2025-08-31-accounts

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Cokethorpe Educational Trust Limited

Registered Company Number: 00767253 Registered Charity Number: 309650

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Consolidated Financial Statements
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i. for the year ended
34 August 2025
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_Wenn Townsend
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Chartered Accountants
Oxford
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Cokethorpe Educational Trust Limited

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|||||||| |---|---|---|---|---|---|---| |Pages| |Gavernors’|annual|report|1-15| |independent|auditor's|report|17-19| |Consolidated|statement|of|financial|activities|20| |Charity statement|of financial|activities|21| |Consolidated|balance|sheet|22| |Consolidated|cash|flow|stalement|—|,|23| |Notes|to the financial statements|24 -~40|

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Cokethorpe Educational Trust Limited

Report of the Governors for the year ended 31 Atigust 2025

Chairman's report

1am pleased to present Cokethorpe Schoal’s Annual Accounts for the last twelve months, a year full of tangible achievements and strong results. as described more fully in this report. The end of the year marked the retirement of our Headmaster, Mr Damian Ettinger, after 23 years of dedicated service. He leaves behind a legacy marked by growth, transformation and unwavering commitment to the school conimunity. His vision and integrily have inspired generations of pupils and staff alike, fostering a sense of belonging and pride that will, | hope, continue to define Ine Cokethorpe experience.

As we look to the fulure we have reflected on ouraims and ethos, sel out below, which ( hope will resonate with you and help guide ail that we do as we welcome our new Head Dr Sarah Squire and the next generation of pupils joining Cokethorpe School:

Our Cokethorpe conununity is built upon trust, belonging and mutual respect. Through our daep-rooled coeducaliona! princigles we foster the empathy to connect, the responsibility to reflect, the courage fo embrace challenge and the contidence to lead will: integrily.

We are driven by a shared commitment: to inspire and gilide young people ta discover their passions, to pursue excellence and to fearn from mistakes. Learning and teaching at Cokethorpe is ngorous, dynamic and researchinformed, yel always personal. We recognise thal progress is individual, and every journey matters.

We value our beautiful landscape; it is a living part of our ethos. tn these green spaces, pupils can both find calm and a breadth of opportunities for crealivdy, exploration, and personal growth.

We befieve in nurturing each and every pupil, such thal they flourish into graunded young adults, equipped with sell-beliel, goodjudgement and a strong sense of purpose. Not just for themselves - bul for the world that they will help shape.

af.

Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continued) for the year ended 31 August 2025

The Governors, who are also Directors and Trustees of the charity, bul herein referred to as Governors, present their annual report with the audited financial statements of the charity for ihe year ended 31 August 2025. The Gavernors have adopted the provisions of the Statement of Recommended Practice (SORP) “Accatinting and Reporting by Charities’ (FRS 102) in preparing the annual report and financial statements of the charity.

Governors

The following Governors held office during the year.

Name Committee Responsibility J P Bennett (Chair) Finance and Esiates/Nominations The RU Rev C Fletcher (Vice Chair) Education/Nominations/C ompliance C J Easmaon Education WE Hart Finance and Estates WW Lau Education PA Tolley Finance and Estates J Norris Finance and Estates/Nominations K« Walton Educatian/Compliance M Wannell Finance and Estates/Nominations A Nott Education/Compliance N Cammack Compliance

(rr addition tu the above, K Walton and The Rt Rev C Fletcher are the Governors responsible for Heatta and Safety and Safequarding respectively.

Structure, governance and management

Governing document

Coketharpe Educational Trust Is a charitable company, governed by its Memorandum and Articles of Association. The company is limited by guarantee and does not have share capital. The liability of the Governors, in the event of dissolving the company, is limited to £1 each.

Group Structure

The charity operates as the parent of a group that includes one wholly owned subsidiary - Cokethorpe Enterprises Limited, This subsidiary exists to carry out trading activities to raise funds for the charity. All profits generated by the subsidiary are transferred to the charity under gift aid.

The Governors monitor the activities of the subsidiary to ensure thal they support the charity's objectives and comply with relevant regulations. The groups consolidated financial statements are prepared in accordance with the Charities SORP (FRS 25).

The Governors consider the risks associated wilh non-charitable ading and have appropriate governance arrangements in place, including oversight by the board, and independent director and requtar financial reporting.

Appointment of Governors

Governors are elected on to the Governing Body in accordance with the Articles of Association. When considering the recruitment of Governors, the Gaverning Body, through the Nominations Committee, takes into consideration any specialist skills or knowledge required, in order that it has a wide variety of expertise.

The current Governing Body has a wide range of skills in education, compliance, health and wellbe'ng, property development, business, and financial management.

Govemor induction and training

Newly appointed Governors are briefed on their tegal obligations under Charity and Company Law, the content of the Memorandum and Articles of Association, the decision-making processes, the Development Plan and (he recent financial performance and forecasts of the company.

Governors are provided with a ‘Guidelines for Governors’ manual, written and updated by AGBIS (Association of Governing Bodies of Independent Schools) and are encouraged to attend appropriate external training events, with training and travel costs paid by the company. Governors attend training given by AGBIS and receive regular updates on current issues facing the independent school sector,

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Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continued) for the year ended 34 August 2025

Structure, governance and management (continued)

Organisation (continued)

The Governing Body administers the Charity and acts as directors of the company. The Governing Body meets once every school term. There are three sub-commitiees that each meet once every school term covering finance and estates, compliance, education, and a further committee for nominations that meets annually or more frequently ifrequired, The Full Governing Body also meets when required for strategic development planning, The Head is appointed by the Governing Body lo oversee the day to day management of the School. The Head works with a Senior Leadership Team consisting of the Bursar, Deputy Headmaster, Director of Studies, Director of CoCurricular, Head of Sixth Form, Head of Prep School and Director of Professianal Development. Additionally, the Regisivar and Head of Marketing report cirectly to the Head. The remuneration of key management personnel is set by the Governing Body, with the policy objective of providing appropriate incentives to encou-age enhanced perfarmance and of rewarding them fairly and responsibly for their individual contributions lo the School's success. The appropriateness and relevance of the remuneration paticy is reviewed annually.

Third party indemnity provisions

The Trust has in place directors’ and officers’ liabilily insurance for tne purpose of indemnifying the Trustees against liability in respect of proceedings brought by third parties, subject to the conditions set out in Section 234 of the Companies Act 2006. This insurance was in force during the year and is in force as at the date of approving this report.

Fundralsing standards information

The charity does not carry out significant public fundraising activities, restricting its focus to small appeals to alumni and parents. No professional fundraisers are used by the charity.

Objectives and activities

The object of the company is to advance the educalion of the public including, but not limited to, through the provision ot education to boys and/or girls by the establishment, maintenance and/or support of Schools anywhere in the world, including but not limited lo in England and Wales. The asoiration is that pupils leave Cokethorpe as grounded young adults, equipped with setf-belief, good judgement and a strong sense of purpose. Not just for themselves - but for the world that they will help shape.

The School has to continuc to develop and respond to dynamics of the social and economic climate, locally and nationally. However, il has a primary intention to preserve its essential character and ethos. More details are given in the section an “Plans for the Future”.

The School has historically offered a wide range of quality sporting and other activities as well as developing academic and practical skills to enable its pupils (o achieve their best. The Christian ethos remains ar important characteristic of the School — embracing a joint Church of England and Roman Catholic foundation.

Achievements and performance

The School saw improved GCSE results with 75% of grades at 9 — 6 over the pas! two years. 69% of A Level were A‘-B. On entry to the GCSE and A Levet programme, pupils sit a computer adaptive test from which grade projections. are derived to form “value edd” measures. Analysis of actual performance agains! these baseline expectations is conducted externally, and comparisons made2 with other schools, Analysis of this measure indicates that Cokethorpe School consistently adds value across the whole cohort of pupils.

Cokethorpe School retains ils broad appeal reflected in pupils jaining us from a large number of different state and independent schools. This breadth of appeal continues to support Coketharpe's position as the number one choice for all through co-ed, Independent day schooling in Oxferdshire.

We are driven by a shared commitment: to inspire and guide young people to discover their passions, to pursue excellence and to learn from mistakes. The ethos of our community is built upon trust, belonging and mutual respect, Through our deep-rooted co-educational principles we foster (ine empathy to connect, the responsibility to reflect, the courage to embrace challenge and the confidence to lead with integrity,

Learning and teaching at Cokethorpe is rigoroits, dynamic and research-informed, yet always personal, We recognise that progress is individual, and every journey matters.

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Cokethorpe Educational Trust Limited

Report of the Govemors (including the Strategic Report) (continued) for the year ended 31 August 2025

Achievements and performance (continued)

Digital Learning ~ Cokethorpe is celebrating iis fourth year as a Microsoft Showcase School, with a record number of staff being recognised as Microsoft Innovative Educator Experts. This is a sign of our continued position as one of the leading schools at the forefront of Digital Learning and is a sign of intent as we look to prepare students leaving us for the increasingly technalogical workplace.

We continue to review the School's position in the digital space, with Al an increasingly insistent interloper in our thoughts and plans. Our focus this year has been very much on refinement of what we do, enhancing cur approach to the use of iSAMS, and solidifying the skills of our teaching staff. We hosted 6 delegates from South Korea in January, showcasing our strengths in the digital aspects of education, and the staff body have begun a series or educational research projects on various areas to do with Teams, OneNote, Surfaces and the impact of Al and smartphones on pupils experiences of school.

For pupils, fast year was the first “turnaround" year where they seamlessly received a Surface upgrade, and more digital aspects were built into the LIF-Ed {PHSE) programme.

TheSchotarsSchotarsProgrammeReview 2025 highliqghis a vibrant year of intellectual and; cultural enrichment for Cokethorpe’s Scholars, The Sixth Form Scholars’ Formal Dinner in January celebrated scholarly endeavour with a four-course meal, Mensa-style challenges, and performances including a Latin grace and musical interlude.

In April, First and Second Form Scholars visited the Ashmolean Museum for a seminar ied by Ms Emmeline Hallmark, exploring 19th-century British art. Through experiential learning, students developed skills in visual analysis and art criticism, culminating in peer-led discussions,

The annual Schofars’ Dinner in May marked the publication of the Scholars’ Journal, showéasing contributions from nineteen Scholars. The evening featured performances, speeches, and a keynote address by Professor Michael Scott, who emphasised curiosity, resilience, and open-mindedness as essential scholarly virtues.

The bespoke Philosophical Investigations curriculum, engaged Fourth and Fifth Form Scholars in critical thinking on topics such as free will, ethics, and identily, encouraging deep and respansibie reflection,

The Enlightenment Lectures, themed “The Change Makers,” featured six distiriquished speaxers across diverse disciplines. Highlights included Professor Magda Osman on behavioural science, Professor Eleanor Stride's pioneering cancer research, and Professor Sarah Hart's exploration of Florence Nightingalé's statistical legacy, Talks also addressed personal transformation, social enterprise, and Shakespearean history, with Sixth Form Scholars chairing and promoting each event.

Finally, the Scholars’ trip to the Chalke Valley History Festival offered immersive experiences in medieval medicine and warfare, alongside lectures on empire and leadership. The hands-on activities and engaging presentations made for a memorable and educational outing. Collectively, these events reflect the programme's commitment to fostering intellectual curiosity, cullural engagement, and scholarly excellence across all year groups.

Music ; Over the course of the year, our Assistant Director of Music re-designed the lower-school curriculum and threw himself into every possible ounce of music making.

The Department welcomed its second cohort of pupils as part of the Instrumental Scheme. The scheme involves all pupils in Years 4 and First Form selecting and learning an instrument for a term and a half; this will- and

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Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continued) for the year ended 3+ August 2025

Achievements and performance (continued)

indeed is ~ transform/ing music making al Cokethorpe. In addition to receiving one-to-one lessons paid for by the School, pupils also receive instrumental hire during this period as well as a weekly singing session and a fortnighily ensemble. In shon, music making is firmly embedded within the curriculum and, now two years later, we have dlready seen many very exciting performances and huge amounts of progress: hard work, commitment and perseverance are at the heart of he scheme's purpose.

The House Singing competition, taking place in the first half of the Michaelmas Term, proved once again to be exciting and ferociously competitive, as each House took to the stage: the spirit in the hall was electric and performances were all well prepared. During the second half of term, the Deparment prepared for the St Cecilia Concert: as wilh last year’s Spring Concert, this concert took place in the Dining Hall (where we could take advantage of the fantastic acoustic) and showeased the Schoot’s ensembles both from the Prep and Senior. The tern culminated, musically, with the two caro! services taking place in St Mary’s Church, Witney: the Senior and Prep Chamber Choirs were on terrific show, singing a range of anihems and carols, to enthusiastic congregations.

The first half of the Lent Term focussed orimarily on the Musician of the Year competitions. There were over 50 . entries and the two rounds - Lower Grade and Higher Grade — contained some spell-binding and captivating performances, which greatly impressed the visiting adjudicators. We also celebrated our second (not-so-scary) Sightreadir.g Competition.

The Spring Concert, in March, marked several firsts for the Cokethorpe community, as the performance took place on a Sunday (allowing families and trends to join the chair and orchestra ranks) and featured a performance of Vivaldi's Gloria (described as ‘nothing short of spectacular’), accompanied by professional orchesira, in addition to performances by the Senior and Prep Orchestras, as well as solcists.

A few weeks earlier, the Senior School gave performances of info the Woods, far which it had rehearsed for just five weeks, The pupils’ performances were simply magical, capturing every emotion, characlerisation and their singing was equally stunning, That they were able to get the show ready in just five weeks was testament lo their incredible work ethic, dedication and perseverance (not to mention their talent).

The Summer Term began with Cokethorpe’s very first MADD Evening: Music And Oance, Drama, This was an entirely pupil-organised event and showcased not only the School's incredible musicians and actors bui also the many dancers and actors.

Over the course of the year. we have hosted a weekly recital — Corinthian Concerts and Cake — in which over 150 pupils and staff have taken part; the recital provides an informa! and friendly performance opportunity for pupils {and staff) of all instruments, genres and standards, It was a joy to hear pupils who started their instrument as part of the Instrumental Scheme and, only a handful of months later, through hard work, focus and perseverance, were ready to perform in public.

Orama

The Senior School Michaelmas production, The Box of Delights, was an enthralling production, rich in visuals and sound, transporting the audience from magical forests to underground caverns. Many cast members played the vital role of puppeteers as bewitching new worlds unfolded before our eyes. Wilh rabbits, butterflies, birds, ancient gods, as well as the tiny versions of the protagonists themselves, the physical puppeteering was expertly crafted and brought to life. There were also spellbinding sequences of shadow-puppelry, cleverly and defily enacted by the cast to expound the backstory. This was a stunning ensemble production, with jaw-dreppingly beautiful scenes; a moving story of hope and friendship. played with commitment and professionalism by this huge and talented cast and crew from every year group.

in October, the Second Form were treated to a day at the Globe Theatre in London where they enjoyed a workshop with professional actors before watching them perform in Shakespeare's Taming of the Shrew, There were various theatre trips throughout the year, including shows such as The Buddha of Suburbia at the Barbican and War Horse al the New Theatre, Oxford.

Professional theatre practitioners from Chipping Norton Theatre came to Cokethorpe in February to work with our First Form pupils in a skills carousel, exploring vocal expression, clowning and characterisation. The children enjoyed participating in a variety of new workshops and made use of their new skills in the end of year production,

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Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continued) for the year ended 31 August 2025

Achievements and performance (continued)

The Lent term show Was another blockbuster fram Drama and Music - Stephen Sondheim's Into The Woods. A retelling of Grimm's fairytales in a magical, mysterious world where characters and stories collide. Once again, ihe large cast and crew from all year groups came together to create a spellbinding production.

We saw another incredible set of results for our LAMDA pupils who look their examinations in performance in March (various grades and levels}. 31 were awarded Distinction and five with Merit.

March was a busy month for Drama — afler the LAMDA exams came the Second Form production, vaih all children in the year group performing their devised work utilising physical theatre. Each group blended movement, storyielling, and surrealism showcasing (heir unique creativily,

The Inter-House Orama competition this year was judged by professional actress Miranda Colchester, fresh from her performance with (the RSC in Hamlet, she was treated lo some Wonderfully inventive performances based an public information braadcasts of yesteryear. Every House entered into the spirit of the competition, devising a group plece and offering either a duologue or monologue oftheir own choice. Vanbrugh was crowned this year’s winner.

In June the entire First Form performed tour shorter Shakespeare productions for a packed house in The Shed, The audience were treated to some comical interpretations of Hamlet, Romeo and Juliet, Macbeth and King Lear.

This has been an exceptional year for drama at Cokethorpe Prep, marked by imagination, commitment, and memorable productions. Our pupils in Years 3, 4, and 5 rose to the challenge of presenting Ofiver Twist. Their interpretation of Dickens’ tale cambined humour, grit, and energy, as they moved seamlessly between bustling ensemble scenes and moments of touching emotion. Every child played their part with confidence, and their ability to convey bolh character and story left the audience tharoughly impressed.

As ihe Christmas season approached, Pre-Prep children delighted families with their performance of The Big Little Nativity, Their joyful retelling of the story brought warmth and wander to the stage, and Iheir enthusiasm filled the hall with festive spirit.

The Lent teri saw Year 6 tackle Shakespeare's Macbeth. Staged within a stark, barren setting, the production broke with convention by positioning the pupils in a circle. This created an atnvosphere of immediacy and intensity, as performers stepped into the space and became part of the unfolding action. The effect was both powerful and immersive, drawing the audience into the drama and showcasing the maturity of the young cast.

Tha year concluded with a vibrant performance of Beauly and the Beast far Prize Giving, Pupils fram across the school worked together to bring this much-loved story to life, combining song, dance, and dramatic flair. The production was filled with energy and imagination, ensuring a fitting finale to a year rich in theatrical achievement.

None of these performances would have been possible without the skill and dedication of our Head of Wardrobe, whose oulstanding costumes elevated each show. Her creativily and atlention lo detail gave every character authenticity and cotour, adding an extra dimension of magic to every stage production.

Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continued) for the year ended 31 August 2025

Achievements and performance (continued)

Sixth Form Life

Over the course of the academic year, members of the Sixth Form were proud of successes in all areas of School life. Activities and achievements included

« High-level participation in The Senior Maths Challenge + High-level participalion in The British Science Olympiads (Physics, Chemistry and Biology)
- Every student in the cohort providing weekly pastoral and academic mentoring to pupils in the lower years
« Active involvement and participation in the Peer Mentoring Programme
¢ Regular visits to local primary Schoolsto coach sport and support reading
« Students from both year-groups taking part in a multi-stage Debating knockout competition e Sludents delivering presentations to thelr peers, parents and visitors
Sludents in the Upper Sixth achieving Gold Award for Ouke of Edinburgh
Students in the Lower Sixth successfully competing in the Devizes lo Wesliniris(e: Kayak Race
« Success in elite level sports, including horse-riding, weightlifting and sailing « Participation in the performance arts, including concerts and drama productions * Asignificant proportion of the Upper Sixth completing an extended project. ;
- All Lower Sixth Pupils taking part in the Lower Sixth Elective Programme
- Students in both year groups researching, hosting, introducing and interviewing visiting Speakers as part of the Sixth Farm Enlightenment Lecture Series.
« Students in Upper Sixth organising a whole-school RAG week, raising money for Pebbles Project

Futures

The School considers it an important part of its role to support and guide students in making suitable and appropriate choices for further study. This year aver 50% of our Upper Sixth secured places at Russell Group and Top Tier Institutions, continuing with our ambitious applications but also ensuring that they look to those institutions that specialise in a particular area, Subjects include Medicine, Philosophy, Economics, Computer Science and Mathematics, Geography, History and Politics and International Relations, as well as the Foundatian An Oiptama.

Our careers and university support programmes continue to offer exceptional opportunities and experiences to senior pupils and students. We organised trips to both Bath University and Cardiff University praviding opportunities to experience a day in the life of a student, including mock lectures, talks and a glimpse into fife at university. Each year group from Second Form through to Upper Sixth received a careers lesson with an exiernal careers advisor that is following a programme that progresses through each year, along side this we use Unifrog, as well as 1-2-1 interviews with Third Form, Fifth Form and Lower Sixth, with 1-2-1 support for those applying to university, degree apprenticeships and jobs.

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Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continucd) for the year ended 34 August 2025

Achievements and performance (continued)

Sport

Cokethorpe Sport is defined by pupil's success. And you could be forgiven for gauging success by victories or medals. However, at Cokethorpe we place huge value on pupil engagement. On their love of what they do, Whatever that may be. ;

We want pupils to forge a lifelong love of sport, So that when the time comes for them to leave Us, and begin their journey into adult life, they carry that desire to remain active, join a gym, or a university sparts team. Maybe even a weekly park run.

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That, to us, is success.

The hackey season staried brilliantly for-our U14 girls who won the Plate at the County Championships shawing Incredible resilience to come back from initial defeat in the group stages to claim victory in the final against St Helen's & St Katherine's.

The 1st XV rugby team left a legacy of passion, creativity and resilience as they became one of the most successful rugby teams in the school's history. With memorable victories over some ilustrious schools like Oulwich College at Sedbergh Tens, Solihull in the Daily Mail Trophy, as well as Millfield on their roule to victory at the Mount Kelly Tens. But what they'll be remembered for, is what a brilliant brand of rugby they played, alongside a never say die altitude. Whilst their friendships will be with them for life.

The Equestrian team had some wonderful performances acrass the year, qualifying for the nationat show jumping championships in October 2025.

We had two international footballers representing Cokethorpe this year playing for England Independent Schools U+5 Girls and U18 Boys respectively against Wales. in June, (ne U18 student signed a professional contract for Crewe Alexandra.

Finally, for the first time in the School's history, the 1st XI cricket team beat the MCC in May, on a beautiful summer day, one we will remember for some time to come.

Outdoor Education

Racing Kayak

This year saw continued growth and success in Racing Kayaking, with a cohesive squad representing pupils from Fourth to Sixth Form, Highlights included winning {he Nalional Schools Novice Female and Group Female titles, alongside the completion af the Devizes to Westminster Iniernational Canoe Race by an allfemale crew—the first since 2019. The peer-led training model has been particularly effective in fostering resilience, independence, and long-term goal setting. Younger paddlers are now well supported within the pragramme, ensuring a strong foundation for the 2026 DW campaign

Climbing Climbing has become a care element of school fife, supported by the climbing tower and an expanding programme. Over 100 pupils engaged this year in co-curricular (AOB) and games sessions. Pupils progressed strongly through the National Indoor Climbing Award Scheme, with lead climbing introduced for more advanced participants. Notably, success was achieved at the National Schools Climbing Competition, where a Cokethorpe pupil won his category. Looking ahead, plans are in place to expand trips and extend opportunities for younger pupils to experience climbing in different environments.

Sailing

Sailing has expanded significantly, with sessions now running year-round and involving younger pupils. Participation has been broad, covering both Firefly dinghies and SB20 keelboats. A new Saturday training programme was introduced, and Cokethorpe entered its largest-ever team for the {tchenor event. Several pupils also achieved RYA Stage qualifications, reflecting the growing depth of skill across (he group.

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Cokethorpe Educational Trust Limited

Report of the Governors {including the Strategic Report) (continued) for the year ended 34 August 2025

Achievements and performance (continued)

Future plans include developing more adventurous expeditions alongside competitive racing, broadening both the challenge and appeal of the programme.

Prep School Outdoor Education

Outdoor education in the Prep School has flourished {hrough the introduction of new lunchtime clubs. Slacklining, Archery, and Adventure Clubs have promoted confidence, resilience, and practical outdoor skills. Pupils have engaged in activities such as firé lighting, den building, and woodland garnes, all of which foster a love for nature and exploration. These initiatives have established strong foundations for continued engagement in outdoor learning as pupils progress through the school.

Duke of Edinburgh Award

The Duke of Edinburgh Award remains a cornerstone of life at Cokethorpe, with strong participation across all levels, Bronze in particular continues to thrive, with nearly the entire Third Form cohort enrolled. This year alsa saw 4 Significant expansion of in-schaol volunteering and skills opportunities. Pupils supported Prep Schoo! clubs, mentored younger pupils, and contributed to academic and pasteral activities, thereby strengthening links between {he Prep and Senior Schools and making the Award more accessible and impactful.

A new initiative has seen trained Sixth Form Dofé Young Leaders support the programme al Bronze and Silver levels, assisting with training, supervision, and mentoring. Expeditions remain a highlight of the Award, with all expeditions being redesigned arid improved: Bronze groups explored Ihe Thames Valley, Silver participants completed a blended canoeing and walking journey in the Wye Valley, and Gold groups navigated the Peak District, incorporating visits to histori¢ sites, A new equipment store has further enhanced logistics. ~~ From September 2025, a dedicated statf member will lead the programme, supporting growth and encouraging greater pupil-led expedition planning.

Morocco Expedition

This year, Cokethorpe Outdoor Education Department organised an expedition lo Morocco in partnership with Warld Challenge. The trip was designec for Third and Fourth Form pupils, many of whom were experiencing a different culture and undertaking an expedition of this nature for the first time.

The caretully planned itinerary combined physical challenge with cultural immersion, giving pupits the opportunity to buitd resilience, develop teamwork, and take responsibility for managing budgets and lagistics. The experience encouraged independence and persanal growth, while fostering a deeper appreciation for different ways of life.

Cokethorpe Camps

Cokethorpe Camps have continued to thrive as a standout feature of the schaol holidays, offering children aged 5-13 a diverse and inclusive programme of activities. Open to both Cokethorpe pupils and the wider community, the Camps provide an excellent platform to showcase the school's extracurricular suengths ina relaxed and weicoming environment.

This year saw significant grovah, particularly with the introduction of two-week Easter Camps. Across the year, there were over 3,600 individual bookings, representing 684 different children, with each attending on average for five days. Easter and Summer Camps were close to capacity on most days reflecting strong demand and engagement with the quality of the programme.

The programme offered more than 100 different activities, ranging from bushcraft, woodland games, and water sparts—including kayaking, canoeing, and the ever-popular Mega SUP—to drama, music, and creative challenges such as murder mysteries. The variety ensured broad appeal and meaningful engagement for all participants.

Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continued) for the year ended 31 August 2025

Achievements and performance (continued) ‘The Camps are led by a dedicated and experienced team, many with close ties to the school, who conlinue to provide a high standard of pastoral care alongside adventure and fun. Importantly, income from the Camps has been extremely positive, with profitability reviewed and strengthened in recent years. These improvements have been achieved wilhout compromising the quality or breadth of the programme, ensuring Coketharpe Camps remain a valuable and sustainable offering.

Public benefit/Use of facilities

The Governing Body Is mindful of the need to satisfy the Charity Commission with regard to Public Benefit and will continue to ensure wide social access both through fee assistance and through the Way [n which the School engages with the wider community,

The Headmaster and the Head of Prep Schoo! participated in monthly meetings with other Heads in The Corinthian Partnership where best practice is shared and opportunities to develop academic standards and co-curricular activities are identified, Teachers from. partnership schools vaiue the opportunity come togelher to develop their pedagogy and take best practice into their schools.

Sixth Form students have demonstraled their excellent leadership skills in the Corinthian Partnership Outreach Programme by running weekly sporting activities.

Thres members of the Senior Leadership Team as well as some of our teachers continue their rales as Governors of local primary schools or trustees. of other charities.

Every year Cokethorpe looks to hold many events for schools and nurseries across the local area enabling hundreds of local children to visit the School and share resources -

Making Cokethorpe facilities available to local schaols, youth graups and other organisations is one of the: many ways in which we can directly benefit the wider communily, particularly the education and development of young people as. outlined in our charitable objectives. Below are some of the groups with whom we have both long standing and newly formed relationships:

Adventure Plus Alfreton Cadets ASFA Football Club Aston and Cote Primary School Drama Production Aston Wildcals Girls Football Aston Youth Football Club Bampton Cricket Club Bultercross Theatre Club Clanfield Football Club Clifton Hampden Longbow Society Cotswold Wedfest Dance United Darryl Woods Cricket Coaching Oeborah Manning Dance Show Didcot Football Club Ducktington Football Ciub Ducklington Primary School Drama Production . Edgars England Rugby Freeland Football Club Golden Pointe Ballet Schoot Harborough Cricket Club Helen and Douglas House Hetio-Caaching Lower Windrush Choral Society Marylebone Cricket Club Cricket Coaching

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Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report} (continued) for the year ended 31 August 2025

Public benefit/Use of facilities. (continued)

North Leigh Football Club Oxfordshire and District Brass Band Association Oxfordshire Girl Guides Oxfordshire Historic Churches Trust Ride and Stride Oxford Downs Cricket Club Plunkett Ride ang Stride Sculpture in a Day Classes Smiths Bletchingten South and West Oxfordshire Rugby Tots St Bartholomew's Church, Ducktinglon St Edwards School Stagecoach . Standlake Cubs, Scouts, and Explorers Standlake Beavers Stanton Harcourt Cricket Club Thames200Ultra Tower Hil] Footoall Club Weyfarers Rowing Club Witney Chess Congress Witney District Swimming Club Witney Hockey Club Witney Mens Football Club Witney Rugby Club , Witney Vixings Football Club Witney Wolves Basketball Club Wychwood Ladies Hockey Club Witney Swifts Cricket Club You Play Netball :

Development and Fundraising

The Development Office has continued to play a vital rote in strengthening philanthropic support and deepening the School's external relationships. A total of £161,552 was raised this year, including £55,014 towards bursary funding, £20,000 towards the School's Decarhonisation Programme, and £33,750 towards music.

The Business Breakfast Forums run by Cokethorpe Enterprises have continued to grow in profile and impact, attracting up to 200 businesses to each event, sponsorship and donations for our Bursary Programme. These gatherings have helped posiiion Cokethorpe as a regional! hub for enterprise, Conversation, and. collaboratian.

Community engagement remains central to the School's identity. The inaugural Silent Arts Auction and PapUp Exhibition (May—June 2025) brought together the whole School community, wilh enthusiastic support and volunteering from the Cokethorpe Parents and Friends Association (CPFA).

Old Cokethorpean engagement continues to flourish, with over 200 alumni reconnecting through reunions, visits, and appeals. This year saw the Chapel Appeal raise over £7,925, alongside a significant new annual gift far Music from an OC, affirming the lasting connection between former pupils and the creative life of the School.

These relationships and contributions ar2 increasingly valued in allowing us to meet our objectives and provide exceplional opportunities for our pupils.

-41-

;

Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continued) for the year ended 31 August 2025

Means tested bursaries and scholarships

It is the School's policy to offer bursaries up to the limit of affordability. The School has actively publicised its bursaries provision on its website and through online advertising and Open Day flyers sent to local nurseries, primary and state schools.

Bursaries are available to parents of pupils who meet the required standards but are unable to pay the full fees without an award. All bursaries are means-tested and have a value of up to 100% of the fees. Each case is assessed on its own merits and awards are made accordingly, subject to the School's ability to fund these within its overall budgets

There have been occasions When the School has either contributed or paid for in full for various trios so that individuals (who might othenvise decline to take part) can altend.

The School awarded means-tested bursaries of £1,039,994 (2024 - £1,162,3B0) to 85 (2024 — 102) pupils. Seven (2024 = six) pupils received full fee awards for a term ar more during the year and 36 (2024 — 49) pupils received a reduction of 50% or more of the fees for the year.

The School has supported families with sibling discounts awarding 27 (2024 — 34) sibling discounts totalling £83,132 (2024 - £88,876) during the year.

The Schoo! awards means tested bursaries to staff with pupils in school, included in the above bursary figures, during the year 30 (2024- 37) pupils received staff bursaries worth £395,892 (2024 - £446,193).

Scholarships totalling £47,332 (2024 - £75,670) were awarded to 142 (2024 ~ 144) pupils during the year. Academic Scholarships are offered in First Form, Third Farm and Sixth Form alongside specialist Awards in Art, Drama, Music, Design Technology and Sport. Leadership awards are offered in the Sixth Form alongside responsibility for managing a Raising and Giving fund to support student led charity events in School.

All bursaries and scholarships are subject to satisfactory academic progress and behaviour, and in the case of scholarships, to a continued contribution to the discipline for which they were made.

this the policy of the Governing Body to extend the provision of bursaries, scholarships and other concessions of between 10% and 12% of gross fees. This gives the Schnal! apparunity to maintain academic slandards while ensuring that the school is not financially selective.

==> picture [319 x 127] intentionally omitted <==

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2025 % OF CONCESSIONS sibtina
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----- End of picture text -----

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-12-

Cokethorpe Educational Trust Limited

Report of the Govemors (inctuding the Strategic Repart) (continued) for the year ended 31 August 2025

Financial review

The school year started with 573 pupils on coll and with leavers and joiners throughout the year the average pupil numbers in the year was 568. Total income of £13,380,125 (2024 - £14,220,58D) reflects a 5.9% decrease on the prior year; liquid resources of £4,325,274 (2024 - £4,762,708) and total reserves of £9,599,067 (2024 - £9,144,256) after making capital additions of £609,665 (2024 - £511,297) and repaying £192,278 (2024 - £185,642) of laans in the year. During the year the Schoo! received £202,521 of fees paid in advance for future years. At the year-end (olal fees in advance were £755 863 with £340,205 relating lo the next academic year. Advance fees are held by the school as part of the general reserves. Net income produced a surplus of £454,811 (2024 - £557 619).

Gross Fees al £12,554,381 (2024 - £13,675,419) represent an 6.2% decrease on prior year fees. The Schcal reduced fees charged to parents to offset the impact of VAT on schools fo the extent it was able to recover VAT on expenditure. We continue to see healthy numbers of pupils joining the schoal and attract pupils from a wide geography due to our co- educational day schoo! offer wilh exceptional breadth. Our parents and pupils are our biggest advocates and we value their feedback on. and support for all the hard work and dedication shown by our teachers and support staff in achieving excellent results across all areas of the School.

Total concessions, including the cost of the composite advance fee scheme, amounted to £1,178,313 (2024 - £1,342,440) and represents 9.4% (2024 — 9.8%) of gross fees, supporiing 148 (2024 — 240) pupils or 26% (2024 — 39%) of the School rall.

Teaching costs, which includes the cost of teaching staff and academic support as well as educational materials increased to £7,132,071 (2024 - £7 074,270) and represents 6.8% (2024 — 51.75%) of gross fee income, Tota! staif costs at £9,246,489 (2024 - £8,999,657) increased by 2.7% and represents 73.7% of gross fee income (2024 — 63.3%).

Welfare costs of £992,098 (2024 - £946,169) reflects an increase of 4.9% and Premises costs at £1,623,827 (2024 - £1,890,291) have decreased by 14% due to the one-off cost of repairs to the dining room raof in 2024,

Financing costs at £62,750 (2024 - £63,563) represents the interest on loans. Borrowing al the year-end was £1,489,462 (2024 - £1,681,740) and is fixed at 3.55% fora ten-year term.

==> picture [392 x 121] intentionally omitted <==

----- Start of picture text -----
202.5 GROSS FEE ANALYSIS 2024 GROSS FEE ANALYSIS
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Net income for the year reflects continued growth of our holiday camps run over the Easter and summer break and offering exciting outdoar activities fram our new boathouse as well as a more traditional activities programme within the school grounds te children from our local community.

The School has continued to invest in fixed assets to improve its educational offering spending £609,665 (2024 - £511,297) during the year including a refurbishment of our science laboratories.

-13-

Cokethorpe Educational Trust Limited

Report of the Govemors (including the Strategic Report) (continued) for the year ended 31 August 2025

Taxation

The Schoc!, as an educational charity, nas corporation tax exemption and the financial benefits derived from this is appiied for educational purposes including the provision of bursaries, Since April 2025, the schoal no longer benefits from any rates. reduction and is now subject to VAT and has a group VAT registration.

Reserves policy

The School's Reserves Policy is to maintain sufficient unrestricted income reserves lo enable it (o meet its shortterm financial obligations in the event of an unexpected revenue shortfall and to rely on its realisable fixed assets as cover fer the Schools longer-term financial obligations.

The Governors monitor the operating surplus (before depreciation), cash flow and levels of barrowing as well as the risks facing {he charity, to ensure the School's long-term financial security and are satisfied with this position given the bank facilities that are in place and the strength of future cash flows. The Governors do not amicipate any difficulty in meeting the obligations of the charity and consider the School's working capital sufficient to meet its liabilities as they fall due.

The Governors’ consider that free reserves in the order of £4m ar approximately one term's expenditure would be desirable to cover the risks and uncertainties of operating as an independent school and adopt a long term policy to continue building up reserves out of operating surpluses, subject lo the requirements for further investment in the school’s facilities and resources to mafntaln the standard of educational services currenily provided.

At the year end the School had total reserves of £9,599,067 of this a total £389,435 is represented by restricted reserves and a further £6,601,127 is designated representing the net book value of properly assets less associaled loans, leaving £1,370,674 in free reserves being unrestricted finds held not represented by other fixed assets.

Risk management

The principal risks and uncertainties facing the School, along wilh a summary of (he plans and strategies for managing them, are as follows:

« Security of pupils and staff - Regularly reviewed and risk assessed. Staff wear lanyards, visilors sign in. CCTV installed and monitored
« Safeguarding - Regular update of policy, procedures and training, with regular updates from independent School Associations and the Local Authority. Supported and checked by lawyers
¢ Health and safety — Robust policy, procedure and risk assessment across the school with the addition of advice from a Risk Management Consultant who visits the school every month
« Oependency on income resources — Closely monitored by Head, Bursar and Registrar. Marketing strategies to encourage recruitment and prepared incame cash flow forecasts for the future
« Employment issues —In house Head of HR and employment jaw advisors * Adverse publicity - Complainis procedure and strong loca! community tinks « Disaster —Reguiarly reviewed and tested Emergency Plan. Comprehensive insurance in place including cyber instirance cover

‘The Governing Body examines the major risks that (he School faces each year annually. Mitigating actions and procedures designed to minimise any pozential impact on the schoo! should those risks materialise are identified.

~14-

Cokethorpe Educational Trust Lintited

Report of the Governors (including the Strategic Report) (continued)

for the year ended 31 August 2025

Plans for the future

The 2021-26 Stralegy document sets out the underlying aims and objectives. A new strategy document is being, developed by the incoming Head. The School Development Pian identifies relevant school history, describes (he ethos of the School and sets out the capital investments to support the realisation of the strategy.

The abbreviated strategic objectives (set out in full in the current Development Plan) are:

« Preserve the current values and ethos of the School. e Further raise academic standards, focusing on success for each individual, « Continue to provide a caring and supportive pastoral system where everybody has a sense of belonging. * Continue to develop a wide range of extra-curricular activities, including outdoor education, sport and the performing arts.
(Waintain and build the School roll, including sustaining a strong Sixth Form offering to attract and retain students and targeted use of bursaries.
« wlaintain a high quality of staff development, leadership and governance.
- Continue to strerigihen the sense of a Cokethorpe community with links with local businesses and population.
»- Strengthen ties with alumni and former parents, furthering the sense of the Cokethorpe network far life. e« €xtend Cokethorpe's market reach and poputarily, and evolve as one of Oxfordshire's leading schools.
« Build up a School Endowment to provide funds to support future developments.
_* Continue to improve the infrastructure while proceeding with caution with regard to further borrowing,

~15-

Cokethorpe Educational Trust Limited

Report of the Governors {including the Strategic Report) (continued) for the year ended 314 August 2025

Statement of Governors’ responsibilities The Governing Body (who are also directors af Coketharpe Educational Trust Limited for the ourposes of company law) is responsible for preparing the Annual 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 Governing Body to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable campany and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governing Body is required to:

e select sultable accounting policies and then apply them consistently . observe the methods and principles in the Charities SORP 2019 (FRS 102) . make judgements and estimates that are reasonable and prudent . slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statemenis
e orepare the financial statements on the going concern basis unless it is inappropriate to presume thai the charitable company will continue in operation

The Governing Body is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitabie company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities,

In so far as the Governors are aware:

¢ there is no relevant audit information of which the charitable company's auditor is unaware; and e the Governors have taken all steps thal they ought lo have taken to make themselves aware of any relavant audit information and to establish that the auditor is aware of that information.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ fram legislation In other jurisdictions.

Auditors Wenn Townsend have agreed to offer themselves for re-appointment as auditors of the Trust. A resolution to reappoint the auditors will be proposed at the Annual General Meeting.

in approving the Annual Repon, the Govemors also approve the Strategic Report included therein, in thelr capacity as campany directors.

Signed on behalf of the Board

==> picture [101 x 56] intentionally omitted <==

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q
JP Bennett
Chairman of Governors
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25" November 2025

-16-

Cokethorpe Educationat Trust Limited

independent Auditor's Report lo the members of Cokethorpe Educational Trust Limited Opinion ; We have audited the financial statements of Cokethorpe Educational trust Limited (the ‘parent charitable company’ | and its subsidiaries (the ‘aroup’) for the year ended 31 August 2025 which comprise the Group Siatemeni of Financial Activities, the Company Statement of Financial Activities, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Cash Flows, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicabte law and United Kingdom Accounting Slandards, including Financial Reparting Standard 102 The Financial Reporting Standard applicable ie the UK and Republic of Ireland (United Kingdom Generally Accepied Accounting Practice).

In Our opinion the financial statements:

- give a true and fair view af the state of the group's and parent charitable company’s affairs as at 31 August 2025, and of its incoming resources and application of resources, Including its income and expenditure, forthe year then ended,
- have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practiog; and = have been prepared in accordance with the requirements af the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with interivational Standards an Auditing (UK) (ISAs (UK)) and applicable taw. Our responsibilities under thase standards gre furlher described in the Auditor's responsibilities (or ihe audit of the financial siaiements section of our report. We are independent of the group and the parent charitable company in acconfance with the eihical requirements that are relevant to our audit of the financial statements in the UK, Including the FRC's Ethical Standard, and we have fulfilled’ our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for aur opinion.

Conclusions relating to going concern

in auditing the financial siaternents, we have concluded that the Governors’ use of the going concem basis of accaunting in the preparation of the financial statements is appropriate.

Based on the work we have pertormed, we have not identified any material unceriainties relating to events or conditions thal, individually or collectively, may casi significant doubt on the group and parent charitable company's ability to continue as 4 going concern for a period of at least twelve months from when the financial sialerments are auihorised for issue,

Our responsibilities and the responsibilities of the Governors with respect to going concem are described in the selevant seciions.of this report.

Other information

The Governors are responsible far the other information. The other information comprises the information included in ihe Governors’ Annual Repor, other than tre financial statements and our auditors report thereon. Our op.nien on the financial statements does not cover the other information and, except ta ine extent othervise explicitly stated In our report, we do not express any form of assurance condusion thereon,

Qur responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially — misstated. (f we identify such material inconsistencies or apparent material misstatements, we sre required to determine whether there is a matedal misstatement in the financial statements of a material misstatement of the other information. if, based on the work we have performed, we conclude thal there is a material misstatement of this other information, we are required to report that fact,

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

{n our opinion, based on the work undertaken in the course of [he audit!

- the information given in the Govemors’ Annual Report (incorporating the Strategic Report and the Directors’ Report) for the financial year for which the. financial statements are prepared is cansistent with the financial statements; and .
statements; and .
e the ‘Stafegic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

Cokethorpe Educational Trust Limited

Independent Auditor's Report to the members of Cokethorpe Educational Trust Limited (continued)

Matters on which we are required to report by exception

In the tight of our knawledge and understanding of the graup and the parent charitable company and Its environment obtained in the course of the audit, we have not identified material misslatements in the strategic report and the Gireciors’ report,

We have nothing ta repart in respect of the following matters in retaiion to which the Companies Aci 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent charilatle company, or returns adequate for our audit héve nol beén received from branches not visited by us; or
e =the parent charilable company’s financial statements are aot in agreement wilh the accounting records and returns; or
+s certain disclosures of directors’ remuneration specified by law are noi made, or ¢ we have not received all the information and explanations we require tor our audit,

Responsibilities of trustees As explained more fully in the Governors’ Responsibilities Statementset out on page 16, the Governors (who are also the direciors of the parent charitable company for the purposes of company lew) are responsible for the preparation of the financiat stafements and for being satisfied thal they give a true and fair view, and for such internal control as dhe trustees determine Is necessary to enable the preparation of financial stalements inat are free from material misstatement, whether due to fraud ar error.

tn preparing the financial statements, the Governors are responsible for assessing the group and the parent charitable. company's ability to continue as a going cancern, disclosing, as applicable, matters related to going concem and using the going ccncern basis of acceunting Unless the trustees either intend to liquidate the group or the parent craritable company orto cease operations, or have no realistic alternative but ta do so,

Auditors 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 missiatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high tevel 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. Misstalaments can anise from fraud or error and are considered material if, individually or in the aggregate, Ihey could reasonably be expected to influence the economic decisions of users faken on the basis of these finarciat statements,

Irregularities, incjuding fraud, are instances of non-compliance with laws and regulations. We design procedures in Ilne with our responsibilities, oullined above, to detect material misstatements in respect of irregularities, inctuding fraud. The specific procedures for this engagement and the extent to which ihese are capable of detecting irregularilies, Tneluding fraud |s detaited below:

« Enquiry of management, those charged with governance and the entity’s solicitors around acival and potential litigation and claims;
Enquiry of eniily staffin accounting and HR functions to identify any Instances of non-compliance vith laws and regulations:
« Reviewing minutes of meetings of those charged with governance, « Reviewing financial statement discfosures and testing to supporting documentation to assess compliance wilh applicable laws and requlatrons:
« Performing audit work over lhe risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing acceunting estimates for bias.
- Performing detailed audit work over the isk of timing issues within the recognition of both fee and non-fee income and the overside of controls in this area by mamagenient, in particular with regards ta fee concessions awarded. This included (uli reconciliations of fee income recognised compared to student numbers and fee rates, as well as detailed substantive testing of concessions awarded on fees, and non-fee income arising in the period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, Including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation Is removed from the events and iransactions reflected in the financial slatements, as we will be less likely to become aware of instances of non-compliance, The risk is also greater regarding irrequiarities occurring due to fraud rather than error, as fraud involves Intaniional concealment, fomery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial staiements is located an the Financial Reporting -Catinell’s website at: www. fre.org. uk/auditorsresponsibilitias. This description forms part of our auditor's report.

-18-

Cokethorpe Educational Trust Limited

independent Auditor's Report to the members of Cokethorpe Educational Trust Limited (continued)

Use of our report Thisof thereport.is CompaniesmadeActsofely2006.to Ourthe charitableaudit workcompany’shas been members,undertaken as.soathalbody, we inmightaccordancestate to withthe Chaptercharitable3 company'sof Part 16 members those matters we are required ta state toe them in an auditors report.and for no other purmpase. To the fullest exlent permitled by taw, we do not accept of assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, tor this report, or for (he opinions we have formed.

Benjamin Hayes BSc FCA (Senior Statutory Auditor)

For and on behalf of Wenn Townsend, Chartered Accountants, Statutory Auditor Oxford

25" November 2025

z 19 -

Cokethorpe Educational Trust Limited

Consolidated StatementofFinancial	Financial Activities (including income	Financial Activities (including income	Financial Activities (including income	Financial Activities (including income	Financial Activities (including income	and expenditure	account)
	forthe	the	year ended 31 August 2025		.
		Unrestricted Funds £		Restricted Funds £		2025 Total £	2024, Total €
	Note
Income and endowments from:
Incomefrom charitable activities	2
Fees			12,554,381	.		12,554,381	13,675,418
Otherincome			$43,555	131,031		674,586	440,283
Interest receivable			491,158	-		151,158	104,878
Tatal income			13,248,094	131,031		13,380,125	14,220,580"
Expenditure on:
Raising funds:
Financing costs			62,750			62,750	63,563
Fundraising casts			191,497			491,497	490,141.
Total costs of raising funds			254,247	-		254,247	253,674
Charitable. expenditure
Teaching Support andgovernance Welfare	A	.	7,131,081 1,750,502 992,098	980 -		4,132,074 1,750,502 992,098	7,074,270 1,894,814 946,169	.
Premises			1,623,827	-		1,623,827	1,890,291
Bursaries and scholarships awarded			1,154,983	23,330		1,178,313	4,342,440
Total costs of charitable expenditure			42,652,491	24,320		12,576,811	13,147,984
Totalexpenditure _			12,906,738	24,320		12,931,058	13,401,658
Impairment loss Othergains/(losses)	a		- 5,744	- -		- §,744	(261,303) :
Net income			348,100	106,711		454,811	5$7,619
Transfers between funds	16		27,377	(27,377)		-	-
Net movement in funds			375,477	79,334		454,811	557,619
Reconciliation offunds
Fund balances brought fonvard
at 1 September2024			8,834,155	310,101		9,144,256	8,586,637
‘Net movement in funds			375,477	79,334		454,844	597,619
Fund balances carried forward at
31August2025	16		9,209,632	389,435		9,599.067	9,144,256

All income and expenditure derive from continuing activilies.

The Statement of Financial Activities includes all gains and tosses recognised during the year,

-20-

Cokethorpe Educational Trust Limited

Cokethorpe Educational Trust Limited	Cokethorpe Educational Trust Limited	Cokethorpe Educational Trust Limited	Cokethorpe Educational Trust Limited	Cokethorpe Educational Trust Limited	Cokethorpe Educational Trust Limited
Charity Statement of Financial Activities (including income and expenditure account).
	forthe yearended 31 August 2025
		Unrestricted Funds	Restricted Funds	2025 Total	2024 Totat
		£	£	£	,
		£
	Note
(income and endowments from:
income from charitable activitias	2
Fees Otherincome		12,554,381 495,148	. 131,031	12,554,381 626,179	13,675,419 440,283
Interest receivable		157,158	-	451,158	104,876
Total income		13,200,687	131,031	13,331,718	14,220,580
Expenditure on:
Raising funds:
Financing costs		62,628	-	62,626	63,563
Fundraising costs		191,497	-	191,497	190,111
Total costs of raising funds		254,125	-	254,125	253.674
Charitable expenctiture
Teaching		7,129,331	990	7,130,321	7,074,270
Support andgovemance Welfare Premises	4	4,717,535 985,755 1,618,817	- - ~	4,717,535 985,755 1,648,817	1,894,814 946,169 1,896,291
Bursaries and scholarshipsawarded		1,154,983	23,330	94,178,313	1,342,440
Total costs ofcharitable expenditure		12,606,421	24,320	12,630,741	13,147,984
Total expenditure		12,860,546	24,320	12,884,866	13,401,658
Impairment loss	8	*	-	=	(261,303)
Other gains/(losses)		5,744	*	5,744	(261,303)
Net income		345,885	106,714	452,596	557,619
Transfers between funds	16	27,377	(27,377)	-	-
Netmovement in funds		373,262	79,334	452,596	557,619
Reconciliation offunds
Fund balancesbrought forward
at 1 September 2024		6,834,155	370,101	9,144,256	8,586,637
Netmovement infunds		373,262	79,334	452,596	557,619
Fund balances carried forward at
.31August2025	16	9,207,417	389,435	9,596,852	9,144,256

All income and expenditure derive from continuing activities.

The Statement of Financial Activities includes. all gains and losses recognised during the year.

-“24-

Company number: 00767293

Cokethorpe Educational Trust Limited

Batance Sheet 31 August 2025

				Group		Charity	Group	Charity
				2025		2025	2024	2024
;	Notes			£		€	£	E
Fixed assets
Tangible assets	8			8,333,943		9,333,943	9,207,477	9,207 477
Investments	E)		;	:		4	:	i
				$,333,943		9,333,944	9,207,477	9,207,478
Current Assets
Stock	40			5,837		5,837	7,613	7,613
Debtors	41			§76,324		587,788	447 838	447 838
Cash ai bank and jnhand			__	4,325,274		4,304,112	4,762,708	4,762,708
				4,907,435		4,897,737	5,218,159	5,218,159
Creditors: amounts falling duewithin oneyear	42			(2,709,114)		(2,701,632)	. (2,933,638)	(2,933,639)
Netcurrent assets				2,198,321		2.496.105	2,284,521	_ 2,284 520
				/
Total assets tass current liabilities				11,532,264		11,530,049	' 11,491,998	. 11,491,998
Creditors: amounts falling due aftermorethanone	13		{1,933,197}			(4,933,197)	(2,347,742)	(2,347,742)
year
Netassets			79,599,067		_	9,596,852	9,144,256	9,144,266
Funds	16
Restricted funds				389,435		389,435	310,101	310,101
Unrestricted funds:
Genera!				2,608,511		2,606,296	2,173,542	2.173.542
Designated				6,601,121		6,601,121	6,660,613	6,660,613
TotalCharityfunds		__		8,899,067		9,596,852	9,144,256	9,144,256	_

The financial statements were approved and authorised by the Board on 25" November 2025,

Signed on behalf of the Board

PRA G2) JP Bennett MR Wannell Governor Governor

The notes on pages 24 to 38 form part of these financial statements.

;

-22-

Cokethorpe Ed ucational Trust Limited

Consolidated Statement of Cash Flows for the year ended 31 August 2025

			2025		2024-
			€		£
Reconciliation of net income to net cash flow
from operating activities:
Net income foryear	454,811			§57,619
Depreciatian	474,141			486,809
Interest receivable	(151, 158}			(104,878)
Interest payable	56,932			58.564
Loss on disposal offixed assets	(5,744)			261,303
Stocks movement	4,776			(6,295)
Debtors movement	(128,486)			1,623
Creditors movement	433,090			124,136
Fees in advancemovement	(579,881)			767,303
Net cash provided by operating activities		255,481			2,146,186
Net cash flowfrom investing activities:
Payments toacquire langible fixed assets	(609,665)			(541,297)
Receipts from sales oftangible fixed asseis	14,802			996
Interest received	151,158			104,878
		(443,705)			(405,421)
Net cash flowfrom financing activities:
Repayment of loans	(192,278)			(185,642)
Interest paid	(56,932)			(58,564)
		(249,210)			(244,206)
Increase / (decrease) in cash		(437	434)		1,496,559
		a	med		Se
Net increase / (decrease) in cash and cash equivalents		(437,434)			1,496,559
Cash and cash equivalents at 31 August 2024		4,762,708			3,266,149
Cashandcashequivatentsat31August2025		4,325,274			4,762,708

Cash and cash equivalents consist entiraly of cash at bank and in hand.

. ~23-

Cokethorpe Educational Trust Limited

Notes to the Accounts for the year ended 31 August 2025

4. Summary of[significant] accounting[policies]

General information and basis of preparation

Cokelthorpe Educational Trust Limited is a charitable company limited by guarantee in England and Wales. In the event of the charity being dissolved, the liabilty in respect of the guarantee is limited to £1 per governor of the charity. The address of ihe registered otlice is given in the charity infarmation at the beginning of these financial statements. The nature of the charity’s operations and principal activilies are included in the Report of the Governaors.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with.

« Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland issued in October 2019;
e The Financial Reporting Standard applicable in Ine United Kingdom and Republic of lretand (FRS 102};
- The Charities Act 2017; « The Companies Act 2006; and * UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cast convention, modified to include certain items ai fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound sterling.,

The significant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied to all years presented unless otherwise Siated. ‘The Statement of Financial Activities (SOFA) and balance shee} consolidate the financial statements of the charity and its subsidiary undertaking. The results of ihe subsidiary are consolidated on a lineby-line basis and are shown in note 9. The company has taken advantage of the exception in FRS. 102 section 33A and has not disclosed transactions or balances with its subsidiaries.

Funds Unrestricted funds are available for use at the discretion of the Governars in furtherance of the generat objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been sei 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 lo be used in accordance with specific restrictions imposed by doners or which have been ralsed by the charity for particular purposes. The cost 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.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is tegally entitled to the income after any performance conditions have heen met, the amount can be measured retiably and itis probable that the income will be received.

School fees and charges for services and the use of premises are accounted for on a receivable basis. The school also offers parents the opportunily to pay tuition fees in advance. This is treated as deferred incame until the fees for each school term are charged against the remaining balance and taken to income.

Interest receivable comprises interest received on cash balances held in appropriaie interest bearing depcsits.

-~24-

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued) for the year ended 31 August 2025

1. Summary of significant accounting policies (continued)

Other income is made up of registration fees, pupil insurance and school shop commissions, letting of buildings and sundry other income,

Expenditure recognition

All expenditure is accounted far on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there js a legal or constructive obligation to make payments to third parties, itis probable that the settlement will be required and the amount of the cbligation can be measured reliably. It is categorised under the following headings:

Casts of raising funds includes interest paid and fee composition discounts:
e Expenditure on charitable aciivities includes the operating costs of the schools in the Trust: and * Other expenditure represents those items not falling into the categories abave.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Support costs allocation

Support costs are those that assist the work of the charity but do net directly represent charitable activities and include office casts, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charily and include project management. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use ofihe resources.

The analysis of these costs is included in note 4.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumutated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off (he cost, less estimated residual value, of each asset on a systamatic basis over its expected useful life as follows:

==> picture [388 x 72] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Freehold|land|Nil| |Freehold|buildings|Straight|line|basis|at|2-7%|per annum| |Sports|hall|Straight|line|basis|at 4% per annum|~| |Astroturf|pitches|Straight|line|basis|at|5%|per annum| |Fumiture|and equipment|Straight|line|basis|at|10% per annum| |Computer|equipment|Straight|line|basis|at 25% per annum| |Motor vehicles|Straight|line|basis|at|20% per annum|

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

Fixed asset investments

Investments are recognised initially at cost and subsequenily measured at cost less impairment.

Stecks

Stocks are valued ai the lower of cost and net realisable value,

Debtors and creditors receivable/payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Loans and borrowings Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured al amortised cost using the effective interest rate methed, less impairment. If an arrangement constitutes a financial transaction it ls measured at present valua,

-25-

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued) for the year ended 31 August 2025

2. Summary of significant accounting policies (continued)

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the assetis carried at a revalued amounl where the impairment loss [s a revaluation decrease.

Leases

Assels acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the oulstanding lease liability using the effective interest method, The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the SoFA ona straight line basis over {he period of the lease.

Employee benefits

;

When employees have rendered service to the charity, short-term emplayee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity contributes to the Teachers' Pension Defined Benefits Scheme at rales set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a muilti-employer scheme and it is not possible to identify the assets and liabilities of the scheme which are attrioutable ta the charity. The scheme is therefore accounted for as if it were a defined contribution scheme, The charity also contributes to individual personal pension schemes for staff. Contributions to both schemes are charged to the Statement of Financial Activities as they fall due.

Tax

Cokethorpe Educational Trust Limited is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available (o registered charities.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the Governors lo make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience amd other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these financial statements. Ihe Governors have made the following significant judgements:

i) Estimate of useful life of fixed assets (note 7): As noted in note 7 “tangible fixed assets’, fixed assets totalling £9,333,943 (2024: £9,207,477) are depreciated on a straight-line basis. based on an initial estimate of their useful economic lives,

Going concern

The financial statements have been prepared on a going concern basis as the Governors believe that no material uncertainties exist, The Governors have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statemenis. The budgeted income and expenditure is sufficient with the level of reserves for the charily to be able to continue as a going concern.

-~26-

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued) for the year ended 31 August 2025

2.4. Income from charitable activities - consotidated

						2025	2024
			Unrestricted		Restricted	Total	Total
				£	£	£	£
		Fee income		12,554,381	-	12,554,381	13,675,419
		Other pupil Income		21,661	-	21,661	21,691
		Fundraising and developmentincome		50,621	131,031	181,652	278,862
		Camps income		160,046	-	160,046	104,447
		Let of buildings and grounds		39,197	-	39,197	21,846
		Other (including insurance)		272,030	-	272,030	13,467
.		Interestincome		151,458	.	151,158	104,878
		Total fortheyearended 31 August2025		43,249,094	431,031	13,380,125	14,220,580
		Fartheyearended3t August	2024.	14,011,960	208,620	14,220,580
	2.2.	Incomefrom charitable activities - charity
						2025	2024
			Unrestricted		Restricted	Total	Totat
				£	E	€	£
		Fee income		12,554,381	-	12,554,381	13,675,419
		Other pupil income		21,661	Ss	21,664	21,691
		Fundraising and development income		41,755	131,031	472,786	278,862
		Campsincome Let of buildings and grounds		160.046 150	- *	160,046 150:	104,417 21,846
		Other (including insurance)		271,536	-	271,536	13,467
		Interestincome		151,158	-	451,156	104,878
		Totalfor theyearended 31 August 2025		13,200,687	131,031	13,331,718	14,220,580
		Fortheyearended31 August 2024		14,011,960	208,620	14,220,580
	3.	Net incoming resources for the year
				Group	Charity	Group	Charity
				2025	2025	2024	2024
				£	£	£	£
		This is stated after charging:
		Auditor's remuneration -	audil fees	12,650	10,150	11,100	44,100
		-	other services	27.774	27,774	22,658	22,558
		Depreciation (Profit)/iossonsale oftangible Operating lease rentals = - -	fixed assets land and buildings otherassets	474,141 (5,744) 46 494 135,212	474,141 (5,744) 46,494 135,212	486,809 261,303 43,961 161,955	486,809 261,303 43,961 164,955

-27-

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued) for the year ended 31 August 2025

4. Support costs

		Group	Charity	Group	Charity
		2025	2025	2024	2024
		£	£	£	£
Administrative staffcosts		970,568	968,528	‘902,930	902,930
Computer maintenance		128,552	128,076	168,470	168,470
Pastage, stationery, telephone, and
other administrativecosts		68,979	68,376	132,691	132,691
Advertising for staffandpromotion Insurances		223,646 106,453	196,727 106,059	189,208 102,790	189,208 102,790
Travel		316,813	316,813	285,459	285,459
Depreciation ofvehicles		33,407	33,407	32,067	32,067
Redundancy and restructure VATrecovery	,	(6,541) (157,250)	(6,541) (157,250)	- -	~ “
Govemance costs (see note	5)	65,875	63,340	81,199	81,199
		1,750,502	1,717,595	1,894,814	1,894,814

§. Governance costs

			Group	Charity	Group	Charity
			2025	2026	2024	2024
			£	€	E	£
Auditor's remuneration	-	audit fees	12,500	10,000	11,100	41,100
	~	other services	750	750	660	660
Legaland professional	fees		51,846	51,813	§8,839	68,839
Governors’ expenses			7?	7?	600	800
			65,875	63,340	81,199	81.199

~28-

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued) for the year ended 31 August 2025

6. Staff.costs and employee benefits

==> picture [422 x 290] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Staff costs| |Wages|and|salaries|7,247,771|7,133,918| |Social|security|costs|826,396|428,976| |Pensions|1,172,322|1,136,763| |9,246,489|8,999,657| |2028|2025|2024|2024| |FTE|Number|FTE|Number| |Average|number|employed|including|Governors|165|231|164|238| |Number|of employees|earning|within|the|fotlowing|bands:| |2025|2024| |£|60,001-£|70,000|7|3| |£|70,001|-£|80,000|5|6| |£|80,001-£|90,000|1|4| |£|90,001|-|£100,000|4|4| |£100,001|- £410,000|4|4| |£150,001|-|£160,000|-|4| |£160,001|- £170,000|4|-|

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

7. Governors and key management personnel remuneration and expenses

The current Governors neither received nor waived any remunetalion during the year (2024: ENIl).

The total amount of employee benefits received by key management personnel is £1,088,715 (2024: £963,288). The Trust considers its key management personnel comprise the Governors and Senior Management Team.

Ne (2024: none) Governors are accruing pension arrangements.

During the year, expenses relating to travel costs totalling £344 (2024: £275) were paid to one governor (2024: twa governors).

~29-

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued)

for the year ended 31 August 2025

8. Tangible fixed assets — consolidated and charity

==> picture [438 x 217] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Assets|under|Freehold|Furniture|and|Motor| |construction|Property|equipment|vehicles|Total| |£|£|£|£|£| |31|August|2024|-|12,437,036|2,836,432|745,022|16,018,490| |Additions|504,362|-|98,603|6,700|609,665| |Disposals|-|-|(38,989)|(21,000)|(59,989)| |31|August|2025|504,362|12,437,036|2,896,046|730,722|16,568,166| |Depreciation| |31|August|2024|-|4,240,018|1,912,211|658,784|6,814,013| |Charge|for year|-|251,770|188,964|33,407|474,141| |On|disposals|-|-|(29,931)|(21,000)|(50,931)| |31|August|2025|~|4,491,788|2,071,244|671,191|7,234,223| |Net|book|value| |31|August|2025|504,362|7,945,248|824,802|$9,531|9,333,943| |31|August|2024|~|8,197,018|924,221|85,238|9,207,477|

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

Tangible fixed assets with a net book value of £7,945,248 (2024: £8,197,018) have been pledged as securily for liabilities of the charity.

Assets under construction with a value of £261,303 were deemed to be of no value in the prior year and were impaired to a nil balance. In the current year, assets under construction relates lo work undertaken on the Science Buildings.

Fixed asset investments

==> picture [429 x 177] intentionally omitted <==

----- Start of picture text -----
||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Group|Charity|Group|Charity| |2025|2025|2024|2024| |£|£|£|€| |At|1|September|2024|-|4|-|4| |Additions|-|.|-|-| |At31|August|2025|-|1|-|.|4| |Fixed|asset investments|relate|solely|to|shares|held|in|subsidiaries.|The charity owns|the whole|of the| |issued ordinary|shares|of Cokethorpe|Enterprises|Limited,|a company registered|in|England & Wales,| |no,|45511282.|The|subsidiary|was|incorporated|on|21st|February|2024|and was|dormant|in|the|prior| |year.|The|charity|has|prepared|consolidated|accounts|in|the|current|year,|consolidating|on|a|line-by-| |line|basis|in|the|SOFA,|Any|net|profil|is|gifted|to|the|charity|and|treated|as|donations.|A|summary|of| |the|results|of the|subsidiary|Is|shawn|below.|

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

Cokethorpe Educational Trust Limited

Noles to the Accounts {continued) for the year ended 31 August 2025

9:1, Summary of results of the subsidiary

				2025		2024
				£		£
	Tumover Administrative costs			48,407 (46,192)		. ..
	Profit			2,215		:
	Corporation Tax			-		.
				2,215		-
	Theaggregate of assets, liabilities, and funds was:
	Assets			24,030		1
	Liabilities			(21,814)		-
	Reserves	se		2,216	:	1
10.	Stocks - consolidated	and charity
				2025		2024
			>	£		£.
	Stock-food			5,837	7.613

41. Debtors.

	Group	Charity	Group	Charity
	2025	2025	2024	2024
	€	£	£	£
Trade debtors	232,311	232,311	241,549	241,549
Other debtors	16,114	13,246	30,685	30,685
Amounts owed bygroup entities	-	14,332	-	-
Prepayments and accrued income	327,899	327,899	175,604	175,604
	576,324	587,788	447,838	447,838

-3t-

Cokethorpe Educational) Trust Limited

Notes to the Accounts (continued) for the year ended 31 August 2025

12, Creditors: amounts falling due within one year

	Group	Charity	Group	Charity
	2025	2025	2024	2024
	£	€	£	£
Bank toans (note 15)	250,340	250,340	250,340	250,340
Trade creditors	353,597	349,814	227,778	227,778
Othertaxation and socialsecurity	135.461	134,261	177,354	177,354
Other creditors	205,946	205,946	141,478	141,478
Accruals Finance lease (note 18}	427 386 :	424,887 -	396,991 36,623	396,992 38,623
Autumn fees in advance	996,179	996,179	1,006,328	1,006,328
Deferred fee income (note 14)	340,205	340,205	694,746	694,746
	2,709,114	2,701,632	2,933,638	2,933,639

Included within other creditors are outstanding pension contributions of £137,928 (2024: £133,414),

The bank holds a legal charge dated 25 August 2006 secured on the freehold land and buildings of the School.

43. Creditors: amounts falling due after one year

	Group 2025	Charity 2025	Group ' 2024	Charity 2024
	£	£	€£	€
Bank loans (note 15) Parents’ refundable deposits	1,239,122 276,417	1,239,122 278,417	1,431,400 285,493	1,431,400 285,493
Deferred feeincome (note 14)	415,658	415,658	636,849	630,849
	1,933,197	1,933,197	—-2,347.742	2,347,742

~32-

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued) forthe year ended 314 August 2025

14. Deferred Income

==> picture [427 x 135] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Group|Charity|Group|Charity| |2025|2025|2024|2024| |£|£|£|£| |Balance|at|31|August|2024|9,325,595|1,325,595|417,624|417,824| |Fees|in|advance|receipts|202,521|202,521|1,176,883|1,176,883| |Released|to|incoming|resources|(772,253)|(772,253)|(269,109)|{289,109)| |Balance|at|34|August|2024|755,863|755,863|1,325,595|1,325,595| |Included|in current|liabilities|340,205|340,205|694.746|694,746| |Included|in|creditors|due|after more|than one|year|415,658|415,658|630,849|630,849|

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

Deferred income comprises tuition fees received in advance which relate to future accounting periods.

15. Bank loans -— consolidated and charity

The aggregate amount of bank loans are as follows:

==> picture [405 x 133] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Due|within|one|year|of|less,|or on demand|250,340|250,340| |Due|between|one|and|two|year|250,340|250,340| |Due|between|two and|five|years|751,019|751,019| |Due|after|five|years|237,763|:|430,041| |Total|due|1,489,462|1,681,740| |included|in|current|liabilities|250,340|250,340| |Included|in|creditors|due|after|mere|than|one|year|1,239,122|1,431,400|

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

The bank loan of £1,489,462 (2024; £1,681,740) is drawn down from a total facility of £2.1m (2024: £2.1m). St bears interest currenity al a fixed rale of 3.55% (2024: a fixed rate of 3.55%) per annum over base rate and is repayable in quarterly instalments of £62,585 (2024: £62,585). The toan will be repaid by April 2032.

-33-

;

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued} for the year ended 31 August 2025

16. Movements in funds

==> picture [434 x 411] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |At|Incoming|Outgoing|Fund|At| |2025|-|consolidated|31/08/2024|resources|resources|transfer|31/08/2025| |£|£|£|£|£| |Restricted|funds:| |Academic|achievement|awards|35,805|-|-|-|35,805| |Schoal|equipment|(including|tand)|274,296|131,031|(24,320)|(27,377)|353,630| |Total|restricted|funds|340,101|131,031.|(24,320)|(27,012)|388,435| |Unrestricted|funds:| |General|ttinds|2,173,542|13,249,094|(12,900,994)|86,869|2,608,511| |Designated|fund|6,660,613|-|“|(59,492)|6,601,121| |Totat|unrestricted|funds|8,834,155|13,249,094|(42,900,994)|27,377|9,209,632| |Total|funds|9,144,256|13,380,125|(12,925,314)|~|9,599,067| |At|incoming|Outgatng|Fund|At| |2024|-|consotidated|31/08/2023|resources|resources|transfer|34/08/2024| |£|£|£|£|£| |Restricted|funds:| |Academic|achievement awards|34,783|3,096|(2,074)|-|35,805| |School|equipment|(including|land)|165,723|205,524|(25,095)|(77,856)|274,296| |Total|restricted|funds|200.506|208,620|(27,469)|(71,856)|310,101| |/| |Unrestricted|funds:| |General|funds|1,657,048|14,011,960|(13,635,792)|140,326|2,173,542| |Designated|fund|6,729,083|-|-|(68,470)|6,660,613| |Total|unrestricted|funds|8,386,134|14,071,960|(13,635,792)|71,856|8,834,155| |Total funds|8.586.637|14,220,580|(13,662,961)|*|9,144,256|

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

~34-

Cokethorpe Educational Trust Limited

Notes to the Accounts (continucd) for the year ended 31 August 2025

16. Movement in funds (continued)

==> picture [435 x 399] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |At|Incoming|Outgoing|Fund|At| |2025|«|charity|31/08/2024|resources|resources|transfer|31/08/2025| |£|£|£|£|£| |Restricted|funds:| |Academic|achievement|awards|35,805|-|:|-|35,805| |Schoo!|equipment|(including|land)|274,296|431,031|(24,320)|(27,377)|353,630| |Total|restricted|funds|310,101|131,031|(24,320)|(27,377)|389,435| |Unrestricted|funds:| |General|funds|2,173,542|13,200,687|(12,854,802)|86,86¢|2,606,296| |Designated|fund|6,660,613|-|*|(59,492)|6,601,121| |Total|unrestricted|funds|8,834,155|13,200,687|(12,854,802)|27,377|9,207,417| |Total|funds|9,144,256|13,331,718|(12,879,122)|-|9,596,852| |At|Incoming|Outgoing|Fund|At| |2024|- charity|31/08/2023|resources|resources|transfer|31/08/2024| |£|£|£|£|£| |Restricted|funds:| |Academic|achievement awards|34,783|3,096|(2,074)|-|35,805| |School|equipment|(including|land)|165,723|205,524|(25,095)|(71,856)|274,296| |Total|restricted|funds|200,506|208,620|(27,169)|(74,856)|310,104| |—|)| |Unrestricted|funds:| |General|funds|1,657,048|14,011,960|(13,635,792)|140,326|2,173,542| |Designated|fund|6,729,083|-|-|(68,470)|6,660,613| |Total|unrestricted|funds|8,385,131|14,011,960|(13,635,792)|74,856|8,834,155| |Total funds|8,586,637|14,220,580|(13,662,961)|=|9,144,256|

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~35-

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued) for the year ended 31 August 2025

16. Movement in funds (continued)

Restricted funds comprise the following:
		2025		2024
		£		£
Academic achievement awards:
Cokethorpe Society— SubscriptionsFund		35,805		35,805
School equipment {including land):
Annual Fund	67,537		67,537
Development ofScience	10,000		10,000
Bursary Fund	55,952		14,271
Sperts and EquipmentFund	205,535		175,807
Chapel Fund	44,061		6,136
Development Fund	545		545
		353,630		274,296
		389,435		310,101
Oesignated funds comprise the following:
Mansion Stonework		145,335		145,335
Property		6,455,786		6,515,278
		6,601,121		6,660,613

Purpose of funds:

Cokethorpe Society - Subscriptions Fund Subscriptions held for the Cokethorpe Society.

Annual Fund

Established for the future development of the school.

Development of Science

Donation received during the year ended 31 August 2019 far the start of the fund for the development of science.

Bursary fund

Funds received to support pupil bursaries.,

Sports and Equipment Fund , Funds received for the purchase or development of various items of sports and other equipment.

Mansion Stonework

These are funds designated for the refurbishment of the Mansion House stonework.

Property

These represent funds held in completed property assets less associated loans.

= 36 -

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued) for the year ended 314 August 2025

17.1. Analysis of net assets between funds - consolidated

		Unrestricted	Designated	Restricted	Total
		Funds	funds	funds	funds
			€	£	£
	Fund balances at 31 August 2025 are represented by:
	‘Tangible fixed assets	1,237,837	7,945,246	150,858	9,333,943
	Investments	-	-	+	-
	Cash at bank and in hand Othernet current liabilities Long term liabilities	3,941,362 (1,876,613) (694,075)	145,335 (250,340) (1,239,122)	238,577 - -	4,325,274 {2,126,953} {1,933,197)
		2,608,511	6,604,121	389,435	9,599,067
	Fund balances at 31 August 2024 are represented by:
	Tangible fixed assets	837,152	8,197,018	173,307	9,207,477
	Investments	”	+	-	-
	Cash at bank and in hand	4,480,579	145,335	136,794	4,762,708
	Other net current liabilities Long term liabililies	(2,227,847) (916,342)	(250,340) (1,431,400)	- “.	(2,478,187) (2,347,742)
		2,173,542	6,660,613	310,104	9,144,256
17.1.	Analysis of net assets between funds - charity
		Unrestricted	Oesignated	Restricted	Total
		Funds	funds	funds	funds
			£	€	£
	Fund balances at 31 August 2025 are represented by:
	Tangible fixed assets	1,237,837	7,845,248	150,858	9,333,843
	Investments	7	-	-	1
	Cashatbankandinhand	3,920,200	145,335	238,577	4,304,112
	Other net current liabilities	(1,857,667)	(256,340)	-	(2,108,007)
	Long term liabilities	(694,075)	(1,239,122)	-	(1,933,197)
		2,606,296	6,601,121	389,435	9,596,852.
	Fund balances at 31 August 2024 are represented by:
	Tangible fixed assets	837,152	8,187,018	173,307	9,207 477
	Investments	1	-	-	1
	Cash at bank and in hand	4,480,579	145,335	136,794	4,762,708
	Othernetcurrent liabilities Long term liabilities	(2,227,848) (916,342)	(250,340) (1,431,400)	- -	(2,478,188) (2,347,742)
		2,173,542	6,660,613	— 310,101	9,144,256

~37-

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued) forthe year ended 31 August 2025

18. Leasing commitments — consotidated and charity

Finance leases

The aggregate amount of finance leases are as follows:

==> picture [408 x 414] intentionally omitted <==

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Que|within|one|year|or|less,|or|on|demand|:|36,623| |Que|between|one|and|two|years|.|-| |Total|due|-|38,623| |included|in|current|liabilities|-|=|38,623| |included|in|creditors due|after|more|than|one|year|-|.|-| |Operating|teases| |The|total|future|minimum|lease|payments|under|non-cancellable|operating|leases are|payable|as| |follows:-|.| |2025|2024| |£|£| |Equipment:| |Within one|year|165,584|193,489| |Between|ane|and|five|years|168,600|368,937| |334,184|562,426| |———==|—| |;|2025|2024| |£|£| |Land|and|buildings:| |Within one|year|40,400|39,058| |Between|one|and|five|years|12,515|12,518| |Later|than|five years|46,930|50,059| |69,845|101,632| |Lease|payments|recognised|as|an|expense|481,706|205,916|

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The leases for land and buildings were renewed after the year end, but these had aot been signed at (he year end and therefore there was no commitment as at 34" August 2025,

-~38-

Cokethorpe Educational Trust Limited

Notes to the Accounts (continued) for the year ended 31 August 2025

. 18. Teachers’ pension scheme

The Trust participates in the Teachers’ Pension Scheme (Engtand and Wales) (“the TPS’) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £979,319 (2024: £958,020).

The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teachers’ Pension Scheme Regulations 2010 (as amended) and the Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributians from members and the employer being credited to the Exchequer, Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The mosi recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that v/nen benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes far the period 1 April 2015 to 31 March 2022, The actuaries have assumed that members are likely to choose the. option that provides therm with greater benefits, and in preparing the 2020 valuation have included Ihe ‘greater value' benefits in their catculations for groups of relevant members.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%,

The School is in phased wilhdrawal from the TPS and new teachers joining the Schoo! are enrolled inte the APTIS defined contribution scheme.

19. Related party transactions

Any parent governors are charged scnool fees at the normal rate, and are not enlitied to discounts by virtue of being a governor,

One of the governors, J Norris, is also Managing Director of Edgars a planning consultancy finn. Ouring the period the school paid Edgarsa total of £nil for services rendered (2024: £1,620)

There were no other related party transactions in the period.

Cokethorpe Educationa! Trust Limited

Notes to the Accounts (continued) for the year ended 31 August 2025

20. Statement of financial activities — comparative figures by fund-type (consolidated & charity)

Yearended 31 August 2024			;
		Unrestricted	Restricted	2024
		Funds	Funds	Total
		£	£	£
	Note
income and endowments from:
tncome from charitable activities
Fees		13,675,419		13,675,419
Other income		231,663	208,620	440,283
interest receivable		104,878	+	104,878
Total incorne		14.011,960	208,620	14,220,580
Expenditure on:
Raising funds:
Financing costs		63,563		63,563
Fundraising costs		188,037	2,074	190,111
Total costs of raising funds		251,600	2,074	253,674
Charitable expenditire
Teaching		7,071,270	3,000	7,074,270
Support and governance Welfare	4	1,894,814 946,169	+ -	4,694,814 946,169
Premises		4,890,291	-	4,890,291
Bursaries and scholarships awarded		4,320,345	22,095	4,342,440
Total costs of charitable expenditure		13,122,889	25,095	13,147,984
Total expenditure		43,374,489	27,169	13,401,658
impairment loss	g	(261.303)	-	(261,303)
NetIncame		376, 168	184,451	557,619
Transfers between funds	16	71,856	(71,856)	:
Netmovement in funds		448,024	109,595	687,619
Reconciliation offunds
Fund balances brought forward
at 1 September 2023		8,386,131	200,506	8,586,637
Net movement in funds		448,024	109,595	557,619
Fund balances carried forward at
31August2024	16	8,834,155	340,101	9,144,256

~40--

Cokethorpe Educational Trust Limited

Cokethorpe Educational Trust Limited

Company Information

Cokethorpe Educational Trust Limited

CONTENTS

Cokethorpe Educational Trust Limited

Chairman's report

Cokethorpe Educational Trust Limited

Governors

Structure, governance and management

Governing document

Group Structure

Appointment of Governors

Govemor induction and training

Cokethorpe Educational Trust Limited

Structure, governance and management (continued)

Organisation (continued)

Third party indemnity provisions

Fundralsing standards information

Objectives and activities

Achievements and performance

Cokethorpe Educational Trust Limited

Achievements and performance (continued)

Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continued) for the year ended 3+ August 2025

Achievements and performance (continued)

Orama

Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continued) for the year ended 31 August 2025

Achievements and performance (continued)

Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continued) for the year ended 31 August 2025

Achievements and performance (continued)

Sixth Form Life

Futures

Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continucd) for the year ended 34 August 2025

Achievements and performance (continued)

Sport

That, to us, is success.

Outdoor Education

Racing Kayak

Sailing

Cokethorpe Educational Trust Limited

Achievements and performance (continued)

Prep School Outdoor Education

Duke of Edinburgh Award

Morocco Expedition

Cokethorpe Camps

Cokethorpe Educational Trust Limited

Report of the Governors (including the Strategic Report) (continued) for the year ended 31 August 2025

Public benefit/Use of facilities

Cokethorpe Educational Trust Limited

Public benefit/Use of facilities. (continued)

Development and Fundraising

Cokethorpe Educational Trust Limited

Means tested bursaries and scholarships

Cokethorpe Educational Trust Limited

Report of the Govemors (inctuding the Strategic Repart) (continued) for the year ended 31 August 2025

Financial review

Cokethorpe Educational Trust Limited

Report of the Govemors (including the Strategic Report) (continued) for the year ended 31 August 2025

Taxation

Reserves policy

Risk management

Cokethorpe Educational Trust Lintited

Report of the Governors (including the Strategic Report) (continued)

for the year ended 31 August 2025

Plans for the future

Cokethorpe Educational Trust Limited

Cokethorpe Educationat Trust Limited

Basis for opinion

Conclusions relating to going concern

Other information

We have nothing to report in this regard.

Cokethorpe Educational Trust Limited

Independent Auditor's Report to the members of Cokethorpe Educational Trust Limited (continued)

Matters on which we are required to report by exception

Auditors responsibilities for the audit of the financial statements