Registered number: 00677794 Charlty number: 309095 UPTON HOUSE SCHOOL LIMITED (A Company Limited by Guarantee) MEMBERS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11111 "Af 34B2DE• A18 #37 COMPANIES HOLISE UPTON HOUSE SCHOOL UMITED IA Company Limited by Guarantee) CONTENTS Ref•r•n¢• and Admlnistrativ• ()•tails of th• Charitable companyp lis M*mb•rs arHI Advisers 3-15 Independent Audito¢s Report on the Financial Slat•m¢nts Statgmenl of Financial A¢tlvl¢los 16-19 20 8alan¢e Sheet 21-22 Statement of Cash Flows 23 Notes to the Financial Stat•rn•nts 24-44 UPTON HOUSE SCHOOL UMITED IA Company Limited by Guarante•l REFERENCE AND ADMINISTRATIVE OETAILS OF THE CHARITABLE COMPANY. ITS MEMBERS AND ADVISERS FOR THE YEAR ENDED 31 ALIGUST 2025 Members Mts V Barker Iresvjned 5 December 20251 Mrs S K Bish {appointed 19 November 2024, resigned 18 D￿eMber 20251 Mrs J R Dacey&le (appointed 19 November 2024} Mts C E Gilding-Branl lapp04nled 5 January 20261 Mrs J Gratton(￿Suned 1 September 2025) Or D R Hammerson lappointed 19 November 2024, resigned 7 September 20251 Mr R C Hardy Iresuned 29 April 20261 Mr K D Hill {res￿ned 9 Septernber 20241 Mrs F R Lloyd Mr T J Ptywell (appointed 19 November 20241 Ms A-M Scott (resigned 1 Juty 20251 Mrs A P Shirke YUra￿￿•￿er (appointed 5 January 2026) MrRDLSmylh Mr R D Thompson Ms R K Verano Luri (appointed 5 January 2026) Or P M Warwcker Mrs K L Wootdridge I￿SIgned 13 J￿Uary 2025) Company registered number 00677794 Charity fegistered number 309095 Registered office 115 St L￿nardS Ro Windsor Berkshire SL4 3DF Hea¢Jmistres$ R Thorntc Chair Mr R D Thompson Finance & General Puiposes Chair Mr R D Tl¥)mpson Independent auditor Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ Bankers Handelsbanken pk Independent House William Street Windsor SL4 3DF Page 1 UPTON HOUSE SCHOOL LIMrrED IA Company Limited by Guarant￿) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS MEMBERS AND ADVISERS {CONnNUEDI FOR THE YEAR ENDEO 31 AUGUST 2025 Solialors Veale Wasbfc￿gh V¥ards LLP Naff(hV Quay House Narrw Quay Bristol BS14QA Page 2 UPTON HOUSE SCHOOL LIMITED IA Company Llmited by Guarantee MEMBERS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Membefs of the Board, who are also Directors for the purposes of the Ctynpanies Act, present their annual report and finanoal statements for the year ended 31 August 2025. The financial statements have been prepared in accordance with the accountin9 policies set oul in note lo the finan￿al ststemenls and ¢wpty with the chantys Articles of Associatkm, the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charbties p￿paring their accounts in accordance ￿ the Financ￿[ Reports"ng Standard applicable in the UK and Republic of Ireland {FRS 102). OBJEcnvES. PUBUC BENEFIT AIMS AND PRINCIPAL ACTMTIES The object of the ¢harty, in accordance wth ts Articles of AS￿la￿on. is lo promote, advance 8nd carry out the education of chiklren. In the furtheran¢e of this objectNe. the Directors, as the charity Members. have complied with the duty in s.1715) of the Charities Acl 2011 to have due regard to the Chanty Commission's published general and relevant Su1￿$ectOr guidance corrnning the cperth.on of the public benefit requirement under that Act. Strategic aim and intended effect The strategic aim of Uplon House School. for the ptsblK benefft as a charitable independent schLx)I, is lo provide the best education possible for each ¢hild, through a livety, chanenging, and broad-based curriculum and sound leaching methods. provided in a creatNe and stimulating enmronmenl. The school aims to develop its pupils as courteou5, ¢onsiderale. and welknianneffjd chldren through its ethos, values and cbse w0￿1ng relationship wth parents and the local corrmunrty. Objectlves for the year Spe¢rfi¢ objedives fof the year. Pred￿1nantty xhieved. were.. To maintsin high4JualTty 51aff To continue lo operate 484¥eek nursery and holiday clubs lo support the needs of our busy. working families To build on the success of our Open Momings artl recruilment ￿l*eg￿. keeping the admissions pipeline robust Happy parents and ¢hibJren Outstsnding success for SenioT Schcd applications IAPS sporting success in netball. swimming. football, h￿eY and chess Embed further Digital Fundamentals- bespoke ICT curriculum To benefit the wmder communty. offefing bfoadcasling f&￿itIeS and advising other schools on their planned broadcasting ambitions To recruit new Govemors To ￿nS011dale the financial stability resdwce of the schc Principal activity The prinapal a¢lNty continues to be the provisvjn ol a day school for both boys and girls aged 2-11. Al the end of the year there were 288 thildren enrolled at Ihe (2024- 3031. Burnaries and community outreach The school supported 12 12024 - 12) children with bursaries in the year al a lotsl cost of £86.891 (2024 £101,291). with need assessed by the Bursary Commrttee on a means tested basis. The school transfeThed £83,433 12024 - £76,855) to the bursary fund to meet this commrtment, wrth the balance remaining in the fund for fijture years. The awards included 2 (2024 - 21100% awards for 3 te￿￿5 each. The remaining awards were for between 25% and 80%. Page 3 UPTON HOUSE SCHOOL UMITED IA Company Limit•d by Guarantee MEMBERS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2026 The 5chotsl enhances the edU¢*￿n01 experience of rts pupils by faising awareness of the workl around them; by fundraising for lo¢￿. national. and intern*#￿￿ clwrties with dwation$ totalling £10.571 12024 - £9.285) in the year. Community benefrt and charitable giving The Old Court Theat￿ invited Uplon pupils to *tend the Opefa Magi¢ wthshop in September. This is such fabukjus opportunity wrth wod¢klass musI￿anS biinging the Mag￿ of opera to lrfe in a unique way and one which our Fom)$ 3 and 4 Children thorough]y embraced. We 'lurned Upton green" with our Macmilan Coffee Morning was a resounding success. raising over £1,000 for such a worthy ¢au$e. Fom) 6 gids Msited the Windsor F¢>)dshare in the Spring Tem) where they were given an overview of what the F¢X)dbank does and how rt beneffts people in the communrty. The girls took their own donth'ons and took part in the process frorn start to finish. putting donated Stock out and helping prepare food packages for delivery or collection. Upton House was delighted to welcome The Worshipful the Mayor of the Royal Borough of Windsor and Maidenhead. Courtcillor Simon Bond. lo Uplon in May. He spent a wonderful hour In the Jubilee Studio with broadcasting dub who asked him quesb.ons atrK)trt hi5 Mayoral role and how VE Day will be celebrated in the community while demonstrating their t￿hniCal prO[￿lenCY behind the ¢amera$. We also hosted a member of the media who came along to record broadcasling dub inteThiewing The Mayor. The Ioc¢tage is available here". https.'lrt.¢otXQoJUE9YpF In June we submrtled our 1odrtb)nal Wheelbar￿ entry into the Windsor Flthyer Show,e5COrted a group of Prep children to Windsor Castle to ￿lebrate the annual Garter ce￿mOnY and the whole schwl walked to the Long Walk to wave to the King on his way to Royal Ascot. The Fomi 6 girls attended the Royal Ascot Schools, Picnic. Amongst other charrt￿5 that we s￿ported were.. Garrison Church Alexander Dw'n NSPCC World Foc*J Programme Place2Be We were fortun*e to s￿￿re Helen Sharman. the first British astronaLrt lo Ily lo spxe, to be our guest speaker at Prep Prlle Day. Page4 UPTON HOUSE SCHOOL UMITED IA Company Limiled by Guarantee) MEMBERS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 202S REVIEW OF ACHIEVEMENTS AND PERFORIAANCE FOR THE YEAR Operallonal Pertornian Open Momings Upton has ¢onlinue(I to host wrtual OFen M(KniTrJs this Far. The live events include a minimum of six Irve presenters wth immersive and constantly changing and eng￿Ing content. There was live singing and sports. examples of school plays. music technok)gy and other aspects for all lo See that are almost imp¢)ssiblg lo recreate during an onsrte visrt. The approach enables prospective parents to the School virtualfy before deciding to visit for a personal tour. reducing the impact of travel in terms of time and the enwronment The content for these virtual events are recorded so that they provide other prosFeth"ve parents the chance lo experience the schcol al times beyond the three sel Open Momings. In additK)n. an iwerson Open Moming was held in May when families were shrywm around and mel the staff befo￿ having a tour of the whole School. Wellbelng The wellbeing of the ¢hildren in our care 1$ aNways our top priority and we are continuing lo delwer welbeing ¢enlred lessons, assembltes and actMI￿S wh￿h promote the importance of cariry for our wellbeing. The children are having weekty kssons of PSHE arKI wellb￿.ng. as well as one RSHE lesson where we teach the Statutory RSHE curriculum in an agfr4propriate manner. The children continue to use '8ert the Worry Monsterf to share any worries they may have. and he proves to be a valuable resourcel Our Fom 6 Head of Wellbeing has made a wellbeing hub named the 'thinking room,. a calming space where chiklren can visit in the mornings to particip*e in wellbeing aclNilies. We run Prep wellbeing drop-in sessions for children and contsnue to raise awareness for supporting the wellbeing of staff wth uplifting emails and posters displayed in the staffroc¥n to encourage staff to knk after themselves. In the Spring Term we saw the intr0dl￿tIon of our Pre4rep and Prep Mindfulness and Well)eing clubs to add to our after-sch￿)[ promsion. We are excited lo have invested in gaining accredrtation to bec￿￿ a 'Wellbeing Award in School$. school which is run by Optimus Education. The process 0￿￿jaIlY be9an in September 2025, and is expected to lake befvleen fv4efve to etghleen monlhs lo ccffiplete. Over the summer. the outdcor weUbein9 projed$ were completed giving Upton a new outd¢)or learning space and wellbeing garden. The Upton Minds team are I￿torS for chiklren and meet regulartyto discuss wellbeing throughout the school. The Arts The academic year started wrth our worKlerful Form 6 perforrning al the Roles and Responsibilities Assembty This performance sel the lone for the upcoming year with the children eager lo Part￿ipate in choirs and all school events, including Harvest FestNal which was thorough￿ enjoyed by chiklren. teachers and parents alike. All children who learn an instrument or ￿ng, have had an oppcytunty lo perfom a solo, and we held our hugely populaf lernily Musical Soirées and the PTe•Prep Music Assembl￿, which are live4treamed to parents and grandparents who are unable lo attend in per50n. ABRCM exams were held during the year. At the annual Carol Service. our orchestra featured chiklren as young as Fomi 2. All children perfomed wlh grea enjoyment and professionalism. Our Sen￿r Choir also sang carols in the l¢xal ￿re homes and children in Pre-Prep and Eady Years sang and acted in the beautrful natwities which are aw so heart-waming. Page 5 UPTON HOUSE SCHOOL UMITED IA Company Limited by Guarante•} MEMBERS. REPORT (CONTINUED) FOR THE YEAR ENOED 31 AUGUST 2025 The Senior Choir had a trip lo the 02 arena in London where they perfomied as part of the Young Voices concert. Chiljren sang ak)ngskle over 8.000 chiklren from UK schools and further afjekl. Many welkknown songs as well as some items that were especialty wrrtten for the occasion raised the roof of the arena wrth many famous perfomiers singing and dancing for the a￿j[enCe of parents. teachers and the children. A truly unforgettable land latel night. The Prep Inlerwouse Music CMipelrtiM was hehj in the Spring Temi. We were privileged lo welcome Mr Simon Williamson. Director of Art and MUS￿ at Wellin9ton Colkge. as our judge this year, and he was Incredibty impressed with Ihe slandard of the perfom)an¢es and also provided valuable feedback lo the children. St Andrew won on this occasw, and it was humbling lo watch all the houses congratulating St Andrew on the dory in true Uplon Spirrtl The Summer Term saw a rnus￿ cuThiculum focus on travel exploring musul traditions from different countries acr05S the globe. Musul joumey5 have included trips to India, the Caribbean. 8ra2il and China and it has been fantastic to see how much the ¢hildren have enjoyed finding out about a variety of different musical cuttures. Singing is the ￿TnerStone of all musicmaking at Upkn House and coming together as a sclM)ol to sing is a great way to reinforce the strong sense of communty that we have here. With this in mind, we all realty enjoyed putting together a whole sehool perfoimance of 'Children of the World.. a son9 written by Lin Marsh for an organisalion called Creative Murtilinguali5m. whKh aims to Shine a spouight on the many different languages spoken in our schox)Is and communits"es. There were many musical events taking pl&e over the second hatl of the Summer Term wrth Transition and Oaks performing their Singsongs. our produdion of'Frozen' and perfomiances from all four of our choirs at Prvze Days. Sport There were numerous fixiures for hockey, football. netbal. swmmwwj. cricket, alhleti¢s and gymnastics, in addition to attendance at many tournaments and festivals. We had our first full boy5, team entry into an IAPS compet((ion when Form 5 selected boys competed in the IAPS Football Regional Qualify'kn9 competition at DuK¥￿h Prep and Senior School. We have also eftte￿ IAPS team5 for Swimming and Crickd. The U11 girls netball team Nw)n a leSkn￿ at Stsines Prep School. competing a9ainsl mwy other independent schools frorn the surTounding area. Upton's Fom 3 footballers travelled to Summer Fiekjs Sch¢JoI in Oxford lo take part in their prestigious Football Festival where both the Upton cup and pfale teams reached the final of their respectsve wmpetitions, with the cup team winning the main ccrfnpetrtKJn and I￿.￿g the trcphy. Children parti¢ip8ted in Cross County wryetitions. with Uptcffl's Fomi 6 gids team finishing 4th overall in 8 very strong field. There were House Gym, Football. Sw"mming. Cricket and Netball c￿mpetit￿n$ during the year. Upton took part in the English Chess Federal￿n Regional Quahfiers for th8 first time and narrowly missed out on National Final$ qualificat￿￿ by 1 wnt. The School embarked on their first ever sports twr with a gToup of Forms 5 6 girf$ travelling to Manchester for a thre&day netball tour, playing fixtures and trainirKJ as well as watching s Women's Netball Super Lea9ue match live. Page 6 UPTON HOUSE SCHOOL UMITED (A C(¥mpany Limited ty Guarantee) MEMBERS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Acoms and Oaks had their sports day in May, cbsely fdb*ed by the TranSrtI¢￿ and Pr¢-Prep Sports Day and Prep Sports Day at the Yofk Club. where the thildren undoubtedly gave thwr all in what was a brilliant days of $por1ing activity In addit￿n to our regular 5wmming ￿rriCUlum. this term placed a str￿9 emphasis on water safety. Children from Form 1 to Form 6 participated in lessons desb3ned to equp them wrth essential skills to Stay safe in the water. Broadcastin Harvest Festival The Harvest Festival was live-streamed from Hdy Trinity Garybson Church. ChikI￿n were camera operators, vision mixers and M￿rOphone movers as well as those tsking on perfoming roles. We have ¢re*gd a live-stream simulator that enabled the broadcastsng dub to use actual event footage from previous events to simulate an event back in the studio for the camera operators and vision mixers to train on in advance of the event to help the production of events, ensuring great camera WO￿ arKI the delivery of Kmiersive and engagin9 footage through the breadth of camera angles. During the event. we ¢Jisplayed harvest pth￿s created about 90 pvpils, work at least tsyice during the event. This popular live-stream event had 814 people watching from 19 countrtes of which 750 viewers watched on the day. three tsmes more than in the thurch. with the remaining watching the days after. We have rsot seen any erosion of phy3ical atterKlees due to INethsireaming. Digitsl operations Sports days and competitK)ns. Prize days. Assembltes. Tea Parties. HaNest Feslryal. Music Competrtitsns and Soirees, Natmty perfomiances and ¢harty events were all live streamed. In totsl ￿ have streamed 45 events during 2024125. to 67 countries. seen by over 13,9￿ vivAers. Broadcasting cU￿1CUluM We welcomed ISI into schcd on T[￿sdaY 4th- Thursday 6th February: a team of six Inspectors induding an ISI Monilofing Inspector. It was an excdlent OLrtCO￿ with all stsndards met and Upton gaining a Signfftant st￿n9th for digital technology. Signrfi¢ant strengths are ra￿ with onty 10% of Schools gaining a Signif￿ant st￿n9th and a Significant Strength for t8chnotogy 1$ exlremety rwe lonty ￿ Prep school$ have gained this acwlade - one bein9 Uptonl. "Leaders have implemented a fopward4hinkiThJ fundamental programme and broadcasting Curriculum that develops high level technot09￿1 skills and unde￿tanding. This is a signrficant slren9lh of the school. Pupils. technological skills are very well developed. 11 helps enab￿ pupils lo devel¢)p skills of ereth'wty and decision making about audio-visual conlenl such as INe Streaming and events. These ski115 are used and developed across the curriculum 5u¢h as in the making of the French langu•Je plays using Artificial Intelligence. Well done.. e bro&Jcasling shone thr￿gh"_ Lead Inspeclor Al the heart of this a¢h￿vement is our specialised digtsl fundamentals curriculum. which eqvips our children with essential digrtal literacy skills from an eaty age. This 51wclured programme ensures pupils not only understand technology, but can also use rt confKlently and responsibly auoss subjects and in real-life scenarios. Wrth technology embedded in daity leaming. OUT children are prepared for a rapidly evofving digital world. Page 7 UPTON HOUSE SCHOOL LIMITED (A Cornpany Limited by Guarantee) MEMBERS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Broadcasting starts in Fomi 4 and is one of our pilLars of Digrtal Fundamentals alongside Business Applications, Coding and Musi¢ Technology. Our unique broadcasting programme and Cl￿1ng-edge broadcasting studio are a hub of creativty and technul profic￿nCY. Pupils plan. prcmjuce and present a range ol audio-visual conlenl, honing their cc*nmunication, editing. and prc*Juction taknts in a prolessional-style setting. The children are given the responsibility to live-stream over 50 s¢hool events eaeh year. making 5pIrt-second decisM)ns and putting their problem-solwng skills to the lesl. The programme foster5 teamwork and boosts confidence. all while imrnersing children in Teal-world media skills. The Harvest Festival and Carol Concert sees the Form 5 and Fomi 6 children working in teams of 4, delNering the live stream over the course of the 1 hour event. 22 children are involved. These events prov￿9 a unNue cpportunty lo use th￿"[ dtrjrtal Skims leamed al school in a real￿￿Id environment. The summer product￿￿ of Frozen prOv￿e￿ the chihjren wrth the most amazing opportunty for digrtal creativity. The dgital elernenls bterHled beautrfulty ￿ the $hTh, the digital backdrops throughout the show were created by the children in the Broadcasting Club. They created over 500 stunning backdrops from animated ships sailing across the seas to bedrooms and haI￿a￿S. a very hard choice to sebect the backdrops that went into the pertomian¢e. These are not standard backdrops pureha5ed from an online library- they are all onginal creations by the Upton Broadcastin9 Club using various digital tools. With the enhanced digrtal approach this year. the Live stream was more impactlul to our extended families online, fr(Nn the UK counties to Australo. Brazil, France, India. New Zealand, Spain, Tawan, USA, to name just a fthv of the 22 countrie$ th* the Upton family watched the event from. We have also recenlty introduced ans)ther standout initolNe ￿￿th our popular Drone Legends cl￿. This comprehensive curriculum supports fLrture UAV opei*ors, drone engineers and soth¥are engineers. It aFso complements many other areas of interest. from environmental monrtoring, agricultural. aviation and aerial cinematography. This CTOSKUTrieular subjecl involves many STEM elements. as well as coding, applied maths concepts, digital skills and Critical p¥obIen￿s0[￿ng. 11 ts a true example of engaging ¢hildren with technotogy using a hands4Jn approath from an earty age. Page 8 UPTON HOUSE SCHOOL UMITED IA Company Limited by Guarantse} MEMBERS. REPORT {CONTINUEO) FOR THE YEAR ENDED 31 AUGUST 2025 Preparlng our puplls for Ihg next stage in their journey In the Summer, our Form 6 pupils moved to senN)r school.. 12 &WaTships were awarded and 42 offers were made. 2025 Offers 12 Scholarships Awarded 3 A(ademic 1 All Round. l Maths 2 PeFlormanie SwimfflirKJ 2 Sp￿1 •••••• SI GtW9P AS( pei￿n51 104 woon (knl 42 sWgaie ollers mède lo 19 wt*15 fm5S *•*y iartqQok •••••• L15 £r4JmJT ' s￿[1 w¥J Art Page 9 UPTON HOUSE SCHOOL LIMfTED (A Company Limited by Guarantee) MEMBERS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST YJ25 FINANCIAL REVIEW AND RESULTS FOR THE YEAR The school made an operalKJnal deficié of £250.678 (2024 - suiplus of £305.418) in the year. which after a¢¢ounting for depfeciathin al￿ unrealised loss on investments. resutted in a net defic* of £432,194 (2024 - sU￿u$ of £127,536). Capital expendi(ure during the ye¥was £70.67212024- £107.415). vthth induded the creation of adminislr*ive offices. addttional $port$ equipment al￿ iftsEall*ron of lighttng in the hall. Investmenl powers. pollcy and performance These are governed by the Articles of Ass￿lat￿n, which permrt funds to be invested in any manner provided appropriate advice is taken. The Council of Management keeps under rewew the investment risk$ and rewards. The only investments currentty hehj a￿ those of the designated bursary fur￿. The school's bursary fund is a deswjnated fund and is hekl in four investment funds managed by the Charities Official Investment Fund (COIF), vthh a balance held on deposrt wrth the same organisation. The investments were valued al £77,635 8$ 8131 August 2025 (2024 - £76.923) and yielded an overall return of 1.1% in the year. Reserves and financial health At the eno of the year. the balan￿ of unrestricted reseryes was £3.155.048 (2024 - £3,587,242). These funds are invested in the schtrJl's fixed assets arKI are therefo￿ not expendab￿ as free reserves. The Goveinors have detemiined that the appropriate level of free reseryes wht¢h are not invested in tangible fixed assets should be equivaienl to tsvefve weeks or one school temi's expenditure lapprox. £1,400,000 excluding depreciation}. The free reser¥es do nol meet the target reserves as * the balancE sheet date. However. the Governors are satisfied that the strength of the Schoofs balan¢e sheel. realisti¢ financial and cashflow forecasts along with good pupil numbers across all year groups. the ongoing popularity of our School and the availability of bankn.ng facilities proV￿e them wrth sufficient Confiden￿ for the Sehool's finaneial future. In c￿nIn0n with other independent Sch￿)1$. Ihe Council of Management have inve51ed substantial sum5 into the sehool sile in recent years and have a continuin9 programme of refurbishment, development. and investment to develq) and maintain excellent facilities for our pupils. The Reserves Pc4t¢y ts reviewed on an annual basis wrth due consideration of risks. EQUALrrY. DIVERSITY AND INCLUSION At Upton House School, we are commrtted to PTOVKling equal opportunity for all pupils and staff, and to providing a working environment whth is free frorn discriminalK)n. prejutJi¢e and harassment. We encourage respect and consideration for others and rewnise an<1 value the s¢hcfjl as a safe place for learning. The Staff at Uplon recognise that Inequalrt￿S exist ￿ all levels of and believe that. as educators, we have a crucial role to play in eliminating ra¢ism. sexism and all fomis of discrimination. We Can promote equalty by dealing wth bullwng, r￿la1 abuse arKI sexism iMMed￿lety arKI by educating the young people in our care wthout prejudice. Page 10 UPTON HOUSE SCHOOL LIMITED IA Company Limited ty Guarant¢e MEMBERS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 PLANS FOR FUTURE PERIODS cOns￿ld8te the financial stability and ￿5￿￿nCe of the school In¢rease the communication of the excellent Upkn House experience wrthin the ¢ommunity, ensuring we attract local pupils. Explo￿ and develop fvrther income streams. Continue to prowde the best. most innovatNe and challenging education for our pupiLs. Succession ￿annIng through robust recnjitmenl and training of staff. Further enhance our broadcasting prowess and our reputation excellence across the curriculum as reeognised and celebrated by ISI in Febnjary 2024. Continue to fully embed digital operations into the sdKol labrr. The Council of Management will ¢onknnu9 to maintain and update the facilities of the school as wuired. Any fvnds surplus to cperalional requirements, and wh￿h are not required lo update the school's fa¢ilitie$. will be used to widen access to the opportunities offered by Upton House Seh¢)ol, ￿dIOr used lo build up free reserves. The main objectwe of the Council of Management continues to be the prowsion of the best education possible for all pupils, allfywing them lo receive Indi￿dual attents.on and consideration. thus enabling them lo develop al Iheir own pace. The strategy for doing this is to maintain high levels of teaching and pastoral care stsndards and lo provide the best facilities kKJssible_ STRUCTURE, GOVERNANCE AND IAANAGEMENT Reference and administrative infomiation Upton House School Limited is a chan"tsble conwany founded in 1936 and incorporated as a company limrted by guarantee in December 1960. Reference and administrative details a￿ sho*4n in the Legal and Administrative InfrAmakn page. Govwning docurnent The Company is governed by rts Articles of Assa￿atIOn dated 23rd March 2011 las amended 10th July 20131. The Membe The Members who seNed the tharty as Tntstees during the pertoj were as follows.. Mrs V Bartter {D,E.F,Sl - resigned 05112￿025 Mrs S K Bish {B.E)- appointed 19111r2024, ￿Igned 1W12r2025 Mrs J R Dacey-Gale IE) - apwnled 19111r2024 Mrs J Gratton {F.S)- reS￿ned 0110912025 Dr D R Hammerson {Fl - appointed 1911112024, resigned 07109r2025 Mr R Hardy ID.EI Mr K D Hill IB,H,N}- resigned 09109r24 Mrs F R Lloyd ID,H.NI Mr T J Powell (HI - appointed 1911112024 Mrs A M Scott- resigned 0110712025 Mr R O L SmWh {B.O.F,N) Mr R Thompson IF.NI Dr P M Warwcker IB,D,H) Mrs K L wO￿dndgeIo,E)- ￿￿ned 1￿1r25 Letters after Ihe names indicate their semce on our committees denoted as fdltyvs." 8- Bursary, D- Development, E - EduCat￿n and Pastoral. F- Finance and General Purposes, H- Health and Safely. N - Nominalv)ns, S - Salaries Page 11 UPTON HOUSE SCHOOL LIMITED (A Company Limited by Guarnntee) MEMBERS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Govemlng body The Council of Management regularly revie4¥S a skills audit of e￿stIng Council ￿￿lber$. The Chair, assisted by the Headmistress 1den1rf￿d new Council members to meet any gaps identified. Members are elected as member5 of the Council al a full meetin9 of the Councl of Marhagement. Members, who are also required to serve as D1￿ClOr5 of Ihe company under the Articles of AssKobon. serve for a term of four years and are eligible lo stand for re4ection for further te￿$, or. in exceptjonal circumstances onty. th￿e additional temis. Indernnity insuran¢¢ Indemnrty insurance has been taken out in respect of the members. Membor tralning Upon election to the Council of Managemenl. members 8re giveft xcess to the GoveTnoTS' Handbook containing infom)ation Telatsng to the s¢hcM)l and rts management. which is updated as required. On4Joing Iraining for members is in the form of updates at Counol meetings. online training and to the Govemors, Handbook. together wrth the offer to attend specific Iraining courses and conferences fr)r govemors run by the Incorporated A5socialKJn of Preparatory SchcA)Is, the Independent Schoo15' Bursars, Association, the Independent Schools Council. the Asso¢iation of Governing Bojies of Independent Schools. and similar relevant bodies in the year. FNe membeis re￿Ned training fr￿7 one or more of the$e organisalions in the year and all members receNed safeguarding and GDPR training online. Organisational managemènt The Council of Management meets at least three ts.mes a year to detemiine the general poly of the company and wew its overall management and control. The financial management of the company 1$ overseen by the Finance and Gener￿ Purposes Comrn￿ee. whith wneets three times a year, prior lo full CoLtncil meetings and reports its findings to the Council. The school's future devebpment plan is drafted by the Headmistress and SLT and ￿￿eWed annuamy by the Development Committee. whi¢h meets in January or February and reports b8ek lo the Council meeting later that tem. There is also an Education and Paslofal Committee and a Health and Safely Committee, which tÉ•lh meet lermly. a Salar*s Cornmittee that meet5 annualty and a Bursary Committee that meets annually. The CDmmittees' Tem)$ of Reference have been updated. The daY-l￿daY Tunning of the school is delegated to the Headmistress, supportea by the finance and administrative teams and other members of the Senior Leadership Team (SLT). Together the nine members of the SLT are the key management personnel. Remunerats'on, including that of key management pgrsonnd, is set by the Coun¢il of Management, via the Finance and General Purposes Comrnittee and the Salaries Committee. vthh the policy objective of ensurin9 appropriate incentives to encourage excellent performance and in a fair and responsible manner rewardin9 individual ¢ontributk?ns lo the ¢ompan*s S(￿CeSS. The approprt*eness and relevan¢e of the remuneration policy is revieweJelled and conshlered in future planning. With low borrowings, annual cash surpluses and an eslale in gr*)d repair. we're better placed than many other schools lo manage this. The full cost of VAT was not passed on lo the fee payers in January 2025. The School met all of rts regulatory and compliance ob1vti￿$ in the February 2025 ISI Inspect￿ and believes the risk of regulatory failu￿ is low. The School ensu￿ that stsff wulaty keep up to tJ*e through attending courses, leading and neh#O￿1n9 and emplowng professK)nal athsors where n￿eSsary. The S¢hool ￿ceIVe$ updates from the various professional bodies of which the has membership. The Headmistress and the Council of Management are very conscious of ensuring that the school's excellent reputation is maintained at all times. Any reputational risk is managed through up to dale, appropriate policyès and through training to ensure staff behaviour both inside and outside school. particulaty In areas such as social nefvlorking. is of the highest standard. The schcrt)I communicates comprehensivety wrth parenls and has an open4oor policy lo ensure that any concerns that may arise are dealt wrth promptly. The Council of Management recognises that the risk to the school's repulalKJn of a breach of safeguarding regulats'on$ would be very damaging and ensures that safeguarding rnatte￿ are given the hwhe$l priority. The OSL meets regulady and formally with the Head {DDSLI and the other three DDSL'S. The Council has appoinlgd a member lo ad as the desHJnated safeguarding liaison on its behaW, who ￿tS the safeguarding team at least once a term. All the above attend regU￿r training to ensure Ihal the school has the lalesl guidance on all safeguarding matters and the schorA's safeguarding poltcy is subject to reguiaf rewew and update,. including review at least once a year by the full Council of Management. All stsff receive &￿eguardIng training on joining the school and ￿Ceive an annual update. All cour￿11 ￿￿lber5 attend a safeguarding training course annually. Page13 UPTON HOUSE SCHOOL LIIIITED {A Company Limited ty Guarnntee MEMBERS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Financial The Council views the scl4xl's financial posilKJn as Stab￿ and that pupil numbers r￿nain strong wrthin the Current market. with intere* in the school from prospectNe parents remaining high. The Council is ￿nffident that the re¢ent fina￿1* irn￿ of VAT, rates relief and increase in empbyers. national insurance have been taken into consideralh)n Wh￿n budgets.ng and cash flow forecasting. The Council is of the opinion that the school has eash reserves to SerV￿e loan commilmenls, lo ￿Vest in our facilities and e5tale, to continue to 5UPPOrt our buwsary prtrJramme and to buikj a reserve for future pupiks. Any cash surpluses are being placed on short4em deposit to generate interest incL)rne. Borfowing$ romain low. the 5chtsol received a low interest govemment guaranteed le￿Very tw)un¢e back loan totalling £50.000 recewed in 2021, wrth a &year repayrnent term which started in May 2022. I data and applications at Upton House have been mb3rated to the cloud {incI￿ling back ups) to enable increased security of our ne￿Ik and the school is insured against a cts attack. We believe the weakest point for cyber risk remains the end user and we continue to undertake regular training of all employees. Spe¢tfically, end users are made awa￿ of hN to remain alert to phishing ernails and whal lo do if they have any con¢ems.' no matter Slight. We translate our safeguarding mantra that rf it fee15 Strange it may We￿ be strange. We also ensure that staff are trained in dealing With polential pPK*ne, email and cyber-fraud. Statement of Members. responsibilltes The Members of the Board. are also the directo￿ of Upton House &hool Limitgj for the PUTPQ$& of ompany law, are responsible for preparing the Members. ReFQrt and the financial statements in accordance vmth applicable I￿ and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting PraclKel. Company Law requires the Members of the Board lo prepare financial State￿￿nIS for each financial year which give a true and fair view of the slate of affairs of the tharity and of the inccKning resources and application of resources. induding the in¢rxne and eypendrtU￿, of the Charitable company for that year. In p￿ParIng these financial stalemenls, the Members of the Board are required to" select suitable ¥counting policies and then apply them conststenty. observe the methods and principles In the Charities SORP". make judgements and estimates th* are reasonable and prudent., and prepare the financial statements on the going concern basis unless it is inappropriate to presume th* the charity will continue in operatKbn. The Members of the Board are respons￿le for keepirrfj adequate accounting records lh* di$¢lose wlh reasonable accuracy at any lime the financial posrtion of the Charity and enab￿ them lo ensure that the financial ststemenls comply the CompanEs Act 2(NJ6. They are also ￿spOnSIb￿ for safeguarding the assets of Ihe charity and hence for taking reasonable steps for the p￿ventIOn and detection of fraud and other irregularities. Page 14 UPTON HOVSE SCHOOL UMITED IA Comp••y lIft￿ ty Guarantee) MEAIBERS. REPORf ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2015 Audlton Crowe U.K LLP ap￿Inted as audrtors to Ihe i¥)mpany arvj a rgsolution pYopo*wJ that thoy bè w-app￿ntsd be put at a General IAeeing. Disdowre of rfom)athon tr) Each of the Membws of the 8oard have conlkn)ed Ihal ￿re is rA) infomiatN)n of whwj) they a￿ aware whith is rele￿1 lo the audit. but of the aL*Jitor bs unawats. They ha￿ frjrther confirrned thal they have taken appropriate steps to [d￿tsfy such" relevant infmatson Èo estabh.sh Ihat the" ￿drt0r is-awwe of such informakn¢)n. The M¢mbgrs' report WAS apFW0￿d by ihè C¢yJnol o[M￿?9¥￿￿t and Sgn6L1 on I￿"￿ behalf by. Mr R D Thornp8on Chair Oale. Iq-mty aox Page 15 UPTON HOUSE SCHOOL LIMITED IA Company Limited by Guarantee INDEPENDENT AUtMTOR'S REPORT TO THE MEMBERS OF UPTON HOUSE SCHOOL LIMITED Opinion We have audited the financral stalemerrts of Uptst House Sc*K￿ L wnited (the 'charrtable compan￿) for the year ended 31 August 2025 which comprise the Statement of Financk41 ActMtE5, the Balance Sheet. the Statement of Cash Flows and the related notes. inclutjing a summary of s￿￿￿Kant accounting policies. The financial reporting framework Ihal has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Rewting Standard applicable in the UK and Republic of I￿land. (United ￿ngdorn Generalty Accepled Accounting Pra¢ts'ce}. In our cpinion the finanual stateft*nts- give a true and fair of the slate of the ¢harrtable companls affairs as at 31 August 2025 and of its ineoming ￿SoUrceS and application of resour￿$. including its income arKI eXPendrtU￿ for the year then ended., have been prcpedy prepared in ￿￿rdan￿ wlh United ￿'AgdoM Generalty Accepted Aecounling Pradice,. and have been prepared in &¢Mlance with the ￿ullernents of the Companie5 Act 2006. Basis for oplnion We conducted ¢)ur audit in xcordance with International Stsndards on Audtting IUK) IISAS IUKI) and applicable law. Ouf responsibilities under those standards are further described in the Auditorfs responsibilib'es for the audit ol the financial statements section of OUT report. We are independent of the charitable company in aC￿rdanCe vmlh the ethical requirements that are relevant to our audrt of the financial statemen15 in the United Kingdom. includin9 the Finan￿81 Reporting Council's Ethical Standard, and have fulfilled our other ethical re5ponsibilrt*$ in accordan¢e with these requirements. We bel*ve th* the audrt ewdence we have obtained is sufficient antj appr¢priale to provhle a basis for our ¢¥Jinion. Conclusions relating to going cOn￿M In auditing the financial slalement5. we have concluded that the members. use of the goiry Con￿rn basis of accounting in the PTepar*KJn of the financial ststemenls is appr¢)prote. Based on the work we have performed, we have not klenlifted any material uncertainties refating lo events or conditions that, individualty or collectwety, may cast significant doubt on the charitable companls ability to continue as a going concem for a peric#y of * lea$1 twefve months from Wh￿ the financial Statements are aulhorised for issue. Our responsibilities and the reswsibililies of the membets with respecl lo going concem are described in the relevant sections of this ￿port. Page 16 UPTON HOUSE SCHOOL UMfTED IA Company Limited by Guarnntee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UPTON HOUSE SCHOOL UMITED {CONTINUEOI Other Inforniation Th& other infomiatson comprises the infomiali¢)n included in the Annual Report other than the financial S￿￿ementS and our Auditorfs Report thereon. The members are responsible for the other informatTon contained thin the Annual Report. Our opinion on the financial stalernenls does not cover the other infomalion and. except lo the extent otherwise explicrtty slated in our report. we do not express any form of assuran￿ conclusion Ihereon. Our responsibility is lo read the other irrformation and, in doing so, consider whether the other information is matenally inconsisterbt wlh the financial statements OT our knowledge obtained in the course of the audrt, or otherwise appears lo be materially misstated. If we Kjenltfy such material inconsistencies or apparent material misslalemenls, we are required to determine whether Ihis gNes rise lo a material misstatement in the finaneial slalements thernsefves. If, based on the work we have perfomied. * ¢oncludtr that there is a material misstatement of this other inforrnation. we a￿ required to report that fact. We have nothing to report in Ihis regard. Oplnlon on other mattern pres¢rfbed by the Companles Act 2006 In our opinion. base(l on the work undertaken in the course of the audrt.. the infom)alion given in the Members. Report including the Strategi¢ R*port for the financial year for which the financial statements are prepared is consistent wlh the financial statements. the Membeis. Report and tr* Strategic Report have been prepare(l in accordance wrth applicable legal requirements. Mattets on which we arn required to report by ex¢eptlon In the light of our knowledge and un¢Jerstsn¢Jing of the charitable Company and lis environment obtained in the ourse of the audit. we have not identffied material mi$statement$ in the Members. Report including the Strategic Report. We have nothing to report in respect of the fc4low.rng rnatter5 in relation to which Companies Act 2006 requires us to report to you rf, in our opinion.. adequate accounting records ha4E not been kept. or retums adequate for our aud(( have not been received from branches not visrted by us. or the financial slatemenls are not in ag￿ment Y￿h the accounting records and fetums,. or certain disclosu￿$ of members. reMunerat￿n speafied by law are not m*". or we have not weived all the information explanal¢ons we require for our audiL Responsibilltles of trustees As explained more fulty in the Members. Resp¢)nsibilrties Statement, the members (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalernenls and fof being &itisfied that they give a true and fair view. and for such internal conlfol as the members delemiine 1$ necessary to enable the preparntion of financ￿1 statements that we free from materral isslalemenl, whether due lo fraud or error. In preparing the fina￿la1 statements, the membets are responsible for assessing the Charitab￿ companls abilty lo continue as a going concem. disckjsing, as applicable, matters related lo going concern and using the going concern basis of a￿ountIng unless the mernbers erther intend lo Iiquklate the charitable company or to cease operatKJns, or have no ￿alistiC atternatwe but to th) so. Page 17 UPTON HOUSE SCHOOL UMITED {A Company L5mited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UPTON HOUSE SCHOOL UMITED ICONTINUEDI Audltorfs T•sponslbilities for the audtt of the financial statements Our objectives are to obtsin reasonable assurarKe atK)ul whether the financkql statements as a whole we free from material misstatement. whether due to fraud or error. and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a h￿h level of assuran￿, but is not a guatantee that an audit conducted In accordance with ISAS {UK) will ak¥ays delect a mateiial misstatement vthen rt exists. Misstatements Can arise from fraud or error and are considered material if, indiwdualty or in the aggregate, they could reasonably be e￿￿ed to influence the econ￿1￿ dw'sK)ns of useis laken on the basis ol these financial statements. Details of the extent lo which the audrt was considered capable of detecting iffegularities. induding fraud and non-compliance wrth l&vs and regulations are set out bekm. Extsnt to wthich th• audit was consid•rod capable of detècting irregularities. including fraud Irregularities, including fraud. are instarKes of non 1432.2361 122, 12t Other recognised gainslllossesl: Gains on ￿Valuation of fixed asset$ 42 42 5.415 Net rnovement in funds 1432,194) 1432.1941 127.536 Reconciliation of lunds: Total funds brought fonward Net movement in funds 3.$87.242 1432.1941 3.587,242 {432,194) 3,459, 706 127,536 Total funds carriod forward 3.155.048 3.15S.048 3,587.242 The Statement of Financi￿ Actiwtses incknjes all gains and losses recGsnised in th& year. The notes on pages 24 10 44 fcffii part of these finanual stalemenls. Page 20 UPTON HOUSE SCHOOL UAIITED (A Cornpany Limited by Guarantee) REGISTERED NUMBER: 00671794 BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Note Fixed assets Tangible assets Investments 13 14 3.571,234 77,635 3.682.526 76.923 3,648,869 3. 759.449 Current assets Debtors Cash al bank and in hand 15 1.218.115 253.155 7. 758,484 902.545 1.471.270 2.061.029 Current liabilities CfedfÉors.' amounts tslling t•4rthin one 16 11.764,779) (1,890. 171) Net current liabllities l assets 1293.5091 170,858 Total assets less current ITabilltles 3.355.360 3,930,307 Creditors.. armunts falling due after more than one year 17 {21XI,3121 (343,065) Total net assets 3,155,048 3.587.242 Charfty funds Restricted funds UnrestrKted funds 20 Designated fvnds General fvnds 20 20 77.635 3,077,413 80.381 3,506,861 Total unrestricted funds 20 3.155,048 3,587,242 Total funds 3,155,048 3,587,242 Page21 VPTON HOUSE SCHOOL Um￿ED IA Company Linlt•d by Guarantr¢l REGISTERED IIUMBER: r#)677794 ALAIICE SHEEf ICONTIFIUEOI AS AT 31 AUGUST 202S The members ackn￿le0￿ th8ii Iespjn￿llI1es with the requwements of the Act knilh respe￿ to accourrting record5 WKI wep¥ation olfirnnci•l slalemenis. Th8 fnan¢ial $la•m•nt$ We￿ 4)prrNed and auth¢Nised foi issue by members and sioned on thw bohaW by. hlr R D Thompson Chair Date. ILI The Trxes on page$ 24 1044 fom part olthese finanrxal slatemeftt& Page 22 UPTON HOUSE SCHOOL UMITED IA Company Limited by Guarante•) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Note Cash floY•3 fr¢>m operating activities Net cash used in operating activits.es 22 (S81.6441 414.533 Cash flov43 from investing activities Investment incorne Purchase of tangible fixed assets Purchase of investn*nts 13,665 (70.6721 16701 3,915 (107.415) Net cash used in Investing activities IS7.6771 {103,500} Cash flows from financing activities Repayments of borrowing 110,0691 {9.396J Net ush used In financSng activilies 110.069) 19.396) Change In ¢ash and cash equlvalents In the year Cash and cash equivalents al the beginnfftg of the year 1649.3901 902.54S 301.637 600.908 Cash and cash equivalents at th• and of the year 23 253,155 902,545 The notes on p4es 24 to 44 fom part of these finarKial $tatwxents Page 23 UPTON HOUSE SCHOOL UMITED (A Company Limited by Guarnnt*) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 General Inforniation Uplon House Schwl LKnrted is a privale company limited by guarantee and incowated in England and Wales. The registered office is 11 S St Leonards Road. Windsor. Berkshire. SL4 3DF. Accounting policies 2.1 Basis of preparatlon of financial statements The financial statements have been prepared in accordance wrth the Charrties SORP IFRS 1021- Accounting and Reporting by Charities". Statement of Recommended PraCt￿e applicable to Charities preparing their accounts in %Co￿anCe wrth the Fina￿la1 Reporting Standard applicable in the UK and Republ￿ of I￿land IFRS 102) (effecb've 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republ￿ of Ireland {FRS 1021 and the Companies Act 2006. Uplon House Seh(d Limited meets the definitffi of a public benefrt enlTty under FRS 102. Assets and Iiabilrties are initialty r￿QgnISed at hi$tori¢al Cost or transadK*n value Un￿$$ othe￿iSe stated in the relevant accounting Fdcy. 2.2 Going concern The financial stslements have been prepared on a going concem basis. The charity made a deficit of £432,194 12024." su@lus of £727.536). This result is rellected in the net asset position. which stands al £3.155.048 (2024.. £3.587,242). The decline in finwoal perfofftwnce is p(￿nantY attributed lo unprecedented se¢tor-WKle legislative changes. Spe¢rfi¢alty. the imposrtion of VAT on school fees from January 2025 ha$ impa¢ted pupil numbers and fee income. Further pressure has been exerted by the removal of charitable business rates rdief and the increase in empbyerfs Nakn"onal Insurance tonlributions, both of which have smJn￿lcanlfy increased the Sch(wf's unde￿.ng cost base. To manage these challenges and support working capital. the school has carefully reviewed its cost base and made a number of changes in an endeavour lo redu￿ costs. whilst upholding it$ strategic aim of prowding the best e(lu¢ation possible for each Child. The scho￿ has se￿re￿ a revolwng credit facility wth Reward Funding. as further detailed in the Post Balance Sheet Events note. The Truslee5 have integrated this fxility into the school's detailed cash flow projections. These projeclions fully account for all associated costs of the facility. including setup fees. legal fees, and ongoin9 inte￿$1 obh'gattrtins. Fdlow"ng a robust of the cash flv* forecasls and the avaiLable financing, the Trustees have reasonabk expectath'on that the charty remains financially v￿9b￿ in the long term. The Trustees believe the school has adequate resources lo conb.nue in ¢)peralB)nal existence for the foreseeable fijlure, being a perth of at least months from the date of approval of these financial slatemenls. For these reasons, they eontinue lo adopt the goirrfj eoneern basis in preparing the financial slalements. The financial statements do not inelude any adjustment that would resuh from the School not bw.ng ab￿ to meel rts liats.1￿es as they f811 due. Pa9e 24 VPTON HOUSE SCHOOL UMITED IA C¢)mpany Limlted ty Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 AUGUST 202S Accounting polkies {continued) 2.3 Income All inccme is recognised once the chantable cornpany has entrflement lo the incom8, it is probablg that the income will be received and the a￿Unt of income ￿e1Vable can be measured reliably. Charitable Funds Fees recervable ar￿ charges for sery￿e$ and use of premises are actounled for in the period in wh￿h the serV￿e is prowded. Fees recervable are st*ed after deducting allowances, scholarships and other remissions granted by the Sehod. Sche4)I fees receNed in advance are recorded as liabilibes in the balance sheet and a￿ release to the St*ement of Finanei81 Activities in the year lo wh￿h they ￿lale. Donations Dortalions receivable for the general purposes ol the Schwl are recorded separately and any wishes of the donors taken into account tpthenever and wherever practical. Income tsx recoverable in relth.on to investment income is wognised at the lime the investment inccAne is re¢er¥ab￿. Other income is re¢ognised in the peri￿J in whi¢h it 1$ receNable and to Ihe extent the goods have been provided or on Comp￿￿n of the servKe. 2.4 Expendituro Expendrture is allocated lo expenses headings. which aggregate all co$ls relating lo the Category either on a direct costs basis, or appOrt￿ned according to lime spent. The irrecoverable element of VAT is included wsth the rtem of expenses to which it relates. Govemance costs comprise the costs of wnning the Schtr)I, including strategic planning for its future development. extemal audrt all other costs of complwng wth conslrtutional and statutory requirements. Teaching costs such as supplies of games equipment, books. statKinery and Sundry materials are written off when the expendrtuie is incurred. No netting off of expenses and Inco￿ tskes place within Ihe accounts un￿$ the School has received irtcome from and incurred expenses on special fundraising events or activities. Under these circumstartces rt may include onty the net figure in the Statement of Financial Acts'vrties. IS Inter•st receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitab￿ company, this is nomalty upon notification of the interest paid or payable by the inslrtLrtKJn wrth vthom the funds are deposrted. Page 25 LIPTON HOUSE SCHOOL UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2025 A¢counling policies {continugd) 2.6 Taxation The charitab￿ company is considered lo pass the lesls set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definrth?n of a charitablg company for UK corporation tax purposes. Accordingty, the chantable company is polentialty exempt from taxation in respect of incorne ￿ Capital gains received vthin c*egories covered by Chapter 3 Part 11 ¢f the Corporation Tax A¢t 2010 or Seth'on 256 of the Taxatron of Chargeable Gains Act 1992, to the extent that such income or gains are applied exdusively to ¢haritable putposes. 2.7 Tanglble fixed assets and depreciation Tangible fixe(l a$set$ Costing £500 or mtye are ¢aprtalised and recognised when future economi benefits are probable and the cost or value of the asset Can be measured reliably. Tangible fixed assets are inilialty recognised al eosl. After recognrtion. under the cost model. tsngible fixed assets are measured al cost less aGcumul*ed dep￿Ciall0￿ and any accumulated impaiment losses. All costs incurred to bring a tangible fixed asset inlo rts intended work¥)9 condilKJn should be t￿luded in the measLrrement of ¢o$L Depreciation is charged so as lo althate the cost of tsngible fixed assets le5S their residual value over their estimated useful INe5, using the straight-line method. DepreciatKJn is prowded ￿ the foknirvj bases.. FreehcAd land and bU￿Ing$ Plant and machinery Motor vehides Fixtures and fittings - over 50 years - 5% on ¢ost - 15%on cost - 15%on cost Gains and losses ￿ disposals are detemined by wxparing the proceeds wth the carrying amount and a￿ fecognised in the Ststemenl of Financial Athvitw. 2.8 Inv•slments Fixed asset invesbrÈnts are a fom ol ￿ar￿1 instwmenl and are initialty reco9nised at their transaction cost and subsequentty measured at fair value al the Balance Sheet date, unless the value cannot be measured reliabty in vth¢¢h case it is measured at ￿$1 bess impaimenl. Investment gains and losses. whether realised or unrealLsed, are combined and p￿sented as 'GainsllLosses} on investments, in the Statement of Financial Acb"vrties. 2.9 Debto Tr* and other debtors are recognised at the setuement amount after any trade discount offered. Prepayments are valued at the amount prewd net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short4erm highty liquid investments with a short maturity of three months or ￿ from the dale of acquisit*)n OT opening of the deposrt or similar account. Page 26 UPTON HOUSE SCHOOL UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies (continued) 111 Liabilities and provisions Liabilrties are recconised when there is an obl@ation at the Balance Sheet (late as a result of a past event. il is probable that a transfer of eo)nomt benefit will be required in settlement. and the amount ol the setdement be estimated reliabty. Liabilities are recognised al the amount that the charrtable company an1￿1PaleS il will pay to settle the debt or the amount rt has received as advanced paymenls for the gc¥)ds or servrces il must provide. Provistons are measured at the best estimate of the amounts required to sellle the obligation. Where the effect of the lime value of money is material. the provisiM is based on the present value of those amounts. discounteg1 look out a bounce back loan with HSBC rn Apn'l 2022 for £50.000. The loan term is 6 years and repayments stsrted in May 2022. The first year of the loan was interest free. thereafter the intefesl is charged al 2.5OA. The loan is unsecured. Page 37 UPTON HOUSE SCHOOL UMITED IA Company Limited by Guarnntee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. Fees in advan¢• schem• Amounts may be on account to the School lo be 4plied towards the cost of ftrture tuit￿n fees. The money may be returned subject to the specrfic condrtions slated within the Scheme lileralure. Assuming pupils will remain at the Schcd, lees on xcounl wll be appl￿ as fotkms.. 2025 2024 Due: Wi(hin one yw Bekn¥een tsvo and fve years 4.656 192.482 272.578 187,624 197,138 460,202 The balance represents the aCcn￿d h"ai¥"lty under the contxts. The movemnts during the year are detwled as fdlcws: 2025 2024 Balance at 1 September 2024 New contracts Amounts ulilised in the payment of fee5 460.202 1.359,279 197.138 460.202 1460,202) {1,359.2Z9) 8alan¢e at 31 August 2025 197.138 460,202 Pag& 38 UPTON HOUSE SCHOOL UMITED IA Company LIMIt￿ by Guaranlgel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Ststement of funds Stat•ment of fund$- cuffent year Balance at 1 September 2024 Balance at Gainsl 31 August (Losses) 2025 Transfe Inlout Income Expendiiure Unrestricted funds Designated funds Designaled bursary fund 80.381 670 (86,8911 83.433 77,635 General funds General Funds 3.506.861 4.279.606 {4.625.621} 183.4331 3.077,413 Total Unrestricted funds 3.587,242 4.280,276 {4.712,5121 42 3,1 SS,048 The desvJnated bursary fvnd represents nKinies raised for the purpose of assistance with school fees for pupils ol the school. The Unre$trided S¢hwl Fund represents the Un￿tr￿ted fund$ arising from past OperatK￿ rets￿1$. These funds applied al the discretion of the govemors to further the objects of the School. General funds are unrestricted funds which are availab￿ for use * the di$¢relion of the govemors in furtheran￿ of the general oty'ethve5 of the Schocd and which have not been designated for other purposes. Sn FY2024 the restricted fund represented nursery edUCat￿n fijnding wh￿h was spent on resources and training in relab"¢)n to early year pupils. Page 39 UPTON HOUSE SCHOOL LIMITED (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 20. Statement of funds {witlnuad) Statement ol funds- prlor yaar Bal8nce at I SeptembeK 2023 Balanca at 31 August 2024 Transfe Gains/ (Losses) IrKome Expendilure Unrestrict funds Designated funds Designated bursary fvnd 95.487 3,915 (101.291) 76.855 5.415 80,381 General funds Genera furwj 3,364.204 4.521,218 (4.301. 706) (76.855) 3,506,861 Total Unrestrtct•d fund$ 3,459.691 4.525. 133 (4.402.997) 5,415 3,587,242 Restricled funds Restricted fund 15 (15) Total of funds 3,459, 706 4.525, 133 (4.403,012) 5,415 3,587,242 Page 40 UPTON HOUSE SCHOOL UMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21. Anatysis of nel assets funds Anaty$i$ of net as$gts lknen fvnd$- ¢urrenl year Unrestrirted funds 2025 Total funds 2025 Tangible fixed assets Fixed a55et irwestments Cuf￿nI assets Creditors due within one year Creditors due in rn0￿ than one year 3,571.234 3,571,234 77.635 77.635 1,471.270 1.471.270 (1,764.7791 11.764.779) 1200.3121 1200.3121 Total 3,155.048 3.155.048 Analysis of net assets bet￿￿n funds- prior year Un￿strIcted funLIs 2024 Total funds 2024 Tangible fixed assets Fixed a$sel investments Curlent assets Credrtors due %wthin one year Creditors due in more than one 3.682,526 3,682,526 76,923 76,923 2.061.029 2,061.029 (1,890, 171) (1.890, 171) (343,065) {343,065) Total 3,587,242 3,58T,242 Page41 UPTON HOUSE SCHOOL UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. ReconcilialioTh of net movernent funds to net ¢ash flow from opèrating actt¥iti 2025 2024 Net incc¥nelexpendilure for the year (as per Stslement of Financial ActivilEs) (432,236) 122, 121 Adjuslrngnts for: Depreciation Charges Investment income Loan interest payable Loss on the sale of fixed assets In¢￿aSe in debtors Increasel{deuease) in credrtors IDecrea$eyincrea$e in Fees in •fyance 181,558 113.665 183,297 (3.975) (774) 159.631 4.988 1263.0641 f182, 189J (79,305) 375.298 Net cash pro¥id•d byllused in) op•rating activities 1581.6441 414.533 23. Analysis of cash and cash equivabnts 2025 2024 Cash in hand 2S3.155 902.545 Total cash and cash equlyalents 253,155 902.545 24. Analysis of chang•s in net debt At1 September At31 2024 Cash flows August 2025 Cash al bank and in hand Debt due wrthin 1 year Debt due after 1 year 902.545 1283.2261 1205.S231 1fj49.3901 267.922 5.211 253,155 115,304) (200,312) 413.796 1376,257} 37.539 Debt wrthin 1 year and debt due after 1 year relates lo the bank k)an and the Fees in advar $¢heme. Page 42 UPTON HOUSE SCHOOL UMITED (A Company Llmlted by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 25. Pension commitinents The School's teaching staff were moved lo the AvNa PensK)n Trust for Independent Schools IAPTISI from 1 September 2021. The pension charge lor tr*e year inclvdes contributtons payable to APTIS of £204,195 (2024.- £182,409) and the total pension eontnbutions which were still OLrtstanding as at the year end we £24,971 (2024. £23.6￿). The School addi(ionalty oper*es a money purchase Group Personal Pension Scheme. Contributions on behaw of staff within this scheme a￿ made to the Legal and General Group plc The pension charge for the year includes contributions payable to the Personal PensKJn Scheme of £95,765 (2024.. £83, 154). The total pension contribulions wh￿h were still outstanding as at the year end We￿ £10.83212024.' £9. 160). Contribulbons lo these schemes are charged to the Statement of Financial Activities as they fall due. 26. Operating lease comrnitments Al 31 August 2025 the charitable company had commilments to make future minimum lease payments under non-cancellabie operating leases as foll￿$.. 2025 2024 Not later than 1 year L*er than 1 year and not laterthan 5 years 6.290 520 9.679 8, 177 6.810 17,850 Related party transactions During the year Miss L SmWh. daughter of a member was employed by the School, on normal commerual lemis. to the value of £30.947 (2024.. £N￿). During the year. the SChC￿l purchased d￿lt￿ maTkets"ng. d￿lt31 curr￿UluM support and IT strategy services fr¢)m compan￿$ controlled by Mr M Thomton, the spouse of a member of the senbor management team. Total payments in the year amounted to £98.152. The increase in the cu￿ent year reflects addit￿nal support asscKiated with the rollout of the ICT suite, implemenlalion of new ne￿0th infrastructure. and a charoe in ICT vendor lo improve resilience and seNice levels. These changes are expected to delw cost efficiencies over the medium term. wrth estimated savings of approximately £75.000 over five yeats in ICT. In the prtor year. payments for these services totalkd £86,839. The arrangement was approved by the Goveming Body and is subject lo the School's related paty and conflict of interest procedures. A benchmarking exercise was undertaken in 2024. which ￿nf1M)ed that the School continues lo receive Serv￿ at rates below those typicalty avaikble in the market. Total payTheMs for 2025r26 are expethd lo be in the regi¢￿ of £45.000. Page 43 UPTON HOUSE SCHOOL LIM￿ED IA Company knmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Post balan¢e sh¢et events Subsequent lo the b*nee sheet dale, the Sthcd entwed into a ne•V Revolving Credrt Facility I"RCF"I agreement on 8th May 2026 with Ravard Funding. The RCF provides for a maximum cMimitmenl of £715.000 and is intended lo provide fiexible working capital to manage seasonal Ilow fluctuath?ns. The key leryns of the facilty are as folltrws". Term: The RCF Is available for a period of 12 months from the date of the agreement. with the option to ￿1￿4 al the end of the tem. Interest Rate: Interest is charged at the rate of 1.3% per month on drawn41own funds. Security- The facility is by a ffir5t legal charge ovef the Schoofs main site Financlal Covenants: The agreement indudes standard financial covenants ￿lated to the School's main site, equipment artd bwk debt. At the date of signing these financial statements. £1.000 has been drwn d￿n under the RCF. The balance due is £22.480 which includes charges for the fxilty. Page 44