Compatty Registration No. 01584957 (England and Wales) Charlty No. 283708 Talbot Heath School Trust Llmlted Report and Financial Statements Forthe year ended 31 August2025 Talbot Heath School Trust Limited Contents Page l￿gaI and administrative information Report of the Governors Independent auditors, report 9-11 Consolidated statement of financÉal activities 12-13 Consolidated balance Sheet 14 Charity balance sheet 15 Consolidated statement of cash flows 16-17 Note5 to the fitLan¢ial statements 18-31 Talbot Heath School Trust Limited Legal and adminlstrative information Governors Mr W Badawy Mrs E Brook DrRDay Mrs S Hill Dr lohn Hfjlloway MrG House Mrs R Newton Mi's K Putte Mi. D Walker Revd N Wells Head Mrs Tracy Harris (Resigned 31st Deccmbcr 2025) Ms Anna Talbot {Interim Head 1st January 2026- 121h April 20261 Mr Ross Cameron (Appointed 13th April 20261 Secretary Mrs Cecilia Handel [Appointed 19th December 2024) Company registered number 01584957 Charity Commission registratRon number 283708 Registered office and principal address Talbot Heath School Rothesay Road Bournemouih Dor8et BH4 9NI Bankers Lloyds Bank PIC Bournemouth Branch 45 Old Christchurch Road Bournemouth BHI IED Barclay5 Wealth The Helm 39 Holdenhurst Road Bournemouth BH8 8EH Sollcltors Wilsons Solicitors LLP St john's Street Salisbury Wiltshire SPI 2SB Auditors Saffery LLP Midland House 2 Poole Road Bournemouth BH2 5QY Investment advisers Barclays Wealth The Helm 39 Holdenhurst Road Baurnemouth BH8 8EH Page I Talbot Heath School TnASt Llmlted Report of the Governors For the year ended 31 August 2025 The Governars present their report togctherwith the audited financia￿ statements for the year cnded 31 August 2025. The provi5i0ns of the Statement of Recommended Practice.. Accounting and Reporting by Charities 2015 IFRS 102) have been adopted in their preparation. Governors The Governois are a150 the Trustees and Directors of the company. Those who served during the year and who were in office at the date of this I'eport are listed belDw'. DrRDay Mrs R Newton Revd N Wells Mrs K Potten Mrw Badawy Revd l Burke MrG House Mrs E Brook Mr D Walker Dr l Holloway Mrs S Hill (Resigned 31 December 2025) [Appointed 25 March 2025) [Appninted 25 March 2025) (Appointed 25 March 2025) Status and administration Talbot Heath School Trust Limited is a charitable c(Jmpany limited by guarantee. incorporated on 9 September 1981. It is govei'ned by its Memorandum and Article.$ of As.%ociation, which were last updated on 13 March 2012. Objectives and activities In setting the School's objectives and planning activities, the Governors have given careful consideration to the Charitie5 Commission's genei-al guidance on public benefit and in particular lo its suppleTnentary public benefit guidance on advancing education and on fee charging The objects of the coTnpany are the advancement of education providing boarding and day schouling for girls between the ages of 2 and 18. The School has a lunior School with a Pre-Preparatory Department and Nursery. Each stage of the curriculum is tailored to meet the specific needs of a partiLular age group. The transition between key stages is carefully monitored to cnsure continuity of care. The school also I'uns a Tennis ALademy, in conjunLtion with West Hant5 Tennis Club and a Swimming Academy which is now a Swim England Club in its own right. The School is a Church of England School. founded on Christian princEples, with a strong chaplaincy team and religious leaders from other faiths who visit the schotsl for a.%semblies and as part of the Religious Studies programme to foster understanding between piipils of all faiths and to ensure the spiritual support of all members of the School community. The School has been designated as a School with a religious character. Trustees take the Yiews of its stakeholders very seriously. In addibon to regular surveys of pupils, parents and staff, the students, Voic￿ is heai-d through a Key Stage Councils and a School Parliament with representatives from the junior and Senioi. Schou15, the Prefect systetn in the junior Scliool and thr(TruKh suggestion boxes and meetings with the Heads of House in Boardin& Structure) governance and management The campany i.q controlled by the Buard uf Gavernors. which meets four times a year to determine the general policy of the School and ensure Compliance with all relevant regulations. A sub.%idiary trading LQ)mpany, Rolhesay EvenLS Iregistered number 10 1394331, wholly owned by Talbot Hcath School Trust Ltd, was incorporated on 21%1 April 2016 and becaTne active on 151 September 2017. The results of the trading company have been consolidated in these financial statements. The Talbot Heath School Swimming Club was establi%hed on Isl July 2025 and is registei'ed with Swim England. For the year ended 31Sl August 2025. the School has taken advantage of the exemption provided by the Charities SORP to exclude fi'om con501idation a subsidiary entity which is immaterial for the PLiryose of giving a true and fair view. The following commitrees exist aT)d operate under terms ol reference iSSLied by the Board. The Chair of the Board of Gf)vernors is an ex officio tnember ot all committees except the Appea15 Committee. Page 2 Talhot Heath Sch(iol Ti'ust Limited Repoi't oltlie Govei-noi's {Lontiiiiied) Foi- Ilie yeai. ended .1 l August 202. ChGirs' Committee, compri5iTtg uf three Governors together with the Head iii attendance. Tlie cnmmittee mÈet.8 at least once a teiyn to coordinate the activities (>f'ihe othei- Cummittees to ellsui'e cohesion between the work ofthe committees or tr) deal with urgent niatters. Educution and.gtaffing Committee, coniprising of five Governors. The committee meets at least onLe 3 ierm. The role of the committee is to provide a formal liiik with the Head and Sellior l.eader5hip Team to monitur all aspects of education and p3Storal care and to &￿ve support to the Head aiid staff. The Head and the He2d of junior SclioDI attend tliese meetings. The Senioi. Leadership Teatn and otlier rnembers of staff attend as required 3rd when invited. 'I'hi5 committee reviews all m21t*rs relatlng to staft includin£ salaries and pay increa5e5. educational standards, curriculum provision, behaviour and pastoral care, boarding provision, bpgeial educational iieed5 and the 5PLritual, moral.-%ocial and cultural development ol pupils. Finonce Resourc￿ coin1￿ItÈee, ct)mprising offive Governor5 together wilh tlie He3d, Head oflunioi. Scliool and Bur53r in attendance. The CDmmittee meets at least once a terin. The Facilities Manager 3ttends by illvitation as requii'ed. The commirtee reviews all matters re12ting to finance. the management and development nf the premises and to review and nionitor relevant school policles. Di.Fmissals Coininittee, comprising three Governor5. The committee will meet only a5 required to considcr staff grievances and disciplinary matters if the Chaii. of Gtsvernors derermit)e5 $0. DiscNpline Cominittee, comprising three GoverDor5. -1.he coniniittee will meet only as I'equired tu consider the exclusion of a pupil if that piipil'.s pai'ents/carci'% request this. Appeols Committee, comprising thi'ee Gnvernors, other than the Chair aiid those on the Dismissa15 and Discipline Committee5. The committee will meer only as the need arise5 to collsider all appeals against decision% nt tlie Head or Dismissals Committee. Cuniplain¢& Committee, compi'ising rwo members of the Governing Body, excludlng the Chair of Governtsr%, not directly involved iii the niatters detailed ITh the cumplaint or with a connectivn ￿ the complainant. plus a person of standing 111 the commiihity who is truly independenl ul l.he management and riinniiiLi of the schuol. The committee will meet only as reqiifred to COEisider all complaiiits not covered by other committees. The operational leadership and managemeni of the school Is delegated to tht Head who a150 ha.% delegated powers to authorise payments to a maximum of£lO,000. Appointment of Goven)ors The (ioverning Body consists of not less than a and not miTrre tlian IB, ot whom two are noininative governors, nominated by thc Bishop olwinchester and the Bishop t)f sali.sbury. At the time of this repprt there are IU govei'noi-s. All govei'nors are entiiled to hold 0￿[Ce for a PL>rivd 013 yeai's fi'om the date of eloctinn/nomination. The Chaii. and Vice-chair or Goveriiors are elected by the GDverning Body for a term of 2 years and 4 terms may be served consecutively. Appokntment Df new Governors during theyear is subject to re-election at the Annual Genei'al Meeting,. atwhich one third ofthe Foundarlon Governors retire annually. At the AGM held in March 2026. Mr Day. Mrs Potten and Mr House resigned as Fuundation Governors and were re-elected for a further three-year term. Salisbury Diocese coiifii'nied their reappointment ofRevd Wells. Prosp2ctive Govei'noi's are required to ¢ompleie a self-declaration confirming that they are nni dlsqualitied fi'om being 2 Charity Trustee. An inductit>n is provided to all iiew Governors who are given a mentur and on-line access td the Govemor8' Inforination area of the school intraiiet site. This detai15 Statutory atid operalional informatiun Jiid giiidance conceriiing the School, its policies and a cnde of conduct lor Goveriiors. The content of the Governors, IiilorTnation area is subject to annual review by tlie Full Goven)ing Board. Governors complete a Sliills Audir and evaluate their competvncy as a body. evcry two years. This informs training, succession planning and recruitment. Talbot Ileath Scliool TR'u%t Liinited Rcpoi't of tlie Gvvei'noi's {continued) Foi- the year elided .71 Aiigiist 2025 Statement of Governors. responsibilities Company law and law.5 31)pli¢3ble to charities in Fngland and Wal@s. requÈre the Governors 10 prepare financial statements for each fiii3ncial year which give a true and fair view of the state ofaffairs ufihc cotnpany and vf its surplus or deficit for that year. In preparing those financial statemeiits, the Governor5 are required to.. select suitsble accountiiig policies and then apply thetn consistentlyy make Iiidgement% and estimates that dre rLdsonable and prudent., State whether applicahle accounting 5talld3rds and ststements of recommended practice have been followed. subject to aiiy depaiturls disclosed and explaine(l in the finaniial statements.. prepare the financial statements 011 tlie going concern basis unless it Is inappropriate to presume that the company will conlinue in operation. The Governor5 are responsible (or mayntaining proper accounting records which disclose with reasonable aCCu￿cy, at any time, rhe financial position of tlie campany and which enable them to ensure that the financial statements comply wirh the Companies Acr 2006 alld applicable Charity Law. Tliey are also responsible for salpguarding tlTre assets of the company and hence foi. taking reasonable steps fol. the prevention and detection of I"1-3ud and nther iri-egularitie.s. The Govei'nor5 are responsihle for thc maintenancc and integrity of the charity and financlal informatlon included on the charity's website. ljcgislation in the United Kingdom governing the preparation aiid dissemination of financial statements may differ from legislation in other jurisdictions. STRATEGIC REPORT Risk management The Boai'd of Govtrnors has compiled a risk register, identifying the major risks to which the company is exposed, by assessing the poteniial impact and likely uccurrence vf each risk. The assessment of such has enabled the Governors to d¥velop risk-hanilling uption5 for Eacli major i'i5k_ I'he risk register is reviewed oil a termly basis by the sub-commlttees aiid reported to tlie full Board. A de%cription of the prillcipal risks aiid uncert21nties lacing rhe tompany together with tl)e plan5 and gtl'2tegies tor mamaging rhose risks are.. Main Risks Income, expenditure and cash flow Cunlrols Regular financial reporting with strong budget planning and contro15 Mvnituring the charitable aims aiid niaximi7.ing public benefit Robiist tcacher appraisal procedures and pupil achievement tracking 8ystems ufficient finance for excellent teacher recruitment and curriculum I'psources Policy and political ihanRe Inferior qualiiy teachi21g leading LO poor external examiiiatioii results NJrrow cllrriculuin leading to fallure to recruit pupilsj partiiularly in the Sixth l orm Site and infrastruituri failure LrittC31 incidents Dis5rltisfied stdkelEolder5 Regular maintenaiiLe and asset managetnent F.tfoctive crisis niana ement and Healtli & Safe traEnin r.xcellent communication 2nd inlormation through a range of media includin a vibrant 2nd u -to-d2te websitc. Investment policy 'Ihe rompany m2y make investments a.% it.%ees fit. The sirategy lor invostrnents is generally one of medium i'isk, but this i% reviewed annually. A.%%et allocations fncu% on long-terni growth and su¥Vdinability of the funds lu support thL school beyond the foreseeable future. The Governors coRsi(ler the erhicb of tlie companies in whith tlie portfolio is invested from tiThe to tirne and, whilst they wuuld wish to Invest in companies with 2 philosophy cornpatible to that of the School. they are mindful nlthe requirement pldLed upon them a£ Trustees to maximi.￿e thc charity's investments. The School lia% delegated iiivestment managetnent to Bgj'clays Wealtli. A written policy statement has been pruvided to, and agreed wirh, the investment mana6Tei's. Bai'clays Wealth h2s lully delegated powers within the terms of this policy. The investment policy is to invest acrvss a broad range iJf funds and marl(ets and requires an income return sufficient to Page 4 Talb(Jt Heilth School Ti-u.st Limited Repoi't of tlie Gnvei'iioi-s {Lontinued] For I'lie yeJi- encleLI 31 August 2025 meer any %hortfall in annual expendtture, and long-term growth gi'eater than RPI to ensui'e the future security of the portfollo. The policy alsts pruvides that no single iiivestmentsliould exceed 5(Yo of the total value of investments, and no single market sector to exceed 15¥0 of the total. In the 12 months to 31 Augu.%t 2025, the Queensmount fund portlolio increased 5.930h.. this is agatn5t 3 benchmark Iiicrease of 10.22% and the General Fund portfolto increased 6.35% compared to a benchmark increase of 10.22%. The decreases within the Balance sheet on rhe Queensmount Fiind are due to cash withdrawals whicl) have taken place in thc year. Governors will continue to keep the investment portfolio under review in the forthcvming year. In accordance with the School's accounting policies. investment$ 3re stated at market value at the balance sheet date. The illvpstment adwsors to the School have confirmed that, in the prevsou5 year. there was no pernianent diminutioi) in thÈ value of the School's assets. Grant maklng pollcy Diirin% the acadetnic year the School provided finaniial asstSLaiice throu%h 22 bursaries [2024.. 29) amounting to £97,536 12U24.. È120,0121 aiid 11412024.. 128} 8cholarsl)ips amounting to £3U8,971112024.. £319,5711. Some pupils reL￿1Ved both scholarships and bursaries. Tn addition J I12Q24.. 13) pupils received Governors, Free p13ce% amniiniing ro £51,33612024.. £82,468) and no12024.. 11 pupils r¢c¢ivod Sixth Form S¢holai'ship5 amounting to £nil [2024.. £3,4￿￿). 12 [2024.. 14) pupils received a tennis academy award amounting ro £97,46212024.. £92,274), and 16 pupils12024.. 20) received a swimming aiademy award amountlllg fo £56,019 12024., £74.403). I pupil 12024.. 21 received d cler￿ bursary of £8,851 12024.. £17,303). 212U24_. 4) piipils received Speech Traiijiiig & Drama awards amounting to £1,275 (2024.. E2,8201. Sibliii% and stalf di.%cDunt% amounted to £264.774 12024.. £334,609) and I pupil12024.. 2) i-eceived a bursary from i'estrtcted tunds amounting to £1,33312024.. £3,SOO). Thi.% repre%ents a toral of £887,56412024.. £1.050.4113). In tot31, the sums awarded for the year amount to 10.896 (2024: 11.2%1 of gross fees. The Board's policy 15 to make awai'ds based on academic ability andltrr excellence in Art, Performing Arts, Music or Sport. Bursaries are made on the basis of need and to relieve hardship where it considers that a pupil's educativn and FuL'iire prospects are at risk. Award.% arc giveii at the discretion of thc Head and bursaries are reviewed annually. Reserves pollcy I'he iurj'ent level of the Schoul'5 1'eseive5 is detailed in notes 14 and 15 to the accuuntb.. Free reserves (excluding designated reserves and those invested in fixed assets) are currently iii detirit by £593,933 {2024'. surplus by£l,205,7281. The Board is of the opinion that fixed assets, principally the School property, represent the majority of re5erve5 and it 15 esbenti31 tl)at these 13eilit12s are maintained to a high 5talldard. It also believes that tlic facilities nf the School, incliiding Llassruom lacilities, should continually be improved in order to mainrain thL. lon¥-tei'm viability of the School. Like many independent schools, the School currenily has neKative frree reserv¥s as 2 result of having invested in tlie provisiDll or educational facilities to meet its charitable aims and objectives. The Governor5 are sat15fied tliat tlie fiiiai)iial plans aiid foreca.%L% give them sufficient comfort that the School is able to meet all commitments for at leasr 12 mn#th5. Fundraising pollcy The Tnistees take their responsibility under the Charities (Protection and Social Investtnentl Act 2016 seriously and havc cojisidered die implications on thesr artivities. fommei'cial spon.%orsliip for the sihLiuI will be U&Ed sulely for the purpn£p Df additions or improvements, iiijt fut. funding core operarinnal activitics and bponsor5h¥p must support the curi-iculuni and provide added value fo pupi15 learning. The charity ha5 a separate fundraising bank account which details all individual entries, the respoi)sibility forwhich rests with the Bursar. who in turn repurts direcily to tl)e Governing Body on 3 rermly basi5. All fundraising is carried Dut in 2ttordance wEth the standards of the Fundraising Code of Practice. DireLt appeals tts our parent and alumiiae community are planned carefully to ensure they are neitlier uiireason3ble. persi.%tent, or obtrLt5ive. No complaints have been received regarding fundraising actlvlry durlng the year. Page S Talbol. Heath Sclinol Trii.gt E.iinited RL'PVI'L of tlie GoveJ'noi'5 (coiitiniied) F'or tlie ye¢ll- ei?(led 31 August 2025 Remuneration Policy for senior staff The Board ofGovernors and tht senior managementteam comprise the key m3nagetnent personnel ofthe eharlty in charge of directing and controllin& runnin￿ and operating Ihe Trusl on a day-to-day b3S15. All governors give of their time freely and nv director received rernuneration in the year. Details of the governors, expelises and related party transactions are disclosed in note 3 2nd 4 to the accuunts. The pay ol the senior staff is rewewed annually. Tn Mew of the nature of the charity. the dirertors benchmark against pay leve15 in other Indepen(feni Schools of a similar size. Revlew of financial actlvltles Thp ner Èxpenditure for the year, beforE ti'anslers and investment gains, amounted to £905,703 12024.. net income of £3,672). Tn addition, there were reali5ed invcstment gains 01£4.918 (2024.. £107.178) and unrealised investment gains of £19B,272 12024.. £.464.828). Tliis resiilted in a net loss for the year of £707,513 12024.. llet income of £475,178). ui'thermere, during the year £167,645 (2024.. £50,659) was spent on capital items. During the year there wei'e a number vf significant changes to the ecunomic climate for independent srhoD15. VAT was iinposeLI on independent school fees trom January 2025. and from April 2025, national insurance contnbution rate5 for employers were inci'eased and Independent schools that are ch31itles were no longer ellglble to receive buslness rates charitable relief. Public Benefil The School engages with the wider community on a broad range of activities. Where the school can assist the commuiiity without deti'iment to advantilig the education of it5 pupi15, It 1% deliglited to do so. Talbot Heath offer their excellent facilities tor use by other Incal schools, in particular. our playlng fields and outdoor learning facilities. Tl)c school opens its Wnrld W3r11 air i'aid sheltei. to school groups and community group5 li'om acr055 Dorset, ano offgr5 free performances of school productions to local sclioo15. Talbot Heath hosied Lhe BCP Chtldren iji Care Awards in 2025, and wtll do again in May 2026, and liosted a public evellt'StaF CIr¢iis' lor local families with special iieed5 children. Tlie School 3150 provide5 subsidised 13rilities for a local netball Bcademy. School achievements and performance Highlights of the academic year are given below.. Public exttminution results Talbt)t Hearh pupils achieved excellent examinatinn results. 94% of A level puplls achleved thelr flrsr cholce university places with 71% of all grades A• B. GCSE pupils also performed very wcll with 39Wo of all grades 7-9. Juniorschool Puplls In our luniur department (ReEeption to Year 61 benefit from a broad 3nd rigorou.% curriculurn th3t nurtures Strong academic loundatiuns and support.s evcry ¢hild'% educational journey toward future publSc exarnSniL tion5. Thc junior %cliool plays a pivotal role in e%tablishing tl)e knowledge. .%kill.%, and confidence that underpin later succe55. Our most recent l.£1 inspection (Marth 2023) confirmed that pupi15 rnake rapid progress throughout the Junior School, with attainment in English and Ma¢hemaiiLS assessed as being above narivn)I standards. This I'eflecrs the high-quality teachin& ambitious curriculum design, and ii>mmitment to excellence that chara¢i¢rise the lunior bLhoul Experience. Nui'sery lil lanuajy 2025. Talbot Heath opened a nui'sery. aceepiing chlldren from age 2. Thc nursery received £14,069 in grant t"unding frnm BCP 35 part olthe national expanded entitlement programme. GhnritL7ble 17Ctivities The whole school ha5 worked liard together to siippcrr wurthy causes 311d to raise awareness of charities throii%h assemblies 2nd fiindrai5iDg. Great empathy for other5 has been shown by pupils choo.%ing to support organisati()ns that have a great globdl impact 3.5 well as a deeply personal connection. Once again I'H girl% have chnseD tr) %how theii. dÈ%ii ¢0 makp the world a fairer and bÈtrer place. Some of the local, national and glubal chdrities suppurted this year were Children in Need, Godfrey's Kitchen, Puppy Appe81, Red Nose Day and Durset Mind. Page 6 I'alhot Fleath School Ti-u.st I,iniited Rei)oi't of tlTre Govei-Eiors {LOlltiiiued) FOI. the yeat. ended 31 August 202.5 Inform(Ttion Commiinic(7tIDn Technology Talbot Ileath is an Apple Distinguished School lor 2024-27 refte¢ting its innovative use of Apple device.%. Our sr.hool continues to lead in STEM fields. demon.strated by our teams, success Iii the Rotary STLM competitioi), where Key Stage S achieved gold, Key Stage 4 bron£e and Key Stage 3 silver. The event challenged students, ingeniiity, problem-solving.%kills. and teamwork, all of whlch are crilical for success Èn today's world. Cieotive ondperforniing arts Oiir Scholars Music Concert was a testament to the talent and hard work of olir mu51C311y giftcd Students. Their dedication and discipliiie were clear to all, and it was a proud moment For the rnusic dep3rtmeiit to witness such a polished performance. The school performancc. uf Mary Poppinb wab an ulldoubted highlight, described by many as'siunning" 2nd "n)agic31.' ThÈ profesgionalism with whiLh the 5tudenrs pei'lormed on stage, and the technical sknll behind the scenes, illustrated the power of collaboratioii, creativity, and dedicatioii to the arts. The Carol Sej'vice, whiLh featured boih traditional and coiitemporary mu%ic. aloi)gside lessons delivered by St￿dentS, was a stunning end tc the term. It wa5 heartening to sec our students showcase their musical talents in a way rhar celebrated both individual achievement and communiry %pirlt. C.hri.%tmas time saw our bYTrS Natlviry play. Our youngest pupils performed in the lul7ilee Hall, sptraking and singing clearly and delighung the audsence of family and friends. TennisAcirdemy The academic year 2024125 was anotlier successful year for the Tennis Academy witli 14 gii"Is on the Tenni5 Academy programme. In Novemher 2024 the 1113 and U15 teams won their I'espechve Regional l-.inal.% and both pi'ogre.%sed to Nationals in December. Ar Nationals in BolcDn the U15 Leam came Runners Up and the U13 team were crowned N2rioi)al Chdmpionsl In Spi'ing 2025 the LTA announced the placings for National school of the year 2024 and T21bot HÈatli achieved 2nd place. In the summei. tei'rn the.schnol had 2 teams q1131ify lor the Ul8 National Lhampion.%hips- to achieve 2 teams in the top 16 teams in the country is no mean feat. The A team came 4th a11d the B team came 9th so demonstrates the depth of the talet)i at thc school. The U13 and U15 tcams both won their respective Coiinty finals so will go on to reginn31 play off.s in the Auiumn ￿nn. The success uf the schou15 Tenni5 progr3rnTne 15 down to tlie very talented and dedicared girls, the expei'tise froin the tenni5 coaches at West Hants and the support th# girls are given fi'um parents, staff at the School and the Tennis Academy. Swlmming AcadEmy During the year the Talbot Heath Swimming Academy contintsed to demonstrate outstandir]g succe.%.% and impact for our pupils. The Academy produced d Narlunal Champion in the 200m breaststroke, and anothei- athlere placed in the top 3 at NdliDnals in 2UUin IM, 200m B3Lk dnd 200m Free. We supported 3 pupil who achieved a medal-winning internatlDnal perfonnance while representing Pentaihloii GB at Ihe European Iiinior Chanipionsliips, as well as becuniitJ% nakiojial biathlete champioLI. Both lunior and Senior tend.%cl?ool. FiiturÉ plun5 Talbot I leath's 2024-27 Strategic Development Plan is builr on lour plllar5'. Sustainability, curriculuni. wellbein& and leader511ip. The plan aims to Create a unified school culture that eiicoinpasses botli liiiiior aiid Seiiior Schvol, as well as teaching 2nd support staff. It a150 Seeks to Strengtlien connectinns with alumnae. both st31f and former piipils. to et)sure that those who dcpari from rhe school remalt) connected to the Talbot Heath cDmmunity. Page 7 Talbot Heatli School Trust Lijijiteil RL'POt't of tlie Govei'iioi's (continiicd) [￿or Ilie yeai- elided 3 1 Aiigust 2024 Su5tain£lbility- Su5tainabiliry is at rhe forelront of Talbot Heath's commitment. The school recognizes the importance of preserving the environment for luture generations atjd aims to integr3te sustainable practice5 into all aspects of 2ts operatiotis. From rediicinK its carbon looLprini and coiiserviTig natiir31 resoLirces to promoting eco-friendly initiatives aiid educating students about environmeiital stewardship, sustainability will be woven into the fabric of the school culture. r.urritulum- Thè curriculum serves as the backbone of education, shaping thc. learning expericncLiS and uppvi'tuniiies for every student. It pruvides a structured framework through whlch knowledg￿, bkills, and value5 are imparted, ensuring a cumpreheiisive and well-rounded education. The plaii will create a Clear p3thway for girls as they progress through eath year, fosteriti% contiiiuity aiid progressioii in their education journey. Wellbeing - The plan wlll reviÈw and cnhance co-curricular offerings across all levels, developing a Talbot Heath Msnl Baccalaureate that celebrate5 and rL¢ugni4Ls girls. involvement in various aspects of school life. It will also develop a Talbot Heath Healthy Minds and Body curriculum that embeds ediication for resilience 2nd kindness at its heart. The plan will a150 develop TH wellbetng goa15 l'or students across the school, embed an undÈr.%randing of the.%e goals and how Students can mastei. them to improve their wellbeing. and pi'ovide a I'angc of opportunitie5 to inlorm parents of ncw risks and 5afeguard5. Leadership - Leadership development stands as a cornerstone ol Talbut Heath's COmT¥LitmenL The school is dedicated to nurturing the next generation of leaders by pruviding comprehensive opportunities for personal and professional growth. Through tailored prugrams, mentorship init13tives, and experiential learning OPF)ortunities, the school 3ims to empower students to unlock their leadership potenti31 and make meaningful contributions to society. The plan will prioritize leadership development across governance, senior Icadership tegm, staff, and students, and expand pupil leadership opportunities, nurturing girls, skills and talent5 to prepare them for life beyond school. Auditors A resoliitian lts re-appoint Saffery LLP will he submitted to the Annual General Meeting. Statement of disclosure to audltor (a) So lar as caih of che Govcrnors is aware, there is nv relevant inform3tion that has not been diselosed to the company's auditors, and Ibl Each of tlie Governoi'5 belÈeves that all.%tep5 have been taken that ought to havebeen taken to make them aware of any relevant audit Information 8lld to establish tliat the comp3ll*s auditors have been made aware of th3t informatlon. By ordtr of the Governing Body, who alsv approve the sirdtegic report in their capacity as directors. Mrs R Newton Chair of Governor5 Date.. Page 8 Talbnt Heath School Trust Llmlted Independent auditors, report To the Governors ofTalbot Heath School Trust Limited Opinlon We havc audited the nnanclal statements of Talbot Heath School Trust Llmlted Ithe'parent eharitable company,) and irs Subsidiary {the '8roup'l for the year ended 31 AuKust 2025 which comprise the Collsolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Casli Flow StatÈment atid notes to the financial statement5, including5ignificant 3ccoiintillg p()licies. The fin3nLial reporting fiamework that ha5 been applied in their preparation ts applicable law and United Kingdum Accounting Standai'ds, Encluding Financial Repoi'ttng Standard 102, the Financial Reporting ftandard applicable in the UK and Republic of Irelznd (United Kingdom Generally Acceptod Accounting Practice). In our opinlon tl)e financi31 sratements.. give a true and fair view uf the State E)f the afFÈirs Df the group and the parent charitable company as at 31 AugLlSt 2025 aiid of the group's iiicotning resource.s and applicatioll of resoiirce.s, including its incomc and expeiiditure. forthe year then ended,. haveheen properlyprep3red in accordancewith United Kingdorn GenerallyAccepted Accounting Practice., and havc been proparcd in accordance with the requirenieiits of thc Companies Act 2006. Basis for oplnlon We conducted our audit in 3ccord3nce with Intern3tional Standards on Auditing IIIKI11SAs IUKII and 3pplic3ble13w. Oiir rcsponsibiliries under thn%e standards are further described in the Auditor's rt.%ponsibilities for the audit of the financial sia(ements section of our report. We are independent ofihe group and parcnt charitable company in accordance with rhe ethical requiretmenis that are relevant to our audit of tl)e financial statemeiTrts in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe tliat the audit evldente we have obtained is sufficitrnt and appropriate tu provide 3 basis tor tsur opinion. Conclusions relating to going concern In auditing the financial statements, we liave collcluded that the trustees, use of the going concern basls of accounting in the preparaiion of the financial statements is appropriate. Based trn rhe work we have performEd. we have not identified any material uncerrainties relating to events or c(pnditiuns Ihat, ii)dividually or collectively, may ¢85t sigi)ificant doubt on the group or the parent charitable compally's ability to continue as a going Coiiccrn for 3 period of at least twelve moiirhs from wh¢D the financial statements are authorised for 15sue. Our responblbilities and the respE>nsibilities of the trustees with respect to going concern are described in the relevant sect&on5 of this report. other Infonnatlon The other information comprise5 the iiiformatioll included in the anlliial report, other than the financial staternents 3nd our audiwr's report thereon. The trustees are responsible for the other inforynation. Our opinion on thc financi31 statements does nor cover the other inlormarlon and, excepi ro rhe extenr otherw15e expliLltly stated in our report, we do nDt express aiiy lorm of assurance conclusion thereon. Oiir respnnsibility IS tn read the otlier information and, in drJing.%o, con.%ider whether the orher information i5 m3terially inconsl.stellt with the financ131 statements, or our l(nowledge obtained In the eoui'£e of the audlt oi. otherwise appears to be mÈlterially misstated. If ive identify such material incon515tencies or apparent material misstatements, we are rcquired to delerniine whether this gives rise to a material misstatement Ihe fillancial statemenis theinselves. If, basLd ihe work we have perlormed, we ctynclude that there is a material misstatement of this other information., we are reqiiired to report tl)at fact. We have nothing to report in this regard. Page 9 Talbot Heath School Trust Limited Independent auditors, report (continued) To the Governors ofTalbot Heath School Trnst Limited other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit,. the inlormation givLn in rhe Report of the Governors which include5 the Directors, Report and the Strategic Reporl rhe linancial year for whlch the financial Statements are prepared 15 COllSlStent with the finaiicial 5tatements,' and the Report of the Govei"norE whiih includes the Directoi's, Report, and the Strategic Report has been prepared in accordance with applic3hle legal requirements. Matters on whlch we are requlred to report by exception In Ihe lighr ol the knowledge and un£lerstanding of the group and the parent charitable company and their environrnent ob￿ined in the cuursg of the audic we have not identified martri21 misstatements in the Report Df the Governors and Strategic Report. We have nothing to report in respect of the following matters where the Companie5 Act 2006 require us to report to you if, in our opinion.. adequate accounting reiord5 have nut been kept by the parent charitable company, or returns adequate fur our audit have noi been re¢elvÈd from branches nut visited by us., oi. the parent Lharitsble tompany financial statement5 are not ill agreement with tlie accoiinbng records aiid returns; or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the infnrmation and explaiiations we require for cur audit. Responsibilities oltrustees As explalt)ed more fully in the Ststement of Governvr5' Responsib21ities set uut on page 4, the GL)vernors Iwhu are also the directors of the pargnt charitable cumpany for the purpose5 of comp2ny law) are responsible for the preparatiun of the finatLLial statemeiits and lor being salislied that they give 3 true 2nd lair view, and for siich internal control as the triistees determine is iiece55ary to enable the preparatson of the finat)ci31 statements that are free frnm material mis.ststement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for as5e55ing the group and the parent charitable company's ability io cojitinue as a gLTring ion¢eri), disclosiii& as applicable, matters related to going cojicei'n and u5iiig the going coiicern basis of accoiiiiting Linle55 the triiqtees either intend to liquidate tliegroup orthe parent charitable company or to cease operations, nr have MD re31E5tic alternative but to do sn. Auditorfs responsibllltles for the audit of the finanual statements We liavL bc¢i) appointed as auditurs under the Compatiies Act 2006 and repurt iii accordatlce with regvlatlolls made under rhat Act. Our objectivF..% are to obtain reasonable assurance 3houtwhetherthe group and parent financial staternents as a whole are rree I'rom material mi5Statemont, whether diie to fraud or error, and to Issue an auditor's rLpuri thar includes our opinion. Rta%oii3ble a.%.suraiice is a high level of assurance but is not a guai'antee that an audit conducted in 3ccordance with ISAS [UKI will 3lwJys detect a material mi5sratement when it exists. Misstatements can arise from Iraud or error and are iunsidereit marei'ial it., individually or in the aggregate, they could re350nably be expected to influence the economic decisions oluser5 taken the basis of these financial 5ratements. Irregulai'ities, including fraud, are irstance% nf non-compliance with law5 and regulations. WL dL5ign procedures ill line with r)ur responsibilities, outlined above, to de￿¢r material rnisstatements in respect of irregularities, including fraud. The speLilic procedures lur this enssa8etnent and the extent to which these ai'e capable of detecting irregularities, including fraud are detailed below. Identifying and asses51tig risks rclated to irregiilarities.. We Js%e5sed rhe su%ceptihility ofthe group and parent charitable compally's financi315tatements lo material rni55tatemeHt and how fraud might occur, includillg through discussions with the trustees, discussions withln our audit teani planning mceting, updating our record of iniernal controls, and enburinR these conrrols operated as iniended. We evaluaied p055ible incentives and upportiinities for fraudulet)t m2nipiilatioii of the financial statements. We identified laws and regiilations Page 10 Talbot Heath School Trust Llmited Independent auditors. report (continued) To the Governors ofTalbot Heath School Trust Limited that are of significance in the context of the group and parent ¢harirable COTnpany by di5ciission.% with tru%tees and updating our understanding of the sector in which the group and parcnr charltable company operate. Laws and regulations of direct sigllEfLcance in the context of the groiip and pareiit charitsble compaiiy incliide The Companies Act 2006 and giiidance issued by Ihe Charity Commission for England and Wales. The charity i% subject tts rjther law.s and regulations where non-cTrmpllance c.ould have a material elfect on amount.% or disclosures in the financial st2tement%, through significant fine, litlgatloD or restrictions Oll the charity's operations, We identified thc mosr significant laws and regulations to be those rnonitored by the Indepeiident Scliools liispectorate. Audit re.Epon5e to risks identified-. We con51dered the extent of compliance with these laws and reguI2tions as part of our aiidit pro¢edure5 On the related financial statement item.% including a review of financial sratement disclo.%ures. We reviewed the parent cliaritable company's records of hi'eachc.8 oflaws and regulations, minutes of meetlngs and correspondence with relevantauthoritles to identify po￿ntIal material Tlli55tatements ai'ising. We discussed the parent charitable company's polici¢s and pru¢edure5 lor cvtnpliance with laws and regulations with members of management responsible fur cumpliance. During the planiiiiig meeting with the audit team. the engagement partiier drew atteiition to the key area5 which Tnight involve non-compliance with law8 2nd regularions or fraud. We enqiiired of management whetlier they were aware of any instanccs of non-ci)mpliance with laws and regulatlons or knowledge of any actual, suspected. oi. IE Ileged fi'aud. We addressed the risk of Iraud rhruugh managementoverrlde of controls by testing the approptiateness of journal entries and identifying rfiliy significant ti-a115tee incorporated in England and Wales. The reKistered office i5 Talbot Heath School. Rothe5ay Road, Bournemouth, r)orset, BH4 9NI. As it is limited by guarantee, the School does not have any share capltal. The member5, conSis￿￿E of the Governors and Dlrecrors, undertake to contribute ol itsÈlf. Where the Governors decide to sei aside any pai"t ol the.%e fiinds to be used in future for some sperifir purpose. thi5 is accounted tor by trajisfer to tlie appropriate designated fund. Page 19 Talbot Heath School Trust Llmlted Notes to the financlal statements (continued) For theyearended 31 August 2025 Designated income and fundb comprise unrestricted funds that have been set aside by the Govei'nors for particular purposes. Income arising un assets within the designated fund is included within that fund. The follDwing designated funds exist.. Queen.¥Mounr I'he fuhd wa5 e.%rahlished in 1987. There is no foi'mal deld esiablishing the fund, and nv limitations other than the approval of the Board of Gvvernors, and within the Ilmiratitsns of the Trustee Investment ALL The primary purpose of the fund'5 investment 2Ctivity is to generate ii)come and capital growth to maintain the value of the fuiid to provide financial a5515tHnte to pupils and to fund capital projects. Pi'ize l.'unds These funds have bcen accumulated over many yeai's by donations from former pupils and parents. Frizes are distributed from the income annually at Speech Day. Restrirted funds are funds which have been given for specific purposes,. the following restrirted funds exist.. Angelo Felg•te Classics Fund Th¢ Angela Felgate Classic5 fund was set up in memory of a former Classics teacher fullowiiig a bequest and will be used tu provide grants to cover the cost of an external Classical Greek course for pupils wi5hins to study Cla551C5 at univei'slly. B(TYbaro MillerAword Thi% fund was set up by an ex-teacher of Engli511 and is to be used for annu21 awards to English Scholars of up to £100. Clare AustiFJ Smith Bursary This fuiid was set lip following a beqiiest from Claire Austin Smith and will be used to provide a bursary for pupils entering lower fifth year through to upper sixth ye3r. Mory BroodScholur5hip A scho13rship awarded LO pupils enterii)g a three-yeai. University degree. Cordelio Westcott Trtsvelscholarship A Scholarship awarded to thDse pupils intending to embark on an educational trip before taking up a unlversity place. EdwordsAwards This fund awards an 3TSTIU31 Prize to pupils who have been innovative and creative. Guild of Ilelp This fund provides fingncial as5lStance to pupils who ji￿ed it, due to either life-cliaiiRing or uiiforeseen circumsrances. Livinsj LegLTry Donations received ro fund subjeci specific scholarships. Nursery Expansion Local authoriry grant to expand rhe number ofplaies the nursery. EducuÈiopi, Health and Core Pluns (FHCP) Local authority income for pupils with ati education, liealtli at)d care plan. Tt71botHeath ParÉntStaffSociety Donation5 from the T31bot Heath Parent Sraff Sociery for specific projects. Details of funds are disc105ed in notÈ.% 14 Énd IS to the accounts. Page20 Talbot Heath School Trust Limited Notes to the financial statements (continued) For the year ended 31 August 2025 1.11 Pensions Retirement benefits to employees of the School are prowded through hvo defined contribution pension schemes, Aviva and Aegon. Employer's pensions costs are charged in Ihe Statement of Financial Activities in the period in which the salaries to wliich they relate are payable. In May 2024, the school tr2n.%itioned from The Teachers, Pension Scheme to Aviva. The Teachers. Penslun Scheme is a Tnulti-employer pensirtn slhemc. It is not pD.s5ible to identity the SchDoI'% Share of the underly￿ng assets and liabilities of the Teachers. Pension Scheme on a consistent and reasonablc bas15 and therefoi'e. as required by FRS102, the charity accounts for the scheTne as if itwert a defintd contribiitlDll scheme. The School's contrihutians. which are in accordanLe with the recommendations olthe Governmvnt Actuary, are charged in rhe period in which the salai'ieg to which they i'elate ale payable. 1.12 Stock Stock represents goods lor resale and Is valued at the lower of cofjt and net rcalisable value. 1.13 Debtors 'rrade and othei. debtors are recognised at lh¢ seitlemenianivunt due after any trade discouiii uftered. Prepaytnents are valued at the amount prepaid net of any trade discounts due. 1.14 Cash at bank and ID hand Cash aibank and cash in hand include5 cash and short term highly liquid Invcstments with a.%hort maturity ofthree months or less (rom the date of acquisitioii oj. Opening of the depobii ur 5imIlai' accouiit. 1.15 Investments Investments are stated at marl(ct value at the balance Sheet date. Re31i.sed gain51 Ilosses) are ialiulated as the difference berween market valiie at the date of disposal and marker value at the previous iJ212nce %hEet date lor date of acquisitioii if later). Uiirealised gainsl Ilossesl are cJlculated as the difference l)etweeh the marketvaluc at the balance bheet date and the market value at the previous balance Sheet d3te lor daic of acquisitio￿ if later), 1.16 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligatiov re5111ting from a past event that will probably result iii the transftr of funds to 3 third party and the anitsunt due to settle tlie oblÈg3tion cÉii be measured or estimated reliably. Creditors and provisions are normally recogllised at their settlement amount after allowing for aiiy trade discL)unts due. 1.17 Flnancial instrnments The truft only h3% financial assets and financial liabilities of a kind that qualify as basic finaTicial instnimejits. Basic rinancial inbiruments are initially recognised at transacrion value and suhseqiiently mea.%ured at tlieir settlement value with the exceptlDn of bank loans which aro subsequently measured ar amortised c05t Using the effective interest method. 1.18 Critical estimate and judgements and key sources of estimation y￿(ertaInty In the application of the Charitys accounting policies, the governoi's al'e required tts make judgements, estimates and assumptions about the carrying amounr ol assets and liabilities that are not readily apparellt trom other Sources. The estimates dnd associated 3ssuniptions are based on hÈstrJrical expcriei)ce and other factors that are consldered to be relevaiit. Actiial results may differ from these estimates. The estimates 2nd underlying assumptinn5 are reviewed on an ongoing basis. Revisions ru accountiTt&J estimates 31'e recognistd in the period in which the estimate is rewsed where the revision 2ffects only that period, or in the period olthe revision and future periods where the revision affect.s both current and future pei'iods. Crlllcal ludEements There are nu ci'itit31 judgemenrs In the applfication ofthe Ch2rity's accounting policies that have a ssgllificant effcrt on the anioiints reiogni.5ed ip the financial statements. Page 21 Talbot Heath School Trnst Limited Notes to the financial statements {continued) For the year ended 31 August 2025 1.19 Correction of a prlor period error During rhe year, itwa5 Identified that two restrfcted funds (Guild of Help and Living Legacy) had notbeen disclosed in previous years, accounis. The comparative flgiires for the year ended 31%1 Aiigust 2024 have been I"e5tated lo correct this error. The ettect of the restatement is to iDci'e3%e f2xed asset investmeiits by £24,300, increase brought forward restriLiÈd fuTid5 by £31,518, decrease restrtcted fund income by £3,396 and decre3se resfftcted fund expenditui-e by £1,50Q and deci-ea5e othe.r creditors by ES,322. 1.20 ReclasslflcatÉon of Comparauve Figures Certain prior yLar figures have been reclassifjed to conform to the current year's presentation. Tlie effect of the restatement is to incre35È unrestricted fuvd incorne by £16,82C> and increase ullrestricted fund expenditure by £16,826, with no effect gn the net rnovetnent in fund% previously reported. 1.21 Irrecoverable VAT Thp. school Is partially exempt and therefore is unable to recover all VAT on purchased. Irrecoverable VAT is Included within other expLnditure un the Ststement OF Financial Activities SthoDI lees tRestated) 2024 202S Gross fees LeEs burs2ries, scholarshlps, awai'ds and discounts Other pupil income 8,187,184 1887,5641 208,852 9.384,599 (1,050.418) 234,679 7.508,472 8,568.860 Analysis uf total expenditure 2025.. Staff Other Depreciation Total £osts charl￿ble Jctlvities SclioDI 01)erating ctssts.. 'reaching Welfare Premises Supporr rosis of schooling 4,619,585 318,967 40,267 4,978,819 348,134 234,581 797,204 918,727 755,957 460,011 7.432 322.403 40,266 1,274.293 1,312.941 1,297,481 5,999,504 2.453,662 410,368 8,863,434 Cost of raising funds Ii)vestmeiit man3gement Expenditure on trndlng activtties 24,278 18,3B6 24,278 18,386 42,664 42,664 Other expenditure Irrecoverable VA'r 73,437 73,437 Total resources expended 5,999,504 2,569,763 410,368 8,979,635 Page 22 Talbot Heath School Trust Limited Notes to the financial statements (continued) For the year ended 31 August 2025 Analy51s of total expenditure Iconlinued) 2024 (Restated): Staff costs Other Depreciation Total Prior Ye(Tr Charitable actlvltles School operating Costs= Teachjng Welfare Premlses Support costs of schooling 4.529,554 291,174 223,635 692,182 414,108 934,748 971,700 536,326 32,461 9,662 322,744 32,461 4,976.123 1,235.584 1.5 18,079 1,260,969 5,736,545 2,856,882 397,328 8,990.755 Cost of raising funds Investment management Expendlture on trading acrivities 28,610 27,663 28,610 27,663 56,273 56,273 Total resources expended 5,736.545 2,913,155 397,328 9,047,028 2025 2024 Within support costs there are the followiii% governance costs.. Criminal Record5 Bureau ISC inspection Audit Governors, liabilily insurance Governors, expei)5e5 restnbursed Legal fees Other professional fees 5,058 7,109 15.405 1,022 2,342 8,126 23,690 1,300 131 19,166 8S,013 27,6t12 55.273 111,549 139,768 The Governors, liability insiirance is in respect of all Governors. No governors were reimbursed for expense5 in the year12024.. 1- relating to travel expenses.) Page 23 Talbot Heath School Trust Limited Notes to the financial statements (continued) Forthe year ended 31 August 2025 Salaries and wages 2025 2024 Wages and salaries Terinination paymcDr.% National insurante contributions Pti)%ic)n costs Other staff costs 4,676,467 235,059 522,165 521,837 43,976 4,530,538 12,330 444.742 683,222 65.718 5.999,SU4 5,736,545 During the year termination payment5 were Tnade to 1812024.. 21 employees. The average monthly number of employees durfng the yearwas made up as follDWS'. Full time 2025 Parrtlme 2025 Full tlme 2024 Part tlme 20Z4 Teachin8 Administrative and domestic 64 28 45 22 60 32 47 24 92 67 92 71 Tlie number of highcr paid employees was.. 2025 No. 2024 No. £60,000-£70,000 £70,OOU-£1S0,000 E80.000-£90,000 £ioo.ooo-£iio.000 'rotal Ccjntributions werc made to the Scotli5h Equitable Pension Scheme, a defined contribution 5chemg and alsu to the Department lor Edu¢3t2011 SuperannuaLi01I Scheme, which is paj't of tlie Teaclier5' Peiisioii defined benefit scheme for the higlier paid employees of £49,60212024.. £36.8841. The tDial remiineration received by key management personnel durlng the year was £790,649 (2024.. £737,917], No C¥avernors received remuneration during the year. Net movement funds 202S 2024 This is stated after charging.. Auditors, rernuneration.. foi. audit lor oihir services DepreLiaLiuii'. owi)ed fixed assets IS,40S 11,520 22.380 1.310 410,368 397,346 Page 24 Talbot Heath School Trust Llmlted Notes to the financial statements (continued) For the year ended 31 August 2025 Taxation The wholly owned subsidiaryj Rothesay Eveiits Limited, is rcgistcred for corporation raA however, no taxatiot) liability arose during the year. T21bot He3th School Trust Limited is exempt from coi'poration tax due to its chariiable status. Flxed assets Freehold Land & Bulldln85 Furniture & rittlngs & equipment Motor vehicles Computer & office equipment Total Group and charlry Cosl I September 2024 Addition5 15.216,247 1.992,133 261,514 1,595,907 19,065,801 33,167 28,347 106,131 167,645 D15posals 112,SOOI 112,500] 31 August 2025 Depredatlon I Septert)ber 2024 Charge for the year Eliminated on disposals 15.249,414 2,020,480 249,014 1,702,038 19,220,946 3,397,964 1,627.814 236,477 1.552,122 6.814,377 322,403 23,852 7,432 S6,681 410.8C) (12,500) (J 2.500) 31 August 2025 3,720,367 1,651.666 231,409 1,608,803 7,212,245 Net bookvalue 31 August 2024 11,818,283 364,319 25.037 43,785 12,251,424 31August202S 11,529,047 368,814 17,605 93,235 12,OQ8,701 The net book value at 31 Aiigust 2025 repi'esents fixed asset5, which are all used for direet charitable purpo.%es. The gross value of freehold buildings on which depreciation ts chargod amounts to is E6,296,865 12024.. £6,263.698). Tn the Governors, opiiiion theaggregate open mai'ket value oftlie freehold land and buildings exL&eds its book v¥lue. Page 25 Talbot Heath School Trnst Llmited Notes to the financlal statements (continued) For the year ended 31 August 2025 Flxed assetinvestments Analysls OF investmetits.. Group 202S Charity 202S 2024 2024 Cash ListLd investments Unlisted investment5 141,875 3,754,481 166,980 4,802,267 141.875 3,754,481 166,980 4,802,267 3,E196,356 4.969,247 3,896,357 4.969,248 Movement on li.%ted investments.. Group and Charlty 2025 2024 Marketvalue at I September 2024 Additions Disp(>s31 prnceeds Profit on disposal Surplus/ldefJcit) un revaluation ar 31 AugLlSt 2025 4,1102,267 2,171,419 13,417,395) ,918 193,272 4.454.8S4 1,012,652 11.136,745) J07,178 364,328 Market value at 31 August 2025 3,754,481 4,802,267 Historical cost 8131 August 2025 3,266,138 4,330,619 Svbsldiarles DEtails of the charity's subsidiary at 31 Augu.%t 2025 are as follijws.. Name ofundertaklng Rothesay Events Limited Registered offlre Talbot He3tli School, Rothesay Road, BH4 9NI Class of share held Ordinary % Held loo io Debtors Group 2025 Charlty Z025 2024 2024 Ti'ade debtors Orher debtors Prepayments and accrued iiieoine 535,169 677 315.446 262,205 2,721 176,567 476,247 677 293,863 170,461 23,906 176,567 851,292 441,493 770,787 370,934 Included within trade debwrs Is a bad debt provision of £63,994 (2024-. £71,238}. Page 26 Talbot Heath School Trust Llmlted Notes to the financial ststements (continued) For the year ended 31 August 2025 li Creditors: Amounts fallSng due within one year Group Charlty (Restated) 2024 (Resiated} 2024 202S 2025 Bank loan5 Bank overdraft Security back lending facility Tr2dÈ credlrvrb Fees received in advance Deposits Tax and.%ocial security Other creditDI'q Accruals and delerred income 213,257 492,220 700,000 213,257 492,220 700,000 1,045,000 346,497 847,728 254,293 488,974 10,089 161,069 1,045,000 335,063 847,728 2£4,293 483,256 117.087 157,017 275,573 1.443,432 312,700 109,265 275,573 1,443,432 812,700 101,706 65.317 178,513 196,441 3,366,907 3,594,947 3,452,701 3,569,461 The security backed lendlng facility 12024.. overdraft) is Secured by way of a fixed charge over ihe School's iT)vestTDents and c35h deposits held with the same in5titutioi). 12 Creditors,, Amounts falllng due after oneyear GTOUP and charity 2025 2024 Fees rccciyed in advancc Bank loan 22B,158 622,000 364,106 1,709,489 850,158 2,073,595 AnalysRS of loans Wliolly repayable within S years.. Nor wholly repayable within.fj years by instalment5'. 622.000 1,709,489 Loan maturlry analysls In more than one year bui not more than two years In mort than twu yÈ2rs but not more than fiveyears Tn moi'e than five years 213,257 408,743 492,220 1,217,269 A 10 yeai. bank loan wEth a facility of £2,000,000 was entered into during 2018 to finance The Hub project. By the year end this has been drawn down in full and included in creditors at 31&t AuEu5t2024. Th55 loan was repaid durEng the year. A second 10 year baiik loan with a facility of £2,000,000 was drawn dowii diiring 2019 to finallce Tlie Mub Project and is included in ci'editors attheyearend. Interest is chai'ged at2.72¥D pcrannum wirh mnnthly capital repayment from july 2019. Page 27 Talbot Heath School Trust Limited Notes to the financial statements (continued) For the yearended 31 August 2025 13 Allocation of net assets between funds Fixed assets Net current assets / Ilabllltles Long term Ilabilities Fund balances Unrestricted funds Restricted lunds 15,844,757 60,.800 {2,284,241) 65,099 1850,158) 12,710,358 125,399 Total funds 15,905.057 12,219.142) 1850,158) 12,835.757 14 Unrestrlcted funds Balance I Sep2024 {RestatedJ Balance 31Aug 2025 Incoming resources Resources expended Translers and gains Curreiityear General funds.. Sthuol funds 11,443,228 7,97S.995 18,963,263) 123,551 10,579,511 Desigiiated fiinds.. Queenfmouiit fund Pi'ize funds 1,523,296 19,104 25.028 16,492) 13,700) 85,268 1,627,100 15,404 1,542,400 25.028 (10,1921 85,268 1,642,504 Revaluation reserve 471,648 16,69S 488,343 13,457,276 8,001,023 18.973,455) 225,514 12,710,358 The revaluation reserve i.%.%plit between the General school funds and the Dcsignated funds resulting in total fund balances as follows.. General fund Deslgnated fund C3rried forward fund b21ance as above Revaluatlon reserve 10,579,-511 423,913 1,642,504 64,43Q 11,003,424 1,706,934 Utirestricted funds in the charlty itsellare £10.375,31012024.. £11,239,835]. Designated funds and the Revaluation Reserve are in line with the group figures disclosed above. The Queensmuunt Fund came from another school's closure in 1990s. In line Myth the wi5he5 01 that school's charitable objetLives, the proceedswere tran%ferred toTalbot Heath forthe furtherment ofeducation and to siipport capital improvemellt pi'njects. The QueensmouDt fund is u.%td to generate incorne, which 15 used to fiind a proportion L)f tlie hursarie5 and scholarships. The capital 15 Sel aside to fund future capital expenditure as and when rhe need orises. The Prize fun(Is have beeii accumulated Over many years by donations from former pupils and parents. PN7es are distributed froin rlie incorne annually at 5peecli Day. Page 28 Talbot Heath School Tnjst Limited Notes to the flnancial statements (continued) For the yeaT ended 31 August2025 14 Unrestracted funds (continued) Balance I Sep 2023 (Restated) Incomlng resources Resources Fxpended (Restated) Balance 31 Aug2024 (Reststedj Transfers and Galns (Restated) Prioryear[REsrtsredJ Gencr31 funds.. School funds 11.300,2.58 9.019,823 19,O311,101) 161,748 11.443,228 Designaied fuiids.. Queensmount fund Prize funds 1,521,762 19,104 34,773 18,3771 124,862) 1.523,296 19,10 1,.540.866 34,773 (8,377) 124,8621 1,542,400 Revaluation reserve 137,028 334.620 471,648 12,978,152 9,054,096 [9,046.478} 471.506 13,457,276 The revalu3fion reserve is split betweeii the General school funds a￿d the Deslgnaied funds resulting in total fund balances as follow5.. General fund Designated fund Carrled forward fiind balance as above Revaluation reserve 11,443.228 328,074 1,542,400 143,574 11,771,302 1,685,974 15 Restrlrted funds Balanre I Sep 2024 (Restated) Incomlng resources Resources expended Balance 31Aug 2025 Transfers Currentyei7r Pri7.e funds.. Mary Br03d Cordelia Westcott Angela Felgate Edwards Awards Barbara Milner Award C12re Austiii Sinith Ciuild of Help Livlllg Legacy Nursery Expansion EHC Plans -rH Paretjt Staff Society 23,L90 1972) 9,295 500 1.859 22,500 29.472 Igo 514 972 206 li 9.501 461 1,900 21,665 30,945 150 150] 1835) 1.473 14.069 14.630 42.800 15,7051 [6.6311 14.630 20.710 425 21.665 85,994 72.909 (6,180) 127,3241 125.399 Page 29 Talbot Heath School Trust Limited Notes to the financial statements (continued) For the year ended 31 August 2025 Is Restrlcted funds (continued) Balance I Sep 2023 (Restated) Incoming resourtes Balance 31 Aug 2024 (Restated) Resources Expended (Restated) Transfers Prioryeur Prize fund5'. Mary Broad Coi'deli3 Westcott AllKela Felgate Edw31'ds Awards Barbara Milncr Award Clare Austln Smith Gulld of Help Living Legacy 23.190 1472) 9,295 550 1,859 24,000 31,368 Isc> 23,190 19721 9,295 500 1,859 22,500 29,472 150 {500) {50) [1,500) 11,896) 89,940 13,3961 1550) 85,994 Fund Trdrtsfers Talbot Heoth Porent Stoff Society.. £21,665 was transferred during the year to gener21 funds. This represents the utilisation ol-rhE restricted donations received specifically for capltal prolecis. Nursery Fxp(7nsion.' £6,631 was trdiisferred durittg the year to general funds. This represents the utilisatioii of part of the restricted grani foi. capital expenditure. Cordell• Westcutt.. £972 was transferred during the year from genÈral funds to cover a deficÈt. Queensmount.. An 8moui)t equ31 tothe net income gener3ted in the yearby the fund plus the realised gain on disposal of investment5 [E24,8621 was transferi'ed durlng the year to general lunds. 16 Commitments under operating leases At 31 August 202.5, the school had aggregate total commitments under non-canLellable operating leases as set out below.. Non-cancellable operating leases which expire: 2025 2024 Within one year Within 2 to 5 years 10,683 20,156 13,487 31,530 17 Related parly transartlons Two governors (2024.. Two governors) Triad a child at the School during the year. Govei'nors, liability insurance is provided for all Governors as detailed in note 3 to the accounts. DetaÈls of governors. expenses are Included in note 3. The chai'itable ¢umpany and tlie gi'gup h2s taken advantage of FRS 102 section 33 from the requirement to di.%close rrans3Ctions with its wholly owned subsidiary underraking. Paue 30 Talbot Heath School Trust Limited Notes to the financial statements (continued) For the yearended 31 August 2025 18 Pension schemes From May 2024, the Schuul transitioned from theTPS to a defined cuntributi()n scheme for the benetit of it5 teaching Staff. The assets ol the scheTne are administered iii fuiids indepeiident froTn those Df the srhool and are controlled by Aviva. Th¢ pension cost charge includes contrlbutSons payable to Aviva aMo￿ntIng to £465,82312024.. £187.2071. At Ihe year-end £nil12024.. £iiil) w25 accrued respect of contriburiuns to this scheme. The pension chargt for the year includes contributions payable to the TPS of £nil12024.. £43.5,407). At the year-end £nil12024.. £nill was accrued in respect of contributlon5 to this scheme. Non-T£aching Staff.. The company operates a deflned conirlbution scheme for the benefit of its llon-teachin8 Stalf. The a%seL% ol the schemes ai'e administered in funds independent Irnm those ol the company 2nd are controlled by Aegon. The tDntribuiions made by the school are up to 6% of salary dependent on the employee contributioTk5. The penslon cost charge includes contribut10Tr5 payable by the schuol alld amounts to £56,01512024.. £60,608). Dutstanding contributions at the year-end amounted to £nil (2024.. £nill. No Iiirther Ilabillty I'ests with rhe coinpany in respect of the pension schemes. Page31