2025-07-31-accounts

Docu51gn Envelope ID.. AA12ADCA-4F784EED-94GF-B6781ALALOF2 St Swithun's School (Winchester) IA company limited by guarantee) CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 July 2025 Company Number 00110692 Charity Number 307335

Do¢usign Envelope ID.. NA12AOLA-4F784EED-94LF-B6781ALALOF2 St Swithun's School (Winchester) IA company limited by guarantee) Contents Page Company information Report of the Council, incorporating the Strategic Report Independent auditor's report 26 Consolidated statement of financial activities 29 Consolidated balance sheet 30 Company balance sheet 31 Consolidated statement of cash flows 32 Accounting policies 33 Notes to the financial statements 37 Company no. IM)110692 Charlty Number 307335

DoCus￿Tr Envelope ID.. M12ADLA-4F784EED-94CF-B6781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) COMPANY INFORMATION MEMBERS OFTHE COUNCIL Council Members, who are directors of the company, trustees of the ¢haTity and the governor5 of the school, who served at any time during the year. are Ilsted below.. Mrs A Mcclure LLB # * A d o (Chalrl The Dean of Winchester lex-officiol IThe Vèry Revd C Ogle MA MPhil DLittl 25106125 The Right Worshipful the Mayor of Winchester lex-officiol Prof R Adam DipArch, RIBA. FRSA * d 25106125 MsAAllan MEScACA* A# Dr S Bailey BEd DPhil o Mrs E J K Clancey 8A IHons1 # JI 25106125 Mrs N de Kretser MA JI * d o # Mrs J Dixon BA IHon510 Mrs l Feuchtwanger BA (Honsl Mr W Hill Bsc. Dr H D Mycock BM. Dip RCGP. Cert Med Educ, Dip Occ Med * Canon T Kuin-Lawton o Prof C Thorne BA (Honsl, MSC, PhD # 0 25106125 Mr l R Tyson Bsc (Honsl Mr R White BA (Hoftsl Mrs J Baton * Mr P Clegg'# fs Mrs l Dixon BA (Honsl o Ik Prof V T5ang MBBS, MSC, MS. FRCS# o # Member of the Standing Committee d Member of the Development Committee Member of the Nomination and Remuneration Committee

Member of the Bursary, Fundraising & Public Benefit Committee

o Member of the Education Committee The Treasurer is elected by the Council and Is an ex-officlo member of the Countil while holding that office. All other members who are not ex-officio are elected to the Council by the Council and are required to stand for re-election every three years. Members retire after a maximum of three periods of office. Offi¢ers The Head of St Swithun's School The Head of St Swithun's Prep School The Bursar and Clerk to the Council M5J 5 Gandee MA, PGCE Mrs l Norris MA. BSC (Honsl, PGCE Mr M J Gamble MA Other senlor management personnel Deputy Head Pastoral senior school Deputy Head- prep school Deputy He3d Academic- senior School Head of Outreach & Partnership Head of Finance Operations Bursar Head of Development Head of Marketing Mr G Yates MA, PGCE, BA IHDnsl Mr5 K Grosscurth BSC (Honsl, PGCE Mr C Hammel AB, MLitt Mrs Mayes BA Nlrs K Rickard BEng, MSC, CGMA Dip MA Mrs S Cullev Mr5 C Lewi5 Mr Ben Walker Company Number 00110692 Ch3riiy Number 307335

Do¢u$ign Envelope ID.. M12ADLA-4F78-4EEO-94LF-B6781AGALOF2 St Swithun's School (Winchester) (a company limited by guarantee) COMPANY INFORMATION Icontinuedl ADDRESS AND REGISTERED OFFICE St Swithun's School Alresford Road Winchester Hampshire 5021 IHA ADVISORS Bankers National Westminster plc 105 High Street Winchester Hampshire S023 9AW So15cltors Moore Barlow The Oriel Sydenham Road Guildford GUI 35R Auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Insurer Brokers Marsh Education Practice Capital House 1-5 Perrymount Road Hayward5 Heath RH16 35Y Web51te www.stswithuns.com Company NumbErOOIIO692 ChariLY Number307335

Docusign EnvevJp& ID.. AA12ADLA-4F784EED-94LF-B5781ALAQt)F2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 The Council submits its annual report and strètegic report for the year ended 31 July 2025. under the Charities Act 2011, together with the audited financial 5taternents for the year, and confirms that the latter comply with the requirements of the Companies Act 2006 and the Charltles SORPIFR510212019. REFERENCEANDADMINISTRATION st Swithun'5 School (the School) was founded in 1884 and incorporated as a Company Limited by Guarantee in 1910, As such, it has no share capital. The school is registered as Company number 00110692 and Charity number 307335. AIMS AND OBJECTIVES Objects The object of the school, as defined in the Articles of AssOCl3tion, is to provide sound and thorough education for girls and young children of both sexes in accordance with the principles of the Church of England. The Governors interpret this to mean that st 5withun's will providè an excellent academic Èducation and nurture the spiritual, moral, social, cultural and physical development of its pupils. St 5withun'5 is a leading GSA IGlrls' School As50cialionl School offering day, weekly boaiding and full boarding foi some 520 girls aged 11-18. The adjoining IAPS Prep School Ilndependent Association of Prep Schools) caters for girls aged 4-11, with a co- educational nursery from age 3. Alms In order to achieve the stated object of the school. the following aims were agreed during a previous period and were reviewed at the annual strategy day in February 2025.. Academlc. To prepare girls for public examination5 and highereducation in a stimulating and scholarly environment In which the girls develop intellectual curlosity, independence of mind and the ability to take re5pon5ibility for their own learning. They are encouraged to achieve their personal best. Prep 5chool8ir15 are prepared for entry into senior School at age eleven School community. To provide a happy, safe and supportive tommunity based on Christian values in which all girls are given the Space to develop their spirituality and are encouraged to understand and celebrate difference, and to be kind to others Co-currlcular. To provide a wide range of opportunities beyond the classroom so that girls can discover individual passlons and develop a range of characteristlC5 such as resilience, initiative, creativity, perseverance, 5elf-confidence, the ability to work in a team and to honour one'5 commitments. To encourage habits to ensure good physical and mental health both at school and in the future such as exercise, healthy eating and the art of relaxatitsn Bèyond the s¢hool gates. To teach the girls compassion, an understanding of the wider world and their role in it, a Sense of duty and a desire forjustice Looking towards the future. To provide high-quality higher education and careers advice and a supportive old girls, network Keeping in touch. To communicate in a timely and constructive fashion with parents and other members of the St Swithun's family to develop relationships conducive to offering the best possible education. Company Number00110692 Chaiity Number 307335

Docusign Envelop8 10.. AA12AOLA4P78.4EkU-54CP.B6731ACALUF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 The aims and objective5 are reviewed annually by the School Council. While these aims apply across the school. the prep school has the following complementary alms.. To provide a Secure nurturing environment where the spirit of cooperation and respect for others is paramount To meet the intellectual, physical and emotional needs of each Individual chlld by offering a broad, balanced. stimulating and differentiated turriculum and byf05tering high 5elf-esteem, 5elf-motivation and self-exprÈs5ion To create an enviionment where children are valued, cherished and challenged and as a result learn to the best of their ability To have a happy school with smiling, confident and articulate children. where everyone feels a sense ofworth. Objective5 for the Year The objectwes for this year have been reviewed but largely remain consistent with prior years.. l. To devÈlop and 5UStain our strong reputation a5 a world-class gir15' school to increase pupil numbers in both prep and senior. Continued targeted marketing and admissions activity, including outreach events and digital campaigns. Enquiry and conversion metrics showed positive trends, supporting stablè or improved pupil numbÈrs. 2. To guarantee an outstanding custorner experience. Implemented cu5tomer-journey improvements across admissions, communication and parent engagement processes. Introduced enhanced parent feèdback mechanisms, with respDnse5 used to refine service delivery. Parent 5at15faction indicators remained strong throughout the year 3. To achieve consistently high academic results. Maintalned a rigorous fo¢us on teaching and learning, SUPPOTted by professional development and curriculum review. Continued use of data-tracking to identify pupils requiring additional support or stretch. Public examination outetsmes were strong and broadly in line with expectations. 4. To support high levels of wellbelng amongst students and staff. Expanded pastoral and counselling provision, with increased visibility of wellbeing initiative5. Delivered staff wellbeing programmes and training aimed at workload management and resilience. 5. To be diverse and inclusive (within the context of being a girls, school). Increased opportunities for cultural awareness and inclusive practice atross the School community. Continued PTogress made towards a more representative and inclusive environment. 6. To prepare students for success in the modern world. Strengthened digital learning and broader skills development, Including careers Èducation and pathways sUPPOrt. Expanded partnership5 Wlth employers, universities and alumnae. 7. To provide a first-clas5 Slxth form experience. Continued to enhance Sixth Form curriculum breadth, enrichment, and guidance. Improved preparation for univer51ty, apprenticeship5 and other post-18 routes. 8. To provide a modern, inclusive boarding environment. It)vested further in boarding facilities and pastoral systems. Implemented improvements in boarding routlnes, activities and communication with familie5. 9. To provide outstanding co-curricular opportunitie5. Expanded the ranse of clubs, activitie5, trip5 and enrichment opportunities. Maintained strong participation rates across music. sport and performing arts. Company Number 00110692 Ch81ily Number 307335

OCUS1gn Envelop? ID.. AA12AUGA-4F78-4EÈD.54GF-857d1ALAGUF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 10. To develop our facilities. Undertook planned capital improvements, Including maintenance, refurbishment and safety upgrades. Progressed longer-term estates plannlng and feaslblllty work. Facilities continued to support hlgh-quality education and boarding provision. 11. To ensure the financial su5tainability of the school. Maintained disciplined financial management and close monitoring of budgets. Sustained fee income through stable enrolment and careful cost control. 12. To ensure the environmental sustainability of the school. Continued itnplementation of the School's environmental strategy, including energy-efficiencv measures and waste-reduction initiatives. Monitored environmental performance and explored further opportunitie5 for carbon reduction. Engagement with pupils and staff in sustainability initiative5 remained strong. 13. To develop our people. Delivered a programme of staff development, performance manaÈement and leadership training. Staff engagement remained positive, with tontinued commitment to professional Erowth. In setting their objectives for the year and planning activities. the Goveinors have considered the Charity Commission's general guldance on public benefit and in particular to its supplementary guidance on advancing education and fee-charging. noting the amendments made following the judicial review in 2011. They have also noted and responded to govÈrnmÈntal expectation5 that independent schools increase the extent to which they Share their facilitie5 Wlth maintained schools and the local community through outreach and partnerships. Principal Activities of the Year St Swithun's prtncipal activity continues to be the provision ol education for girls and young children of both sexes in accordance with the principle5 of the Church of England, and the letting of our facilities for both charitable and commercial purposes. PUBLIC BENEFIT The Trustees confirm that they have complied with their duty in Section 17 Df the Charities Act 2011 to have due regard to the public benefit guidance published by the Chaiity Commi55ion for England and Wales. The activities of the School which provide wider public benefit are described below. Widening access Bursaries have been awarded over the pèst year at a cost of £1.8m19% of fee income) to some 55 pupils, of which 23 were means tested and 32 were IOO¢A of fee5. To truly widen access, bursaries are available to cover both fees, and other necessary expense5 appfopTiate for a pupil at the school. We also provided 2 scholarships for girls to 5t Katherine'5 School, Lira, Uganda, funded from volunteer activities. Company Number (Q110692 Charity trlumber 307335

Docusign Envelope ID.. M12ADLA-4F78-4EED-94LF-B6781ALAGOF2 St Swithun's School {Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 State school partnershlps Our state schools, partnership programme in 2024/25 15 a5 follow5: Thioughout the year, we have worked together in partnership with a network of local State schools including Oliverfs Battery, All Saint5, Winnall, Sun Hill, St Faith's, Four Marks, Weeke. Ba¥ton Farm, We5tgate and Park Community School. Our students and staff delivered academic, sportlng or creative enrichment activity to 200 primary school pupils each week throughout the school year. Throughout the course of the year, we have piovided 25 hours of swimming pool hire/tuition/tran5POrt for 6 local primary schools. Throughout the year, our weekly partnership programme involves approximately 400 prlmary school pupi15, Wlth 140 St Swithun'5 pupils and staff taking part. Impact a55e55ment of thi5 activity show5 that, on average. the attitudinal change of the primary school participants to the subject aiea lacross four learning experiences) increased by 12%. In addition, we ran an event5 programme which welcomed over 200 primary school pupils to St Swithun'5 to take part in maths, sport and creative arts activities, delivered by St SwithLJn's pupils and staff. We Provide transport 5UPPOrt, allowing over 300 primary school pupils to attend educatlona5 days and co-curricular events off-51te. Our Year 11 Community Service programme at the end of the summer teim saw 25 Year 11 students deliver sports anL4 drama event5 for 70 primary School pupi15, in addition to helping with the upkeep of one of our partner primary 5chool'5 grounds. We share teaching resources wilh Park Community School in Havant, with a direct focus on helping to raise the aspirations of some of their female students. We have also welcomed students from Westgate School to a few of our academic enrichment lunchtime talks. We run a lecture programme attended by students from local secondary school and Sixth From ¢ollege5. Science in a Suitcase, the portable Science resource developed by our science department, is In much demand by science co-ordinators in primary schoo15 and is regularly out'on loan, at no cost. Fundraislng St Swithun's School continued to pursuè its fundra5siftÈ objÈttive5 through appeals, event5 and engagement with parents, alumnae. and charitable trusts. with performance broadly meeting t8rgèt% set by the tru5tee5. Expenditure during the year included stewardship and donor-engagement activities intended to strengthen long-term relationship5 and enhance future fundraising returns. All fundraising wa5 undertaken by the School's development team and volunteers, with no professional fundraisers or commercial participator5 engaged. Each year the school community selects three charitable organisations to support during ihe year, from range of charitie5 nominated by pupils. Where possible representatives of these charitie5 V151t and Speak to pupils or send resources so the Assist Team- made up of Èirls in thè 6th form- can raise awareness of the charities. Almost all fundraising events throughout the year support these causes. School charitie5 selected for 2024125 were the Hampshire and Isle of Wight Air Ambulante, The Ruth Strauss Foundation and The Malala Fund. Every year the money raised is also shared with the Br3mston Bursary Fund which 15 a permanent 4th School charity. Company Nvmber00110692 Charity Numbei 307335

Oocusign Envelope ID.. AA12ADLA-4F7114EED-94LF-B67111ACALUF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 Students raised over £15k for the school charities, with initiatives including a colour run. sponge the teacher, and many bake sale5. In addition, pupi15 and Staff have supported the Winchester Women's Refuge. the Winchester Basics Bank, the FCIS shoebox appeal, and the Pachamama Project through a range of donations and practical activities. In the lèst year, pupils and staff at St Swithun'5 Prep School have raised over £2k in Supporting bake sale for Children in Need, Comic Relief, Water Aid, Xma5 jumper day and the Poppy appeal. The senior school charities for 2025126 have been chosen by pupils as The Brain Tumour Charity, Marine Conservation Society and Doctors Wilhtsut Borders IMSFI. Updated Code of Fundralslng On l November 2025. a new Code of Fundraising Practice comes into effe¢t. We have feviewed the new rules and regulations and amended any practices that we need to. The School is voluntarily registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice, with no instances of non-compliance reptsrted during the yeaw. Fundraising activity is monitored through internal oversight, approval proce55es and regular reporting to trustees. The School received no fundraising complaint5 during this financial period. Measures to protect vulnerable people and the public include adherence to regulatory guidance. staff training, and policies ensuring fundraising does not involve unreasonable intrusion. persistence or undue pressure. We have a150 registered the Bram5ton Foundation with the Fundraising Regulator and are now authorised to use its badge of quality and confidence. See page 15 for further details on the purpose and activities of the Bramston Foundation. There have been no complaints with regard5 to fundraising during thi5 financial period. We continue to keep ourselves informed on best practice via the IDPE, Charity Commlssion and other charitable sector resources. STRATEGIC REPORT FINANCIAL REVIEW Record of achlevements artd performancè for the year In 2024125 the school can again justifiably claim to be among the highest achieving girls. schools in the Country, consistently achieving excellent re5uIt5 in public examinations at both GCSE and A Level. In summer 2025 34.3% of A-level entries wère awarded A ompared with the national figure of 9.4%. 70.0% of entries were awarded A. or A @rades, compared with 28.2%for all schools in England. 91.4°A of A-level grades were at A to B. At GCSE level 59.2% of entries were graded 918/A* Including 35.5% at grade 9, ¢ompared with the national figures of 12.8% and 5.2% respectively. 76.6% of entries were awarded grades 91817 and A'IA, compared with 23.0% for all schools in England. Company Ilumber00110692 Charity Number 307335

Docus1gn Envelope ID.. AA12ADLA-4P7114EkD-94LP.1167111ACAGQFZ St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 Financial results of the school and school lettlng company The full financial results for the year are shown In the attached flnancial statomènts and the result5 have been 5ummarised below.. The Unrestricted Net Incoming Resources amounted to a surplus of £903k12024- surplu5 of £505kl before a FRS102 pension actuarial suiplu5 adjustment required of £255k12024 deficit £278k.l This was added to the brought forward funds to give an amount of £31.6m attributable to the unrestritted fund at the year-ènd. The statement of financial activities ISOFAI on page 29 contains details of the IncomlnÈ resources for the year. Included in total incoming resources of £19.8m Is £17.9m of net school fee$190.4%1 and £64k of restrittÈd donations10.4%1. In the restricted and endowment funds. the overèll result lor the year amounted to a deficit of £147k12024.. surplus of £75kl. This includes donations for bursary provision of £194k. Overall these leave £2.Im attributable to restricted fund5 and £63k to endowment funds at the year end. All taxable profits from the Letting Company are transferred to the school by gift aid to further suppgrt our charitable aims. For the 2025 financial year £107k will be tran5ferred12024.' 176kl. Golng Concern The Council has considered several factors when forming their conclusion as to the use of the going concern basis for the preparation of these financial statements including a review of the updated forecasts to 31 July 2027 and a con5ider&tion of the key iisk5. Du¥ing this period of significant potential change to the Independent School landgcape, the Council has taken a prudent approach to expenditure including sustaining a longer term fixed price energy contract, limiting the cost increase for catering, reducing departmental budget and trimming staff costs through pragmatic cost of livinÉ salary increases to deliver a target cash surplus of IO% whi15t continuing to maintain the focus on the education of the girls now and the expectations of pup&ls and parents in the future. The forecast surpluses for 2025-26 and 2026-27 reflect the january and April 2025 changes in school taxation. Sustaining a 5tion8 pupil population continues to be a key risk, especially during this period of uncertainty which the Council has considered in its approach around the continued implementation of VAT ènd fee leve15 and will be reviewed lurther as the situatitsn stabilises. The school ha5 made a reasonable start to the School year with 663 pupi15 in line with expectation5 in the senior school bLtt below expectations at the lower end of the prep school and fee income for the first term of the 25126 school year remains strong with an indication that payment ol fees will be consistent with previous years. Council reviews the School's financial plans on a termly basis by monitoring income and expenditure against forecasts within the context of the annual budget and a rolling 10-year financial plan. Cash flows are 31so c105ely reviewed. particularly in the light of the School's borrowing commitments and repayment requirements. Financial sensitivity analysis is incorporated into Councll informatlon, eentred on key assumptions (roll, fEes, and staff costs). io Company Number(M1110692 Chafiiy Number 307335

Docus19n Envebpe ID.. AA12ADLA-4F7&4EEO-94LF-B6781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 Council reviews all known major risks to the school and states the action being taken to allevlate them on a iolling annual basis. The key risk5 to which the school 15 subject are highlighted in the strategic report. Thè s¢hool'5 Strategic development plan remain5 dynamic and ha5 been reviewed following the VAT and other tax change implementation. Whilst this will inevitably require a response it is not anticipated that thi5 will change the underpinning aims, vision or eth05 of the school. The Council has also decided to invest in a major £4m project to cover 4 x tennis courts to preserve curriculum time for sport, health and wellbeing, demonstrating a strong commitment to the future of the school. The investment will be match funded with £2m coming from a major lundrai5ing campaign. Having regard to all the above, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there are no material uncertainties over the school's financial viability. Accordingly, they continue to Bdopt the going ¢oncern basls in preparing the financial statement5 a5 Outlined in the Statement of Members Responsibilities on page 23. School reserves pollcy At 31 July 2025 the Group has total net asset5 and reserves of £33.8m. Thi5 comprises restricted funds of £2.1m, endowment fund5 of £63k and unrestricted fund5 lincluding equity in fixed assets) of E31.6m. The total value of the school's fixed assets, which are all held for use in the school. is £30.3m. against which asset-specific creditors (bank loans) ale held of £3.5m. Free reserves, defined as unrestricted funds less fixed assets (net of asset specific loansl and designated funds are in surplu5 by £4.4m. Council have considered an appropriate tar8et level forthe school's free reserves. Having regard tothe likelihood of financial risk5 and mitigating factors, the trustee5 consider the target level of free reserves for the chaiity should be approximately 2 months expenditure (currently forecast at £3.3ml against which the figure reached in the current year. comprised a5 above, is £l.Im. At the year-end. the unrestricted cash at bank of £7.3m is available foi working capital reqLtiremenls. It is felt that this school resetve5 policy remains a valid position. The Council is of the opinion that given the current balance sheet and financial projections, future pupil reE15trations, as well as available banking facilities and di5P05able properties and investments there is no need to set aside additional free reserve5. Investment powerstr pollcy and performance The investment power of the Council is given by the Articles of Association. The current policy is that all invest¥nent5 must be safe and ethical, and advice is sought as iequired before new investments are made. Sufficient working capital 15 held in an instant access interest bearing account to meet all requirements as they fall due. Investments which represent the composition fee fund are held in UK Government gilt5, and the remaining investment5 are held in fixed term cash deposits and charity-specific equity based managed funds. The total return performance of the significant restricted investment is assessed against an Industry benchma¥k, alteTnative equivalent charity product and base rate + 3%. The performance in the year exceeded the above assessment criteria and will continue to be reviewed termly to ensure it 15 meeting two of the above three assessment criteria. The major investment is with CCLA, and investments are all held for the long term. li Company Number￿110692 Charity Number 307335

Do¢usign Enveknpe ID". AA12ADLA-4F78-4EED-94LF-B6781ALALUP2 St Swithun's School (Winchester) {a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 Relnforc5ng the endurlng ethos of the School The school reviewed and re-confirmed its aims, ethos and vision at the Strategy Day this year. The school has sust3ined the pur5UIt of the charitable object and has developed a Str3tegit Development Plan for 2025 to 2029. It reinforces the underpinning aim5, V15ion and eth05 of the School and offers greater focu5 in key areas of academic. pastoral and the School as a business focus. The ethos of the School St Swithun's 15 an 'appropriately academic, school that celebrates intellectual curiosity and the lifè of thè mind, but not to the exclusion of all else. Pupi15 are expected to develop individual pa55ion5 and through them to acquire a range of skills and characteristics. These characteristics will include a willingne5S to take risks, to question and to debate, to persevefe in the face of difficulty and to have fun. 11 a gill can immediately excel at everything asked of her, the bar must be Set higher. Stswithun's was founded byAnna Brèmston, dauÈhier of the Dean of WlnchÈster, and Chrlstian values underpin the School's approach to education. Within a civili5ed and caring environment, all gir15 and staff are valued for their individual gifts and encouraged to develop a sense of Spirituality and of kindness. Kindness and tolerance and a sense of fun are at the heart of the school community. School v15ion The revised Vision is 'A world-class girls, boarding and day school offefillg a complete education,. The sÈnlor school's vision includes a girls, school well-known for its excellent all-round education.. its forward-looking teaching methods.. its scholarship: and the attitudes of mind it fosteis in its students. It will house a civilised and ompa55ionate community in Secure and well-maintained buildings, and it will thoroughly prepare all its pupils for life beyond its gates. It will be regarded by teachers a5 a desirable school in which to work and develop one's craft. The prep school vision is of a school in which every child is known, cherished and at the same time encouraged to be fearless in an in%pirin@ teachinÈ and learning environment. It is an environment in which pupils and staff have warm. respectful relationships. The children enjoy going to school and the staff relish having the opportunity to share adventures, interests and laughter School's m155ion The school's mission is to provide outstanding pastoral care and teaching expertise to create in every individual student a unique tapestry of Strengths and interest5. School's purpose The School's PUTP05e 15 to develop resilient, enquiring, optimisti¢ and collaborative women. They will stand on their own two feet and pull others up to Stand alongside them. 12 Company Number00110692 Charity NumbEr 307335

OOCU51gn Envelope ID.. IV412ADLA-4F78-4EEO-94GF-66781ALALUF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 FUTURE PLANS Strateglc Development Plan for 2025-2031 The school's future plans are based on the revised strategic Plan for 2025- 2031 and the 51te's capital investment Masterplan. The Strategic Plan is based on our Vision, Mi55ion and Purpose but focus5es on seven distinct Strategi¢ Imperatives. all aiming to support the future development of the school. The Strategic Plan is a School Council capping paper offering strategic guldance to the school executive and covers academic, pastoial and business areas of the school outputs. The measurable Strategic Imperatives are offered below: . S11- Achieve excellent academic re5uIt5. b. S12-Sustain financial health. c. 513- Provide a first cla55 Slxth-form experience. d. 514- Provide a complete educatlon. e. S15- Support a high level of wellbeing and pastoral care. f. 516_ Provide a modern, inclusive boarding environment. g. 517- Future proof the school. Each Sl has a supporting plan within the school Development Plan which undeipins and 5upport5 the Strategic Plan and contains a series of Targets/KPls to Support and enable future plans. The School Masterplan The school has developed a site-wide Masterplan for development. aiming to create a school fit for the next generations. Overall, the aim is to create a largely pedestrianised schotsl with congider3bly improved sports and 6th Form facilities whilst all other facilities are sustained and improved through continuous improvement. The priorities for the major capital projects afe.. a. Cover tennislnetball courts and create a strength & conditioning centre- approved for 2025126 b. Build enhanced spor15 facilities c. Bulld a 6th Form Centre d. Build a new U6 boarding house e. Build a new L6 boarding house To ¢￿ate 3 5t Swithun's School fit for the next generations. 13 Company Number 00110692 Ch31ity Number 307335

Docusi9n EnvekJp& ID.. AA12ALILA-4F7t14EED-94LF-B67ts1ALALUF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 Future StruEturè The School Council intends that St Swithun's School remains a single sex, day and boaldlng school for girls in the Senior school, a day only sthool in the Prep School and a co-èducalional nursery. The focus will be on retaining the eth05 and recruiting and retaining students into Year 13. The aim will be to increase student numbers to capacity and to offer a 50.'50 mix of boarding and day in the senlor school. Academic Future The future academic focus and priority will remain to enable every pupil= to fulfil her potential,. to take responsibility for her own learning,. and to increase her intellectual curi051ty whilst having fun. The school will aim to achieve excellent examination result5 enabling admission to all universities and preparing pupils for later life. We See improved sport5/wellbeing facilities and the development of the 51Xth form experience as being critical to future succes5 and these are the subject of development work and planning applications in the coming years. In the prep school, the Council will aim to provide a 5timulatinE environment in which each pupil can flourish in the broadest sense.. foster an eagerness to learn. to strive. to achieve. and to realise the potential of each pupil academically, creatively, on the sports field and at play. We will also prepare pupils for a move to senior education and equip them for thi5 t¥an51tion. Future outreach and communlty enEaBement The school will continue to conduct outreach and partnership activities with local schools and by making facilities available to the local community. This will remain a cornerstone of future school operations, hèlpinÈ to define our place in the community. Bur5aiy Policy For 2025-26 the school remains committed to the provision of bursary payment5, that equates to around 9% of fee income. The school's aim remains to continue to maintain the level of bursary awards to pupils to at least the equivalent of 5% of fee income. Thls will be assisted by support from the Bramston Appeal and Bramston Bursary Foundation. In 2025-26 there wlll be 48 puplls In recelpt of means tested awards. This includes 28 bursaries of between 75- lio%. The criteria for receiving awards are determined by ihe Bursary Committee on an annual basis. SelÈcliDn for the award of any bursary is based on meeting the normal academic requirements for entry to the Senior or prep school as appropriate, and an assÈssmÈnt of suitability carried out by the Headmistress. No exceptional proficiency in any academic or other area of education is required. The recruitment of candidates 15 achieved bv all available means including marketing and advertising procedures, by direct liaison with local feeder primary schools, by links with partnership organisation5 and by word of mouth. The Bursary Committee agrees the annual provision of fund5 and then delegates the recruitment and selection of candidates to the head teachers. As well a5 seeking to provide wider acce55 through bursary provision we shall continue to try to provide help to parent5 who fall on hard times until such time as they are able to pay the full fees again. The same selection and financial criteria will apply as agreed for bursaries on entry to the school. 14 Company NumbÈr(K)IIOS92 Charity Number307335

Docusrgn Envelope ID.. AA12ADGA4F7&4EEO-94LF-6L47111AGALUF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 Development IFundrai5ingl and Alumnae Relation5 Bramston Foundation The 8ramston Foundation transformational bursaries programme continue5 to enable girls from any background, including those on the edge of social care. to access St Swithun's with a full boarding place. It's the beginning of a journey that unlocks a world ol possibillty and vastly improves their future aspiration5 and a¢hievetnents. The fundraisinÈ for this proEramme is 5UPPOrted by the Bramston Bursaries Fundraising Committee IBBFI and a variety of events and activities feed in, 3long5ide regular giving via the 1884 Club. Many of these regular donation5 currently come into the school'5 account via CAF and will have to be transferred over to the Foundation account until we are able to switch the bank account that CAF is using. The past year saw our highest ever silent auction income, which grossed an income of £35k. The foundation had ten beneficiaries with boarding places in the senior school in during this financial year. Most of our beT)eficiarie5 are matched to the School by the Royal National Children's SpringBoard Foundation although we do have some diiect applicènts. The total raised for these bursaries in this financial year was £191k which the balante will be transferred to the school, onee thè trustees have reviewed the amount and agreed the transfer in their Autumn 2025 meeting on Thursday 16th October 2025. Charltable Incorporated Organlsatlon Thi5 year has been a transition year to create the structure and resources needed for the 8ramston Foundation to operate as a CIO. We have set up a new bank account for the CIO and we are in the proce55 of tran5feiring cross payments. We will soon be submitting our first set of accounts to the Charities Commission. Moore Barlow registered the Bramston Foundation with the ChaTities Commi55i0n on the 15th of July 2024 under the charity number 1209135. The trustees oversee under charity law both the transformational bursary fundraising and any capital project fundraising and meet termly for progress updates and to agree amounts of funding that should be transfèrred to the sthool to achieve objectives. Cap5tal Development Project The Bram5ton Foundation is a150 fundraising for the first phase of a two-phased building project to improve indoor sports. Our Building Active Live5 at St Swithun's campaign was launched this year to try and raise £2m+ towards the costs of moving several tennis courts under roof and building a new strength and ctsnditioning sulte and spectator gallery. 15 Company Numbpr00110692 Charily Number 307335

Docusign Envelope ID.. AA12AULA-4F7B-4EÈO-94LF-B67111ALALDF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 Alumnae Engagement Our alumnae engagement remains strong with a monthly e-Newsletter being Circulated and an annual publication, the OGA Chain. The previous financial year saw us host several events with good alumnae engagement. We travelled to Hong Kong and Singapore in Aprll 2025 where we held events whith encouraged our alumnae living and working in ihese cities to reconnect with the School. OGA day in September 2024 was well supported with around 60 attending. We a150 ran a creative networking event in London in the summer term at the Cristea Roberts Gallery, which was well attended and supported. Governance and Rlsk Management The School Council continues to receive regular reports and updates on our fundraising via the Bursary, Fundraising and Public Benefit Committee and a Standing Committee report supplied to the Bursar. Staff - Employment Policy The aims of the School's recruitment pollcy are as follows.. l. To ensure that all staff and volunteers shale and understand our commitment to safeguarding and promoting the welfare of children. 2. To ensure that our robust recruitment procedures deter and prevent people who are unsuitable to work wlth children from applying for or securing employment, professional engagement or volunteering opportunities in our school. 3. To ensure that the bèst possible members of councll, staff and volunteers arè recruitèd based on thelr merits. abilities and suitability for the position. 4. To ensure that all applicants for employment are considered equitably and consistently. 5. To ensure that no applicant 15 treated unfairly on any ground5, including but not limited to age, disability, gender reassignment, marital andlor civil partnership status. pregnancy and maternity, race (including nationality, ethnic or national origin), religion or belief. 5ÈK or sexual orientation IdefinÈd irs the Equality Act 2010 as protected characteristlC51. 6. To ensure compliance with all relevant recommendations and guidance including- a. Keeping Children Safe In Educatlon (September 20241 b. National minimum standards for boarding schools (September 20221 c. Working together to 5afe£uard children (updated December 20231 d. The Independent School's Inspectorate IISII'S Inspection Framework The Council aims to recruit and retain the best staff available. We seek to employ high quality, enthtjsiastic and talented teachers and support staff in all departments and will continue to encourage and support their professional development throughout their time with us. This will include high calibre NQTS and other tralnees who the school will assist with their professional development. 16 Company Number 00110692 Ch3rily Nutnber 307335

Docuslgn Envelope ID.. AA12A0LA-4F78-4EED-94LF-B6781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 The intention 15 that Staff are.. Valued. Well remunerated ènd rewarded. The beneficiaiie5 of tewms and condition5 that are reasonable. transparent and con515tent. Provided with the facilities required to allow them to perform to the highest level. Provided with opportunitie5 and support to develop to their full potential. Information 15 provided to staff in a variety of formats during induction and during their time at the school. This Includes information contained in the Staff Handbook, Teachers, Handbook, and verbal briefings at staff meetings and inset training. All staff undergo a few safeguardin& data protection, whistleblowing and health and safety training module5. All staff are expected to adhere to the school's code of conduct and in the case of teachers, DfES 'Teachers' Standards. The Council also aims to continue to improve our facilities, both in our buildings and equipment and In the provision of information and communication technology. 5t is a traditional school embracing modern techno108y nd contemporary teaching methods. While recognFsing the need for a secure site we aim to offer an attractive welcoming campus with all new development being in keeping with the main School buildinE5 and as environmentally efficient as possible. It is also our intention to allow access to and use of as many of our facilitie5 a5 practical to the local community and to other charitable organi5atlDn5. In the coming year, feasibility Studies will be launched for a sixth form centre and improved sports facilities. Development sits neatly alongside planned maintenance and continuous improvement across the School spectrum. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document St Swithun's School is governed by Its Artlcles of Assoclatlon. These were sublect to a full review in 2023 and pproved by the School Council. Council considers the gijidance given in the Charity Commissioners Governance Code. Individual members of Council receive copie5 of Governan¢e magazine in order that they are kept abreast of best practlce and advice from the Charity Commission. Council is confident that it operate5 Wlthin the guidelines. It will continue to review its Governance poli¢y and tonsider opportunitie5 for on8oing development and good practice. The School 15 administered by its Trustee5 in accordance with all current legislation and Charity Commission requirements. Governance is as transparent a5 possible and aims to provide clear policy guidance to allow the school's senior management to operate effitiently and effectively. Elected Trustees are appointed at the Annual General Meeting based on nomiriation5 received from existing Tru5tee5 and after an initial familiarisBtion visit to the school. On appointment new Trustees receive a pack of information covering their role and all relevant policy document5. They also undertake a further induction vlsil and attend relevant courses, preferably lun by AGBIS, on Governance. FollowinÈ election Trustees participate in a range of internal and externally provided training events. 17 Company Number00110692 Charity Number 307335

Docusign Envelope ID.. AA12ADLA-4F7114EED-94LF-BB7111ALALUfr2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 Organlsatlonal Management Members of the school council, as the trustees of the charity, are legally re5por)sible for the overall management and control of both the senior school and the prep school. Council sets and approves st¥ategic direction and policy and meè15 three limes each year and additionally a5 required. Council monitor5 the work of the School's management team through its committees and through visits to the school. All financial matter5, including budgets, income and expenditure and cash IIow5, are 5crutinised by the Standing Committee. The statutory financial statements are scrutinised through the process of annual audit, before all matters are submitted to Council for approval. The St3nding Committee also monitors and reviews the school's rlsk management procedures, annual reports on insurante, safeguarding, health and safety, security and any other Subject that may be relevant to the school'5 bu5ines5 at any given time. Academic matters are brought to the attention of Council by the Education Committee, through the Head teacher5, termly reports and the Senior school's annual departmental reports. The Head teacher5. reports also include information on pupil numbers and future registrations. staff changes. developments and training. pupil matters and forthcoming events. The prep school Head a150 report5 to Council on all matters relevant to the prep school. Other school responsibilitie5, includinE bursary piovision, fundraising, appointment of Council members. pay and term5 and conditions of employment, and property and building works ale monitored by the Bursary, Fundraising & Public Benefit, Nominations & Remuneration and Development Committees respectivelv. Remuneratlon pollcv Details of the school'5 remuneration policy are contained in its governance paper and fall under the remit of the Nomination and Remuneration Committee. Detai15 of i¢5 role and responsibilities regarding remuneration are contained in the following extracts from its terms of reference: The purpose of the committee is, on behalf of Council, to monitor and advise on matters relating to staff remuneration, about the salarles of senior staff. With respect to femuneration, the Committee shall.. determine and aÈree with Council the framewofk or broad pollcy for the remuneratlon of all employees. in determining such policy, consider all factors which it deems necessary. The objective of such policv shall be to ensure that members of staff are provided with appropriate incentives to encourage enhanced performance and are, in a fair and re5pon5ible manner, rewarded for their individual contributions to the success of the School. within the terms of the agreed policy, determine the total individual remuneration package of each employee. Much of this can be delegated to the Headmi5tre55 and the Bursar, working within the clear guidelines of the Committee. be aware of and oversee any major changes in employee benefit structures throughout the School. determine the policy for and scope of pension arrangements, service agreement5, termination payments and compensation commitments.. and provide a termly report to Councll. 18 Company Numbei 00110692 Charity Nutnber 307335

Docusign Envelop8 ID.. AA12ADCA-4F78-4EED-94CF-B67111ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 In dètermining appropriate salarie5, the Trustee5 have regard to the following.. DfES teachers, pay scales (Teachers pay and allowances for the maintained sector are used as the baseline for teachers, salaries and then subject to a cumvlative percentage increase and a flat rate St Swithun's allowance) Local Government and other local employee pay lates to benchmark support staff salarles The independent schoo15' benchmarking surveys provided by organisations such as Baines Cutler. The Senior management of the school, deemed as those on the leadership scale and a5 listed in full on page 3, are remunerated in accordance with the remuneration pDIicy. Teaching staff below the leadership scale progress through several main scale salary points16 for teachers) and are then eligible for additional appraisal-based increèses to their main salary. Support staff enjoy a cost of living increase annually and could be awarded up to three dlscretionary pay s¢hle increments. The Nomination & Remuneration Committee determines any additional cost of living inflation increase, which Is applled to all staff, once approvèd by Council. The Nomination & Remuneration Committee scrutinise and determine the Headmistress's recommendations on individual senior staff salaries for those on the leadership scale annually. Such decisions are taken regarding individual and collective perfoimance and the benchmarks provided by the Baines Cutler staff remuneration survey. Group StrLrcture and Relationship5 st Swithun's ha5 a wholly owned trading 5ub5idiary, St 5withun's School Letting Company Limited, whose activitie5 and trading performance is explained in the financial statements. On 5 May 2009 the school registered a subsidiary charity St. Swithun's School Bursary Fund. This subsidiary fund will be held on trust by the school for the provision of bursarie5 at the school and will manage Capital and income for this purpose. The assets of the Bursary Fund are £l.Im as of 31 july 2025, which are held in an Investment fund to provide interest to fund future bursarles. The Bramston Bursary Foundation IBBFI has assets of £312k. The foundation's objects are to advance education at St Swithun's Schotsl for thè publi¢ bÈnÈfit by providinÈ lundin@, a5slstance and support towards the Bramston transformational btjrsary programme for benefi£iarie% from seriously disadvantaged circumstances, providing places and access to the school for girls from any background or circumstance. The foundation also fundrai5es towards the upkeep and development of St Swithun's school facilities, enhancing the school for all. Both funds are currently held in restricted funds within the Group. Rlsk Management Political and economic uncertainty have been an evident and enduring risk. This has had a significant impact on school operations, and the financial position of the school has been affected by chaTrÈes to working practises and expectations of some parents. 19 Company Number00110592 Chaiity Number 307335

Oocusign Envelope ID.. AA12ADLA4F75-4EED-94LF-B5781AGALOFZ St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 The Council ha5 again examined the principal areas of the school's operations, identified new risks and re- assessed those already highlighted. The Councll is satisfied that all known risks are currently managed or have Sy5tem5 in place to mitigate them. The key controls used by the Council include- Formal agenda5 and minutes for all Council and committee meetings. Detailed Terms of Reference for all committees. Comprehensive strategic budgetary and financial planning and management accounting. Formal written policies and procedure5, including on health and safety and child protection issues. Established organisational and reporting structures. Regular review and approval of key poli¢ies. Crisis response procedures. The School's detailed risk management procedures and the risk management ledger outline all known rnajor risks to the school and states the action being taken to alleviate them. Thp Council Sub committee5 have delegated responsibillty for reviewln@ risks on è rolling annLtal ba515. Most risks are on-going and as such have been discussed and appropriate measures or policies are in place to Ileviate them, either through reducing the likelihood of an occurrence or by reducing the impact in the event of a risk materiali5ing. Monitoring of risk and the appropriate amendment of poli¢ies and procedures form part of the continuous management of the SchDOI. Specific are35 of risk are subject to additional oversight.. Standing Committee maintains oversight of governance and financial risk,. Nomination & Remuneration Committee monitors succession planning; Education Committee reviews academic risks,. the Bursary, Fundraising & Public benefit Committee reviews delivery of Public benefit. Dr Heather Mycock oversees health & safety issues and Mr Steve Bailey oversees child safety and safeguarding. The ledger is updated at least annually to indicate additional actions taken to reduce risk and to identify areas where changes in legislation, personnel or levels of expertise have altered either the Ilkelihood or potential impact of an event. An external health and safety audit is conducted annually. The following issues are viewed as giving rise to addltional risks: Political land5cape.' Council will continue to monitor government policy as it relates to independent schools and the sectorfs response. Therecentchanges in independent School taxation policy, particularly thÈ imposition of VAT on fees, which have had a significant impact, particularly in the prep school, will need to be monitored and mitigated. Scenario analysis has been conducted to manage this uncertain risk with an ongoing but tapered school response to support malntalnlng pupil numbers already shared with the wider school community. Financial.. the economic climate remains pressured due to uncertainty as to the nature of anv further change by the UK government, ongoing global economic situations and whi15t lower than last vear ongoing high energy costs and interest rates which are placing an increasing financial strain on some parent5 and the school. The level of long-term lee debtors has increased Steadily, and affordability is recognised as a key rtsk. For September 2025 the fee5 have increased OTI average by 30A acr055 the school but a fee discount has been offered to offset an element of theVAT increase. Ongoing Cost control and a focus on working to fixed or longer-teim contracts such as enerBY to give increased stability has been initiated. H&5 and Safeguarding.. There is an ongoing emphasis placed on governors, responsibility about child protection, safeguarding and health and safety. Legislation is regularly updated and governorfs need to ensure that the school's response is appropriate and effective, both in policy and practice. 20 Company Number￿110692 Charity Number 307335

Docusign Envelop8 10.. A412ALILA.4P7I14EE￿94tiF-B6ls7A￿AQOF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL. INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 To that end H&5 and CP remain early agenda item5 at full Council meetings and key pollcies are revlewed annuallv. Section 172 ort Incor oratin Statement5 of Em ee and Stakeholder en ement The governors of the school, as director5 of the company, must act in the way they ccnsider, in good faith, would be most likely to promote the 5ucce55 of the company for the benefit of its members as a whole and in doing so have regard to.. al The likely consequences of any decision in the long run bl The Interests of the companVs employee5 cl The need to foster the companls business relation5hip5 dl The impact of the compan¢s operations on the communlty and the environment el The desirability of the company maintaining a reputation for high standards of bu5ine5s conduct The need to act fairly For charitable companiès with PUTpose5 that are not aimed to benefit the members, the BL)ard must act in a way that promotes the success of the wider charitable purposes. This will incorporate the desire to meet the requlrements of all stakeholders, being beneficiaries, both pupils and the wider community, staff, donois and fee payers and supplier5. The Governors of St Swlthun's School Iwlnchestèrl consider that they have acted in a way that is most likely to promote the 5ucces5 of the charitable purpose, as set out in aims and objectives on page S. in the following wav.. al The likely consequences of any decision in the long run.. The Governors have considered the long-teTm 5U5tainability of the school's operation5, a5 set out in the Going Concern section of the Strategic Report on page 10. Council 5et5 and approve5 strategic direction and policy, meets three times each year and additionallv as required. Council monitois ihe work of the School's management teams through its committees and through visit5 to the school. Standing Committee reviews the School's financial plans on a termly basis by monitoring Income and expenditure against forecasts within the context of the annual budget and a rolline 10-year financial plan. Capital expenditure plans and cash flow requirements are also closely reviewed, particularly in the light tsf the Sthool's borrowing commitment5 and repayment requirements. Risk management is Incorporated into all the school'5 operation5 and robust risk management procedure5 are well established. The m05t significant risks are discussed at each relevant Council sub- committee. Further details are contained in page 19. The Governors review and endorse all policie5 to ensure con515tent long term regulatory compliance. bl The interests of the companrfs employees, incorporating Statement of engagement with employees= Authoritatve and frequent communication with staff is essential. Staff are kept informed about staffing, finantial and strategic issue5 affecting them and the school through a termly update and then weekly staff meeling5. Full details of the employment pollcy are contained on page 16. The Governois receive regular reports on staff matters through the Headmistress, termly report. All Governors conduct V151ts to school where opportunity 15 made for direct staff engagement. 21 Company Number(M)110692 Charity Number 307335

Docu519n Envelope ID.. AA12AOLA-4F784EED-94LF-B6781ALALOF2 St Swithun's School (Winchester) {a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 SÈctlon 172 Re ort incor oratin Statements of Em ee and Stakeholder en ement continued All staff were involved in the early stages of the strategic plan development, and all are updated on the plan and priorities at the stait of each academic year. Meaningful engagement Is encouraged through the staff forum where employÈes across all departments discuss and make recommendations direct to senior management. A staff survey in 2020 reported high levels of satisfaction and the school plans to repeat thi5 proce55. A diverse progiamme of well-being activities is available to all staff. The Company ha5 complied with the UK'S Equality Act 2010 Regulations 2017 that require the publication of information on the gender pay gap for UK employees annually. The 2022 report Is available on ihe web51te. cl The need to foster the companvs relation5hip5 Wlth stakeholders, incorporating Statement of companW5 business relationships.. The chariws beneficiaries and donors are the focus of all thè school's operations. -A fairand consistent selection policy ensures 3 diverse and thriving student body that is fullysupported throughout their education from nursery to external examinations results, enabling admission to all universities and preparing pupils for later life beyond thp school gates. Strong recrultment of the best teachers and valulng of staff supports the stèbllity and high standard of edvcation. A fair pollcy of bursary awards, consistently applled, support families who may not olherwise be able to access education at the school. The parent contract forms the basis of the relationship with fee payers. This is reviewed regularly to ensure best practice and then applied fairly and con5IStently. Parental engagement is maintained through weekly correspondence and termly publications. All suppliers are treated fairly and promptly with business terms adhered to. Local and non-corporate supplie5 are reimbursed on request. The Company complies with the UK'5 Payment Practice5 Regulations that require the publication of information on the supplier terms offered and average payment statistics. Council receives regular report5 and updates in fundraising regulations and guidance through the Bursary. Fundraising and Public Benefit Committee. The school does not engage with any external third- party fundraisers. dl The impact of the companV5 Operation5 011 the community and the environment- Council supports the school to undertake a full provision of community and partnership activity Full details are contained in page 7. The Company has completed the Energy SHving5 Opportunity Scheme IESOSI reportin8 requirements phases l and 2. and repoits under the Streamlined Energy and Carbon Reporting ISECRI on page 23. 22 Company NumberW110692 Charity Number 307335

Docusign Envelope ID.. AA12ADLA4F78-4EED-94GF-66781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT Forthe year ended 31July 2025 5e¢tlon 172 Re ort incor oratin Statements of Em ee and Stakeholder en ement contlnued el The desirability of the company maintaining a reputation for high standards of business conduct: The CompanW5 Bribery Policy, that ha5 been approved by Council, sets out the responsibilities of Staff to report any incidents or 5U5picion of fraud, bribery or corruption arising in the course of their work and to cooperate fully with related investigations. The School takes a zero-tolerance approach towards fraud, bribery and corruption. The Whistle blowing policy supports staff in this approach. fj The need to act fairly- All goveinoTS and Senior staff complete an annual Conflict of Interest declaration. There have been no reported incldents of unacceptable relationships. Streamllned Ener and Carbon Re ortln SECR Dlsclosure lal Emissions Summa The SECR disclosure presents our carbon footprint within the Unlted Kingdom across Scope 1, 2 and to some extent scope 3 emi55ion5, an appropriate tnten51ty metric, the total energy use of electricity, gas and transport fuel and an energy efficiency actions summary taken during the relevant financial year. Year to 31 July 2025 5,612,948 Year to 31 july 2024 5,989,780 Energy consumptlon used to calculate emisslons Ikwhl Emission5 fiom combustion of ga5 Iscope 11 tC02e Emissions from combustion of fuel for transport PUIP05e5 (Scope 11 tC02e Emissions from business travel in rental cars or employee-owned vehicles where company is responsible for purchasing the fuel (Scope 31 tC02e Emissions from purchased electricity (Scope 2, loc3tion-basedl tC02e Emi55ions from purchased electricity15cope 2, market-basedl tC02e Total gross tC02e based on above Total gr055 tC02e based on above Imarket-basedl Intensity ratio ItC02eltotal square meters Im211 815 785 30 33 257 317 245 NIA 1,108 1,141 NIA 1,096 0.04642657 0.047787 Ibl Ener Efficien Action Summa Year to 31 I￿1 2025 St. Swithun's School remains committed to achieving both difètt and indirect energy savings, as well a5 reducing assoclated carbon emissions through a combination of operational and technological impTovemeT)t5. 23 Company Number00110692 Chèrity Number 307335

Do¢usign Envelope ID.. AA12ADLA-4F784EED-94LF-B6781ACALOF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 In FY2025, the school has undèrtaken several key initiative5 to enhance energy efficiencv.. Installation ol new 98.4 kwh Ipeakl PV 5y5tem on the prep school roof. Continuously upgrading windows from sin8le-pane glas5 to PVC double-glazin& leading to significantly improved Insulation and reduced energy consumptiOT). E.g. Old Junior School. .Appointing a consulting energy company to monitor energy consumption acr05S the site buildings and identify areas of high energy use to target energy efficlency measures. These energy efficiency measures exemplify St. Swithun's School's unwavering dedication to sustainability and environmental responsibilitv. These energy effi¢ien¢y actlOF15 demonstrate the school'5 ongoing commitment to sustainability and environmental responsibility. SECR Methodology notes Reporting Period l August 2024- 31 July 2025 Boundary (consolidation approach) Operational approach Alignment with financial reporting SECR disc105ure ha5 been prepared in line with St. Swithun's School's annual accounts made up to 31 July 2025 Reporting method GHG Emissions reporting are In line with the Greenhouse Gas IGHGI Protocol Corporate Accounting and Reporting Standard Emission5 factor & Conversion factor DEFRA, 2025 for all emissions and conversion factors source https'.Ilwww.gov.uk/government/publicationslgreenhouse-gas- reporting-conversion-factors-2025 Caltulation method Activity Data x Emission Factor= GHG emissions Activity Data x Conversion Factor= kwh consumption Other relevant information on Dièsel and petrol split were not available from company mileage. calculation Split Wa5 made vsing VEH1103 statistics The mileage was also converted to kwh using DEFRA conversion factors to add up to the total energy consumption. Rea50n for the intensity metric St. Swithun'5 School is an independent day. weekly and full-boarding choice school therefore following the recommendations of the legislation the chosen intensity metric is total square meters, expressing the school's annual emi55ion5 ir* relation to this quantifiable factor. Roundlng The results in the table are expressed in tons C02e and may not add up precisely to the totals due to rounding. 24 Company Number 00110692 Charity N￿mber 30733S

ocuslgn EnvekJpe ID.. AA12AOLA-4F78-4EED-94LF-B6781ALALDF2 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2025 RESPONSIBILITIES OF MEMBER5 OF THE COUNCIL The Council Member5 (who are also directors of St Swlthun's School Iwinehesterl for the purposes of company lawl are responsible for preparing the Council Report and the financial statement5 in accordance with applicable law and United Kingdom A¢tountin& Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Council Member5 to prepaKe financial statement5 for each financial year, which give a true and falrview of the situation of the charitable company and the group and of the incoming resourcès and application of resource5, including the income and expenditure, of the charitable groLlP for that period. In preparing those financial statements, the members of the Council are required to.. select 5Ultable accounting policie5 and then apply them consistentlv. observe the methods and principles in the Charitie5 SORP. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed sublect to any material dèparturès disclosed and explained in the financial statement5; and prepare the financial statements on the going contern basis unless it is inappropriate to presume that the charitable company will continue in busines5. The tHembers of the Council are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial p951tion of the charitBble company and to enable them to ensure the financial statements comply with the Companies Act 2006. The members of the Council are a150 responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. INFORMATION PROVIDEDTO THE AUDITOR The Members of the Council who were in office on the date of approval of these financial statements have confirmed, as far a5 they are aware, that there is no relevant audit information of which the auditor is unaw31è. Each of the Members has confirmed that they have taken all the Steps that they ought to have taken as directors to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Audltor Crowe U.K. LLP offer themselves for reappointment as auditor in accordance with the Companles Act 2006. 7he Report of the Council and the Strategi¢ Report were approved on behalf of the Council. A. McCLure Chalr Date.. 25 Company Number￿110692 Chafity NumbEr307335

Do¢u$ign Envelope ID.. A412ALILA-4F7114EEO-94LF-B6781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST SWITHUN'S SCHOOL IWINCHESTERI Oplnlon We have audited the financial statement5 of St Swiihun's School 'ihe charitable Compan￿ and its subsidiary'the group, for the year ended 31 July 2025 which comprise the Con501idated Statement of Financial Activities, Consolidated and Company Balance Sheets, Consolidated Statement of Cash Flows and note5 to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of ihe gioup'5 and the charitable companvs affairs as at 31 July 2025 and of the group's incoming resource5 and application of resouices, including its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opSnion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our re5pon5ibilities under those standard5 are further dÈstiibed in the Auditorfs responsibilities for the audit of the financial statements section of our ieport. We are indepèndent of the group 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 re5POF)sibilities in accordance with these reguiiements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ConclLssions relating to going toncern In auditing the financial statements, we have concluded that thè trustee's use of thè golng 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 condTrtions that, individually or Collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statement5 are authorised for issue. Our ie5ponsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The trustees are responslble for the other information contained within the annual report. The other information comprises the information included In the annual report. other than the financial statements and our auditorfs report thereon. Our oplnion on the financial statements does not cover the other information and, ex￿pt to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to reBd 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 this gives rlse to a material misstatement in the financial statements themselves. If, based on the work we have performed, we tonclude that there Is a material misstatement of this other information, we are required to report that fact. 26 Company Number(K)110692 Charity Number 307335

DOCU51gn Envelope ID.. M12ADCA4F784EED-94LF-B67B1ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST SWITHUN'S SCHOOL IWINCHESTERI We have nothing to report in this regard. Oplnions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustees, report, which includes the directors, report and the strategic report prepared for the purpose5 of company law, for the financlal year for which the finantial 5tatement5 are prepared 15 consistent with the financial statement5; and the str3tegi¢ report and the directors, repoit included within the tru5tee5' report have beer) prepared in accordance wlth applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the trustees, report. We have nothing to report in respect of the following matters In relatlon to which the Companies Act 2006 requires us to ieport to you if, in our opinion.. the parent Company has not kept adequate accounting records,. or the parent company financial statements are not in agreement wlth the accountin& records and returns. or certain disclosures of trustees, remuneralion %petified by law are not made,. or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement set out on page 23, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr view, and for such internal control as the trustees determine is necessary to enable the preparation of finantial statements that are free from material misstatement, whether due to fraud or eiror. In preparing the financial statements, the tru5tee5 are responsible for a5se55ing the charitable companvs ability to continue a5 a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do $0. Audltorfs responsibllltlès for the audit of the flnanclal statemènts 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 auditorfs report that include5 our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indlvidually or in the aggregate, they could Teasonably be expected to influence the economic decisions of users taken on the basis of these financial 5tatement5. Iiregularities, including fraud, are instance5 of non-compliance with laws and regulations. We design procedure5 in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, includlng fraud. The extent to which our procedures are capèble of detecting irregularities, including fraud is detailed below.. 27 Company Number00110692 Charity Number 307335

DO¢uS￿n Envelope ID.. A412ADCA4F78-4EED-94GF-B6781AQALOF2 St Swithun's School (Winchester) (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST SWITHUN'S SCHOOL IWINCHESTERI A furtherdescription of our re5POTisibilities forthe audit of the financial statements is available on the Financial Reporting Councll's website at.. www.frc.org.uk/auditorsresponslbilities. This description forms part of our auditorfs report. Extent to whlch the audlt was consldered capable of detetting Irregularit1è5, including fraud Irregularitie5, including fraud, are instances of non-compllance with laws and regulations. We identined and assessed the risks of material misstatement of ihe financial statement5 from irregularitie5, whether due to fraud or error, and disCU5sed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining sufficient audit evidence and appropriate to piovlde a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group opeiate, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charity 50RP IFRS 1021, and tèx regulations. We assessed the required compliance with these law5 and regulations as part of our audit procedure5 on the related financial statement items. In addition, we considÈred provisions of other laws and regul3tion5 that do not have a direct effert on the financial statements but compliance with which might be necessary to the charitable companVs/group's ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these law5 and regulations to enquire of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We also Considered the opportunitie5 and incentive5 Ihat may exist within the charitable company and the group for fraud. We identified the greatest risk of material impact on the financlal statements from irregularities. including fraud, to be within the override of controls by management. Our audlt procedures to respond to thèse risks included enquiries of management and the Standing Committee about their own identification and assessment of the risks of iifeÈularities, sample testing on the posting of journals. reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate. Ofsted and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in a¢cordance with auditing standards. For example, the further removed non-compliance wtth laws and regulations lii¥egularities1 is from the events and transactions reflected in the financ*al statements. the less likely the inherently limited procedure5 required by audltinÈ standards w04Jld identify it. In addition, as with any audit, there remained a higher risk of non-detectiL)n of irregularities, as these may involve collusion, forgery, intentional omissions, misrepre5entation5. or the overiide of internal controls. We are not responsible for preventing non-compliance and cannot bÈ expected to dètect non-compliance with all laws and regulation5. Use of our report This report is made solely to the charitable ctsmpanvs membeTS, a5 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 auditorf5 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 compan(s members as a body, for our audit work, for this report, or for the opinions we have formed. Danlel Haines Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London Date.. 2 April 2026 28 Company Number 00110692 Charity Number 307335

Docvslgn Envelop8 10.. AA12ADLA.4P7B4E&L7-514LP-B57O1ALACUF2 St Swithun's School (Winchester) (a company limited by guarantee) CONSOLIDATED STATEM ENT OF FINANCIAL ACTIVITIES lincorporaliThBan Income and expenditure accountl for the year ended 31 July 2025 Unre51ricted Fund 2025 Endowment Fund 2025 Restricted furnds 2025 Total 2025 Total 2024 Note Income and efidowments from Donations Charitable activities School fees Other income 3 Trading income Investment income 73,780 64.458 13B.23B 239,488 17.941.598 1,033,652 521,560 154,010 17,941,598 18,384,323 1.033.652 885,062 521,560 499.161 204,556 195,837 2,326 48,220 Total Incomlng Resource5 19,724,600 2,326 112,678 19,839,604 20,203,871 Expendlture on Charitable activities Raising lunds Finance cost5 4 18.281,295 305,304 256.347 2,WO 245,307 18,528,602 19,159,929 305,304 367,974 256,347 289,627 Total Resources Expended 18,842,946 2,000 245,307 19.090.253 19,817,530 Gains / Ilossesl on investments. 21,265 114,2941 6,971 193,899 NET INCOME / ILOSSI FOR THE YEAR PenSlDn scheme actuarial gain I Ilossl 18 902,919 326 1146,9231 756,322 580,240 255,000 255.000 1278.0001 NET MOVEMENT IN FUNDS 1,157,919 326 1146,9231 1,011,322 302,240 Balance brought fon￿ard 30,466,742 63,012 2,222,207 32,751,961 32,449,721 Balance carried fo¥ward 31,624,661 63,338 2,D75,284 33,763,283 32.751,961 All of the school's activities relate to continuing operations. 29 Company Number W110692 Charity Number 307335

DOcu$￿Tr Ènvekjpe 10.. AA12ADLA.4F7&4EED-94LF.86781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) CONSOLIDATED BALANCE SHEET as at 31July 2025 Note 2025 2024 Flxed assets Tangible assets Investments 30,298,636 31,130,311 3,027,655 2,819,163 33,326,291 33.949,474 Current assets Debtor 861,056 8,391,895 644,599 9,230,707 Cash at bank and In hand 9,252,951 9,875,306 14,475.7251 15,383,558) Credltors: amounts falllng due wlthln one year Net current assets 4,777,226 4,491,748 Total assets less current liabilities 38,103,517 38,441,222 14,317,234) 15,411,261) 123.0001 1278,0001 Credltors: amounts falllng due after more than one year DefinÈd benefit pension stheme Ilablllty io 18 NET ASSETS 33,763,283 32,751,961 Unrestricted fund5 12 31,624,661 30,466,742 2,075,284 2,222,207 63.338 63,012 Restricted funds li Endowment funds li TOTAL FUNDS 33,763,283 32,751,961 The fiTiancial statements were approved and authori5ed for issue by the Council on A Mcclure d by.. A Allan 2F8IPSÈCFICJIOI.- embers of the Council 7he accompanying accounting policie5 and note5 form an integral part of these financial statements. 30 Company Number 00110692 Charity NuTnber307335

Docusign Envelope ID.. AA12ADLA-4F78-4EED-94LF-86781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) BALANCE SHEET as at 31July 2025 Note 2025 2024 Fixed assets Tangible assets Investments 30,298,636 31,130,311 3.027,656 2,819,164 33,326,292 33,949,475 Current assets Oebtors 1.149,459 820,248 Cash at bank and in hand 7,899.159 8,898,699 9,048,618 9,718,947 14,302.4241 15,258,233) Credltors: amounts falllng due wlthln onè year Nèt current asset5 4.746,194 4,460,714 Total a55ets less current1Sabllltles 38,072.486 38,410,189 14,317,234) 15,411,261) 123,0001 1278.OCX)I Creditor5: amount5 falling due after more than one year Defined beneflt penslon scheme Ilablllty io 18 NET ASSET5 33,732,252 32,720,928 Unrestrlcted funds 13 31,593,630 30.435.709 2,075,284 2,222,207 63,338 63.012 Restrlcted funds li Endowment funds li TOTAL FUNDS 33,732.252 32.720,928 The surplus for the financial year dealt with in the financial statements of the parent company was £l.Om12024 surplus of £126kl. The financlal statements were approved and authori5ed for issue by the Cou4)cil on. A Mcclure A Allan 2Fe7FSECF1C1401.. Members of the Councll The accompanying accounting policles and notes form an integral part of these financial statements. 31 Company Number(X>110692 Charity Nvmb2r307335

Docusign Envelope ID.. M12ADCA-4F78-4EED-94CF-66781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 July 2025 Note 2025 2024 Net cash Inflow from operations 14 105,997 4,729,077 Cash flowg from invèsting activities Purchase of tangible fixed assets Assets in the course of construction 1366,1551 173,8531 1250,0001 48,479 204,556 1242,9491 1722,7221 1250,0001 Purchase of fixed asset investment Proceeds from Sale of current asset investments Interest from investments 195,837 Net cash used in investing activitie5 1436,9731 11,019,834) Cash flows from flnanclng actlvltles Repayments of borrowing Interest 1256.3471 1251,4891 1188,9721 1332,8321 Principal Net cash used in financing activities 1507,8361 1521,8041 Change In cash and cash equlvalènts In the reportlng perlod Cash and cash equivalent5 at the beginning of the period 1838,8121 9,230,707 3,187,439 6,043,268 Cash and cash equlvalents at the end of the reporting pÈriod 8,391,895 9,230,707 32 Company Number (M)IIOS92 Ch3rity Number307335

Docusrgn Envelope ID.. AA12ADLA-4F78-4EED-94GF-66781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2025 ACCOUNTING POLICIES PUBLIC BENEFIT ENTITY The School 15 a public benefit entity registered as a chaiity in England and Wales and a company limited by guaranteè. It was Incorporated on 08 July 1910 (company number 001106921 and registered as a charity with the Charities Commission charitv number 307335. The financial statements have been prepared in accordance with ihe Financial Reporting Standaid applicable in the UK and Republic of Ireland IFRS1021. the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin2 Standard applicable in the UK and Republic of Ireland IFRS1021 effective l January 2015. The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates. The accounts are drawn up on the historic c05t basis of accountin& as modified by the revaluation of investments and pension GOING CONCERN The Council has considered several factors when forming their conclusion as to the use of the going concern basls for the preparation of these financial statements including a review of the updated forecasts to 31 July 2027 and a consideration of the key risks. During this period of significant potential change to the Independent School landscape, the Council has taken a prudent approach to expenditure including sustaining a longer term fixed price energy contract, limiting the cost increase for catering, reducing departmental budget and trimming staff costs through pragmatlc C05t of living salary increases to deliver a target cash surplus of IO% whilst continuing to maintain the focus on the education of the girls now and the expectations of pupils and parents in the future. The forecast 5urpluse5 for 2025-26 and 2026-27 reflect the January and April 2025 changes in school taxation. Sustaining a strong pupil population continues to be a key risk, especially during this period of uncertainty which the Council has considered in its approach around the continued implementation of VAT and fee levels and will be reviewed further as the situatlDn stabili5es. The school has made a reasonable start to the school year with 663 pupi15 in line with expettètions in the senior school but below expectations at the lower end of the prep school and fee income for the first term of the 25126 school year remains strtsng with an indicatitsn that payment of lees will be conslstent with previous years. Council reviews the School's flnancial plans on a termly basis by monitoring income and expenditure against forecasts within the context of the annual budget and a rolline 10-year financial plan. Cash flows are also closely reviewed, particularly in the light of the 5¢hool'5 borrowing commitments and repayment rèquiremènts. Financial sensitivity analysls is Incorporated into Council information, centred on key assumptions l¥oll, fees. and staff cost51. Council reviews all known major risks tL) the school and states the action being taken to alleviate them on a rolling annual basis. The key risks to whith the school Is subject are highlighted in the strategic report. The school's strategic development plan femain5 dynamic and has been reviewed following the VAT and other tax change implèmentation. Whllst thls will inevitably require b respor¥se it is not ariticipated that this will change the underpinning aims, vision or ethos of the school. The Council has a150 decided to invest in a major £4M project to cover4 x tennis courts to preserve curriculum time for sport, health and wellbeing, demonstrating a strong commitment to the future of the school. The investment will be match funded with £2M coming from a major fundraising ¢ampaign. 33 Cornpany NumbÈrO)110592 Charity Numbèr 307335

Docusrgn Envelope ID.. AA12ADCA4F78-4EEtI-94CF-66781ALALQF2 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2025 Having regard to all the above, the Governors have a reasonable expectation that the School has adequate resources to continue its activitie5 for the foreseeable future and consider that there are no material uncertainties over the School's financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Members Responsibilities on page 23. GROUP ACCOUNTS These financial statements consolidate the results of the charity and it5 wholly owned subsidiary St Swithun's School Letting Company Limited Icompany number 019314721 on a line-by-line basis. No separate SOFA has been presented for the Charity alone. as permitted by Section 408 of the Companie5 Act 2006. The charity has taken advantage of the exemption available to a qualifying entity in FRS102 from the requirement to present a charity only Cash Flow Statement with the con501idated financial statement5. CRITICALACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application ol the accounting policies, Trustee5 are required to make judgement, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other source5. The estimates and underlying assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimate5. The estimates and underlying assumptions are reviewed on an ongoing basi5. Revi5ion5 to accounting estimates are recognised in the pÈriod in which thè Éstimate is revised if the revision affects only that period, or in the period of the revision and future period5 if the revision affected current and future period5. The key estimates and judgements which impact the financial statement5 are- Assumptions adopted by management and use by the actuary to calculate the pension liability, and a55e55ment5 of remaining useful life and impairments of assets, and assessment of the bad debt provision. In the view of the trustees. no assumptions concerning the future or estimation uncertainty affecting a55et5 or liabilities at the balance Sheet date are likely to result in a material adjustment to their carrying value in the next financial year. The following accounting polities have been applled consistently in dealinE With items which are considered material in ielatlon of the 5chool'5 financial statements. FEES RECEIVABLE AND SIMILAR INCOME Fees receivable and charge5 foi services and use of the premi5e5, less any scholarships, bur5aiie5 or other dlscounts granted by the school agèinst those fees, but includlng contributions received from restricted funds, are accounted for in the period in which the service is provided. DONATIONS AND GRANTS Donations and other voluntary incoming re50urcès recelved which are subject to specific wishes of the donors are carried to relevant restricted funds, as and when entitlement arises, they can be reliably quantified, and benefit is probable. EXPENDITURE Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabllltles. Expenditure is allocated to expense heading5 either on a direct cost basis or apportioned on a consistent basis. The irrecoverable element of VAT is included with the item of expense to which it relates. Governance costs comprise the costs of running the charity, including strategic planning for its future development, also external audit, any legal advlce for the Council and all costs of complying with constitutional and statutory requirements. 34 Company Number00110692 Charity Number307335

Docijslgn Envelop8 ID.. AA12ADLA.4F7B-4EED-Y4LF.B6781AGALUF2 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2025 FIXED ASSETS Fixed assets are included in these financial statements at their orlginal cost le55 depreclatlon. All Items costing more than £500 are capitalised and depreciated according to the policy below. All fixed assets are used in direct furtherance of the 5chool'5 objective5. DEPRECIATION Depreciation is provided on all tangible fixed assets except for land at rates calculated to wiite off the cost5 less estimated residual value on each asset. by equal annual instalments, tsver their expected useful Ilves which are.. Freehold land Freehold buildings Furniture and fittings Equipment Assets in the course of construction 50 years 5 years 4 years PENSIONS Retirement benefits to employee5 of the school are provided through three pension schemes, twodefined benefit and one defined contribution. The pension costs charged in the Statement of Financial Activitie5 are determined as follLIWS'. Teacher5 are all enrolled in the Teachers, Pension Scheme, which 15 a multi-employer pension scheme. It 15 not possible to identify the school's Share of the underlying assets and liabilities of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore. as required by FR5102. accounts for the scheme as if it were a defined contribution scheme. The 5chool'% contributions, which are in Bccordance with the recommendations of the Government Actuary, are charged in the period in which the salarie5 to which they relate are payable. Non-leaching members of staff appointed before 31 December 2000 were offered membership of a defined benèfit scheme. The assets of this scheme are held separately from those of the school, being invested with insurance companies. The pension costs for that scheme represent the contribution due by the school based on the charges calculated by the Scheme's actuaries, so a5 to Ènsure that the regular pension cost5 represent a sub5tantia11y level percentage of the current and èxpetted future pensionable payroll. The scheme closed to lutuie accrual on 31 March 2￿7. Remaining staff are now deferred members of the scheme and full members of the defined contribution scheme. The defined benefits scheme is being accounted for under FRS102, with any annually calculated notional deficit on the funding of the scheme shown in the account5 a5 a pension reserve, which is deducted from Unrestricted Funds in the balance sheet. Anv notional surplus Is not recoÈnisÈd but carried at £nil value. The Counci5 believes that the scheme currently meets statutory funding requirements. The Council note that the calculated notional surplus or deficit calculated under FRS102 can vary greaily from year to year depending on the assumptions made at the year end. Full detai15 are contained in note 18. The defined contribution scheme is a group personal pension plan with Legal & General. Employerf5 pensions costs are charged in the period in which the salaries to whlch they relate are payable. FEES IN ADVANCE Amounts received under thè school's Fèes In Advance contracts for educatlon not yet utilised to settle school feES are recorded as deferred income and allocated a5 current liabilities where the education will be provided within 12 months from the reportlng date and as long-term liabilities where the education will be provided in subsequent years. 35 Company Number 00110692 Charity Number 307335

Docuslgn Envelope ID.. AA12ADLA4F78-4EED-94LF-B6781AGACOF2 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2025 DEPOSITS The Governors have reviewed the contract terms under which Pupil fee dep051ts are held by the school. Although under normal circumstance5 these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The school does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and. in line with the requirements in FRS 102, the balance of the deposits held at 31 July 2025 and at 2024 havè been included within current Ilabilitles. INVESTMENTS AND INVESTMENT INCOME Long term investments are classifred as fixed assets. Short term Investments are classified as current assets. Investment5 listed on a recognised Stock exchange are valued atthe lowerof costand mid-market value at the balance Sheet date. A surplus or deficit on revaluation is taken to the Statement of Financial Activities. Unlisted investments are stated at cost. UK Government gilts are classified a5 either fixed or current aS5et5 depending on when they are due to mature. Provision Is made for any impairment in the value of fixed asset investments. Investment5 in sub5idiarie5 are valued at cost less provision for impairment. Investmeni income from bank b3lantes and fixed interest securities is accounted for on an accrual basi5. FUNDS Unrestricted funds are incoming resources receivable or generated for the objects of the charity without further specified purposes and are available as gene¥al funds. Restricted fund5 are fund5 subject to Specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the note5 to the financial statements. Amount5 unspent at ihe year-end are carried forward in the balance sheet. Detai15 of these funds are set out in note 11. OPERATING LEASES Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are slmilarly spread on a stlaight-line basis over the lease term. FINANCIAL INSTRUMENTS Basic financial instruments are initially rectsgnised at transaction value and subsequently measured at amortised except for investments, which are held at fair value. Financial assets held at amortised cost comprise cbsh at bank and in hand, together with tradè and Other debtors. A specific provision is made for debts for which recoverability is in dO￿bt, Cash at bank and in hand 15 defined as all cash held in instant access bank accounts and used as working capital. Financial Ilabilities held at amortised cost comprise all credltors except social security and other taxes and provi5ion5. Asset5 and liabilitie5 held in foreign currency are t¥anslated to GBP at the balance Sheet date at an appropriate year-end exchange rate. In accordance with FR5102, financial instruments now exclude fees in advance, as they are Settled by provision of Èducation. not monetary conslderation. 36 Company Number 00110692 Chariiy Nurnbef 307335

Docusign Envelvpe ID.. AA12ADLA4F78-4EED-94CF-B6781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 SCHOOL EARNINGS 2025 2024 The school fees earnings comprised Gross fees 20,244,844 20,481,215 1287,7191 1289,2661 11,828,741) 11,780,834) 1380,7331 1269,0581 Scholarships Bursaries Staff and sibling discount 17.747,651 18,142,057 Add back bursaries funded by Bramston Bursary Appeal 193.947 242,266 17,941,598 18,384,323 Bursaries, scholarships and other awards were paid to 137 pupils12024'. 1251. Within this means tested bursaries were paid to 55 pupils12024'. 58 pupils). TRADING SUBSIDIARY The school hold5 the only share in one trading company, St Swithun's School Letting Company Limited which utilises school assets for trading purptssès. Summarised trading results for the year ended 31 july 2025 are as below. Two members from the Council have been appointed as directors of the subsidiary. 2025 2024 Income Transport rental External trading income Investment income 26,760 521,560 4,439 26,760 499,161 3,528 552.759 529,449 Expenditure Staff costs 109,510 335,999 187,699 165,537 Other costs 445,509 353,236 Profit before tax 107,250 176,213 The Chairman, the Treasurer and the Bursar have received no remuneratlon, dividend or any other form of reward or benefit from the trading subsidlary. The trading subsidiary makes an annual distributlon of its taxable profjts to the School. 37 Company Number 00110692 Charity Number 307335

Docuslgn Envelopè ID.. AA12ADLA4F78-4EEO-94LF-B6781AGALOF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 CHARITABLE ACTIVITIES- Other income 2025 2024 Extra subjects, trips and travel Registration fees and deposits forfeit Sundry income 769,648 141,616 122,388 733,115 76,488 75,459 1,033.652 885,062 ANALYSIS OF EXPENDITURE lal Total expenditure Staff Other 2025 Total 2024 Total costs Costs Depretiat¢on Raising funds Financing costs 305,304 305,304 256,347 367,974 289,627 256,347 305,3D4 256,347 561,651 657,601 Charitable a¢tivitlès Teaching costs Welfare costs 8,020.240 2,332,175 492,406 2,561,894 1.356.487 135,954 2.183.092 419,239 195.161 9,571,888 10,229,755 2,468,129 2,260,049 831,954 3,507,452 3,968,475 2,981,133 2,701,650 Premises costs Support costs and governance 13,406,715 4,094,772 1.027,115 18.528,602 19,159,929 13,712,019 4.351,119 1,027,115 19,090,253 19,817,530 Ibl Governance cost5 of the charity included in support costs 2025 2024 Remuneration paid to current auditor for external audit seNices Costs of ISI inspection Reimbursement of personal expenses to Governors- travel 30,200 8,898 1,246 32,840 9,274 441 40,344 42,555 38 Company Number 00110692 Charity Number 307335

Do¢Us￿n EnveTope ID.. AA12AOLA-4F7U-4EELI-94LF-B8781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 ANALYSIS OF EXPENDITURE {contlnuedJ No member5 of Council received any remunèration or other benefits from the school or from any connected body. Two members of the Council received reimbursement of expenses connected with attending Council meetings and training. The total reimbursed for the year was £1.24612024'. £7741. The school provide5 liability insurance to the Members of the Council as part of the school's insurance pollcy. Icl Net incoming resource5 are stated after chaiging.. 2025 2024 Fees payable to auditor: Audit fees 30,200 42,916 66 Non-audit fees Direct taxation services Operating lease charges Depreciation 7,095 104.461 1,027,115 1,440 77,175 1,055,506 All fees for audit services in 2025 are payable to Crowe U.K. ILP and are stated exclusive of VAT. STAFF COSTS 2025 2024 Salarie5 and wages Social security costs Pension costs and superannuation 10,889.998 997,545 1,764,069 9,201,357 894,394 1,815,227 13,651,612 11,910,978 Other staff related costs External contractors 60,407 132,877 825.173 13.712.019 12,869,028 Aggregate employee- benefits of key management personnel The benefits figure includes the c05t of employer national insurance 1,389,027 1,353,394 39 Company Number 00110692 Charity Number 307335

Oocusign Envelop8 10.. AA12ADLA4P7B-4EÈ￿Y4LF.8￿?7￿7ALAGVF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 The average number of employees of the group during the year was as follows.. STAFF COSTS {continuedJ 2025 2025 2024 2024 Number FTE Number FTE Teaching staff Support staff 205 128 212 132 135 126 127 75 340 254 339 207 Catering staff numbers are not included in the above calculations as they are not direct employees of the school. Thefe was one redundancy in 2025 and ntsne in the prior year in relation to all staff. The number of employees whose gross emoluments exceeded £60,000 was.. 2025 2024 £60.001- £70,000 £80,IK)1- £90,000 £90.001- £100.000 £ioo,ooi- £iio,000 £110.001-£12Q.OQO £160,001-£170,000 £180,001- £190,000 13 li During the year contributlons were made to Teachers, Pensions deftned benefit scheme on behalf of six higher paid employees12024'. six employees) and to a defined contribution group personal pension scheme for three higher paid employees12024.' three employees). 40 Company NumberOOIIOS92 Charity Number 307335

Docusign Envelope ID.. AAJ2ADLA-4F7114EÈD-94LF-Elb7111ALALDF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 TANGIBLE FIXED ASSETS Freehold Assets in the land and course of buildings construction Furniture fittings and equipment Total TFIE GROUP Cost at l August 2024 Addltions Transfers Recognition of VAT asset Icapital Goods Scheme) 43,129,893 284,233 209.396 1244,5681 709,407 73,853 1209,3961 3,010,906 46,850,206 81,922 440,008 1244,5681 At 31 July 2025 43,378,954 573,864 3.092,828 47,045,646 Depreclatlon At l August 2024 Provided in the year 13,014,609 831,954 2,705,286 15,719,895 195,161 1,027,115 At 31 July 2025 13.846,563 2.900,447 16.747.010 Net book amount at 31 July 2025 29,532,391 573,864 192,381 30,298,636 Net book amount at 31 July 2024 30,115,284 709,407 305,620 31.130,311 THE COMPANY C05t at l August 2024 Additions Translers Recognition olVAT asset Icapital Goods Scheme) 43.129,893 284,233 209,396 1244,5681 709,407 73,853 1209,3961 2,888,878 46.728,178 81,922 440,008 1244,5681 At 31 July 2025 43,378,954 573,864 2,970,800 46,923,618 Depreciation At l August 2024 Provided in the year 13.014,609 831,954 2,583,258 15,597,867 195,161 1,027,115 At 31 July 2025 13,846.563 2,778,419 16.624,982 Net book amount at 31 July 2025 29,532,391 573,864 192,381 30,298,636 Net book amount at 31 July 2024 30,115,284 709,407 305,620 31,130,311 41 Comp3ny Numbef 00110592 Chaflty Number 307335

Do¢usign Envelopè ID.. AA12AOLA-4F784EED-94CF-B6781ALALDF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 FIXED ASSET INVESTMENTS The Group 2025 The Company 2025 2024 2024 Market value as at l August 2024 Addition5 Disp05als Increase in value of Investments 2,819,163 250,000 148,4791 6,971 2,375,264 250,OOD 2,819.164 250,000 148,4791 6,971 2,375,265 250,000 193,899 193,899 Market value as at 31 July 2025 3,027,655 2,819,163 3,027,656 2,819,164 A5 represented by: Listed investments IUKI Unlisted investments 3,027,655 2,819,163 3,027,655 2,819.163 3,027,655 2,819,163 3,027,656 2,819,164 At 31 July 2025 the company held 100% of the allotted share capital of St Swithun's School Letting Company Limited incorporated in England and Wale5 (company number 0193147,. reg(stered office Alresford Road, Winchester S021 IHAI, which is involved in the letting of facilities. The assets and liabilitie5 of St Swithvn's 5¢hool letting Company Limited are.. 2025 2024 Tangible fixed assets Current assets 512,528 364,760 512,528 364,760 1481,4931 1333,7251 Creditors.. amounts falling due within one year 31,035 31,035 Represented by.. Share capital Profit and loss account Capital redemption reserye 31,033 31,033 31,035 31,035 Detai15 of St Swithun's School Letting Company Limited's profit and10ss account are given in note 2. 42 Company Number(M)IIOS92 Charity Number 307335

Docusign Envalope IO.. AA12AOLAAF7B.4EED.94LP.E16781ALALUF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 DEBTORS The Group 2025 The Company 2025 2024 2024 Fee debtor5 Trade debtors Prepayments and accrued income Social security and other taxes Amounts owed by group undertaking VAT asset (Capital Good5 Claiml- due after one year VAT asset (Capital Goods Claiml- due withln one year 147,218 39,945 441,047 30,609 49,296 14,112 581,191 147,218 28.290 432,909 60,990 277,815 145,285 56,952 49,296 12,076 550,475 208,401 145.285 56,952 861,056 644,599 1,149,459 820,248 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR The Group 2025 The Company 2025 2024 2024 Bank loans Social security and other taxe5 HP creditor Other creditors and accruals Pupil fee dep051ts Deferred income (composition fees) Other fees received in advance 332.833 332,833 224.118 7,650 1,178.658 613,503 1,063,015 1,963.781 332,833 332,833 216,483 7,650 1,060,968 613,503 1,063,015 1,963,781 6,425 799,574 919,076 875,762 1.542,055 6,425 626,273 919,076 875,762 1,542,055 4,475,725 5.383,558 4,302,424 5,258.233 As required by FRS102 all pupil deposits are shown a5 due within one year. io CREDITORS: AMOUNTS FALLING DUEAFTER MORETHAN ONEYEAR (al Analysi5 of creditor The Group 2025 The Company 2025 2024 2024 Bank loan5 Deferred income Icomposition fees) HP creditor 3,201,197 3,452,686 1,116,037 1.952,150 6,425 3,201,197 3,452,686 1,116,037 1,952,150 6,425 4,317,234 5.411,261 4,317,234 5.411,261 The bank loans are secured on the freehold property of the school. 43 Cornp3ny Numb2r(M)110692 Charity Number307335

Oocu519n Envelope ID.. M12ADLA-4F78-4EED-94GF-66781ALAGDF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 io CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR fcontNnuedJ Ibl Bank loans The Group 2025 The Company 2025 2024 2024 Due within one year Amounts falling due within I year- note 9 332.833 332.833 332,833 332,833 Oue between 2 and 5 years Oue after more than 5 years 1,331,333 1,869,864 1,331,333 2,121,353 1,331,333 1,869,864 1,331,333 2.121,353 Amounts falling due after I year- note 10 3,201,197 3,452,686 3,201,197 3,452,686 3,534,030 3,785,519 3,534,030 3,785,519 In September 2019 the school ¢onsolidatÈd a term loan and property mortgage into a slngle term loan of £4.992.495, with repayment terms of 2.19% over Base Rate over 15 years. The loan is Secured by a first legal charge over the freehold property at 5t Swithun's School, Alresford Road, Winchester. The Group 2025 The Companv 2025 2024 2024 Icl Composition fees payable Due within one year- note 9 875,762 1,063,015 875,762 1,063,015 Due between 2 and 5 years Due after more than 5 years 1,053,407 62,630 1.889,520 62,630 1,053,407 62,630 1,889.520 62,630 Amounts falling due after l year- note 10 1,116,037 1,952,150 1,116,037 1,952,150 1,991,799 3,015,165 1,991,799 3,015,165 At l August 2024 Utilised during the year New fees recèived 3,015,165 412,475 3,015,165 412,475 11,089,350) 1188,7101 11,089,350) 1188,7101 65.985 2,791.400 65,985 2,791,400 1,991,799 3,015,165 1,991,799 3,015,165 Company Number(h)110692 Charity Nvmber307335

DocusKJn Envelope IO.. A412AL)LA-4F78-4ÈED-94LF-136781ALALUF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 RESTRICTED FUND5 THE GROUP AND THE COMPANY At l August 2D24 Income Expenditure Gain / (Loss) on revaluation At 31 July 2025 Total BBF18ramston Bursary Fund) Bramston Appeal Building Fund other appeals Yong prize fund Waller prize fund Legacies General purpose 312,372 1,312,782 249,871 33,923 678 55,779 142,996 113,806 40,000 2,440 140,2221 1193,9471 312,150 1,121,275 249,871 33,923 678 55,851 142,996 158,540 72 70,166 111,1381 114,2941 2,222,207 112,678 1245.3071 114,2941 2,075,284 The Bramston Bursary Foundation IBBFI focus of the provislon of full bursariès for girls in care, or who may be on the edge of care. The Bramston fund holds investments, the interest from which is used to fund hardship bursaries The Building fund holds the donations made for future capital projects. The Appeals hold specific funds to provide bursarie5 in accordance with donor wishes. The Charlotte M Yonge prize for £100 is awarded for three years to a5515t former pupi15 in the purchase of books. The Waller Fund provides prizes annually of £100 and £50 respectively to the Head and Deputy Head girls for the year. It also funds the Mowbray prize for £100 which is awarded for three years to assist former pupils in the purchase of books. Thi5 scholarship is awarded lor excellent academic achievemen15 whi15t at the school. Legacies are fund5 donated with specific conditions attached. The General Purpose fund provides annual speech day prizes and contains speciflc donations earmarked by donors, voluntary charity collections by the staff and pupils and the PTA and OGA funds. 45 Company Number(KJIIOS92 Charity Number307335

Oocusign Envelop? ID.. AA12ADLA-4F78-4EED-94LF-B6781ALALOF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 li RESTRICTED FUNDS fcontinued? ENDOWMENT FUND THE GROUP AND THE COMPANY Livy Scholarship Total At l August 2024 Income Expenditure Gain on revaluation of investment 63,012 2.326 12,0001 63,012 2,326 12.0001 At 31 July 2025 63,338 63,338 The Dr Jenny Litry Scholarship Fund was created and generously supported by the parents of a former pupil to recognise Dr Jenny Llvy's contrlbution to St Swithun's School. A Dr Jenny Livy 5¢holarship is awarded to a member of the L6 at the start of the academic year to a girl who shows academic promise. intellectual curiosity, a unique independence of mind and who participales in th8 widèr life of the school community. The award will be made to a girl who was in U5 in the previous academic year. The headmi5tre55 15 responsible for awarding this scholarship. The level of this award 15 currently £2,000. This figure will be reviewed every 5 years Inext September 20241 and increased by an agreed amount in line with fee levels. In anv vear if there is no 5Ultable scholarship candidate, or the fund's income ex¢Èeds Èxpenditure. then the amount is to be reinvested into the endowed fund. The funds for this scholarship are endowed in a separate fund clearly defined. Funds are currently Invested in M & G Charibond. Ongoing investment decisions will be made in accordance with the 5chool'5 investment policy. 12 UNRESTRICTED FUNDS THE GROUP AND THE COMPANY Pension TOTAL Scheme DESIGNATED P¥ovision FUNDS TOTAL UNRESTRICTED FUNDS General Funds At l August 2024 Surplu5 for the year 422,000 422,000 30,044,742 1,157,919 30,466,742 1,157,919 At 31 July 2025 422,0 422,000 31,202,661 31,624.661 The school has established a desigt)ated fund to meet future contributions to the support staff final salary pension Scheme a5 required. Details of the scheme are contained In note 18. 46 Company NumèErO)110692 Charity Number307335

Docusign Envelope ID.. A412ADLA4F7B-4EED-94GF-B5781AGALQF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 13 ANALYSIS OF NET ASSETS BETWEEN FUND5 THE GROUP Fund balance5 at 31 July 2025 UnTe5tricted Endowment Restricted Total Tangible fixed assets Investments Current a55ets 30,298,636 1,655,051 8,486,933 14,475,725) 14,340,234) 30,298,636 3,027,655 9,252,951 14,475,7251 14,340,2341 1,372,604 702,680 63,338 Long term liabilities 31,624,661 63,338 2,075,284 33,763,283 THE COMPANY Fund balance5 at 31 july 2025 Unrestricted Endowment Restiicted Total Tangiblè fixed assets Investments Current assets Current liabilities Long teTm liabilities 30,298,636 1,655.052 8,282.600 14,302,424) 14,340,234) 30,298,636 3,027.656 9.048.618 14,302,424) 14,340,234) 1,372,604 702,680 63,338 31,593,630 63,338 2,075,284 33,732,252 14 lal RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITES 2025 2024 Net movement in funds Elimination of non-operating cash flows Gain5 on investments Investment income Finance costs Depreciation charge Increaselldecreasel in debtors Ilncrea5elldecfea5e in creditors excluding bank loan5 Defined benefit pension scheme adjustments 1,011,322 302,240 16,9711 1193,8991 1204,5561 1195,8371 256,347 289,627 1,027.115 1,055.506 28,111 133,2731 11,750,371) 3,226,713 1255.0001 278,000 Net cash inflow from operations 105,997 4,729,077 47 Company Number00110692 Charity Number 307335

DocusvJn Envelop? IO.. AA12ADLA-4F7&4EED-94LF-B6781ALALDF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTE5 TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 14 Ibl ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash at bank- unrestricted Deposits unrestricted Cash at bank- re5tflCted Deposit5 restricted 6,684,276 669.176 968.461 69,982 7,719,422 660,482 781,587 69.217 8.391,895 9,230,708 It) RECONCILIATION OF NET DEBT As al Cash ￿0w$ 31 July 2024 Asat 31 July 2025 Cash at bank and in hand Bank loans HP Creditor 9.230,707 13,785,519) 114,0751 1838,8121 8,391,895 251,489 13.534.030) 7,650 16,4251 5,431,113 1579,6731 4,851,440 15 CAPITALCOMMITMENTS At 31 July 2025 the Group had capital commitments of £nil12024: £nill. All outstanding sum5 including retentions on capital contract5 have been accrued in liabilities as at 31 July 2025. 16 CONTINGENT LIABILITIES There were no contingent liabilities at 31 July 2025 or at 31 July 2024. 17 TAXATION St. Swithun's 5chg01 IWinche5terl 15 a registered charity (number 3073351 and is potentially exempt from taxation of income and gains falling within sections 466 to 493 of the Corporation Tax Act 2010 and section 521 to 536 of the Income Tax Act 2007. 18 PENSION SCHEMES TEACHING STAFF- Teachers. pension scheme The School participates in the Teacher5, Pension Scheme I'the TPS~I for its teachine staff. The pension charge for the year includes contributions payable to the TPS of £1,171,51912024.' £1,151,868) and at the year-end Nil12024 - Nil) was accrued in respect of contributions to thls scheme. 48 Company Number00110692 Charity Number307335

Docusign Env8tope ID.. AA12ADLA.4FYU-4EED-54CP-BfjT81ALALQFZ St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 18 PENSION SCHEMES Icontinuedl TheTPS 15 an unfunded multi-employer defined benefits pension scheme governed byThe Teachers, Pensions ReÈulations 2010 la5 amendedl and The Teachers, Pension Scheme Regulations 2014 la5 amended). Members contribute on a "pay as you go" basls Wlth contribution5 from members and the employer being credited to the Exchequer. Retirement and other pension benefit5 are paid by public funds provided by Parliamènt. The employer contribution late is set by the Secrètary of State following scheme valuations undertaken by the Government Actuarfs Department. The most recent actuarial valuation of the TPS was prepared as at 31 Maich 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional a55ets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn. The employer contribution rate for the TPS is 28.6%. and employeis are also requiied to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. NON-TEACHING STAFF- Defined contrlbutlon scheme The school operate5 a defined contribution, stakeholder compatible. group personal pension for all non-teathing employees and teachers who have opted-out of Teachers, Pensions. The employer pays an age-related contribution of 7- 14% for support staff and 18.2% for teachers, provided that the employee pays a minimum contribution of 3-5%. The pension charge for the year was £592,55012024'. £534,207). CLOSED DEFINED BENEFITS PENSION SCHEME The employer sponsors a scheme which is a defined benefit pension plan. It 15 a separate trustee administered entity holding assets to meet the long term pension liabilities. Thp last formal actuarial valuation of the Scheme wa5 carried out as at 31 December 2020 and updated to 31 July 2025 by a qualified actuary, independent of the scheme's sponsoring employer. The major assumptions used by the actuary are shown below. This more recent finalised actuarial valuation, which was produced as at 01 January 2021, showed that the scheme's ssets equalled the scheme'5 technical provisions resulting in a fundlng level of 100%. In addition and in accoidance with thi5 actuarial valuation, the employer has agreed with the trustees that it will meet expenses of the scheme and levie5 to the Pension Protection Fund. As there was no shortfall at the valuation date, no contribution% are payable in respect of the technical provisions Since August 2016 a designated fund ha5 been established by the school to meet future contributions as required. A5 at 31 July 2025 the balance stands at £422,000. The FRS102 calculation by the actuary calculates a scheme deficit of E23k 12024= £278kl. For 31 July 2025 the FR5102 scheme deficit calculation has been reflected in the SOFA. The pension charge for the year was £58,821 for admin charges and trustee and independent advice12024.' £47,757). 49 Company Ilutnber 00110692 Ch31ily Number 307335

Docusign Envelop8 IO.. AA12AOCA-4F78.4EED.94GF_B57b1AbAGt)FZ St Swithun's School (Winchester) (a company limited by guarantee) NOTE5 TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 18 PENSION SCHEMES Icontinuedl PENSIOhl SCHEME DISCLOSURES lal Present values of defined benefit obllgation, fair value of assets and defined benefit asset Iliabilitvl The assets, funded obligations and notional surplus in the scheme as at 31 July 2D25 and 31 Ju5y 2024 were as follows: 2025 2025 2024 2024 Market Value Market £'OOO Proportlon Value £'ooo 120 Proportion Index linked gilts Cash Other 79 1,768 95% 1,961 94% Fair value of plan assets Value of funded obligation5 1,856 11,8791 2,085 12,3631 IDellcltl / Surplu5 Scheme surplus restriction 231 12781 Deficit recognised in balance sheet 1231 12781 None of the fair values of the assets shown above include any direct investments in the employerfs own financial in%trumeTrts or any property occupied by, or other assets used by the employer. Ibl Reconciliation of opening and c105ing balances of the defined benefit obligation Year to Year to 31 july 2025 31 July 2024 £'ooo £'ooo Opening defined benefit obllÈation Current service c05t Interest cost Actuarial Igainsl / losses Past service cost Settlements or curtailment5 8enefits paid 2,363 2,184 iii 15061 113 174 1891 11081 C105ing defined benefit obligation 1,879 2,363 50 Company Number W110692 Charity Number 307335

Docusign Envelope ID.. AA12A0cA4F71k4E&￿-94cF.B6T8lALALpF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 18 PENSION SCHEMES fcontinued) Icl Reconciliation of opening and c105ing balances of the fair value of plan assets Year to Year to 31 July 2025 31 July 2024 £'ooo £'ooo Opening fair value of plan assets Interest income Actuarial gains / Ilossesl Contributions Benefits paid 2,085 98 12381 2,276 118 12011 1891 11081 C105ing fair value of plan asset5 1,856 2,085 The actual return on the plan assets over the year to 31 July 2025 was £140,00012024..1£83,00011. Idl Defined benefit costs recogni5ed in profit and loss Yea¥ to Year to 31 july 2025 31 July 2024 £'ooo £'ooo Current service cost Net interest cost Expense5 Losses / Igainsl on settlements or curtailments L05se51 Igainsl due to benefit changes 13 Defined benefit costs recogni5ed in profit and loss account 13 lel Analysis of the actuarial gainsl Ilossesl recognised in OCI Actuarial gains or losses are recognised immediately via Other Comprehensive Income IOCII. The amounts for the year are.. Year to 31 July 2025 £'ooo Year to 31 July 2024 £'ooo Return on plan assets less interest income Experience Igainl I losses arising on plan liabilities Effect ol change% in the actuarial assumptions underlying ihe present 12381 301 12011 1161 205 11581 97 Effect on limit on surplus recognised Interest C05t Interest income Iiiii 98 Defined beneflt costs recognlsed In proflt and Ioss account 255 12781 51 Company Number 00110692 Charity Number 307335

Do¢usign Enveknpe ID.. NA12ADLA-4F784EED-94CF-B6781ACALOF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 18 PENSION SCHEMES (continued) PENSION SCHEME ASSUMPTIONS The life expectancy is based upon mortality a5sumption5. Assuming retirement at age 60, the life expectancy in years 15 as follows.. 31 july 2025 31 July 2024 For a male aged 60 now At 65 for a rnale member aged 40 now For a female aged 60 now At 65 for a female member aged 40 now 25.6 27.5 28.2 29.7 25.9 27.9 27.9 29.5 31 July 2025 5.55% 3.31rh 2.70% 2.70% 31 July 2024 4.8% 3.55% 3.05% 3.05% Discount rate Inflation assumption IRPII Inflation assumption ICPII Allowance for revaluation of deferied pensions of CPI or 5% p.a. if le5S Allowance for pension in payment increase5 max 5¥ Allowance for pension in payment increases of RPI Min 3% maK5% 3.05% 3.75% 3.25% 3.85% P05t retirement mortallty 107%S3PMA 107% S3PFA- 104% S3PMA 104% S3PFA- CMI 2023 CMI 2023 1.5% males 1.5°A males 1.25% female$ 1.25% female5 No allowance No allowance Cash commutation 19 RELATED PARTY TRANSACTIONS In 2025, the School charged £222,088 12024.. £60,368) to it5 wholly owned subsidiary St. Swithun's School Letting Company Limited and St. Swithun's School letting Company limited charged the School £105.53012024.'£nill. These are transactlons are for net recharge5 between the School and St. Swithun's School LettinÈ Ctsmpany Limited. An oulstandinE balance of £277,815 was due to ihe School from the Company at 31 July 202512024.. £208,4011. In 2025, St. Swithun's School Letting Company Limlted made a gift aid payment of £176,212 to the school as it5 wholly owned parent company, being thè total net profit for the year to 31 July 2024. An equivalent payment will be made for the 2025 profit for the year of £107,250. During 2025, 2 employees at the School had close famlly members who are considered part of the senior management team. They received totèl remuneration totalling £6,75212024.' 0 employees, £01. 52 Comp3ny Number(M)110692 Charity Number 307335

Docusign Envelope ID.. AAJ2AOLA-4F784EÈO-94LF.B5781ALAGDFZ St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 19 RELATED PARTY TRANSACTIONS Icontinuedl A550clated Charlty-The Bramston Foundation CIO Stswithun's School hès an a55ociated charitable incorpc*rated organisation that was establsshed in theyear, The Bram5ton Foundation I'the Foundation"). The Foundation was established to support the wider charitable objectives the School. During the year. the School held cèsh on behalf of the Foundation in lieu of the Foundation having set-up a bank account. These lunds relatè to funds awaiting transfer. At the balance sheet date, the amount owing to The Foundation in respect of cash held on its behalf totalled £146.35612024: £nlll. This balance is included within creditors: amounts falling due within one year. No other transactions took place with The Foundation during the year12024'. nonel. 20 OPERATING LEASE COMMITMENT The following equipment operating lease payments are committed to be paid within one year. 2025 2024 Expiring wlthln one year Within two to five years After five years 99,032 184,747 116,625 77,175 400,404 77,175 21 SUBSIDIARY CHAR17Y On 5 May 2009 the school registèred a subsidiary charity - St. Swithun'5 School Bursary Fund. St. Swithun's School Bursary Fund 15 held on trust by the Trustee to apply income and capital lor the provision of bursarie5 at ihe school. St. Swithun's School Bursary Fund is unincorporated, has no share capital. had not commenced Its actlvities and has assets of £l.Im a5 at 31 July 202512024.. £nill. St Swithun's School Iwinchesterl 15 the sole trustee and so St. Swithun's School Bursary Fund is included in the accounts on that ba51S. 53 Company Nurnbei 00110692 Charity Number 307335

Docusign Envelope ID.. AA12ADLA4F78-4EED-94LF-66781ALALQF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTE5 TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 22 CONSQLIDATED STATEMENT OF FINANCIAL ACtIVllTES- COMPARATIVE FIGURES BY FUND TYPE School Endowment Fund 2024 Restricted funds 2024 Total 2024 2024 Note Income and endowments from Donations Charitable activities School fees Other income 3 Trading income Investment income 239.488 239,488 18,384,323 885,062 499,161 149,601 18,384,323 885,062 499,161 195,837 1,923 44,313 Total Incomlng Resources 19,918,147 1,923 283,801 20,203,871 ExpendSture on Charitable activities Raising funds Other- Finance costs 4 18,868,788 367,974 289,627 2,000 289.141 19.159.929 367,974 289,627 Total Resources Expended 19,526,389 2,￿0 289,141 19,817,530 Gains I Ilossesl on investments 113,486 1,968 78,445 193,899 NET INCOME FOR THE YEAR Pensictn scheme actuarial losses 505,244 1,891 73,105 580,240 1278,0001 1278,(XJOI 18 NET MOVEMENT IN FUNDS 227,244 1,891 73,105 302,240 Balance brought forward 30,239,498 61,121 2,149,102 32,449,721 Balance carried forward 30,466,742 63,012 2,222,207 32,751,961 All of the school's actlvlties relate to continuing operatlons. 54 Company Number00110692 Charity Number 307335

Docusign Envelop8 ID.. AA12ADLA-4F78-4EED-94LF-B6781ALAGUFZ St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 23 FUNDS- COMPARATIVE FIGURES lal RESTRICTED FUNDS- COMPARATIVE FIGURES THE GROUPAND THE COMAPNY At l August 2023 Income Expenditure Tran5fer5 Gain I (Loss) on revaluation At 31 July 2024 Total 8BF18ramston Bursary Fund) Bramston Appeal Building Fund Other appeals Yong prize fund Waller prize fund Legacies General purpose 341,518 164,096 1193,2421 312,372 1,232,132 41,536 137,0361 76,150 1,312,782 248,824 23,923 828 1.047 49,994 249,871 33,923 678 55,779 139,9941 11501 12001 52.156 1,528 2,295 142,996 106,725 142,996 113,806 25.600 118,5191 At 31 July 2023 2,149,102 283,801 1289,1411 78,445 2,222,207 Ibl ENDOWMENT FUNO-COMPARATIVE FIGURES THE GROUPAND THE COMPANY Livy Scholarship Total At l August 2023 Income Expenditure Loss on revaluation of Investment 61,121 1,923 12,0001 1,968 61,121 1,923 12,0001 1,968 At 31 July 2024 63,012 63,012 55 Company Nurnber 00110692 Chafity Numbe¢ 307335

Docusign Envelop8 ID.. AA12ADLA-4F7B-4EED-94GF-B6781ALALUF2 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2025 Icl UNRESTRICTED FUNDS- COMPARATIVE FIGURES Pension TOTAL Scheme DESIGNATED Provlsion FUNDS TOTAL UNRESTRICTED FUNDS Geneial Funds At l August 2023 Net surplus for the year Transfèr of funds Pension scheme actuarial losses 422,000 422,000 29,817,498 227,244 30.239.498 227,244 Net movement in funds 227,244 227,244 At 31 july 2023 422,000 422,000 30,044,742 30.466,742 24 ANALYSIS OF NET ASSETS 8ETWEEN FUNDS- COMPARATIVE FIGURES THE GROUP Fund balances at 31 luly 2024 Unrestricted Endowment Restrlcted Total Tangible fixed assets Investment5 Current assets Current Ilabilities Long term liabilities 31,130,311 1,383,787 9,025.463 15,383,558) 15,689,261) 31,130,311 2,819.163 9,875,306 15,383,558) 15,689,261) 49,548 13,464 1,385,828 836,379 30,466,742 63,012 2,222,207 32,751,961 THE COMPANY Fund balaTices at 31 July 2024 Unrestricted Endowment Restricted Total Tangible fixed assets Investments Current assets Current liabilities Long term liabilities 31,130,311 1.383,788 8,869,104 15,258,233) 15,689.2611 31,130.311 2,819,164 9,718,947 15,258,233) 15,689,2611 49,548 1,385,828 13,464 836,379 30,435,709 63,012 2,222.207 32,720,928 56 CornpaThy Number00110692 Charity Number307335

Docusign Envelope ID.. AA12AOLA4F78-4EEO-94LF-B6787ALALOF2 TH15 PAGE DOES NOT FORM PART OF THE STATUTORY FINANCIAL STATEMENTS AND AS SUCH IS NOT COVERED BY THE AUDITOR'S REPORT 59