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 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 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