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← Sidcot School

2025-08-31-accounts

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Registered number: 02093340 Charity number: 296491

SIDCOT SCHOOL

(A COMPANY LIMITED BY GUARANTEE)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Reference and administrative details of the Company, its Governors and advisers 1
Governors' report 2 - 9
Governors' responsibilities statement 10
Independent auditors' report on the financial statements 11 - 14
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 38

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

Governors Jameson Miller, Chair
Andrew Flint
Dr Terence McMaster
Simon Linnitt
Alan Teece
James Oakley
Richard Shepherd
Alan Taylor
Clare Tressider
Professor Nathan Waddell (appointed 20 May 2025)
Company registered
number
02093340
Charity registered
number
296491
Registered office
Sidcot School
Oakridge Lane
Winscombe
North Somerset
BS25 1PD
Independent auditors
Bishop Fleming Audit Limited
Chartered Accountants
10 Temple Back
Bristol
BS1 6FL
Bankers
Lloyds Bank plc
195 Worle High Street
Weston-super-Mare
BS22 6JS
Solicitors
Harrison Clark Rickerbys Limited
Ellenborough House
Wellington Street
Cheltenham
GL50 1YD

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Governors, who are also the Directors of the School for the purpose of the Companies Act and Trustees for the purposes of the Charities Act (but hereinafter are referred to as Governors), present their annual report and the audited financial statements for the year ended 31 August 2025. The annual report serves the purpose of both a Trustees' Report and a Directors' Report under company law. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, applicable Accounting Standards in the United Kingdom, the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP 2015), the Companies Act 2006 and subsequent regulations. The School is registered as an educational charity (charity number 296491). The School was incorporated as a company limited by guarantee and not having share capital on 26 January 1987.

OBJECTIVES AND ACTIVITIES

a. Policies and objectives

In setting their objectives and planning their activities the Governors have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging.

The School endeavours to widen public access to the education that it offers, to optimise the use of its cultural and sporting facilities and to develop in its students an awareness of the social context of the all-round education that they receive. The School makes its facilities available to a number of local groups and clubs and is mindful of its position as a thriving independent school in a rural location.

b. Aims

Sidcot School’s aim is to provide a first-class independent education, encouraging individuals to believe in and explore their own potential. Its Quaker philosophy underpins all that it does and is fundamental to its existence. The School aims to provide a broad and liberal education across a wide range of subjects. Its students achieve excellence in many areas. The School encourages creativity and individuality and strongly believes that every child has immense potential to succeed in an environment relatively free of peer group pressure. The School places great emphasis on personal development in the broadest sense and aims to ensure its students leave Sidcot as tolerant, well-balanced individuals who want to make a difference in the world.

From an early age, Sidcot students experience a community where independent thought is encouraged, and curiosity is a way of life. We aim to educate the whole person, to equip our students with practical and personal skills alongside their academic qualifications. We use imaginative teaching methods to encourage students to see learning as an exciting creative journey in which everyone can take part; a journey that does not end when they leave school or higher education. We know we have succeeded when our young people go out into the world with an insatiable interest in all that life has to offer.

Sidcot students are encouraged to see school as a place to explore and experiment, to follow their instincts and develop their interests. They work together in small classes, in an atmosphere of optimism and enquiry. We are proud that former students are often described as people who can ‘talk to anyone’. Lifelong friendships are made at Sidcot and the School instils a lasting love of learning.

Of course, what matters at school doesn’t just happen in the classroom. Sidcot is set in a magnificent rural location, and our students develop an understanding and respect for the natural world. They also have access to great facilities for sports, outdoor learning, arts, crafts, music and performance, as well as opportunities to work with community groups and charities, and to get involved with local business projects.

We nurture students into becoming authentic and insightful young people who are skilled in self-awareness and who value their emotional life. They are encouraged to take responsibility for their wellbeing and to value emotional intelligence. As a result, they develop a confidence that is rooted in a deep understanding of who they are and what they value in the world. Every week the whole school joins together for a period of shared silent reflection in our 19th century Quaker Meeting House. Through this regular practice, students learn the benefits of calm in daily life.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

During their time at the school students learn to express their own opinions and to listen with interest to the views of others. Everyone is encouraged to contribute to discussion and debate: not taking over and not opting out.

In this way students develop an enthusiasm for collaboration and co-creation. In a truly international environment, their fellow students are often people whose stories are very different from their own: people from different backgrounds, different countries, races and religions, and people with different abilities. In this stimulating and diverse social environment, students live and learn together in an atmosphere of cheerful kindness and mutual respect.

STRATEGIC REPORT

Achievements and performance

a. Going concern

The Governors, in consultation with the Finance Director, have undertaken a review of the financial viability of Sidcot School in order to assess the School’s going concern status for a period of 12 months from the date of approving these statements.

Information utilised in undertaking this assessment is the detailed forecast for the year to 31 August 2026 and the current financial 5-year forecast. The Finance and General Purposes Committee have also reviewed the cash flow position for the next 5 years. The careful management of cash during 2024/25 has resulted in improved balances at the Year End, including a significant transfer to unrestricted reserves, which will enable the School to consolidate its cash position going forwards. A recent sale of an outlying property has provided additional funds which will be applied by Sidcot to its on-going capital investment program improving facilities and provision without impacting levels of working capital within the School. The Governors therefore continue to adopt the going concern basis in preparing the financial statements.

b. Public benefit

Sidcot School provides access to its facilities to the local and wider community, with a considerable number of community groups making use of our swimming pool, sports facilities and arts centre. In the Sports Centre we offer discounted rates to local Primary Schools, sports clubs and community groups. Our all weather pitch has been made available to local schools and community groups at no cost, and discounted rates offered to Winscombe Hockey club and to local football clubs. We also provide land to Winscombe Rugby Club for their pitches and share the use of an all-weather rugby training area.

We provide the Junior School Hall and sports pitch venue to a rugby franchise, which provides rugby activities to children aged 2 to 7 years in the local community and runs a number of open day free sessions to attract children in the local community. We host talks and training seminars which are attended by members of the local and national community and have given access to local businesses to run events at discounted rates. Our Careers and Progression Advisor attends a termly Careers Network to discuss current initiatives and share information and good practice. This is attended by local schools & colleges in North Somerset. Sidcot’s Head Librarian arranges author visits to the School for our students as well as a range of other local primary and middle schools.

As part of regular clubs and activities, Sidcot offers a broad range of volunteering experiences that serve those in our local area and equip students with the essential skills and values required when living and working within the wider community. These activities include gardening renovation, visiting elderly people, marketing and community IT training.

Several members of the Senior Management Team are Governors at local schools. Our Deputy Head is a current Trustee of a local Multi Academy Trust, which provides support and expertise to local primary schools in disadvantaged areas to improve the life chances of their students. She also sits on the MAT’s Safeguarding Strategy Group, helping with reviews of the Primary Schools.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Our outreach work has extended to our Head of Art leading developmental work to train Primary Art specialists from local schools, providing resources and expertise. The teachers use their training within their own schools and then exhibit the work in Sidcot’s Art centre, where the schools are invited to bring their teachers and students across to look at the exhibition of their work. The Sports Department also runs a year-long programme of sporting activities and tournaments with the local MAT schools, including tennis, cricket, athletics, and swimming. This outreach work has been awarded School Partnership of the Year by Pearson Teaching Awards.

We also hold Science and Drama outreach events with local schools, during which they are able to use our observatory and Science labs for an evening of space discovery, and also to attend our drama production matinees.

Our student Charity Office Holders are in charge of putting together a rigorous programme of charity fundraising days. We also hold a termly ‘Disaster Fund Lunch’, when the school community all has soup, bread and fruit for lunch and the money saved from this goes to the Disaster Fund. It is then decided which disaster in the world, at that time, will receive the money.

c. Bursaries and scholarships

The Governors have approved a policy of using a proportion of the School’s unrestricted funds each year to provide for bursaries and scholarships to support the education of a range of students, who might not otherwise be able to attend the School.

In 2024/2025 192 children were in receipt of bursaries and scholarships from the School ranging from 5% to 100% depending on need, circumstances and their parents’ ability to pay.

Bursaries provide financial support to children whose families cannot afford private education and are open to all students at the School. Applications for bursaries are considered by a small committee, including one Governor, and all bursaries are means tested and reviewed annually. This year awards totalling £765,175 (2024 £842,501) of bursaries and scholarships were made.

Scholarships are awarded for academic, arts, sports, and all-round ability, and may be supported by a means tested bursary.

d. Review of activities

The number of students on the roll at the end of the year under review was 602 (excl. Pre-School).

Sidcot students achieve some outstanding results at GCSE, A Level, BTEC and the International Baccalaureate Diploma.

The IB Diploma (introduced to Sidcot in 2007) recognises that our students will be going out into an increasingly competitive, global environment. Offering the IB gives them the chance to follow a dynamic and challenging study programme and graduate with the advantage of an internationally respected qualification. This year’s International Baccalaureate results saw our students posting excellent scores, including a top score of 43 out of a possible 45. 100% of students passed the IB Diploma, and Sidcot continues to significantly overachieve the world average of 30.6 in the IB

Across the entire range of courses undertaken by our Year 13 cohort, including A Levels, BTEC (in either Sports or Business), and IB, grades achieved were equivalent to:

Grade Sidcot Score A to A 31.5% A to B 54.6% A* to C 75%

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

At Sidcot, we take a great deal of pride in supporting students to progress to employment or the next stage of their academic journey. Of those students going to university in 2025, 95% of applicants were successful in gaining a place at their preferred choice of institution, with 49% choosing to study at Russell Group, leading research, and top creative universities, including the University of Cambridge. 21% of students secured places at international universities.

FINANCIAL REVIEW

a. Review of financial activities and results

The results for the year and financial position of the School are as shown in the financial statements. The net incoming resources for the year were £308k (2024: £902k) before taking into account bequests and donations of £467k (2024: £429k), gains on investments of £166k (2024: £151k) and profit on property sale of £694k (2024: Nil)

Fee income after scholarships and bursaries reduced by 4.6% to £12.4m (2024: 11.8% increase to £13m). Scholarships, bursaries, remissions and other grants made to pupils totalled £1.55m (2024: £1.69m), which represents 11.1% of gross fee income (2024: 11.5%). Total expenditure remained the same at £13.7m (2024: £13.7m).

b. Investment policy and performance

The School uses the investment management company Evelyn to invest on their behalf in accordance with the School’s investment policy. This policy reflects the School’s ethical investment criteria with a balance between capital growth and income. Responsibility for monitoring performance rests with the Finance and General Purposes Committee (FGP). Investments returned a 9.2% gain (2024: 12.6% gain) during the year. This reflected an increase in value of approximately 6.7% (2024: 9.8% increase) and a revenue return of approximately 2.5% (2024: 2.8%). The Governors believe that the return was comparable with returns on similar investments and that it reflected the prevailing conditions on world markets. During the year the FGP decided to reduce the risk profile and increase liquidity of our unrestricted investments as a response to the more challenging operating environment.

c. Reserves policy

The Governors consider that it is important that unrestricted reserves should be increased over the next 5 years in order to safeguard the long-term future of the School, and this has been considered within the strategic planning for the School. Sidcot does not have large endowment funds, and therefore these reserves are required in order to increase the School’s resilience and capacity to manage unforeseen circumstances in the future.

The School’s unrestricted funds stood at £16.2m at year end, of which £15m was deployed as part of the School premises and equipment, leaving positive free reserves of £1.2m.

d. Restricted funds

The School maintains a number of restricted investment funds. The William Norman Bequest was made for the purpose of funding a music bursary and the Mary Blaschko grant was given to fund a Sixth Form bursary. There are a number of other smaller bursary and prize funds.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Governing document

The earliest Trust Deed dates from 1809, the Trust being set up “for the purpose of establishing and supporting a School for the education of the children of persons being members of the Society of Friends (commonly called Quakers)”. The School’s objects and powers are set out in the Articles of Association, which date from 1987 (as amended) and which provide for the operation of the School “in accordance with the principles of the Religious Society of Friends for the education of the children of members of Society of Friends and others”.

b. Group structure and relationships

The School has two wholly owned non-charitable subsidiary companies, Sidcot Leisure Activities Limited and Sidcot International Limited. A linked charitable trust, Sidcot School Trust, registered with the Charity Commission on 15 September 2006, has been created in order to hold the permanent endowment property of the School in accordance with a Charity Commission Scheme dated 19 July 2006.

c. Recruitment and training of governors

The Board of Governors works in partnership with Sidcot Quaker General Meeting's Nomination Committee to identify and nominate prospective governors. The Articles provide that a majority of Board Members would be persons who were:

(a) active in a Quaker Meeting or Organisation; or

(b) in the discernment of the Quaker General Meeting's Nominations Committee, were of such a convincement that they would promote and uphold Quaker Values in the governance, management and life of Sidcot School.

The Nominations Committee of Sidcot General Meeting and the Board take into account eligibility, personal competence, specialist skills and local availability.

New Governors are inducted into the workings of the School prior to the date of formal appointment. A Governor training programme is in place, including third party training as appropriate.

d. Pay policy for senior staff

The Governors consider that the Senior Leadership Team are the key management personnel of the School in charge of directing and controlling, running and operating the Trust on a day-to-day basis. The pay of all staff is reviewed annually, with pay scales approved by the Board of Governors.

All Governors give their time freely and no Governor received remuneration for being a Governor in the year. Details of Governors’ expenses and related party transactions are disclosed in the notes to the accounts.

e. Organisational structure and decision making

The Board of Governors, as the Trustees of the Charity and as the Directors of the registered company, are legally responsible for the overall management and control of Sidcot School. They meet formally at least four times a year. Governors are attached to a specific Head of Faculty or Business Department, to provide a link to the Board. There were also Governor members of the following committees: Education Committee; Safeguarding, Pastoral and Boarding Committee; and Finance and General Purposes Committee.

Day to day management is delegated to the Senior Management Team, which, during the year, comprised:

Head James Jones * Deputy Head Pastoral Joanna Leite Deputy Head Academic Christian Hughes Head of Junior School Catherine Dykes * Director of Operations Keith Perry * Director of Finance Steve Harris*

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Director of Marketing and Development Sarah Simms* Assistant Head Teaching and Learning Kate Champion Assistant Head Upper School Tom Ruddle Head of IT Services Allison Clarke Head of Boarding Amandine Smilevich

*Senior Leadership Team

f. Risk management

The Governors examine the major risks that the School faces each financial year. The School has developed systems to monitor and control these risks to mitigate any impact that they may have in the future. A detailed risk register is reviewed on a regular basis by the Governors and senior leadership. This register covers the following areas of risk: strategic, operational, people, finance, governance, external and legal. The review process assesses the current level of risk in each area and highlights control measures, responsibility and how each process is monitored. Action plans are developed where a target risk level has been set which would reduce the current residual risk.

The key control measures in place at the School include:

The main area of risk for the School continues to be associated with the introduction of VAT on school fees, combined with abolishing business rates relief and the increase in National Insurance. The introduction of these measures will continue to have significant ramifications on the School’s financial situation. The Finance and General Purposes Committee and the full Board have examined strategic options and responses and, for the foreseeable future, in the opinion of the Governors, the School has the resources and review systems which, under anticipated conditions, should allow these risks to be mitigated to an acceptable level in its day-to-day operations.

Future developments

The School Improvement Plan has been drawn together by the Senior Management Team and provides an overview of the main areas of work that will be required in order to meet Sidcot’s key strategic goals for the 2025/2026 Academic Year and to ensure progress in line with our 5-year strategic plan.

Academically, the School is implementing a new assessment calendar and reporting cycle to ensure effective and timely interventions to support progress as well as appropriate communication with stakeholders. The School is committed to providing an enriching and holistic education through the delivery of a new enrichment programme for KS3 students as well as a specific study skills and support programme for students in KS4. Within our Junior School enhancements and improvements are being made to our data processes to ensure that Junior School children continue to make excellent progress in their learning, and an external CPD programme will focus upon developing stretch and challenge provision for all students.

The School will continue to provide an outstanding programme of Co-curricular activities. The sporting programme will continue to benefit from focussed investment and attention on our playing fields as well as our strength and conditioning facilities. A new tennis programme will be a pilot for the School as we explore the provision of enhanced programmes in other sports and activities, whilst maintaining the breadth and variety that exists within the School’s Thursday afternoon PASS programme. Music and Drama will continue to play an important part in the life of the School, the employment of a specific Performing Arts Graduate will allow the provision of greater opportunities for music within our boarding provision. The School will also take part in music performances within our local community and stage a whole School Musical performance to which a number of local schools will be invited.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Next academic year all students will continue to access a range of activities outside of the classroom and the School will embrace opportunities for students to experience different sports, such as Padel. A new range of House activities will continue to play a significant role in the life of the School, and the School will introduce new ways for students to support the local community such as an on-site food bank collection point. The introduction of a new enrichment course for KS3 students will give them the opportunity to understand the importance of community work as they engage with a project designed to help a local retirement home. Within Safeguarding, Pastoral Care and Wellbeing we will continue to develop the 21st Century Parenting programme to strengthen our partnership with parents. We will choose the topics for this based on current trends and begin to use the new PSHE resources, which have been introduced to support teachers delivering this course. In boarding we will respond to and set targets based on feedback from the annual questionnaire and aim to complete the maintenance programme, within the next 18 months, to ensure we have the best possible facilities in our boarding houses.

Within Marketing and Admissions, we will continue to create new video content to highlight the different attractions of studying at Sidcot School, including boarding life. We will find new opportunities to speak with families in our local area by attending post-16 educational events local to the School and hosting “tea and tour” afternoons throughout the academic year. From an international boarding perspective, we continue to promote the school actively in a broad range of well-researched markets to ensure a diverse and vibrant boarding community, and to mitigate the risk of a dependency on a particular country. On the Development theme, we will continue to build connections with our Sidcotian community through events, outreach via our dedicated website and database (Sidcotians Connect) and work in our Archive Room, which is now open to visitors on appointment. We aim to complete our “hope and imagination” fundraising campaign, which will provide support to the School and to families following the imposition of VAT on School Fees from January 2025.

The introduction of VAT on fees will impact upon the School over the coming years. The School’s strong performance in recent years means that the Sidcot is in a good position to adapt to these new circumstances but we will continue to monitor our cost base and the impact of measures taken thus far to ensure that the School’s operations remain as efficient as possible. The wider and longer term impact of VAT on fees remains unknown; the School’s Governing board and Leadership team continue to work both proactively and collaboratively to monitor both local and national trends.

IT Development at Sidcot will continue to ensure that all our staff and pupils have the necessary technology and security in place to maximise the effective use of IT systems throughout the School. We will also be working towards greater efficiency and cost effectiveness in all aspects of School life.

The School has undertaken a considered approach to investing in the site and suitable capital projects. Maintenance of our sports grounds will now be undertaken by Sidcot Staff which should improve their condition and provide better opportunities for students. To further enhance sporting opportunities at Sidcot, we will also refurbish the School’s gym and fitness studio and explore opportunities to enhance our on-site equestrian provision. We aim to complete a programme of refurbishment works within Boarding facilities over the next 1218 months, ensuring that all bedrooms and bathrooms are of a high standard. We will also make improvements to the outdoor environment within the School by resurfacing the large quad and installing suitable outdoor furniture and equipment for our community to use during break and lunch times.

Maintaining a safe environment for students, staff and visitors remains a key objective and through proactive H&S measures and close monitoring, we will mitigate or reduce the risk of injuries and accidents. Support to staff will continue through induction, training, appraisals and regular communications to ensure all staff remain engaged and feel a valued component of the School.

The School’s values remain at the heart of all we do. Changes to the KS3 curriculum in the humanities will give students more opportunities to reflect upon the role of Quaker, Peace and Global Studies as a key element of life at Sidcot and our KS3 enrichment course enhances this further. Having won a national education award for our Community Outreach programme in 2024-2025, we will continue to maintain strong relationship with the ELAN multi-academy trust. Our successful art project will continue for another year as well as the strong sporting links that we maintain with ELAN. In addition, key Sidcot staff will remain on the Board of Trustees of ELAN to maintain this key partnership at a strategic level.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Disclosure of information to auditors

Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that:

Auditors

The auditors, Bishop Fleming Audit Limited, have indicated their willingness to continue in office. The designated Governors will propose a motion reappointing the auditors at a meeting of the Governors.

Approved by order of the member of the board of Governors and signed on their behalf by:

Jameson Miller

Mr J Miller

Chair of Governors Date: 18 December 2025

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF GOVERNORS' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025

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

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

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

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDCOT SCHOOL

OPINION

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

In our opinion the financial statements:

BASIS FOR OPINION

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

CONCLUSIONS RELATING TO GOING CONCERN

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

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

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

OTHER INFORMATION

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Governors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDCOT SCHOOL (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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

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

RESPONSIBILITIES OF GOVERNORS

As explained more fully in the Governors' responsibilities statement, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDCOT SCHOOL (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained understanding of the legal and regulatory frameworks that the School operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019 and FRS 102. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the School’s ability to operate or avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation.

Our procedures to respond to risks identified included the following:

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDCOT SCHOOL (CONTINUED)

or outside the normal course of business.

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non- compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

USE OF OUR REPORT

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

David Butler

David Butler FCA DChA (Senior statutory auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL

Date: 18 December 2025

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income and
endowments from:
Donations and legacies
6
Charitable activities
Other trading activities:
7
Profit on disposal of
fixed assets
. Other trading
activities
Investments
8
Other income
5
Total income and
endowments
Expenditure on:
Raising funds
9
Charitable activities
Total expenditure
Net income/(expenditure)
before net gains on
investments
Net gains on
investments
Other recognised
gains/(losses):
Losses on pension
movements
25
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2025
£
3,708
12,127,164
693,512
535,640
210,199
952,345
14,522,568
117,815
12,926,093
13,043,908
1,478,660
-
(22,488)
1,456,172
14,626,437
1,456,172
16,082,609		 Restricted
funds
2025
£
463,780
-
-
-
-
-
463,780
-
464,960
464,960
(1,180)
166,157
-
164,977
1,148,948
164,977
1,313,925		 Endowment
funds
2025
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
373,504
-
373,504		 Total
funds
2025
£
467,488
12,127,164
693,512
535,640
210,199
952,345
14,986,348
117,815
13,391,053
13,508,868
1,477,480
166,157
(22,488)
1,621,149
16,148,889
1,621,149
17,770,038		 Total
funds
2024
£
429,119
13,054,225
-
315,788
204,775
990,239
14,994,146
111,061
13,551,824
13,662,885
1,331,261
151,128
11,680
1,494,069
14,654,820
1,494,069
16,148,889

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 38 form part of these financial statements.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:02093340

BALANCE SHEET AS AT 31 AUGUST 2025

2025 2025 2024 2024
Note £ £
Fixed assets
Tangible assets 14 14,998,492 15,672,517
Investments 15 4,665,432 1,771,276
19,663,924 17,443,793
Current assets
Debtors 16 792,748 436,427
Cash at bank and in hand 5,071,543 6,101,012
5,864,291 6,537,439
Current liabilities
Creditors: amounts falling due within one
year 17 (5,860,893) (5,796,490)
Net current assets 3,398 740,949
Total assets less current liabilities 19,667,322 18,184,742
Creditors: amounts falling due after more
than one year 18 (1,877,537) (2,030,405)
Net assets excluding pension liability 17,789,785 16,154,337
Defined benefit pension scheme liability 25 (19,747) (5,448)
Total net assets 17,770,038 16,148,889
Charity funds
Endowment funds 19 373,504 373,504
Restricted funds 19 1,224,283 1,148,948
Unrestricted funds 19 16,172,251 14,626,437
Total funds 17,770,038 16,148,889

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

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

Jameson Miller

J Miller

Chair of Governors Date: 18 December 2025

The notes on pages 18 to 38 form part of these financial statements.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Bank Interest Received
Dividends Received
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Repayments of finance leases
(Decrease)/ Increase in Fees in advance
Interest Paid
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
2,222,809
172,573
37,626
733,054
(219,536)
1,090,946
(3,831,823)
(2,017,160)
(73,614)
(112,544)
(955,528)
(93,431)
(1,235,117)
(1,029,468)
6,101,011
5,071,543		 2024
£
2,107,786
157,936
46,839
-
(1,086,531)
432,037
(389,035)
(838,754)
(57,569)
(113,078)
77,225
(69,347)
(162,769)
1,106,263
4,994,748
6,101,011

The notes on pages 18 to 38 form part of these financial statements

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

1. GENERAL INFORMATION

Sidcot School is a company limited by guarantee. Incorporated in the United Kingdom and registered in England and Wales. The registered office is Sidcot School, Oakridge Lane, Winscombe, North Somerset, BS25 1PD.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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

Sidcot School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 COMPANY STATUS

The Company is a company limited by guarantee. The members of the Company are the Governors named on Page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Company.

2.3 GOING CONCERN

Having reviewed the cash position of the School together with the expected ongoing demand for places and the School’s future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

2. ACCOUNTING POLICIES (continued)

2.4 INCOME

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donated services or facilities are recognised when the school has control over the item, and conditions associated with the donated item has been met, the receipt of economic benefit from the use of the school of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable

Fees receivable and similar income represent fees from ordinary activities and are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships, and other remissions granted by the School.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.5 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a 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 reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

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

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

All expenditure is inclusive of irrecoverable VAT.

2.6 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

2. ACCOUNTING POLICIES (continued)

2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

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

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

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

Depreciation is provided on the following bases:

2.8 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 DEBTORS

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

2.10 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 LIABILITIES

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

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

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

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

2. ACCOUNTING POLICIES (continued)

2.12 FINANCIAL INSTRUMENTS

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 FINANCE LEASES AND HIRE PURCHASE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.14 PENSIONS

The school operates a Defined Contribution Pension scheme provided by Legal and General. Contributions payable to the school's pension scheme are charged to the SOFA in the period to which they relate.

The school participates in The Pensions Trust's Growth Plan (the Plan). This is multi-employer pension plan, which is funded and is not contracted out of the State's scheme. The Plan's assets are co-mingled for investment purposes, and benefits are paid out of the total assets. It is not possible in the normal course of events to identify on a reasonable and consitent basis the share of underlying assets and liabilities belonging to the individual participating employers. Accordingly, due to the nature of the Plan, the accounting charge for the period under FRS102 represents interest cost and the actuarial remeasurement. Further details of the scheme are set out in note 26 and details of a contingent liability in respect of these contributions are set out in note 25.

2.15 FUND ACCOUNTING

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

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

The present value of the Pension Trust defined benefit deficit repayments depends on a number of factors that are determind on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost for pensions includes the discount rate. Any changes in these assumptions, which are disclosed in note 26, will impact the carryinh amount of the pension liability.

Critical areas of judgment:

The school obtains use of fixed assets as a lessee. The classification of such leases requires the School to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Balance Sheet.

4. FEE INCOME

Gross Fee Income
Bursaries and Scholarships
Other fee related income
Add back: Scholarships, Grants etc paid by Restricted Funds

 2025
£
13,658,265
(1,564,513)
33,412
12,127,164
29,000
12,156,164
 2024
£
14,699,630
(1,684,572)
39,167
13,054,225
30,000
13,084,225

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

5. OTHER EDUCATIONAL INCOME

Other Educational Income
TOTAL 2024		 Unrestricted
funds
2025
£
952,345
952,345
990,239		 Total
funds
2025
£
952,345
952,345
990,239		 Total
funds
2024
£
990,239
990,239

6. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2025
£
Donations
3,708
TOTAL 2024
18,615		 Restricted
funds
2025
£
463,780
410,504		 Total
funds
2025
£
467,488
429,119		 Total
funds
2024
£
429,119

7. INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted
funds
2025
£
Rent & Lettings
259,157
Profit on disposal of fixed assets
693,512
Other Income
276,483
1,229,152
TOTAL 2024
315,788		 Total
funds
2025
£
259,157
693,512
276,483
1,229,152
315,788		 Total
funds
2024
£
193,224
-
122,564
315,788

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

8. INVESTMENT INCOME

Unrestricted
funds
2025
£
Interest Received
172,573
Dividend Income
37,626
210,199
TOTAL 2024
204,775
9.
EXPENDITURE ON RAISING FUNDS
COSTS OF RAISING VOLUNTARY INCOME
Unrestricted
funds
2025
£
Costs of raising voluntary income
24,384
TOTAL 2024
18,835
FUNDRAISING TRADING EXPENSES
Unrestricted
funds
2025
£
Fundraising finance costs
93,431
TOTAL 2024
92,226		 Total
funds
2025
£
172,573
37,626
210,199
204,775
Total
funds
2025
£
24,384
18,835
Total
funds
2025
£
93,431
92,226		 Total
funds
2024
£
157,936
46,839
204,775
Total
funds
2024
£
18,835
Total
funds
2024
£
92,226

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Teaching
Welfare
Premises
Administration
TOTAL 2024		 Activities
undertaken
directly
2025
£
5,982,505
581,137
1,563,117
5,264,294
13,391,053
13,551,824		 Total
funds
2025
£
5,982,505
581,137
1,563,117
5,264,294
13,391,053
13,551,824		 Tota
funds
2024
£
6,026,385
607,507
1,602,336
5,315,596
13,551,824

TOTAL 2024

In the year £464,960 (2024: £464,848) of expenditure was incurred on teaching from restricted funds. All other expenditure related to unrestricted funds.

ANALYSIS OF DIRECT COSTS

Staff costs
Depreciation
Other
Governance
TOTAL 2024		 Teaching
2025
£
5,605,238
-
377,267
-
5,982,505
6,026,385		 Welfare
2025
£
-
-
581,137
-
581,137
607,507		 Premises
2025
£
-
450,877
1,112,240
-
1,563,117
1,602,336		 Administration
2025
£
3,349,132
403,141
1,408,719
103,302
5,264,294
5,315,596		 Total
funds
2025
£
8,954,370
854,018
3,479,363
103,302
13,391,053
13,551,824		 Total
funds
2024
£
8,787,093
816,085
3,831,917
116,729
13,551,824

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

11. NET INCOME/EXPENDITURE

2025 2024
£ £
Depreciation of tangible fixed assets: - owned by the charitable group 854,019 816,084
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 16,500 17,090

12. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
7,275,963
731,544
946,863
8,954,370		 2024
£
7,174,140
647,445
965,508
8,787,093

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

Teaching
Domestic and maintenance
Administration and support		 2025
No.
117
71
92
280		 2024
No.
113
71
92
276

The average headcount expressed as full-time equivalents was:

Teaching
Domestic and maintenance
Administration and support		 2025
No.
86
43
32
161		 2024
No.
85
43
34
162

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

12. STAFF COSTS (CONTINUED)

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

2025 2024
No. No.
In the band £70,001 - £80,000 6 6
In the band £120,001 - £130,000 1 1

Key management personnel include the Governors and the senior leadership team as listed on page 1. The total pay and benefits received by key management personnel was £667,609 (2024: £677,419).

13. GOVERNORS' REMUNERATION AND EXPENSES

During the year ended 31 August 2025, expenses totalling £5,388 were reimbursed or paid directly to Governor (2024 - £6,264 to Governor).

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

14. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 September 2024
Additions
Disposals
At 31 August 2025
DEPRECIATION
At 1 September 2024
Charge for the year
On disposals
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 31 August 2024		 Freehold
property
£
19,716,129
18,688
(73,395)
19,661,422
5,724,679
393,966
(34,660)
6,083,985
13,577,437
13,991,450		 Plant and
machinery
£
737,067
17,770
-
754,837
287,104
56,911
-
344,015
410,822
449,963		 Motor
vehicle
apparatus &
equipment
£
658,219
71,330
-
729,549
573,960
41,149
-
615,109
114,440
84,259		 Fixtures and
fittings
£
1,358,350
88,161
(3,780)
1,442,731
627,778
152,190
(2,974)
776,994
665,737
730,572		 IT
equipment
£
1,304,708
23,587
(20,336)
1,307,959
888,435
209,803
(20,335)
1,077,903
230,056
416,273		 Total
£
23,774,473
219,536
(97,511)
23,896,498
8,101,956
854,019
(57,969)
8,898,006
14,998,492
15,672,517

At 31 August 2024

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

15. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 1 September 2024
Additions
Disposals
Revaluations
AT 31 AUGUST 2025
NET BOOK VALUE
AT 31 AUGUST 2025
AT 31 AUGUST 2024
The listed investments can be broken down as follows:
UK Fixed interest
£3,234,097 (2024: £277,987)
UK Equities
£180,722 (2024: £338,035)
International Equities
£678,301 (2024: £913,582)
Property
£66,068 (2024: £136,873)
Alternative Assets
£82,739 (2024: £89,730)
Cash
£423,354 (2024: £14,968)		 Investments
in
subsidiary
companies
£
101
-
-
-
101
101
101		 Listed
investments
£
1,771,175
3,831,823
(1,090,946)
153,279
4,665,331
4,665,331
1,771,175		 Total
£
1,771,276
3,831,823
(1,090,946)
153,279
4,665,432
4,665,432
1,771,276

PRINCIPAL SUBSIDIARIES

The following were subsidiary undertakings of the Company. Both companies were dormant during the year and have therefore not been consolidated in these financial statements.

Names Company Registered office or principal Holding
number place of business
Sidcot Leisure Activities Limited 02682278 Sidcot School, Winscombe, North 100%
Somerset, BS25 1PD
Sidcot International Limited 10714021 1 Oakridge Lane, Sidcot, 100%
Winscombe, North Somerset,
United Kingdom, BS25 1PD

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

15. FIXED ASSET INVESTMENTS (CONTINUED)

The financial results of the subsidiaries for the year were:

Net assets
£
Sidcot Leisure Activities Limited (4,383)
Sidcot International Limited 1

The School is the beneficial owner of 100 ordinary shares of £1 each being the whole of the issued share capital of Sidcot Leisure Activities Limited, a company registered in England. The company did not trade during the current or previous year. Sidcot International Limited was incorporated on 6 April 2017. The School is the 100% beneficiary and the company has not traded during the current or previous year.

16. DEBTORS

DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 2025
£
301,281
4,383
43,194
443,890
792,748		 2024
£
103,281
4,383
12,494
316,269
436,427

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
Payments received on account
Trade creditors
Other taxation and social security
Obligations under finance lease and hire purchase contracts
Fee deposits
Other creditors
Accruals and deferred income
School leaver deposits		 2025
£
93,948
3,148,338
331,944
827,226
54,971
306,708
173,670
684,040
240,048
5,860,893		 2024
£
81,758
4,103,866
340,051
155,456
108,774
329,293
177,682
286,761
212,849
5,796,490

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans
Net obligations under finance lease and hire purchase contracts
School fee deposits
Included within the above are amounts falling due as follows:
BETWEEN ONE AND TWO YEARS
Bank loans
BETWEEN TWO AND FIVE YEARS
Bank loans
OVER FIVE YEARS
Bank loans		 2025
£
1,274,869
-
602,668
1,877,537
2025
£
100,531
326,918
847,420		 2024
£
1,360,673
58,741
610,991
2,030,405
2024
£
86,236
285,591
988,846

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

19. STATEMENT OF FUNDS

STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
September
2024
£
UNRESTRICTED FUNDS
General Funds
14,626,437
ENDOWMENT FUNDS
Endowment Fund
373,504
RESTRICTED FUNDS
William Norman bequest
470,044
Mary Blaschko grant
207,189
Named bursary and prize funds
289,820
McShane Legacy
176,457
Other restricted funds
5,438
1,148,948
TOTAL OF FUNDS
16,148,889		 Income
£
14,522,568
-
11,858
5,227
7,311
4,452
434,932
463,780
14,986,348		 Expenditure
£
(13,043,908)
-
(11,858)
(5,227)
(7,311)
(4,452)
(436,112)
(464,960)
(13,508,868)		 Gains/
(Losses)
£
67,154
-
31,452
13,864
19,392
11,807
-
76,515
143,669		 Balance at
31 August
2025
£
16,172,251
UNRESTRICTED FUNDS
General Funds
ENDOWMENT FUNDS
Endowment Fund
RESTRICTED FUNDS
William Norman bequest
Mary Blaschko grant
Named bursary and prize funds
McShane Legacy
Other restricted funds
TOTAL OF FUNDS
373,504
501,496
221,053
309,212
188,264
4,258
1,224,283
17,770,038

The William Norman bequest was made for the purpose of funding a music bursary.

The Mary Blanschko grant was given to fund a sixth form bursary.

The named bursary and prize funds are for the purpose of funding bursaries and prizes.

The McShane Legacy was received for the music department.

Other restricted funds includes grants and donations received for bursaries,Sidcot Education Trust, work in Peace and Global Studies.

Endowed capital represents the initial endowment of land and buildings to the School, together with certain other bequests and donations and is attributable to the linked charity Sidcot School Trust.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

19.
STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
1 September
2023
£
UNRESTRICTED FUNDS
General Funds
13,212,354
ENDOWMENT FUNDS
Endowment Funds
373,504
RESTRICTED FUNDS
William Norman bequest
427,177
Mary Blaschko grant
188,294
Named bursary and prize funds
263,389
McShane Legacy
160,365
Other restricted funds
29,737
1,068,962
TOTAL OF FUNDS
14,654,820		 Income
£
14,553,596
-
12,351
5,444
7,615
4,636
410,504
440,550
14,994,146		 Expenditure
£
(13,198,036)
-
(12,351)
(5,444)
(7,615)
(4,636)
(434,802)
(464,848)
(13,662,884)		 Gains/
(Losses)
£
58,523
-
42,867
18,895
26,431
16,091
-
104,284
162,807		 Balance at
31 August
2024
£
14,626,437
373,504
470,044
207,189
289,820
176,456
5,439
1,148,948
16,148,889

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2025
£
Tangible fixed assets
14,624,988
Fixed asset investments
3,445,407
Current assets
5,860,033
Creditors due within one year
(5,860,893)
Creditors due in more than one year
(1,877,537)
Provisions for liabilities and charges
(19,747)
TOTAL
16,172,251		 Restricted
funds
2025
£
-
1,220,025
4,258
-
-
-
1,224,283		 Endowment
funds
2025
£
373,504
-
-
-
-
-
373,504		 Total
funds
2025
£
14,998,492
4,665,432
5,864,291
(5,860,893)
(1,877,537)
(19,747)
17,770,038

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Unrestricted
funds
2024
Restricted
funds
2024
£
£
Tangible fixed assets
15,299,013
-
Fixed asset investments
627,766
1,143,510
Current assets
6,532,001
5,438
Creditors due within one year
(5,796,490)
-
Creditors due in more than one year
(2,030,405)
-
Provisions for liabilities and charges
(5,448)
-
TOTAL
14,626,437
1,148,948
21.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Gains on investments
Interest Payable
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Pension Fund
Bank Interest Received
Dividends Received
NET CASH PROVIDED BY OPERATING ACTIVITIES		 Endowment
funds
2024
Total
funds
2024
£
£
373,504
15,672,517
-
1,771,276
-
6,537,439
-
(5,796,490)
-
(2,030,405)
-
(5,448)
373,504
16,148,889
FROM OPERATING
2025
2024
£
£
1,643,637
1,482,389
854,019
816,084
(153,279)
(194,131)
93,432
92,226
(693,512)
78,589
(356,321)
329,130
1,053,221
(280,622)
(8,189)
(11,104)
(172,573)
(157,936)
(37,626)
(46,839)
2,222,809
2,107,786

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

22. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
TOTAL CASH AND CASH EQUIVALENTS		 2025
£
5,071,543
5,071,543		 2024
£
6,101,011
6,101,011

23. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases		 At 1
September
2024
£
6,101,012
(81,758)
(1,360,673)
(167,515)
4,491,066		 Cash flows
£
(1,029,469)
-
73,614
112,544
(843,311)		 Other non-
cash
changes
At 31
August 2025
£
£
-
5,071,543
(12,190)
(93,948)
12,190
(1,274,869)
-
(54,971)
-
3,647,755		 Other non-
cash
changes
At 31
August 2025
£
£
-
5,071,543
(12,190)
(93,948)
12,190
(1,274,869)
-
(54,971)
-
3,647,755
3,647,755

24. CONTINGENT LIABILITIES

The School has a contingent liability which has not been provided for in these accounts in relation to the Pensions Trust Growth Plan described in note 25. This liability would crystallise only if the School withdrew from the Growth Plan or if the Plan was to be wound up with no participants.

The School continues to offer membership of the Plan to its employees and as at the balance sheet date there were 123 (2024: 90) active members of the Plan employed by the School. There is no current intention to leave the Plan and trigger the contingent liability.

The Pensions Trust has estimated that, if the School ceased to participate in the Plan as at 30 September 2025, the School would have to pay £ (2020: £139,186) including Series 3 liabilities based on the financial position of the plan and the employers that, as at that date, were relevant employers.

25. PENSION COMMITMENTS

TPT Retirement Solutions – The Growth Plan

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

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

25. PENSION COMMITMENTS (CONTINUED)

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

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

Deficit contributions

From 1 April 2025 to 31 March 2028: £2,100,000 per annum (payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 March 2028 applies. Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

25. PENSION COMMITMENTS (CONTINUED)

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SIDCOT SCHOOL (A COMPANY LIMITED BY GUARANTEE)

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

25. PENSION COMMITMENTS (CONTINUED)

26. OPERATING LEASE COMMITMENTS

At 31 August 2025 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2025 2024
£ £
Not later than 1 year 80,477 43,443
Later than 1 year and not later than 5 years 225,054 41,541
305,531 84,984

27. RELATED PARTY TRANSACTIONS

A number of Governors have children who are pupils at the School; the appropriate level of fees is levied in respect of these pupils.

Governors' children are assessed for bursaries and scholarships on the same basis as all other pupils on an arms length basis. During the year, Governors received scholarships and discounts totalling £4,278 (2024: £4,227).

During the year Sidcot School purchased services from a company for which a Trustee is employed totalling £1,010 (2024: £1,194). The School owed £nil (2024: £nil) to the related entity at year end.

All other group companies are wholly owned subsidiaries of Sidcot School, as such the Company is able to take advantage of the exemption under the terms of FRS 102 section 33.1a from disclosing related party transaction with wholly owned entities that are part of the Group.

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