OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Stover School Association

2025-07-31-accounts

Stover School Association (A company limited by guarantee)

Annual Report Year ended 31 July 2025

Company No: 565995 Charity No: 306712

Stover School Association

Annual Report

Year Ended 31 July 2025

==> picture [392 x 176] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Contents|Page| |Trustees’|Report|1| |Independent|Auditors’|Report|to|the|Members|15| |Consolidated|Statement|of|Financial|Activities|18| |Consolidated|Balance|Sheet|19| |Company|Balance|Sheet|20| |Consolidated|Cash|Flow|Statement|21| |Notes|and|Accounting|Policies|23|

----- End of picture text -----

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

The Trustees are pleased to present their annual report, together with the audited financial statements of the charity for the year ended 31 July 2025. 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:

Mr JR ME Arnold

Ms B Atkinson BsC, MsC. Mr C L Hicks FCA Bsc

Resigned 30 November 2024

Mr M Burgess BA (Hons), PGCE

Mr J O’Dwyer

Sir B J Key BSc KCB, CBE Mr S J Killick ND (Arb) Mrs J Milstead BSc (Hons) Mr S J Reynolds. FCIB

Vice Chair

Chairman

Dr E J Wolstenholme BSc PhD

1

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

The key executives and professional advisers during the year were:

Headmaster: Mr R W D Notman BCom. (Resigned 31 August 2024) Mrs C S Ward BSc, PGCE (Science) (Appointed 1 September 2024) Bursar Mr P T Jenkins Bankers: Barclays Bank Plc, 3 Bedford Street, Exeter, Devon EX1 1LX Solicitors: WBW Solicitors, Church House, Newton Abbot., Auditors: PKF Francis Clark, Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF

The Senior Leadership Team (SLT) of the School comprises:

Mrs Caroline Ward 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, Pastoral

2

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

The Trustees of Stover School present their annual report and audited financial statements for the year ended 31 July 2025 and confirm they comply with the requirements of the Charities Act 2011, the company’s Articles and the Charities SORP (SORP 2015).

CHAIRS FORWARD

This year has marked both continuity and change for Stover, as we transitioned smoothly from our outgoing Head, Mr Richard Notman, to Mrs Caroline Ward. | would like to express the Governors’ gratitude to both for their leadership and dedication during the transition and what has beena particularly challenging period across the independent education sector.

The introduction of VAT on independent school fees has created understandable concern for many schools and families. In response, Stover acted swiftly and transparently by critically reviewing its cost base allowing us to absorb some of the increase. Nevertheless, we are deeply appreciative of the understanding and support shown by our parent body. As a result, pupil numbers during the year remained stable, and the school has been able to deliver a healthy financial surplus, allowing us to continue to invest in the future of the school. Parental engagement remains strong, and the Spring 2025 Net Promoter Score provided positive affirmation of their continued confidence and support.

Whilst the financial challenges are ongoing, with enquiries and boarding numbers lower than hoped for in September 2025, pupil retention has been stronger than anticipated. The school continues to manage and refine expenditure carefully, maintaining prudent financial control without compromising the quality of education and pastoral care. Investment in technology continues to be a focus, with many more Chromebooks, laptops and particularly the installation of new digital screens throughout the school.

Under Mrs Ward’s leadership, the focus on academic excellence has remained central. We were particularly pleased that Stover Sixth Form ranked among the top three schools in Devon for Value Added in the August 2024 examination results. Our commitment to broadening opportunity continues through the strengthening of STEM provision, including the introduction of a Flying Club and Green Car activity. Meanwhile, our Sports and Performing Arts departments continue to flourish, with pupils representing the school at regional and national level across a wide range of disciplines in sport, drama, and music.

The Board has also approved the adoption of the International Primary Curriculum (IPC), due to launch in September 2025, and supported the school’s candidacy for membership of the Round Square organisation. Both initiatives reflect Stover’s growing global outlook and commitment to experiential, skillsbased learning. We now await the outcome of the Round Square application with great anticipation.

After a lengthy and complex planning process, we have now received final approval for the development of a new multi-purpose sports hall and additional classrooms to replace the old Devon Ladies buildings, projects that will significantly enhance the school’s facilities and support our long-term vision. | will keep our parents informed as this project progresses.

Looking ahead, our medium and long-term plans remain firmly rooted in the school’s ethos: to provide a holistic education within a nurturing environment, underpinned by a robust academic curriculum that prepares and inspires pupils for their future lives.

Stewart Killick Chair of Governors

3

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing 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 8 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 committees: Audit, Finance and General Purpose, Education, and Welfare. These committees meet once each term or more as the need arises. 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 Governors give of their time freely and no remuneration other than some travel expenses were paid in the year.

Governor Recruitment and Training

The Governing body requires breadth and depth of experience to carry out its duties effectively and efficiently. When recruiting new Governors, 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 Governors. Where possible the Governors consider that the skills and experience of the Board should comprise the following:

Individual Governors may have one or more of these skills.

4

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

ORGANISATIONAL MANAGEMENT

The Governors determine the general policy of the School. The day to day running of the school is delegated to the Executive Headteacher, supported by senior staff. The Executive Headteacher 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 the Governors for prior approval.

The Executive Headteacher 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 Headteacher and the Bursar attend Governors’ meetings, along with other members of the Leadership team as and when required.

Other Relationships

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 Headteacher is a member of the Society of Heads, which provides an opportunity to share expertise, knowledge, and experience across the independent school sector. 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).

S

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

STRATEGIC REPORT

Stover school Mission 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 mission we aim to:

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 admit 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 organisation 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 adjustments 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 to deliver the very best individual and consequent, whole school outcomes. Recognition and facilitation of achievement

6

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

focusses on curriculum in the broadest sense, with equal weight being attributed 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 that well-being is managed continually and dovetails 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 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.

We were delighted that the School’s Masterplan Planning Application was finally approved in October 2025 by Teignbridge District Council. This has been a very challenging application with the complexities of the various Grade 2/ Grade 2 * listings on the school site. 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. Namely, a new, all-purpose sports hall incorporating covered multi use courts (to replace the temporary tennis court cover), a Multi-Use Games Area, and new classrooms to replace the Devon Ladies buildings. These enhanced facilities will also provide significant public benefit, as they will also be available to the general community.

Governors continued to review the school’s 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 to enhance lesson delivery and our strategic focus on RBL learning.

7

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

PLANS FOR THE FUTURE

The management team will continue to drive educational standards across all stages of the school, and sustainability through sufficient surpluses. Our 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 Mrs. Ward who is establishing her own mark on the progress of the current plan going forwards anda further strategy day will take place in early 2026.

Other key on site strategies to follow through on remain:

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. Specifically, the Sports Hall will be available for at least 40 hours community use per week when built. Also, all the other planned facilities will be available to the public outside of term times or weekends and evenings.

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-Country event in October which brings over 300 competitors to our site.

Last Year, the Senior School raised £2500 for House Charities, split between Animals in Distress and Torbay Hospital.

The Rudolf Run raised over £3500 for Rowcroft We also raised £1812 for Comic Relief (Red Nose Day) Children in Need £1041.44

Nick Futrell Cricket match £532 Skipathon —SPS £564.44

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 several charitable initiatives in local schools and communities. Plans for future overseas trips are underway.

8

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

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-committee 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:

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.

9

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

REVIEW OF ACTIVITIES AND ACHIEVEMENTS

ACADEMIC PERFORMANCE

PREPARATORY SCHOOL

End of Key Stage 2 (Year 6)

==> picture [471 x 217] intentionally omitted <==

----- Start of picture text -----
InCAS assessments were taken in Spring 2024 in Years 1-6. INCAS are computer 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 with a focus on language and non-verbal reasoning.
General Mental Reading Comprehension | Spelling Developed
Maths Arithmetic Abilit
Whole v 4 ii 5 2 17
School
f kst t
fYer6fks2_0 [|fT4 |Ot7 JT 6 fT 3 fF 4 fT
----- End of picture text -----

SENIOR SCHOOL

We were delighted with this year’s Year 13 results, and pride of place went to Vlad who achieved A, A, A, A, A* in Maths, Further Maths, Chemistry, Physics and EPQ. Other results were equally well deserved across the board, and all applicants were placed on their chosen course of study at post-18 level. The Year 11 cohort produced our best GCSE ‘Value Added’ figures ever, with more than 81% of all papers achieving a grade 4 or above, against a national average of 70.5%.

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 interaction, conversation and shared experiences. This helps our pupils to develop emotional intelligence; a tool that will stand them in good stead for the rest of their lives. Our bursary policy, together with our broadly non-selective approach to 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 testing, or to relieve short term hardship, where a pupil’s education and future prospects would otherwise be at risk.

10

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

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 to be mindful that we must ensure a balance between fee-paying parents, many 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.

This year the value of means tested bursaries totaled £229,289 and represented 3% of our gross fees.

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% 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% fee remission.

Assistance for our teaching staff

As part of our emphasis on attracting and retaining high caliber staff, we offer a discount scheme when staff members choose to educate their children at the school.

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 5% and 15%. 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.

The school awarded scholarships totaling £167,718 and representing 2.2% of our gross fees.

11

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

FINANCIAL REVIEW

Results for the year ended 31 July 2025 are shown in the Consolidated Statement of Financial Activities. Despite the very challenging economic environment in which the independent school sector operates, the Governors are pleased to report an overall surplus in the year of £329,059, a significant improvement on the previous year (£129,833). This allows the Governors to plan future investments with confidence and will further enhance the quality of education that Stover can offer.

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.

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 well as introducing VAT on school fees from January 2025, the Government also removed from April 2025, the 80% reduction on our business rates on the property we occupy for our charitable purposes. The removal of these tax exemptions is challenging, but the Governors are confident that the combination of an outstanding educational offering and good financial discipline mean that the school has a very bright future.

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 team, 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 a 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 and completed 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 to be excellent custodians of the historical Stover Estate. Projects such as completing the final elevation of the Clock House roof in 2024, re- roofing of the main entrance Lodge, and further phases of the refurbishment plan for the Mansion House windows are all costed and timetabled in. The Main entrance Lodge project is much needed with a to preserve this listed asset from further degradation.

12

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

Reserves Policy

The Governors review the reserves of the charity, annually, which, in accordance with current SORP guidance, relate 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 the 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 most of the charity's unrestricted funds are represented by freehold property. Nevertheless, the charity had net cash reserves of over £2m on 31 July 2025 and continues to have good working relations with its bankers for financing future projects. This will aid resilience for future challenges in the independent school sector and part fund future building projects.

It is the governors’ continued policy for the charity to accumulate annual surpluses to be able to invest in the charity's future. Governors review this policy annually.

Trustees’ Responsibilities

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 state 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:

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.

13

Stover School Association

Trustees’ Report

Year Ended 31 July 2025

In so far as the Trustees are aware:

By Ofdek of the Board on 3 December 2025

S J Killick Chairman of Governors

14

Stover School Association

Independent Auditors’ Report to the Members of Stover School Association

Year Ended 31 July 2025

Opinion

We have audited the financial statements of Stover School Association (the ‘Charitable Company’) and its subsidiary (the Group) for the year ended 31 July 2025, 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 Statements, 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 FRS 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:

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 Auditor's 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusion relating to going concern

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

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

Our responsibilities and the responsibilities of the Trustees 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 auditor's report thereon. 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.

In connection with our audit of the financial statements, 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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement 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 matter prescribed by the Companies Act 2006

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

15

Stover School Association

Independent Auditors’ Report to the Members of Stover Schoo! Association

Year Ended 31 July 2025

Matters on which we are required to report by exception

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 the Trustees’ Report.

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

Responsibilities of trustees

As explained more fully in the Trustees’ Report set out on pages 1 to 15, the trustees 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Group and 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 trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 auditor's 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 part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Group and the education sector in which it operates to identify the key laws and regulations affecting the Group. The key laws and regulations we identified were compliance with requirements relating to safeguarding.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily FRS 102 (effective 1 January 2019) - (Charities SORP), the Companies Act 2006 and the Charities Act 2011.

In addition, we considered 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 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 they arise.

16

Stover School Association

Independent Auditors’ Report to the Members of Stover School Association

Year Ended 31 July 2025

As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations 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-compliance with such laws and regulations. Our procedures involved the following:

We also evaluated the risk of fraud through management 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 to fraudulent financial reporting, in particular to fraud in revenue recognition and grant funding received.

In response to the identified risk, as part of our audit work we:

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. This risk increases the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, 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 auditor's report. ;

Use of our report

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

saw. AL

SHARON AUSTEN FCCA (Senior Statutory Auditor) PKF Francis Clark

Chartered Accountants and Statutory Auditor Sigma House Oak View Close, Edginswell Park Torquay TQ2 7FF

APL el eae

17

Stover School Association

Consolidated Statement of Financial Activities

(Incorporating Consolidated Income and Expenditure Account)

Year Ended 31 July 2025

General Restricted 2025 General Restricted 2024
Fund Fund Total Fund Fund Total
Notes £ £ £ £ 3 &
Income
Charitable Activities
School fees receivable 2 7,470,049 - 7,470,049 6,928,081 - 6,928,081
Ancillary trading income 3 1,063,780 - 1,063,780 936,244 - 936,244
Other trading activities
Commercial trading operations 4 52,653 . 52,653 75,562 5 75,562
Other income 173,586 - 173,586 76,579 - 76,579
Donations . 250 250 850 - 850
Total income 8,760,068 250 8,760,318 8,017,316 - 8,017,316
Expenditure
Charitable Activities
School operating costs 5 8,381,173 250 8,381,423 7,852,628 - 7,852,628
Costs of generating funds
Commercial trading operations § 49,836 . 49,836 34,855 - 34,855
Total expenditure 5 8,431,009 250 8,431,259 7,887,483 - 7,887,483
Net income / (expenditure)
before transfers 329,059 - 329,059 129,833 - 129,833
Transfers between funds - - - . - -
Net income / (expenditure) and
movement in funds forthe year 329,059 - 329,059 129,833 - 129,833
Funds as at 1 August 2024 2,016,697 2,400 2,019,097 1,886,864 2,400 1,889,264
Fundsasat31July2025 2,345,756 2,400 2,348,156 2,016,697 2,400 2,019,097

18

Stover School Association

Consolidated Balance Sheet

31 July 2025

31 July 2025
2025 2024
£ £
Notes
Fixed assets
Intangible assets 8 - .
Tangible assets 9 2,103,030 2,081,615
2,103,030 2,081,615
Current assets
Stock 19,291 55.715
Debtors 11 376,686 515,929
Cash at bank and in hand 2,916,152 4,055,470
3,312,129 4,627,114
Current liabilities
Amounts falling due within one year 12 (2,540,057) (4,172,256)
Net current assets/(liabilities) 772,072 454,858
Total assets less current liabilities 2,875,102 2,536,473
Long term liabilities
Amounts falling due afterone year 12 (526,946) (517,376)
Net assets 2,348,156 2,019,097
Restricted funds 13/14 2,400 2,400
Unrestricted general fund 13/14 2,345,756 2,016,697
Totalfunds 2,348,156 2,019,097

==> picture [437 x 90] intentionally omitted <==

----- Start of picture text -----
These financial statements were approved by the Governors on ....3,.December. 2025 and signed on their
behalf by:
S J Killick )
Chairman of Governors
Company No. 565995 7 Vee
----- End of picture text -----

19

Stover School Association

Company Balance Sheet

31 July 2025

31 July 2025
2025 2024
£ £
Notes
Fixed assets
Intangible assets 8 = i
Tangible assets
Investments		 9
10		 2,103,030
2		 2,081,615
2
2,103,032 2,081,617
Current assets
Stocks
Debtors		 11 9,444
478,681		 8,596
610,369
Cash at bank and in hand 2,819,186 3,999,506
3,307,311 4,618,471
Current liabilities
Amounts falling due within one year 12 (2,532,793) (4,163,615)
Net current assets/(liabilities) 774,518 454,856
Total assets less current liabilities 2,877,550 2,536,473
Long term liabilities
Amounts falling due after one year 12 (526,946) (517,376)
Net assets 2,350,604 2,019,097
Restricted funds 13/14 2,400 2,400
Unrestricted general fund 13/14 2,348,204 2,016,697
Totalfunds 2,350,604 2,019,097

The company made a surplus for the financial year of £331,257 (2024: £129,833).

These financial statements were approved by the Governors on _...3, December 2025 and signed on their behalf by: if \ S J Killick } F Chairman of Governors aren Company No. 565995

20

Stover School Association

Consolidated Cash Flow Statement

Year ended 31 July 2025

2025 2024
£ £
Notes
Net cash (outflow)/inflow from operations (i) (761,420) 3,302,728
Returns on investments and
Servicing offinance
Finance costs paid (42,618) (49,843)
Capital expenditure and financial
Investment
Payments for tangible fixed assets (311,920) (188,553)
Proceeds from sale of fixed assets 10,450 200
Net cash outflow from capital expenditure (344,088) (188,353)
Financing
Repayment ofbank borrowing (24,765) (833,685)
New bank borrowing - 600,000
Payment to finance lease creditors (9,045) (14,360)
Net cash outflow from financing (33,810) (248,045)
(Decrease) / increase in cash in the year (1,139,318) 2,816,487
Reconciliation of net cash flow to
movement in net funds (ii)
(Decrease) / increase in cash (1,139,318) 2,816,487
Change in netfunds (1,139,318) 2,816,487
Net funds at 1 August 2024 4,055,470 1,238,983
Netfundsat31July2025 2,916,152 4,055,470

21

Stover School Association

Consolidated Cash Flow Statement

Year ended 31 July 2025

(i) Reconciliation of net incoming resources to net cash flow from operations

2025 2024
£ £
Net income for the year 329,059 129,833
Elimination of non-operating cashflows:
Financing costs 42,618 49,843
Amortisation charge . -
Profit on disposal offixed assets (3,487) (200)
Depreciation charge 283,542 315,042
Decrease / (increase) in stock 36,424 (2,583)
(Increase) / decrease in debtors 139,243 (205,860)
(Decrease) / increase in creditors (1,593,332) 2,999,697
Increase in deposits 4,513 16,956
Net cash inflow from operations (761,420) 3,302,728
(ii) Analysis ofchanges in net funds
At 1 At 31
August
2024		 Cash
flows		 July
2025
£ £ £
Cash at bank and in hand 4,055,470 (1,139,318) 2,916,152
Bank overdraft - - ~
4,055,470 (1,139,318) 2,916,152

22

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

1 Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention with items 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 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) — (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. Going 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 of fee income given actual recruitment levels for the Autumn 2025 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 these projections, the Trustees do not believe that there is any material uncertainty related to events or conditions that may cast significant doubt on the Charity’s ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.

Basis of consolidation

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 3255297). In accordance with section 408 of the Companies Act 2006, no separate SOFA has been presented for the charity alone.

Fees receivable

Fees receivable and extra tuition fees consist of charges for the school year ending 31 July net of VAT, 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 restricted by the wishes of the donor are shown as Restricted Funds.

Other income

Income from commercial trading activities is recognised when the goods and services are provided. Investment income is recognised when it is receivable.

23

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

  1. Accounting Policies (continued)

Government grants

Revenue grants are credited to the profit and loss account in the period to which they relate.

Expenditure

Expenditure is included on an accruals basis. From 1 January 2025 expenditure is shown net of VAT. Irrecoverable VAT is shown as a single line in administrative expenses.

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 activities 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.

Intangible fixed assets and amortisation

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

Tangible fixed assets and depreciation

Tangible fixed assets are included at cost.

The initial cost of Stover House and Gardens is not depreciated. In the opinion of the Governors 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 their estimated useful lives as follows:

Freehold buildings 20 years to 50 years Fixture & fittings 5 and 20 years Computer equipment 3 years Motor vehicles 4 years

24

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

1 Accounting Policies (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) APTIS Pension Scheme

The School contributes to the Aviva Pension Trust for Independent Schools for eligible staff. The Scheme is a defined contribution arrangement under which the School makes fixed contributions on behalf of participating employees. Contributions are paid into individual pension pots managed by the scheme provider, and benefits depend on the performance of the underlying investments. The School’s obligation is limited to the agreed contributions, with no further liability beyond these payments. Further details of the Scheme are given in note 18.

c) 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.

Operating leases

The costs of operating leases are charged to the SOFA ona straight line basis over the lease term.

Hire purchase agreements and finance 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 the 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 realisable 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 charitable objects at the discretion of the Trustees.

25

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

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.

Critical accounting judgements and key sources of estimation uncertainty

In application of the charitable company’s accounting policies, the Trustees are required to 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 on page 1.

Financial 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:

Charitable 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.

26

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

2 Charitable activities - School fees

2 Charitable activities
- School fees
2025 2024
£ £
Gross school fees receivable 8,601,106 7,925,491
Less:
Scholarships
Bursaries		 (207,188)
(285,038)		 (167,719)
(229,290)
Other discounts and awards (638,831) (600,401)
7,470,049 6,928,081
3 Charitable activities — Ancillary trading income
2025 2024
£ £
Catering and transport 727,164 673,790
School trips and other re-chargeables 315,804 247,964
Entrance and registration fees 9,283 11,200
Other income 11,529 3,290
1,063,780 936,244

4 Trading Income and Expenditure

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.

Subsidiary Charity
2025 2024 2025 2024
£ £ £ £
Turnover and fee income 52,653 75,562 8,089,237 7,440,895
Cost of sales: Subsidiary (15,213) (36,106)
Gross profit: Subsidiary 37,440 39,456
Administration: Subsidiary (39,888) (6,303)
Income forthe year (2,448) 33,153 8,712,680 7,949,308
Deed ofCovenant > (33,153) - 33,153
Gross incoming resources 52,653 - 8,712,680 7,982,461
Costs ofcharitable activities (55,101) - (8,381,423) (7,852,628)
Retainedincome (2,448) - 331,257 129,833

27

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

5 Analysis of Expenditure

Staff Other Depreciation Total Total
costs costs 2025 2024
£ £ z £ £
Charitable activities-
Salary & StaffCosts 5,538,349 - - 5,538,349 5,092,671
Teaching - 644,250 - 644,250 499,161
Catering - 297,350 - 297,350 329,806
Estates/Grounds - 716,350 211,085 927,435 903,872
Governance - 166,427 “ 166,427 163,560
Support costs ofschooling - 735,155 72,457 807,612 863,558
Charity 5,538,349 2,559,532 283,542 8,381,423 7,852,628
Cost of generating funds:
Trading costs of the subsidiary - 49,836 - 49,836 34,855
Total Resources Expended
Group 5,538,349 2,609,368 283,542 8,431,259 7,887,483
Expenditure — Other Disclosures
2025 2024
£ £
Auditors’ remuneration:
Audit fees 18,525 19,650
Accounting and other compliance services 32,408 7,500
Depreciation of intangible fixed assets (note 8) - -
Depreciation oftangible fixed assets (note 9) 283,542 315,059
Operating lease expense 124,014 103,810
Bankandotherloaninterestpayable 42,618 53,466

6 Expenditure — Other Disclosures

During the year there were payments of £705 to 2 Governors (2024: £413 to 2 Governors); this amount relates to both reimbursed expenditure and direct payments made to third parties for travel, meetings and training. Governors are not remunerated.

28

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

7 ~~ Staff Costs
2025 2024
£ £
Wages and salaries 4,398,078 4,089,779
Social security costs 433,326 370,367
Other pension costs 706,945 632,525
5,538,349 5,092,671
Average number ofemployees 168 160
The number of higher paid employees was:
£60,001 - £70,000 3 1
£70,001 - £80,000 1 -
£90,001 - £100,000 1 -
£100,001 - £110,000 - 1
Ofthese employees, the number with retirement benefits
accruing in defined benefit pension schemes was 5 2
2025 2024
£ £
Aggregate employee remuneration of key management personnel 646,418 626,859
8 Fixed Assets - Intangible
Software Charity
Total		 Subsidiary
Total		 Group
T tal
£ £ £ £
Cost
At 1 August 2024 33,404 33,404 - 33,404
At 31 July 2025 33,404 33,404 - 33,404
Depreciation
At 1 August 2024 33,404 33,404 - 33,404
At 31 July 2025 33,404 33,404 - 33,404
Net book amounts
At 31 July 2024 - - - -
At31July2025 - - - -

29

==> picture [482 x 741] intentionally omitted <==

----- Start of picture text -----
oo : :
5 al :
g : 2 |
gee : Bee :S g|
2.E ott- fo]3 eom2 S28-Nws XZa@ : :) |]| B2)::
oO :
,
®
reales) o < | : a ; | | ”
. : ° =t :
oes ~ j < pe :,
agiasea ::
mH 2=
c
:
pao Ww tOSao 583 é © |
Ae23 greae oo := a5LE» wD LO oe6 S3) 2 :;
6 orthgee= = Y“ orews @ = .dl| :i¢
; _ f
i
:
Ss6 al gesE : 28% °S g=| :2 Uado:
sos2 enuf= oe)|sw erQaTSayo ai[8 ::| 3& r:
Oar
F
4F
®:oO
|50ae£2| } ate:NSTB= :SoiBg|X:=w :LNG288oSiiNaoco: ie3é;= ,=3|; :&-& =Ofnwo2: §:
osuw :
:
W:
: a
,3B“5 , ao883ss= S aceoo.Sak- nC:S; 533 ::: ;:7: i‘|
sz aoe Nw @ S OR) |
re; Ce)aeeoo}= S-+ie or-PQa &:BL ) | | : oOa ®2
z i
= :
:: :
oocs=)os tl = : - , :|| 2| ,&
|
53'as zi~ g7 i| :@, |ae|
| %
ne
n 2 o :
tO
7 |
' :
2
=
c| : :- bs) S = : : 3
pt $3so © = =
,zs ,2 : t+ } S| 2 @ =
— 22 = s Sis 3] = : 3 i:
57 = “ue < oa7 aol=) : - ¥v <£i|J xt=
a ‘S C Oo :
© ; ;
4 2 N 2 : i: 1
~ & E |
rs)9 ce=|3 Ss2> ks= |: 5:: 5© 3 o O
‘ a +Oo [i] & 3 ¢ £2
4 ”fo):> :cgq se)Ww,a :5@® 283an“asoes>a) 2gw Ss=>=2=5 $453aoe2%.aet33583226 ao> =a8s952 X2©BES= o:2S®s 3©oF§& 3cei28pe1ae|
tad” ee2(e) o aO LL.a] fo en<x Ow— ~~i zx3°x ©<{ === i 3£3es8
----- End of picture text -----*

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

Company Unlisted subsidiary undertaking at cost. £ As at 1 August 2024 and 31 July 2025 2

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 Stover School, Newton Abbot, TQ12 6QG.

  1. Debtors

==> picture [449 x 343] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Group|Company| |2025|2024|2025|2024| |2|£|£|E| |Fees|receivable|155,359|179,324|155,359|175,649| |Trade|debtors|341|605|-|-| |Amounts|owed|by|subsidiary|undertaking:| |Deed|of covenant|payment|-|-|"|33,153| |Other|amounts|owed|~|-|103,956|65,567| |Prepayments|and|accrued|income|171,382|317,458|171,382|317,458| |Other|debtors|49,604|18,542|47,984|18,542| |376,686|515,929|478,681|610,369| |Creditors:|payable|within|one|year| |Group|Company| |2025|2024|2025|2024| |£|£|£|£| |Loans|and|bank|overdraft|31,604|68,172|31,604|68,172| |Finance|leases|and|hire| |purchase|agreements|2,233|9,045|2,233|9,045| |Trade|creditors|146,439|132,154|146,439|132,055| |Fees|in|advance|1,516,534|3,187,581|1,516,534|3,187,581| |Refundable|deposits|293,009|288,496|293,009|288,496| |PAYE|and|social|security|116,146|85,530|116,146|85,530| |Accruals|and|deferred|income|434,092|401,278|426,828|392,736| |2,540,057|4,172,256|2,532,793|4,163,615|

----- End of picture text -----

12 Creditors: payable within one year

31

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

12 Creditors (continued)

Creditors: payable after one year

Group Company
2025 2024 2025 2024
£ £ £ £
Bank loan 526,946 515,143 526,946 515,143
Finance leases and hire
purchase agreements - 2,233 . 2,233
526,946 517,376 526,946 517,376

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.

  1. Funds

General Fund (Unrestricted)

The general fund is held to finance the fixed assets and to cover normal fluctuations in working capital.

Drama Outreach Programme (Restricted)

This represents a donation from The Rotary Club to support the Drama Outreach Programme.

Tree Planting Fund (Restricted)

This is an opportunity for parents to be involved in Stover School eco-initiative. Parents can sponsor a tree, making a £50 pledge towards the purchase of an older sapling tree (we would like to 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.

Deposit Donation

This is a donation received to support senior academic funds.

32

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

13 Funds (continued)

Analysis in movements in funds

Balance Transfers Funds
1 August 2024 Income Expenditure Inf(out) 31 July 2025
£ £ £ £ £
Unrestricted funds
General funds 2,016,697 8,760,068 (8,431,009) - 2,345,756
Restricted Funds
Drama Outreach Programme 150 - - - 150
Tree Planting 2,250 - - - 2,250
Deposit Donation - 250 (250) - ”
2,400 250 (250) - 2,400
Total funds 2,019,097 8,760,318 (8,431,259) - 2,348,156
Analysis in movements in funds — previous year
Balance Transfers Funds
1 August 2023 Income Expenditure In/(out) 31 July 2024
£ £ £ £ £
Unrestricted funds
General funds 1,886,864 8,017,316 (7,887,483) - 2,016,697
Restricted Funds
Drama Outreach Programme 150 - - - 150
Tree Planting 2,250 - - - 2,250
2,400 - - - 2,400
Totalfunds 1,889,264 8,017,316 (7,887,483) - 2,019,097

Analysis in movements in funds — previous year

33

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

14 Allocation of Net Assets

Restricted Unrestricted Total Restricted Unrestricted Total
Funds Funds Funds Fund Funds Funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Fixed Assets - 2,103,030 2,103,030 - 2,081,615 2,081,615
Cash at bank
Other net current liabilities		 2,400
-		 2,913,752
(2,144,080)		 2,916,152
(2,144,080)		 2,400
-		 4,053,070
(3,600,612)(3,600,612)		 4,055,470
(3,600,612)
Creditors due afterone year - (526,946) (526,946) - (517,376) (517,376)
Total 2,400 2,393,578 2,348,156 2,400 2,016,697 2,019,097

15 Share Capital

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.

Operating leases

At 31 July 2025, the company and group had total future minimum lease payments as follows:

2025 2024
£ £
Within one year 126,120 127,305
Within two to five years 245,561 128,932
371,681 256,237

17 Related Party Transactions

34

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

(a) Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £483,969 (2024: £599,636) and at the year-end £47,001 (2024: £74,985) 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 authorities. 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.

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial 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 1.7% above the rate of CPI. The key elements of the valuation outcome are:

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 the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School has accounted for its contributions to the scheme as if it were a defined contribution scheme. The School has set out above the information available on the scheme.

35

Stover School Association

Notes and Accounting Policies

Year Ended 31 July 2025

18 Pension Schemes (continued)

(b) APTIS Pension Scheme

The School participates in the Aviva Pension Trust for Independent Schools for eligible staff. The pension charge for the year includes contributions payable to the scheme of £185,795 (2024: Enil), and at the year-end £25,157 (2024: £nil) was accrued in respect of contributions to this scheme.

The APTIS Pension Scheme is a defined contribution pension arrangement. Under this scheme, the School makes fixed contributions on behalf of participating employees, which are invested to provide retirement benefits. The School's obligation is limited to the contributions agreed, and there is no further liability beyond these payments. Contributions are paid into individual pension pots managed by the scheme provider, and benefits are dependent on the performance of the underlying investments.

(c) Non-teaching staff

The employer's contributions to the non-teaching staff defined contribution scheme during the year was £37,181 (2024: £32,889). At 31 July 2025 £7,324 (2024: £5,009) was accrued in respect of contributions to this scheme.

36

Stover School Association

Year Ended 31 July 2025

The following pages do not form part of the statutory financial statements.

37

Stover School Association

Detailed Income and Expenditure Account - Company

Year Ended 31 July 2025

==> picture [471 x 577] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Actual|Budget|Actual| |2025|2025|2024| |£|£|E| |School|fee|income| |Gross|fees|receivable|8,435,621|8,291,877|7,789,237| |Nursery|income|113,472|85,000|82,259| |LS,EFL|Income|52,013|50,000|53,995| |Bursaries,|scholarships,|discounts|(1,131,057)|(1,092,000)|(997,410)| |7,470,049|7,334,877|6,928,081| |Catering|income|425,078|400,000|380,388| |Registration|fees|9,283|10,000|11,200| |434,361|410,000|391,588| |Renewable|Heat|Incentive|82,991|43,000|40,467| |Insurance|commissions|4,096|3,000|3,090| |Vending|machine|commission|1,772|-|1,442| |Other|income|etc.|7,523|-|4,705| |Bank|interest|received|67,103|65,000|29,965| |VAT|recovered|16,077|124,236|-| |179,562|235,236|79,669| |Disbursements|income|315,804|269,300|247 ,964| |Disbursements|costs|(435,502)|(323,300)|(278,684)| |(119,698)|(54,000)|(30,720)| |School|bus|income|302,086|305,000|293,402| |School|bus|costs|(48,720)|(52,000)|(66,093)| |253,366|253,000|227,309| |Donations|and|similar|income:| |Gift|aid|receivable|-|15,000|33,151| |Sponsorships|and|donations|“|-|850| |.|15,000|34,001| |Activities|to|generate|funds:| |Licence|fee|income|5,265|5,000|7,556| |Total|income|8,222,905|8,199,113|7,637,484| |Expenditure|(7,891,648)|(7,964,400)|(7,507,651)| |Surplus|for the|year|331,257|234,713|129,833|

----- End of picture text -----

38

Stover School Association

Detailed Income and Expenditure Account - Company

Year Ended 31 July 2025

Actual Budget Actual
2025 2025 2024
£ £ £
Costs of generating funds
School advertising 77,412 57,500 58,652
Commission payable 22,271 24,000 24,244
99,683 81,500 82,896
Salary & Staff Costs
Payroll costs 5,538,349 5,460,000 5,092,671
Staff Costs 11,594 19,900 17,959
5,549,943 5,479,900 5,110,630
Teaching and direct costs
Main school supplies 184,052 209,460 193,781
184,052 209,460 193,781
Welfare
Catering and cleaning 365,714 372,000 390,111
School medical 2,242 4,000 3,515
367,956 376,000 393,626
Estates inc. Grounds
Insurance 46,096 48,000 45,773
Rates and waste disposal 119,316 128,340 73,789
Light and heat 199,782 190,310 206,701
Grounds inc. Tennis Courts 42,529 49,500 41,754
Estates repairs & equipment 145,796 147,850 155,039
Restoration 44,007 40,000 39,569
Maintenance contracts 20,523 21,500 18,104
Sewerage system 26,845 15,000 19,021
Furniture and soft furnishings 16,889 12,000 13,698
Depreciation - Buildings 54,998 52,662 52,633
Depreciation - Fixtures and Fittings 142,126 170,745 169,167
Depreciation — Grounds equipment 13,961 18,000 17,599
872,868 893,907 852,847

39

Stover School Association

Detailed Income and Expenditure Account - Company

Year Ended 31 July 2025

Actual Budget Actual
2025 2025 2024
zk £ £
Support costs ofschooling
Speech day and entertaining 20,497 24,000 30,473
Phyllis Dence Concert 4,780 5,000 4,893
School magazine - 4,500 4,425
Staff training 12,912 4,000 4,428
Agency Recruitment Fee 11,573 34,640 45,823
Post and telephone 42,825 39,000 30,194
Travelling and minibus expenses 176,045 223,000 190,919
Office supplies 41,632 50,100 47,486
Computer expenses 176,912 184,500 171,696
Bad and doubtful debts - 20,000 19,472
Bank charges 12,044 15,700 17,298
Loan interest 41,120 42,300 47,682
HP Interest 1,498 2,000 2,161
Sundry (17,540) 17,200 17,900
Irrecoverable VAT 59,517 ~ -
Depreciation - Motor vehicles 47,065 48,094 48,012
Depreciation
- Computers and photocopier		 25,392 27,999 27,648
(Profit)/Loss on disposal ofan asset (5,553) 500 (200)
650,719 742,533 710,310
Governance costs
Governors' expenses 502 1,100 1,584
Audit, accountancy and other advice 52,963 24,500 27,880
Legal and professional advice 112,962 125,500 134,097
166,427 151,100 163,561
Contingency - 30,000 -
TotalExpenditure 7,891,648 7,964,400 7,507,651

40