Reglstered number.. 612809 Charity number.. 309651 SHIPLAKE COURT LIMITED (Operating as Shiplake College) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 SHIPLAKE COURT LIMITED CONTENTS Page Referen¢e and admlnl$traiive detsils of the Charty. its Governors and advlsèrs Governors. report 3-14 Independent auditors. report on the financlal statements 15-18 Consolldated ststement of financlal activlties 19 Consolidated balance sheet 20-21 Charity balane* Shèet Consolldat•d statement of cash flows 22-23 24 Notes to the financSal statements 25-46 SHIPLAKE COURT LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 Dlrectors and thelr Interests Sir Damd Tanner C8E, Chairman1.2 A Ashton1 P Blewett2,3 S Blornfield3 M Carèy-Elms2 C Eve2.3 J Gordon13 R Grimond1 l Howe112 R Lester3 M MacKenzie-Charrington1.3 P Rake1.3 S Ryan2 S Sales2 Members of the FinanTr and General Purposes c0￿mIttee 2 Members of the Education and Safeguarding Committee Members of the Risk and Compliance Committee The Directors are 8180 the charity Iruslees and govemots of Shiplake Cdlege Heaomaster: T G Howe, MA (St Andrews), MSI MBA (Oxford) Officers (Key Management Parsonnell COO and Clerk to the Govemors.. W Dixon (resigned 18 April 202￿? N Shryane lappoinled 1 April 2025, resigned 6 August 20251 P Arnold (appointed 4 August 2025) Deputy Head IAcademicl.' P S Jones, BA {Durhaml, GTP (London). AST Dèputy Haad IPastorsl}'. S Elliott. BA Iunivsrsity Collogo Wal8s1 Director of External Relations: K Green, BA (Exeterl Company reglstered number 612809 Charlty roglstered number 309651 Rogl$ter¢d offl¢o Shlplake Collgge Henley on Thames Oxon RG9 48W Company secretary P Arnold Independent auditors Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ Page 1 SHIPLAKE COURT LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Bankers Barclays Business Banking. Reading & Basingstoke Team 4th Floor Apex Plaza Forbury Road Reading BX3 28B Sollcltors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR Insuran¢e Brokers Marsh Brokers Limited 1 Tower Place Wesl Tower Pla¢e London EC3R 5BU Architects Edinglon, Spink and Hyne Meridlan House 2 Russel Sl Windsor SL41HQ Page 2 SHIPLAKE COURT LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST2025 The Governors of Shiplake College, being 8150 the director8 of the charil8ble company, present their annual report together with the financial statements of the charitable company for the year ended 31 August 2025 and confirm that they comply wSth the requlrements of the Companles Act 2006 thus Includlng the Dlreclors, Report and Slr8tegi¢ Report, the Charities Act 2011, the governing document and the Slalemenl ol Recommended PractI￿-,Accountlng and Reporting by Charrtl85' ISORP 20151. REFERENCE AND ADMINISTRATIVE INFORMATION Shiplak8 Court Limited is a charitable company having share capital, incorporated on fjo De¢gmber 1958 and registered under number 612809. The College was registered with the Charity Comrnission on 13 April 1965 under number 309651. The College Governors, executive offi￿rS and principal address of the charitabl8 company are as listed on pag8 1 and 2. Partlculars of the charitable company's professional advisers ar8 giv@n on page 2. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charitab￿ company was established under a Memorandum of Association last amended on 13th March 1998, which d8lermin85 the objects and powers ol the charitab18 company and 15 governed under ils Articles of Assoclallon. OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES CHARITABLE OBJECTIVES ThB ubletsts Of the Chailtable Cotnpany, In aGGordance wlth the Memorandutn of A&50Glatlon. aiB to protnote the cause of education lor the public benefft. PRINCIPAL ACTIVITIES OF THE YEAR Shiplake College's principal activity continues to be the provision of a coeducational independent school with facilitios for boarding and day pupils agad 11 to 18. GOVERNING BODY The structure of the charitable company conslsts of a governlng body for Shlplake College, the details of which are explained on page 1. RECRUITMENT AND TRAINING OF GOVERNORS The charitable companls elected Govemors are appointed al a meeting of the Shiplake Cdlege Board based on nominations received tsom existing Board members. Key criteria lor eligibility include personal competence. professional and specialist skills. New Governors are inducted into the workings of the charitable company and Its s¢hool, including Board Poll¢y and Procedures. Governor and Iru8tee 118inlng Is offtsrtrd lo all new membor8 and Is provided by several professional 50urctrs stsch as AGBIS. Govemors are appoinied initially lor a fiv&-y&ar lemi of office. Al the exptry of this period Governors can offer themselves for reolection to the Board. Pag8 3 SHIPLAKE COURT LIMITED GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 ORGANISATIONAL MANAGEMENT The Governors ol Shiplak8 Col￿e. a5 the charity trustees of the charlly and diractors of the company are legally responsible for the overall management and control of Shiplake Colbge and meet as a Board four limes a year. The work of governance and financial supervision is carried out by members of the Finance and General Purposes Committee IF&GPI, who meet before each meeting ol the College Governing Board and on extra oocasions, when necessary, such as lo approve the budgets and finalise the audited accounts and annual report lor approval by the Board. The other principal permanent committees are the Education and Safeguarding Committeo and the Risk and Compliance Committee which also meet on a termly basis and more often should Ihe need arise. Ea¢h ¢ommittee works under the ¢hairmanship of a member of the College Governors. Other committees are formed on an ad ho¢ basls for speryfi¢ purposes such as an appeal. Members of all Board ctsmmittees are listed on page 1. The day to day running of the school is delegated to the College's headmaster, supported by the senior leadership team. The headmaster, deputy heads, bursar and th8 director ol exl8mal relalioris attend meetings of the various committegs. The Governors provide a framework for the remuneration of the Senior leadership learn within whi¢h tho headm35ter award5 salary. The oblective Is to provide appropriate incentives lo encourage enhaiiced performall￿ and lo reward them fairly and responsibly for their individual Contributions lo the Crlmpanls success. The appropriateness and relevan￿ of the remuneration pdicy is reviewed annually, including reference to comparisons with other independent schools £0 ensure that the College remains sensitive lo the broader issu9$ ol pay and employment conditlonB èlÈèwhtrrg. We aim lo recruit excellent staff. Delivery of the College's charitable vision and purpose 15 prirnarily dependent on our kay managomont porsonngl and staff tosts are the largpst qinglp. element nf oiir rharit3hle p.xp8ndiliJrÉ>. GROUP STRUCTURE AND RELATIONSHIPS Tho Charity has a wholly owned non-charitable subsidiary, Shiplake Court Enterprises Limited, whose activities In the year under review were those of calerSng facilitlgs, entertainment and recreational activit￿S. Shiplake College actively supports the attainment of the highest standards in Ihfj Independent Schools sedor, partly through ne￿OrkIng with c*lher major Schools and partly through peer group studies for the evaluation of quality and performance improvement Tnelhods. We also ¢o-op&rate wlth many local charities in our on-going ende8vours lo widen public a¢¢ess lo th& s¢hooling wè can provide. to oplimise the educational use of our cultural and sporting facilities and lo awaken in our pupi15, in the public Interest, an awareness of the social context of the all-round educabon they receive al the College. The Cdlegè also bénefits from the generosity of thrimng nemork of Old Vikings wlK>se close support we greatly appredate 2nd gladly aCkn￿edge. AIMS AND INTENDED IMPACT The College's Strategic is to provKle a friendly, supportive and 5ttuctured environtnent to peitnlÈ puplls to learn lo lead a full and responsible life. Within the ethos of a boarding school, the aim is not to concentrate solaly on academic achievernent, but also to develop the skills and abilits'es to prepare pupils for their life after shIp￿ke. We support the headmaster's vision that Shiplake should be.. a dynamic, purposeful. happy and caring place which produces open-minded young men and women who have a sense of humour yel are responsible and articulate with th8 knowledge and skills to pLqy an informed and useful part in their society. Page 4 SI IIPLAKf COURT LIMITCD GOVERNORS. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 OBJECTIVES FOR THE YEAR The focu5 remained on the provision ol a rounded education ihat allowed each of the College's pupils to reach their individual potential. combined with advanGemenl in acadgmic performance and a ILJrther widening ol ac¢ess lo the education that Shiplake provides. We continued to seek ways of providing access for other UK and foreign puplls which also puls the 5Ghool'5 faGilities to goDd educaticnal use when not otherwise lleE¢Jed. The Gavernors are determined to ensurè that th8 headmaster h85 the appropriate re50ur¢gs to allow the College to dévelop and to provide facilities to enable all pupils to prepare themselves for their future careers. To support strong pupil numbers and a sixth forrn at capacity, there ha5 been continued development of the physical estate to ensure tea¢hing cap8¢ity and space lor a full co-educational sporting and co-curricular offering 18 provided for in the years to come. Alongside this, the College has invested in staff development aligned with Thinking School principles and the 'Shiplake Seven,, fostering 8 culture of reflective practice and innovation In teaching 8nd learnlng. Student agency is promoted through habits of independent, creative, and curious learning. while wellbeing initiatives support both staff and pupils through targeted mentsl health and resilientt programmes. Academic tracking s￿tel￿5 have been enhanced to monrtor progress and value-added outcornes, and inclusive practices have been embedded to ensuro all pupils feel respected. valued, and supported. Page 5 SHIPLAKE COURT LIMITED COVERNOR6' REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 REVIEW OF ACTIVITIES AND ACHIEVEMENTS ACADEMIC The College has again enjoyed excellent results al both GCSE and A Level. This is continuing the trend of recent years with a focus on academic rigour, a focus on metacognition (teaching th8 pupi15 how to leaml, and the dedication of the teaching staff. In 2024, the College enjoyed ils best ever Sixth Forrn results, and whilst the Sixth Form results lor 2025 were down slightly, they still cornpare favourably lo recent years and to the pattern of improvement. In 2025. the College enjoyed ils be51 ever GCSE results. All the aca(Jemic results need to be v¢ewed in the context ol the College's commitment lo a proudly all-ability cohort, a cohort which is 'below average, using national slandardised scores, and with a considerable number of pupiSs requiring support for their indwidual leaming needs. GCSE 2025 2024 2023 2022 2019 94 18% 17% 14% 15% 27% 16% 11% 35% 33% 24° 9-6 58% 56% 42% 95% 93% 95% 9496 88% 99.7% loo% loo% loo% Sixth Form 2025 2024 2023 2022 2019 A'.A (or eqtsfvalent) 32%" 32% 41% 55% 85% 77% 82% 97% 92% 93% A".E (Pass) 99.6% 99.Th 99% 99.4% Page 6 SHIPLAKE COURT LIMITED GOVERNORS, REPORT ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 REVIEW OF ACTIVITIES AND ACHIEVEMENTS Icontlnuedl Many of our pupils achieve higher grades than they were predicted to achieve when theyjoined the College, with academlc value-added a strength ol the school and an important internal measure of success. Value Added al GCSE level averaged 1+0.11 with sèvéral departments far 8x¢eeding this school average.. Art 1+1.831, DT 1+1.T31, and RS1*1.331. The Value Added in the Sixth Form averaged 1+0.171 with strong perfortllallG95 frot RS 1+1.671, Dratna 1+1.571, and DT1+1.131. ALPS, the value-added measure against natsonal baseline leslino, has placed Shiplake in the top 100h of s¢hcK>ls for value-added progressed for both 2025 GCSE results and 2025 A Level resuFts. These results faolitated the pupils arxessing their desired universities with 96tsA of pupils securing places al Ihelr first or second choice university. 55Qk of pupils secured places at top third universities and 70/0 of pupils a￿ now sludyng at universities ranked in thè top 10. An incraasing number of pupils arè also $g¢uring places at top Amerlcan universities, wrfch this yearfs leavers securing places at Boston, Wisconsin and Princetori. The most popular UK destinations for this y6ar's leavars wèrè Oxford Brookes and Exètèr, and thè most popular COLJrsès were once again Business and Markefjng courses. The Govemors remaln resolute that the College IMII continue lo select pupils on character and aplilude lor an education at Shiplake, rather than purely on academic ability. These results dernon51rale the intent of the headmaster and his senior leadership team to increase the College's academic rigour and ol the distinctive partnershlp between the pupils and staff. The College is part of thé global Thinking Schools nglwork and is embedding melacognitron and s$￿-regUlatIon so that the pupils develop their knowledge of they learn best and develop the skills to tackle any academic Challenge Wllh confi¢Jence. As part of Inis, the Gollege conrinues 10 prornoie Ihe Shiplake Seven, our ser of academic characteristics and dispositions that pupils and staff at Shiplake believe are essential skills for schoc leavefs. The Shlplake Seven provides the basis for our academic character education. giving focus to lessons aiid acllvlllvs Uiclt Ili¥ >killb tyrllTr iiibulidi¥d iii vui yuyil tjvdy. Tli¥ b¥v¥ii qUn usually makes fflatters worse. The College continues to devglop its IT capabi1Sty, wllh a commllmenl lo apptytng for Microsoft Showcase Ststus. There remains a focus on how best lo use the pupils, Surface deVI￿S lo enhance and curate their learning. Pupil feedba¢k reve81s that the teaching staff are using these devices highly effectively and that pupils know where they may find thelr work and their feedback. The College a150 rem8lllS to embracing the capabilities ol emerging technologies and Al yet retsins a natur81 sense of caullon lo ensure that pupils, safeguarding and pupils, data Is not 81 risk. We are continuing to explore new digital tools, to work with extemal agencies. and to work ￿rith the Al capability of Mlcrosoft Co-Pllot already available on puplls, Surface device5 (now that the age restriGtions ha been reduod lo 13+1. One excellent example of this is the English departrnenls adoption of the Reading Coach Al programme to promote literacy and oracy. Puplls read a passage 81oud, and the sothyare assessgs the puplls. reading fluency and ac¢ura¢y. Page 7 SHIPLAKE COURT LIMITED GOVfRNORS' REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 REVIEW OF ACTIVITIES AND ACHIEVEMENTS Icontlnuedl Like all UK independent schools, Shiplake College is visited by th8 Indep8nd8nt Schools Inspoctorate IISII to en5UlO that we are meeting stalulory requirements. Educational Quality inspections report on thg two main outcomes lor pupils.. achievemenl and personal development. Regulatory Compliance in5pe¢tions report on a school's compliarice. inoluding the Independent Schools Standard Regulations and the National Minimurn Standards lor Boarding Schools. Shiplake College was visited in September 2025 and the final rep¢)rt received in November 2025. The report confirms that the College has mel all regulatory requirements. GRANT MAKING POLICY As Irust8es of the Charity, the Governors are determined to provide as wide an access lo the College as possible. Means-tested bursaries are awarded lo pupils lor whom access to Shiplake College would not norrnally be possible and to relieve hardship where the education and prospects of current pupils would otherwise be al Tisk. In addition, Ihg Govgrnors, policy is to award scholarships based on an individual's academic, artistic or sporting potential. The availability of all such awar(Ss for fee assislan¢e. together with the terms and conditions for each kind ol award, is advertised on oui websiie at vMw.shiplake.org.uk. PUBLIC BENEFIT The College's public benefit aim is lo provide a first-class independent edu¢ation, both through strong academic tultltsn, and through developing wlder sportlng, artistic and soci81 skills in a11 its pupils. This is intended to provide an environment where each pupil can develop and fulfil hls or her ￿>tential, thus. to help build self-confidence rid inslil a desire lo contribute lo the wider Community. Shiplake Co118ge Governors, 8s charity Iruslees, have complied with their duty in s1715l of the Charities Act 2011 lo have due regard lo the Charity Commission's published general guidan￿ conceming the operation of the public benofit rcquircmcnt undcr IhEJt Act. They arc dctcrmincd to widcn access to our education r960urcg$. by bringing independent and slate school communities together. Gov•rnane• Multiple members of the College staff serve as goverriors al local primary and secondary schools. Sport Various of the Colleges sport facilthes are used by extemal bodles and local schcK>I and communily groups. These include: Pupils from a variety of schools uslng our cricket facilities for Berkshire County matches. Hostlng Shiplake Viklngs RowSng Club where children from the local area can make use ol the College's significant rowing facilities, both during the week and 81 wetrkends. Local junior football and rugby clubs such as., AFC Henley U16 and Readingensians Rams lor U15 rugby have ustrd Ihtr College's pitches and the Sports hall for training and matches during the year. The Scottish Rugby Programme also use our facilities flee of charge several limes a year. During Autumn 2025, wlth the Hènlèy astro (near Tescol being resurfaced, the College has bèèn very generous with use ol its new 8s1ro by local s¢hools such as Rupert House, St. Ma￿S and Cranford School, as well as being a base for Henley Hockey Club. Page 8 SHIPLAKE COURT LIMITC.D GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 PUBLIC BENEFIT lcontlnuodl Communlty Access The Governors see Shiplake Colleg6 as a part of a widèr community and where we can assist the community wilhoul detiitnent to advancing the edufjaticn of our pupils we are delighted tu do so. LL)ial cubs and beavers. packs also visit on a regular basis, and we loan them vehicles. In term5 of musical outr8ach, th8 music department sponsors the Community Choir for residents. The College was the venue for the start of the Church's Nativity Trail at Christmas, offering festlV8 refr8shm8nts. A group of pupils vi81ted Lashbrook House Care Home each week for a co-curricular volunteering option. The choir sang carols as part of the He￿￿Y Llving Advent Community inilialwe, and for an event al Leander Club in Henley. We also take pride in our support for local primary schods. This year we have provided both college minibuses and driver5 to Valley Road, Badgemore and Shiplake primary schools lo support their pupils, attendance of sport matches and educational museum trips. Shiplake staff transported five primary school teams lo and from our Cricket festival as they otherwise would not have been able to particlpate Ithere were 13 teams from eight primary schools in lolall. Many children from local primary schools participated in the College's cr0s5-counlry ev8nl. We were also delighted lo host the Shiplake Primary School SKx)rts Day and several pool parties with a college lifeguard and refreshments lor primary schools in the surrounding area such as Pèppard. Badgemora and Caversham Park. Our creative departments have also fully engaged with local prirnaries including our drama department's matinee performance al the Kenton Theatre which pupi15 from Trinity, Sacred Heart and Badgemore primary schools attended. The Design and Technology Department ran 8 workshop moming for St Martin's Cavèrsham primary sch(M>l. Volunteering and Fundraising Former pupils I'old Vikings'l play a major role in marketing the College and lake part Sn a wde range of events rjiiu cJ¥livili¥¥. Tliv Pditriil T¥d¥li¥i A&su¥i¢ilivii Iuii V(Jiivu> ¥v¥iil> Iv yivviiJ¥ uvvuiluiilLl¥b fui Pdrvi)tb lo Iii¥ut iii a social environment. The Board would like to lake this opportunity to say how much we appr8ciale both gr(iups for their continuing and valuable SUPPDrt for our work along with the rnany parents that support and assist in a myriad of woya. The Collegè raised a total of £32,283 for 8Xtemal charilles in the year. with GAP Africa receiving over £20.000 and local charities such as the T•enag• Cane•r Trust, Sh￿tIng Star, Road Peace, NOMAD and CIRDIC also benefrting. CIRDIC arè also very well supported with the Harvest Festival. College staff contribute lo local slate schwls by providing 65 'govemor hours,. Tho College catering department have catered for 20 young carers every week and have hosted a Christmas party and offered aCt￿￿ty days, including climbing and archery. Page 9 SHIPLAKE COURT LIMITED GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 FINANCIAL REVIEW AND RESULTS FOR THE YEAR As wlth all slmilar schools, the Cdlege remains reliant on lee income for most of its funding. Th8 Govèrnors arè aware ol the impact of any inoroasès and will only authorise fee rises in respcinse lo unavoidable increases in costs. Fee income b8fore bursaries and allowonces was only slightly higher than 2024 al £15,878,00812024'. £15,828,330), despite higher pupil numbers, due to the 8.3'k reduclK)n in fees from January 2025 to mitigate part ol the fee increase lor parents due to application of VAT on fees. The College takes every opportunity lo raise additional funds and Improve the quallly ol the 8ducation on offer. This year th& College hosted one wedding and Ardmore Language School summer camps, as wèll as its own summer camps (rowing. art and mulli-sports and this year also drama and 5POrts m8slerclasses) running in the second hall of the summer holiday5. Total incorne was £16,230,46512024.' £16,303,013). Wider access lo an education al Shiplake College continued to be provided this year and thè value of means- tested bursaries made to the College's pupils out of Ltnreslricted knnds was £727,480 which represents 4.6°/o of gross income. In addition, the value ol scholarships, grants and other awards made lo the College's pupils out of unreslricled funds was £968,945 which represents 6.1 OA of gross fee income. 47 pupils received a means- tested bursary with 12 receiving lolal discounts of 800/0 ol legs or more. Included in the bursary total is the cost of fv40 Sixth form 12 full boarders and one lower School day pupil thr(>ugh the Royal Natlonal Chlldren's SpringBoard Found81ion. The surplus before depwiation was £2,821.349 which represents 17.6% of total Income. Thls level Is judged ecessary to allow the Governors to invest in new facilities, whilst maintain the existing buildings and estate. The College is privileged to have access lo such a magniflcenl campus but equally faces a significant and ongoing Coat in rnaintaining the infr83tru¢ture, particulatly of the older building3. It 13 morc important thon cvcr to cfl￿urC our facilities remain al the highest standard and we plan our Investments to support Ihe growth in pupil numbers expeded over the next five years. During the year Shiplake Court Enterprises generated a surplus of £20.860 anLf donated £24.006 to the College. The trading rtrsults ar& set out in note 6. Page 10 3MIPLAKE COURT LIMITED GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENOED 31 AUGUST 2025 FINANCIAL REVIEW AND RESULTS FOR THE YEAR (Continued) Rtrserves Pollcy The Governors have reviewed the reserves of the Collego. Thls review en¢omp8$sed the nature of income and expenditure streams, the need to match them with commitments and the nature of reserves. The Governors are mindful ol the affordability of foes in the futur8 and increasing costs, combined with the College's requirements to maintain the fabric of ils buildings and to enable now projeots to be undertaken. Th8 College continues lo prepare for these eventualities and over the longer term intends to build ils reserve base. The College's reserves policy is to maintsin sufficient funds to sustain the College as a providei of education. The cash policy is to maintain a reseNe ol approxlmalely 3 months. operational expenditu￿ of £3.300,0(Kt. As part of the budgeting process, the Governors réviewed the 8pproprlat8 level of re8erv8S to be retsined from income received during the year ended 31 August 2025 lo allow the College to continue operations in future periods. At 31st August 2025 tot81 funds compiise.. Unrestricted Fixed asset funds Non-eharitable trading funds General unrestrided lund5 20,977,324 26,755 4,450,851 Restricted Other reslrlcted lunds 75,202 Totsl 25,530.132 Investment Policy The Collegtr aims to manage its Gash balanGe5 to provide for the day to (lay worKing Gapital ¥equ5reii)ei)Is of its operations, whilst protecting the real long-lgrm value of any surplus balances agalnst inflation. sn 8ddillon, the College invests surplus cash funds to oplimise return, whilst ensuring the inveslrnenl instruments are such that there is minimal risk to the lo￿$ of the￿e ca- -h balanots-. Thc Collcge,. frec re￿¢￿￿e- wcrc £4.477,606 at Augu- 202512024.. £2,830,415). Golng Concorn The Govemors have reviewed the position Carefully with a vlew lo ensurlng the ongoSng provlslon of schoollng for the pupils as well as etnploymenl of staff. The charity cU￿entlY holds significant cash balances. Demand for s¢h(K>l pla￿$ in October 2025 remains strong, with historically high numbers enrolled for the acad9mlc year 2025126. Conservative cash flow modelling indicates that the cash reserves of the charity are adequate lo meet the charitys obligations as they fall due. A¢¢ordingly, the Govgrnors believe the school's finan¢ial resources are sufficient to ensure the school will continue as a going concern for the foreseeable future, being at least 12 months from the dale of approval of the financial statements and have therefore prepared the flnancial statements on a going concern b8s18. Page11 SHIPLAKE COURT LIMITED GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENOED 31 AUGUST 2025 FUTURE PLANS The Govornors. intent￿n 18 to maintain Shipl8ke College as a boarding and day school, ￿th the ethos focused on the provision ol outstanding pastoral care. They are also determined to maintain the Collego's small class $129s and its emphasis on the needs of individual pupils. The Governors have Sel out a Iwe-year strategic development plan to 8nsure that the sehool maintains its high standards of provision across its three core pillars of Academics, Pastoral Care and Co-Curri¢ular offering as the school becomes fully otreducational ty 2027. This plan includes the provision 014 new ¢lassrooms, as well as the refurblshmenl of the ground floor ol Goodwin Buildino to provide flèxiblè teaching spaces. a new medical centrè and the consolidation ol boarding into four high quality boarding houses. In the medium term and conlingenl of the rosults of a curriculum analysis exercise, plans for Goodwin Building wll be set lo deliver new facilities for Art and Photography. Future development plans VAII be fInan￿d primarily from fee income and reserves. The Governors will mainlaln an equitable balance so that the currtsnl puplls benefit whilst ensuring a sound infrasliu¢tur8 and financial base is preserved for the next generation. The Govemors vw4 our bursary and scholarship awards as important in widening access to the education our schwl provides and are building on and establishing new links with local secondary schools to create mulually beneficial opportunities. RISK MANAGEMENT Shiplake College Board of Governors is responsible for the management of the rlsks faced by the College. Detailed consider8lions of risk aiB delegated to the Risk and Compliance Ctsmmltt&e, who are assisted by Ihtr senior leadership team. Risks are identified, assessed and controls established Ihroughoiul the year in accordance ￿[h the sthool's Ilsk tnanagetneiit pulibry. A fuiiTltJl Ivvitsw vf Iliv cli¢illtable Goiiipanvs risk anagernenl proctssses is undertaken on an annual basis. The key G￿￿trOl5 used by the charitable company incJud•'. formal agendas lor all Committee and Board activlly., detailed temis of reference for all Committees., -tratogic planningp budgeting and managomont accounting J comprChCn￿1ve- established organi5alion¥l slru¢ture and lines or reporting., formal written policie5', clear aulhorisation and approvgl Iw&ls', and vetting procedures as required by law lor the protection ol the vulnerable. Through the risk rnanagemenl policy and processes established for the College, Shiplak& College GovemDrs are satisfied that the major risks sdentified have been adequately mitigated where necessary. 11 is recogni$&d that syslems can only provide reasLinabl8 bul not absolute assurance that major risks have been adequately n)anaged. Page 12 SHIPLAKE COURT LIMITED GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 RISK MANAGEMENT Icontinuedl PrinGlpal risk5 and unc8rtainti¢¥ The principal and un¢trrt8lnlies lo the continued success of the school are assessed as- Reputational risk- the principal risk is a current or historic safeguarding failLJre leading to a loss or reputation. This risk is managed by 8 balanced approach of controls and training. A culture ol safeguarding is embedded throughout the College. Detailed safeguarding and child protection policies are in place. There is regular training. and the College has the required and trainèd dèsignated saf6guarding18ad. An annual revlgw ol safeguarding is undertaken by the Board. Flnanelal rlsk - the prlnclpal rlsk Is economlc chang8 reducing the affordability of fees leading to lower numbers of pupils, or the number ol pupils in boarding declining. Should this materialise, it could affect lh8 ability ol the College to ¢ovor slonilicanl capital repairs and replacements. The College miligales this risk by regular revièw of its forecasts and reserve levels. To mitigate the uncertainly and risk of a reduction in numbers, the College allocates sufficient funds to provide a r¢sour¢ed marketing department. Pupil r8¢rLJilment and retention is reported al every meeting of the Finance and General Purposes Committee and fomis part of the headmaster's report to the main board. The provision ol appropriate staff and facilities is key to attracting and retaining pupils. The Govèrnors revièw 18rmly the levels of 5tsffing and through the headmaster ensure that the College offers comp8trlive salary and support packages. Pgrforman¢e rl$k- the principal rtsk is a worsening ol exam results. To mf(igate this, perfomiance is regularly monitored by the Education and Safeguarding Committee and roportèd dir&cUy to th6 Board. Cyber Risk - As a result of direct ¢￿)er-attaCk, or by dats loss caused by IT infraslru¢lure failure, the school is exposed lo disruption in ils ability to operate or suffers reputational or financial damage due to inappropriate di33omination o* dota. P8gg 13 ## **SHIPLAKE COURT LIMITED** ## **GOVERNORS' REPORT (CONTINUED) FOR THEYEAR ENDED31AUGUST2025** ## **STATEMENT OF GOVERNORS' RESPONSIBILITIES** The Governors are responsible for preparing the Annual Report and the statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company 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 Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and estimates that are reasonable and prudent; - state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **PROVISION OF INFORMATION TO AUDITOR** - Each of the persons who are Governors at the time when the Governors' Report is approved has confirmed that: • so far as that _Governor_ is aware, there is no relevant audit information of which the company's auditor is unaware, and - that Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. ## **AUDITORS** A resolution to re-appoint Crowe U.K. LLP as the charitable company's auditor will be proposed at the Annual General Meeting. This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of Shiplake Court Limited on 4 December 2025 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by: -l _V'\_ Sir David� Chairman Date: 4 December 2025 Page 14 SHIPLAKE COURT LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED Opinlon We have audited the financial statements of Shiplake Court Limited Ilhe 'parent charitable companll and its subsidiaries Ilhe 'group'} for the year ended 31 August 2025 whl¢h cotnprise the Consolid8led stslemenl of flnancial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flow5 and the related notes, induding a summary ol significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Finanaal Rèporting Standard applicable In the UK nd Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our oplnion the financial statenents= give a Iwe and fair view of the state of the Group's and of the parent ¢haritable company's affairs 8s al 31 August 2025 and of the Group's inGotlling resources and application of resoLtrces, including ils income and expenditure for the year then onded., have been properly prepared in accordance wlh United Kingdom Generally Accepted Accounting Practice., and have been prepared in acwrdance with the requirements of the Companies Act 2006. Basls for oplnlon We wnducted oui audit in accordance with Inlemalional Standards on Auditing IUKI IISAS IUKII and applicabla law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial slalemenls section of our report. We 8re independent of the Group in accordance with the ethical requiremen1$ that are T8levanl lo our audit of the financial slalemenls in the United Kingdom. including the Finanaal Reporting Coun¢il's Ethlcal Standard, and we have fulfilled our other ethical responsibilities in 8ccord8nce with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to pro￿de a basis for our opinion. Con¢lusions relatlng to going concern In auditino the financial stat8mèntS. W8 havé concluded that the Gov8fTK)rs' us8 of th8 going concern basis of acwunling In the preparallon of the financial statements is appropriate. Based on the work w8 havè pèrform8d, wè have not Id8ntified any matgrlal un¢ertaSnties relating to events or conditions that, individually or oolledivety, may c8sl signfficanl doubl on the Group's or the parent charitable companys ability to continue as a going concem for a perlod of 81 least twelve months from when Ihtr financial slalements are aulhorfsed for issue. Our responsibilities and the responsibilities of the Govemors with respect to ging concern are describ8d In th r8lèvant séctlons of this report. Page 15 SHIPLAKE COURT LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED ICONTINUEDI other Informadon The other information comprises the infomiation included in the Annual report other than the financlal slalements and our Auditors, report IhereDn. The Governors are responsible for the other inlortnation eontsined within the Annual report. Our opinion on the financial slalemenls does not cover the other infomation and, except to the extent otherwise explicitly stated in our report. we do not express any fortn ol assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consSder whether the oth¢r information is materially inconsislenl with the financial statements or our knOw￿dge obtained in the course ol the audit, or otherwise appears lo be malerially iiiisslated. 11 we identify such material incoiisistenoies or apparent material misstatements, we are required lo determine whether this giv85 fise to a material misstatement in the financial slalements themselves. If, based oll the work we have performed, we conclude that there is a material misstatement of this other information, we are requlred to report that fact. W8 have nothing to report in Ihis regard. Opinion on other matters prescribed by the Companie5 Act 2006 In our opinion, basod on the work undertaken in the course of the audit.. the information given in the Govèmc>rs' report including the Strategic report for the financial year for whlth the financial statements are prepared Is conslstent wlth the flnancial statements. the Governors, report and the Strategic report have been prepar&d in 8ccordan(t with applicable legal requirements. Matter5 on which we artr ￿qUIred to report by 8xc8ptlon In the light of our knowledge and UTNJerslandlng of the charflable company and its environment obtained in the CDurse of the audit, we have not idenlrfied material mlsstslements in the Gov8rnors' report including the Straleglc report. We have nothing lo report in respect of the following matters in relation lo wh￿h Companies Act 2006 requires us to report to you il. in our opinion.. the parent charitable company has not kept adequate and svfficieDI accounllng records, or returns adequate for our audit have no)1 been received from branches not visited by us,, or the parent charitable company financial slalements are not in agreement with the acrAiunling records and returns,, or certain disclosures of Governors. retnuneralion speclfied by law are not made., or we hav8 not received all the inlortnalion and explanations we require lor our audit. Rasponslbllltlas of trusto•s As explained more fvlly in the Governors. responsibilities slatsment, the Govemors (who are also the direcl(vs of th8 ch3rilab18 company for the purpos88 of cofflpany 18wI are responsible lor the preparatlon of the financial statements and for being satisfied that they give 8 true and fair vlew, and lor such intèmal control as the Governors deleTtnin& is n8ce5S8ry to enable the preparation of financial slalements that are free from malerf81 misstatément, whethèr dué to fraud or arror. In preparing the financial stalemenls, the Governors are responsible for assessing the Group's and thè parent charit8b18 companys ability to continu8 88 a g()Ing eoncem, disclosing, as applicable, matters related to going conc8rn and using the going concern basis of accounting unless the Govemors either intend lo liquidate the Group or the parent charitable company or to ¢ease oporalions, or have no realistic alternaty've but to do so. Page 16 SHIPLAKE COURT LIMITÉD INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITEO ICONTINUEDI AMdltors' responslbllltles for the audlt of the flnandal stat¢m•nts Our objectives are to obtaln reasonable assurance ab(yJt whether the financjal stal&m8nts as a whol8 are free from material misstatement, whether due to fraud or error, and lo Issue an Auditors, report that includes our oplnlon. Reasonable assurance Ss a hlgh level of 8ssuranco, bul Is not a guarantee that an audit conducted in accordance wth ISAS IUKI will always detect a material misstatement when il exists. Misslatemerts can arise from fraud or error and ar8 considered material if, individually or in the aggregalts, they ￿vId rgasonably bg expecled to influence the economic decisions of users tsken on the basis of these finan￿al ￿tste￿ents. Irregularhles, Includlng fraud. are InStsn￿ of nOn-￿pIl8n¢8 wSth18ws and reg(Jl8tlons. W8 design prO￿dureS in line with tsur responsibilitlgs, Outlined abovo, to dets¢t material misstatements in respect of irregularities. i￿r￿dIng fraud. The extent to which our procedures are capable of detscting irregularities. Sncluding fraud is detailwj below.. We obtalnèd an understandlng of lh8 18gal and regulatory frameworks within which the charitable company operates. focJJsing on those laws and regulations that have a direct effect on the detsmilnafjon of m8tsr6al arnounts and disclosures in the financial st8tement5. The laws and regulations we considered in this context were the Companies Act 2006, Ch8ri118s Act togethgr ￿th th8 Charfties SORP IFRS 1021. We assessed the r8quired compliance with th8s8 laws and regulations as part of wr audit procedures on the related financial Stater1￿7t items. In addlfjon. we c(￿s￿ler8d p￿vIsI￿S of other laws and r8gulalk)ns that do not have a direcl effect on the financial ststements but compliance wth which might be fundament81 to the ch8ritabl8 compÈntys ability to operatg or to avoid a mat&rial ponalty. W¢ also considered the opportunities and incentives that may exist within the charitable companyfor fraud. The greatest risk of mal&rial impact on the financial ststements is frrjm irregularities. induding fraud. to te within the override of controls by management. Our audit procedures lo respond to these risks included enquiries of managèment, and thè Finance and G8n8ral Purposes Committee about their own idenlificalion and a55essmenl of thg r(sks of lrregul8rf￿e$, sample lesung on the posting of joumals, reviewing a¢¢ounting estimates for biases, reviewiThJ regulatory corr8spondence wlh the Charity Commission, Independent S¢h¢x)ls Inspectordte. Qfsted and reading minutes of meetings of thos8 charged with govemance. (￿ng lo th8 Inherent IlmhatSons of an audlL there Is an unavol(Jable risk th* we may not have detectsd some material misstatements in the financial statements. even though have proper￿ planned and performed our avdh Sn accordance wlth auditirKJ standards. For example, the fvrther removed non-compliance laws and regulations lirregularilie51 is from the events and transactions refle¢led in th& flnan¢ial st8tements, the18ss likely the inherenuy Ilmit$d prO￿dUreS roquired by auditing standards woukl identify it. In addition, as with any audit, there remained a higher risk of non-dete¢tion of irregularitl8s, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal controls. We are not responsible for PTtrv8nling non- o)rnpliance and cannot be expecl8d lo detect non¢omplian¢e with all18ws and regulations. A further description of our responsibilities for the audit of the financial statements 18 located on the Flnandal Reporting Councils webslte al: www.frc.or .ukJauditorsres onslblli118s. Thls dgscrfptlon fomis part of our Auditors, report. Page 17 ## **SHIPLAKE COURT LIMITED** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED (CONTINUED)** ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Alastair Lyon (Senior statutory auditor)** for and on behalf of **Crowe U.K. LLP** Statutory Auditor R+ Building 2 Blagrave Street Reading Berkshire RG11AZ Date: 11 December 2025 Page 18 8HIPLAKE COURT LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2025 Unrè$trl¢t¢d fund$ 2025 Rgstrl¢tgd funds 2025 Total funds 2025 To181 fvnds 2Q24 Note Income from: Donations and legacies Charitable activities.. College fo9$ Ancillary trading income Non-ancillary trading income Investment income 49 149.946 149,995 117,182 14,181,583 1,424,852 143,863 330,172 14.181.583 1,424,852 143,863 330,172 14,386,625 1,546.551 160,076 335,994 Total Incom& 16,080,519 149.946 16,230,465 16,540.428 Expenditure on: Raising funds.. Trading expenses Finance and other costs Charitable adivitl85'. Schoc>l operating costs 17,152 58,319 17,152 SB,319 25,662 50,212 14A92.107 184,056 14,676,163 13,943,678 Total expendiiure 14,50Y,518 184,056 14,T51,034 14,079,552 Net movement in funds before other raeognls¢d gainwiiosso$1 1,51Z,941 134,1101 1,470,031 Other recognlsed galnslllossesl: Fair value movement on dgrlvatlvg contracts 2.555 2.555 (6.727) Net movemont In funds 1,51S,496 134,1101 1,481,386 2,514, 149 Re¢onGlllatlon of fund¥- Totsl funds brought forward Net movement in funds 23,939,450 1,515A96 109,312 134,1101 24.048.762 1,481.386 21,534.613 2.514, 149 Total fvnd$ ¢arrl¢d forward 25,454,946 75,202 25,530.148 24,048,762 Tho Consolldated $tatemenl of financial artlvllSes indudes 811 galns and losses r8cognised In the ye8r. The notes on pages 25 to 46 form part of thase financlal stslements. Page 19 SHIPLAKE COURT LIMITED REGISTERED NUMBER: 612809 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Note Fixed assets Tangible assets 12 21,319,309 27.520.981 21,319,309 2t,52Q,981 Curr•nt assgt$ Stocks 14 20,771 2.483,970 7,426.194 Ig.348 557,973 8, 177,834 Debtors 15 Cash al bank and in hand 9,930,935 8,755, 155 Current Ilabllltlos Crèditors.. amounts falling due within one year 16 14.885,1201 f4,731.425J Net Current assot$ S,045,815 4,023, 730 Totsl leBB current Ilèblllt506 26.365.124 95.544.711 Creditors.. amounts falling due after more than on@ year 17 1829,6021 (1,494,806) Net assets #xcludlng penslon Ilablllty Deftned trenefli penslon scheme Ilablllty 25,535,522 24,049,905 ZT (J,3741 (1, 143) Totsl ngt assets 25,530,148 24,049, [62 Charlty funds Restricted funds Unrestricted funds 21 75,202 109,312 Desionaled Fixed Asset Fund General funds (School and Trading) Share caphal 21 21 20,977,324 4,477,606 18 21,108,838 2,830.596 16 21 Total unrtrslricted funds 21 25,454.946 23,939,450 Total funds 25,530,148 24,048, 762 Page 20 SHIPLAKE COURT LIMITED REGISTERED NUMBER: 612B09 CONSOLIDATED BALANCE SHEEf ICONTINUEDI AS AT 31 AUGUST 2025 The Govemors a¢knowledge their responsibilities for complwng with the requirernents of th8 Act wth respect to accounting records and preparation of financial statements. Thè financtal st3tem8nts were approv8d and authorised for issue by the Govemors and signed on their beh8 by= Slr Davld Tannar CBE Chairman Govemor Date.. 41121 zo i) The notes on pages 25 10 46 form part ofthese financial 8t8lem8nls. Pag8 21 SHIPLAKE COURT LIMITED REGISTERED NUMBER: 612809 CHARITY BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Note Fixed ass¥ts Tangiblg a$$8ts Investments 12 21,319,30g 21,520.981 13 21,319,317 21,520.989 Current a55ets Stocks Debtors Cash at bank and in hand 14 20,771 2,470.133 7.392.915 19,346 558.656 8,136,457 15 9,883,819 8,714,461 Current Ilabilities Crediltsrs: amounts falling due within one year 16 {4.864,7281 (4,720.621) Net current 4s5ots 5,019,091 3.993,840 Total assets less current liabilltle$ 26.338,408 25.514.829 PreAitors' amniJntR fAlllno diJA Aft*r mc%A than one year 17 1829,6021 (1,494,806) Net assets excluding pcnsion liability Defined benefit pEnsion schem8 liability 25.508,806 24.020,023 27 {5,3741 (1.143J Totsl net assets 25.503.432 24.018,880 Charlty funds Restricted funds Unresiricted funds 21 75.202 109.312 Designated Flxed Ass8t Fund Share capital Unrestrlcted Funds 21 21 20.977.324 16 4450,890 21,104838 16 2.800.T14 Total unrestricted funds 25.428.230 23,909,568 Totsl funds 25,503.432 24.01&880 Pag& 22 SHIPLAKE COURT LIMITED REGISTERED NUMBER: 612809 CHARITY BALANCE SHEET {CONTINUEDI AS AT 31 AUGUST 2025 The Charlvs nel movement in funds for the year. excluding share capital. was £1,484.536 (2024- £2,496.6771. The Govemors acknowledge thelr responslbillligs for complying with the requirements of the Act wth r8sp8ct lo awounting records and preparation of financial statements. The financial statemgnts were approved and authorised for issue by the ￿VeMOr8 awKI signed on their tr￿ha by. Slr Davld Tanner CBE Chairman CEV Gov8mor Date: 11>1202)" The notss on pages 25 to 46 form part of these financial statements. Page 23 SHIPLAKE COURT LIMITED GQNSOLIDATED STATEMENT OP CA8M PLOV13 FOR THE YEAR ENDED 31 AUGUST2025 2025 2024 Note Cash flows from op&ratlng actlvltles Net cash provided by operaliNJ activities 23 2,403.339 3.023,821 Cash flows from Investlng a¢tlvltles Inv8Stment incom& 330.172 335,994 4.500 2,350 {2.458.1471 (4.429. 128) PrO￿edS from the sale ol tangible fixed assets Purchas8 of tangible fixed assets Net cash u$gd In Investing actlvltles 11123.4751 14,090,784) Cash flows from financing activities Int8r88t paid Repayrnènls of borrowlng Cash received for new advance fees contr8cts Amwnts utilis&J on advanced fees conlracis nel of discount Advanced fees refundgd {24395) {70.1581 202.457 (1.042,5891 (96.8191 (37.074) f63,347) 2,238,436 (19.679) Net cash Iu5ed inllpr0v1d￿ by financing activities {1.031.5041 2.11&336 Changg In cash and cash equlvalonts In the year CaÈh 2nd cash 8quivalgnts at the b99innln9 of th• y•ar 1751,640) 1.051.373 8.177.834 7. 126.4rt1 Cash and cash equlvalents at th• and of the year 24 7.426.194 8,177,834 The notss on pages 25 to 46 fomi part of these flnanc4al slatsments Page 24 8HIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 General Informatlon Shlplake College s principal activity ¢ontinue5 to be the provision of an independent school with facilities lor boarding and day boys aged 11 10 18 and lor gills aged 16 to 18. Th8 charity, incorporated by share capital (charity number 309651, company number 6128091, is registered in England and Wales. The address ol the registered offic¢ Is Shiplake College, Henley on Thames, Oxon. RG9 4BW. A¢￿u￿tIng pollcles 2.1 Basis of preparat5on of flnanelal $tatements The finand81 statements have been prepared in accordanc8 with th8 Chadtles SORP IFRS 102) Accounting and Reporting by Ch81iti8s.- Statement of RecL)mmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard &pplicable In the UK and Republic of Ireland IFRS 1021 {effeetivo l January 20191, the FinanGial Reporting Standard applieablo in the UK and Republic ol Ireland IFRS 1021 and the Companies Act 2006. Shiplake Court Limited meets the dgfinition of a public benefit entity under FRS 102. Assets and liablllues are Initially recognised at historical cost or transaction value unl95s olheFwlse stated in the relevant accounting policy. The results of the subsidiary are presented in the ¢onsolidated SOFA by disclosing the income and expenditure derivod from its activities separately from those of the Charity. An Income and Expenditure account for the subsidiary is included in note 13. The company's assets and liabilities are inclLJded in Ihe balance sheet on a line-by-line basis, in accordance with the SORP. No Separate SOFA has been PFe5ented for th8 Charity as permitted th8 Chariti8$ SORP and sgdon 408 of the ompanies Act 2006. The charity ￿rrentlY holds significant cash balances. Demand for school places retnalns strong. Conservaiive cash flow mo(Jeiiing In(Ji¢atos th* the cash reserves of Ihe cmanty are adequate to meet the charit￿S obligations as they fall due. Accordingly, the Governors believe the School's financi81 resources are sufficient to ensure the School will ¢tsnlinue as a going concern for the foreseeable future, bein9 at 188&t 12 monlhs froni the date of appiowal uf Éliv fiiitilibirjl bidl¥iii¥iili> ¢iiid have therefore prepared the financtal stateménts on 8 going concern basis 2.2 Income All in¢omlng resources are included in the statement of finan¢l81 8¢tlvlties when the charitable company is leoally èntitlèd to the income. re￿Ipt is probable and th8 amount can ba quantth8d with reasonable a¢¢uracy. Fees receivable and charges for setvices and usè of premises 8re accounted for in the period in whkh the Service is provided. Fees receivable are slated after deducllng allowances, scholarships and other remissions granted by the college. Charges are madè to pupils lo cover the cosl of 'Exlras'. In some cases. the costs slightly 8x¢ged the chargas made and in others there Is a small surpllts remalnlng. The intention is for pupils lo pay for these costs but not lo achieve a profrt on recharging. Page 25 SHIPLAKE COURT LIMITED NOTES TO THE FINAf4CIAL 8TATEMENT8 FOR THE YEAR ENDED 31 AUGUST 2025 Accounting pollclès (continued} 2.3 ExpendFture Expenditure is a¢¢rued as soon as a liability is considered probable, discounted to present value for longer term liabilities. It Is summ8rised under functional headings on a dlrect cost basis. Overhead and other costs not directly attributable to particular functional activity categories are apportloned over the relevant categories on the basis of management estimates ol the amount attributable to that activity in the y88rly rèference to staff lime. The irrecoverable element of VAT is included with the item ol expense to which it relates. Governance costs comprise the costs of wnning the charitable company, incluLllng strategic planning for its future dev8loprMent, external audit, any legal advice for the directors, and all costs ol complyng with constitutional and slalulory requirements, such as the costs ol Board and Cotnmlttee meetings and of preparing statutory accounts and satSsfying public accountability. Expenditure on ralsing funds includes all expenditure incurred by the Group to raise funds for ils charitable purposes and includes costs ol all fundraising activities events and non-charitable tradillg. ExpendilLJre on charitable activities is incurred on dire¢tly undertaking the ackn'vilies whlch further the Group's objectives, as well as any associated support costs. 2.4 Interost ra¢eFvable Interest on funds held on depos￿ Is Included when Teceivable and the amount can be measured reliably by the Group,. this is nomially upon nolificalion of the interest paid or payable by the inslilulion th whom the funds are deposited. 2.$ Tanglblg fix8d assgts and depreclatlon Tangible fixed assets costing £1,000 or rnore are capilalised and recognised when future economlc beneftls are probable and kne cost or value of the assei can be rneasureo reliably. Tangible flxed assets are initially recognised al cost, After re¢ognition. under the cost model, tsnglble fixed assets are rne8sure(S al wst les5 accumulated depreciation and any 8G¢umulated Impairment losses. All costs incurred lo bring a tangible fixed as5el into its intsnded working condition should be includ8d in the measurement of cost. Depre¢i81ion is Charged so as to allocate the cost of t8ngible fixed assets less their residual value over their estimated useful lives, using the slralght-line methC￿. Depreciation is provided on the following bases.. Freehold property Vehicles and mowers Flxlures and fittings Sports equipment and boats Computer equlpmenl 2-10°k on cost 25% on cost 4-33°/a on cost 10-250/0 on cost 33% on cost Gains and losses on disposals are determln8d by comparing the proceeds with the carrylng amount and arg recognised in the Consolidated slalemenl of financial activities. Page 26 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng poli¢ies Icontinuedl 2.6 Inv¢stments Fixed asset investments are a fom of financial instrutnent and are initially recognised al their transaction cost and subsequently measured at fair value al the B818nce sheet daltr, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unreallsed, are combined and presented as 'GainsllLossesl on investments, in the Consolidated statement ol finanoial 8clivilie5. Investments in subsidiarles ¥ie valued at cost less provision for impairment. 2.7 Stocks stcGks are valued at the lower of cost and net reallsable value after maklng due allowanee for obsolete and slow-moving stocks. Cost Includes 811 direct costs and an appropriate proportion of fixed and variable overheads. 2.8 Debtors Trade and othar dèbtors 8r8 r8cogn188d at the $8tt1ement amount after any trade discount offered. Prepayments ar& valuod al the 8mounl prepaid nel of any trade discounts due. 2.9 Cash at bank and in hAnd Cash Is represented by cash in hand and deposits with fin8ncial institutions repayable wilhoul penalty on notice of not more than 24 hours. Cash equivalents are hrohly liquid investments that mature in no more than three months from the dale ol awulsit￿ll and that are readily convertible to known arnounls of cash with insignificant risk of change In value. 2.10 Pargnts. deposlts Under normal circvmslances these will be repaid over future years when the pupils complete their education ar tho school, pupi15 can leave at earlier dates. The School does not therefore have an unconditional right to retain the indiMdu81 deposits for al least 12 months after the balance sheet date and, In line with the requirements in FRS 102, the balanca of the d8posits hgld at 31 August have been included wilhln current liabllltles. 2.11 Fees In Advance Scheme The eDllege offer a Fees in Advance Scheme whereby participants Can opt lo pay the school fee5 in advance for the entir8 period they will be attending the school. Amounts received under the School's Advance Fee Scheme contracts lor educatlon ntst yet utills8d arg record8d as d8f8rred incorne and allocated as current liabilitias vJh8re the edu¢allon will be provided within 12 months frorn the reporting dale and as long-term liabilities where the education will be provi¢Jed In 8ubsequont years. Page 27 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Ac¢ountlng poll¢lg$ Icontlnugdl 2.12 Llabllltles Liabilities and provisions are recognised when there is an obligation al the Balance sheet dale as a result ol a past event, it is probable that a transfer of economlc beneflt will be required in 5eltlemenl, and the amount of the settlemenl can L* eslimatod reliably. Llabilities are recognis8d at the atllounl that the Charlty anScSpates it w511 pay to setue the d8bt or the arnounl il has rts¢gNed 8$ advan¢ed payments lor the goods or servi￿5 il musl provide. Provisions are measured al the bes¢ e8tirnote of the amounts required to settle the obligation. Where the effect ol the time value of money is material, the provislon is based on the present value ol those amounts. discounted at the pre-tax discount rale that reflg¢ts thè risks specific to the liability. The unwinding of the discount is recognised in the Cong01idat6d statement of financial activities as a flnance cost. 2.13 Flnancoal Instruments Basic financial instrumtrnts Snclude dabtors and creditors. Debtors and creditors are Inlllally recognised at transaction value and subsequently measured al 8tnortlsed cost. Note 19 provides more information on linanaal instruments where future cash flows 8re anticipated, wth financial assets referring to fixed asset investments, cash, debtor balances excluding prepayments, and financial liabilili8s referrino to all credkor balances excluding deferred income and social sectsrlly 8nd other tsxes. Derivatives, including interest rale swaps, are ntsl bas1¢ financial instruments. Derivatives are inf(ially recognised at fair value on the dale a d¢rivative contract is entered into and are subsequently remeasured al Ihelr fair value. Changes in the lair value of derivatives are rewgnised in the statement of Finallcial Activf(ies. The charity does not ¢urrenlly apply hedge accounting for Inter8sI rate 06riv￿lves. 2.14 Penslon $ch•mes The charitable company contrsbule5 to the Teachers Superannuation Schem8lTPSI al rate5 sel by the scheme actuary and advlsed lo the board by the scherne admlnislralor. The Schem8 5$ 8 rnuIII- employer penslon scheme and it is not Possible to identify the assets and liabilities ol the scheme which are attributable lo the college. In accordan￿ with FRS 102 therefore, the scheme is 8ccounled for as 8 defined contribution scheme. The TPS is in phased withdrawal from 1 Sep'24 and there are no new entrants to the scheme frorn this point. Th8 company contributès to an Aviva APTIS pension scheme for all newly employed teachers from this date. The charity contributes to the Pensions Trust Growth Plan for e8rtain ol its employees. This is in most respects a money purchase arrangement, bul does include certain guaranteed benefit elements. The Plan is a mulli-employer scheme as il is not posslble in the normal course ol events to identify the share ol the underlw'ng assets belonging to the individual participating ernployers and accordingly, In accordance with FRS102, is accounted for as a defined contribution scheme with contributions being recorded as they become payable. However, the School also makes deficit conlribulion5 to the scheme, In accordance with FRS 102 these paymen15 have been measured at falr value and included as a liability on the balanc8 sheét. The charity also contributes lo a defined contribution scheme, also operated by the Pensions Trust. The u)nliibutions are ac¢ounted for in line with FRS 102. Page 28 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Aeeounting policies Icontinuedl 2.15 Fund accounting General funds are unresliieted fund5 which are available for use at the discretion of the Governors in furtherance of the general objectives of the Group and which have not b8en designated for other purpose5. Designated funds Comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and us8 of ea¢h design818d fund is sèl out In the notes lo the financial statements. Restricted funds are funds whT¢h are lo be used in accordance Mqlh specthc restrictions imposed by donors or which have been raised by the Group for particular purpc>sès. The ¢osts of ralsing and administering such funds are charged aga￿nsI the speclfie fund. The alrn and use of each restricted fvnd is set out in the notes lo the financial statements. Investmenl Income, gains and losses are all￿ated lo the appropriate fund. Crltlcal aeeountlng estrmates and areao ol judgment Estirnates and judgments are eDntinu8lly evaluated and are based on historical experience and other IAr.trJr*. inr.IiJ(4ino AYPPrtAtion* nf fiitiir8 évonts that arÉ¢ b0lié￿d to bs r&asonsbl& iindgr the circumstances. Crrtical accounting estimate5 and assumptions: In the application ol the charitys accounbng policie5, which are described in note 2 Governors ar8 required lo make judgem8nts, estimates and assumptlons about the carrying values of assets and liabilits'es that are not readlly apparent from other sources. The estimates and underlying assumptions ar8 based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The Govemors consider th81 there are no material judgements in applwng accounting policies on koy s()urces of 8stimal￿n uncertainly. Incon7e from donatlons Unrestrlcted Restrlctad funds funds 2025 2025 Total funds 2025 Tot81 funds 2024 Donations 49 149.946 149,995 111,182 Page 29 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 College fees 2025 2024 Gross fees Less.. Tol81 bursaries and allowances 15,878.008 15,828,330 {1,696,4251 (1,441,705J 14,181.583 14,386,625 All fees are unrestricted in both years. Ancillary trading in¢om¢ 2025 2024 Regislialion f88S Le8rning support income Fees in lieu ol notice and forfeited deposits 44,031 281,948 91,760 17,8OG 819.506 114.460 55.341 43,309 309,580 719.801 2J,700 8T4,506 722,042 53,533 School trips, events and travel External courses Other income 1,424,852 1,546,551 -triotcd in both years. All Ejncilliary tradin9 incomc i- unre- Non-anelllary tradlng Incom8 2025 2924 Late payment surcharges Mi3Gellaneou5 Income Trading- turnover Rentsl in¢ome 3,647 21,S22 42,407 76.287 8,628 10,033 40,902 l(X),513 143,863 160,076 All non ancilliary trading income Ss unreslrtcled in both years. Page 30 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analy$ls of expendlture on charltable actlvltles Summary by fund typè Unrestricted Re¥tric¢ed funds funds 2025 2025 Total 2025 Total 2024 Teachlng ¢osts W6lfare costs Premises costs Support costs Governance costs 6,624,968 1,693,215 3,442,176 2,713,344 18,404 184,056 6.809,024 1.693,215 3,442.176 2.713,344 18,404 6,741,017 1, 748,860 2,800,522 2,630,588 22,691 14,492,107 184,056 14,676,163 13,943,678 Tol812024 13,884,666 59,012 13,943,678 Summary by expenditure type Staff costs Depr8clatlon Other costs 2025 2025 2025 Total 2025 Total 2024 Teaching costs WplfAfA 8,214.804 110.041 623,406 1.417.353 594,220 1.363.164 1,476.252 1,295,991 18,404 6,809,024 1.693.215 3,442.176 2.713,344 18.404 6,741,017 1, 748.860 2,800,522 2,630,588 22,691 Premises costs Support costs Governance costs 1.342.518 8,585,614 1,342,518 4,748,031 14,676,163 13,943,678 Total 2024 8,292,838 865,676 4,785, 164 13,943,678 Auditors. remuneration The consolidated aLTrditors' remuneration amounts to an auditor fee of £22,125 (2024- £20,575J, and non- audit services of £1.60012024- £1,600). Page 31 SHIPLAKE COURT LIMITED NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. Staff costs Group 2025 Group 2024 Charlty 2025 Charity 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 6,608,010 772.953 6,396,884 699,053 6.608,010 772,953 6,396.884 699,053 1.204.651 1,196,901 1,204,651 I, Ig6,901 8,58S,614 8,292,838 8,585,614 8,292,838 Severance paymen15 totalling £20,000 (2024." £NilJ are Sncluded within wages and salarfes costs In the year. The averag8 number ol persons employed by the Charity during the year wa5 a5 follows.. Group 2025 N¢. Group 2024 No. Charlty 2025 No. Charity 2024 No. Teac.hing Welfare Premises Support 93 95 13 98 18 19 60 99 17 29 56 29 48 21 51 195 IB5 195 185 The number of employees wtiose employee benefits (excluding employer pension costs} exceeded £60,000 was: Group 2025 No. Group 2024 No. In the band £60.001- £70,CM)O In the band £70,001- £80,fXJO In the band £110.(X11- £120,000 In the band £170,￿l- £180,000 In the band £190,￿l- £200,000 16 14 Key Management Personnel included the diieclors and officers listed on page 1. Key Management Personnel received aggregate remun8ration (including Employer's Pension, Ernployefs Nl and BIKSI of £708,385 (2024.. £698,854). Page 32 8HIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AVGUST2025 11. Governors. r8munaratlon and •xpensgs During the year. no Gov8rnors received any r6mun8ration or other beneflls f2024- £NIL). During the year ended 31 August 2025. no Govemor expanses have been incurr&d (2024- £NIL). 12. Tangible fixed assets Group and Charity Boats & Assets Motor Flxtures & sports under vohlcles ritting5 equipment wnstruction Freehold property Total Cost or valuatlon Al 1 September 2024 25,252,705 Additions 2,601 DisP05als Transfers beiwetrn dasses Capital Goods scheme adjustment (VAT asset) Pre registration VAT recovery 418.904 2,397,1S2 1,310,873 24.771 90,337 234.166 1109,9971 1143,3201 3,551,423 32,931,057 2,106.272 2,458,147 1253,3171 4,639.854 14,639,854) 11,229,349) 19.664> 110,9581 11,249,971) 120,7261 (11,0231 112.0651 123,5161 167,3301 At 31 August 2025 28,645,085 432.652 2,355.763 1,367,245 1.017,841 33,818.586 Depreciation At 1 September 2024 8,186,949 Charge for tho year 1.091.593 On dlsposals 336,004 1.966,087 921,036 26,218 123,475 101,232 {109.9971 1143,3201 11.410.076 1.342,518 1253,3171 At 31 August 2025 9.278,542 362,222 1,979,565 B78,948 12.499,277 Net book valu8 At 31 August 2025 19.366.543 70.430 376.198 488,297 1.017,841 21,319,309 At 31 August 2024 IT,065, T56 82,9 431,065 389,837 3,551,423 21,520.981 Page 33 SHIPLAKE COURT LIMITED NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 13. Flxed asset investments Inve$tm*nts In subsldlary companles Charity Cost or valuation At 1 September 2024 At 31 August 2025 Principal sub$idiarles The following was a subsidiary undertaking of the Charity.. Name Company Registèrèd office Principal numbèr or prlncSpal place actlvity Holding lrtcluded In consolidation of businoss Shiplake Court Enlerprlses Limitgd 01276081 Shiplakg College Hiring of 1000/0 Yes Henley On Thames facilities gnd Oxlordshire the provision RG9 4BW of the College tuck shop. The financial results of the subsidiary for the year were.. Name Income Expenditure ProfitJlLoss} for the year Net assets Shiplaké Court Enterprises Limited 42.407 21.547 20,860 26,755 14. Stocks Group 2025 Group 2024 Charlty 2025 Charity 2024 Raw materials and consumables- cat8ring stock 20.771 19,348 20,771 19,348 Page 34 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15. D¢btors Group 2025 Group 2024 Charty 2025 Charity 2024 Trade debtors Amounts owed by group undèrtakings other debtors Prèpaymonts 8nd accrued inwme VAT Asset 897,775 120.197 883,938 118,032 2,848 284, 781 152,995 98,798 237,426 1.249,971 284.781 152,995 98.798 237.426 1,249,971 2,483,970 557,973 2,470,133 558,656 The VAT asset relates to an allowable retrtsspectiv8 claim under the Capital goods scheme on the Introductltsn of VAT on school fees. An amount of £90.011 is refjeivable within one year. Creditors.. Amount5 falling due within one year Group 20ZS Group 2024 Charlty 2025 Charity 2Q24 Bank loans Deposits Trade creditors Fees in Advance Scheme Other taxation and social security Other creditDrB 72.815 954,849 664,404 726,971 784,760 301,403 1,379,918 85.704 955,126 732.710 1,058,542 176.122 264,401 1.458, 730 72.815 954,849 664,404 726,971 781,100 301,403 1,363,186 85.704 955,126 731,210 1,058,542 f 73,137 264,491 1,452,41Y Awuals and deferred income 4,885,120 4,737,425 4,864.728 4.720,621 Delerred Income relates to Mlchaelmas tem fees and extras lor the 2025126 ftnanclal ye8r that Wgre paid before the end of the current financial year totalling £1.085,829 (2024.. £1, 114,793). Page 35 SHIPLAKE COURT LIMITED NOTES TO TIIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17. Creditors.. Amount$ falllng du¢ aftgr more than one year Group 2025 Group 2024 Charity 2025 Charily 2024 Bank loans 269,170 554,835 5.597 326,439 1, 160,215 8. 152 269,170 554,835 5,597 326,439 1, 160,215 8,152 Fees in Advance Scheme Derivative contract 829,602 1,494,806 829,602 1,494,806 The Group has loan larylilie8 8vai18ble totslling £341.985 (2Q24.- £412, 143). There Is 81$0 a derwative ¢c>ntract in place lo protect the School agalnsl Incrtrases In Interest rates in line with the group's interest rate management pD4icy. The hedging instruments, which have been measured at fair value throvgh income and expenditure are recognised in the financial siatemenls in aGcordanGtr wllh FRS 102. InGluded ￿thin the ab¢)ve are amounts falling due as follow8= Group 2025 Group 2094 Charlty 2025 Charity ?024 Between one and two y¢ars Bank loans 76,110 93.495 76.110 93,495 Betsveen two and flve years Bank loans 193,060 232,944 193,060 232,944 The bank108n Is sgcured by a series ol fixed charges over the Charitable e4)mpany's freehold t￿perty. Interest on the loan Is variabse. As the bank loan is inclLJded in the College's consolidated 8gr8emenl it is te¢hnrally repayable on demand. Howevgr, as the loan has a speafic repayment 5chedultr the balances hav8 been disdosed in 8¢cordanc9 With these terms. Page 36 SHIPLAKE COURT LIMITCD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202S 18. Deferred Income- Advanced fègs Amounts may be paid lo the college up to the equivalent of 5 years, tuition lees in advan¢e. The money may be returned subject to specific conditions staled within the Scheme lileralure. Assuming pupils will remain at the college advance fees will be applled.. 2025 2024 WSlhln 1 year Within 1 2 years within 2 - 5 years 726.971 335,750 219,085 1,058,542 614,212 546,003 1,281,806 2.218,757 The balance r$presenl8 the 8cGnied liability under the contracts. The movements dijring the year are detailed as follows.. 2025 2024 Balance brought forward Increase 2.218.757 Advance fees re￿iVed Discounts allo¢ated 202,457 9,913 2,238.436 1,251 2.431,127 2,239,687 Decrease Advance fees utilisod Refunds {1.052,5021 196,819) (20,930J At 31 August 2025 1,281,806 2,218,757 19. Share cap5tal 2025 2024 lotted, called up and fully pald - 16 ordln8ry shares 01 £1 each 16 16 16 16 Page 37 SHIPLAKE COURT LIMITED NOTCS TO TIIE fiNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 20. Flt)ancial instruments Group 2025 Group 2024 Charlty 2025 Charity 2024 Finan¢lal assets Financial assets Treasured al amrused cosl 8.422,767 8,582,629 8,375,651 8.541,935 Group 2025 Group 2024 Charlty 2025 Charity 2024 Flnanelal Ilabllitles Derivative financial instruments measured al fair value through income and expgndilure Other financial li8bililies measured at aTh)rtlsed cost 15.5971 (8.152) 15,597) (8, 152) 11.601,8811 (1,746,981) 11.585,1491 (1,745,48/) 11.607.478) (1,755, 133) 11,590,746) (1, 753,633J Flnancial assets measured a18mortSs8d ¢ost comprise fees receivable, other dobtors, amounts due from group companies anij cash at bank, less prepayrnents anu VAT. Derivative financial instruments measured al fair value through incorne and expandilure cornprise the tJviibSvii defJGII and derivative contract. Other financial liabilities measured at 8mortised cost comprise bank loans, trade creditors, other (xedilors and accruo1¥. P8gg 38 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21. Statsment of fund$ statement of funds- current y8ar Balancè at 1 Septembar 2024 Balance at Gainsl $1 August ILoss*sl 2025 Transfers Inlout Income Expendltur Unrestrlcted funds Deslgnated funds Fixed asset fund 21.108,838 11.342.518) 1.211.OQ4 20.977.324 General fund$ General fund Non4charitable trading funds Share capital 2.800,695 16,038.112 113,179,S071 {1.211,0041 1555 4,450.851 29.901 16 42.407 145.553) 26,75S 16 2,830.612 16,080,519 {13,225,060} 11,211,004) 2.555 4,477,622 Total Unr8Strlct8d funds 23,939,450 16,080,519 114,567.5781 2.555 25,454,946 Rgstrlcted funds Spotts lour fund Bursaries Music fund Capital proj8cts Rowing Equlpmant Other restr￿ed 921 7,546 36,944 19211 17,546) 115A30) 141.030) 53.688 53.688 21.514 41.030 62.971 930 55,228 1118,1991 (9301 IOJ.312 149.946 1184,0561 YS.202 Tot¥1 of funds 24,IM8,762 16.230.465 114,751,6341 2.555 25.530,148 Fixed Asset Fund - This is the valw of the College fixed assets less th8 bank loan. Restricted Funds- The narrative not￿ a￿)ve makes the ￿$tri￿￿On clear. Page 39 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21. Statement of funds Icontlnuedl Statem¢nt of funds- prior year Balance al I S&ptèmb6r 2023 8418nc8 81 31 Augusl 2024 rr8nsf8rs in/oul Gain fLoss&s) Income Expenditure Unre5tri¢ted funds Fixed asset fund 17.482.039 (865,676) 4,492.475 21,108.838 Genoral fund 3.929,722 16.376,575 (13,006,400) (4,492.475) (6,727) 2,800,695 Non-charitable trading funds Share capital 63,825 16 54,54Q (88,464) 29,901 16 3.993.563 16.431.115 (13,094,864J (4,492.475) (6,727) 2.830,612 Total UnreatriGtcd funds 21,475,602 16,43t,115 (13,960,540) (6,727) 23,939,450 Donations Sports lour fund Bursaries Muslc lund 2,706 1,555 1,750 3,000 (2.706J (1,106) (1,750) (10,OJ6J (12,365) 472 7,546 927 7,546 30,944 Capital projects Rowing Equipment Other re$tri¢ted 12,365 87,800 1, 130 (24,529) (200) 62,971 930 59,011 109,313 (59,012) 109,312 Total of fL¢nds 21,534,613 16,540.428 (74,019,552) (6,727) 24,048,762 Page 40 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. Analysls of net o$$ets between funds Analysls of net assets betwè8n funds - ¢urrent year Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Tangibl8 fixed assets Current assets Creditors due withln one year editors due in more than one year Provisions for liabil1￿.es and charg8S 21,319,309 9,855,733 14.885.120) 1829,6021 15.3741 21,319.309 9.930,935 14.885.120) 1829,6021 15.3741 75.202 Total 25,454,946 75,202 25,530,148 Analy$ls of net assets between fund5- p￿or year Unrestr￿Gted Restricted fvnds fund6 2024 Total ltsnd6 2024 2024 Tangible fixed assets Current assets reijitors due within one year Credltors due in more than one year Provlglong for 11gbilities and charges 21,520,981 8,645,843 (4,731,425J (1,494,806J (1, 149) 21.520,981 8,T55, 155 (4,731,425) (1.494,806) (1, 143) 109,312 Total 23,939,450 109,312 24,048,762 Pagg 41 SHIPLAKE COURT LIMITED NOTÉS TO THE FINAMCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 23. Rtconclllatlon of not movement In funds to net cash flow from operatlng a¢tlvltlgs Group 2025 Group 2034 Net income for the year las p¢r Statement of Financial Activit￿) 1,478,831 2,520,876 Adlustmtnts for: Depreciation charges IProfilyLoss on the sale of fixed assets Investment income Bank int8r8St paid Ilncreaselldecrease in stock Ilncreasèlldecrease in debtors Increaselldocreasel in creditors Movement in pension deficlll Gainslllossesl on derivative contract Capltsl Goods S¢hem8 (VAT Asset) Pre RegislratlDn VAT 1,342.518 865,676 14,50Ql {2,350) {330,1721 (335,994) 24.395 37,074 11,4231 (4,800) 11,925,997) 83,745 495,600 (131,052) 4,231 12.62T) 2,555 (6,727) 1.249,971 67.330 Net ¢a$h provldad by operatlng actlvltles 2,403,339 3,023,821 Analysls of cash and cash equlvalents Group 2025 Group 2024 Cash in hand 7N26.194 8, 177.834 Totsl cash and Cash equtvalents 7,426,194 8, ITT,834 Page 42 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2025 25. Analysls of ¢hanges In net debt At1 September At31 2024 Cash flows August 2025 Cash at bank and in hand Debt due within 1 year (loans and advantsd lees scheme) Debt due after 1 year (loan$ and advanced fees scheme) 8,177,834 11,144,246) 11,486,654) 1751,6401 344,460 662,649 7,426.194 1799,7861 1824,0051 5,546,934 255.469 5.802.403 26. Capltal commttments At the year en(1 the school has £NII (2024.. £1,621,694J contracted capital commilm8nls. Page43 SHIPLAKE COURT LIMITED NOTES TO T14E FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 27. Pension commitments The College ￿ntributeS to th￿e pension schemes.. al Teacher5. Pen$lon Sehèm• Tha College participates in the Teachers, Pension Schèmè I'lhe TPS'I lor ils leaching staff. The pension chargg for the year includes contributions payable ID the TPS of £735,35812024.' £1,022,696) and at the ye8r-end £80.20112024.' £119,819) was accrued in respect ol contributions to this scheme. Thtr TPS is 8n unfunded multi-employer defined benefits pen￿On scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 18S amended}. Members contribute on a "pay as you go" basis with contributions from mernbors and the employer b6ing credited to the Exchequer. Retirement and other pensDn benefits are paid by public funds provided by Parliament. The employer contribution rale is sel by the Secretary ol Slate following scheme valuations undertaken by the Government ACtua￿S Dtrpartmenl. The most recent actuarial valuation of the TPS was prepared as al 31 March 2020 and the Valuatitsn Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and Iiabililies of £262bn, resulting in a scheme deficit of £39.8bn. The employer contribution rale lor the TPS is 28.60/ts, and employers ar6 also required lo pay a scheme dminlstration levy ol 0.08*0 glv¢ng a total employer contribution rate of 28.68Vo. A formal consultation with all te8¢hers regarding TPS was completed in February 2024. The College is in pliasvd wltl)drawal from The Te8ther&' Pen&ion SGheffle from 1 oeptember 2024. bl Teachers. APTIS Pension Scheme New te8cheTg employed from 1 Soptcmbcr 2024 onward= arc cntitlod to rnembership of the Avlva APTIS penslon scheme with employer contributions al 23.680A. The pension charge for the year includes conlrlbulions payable of £276,10812024:£nill and al the year-end £33,612 12024.. £nill was accrued in resp9Ct of etsntAbution$ to this sch•m•. ¢} Support Stsff - Defined Contribution Scheme qhlDIAkA f.nll*)oA I td 21sn paid rrintribijlions into 8 defined contribution scheme with The Pensions Trust al rdte of 6.850/0 for all stsff except ￿ members of staff whh special ￿rcUMStance al 10 /0 tolalling £193,18512024.' £174,205> during the accounting period. Members paid contributions at raies of &20% durfng the accounting period. dl Support Staff- Deflned Benefit Scheme Certaln employees of Shiplake College Ltd ale entitled to membership of the Pension Trust Growth Plan I'lhe Plan'l. Thls is a multi-employer pension plan. 11 is not possible for the company to obtain sufficient information to enable il lo account for the Scheme as a dèfined bènefit Scheme therefore il is accounted for as a defined contribution scheme. However, the School also makes deficit conlributsons lo the scheme, In a¢¢ordance wilh FRS 102 these payfflenls have been measured at fair value and included as a liability on the balance sheel1£5,374). Contributions paid into the Plan up to and Includlng September 2001 were converted to defined amounts of pension payable from nom81 relSrement dates. From October 2001, conlributlons were invested in personal funds which have a capital guarantee, and which are wnverted lo pension on retirement, eiihar within the Plan 01 by the puichasp of an annulty. The Trustee commissions an actuarial valuation ol the Plan every three yeais. The purpose of tho actuarial valuation is to determine the funding position of the Plan by comparing the assets with the past service liabilities as al the valuation date. Asset valLJes are calculated by reference lo tnarket levels. Accrued past service liabililios are valued by discounting expected future benefits payments using a Page 44 $HIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 27. Penslon eommltmènts Icontlnuodl discount rale calculated by reference to the expected future investment returns. The rules ol the Plan give the Trustee the FKJwer to require employers to pay additional contribLJtions in order to ensure that the statutory funding objective under the Peiisions Art 2004 is rnel. The statutory funding (>bjective 15 th81 a pension scheme should have sufficienl assets to meet ils past service liabilities, known as Te¢hni¢al Piovlsions. If the actuarial valuation reveals a deficit. the Trustee will agree a recovery plan to eliminate the deficit over a specified period of lime either by way ol 8dditional contributions from employers, investment r8tums or g combination ol these. The latest formal valuation of the Plan al 30 September 2023 was performed by a prof8ssbnally qualified Actuary using the Projècted Unit Method. The market value of th8 Plan's assets 01 the valuation date was £514.9 million and the Plan's Technl¢81 Provislons11.e. past servl¢e li8billliesl wele £531.0 mllllon. The valuation therefore revealed a shortfall of assets compared with the value ol liabilities of £16.1 million. ShiKAake College Ltd has been advised by the Plan Iru51ee that, in the event th81 il w89 to withdraw its membership of the Plan, it had an estimated contingent liabilrty of £43,692 at 30 September 2023. This debt ￿11 not crystallistr while Shiplake College Ltd continue5 to have one or more aclwe members in the s¢heme. The arnounl of the above potential debt depends on many factors including total Plan liabilities, Plan Investment performance, Ihe Ilablllfles In respect Df current an(J former employees of Shlplake College Lld, financial conditions al the lime ol the cessation event and the insurance bUY￿ul market. The amounts of th8 debt can therefore be volatile over Ilme. Operatlng lease commltm8nts 2025 2024 Land and buSldlng$ Not later than 1 year Later than 1 year and not later than 5 years Later than 5 yoars 27,898 111.586 342.629 27,896 711,586 370,525 482.111 510,007 Page45 SHIPLAKE COURT LIMITED NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Office equipment and motor vehl¢ltrs 2025 2024 Not than 1 year Later than l year and not later than 5 years 43,016 109.738 42,532 151,664 152.754 194. 196 During the year lease payments of £77,717 (2024.. £87, 119) were reo)gnised as an expense within the SOFA. Related party transa¢tlon$ The subsldlary, Shiplakg Court Enterprises Limited, provide5 caterfng facillties, entertainment, and recreational activities al Shiplake College. The subsidiary donates its annual taxable profits to the Trust under Gift ￿d. The glft aSd donatlon for this year was £24.006 (2024.. £6, 758). During the year Shiplake Court Limited received a management charge of £4,399 (2024.. £4,648). During the year Shiplake Court Limited was Invoiced lor Pupil Agenw fees of £nil (2024.. £13,638). Al th8 year end the balance outstanding was a debtor of £nil (. 024.. £fj 848). Gift aid rclatin9 tts fj02412026 yoar ond wll be paid in 202512026. Two membgrs of thg Co11990 Msnag•m•nt Toam and 2 Trustegs 12024.. Two m0mb>r& of Iho Coll￿& management team and 2 Irusleesj had closely related children being educated al Shiplake College. C105ely rtrlaled dependants ol staff receive discounts available lo 811 members ol staff, dependent on their yP.Ar r)f Ininino thk CA)IIAgo And pnqition within the CA)Ilege. No closèly rélatéd children of Trustees receive discount. Dunno the year. £15.186 12024.. £18.515J was payable lo Tr)mpanies ol which Mr Lester, Mrs Ryan and Mr Ashton, all Governors, were 8 diréctor of. There was no outstanding balance at either year end. Page 46