2025-08-31-accounts

Company Number: 00116784 Reglstered In England Charlty Number: 309681 ST EDWARD'S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE 12 MONTHS ENDED 31 AUGUST 2025

INTRODUCTION FROM THE CHAIRMAN ST. EDWARD'S OXFORD The academic year 24125 saw the biggest upheaval In the independent schools, sector since the Second World War in the shape of the in-year imposition of VAT on school fees, the abolition of business rates relief and increases in employers, National Insurance contributions. Al Sl Edward's, Governors and senior staff look an open and honest approach with parents, engaging with them al the e8diesl opportunity and being transparent about the impact of these measures on the School's finances. As this document demonslrales, the School is in good financial health, bul no organisalion could afford lo ignore the impact of the changes outlined above. To provide parents with some protection from the unexpected and significant increase in the fee, Governors look the decision lo absorb as much as possible of the 200/0 VAT imposed in January 2025. applying a nel in¢rease of14Vo to fees for the Spring Temi, making hard-won savings wilhoul compromising pupils, experience of the School. As a result of the open Ghannels of communication with parents, there was broad understanding and a¢ceplan¢e of the fee increase, if not of the policy itself. The School registered ils objections lo the new F)olicy by submitting feedback to both the Treasury and the OBR. Despite these Challenges, Sl Edward's enjoyed a highly successful year. In conlrasl lo the widely-acknowledged fall in pupil numbers across the sector, the roll al Si Edward's continued lo grow in a measured way in line with the School's strategy. Al the lime of writing. the sc￿01 was conlinulng lo celetxale the exceptional inspection report achieved in late 2025, having been awarded coveted 'significanl strength. s18tus collectively for the academic eurriculum, the co-curriculum and the super curriculum the academic enrichnTrenl programme fuelled by St Edward's close links with the University of Oxford. In the co-¢urriculum. a highlight for the start of 2026 was the signing of a groundbreaking new partnership with Chelsea Football Club, designed lo bring world-class sporting eX￿llen into the heart of pupils, experience and out into the community through partnerships with local schools and sports groups. In 24125, academlc resulls continued the upward Iraleclory of recent years. International Baccalaureate results in July sel 8 new record for the School, with 60Q/o al Levels 716 IA"IAI and 91 Q/tr al Levels 7-5 IA"_Bl. Combined with A Level results posted later in the sumrller, 47¥0 of grades were al A"IA + 716 and 82D/o were al A"_B + 7- 5. AI GCSE level, the results posted in the academic year 24125 were the best in the School's history, even including the more generously graded Covid years. Pupils enjoyed equa succ8ss in wider school life, with exceptional achievements and performances in sport, drama, dance. Mus￿, outdoor pursuits and community volunteering, all of which are outlined later in this document. The strong culture of participation al Ihe School is fuelled in parl by the School'5 reStr￿lIVe mobile phone policy, introduced in 23124. In 24125, the pclicy conllnued lo draw attention from the nats'onal press. and il was pleasing lo see governments around the wortd a(Sopling similar approaches. This policy ¢onlinues lo be 8 key driver of parental interest in the School. The breadth of opportunity for pupils in all areas of school life is the greatest strength of Sl Edward's. In the summer, Governors look steps lo create even ￿Ore opporlunilies for pupils al Sl Edward's and for young people in the local community by submittlng a planning application for new sport and outdoor recreation facilities on the school grounds. Al the same lime, plans were being drawn up for a further application for a new Science Cenlre, featuring a magnificent Hall of Science as ils focal feature, which will transform pupils, experience of exploring the possibilities of Scienc8. Together, these proje¢ts represent an ambitious sile-wide clevelopmenl plan, Teddi8s 2030, for which fundraising is underway. Even without these new facilities, the School continued lo offer op5)orlunilies lo local children and young people. In the academic year 24125, despite greater pressure on the budget. over 4,000 young people enjoyed facilities. workshops, sports and events al St E(Iward'8 and the School's North Wall Arts Genlre. The weekly Teddies Up. academic enrichment sessions continued for 40 Year 6 pupils from 11 slate schools.. 180 Lower Sixth pupils volunteered every week with local schools, charities and other organisalions. Staff continued lo work in partnership with around 20 local schools- and over £60k was raised by pupils through sponsorship lo support local causes.

Further lo relieve Ihe pressure on the fee for parents, the school generated a sigllificanl amount of commercial income through letting out facilities for conferences, events. weddings, educational holiday camps and filming. The total amount of income from sources other than the fees for the 24125 academie year was £1,603k, making it one of the most commercially successful years in the School's history. In summary. against significant headwinds, Sl Edward's enjoyed an exceptional year, achieving record-breaking results. continuing lo offer pupils an education full of opportunity, launching ambitious development plans and maintaining active partnerships with local schools and the wider community. Above all else, the succe$$ of the year is captured in the pupils. own voices, in their annual survey. in whlch they told us that they are happy al school and immensely proud lo be part of the Teddies community. C l M Jones- Chair of Governors 20 March 2026

St Edward's School CONTENTS GoVernC￿, Officers and Advisers Govemors. report Statement of Governors, responsibilities 20 Independent auditor's report lo the members of Sl E￿ard'S School 21 Group statement of financial activities 24 Group and school balance sheet 25 Group statement of cash flows 26 Notes to the flnancial statements 27

st Edward's School GOVERNORS, OFFICERS AND ADVISORS For the year ended 31 August 2025 Governors, Directors and Tws¢e8S The Governors of Sl Edward's School are Its dlreclors under company law and ils charity trustees under charity law. The Trustees who served Sn office durlng the year and subsequently are detailed below.. Name Date of change 10 11 C l M Jones, MA, FRSA Mrs S Ainsworth, MA, Msc Mrs C M Baggs, Bsc Resigned 28th June 2025 A K Buchanan. MA, LLB J M Burrows, MA Mrs H Cook, BEd Ven J P M Chaffey, CB Prof R A Cooper, MA. DLitt, DPhil, Hon Dr Tours Mrs G A S Dennis, BA, hrtA K M Macritchie, MA, BD, LLB Resigned 201h June 2025 Dr C Robertson, MBChB, MRCPC{Paeds). FRCPCH Dr J A Spence, BA, PhD, FRSA Appointed 201h June 2025 M W Roulston, MBE, MEd E W Stephenson. MA, FCT Dr P A Winslon, MA, PhD Rev A D G Wright, CVO, M.Theol Appointed 20th June 2025 General Purposes Committee Education Committee Compliance & Risk Committee Safeguarding & Well-Being Committee Inve51menl Committee Audit Review Committee Nominations & Governance Committee Fee Support Comrnillee Social Impact Commlttee The North Vvall Trust Sl Edward's Sohool Inlemational Limited 10 During the year, Ihe activities of the Governing Body wgre carried out through ten committees and sub- committees. The membership of these is shown above. Each Governor is also a member of Sl Edward's School and holds one share. Any issued shares in excess of the current number of Governors are held by the Chair. Offl¢•rs {currèntly and throughout tho y•ar) Warden Bursar and Company Secretary A J Chirnside MA E G B Hayler Bsc Ito 31st August 20251 K Pearce MA FCA (from 1%1 September 2025) S Turnbull Clerk to thg Govemors

St Edward's School GOVERNORS, OFFICERS AND ADVISORS For the year ended 31 August 2025 Prlncipal addr68s and reglstered office Woodstock Road, Oxford. OX2 7NN Webslt¢8 www.sledwardsoxford.or www.Ihenorthwall.c Principal Advisers Audltors Crowe U.K. LLP. R+ Building. 2 Blagrave Street, Reading, Berkshire RG1 1AZ, UK Bankers Barclays Bank PLC, PO Box 858, 11 West Way, Oxford, OX2 OXP Handelsbanken. 7th Floor Seacourt Tower. Oxford. OX2 OJJ Nalvvesl, Willow Court. Minns Business Park, 7 Wesl Way. Oxford, OX2 OJB Investment managers Quilter Cheviol, One King$way. London, WC28 6AN Insurance brokers Marsh Brokers Limited. Capital House, 1-5 Perrymounl Road. Haywards Heath, Wesl Sussex. RH16 3SY

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 The Governors present, for the 12 months ended 31 August 2025, the Annual Report under the Charities Act, incorporating the Directors, and Strategic Reports under the Companies Act 2006, together wilh the audited financial statements of Sl Edward's School I'st Edward's School" or'the Company.) and independent auditor's reports. The Company operates as a co*ducalion81 boarding and day School for pupils aged 13 to 18 {"Ihe 5chool"}. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution Sl Edward's School is a charity which was founded by Trust Deed in 1863 {"Ihe Charity l and became incorwraled in 1911. The Charity is registered with the Charity Commission under charity number 309681. St Edward's School 15 also a company 5imiled by guarantee. and having a share capital, with the registered number 00116784. In April 2012, St Edward's School established a wholly owned subsidiary charity, The North Wall Trust (Charity number 1146851 and Company number 07951538}, for the advancement of education in the arts. In August 2018, Sl Edward's School establisheé 2 wholly owned subsidiary, Sl Edward's School International Limited (Company number 109195991, lo monitor and implement its strategy to promote education and develop schools and colleges in other countries. In this Annual Report and Accounts, Sl Edward's School and ils subsidiaries are referred lo as Ihe group.. In November 2024. St Edward's School eslabllshed a wholly owned subsidiary, Sl Edward's School Trading Limited {Company number 160632231, to implement ils strategy of supporting the school through cornmercial income growth. This subsidiary was not actively trading before 31 Augusl 2025 and therefore does not fomi parl of the group in these ac¢ounls. Sl Edward's School is governed by ils Memorandum and Articles of Association. The Company adopted new Memorandum and Articles of Association al the Annual General Meeting in November 2015. The Governors are also the Trustees of the Charity. and the Directors and Members of the Company for the purposes of company law. Details of the Trustees who served during the year are included on page 4. Recruitment and appolntment of Governor8 The Board seeks nominations from a wide range of individuals. Nomination5 are made to the Nominations Committee on the basis of personal competence and qualitie5. A broad range of knowledge. appropriate experience and skills are 81w8ys sought when considering new appointments. Appointments are made for a limited period with the po85ibility of re-election after six years 5houl¢J that be appropriate. Induction and training of Govemors New Governors are inducted into the workings of the group and the school by the Clerk lo the Governors and the Bursar. In-service training courses are provided for members of the Governing Body covering all aspects of governance and operations. The Warden is a member of the Headmasters, and Headmistresses, Conference I the HMG'I which provides its members with opportunities lo share expertise, knowledge and exp8rience across the independent school sector. HMC guidance. as well as gui¢Jance from other professional bodies and advisors, is ￿gUlarlY communicated to the Governing Body. Management structure The Governors (Trusleesl are legally responsible for the overall direction and control of the group. The day-to- day running of the group is delegated by the Trustees lo the Warden and the Bursar, both ofwhom are appointed by th8 Governing Body. The Warden and the 8LJrsar are invited lo allend mèetings of the Governing Body and all the committees. The Bursar is Secretsry to the Gov8ming Body and all ils committees.

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) The Trustees of the school are responsible for devising and implementing the long-lemi strategy for the school and for delemining appropriate policies. The work of overseeing the implemenlalion of the group's policies is carried out by 11 commillees, sub-committees and boards of subsidiary companies.. The General Purposes Committee I'GPC").. scrulinises the annual budget.. considers the group's performance against budget,. considers the medium-term finanGial plan and financial developments. oversees contracts and procurement,. ￿ViewS finance policies and risks,. and oversees all property and eslales mallers. The Audit Review Sub-commillee considers the annual report and financial slalements and reports lo the GPC. The Investment Sub-commillee reviews the investment policy of the school and liaises with the school's Investment Advisors and reports lo the GPC. The Education Committee considers education policy and examines academie outcomes. The Compliance & Risk Committee oversees the School's compliance with safgguarding and all other relevant legislation. The Safeguarding & Wellbeing Committee consider5 safeguarding and pastoral policy and the wellbeing of pupils and staff. The Nominations & Remuneration Committee handles the appointment of new Trustees and remuneration of certain members of the Senior Management Team. The Fee Support Committee oversees the awards of bursaries. The Social Impact Committee oversees outreach, partnerships with local charities and slate schools, ndraising and alumni relationships. The Board of The North Wall Trust oversees the operation of that subsidiary charity. The Board of Sl Edward's School International Limited oversees the operation of that subsidiary company. The remuneration of key management personnel is sel by the Trustees, with the policy objeGlive of rewarding fairly and responsibly for individual contributions lo the school's success and providing appropriate incentive lo encourage enhanceé performance. The appropriateness and relevance of this policy is reviewed annually. including reference lo comparisons with olh8r independent schools through benchmarking informalion that is in the public domain. Employmènt policy St Edward's School is commilled lo promoting equality of opporlunlty for all employees and to avoiding unlawful discrimination in employment. The school aims lo create a working environment iti which all individuals are able to make the best of their skills and in which all decisions are based on merit. The school reviews the staff policies, Snduding those on equal opportunities. whistle-blowing and safer recruitment, on a regular basis lal least annually). Si Edward's School also complies with ils requirement lo publish and consider Gender Pay Reporting. The school has several means of informing all employees of mallers of concern and issues affecting ils operational and financial performancg through communications and meetings as required. All staff in both leaching and support departments belong lo consliluencies according lo the length and nature of their service lo the School, which meet lermly lo discuss rnatters relating lo the experien￿ of working al Sl Edward's. Representatives from those ¢ommillees Ih8n meet with members of the Senior Management Team and the Staff Liaison Governor, with formal minutes taken and circulated. The Joint Consultative Committee meets every term and the Staff Liaison Govemor allends these meetings. The NEU and NAsuv￿ representatives are also invited, since the School recognised those Unions in 2021.

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT Icontlnued) The purpose of those meetings is to- enable staff lo identrfy and contribute to issues affecting the workforce and the school. facilitate an effective dialogue between staff and Ihe Sch(M)l Leadership Team, improvlng the employee voice. act as a reference group for staff to provide feedback on issu85 which affect them and their workn'ng environment. promote a culture that improves the School as a place of work and the individual and collective experiences of staff. Those discussions explicitly exclude pay and terms and condltions of employment. Disablllty policy The school is commilled lo developing, maintaining and supporting the culture of equality in employment in which Gurrenl and future employees are Ireated equitably regardless of any physical or mental disabilities. The school Is under a duly lo make reasonable adluslmenls to overcome barriers to using services caused by disability lincluding the removal. adaptation or alleralion of physical fealures).11 is necessary to anticipate and make reasonable adjuslmenls to address any barriers that may impede disab18d people from accessing a service. Employee5 (current or prospectivel will not b8 discriminated against due lo their disabili118s directly or indirectly and any such act, if proven, will be dealt with under the school's OisGiplinary Policy and Procedure, in line with the Equal Opporlunilies and Dignity al Work p(Aiw. Connectod organlsatlons The St Edward's School Society {known as'lhe OSE") held a numbeT of sporting, educational and social events throughout the year. The Trustees would like lo take this opportunity to thank these groups for their support al the school. Further delai15 of Iransa¢lK)n$ with related parties are sel out in Note 24 to Ihe financial statements. In addition. former pupils and parents volunteer with fundraising, careers advice and other activities al the school. The Tnjslees thank them for their Gonlinuing and valuable support for the work of the school. STRATEGIC PRIORITIES, AIMS AND ACTIVITIES In setting objectives and planning activities, the Trustees have complied with the duty in section 17 {5} of the Charities Act 201110 have due re9ard to guidance published by the Charity Commission. The school's objects, a8 set out in the Memorandum of Association. are for the benefit of the public to promote and provide for the advancement of eduealion of children and young people, in particular by providing. conducting, governing, carrying on end maintaining In the United Kingdom, or 8lsewhere. a boarding andlor day school or schoo15 in which the leaching shall include religious education in accordance with the principles of the Church of England and by ancillary or incidental educational and other assoGialed aclivilies. The purpose of the school Si Edward's seeks to benefit the public by promoting and providing for the advancem8nl of the education of hildren in a liberal and open community. The school seeks lo achieve that aim: by promoting scholarship through curiosity. creativity, collaboration. intelligence, innovation, and endeavour., by delivering excellence in teaching and learning, in pastoral care. in co<urri¢ular opportunity, In working with parents, in sustainability, in all school facilities., by inspiring and celebrating commitment to service. within and outside the school communty.

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 STRATEGIC PRIORITIES, AIMS AND ACTIVfflES {contlnued) Tho values of the school Sl. Edward's was founded on Christian principles, which continue lo provide the foundation for our values and which, including through Chapel, remain central lo the lrfe of the school. Int8grily.' the value of honesty to ourselves and to each other we seek lo earn and to deserve the trust of others, by acting rightly and jus11y-, we lake responsibilrty for our words and actions,. we acknowledge our mistakes and we learn from Ihem-, Kindness.. the value of love we feel and show compassion for others, always Ilslening and seeking alway$ to understand., we value, respect and include others wilhoul regard for differences., we Ireal others as we would have them treat us,. Courage.. truthfulness to our values 8t the testing point we sland up for wh8t we believe to be right. speaking up for ourselves and for others- we seek lo bring out the bost in others., we persevere with resilience, with forgiveness and with patience. St Edward's School's ethos underpins everything that il does and is the touchstone against which all plans are lesled for the future. There is a liberal and open elhos, which values crealivily and innovation. The focus lies in fostering the development of the pupils lo ensure they have every opwrlunity lo achieve success al the highest level in academic and co-curricular aclivilies. In order lo achieve these aims, the Company's strategic priorities in the financial year under revi￿ were lo.. Ensure the safeguarding of 911 pupils. Maintain a Ii)w pupillleacher ratio. The Trustees continue lo believe that this gives pupils the best possible learning environmenl and level of guidance lo develop both academic and wider skills and that it is also necessary lo support the school's boarding model. Keep the academic syllabus and pastoral care under constant review. Continue to promote a forward-looking academic programme to provide pupils with the best possible preparation for their future, in line with the school's ethos of crealivily and innovation. Allain the highest standards of aGademic achievement as measured by external public examinations and other independent valu￿added criteria. Balance academic achievement by providing a programme of total education which allows pupils full scope for the development of co-curricular skills as well as academic prowess. Maintain the school's roll al a level commensurate with financial stability. Include pupils from local slate schools wherever possible,- lo make facilities available lo slate schools as well as local clubs and societies.. lo share teachers or teaching facilities with local stale schools", and to provide know-how or leaching materials. Provlde fee remission and financial support to an increasing proportion of pupils. The Trustees welcome pupils lo St Edward's from all backgrounds and believe all pupils benefit from learning within a diverse community. Quite apart from the formal leaching, broader learning is engendered by social interaction. conversation and shared experiences, which help the pupils lo develop an understanding of the perspectives ol other people that will be vltal in their adult lives. Before admission. care is taken lo assess whether the school will be able lo educate a pupil lo the best of their potential and in line with the general slandardg achieved by their peers. Entrance interviews and assessments are undertaken lo satisfy not only the school bul also parents that potential pupils will be able to cope with the pace of learning and will benefit from the education provided. An individual's economic slalus, gender. elhnicily, race, religion, or physical disability does not form part of the assessment processes. 10

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 STRATEGIC PRIORITIES, AIMS AND ACTIVITIES {continued) The Trustees are committed lo safeguarding and promoting the welfare of pupils at St Edward's and expect all staff and volunteers lo share this commitment. In the last Integrated Independent Schools, Inspectorate report, the quality of Ihe pupils, achievement and learning, their spiritual, moral, social and cultural development. the contribution of curricular and co-curricular provision. of leaching, of pastoral care and l)oarding, are all described as excellent. In the most recent regulatory compliance inspection in September 2025, all standards were mel. and the School was awarded a °significanl strength" for ils curricular, co-curricular and super-curricular provision. Parents are given regular information about their child's social and academic progress through parent evenings and regular academic grade card reports. The school also mabnlains contact with parents during the year through the newsleller, magazine. website and social media. Each pupil has a tutor responsible for their pastoral care and academic development. The school also has a pupil mentoring system which assigns a Sixlh Form pupil lo each new pupil lo assist the Housemaster or Housemistress in their pastoral care. Finally, the school also has a pupil peer listening programme which provides the pupils with anolher level of personal support within the school. ACHIEVEMENTS AND PERFORMANCE During the financial period. the school provided education to an average of 813 (2023124.. 805. 2022123.. 778) pupils, of whom 135 {2023124'. 135} were day and the remainder boarders. This is the largest number of pupils that the school has had on the roll. The Trustees congratulate all PLJpils In the school for their efforts and achievements across a whole range of activities. Academic achievèmènts 2024125 was a superb year in the academic life of the School. In the IBDP there were record-breaking results. One pupil achieved the full 45 points, and more than 200/0 scored 40 or more points. More than 60Vo of all Higher Level grades were al 7 or 6, and 910/0 were at 7. 6 or 5, an improvement of more than 10 per￿ntage points from the previous year. The points average for the 2025 cohort was 35.27. The A Level cohort also performed very strongly, with particularly Strong results in Chemistry {71 Vo A" or Al. Malhemalics {61 OA A" or Al and Art {900/. A" or Al. Overall, 45 pupils scored AAA or 38 points or beller, the level requlred for entry to Oxlord and other elile universities. The Fifth Form achieved the best sel of {l}GCSEISESC grades in the School's history. 23010 of all grades were 9s, up from 18Yo in 2024. 42Vo of grades were 8$ or 9s, up from 35010 in 2024. 650/0 of grades were 7s, 8s or 9s, up from 60D/o in 2024. 29 pupils scored al least five Grade 95 and three pupils achieved a perfect sel of 9s across all of Iheir subjects. Our innovative Pathways and Perspectives ISESCI curriculum continues to be very popular and there were 284 grades awarded by the SESC board in 2025, up from 252 in 2024. The SESC programme itself is stable, though a Programming Pathway will be investigated during 2025126, with possible first teaching in September 2026. Trends in university admission for Ihis year's leavers continue lo be very encouraging. The number of pupils gaining admission lo Russell Group universities were sh8rply up on the 2024 figure, rising lo 700/0 of the cohort. Domestically, the lop destination5 this year were Newcaslle128}, Durham {161, Bristol {151, Edinburgh 1141. Leeds {13}, Exeler191, Nollingham171, Sl Andrews {61, Warwick151, Oxford Brookes {4). Manchesler141 Four pupils look up places al Oxfgrd or Cambriége Universities. Overseas applications were roughly stable, with 18 former pupils heading abroad to study. Notable destinalions include Harvard, NYU and IE in Madrid. The School continues to make the most of ils position in Oxford. This year, there were 9 visits from University professors and 10 centrally organised trips lo hear lectures gr attend exhibitions in the lecture halls, museums and galleries of Ihe Universily. Society allendance also increased,. there are now more than 50 ?cademic societies al the School.

St Edward's School GOVERNORS. REPORT For the year ended 31 August 2025 ACHIEVEMENTS AND PERFORMANCE {continuedl Othèr Achlevements Sport Is played through the year at Sl Edward's., all pupils from Years 9-13 participate, with approximately 90¥0 representing Sl Edward's in inter-school fixtures. Over the last year, the school has seen success in many sports, which is measured In a variety of different ways. The programme Continues lo go from strength lo strength and this is due lo the volume of pupils participating regularly in competitive sport and commilling wholeheartedly lo the programme. Thls has allowed the sports programme al St. Edwards lo continue lo grow and evolve. The School saw national success within the sports programme with the Girls Vlll gaining a bronzè medal al Ihe National School Regalla. The boat club followed up this success with more success al Henley where in a historic moment for the School three Teddies Vllls reached Ihe quarter finals for the first lime in the history of rowing al Sl Edward's. This included the boys, 2nd Vlll, who became the first UK school crew ever lo reach Friday's racing in the Temple Challenge Cup. The girls, 1st Vlll made headlines by reaching the semi-finals for the first lime and the boys. 1st Vlll also reached the quarterfinals. In Girls Football. the 1 sl Xl made it lo the semi-finals of the National ISFA Cup. losing narrowly 1-0 lo Berkhamsled. In Rugby, the boy's 1 sl Vll reached the quarterfinals al Rosslyn Park. There was also sUC￿$S in girls, hockey where the 1 sl team were crowned both outdoor and indoor county champions. this first lime this had happened in many years. In Netball the 1 sl Vll made il lo the national semi-finals of the 'Sislers in Sport, Trophy. The School has a number of pupils that are attending sports academies with Gloucester Rugby, Gloucestershire Crick81, Northamptonshire Cricket, Southern Vipers. Oxford Hawks Talent A¢ademy, Oxford United FC to name a few. Two of our senior rowers went on lo represent GB al the rowing world championships over Ihe summer, both winning gold medals. The Arts provision of the School continues to show real successes. wlh high levels of participation from students and many example8 of real excellenGe standards and achievem&nls. Music continues lo be popular, with over 55QA of the school learning an instrument and around 580 instrumental lessons laught each week from the team of six full-lime, one parl-time and 37 visiting music stsff. Each of the flagship groups (Chapel Choir, Orchestra and Concert Bandl has been involved in a concert each term, with bands, orchestral concerts, choral concerts, and chamber recitals regularly seen on Sunday nights. On lop of that, we have hosted major musical artists at the school, and many school have been in the audience.. as part of the Olivier Hall programme, we have hosted monthly concerts from chamber groups as part of our International Recital Series, 2nd have allracled groups such as Oxford Philharmonic Orchestra. Music al Oxford, Down for the Count and Oxford International Song Festival lo give major ¢oncerls al the school. Our community choir, the Sl Edward's Singers Continues to thrive. In drama, we put on a major dance Musi￿1 (Our House) In the Olivier Hall, as well as recent summer productions of Golden Ticket la new script devised and writtell by Ihe cast, based on Charlie and the Chocolate Faetoryl and The Last of the Pelican Daughters (a gripping Wardrobe Ensemble lexl from the last S years). In the coming two terms, we also have a studenl-writlen and sludenl-direcled play, Shadows, and a small scale musical which will also tour lo be parl of the Edinburgh Fringe Festival in the summer. We have continued lo pul a community theatre group together, combining students from Sl Edward's with those from neightsouring slate schools, and thèy perform in the regional performances of the National Theatre Connections festival in May. Academic productions are also seen throughout the year, as were three different House Plays. and the highly contested Shell Plays competition. Over 120 pupils also lake part in one to one LAMDA lesson each week.. approximately 1 in 6 of the school. The dance provision is remarkable for a school of our size. Over 220 students lake parl in 120 dance classes each week.. this is over 1 in 4 of the school, and 20Vo of thes8 are boys. The full-lime Head of Dance and len visiting dance leaches run sessions in 20 different styles, and we now also offer IB Dance as a qualification. The s¢hcN)I produced a Contemporary Ballet Recital in November in the North Vvall Theatre, with around 50 ballet dancers from all year groups, and there were bmo major Dance Shows, each with two performances, and a gala night performance for visitors in a Dance Festival Week in March. As a result. over 2000 audien￿ were able lo see our dancers showcase their work in the Olivier Hall. A Gaudy Show then offered us highlights in two sold out shows in July. Some dancers have also been involved in ISTD and RAD dance exams with some notable succ8sses. 12

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 ACHIEVEMENTS AND PERFORMANCE Icontlnuedl The St Edward's Award 18 now well established in terms of a means of recognising particlpalion {Blue Award) and perfomance IGold Award) across all areas of school life, both academie and co-curricular. The 24-25 cohort completed this year.. Shells- 67 blue and 7 gold., Frfth Form - 62 blue and 7 gold,. Upper Sixth- 37 blue and 12 gold. Following a review of the key criteria al both levels and an improved electronic system for data collection, we are anticipating an even stronger Gompletion rale al the end of 2S-26. Building on previous success, our senior puplls continue to take an ever-stronger lead in Ihe range of Clubs and Societies on offer, both academic and co-curricular. Al the start of the Autumn Term we ran our annual Clubs and Societies Fair, al which a wide variety of stslls were set up and visited by all year groups., the majority of the 60 established Societies were represented. A member of staff is allached to each Society lo help with logisllcs bul the impetus comes from our pupils. Each year there are new addlllons. driven by the interests of the pupils themselves.. during 23-24 they included Music Tech, Screenwriting. Archaeology, Fencing and Equestrian. During 2024-25 the retention rale of pupils in Year 10 deciding lo remain in the Combined Cadet Force after their period of compulsory allendance comes to an continued to rise. The size of the Conling8nl grew from 178 10 190 cadets, in part thanks to the increasing proportion of NCOS in the Sixth Form. On Remembrance Sunday our senior cadets performed their traditional parade through Wolvercole. joining the congregation of Sl Peter's Church in their Service of Remembrance. On Armistice Day the whole School gathered in the Quad for our own Service, cenlred around the national 2-minule silence. The DLJke of Edinburgh's Award conllnues lo thrive 8t Bronze. Silver and Gold levels. 500kn of the Year 9s had completed their Bronze Award by the end of the year,. 24 Silver Awards were completed by the Year 11 s and 16 Gold Awards by the Year 13s. The popularity of a new hybrid walking and canoeing Gold Expedition in the Lake District has ensured that il will continue lo be offered in 25-26. After their end-of-year exams the Year g cohort spent 4 days on an activity c8mp in the Mendip Hills. All participated in a 36-hour circular walk and overnight camp. They also enjoyed activities induding archery. climbing and caving. In terms of opportunities outside the UK, our Year 11 Hispanisls travelled to Malaga for a language revision course before their GCSE. our rowers trained in Seville at Christmas and Easter and 20 pupils, particularly our girls, team, enjoyed success al the Independent Schools Ski Racing Championships in the Italian Alps. Our Upper 6th Physicist5 were fortunate to visit CERN in Geneva - now an annual event - and the Football Club held their pre-season training in Milan in January. The 3-year rotation for sports pre-season training (usually on- site} and overseas tours is now well established. PUBLIC BENEFIT The Board is mindful of the long-standing need lo provide public benefit and of the requlremenls of the Charities Act 2011. In this connection the Board has monitored closely the guldance on public benefit produced by the Charity Commission together with its supplemental guidance on fee-charging. The School's public benefit is provided through three main areas.. Pupil Access, the Beyond Teddies programme arid the North Wall Trust. Each year the TrLtstees receive a comprehensive public benefit report on how the Company has promoted social responsibility. The report looks at specific areas, which are summarised below.. 1. Pupil acce88 policy AS a charity, Sl Edward's School seeks to benefit the public through the pursuit of its staled aims. The school's fees are sel al a level lo ensure the financial viability of the charity consislenl with the aim of providing a first- class boarding education lo boys and girls. However. il is important that access lo a St Edward's education is not reslricled simply lo those who can afford the full fees. The Company does nol have a large endowment. so while providing scholarships and bursaries the Trustees have due regard lo the financial constraints of the Company. The Trustees are also mindful that an equitable 13

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 PUBLIC BENEFIT (contlnued) balance has to be struck between fee-paying parents, many of whom make considerable personal sacrrfices to fund their Child's education, and those benefiting from the awards. In light of the Government's decision to impose VAT on school fees paid by parents, the Trustees reviewed the scale and structure of future fee support. Financial support is provided to pupils who will lake full advantage of a Si Edward's education, who will contribute fully to the life of the School, and whose admission will, as a result, benefit all pupils. As a principle, therefore, financial support will be considered only for pupils who have demonstrated exceptional lalenl or potential in a given area of school life or moro generally. The school offers fee remission in the fomi of scholarship5 and awards. These recognise and encourage both high academic potential and the ability lo excel in co-curricular aclivilies. Accordingly. scholarships and awards are granted based on an indivrdual's academic potential or evidence of exceptional abilities that will contribute lo co-curri¢ular aclivilies. The Trustees view fee support as highly important in helping lo ensure that children from families who would otherwise not be able to afford the full fees Can access the educalion that is offered by Si Edward's School. In assessing means, a number of factors are taken inlo consideration, including family income, investments and savings. The majority of scholarships, awards and fee support have been awarded with a fixed ￿MiSsion of fees. Information about fee assistance through scholarships and bursaries is made available to all applying to the school. The Trustees ensure that the availability of these awards is well publicised, through advertisements, on the website, in the prospectus, in the school's publications and via social media. During the period, the number and value of bursaries and scholarships awarded was as follows.. 2025 2024 Mean8-te$ted fo0 SUPPOrt Total cost (nell Number of puplls Number re￿Iving full remission from fees £2.783,200 75 £2,882,041 83 42 35 Scholarships & Awards Total cost (nell Number of pupils Number also receiving fee support £252,294 133 £252.053 127 23 26 Total number of puplls re￿IVing lunding from the school 200 In addition, the school provlded fffte music lessons lo 20 Music Scholarship Pupils12024.. 40). In having regard to the Charity Commission's guidance, the Trustees consider Ihal the Pupil Access Policy is well designed lo ensure that the beneficiaries of the charity's work are appropri8le," not unreasonably restricted., and include a genuine opportunity for those who cannot afford th8 school's full fees. 2. Thè Boyond Teddlos Programme The Beyond Teddies programme is split into three areas.. Service. Partnerships and Charitable Aclivilies. rvice This part of the Beyond Teddies programme provides opportunities for Sl Edward's pupils lo grow in their social and cultural understanding by commilling lo regular hours of service for the same external organisalion. Service is ingrained in the education of pupils al Sl Edward's. All our Shell pupils are introduced lo the concept of Service 14

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 PUBLIC BENEFIT (continued) and charity in their first year. The Fourth Form are then able lo put this into practice for a whole day working with a local primary school working together collaboratively on joint projects. Also in the Fourth Form everyone is involved in CCF, a large proportion of pupils choose lo do the Duke of Edinburgh Award {bronze through gold) and 500/0 of our Sixth Form choose the IB to study, which has a compulsory el8menl of Creativity, Activity and Service. The School has a service program for all 190 Lower Sixth Pupils called Teddies Collaborates. Each week for go timetabled minutes, each pupil visits the same local organisalion for their whole Lower Sixth year lo as51$1 that charity or school through the giving of their lime and energy. A number of our Upper Sixth pupils continue to volunteer during their final year. Service is also a signrficanl molivalor for many of our teachers and support staff, with many acting as Trustees, trustees and volunteers al slate primary and secondary schools and local 2nd national charities. This year we also began a new initiative call Teddie5 UP! which many of our teachers and sixth form pupils have been a key parl of. Teddies UPI Is an 18-week academic Saturday school enrichment program for year 6 primary school children in Oxford designed to give them the best possible start lo life at their next school and lo develop their academic curiosity. The programme will develop the fundamental skills which underpin th8 requirements of the National Curriculum and also builds knowledge from a wider academic perspe¢liv8. Subject areas are STEM, Oracy and Languages. 11. Partnershl The Partnerships progr8mme involves the school working tog8therwith groups in the local community for mutual benefit. This year Ihe focus has been on creating true partnerships within which both parties benefit and achieve a relationship that is strategic and moves forward wlh thought, aulhenli¢ity. and purpose. Three partne￿hIp case studies are.. a. Organisalions within Culleslowe, including the Community Centre and the Prlmary School. Pupils helped with serving visitors and stock management, and the school's catering team supported Ihe Community Cenlre's Summer Programme, providing 560 lunches over the holidays and 160 Christmas 5unches. Sixth Form pupils have supported Cutleslowe Primary School pupils in Maths and English and have supported lunchtime activities. A dance teacher provides weekly lessons lo EYFS pupils. b. The Northern House Academy is a specialist school for children with learning and behaviour challenges. St Edward's pupils have visited Northem House to help in classrooms and PE, and Northern House pupils visit Sl Edward's for games. crafts. and activities. Northern House have regularly used Sl Edward's facilities, including the astro turf pitches and the school's sports hall. They have used the Olivier Hall for their end of term assemblies, whew the whole school is able to gather and celebrate their pupils, achievements. This is transformational lo them as they do not have the space available lo hold such events at Northern House. c. The school pupils chose three organisalions fDr their school charity this year. These are Thames Valley Air Ambulance and Mary's Meals. The pupils have raised funds (£64,000 lo dale) split equally across these two organisalions as well as SUPPOrting individu?1 iniliglives of each charity including Oxford Half Maralhon and Colour Runs. 111. Charitable actlvltles Sl Edward's has a long-standing ethos of supporting the local communlty and provldlng access lo the 8chool's facilities lo local charities and organisalions. Over the past year the school has provided numerous musical events lo the local community and has hosted joint concerts and productions with local schools in school venues. Academic workshops and lectures have 2180 been provided lo local schools. Sl Edward's hosted the annual Biology Symposium in collabor2lion wfth the Oxford International Biomedical Centre. with visitors from 11 partner slale-mainlained schools. The school has hosted several large sports loumamenls for primary schools 15

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 over the past year. The school's facilllies are open lo external organisalions lo use on a non-commercial basis. This year this has included regular use for primary school sports. musical events and sports organisalions, and local ¢harilies for fundraising and sp8aker events. The catering dep8rltnenl continued to provide weekly meals free of charge to charities such a$ Limes Club, as well as a number of one-off events, including the Northern House Christmas Lunch. 3. Thg North Wall Trust The Noilh Wall Trust advances education in the performing and visual arts, including educational courses and the produ¢lion of artistic works. The theatre provides an excellent and diverse programme which has achieved nationwide recognition. Whenever possible, The North Wall is also made available for hire lo external arts, charitable. edLJcalional and business organisations looking lo pul on their own performances, meetings, and fundraising events. In light of the Labour Government's decision lo impose VAT on school fees paid by parents, the Trustees are ￿VIewIng the Scale and slru¢lure of future financial support. PRINCIPAL RISKS AND UNCERTAJNTIES The Trustees have implem8nled a number of systems continuously lo idenlfy, assess and reduce risks that the Company faces, especially in operational areas in relation lo safeguarding, leaching, health and safely and the control of financès. The Trustees have also approved policies and systems for.. the recruitment, selection and vetting of new staff., safeguarding of pupils., supervision of pupils around the school's site,. and inlernal financial controls. As a SLJmmary, the Trustees maintain a Risk Register which identifies the major risks lo which the Company is exposed, and which is monitored regularly in consultation with the Governing Body commillees. Through thls risk management process, the Trustees are satisfied that the Company's major risks have been adequately mitigated through rnanagemenl and insLJrance so far as is possible. However, the Trustees recognise thal any system can only provide reasonable rather than absolute assurance that major risks have been adequately managed. The Trustees have assessed Ihe principal external and intern81 risks facing the Company as-. Continued ability lo allracl pupils in the increasingly challenging economic and financial environment-, Continued ability to recruit high calibre staff, both leaching and support staff,. Any further changes in government policy towards the independent school sector", Constantly changing A level and GCSE curricula and the changing requirements of examination boards and marking regimes., Protection of the school and pupils from the challenges of digital technology, whilst embracing and exploiting the educational benefit that il brings,. Maintaining the school's excellent reputation, especially as il become$ involved in activities overseas. FINANCIAL REVIEW Basis of preparation of the financi31 slalemenls The Trustees present the financial statements for the 12 Months lo 31 August 2025. The Company's main source of income ere Ihe fees. which are billed on a termly basis. Both the period reported and the comparative year include billing for three terms. The Company's main expense is the cost of 51aff salaries. Rosults for the financlal period The group's Sialemenl of Financial Activities shows a nel operating gain of £3,612,000 12024- gain of £1,875,000}. This gain resulted from a stabilisation of energy costs (Juring the year, as well as higher pupil numbers and an ongoing strong control of the cost base. Gains on lislgd investments and investment property uplrfls lotalled £433,000 {2024'. gains of £472.0001 resulting in an overall group llel income of £4,045,00012024.' £2,347,000). 16

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 FINANCIAL REVIEW (continueil) Nel cash flow from operations (excluding fundraising activity) was £5.91 m12024.' £5.17m} equating lo 17.40h of school Fees Receivable12024.- 16.00/o}- Financing costs of £1.398,00012024.' £1,624,000) were incurred. During the financial period, the school provided education lo an average of 813 {2024.' 8051 pupils, of whom 135 {2024.. 135} were day pupils and the remainder boarders. Termly fees for the 2024125 academic yearwere.. Day £15,270 in¢ludlng VAT12024.' £12,528 excluding VATI Boarding £19,087 including VAT12024: £15,660 excluding VAT) Fundralslng porforman¢g The Charity continue5 to raise funds from former pupils, parents and others primarily lo support scholarships and bursaries, bul also for other largeled projects. This activity is carried out by the Company's own staff in accordance with fundraising guideline5 and is monitored by the Warden. The Company's staff are aware of their responsibililies lo protect vulnerable people and members of the public from unreasonable intrusion, approaches or pressure. Sl Edward's School is registered wilh the fundraising regulator and subscribes lo the Code of Fundraising Practice. The Company monitors developmenls in the sector as guided by the Independent Commissioner's Office. No complaints were re￿iVed by the Company during the financial year aboul the fundraising aclivilies. In the period covered by this report £1,883,000 was received in donations {2024.' £957,000) and £Nil (2024: £147,000) was receNed in legacies. Investrnent policy and performanco The Trustees, investment objectives a￿ lo produce the best financial return wllhin an acceptable level of risk. To meet these objectives, the majority of the Company's investment portfolio is managed by Quilter Cheviol on a 'lolal return, basis. Maintain￿ng a balanced portfolio inGluding equities, fixed interest and cash with a highlmedium risk profile. The Trustees have certain exclusions for ethical reasons. The School's managed investments comprise part of the School's funds held for the Charitable Fund. At the year end, the School's m2n2ged investments lotalled £12,383,00012024.' £11,578.0001 as sel out in Note 10. The overall lolal retum for the managed inveslmenls over the year was 7¥0 {2024: 14%). Resorves pollcy and rèserves level The Trustees review the groLJP'S overall financial position, budgets and the spending against budget on a lermly basis. The Trustees believe there is no need at the present lime lo build up a large general reserve given the strength of the group's balance sheet., the cash flow generated from pupils on the roll and other sources.. the on-going popularty of the school., and the available banking facilities. The group's total reserves of £72,440,000 12024.. £68,395,000) al the year-end include £395,000 12024.. £384,000) of endowment capital,. £7,970,000 12024.. £6.002,000) of restricted funds,. and £64,075,00012024'. £62,009,000) of unrestricted funds. of which £48,272,000 (2024.. £43.728.0001 are designated fvnds. Deslgnated fund8 at the year end include funds tolalling £2.872,000 {2024-. £2,872,000), which are invested alongside the endowment and reslricled scholarshlp funds. Designated funds also include ttre Advance Fees Fund, which totals £587,000 {2024.' £587,000). Unreslricled funds also include the Revaluation Fund of £24,940,00012024.. £24,870,000) and the designated Capital Fund and Capital Project fund lolalling £44.813,00012024'. £43,300,000), which together represent the nel book value of buildings less associated funding arrangements. 17

St Edward's School GOVERNORS. REPORT For the year ended 31 August 2025 The reduction in the revaluation reserve in the prior year reffecled 8 net decrease in value of the campus portfolio compared lo the value of the capital invested over the period, and also the impact of ¢ommercial property yield rates moving out. The portfollo undergoes a fvll external revaluation every three years. Going coneern Governance requires that the Trustees assess and report on the prospects of the group and whether the organisalion is a going concern. In considering this requirement. the Trustees have taken into account. the group's current cash position. existing banking facilities, commilled capital spend, the budget for yearending 31 August 2025 and longer-term financial outlook, and the forecast cash flows. Having due regard lo these mallers and having made appropriate enquiries, the Trustees have a reasonable expeclatson that the group has resources to remain in operation until al least bNelve months after the approval of these financial stalemenls. The Trustees therefore continue to adopt the going concern basis in preparing the consolidated financial slalemenls. PLANS FOR THE FUTURE Our objective remains lo increase the number of pupils at Sl Edward's lo 840 within the next years, al the same lime moving the balance between girls and boys closer lo parity and preserving the breadth of excellence in the School's admissions. We are also intending within the next bmo years to start work on two major capital developments. The first Is the creation of a new Science Centre through the extension and refurbishment of the existing Physical Sciences building. The proj8cl will increase the number of laboratories from eight lo fourteen and create new spaces for the study of robotics and suslainabilty. The second is the building of the new sports facili118s on the lower playing fields adjacent lo the Oxford Canal, lo include a new 2rtrficial pitch for rugby and football, a new track for alhlelics, new courts for tennis and netball, and a new sports centre with a rowing lank, an indoor hockey pitch, and new spaces for strength and conditioning. Alongside those significant capital projects. work will also continue on the refurbishment of Ihe teaching buildings and boarding houses. The updating of the school website is anolhor important project planned for next year. We are working on plans lo establish closer relationships with the London conservatoires in Music. lo introduce a postgraduate programme for PLJpils from North American and Europe lo join the Upper Sixth, lo sel up new exchange programmes for pupils anij staff with schools in India. Europe and South Africa, to introduce new prize competitions in all subject areas for pupils in the Shell and Fourth Form, to expand the programme for inler-House sport, lo provide more opportunities for partnership work for pupils in the Lowor School, and lo work more ciosely with th8 universib'es in Oxford on the provision of careers guidance. Sustainability remains an area of focus. with plan5 to reduce food waste and further lo reduce the consumption of gas and electricity through improvements in insulation and the inslallalion of more double glazing. Beyond Teddies, work will continue lo open the first Si Edward's school outside the UK in a new commercial paTlnership. SECTION 172{11 STATEMENT The Trustees are mindful that under Section 17211) of th6 Companies Act 2006 they must act in a way that is likely lo promote Ihe success of the Charity to achieve, ils charitable purposes. The Trustees believe that this success is driven by the strategic priorities of the Company as sel out on pages 7 and 8. By focusing on these $lralegic priorities, tho Trustees believe th81 the Company achieves a positive impact on pupils and other stakeholders of the Company, including parents, staff. suppliers. the local community, and the wider edu¢ational community. 18

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 STREAMLINED ENERGY AND CARBON REPORTING In line with the Greenhouse Gas Protocol {GHG} Corporate Accounting and Reporting Standard, Sl Edward's School continues to be engaged in a process aimed at reducing energy and greenhouse gas emissions. The school maintains scopes one (11, two (21 and three {3) emissions, which include electricity and natural gas. The school also maintain transport emissions inclusive of company ownedloperaled vehicles and non-owned other transport vehicles (whereby mlleagelfuel is claimed as a business expense). The school have a longstanding commitment lo tackling dimale Change. Calculated carbon footprint for the current financial year is 1.063.49 tC02e, whi18t energy consumption was 7,891.259.10 kwh {7,891.26 Mwh). Methodolo The school have reported all of emission sources under the Companies Act 2006 (Strategic Report and Director's Reports) Regulations 2013 as required. Reporting of calculated emissions is in line with the GHG Protocol Corporate Accounting and Reporting Standard and emission factors from the UK Government's GHG Conversion Factors for Company Reporting 2025. The reporting period is the finan¢ial year 2024 12025, the same as that covered by the Annual Report and Financial Slalemenls. The boundaries of the GHG inventory are defined using the operalional control approach. In 9eneral, the emissions reported are the same as those which would be reported bgsed on a financial wnlrol boundary. SECR Fi ures Ener Source Gas. LPG, school vehicles Eleclricil Other Iransporl, waste FY 2425 kwh 5.744.921.17 2.145.474.00 863.93 FY 2425 1,059.69 0.00 3.80 tC020 FY 23-24 1.003.73 0.00 13.77 tC02• Yoy% 5.580 0.000 Total 7.891,259.10 1.063.49 1,017.51 4.32% Intensity metric tC02elpu il number FY 24-25 1.32 FY 23-24 1.27 YoYTr 3.94 1. The intensity metric is based on a total pupil number of 808. Efflissions have increased by 4.32Yo since the previous reporting period. Efficienc Measures Taken Electricity supply contracts ronewable across the sile, continued zero scope 2 emissions 2. LED lighting replacement policy implemented 3. Phase 2 Ecosync IBMS> healing controls installed 4. Updated school minibus fleet lo Euro 6 5. PV system on Cowell's Boarding House installed Ob ectiv93 for 202512026 l. Commence 5-year plan lo roll out Travel Plan (largeling travel reduclionl 2. Phased plan subject lo permission for window replacements in Victorian buildings 3. Loft insulation surveys to inform a replacement and upgrade plan 4. Continue 8MS installation and expansion The School will report on progress within the nexl set of financial accounts. 19

St Edward's School GOVERNORS, REPORT For the year ended 31 August 2025 STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are also Trustees and Directors of the Company for the purposes of company lawl are rgsponsible for preparing the Annual Report and the financial statements with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice}. Company law requires the mernbers of tho Governing Body to prepare financial statements for each financial year. Under company law the Trustees musl not approve the financial slalemenls unless they are s21isfied that they give a true and fair view of the stale of affairs of the charitable company and the group and of the incoming rosources and application of resources. including the income and expenditure, of the charitable group for that period. In preparlng these financial slatemenls, the Trustees are requiTed lo.. Select the most suitable accounting policies and then apply them consislenlly,. observe Ihe methods and principles in the Charities SORP,. make judgements and accounting eslimales that are reasonable and prudent.. slate whether applicable UK A¢counling Standards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable company will continue in business. The Trustees are responslble for keeplng adequate accounting records that are sufficient to show and explaln the charitable company's Iransaclions, disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's conslilution. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraLJd and other irregularities. Insofar as each of the Trustees, who are also Directors of the Company, is aware al the lime of approvlng the Annual Report of the Trustees.. there is no relevant audit information, being information needed by the auditor in connection with preparing their report, of which the Company's auditor is unaware., each Trustee has taken all the steps that he or she should have taken as a Trustee in order lo make himsew or herself aware of the relevant audit information and lo establish that the Company's auditor is aware of that information. This Annual Reporl was approved by the Trustees of Sl Edward's School on 20 March 2026 including, in their capacity as Directors, approval of Directors, and Strategic Reports Contained therein, and signed on their behalf by.. C l M Jones- Chair of Govefnors 20

st Edward's School INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST EDWARD'S SCHOOL Opinlon We have audited the financial statements of Sl Edward's School for the year ended 31 August 2025 whlch comprise the Group Slalement of Financial Aclivilies, the Group and School Balance Sheets, the Group Cash Flow Statement and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion the financl81 slatemenls.. give a true and fair view of the stale of the group's and the charitable company's affairs as at 31 August 2025 and of the group's in￿ming resources and application of resources for the year then ended,. have been properly prepared in accordance with Uni(ed Kingdom Generally Accepted Accounts'ng Praclice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Ba8ls for opinlon We conducted our audit in accordance with International Standards on Auditing (UK} IISA8 IUK}) and applicable law. Our responsibilities under those standards are further described ir) the Auditor's responsibilities for the audit of the financial statements section of our report. We 8re independent of the group in accordance with the ethical requirements that are relevant lo 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 lo provide a basis for our opinion. Corbclusions relating to going concern In auditing the financial stalemenls, we have concluded that the Governor'5 use of the going ¢on¢ern basis of accountsng in the preparation of the financial slatemenis is appropriate. Based on the work we have performed, we have not id8nlified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability lo continue as a going concern for a period of al least twelve months from when the finan¢ial statements are authorised for issue. Our responsibilities and the responsibilities of the Governors with respect lo going concern are de5¢ribed in the relevant sections of this report. Othgr information The Governor5 are responsible for the other information contained wllhin the annual report. The other information Comprises the information included in the annual report, other than the financial statements and our auditor's reporl thereon. Our opinion on the financial slalements does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the audit or olharwise appears lo be materially misstated. If we identify such material inconsistencies or apparent mal8rial misslalemenls, we re required lo determine whether this gives rise lo a material misstalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. 21

St Edward's School INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST EDWARD'S SCHOOL We have nothing to report in this regard. Opinions on othor matters prescribed by the Companlos Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the governors, report, which includes the directors. report and Ihe strategic report prepared for the purposes of company law, for the financial yearfor which the financial slalem8nls are prepared is consistent with the financial statements., and the strategic report and the directors, report inGluded within the governors. report have been prepared in accordance wilh applicable legal requiremenls. Mattgrs on whlch we are requirèd to report by exception In light of the knowledge and understanding of the group and the charitable company and their environmenl obtained in the course of the audit, we have not identified ma18rial misslalemenls in the strategic report OT the directors. ￿port included within the governors, repofl. We have nothing to report in respect of the following rnatters in relation to whi¢h the Companies Act 2006 requires us to report lo you rf, in our opinion.. the parent company has not kept adequate accounting records., or the parent ￿MpanY financial statements are not In agreement with the accounting records and returns- or certain disclosures of governors, romuneralion specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of governors As explained more fully in the governors, responsibilities statement on page 21. the governors (who are also the directors of the charilable company for the purF)oses of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary lo enable the preparation of financial statement5 that are free from material misslalemenl, whether due to fraud or error. In preparing the finan¢i81 slalements, the governors are responsible for assessing the group's or the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend lo liquidate the charitable company or to cease operalions, or have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the financial stat￿nentS Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from materlal misslalemenl. whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guaranlae that an audil conducted in accordance with ISAS IUKI will always delecl a material rnisstalemenl when il exists. Misslalemenls can arise from fraud or error and are considered maleiial if, individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Counal'8 webslle al.. www.frG.org.uklaudilorsresponsibililies. This description forms parl of our auditor's report. 22

St Edward's School INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST EDWARD'S SCHOOL Extont to which tho audit was considored capable of detecling Irrogularities. Includlng fraud Irregularities, including fraud, are instances of non-compliance wrf(h laws and regulation$. We idenlilied and assessed the risks of material misstatement of the financial statements from irregularities, whether due lo fraud or error, and discussed these between our audit team members. WÈ then designed and performed audit procedure5 re5ponsNe lo those risks, induding obtaining aLJdit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an ursderslanding of the legal and regulatory frameworks within which the group and charitable company operates, focusing on those laws ané regulations that have a direct effect on the determination of material amounts and disclosures in the financial slalemenls. The laws and regulations we considered in this context were the Companies Act 2006, laxalion legislation, together with the Charities SORP (FRS 1021 and the Charities Act. We assessed the required complianc8 With these law5 and regulations as part of our audit procedures on the related f1nancial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial slalemenls but compliance with which might be fundamental to the group and charitable company's 8bility to operate or lo avoid a material penalty, Auditing standards limit the required audit procedures lo identify noncompliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence. if any. We identified the greatest risk of material impact on the financial stalamenls is from irregularities, including fraud, to be within the override of controls by manag8menl. Our audit procedures lo respond lo these risks included enquiries of management, and the General Purposes Committee about their own identification and assessment of the risks of irregularilies, sample testing on the posting of journals, reviewing accounting eslimales foT biases. reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial slatemenls, even though we have properly planned and perfomied our audit ir) accordance with auditing standards. For example. the furlher removed non-compliance with laws and regulations IirregLJlariliesl is from the events and transaction5 refl8cled in the financial statements, the less likely the inherently limited procedures required by auéiling standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresenlalions, or the override of internal controls. We are not responsible for preventin9 non- compliance and cannot be expected lo detect non-compliance with all laws and regulations. Use of 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 stale lo the charitable company's members those mallers we are required to slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not a￿p1 or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Janetle Joyce, Senior Statutory Auditor, for and on behalf of Crowe U.K. LLP, Slalulory Audllor R+ Building, 2 Blagrave Street Reading, RG1 1AZ Dated: 23

St Edward's School GROUP STATEMENT OF FINANCIAL ACTIVITIES Including Income and Expenditure Account FOR THE YEAR TO 31 AUGUST2025 Unrestrlcted Restricted Endowment Funds Funds Funds 2025 2025 2025 £'ooo £'ooo £'ooo Total Total 2025 £'ooo 2024 £'ooo Note Income from.. Charitable actlvltles.. School fees receivable Ancillary trading income The North Wall Trust Other trading activitles.. Lelling of school facilities Other activities St Edwards School International Limited Income from residential properties Investments.. Investment income Bank interest Voluntary sources.. Donations and legacies 33,89S 2,166 322 33,895 2,166 337 32.243 1,708 307 26 15 1,327 135 1,327 135 1,429 96 65 500 500 455 657 154 657 154 410 138 82 Total income". 39.238 Expendlture on: Charltable activltles.. Education of pupils The North Wall Trust Other trading actlvltles.- Lelling of school facilities Sl Edwards School International Limited Investments.. Finan¢ing costs Voluntary sources.. Fundraising and Management 33.958 626 33.958 626 32.394 681 26 1,151 1,151 f,064 80 1,398 1.398 1.624 305 305 237 Total expendlturo: Net Income for the pèriod before transfers and investment gains Gains on investments Net movement in funds 1,796 1,816 3.612 1.875 10 270 2,066 152 1.968 11 11 433 4,045 472 2.347 Fund balances at start of perlod Fund balances at ond of period 384 18 The nolos on pages 27 10 53 form parl of these financial Slatemenls. 24

St Edward's School BALANCE SHEET AS AT31 AUGUST2025 Company number.. 00116784 Group 2025 £'ooo Group 2024 £'ooo School 2025 £'ooo SclKJoI 2024 Noto Flxed assets Tangible assets Investments 112,512 114, 149 14. 128 112,512 t 14.149 1 Oa&b 127 515 128 277 127 515 128 277 Current assèts Slocks Debtors Investments cash deposits Cash in hand and at bank 5,506 2.015 1,624 1,923 10.779 5,666 2,015 1.840 1.923 10c 14.337 14.294 Current liabilities Creditors payable within one year 12 19.476) 26.004 19 422) 25.968 Not curr•nt Iliabilitièsl 11.667 11.674 Total a8S•ts lass currant Ilabllitl•s 121,995 Y16,6qO 121.965 116,603 Creditors: Amounts falling due after more than one year {49.551) (48.211) 149.5511 (48,21 IJ Provisions for Ilabilities and charges 16 14) (4) (4) (4) Net assets Represented by-. Share capital Endowment funds Reslricled funds Revaluation reserve Oiher unr8slricted fund8 17 18 18 18 395 7,970 24,940 384 6,002 24,870 395 7,970 24,940 384 6.002 24,870 The surplus for the f1nanclal year dealt wlthin the financial statements of the parent school was £4.022,000 12024.'£2,423,0001 These financial slalemenls were approved and authorised for Issue by the Governors on 20 March 2026 and signed on their behalf by.. CIMJones air of Govemors The notes on pages 27 to 53 form part of these financial stalemenls. 25

St Edward's School STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 AUGUST 2025 2025 £'ooo 2025 £'ooo 2024 £'ooo 2024 £'ooo Note Net cash inflow from operating actlvltles 20 7.793 6.277 Cash flows from investlng a¢tlvltleg Tangible assets - payments for assets Investments- receiptsl (payments) of shorl-lerm deposits Investments - payments for investments Investments - proceeds of investment sales Investment income 13,648) (5. 110) (921 (100) 12,8661 (8,575) 2,424 3,063 811 410 Net cash lusod in) investing activltleg 13,3711 (10.312) Cash flows from flnancing actlvlties Interest paid Advance Fees- new amounts received Advance Fees- used lowards School's fees Advance Fees- amount of fees repaid {1.428) 1,778 (1.428) 19,337 18,9631 (2,455) 157 105 Not ca8h (used in) Iprovlded by financlng activitles {8.7701 15,359 IDecrease)I Increa80 In cash and cash equivalents In the perlod 14,348) 11,324 Cash and cash equlvalents at boglnning of per5od 10.779 f545) Cash and cash equlvalents at end of perlod 21 10 The notes on pages 27 10 53 form part of these financial stalemenls. 26

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FQR THE YEAR TO 31 AUGUST 2025 COMPANY INFORMATION The School's principal activity in the year under review was the advancement of education by carrying on or managing schools for boys and girls under the age of 19 years. The incorporated charity Iregislered number 00116784 and charity number 3096811, is incorporated and domiciled in the UK. The address of the registered office is.. Woodstock Road, Oxford, OX2 7NN. Statement of accounting policie8 Basis of preparatlon The financial statements have been prepared In accordance with.. Accounting and ReF>orling by Ch3ri1ies.' Statement of Recommended Practice applicable lo charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102 {effeclive 1 January 20191) Icharllies SORP FRS1021,' the Financial Reporting Standard applicable in the UK and RepLJblic of Ireland {FRS 1021., and the Companies Act 2006. The School is a charity and meels thg FRS102 definition of a public benefit entity. The 8ccounls have been prepared under Ihe historic cost convention as modified by th9 revaluation of investments and freehold properties. A summary of the principal a¢¢ounllng policies, which have been applied consistently, except whe noted. is sel out below. Golng concern Governance requires that the Governors asses5 and report on the prospects of the group and whether the organisalion is a going concern. In considering this requirement, the Governors have taken into account," the group's current cash position, existing banking facilities, committed capital spend. the budget for ye8r-ending 31 August 2026 and longer-lerm financial outlook, and the forecast cash flows. Having due regard to these matters and havin9 made appropriate enquiries, the Goverrk)rs have a reasonable expectation that the group has resources lo remain in operation until al least twelve months after the approval of these financial slatem8nls. The Governors therefore continue lo adopt the going concern basis in preparing the consolidated financial slatemer)t$. Basis of consolidation The group accounts consolidate the Company and ils subsidiaries, The North Wall Trust and Sl Edward's School International Limited. No separate Statement of Financial Activities is pr8senl for the school as the exernplion under section 408 of the Companies Act 2006 has been taken. The nel income for the year allribulable to the school only is £4,022.00012024. £2,423,000). Income All income is recognised when the group has entitlement to the fvnds, certainty of receipt and the amount can be measured with sufficient reliability. Fees and similar garngd inGome Fee income represents the invoiced amount of school fees receivable after deducting allowances, scholarships 8nd other remissions granled by the school. Adjustments have been made lo defer invoiced fees relating lo Ihe Autumn term, which commences in the next financial period lo ensure that no income relating lo the next financial year is included in these financial statements. Any payments received relating to this term have been treated as fees in advance under Gredilors. 27

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 Statement of aG¢ounting policies (contlnued) In¢ome (continued) Invgxtment income Income from inveslments 15 included in the group Statement of Financial Activities on an accruals basis except for dividend income which is on 3 receipts basis. Income from investment properties is accounted for in the period lo which the rental income relates. Grants and donations Grants and donations received for general purpos8s are credited to 'olher' unreslricled funds lo distinguish them from direct school income. Grants and donations subject to specrfic wishes of donors are credited to relevant restricted funds. For legacie$, entillemenl is accounted for when a distribution is receNed from the estate Expenditure Expenditure is recognisèd as soon as a liability is considered probable, discounted lo present value for longer-lerm li8bililies. Expenditure allribulable lo more than one cost category in the Slalemenl of Financial Activities is apportioned on the basis of the estimated amount altribulable to each activity in the year, either by reference lo staff lime or to the use made of the underlying asse15, as appropriate. All resources expended are inclusive of any irrecoverable VAT. Costs of ongratin funds These are the costs incurred in generating voluntsry income and In investment trading aclivilies. Charitable activitle8 These are the costs incurred on the group's educalSonal operations. Governance costs These include the costs allribulable lo the group's compliance with conslilulional and slalulory rgquirements, including audil and Governors, meetings and reimbursed expenses. Tangiblo flxed asset8 and doprociatlon Assets costing £1,000 or more are capitalised as tangible fixed assets. Freehold land ané buildings are carrled in the balance sheet al a markel-based fair value. professional valuation is carried out by a qualified surveyor every 3 years. In the interim years the Trustees perform an internal assessment tsking into account the condition of the btjildings. Expenditure on vehicles, furniture, machinery, IT equipment and infraslruclure and other equipment is Carried in the balance sheet al historical ¢osl. Assets in the course of construction are included al cost. Interest on finance raised lo fund new tangible assets is capilalised whilst the relevant asset is under conslruclion. The interest capilalised is net of any interest receivable on the unspent cash balances. Periodically, the school carries out major refurbishments of boarding houses and classrooms. This expenditure extends the useful economic life of the buildings and is therefore capilalised and depreciated over 20 years. Other expenditure on equipment, which is incurred in the normal day-lo-day operation of the school, is charged lo the Statement of Financial Aclivilies. 28

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 Statement of aGcounting pollcles {continuedl Tangible flxed assets and depreclatlon (continued) Depreciation is provided on tsngible fixed assets and is calculated to write off the cost. less estimated residual value based on current market prices, on a straighl-line basis over ils expected useful life, as follows.. Freehold buildings Refurbishments and sports pitches Staff housing Equipment, fixtures and fillings Motor vehicles Assets in the course of construction Land improvements 50 to 100 years 5 10 20 years Nil, as have residential property value 3to 10 years 10 years Not depreciated, as not yet brought Into use tbc No depreciation is charged on Staff Housing as the Governors are of the opinion that the residual value at the end of their useful economic life to the school will be al least the balance sheet valu6. These properties are also subject lo periodic valuation by a qualffied surveyor every three yeÈrs. Investments Investments are included al market value al the balance sheet dale. All realised and unrealised investment gains and losses are included in the group Statement of Financial Activrties. Investments are classified as fixed asset investments as the Govemors believe that Ihls is a fair reflection of the nature of those assets. Investment properly is initially measured al cost and subsequently measured al fair value al the balance sheet date. The fair value is determined annually by the governors. with assistance from external valuers every three years and is derived from external market source data, as adjusted for any differen￿ in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Ststement ol Financial Activities. Stocks Stocks, which represent goods for resale and catering stocks, have been valued al the lower of cost or nel realisable value. Advance Feos Fund The school may receive up lo the equivalent of five year's fees in advance from parents. Any such amounts ￿ceiVed under the Advance Fees Scheme are carried forward as liabilities. Discount is given on the prepaid balances al a rale which is fixed when the advance fee is received. Fee income is credited with the equivalent of fees paid in advance in the period when they become recognisable. The discount given by the Company is treated as a cost in the Advance Fees fund. 1.10 Loans The terms of the loans are such that they are basic financial instruments under FRS102 and they are therefore recorded al amortised cost. Issue costs are amorlised over the life of the loan and have been deducted from the loan liability in the balance sheet. 1.11 Loasod assets Rentals applicable lo operating leases where subslanlially all the benefits and risks of ownershlp remain with the lessor are charged lo the revenue account on a slraight-line basis. 29

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST2025 Statement of accounting poliGi9s Icontinuedl 1.12 Penslon costs Retirement benefits lo employees of the Company are provided through a number of pension schemes. The pension costs charged in the Slalemenl of Financial Activities are determined as follows.. The AVIVA Pension Trust lor Indopondgnt Schools I"APTIS"} APTIS is a defined contribution pension scheme. The Company's pension costs are charged in the period in which the salaries lo which they relate are payable. Scottish Widows Group Pension Plan, Pensions Trust Flexlble Retirement Plan and The Pensions Trust Ethical Retlrement Plan All of these schemes are defined contribution schemes. The Company's penslon costs are charged in the period in which the salaries lo which they relate are payable. Tha Pènsions Trust Growth Plan The Comp8ny participates in The Pensions Trust Growth Plan, which is a hybrid scheme with some elements of both defined benefit and defined conlribulion. 11 is not possible lo identify the Company's share of the underlying assets and liabilities of these plans on a consistent and reasonable basis and ther6fore, as required by FRS102. the Company accounts for this scheme as if il were a defined contribution scheme. Where a scheme is in deficit and the Company has agreed lo a deficit funding arr2ngemenl, the Company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement. The unwinding of the discount rale is recognised as a finance cost. 1.13 Fund a¢countlng Endowed funds represent those assets which musl be held permanently by the Company, principally inveslmenls. Any capital gains or losses arising on the investments form parl of the fund. ReslriGled funds are funds which are lo be used in accordance with specrfic reslricllons imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The purpose of each reslricled fund is sel out in the notes lo the accounts. Unrestricted funds are available for use al the discretion of the Trustees in furtherance of the general objectives of the Company and have not been designated for other purposes. Designated funds comprise unreslricled funds that have been set aside by the Governors for particular purposes. The purpose of each designated fund is set out in the notes lo the accounts. Investment income and gains are allocated lo the appropriate fund. General funds are unrestricted funds whi¢h are available for use al the discretion of the Governors in furtherance of th8 general objectives of the gioup and which hav8 not been designated for other purposes. Designated funds comprise unrestricl8d funds Ihat have been sel aside by the Governors for particular purposes. The aim and use of each designated fund is sel out in Ihe notes lo the financial slalemenls. 30

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST2025 Statement of accountlng policies {continued) 1.14 Cash and cash equlvalonts Cash is represented by cash in hand and deposTts with fin8nGial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investment5 that mature in no more than three months from the date of acquisilion and that are readily convertible lo known amounts of cash with insignificanl risk of change in value. 1.15 Pupil deposits Under normal circumstances pupil deposits will be repaid over futuffj years when the pupils complete their education al the school, however pupils can leave al earlier dales. The school does not therefore have an unconditional right to relain the individual deposlls for at least 12 months after the balance sheet dale and, in line with the requirements in FRS 102, the balance of the deposits held al 31 August have been included within current liabilities. 1.16 Slgniflcant Judgement5 and estimates In the application of the Charity's accounting policies, which are described in note 1 above, Governors are required lo make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The eslimales and underlying assumplions are based on historical experience and other factors that are consider6d lo be relevant. Actual results may differ from these eslimales. The eslimales and underlying assumplions are reviewed on an on-going basis. Revisions to ac¢ounting estimates are recognisgd in the period in which the estimate is revised if the revision affects only that period (K in the period of the revision and future period5 if th8 revision affects the current and future periods. The judgements connected to the revaluation of investment properties and the sthool buildingslresidential properties are considered to be those most signif1canl lo the financial statements, as they are subjective in nature. As staled under the accounting policies noted above they are sla18d al their eslimaled fair value a5 determined by the directors, with assistance from external valuers where necessary. 31

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 Charltabla actlvltl8s- School fags recelvable 2025 2024 £'ooo £'ooo Gross school fees receivable Less- Scholarships and bursaries 38,022 36,263 Charltable actlvltles - Anelllary charitable activities 2025 £000 2024 £'ooo Addition81 tuition and other fees Entrance fees and registration fees 1,438 728 1.224 484 Investmgnt In¢omo 2025 rooo 2024 £'o(10 Income from securities Income from rental propety investment 581 76 328 82 410 Donations and legacles 2025 £'ooo 2024 £'ooo Donations Legacies 1,883 957 147 32

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 Financlng costs 2025 2024 £'ooo Financing costs accrtjed lo Advance Fee contracts (note 15) Interest costs Interest payable on bank loans and overdraft Interest payable on bond (30) 196 148 148 Analysls of expendlture Staff Co$ts Dgprac- iation OthBr Operatlng Costs £'ooo Total 2025 Total 2024 Year ènded 31 August 2025 £'ooo £'ooo £'ooo £'O( Charitable activitiès.. Teaching Welfare Premises 12,945 3,042 2.426 2.664 336 320 1.688 2,400 5,024 1,715 290 14.953 5.442 9,184 4,379 626 14,621 4,939 7.937 4,897 681 1,734 Support and governance North Wall Trust Raising funds: Lelling of school facilities St Edwards School IntemationaS Limited Financing costs {Nole 61 Fundraising and management fees 806 345 1,151 1,064 80 1,398 1,398 t,624 332 27 305 237 Included within support costs are governance costs of £62k12024.' £59kl. Governance costs compri$8 th8 cost of running the charity including external audits. Governors'18gal advice and constitutional and statutory compliance costs. 33

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 Analysis of expenditure {continued) Stsff Costs DepreG. iation Other Operating Costs £'ooo Tol81 2024 Year ended 31 August 2024 £'ooo £'ooo Charilable aGtivities.' Teaching Welfare Premlses Support 8nd governance Norlh W811 Trust Raising funds.. Letting of school facilities FinanGing costs (Note 6) Investment management fees 12,468 2,691 2,242 2,544 310 379 1, 774 2.248 4,541 2,353 371 14,621 4,939 7.937 4,897 1,154 720 344 80 1,624 28 1,064 80 1.624 28 Fundraising 209 209 o.@o 2025 £'ooo 2024 £000 Included in support costs are.. Operating leases Reimbursement of personal expenses lo 412024.'21 Governors Remuneralion paid to Auditor for audit of accounts- Parent Remuneration paid to Auditor for audit of accounts Subsidiaries Remuneration paid lo Auditor for taxation compliance services Remuneration paid to Auditor for other non-audit services 236 27 25 Staff costs 2025 £'ooo 2024 £'o( The aggregate gross costs of staff were as follows.. Wages and salaries Social security costs Pension costs 18,507 2,060 17,503 1.801 Key managgmenl personnel comprise the Governors (Directors). the Warden. the Bursar, the Sub-warden and the Sub-warden Academic. The aggregate employee benefits of key management personnel was: 34

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 Staff cost8 {conlinu•dl The average monthly number of employees during the year was.. Teaching Domestic Adminislralion 133 178 239 211 220 105 The number of employees whose total ber)efils durlng the year {ex¢ludlng employer pension contributions and social securilyl over £60,000 was: £60,001 - £70.000 £70,001- £80,000 £80,001- £9),000 £90,001 - £100,000 £100,001- £110,000 £110.001 £120,000 £120,001 £130,000 £150,001 £160,000 £170.001- £180,000 £200,001-£210,000 £210,000- £220,000 37 22 10 32 17 None of the Govemors ￿ceiVed any remuneration from the school or from any connected body. Included in wages and salaries abové are termination payments (includlng employers, national insLJrance} tolalling £179,62212024.' £166,000). 35

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST2025 Tangible fixed assets Group and School Staff Houslng School Campus Vghicles and Equipment Assets Under Constr- uction Total £'ooo £'ooo £'ooo £OOO's £'ooo Cost or valuation As al 1 September 2024 Additions Capital Goods Scheme adj {VAT Asset) 29,033 95 84.967 2.560 7,958 348 121.958 3,648 645 As al 31 August 2025 Depreclatlon As al 1 September 2024 Charge for the year 1,154 6.655 320 7,809 As al 31 August 2025 Net book value As at 31 August 2025 As al 1 Septen7ber 2024 Freehold land and buildings, comprising the Staff Housing and the school Campus. were revalued as al 31 July 2023 al £31,275.000 and £80,430,000 respeCI￿ve]Y. The valuations were carried out by Savills plc, RICS Registered Valuers. The valuations were made on the basis of Fair Market Value with the benefil of full vacant possession, adopting the RICS definition of Fair Market Value. In addition there was £770,000 of preliminary costs in respect of new bLJilding which was not valued by Ssvills. If the freehold land and buildings had been carried under the cost model, Ihe balance sheet nel book value would have been as follows.. 2025 £'ooo 9.650 2024 £000 9,555 Freehold land and bulldlngs- Group and School Staff Housing School Camp(Js At cost from 1890 to 31 August 2025 2025 £'ooo 2024 £000 Capital commitments oulslanding 36

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 10. Investments Group and School Invgstmgnts £'ooo 10a. Investments In securities: As al 1 September 2024 Additions Disposals Gains in the year 11,578 2,866 12,4241 363 As 8131 August 2025 In addition lo the above investments. cash balances tolalling £281,727 {2024.' £134,000) were held in the investment portfolio bul are disclosed wilhin the group'5 cvrrenl assets a5 cash deposi15. All investments are managed and held in the UK. 10b. Investment property £'ooo 2.550 70 As al 1 September 2024 Revaluation As al 31 August 2025 10¢. Short4orm cash deposlts: £000 t,923 92 As al 1 September 2024 Interest reinvested As al 31 August 2025 11. D•btors Group 2025 £'ooo Group 2024 £000 S¢hool 2025 £'ooo School 2024 £'ooo Parental fees outstanding Trade debtors Staff loans Other debtors Capital Goods Scheme VAT asset Amounts owed by subsidiaries Prepayments and accrued income 1,087 112 193 397 1,087 109 193 395 57 3,231 250 57 3.231 163 250 239 759 780 The parental fees oulslanding relate to historic unprovided for fees and extras that were not paid before the end of the current financial year, plus VAT on unpaid Autumn 2025 fees. The VAT asset relates lo an allowable relrospectivo claim under the capital goods scheme on the introduction of VAT on school fees. An amount of £259k is receivable within one year 37

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 12. Cr¢ditors'. amounts talling due wlthln one year Group 202S £'ooo Group 2024 £'ooo School 2025 £'ooo School 2024 £'ooo Bank loans (note 141 Trade creditors Taxation and social security Other creditors and a¢cruals Deferred income.. Fee8 held in Advance Fees Fund INol8 151 Fee5 received in advan¢e of term Registration deposits held Other deferred income 7,000 1,548 459 1,38Q 7,000 1,540 450 1.356 1,107 385 1,227 1.107 385 1.173 6.712 4,873 5,172 8.410 3,464 3,748 6,712 4,873 5.172 8,410 3,460 3, 748 26.004 13. Credltors: amounts falllng due aftèr more than ono yèar GTQUP and SGhool 2025 £'ooo Group and Sch¢￿1 2024 £'ooo Bank loans (Note 141 Bond less un-amortised financing costs (Note 141 Deferred income.. Fees held in Advance Fees Fund {Nole 15) 7,000 37,659 37,675 4.892 70,536 49,551 48,211 14. Analysis of loans and bonds Group and School 2025 £'ooo Group and School 2024 £'ooo Loans and bonds.. Due within one year Due between one and two years Due between two and five years Due in more than five years 7.000 37,659 37,675 44,659 44,675 38

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 14. Analysls of loaDS IcontSnugd} In August 2025 the £7,000,000 loan was refinanced with a fixed interest rate of 5.420A for a period of five years. repayable in Augusl 2030. This bank loan is secured by legal charge5 over various freehold properties that the Company owns. In February 2018, the Company raised £30,000.000 in a bond issue with a fixed interest rate of 3.5Yo, repayable in full in 30 years. The bond is unsecured. In June 2021 the Company raised a further £7,300,000 repayable in June 2048 al an interest rate of 3.5Vo, alon9side an associated sum of £687,068 representing a discounted interest adjustment, which is being amorlised over the life of the bond. 15. AdvanGo Fees Fund Group and School 2025 £'ooo Group and School 2024 As al 1 September 2024 New contracts with parents Finance costs accrued lo contracts 18,946 1,778 1,963 19,337 196 21,496 (2.445) 105 20,694 {8.963) Amounts Used lowariis school's fees Capital repaid or paid to other schools As at 31 August 2025 The balance on the Advance Fees Fund can be analysed as follows.. Group and School 2025 £'ooo Group and School 2024 Due within one year Due between one and two years Due between iwo and five years Due between two and five years 6.712 2.725 2,112 55 8.356 5,412 4,870 308 946 39

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 16. Provision$ for liabilitigs and charges Group and School 2025 £'ooo Group and School 2024 £'ooo Defined benefit pension scheme liability (Note 231 17. Share capltal 2025 £'ooo 2024 Allotted and called up- 21 shares of Sop each {£nil paid) As the Company is limite(J by guarantee, the shares have no right to dividends or to the surFdus on winding up.

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 18 Funds Movoment on Funds for the year endgd 31 Augus12025 Note Assti Incomo Expend- Galns I Sep iture losses 2024 £000 Transfers Asat31 Aug 2025 £'ooo rooo £'ooo £'ooo £'ooo Endowment Funds Rolherfield Scholarship lal Fund Rastrlcted Funds Rolherfield Income Fund Foundation Fund Endowment Fund Scholarship Fun Field of Dreams The North Wall Tru$l Total Restricted Funds (bl {cl (cl Ihl 791 1.241 1,661 3,701 1,351 16 1,614 3,596 47 105 1,3S1 15 Unrestricted Funds Revaluation Reserve {d} 70 Other unreslricled funds Gen6r81 reserves The North W811 Trusf (9,627) 31 38,916 322 {36,812) {6261 200 {1,828} 315 19.151} Sl Edward s Int'l Ltd (24) 14) 128) Other éesignaled funds Rolherf@Id Designated Fund Advance Fees Fund Capital ProjeGts Capital Fund Foundation Fund Scholarship Fund 155 155 lel Igl {fl Ibl {cl 587 587 2,550 42,263 2,550 40, 750 1,513 Total Unrostri¢ted Funds Total Funds 41

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 18. Funds l¢ontinu8dl Fund balances as al 31 August 2025 were ￿presented by.. Long term Ilabilities Total Fixed Assets Met current $$gtslllia -bilitiesl rooo Invgstments Assets £'ooo £'ooo £'ooo £'ooo Endowed Funds Restricted Funds Rotherfield Income Fund Foundation Fund Endowment Fund Scholarship Fund Field of Dreams The North Wall Trust Total Restricted Fund8 1.241 411 914 1,351 1,241 1.661 3,701 1,351 16 1.250 2.787 UnTestrlcted Funds Revaluation Reserve Other unrestricted funds General ￿serveS 8,428 (12.683 {4,896) (9.151) The North Wall Trust Sl Edward's Int'l Ltd 42 42 1281 {281 Other deslgnaled funds Rolherfield Designated Fund Advance Fees Fund Capital Projects Capital Fund Scholarship Fund 116 39 587 IS5 587 2,550 {650} 690 2,550 42,263 87,572 144,659) Total Unrestrlcted Funds Total Funds 42

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 18. Funds (contlnuedl The balances on the funds can be used as follows.. al The balance of the Endowment Funds is comprised wholly of the Rotherfield Scholarship Fund. b) Foundation Fund represents donations lo the Company for the prov1slon of equipment or Scholarships and bursaries for pupils. cl The Ch8rily Commission approved that the capllal elements of the Endowment Fund and Scholarship Fund can be used as if they were income. dl The Revaluation Reserve represents the increase or decrease in the market-based fair value of freehold land and buildings over cost. e) Th8 Advance Fees Fund represents the amount sel aside to cover any future shortfall on the Advance Fees Scheme. fl The Capital Fund amount plus the Capital projects fund amount mentionèd in 18gl below represents the nel book value of the Company's land and buildings less any amounts financed by external loans, overdrafts and inter fund loans. gl The Capital Projects fund represents amounts for Ihe investment in capital projects or lo improve the land and buildings of the Company, and Governors wish to earmark this money separately lo the Capil41 Fund amount above as It has dtfferenl purposes. h} 'Field of Dreams, is a new restricted fund for a major capital project. This is for a new centre for sport and the community, including an alhlelics track and a floodlit all-wealher 3G pitch. The proposal also includes plans lo increase the number of football, cricket and rugby pitches and lo create many more outdoor opportunities, including a garden theatre space, a nature reserve and a wind power and wealher station. 43

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST2025 19. Comparatlve funds Movement on Funds for Ihe year ended 31 August 2024 Note Asall Sep 2023 rooo Income Expend- iture Gains / losses Transfers As&131 Aug 2024 £'ooo £000 £000 £000 £'ooo Endowment Fund5 Rotherfield Scholarship (a) Fund 384 Restrlcted Funds Rotherfield InGome Fund Foundation Fund Endowment Fund Schol8rship Fund The North Wall Trust 15 (15) (b) (c) 113 1,471 3,223 27 758 (80) 791 1,614 3.596 (9) (20) 29 93 189 Total Restricted Funds Unrestricted Fundg Rev81U81￿ts Reserve (dj 70 Other unrestricted funds General reserves The North Wall Trust (7,339) 66 36,081 304 (35,OT7) (652) (3.292J 313 (9,621) 31 St Edward's Int'l Ltd (io) 65 {79) (24) Other d&sign8ted funds Rolherfield D8sun8t6d Fund Advance F88s Fund C8pI181 Projects C8pi181 Fund Foundation Fund Scholarship Fund 162 {2) (23) 155 (&) (g) (4 (b) (c) 684 99 {796J 587 2,550 40,750 2,550 461 40.269 375 13 141 152 Total Unrestricted Funds Total Funds 472 44

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 19. Comparative funds Icontlnued) Fund balances as at 31 August 2024 wer6 represented by.. Long term (liabilities) £'ooo Total Fix Assets £'OL Ng1 current IAabAlities Interfund Loans £000 Investmenfs £000 Assets £'ooo £'ooo Endowad Funds Restricted Funds Rolherfield Income Fund Foundation Fund Endowment Fund Scholarship Fund rh8 North Wall Trust Total Restricted Funds 791 411 914 791 1.203 2.682 3,596 Unrestricted Funds Revaluation Reserve Other unrestrlcled ftinds General reserves 7,716 (13.803) (3,540) (9.627) The North Wall Trust St Edward's Intl Ltd 31 31 (24) (24J Other designated funds Rotherfield Designated Fund Advance Fees Fund Capital Projects Capital Fund SclKJlarship Fund 116 39 587 2,550 (3,854) 690 155 587 2,550 40,750 89.279 (44.675) Total Unrestricted Funds Total Funds 45

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 20. Reconelllatlon of net Income to not cash flow from operatlng actlvltles 2025 £'ooo 2025 £'ooo 2024 £'ooo 2024 £voo Net Income for the Year 4,045 2,347 Elimination of non-operating ilem$'. Inv8slmenl income (Gains) on investments Interest pald Amortisation of bond wsls Depreciation ané similar charges Loss on sale of fixed ass8ls Capital Goods Scheme (VAT Asset) Dècrease in stocks {In¢rease} in debtors Increase in creditors and provisions {811} 14331 1,428 1161 2.054 (4t0) (472) 1.428 (15) 1.533 30 3.231 72 13,882) (138) 3,748 3,930 Nel cash flow from operating acliviligs 21. Analysis of Ghanges In net debt Note Asall September 2024 £000 Non-cash Change Asat31 August 2025 £'ooo Cash Flows £'ooo £'ooo Cash Shorl-lerm deposits Advanced Fees Loans falling due after more Ihan one year 10,779 1.923 {18.946) {4.348) 92 1,6S1 6,431 2,015 111,6041 10 5.691 14 16 50.919

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST2025 22. Flnanclal commltments Future minimum lease payments under non-cancellable operallng leases in exlstence as al 31 August 2025 for each of the following periods were.. Group and School 2025 2024 £'ooo £'ooo 317 215 42 Not later than one year Later than one year but not later than five years 21 23. Pènsion obligations As last year. the majority of the staff participate in one of three pension schemes.. the AVIVA Penslon Trust for Independent Schools I"APTIS'), The Pensions Trust IThe Pensions Trust Growih Plan, Flexlble Retirement Plan and Ethical Retirement Plan) spocifically for slaff of charitable and voluntary organisations., and the Scollish Widows Group Personal Pension Plan. The AVIVA Pension Trust for Independent Schools {"APTIS"I APTIS is a deflned contribution pension scheme which can be u58d by all member schools of the Independent Schools BursaTS Association. 11 is sel up as parl of Aviva's 'Master Trust,. a trusl-based pension arrangement managed by indtspen(Sent professional Trustees. The Company operates a flexible pension arrangement where staff may ¢onlribule 5Q/o or 10¥0 to the scheme, with the Company making contributions of 5°h, 100/0 or 16.40/0. The pension charge for the year includes conlributior15 payable to APTIS of £1,239,891 {2024.' £1, 187,738) and at the yeai end £1,487 (2024.. £2,312) was accrued in respect of contributions to this scheme. Th8 Pgnsion5 Trust Growth Plan The Company parlicipates in the Pensions Trust Growth Plan, a multi-employer scheme which provides benefits lo some 950 non-associaled participating employers. The scheme is a defined benefit scheme in the UK. 11 is nol possible for the Company to obtain sufficient information lo enable il lo account for the scheme as a defined benefit scheme. Therefore, Ihe Company accounts for the scheme as a defined contributlon scheme. The scheme is subject lo the funding legislation ouUine¢J in the Pensions Act 2004 which came into for￿ on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Coun¢ll, sel out the framework for funding defined benefit occupational pension schemes in the UK. The scheme Is classed as a 'last-man standin9 arrangement,. Therefore. the Company is potenlialSy liable for other parli¢ipaling employers, obligations rf those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required lo meet their share of the scheme deficit on an annuily purchase basis on withdrawal from the scheme. 47

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 23. Penslon obllgatlons {continuèd) A full actuarial valuation of the scheme was carried out as al 30 September 2022023, the final results of whlch have not yel been shared lo participating employers. The most recent available valuation was 30 September 2023. The market value of the Plan's assets al the valuation date was £800.3 million and the Plan's Technical Provisions li.e. past service liabilities} were £831.9 million. The valuation therefore revealed a shortfall of ass8ls compared with the value of liabililles of £31.6 million. To eliminate this funding shorffall. the Trustee has asked the participating employers to pay additional deficit contributions of £3.3m per annum from 1 April 202210 30 September 2025, payable monthly. The recovery plan contributions are allocated lo each parli¢ipaling employer in line with their eslimaled share of the Scheme Liabilities. In aGcordanGe with FF<S102 a liabilily representing Ihe present value of future commitments relating to Ihe deficit funding is recognised in the accounts. The foSlowlng schedule sets out the future deficit contributions agreed between the Company ?rbd the s¢heme al each year end perlod, discounted al a rate equivalent lo a full AA Gorporale bond yield curve.. 2025 £'ooo 2024 £'ooo Net present value of provision 48

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST2025 23. Pension obllgatlons {continuodl The movement on the defined benefit pension scheme liability during Ihe year was as follows.. Grgup and SGhool 2025 £'ooo 2024 £'ooo As al 1 September Deficit contributions paid As at 31 August 31 27 The impact of income and expenditure during the year was as follows.. Group and School 2025 £'ooo 2024 £voo Interest expense Remeasuremenls- impact of ary change in the assumptions Remeasurements - amendments to the contributions schedule The Pensions Trust Growth Retirement Plan is an additional contributory scheme offered lo non-leaching staff. The Company paid contributions at the rate of 8.10, 10 /0 or 12.kn during the accounting period. Members paid contributions al the rale of 5°/D, 7°/0 or 9Y.. As at the balance sheet date there were 412024.. 51 active members of the plan employed by the Company. The pension cost lo the Company was £12,285 (2024.. £14,042). As al the year end £nil12024.' £Nifj was accrued in respect of contributions to this scheme. The Pensions Trust Flexiblo Rgtiromont Plan The Pensions Trust Flexible Retirement Plan is an additional contributory scheme offered lo non-teaching staff. The Company paid contributions al the rate of 8Yo. 1 OQA or 12ts/o during the accounting perlod. Members paid contributions al the rate of 5Qk. 70/0 or 9Vo. As at the balance sheet dale there was 1 (2024.. 3) active members of the plan employed by the Company_ The pension cost to the Company was £4.026 (2024.- £7,445). As at the year end £nil (2024.. £Nil) was accrued in respect of contributions lo this scheme. Thè P•n$lons Trust Ethlcal Retirement Plan The Pensions Trust Ethical Retirement Plan is an additional conlribulory scheme offered lo non-leaching staff. The Company paid contributions al the rale of 8°/o, 10°/o or 12°/0 during the a￿oUntIng period. Members paid contributions al the rate of 5¥0, 70/0 or 9%. As al the balance sheet dale there was 1 (2024.. 7) active memberlsl of the plan employed by the Company. The pension cost lo the Company was £3,82812024.. £4,3201. Ag al the year end £nil (2024.. £Nil) was accrued in respect of contributions to this scheme. 49

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 23. Ponsion obligations {continued) The SGottish Widows Group Personal Penslon Plan The Scollish Widow5 Group Personal Pension Plan is a conlribulory scheme offered to non-leaching staff which is used as the Company's scheme for aulo-enrolmenl. The Company paid contributions al the rale of 80￿. 10¥0 or 120A during the accounting period. Members paid contributions al the rale of 50/0, 70/0 or 9Yo. As al the balance sheet date Ih8re were 34912024.. 320 active members of the plan employed by the Company. The pension cost lo the Company was £716,037 (2024.. £652, 747). As al the year end £98,345 (2024.. £87,4CIO) was aGGrued in respect of contributions lo this scheme. 24. Rglatod party tran5aGtions Donations tolalling £5.792 were received from Trustees during the year. (2024.. £16,350). Close relatives of key management personnel and Governors received remuneration (including pension conlributionsl of £93k in the year. The Governors and spouses have the option of free membership of the Nuffield Sports Centre Isilualed on the Company's silel under the terms of the lease and of the Company's golf course. 25. St Edward's School Intornational Limited In August 2018, Sl Edward's School established a wholly owned subsidiary, Sl Edward's School International Limited (Company number 109195991 to monitor and implement ils strategy lo promote education and develop schools and colleges in other countries. The St Edward's School International Limited's registered office is.. Sl Edward's School. Vvoodslock Road, Summerlown. Oxford. Oxfordshire, OX2 7NN. The Sl Edward's School International Limited profil and loss account for the year ended 31 August 2025 and alance sheet as al 31 August 2025 extracted from the audited financial slatemenls, is sumrnarised below.. Profil and Loss Account 2025 £'ooo 2024 £ Ock) Revenue Cost of sales Gross Profil Adminislralive Expenses (Los$} before taxatlon Taxation {Lossl aftor taxation 65 65 79 (14) 141 74 Retained Profil brought forward {Lossl for the period Gift Aid Payment lo Parent Charity Retalned Profit I (Loss> at end of perlod {24) 14) (10) (14) 28 24 50

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 The aggregate amount of share capital and reserves of Si Edward's School International Limited at the 31 August 2025 is a deficit of £28k12024..d8ficil of £24kl. 26. The North Wall Trust On 15 February 2012, The North Vvall Trust was incorporated as a company limited by guarantee {regislered with company number 079515381 and on 11 April 2012 was registered as a charity Iregislered charity numb8r 1146851 }. The North Wall Trust is a subsidiary of the Company as the Company is the sole member of The North Wall Trust. The subsidiary is exempl from the requirements of section 479A of the Companies Act 2006 relating lo the audit of accounts. The North Wall Trust commenced activity in April 2012. The North Wall Trust's reglstered office is: St Edward's School, Woodstock Road, Summertown, Oxford. Oxfordshire, OX2 7NN. The school provides a grant lo The North Wall Trust as necessary in order to support ils operations. The North Wall Trust's statement of financial ath'vilies for the year ended 31 August 2025, extracted from the audited account5. 15 surnmarised below.. Statement of Financial Activitios Unrastricted Restrlcted Total Funds Funds Funds 2025 Total Funds 2024 £000 £'ooo £'ooo rooo Income.. Donations Income from charitable activities Total Income 351 286 637 15 366 286 652 359 261 620 15 Expendlture Total èxpenditure 626 626 681 Nel incomel lexpendilure) 11 15 26 Reconclllation of funds: Total funds brought forward 31 32 Total funds corried fonvard 42 32 The aggregate amount of reserves of North Wall Trust at the 31 August 2025 is a £58k12024'. £32k)- A grant of £315k12024.. £313k} received from the school was eliminated upon consolidation. 51

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 27. Tradlng Subsldlarlas On the 6 November 2024 Sl Edward's School Trading Limrted was 1r￿rp0rated. This entity has not traded during the year. 28. Post balan¢• shoot ov•nt On 23rd December 2025, the School acquired the long leasehold of the Nuffield Health Club site for £14.7m. Simultaneously, the School entered into a £15m loan al an interest rale of base rale plus 6.5%. repayable in May 2027, from GRE Finance. 52

St Edward's School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 AUGUST 2025 29. Comparatlve Group statement of financlal actlvltles Unreslricted RestrKled Endowmenl Total Funds 2024 £000 Funds 2024 £o(po Funds 2024 £'ooo 2024 £'ooo Income from.. Charitable aGlivi11oS.' SclK)ol fees receivable Ancillary trading income The North Wall Trusl Olher trading activities.. Letting of school fa01lit￿S Other activities Sl Edwards School Internat￿nal Limited Income from residential prOpert￿S Investments.. Inveslmenl income B8nk interest Voluntary sources.. Donat￿nS and legacies 32,243 1,708 304 32,243 1,708 307 1,429 96 1,429 96 65 455 65 455 147 138 263 4t0 138 346 758 To¢al inconTr." Exp&nditure on.. Charitable activities.. Education of pupils The Norlh Wall Trusl Other trading activilies.. Letting of sGhool facilit￿8 St Edwards School Internalion81 Limited Investmgnts.. Financing costs Voluntary sources.. Fundraising and Management 32,394 651 32,394 681 1,064 1,064 80 80 1.624 1,624 28 237 Total expenditure.- 58 36 080 Nel income for the period before transfers and invgslment gains Gains /(Losses) on investments Nel inGome for the p9riod 912 966 (3) 23 1,875 472 2,347 t52 1.064 297 1,263 Transfers betwggn funds Losses on revaluation of properly Ng1 moven7ent in funds 95 (95) 1. 159 1.168 20 2,347 Fund balances at st8rt orpgr￿d Fund b&lanGes at end ofp6rlod 364 53