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2025-08-31-accounts

Registered number: 00260104 Charity number: 309096

PANGBOURNE COLLEGE LIMITED

GOVERNORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

PANGBOURNE COLLEGE LIMITED

CONTENTS

Page
Reference and administrative details of the Company, its Governors and advisers 1 - 2
Governors' report 3 - 11
Governors' responsibilities statement 12
Independent auditor's report on the financial statements 13 - 16
Consolidated statement of financial activities 17
Consolidated balance sheet 18 - 19
Company balance sheet 20 - 21
Consolidated statement of cash flows 22
Notes to the financial statements 23 - 46

PANGBOURNE COLLEGE LIMITED

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

Governors Mr R Batra1 Rev M Bodeker1 Rev A Bond1,2 Mrs T Brooks (resigned 21 March 2025)3 Mrs C Butterworth1 Mrs E Cleugh2 Mrs R D Cox (appointed 6 December 2024)3 Mr D Devitt3 Miss T Duhalde1 Mr R Llewellyn3 Mr D Mullins1 Mr P Roberts MBE1,2,3 Mrs S Rossiter3,4 Mrs P Shryane1

1 Members of the Finance & General Purposes Committee

2 Members of the Property & Sustainability Committee

3 Members of the Education & Welfare Committee

4 Members of the Health & Safety Committee

The governors are also the charity trustees and directors of Pangbourne College.

Officers Head Mr O Knight (Appointed 1 September 2024) Deputy Head (Academic) Mr M Seccombe Deputy Head (Pastoral) Mr M Skidmore Deputy Head (Co Curricular) Mr R Follett (Resigned 31 August 2025) Bursar and Company Secretary Mr J N Walne Company registered number 00260104 Charity registered number 309096 Registered office Pangbourne Reading Berkshire RG8 8LA

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PANGBOURNE COLLEGE LIMITED

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

Independent auditor

Bankers

Insurance Brokers

Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ National Westminster Bank Plc Abbey Gardens 4 Abbey Street Reading Berkshire RG1 3BA Marsh Merlin House Commerce Park Brunel Road Theale Reading RG7 4BY

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PANGBOURNE COLLEGE LIMITED

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

CONSTITUTION AND OBJECTS

Pangbourne College (“the College”) was founded in 1917, originally as the Nautical College, Pangbourne, under which name it operated until 1969. It is constituted as a company limited by guarantee registered in England, No. 0260104, and is registered with the Charity Commission under Charity No. 309096. The College is governed by its Memorandum of Association and Articles of Association most recently revised on 20 March 2007.

The College’s Objects and principal activity, as set out by the Memorandum of Association, is to advance education for the public benefit, including (but not limited to) the provision and maintenance at the premises known as Pangbourne College, Pangbourne, Berkshire or elsewhere of a boarding and/or day school or schools for the education of children or young persons of either sex or both sexes.

In furtherance of these Objects, the College seeks to provide subsidised education via bursaries for deserving students whose parents could not otherwise afford the cost of educational fees. Within these objects, the charitable company also has to maintain its heritage endowment, the College, with its Grade 2 listed buildings and The Falklands Islands Memorial Chapel, a national memorial site.

AIMS, OBJECTIVES AND ACTIVITIES

Aims

Within these objects, Pangbourne College’s aim is to provide a first class independent education, both through strong academic tuition and through developing wider sporting, artistic and social skills in all its pupils. Additionally, there is an emphasis on values and leadership, and at various stages during their time at the school all pupils are given the opportunity to participate in the Duke of Edinburgh’s Award Scheme and the Combined Cadet Force and are also given training in leadership skills. The intention is to provide an environment where each pupil can develop and fulfil his or her potential, thus to help build self confidence and inculcate a desire to contribute to the wider community.

Pangbourne is ambitious for every student, within and outside of the classroom, and aims for them to leave the College having developed the following characteristics, also known as the Flag Values:

The Board is mindful of the long standing need to provide public benefit and of the requirements of the Charities Act 2011. In this connection the Board has monitored closely the guidance on public benefit produced by the Charity Commission together with its supplemental guidance on fee charging.

Principal activities

Pangbourne College’s principal activity is the maintenance of an independent boarding and day school for boys and girls aged from 11 to 18.

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PANGBOURNE COLLEGE LIMITED

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

GOVERNANCE AND MANAGEMENT

Board of Governors

The College Governors, executive officers and principal address of the charitable company are as listed on page 1 and 2. Particulars of the charitable company’s professional advisers are given on page 2.

Recruitment and training of Governors

The Board of Governors is self appointing. New members of the Board are elected on the basis of their professional qualities, experience, personal competence and local availability.

New Governors are inducted into the workings of the charitable company and its school, including Board Policy and Procedures. Governor and Trustee training is offered to all new members and is provided by a number of professional sources such as AGBIS. Governors are appointed initially for a five year term of office. At the expiry of this period Governors can offer themselves for re-election to the Board.

Organisational management and remuneration

The Pangbourne College Governors, as the trustees of the charity and directors of the company are legally responsible for the overall management and control of Pangbourne College, and meet as a Board at least three times a year. The work of governance and financial supervision is carried out by members of the Finance and General Purposes Committee (F&GP), who meet before each regular meeting of the College Governing Board and on extra occasions when necessary. The F&GP works under the chairmanship of a member of the College Governors. The other principal permanent committees are the Property & Sustainability Committee, the Education & Welfare Committee and the Health & Safety Committee, each being chaired by a Board member and meet on a termly basis and more often should the need arise. Other committees are formed on an ad hoc basis for specific purposes such as an Appeal. Members of all Board committees are listed on page 1.

The day to day management of the school is delegated to the College’s Headmaster supported by the Senior Management Team. During the year, and at 31 August 2025 unless otherwise stated, these were:

Mr J N Walne - Bursar Mr M Seccombe - Deputy Head Academic Mr M Skidmore - Deputy Head Pastoral Mr R Follett - Deputy Head Co-Curricular (resigned 31 August 2025)

The Head, Deputy Head Character & Routines, Deputy Head Academic and the Bursar attend meetings of the various committees.

The Head, Senior Management Team and Governors together form the College’s Key Management Personnel.

The Board of Governors are responsible for setting the pay and remuneration of the College’s key management personnel. When considering remuneration, the Board aims to recruit and retain talented people, sustain the high performance culture within the College and recognise the contributions of the personnel. The underlying principle when setting pay is that the amount paid should reflect the market for comparable jobs in comparable organisations, the performance of the organisation and the skills and contribution of the individual. Independent remuneration reviews are commissioned from time to time for the Head and Bursar, the most recent completed in July 2015 by Affinity Independent Schools Consultancy LLP.

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PANGBOURNE COLLEGE LIMITED

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

Group structure and relationships

The charitable company has a wholly owned non-charitable subsidiary, Pangbourne College Enterprises Limited, whose activities and trading performance are discussed below.

Pangbourne College actively supports the attainment of the highest standards in the Independent Schools sector as its Head is a member of The Headmasters’ and Headmistress’ Conference. We also cooperate with many local organisations in our ongoing endeavours to widen public access to the schooling we can provide, to optimise the use of our cultural and sporting facilities and to awaken in our pupils an awareness of the social context of the all round education they receive at the College.

The College also benefits from the generosity of a thriving network of Old Pangbournians whose close support we greatly appreciate and gladly acknowledge.

AUDITORS

So far as each of the Governors is aware at the time the report is approved:-

In accordance with Section 485 of the Companies Act 2006, a resolution proposing the re-appointment of Crowe U.K. LLP as auditors to the company will be put to the Annual General Meeting.

STRATEGIC REPORT

VISION

Our vision is to provide an academic education alongside an ethos of adventure; supporting our young people to acquire the knowledge, skills and character to become kind, confident and articulate adults ready to leave a positive mark on a changing world.

MISSION

Pangbourne College exists to educate young people to be a force for good in an imperfect world. Our mission is to be a caring community of learners in which pupils from all backgrounds can flourish.

We enable pupils to succeed academically and to develop character through commitment to a curriculum that provides challenge and adventure. We equip our pupils with the values, knowledge, skills and confidence needed to grasp opportunities and make a positive difference to the world. We seek to increase the diversity and quality of our pupil body through the provision of transformational bursaries.

STRATEGIES TO ACHIEVE THE PRIMARY OBJECTIVES

The College’s 5 year Development Strategy for the academic years 2024/25 to 2029/30 encompasses all aspects of College life, from our campus development, through to communication and technology.

EDUCATION STRATEGY

  1. Academic Rigour, not Academic Selection, to help every individual realise their ambition.

  2. Exploration & Adventure, increasing self-awareness and promoting resilience.

  3. Community, a supportive ecosystem with exceptional pastoral care.

  4. Leadership and personal growth.

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PANGBOURNE COLLEGE LIMITED

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

BUSINESS STRATEGY

  1. Forward thinking, economical business planning to balance resources with needs, maximising efficiencies and further improving profitability.

  2. Reduce dependence on fee income through generating incremental income via commercial activities, asset management, fundraising and sponsorship.

SUSTAINABLE CAMPUS

  1. A considered plan of capital investment, serving the educational needs and increasing the value of the College’s natural assets.

  2. Ensure resources are maintained and used effectively to meet pupil needs.

  3. Sustainable environment: seeking to reduce waste, reduce carbon emissions, increase carbon offsetting and put sustainability at the core of both development and redevelopment projects.

COLLEGE COMMUNITY

  1. Attract Pangbournians with a spirit of adventure ready to thrive at the College and beyond.

  2. Attract and retain brilliant staff, developing talent through training, coaching and mentoring, build a motivated, ambitious community that recognises excellence.

  3. Develop exceptional communications, facilitating a connected, happy community.

INNOVATION

  1. Working with industry leaders, deliver a forward-thinking technology strategy to aid excellence in teaching and learning.

  2. Maintain reliable, agile systems to aid virtual interoperability across the College, both secure and flexible to support the College’s changing needs.

ACHIEVEMENTS AND PERFORMANCE

Review of achievements and performance for the year

This year's GCSE results show continued strong performance across the board and some of the highlights of the outstanding results include 38% 9-7 grades (best in last 8 years and 3rd best results ever) and 84% 9-5 grades (best ever) as well as 96% 9-4 grades (best ever). Biology, French and Physics achieved more than 60% 9-7 grades and Biology, Chemistry, German and Physics all achieved 100% 9-5 grades.

Some of the highlights of the record-breaking A level results for the year include 45% A-A grades and equivalent (which is an increase from 29% last year) and 90% A-C (an increase from 84% last year) as well as a 100% pass across all subjects. Economics, French and Politics all achieved above 60% A-A grades and Chemistry, Chinese, Further Maths, History, Music 100% A-B grades. Media BTEC and Sport Diploma BTEC achieved 100% Distinction* or Distinction.

One particularly pleasing outcome was that the Value added was positive (0.64 grades) overall meaning that pupils secured nearly two thirds of a grade higher than their CAT4 baseline assessment would have forecast.

In terms of outdoor pursuits, 14 Gold, 30 Silver and 131 Bronze Duke of Edinburgh’s Awards were completed by Pangbourne pupils. The Combined Cadet Force (CCF) at Pangbourne College remained a central pillar of pupil development, with 185 cadets enrolled across its three sections: Army, Royal Navy and Royal Marines. While overall numbers saw a reduction from the previous year, engagement and commitment within the contingent remained strong. The Royal Navy section continued to be a prominent and well-supported element of the CCF; however, the principal focus of the year shifted towards leadership development across all sections. In the absence of a Summer Camp in 2025, the training programme was deliberately structured to enhance cadets’ confidence, responsibility and command skills, providing increased opportunities for senior cadets to lead exercises, mentor junior members and undertake progressive leadership challenges. The creation of high ropes, low ropes and assault courses on the College grounds significantly enhanced the CCF’s on-site training capability, offering additional resources to support adventurous training and leadership exercises. This was further strengthened by a number of CCF and College staff undertaking adventurous training qualifications,

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PANGBOURNE COLLEGE LIMITED

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

ensuring high-quality delivery and the continued development of a dynamic and challenging programme. The year was characterised by purposeful training and a clear emphasis on character development, service and teamwork.

The College made significant changes to the pastoral system for the start of the 25/26 academic year. In recognition of the increasing demands on teachers, In line with this a number of significant improvements were made to the College’s facilities during the year.Two of our Boarding Houses, Hesperus and Macquarie were renovated and updated to become Co-Ed Day Houses where Pupils in the new divisional structure can reconvene at points during the school day. A third Boarding House, Illawarra, was also reconfigured during the year to meet the requirements of our increasing number of day boarders. The renovations have supported the College’s strategies outlined in this report.

Once again, students from the College travelled to Uganda over the summer break to support projects at Nabugabo Community Learning Centre.

Grant making policy

Pangbourne College Governors’ policy, in line with that of other independent schools, is to make awards on the basis of an individual’s educational potential. Awards and bursaries (not including untested allowances for staff) totalling £828,097 (2024: £1,264,630) (6.6% of gross fees receivable) were made from unrestricted funds where the policy is towards academic excellence and also to relieve hardship where the pupil’s education and future prospects would otherwise be at risk.

Public benefit

The Board is mindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2011. In this connection the Board has monitored closely the guidance on public benefit produced by the Charity Commission together with its supplemental guidance on fee-charging.

The Trustees continued to take seriously the requirement to have regard to the published guidance on public benefit as per s.17 (5) of the Charities Act.

The College awards a substantial number of bursaries (means tested) and scholarships (based on merit) each year. The policies in respect of these are available on the College’s website. In the last year, the College provided means tested support for pupils whose parents could not afford the fees worth £771,000 (2024: £970,000) , or 6.2% of gross fee income. Four (2024: six) pupils received support worth at least 100% of fees, including three via the Royal National Children’s Springboard Foundation. Additionally, £83,000 (2024: £180,414) was given in discounts to children of parents serving in the Armed Forces.

Beyond the considerable public benefit of providing a high quality education (known as the Pangbourne Experience) to the pupils of the College, which equips them with good academic qualifications and a sense of responsibility and service to others, the College also provided wider benefits to children and young people who are not pupils.

A number of local state schools, prep schools and youth organisations receive support from the College and our employees. Local school children attend events run by the College such as the annual Piano Festival, orchestral fun days, DT challenge days, hockey tournaments and outdoor learning classes.

The College donated £5,732 to eight local projects that applied for grants from the Community Fund.

The following programmes were achieved during the year:

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PANGBOURNE COLLEGE LIMITED

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

their learning experience and engage with our pupils and other local primary schools. Activities throughout the year included: Forensic Science days, Maths Challenge, Orchestral Fun Day, DT workshops, Cross Country Event and Football Tournament.

The College maintains and acts as steward to the Falkland Islands Memorial Chapel, the national war memorial for those killed in the Falklands War. Normal wear and tear is funded and carried out by the College. Major repairs and refurbishment, while being funded by the Chapel Trust, are planned and organised by the College’s Estate’s Bursar and his staff. The College staff and pupils also host the annual memorial service and lunch in June for over 600 families and veterans.

Pangbourne Choral Society is made up of members of the local community. They meet weekly in the Falkland Islands Memorial Chapel and hold a number of fund raising concerts throughout the year.

Volunteers

Old Pangbournians helped generously with activities such as the Careers Fair. The Pangbourne Parents’ Association also organised a number of events in support of the College. The Trustees would like to take this opportunity to say how much their continuing and valuable support for the charity’s work is appreciated.

FINANCIAL REVIEW

Results for the Year

The Governors of the College report a pre-depreciation surplus of £267k (2024: £1,183k) .

The College achieves its liquidity objectives by the careful management of working capital and regular forecasting of short and long term cash requirements. The College’s cost base predominantly comprises staff costs and therefore the impact of commodity price risk is modest although there is exposure to increases in utility and related building operational costs. The College’s exposure to credit risk is mitigated by fees being due at the beginning of each term.

Interest rate risk exposure is managed by the consideration of fixing interest rates on a proportion of the loan portfolio within parameters that are agreed and regularly reviewed by the Finance and General Purposes Committee.

Reserves Policy

The College’s policy is to seek to generate a surplus of income over expenditure that enables the College to continue its programme of refurbishment and development whilst securing the long term viability of the College.

At the balance sheet date unrestricted funds stood at £14,171,715 (2024: £14,347,790) . After deducting the carrying value of tangible fixed assets held for the charity’s own use, adjusted for borrowing there were free reserves of £2,478,336 (2024: £2,950,930) (as defined by the Charity Commissioners). As part of the Development Plan currently in progress, the College is producing a Master Plan for the campus which will determine the priorities for future capital projects.

The Governors policy is to require cash of £2.5m to be ring fenced in a separate bank account and outside of cash available for the day to day working capital. This cash reserve is sufficient to cover three month’s running costs or two years' worth of bank loan repayments.

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PANGBOURNE COLLEGE LIMITED

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

Fundraising

All fundraising is aimed at providing a high quality educational experience for the boys and girls who are pupils at the College, and making the experience available to more young people. Our wider community includes current and former pupils, parents, staff and friends of the College.

Our good relationship with our community is critical to the success of our charity, and we believe in establishing positive long term relationships based on trust, goodwill and our shared interests. Any fundraising approaches are therefore personal and targeted, focused only on existing members of the College community.

We do not participate in public mass mailings, door to door fundraising, or telephone campaigns. All data shared with us is protected in compliance with the GDPR, and we never share personal information with third parties for the purposes of marketing. All literature and emails sent to our community members have clear messaging about who and how to contact us if they wish to change how we communicate with them.

Pangbourne College is registered with the Fundraising Regulator, and we follow the regulator’s Code of Practice. This sets out the standards that members are expected to follow when raising money, including taking all reasonable steps to protect vulnerable people from persistent approaches, unreasonable intrusion or undue pressure.

The fundraising team at Pangbourne College consists of the Director of Development and Alumni Relations Officer. Other senior leaders within the College, including the Head, Bursar and Governors, play a role in raising and managing funds. Occasionally other alumni and parents act as fundraising volunteers, in which case they are trained, monitored and sign a data protection and confidentiality agreement.

During the year, our charity received no complaints requiring action by the Fundraising Regulator.

FUTURE PLANS

Mr Oliver Knight assumed the role of Head for the start of the 2024/25 academic year and introduced the College’s 5 year Development Strategy.

As part of this strategy and in response to market changes and to aid a thriving business operation, the Board of Governors and the Head announced the launch of Campus 2030. This is a phased development plan for the wider college campus and facilities over the next five years. The initial phase was aimed to enhance the community experience through the consolidation of the senior boarding accommodation and to move to a truly co educational model.This phase was completed during the summer of 2025.

Boarders are now concentrated in two boys’ houses and one girls’ house. All the house staff are dedicated solely to the boarding houses and they carry out no teaching duties. Together with the concentration of pupils, this increased focus on pastoral care will provide an enjoyable and rewarding boarding experience, both during the week and at weekends.

The concentration of boarding has allowed the College to make more efficient use of its remaining buildings. All senior pupils, both day and boarding, are now members of four co-educational day divisions. In a similar principle to the boarding houses, these divisions are also run by dedicated pastoral staff. The divisions are the focus for pastoral care and for all sporting and co-curricular internal competitions. The conversion of the two boys’ boarding houses took place over the summer break and was carried out by external contractors.

Also during the summer break, the internal works team converted a third former boys’ boarding house into a Sixth Form Centre for both Years 12 and 13 pupils. Apart from recreational and social space, the Centre provides quiet and extensive private study areas for the pupils to use at the heart of the College.

Planning is now underway with the second phase of Campus 2030 which is the provision of new Science facilities.

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PANGBOURNE COLLEGE LIMITED

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

Students are at the heart of Pangbourne and academic rigour is key to their future success. The Governors and staff remain fully committed to ensuring that academic standards are the highest possible, whilst being comfortable with maintaining a broadly unselective admissions policy. The latter is best described as ‘discerning’, in that a place will not be offered unless all parties are confident that the College can meet the individual pupil’s needs

RISK MANAGEMENT

Pangbourne College Board of Governors is responsible for the management of the risks faced by the College. Detailed considerations of risk are delegated to the Finance and General Purposes Committee, who are assisted by the Senior Management Team. Risks are identified, assessed and controls are established throughout the year. A formal review of the charitable company’s risk management processes is undertaken on an annual basis. The College has started to conduct an in depth review of the risk register and how it is used in order to produce a more rigorous risk management process.

The key controls used by the charitable company include:-

Through the risk management processes established for the College, Pangbourne College Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Principal risks and uncertainties

The Governing Body is satisfied that for all major risks identified for the group appropriate controls have been put in place and maintained to mitigate those risks adequately. It is recognised that systems can provide only reasonable, but not absolute assurance that major risks have been managed. The principal risks and uncertainties are assessed as:

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PANGBOURNE COLLEGE LIMITED

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

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of Pangbourne College Limited, including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

Mr P Roberts MBE (Chair of Trustees)

Date: 19 March 2026

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PANGBOURNE COLLEGE LIMITED

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

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

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

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

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PANGBOURNE COLLEGE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANGBOURNE COLLEGE LIMITED

Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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PANGBOURNE COLLEGE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANGBOURNE COLLEGE LIMITED (CONTINUED)

Other information

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

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PANGBOURNE COLLEGE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANGBOURNE COLLEGE LIMITED (CONTINUED)

Responsibilities of trustees

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

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

Auditor's responsibilities for the audit of the financial statements

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

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

We obtained an understanding of the legal and regulatory frameworks within which the group and charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102) and the Charities Act. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the group and charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the group and charitable company for fraud. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014, Safeguarding, Health and Safety, GDPR and Food standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance.

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PANGBOURNE COLLEGE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANGBOURNE COLLEGE LIMITED (CONTINUED)

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 accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Alastair Lyon (Senior statutory auditor)

for and on behalf of

Crowe U.K. LLP Statutory Auditor R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ

Date: 25 March 2026

Page 16

PANGBOURNE COLLEGE LIMITED

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

Note
Income from:
Donations and legacies
4
Charitable activities:
Fees receivable
5
Ancillary trading income
6
Other trading activities:
Trading income
Rents and lettings
Investments:
Interest received
Other income
Total income
Expenditure on:
Raising funds:
Trading expenditure
Finance costs
Charitable activities:
7
Teaching costs
Welfare costs
Premises costs
Support costs
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
1
11,293,064
690,491
287,125
73,829
204,289
553
12,549,352
207,799
7,775
6,190,072
2,095,023
1,978,742
2,246,016
12,725,427
(176,075)
14,350,290
(176,075)
14,174,215		 Restricted
funds
2025
£
34,899
-
-
-
-
-
-
34,899
-
-
-
-
-
5,732
5,732
29,167
263,175
29,167
292,342		 Total
funds
2025
£
34,900
11,293,064
690,491
287,125
73,829
204,289
553
12,584,251
207,799
7,775
6,190,072
2,095,023
1,978,742
2,251,748
12,731,159
(146,908)
14,613,465
(146,908)
14,466,557		 Total
funds
2024
£
79,146
12,813,386
487,730
302,640
82,863
77,935
119,872
13,963,572
202,012
122,822
6,394,712
2,004,339
2,203,099
2,242,876
13,169,860
793,712
13,819,753
793,712
14,613,465

Page 17

PANGBOURNE COLLEGE LIMITED REGISTERED NUMBER: 00260104

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
11
Current assets
Stocks
Debtors
13
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Net assets excluding pension liability
Defined benefit pension scheme liability
25
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
General funds
19
Share capital
19
Total unrestricted funds
19
Total funds		 163,410
787,080
6,750,287
7,700,777
(4,589,918)
14,171,715
2,500		 2025
£
12,883,747
12,883,747
3,110,859
15,994,606
(1,515,434)
14,479,172
(12,615)
14,466,557
292,342
14,174,215
14,466,557		 243,771
310,251
8,059,349
8,613,371
(4,348,504)
14,347,790
2,500		 2024
£
12,799,915
12,799,915
4,264,867
17,064,782
(2,448,950)
14,615,832
(2,367)
14,613,465
263,175
14,350,290
14,613,465

Page 18

PANGBOURNE COLLEGE LIMITED REGISTERED NUMBER: 00260104

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2025

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

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

Mr P Roberts MBE

Chair of Trustees

Date: 19 March 2026

The notes on pages 23 to 46 form part of these financial statements.

Page 19

PANGBOURNE COLLEGE LIMITED REGISTERED NUMBER: 00260104

COMPANY BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Net assets excluding pension liability
Defined benefit pension scheme liability
25
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
General funds
19
Share capital
19
Total unrestricted funds
19
Total funds		 1,014,168
6,552,866
7,567,034
(4,545,026)
14,082,867
2,500		 2025
£
12,883,747
3
12,883,750
3,022,008
15,905,758
(1,515,434)
14,390,324
(12,615)
14,377,709
292,342
14,085,367
14,377,709		 446,419
8,017,267
8,463,686
(4,308,970)
14,237,642
2,500		 2024
£
12,799,915
3
12,799,918
4,154,716
16,954,634
(2,448,950)
14,505,684
(2,367)
14,503,317
263,175
14,240,142
14,503,317

The Company's net movement in funds for the year was a deficit of £ (125,608) (2024 - surplus of £750,356) .

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

Page 20

PANGBOURNE COLLEGE LIMITED REGISTERED NUMBER: 00260104

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2025

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

Mr P Roberts MBE

Chair of Trustees

Date: 19 March 2026

The notes on pages 23 to 46 form part of these financial statements.

Page 21

PANGBOURNE COLLEGE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Note
Cash flows from operating activities
Net cash (used in)/generated by operating activities
21
Cash flows from investing activities
Investment income
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Interest paid
Advance fees received net of fees returned
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
22		 2025
£
(764,665)
204,289
(497,383)
(293,094)
(212,687)
(77,837)
39,221
(251,303)
(1,309,062)
8,059,349
6,750,287		 2024
£
837,439
77,935
-
77,935
(199,782)
(94,511)
2,278,311
1,984,018
2,899,392
5,159,957
8,059,349

The notes on pages 23 to 46 form part of these financial statements

Page 22

PANGBOURNE COLLEGE LIMITED

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

1. General information

Pangbourne College’s principal activity is the maintenance of an independent boarding and day school for boys and girls aged from 11 to 18. The incorporated charity (registered number 0260104 and charity number 309096), is incorporated and domiciled in the UK. The address of the registered office is Pangbourne College, Pangbourne, Berkshire, RG8 8LA.

2. Accounting policies

2.1 Basis of preparation of financial statements

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

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

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking, Pangbourne College Enterprises Limited. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. The net outgoing resources of the College (excluding Enterprises) were £125,608 (2024: incoming resources of £750,356) .

2.2 Going concern

The charity currently holds significant cash balances with no significant commitments to capital projects. Cash flow modelling with sensitivity analysis indicates that the cash reserves are adequate to meet the charity's obligations as they fall due.

Accordingly, the Governors believe the School's financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on the going concern basis.

Page 23

PANGBOURNE COLLEGE LIMITED

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

2. Accounting policies (continued)

2.3 Income

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

Fees

Fee income represents the invoiced amount of College fees receivable after deducting allowances, scholarships and other remissions granted by the College. Adjustments have been made to defer invoiced fees relating to the Autumn term, which commences in the next financial period to ensure that no income relating to the next financial year is included in these financial statements. Any payments received relating to this term have been treated as fees in advance under creditors.

Donations and legacies

Donations and legacies received for the general purposes of the College are credited to ‘unrestricted funds’. Donations subject to specific wishes of the donors are carried to relevant restricted funds. Income from legacies is accrued where a pecuniary legacy is notified by the year end and where a residuary legacy has entitlement, the amount can be reliably quantified (usually via estate accounts) and it is considered probable it will be received.

Advanced fees

Amounts received under the College’s Advanced Fees Scheme contracts, for education not yet utilised to settle school fees, are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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

2.4 Expenditure

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

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

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

Page 24

PANGBOURNE COLLEGE LIMITED

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

2. Accounting policies (continued)

2.4 Expenditure (continued)

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

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

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

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

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

Depreciation is provided on the following basis:

Buildings - 2% straight line
Motor vehicles - 33% straight line
Fixtures and fittings - 25% straight line
Boats - 33% straight line

2.7 Investments

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

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

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.9 Debtors

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

Page 25

PANGBOURNE COLLEGE LIMITED

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

2. Accounting policies (continued)

2.10 Cash at bank and in hand

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

2.11 Liabilities

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

2.12 Parents’ deposits

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances 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 August have been included within current liabilities.

2.13 Financial instruments

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

Page 26

PANGBOURNE COLLEGE LIMITED

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

2. Accounting policies (continued)

2.14 Pensions

Full-time and part-time teaching staff employed under a contract of service were eligible to contribute to the Teachers’ Pension Scheme (TPS). The College was in this scheme until 31 December 2021 when it transferred to a group personal pension plan with Royal London Mutual Insurance Society Limited. See note 25 for more information.

Costs include normal and supplementary contributions. The regular cost is the normal contribution, expressed as a percentage of salary of a teacher newly entering service, which would defray the cost of benefits payable in respect of that service. Variations from the regular pension cost are met by a supplementary contribution. This occurs if, as a result of the actuarial investigation, it is found that the accumulated liabilities for benefits to past and present teachers are not fully covered by normal contributions to be paid in future and by the fund built up from past contributions. The normal and supplementary contributions are charged to the statement of financial activities.

The College contributed until 30 September 2013 to the Pensions Trust Growth Plan Pension Scheme for certain of its employees. This was in most respects a money purchase arrangement, but did include certain guaranteed benefit elements. The Plan was a multi-employer scheme. It is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers and accordingly, in accordance with FRS102, is accounted for as a defined contribution scheme with contributions being recorded as they become payable. The School makes deficit contribution payments to the Scheme and, in accordance with FRS 102 these payments have been measured at fair value and included as a liability on the balance sheet.

The College also operates a defined contribution auto enrolment arrangement and a defined contribution enhanced pension scheme for non-teaching staff.

Pension costs charged in the SOFA represent contributions payable by the College in that year.

2.15 Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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

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

Page 27

PANGBOURNE COLLEGE LIMITED

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

3. Critical accounting estimates and areas of judgment

In the application of the charity’s accounting policies, which are described in note 2, Governors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

The Governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

Page 28

PANGBOURNE COLLEGE LIMITED

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

4. Income from donations and legacies

Unrestricted
funds
2025
£
Donations
1
Unrestricted
funds
2024
£
Donations
13,769
Fees receivable
Gross fees
Less total bursaries, grants and allowances		 Restricted
funds
2025
£
34,899
Restricted
funds
2024
£
65,377
2025
£
12,487,178
(1,194,114)
11,293,064		 Total
funds
2025
£
34,900
Total
funds
2024
£
79,146
2024
£
14,350,519
(1,537,133)
12,813,386

5. Fees receivable

All fees receivable are unrestricted in both years.

Page 29

PANGBOURNE COLLEGE LIMITED

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

6. Ancillary trading income

Insurance commission
Registration fees
Special learning
Fees in lieu
Exams
Music
Trips
Bus income		 2025
£
11,009
18,920
117,150
118,439
66,089
72,888
201,660
84,336
690,491		 2024
£
865
24,216
78,090
71,529
257
79,417
167,002
66,354
487,730

The total ancillary trading income is unrestricted in both years.

Page 30

PANGBOURNE COLLEGE LIMITED

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

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Teaching costs
6,190,072
Welfare costs
2,095,023
Premises costs
1,978,742
Support costs
2,246,016
12,509,853
Unrestricted
funds
2024
£
Teaching costs
6,394,712
Welfare costs
2,004,339
Premises costs
2,203,099
Support costs
2,230,980
12,833,130		 Restricted
funds
2025
£
-
-
-
5,732
5,732
Restricted
funds
2024
£
-
-
-
11,896
11,896		 Total
2025
£
6,190,072
2,095,023
1,978,742
2,251,748
12,515,585
Total
2024
£
6,394,712
2,004,339
2,203,099
2,242,876
12,845,026

Page 31

PANGBOURNE COLLEGE LIMITED

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

7. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

Teaching costs
Welfare costs
Premises costs
Support costs		 Staff costs
2025
Depreciation
2025
£
£
5,342,234
244,297
1,312,676
72,480
306,445
37,753
852,374
59,021
7,813,729
413,551		 Other costs
2025
£
603,541
709,867
1,634,544
1,340,353
4,288,305		 Total
2025
£
6,190,072
2,095,023
1,978,742
2,251,748
12,515,585

Included within support costs are governance costs of £26,111 (2024: £25,839) . Governance costs comprise the cost of running the charity including external audits, Governors' legal advice and constitutional and statutory compliance costs.

Teaching costs
Welfare costs
Premises costs
Support costs		 Staff costs
2024
£
5,459,957
665,068
315,471
1,257,719
7,698,215		 Depreciation
2024
£
220,467
72,480
37,573
59,021
389,541		 Other costs
2024
£
714,288
1,266,791
1,850,055
926,136
4,757,270		 Total
2024
£
6,394,712
2,004,339
2,203,099
2,242,876
12,845,026

8. Net income

This is stated after charging:
Depreciation
Auditors' remuneration - Parent
Auditors' remuneration - Subsidiary
Auditors remuneration - non audit services
Operating lease rentals		 2025
£
413,551
22,500
3,500
2,300
155,698
597,549		 2024
£
389,541
20,965
3,285
2,165
177,539
593,495

Page 32

PANGBOURNE COLLEGE LIMITED

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

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2025
£
6,041,114
798,089
1,042,998
7,882,201		 Group
2024
£
5,884,799
589,447
1,300,160
7,774,406		 Company
2025
£
5,978,114
798,089
1,037,526
7,813,729		 Company
2024
£
5,815,126
589,447
1,293,642
7,698,215

Group staff costs above include £68,472 (2024: £71,278) of staff costs in relation to Pangbourne College Enterprises Limited.

During the year ex-gratia payments totalling £150,313 (2024: £30,926) were made.

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

Teaching
Premises
Support and welfare		 Group
2025
No.
68
7
52
127		 Group
2024
No.
74
7
54
135		 Company
2025
No.
68
7
50
125		 Company
2024
No.
74
7
52
133

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

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 9 10
In the band £70,001 - £80,000 2 1
In the band £90,001 - £100,000 - 1
In the band £100,001 - £110,000 1 -
In the band £140,001 - £150,000 - 1
In the band £160,001 - £170,000 1 -

The key management personnel of the college are the Governors and the Officers as identified in the Legal and Administrative information on page 1. In the year ended 31 August 2025 they received aggregate remuneration (including employers' national insurance and pension contributions) of £649,224 (2024: £747,153) .

Page 33

PANGBOURNE COLLEGE LIMITED

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

10. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 August 2025, travel expenses totalling £ 111 were reimbursed or paid directly to 1 Governor (2024 - £1,403 to 2 Governors) . £464 (2024: £1,589) was spent on Governor meetings. Insurance costs also include trustee indemnity insurance.

11. Tangible fixed assets

Group and Company

Cost or valuation
At 1 September 2024
Additions
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Freehold
property
£
19,353,602
497,383
19,850,985
6,591,160
395,829
6,986,989
12,863,996
12,762,442		 Motor
vehicles
£
46,717
-
46,717
46,717
-
46,717
-
-		 Fixtures and
fittings
£
2,466,177
-
2,466,177
2,428,704
17,722
2,446,426
19,751
37,473		 Other fixed
assets
£
378,250
-
378,250
378,250
-
378,250
-
-		 Total
£
22,244,746
497,383
22,742,129
9,444,831
413,551
9,858,382
12,883,747
12,799,915

The Governors consider the market value of freehold property to be substantially more than the net book value should the assets be sold for any use other than for educational purposes. This is due to the increase in values of the property market generally.

Page 34

PANGBOURNE COLLEGE LIMITED

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

12. Fixed asset investments

Company
Cost or valuation
At 1 September 2024
At 31 August 2025		 Investments
in
subsidiary
companies
£
3
3

Principal subsidiaries

The following were subsidiary undertakings of the Company:

Names Company Registered office or Principal Principal Class of **Holding ** Included in
number principal place of activity shares consolidation
business
Pangbourne 01582185 Pangbourne College, Non-educational Ordinary 100% Yes
College Pangbourne, Reading, activities of the
Enterprises Berks, RG8 8LA. College
Limited
The financial results of the subsidiaries for the year were:
Names Income Expenditure Profit/(Loss) Net assets
£ £ / Surplus/ £
(Deficit) for
the year
£
Pangbourne College Enterprises 287,125 221,299 65,826 88,851
Limited

The financial results of the subsidiaries for the year were:

Administrative expenses include a management charge paid to the College of £13,500 (2024: £13,500) which is eliminated on consolidation, and the donation under Gift Aid of £87,128 (2024: £43,772) is to the College and is also eliminated on consolidation.

Page 35

PANGBOURNE COLLEGE LIMITED

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

13. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2025
£
719,744
-
3,554
63,782
787,080		 Group
2024
£
294,413
-
2,875
12,963
310,251		 Company
2025
£
679,282
267,919
3,185
63,782
1,014,168		 Company
2024
£
188,822
241,759
2,875
12,963
446,419

14. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Acceptance deposits
Accruals
Fees in advance
Deferred income - Advanced fees
16		 Group
2025
£
231,237
453,530
766,672
184,872
717,369
725,541
806,858
3,886,079
703,839
4,589,918		 Group
2024
£
212,246
691,723
212,287
250,294
741,940
309,578
722,160
3,140,228
1,208,276
4,348,504		 Company
2025
£
231,237
434,620
754,417
184,872
717,369
711,814
806,858
3,841,187
703,839
4,545,026		 Company
2024
£
212,246
676,411
201,794
250,295
741,940
295,848
722,160
3,100,694
1,208,276
4,308,970

The bank borrowing is secured by a fixed legal charge over the property of the charity and a floating charge over the other assets.

Page 36

PANGBOURNE COLLEGE LIMITED

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

15. Creditors: Amounts falling due after more than one year

Group
2025
£
Bank loans
959,131
Deferred income - Advanced fees
16
556,303
1,515,434
Included within the above are amounts falling due as follows:
Group
2025
£
Between one and two years
Bank loans
243,017
Between two and five years
Bank loans
716,114
Over five years
Bank loans
-		 Group
2024
£
1,190,809
1,258,141
2,448,950
Group
2024
£
225,826
767,926
197,057		 Company
2025
£
959,131
556,303
1,515,434
Company
2025
£
243,017
716,114
-		 Company
2024
£
1,190,809
1,258,141
2,448,950
Company
2024
£
225,826
767,926
197,057

The loan was first drawn down in September 2006 and is repayable in monthly instalments over 20 years starting in February 2010.

The interest rate applied to the loan is equivalent to 1% per annum above the bank base rate.

Page 37

PANGBOURNE COLLEGE LIMITED

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

16. Deferred income - Advanced fees

Amounts may be paid to the college up to the equivalent of 7 years' tuition fees in advance. The money may be returned subject to specific conditions stated within the scheme literature.

Assuming pupils will remain at the college advance fees will be applied:

Within 1 year
Within 1 - 2 years
Within 2 - 5 years		 2025
£
703,839
346,760
209,543
1,260,142		 2024
£
1,208,276
695,943
562,198
2,466,417

The balance represents the accrued liability under the contracts. The movements during the year are detailed as follows:

At 1 September 2024
Increase
Advance fees received
Discounts allocated
Decrease
Advance fees utilised
17.
Share capital
Authorised, issued and fully paid
50,000 shares of 5p each		 2025
£
2,466,417
39,221
24,740
63,961
(1,270,236)
1,260,142
2025
£
2,500
2,500		 2024
£
350,245
2,278,311
6,307
2,284,618
(168,446)
2,466,417
2024
£
2,500
2,500

Page 38

PANGBOURNE COLLEGE LIMITED

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

18. Financial instruments

Financial assets
Financial assets measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised
cost		 Group
2025
£
7,486,548
Group
2025
£
3,286,725		 Group
2024
£
8,369,600
Group
2024
£
3,396,590		 Company
2025
£
7,516,215
Company
2025
£
3,254,088		 Company
2024
£
8,463,686
Company
2024
£
3,367,549

Financial assets held at amortised cost are trade debtors, other debtors, intercompany debtors and cash at bank.

Financial liabilities held at amortised cost are trade creditors, bank loans, acceptance deposits, other creditors and accruals.

The income, expense, gains and losses in respect of financial instruments are summarised below:

Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Total interest expense for financial liabilities
held at amortised cost 77,837 94,511 77,837 94,511

Page 39

PANGBOURNE COLLEGE LIMITED

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

19. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Share capital
Reserves - Trading subsidiary
Restricted funds
Boat House Fund
Other restricted funds
Community Fund
Transforming Futures
Master Plan
Total of funds		 Balance at 1
September
2024
£
14,237,640
2,500
110,150
14,350,290
154,080
3,673
36,521
18,901
50,000
263,175
14,613,465		 Income
£
12,214,942
-
334,410
12,549,352
3,030
1,990
2,177
27,702
-
34,899
12,584,251		 Expenditure
£
(12,417,000)
-
(308,427)
(12,725,427)
-
-
(5,732)
-
-
(5,732)
(12,731,159)		 Balance at
31 August
2025
£
14,035,582
2,500
136,133
14,174,215
157,110
5,663
32,966
46,603
50,000
292,342
14,466,557

Boat House Fund - Funds for the boat house, boat shed and grounds refurbishment which will help strengthen rowing at Pangbourne, aid Athlete recruitment and retention, and enrich the overall rowing experience

Community Fund - Pangbourne College Community Fund aims to support projects, activities or events in the local area which will enrich educational opportunities for children and young adults. The Fund also supports Pangbourne's partnership with the Nabugabo Community Learning Centre in Uganda, committing to sponsor the children that go onto St Kizito Secondary School.

Transforming Futures Campaign - Funding to support transformational bursaries for local Sixth Form pupils, covering fees, extra-curricular activities, uniform and trips.

Master Plan - Funds for a development of a holistic masterplan for the School, ensuring the continued evolution of the School's offering.

Page 40

PANGBOURNE COLLEGE LIMITED

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

19. Statement of funds (continued)

Statement of funds - prior year

Balance at
1 September
2023
£
Unrestricted funds
General Funds
13,540,765
Share capital
2,500
Reserves - Trading subsidiary
66,794
13,610,059
Restricted funds
Boat House Fund
149,142
Other restricted funds
22,515
Community Fund
38,037
209,694
Total of funds
13,819,753
20.
Analysis of net assets between funds
Analysis of net assets between funds - current year		 Income
£
13,595,555
-
302,640
13,898,195
4,938
55,210
5,229
65,377
13,963,572		 Expenditure
£
(12,898,680)
-
(259,284)
(13,157,964)
-
(5,151)
(6,745)
(11,896)
(13,169,860)		 Balance at
31 August
2024
£
14,237,640
2,500
110,150
14,350,290
154,080
72,574
36,521
263,175
14,613,465
Unrestricted
funds
2025
£
Tangible fixed assets
12,883,747
Current assets
7,408,435
Creditors due within one year
(4,604,963)
Creditors due in more than one year
(1,515,434)
Provisions for liabilities and charges
2,430
Total
14,174,215		 Restricted
funds
2025
£
-
292,342
-
-
-
292,342		 Total
funds
2025
£
12,883,747
7,700,777
(4,604,963)
(1,515,434)
2,430
14,466,557

Page 41

PANGBOURNE COLLEGE LIMITED

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

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2024
£
12,799,915
8,350,196
(4,348,504)
(2,448,950)
(2,367)
14,350,290		 Restricted
funds
2024
£
-
263,175
-
-
-
263,175		 Total
funds
2024
£
12,799,915
8,613,371
(4,348,504)
(2,448,950)
(2,367)
14,613,465

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Investment income
Decrease/(increase) in stocks
Increase in debtors
Decrease in creditors
Interest paid
(Decrease) in pension liability
Net cash (used in)/provided by operating activities		 Group
2025
£
(146,908)
413,551
(204,289)
80,361
(476,829)
(503,591)
77,837
(4,797)
(764,665)		 Group
2024
£
793,712
389,541
(77,935)
(24,454)
(91,579)
(239,335)
94,511
(7,022)
837,439

Page 42

PANGBOURNE COLLEGE LIMITED

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

22. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2025
£
6,750,287
6,750,287		 Group
2024
£
8,059,349
8,059,349

23. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
September
2024
£
8,059,349
(212,246)
(1,190,809)
6,656,294		 Cash flows
At 31
August 2025
£
£
(1,309,062)
6,750,287
(18,991)
(231,237)
231,678
(959,131)
(1,096,375)
5,559,919		 Cash flows
At 31
August 2025
£
£
(1,309,062)
6,750,287
(18,991)
(231,237)
231,678
(959,131)
(1,096,375)
5,559,919
5,559,919

24. Capital commitments

There were no capital commitments at the year end (2024: £Nil) .

25. Pension commitments

The College left the TPS Scheme on 31 December 2021 and all teaching staff joined a group personal pension plan with the Royal London Mutual Insurance Society Limited on this date. The default rate for new members is 5% for employees and 17.1% for employers. Employee rates can be as low as 5% and as high as 100%. Employer rates can be reduced to a minimum of 8%, with the difference taken as additional salary.

The pension charge for the year includes employer contributions payable to Royal London Mutual Insurance Society Limited of £791,581 (2024: £916,778) and at the year-end £65,781 (2024: £89,132) was accrued in respect of contributions to this scheme. There are no deficit contributions for this Scheme.

Up until the 31 December 2021 the College participated in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £Nil (2024: £Nil) and at the year-end £Nil (2024 - £nil) was accrued in respect of contributions to this scheme.

Page 43

PANGBOURNE COLLEGE LIMITED

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

25. Pension commitments (continued)

Non-teaching staff

Until 30th September 2013, all non-teaching staff could participate in a multi-employer defined benefits pension scheme, the Pensions Trust Growth Plan Pension Scheme (“the Plan”). The Plan closed to new contributions on 30th September 2013, and from that date onwards, non-teaching staff were offered membership of a defined contribution scheme, the Pension Trust Growth Plan Series 4 (“the Enhanced Scheme”).”

Contributions paid into the Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retirement dates. From October 2001 contributions were invested in personal funds which have a capital guarantee and which are converted to pension on retirement, either within the Plan or by the purchase of an annuity.

The Trustee commissions an actuarial valuation of the Plan every three years. The purpose of the actuarial valuation is to determine the funding position of the Plan by comparing the assets with the past service liabilities as at the valuation date. Asset values are calculated by reference to market levels. Accrued past service liabilities are valued by discounting expected future benefits payments using a discount rate calculated by reference to the expected future investment returns.

The rules of the Plan give the Trustee the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as Technical Provisions. If the actuarial valuation reveals a deficit, the Trustee will agree a recovery plan to eliminate the deficit over a specified period of time either by way of additional contributions from employers, investment returns or a combination of these.

Page 44

PANGBOURNE COLLEGE LIMITED

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

25. Pension commitments (continued)

A full actuarial valuation of the plan was carried out at 30 September 2023. The market value of the Plan’s assets at the valuation date was £514.9 million and the Plan’s Technical Provisions (i.e. past service liabilities) were £531.0 million. The valuation therefore revealed a shortfall of assets compared with the value of liabilities of £16.1 million. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional deficit contributions of £2.1m per annum from 1 April 2025 to 31 March 2028, payable monthly. The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Scheme Liabilities. In accordance with FRS102 a liability representing the present value of future commitments relating to the deficit funding is recognised in the accounts.

During the year the College paid deficit contributions of £5,227 (2024: £7,395) , which reduced the pension scheme deficit liability recognised in the accounts. The present value at 31 August 2024 of future commitments relating to the deficit contributions has been calculated as £12,615 (2024: £3,056) . The unwinding of the discount factor, and the impact of changes to assumptions and amendments to contributions has resulted in a £14,786 charge to the SOFA and an increase in pension scheme deficit liability and has been included in pension costs for the year.

Pangbourne College Limited has been advised by the Plan Trustee that, in the event that it was to withdraw its membership of the Plan, it had an estimated contingent liability of £86,805 at 30 September 2024. This debt will not crystallise while Pangbourne College Limited continues to have one or more active members in the scheme.

The amount of the above potential debt depends on many factors including total Plan liabilities, Plan investment performance, the liabilities in respect of current and former employees of Pangbourne College Limited, financial conditions at the time of the cessation event and the insurance buy-out market. The amounts of the debt can therefore be volatile over time.

The College operates a defined contribution auto enrolment scheme (“the AE Scheme”) with Pensions Trust. The employer contribution rate is 10% (2024: 10%) and the employee contribution rate is 3%. Employers’ contributions totalling £81,526 (2024: £62,526) were payable to this fund during the year. Contributions totalling £7,135 (2024: £6,735) were unpaid at the year end and are included in creditors.

In addition, the College offers all non-teaching staff the opportunity to join an Enhanced Scheme with the Pensions Trust, which has an employer contribution rate of 15% (2024: 15%) and an employee contribution rate of 5%. Contributions payable by the company in the year were £303,072 (2024: £313,987) . Contributions totalling £30,195 (2024: £28,503) were unpaid at the year end and are included in creditors.

Page 45

PANGBOURNE COLLEGE LIMITED

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

26. Operating lease commitments

At 31 August 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2025
£
134,399
314,307
448,706		 Group
2024
£
121,661
245,414
367,075		 Company
2025
£
134,399
314,307
448,706		 Company
2024
£
121,661
245,414
367,075

27. Related party transactions

During the year the school instructed Thrings Solicitors, of which Rev A Bond, a Governor, is a consultant, for legal work. Total fees charged in the year were £5,541 (2024: £Nil). At the balance sheet date the amount of £300 was due back to the school (2024: £Nil).

Close members of the Key Management Personnel's family (noted on page 1) are paid a total salary of £131,289 (2024: £116,110). The wife of one of the Governor’s also has her salary included within this total. All close relatives who are, or have been, employed by the School have a standard contract of employment and their salaries are determined as part of a full staff salary review which is approved by the Governors.

Governor donations to the School totalled £3,245 in the year.

28. Post balance sheet events

On the 11 November 2025 the College sold two surplus residential properties for net proceeds totalling £1.85m.

Page 46