2024-07-31-accounts

Stover School Association (A company limited by guarantee) Annual Report Year ended 31 July 2024 Company No.. 565995 Charlty No., 306712

Stover School Association Annual Report Year Ended 31 July 2024 Contents Page Trustees, Report Independent Auditors, Report to the Members Consolidated Slatement of Financlal Activities 20 Consolidated Balance Sheet 21 Company Balance Sheet 22 Consolidated Cash Flow Statement 23 Notes and Accounting Policies 25

Stover School Association Trustees, Report Year Ended 31 July 2024 The Trustees are pleased to present their annual report, together with the audited financial statements of the charity for the year ended 31 July 2024. The directors of the charitable company (the company) are its Trustees for the purpose of charity law, and also the School Governors. REFERENCE AND ADMINISTRATIVE DETAILS Charity Number.. 306712 Company Number.. 565995 Registered office and principal address: Stover School, Newton Abbot, TQ12 6QG The Trustees, who served during the year, and at the year end, were as follows: MrJRMEArnold Ms B Atkinson .BsC, Msc. Mr C L Hicks FCA Bsc Appointed 8 January 2024 Mr M Burgess Mr J O'Dwyer Prof l Beardmore Appointed 8 January 2024 Appointed 14 February 2024 Resigned 7 July 2024 Vice Chair Admiral Sir B J Key Bsc KCB..CBE - RN Mr S J Killick ND (Arb) Chalrman Mrs J Milstead Bsc (Hons) Mr P Shirt Appointed 8 January 2024 Resigned 27 June 2024 Appointed 8 January 2024 Mrs A J Smith. MA Mr S J Reynolds. FCIB Appointed 8 January 2024 Dr E J Wolstenholme Bsc PhD

Stover School Association Trustees, Report Year Ended 31 July 2024 The key executives and professional advisers during the year were: Headmaster.. Mr R W D Notman Bcom Bursar Mr P T Jenkins Bankers.. Barclays Bank Plc, 3 Bedford Street, Exeter. Devon EX1 1 LX Solicitors.. WBW Solicitors, Church House, Newton Abbot., Auditors.. PKF Francls Clark, Sigma House, Oak View Close, Edglnswell Park, Torquay, TQ2 7FF The Senlor Leadershlp Team {SLT) of the School compr1s6S: Mr Richard Notman Headmaster Mr Patrick Jenkins Bursar Dr Jeremy Stone Deputy Head, Senior School Mr Ben Noble Head of Preparatory School Mrs Helen Notman Assistant Head - Safeguarding, Welfare & Boarding Mr Michael Mooney Assistant Head - Operations Mrs S-J Avery Senior Teacher, Pastor81

Stover School Association Trustees, Report Year Ended 31 July 2024 The Trustees of Stover School present their annual report and audited financial statements for the year ended 31 July 2024 and confirm they comply with the requirements of the Charities Act 2011, the company's Articles and the Charities SORP ISORP 2015). CHAIRS FORWARD The Academic Year 23124 had regulatory, academic. financial, and Strategic elements which I would like to highlight on behalf of the Trustees. We had our first ISI inspection under the new framework. This was exceptionally positive (a link to the full report can be found here) and started by highlighting that Stover School 'is a happy and busy community where school leaders are supported by governors, who know Ihe school well and provide suitable oversight and challenge., A change to prevlous methodologies is that you can only 'meet I not meet, the required standard in each area and we were delighted to be told we 'met' on each and every area of assessment. Credit here needs to be given to the pupils, parenls, staff and in particular our departing Executive Headmaster, Richard Nolman who after 10 years of excellent service, announced his resignation earlier in the year. A fitting inspection result after so much progress during his tenure. Our progress and growing reputation meant that we had a very large field of applicants vying to replace him and after a multistage process, supported by a professional search firm, we were delighted to appoint Mrs Caroline Ward who will join from September. After last year's record academic results, this year followed in a similar vein. We are proud of our non- selective status and even prouder that we continue to be able to support exceptional outcomes for our pupils. Looking at this Year 13 cohort, 90 /0 achieved their first-choice destination and over 800/0 of awarded grades were at A. to C grade. However. as they leave. they don't just take their grades but leav8 as mature, well-rounded individuals as well equipped as possible to face their fantastic futures which is at heart, what the Stover experience offers. This year has however been the most financially challenging in terms of planning I have seen since becoming involved with the school. We maintained a 6-figure surplus {£129k vs £298k in 2023} but have continued to see a significant rise in inflationary costs across energy, transport, and food as examples. We have planned extensively for the announcement to levy VAT and are pleased that we can absorb some of the impact on parents and will keep this under review as the full impact of the policy becomes evident. We will also see the removal of Business Rates Relief from April 2025, increases in employer national insurances Costs and further increases in the Teacher Pension Employers Contribution level. A phrase l used through Covid and through more recent challenges is that we want to keep the Stover community logether as far as we possibly can. Despite the extensive cost pressures, I mentioned above, our focus is to minimise fee rises as much as possible and to aggressively tackle the cost side to support this to allow as many families and pupils to join and remain in our community for as long as possible. Our pupil roll remains over 500 and the fact that we are yet to see a meaningful impact in school numbers during a turbulent year for the sector provides significant reassurance that the Stover School proposition remains resolutely strong and sought after even in today's climate. Whilst our pupil roll has remained the right side of 500, as a Board we are acutely aware that we cannot continually increase fees. Whilsl there is much press speculation around the future of Independent Schools, through prudent financial management including managing costs combined with continual delivering of a relevant and sought after 'Slover experience, we have no immediate concerns around our future.

Stover School Association Trustees, Report Year Ended 31 July 2024 In summary, there is a lot of turbulence in education, particularly for the independent sector, but most of this we cannot influence despite our concerns. However you measure it, Stover School has enjoyed another strong year. Our medium to long term strategic plan remains unchanged, but timing has been pushed back slightly due to a combination of planning delays and pragmatism in that we wanted to wait and see what impact the financial pressures might have. We remain committed to delivering a Sports hall, including covered multi use courts and an all-weather playing surface facility. This would come with significant landscaping to include improved parking, all subject to heritage approval and planning. We plan to further engage our parents and community and to harness their support in this area in the coming months to help us across the line with Teignbridge Planning Department. There are significant community benefits from all that we are hoping to build on the school sile that do not seem to be fully appreciated yet. us, our belief and commitment as Trustees is that we believe Stover School will continue to thrive oviding a differentiated and non-selective approach ('The Stover Experience,) at the most cost- tive pric we can. by effe Stewart Nlic Chair of Governors

Stover School Association Trustees, Report Year Ended 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document Stover School Association is a company limited by guarantee, governed by its Memorandum and Articles of Association. Under the provision of Section 30 of the Companies Act 1985, the company is entitled to omit the word "Limited" from its name. The company, at year end, currently has 10 active members. The governors were actively recruiting, and further appointments during the following year will be made to enhance the skills and knowledge within The Board. In the event of the company being wound up, the liability of each member is limited to £1. Stover School Association is also registered with the Charity Commission as a charity. The Governors, who are also the charity Trustees, are responsible for the overall management and control of the Stover School Charity and meet in full at least three times a year. The work of implementing most of their policies is carried out by sub commiltees.. Audil, Finance and General Purpose, Education, and Welfare. These committees meet once each term (or more in the case of Finance). The Clerk to the Governors is responsible for coordinating the work of the Governors and their Committees, preparation of papers and the review of matters arising. All Trustees give of their time freely and no remuneration other than some travel expenses were paid in the year. Governor Recrultment and Tralnlng The Governing body requires breadth and depth of experience to carry out its duties effectively and efficiently. When recruiting new trustees, the important attribute is a passion for the work of our School and an understanding of education as a holistic and rounded experience of personal growth. We advertise locally and appoint by recommendation for new trustees. Where possible the Governors Consider that the skills and experience of the Board should comprise the following.. A Governor with a legal background A Governor with a financiallaccounting background A Governor with education experience A Governor with senior managerial or business experience A Governor with experience of equal opportunities or disability needs A Governor wilh experience of medical and safeguarding A Governor with experience of estates, planning and asset management At least one female Governor and at least one male Governor Individual Governors may have one or more of these skills.

Stover School Association Trustees, Report Year Ended 31 July 2024 ORGANISATIONAL MANAGEMENT The Governors determine the general policy of the School. The day lo day running of the school is delegated to the Executive Head, supported by senior staff. The Executive Head undertakes the key leadership role, overseeing educational, pastoral, and administrative functions in consultation with the senior staff. The day to day administration of both the Preparatory and Senior Schools is undertaken within the policies and procedures set out and approved by the Governors. These regulate any significant expenditure decisions, (including any major capital projects), and major educational decisions having been referred to Ihe Governors for prior approval. The Executive Head oversees the recruitment of all educational staff, whilst under delegated authority. The Bursar oversees the recruitment of administrative and non-teaching support staff. The Executive Head and the Bursar attend Governors, meetings, along with other members of the Leadership team as and when required. Other Relatlonshlps Stover School Association has a wholly owned non charitable trading subsidiary, Stover Enterprises Limited, which was established to operate commercial activities on the School's premises. The results of Stover Enterprises Limited are consolidated within the overall School results. Further details of Stover Enterprises Limited activities and results are given in note 4 to the accounts. The Executive Head is a member of the Society of Heads, which provldes an opportunlty to share expertise, knowledge, and experience across the independent school seclor. The Association also permits appropriate representation to Government and regulators of the views of the sector. Other association affiliations are relevant. such as AGBIS (the Board of Trustees), ISBA (the Bursar), ISC and BSA (the School), BBSN (the Registrar) and AMCIS (the Marketing Manager}. STRATEGIC REPORT Stover school Mis81on Statement Stover School provides education which nurtures, celebrates, challenges, and inspires each pupil. Our holistic approach combines a progressive research-based curriculum, with a resilient moral code based on sound family and Christian principles. We prepare confident and independent young people to adapt and succeed in an ever-changing world. In pursuit of our mlssion we alm to: Invest in educational excellence enabling the provision of effective. inspiring and stimulating teaching to pupils of wide-ranging abilities. encouraging their enthusiasm for learning, enabling each pupil to achieve their potential. Maintain an ongoing evaluation of the quality and content of both teaching and learning. Provide a broad, forward looking curriculurn at all levels, with appropriate resources. Maintain a supportive and happy environment where the individual and spiritual needs of the pupils and staff afe recognised and provided for. Provide sound moral values through clear expectations of behaviour, emphasising respect and consideration for others. Encourage self-confidence, self-motivation and self-discipline within a safe and caring community. Engage and maintain effective communication with members of the School and the wider community.

Stover School Association Trustees, Report Year Ended 31 July 2024 Value the School's special, natural environment and holistic estate and use them wherever appropriate in the curriculum. Provide continuing support of our pupils already in receipt of fee assistance through bursaries subject to regular reviews and the schools ability to financially meet the overall commitments Develop our links with local state schools and Ihe community through opportunities to share on-site facilities and staffing and through outreach activities. ETHOS, STRATEGY & POLICIES Stover School is a charitable trust which seeks to benefit the public through the pursuit of its stated aims. Our fees are set at a level to ensure the financial viability of the School, whilst remaining accessible to a wide range of the local community. Our School welcomes pupils from all backgrounds. To admil a prospective pupil we look for a 'goodness of fit, with the school's ethos by interviewing, observing during taster days and reviewing previous school reports. An individual's economic status, gender, ethnicity, race, religion or disability do not form part of our assessment processes. We are an equal opportunity organlsation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustmenls to meet the needs of staff or pupils who are or become disabled. Our School is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. In keeping with our Mission, the school founds its practice on building excellent personal relationships and individual understanding of the talents and needs of all of our pupils. Provision is then designed lo deliver the very best individual and consequent, whole school outcomes. Recognilion and facilitation of achievement focusses on curriculum in the broadest sense, with equal weight being attribuled to academic progress, personal growth, leadership and service and enrichment co-curricular activities. The last Independent Schools, inspection- May 2024, found the school to be fully compliant with all D of E and ISI regulations, and delivering good pupil achievement and excellent pupil personal development. Parents are encouraged to communicate with the school beyond the regular information share that is formal reporting. This combined and collaborative approach ensures thal well-being is managed continually and dovelails with the school's robust and multi-layered structure for pastoral care. This ensures that the school delivers on its commitment to a safe and happy environment in which children feel comfortable and ready to take the risks that are required to accelerate their learning. The Senior Management Team's continue to drive a Research Based Learning pedagogy, enhanced by the employment of supportive technology and the individualisation of assessment and learning in order to maximise each pupil's progress and achievement The successes of the school in delivering on its educational commitments and ethos, alongside a very effective educational provision, growing beyond 500 pupils. This ensures that in both the Preparatory and Senior School, that number are such that every pupil is known and catered for, but that the groups are large enough to facilitate healthy social growth and evolution for our pupils. The growth of the school has resulted in some year groups being split to 4 form entry, with groups managed at 20 or less, to ensure the continuing excellent delivery of pastoral care and understanding.

Stover School Association Trustees, Report Year Ended 31 July 2024 The Schools Masterplan Planning Application continues its progress toward determination with Teignbridge District Council. 11 was hoped that this would have been granted by now but the cornplexities of the Grade 21 Grade 2 . listings, has proved a challenge with Teignbridge Planning Dept. however, there have been no objections raised to date by consultees with only the heritage aspects to be ironed out. The Plan clearly sets out the schools aims to satisfy English Heritage, Natural England, the wider community, and local planners, therefore delivering the facilities that a school of this size demands. Narnely, a new, all-purpose sports hall incorporating covered multi use courts (to replace the temporary tennis court coverl, a Multi-use Games Area, and new classrooms to replace the Devon Ladies buildings. These enhanced facilities will also provide significanl public benefit, as they will also be available to the general community Existing facilities continue to be enjoyed by the local community including the Sports Schools Partnership, 3 local Cricket Clubs, Newton Brewers and Exeter Spitfires Baseball Teams, Hi5, and Stagecoach Theatre Group. We also host the Templar 10 Cross-counlry event in October which brings over 300 competitors to site. As a result of the quality of educational provision and consequent demand for places, the school still ontinues to budget for a six-figure surplus. 11 would be fair to say that the year has been challenging with the continuing uncertainty due lo the threat of VAT on school fees, the removal of Business Rates Relief, increased salary costs due to rise in National Minimurn Wage, and further increases in Teacher Pension Employers Contributions. We now know that VAT is to be levied from the 1st January 2025 and the governors are working hard to minimise the fee rises as much as possible. Pupil numbers however have proved stable throughout and targeted and planned growth, especially a limited but welcome return of overseas pupils, mainly from Europe, allowed continued investment and a pleasing year-end six figure surplus to be realised. Governors continued to review the Schools strategy regularly throughout the year with the plan for modest growth In these uncertain times but continued focus was also given to the ongoing restoration of specific heritage assets. Investment in ICT hardware continued as a high priority lo enhance lesson delivery and our strategic focus on RBL learning. The governors were also aware thal the current Head whished to retire at year end of the academic year. The recruitment process began before Christmas with the successful appointment of Mrs Caroline Ward, who will take the reins from September 2024, continuing the excellent work achieved over the last 10 years by Mr Notman. Wilh very careful budgeting over the year, we have achieved a surplus which satisfies our bank covenant and continues to prove long term sustainability and resilience. PLANS FOR THE FUTURE The management team will continue to drive educational standards across all stages of Ihe school, and sustainability through sufficient surpluses. Our 202312024 Strategy Day continued to focus and deliver key on-going improvements and innovations in educational, pastoral and pupil enrichment outcomes alongside facility enhancement. This will be enhanced by the new Executive Head from September 2024 of course. Mrs Ward will no doubt wish to make her own mark on the progres5 of the current plan going forward5 and a further strategy day will take place in early October 2024. Expanding the successful ethos of researched base learning together with continued growih in pupil numbers

Stover School Association Trustees, Report Year Ended 31 July 2024 Other key on site strategies to follow through on remain.. Delivering a Sports hall, including covered multi use courts, and all-weather playing surface facility, significant landscaping (including the long-awaited front entrance area) to include improved parking. all subject to heritage approval and planning. Continuing premises update and repairs and maintenance, particularly at Clock House. Continued restoration of heritage assets, year on year PUBLIC BENEFIT The Master Plan planning application details all-encompassing projects for the site and buildings which will take the school well into the next generation and beyond with modern facilities that will be enjoyed by pupils, staff and the community as a whole. Specifically, the Sports Hall will be available for at least 40 hours community use per week If and when built., Also, all the other planned facilities will be available to the public outside of term times or weekends and evenings. Local sporting events, such as the South West School Cross-country Championship., Westward League Cross-counlry events and South Devon & Torbay Table Tennis League continue to enjoy the site. In addition, the site is used in the holidays by the Hi5 Group and Stagecoach Musical Thealre and Drama. The school also makes specific donations to support local events such as the Bovey Craft Fair and charities such as Rowcroft Hospice. RISK MANAGEMENT The Governors are responsible for the overseeing of the risks faced by the School. Detailed considerations of risks are delegated to the school's Senior Management Team however, each governor sub-committe& retains control of these by considering a relevant risk matrix at each sub-committee meeting. The Governors, Audit Committee reviews all sub-committee risk registers and considers any salient reportable feedback, Currently the risks as identified by the Governors are.. Re utation the School's success is built on Its reputation for providing excellent education and supporting the personal growth and well-being of our pupils. We manage this risk through safeguarding policies, staffl Safer Recruitment policies, pastoral support for both pupils and staff, careful monitoring of pupil performance lo allow early intervention where required. and active identification and resolution of health and safety related is issues. Finance - our ability lo function and invest fully in our services is reliant on pupil fees and the ability to pay bills as they fall due. This risk is managing by marketing activity, having a reputation for curriculum and pastoral excellence and active cash-flow management, including access to adequate short, medium, and long-term credit facilities for the School. Curriculum Curricular excellence requires a shared understanding of pedagogy coupled with up to date facilities and clear understanding of our pupils. We manage this risk by combining rigorous recruitment with sound performance management, ongoing inveslment in educational facilities Due to the sound risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated and It is recognised that systems can only provide reasonable but not absolute, assurance that major risks will be foreseen and therefore managed.

Stover School Association Trustees, Report Year Ended 31 July 2024 REVIEW OF ACTIVITIES AND ACHIEVEMENTS Pupll numbers and feas Pupil numbers at the school have stabilised at 500 during the year (not including Nursery). Recruitment remained very strong overall. Strategic plans have been formulated to continue the growth trend in 2024125, to maintain and l or exceed 500 pupils with focus on Boarding and 6th Form numbers. This year, we were mindful that any increase in fees needed to be carefully managed with likely VAT on the horizon and other inflationary pressures. Whilst we are having to cover our overheads, we always compare our fee structure with other independent schools, lo remain competitive. Continued, additional challenges are the rise in National Minimum Wage and the TPS employer's contribution increase. Annual reviews continue to be in place with the Teachers, Pension Scheme and an early consultation process was commenced following the announcement that the employer's rate would rise to 28.68'/0 from 1s1 April 2024, to engage with teaching staff on possible withdraw from the scheme on affordability grounds. which ensures the goodwill of existing staff and the attraction of new. Fee increases were agreed at Easter time again and before the deduction of any means assisted bursaries and scholarships, were: Pre-Prep year- £3,240 per term Preparatory School - £3,505 to £4,355 per term ALL Senior School - £5,330 per term 10

Stover School Association Trustees, Report Year Ended 31 July 2024 ACADEMIC PERFORMANCE PREPARATORY SCHOOL End of Key Stage 2 (Year 6) InCAS assessments were taken in Spring 2024 in Years 1-6. InCAS are compuler based adaptive assessments which highlight pupil attainment in- General Maths, Mental Arithmetic. Reading, Comprehension, Spelling and Developed Ability. The results are highlighted in the table below and show the number of months the school is ahead of the national average across all 6 areas. The table also highlights the differences between the two Key stages (Year 1 and 2 = KS1 and Years 3-6 ~ KS2) as well as including Year 6 scores highlighting the end of KS2. The data shows that the children are attaining above national average on all measures, bar mental arithmetic in KS1. Developed Ability is particularly worth noting as it highlights the ability to learn wilh a focus on language and non-verbal reasoning. General Maths Mental Arithmetic Reading Comprehension Spelling Developed Whole School KS1 KS2 Year 6 17 21 23 SENIOR SCHOOL The 2024 A Level results continued in a similar vein to last year's record-breaking outcomes, and over 80 /0 of outcomes achieved were at A" to C grade. Once again, all UCAS applicants have been placed at a university or equivalent setting, with 900/0 achieving their first-choice destinations. University places have been taken up at Bath, Birmingham, Bristol, Cardiff, Loughborough, Sheffield, Southampton and UEA,. amongst others. It was an excellent year for GCSE results too, with over 250/0 of entries receiving lop grades (9 to 7), and 90 % achieving a grade 4 or above- 18 % above the national figure. CHARITY FUND RAISING The School fundraising initiatives this year included raising money for a number of charities including the Brain Tumour Charity ,' The Royal Navy & Marine Charity,. ABF Soldiers Charity., Children in Need,- Rowcroft Hospice,. Children's Hospice SW,. British Heart Foundation,. Cancer Research,. Royal British Legion Poppy Appeal,. Comic RelieflRed Nose Day" and the National Childrens Bureau. A total of £7,000. Community Service As part of the Duke of Edinburgh's Award, our pupils fulfill a wide variety of services in the local community ranging from country park ranger services to providing care in old people's homes. Biennially our pupils take part in a self-funded cultural visit to a far-away location to undertake a number of charitable initiatives in local schools and communities. Plans for future overseas trips are underway.

Stover School Association Trustees, Report Year Ended 31 July 2024 ACCESS POLICY It is important that access to a Stover education is not restricted to those who can afford our fees. We believe our pupils benefit from learning within a diverse pupil community. A great deal of learning occurs through social inleraction, conversation and shared experiences. This helps our pupils lo develop emotional intelligence,. a tool that will stand Ihem in good stead for the rest of their lives. Our bursary policy, together with our broadly non-selective approach lo admissions, contributes to a wide access to the education we offer and the facilities we enjoy. BURSARY POLICY The Governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees, can access the education we offer. Our bursary awards must satisfy our admissions process and are made solely on the basis of parental means lesting, or to relieve short term hardship, where a pupil's education and future prospects would otherwise be at risk. In assessing means we take a number of factors into consideration including family income, investments and savings and family circumstances, for example dependent relatives and the number of siblings. However, our school does not have an endowment fund and, in making our awards, we have lo be mindful that we must ensure a balance between fee-paying parents, rnany of whom make considerable personal sacrifices to fund their child's education, and those benefiting from the awards. Our Bursary policy states that these awards Should be tested annually. Information about fee assistance through bursaries is provided to all applying to the School. Further details of our bursary policy are available on our website. Bursarles This year the value of means tested bursaries totaled £229,289 and represented 3Yo of our gross fees. 12

Stover School Association Trustees, Report Year Ended 31 July 2024 Family discounts policy To underline the value we place on continuity for families, and to assist with affordability for families with more than one child, we offer discounts where parents have more than one child at the School. These discounts stand at 10 % for a second child, 20 % for a third, and so on. NHS, Armed Forces and Police. In support of the Armed Forces Covenant, where they are eligible for the Continued Education Allowance (CEA) . serving members of the Armed Forces are offered 10 /0 reduction. {Non CEA approved) Forces personnel, can apply for scholarships and bursaries, but eligible for a 20 % reduction. We continued to support NHS staff and members of the police force with 10 /0 fee remission. SCHOLARSHIP POLICY The purpose of our scholarship awards is to recognize high academic potential or the ability to excel in Sport. Music or The Arts. Scholarships are awarded with a fixed remission of fees of between 50/0 and 150/0. Where further assistance is required, scholarship awards may be supplemented by a means tested bursary. We make information on scholarships available to prospective parents and we advertise the availability of scholarship awards from time to time. Further details of our scholarship policy are available on our website. The progress of pupils receiving scholarships is reviewed annually to ensure their progress is in line with their abilities. No scholarships were withdrawn in the year as a result of reviews. Scholarshlps The school awarded scholarships totaling £167,718 and representing 2.2% of our gross fees. Asslstance for our teachlng staff As part of our emphasis on attracting and retaining high calibre staff, we offer 8 discount scheme when staff members choose to educate their children at Stover School. OUR FINANCES Results for the year ended 31 July 2024 are shown in the Consolidated Statement of Financial Activities. Pupil numbers started behind budget bul grew and remain at 500 at year end. Recruitment continues to be strong, however, boarding and 6th Form numbers were lower than expected. Total incoming resources were £8.07m, (£7.63m 2023). After expenditure of £7.89m (£7.37m 2023), including depreciation of £315k 1£297k 2023). Stover Enterprises Ltd income, which it donates to Association, was also reduced due to the school transferring sales of uniform to external providers. The accounts show a net incomin of resources for the ear of £129 833 £298 253 in 2023 Expenditure on new capital purchases was £188k (£295k in 2023). The Governors continued to invest in the maintenance and refurbishment of the School buildings in order to maintain the best possible range of facilities for our pupils. This program is financed from the general fund, with capital development projects pursued in years of surplus. 13

Stover School Association Trustees, Report Year Ended 31 July 2024 As a charity the parents of our pupils have the assurance that all the income of the School must be applied for educational purposes. As an educational charity we enjoy tax exemption on our educational activities and on our investment income and gains provided these are applied for our charitable aims. As a charity we are also entitled to an 80 % reduction on our business rates on the propety we occupy for our charitable purposes. The financial benefits we receive from these tax exemptions are all applied for educational purposes and indirectly help us to maintain our bursary awards. However, as an educational charity, we are unable to reclaim VAT input lax on our costs as we are exempt for VAT purposes. We also pay tax as an employer through the national insurance contributions we make. PAY POLICY FOR SENIOR STAFF The Governors consider the Board of Governors, who are also the Charity's Trustees, and the senior leadership team to compromise the key management personnel of the charity, responsible for managing and directing the charity on a day to day basis. Governors are not remunerated and give of their time freely. Related party transactions are set out in Note 17 to the financial statements. When setting the pay policy for the senior management leam, the Governors have available to them the published pay scales of the state sector, and also various benchmarking data for the independent sector. Salary levels are set to ensure that the School attracts the best talent available, whilst being mindful to control costs to ensure that the School makes 8 sufficient surplus to allow for future investment. DEVELOPMENTS AND MAINTENANCE The Bursar, Estates Manager, and the Estates team, will continue to work closely with heritage and conservation experts to preserve the Stover Estate, with emphasis on the priority areas and buildings such as The Clock House roof. The Old Stables, The Lodge, The Walled Garden, and Mansion House, As part of the Heritage Lottery funding achieved by The Stover Heritage Trust, we are pleased to be part of extensive plans for the renovation and preservation of historical assets on the Stover Parkland, in particular, the latest plans to restore the Serpentine Lake. commenced in summer 2024 with completion in September 2024. The Estates Team continued to focus on remedial and longer-term restoration works which are financed from previous years surpluses and ring fenced as a Restoration Fund. This is in line with our commitment to English Heritage, the Local Planning Department, and our own wishes lo be excellent custodians of the historical Stover Estate. Projects such as completing the final elevation of the Clock House roof in early 2024, and further phases of the refurbishment plan for the Mansion House windows are all costed and timetabled in. The Main entrance Lodge is the next project with a new roof required to preserve this listed asset. A great deal of work continued to be directed towards the Master Plan planning application. This will include the siting and build of a new sports hall as the priority. Further site meetings have taken place from stakeholders lo progress the full application and we have a commilment that this will be achieved by early November 2024 with expected decisions by year end, but this is a complicated application and process. Other capilal purchases include more mini buses to regain control from external contractors, of our growing bus routes. Recruiting drivers and other key staff has also been particularly challenging this year. IT investment continues YOY. 14

Stover School Association Trustees, Report Year Ended 31 July 2024 Reserves Policy The Governors review the reserves of the charity, annually, which, in accordance with current SORP guidance, relat8 solely to funds that are freely available for the charity's purposes, and therefore exclude restricted funds and funds tied up in fixed assets. Unrestricted free reserves are beneficial in the event of a downturn in th6 school's financial performance, be it through a downturn in pupil numbers, changes in Government policy, reduction in net fees or unexpected expenditures being incurred. The Governors are aware that at previously most of the charity's unrestricted funds are represented by freehold property (held for charity use, but further additions to the Reserves fund have grow this to around £500,000 (excluding fees paid in advance). The schools loan account has also been reduced by £200,000 in the period due to high interest rales. This will aid resilienceforfuture challenges in the independent school sector and part fund future building projecls subjecl to full planning approval. The charity has restricted free reserves, but nevertheless, in drawing up the 2024125 budget, it continues to aim for an improved six-figure surplus even with the challenges ahead of VAT, tsking advantage of tighl budgetary controls. As stated last year, the school is in a much stronger financial position YOY and plans to remain so. The charity's net debt position has reduced considerably in recent years, and the school continues to generate cash surpluses which are in line with our bank covenants and may choose to pay down debt if planning is not forthcoming to further enhance its resilience to future threats.. As a consequence, it is the governors, continued policy for the charity to accumulate annual surpluses in order to be able to invest in the charity's future. Governors review this policy annually. Trustees, Responslbllltles The Trustees (who are also directors of Stover School Association for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for the period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 15

Stover School Association Trustees, Report Year Ended 31 July 2024 In so far as the Trustees are aware.. There is no relevant audit information of which the charitable company's auditor is unaware., and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. By Order of the Board on ¢4 December 2024 S J Killick Chairman of Governors 16

Stover School Association Independent Auditors, Report to the Members of Stover School Association Year Ended 31 July 2024 Opinion We have audited the financial statements of Stover School Association (the 'Charilable Company,) and Its subsidiary (the Group) for the year ended 31 July 2024, which comprise the Consolidated Statement of Financial Activities incorporating Income and Expenditure Account, the Consolidated and Company Balance Sheet, Consolidated Statement of Cash Flows and notes to the Financial Slalemenls, including a SUTnmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting PraGtiGel. In our opinion the financial statements: give a true and fair view of the slate of the Group and the Charitsble Company's affairs as at 31 July 2024 and of the Group's income and expenditure for the y8ar then ended. have been properly prepared in accordance wlth United Klngdom Generally Accepted Accounting Practice and the Charities SORP.. and have been prepared in accordance with the requlrements of the Companies Acl 2006. We conducted our audit In accordance with International Standards on Auditing (UK) (ISAS IUKI} and applicable law. Our responsibilities und8r those standards are further described in the Audilor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company In accordance wllh the ethical requirements that are relevant to our audit of th8 financial statements in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audlt evidence we have obtalned is sufficient and appropriate to provide a basls for our opinion. Conclusion relating to golng concern In auditing th6 financial slalemenls, w8 hav8 concluded that th8 Trust88S' US8 of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on th6 work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's ability to continue as a going concem for a period of at least ￿e1ve months from when the original flnanclal slatements were authorised for issue. Our responslblllties and the responsibilities of the Trustees wlth respect to going concern are described in the relevant sections of this report. Other information The other information comprlses the Information Included in the annual report, other than the financlal statements and our auditor's report thereon. Our opinion on the financial statements does not cover th8 Other information and, except to the extent olherwlse explicllly staled In our report, we do not express any form of assurance condusion thereon. In connection with our audit of the flnancial slalements, our responsibility is to read the other information and, In doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise appears to be materially misstated. If we identify such material inconsislencie5 or apparent material misstatements, we are required lo determine whether there is a material misstatement in the financial statements or a material misslatemenl of the other information. 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. Opinion on other mattor prescrlbed by the Companies Act 2006 In our opinion, based on the work underlaken in the course of Ihe audit.. the information given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees, Report has been prepared in accordance with applicable legal requirements. 17

Stover School Association Independent Auditors, Report to the Members of Stover School Association Year Ended 31 July 2024 Matters on which we are requlred to report by exceptlon In the light of our knowledge and understanding of the Group and the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in Ihe Trustees. Report. We have nothing to report In respect of the followlng matters where the Companles Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial slatemenls are not in agreement with the accounling records and retums; or certain disclosures of trustees. remuneration specifièd by law are not made., or we have not received all the information and explanations we require for our audlt., or the trustees were not entitled to prepare the financial statements in accordan￿ with the small companies regim& and lake advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilitles of trustees As èxplainèd more fully in the Trustees, Report sel out on pages 2 10 16, the trustees are responslble for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financlal statements that are free from material misslatem8nl. whether due to fraud or error. In preparing the flnanclal stslemenls, the trustees 8re responslble for assessing the Group and Charitable Company's ability to contlnue as a golng corscern, dlsGloslng, as applicable, matters related lo going concern and using the going concern basis of accounting unless Ihe trustees eilher intend lo liquidate the Charitable Company or lo cease operations, or have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the financlal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an auditor's r8POrt 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 delecl 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. Irregularllles, Including fraud, are Instances of non-compliance wllh laws and regulations. We deslgn procedures in line with our responsibilities, outlined above, lo delecl malerlal misslatemenls in respect of irregularities, including fraud. The extent lo whlch our procedures are capable of detecting Irregularities, including fraud is detailed below: As part ofour audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Group and the education sector in which il operates to identify the key laws and regulations affecting the Group. The key laws and regulations we identified were compliance with requirements relating lo safeguarding. We also considered those laws and regulations that have a direct impact on the preparation of the financial slatemenls, primarily FRS 102 (effective 1 January 2019) {Charities SORP). the Companies Act 2006 and the Chanlie5 Acl 2011. In addition, we considered provisions of other laws and regulations thal do not have a direct effect on the financial statements but compliance with which may be fundamenlal lo the Group's ability to operate or to avoid a material penalty. We discussed with management how the compliance with these laws and regulations in monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Group complies with laws and regulations and deals with reporting any issues if Ihey arise. 18

Stover School Association Independent Auditors, Report to the Members of Stover School Association Year Ended 31 July 2024 As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulalions on the Group s ability to continue trading and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non<ompliance with such laws and regulations. Our procedures involved the following- Enquiries of management and those charged with governance regarding their knowledge of any non- compliance with laws and regulations that could affect the financial stalemenls., Reviewed legal and professional costs to identify any possible non compliance or legal costs in respect of non compliance.; Reviewed Board and Finance Committee minutes. As part of our enquiries we dlscussed wlth management whether there have been any known instances, allegations or suspicions of fraud of which there were none. W& also evaluated the risk of fraud through managernent override including that arising from management's incentives. The key risks we identified were the manipulation of the financial statements (including the risk of override of controls) and we determined that the principal risks were related lo fraudulent financial reporting, in particular to fraud In revenue recognition and grant funding received. In response lo the identified rlsk, as part of our audit work we: Used data analytics to test journal entries throughout the year, for appropriateness: Reviewed grant funding agreements., Revlewed estimates and ludgements made in the accounts for any Indication of bias and challenged assumptions used by management In making the esllmates, Because of the Inherent limltatlons of an audit, there is a risk that we will nol delect all Irregularities, including those leading to a material misslalement in the financial statements. This risk increases the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financlal statements as we are less likely lo become aware of instances of non-compliance. The risk of not detecting a material misstalemenl due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or mlsrepresentalion. A further description of our responsibilities for the audit of the financial slalements is located on the Financlal Reporting Council's website al www.frc.org.ukjauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charltable Company's members, as a body, In accordance with Chapt8r 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are r8quir8d to state to them in an auditor's r8porl and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. SHARON AUSTEN FCCA {S•nlor Statutory Auditor) PKF Francis Clark Chartered Accountants and Statutory Auditor Sigma House Oak View Close, Edginswell Park Torquay TQ2 7FF 202s 19

Stover School Association Consolidated Statement of Financial Activities (Incorporating Consolidated Income and Expenditure Account) Year Ended 31 July 2024 General Restricted Fund Fund 2024 General Restricted Total Fund Fund 2023 Total Notes In¢omo Charltable Actlvitias School fees receivable Ancillary trading income 2 6,928,081 936,244 6,928,081 6,584,280 936,244 910,787 6,584,280 910,787 Other Iradlng activllles Commercial trading operations Other income Donations 75,562 76,579 850 75,562 110,116 76,579 56,631 850 1,524 110,116 56,631 1,524 Total Income 8,017,316 8,017,316 7,663,338 7,663,338 Expendilure Charltable A¢tlvltles School operating costs 5 7,852,628 7,852,628 7,322,010 7,322,010 Costs of generating funds Commercial trading operations 34,855 34,855 43,075 43,075 Totsl expendlture 5 7,887,483 7,887,483 7,365.085 7,365,085 Net Income l (expendlturo) before transfers 129,833 129,833 298,253 298,253 Transfers between funds Net Income l {expendlture) and movement In funds for the year 129,833 129,833 298,253 298,253 Funds as al 1 August 2023 1,886,864 2,400 1,889,264 1,588,611 2.400 1,591,011 Funds as at 31 July 2024 2,016,697 2,400 2,019,097 1,886,864 2.400 1,889.264 20

Stover School Association Consolidated Balance Sheet 31 July 2024 2024 2023 Notes Flxod assets Intangible assets Tangible assets 2,081,615 2,208,104 2,081,615 2,208,104 Currant assets Stock Debtors Cash at bank 2nd in hand 55,715 515,929 4,055,470 53,132 343,222 1,238,983 4,660,267 1,635,337 Current Ilabllltles Amounts falling due within one year 12 (4,172,256) 11,942,899) Net current assetsl{Ilabllltles) 454,858 {307,562) Total assets less current Ilablliti•s 2,536,473 1,900,542 Long temi Ilabllltles Amounts falling due after one year 12 {517,376) (11,278) Net assets 2,019,097 1,889,264 Restrlcted funds 13114 2,400 2,400 Unrestrlcted general fund 13114 2,016,697 1,886,864 Total funds 2,019,097 1,889,264 These financial statements were approved by the Governors on (￿Lt￿l?.￿d signed on their behalf by: S J Killick Chairman of Governors Company No. 565995 21

Stover School Association Company Balance Sheet 31 July 2024 2024 2023 Notes Fixed assets Intangible assets Tangible assets Investments 2,081,615 2,208,104 10 2,081,617 2.208,106 Current assets Stocks Debtors Cash at bank and in hand 8,596 610,369 3,999,506 8,333 469,964 1,147,689 4,618,471 1,625,986 Current1Sabilities Amounts falling due within one year 12 {4,163,615) (1,933,550) Net current assetsl{Ilabilities) 454,856 (307,564) Total assets less Current Ilabllltle8 2,536,473 1,900,542 Long term liabilities Amounts falling due after one year 12 (517,376) (11,278) Net assets 2,019,097 1,889,264 Restrlcted funds 13114 2,400 2,400 Unrestrlcted general fund 13114 2,016,697 1,886,864 Total funds 2,019,097 1,889,264 The compan de a surplus for the financial year of £129,833 (2023.. £298,253). atements were approved by the Governors on V.Lr..l. ) and signed on their behalf These finan by.. S J Killick Chairman of Go ernors Company No. 565995 22

Stover School Association Consolidated Cash Flow Statement Year ended 31 July 2024 2024 2023 Notes Net cash Inflow from operations 3,302,728 395,034 Returns on Investments and Servlclng of finance Finance costs paid (49,843) (43,113) Capltal expendlture and flnanclal Investment Payments for tangible fixed assets Proceeds from sale of fixed assets (188,553) 200 1294,775) 505 Net cash outtlow from capital expenditure (188,353) (294,270) Flnanclng Repayment of bank borrowlng New bank borrowing Payment to finance lease creditors New finance lease agreements (833,685) 600,000 (14,360) {14,301) (22,471) 13,400 Net cash outtlow from financing {248,045) (23,372> Increase In cash In tha yaar 2,816,487 34,279 Reconclllatlon of net cash flow to movement In net fund8 Increase in cash 2,816,487 34,279 Change in net funds Net funds at 1 August 2023 2,816,487 1,238,983 34,279 1,204,704 Net funds at 31 July 2024 4,055,470 1,238,983 23

Stover School Association Consolidated Cash Flow Statement Year ended 31 July 2024 (i) Reconciliation of net incoming resources to net cash flow from operations 2024 2023 Net Income for the year 129,833 298,253 Elimination of non-operating cashflows.. Financing costs Amortisation charge Loss on disposal of fixed assets Depreciation charge Decrease l (increase) in stock {Increase} I decrease in debtors {Decreasel l increase in creditors Increase in deposits 49,843 43,113 {200) 315,042 (2,583) (205,860> 2,999,697 16,956 185 297,194 26 1176,775) (80,590) 13,628 Net cash Inflow from operatlons 3,302,728 395,034 (li) Analysis of changes in net funds At1 August 2023 At31 July 2024 Ca8h flows Cash at bank and in hand Bank overdraft 1,238,983 2,816,487 4,055,470 1,238,983 2,816,487 4,055,470 24

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 Accounting Pollcles Basis of accounting The financial statements have been prepared under the historical cost convention with ilems being recognised at cost or transaction value unless otherwise stated in the notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charitl8s.' 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) - {Charities SORP (FRS 102)). and with the requirements of the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRS 102. The functional and presentational currency is sterling. Golng Concern The Charity has prepared budgets and cashflows for the 12 months following the approval of these financial statements, making what they believe to be reasonable assumptions on the level offee income given actual recruitment levels for the Autumn 2024 term. The School also has long term facilities in place with its bankers, plus sufficient cash and headroom and therefore, the projections indicate full compliance with its banking covenants. Based on Ihese projections, but accepting the inherent uncertainties around the imposition of VAT the Trustee3 do not believe that there is any material uncertainty related to events or conditions that may cast significant doubt on the Charity's ability lo continue as a going concern. Accordingly. the financial slalemenls have been prepared on a going concern basis. Ba818 of consolldatlon The financial statements present the consolidated statement of financial activities (SOFA), the consolidated cash flow Statement and the consolidated and Charity balance sheets of Stover School Association and its wholly-owned subsidiary undertaking, Stover Enterprises Ltd {registered number 32552971. In accordance with section 408 of the Companies Act 2006, no separate SOFA has been presented for the charity alone. Fees recelvable Fees receivable and extra tuition fees consist of charges for the school year ending 31 July, less bursaries and allowances. Fees received in advance represents amounts received for future periods and are released to incoming resources in the period for which they have been received. Donations Donations receivable for the general purpose of the Charity are credited to Unrestricted Funds. Donations for purposes restricled by the wishes of the donor are shown as Restricted Funds. Other income Income from commercial Irading activities is recognised when the goods 2nd services are provided. Investment income is recognised when it is receivable. 25

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 Accounting Policies (contlnued) Government grants Revenue grants are credited to the profit and loss account in the period to which they relate. Expendituro Expenditure is included on an accruals basis and is shown gross of irrecoverable VAT. All costs have been directly attributed to one of the functional categories of resources expended in the Statement of Financial Activities (SOFA). Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Costs of charitable activities include expenditure associated with achieving the objects of the charity and include both the direct costs and all support costs relating to these activities. Governance costs comprise the cost of running the charity, including strategic planning for its future development, external audit, any legal advice for School Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability. Support costs include central functions and have been allocated to charitable activitie5 on a basis consistent with the use of resources. No attempt has been made to apportion support costs to other categories where such costs are insignificant or a reliable basis cannot be determined. Intanglblo flxed assets and amortlsatlon Intangible assets are included at cost. Intangible fixed assets are amortised by equal annual instalments over their estimated useful lives as follows:. Software 3 years Tanglble flxed assets and dapreclatlon Tangible fixed assets are included al cost. The initial cost of Stover House and Gardens is not depreciated. In the opinion of the Govemors such omission does not have a material effect on the financial statements. Tangible fixed assets other than freehold land are depreciated by equal annual instalments over thelr estimated useful lives as follows.. Freehold buildings Fixture & fittings Computer equipment Motor vehicles 20 years to 50 years 5 and 20 years 3 years 4 years 26

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 Accounting Pollcles (continued) Pension schemes a) Teachers, pension The School contributes to the Teachers. Pension Defined Benefits Scheme at rates set by the Scheme actuary as advised to the School. The Scheme is a multi- employer scheme and it is not possible for the School to identify its share of the Scheme assets and liabilities. Accordingly, in accordance with IAS19 contributions are accounted for as if the Scheme were a defined contribution scheme. Further details of the Scheme are given in note 18. b) Non-teaching staff The School operates a defined contribution scheme for certain non-teaching staff. Contributions are charged in the year in which they become payable. Operatlng leases The costs of operating leases are charged to the SOFA on a straight line basis over the lease term. Hlre purchase agreements and flnance leases Assets held under hire purchase agreements and finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in Ihe balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Stock Stock is valued at the lower of cost and net realis8ble value, after having due regard for obsolete and slow moving items. Funds structure Funds held by the School are.. Unrestricted general fund These are funds that can be used in accordance with the ch8ritable objects at the discretion of the Trustees. Restricted funds These are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of the restricted fund is included in Note 13. 27

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 Accounting Policies (contlnued) Crltlcal accountlng judgements and key sources of estimatlon uncertalnty In application of the charitable company's accounting policies, the Trustees are required lo make judgements, estimated and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimated and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The critical judgement that the Trustees have made in the process of applying the company's accounting policies is that key management personnel comprises the Senior Leadership Team as listed onpage1. Flnanclal Instruments Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences as residual interest in the assets of the company after deducting all of its liabilities. The company holds the following financial instruments, all of which considered to be basic: Short term trade and other debtors Short term trade and other creditors Short term intra group loans., and Bank overdrafts Charltable status The charity is a company limited by guarantee and is registered with the Charity Commission for England and Wales. The members of the company are the Trustees listed on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charitable company is incorporated in England and Wales. 28

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 Charitable activities - School fees 2024 2023 Gross school fees receivable Less: Scholarships Bursaries Other discounts and awards 7,925,491 7,511.857 (167,719) (229,290) (600,401) {201,244) {189,101) {537,232) 6,928,081 6,584,280 Charltab16 actlvltles- Ancillary tradlng Income 2024 2023 Catering and transport School trips and other re-chargeables Entrance and registration fees Other income 673,790 247,964 11,200 3,290 658,202 237,217 15,000 368 936,244 910,787 Tradlng Income and Expendlture The School has a wholly owned subsidiary, Stover Enterprises Limited, which lets property owned by the School to third parties for recreational, educational and commercial purposes and also operates the school shop. Trading results extracted from its unaudited accounts are shown below, together with the School's own results for the year, to distinguish them from the consolidated Statement of Financial Activities. Subsldlary Charlty 2024 2023 2024 2023 Turnover and fee income 75,562 110,116 7,440,895 7,008,418 Cost of sales.. Subsidiary (36,106) (60,095} Gross profit: Subsidiary 39,456 50,021 Administration: Subsidiary (6,303) 6,009 Income for the year 33,153 56,030 7,949.308 7.560,565 Deed of Covenant <33,153) (56,030) 33,1 $3 56,030 Gross incoming resources 7,982,461 7.616,595 Costs of charitable activities (7,852,628) (7,318,342) Retained income 129,833 298,253 29

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 Analysls of Expendlture Staff costs Other Depreciation costs Total 2024 Total 2023 Charltable actlvltles- Salary & Staff Costs Teaching Catering EslateslGrounds Governance Support costs of schooling 5,092,671 5,092,671 499,161 329,806 903,872 163,560 863,558 4,744,093 446,574 288,077 917,381 205,606 720,279 499,161 329,806 664,473 163,560 787,898 239,399 75,660 Charlty 5,092,671 2,444,898 315,059 7,852,628 7,322,010 Cost of generatlng funds: Trading costs of the subsidiary 34,855 34,855 43.075 Total Resources Expanded Group 5,092,671 2,479,753 315,059 7,887,483 7,365,085 Expendltur8- Othar Dlsclosures 2024 2023 Auditors, remuneration: Audit fees Accounting and other compliance services Payroll services Depreciation of intangible fixed assets (note 8) Depreciation of tangible fixed assets (note 9) Bank and other loan interest payable 19,650 7,500 10,594 16,406 10,840 8.312 315,059 53,466 297,194 43,907 During the year there were payments of £413 to 2 Governors {2023.' £Nill', this amount relates to both reimbursed expenditure and direct payments made to third parties for travel, meetings and training. Governors are not remunerated. 30

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 Staff Costs 2024 2023 Wages and salaries Social security costs Other pension costs 4,089,779 370,367 632,525 3,819,402 356,257 568,434 5,092,671 4,744,093 Average number of employees 160 158 The number of higher paid employees was.. £60,001- £70,000 £100,001- £110,000 Of these employees, the number with retirement benefits accruing in defined benefit pension schemes was 2024 2023 Aggregate employee remuneralion of key management personnel 626,859 515.756 Flxed Assets - Intanglble Charlty Total Subsldiary Total Group Total Softwar• Cost At 1 August 2023 33,404 33,404 33,404 At 31 July 2024 33,404 33,404 33,404 Depreclatlon At 1 August 2023 33,404 33,404 33,404 At 31 July 2024 33,404 33,404 33,404 Net book amounts At 31 July 2023 At 31 July 2024 31

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 Fixed Assets - Tangible Subsldlary Charlty Fixtures Total & fittings Freehold Flxtures Computer Motor properties & fittings equlpm't vehicles Group Total Cost At 1 August 2023 Additions Disposals 3,451,687 3,130,542 182.824 230,338 6,995,391 79,928 29,110 79,515 188,553 {350) (3501 1,492 6,996,883 188,553 {3501 At 31 July 2024 3,451,687 3,210,120 211,934 309,853 7,183,594 1,492 7,185,086 D8pr8clatlon Al 1 August 2023 Charge for year Eliminated on disposals 2,047,212 2,442,809 146,845 150,421 4,787,287 52,637 186,744 27,649 48,012 315,042 (350} 1350) 1,492 4,788,779 315,042 (350) At 31 July 2024 2,099,849 2,629,203 174,494 198,433 5,101,979 5,103,471 Net book amounts At 31 July 2023 1,404,475 687,733 35.979 79,917 2,208,104 2,208,104 At 31 July 2024 1,351,838 580,917 37,440 111,420 2,081,615 2,081,615 All tangible fixed assets are used in direct furth&rance of the charity's objectives. Flnance lease and hlre purchase agreements Included within the net book value of £2,081,615 is £33,068 (2023.. £59,231) relating to assets held under finance leases and hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £20,943 (2023= £30,225). 10 Flxed Assets - Investments Company Unlisled subsidiary undertaking at cost. As at 1 August 2023 and 31 July 2024 The unlisted subsidiary undertaking, which is wholly-owned, is Stover Enterprises Limited (Company Number: 3255297), the principal activity of which is letting property and operating the school shop. The company's registered office address is Slover School, Newton Abbot, TQ12 6QG, 32

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 11 Debtors Group Company 2024 2023 2024 2023 Fees receivable Trade debtors Amounts owed by subsidiary undertaking: Deed of covenant payment Other amounts owed Prepayments and accrued income Other debtors 179,324 605 179,094 920 175,649 178,617 33,153 65,567 317,458 18,542 56,030 72,109 146,679 16,529 317,458 18,542 146,679 16,529 515,929 343,222 610,369 469,964 12 Credltors: payable wlthln ong year Group Company 2024 2023 2024 2023 Loans and bank overdraft Finance leases and hire purchase agreements Trade creditors Fees in advance Refundable deposits PAYE and social security Accruals and deferred income 68,172 817,000 68,172 817,000 9,045 132,154 3,187,581 288,496 85,530 401,278 14,360 88,958 240,512 271,540 87,208 423,321 9,045 132,055 3,187,581 288,496 85,530 392,736 14,360 88,741 240,512 271,540 87,208 414,189 4,172,256 1,942,899 4,163,615 1,933,550 Crodltors: payable after one year Group Company 2024 2023 2024 2023 Bank loan Finance leases and hire purchase agreements 515,143 515,143 2,233 11,278 2,233 11,278 517,376 11,278 517,376 11.278 The bank loan is secured by legal charges over the Charity's freehold property. Obligations under finance leases, hire purchase agreements and other loans are secured by a charge over the assets to which they relate. 33

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 13 Funds General Fund {Unrestrlct6d) The general fund is held to finance the fixed assets and to cover normal fluctualions in working capital. Drama Outreach Programme (Restrlcted) This represents a donation from The Rotary Club to support the Drama Outreach Programme. Trea Plantlng Fund {Restrlcted) This is an opportunity for parents to be involved in Slover School eco-iniliative. Parents can sponsor a tree, making a £50 pledge towards the purchase of an older sapling tree (we would like lo target trees of 4 to 6ft in order to give them the best possible start and chance of establishing themselves and maturing quickly). The consultant will then work with our site team and the landscape architect to identify a species and best location for your tree. We will pass this information to parents as well as labelling the tree with the family name when it is planted. Analysis In movoments In funds Balance 1 August 2023 Transfers Funds Inl{out) 31 July 2024 Income Expendlture Unrestricted funds General funds 1,886,864 8,017,316 17.887,483) 2.016,697 Restrlcted Funds Drama Outreach Programme Tree Planting 150 2.250 150 2,250 2,400 2,400 Total funds 1,889,264 8,017,316 (7,887,483) 2,019,097 34

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 13 Funds {contSnued) Analysis in movements In funds - previous year Balance 1 August 2022 Transfers Funds Inl(out} 31 July 2023 Income Expendlture Unrestricted funds General funds 1,588,611 7,663,338 (7,365,085) 1,886,864 RestrScted Funds Drama Outreach Programme Tree Planting 150 2,250 150 2,250 2,400 2,400 Total funds 1,591,011 7,663,338 (7,365,085) 1,889,264 14 Allocatlon of Net Assets Rastrlcted Unrestricted Funds Funds 2024 2024 Total Restrlcted Unrastricted Funds Fund Funds 2024 2023 2023 Total Funds 2023 Fixed Assets Cash at bank Other net current liabilities Creditors due after one yaar 2,081,615 2,081,615 4,053,070 4,055,470 (3,600,612)13,600.612) (517,376) 1517,376) 2.208,104 2,208,104 1,236,583 1,238,983 (1,546,545) (1,546,545) (11,278) {11,278) 2,400 2,400 Total 2,400 2,016,697 2,019,097 2,400 1,886,864 1,889,264 15 Share Capltal The company is limited by guarantee, having no share capital. In the event that the company is wound up, the liability of each member is limited to £1. 35

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 16 Flnanclal Commitments Operatlng leases At 31 July 2023, the company and group had total future minimum lease payments as follows: 2024 2023 Within one year Within two to five years 127,305 128,932 175,704 225,336 256,237 401,040 17 Related Party TransactSons (al During the financial year the School received a donation under a Deed of Covenant of £33.153 {2023'. £56,030} from Stover Enterprises Ltd, a wholly owned trading subsidiary. (b) Where Governors have relalives who attend the school, they pay the appropriate fees on the same terms as others. Where scholarships, bursaries or other benefits apply to such fees, these are awarded using the same criteria as apply to all. (c) The company is under the effective control of the Governors, who are also directors of the company, Trustees of the charity and members of the Stover School Association. 18 Penslon Schemes (a) Teachers, Penslon Scheme The School participates in the Teachers, Pension Scheme ("the TPS'I for its teaching slaff. The pension charge for Ihe year includes contributions payable to the TPS of £813,162 (2023.. £751,517) and at the year-end £74,985 {2023.. £62,891) was accrued in respect of contributions to this scheme. The Teachers, Pension Scheme {TPS or scheme) is a statutory, contributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorilies. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic for full-time teachers and lecturers and automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS following enrolment. The TPS is an unfunded scheme to which both member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. 36

Stover School Association Notes and Accounting Policies Year Ended 31 July 2024 18 Penslon Schemes (continued) Valuation of the Teachers. Penslon Scheme The Government Actuary, using normal acluarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap} Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.70/0 above the rate of CPI. The key elements of the valuation outcome are.. Employer contribution rates set at 28.68 % of pensionable pay (including a 0.080/0 administration levy). This is an increase of 5 /0 in employer Contributions and the cost control result is such that no change in member benefits is needed. Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective dale of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million. The result of this valuation was implemented from 1 April 2024.The next valuation result is due to be implemented from 1 April 2028. A copy of the valuation report and supporting documentation is on the Teachers, Pensions website. Under Ihe definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School has accounted for its contributions lo Ihe scheme as if it were a defined contribution scheme. The School has set oul above the information available on the scheme. (b) Non-teachlng staff The employer's contributions lo the non-ieaching staff defined contribution scheme during the year was £56,51412023.. £44,520). At 31 July 2024 £5.00912023: £4,048) was accrued in respect of contributions to this scheme. 37

Stover School Association Year Ended 31 July 2024 The followlng pages do not form part of th• statutory financial statements. 38

Stover School Association Detailed Income and Expenditure Account - Company Year Ended 31 July 2024 Actual 2024 Budget 2024 Actual 2023 School fee income Gross fees receivable Nursery income LS,EFL Income Bursaries, scholarships, discounts 7,789,237 82,259 53,995 (997,410) 7,850,295 48,900 36,000 (995,500) 7,396,423 110,962 4,472 (927,577) 6,928,081 6,939,695 6,584,280 Catering income Registration fees 380,388 11,200 380,000 10,000 381,211 15,000 391,588 390,000 396,211 Renewable Heat Incenlive Insurance commissions Vending machine commission Other income etc. Bank interest received 40,467 3,090 1,442 4,705 29,965 42,000 48,234 368 5,504 894 79,669 42,000 55,000 Dlsbursements income Disbursements costs 247,964 (278,684) 222,500 {277,650) 237,216 {273,830} 130,720) (55,150) (36,614) School bus income School bus costs 293,402 {66,093) 289,537 (57,800) 276,996 (162,528) 227,309 231,737 114,468 Donations and similar income: Gift aid receivable Sponsorships and donations 33,151 850 20,000 56,030 3,524 34,001 20,000 59,554 Activities to generate funds.. Licence fee income 7,556 10,000 11,012 Total Income 7,637,484 7,578,282 7,183,911 Expendlture (7,507,651) (7.381,717) {6,885,658) Surplus for the year 147,468 196,565 298,253 39

Stover School Association Detailed Income and Expenditure Account - Company Year Ended 31 July 2024 Actual 2024 Budget 2024 Actual 2023 Costs of generatlng funds School advertising Commission payable 58,652 24,244 45,500 20,000 47,380 17,890 82,896 65,500 65,270 Salary & Staff Costs Payroll costs Staff Costs 5,092,671 17,959 5,013,590 25,831 4.744,093 10,150 5,110,630 5,039,421 4,754,243 Teachlng and dlrect costs Main school supplies 193,781 229,580 152,538 193,781 229,580 152,538 Welfaro Catering and cleaning School medical 390,111 3,515 340,000 4,000 336,703 3,984 393,626 344,000 340,687 Estates Inc. Grounds Insurance Rates and waste disposal Light and heat Grounds inc. Tennis Courts Estates repairs & equipment Restoration Maintenance contracts Sewerage system Furniture and soft furnishings Depreciation - Buildings Depreciation - Fixtures and Fittings Depreciation- Grounds equipment 45,773 73,789 206,701 41,754 155,039 39,569 18,104 19,021 13,698 52,633 169,167 17,599 40,000 85,000 190,000 75,000 142,800 35,000 27,500 15,000 8,000 52,629 173,229 21,981 31,835 78,081 184,940 50,177 155,747 65,881 25,163 24,005 6,764 52,632 173,227 21,982 852,847 866,139 870,434 40

Stover School Association Detailed Income and Expenditure Account - Company Year Ended 31 July 2024 Actual 2024 Budget 2024 Actual 2023 Support costs of schooling Speech day and entertaining Phyllis Dence Concert School magazine Staff training Agency Recruitment Fee Post and telephone Travelling and minibus expenses OfFice supplies Computer expenses Bad and doubtful debts Bank interest Bank charges Supplier interest Loan interest HP Interest Sundry Depreciation - Motor vehicles Depreciation - Computers and photocopier (Profit)ILoss on disposal of an assel 30,473 4,893 4,425 4,428 45,823 30,194 190,919 47,486 171,696 19,472 13,145 8.000 4.000 7.000 43,000 31,000 190,727 47,500 170,000 10,000 200 13,500 29,401 8,293 4,609 6,267 6,378 27,806 151,428 45,770 165,380 156,047) (9,500) 14,756 17,298 47,682 2,161 17,900 48,012 27,648 (200) 46,500 4,749 13,100 28,581 20,775 (500) 49,129 3,481 14,267 28,580 20,773 185 710,310 651,277 510,959 Governance costs Governors, expenses Audit, accountancy and other advice Legal and professional fees 1,584 27,880 134,097 2,000 22,000 131,800 1,628 27,246 176,731 163,561 155,800 205,605 Contingency 30.000 (14,078) Total Expenditure 7,507,651 7,381,717 6,885,658 41