2025-08-31-accounts

Registered number- 00900240 Charity numb8r: 309105 HOLME GRANGE LIMITED IA Company Limited by Guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

HOLME GRANGE UMITED IA Company Llmlted by Guarantsg) CONTENTS Page Reference and Admlnlstratlvè Detalls of the Charllablg company. Its Governors and Advl88rs Chalrman's Statement Governors. Report Governors. Rgsponslb511tlos Statement Independont Audltor's Rgport on th8 Flnanclal Statèmènts Statement of Flnanclal Actlvltlos 5-11 12 13-16 17 Balance Sheet 18-19 Statement of Cash Flows 20 Notes to th• Flnanclal Statements 21-43

HOLME GRANGE LIMITED IA Company Limited by Guarantee) REFERENCE AND ADMINISTRAnVE DETAILS OF THE CHARITABLE COMPANY. ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 DlrgctorslGovomoYs Mrs S Northend. Chairl.3 Mrs D Lynch, Wice Chair3 Mr R 81￿h3 Dr K Gordon113 Mrs C Lynas (resigned 10 November 202513 Mr R Sims Irgsigned 10 November 202511 Mr L C13rke3 Miss D Blick lappoinled 27 November 2024113 Mr S Crew (resigned 31 August 202411.2 Mrs T Bakarelresigned 31 August 202412 Mr M Clarkson lappoinled 26 March 2026}1 Mr C Cooper lapp)inled 21 January 2026)1 Mr A Yeo lappoinled 21 January 2026}1 Mr8 B Farthing lappointed 21 January 2026)2 Mrs A Onions lappointed 21 January 2026)3 Mr S Scott (appointed 21 January 202613 Memb8r of the Finance, Administrat￿ft and E8ts1e8 Cc4nM￿ee Member of the Markeling Commthee Membar of th6 EducalM)n and Weware Commrttee Company reglsterod number 00900240 Charlty rfjgl¥t8rod number 309105 Registorod office Heathlands Road Wokingham Berkshire RG40 3AL Key Management personnel Headtoachgr.. Mrs C L Robinson BA, PGCE, NPQH Irelired 31 August 202SI Mrs P Adams Med FCCT (appointed 1 September 20251 Mr J Slrealher BA IHonsl, PGCE MrA J Cook BA (Honsl, MA (resigned 3 October 20251 Mrs K Chorley lappoinled 1 January 20261 Mr M Mccue BEd IHons} Mr K Amslrong Mrs C Cox BSclHonsl PGCE Mrs M Riddy (resigned 31 August 2025) Mr J Jedrzejczyk (appointed 3 November 20251 Mrs H Tromans BAIHonsl Deputy Head". Head of Finance: Bursar Deputy Head Safeguarding". Head of Eaton Grange.. Head of Prep.. Head of Eslales.. Head of Administration & Communication- Page 1

HOLME GRANGE LIMITED IA C<¥mpany Llmlted by Guarantsel REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS GOVERNORS AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 202S Indep•ndent audltor CrcA¥e U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 IA2 Bankern NatW&st Thames Valley Commercial 4th Floor Apex Plaza 3 Forbury Road Reading RG11AX Sollelto Clrfton Ingram 22 Broad Street Wokingham Befkshire RG40 1BA Page 2

HOLME GRANGE LIMITED IA Company Limited by Guarantee} CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The academic year 2024f25 has been another hNJhty successful year for Holme Grange Schogl, with much lo celebrate across all aspects of School lrfe. Throughout Ihe year. resilience. dedication and excellence have continued lo characterise our community and urKlerpin the significant progress made by the School. Holme Grange has a￿ayS been committed to nurturing each individual's pursuit of excellence and we were delighted during the year lo secuie our fourth NACE Challenge Award accredilalion. In addition, the School was recognised as a NACE Ambassador S¢hc)I, Currently one ol only foul schools nalK)nally and the only independent school to hold this distinction. The NACE Challenge Award recognises schools that have embedded a high-qualily whole-schwl approach lo challenge and piovision for more able18afners across all subjects whilst raising standards for all pupil5. Academic achievement continued lo be celebrated Ihffjugh the publicat￿n of our Academic Excellenee Journal and through the excellent progress and attainment demonstrated by our GCSE pupils. Results once again remained above national averages and above the average achieved wrthin the independent sector. Holme Grange pupils continue lo demonstrate thal they are not only successful learners, bul also Ihoughtlul. innovative and responsible young people. Our ¢ommilmenl lo gxcellence extends well beyond the classrcom. Achievement in the arts. sport, sustainability and community engagement continues to flourish and Piovhles pupils wrth opportunities lo develop confidence, leadership and creativity. SuslainFest, hosted dunng the summer le¥m, was another example of Holme Grangè leading the way in encouT8ging curiosty. innovation 8nd environmental responsibility. The School was Highty Commended in the ISA Award for Oulslanding Engagement in the Community and was 8180 a finalist In the Talk Education Innovation in Education Award. Thes8 achievement5 reflect th8 strength of the S¢h¢x)I'$ glhos and our commrtmenl lo developing compassionate, globalty minded and socialty responsible young people who are willing to challenge th￿SelveS and make a posrtNe contribution lo society. During the y8ar, Holty Cottage Nursery was fomially incorporated into tho Holme Grange ¢harty and has integrated successfully into the wider Holme Grange community. The extension of our Eafly Years provision reinforces the School's commitment lo prOV￿ing high-quality education and care from the eadiesl stages of a child's development. The School continues to enjoy a slrong ￿PUtatIon kxalty and pupil numbers have remained buoyant, rnfie¢ling continued confidence in the qualrty of education and pastoral care provM1ed by Holme Grange. Thg School's financial perfomiance refleds Ihe Governors, commitment lo ensuring the very best educational experience for every pupil whilst maintsining long4emi financ￿1 sustainability. The Sehool has continued lo focu8 on prudent eslale and asset management, strategic planning and careful management of resources in response lo the economic unCertaint￿S affecting the independent school sector. Financially, the School's posrtion remains strong, with free reseNes remaining above the level deemed appropriate by the Board. This refiects careful financial management together with a clear strategic vision for the S¢hoDI's future. Whilst loans remain in plxe in respect of specffic development projects. the overall financial position remains robust. The Governors continue to work in a￿OrdanCe with the School'$ strategic development plan. Although planning permission has been secured for a new sports complex. the decision has been taken to delay construction in light of the current economic elimale and wder uncertainties affecting the sector, including the introduction of VAT on school fees ar￿ broader poI￿Y considerations adversely impacting the school's operating costs. This prudent approach reflects the Governors, commrtment to safeguarding the School's long-temi financial stability whilst continuing to support pupils and families. Notwi(hslanding these challenges, the School has continued to invest in rts facilities during the year, including the provisiors of additional leaching accommodion within Ealon Grange and the exiension of changing facilities. Page 3

HOLME GRANGE LIMITED

(A Company Limited by Guarantee)

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

At Holme Grange, we remain deeply committed to ensuring that pupils develop not only academically, but also personally and socially, equipping them with the skills, resilience and confidence required for the future. Alongside academic rigour, the curriculum provides extensive opportunities in sport, the arts, technology, sustainability and leadership.

The Parents' Amenities Association (PAA) has once again provided invaluable support to the School community through fundraising activities and events which have benefited pupils across the School. The Governors are extremely grateful for the continued commitment, generosity and sense of community demonstrated by the parent body.

The School's success is founded upon the dedication and commitment of its staff, Governors, parents and pupils. The Governors wish to record their sincere gratitude to Mrs Claire Robinson, who retires at the end of August 2025 following 19 years of dedicated service as Head of Holme Grange School. Mrs Robinson has provided exceptional leadership and has made a significant contribution to the growth and success of the School.

The Governors are pleased to confirm that Mrs Pippa Adams will succeed Mrs Robinson as Head from September 2025. Mrs Adans shares the School's commitment to achievement through nurture and the Governors look forward to welcoming her to Holme Grange.

On behalf of the Governing Body, I extend sincere thanks to our Head, staff, parents and pupils for their continued dedication, support and contribution to the life and success of Holme Grange School.

Mrs S Northend Chair of Governors

Date:

Page 4

HOLME GRANGE LIMITED {A Company Limited by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The Company is 9overned by rts Memorandum and Articles of ASK￿lat￿)n, last amended on 24th June 2020. Govtrnlng Body The Directors. who are also required under the Artic￿5 to serve as members of the Company, are elected al the Annual General Meeting of the Company. They may also be appointed at other full meetings of the Directors bul only rèlain office until the next Annual General Meeting when they shall fetire bul be eligible for re-election. Al every Annual General Meeting, one third of the Directors shall ￿tire ffom office bul be eligible lor reelection. Those lo retire shall be the Directois who have been longest in office since their last election or appointment. Trustee-tralnlng New Directors are induded into the workings of the School. and dso of th8 Ccmpany as a registered charity, including Board policies and procedures. The Board is a member of the Association ol Governing Bodies of Independent Schools IAG81SI and takes advantage of training sessions provided by the organisalion when appropriate, together wrth those offered by organisations such as the Independent Association of Preparatory Schods IIAPSI and the Independent Schools Asscciation (ISAI. Organlsatlonal Managoment The Directors megt a$ a Board al least Ihr8e timas a year lo detemiine the general policy of the Comparsy and review ils overall management and control, for which they are legalty rèsponsible. The Head and Head of Finanee also attend these meetings Icgether wrth the meetings of the Finance, Admini#lration and Estates Committee. The Finance. Administration and Eststes Committee IFAECI, chaired by Mr8 S Northand, meets formally lo review all financial and busin885 adminislralh)n aspeets of the School, making fecommendalions lo the main Board lor considgration al ils Igmily meetings. Indrvidual membern take ￿SponsIbl11ty for specrfic aspects and less formal meetings lake place as required. The Marketing Committeè, Chaired by Dr K Gordon, meets as required lo forynvl8te a publicity and mark8lin9 strotegy for approval by thg Governing Body and to ovetsee its implementation. Ils goal is to maintain pupil recruilmenl and lo present Ihe irn￿e and elhos of Holme Grange School appropriately. This Committee also assis16 the Head in promoting good relationships with parents and the wider community. The Education and Welfare Committee. chaired by Mrs D Lynch, meets as required lo approve the School's curriculum policy and lo monitor standards and implementstion of changes lo the School curriculum. During each meeting, members of staff report lo the Committee on developments and progress within th8 School. This Committee ￿nsIderS and advises the Governing Body on stsndards and other matters relating to the School's curriculum and curricular issues which havg implicatsons for finance and personnel decisions. 11 makes appropriate recommendat￿n$ lo the relevant committees or Ihe Goveming Boty. The day-t041ay running of the S¢h¢xsl is de￿ated to the Head, Deputy Head, Head of Pastoral Care and Head of Finance as the key management personnel. who in tum are supported by the Senior Management Team comprising the Head of PrePrep, Head of Prep, Head of Years 7 & 8. Head of Year 9, Head of Years 10 & 11, SENDCO and Direcloi of Teaching and Learning, together wrth the Head of Estates and Facilities and the Head of Administrion. Communication and Stregy. The Head and Head of Finance attend all meetings of the Governing Body and ils Committees. The remuneration of key management personnel is set by the Board. wrth the poI￿Y objective of providing appropriate ineenlives lo encourage enhanced perfom)ance and of rewarding them fairly and responsibly lor their individual contributsons lo the CoMpan￿S success. Page 5

HOLME GRANGE LIMITED {A Company Limited by Guarantso) GOVERNORS. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 AUGUST 202S The appropriateness and relevance of the remunerion policy is reviewed annual￿, including ￿ference to comparisons wrth other independent 5choo15, to ensure th81 the School remains sen51tive lo broader i55ues of pay and employment condrtKsns dsewhere. The Schoc4 aims lo iecruil, subject lo exper￿n¢8, at the lower lo medium point wrthin a salary band, providing sc¢pe for r￿ardIng excellence. Delivery of the Schc4Jl's charitable vision and purpose is primarily dependent on ils key management personnel and staff costs remain the largest single element ol charitable expenditure. Group Structur• and Rèlatlonshlp5 The Head of Holme Grange is an active member of IAPS, whose obieetives are the promotion and maintenance of preparatory scho¢J standards generalty. Since expandiro the age range of the School, Holme Grange has also been an ass¢xiate member of ISA. Holm8 Grange Sch¢JoI continuès lo b8 aetivdy invofved in the local community and beyond. Details appear in the "Charitable Responsibilit￿$. Section of this rep￿t. The School is supported by the P8renls' Ameni(ies Assoch31Nin. which plays 8 key role in involving parènts in thè wider Holme Grange famiw. It organises regular social events involving parents and fak8es fund$ for projects hosen in consuttalion with tho Head and Govemofs. OBJECTS, AIMS. 08JECTIVES AND PRINCIPAL ACTIVITIES The Object of the Company, in 0￿rdon￿ wth its Memorandum of Ass￿13t10n, is lo establish a school or Schools for the education of boys and girls, to provide instruction of the highest standard and for the school or schools to be carried on as an educat￿n81 chartty. Straleglc Alm and Intended Effect The School's slr8legy, in pursuit of rts oty'ect. 18 the attainment of the hyhesl academie 8tandards in keeping with the ability of each pupil. whilst enabling pupils to benefrt from a broad extra-curricular programme available lo all, This is intended to challenge and develop their abilrties and academic potential. and promote wider interests so that pupils a￿ well prepared for successful educational ca￿er$ and life beyond school. Prfnclpal Actlvlty Hokne Grange's princlpal actwity continued to be the provfjsion of a day school for boys and girls. The incorporated eharily Icharrty registration numbèr 309105, Company registration numbér 9002401 Is incorporated in England and Wales and domiciled in the United Kingdom. The address of the registered office is Holme Grange School, Heathlands Road, W(ingham. Be￿$hi￿ RG40 3AL. During the year, the School continued the integration and development planning relating to the independent nursery acquired in the provious financial year. This supports the School's strategic objedive of providing education and care for chIld￿n from e8dy years through lo age 16. Page 6

HOLME GRANGE LIMITED (A Company Limited by Guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 STRATEGIC REPORT Objectives for the Year The Board's principal objective continued to be the education of all pupils lo the consislenlly high standard achieved by the School in previous years, whilst maintaining the School's Strong pastoral ethos atKI commitment lo individual development. STRATEGIES TO ACHIEVE THE PRIIMRY OBJECTIVES One strale9y for achieving ttte S¢hool'$ objectwes is lo maintain a favourable leacher-t¢>pupil ratio and lo structure education provision to suit pupils, individual needs and abilrties. The School continues to invest significantly in staff development and professional learning. The Goveming agreed Ihal a number of major projects would ¢ontinua to bè conshlered within the fgVISgd strategic plan, subject lo available lunding. In recent years. all areas of the School have benefrted from varying degrge$ of refurbishment and enhancement, with the aim of Pfoviding high quality facilities lo support teaching and learning al every stage of a child's dev&lopmenl. The continued development of the senior school provision has resulted in further invesknent in teaching facilities and knaming environments. ACHIEVEMENTS AND PERFORMANCE Holme Grange continued lo build upon the sutcesslul ovlcome of the ISI Educational Qullrty Inspection undertaken in December 2022. in whith the School was judged to be Excellent in all areas of the School's operations and all compliance standards were met. including the Earty Years standards. This achievement continue8 to be supportèd by the quality, commitment and professionalism of the School's leadership and staff. Notable Achlev•m•nts The School secured its fourth NACE Challenge Award accredrtation and was recognisèd as a NACE Ambassador Sch¢)ol, one of onty four $chc4Jls nationally and the onty independent school currently holding this slalus. Holmé Grange continued ils leadership role as a NACE ReSea￿h and Development Hub, supporting both independent and maintainèd schools in the development of provisp)n for More Able. Grfted and Talented pupils. SuslainFest and wider suslainabilty iniknatives further reinforced the School's Commitment to environmental education, pupil leadership and communty engagement. The School was Highty C¢)mmended In the ISA Award for Outstanding Engagement in the Community and was a finalist in the Talk Educ8tion Innovation in Education Award. Pupils achieved its strongest yel academic outcomes at GCSE, wrth 970k of all entries graded 94 and 57'kn al grades 9-7- a more than doubling the achievement of 2024. This 1$ testament to both individL4al progress and the School's commitm8nl to academic excellence. The School continued lo publish and celebrate academic and creative work produced by pupils a¢ros$ all phases of the School. Professional development opportunrties for staff ￿Mained a key ftKus, including research-led initiatives linked to pupil engagement, prog￿$$ and wellbeing. Holly cottage Nursery was successfully integrated into the Holme Grange charity Strictu￿, extending the school's Earty Years, provision. Page 7

HOLME GRANGE LIMITED {A Company Limited by Guaranteg) GOVERNORS. REPORT ICOPUINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Charitablg Responsibilities In agreeing and setting objectives, the Directors, as charty trustees, havè complied wrth thèir duty under sèction 17 of the Charitie8 Act 201110 have due regard lo the Charty Commission's general guidance on public benefit. The Sch¢x)I remains commrtted lo building and developing partnerships whilst slrenglhening its social responsibilily through support fof those within the School community and the wid8r local, national and international communrties. The Board 1$ ablg lo support som& pupils joining the sth0￿ Ihrou9h its bursary scheme. This provision is awarded on the basis of need, with the Head and Head of Finance Compiling academic and financial assessments of each ease for consideration by the FAEC. As in previous years, an appropriate amount has been sel aside lo support pupils through means-lesled bursaries. The School futfils rts charitable responsibili(ies through a range of actNi1￿5 Inc1L￿lng.' Engagement in partnerships wrth local ste primary and secondary schools. Staff serving as Governors of local maintained schools and being pemrtted lime lo fulfil those responsibilities. Participation by senNJr lead6rs in kncal safeguarding al￿ ￿￿CatIon comm¢tt88S. Acting as a regional hub for NACE lo support collaboration. ne￿orkIng and the sharing of good practice. Supporting sustainabilrty inrtialives and collaborative prqecls with local schools. Making school p￿MIseS and resources available to local eommunity groups. Encouraging eommunty serV￿e and pupil leadership thrtyjgh the &hc4)I Parliament and 8$swiated pupil uncil¥. Supporting charilable fundraising inilialwes localty. nationalty and inl8fnalionally. Supporting fo(xl banks and local Charitab￿ Organisat￿n$ through donation$ and communty ¢ngagam¢nl. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The year 202415 was a penod of signthcant ehange for the indepèndent schools geelor with govèmmenl policy decisions leading lo dramatic shift$ in the feo $lruclure and cost base for sch¢)ols. The Board's recognition of the particular impact of VAT on fees for parents led to the decision that the school phase in the burden on parents and as such. the increase in fee paid by Pa￿nts including VAT was loo￿ more than the previous lemi. Compounding this was the removal of business rates relief from schools in April 2025 and the increase in employers national Insurance Contributions al the same lime. sunthcanl cost slep changes for the school. An operating defictt of £219,284 (2024.. su0￿uS 01£903, III) reflects these pressure8. The performance is in the context of eontinued prudent financial managemgnl and thg Board's actNty lo consider and evaluate strategic options lo secure the school's futuro success. This prudent management and Careful￿ considered investment in the seh¢)ol enabled the Board to continue supporting the School's facilrties, educalKJnal provision and long4erm strategic priorf(ies whilst maintaining appropriate reserve¥. Foreca616 for the forthcC￿1ng year indi& that the School remains financially sustainable and appropriately positioned lo continue investing in educational provision and facil¢ties and the Board look forward lo working with the new Head and the refreshed senior leadership team to ensure the school continues to thrive and support ils pupils and wider communty for the fLrture. Page 8

HOLME GRANGE LIMITED IA Company Limited by Guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Res&nies level and policy Tol81 unrestricted funds stts)d at £17,094,8S7 (2024." £17.314. 141). The value of the Schwl's land, buildings and other fLxed assets was £17,923,258 (2024." £18,040,203?. These asse15 are owned by the School subject lo bank loans originalty raised lo fund the construction of the KilchenlDining facilty and the Ealon Grange leaching block. The balance outstsnding on these loans al 31 August 2025 was £2.692.771 (2024.. £2.969, 127). Exduding loans and deslgnaled funds of £193.768 (2024." £q68.768). free reserves stood al £1.670,602 (2024.. £2,074.297J. Thè Board Closely m¢)niiors the Companls perfoffnance lo ensure that free res8rves remain adequate to cover working capital requirements and lo provido ￿ntIng￿nCY protect￿n in the event of an unexpected reduction in income. Th8 Governors ¢onsideT that free reserves of at lèast £1.$00,000 are required in order to covgr the risks and uncertainties associated with operating an independgnl 8dl￿allOnal eslablishmtnl. The long-lemi policy 1$ to continue building reseNes from annual net incoming resources, Subject lo the prior demands of captsl expendrture required lo maintain and enhance the School's facilrtles 8nd educational provision. FUTURE PLANS The Board reviews ils Slr*egic Development PL4n annually, priorilising arKI selecting objectives lo be brought forward within the School's operat￿nal aCt￿n plans. The key 81rategic objectiv08 remgin focused on four core areas.. A Cultur8 of Supportive Challenge Ensuring all pupils fo91 valued, supported and able lo thrive. Meeting the nee(Is of leamers wrth SEND. Promoting hKJh expectstions lor all pupils. Encouraging independent leaming and intellectual curiosty. Pupils who are Active Learners Devel4)ing a curriculum whtch is engaging and Televanl. Encouraging independence and initiative in academi¢ wo￿. Ensuring lessons are inclusive. engaging and pIorr￿e posrtive attrtudes to learning. Staff welfa￿ and Development Promoting staff wellbeing and maintsining a positive working environment. Provhling COOTdinated professional development opportuniti'es. Encouraging collaboration and professional curiosrty. Leadefship & Management Developing leadership at all levels across the School communty. Embedding a culture of continuous impiovemenl. Maintsinin9 high eXpeCtat￿n$ for 011 members of the Schwl community. Each section of th6 Schod maintains its own development plan aligned with Ihe wid8r Strategic Development Plan. P8ge 9

HOLME GRANGE LIMITED IA Company Limited by Guarantee) GOVERNORS. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 RISK MANAGEMENT The Trustees, through the Goveming Body and its Committees. are responsible for ensuring that appropriate systems of risk management and internal control are in place to safeguard the School's assets and manage exposure lo risk. A Risk Register is maintsined by the Head of Finance and reviewed regularty by senior management and the relevant committees, with oversight from the full Governing Body. The Trustees review the principal risks facing the School and the effectiveness of systems estsblished to manage those risks. The gyslem of internal control is designed lo manage. rather than eliminate, the risk of failure lo achieve objectives and can therefore provide onty reasonable and not absolute assurance against material misstatement or loss. Key elem8nls of the School's risk m8nagemanl and intemal control framewortt include.. Formal policies and procedures. Risk assessments for significant actNilie8. Compliance with slalulory safeguarding and safer recruitment requirements. Clearly defined levels of delegated aulhorty. Comprehensive budgeting. managemenl accounting and varkgnce reporting. Regular review of operat￿nal and financial controls. Oversight by the Governing Body and rts committeès. The Head acts as the School's Health and Safety Officer, supported by the Senior Management Team. Safeguardin9 arran9emenls rèmain a core componént of th8 Sch￿1,8 eonlrol ènvironmènt. During the year ended 31 Augusl 2025, the Deputy Head (Pastoral and Safeguardingl served as the Oesignaled Safeguarding Lead IDSLI, supported by trained Deputy DSLS. All staff recewed appropnale safeguarding and child protection training. Rlsk revlew and mon￿orIng The Risk Register is reviewed regularly as part of an orKJoing process of risk idenlrficalion and assessment. This includes.. Idenlificalion of emer9ing risks. Assessment of likelihood and Im￿t. Consideration of risk appetrte. Evaluation of the effectiveness of exisling controls. Implemenlalion of addit￿n81 mitigation measures where necessary. Risks are considered across strategic, operational, ffinanckal, regulatory, people. transport and project categories and are reported to the Governing Body at leasl annually. Prlncipal rlsks and uncèrtalnties The Trustees have ￿entffied the following principal risks facing the Sch(x)I'. A potential decline in pupil numbers arising from affordability pressLTrres following the inlToduction of VAT on school fees from January 2025 together with wder demographic trends. Challenges in recruiting and retaining high-quality teaching and support staff. The risk of repulalional damage arising from a safeguarding, compliance or legal incident. Inflationary pressures and increased operating costs affecting financial sustainability. Page 10

HOLME GRANGE LIMITED

(A Company Limited by Guarantee)

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

Mitigation of risks

The Trustees seek to mitigate identified risks through the maintenance of robust internal controls, regular monitoring and reporting and the use of insurance where appropriate. Mitigation strategies are aligned to each principal risk and reviewed regularly to ensure continuing effectiveness.

Fund raising

During the year, the School did not actively engage in fundraising for its own benefit and has no immediate plans to undertake significant fundraising activities.

A separate charity, the Holme Grange Parents' Amenities Association (PAA), operated by parents of the School, raises funds towards facilities and equipment for the School through social events and community activities. During the year ended 31 August 2025, the PAA donated £1,839 (2024: £19,983) to the School.

Fundraising for wider charitable purposes remains an important aspect of School life. During the year, pupils and staff organised events in support of a range of charitable causes and community initiatives, raising £2,302 (2024: £16,502).

No complaints relating to fund raising activities were received during the financial year.

The School does not currently subscribe to any specific fundraising standards or schemes for fundraising regulation.

PROVISION OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Report of Directors is approved has confirmed that:

• so far as that Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

• that Director has taken all the steps that ought to have been taken as a director in order to be aware of any information needed by the Company's auditors in connection with preparing their report and to establish that the Company's auditors are aware of that information

RE-APPOINTMENT OF AUDITORS

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

Approved by order of the members of the board of Governors and signed on their behalf by:

Mrs S Northend

(Chair of Trustees)

Date:

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HOLME GRANGE UMITED IA Company Limited by Guarantee) STATEMENT OF GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025 The Governors (who are also the directors of the Charitable company for the purposes of company lawl are responsible lor preparing the Govemors, Report including the Strategic Report and the financial slalemenls in aceordance wrth applicable law arKI United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Praclicel. Company law requires the Governors to prepare financial Slalemenls for each financial . Under company law. the Governors musl not approve the finan￿al statements unle$$ they are satisfied that they give a true and fair view ol the State of affairs of the Charitable company and of its incoming resources and application of resources, including ils incom& and expendrturfr, for that pencxl. In preparing these financial slalemenls, the Govemors aro required lo.. select suitable accounting policies and then appty them eonsislenlty.. obserye the methods and principles of the Chanlies SORP {FRS 1021., make judgments and accounting eslimales that are reasonable and pnjdenl., slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject lo any material departures disclosed and explained in the financial stalemenls.. prepare the finaneial slatèmènls on the going ￿nCern basis Un￿88 rt 18 inappropnate lo presume that the Charitable company will Continue In business. The Governors are responsible for keeping adequate accounting records that are sUffic￿nt lo show and explain the Charitable company's transactions and disclose with reasonable a￿uraCY al any time the financial position of the Chanlable company and enable them lo ensure that the financial ststemenls comply wlh the Companies Aet 2006. They are also responsible for saleguarding the assets of Ihe Charrtable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregukritses. Approved by order of tha members ol th6 board of G0￿mOr$ aThJ signed on ils beham by.. Mrg S Northend (Chair of Trusleesl Dale.. 11-i-J Page 12

HOLME GRANGE LIMITED {A Company Llmlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLME GRANGE LIMITED Oplnlon We have audited the financial stalements of Holme Grange Limrted {the'charrtable companll for the year ended 31 August 2025 which comprise the Statement of Financial Activf(ies, the Balance Sheet, the Slalemenl ol Cash Fk)ws and the related notes. in¢ludiry a summary of signrficanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reportin9 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generalty Accepted Accounting Pradice). In our opinion the financial statement8'. give a true and fair view of the stale of the charrtable compan18 affairs as a131 August 2025 and of ils inccffiing resourcès and application of resources. in¢luding ils income and exwntliture for the year then ended., have been propedy prepared in ac￿rdanCe with Unrteil Kingdom Generalty Accepted Accounting Practice., and have been prepare(l in accordance with the reqUireff￿nts of the Companigs Act 2006. Bas13 for oplnlon We conduded Ouf audit in accordanee with Intemational Stand8rd3 on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities vnder those standards are further described in the Audilorfs respon5ibililies for the audit of the financial slalemenls section of our report. We are independent of the charil8ble company in accordance with the elhi¢al requirements that are relevant to Ouf audrt of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Slandard. and we have fuffilled our other ethical rèsponsibilities in accordance wrth these requirements. We believe that Ihe audit evidence we have obtained is Sufficient and appropriate lo provKle a basis for our opinion. Concluslons T•latlng to golng conc•m In auditing the financial slalemenls. we hava concluded that the Govemors. use ol the going concem basis of accounting In the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identrfied ony material uncertainties relating to events or conditions that, individualty or colle¢tivety, may cast significant doubl on tho charitable companls ability lo continue as a going concem for a period of at least ￿efve months from when the financial statements are aulhorisod for issue. Our ￿spOnsIbl1ft1eS and the responsikn'lrties of the Govemors respect lo going ￿ncern are described in the relevant sections of this ￿p¢)rt. Page 13

HOLME GRANGE LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLME GRANGE LIMITED ICONnNUEDI Other Informatlon The other infomation comprises the information inc1L￿jed in the Annual Report other than the financial slalernenls and our Audilorfs Report Ihfrreon. The Govemofs are responsible for the other information contained within the Annual Report. Our opinion on Ihe financial slalemenls does not cover the other information and. except to the extent otherwise explicrtly slated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibilty is lo r&id the other Infomiation and, in doing so. consider whether the other information 1$ materially inconsislenl with the financial statements or our knowledge obtained in the course ol the audit, OT otherwise appears lo be malerialty misslaled. If we idenlrfy such mater￿1 incon$islen¢ies or apparent malefial misstalemenls, we are reqLtired lo determine wheth8r this gives rise lo a material misslalement in the financial slalemenls Ihemsefves. If, based on the work we have performed, we conelude that thère is a material misslalemenl of IhB olhw informabon. we are required lo report that fact. We have nothing lo report in this rega￿. Oplnlon on oth•r matters pros¢rlbed by the Companlgs Act 2006 In our opinion. based on the work undertaken in the course of the audrt.. the information given in the Governors. Report including the Slralegie Report for the finanual year for which the financial slalemenls are prepared is consislenl wrth the financial statements. the Governors, Report and the Strategic Report have been prepa￿d in accordance wrth applicable legal reqiiifements. Matters on whleh wè ar¢ requlred to report by exceptlon In thg light of our knowledge and understandin9 of the charrtable eomp8ny and ils environment obtained in th8 course of the audit, we have not ￿entIr￿d material misstatements in Ihg Govemors, Report including the Strategic Report. We have nothing lo report in re$po¢t of the follovAng matters in relalion lo wh￿h Companies Act 2006 requires us 19 report to you rf, in our opinKIn'. adequate accounting records have not been kept, or returns adequatè for Our audit have not begn received from branches not visrted by us, or the financial slalemenls are not in agreement with the accounting records and retums,. or ertain disclosu￿$ of Govemors, remuneration specrfied by law are not made,. or we have not received all the infomation and explanations we require for OUT audit. Page 14

HOLME GRANGE LIMITED IA Company Limlted by Guarant881 INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF HOLME GRANGE LIMITED ICONTINUEDI Responslbllltl&s ol tru$tge$ As explained more fulty in the Govemors. Responsibilities Statement, the Govemors Iwho are also the directors of the charitable company for the purposes of c¢Jmpany lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary lo enable the preparation of financial 5Lemenls that are free from material misslalement, whether due to fraud or error. In preparing the financial slatemenls. the Governors are responsible for assessing the charitable company's ability lo continue as a going coneem, disclosing, as applicab18. matter5 related lo going concern and using tho going concern basis of accounting unless the Govemors either intend to liquidate the charitable company or to G888è opefatsons, ￿ have no realist￿ allernatNe but to do so. Audltorfs rnsponsibilities for th• audlt of the flnanclal ¥tslements Our objectives are lo obtain reasonabl• a$$uranc& about whether the financial 5tatom¢nls as a whole are free from material misslalemenl. whether due lo fraud or error, arbd lo issue an Auditor's Report that include5 our opinion. Reasonable assuraneè is a high level of assurance, bLrt is not a guarantee that an audit conducted in accordance wlh ISA$ IUKI will a￿VayS delect a material misststemenl when rt exists. Misslatemenls can arise frorn fraud or error and are considered material rf, individually Of in the aggregate, they could reasonably be expgdgd lo influence the econs)mic decisions of users lak&n on the basis of these financial s1otementS. Irregularities, including fraud, are inslanees of non<ompliance with laws and regulations. We design pro¢gdures in line with our respon8ibililies. outlined abovo. to delect malerial misstalemenls in respect of irregularrties, including fraud. The exlenl lo which our procedures are Capab￿ of detecling irregulariti￿, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworf(s within which the group and charitable company operates, focusing on those laws and regulations that have a direct effed on Ihg delemiination of material amounts and disclosures in the financial slalemonts. The laws and regulations we considorod in this context were the Companies Ad 2006. taxal￿n legislation, together wrth the Charrties SORP IFRS 102land the Charities Act. We assessed the rgquired ￿MplianCe wi(h these laws and regulations as partof our audrt procedures on the related financial stslement rtems. In addition, we considered provisions of other laws and regulations Ihat do not have a direct effect on the rinancial statements bul compliance with which might be fvndamental lo the Group and charrtable company's ability lo operate or lo avoid a material penamy. We also Cons￿ered the opportuni(ies 8nd in¢&ntives that may exi81 w￿h1n the group and charitable company for fraud. The laws and regulations we considered in this context for the School We￿ The Education Ilndependenl Schwl Slandardsl Regulations 2014. Safeguarding regulations. Heatth & Safety islalion, General Oata Protection Regu￿tIOnS and Food Hygiene Standards. Audrting standards limit the required audrt prwedures to idenlTfy notFcomplianca with these laws and ￿gUlationS lo enquiry of the Govemors and other management arKI irbspection of regulatory and 18gal correspondence, if any. We Nlentffied the greatest risk of material impact on the financial statements from irregularrties, including fraud, lo be the override of controls by Management. Our audit procedures to respond lo Ihese risks included enquiries of management. and the Finance, Administration and Eststes Committee about their own identification and assessment of the risks of irregularities. sample lesling on the posting of. reviewing accounting estimates for biases, reviewing regulatory correspondence wrth the Charity Commi8sK)n, Independent Schools In5pectorale and reading minutes of meetings ol those charged wrth governan￿. Page 15

HOLME GRANGE LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLME GRANGE 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 non-compliance 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: 5 August 2026

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HOLME GRANGE LIMITED {A Company Llmited by Guaranteol STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2025 Unrestrict funds 2025 Restrlcted funds 2025 Total fund$ 2025 Total funds 2024 Nots Incomo from.. Oonalions Charitable aclivilies.. Sch¢)ol fees receivable other income Other trading activities.. Rent and other income Investments 36,839 36.839 32,472 11,645,fA7 860,728 11.646,647 880,728 12. 173, 655 808, 780 83.417 183.666 83,417 183,666 102. 171 82,469 Total Incom• 12.773,457 36.839 12.810.296 13, 199,547 Exp•ndltur8 on: Generating funds Charitable activiti08 253,973 12,770.571 2S3,973 12,775,607 236,478 12,059,958 6,036 Total gxpgndlturg 13,024.544 6,036 13,029,580 12,296.436 Net18xpendlturelllncom• Transfers between funds 1251.0871 31.803 31,803 131.8031 1219.2841 903.111 (122,587) Nat movement in funds 1219,2841 1219,2841 78Q,524 Rgconclllatlon of funds.. Total funds brought forward Net movement in funds 17.314.141 {219,2841 2.162 17,316,303 1219,2841 16,535, 779 780,524 Total funds carrlgd forward 17.094,857 2,162 17,097,019 17,316,303 The Slalement of Financial ActNitEs includes all gains and losses recognised in the year. The notes on pages 21 to 43 fom part of these financial statements. Page 17

HOLME GRANGE LIMITED {A Company Llmlted by Guarantsel REGISTERED NUMBER: 00900240 BALANCE SHEET AS AT 31 AUGUST 2025 202S 2024 Note Fixed assets Intangible assets Tangible assets Investments 13 14 15 763.796 17.923.258 403.917 861,481 18,040,203 403,917 19.080.971 19,305, 601 Current assèts Sl¢xk$ Debtors Cash al bank and in hand 1,516 1,766,176 3,944,590 1,516 800,610 7,017,312 16 5,712.282 T.813,438 Current Ilabllltles Cred((ors'. amunls falling due wrthin one year 17 14,786.3901 (5.521,230) Net current as88ts 926,892 2.292,208 Totsl as88ts1ess curront Ilabllllles 20,006,863 21,597,809 CretJilors.' amounts falling due after more than one year 18 12,909,844) (4,281,506) Total net assets 17,097,019 17,316,303 Charlty funds Reslricled funds Unrestricted funds 2,162 17,094,857 2, 162 17,314,141 Total funds 17.097.019 17,316,303 Page 18

HOLME GRANGE UMITEO IA Company Limited by Guarante•l REGISTERED NUMBER: 00900240 BALANCE SHEET ICONTINUEDI AS AT 31 AUGUST 2025 Thg Govorn¢ys acknowledge their respon$ibilbb"es f¢Y comptying with th• r•qulremenls of thè Act with respect lo account￿9 records and preparation of financNg1 statements. Th• finan¢i•l st4ternnt5 were approved aTrJ 3uthtir￿ed for i$8ue by thè Govemorn and signed on their beha Mrn S North•nd (Chair of TN$tges} Dat•: 17- 7 -vLI The notes on pages 2110 43 fom) part ofthese financial ststwrnnts. Page19

HOLME GRANGE UMITED IA Company Llmlted by Guarantee) STATEMENT OF CASH FLOWS FOR TrIE YEAR ENDED 31 AUGUST 2025 2025 2024 Note Cash flows provkled by oPera￿n9 actlvltles Nel cash provided by operating activities 24 140,175 2,330,355 Cash flows from Invostlng actlvltles Dividends. interests and rents from investments Purchase of tangible fixed assets NBV of tangible assets hived up 183.665 82.469 1499.9781 {1,326,547) (371,803) Not cash uud In Inv•8tlng actIv￿￿o8 1316.3131 11,616,881) Cash flows from financlng actlvltles Nel oufflow fr¢)m bank k*an8 Interest paid Advance lees lutilisedyrec8iv 1276,3561 {261,968) 1174,9121 (205,339) 12,439,316) 4, 194, 869 Not cash Iu8ed Inyprovld8d by flnanclng actlvltl•s 12,890,SB41 3.727,562 Change In cash and cash •qulvalonts Sn tho y•af Cash and cash eQuiva￿nls at thè beginning of the year {3,066,7221 4.442.036 7,011,312 2,569.276 Cash and c￿h equlvalents at tho end of th• yèar 25 3,944,S90 7.011,312 The notes on pages 21 to 43 fom part of these financial slalements Page 20

HOLME GIiANGE LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Ggngral information The principal current activity of the charitable company is the operation of an independent school. The incorporated charrty (charity number 309105, company number 009002401, ig domiciled in the UK. The address of the registered office ￿ Hdme Grange Limited. Heathlands Road, Wokingham, Berkshire, RG40 3AL. On the 1 September 2023 the subsidtary company. Holly Cottage Day Nursery Limited I￿gistration nurnber 035868521 transferre(l its trade and assets lo the eharilable company at fair value. The subsidiary was acquired in the year ended 31 August 2023, these financial ststemenls are for Holme Grange Limited only and as such so ar8 the ¢omparalNes. Accountlng pollcl•s 2.1 Basls of preparatlon of flnonclal stat•monts The financial slalernents have been prepared in accordanee with the Charrties SORP IFRS 1021 Accounting and Reporting by ch8rrt￿s.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. the Financial Reporting Standard opplicable in the UK and Republ￿ of I￿land IFRS 1021 and thè Companies Act 2006. Holme Grange Limrted meets the definit￿n of a publK benefit enlrty under FRS 102. A8sels and liabilrties are initialty recognised al historical cost or transaction value unless Othe￿1$e slatèd in the relevant ￿CountIng policy. 2.2 Company Status The Charity 13 a Company limrted by guarantee. The members of the charitable company aro the Directors named on pago 1. In th6 event of the Charitable company being wound up, the liabilty in respect of the guarantee is limtted to £1 per member of the charitable company. 2.3 Golng concern As part of Iheif nomal risk management process, the Govemors have examined the major risks lolhe group and Ihg mrtNJating actions both tsken and available lo be taken. The Governors conSiderthe￿ are no material unCertaint￿S relating lo going concem and that the school has adequate resources lo continue ¢ts a¢tivrties for at least the twelve months from the dale the financial slalemenls where finalised. Accordingly. they wntinue to operate the going concgm basis in preparing the financial ¥ts1oThnts. 2.4 Incomè All income is ￿¢09n1$8{1 once the charrtable eompany has entiuemenl to the income, it is probable that the income will be received and the amount of income receNable can be m8a$ured reliably. Donations and legacies are credrted lo revenue on a receivable basis. No amounts are included in the financial ststements for services donated by volunteers Income lax recoverab￿ in relation to investment income is recognised 81 the lime the investment income is receivable. Page 21

HOLME GPANGE LIMITED {A Company Umlted by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies {continu•d} 2.5 Expendlture Expenditure is recognised once there 18 a legal or constructive obligation to transfer economic benefit to a third party. rt is probable th* a transfer of economic benefrts will be required in selllemenl and the amount ol the obligation can be measured reliably. Expendrture is classified by activty. The costs ol each activrty are made up of the total of direct costs and shared co$l$, including support costs involved In undertaking each aclivty. Direct costs attributsbk lo a single activity are allocated directly to that aclivrty. Shared costs which contribute lo more Ihan one activity and support costs which are not attributable to a single activity are apportionad belween those activities on a basis consislenl wrth the use ol resources. Central staff costs are allocated on the basis of ts'me spent, and depreciation Charges allocated on the portion ol the asset's use. Expenditure on rai8ing fund8 includes all expenditure incurred by the Charitsble company to raise funds for it8 ehaiitable purposes and includes ¢osls of all fvndraising actwilies events and non- charrtable trading. Expenditure on charrtable a¢tivilies is incurred on directly undertaking the activiti8s which furthgr the Charitable companys objectives, as well as any a$s￿l￿ed support costs. All expenditure 18 inclusive of irrecoverable VAT. 2.6 Int•ro8t rècèlvab Interest on funds held on deposrt is Incl￿ when recesvable and the amount ean b8 measurgd l￿blY by the Chant8ble eompany,. this is nornially upon notfftation of the inte￿t P8id or p8yable by the inslilulion with whom the fvnds are deposrted. 2.7 Intanglblo assets and amortl•atlon Intangible assets are inrtially recognised at ￿$1. After iecognilion, under the cost model, intangible assets are measured at cost less any accumulated amortisalion and any accumulated impaimienl losses. All intan9ible ass¢l$ are considered lo have a finite useful lrfe. If a reliable estimate of the usefullife cannot be made, the usefvl lrfe shall not exceed len years. 2.8 Tangible fixed assets and depr￿latIon Tangible fyxed assets costing £5,000 or more a￿ capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliabty. Tangible fixed assets are inrtially recognised al cost. After recognition, under the cost model, tangible ffixed assets a￿ measured al cost less accumulated depreciatK•n and any accumulated impaimienl losses. All costs incurred lo bring a tangible fixed asset into f(s intended working condition should be included in the measurement of Cost. Assets in the course of construction are included al eosts incurred to date. Depwiatson on these asse15 is not charged unkn"I they are brought into use. Page 22

HOLME GRANGE LIMITED IA Company Llmiteil by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies Icontinuedl 2.8 Tanglble flxed assets and dgprKiation l¢ontlnued} Depreciation is charged go a8 to allc¢at8 the cost of langib18 fixed assets lèss their residual value over their estimated useful lives. using the straight4ine mèthod. Deprocialion is provided on the fdlowing basis". Freehold buildings Motor vehicles Fixtures. fittings and equipment Computer equipment 2% $lraighl line 25QA straight line 10% sliaight line 250A sliaNJht line From 1 September 2015 the School has applied the 'deemed co¥t' provisions of FRS102 in that valuations of prewously revalued land and buildings will no bnger be renewed. 2.9 Investments Fixod asset investrn&nts are a form of financial instrument and are inilialty re￿gnised al their transaction cost and subsequently measufed al fair value at the Balance Sheet dale, unless the value cannot be measured reliably in which case rt is measured al cost les$ impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on inve81men18' in the Slatemenl of Financial Activiti•$. Investments in subsKliarie$ are valued at cost less provision ￿ impaimienl. 2.10 Stocks Fe>￿ is valued at cost. St¢xks are valued at the lowef of cost and eslimaled net rèalisable value. 111 Pupll Feo D8poyli8 The Govemors havg reviewed tha contract lemis under which Pupil fee deposits are held by the S¢h¢X)l. Atthough under nomial circumstances these wll be repaid over ftjlure years when the pupils omplele their education at the school, pupils can leave at earfier dates. The School does not theTelore have an unconditional rlqht lo relaifi the indivKlual deposts for al least 12 months after the balance sheet dale and. in line with the requirements in FRS 102. the balance of the deposits held al 31 August 2025 have been included wtthin current Ipbiliknes. The prior yea¥ Pupil fee deposits balance has been similarly represented. 2.12 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.13 F8e8 in Advance Scheme Amounts Teceived under Ihe School's Advanced Fees Scheme contracts. for education not yel utilised lo settle school fees. are recorded as deferred income and allocated as current liabilities where the educalion will be provided wi(hin 12 months from the reporting dale and as long-lerm liabilities where Ihe education will be provided in 5ub5equent years. Page 23

HOLME GRANGE UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcies l¢ontSnued) 2.14 Cash at bank and In hand Cash al bank and in hand includ0$ cash and short-tern highty liqu￿ investments wi(h a short malurty of three months or less from the dale of acquisrtion or opening of the deposit or similar account. 2.16 Llabllltles and provl¥lons Liabilth'es are recognised when there 18 an obligation al the Balance She8t dale a5 a resutt of a past event, il is probable that a transfer of econ¢)mbC benefft will be required in settlement, and the amount of the settlement can be ostimatod reliabty. Liabilrties are recognised 81 the amount that the Charrtable company anlicipales rt will pay lo settle the debt or the amount il ha¥ received as advanced payments for the goods or sejvices il musl provide. Provisions are measured al the best estimate of the amoLtnl$ roquirfjd lo sg1119 the obligation. Where the effect of the lime valuè of money is matenal. the provision is based on the present value of those 8mounls, discounleil al the pre4ax discount rale that reflects the risks spe¢rfic lo the liability. The unwinding of the d￿cOunt is recognised in the Sl8lemenl of Financial Activitie$ a$ 8 finance ¢o$l. 2.16 FSnanclal Instruments The Charitable company only hag financial assets and financial Ikgbililies of a kind that qualfy as basic finaneial inslrun*nls. 8asic financial Instruments are Initially rewgni$ed al transaction value and subsequently measured * their settlement value with the exception of bank loans which are subsequently measured al atrK)rtised cost using the effective interest method. 2.17 BUSIn￿3 combinatlons On the 1 September 2023 the subsidiary company, Holly Cottage Day Nursery Limited {regislTalion number 035868521 transferred rts trade and assets lo the charitable company al fair value. Thè amounts outstsndin9 bfj￿n the ent￿e$ al the year end are shown as amount8 due tomrom group members. 2.18 Penslons The Schoc4 opef8tes a defined contribution group personal pension scheme for all staff with Scottish Widows. For auto enrolmenl purposes the School uses the NEST pension scheme. Page 24

HOLME GRANGE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles Icontlnuèd) 2.19 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Governors in fvrthefanc8 of the general oedive3 of the charitable company and whith have not been designated for other pu￿0$8$. Designated funds comprise unrestricted funds that have been sel aside by the Governors for particular purposes. The aim and use ol each desynaled fund is sel oth in the notes lo the financial slalemenls. R&stricted funds are funds which are to be used in accordance vrith Sp￿lf1¢ restrictions imposed by donors or which have been raised by the charitable company for particular purpos9$. The costs of raisin9 and adrninislering sueh funds a￿ charged against the specific tund. The aim and use of each roslrided fund is set OLrt in the notes to the financial statements. Investment income, gains and1088es are allocated to the appropriate fund. Crltlcal accountlng ostlmates and ar•as of Judgment In the application of the Charitable eompanls accounting policies. which are described in note 2, Governors are required lo make judgements, eslimales and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The eslimales and undgrlying assumptions are based on hislorieal experience and other factors that are considered to be relevant. Actual resuAs may differ from these e$limale$. The estimates and underlying assumptions are reviewgd on an onoing basis. Revisions 10 3¢¢0unting ostimates are recognised in the peried in which the estimate is revised if the revision affects only that perio¢J or in the period of the revision al￿ future pwK)ds if the revision affects tha eurrenl and future period8. The Gov8rnors consider that there are no material judgements in applying accounting policies or key sources of estsmalion uncertainty wth the exception of Gocxlwill detailed in Note 2 and that of the fair value adjuslmenl lo fixed assets detailed in Note 16. Page 25

HOLME GRANGE LIMITED {A Company Umlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income from donations RostrI￿Od funds 2025 Total funds 2026 Donat￿n$ 36,839 36.839 Restricled funds 2024 Total funds 2024 Donations 32,472 32,472 F•e• rocalvab 2025 2024 Fees Nursery Fee Pre-prep Fees Prep Ealon Grange fees Schi)ols After Care Leaming support fees Music lultion 1,215.901 1,211,468 2,917.982 6.39S,045 36.210 417,959 175.971 1,439, 713 1,232, 919 3,118,31T 6,569, 65Q 31,289 370,965 192,393 Gross Fees recelvable 12.370,538 72,955,246 Less.. Bursarie5, scholarships and allcmances 1724,8891 (781,591) Ngt f••s recelvab 11,645,647 12, 7T3,655 Page 26

HOLME GRANGE LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEP•lENTS FOR THE YEAR ENDED 31 AUGUST 2025 Other Incomo 2025 2024 Trip income Registration fees School bus income After school aclmties and camp income Sundry income 457,811 23.300 74,373 37,109 268,135 380. 740 3Q,600 76, 772 31.949 288, 719 860.728 808, 780 Income from othgr trading actSvltl Unrestrlcted funds 2025 Total funds 2026 Rent and othèr income 83.417 83,417 Unrnslricted funds 2024 Tol81 funds 2024 Rent and other income 102, 171 102. 171 Page 27

HOLME GRANGE UMITED IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Expenditure on generating funds Unrestrlcted funds 2026 Total funds 2025 Fund raising costs Bank charges Bank interest Feès protection premium 64,454 10,174 174,912 4,433 64,4S4 10.174 174,912 4,433 253,973 2S3.973 Unr8Stricted fvnds 2024 Reslncled funds 2024 rolal funds 2024 Fund raising costs Bank charges 8ank interest Fees protection premium 12,489 12,489 9,614 205,339 9,036 9,614 205,339 9,036 223,989 12,489 236,478 Page 28

HOLME GRANGE UMITED {A Company knmit•d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysls of expendlture on charitsble actlvttlès Summary by fund type Unrestrlctgd Restrlctèd funds funds 2025 2026 Total 2025 Teaching eosls Welfare costs Premises costs Support eosls 9,162.824 845.043 1.730,752 1,031,952 5.036 9.167,860 845,043 1,730,752 1,031,952 12,770,571 5.036 12,775,607 Unreslric18d funds 2024 Total 2024 Teaching costs Wewarè eo81s 8,589,557 T96,260 1, 749,896 924,245 8,589,557 796,260 1,749.896 924,245 Premises costs Support costs 12,059,958 12,059,958 Page 29

HOLME GRANGE LIMITED IA Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202S Analysis of expanditure on charttable actlvltlès {contlnuedl Summary by expenditure type Staff costs Deprgclatlon other costs 2025 2025 2025 Total 2025 Teaching costs Welfare costs Prèmises co$1¥ Support costs 7,399,673 163,688 324,781 607,547 236.981 41,855 324,810 107.885 1,531,206 639.500 1,081.161 316,720 9.167.860 845,043 1.730.752 1.031.9S2 8.495,689 711,331 3,568,587 12.776.607 Included wf(hin support cost8 are govemance costs of £21.514 (2024.. £20,259). Staff costs Depr8cialAon Olhgr costs 2024 2024 2024 Tolal 2024 Teaching costs Welfare costs Premises costs Support costs 6.944,3C4) 163,924 279. 764 527.459 276,199 40,974 320,677 107,685 1.429.058 591,362 1, 149,455 289, 101 8.589, 557 796,260 1, 749,896 924,245 7,915.447 685,535 3,458,976 12,059,958 10. Net Incomlng rt50urce 2025 2024 Auditors, remuneration- audit I DepreCiat￿n on tsngible fixed assets- owned assets Auditors. remuneration - non audit fees Amortisation of goodwill 25,990 610,123 18,470 577,850 13.080 107,685 107,685 752,738 717,085 Page 30

HOLME GRANGE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11. Staff costs 2025 2024 Wages and salaries S¢xial seeuiily eosls Contribution lo defirvl contribution pension schem8S 6,939,940 720.599 835.150 6.559.442 592, S95 763,310 8,495,689 7, 915,447 Severance payments lotalling £6.000 (2024.. £1,972) are included vmlhin wages and salaries costs in the year. The average number of persons empw by the Charitable c¢ynpany during the year was as follows,. 2026 No. 2024 No. Teaching Domestic Adminislralion 170 10 179 io 21 204 210 Th¢ number of employees whose employee benefits lexeluding employer pension ¢osl¥l gxcg8ded £60.000 was.. 2025 No. 2024 No. In the band £60,001 - £70,000 In the band £70,001- £80,000 In the band £80.001- £90,000 In the band £140,001 - £150,000 In the band £150,001- £160,000 Retirement benefrts are accruing for seven (2024_' seven) of the higher pa￿ employees. Contributions in the year lotalled £82.189 (2024.. £80,(702J. The Trustees and Senior Management Team listed on poge 3 are the key management personnel of the Charitable company. Their aggregate remuneration (including employer's pension and employer'$ Nll was £730.933 (2024. £722.945). Page 31

HOLME GRANGE UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202S 12. Gov•rnors' romuneratlon and eX￿n5•S During the year. no Govemors received any Temunerat￿n or ¢)ther benefits (2024 - £NIL). During Ih8J year ended 31 August 2025, no Govemor expenses have been incurred (2024- £NIL). 13. Intanglbl? assets Goodwill Cost Al 1 September 2024 1,076,851 Al 31 August 2025 1,076.8S1 Amortlsatlon Al 1 Sèptèmber 2024 Charge for the year 215.370 107,686 Al 31 August 2025 323,055 Net book valu• AI 31 August 2025 763,796 Al 31 August 2024 861,481 Page 32

HOLME GRANGE LIMITED IA Company Limit•d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. Tanglble flxed assets Fr&ohold under the Furnlture land and course of Motor and Computer buildings construdSon vohl¢lgs equipment equlpmant Total Cogt or valuatlon Al 1 September 2024 18,833,93S Additions 188.154 Disposals 366.544 261.341 2,061,319 34,957 11.996 217,605 114.0801 409.OSS 21,932,194 47,367 499,978 114,0801 At 31 August 2025 19.022,089 401,601 273,336 2,264.744 456,422 22.418,092 Oepreclatlon Al 1 Septèmber 2024 Charg¢ for the year On disposals 2,285,750 324.810 154.684 1.132,683 41,855 196,765 17,2801 318,874 46,693 3,891,991 610,123 17,2801 AI 31 Au9usI 2025 2,610,S60 196,539 1,322.168 365,567 4,494,834 Net book valu• Al 31 August 2025 16,411.529 401,501 76.797 942,576 90,855 17,923,268 AI 31 August 2024 16.548. 185 366.544 106,657 928.636 90,181 18,040,203 The Charttable company has ad¢)pted a policy of revaluation for tangible fixed assets. Had these assets been measured at historic cost, the carrying values would hav8 been as follows.. 2025 2024 Cost Aggregate depreciation 9,584,837 9,396, 683 11,933,427) (1, 837,209) 7,651,410 7.559,474 All assets are used for direct chantable purposes. Page 33

HOLME GRANGE LIMITED (A Company Limited by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15. Investments Investments In $ub$ldlary ¢ompanies Cost or valuatlon Al 1 September 2024 403,917 Al 31 August 2025 403,917 Not book valuo At 31 August 2025 403,917 At 31 Atwst 2024 403,917 Prlnclpal subsldlarf•s The following was a subsidbary undertaking of the Charitable company.. Name Company Reglstered offlee or Prlnclpal Class of Holdlng numb•r prlnclpal place of buslnoss acllvlly shares Holly Cottage Day Nursery Limited 03586852 Heothlands Road. Wokingham. Berkshire. RG40 3AP DOm￿nI Ordinary 100% The financial resLttts of the subsKliary for the year were.. Name Net assets Holly Cottage Day Nursery Limrted 636,699 Page 34

HOLME GRANGE LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 16. Debtor¥ 2025 2024 Due vllhln ong year Fees and disbursemenl8 Amounts owed by group undertakings Other debtors Prepayments and accrued income 1,152,846 256,817 5,555 57. 778 486,460 18.735 594.796 1.766,176 800,610 17. Cr•ditors: Amounts falllng due wlthln one year 202S 2024 Bank loans Trade credrtors Amounts owed lo group undertakings Olhar laxalion and soeial secunty Other creditors Deposrts Accruals Fees in advance 318,006 662,228 636,699 680,817 162.832 197,439 125,577 2.102,792 292,895 520.324 536,699 141,243 209, 854 204, 189 144, 113 3,471,913 4,786,390 5,521,230 Page 35

HOLME GRANGE LIMITED {A Company Limitéd by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR Tr+E YEAR ENDED 31 AUGUST 2025 18. Creditors: Amounts falling du• after more than on• y•ar 2025 2024 8ank loans 2,374,765 535.079 2.676,232 1,605,274 Fees in advance 2.909,844 4,281,506 19. Bank loans 2025 2024 Within 1 year Within 1-2 years Within 24 years After 5 years 318,006 201,927 720,431 1,392,407 292, 895 309, 120 710, 165 1, 656, 947 2,692,771 2,969. 127 The School has tsyo loans wrth Natwest, both of which are secured by a al charge over the School's property. with delai18 as foll￿$.. £995k loan - fixed Inte￿$1 rale of 3.62%. The loan is ￿payable by monthly instslmenls over10 years. £3,4m loan facilty- interest rates bwng charyed are 1.71% above base rale per annum. The loan 1$ repayable in quarterty inslalrrnts over 16.5 years. As at 31 Au9usI 2021, £3.4m had been drawn down. Page 36

HOLME GRANGE UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 20. Deferred Sncome- Fees In advanco Amounts may be paid to th$ college up lo the equNalent of 5 years, luilion fees in advance. The money may be returned subject to specifjc conditions stated within the scheme literature. Assuming pupils wll remain al the school advance fees will be applth.. 2025 2024 Within I ￿aT Within 1-2 years Within 2-5 years 2,102,792 391,571 143,508 3.477.913 1,457,282 147, 992 2,637,871 5,077, 187 2025 2024 Deferred income at 1 September 2024 ResOU￿eS deferred during the yeaf Amounts released from previous periods 5,077,187 25,072 12.464.388) 882.318 5,077, 187 (882,318) 2,637,871 5,077, 187 Page 37

HOLME GRANGE LIMITED {A Company Limited by Guarant8el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21. Flnanclal Instruments 2025 2024 Flnanclal assets Financral assets measui8d at arno￿"$8￿ ￿$1 Financiallobilrties measured at amortised cost 5.115.971 7,319, 907 14.912.625) (4,047, 607) The group'8 income, expen88, gains and losses in re8pect of finaneial instrum¢nts aro summarised 202S 2024 Flnanclal Il*bllltl Total intèrèst income for financial as$o1s hokl at amortised cost Total interest expense for financial liabilrties held at amortised cost 183,666 174,912 82,469 205,339 Included within financial as8el8 held al amorti8&J co81 eompii8e trade debtors. other debtors and cash al bank. Included wrthin financial liabilili8s held al amortised cost are bank loans. finance leases, trade creditors, other credrtors and accwals excluding deferred income. Page 38

HOLME GRANGE LIMITED {A Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. Statom&nt of funds Stalgrnent of funds - current year Balance at 1 S•ptember 2024 Balance at 31 August 2025 Transfgrs Inlout Income Expendlturo Unr8stricted funds D•$lgnated funds 8ursary Fund Minibus replaeemenl fund IT replacement fund 95,257 95,257 59,406 39,105 15,000 10,000 29,105 168,768 25.1)00 193,788 G•neral funds General Funds 17.145,373 12,773,467 113,024,544) 6.803 16,901,089 Total Unrnstrfcted fund• 17.314.141 12,773.457 113.024,5441 31,803 17,094,857 R￿trletèd fund• The Arts Fund Parent Amenities Assccialion 2,162 2,182 36.839 15.0361 131.8031 2.162 36,839 16,0361 31,8031 2,162 Total of funds 17,316,303 12,810.296 113.029,5801 17,097,019 Page 39

HOLME GRANGE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. Statement of funds Icontlnuod) Statement of funds - prlor year Balance al I S8plembei 2023 8al8nce al 31 August 2024 Transfe inloul Incofflg Expendilu Unrestrtctèd funds Dèylgnat•d funds Bursary Fund Minibus replacement fund IT replacement fund 95,257 44.406 29, 105 95,257 44.406 29, 105 168, 768 168, 768 General lund$ General Funds 76,364,849 13, 167,OT5 {12,283,947J (702,604) 17, 145,373 Total Unr•strlct•d funds 16.533,617 13. 167,075 (12,283,947J (702,604) 17.314, 141 Rostrfctod funds The Arts Fund Parent Amenrtie$ A3s¢xiation 2.162 2,162 32,472 (12,489) (19,983) 2. 162 32.472 (12,489) (19, 983) 2,162 Total of funds 16,535. 779 13. 799,547 (12,296,436) (122,587J 17,316,303 Page 40

HOLME GRANGE UMITED (A Company Limited by Guarantoe} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 23. Analysis of net assets between funds Analysly of net assets belween funds . currgnt year Unrestricted Restrlcted funds funds 2026 2025 Total funds 2025 Tangiblè fixed 88sets Intangible fixed assets Fixed asset investments CLbrrenl assets Creditors due within one year Creditors due in more than one year 17,923.258 753,796 403.917 6,537.873 15.614,1431 12,909,844) 17.923,2S8 753,796 403,917 6,540,035 15,614,143) 12,909.8441 2,162 Totsl 17,094,857 2,162 17.097,019 Analys18 of nèt aluts between funds . prlor y•ar Unr&$lricted fvnds 2024 R8slric18d funds 2024 Tol81 funds 2024 Tangible fixed assets Intangible fixed assets Fixed asset inveslmgnl$ Current assets Creditors due wrthin one year Credrtors due in more than one year 18,040,203 861,481 403,917 T,811.276 (5,521,230J [4,281,￿6) 18,040,203 861,481 403,917 7.813,438 (5,521,230) (4,287,506) 2, 162 Total 17.314. 141 2, 162 17,316,303 Page41

HOLME GRANGE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 24. Reconclllatlon of ngt movomont Sn funds to nol cash flow from operntSng actlvities 2025 2024 Net incomelexpenditure for the year {as per Statement of Financial ActNIIK8sI 1219,2841 903,111 AdJu¥tments for: Depreckqlion charges AmortisalKJn chargès Interest received Loss on the sale ol fixed assets Increase in debtors Increase in eredilor8 Bank interest paid 610.123 107,685 1183,66SI 6,800 1965,5661 (182,404) 609,170 801,243 174,912 205,339 577, 85Q 107, 685 (82,469) Net cash proVId￿ by opèrntlng aetlvltles 140,175 2,330,355 25. Analysls of cash and caih equfvalents 2025 2024 Cash in hand 3,944,590 7,011,312 Total Cash Ind cash equlv•lents 3,944,590 7,017,312 26, Analy$ls ot changeg In net dèbt At1 Soplomber At31 2024 Cash flo￿ August 2025 Cash al bank and in hand Debt due wthin 1 year Debt due aftei 1 year 7.011,312 {3,066,7221 3,944.590 {292.8951 125,1111 1318.0061 12.676.232) 301,467 {2,374.7651 4.042.185 (2,790.3661 1,251.819 Debt due within one year and debt due after one year relates to the bank loan. Page 42

HOLME GRANGE UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Capltal commitments Al the year end, the charitable c(mpany had no eontracted capital commitments f2024.' £Nil). 28. P8n¥lon commltments The charitable company runs a defined contribution scheme for Support stsff which teachers joined from 1 January 2020. The cost for the year represents the charilabte ￿mpanY'S conlribubons to thè scheme of £718,67312024.. £1,085,271). There were £97,732 Unpa￿ conlribLrtions (2024.. £84,615) at the year end. 29. Operatlng1oas• commltrnants Al 31 August 2025 the Charitable company had commitments lo make future minimum Igase payments under non-cancellable operating lease8 as foll￿.. 2025 2024 Not later than 1 year Later than 1 year and not lalgr than 5 yoars 82,220 52,800 168,995 135,020 135,020 304,015 30. Memb•rs' Ilability The School is a company limited by guarante8. Thg membets each havo a liability of £1 should Ihg School be liquidated al a fulufe dotg. 31. Related party transactlon¥ Close members of the SMTS family are paid a lolal salary of £24.811 (2024.. £Nil). All close relatives who are or have been employed by the schwl have a standard contract of employment, have been through thorough interview prcLess and their salaries are detennined as part of a full staff salary Teview which 18 approved by the Govemors. Page 43