng-temi. As part of the development plan. the school will endeavour to work with lool authorities to enhance the ability for pupils to aC￿S the school safely by using public trdnsport. cycling or walking to get to school. As noted last year, the development plans also focus on delNering strong site security. A core piece of the security plan is the use of CCTV to this end, the school has completely revarnped its CCTV platform and rolled out additional cameras across the srte to ensure we cover areas of highest risk and to support the school's behavioural policy. This helps us balance our aim to keep the school's wonderful site as open as possible for all our users as well as ensuring we are compliant with all our safeguarding and other legal obli8aiion5 towards all user5 of the school site. The Surrey County Council School Organisation Plan 2020-2030 ￿cOgniSeS a statutory duty to provide parents with choice in the education of their children. Claremont Fan Court School is proud of its unique contribution to the local educatr.onal provision. and future development plans aim to reflect the school's disrinrt chararter whilst ￿tainIng keen focus on presetving our special heritage buildings and landscape. The school values high￿ its role in the local community, and development will be sen5ikn.ve to our neighbours and other members of the local community. as well as being guided by other stringent ￿annIng and heritage requirements. Financial plans The school is focussed on navigating the current financial and political challenges, including those presented by continuing inflation and the introdurtion of VAT in January 2025, the increase in employers, Nl contributions and the removal of business rates. relief. whilst delwering on the school's plan. It will achieve this through continual careful financial planning and modellin& monitored closely by the Finance and General Purp)ses Committee of the Board of Governors a5 well as the full board itself. Page 16 THE cLAREM0P￿ FAP4 COURT FOUNCIITION UMITED IA Company Um•ted by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 202S STrEAMLINED ENERGY AND CARBON REPORTING Energy consumptl Streamline Energy and Carbon Reporting ISECRI s a legislative ￿porting requirement for ￿rge companies. It mandates that all large companies must report on their operational energy consumption and associated emissions. A high-level b￿akdowfi of enew used and emissions generated is included in the table below. Associated greenhouse gas emissions have been calculated using the 202S UK Government 8reenhouse gas conversion factors for company reporting. Gas 2024/25 2023/24 1,969.123 1.995.404 360.271 364.959 360 365 Electricity 2024125 2023124 664.803 736.935 116,267 150.512 116 151 Transport 2024125 2023124 94.545 103.578 21.473 23.426 21 23 Total 2024125 2023124 2.728.470 2.835,917 498.011 538.897 498 539 Intenslty metric An intensity metric gives an indicator of carbon performance calculated per unit of an operaiional driver of the school's activities. It is considered that the werage number of pupils overthe year is the relevant operational drNer. For academic year 2024125. 1.186 pupils accounted for average emissions of 420kgCo2e per pupil 12023124, 1,162 pupi15 accounted for average emi55ions of 463kgCo2e per pupill. Energy efficiency The school site, by virtue of the age of much of it, is inherently inefficient from an energv perspective. Considerable work needs to be undertaken around the energy efficlency of its inlra5tructure. bearing in mind government-mandated Net Zero targets. This is to be undertaken within a context of listed building and heritage constraints and affordability. The school has continued to develop its long-temi sustainability plans focusing on the ulhmate replacement of its gas-fired heating infrastructure. improvement of the thermal efficiency of its buildings and the use. where possible. of climate-friendly power generation. The review, to be undertaken early in the 2025126 school year will include a survey of the school's current state. where immediate and longer-term efficiency gains can be made and consideration built into annual maintenance and capital expenditUTe budgets. The school will condurt an audit of its energy Supplie￿ wilh a view to reviewing the generation sources of their supply to the school. At this pjint. this largefy relates to its electricity consumption, Page 17 ThE CLAREMONT FAN COURT FOUNts4TION UMtTED IA Company Umitrd by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENOEO 31 AUGUST 2025 with a focus internally on usage. The school's boilers. and therefore heating. are 8as-pwe￿d. which leads to an internal focus on managing consumptr"on. gNen. as seen in the above C02 producDon table, 72% of the school s directly generated emiss*)ns come from tts usage of ga5. The school already has converted the vast majority of lighting acT05s its site to LED fitb"ngs. Caretakers cleaning staff ensu￿ all lights are switched off at the end of a working day and energy consuming devices, such as dgital teaching boards. are also powered down when not in use. Conscious of the potential carbon footprint of a puprl body of nearly 1,200 and staff in excess of 3CQ, the school is seeking to reduce where possible emissions from journeys to school and back home. Over 40% of the pupil body uses the school's home to School bus service, which is generally larger vehicles, reducing traffic volumes on the roads. Addttionalty, the School encourages ride-5haring. where possible to maximise the utilisation of individual cats, and the use of public transport where possible. The school has commenced the upglade of its minibus fleet to newer vehicles over the sumrner break in 2025, not only io ￿duce carbon emissions but also shift to contratt hire them, ensuring a continual renewal of ihe fleet and moves to newer. climate-friendly technology. as it develops. The 80al is within 2 years to ensu￿ all of the school's minibus fleet is at least Euro Cai 6 compliant and to change up the fleet further to electric or other sustarnably powered transmission a5 the technology also becomes more affordable. The school will further develop plans to encourage more pupils to use Publ￿ transport to get to school. wrih a goal potentially of providin8 shuttle 5ervice5 to the school from transport hubs. such as local rail stations. which C￿r￿ntI¥ serve5 Claygate and SLJrbiton in the evenings. This will have the further impact of reducing the number of cats coming onto the site on a daily basis. The School is also working with its residential neighbours to make access to the site more accessible on foot. This focuses on tryin8 to achieve a speed reduction on the Portsmouth Road. adjacent to the school's entrance there, and including safe crossing of the road from west to east and vice-versa, as well as improve the footpath from E5her and onto the school path. The school already offers a cycle to work scheme to its employees and work is ongoing to encourage where possible stronger uptske of the offering. The school has Int￿O$e￿ the depbyment of bike racks acr05S the site to encourage this. It does not yet offer a salary sacrifi.ce scheme for Ev's for slaff but will evaluate this lon8er term and consider the potentr.al of installing an electric charging infrastructure in the school. pu￿1$ are made aware of the dimate crisis as part of their generdl educarion and the School run5 an Eco Club, allowing pupils to discuss. debate and submit ideas on the school'5 energy efficiency and how it can improve. The aim is Very much to make pupi15 not only aware of the importance of this area but also to have a stake in how the sthool manages it long term. Nature at Claremont An embedded part of education at Claremont is making everyone * the school awa￿ of the natural beauty of our surroundings and the huge￿ valuable connection. not ￿85t from a wellbeing perspective. to the environment. The school was pleased to announce the introductiort of bee-hives at the School. with the goal over time of growing our community of bees. producing Claremont honey and utilising fully the educatr.onal value of hives. Page 18 THE CIAREMONT FAN COURT FOUN(V4TION LIMITED IA CornwThy Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 FINANCIAL REVIEW The Trustees are pleased to report that the sch¢)ol's operations produced a total surplus of £2,719k 12024.. £2,888kl. The overall income of £26.717k during the year ended 31 August 2025 was £1.945k 17.9%) higher than the previous year12024-. £24.772kl due to the combined effect of 5rnaller items notably higher net fee income line￿4$e of £1,4LX)kl, increased fees for extras includin8 trips1£294kl. the pre-registration VAT ￿claImI£ll4kj and increased bank interest received on treasury deposits and the investments (in¢￿aSt of £148kl. Total expenditure was £24.082k12024.' £22.1))4kl. The rise was predominantly due to increases in staff costs l+É1.642kl and depreciation1+£243kl. The political and economic backdrop remains thallen8ing with VAT on school fees being implemented from January 2025. Despite this. demand for places and forecast pupil numbers remain Strong. The Trustees have considered the impact of this on the schoofs financial posirion. This is discussed further under Risk Management below. Main source of fi•ndin8 The main source of funding is school fees. The onty endowment held by the Company is restricted funds for prizes, non-trading activities. bursar*s and to support the futu￿ development of the school. Reserves policy The aim of the reserve5 FKJIicy 15 to generate funds that can be reinvested into the charity's objects and future plans whilst maintaining sufficient cash reserves for emergenry purposes. The financial statement Shows the assets and liabilities attributable to the varlous funds by type and 5ummarise the year's movement on each fund. At the balance sheet date, total Un￿strIcte¢l funds in year endin8 31 August 2025 were £45,205k12024= £42,583kl, of which £6C(Ik were designated funds. principally represented by fixed assets. Total Te5tricted and endowed reserves were £1,370k12024= £1,273kl. The balance of cash at bank and in hand at 31 August 2025 was £12.492k12023'. £13,475kl. F￿e reserves at 31 August 202S were £1.388k12024: £2,116k deficit). Investment ￿lIc¥ and pèrforniance The schoofs memorandum of association permits the investment of monies without ￿StriCt10n. The school airns to invest only in the securities of companies whose business or activitywould not conflict with the aims of the foundation. While ￿COgnis1ng that income is an imporrant factor. investment emphasis is geared towards long terni capital 8rtywth- The fund holds a combination of fixed interest investments. shares in leading companies and/or colleth.ves (unit trusts/inve5tment trustsl. At 31 August 2025 the market value of the investment fund was £1.245.70812024.. £1,149.5881 producing an annual income of £22.354 12024.. £22.4931. a yield of 1.79%12024'. 1.96%). All incorne generated has been ￿-invested in the portfolio durin8 the year. Page 19 ThE CLAREMONT FAN COURT FOUNLK4TION UMITED IA Comp•Yrf Limitsd by Guarante) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Goin8 concern The board of governors has a reasonable expedation that the charity has adequate resource5 to continue in operational existence for the foreseeable future. RISX MANAGEMENT The governor5, a5 trustees. are responsible for overseeing th* the rt5ks the school faces are attively managed and mitr"8ated wherever possible. The key to ensuring this is a strong risk management frarnework. The school's primary duty is to ensure the care and wellbeing of bts pupils and staff and informs its systematic approach to risk poliry management. The fi'nance and general purwses committee reviews the school's intemal and external risk environment in detail and reports termty to all governors. Risk assessments and considerations also inform other committees. particularly. for example. the education cornmrttee in ￿SpeCt of safeguarding and health and safety committee la school-led committee wbth a governor permanently in attendancel in respect of the safety and accessibility of the school 51te for all it5 users. Reports Irom the School to 8overnoTS contain an assessment of risk, evaluatr.ons of any chanEes to risk profile. the recording of emerging risks and ￿cOMmendatiOnS for action where necessary. A Inon-exhaustivel summary of ihe key risks that the school has identified. reviews and seeks to address is given below. A brief description of the ways in which it does this also follows= Qualily of governance and oversight. Mitigated by ensuring frequent review5, ensuring 80vemors have complementary experien￿ and skill sets and ensurinB Irdnsparency and accountability across the school. Ensuring re8ulatory and other compliance. This includes meeting successfulty any ISI or other regulatory inspection. This was succesrfully achieved at ISI'S visit to the School in December 2024. Ongoing review by governors through committees and delegated action5. Review5. for example. of H&S compliance monitoring and the Single Central Register. Education quality and safeguarding. ThrouBh contr.nual review of our teaching and leamin8 processes and outcomes, coupled with strong prO￿sseS for ensuring the safety of all children. These a￿ supported by strong monitoring and ￿porting frameworks. IT and physical site security- Contr"nual upgrading of the school's IT estate, not onty to deliver better teaching and learning outcomes for pupils as well as ensuring the surrounding technital environment is robustly protected to sector-leading standards. Recent cyber attacks on high-profile corporates a5 well as in the educab.on sector have highlighted the risks we seek to mitigate and protect against. There is ongoing education of all usets of technologv across the school site. The school has upgraded its site security plan, enhancin8 it5 CC coverage across the site and reviewing plans for improving its physical boundary security where this is both practical and appropriate. As a relatively open Site. Cm plays a key part in the schoofs security plan, enabling the school to balance its desire to keep the srte as open as possible for all its users whi15t at the same time ensuring adequate protection for all within it. A key further element of risk mitigation is through the site-wide ability to lockdown all building5. The site. The school recognises how fortunate it 15 to have this site but also the burdens and restrictions tt places on the school's ability to develop it to meet its needs as an expanding school. The overall economic and political environments. The economic and political emiironments remain challen8in8 to na¥￿ate. with the affordability ot an independent ￿h0o1 education Page 20 ThE CLAREMONT FAN CIXIRT FOUNDAnON UMITED IA Comparry tirnited by Gu•rnnieel TRUSTEES. REPORT FOR THE YEAR ENDEO 31 AUGUST 2025 becoming ever more challenging. The school aims to mitigate this pressu￿ on its current and prospective parents through robust cost management. competitive pr￿Ing. offering support where it can to Pa￿ntS and continuin8 to provide a h￿h quality, value for money holistic offering for all it5 children. As a broader summary of the school's risk management and control process. where risk is categorised as medium to high. governors will assess and evaluate the impact and agree actions to mitigate and monitor. Measures in place include= Formal agendas and papers for all meetings of trustees. Clear and detailed terms of reference for each committee. xternal auditors, review of controls. policies and management accounting. Forrnal written policies. Established organisational structures and lines of reporting. Trustees with desi8nated responsibility for safeguarding, and health and safety. A strategic plan and an annual budget approved by the board of trustees. Verring procedures as required by law for the protection of the vulnerable. Proper delegation of authority and $eg￿gation of duties. STATEMENT OF TRusfEES' RESPONSIBILtnES The trLrstees are responsible for preparin8 the annual report and the financial statements in attordance wtth applicable law and the United Kingdom's Generalty Accepted Accountin8 Practice. Company law ￿qUireS the trustees io prepare financial statements for each financial year which give true and fair view of the state of affairs of the Group and the Company and of their incoming resources and applicats.on of resources, including their incorne and expenditure for that period In p￿paring these financial statements. trustees are required to.. select suitable accountinB policies and then appty them con515tently: observe the meihods and principles in the Charities SORP IFRS 1021,. make judgements and accountr.ng ests"mates that are reasonable and prudent,. stste whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financlal statements on the going concern basis unless rt is inappropriate to presume that the Group will continue in I￿SineSs. The trustees are responsible for keeping proper accounting records which disch)se with reasonable accuracy at any time the linancial position of the Group and the Company and enable them to ensure that the financial ststements comply Wbth the Companies Act 2(X)6. They are also responsible for 5afe8uarding the assets of the Group and hence fortakTrng reasonable steps for the prevention and detection of fraud and other irregularits"es. Provision of infomHtion to auditors So far as each of the trustees is awa￿ at the time the report is approved the￿ is no relevant audit information of which the Company's audr(ors are unaware. and the Trustees have taken all steps that Page 21 THE CLAREM¢YIT FA14 CIXJRT FOUNIX4TION UMITED (A Company l￿￿•ted by Gu¥antee} TRUSTEES. REPORT FOR THE YEAR ENDED 31AUGUST 2025 they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the avditows are aware of that inforrnation. AUOffORS Haysmac LLP ￿rna1ned as auditors during the year. They will be proposed for reappointment in accordance with section 485 of the Companies Art 21XI& The Trustees, Report. incorporarin8 a Strategic Report, was approved by the Board of Trustees. as the company dirertors. on 2110412026 and signed on the Board's behalf by.. ktrg6Y 4 r MA¥frc Ro8er Martin Chair of Trustees Page 22 THE CLAREMONT FAN COURT FOUNDATIOhl LIMITED {A Company Lirnited by Gu•ranttel REFERENCE ANO ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGusf 2025 GOVERNORS AND CHARITV TRiISTEES The Trustee5 in offKe during the year or since the year end are set out below. Trustees served throughout the year. except where indicated. Roger Martin BA IHonsl, Grad Dipl - Chair of Governov5 and Governor with special responsibility for Health & Safety Julian Braybrook 8Sc (Honsl. PhD. DSC (Hon). CChemFRS (appointed I September 20241 Moorad Choudhry BA (Honsl. MA. M8A, PhD, FCSI, FloD- Chair of People, Culture and Governante Committee Iresigned 4 D￿ember 20251 Andrew Halls OBE, MA Icantabl Deputy Chair of Governors Gabrielle Heyns LLM, LLB IHonsl lappointed 26 February 20261 Ceri Jones MA (Cantabl, MEd- Chair of Education Committee Angela Kelly BA {Honsl. Post Grad Dipl CIPD. FCIPD - Chair of People. Culture and Goveman Committee (appointed 4 December 20251 Sharon Maher BA (Honsl, GTP IQTSI, MBA lappointed 7 October 2024. resigned 25 March 20251 Pamela Mclntyre 8Ac¢, ICAS- Chair of Finance and General Purposes Committee Chris Paget BSC IHons1- Chair of Planning and D￿eloPment Commirtee Graham Papenfus B.Com. FIDPE, CFRE Keith PiEgott Helen Rider BA ljoint Honsl Steve Menzies BA Hons. FCMA, CGMA. MCMI lappointed 8 August 20251 Sub-committee membership for year ended 31 August 2025". F￿ance & General Purpose5 Committee Planning & Development Committee People, Culture & Govemante Committee CHAIR: Moorad Choudhry Education Committee CHAIR.. Ceri lones CHAIR.. Pamela Mclnty CHAIR: Chris Paget julian Brnybrook Moorad Choudhry Graham Papenfus Angela Kel Angela Kelly Graham Papenfus Keith P￿Ott Roger Martin Sharon Maher Keith Piggott Roger Martin Helen Ri(Jer The governors of the Claremont Fan Court Foundarion a￿ the Charitys tmstees under charity law and the director5 of the charitable company. Page 23 THE CLAREMONT FAN COURT FOUNDATION UMITED IACompany Lunited by Guarnnteel REFERENCE AND ADM1141STRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES ANO ADVISERS FOR THE YEAR ENDEO 31 AUGUST 2025 KEY MANAGEMENT PERSONNEL Key Leadership Team Head Head of Junior School Clerk to the Governors and Company Secretary Bursar Director of Finan Director of Operations Deputy Head Acadernic Deputy Head Pastoral Oeputy Head Staff Willtam 8rierly Bsc (Hortsl, PGCE Matthew Jelley BA (Honsl, MA Ed, PGCE Joanna Ogden Bsc IHons1. PGDip Level 7, MA, MA (resigned 13 August 20251 James Vincent LL8 (Honsl lappointed 14 August 20251 Joanna Ogden Bsc IHon51, PGDip Level 7, MA, MA Iresigned 13 August 20251 Rebecca Finnamore. BSC (Honsl. MSC. FCA James Vincent LLB IHonsl Huw Jones, 8A IHonsl. Mst jason Stanley Bsc (Honsl. PGCE. FRGS Lucy Smith, BA (Honsl, PGCE Other members of the Iley management petsonnel HeadofHR Head of IT Strategy Head of Estate and Operations Senior Deputy Head Iresigned 31 December 20241 Page 24 THE CLAREMONT FAN COURT FOUNDATION UMITED IA Company Limited by Gualantee) REFERENCE AND ADMINISYRATIVE DEfAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 PROFESSIONAL ADVISERS TO THÉ SCHOOL Bankers National Westminster Bank PIC 73 High st￿et Walton on Thames KT12 IDW Auditors Haysmac LLP 10 Queen Street Place London EC4R IAG Principal Solicitovs Veale Wasbrough Viiards LLP Nafrow Quay House Narrow Quay Bristol 8SI 4QA In¥estment advisers Rathbones Investment Management 30 Gresham Street London EC2V 7QN Registered olfice aaremont Fan Court SchLTh)I aaremont Drive Esher Krio 9LY Website vTh4w.claremont.net Page 25 THE CiAREMONT FAN C(XI(tT FoUN￿4TH)N LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITOKS REPORT TO THE MEMBERS OF THE CLAREMONT FAN COURT FOUNDATION UMITED OPINION We have audited the consolidated financial staiements of Claremont Fan Court Foundation Limited for the year ended 31 August 2025 which comprise the Con501idated Statement of Financial Activities, the Consoli(lated and Cornpany balance sheets. the Consolidated Statement of Cash Flows and notes to the financial 5tatement5, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generalty Accepted Accounting Practice). In our opinion the financial statements: give a true and fairview of the state of the group's and of the parent charitable company's affairs as at 31 Au8LlSt 2025 and of the group's and parent charrf(able companrfs net rnovement in funds, including rts income and expenditure for the year then ended,. have been propedy pre￿red in accordance with United Kingdom General￿ Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2CQ6. Basis for opinion We conducted our aLbdit in accordan￿ with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our ￿sponSibl11t1es under those standard5 are further described in the ALtditors' responsibilities for the audit of the financial statements seCt￿n of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and apPrOpr￿te to provide a basis for our opinion. Condusions relating to going conwn In auditing the financial statements, we have concluded that the tfU5tees' 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 collertively. may cast $18ntfKant doubt on the group's ability to continue a5 a going concern for a period of at least ￿e1Ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of thetrustees with respect to going concern are described in the relevant sections of this report. Page 26 THE CLAREMONT FAN COURT FOUNDATION IIMITEO (A Comyny ilmited by Guar•nteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CLAREMONT FAN COURT FOUNDATION UMITED Other Informa￿on The trustees are ￿sponSible for the other inforniation. The other inf0mlat￿n cornprises the information included in the Trustees, Report. Our opinion on the financial Statements doe5 not cover the other information and, except to the extent other4¥ise explicitly stated in our report. we do not express any fomi of assurance contlusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing y), consider whether the other information is materialty inconsistent with the financial statements, or our knowledge obtained in the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are reqUI￿d to determine whetherthere Is a rnaterial misstatement in the financial statements or material misstatement of the other information. If, based on the work we have perfomed, we conclude that there is a material misstatement of this Other information, we are required to report that fact. We have nothing to report in this regard Opinion on other matters prescribed bythe Companies kt 2W6 In our opinion, based on the work undertaken in the course of the audi1= the information given in the Trustees, Report (which includes the Strategic Report and the Directors, Report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is con515tent with the financial statements- and the Strategic Report and the Obrectors. Report included within the Trustees. Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by ex¢eplion In the light of our knowledge and understanding of thegroup and the parentcharitable companyand its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees. Report Iwhich incorporates the Strategic Report and the Directors, Report). We have nothing to report in respect of the followin8 matters in relation to which the Cornpanies Act 2006 requires us to ￿port to you rf. in our Opin￿n= adequate accountin8 records have not been kept by the parent charitable cornpany,. or the parent charitable company financtal statements are not in agreement with the accounting record5 and returns. or certain disclosures of trustees, remuneration specrfied by law are not made; or we have not received all the infomlation and explanations we require for our audit. Responsibblitles of truste￿ for the fin•n¢ial statements As explained more fully in the trustees, responsibilitie5 Statemenl, the trustee5 Iwho are also the directors of the charltable company for the purpose5 of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vbew, 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. Page 27 THE CiAREMONT FAN COURT FOUNCX4TION UMITED IA Company Lirnited by Guatsnteel INDEPENDENT AUDITO￿5 REPORT TO THE MEMBERS OF THE CLAREMONT FAN COURT FOUNDATION LIMITED In preparing the financial statement5, the trustees are responsible for assessbng the group's and the parent tharitable company's ability to continue as a going concern, disclosing. as applic8ble, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liq¢Jidate the group of the parent chantable company or to cease operations. or have no realistic alternative but to do so. Auditors, responsibilitie5 for the autht of the fina￿1•1 statements Our objectives are to obtain ￿asonable assurance a￿ut whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance but is not guarantee that an audit conducled in accordance with ISAS (UK) will always detect a material mi5Statement when it exists. m￿statements can arise from fraud or error and are considered material il, individually or in the aggregate, they coul(J reasonabty be expected to influence the economic decisions of users taken on the b8sis of these financial statement5. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our Tespon5ibilities. outlined above. to detect material misstatements in respect of irre8ularitie5, including fraud. The extent to which our procedures a￿ capable of detecting Ir￿gUlarItieS. including fraud is detailed below= Based on our understanding of the group and the environment in which it operates, we identrfied that the principal risks of non+compliance with laws and regulations related to The Education {Independent School Standards) Regulations 2014, safeguarding regulations. health and safety requirements, GDPR, employment law and thèrity law and we considered the extent to which non- compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a dirert impact on the p￿ParatIOn of the financial statements such as the Charities Art 2011 and Companies Act 2￿6 and consider other fa￿Or$ such a5 payroll tax and VAT. We evaluated management's incentives and opportunitie5 for fraudulent manipulation of the financial statements lincludlng the risk of override of contro151 and determined that the principal risks were related to the improper recognition of revenue and management bias in accotsnting estimates. Audit procedures performed by the engagement team included: ' Inspecting correspondence with regulators and tax authorities: Discussions with management including consideratKJn of known or suspected instances of non- compliance with laws and re8ulation and fraud- Evaluating wnarta8ement's controls designed to prevent and detect irregularities: Identrfyin8 and te5tin8journals- and Challenging assumptions and judgements made by management in their critical accounting estimates. Page 28 THE CLAREMONT FAN COURT FOUNfkiTION UMifED IA Companyilmited by Guarantsel INDEPENDENT AUDITOIVS REPORT TO THE MEMBERS OF THE ClAREMor￿ FAN COURT FOUNDATION UMITED Because of the inherent limitations of an audit. there is a risk that we will not detect all irre8ularities. includin8 those leading to a material misstatement in the financial statements or non-compliance with regulat*)n. This risk increases the more that compliance with a law or regulation is removed from the events and transaction reflected in the financial staternent5, as we will be less likelyto become 8ware of instance5 of non-compliance. The risk is also greater regarding irregularities o¢¢vrring due to fraud rather than error as fraud invO￿e5 intentional concealments, forgery, tollusion. omission or misrepresentation. A further description of our responsibilitie5 for the audit of the financial statements is kKated on the Financial Reporting Councivs website at.. www.frc.org.uvauditorsresponsibilities. Thi5 description fom)s part of Ouf auditorfs report. Use of our report. This report is ma(Je solely to the charttable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 21X)6. Ouraudtt 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 pemiitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work. for this report. or for the opinions we have fomled. Tracey Young ISeniorStatutoryAuditorl for and on beha￿of Haysmac LLP, Statutory Audrtor 10 Queen Street Place London EC4R IAG Date: 30 April 2026 Page 29 THE CLAREMONT FAN COURT FOUNtK4TILVI UMITED (A Company Llrnited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIALACTIVITES (INCORPORATING INCOME AND EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 AUGUST 2025 2025 Totsl 2024 Total Note Endowment Restrirted UDrestrirted funds funds lunds In¢offle and endowments from: Charitable activities Donations and legacies Other trading activitie5 Investments 26.124.688 26.124,688 24.323.259 73.731 102,146 83.675 149.178 149,178 172,892 318.209 340,563 192,673 28.415 17.386 Totsl income and endowments 17,386 33,383 26.665,806 26,716.575 24,772.499 Expenditure on: Raisin8 fund5 Charitable activities 8.750 2,499 123,097 134.346 318.999 23.947,663 23.947,663 21,685.447 Total expenditure 8,750 2,499 24,070,760 24,082,(M)9 22,004,446 Net income before net gains on investments 8,636 30,884 2.595,046 2,634.566 2,768,053 Net 8ainsllTrosses) on investment5 65.332 18.69) 83.992 119,656 Net ifft¢ome 73.968 49y4 2.595.046 2,718.558 2.887.709 Trènsfers between funds 126,8431 26,843 Net movement in funds 73,968 22.701 2,621.889 2,718,558 2,887,709 Reconciliation of funds: Total funds brought forward Net movement in funds 782.821 73, 490.241 22.701 42.583.358 43.856,420 40.968, 711 2,621,889 2.718,$58 2,887, 709 Total luftds carried forwartl 856.789 512.942 45.205.247 46.574.978 43,856,420 The consolidated Statement of Financial Acrivities irbcludes all gains and losses recognised in the year. All activities are continuin8. Comparative figure5 are provided in Note 27. The notes on pages 34 to 54 form part of these financial statements. Page 30 THE CLAREMONT FAN COURT FOUNOATION UMITED {A tornpaffji Lirnited by Guawantee} Company re8iStration number.. 01262373 CON50IIDATED BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Fixed asset5 Tangible assets Investments 12 13 43.817.644 1.245,708 45J)63,352 44,699.260 1.149.588 45,848.848 Current a55ets Oebtors Cash at bank and in hand 14 7.679.579 12,492,45S 20.1721134 851,740 13,475,340 14,327,080 Creditors= amounts falling due within one year 15 114.252.159) {8.444,510J Net current assets 5.919.875 5.882.570 Total assets less current liabilities 50.983.227 51.731.418 Debtors.. amounis due after more than one year 14 1.185.234 Creditors.. amounls falling due after more than one year 16 15593.4831 f7.874,998J Total net assets 46.574.978 43,856.420 Charity fvnds Endowment funds Restrithed funds Unrestricted fund5 18 18 18 856,789 512.942 45.205,247 782,821 490.241 42.583.358 Total fund5 46.574.978 43.856.420 The financial statements were approved and authori5ed for issue by the Trustees and Signed on their behalf by.. Rog&r 4 r . Ro8er Martin Chalr ol Trustee5 Dale 2110412026 The notes on pages 34 to 54 form part of these financial statements. Page 31 TME CLAREMONT FAP4 COURT FOUNDATION LIMITEO IA company Limited by Guarantee) Company rw5tration number.. 01262373 COMPANY BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Fixed assets Tangible assets Investments 12 13 43A17.644 1.245.710 45ffi3.354 44.699.260 1.149.590 45.848.850 Cufrent assets Debtor5 Cash at bank and in hand 14 7.667.130 12.453.060 20.120.190 1.249,450 13.049.015 14,298,465 Creditors.. amounts falling due within one year 15 114,271.9041 18.423,2291 Net current assets 5W8.286 5,875,236 Total a￿et$ less ¢uNent liabilities 50.911.640 51,724,086 Debtors.. amounts due after more than one year 1.185,234 14 Creditors.. amounts falling due after more than one year 16 15,593,483) 17,874,9981 Totsl net assets 46.503.391 43,849,088 Charity funds Endowment funds Restricted funds Unrestricted funds Total funds 18 18 18 856.789 512.942 45.133.660 46.503.391 782.821 490,241 42,576,026 43.849.088 The Company'5 net movement tn fund5 for the year was £2.654.30312024- É2.887,7091 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf bv.- kns&r 4 r MArft+ Roger Martln Chair ol Trustees Date 2110412026 The notes on pages 34 to 54 fom part of these finantial statements. Page 32 ThE CLAREMONT FAN COURT FOUP4LV4TION iIMITEO IA comparry Lim•ted by G￿rantee} CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Note Cash flows from operating activities Net cash provided by operating activriies 20 4,296,974 4,466,887 Cash flows from investing artivities Dividends. interests and rents from investments PLtrrchase of tan8ible fixed è5sets 340.563 {2.120.5851 192,673 12,041,528) Net Cash used in investing arti¥iknes (1.780.022) 11,848.8551 Cash flows from financing artivities Fees in advance new contracts Fees in advance amount5 refunded Fees in advance amounts utilised Repayments of borrowing Repayments of finance leases Interest paid 175.911 160.5561 (2.911.977) 1326.169} 180.05Q} 1296.996) 6,368,159 167.5881 1293.1491 172.6451 1334.4631 Net cash lused inl I provlded by financlng •rti¥lli 13.499.8371 5.6Crf),314 Chan8e in cash and ￿5h equ•valents in the year 1982W51 8,218.346 Cash and cash equivalents èi the be8innin8 of the year 13.475.340 5.256,994 Cash and cash equl¥alents at the end of the year 21 12.492.455 13.475.340 The r￿teS on pages 34 to 54 f¢ym part of these financial statements. Paee 33 ThE CiAREMONT FAN COURT FOUNDATION LIMITED IA Company i•m•ted by GuaTrnleel NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 l. General information The Claremont Fan Court Foundation Limfted is a private company limited by guarantee, incorporated in England. The registered office is Claremont Fan Court School. Claremont Drive. Esher, Surrey, Krio 9LY. The Members of the Company are the Trustees named on page 2. In the event of the Company being wound up, the Irability rn respect of the guarantee is limited to £1 per Member of the Company. 2. A¢¢ounllng policies 2.18asis of p￿Par￿10n of finanaal statemer The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accountin8 and Reporhng by Charities- Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20191. the Financial Repo￿"n8 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Art 2006. The cl3￿MOrtt Fan Court Foundation Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are'Trnitial￿ recognised at historical cost or transaction value unless otheTh4ise stated in the relevant accounting policy. The Consolidated Statement of Financial Acb"vities ISOFAI and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under Section 408 of the Companies Art 2(iJ6 and has not presented its own Statement of Financial Acrivitr"e5 In these financial statements. The p￿SentatIOn currency of the Company is GBP. The financial statements are rounded to the nearest £. 2.2 Fund Accounting General funds are urhrestricted funds which are available for use at the discretion of the Trustees In furtherance of the general objectives of the Group and which have not tr*en designated for other purposes. Designated funds comprise unrestricted funds that have been set asbde by the Trustees for particular purposes. The aim and use of each destr8nated fund is set out in the notes to the linancial statements. Resrricted funds are fund5 which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering Such funds are charged against the spectfic fund. The aim and use of each restricted fund is set out in the note5 to the linancial statements. Endowment funds are funds which are held as capital. They represent investments. together with the income arising the￿On. Investment income, gains and losses are allocated to the appropriate fund. Page 34 THE CiAREMONT FAN COURT FOUNLWTION LIMITED {Acompany Limited I￿G￿rantee) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2. A<¢ountin8 policies Icontinuedl 13 Income All income is recognised once the Company has entrtlement to the income, it is probab￿ that the income will be received and the amount of incorne receivable can be measured reliably. Income tax recoverable in relation lo investment income is recognbsed ai the time the investment income is Teceivable. Other income is recognised in the period in which it Is receivable and to the extent th.e goods have been provided or on completion of the servrce. Fees receivable and charges for service5 and use of premises are accounted for in the period in whith the seNice is provided. Fees receivable are stated after deducting allowance5, 5cholar5hips and other remission5 8ranted by the School from its unrestricted funds. but include contributions from restricted funds for scholarships, bursaries and other grants. Interest on funds held on deposit rs included when r￿1Vable and the amount can be measured ￿lIablY by the Group. this is normalty up)n notrfication of the interest paid or payable by the institution with whorn the funds are deposited. 2.5 Expenditure Expenditu￿ is recognised once there is a legal or constructive obligation to transfer economic beneh't to third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is classified by activity. The costs of each activity a made up of the total of ￿1￿ct costs and shared costs, includirbg support CQSts involved in undertaking each activity. Dirett costs attributable to a 5Trngle aciivity are allocated directly to that activity. Expenditure on raisin8 funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and nonn or opening of the deposit or similar account. 2.12 Llablli¢les and provisions Liabilities a￿ recognised when there is an obligation al the Balance Sheet dale as è result of a past event, it is probable that a transfer of etonomic benefit will be required in settlement and the amount of the settlement can be esb'mated reliably. Liabilities are recognised at the amount that the Comparby anticipates it will pay to settle the debt or the amount it has received a5 advanced payments for the goods or servKes it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the prrNision is based on the present value of those amounts, discounted at the pre-tax discount rnte that refiects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Staterr￿nt of Financial ActivTrties as a finance cost. 2.13 Fees in advanco The school has accepted advanced fee lump sum payments in respect of Certain pupi15 and in return has undertaken to discharge a defined amount of the fees chargeable in respect of those pupils. In the event of a pupil's withdrawal from the school before all the agreed amount5 have been credited. the school has agreed to return the relevant unspent poiton of the lump sum without the addition of interest. The associated lTrability has been brought into these accounts as the liability that would arise if all pupils cOVe￿d by such arrangements completed the full tem) of the contract entered into. Page 37 THE CLAREMONT FAN COURT FOUNDAlloN UMITED IA company LIMI￿￿ by Guar•ntÈel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2. Accounting policies (continued) 2.14 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic fi.nancial instruments. Basic fi'nancial instruments are lnits"al￿ recognised at transaction Value and subsequently rneasured at their settlement value with the exception of bank loans which are subsequentty measured at amortised cost using the effective interest method. Financial assets held at settlement value comprise cash at bank and in hand. together with trade and other debtor5. Financial liabilities held at settlement value comprise all creditors except social security and other taxes and provisions. 2.15 Pensions The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year. The Company operates a defined benefits pension scheme. The Teacher's Pension Scheme. This is a multi- employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of undertyin8 assets and liabilities belon8ing to individual participating employers. Therefore, as required by FRS 102 'post*mployment benefits., the Company accounts for this scheme as if it were a defined contribution scheme. The amount charged to the Statement of Financial Artivitie5 represents contributions payable to the scheme in ￿SpeCt of the accounting period. 3. Crltical accounting estimates and areas of judgment In the application of the accounting polioes, management is required to make judgments. estimates and assumptr.ons about the carryin8 values of assets and liabilities that a￿ not readily apparent from other sources. The estimates and underlying a55umptions are based on historical experience and other factors that a￿ considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Re¥i%ions to accounting estr"mates are recognised in the period in which the estimate is revised rf the revision affects only that period, or in the period of the revision and futu￿ periods rf the revision affects both current and future periods. Critical accounting estimates and assumptions- Useful economic lives of tangible assets Split of land and buildings. Separate values for land and buildings are determined by profeSS￿n41 valuers u5in8 valuation techniques or by management usin8 available information for similar sltes. Page 38 THE CLAREMONT FAN COURT FOUNfy4TION LIMITED IA umnpany LIMI￿ byGuarantse) NOTES TO THE FINANCIAL STATEMEKtS FOR THE YEAR ENDED 31 AUGUST 2025 4. Income from fharitable adivilies 2025 Total 2024 Totol Gross fees Bursafies and allowances 25,131,967 23,644,714 11.357.414) (1.270.438J 23,774,553 22.374.276 Registration fees and fees in lieu of notice Fees for extras 100,617 159,842 1.927.931 115,151 206,436 1,634,238 79,416 75,487 Wrapround care Sundry educational income 26,124,688 24,323,259 5. Income from donations and lega.751 32,042 539.315 258,257 7,679,S79 58.454 6(Xl,751 32.042 539.315 258.257 7,667,130 851.740 1,249,450 2025 GfOUP 2024 Group 2025 Company 2024 Company Due after rnore than ¢)ne year VAT (Jebtor 1.185.234 1.18S.234 1.185.234 1.185.234 Fee debtors include £6.322k relating to the Autumn term 2025 fees which We￿ billed in July 2025 12024=£nill. Due to the implementation of VAT on school fees a tax point is C￿ated on the issue of fee invoices. These are included gro55 of VAT in tfade debtors. Page 44 THE CLAREMONT FAN COURT FOUNDATION LIMITEO IAtompaThy Limlted trrf Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 31 AUGUST 2025 14. Debtor5 Icontinuedl The VAT debtor includes £1.443,49112024: £nill in ￿sPeCt of the total amount due back to the School under the Capital Goods Scheme as at 31 August 2025 (see also note 121- 15. Creditovs: Amounts falling due within one year 2025 Group 2024 Group 2025 Company 2024 Compony Bank loans Trade creditors Amounts owed to group undertakings Other taxation and social security Obligations under finance lease and hire purchase contracts Other creditors Accruals Oeferred income (see below) Fees in advance scheme (note 171 Acceptance deposits YS4.638 412,910 316,885 670.013 354,638 410.890 40.164 1.415.942 15,803 316.585 666.442 1.413,049 15.803 247,011 74,809 241,511 74.809 399.404 836.396 7,735.047 1.950.922 1.133.990 14.252.159 278.254 399.404 376,879 827.915 2,583,139 7.722.236 2,827,270 1,950.922 1,070.350 1,133,990 8,444.510 14.271.904 278,254 372,079 2.575,729 2.827.270 1.070.250 8.423.229 2025 Group 2024 Group 2025 Company 2024 Compony Deferred income Balance at beginning of year Fees charged to parents in advance of terni Other income received in advance Amount utilised in year Balance at end of year 2.583.139 2,813,715 2,575,729 2,813,715 7.648.703 2,341,359 7.648,703 2.341.359 83.344 258.571 70,533 251,161 12,580,139} 12.830.506J 12.572.729) (2,830,506J 7,735,047 2.583.139 7.722.236 2,575,729 Other income receNed in advance relates to fte. trip. coach and rental incorne received/charged in advance. Page 45 THE CiAREMONT FAN COURT F(XINfy4TION LIMITED (A tofflpany ￿mIted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 16. Creditors: Amount5 fallin8 due after mtye than one year 2025 Group 2024 2025 2024 Compony Group Company Bank loan5 Fees in advance scheme (note 171 Net obligations urKler finance lease and hire purchase contracts 3,886.864 4.250.786 3,886,864 1.706,619 3,603,170 1.706.619 21.042 4.250,786 3,603,170 21.042 5,593,483 7,874.998 5.593,483 7,874,998 The aggregate arnount of liabilities payable or repayable wholly or in part more than five years after the reporting date i5- 2025 Gioup 2024 Group 2025 Company 2024 Compony Bank loans repayable by instalments 2.238.405 2,739.654 2.238.405 2,739,654 2,238.405 2.739,654 2.238.405 2,739,654 The bank loan is secu￿￿ by way of first legal charge over the freehold property and a fixed and floating charge over all property and undertakings of the Company. The total bank loan balance owed at the year end was £4,241,50212024- £4,567.6711. Interest is charged at 1.95% over ihe base rate. The loan is ￿Pardble in equal instslments from December 2019 to November 2034. At the year end the loan balance in C￿dItorS includes £61,861 of accrued interest 12024: £75,5541. 17. Fee5 in advance scheme Pa￿ntS may enter into a contract to pay the School up to the equNalent of 15 terms tuinon fees in advance. The money may be returned subject to specific condifions on receipt of notice. Assurning pupils remain in the School. fees in advance will be applied as follows= 2025 2024 Within 2 to 5 years Within I to 2 years 682,958 1.023.661 1.706.619 1,950.922 3.657,541 1.626,973 1,976.197 3.603.170 2.827.270 6,430.440 Within l year Pa8e 46 THE CLAItEMONT FAN COURT FOUNC¥47ION LIMITEO IA company Umlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17. Fees in advance scheme l¢ontinued) The balance represents the accrued liability under the contracts. The movements during the year were= 2025 2024 Company 6.430.440 175,911 160.5561 23.723 12,911,977) 3,657,541 Companv 129.869 6.368.159 Balance at beginning of year New Contracts Refunds Amounts accrued to contracts Amount utilised to pay fees Balance at end of year 167.5881 6.430.440 18. Statement of funds Statement of funds- current year . Balance at I Sepiember 2024 Income Expenditure Transfers Gainsl Balance at inllout) {L055esl 31 Au8usI 2025 Unrestricted fvnd5 Designated funds Landscape management Fabric maintenance of Heritage Assets 2￿).￿0 4(Kl.C 200,000 400,000 600,000 Genefal funds General funds Mon - charitable trading funds Revaluation reseNe 19.827.791 26.516,628 123,985,835) 7.334 149,178 184.9251 22,148.233 26,843 22,385,427 71,587 22,148,233 41.983.358 26.665.806 124.070.7601 26.843 44.605.247 Total Unremrirted funds 42.583.358 26.665,806 124.070.7601 26.843 45,205,247 Endowment funds 782.821 17,386 18.7501 65,332 856,789 Restricted Funds 4￿,241 3a.383 12.4991 126.8431 18,660 512,942 Total lunds 43,856.420 26.716.575 124,082,009) 83.992 46.574.978 The Landscape management fund is for recovery and improvernent of the Grade I listed landscape. Page 47 THE CLAREMOIU FAN COURT FOUNIAITION UMtTEO IA ￿MPa￿ knmited by Guaranteel NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18. Statement of lunds IcoTrtlnuedl The Fabric maintenance of Heritage Assets fund ig forthe exrernal and iniemal fabric of the listed buildings. The Endowment funds are to provide a source of income for the general benefrt of the Charity. Statement of fund5- prioryear Balance at Income Expenditure Transfers Gainsl Balance at inllout) (losses) 31 August 2024 September 2023 Unrestrirted fvnds Designated funds Landscape management Fabric maintenance of Heritage Assets 21X),000 4￿,000 200.￿0 400,￿0 6￿.000 600,000 General funds General funds Non-charitable trading funds Revaluation reserve 17,060,018 24,547,573 121,821,034) 7,334 172,892 172.8921 22.148.233 39.215,585 24.720.465 121.993.9261 41,234 19,827,791 7.334 22,148.233 41.983.358 41.234 Total Unre5trirted lunds 39.815.585 24.720.465 {21.993.926) 41.234 42.583.358 Endowment funds 679.434 18.515 18.1811 93.053 782.821 Restrlcted Funds 473,692 33,519 12.339) (41.234} 26.603 490.241 Total fufids 40,968,711 24.772,499 I22.1￿M,446) 119,656 43.856.420 Transfer of funds relates to ￿$trIcted donations matched to expenditu￿ related to those purposes incurred Ihrough unrestricted funds. The Landscape mana8ement fund is for recovery and improvement of the Grade I I￿ted landscape. The Fabric maintenance of Heritage Assets fund is for the.external and internal fabric of the listed buildings. The Endowment funds are funds which are held as capital. They represent investments, 108ether with the income arising the￿on. Page 48 THE CiAREMONT FAN COURT FOlIN￿TION UMtTED IA company Limited by Guararrtee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2025 19. Analysls of net assets between funds Group 2025 Endowment 2025 Restricted 2025 Unrestricted 2025 Total Tangible fixed a55ets 43,817,643 43.817,643 Fixed asset investments Current assets Oebtors due after more than one year Creditors due within one year Creditors due in more than one year Totsl 856.789 388.919 124.023 1.245.708 20,033,876 20,157,899 1.199.370 1.199.370 114,252,159) 114.252.IS91 15,593,483) 15.593.483) 45.20S.247 46.574.978 856,789 512,942 Group 2024 Z024 Endowment Restrirted 2024 Unre5trirted 2024 Total Tan8ibFe fixed assets Fixed asset investments 44,699.260 44,699,260 1,149,588 14.203.606 14.327.080 18.444.SIOI 18,444,510) 17.874.998) 17.874.998) 42,583,358 43.856,420 782.821 366.767 123,474 Current assets Creditors due within one year Creditors due in more than one year Total 782.821 490.241 Page 49 THE ctAREfv￿NT FAN COURT FOUNDATION LIMITED IA company Limited lryGuarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. Analysis of net assets between fvnds (Continued) Cofflpanv 2025 2025 2025 2025 Endowment Restricted Unrestricted Total Tangible fixed assets Fixed asset investments Current assets 43.817,644 43,817.644 1.245.710 19,982,031 20.106.054 1.199,370 1,199,370 114,271.9041 114.271,9041 15,593,483) 15.593.483 45.133.660 46,503,391 856.789 388,919 124,023 Debtor5 due after more than one year Creditor5 due within one year Creditors due in more than one year Total 856.789 512.942 2024 Endowment 2024 2024 Restrirted Unrestrirted 2024 Totsl Companv Tan8ible fixed asset5 Fixed asset investments 44.699,260 44.699.260 1,149,590 14,174,991 14.298.465 18,423,229) 18,423,229) 17,874.9981 17.874.998> 42,576,026 43.849,088 782,821 366.767 123,474 Current assets Creditors due wrthin one year Creditors due in more than one year Total 782,821 490,241 Pa8e 50 THE CLAREMONT FAN COURT FOUNDATION LIMITED IA tompany Lomited by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGusf 2025 20. Re¢on¢iliation of net movement in funds to net &ish flow from operat•Th8 artivities 2025 GfOUP 2024 Group Net movement in funds for the year las per Statement of Financial Artivities) 2.718.558 2,887, 709 Adjustments lor: Depreciation charges IGainsl/losses on investments Dividends, interests and rents from investrnents Loss on the disposal of fixed assets Increase in debtor5 Increaselldecreasel in creditors Interest paid Net cash provided by operatin8 activities 1.558,710 {83.9921 1340,5631 1,315,850 1119,656J 1192,673J 392,587 150,296J (101,097J 334,463 4,466,887 16,569.5831 6.716.847 2%.996 4.296.973 21. Analy515 of cash and cash equivalents 2025 2024 Group Group Cash in hand 12.492.455 13.475,340 Total cash and cash equivalents 12.492.455 13,475,340 Page 51 THE CLAREMOPU FAN COURT FCKINDATION UMITÉD IA company Llrnlted byGuarantee) NOTES TO THE FINANCIAL sfATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2025 22. Analysis of chan8es in net debt At I Cash ftow5 september 2024 New Other non- finance cash leases Changes At31 Au8USt 2025 Cash at bank and in hand 13.475.340 1187.0161 {4.250.7861 195.8531 12.827,2691 13,603,169) 2.511.247 1982,8851 326.169 12.492.45S 1493,7911 1354.638) 363,922 13A86,864) 115.803) 11,950,922) 11.9SO.922} 1,904,679 11.706.6191 1176.1121 4.577.609 Debt due wrthin I year Oebt due after I year Finance lease5 80.050 2,827.269 18.1291 2.242.474 Fees in advance due within l year Fees in advance due after l year 23. Capital comm•trnents 202S Gnwp 2024 2025 Group Companv 2024 Compony ConlrKted for but not provided in these financial sLiiements Acquisition of tangible fixed assets 279,434 279.434 24. Pension ¢omrnitments The Company operates a defined contributions pensK)n scheme for its non-teaching staff. From I September 2024 this scheme wa5 a150 available to teaching staff as an alternative to the Teacher5, Pension Scheme ITP51. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £423.66112024.. £370,6291. At the year end £57.99112024- £41.5471 wa5 payable and intluded in credrtor5. The School participates in the TPS for its teaching staff. The pension charge for the year includes contributions payable io the TPS of £2,063.96512024= £1,742.2791 and at the year end £210.47512024'. £210,391) was accrued in respect of contributions to thi5 scheme. The TPS is an unfunded multi*mployer defined benefrts scheme 8ovemed by the Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Member5 contribute on a 'pay as you go" basis wr(h contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. Page 52 THE CLAREM014T FAN COUAT FOUNDATION LIMITED (A company Lim•ted byGuaranteel NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2025 24 Penslon commltments Icontinuedl The employer contribution rate bs set by the Secretary of State followin8 scheme valuations undertaken bv the Government Actuary's Department. The m05t recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report which was published in October 2023. The ValLtation Report shows notional assets of £222.2bn and liabilities of £262bn. resulting in a scheme deficit of £39.8bn. The employer contribution rate for the TPS is 28.6%. and employers are also required to pay a scheme administration levy of 0.08% giving a total employer Contribution rate of 28.68%. 25. Related party transartions During the year, the school entered into transactions Wlth its subsidiary. Claremont Fan Court Enterprises Limited. At the beginning of the year. the School was owed £402.194 by Claremont Fan Court Enterprises Limitetl. During the year. donat￿n5 of £27,41712024'. £2.6801 were made to the School, Costs of É52,48712024.' £117,669) were recharged by the school and net funds of E467.42712024= £9,130) were transferred to the School. At the end of the year. the School owed £40,164 to Claremont Fan Court Enterprises Limited12024.' £402.194 owed to the school by Claremont Fan Court Enterprises Limited). 26. Principal subsidiaries The followlng was a subsidiary undertaking of the Companv.. Name Company number aa55 of share5 Holding Included In consolidation Claremont Fan Court Enterprises Limited 01698864 Ordinary Yes The financial results of the subsidiary for the year were". Income Expenditure Net a$5ets Claremont Fan Court Enterprises Limited 149.179 184,9241 71,591 Page 53 THE CiAREMONT FA14 COURT FOUNfA4TION UMITEO IA compary Limited by Guarnnteel NOTES TO THE FINANCIAL ￿ATEmE￿ FOR THE YEAR ENDED 31 AUGUST 2025 27. CoDsolidated Statement of financial Artivityes- Cornparative figures by fi￿d-type Year ended 31 August 2024 Note Endowment funds Re5tfirted Unrestrirted funds fvnds Total Income and endowments Irom: Charitable activities Donations and legacies Other trading artivities Investments 24,323,259 54,134 172,892 170,180 24.323.259 83,675 172,892 192,673 1.023 28.518 17,492 5,IX)I Total income and endowments 18,515 33.519 24,720,465 24.77Z.499 Expenditure on: RaisTrng funds Charitable actwities 8.181 2,339 308,479 21.685,447 318,999 21.685.447 Ti)tal expenditure 8.181 2.339 21.993.926 22.004.446 Net income before net gains on Investments 10.334 31.180 2,726,539 2,768,053 Net gainslllossesl on Investments 93.053 26,603 119,656 Net income 103.387 57.783 2.726.539 2.887.709 Transfers between fund5 1412341 41,234 Net movement In funds 103.387 16,549 1767.773 2.887,709 Reconciliation of lunds: Total funds brought forward Net movement in funds 679.434 103,387 473.692 16.549 39.815.585 2,767,773 40.968.711 2,887,709 Total fvnds carried ftbrward 782.821 490.241 42.583.358 43.856.420 Page $4