Ipswich School Charlty number: 310493 TRUSTEE'S REPORT AND CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 August 2025 INDEX: TRUSTEE'S REPORT AND ANNUAL ACCOUNTS TRUSTEE'S REPORT Introduccion Objects, Aims, Objectives and Principal Activities Achievements and Successes Financial Review The Future ReserYe5 Policy Investment Policy Grant-making Policy Structure, Governance and Management Reference and Administrative Details Page 3 Page 4 Page 7 Page 7 Page 8 Page 8 Page 8 Page 8 Page 9 Page 13 ANNUAL ACCOUNTS Independent Auditors, Report Consolidated Statement of Financial Activities Balance Sheets Consolidated Cash Flow Statement Notes to the Accounts Page 14 Page 17 Page 18 Page 19 Page 22 TRUSTEE'S REPORT INTRODUCTION The Governing Body presents ils Annual Report for the year ended 31 August 2025 under the Charities Act 2011, together with the audited financial slalemenls for the year, and confirm that the latter comply with the requirements of the Act, the Trust Deed and Ihe Charities SORP (FRS 1021. The Governors have considered the ongoing financial and operational impacts of the changes announced by the new Labour Governmenl most notably the imposition ofVAT on independent schools. fees from January 2025 and the ongoing wider economic challenges. This togelherwilh other changes including the loss of business rates relief, the increase in the National Living Wage, and the increase in the cost lo the employer of National Insurance have had significant implications for independent schools across the country. Ipswich School had been aware of the imposition of VAT on independent school fees for a number of months and had undertaken extensive planning to manage ils impacl. The focus of the School remains on maintaining its excellent educational offering, with a clear focus on minimising the impact on fees payable. The accounts have been prepared on a going concern basis nolwithstanding the faGI thal Ihey show net current liabilities of £3,629,369 for the Group and £3,433,430 for the Charity, for the following reasons. The Board of Governors has reviewed the cash flow forecasts for Ihe Group and Charity for 8 period of at least 12 months from the dale of the approval of these accounts, taking into account the Group's borrowing facilities, the nature of the liabilities due and wider challenges such as the introduclion of VAT on Independent school fees and other recent taxation changes implemented by the Labour Government. Whilst acknowledging the uncertainty that exists over pupil numbers the Governors consider that the measures taken lo address the challenges faced by the Group, together with the current borrowing facilities means that the Group will have sufficient resources lo cover ils operating requirements for a period of al least 12 months from the date of approval of these accounts. 11 is noted that fees received in advance by the School are shown within creditors - amounts due within one year as prescribed by FRS 102. This balance represents future fees of pupils re￿iVed in advance and from experience no material amounts are expected lo become repayable. As at 31 August 2025 the amount due within one year is £3,619,907 {2024.' £4,932,028). Accordingly, the Board believes it is appropriate to prepare these accounts on a going concern basis OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES CHARITABLE OBJECT Our charitable object (as sel out in the School's Scheme dated 14th November 1991, revised December 2014) is.. "The provision and conduct in or near Ipswich of a day and boarding school for boys and girls.. provided that in selecting pupils the trustees shall give preference to children who are or have a parent resident in the surrounding area. We interpret this to mean Ihe advancement of education by the provision of the best education we possibly can, both in terms of high standards and in breadth of opportunity. This includes the provision of support to children of a pre school age. Within this is the requirement lo maintain and improve the physical environment of the School, including preseNalion of items of artistic, architectural or cultural interest lo the community, such as the Old Town Library, the John Piper stained glass windows and other notable works of art and the old School building. Ipswich School actively supports the allainmenl of the highest standards in the Independent Schools sector, partly through networking with other major schools and partly through peer group studies for the evaluation of quality and performance improvement methods. We also cooperate with local and national charilies in our endeavours lo widen public access to the schooling we can provide, lo optimise the educational use of our cultural and sporting facililies and to awaken in our pupils, in the public interest, an awareness of the social conlext of the all-round education they receive al the School. The School also benefits substantially from the generosity of ils former pupils via the Old Ipswichian Club whose close support we greatly appreciale and gladly acknowledge. In selling our objectives and planning our activities our Governors have given careful consideration lo Ihe Charity Commission's general guidance on public benefit and in particular lo its supplementary public benefit guidance on advancing education. VALUES The School has four key values which we believe are at the heart of education al Ipswich School, and which are firmly embedded into the organisation.. Care: For each individual. For the community. For each other. For others. Potentlal.. Within each individual, our pupils and our staff, to grow and excel in all Ihat they do. Passion: For our subjects and aotivities. For the transforming power of education lo realise polenlial. Communlcatlon.. Clear, comprehensive and timely. These values are supported by the following aims of the School.. 1. To provide an environment where pupils feel safe and brave in all they do. 2. To present pupils with a wealth of opportunities, both inside and oulside the classroom, and lo help them to find their own passions. 3. To monitor our provision.. pastoral, curricular and co-curricular, learning from the best that we do, to ensure every pupil achieves their full potential. 4. To look for newways to achieve the high standards Ihal the School aspires to, working in a smarter way, by using a "less is more" approach. and managing the demands on our pupils and staff. 5. To strengthen the links in the 'lriangle' joining parents, pupils and School, to ensure that we communicate well and are all working together with a common purpose. 6. To encourage our pupils lo consider moral and spiritual values, to understand their place in the world and to develop a spirit of service within Ihe community. 7. To equip our pupils with the skills to be happy in their success at Ipswich School and beyond. In the current climate a strategic plan is reviewed annually in line with the policy of a Gycle of continuous improvement, and the success of the plan is considered in terms of implemenlalion, delivery and achievement. OBJECTIVES FOR THE YEAR We have continued to review and always seek lo improve aspects of the School and to maintain and enhance our repulalion both locally and nationally. First and foremost we have sought to maintain and where possible enhance our high standards of leaching and learning. Similarly, we have sought lo continue improving and growing our facilities by ensuring pupil numbers remain high. We continue lo work to maintain strong links with our feeder schools and to market the School effectively both internally and externally. The Senior School, Prep School and The Lodge day nursery were inspected by ISI in November 2025, with all Schools having 'mel' the standards in all areas of judgement. This supports the ethos of the School and the high levels of achievement as well as the pastoral support provided lo pupils. We were especially delighted that the ISI team noticed so clearly the exceptionally positive and respectful relationships that children enjoy with their teachers. The overarching message that the School is ' committed lo providing an ambitious education with pastoral care that nurtures pupils. physical and emotional well being especially pleasing. The slrenglh of our Sixth Form provision, with the popular Edge Pragramme, augmented by the Extended Project Qualification (EPQ), has not prevented us from looking lo progress further in this area. Other objectives have been the improvement of our sporting faGililies for hockey, netball and working towards the improved facilities merited by the high standards of our pupils in music and drama. The School is funded by fee income bul we aim lo ensure that pupils from all backgrounds have access to an Ipswich School educalion via the means-lesled Ipswich School Bursary Scheme. Our Founding Futures campaign was designed to help secure additional funding for such bursaries. In the year ended 31 August 2025, 130/0 of pupils were in receipl of means-tesled bursaries {2024.' 130/0). Thirly nine of those pupils were assessed at 100 % remission and a further seven al over90 %. The amount spent on bursaries in 2024-25 was 8.050/0 lower {2024: 4.390/0 lower) than in the previous year. The School also aims to recognise high academic potential, or the ability lo excel in co-curricular aclivilies, by the provision of scholarships. In 2024-25 the value of scholarships held reduced by 5.290/0 (2024: increased by 3.580/.l.We strive lo remain a valued and integral part of the local community, providing benefit to the public and encouraging our pupils lo develop through their own seNice to Ihe communily. COMMUNITY INVOLVEMENT A Year 10 pupil partnered with the Ipswich Children's Book Group to celebrate her debut book, The Life Changing Magic of Drumming. She performed for children from local primary schools, including our Prep School, followed by an inspiring interview about her musical journey. Ipswich School continues its partnership with Suffolk Refugee Support, hosting weekly homework sessions for refugee children. These sessions provide academic assistance to up to 25 young people, helping them build confidence and develop key learning skills. Each Thursday afternoon, more than 30 pupils volunteer at local primary schools as part of a long- standing partnership, helping with reading and supporting teachers during lessons. Ipswich School runs a free Iwo-year Latin GCSE course for students from local slate schools. Eight pupils from Kesgrave and Northgale are currently in their second year, taught by Head of Department, Kat Hutton. Weekly after-school sessions 116'.30-18.'00} follow the EDUQAS specification, focusing on translation, literary analysis, and Roman cullure. The Eco Team volunteers in local shops and participates in community litler-picking, helping lo keep public spaces clean while developing teamwork and environmental awareness. Students completed a lolal of 2,250 hours ofvolunleering as part of the Duke of Edinburgh Award. CHARITABLE SUPPORT AND FUNDRAISING ACTIVITES The School is registered with the Fundraising Regulator and follows ils code of practice lo ensure that lundraising is monitored, any complaints are dealt with correctly and that no undue pressure is pul on people to donate to the School, including those who are vulnerable. There have been no complaints received during the year. Year 8 fundraising.. collected used mobile phones, organised cake sales, and other events, raising £548.48 for SERV. ITFC T.shirt Raffle.. raised £726.99, supporting SERV {£261.991 and Cardiac Risk in the Young {£465). St Elizabeth Hosplce.. Ihe School sponsored a Hare in the"Hop lo Il" Trail, and staff and sludenls supported Suffolk Dog Day, where the catering lent raised £1,167.50. Kyiv Speclallst School for Deaf Children.. a total of £800 was donated to support Easter celebrations, raised through music p8rformances and the sale of donated arlwork. Akwaaba Volunteers Initiative.. over 46 kilograms of sports kil, including legacy teamwear, was collected and sent lo a school in Accra, Ghana. Bev Hudson led a 10-day visit supporting literacy and coaching spotls, with the support of the Friends of Ipswich School. Coollng School Fundraiser.. organised by School House, raised £176.50 for the Lady McAdden Breast Cancer Charity. Ipswich Prep Fundraising.. raised over £10,000 for various charities, including Cardiac Risk in the Young. Sl Elizabeth Hospice, Children in Need, FIND, EACH, and the Suffolk Owl Sanctuary. ACHIEVEMENTS AND SUCCESSES Academlc Success Nearly 600/D of GCSE grades were at 7-9, with over half of students achieving grade 7 or above in six ormore subjects. AtA Level, over50 % ofgrades wereA-A'. and 820/0 were A-B.. Five students received offers from Oxford or Cambridge universities. Sportlng Achlevement U18 Girls, Hockey Team crowned National Champions at the Independent Schools Hockey Championship following a penally shoot-out. In Elon Fives, two students won the U14 National Final at Highgale, while two further students triumphed in the U16 National Final al Shrewsbury. Ipswich School placed second overall in the national Team ofthe Year rankings. U13 Girls, Indoor Cricket Team won the National Finals al Lord's, an exceptional achievement among 993 compeling schools. Muslc and the Arts Three chamber groups the Senior String Trio, Middle School Trio, and Senior String Quartet - reached the semifinals of the National Pro Corda Chamber Music Festival, with the Senior String Trio performing in the National Final. We held the Ipswich School 2025 Young Musician of the Year, with over 150 applicants. The annual GCSE & A Level Art Exhibilion showcased exceptional creativity and diversity across Fine Art, Textiles, and Photography. ENGAGEMENT WITH OUR EMPLOYEES Ipswich School values ils employees and recognises the importance of open communication so they are aware of matters of concern lo them, financial and economical factors which affect the Charity's performance and encouragement of employee involvement in the Charity's performance. Ipswich School undertakes this through a variety ofways such as regular one lo ones which enables Iwo way dialogue, weekly briefings, more detailed briefings during staff training days and the School's Joint Consullalive Forum which formed in Summer 2023 term. This forum has representatives from the Senior School,Prep School and The Lodge, with a mix ofteachers and support staff. This is the main forum where employees can suggesl topics they wish to discuss with senior management and likewise senior management can engage and obtain feedback on topics from the employee represenlalives. FINANCIAL REVIEW We aim each year to provide a surplus of income over expenditure in order lo provide funds for continual development and improvement of the School and in 2024-25 the surplus after interest, depreciation and pension liability remeasuremenls achieved was £311,72812024: surplus of £99.960). There were three significant unusual and one off transactions within the financial year which impacted Ihe surplLJS position. A revaluation of the Pension Trust liability which incurred a £915,981 charge. a legacy donation of £548,743 and the sale of property with a net surplus on disposal of £280,694. £64,951 (2024= £146,363) of expenditure incurred by Ihe development office has been included in costs of raising funds. Donations and legacies for the year lolaled £648,107 (2024.. £122,535) including Ipswich School Foundation raising £10,64812024'. £11,652) of income this year in addition lo the £548,743 legacy donation detailed above. Al the end of the year, the funds held by the Foundation were accrued within the School accounls. Our principal source of funding is through luilion fees. The effort put into marketing, maintaining links with our feeder schools, maintaining a broad CLtrriculum, provision of opporlunily for person81 development, together with our academic results, has helped lo keep demand for places high, including maintaining healthy numbers in the Sixth Form. The main KPIS used are the level of operating surplus and the percentage that the operating surplus is of the net fee income. The operating surplus for the year was £1,713,67112024'. £1,178,728). This represents 8.860/0 of net lee income (2024.. 5.8 % ) and is the surplus before depreciation, amortisalion, bank and finance charges, gainsllosses on investment, debt provision. THE FUTURE In selling ils plan for the future the School has identified the following key objectives= 1. Maintain a sound financial base with an ambition lo maintain pupil numbers al an Optimum number, managing the School's remission levels, maximising income via our trading company (Ipswich School Enlerprises Limited) and delivering a robust marketing strategy lo enable us lo fuSfil our ambition. 2. Continue lo develop an ex￿lIent all-round education, including pastoral care, which supports every child with full access to 811 that we offer. 3. To develop and enhance our boarding provision 4. Ralionalise the School's estate lo achieve an optimal operating slructure which includes disposal of surplus assets and appropriate reinvestment of any proceeds lo further improve our offering. RESERVES POLICY Notes 16, 17 and 18 to the financial statements show the assets and liabilities attributable lo the various of funds and summarise the movement- in the year. At 31 August 2025 the school had unreslricled funds of £9,913,873 (2024.. £9,260,795). Taking into account the operational fixed assets (nel of related loans) of £16,436,917 the school has negative free reserves of £6,523,043. The Governors regard the reserves position as appropriale for the School's current operation, given the investment in fixed assets such as Anglesea Heights, the Music School and Ihe sports facilities al ISSC Rushmere which were funded through a combination of formal and informal lending and free reseNes. As al 31 August 2025, the School had Restricted reserves of £2,284,166 (2024.. £2.615,4111 and Endowmenl reserves of£797,014 {2024.' £807,120). The Governors believe that the School is able to operate with low or negative free reserves and wish lo continue improving the facilities of the School through operating cash surpluses. In assessing the viability of the School's financial plans and slralegies the Governors consider more appropriate indicators such as cash flow and working capital requirements and the impact on operating surpluses. The Governors are satisfied with the financial position of the School. This policy will be monitored by the School's Governing Body and reviewed annually. In particular the policy will be re-evaluated if additional free reserves become available. INVESTMENT POLICY The Trustee's investment powers are governed by the Truslee Act 2000. The vast majority of fixed asset investments are held in C.O.l.F income and accumulation units. These provide adequate income for the reslricted and endowed funds whilst remaining low-risk inveslmenls. GRANT-MAKING POLICY Note 9 to the financial statements shows the amount of scholarships and bursaries awarded from the unrestricted and restricted funds of the School. The Governors, policy is lo award these on the basis of educational and related ability, in the case of scholarships, or in the case of the bursaries, on Ihe basis of financial need. Scholarships are designed to allracl pupils of high academic, sporting, artistic and musical ability lo the SGhool, means tested bursaries are aimed at broadening the School's intake by allowing access lo those who would benefit from an Ipswich School education bul would not otherwise be able lo afford the fees. The School has in recenl years increased the level of funding for the means-tesled bursaries il offers. It is understood that the provision of means-tested awards conlribules to public benefit provided by the School. STRUCTURE, GOVERNANCE AND MANAGEMENT THE GOVERNING INSTRUMENT The origins of Ipswich School go back perhaps as far as 1200 or even before, although the first firm evidence dales from 1399. The School has been known by a varietyof names overlhe ￿nIUrIeS.. originally the Guild Merchant School, il has also existed as (amongst others) The Free School of Ipswich, The Cardinal's College of Sl Mary (Cardinal Wolsey's foundation), King Henry Vl11 School, Queen Elizabeth's Grammar School and, since 1883, Ipswich School. Henry Vlll's re-founding of the school afler the dissolution of the Cardinal's College was confirmed by the granling of Letters Patent by Elizabeth l. REGULATIONS CONCERNING OPERATIONS The operation of the Charity is regulated by the provisions of the Scheme of the Charity Commission for England and Wales dated 14 November 1991, as amended by resolution effective on 3 July 2015, as amended by resolution effective 5 September 2022 and as amended by a further Scheme of the Charily Commission for England and Wales dated 5 September 2022, and by the Articles of Government made by resolution of the Governors passed al a meeting held in December 2014. CHARITY TRUSTEES Ipswich School is a Registered Charity and therefore a non-profil-making organisalion. With effect from 5 September 2022. the Charity Commission for England and Wales appointed a new sole corporate trustee for the School (Ipswich School Corporale Trustee Limited, registered company number 14201265) in place of all previous charity trustees. The sole corporate trustee has a board of directors. For reasons of convention and consistency, we will continue lo use the same terminology as has been used historically, which means that we will refer to the new sole corporate trustee as the 'Governing Body, and to ils directors as the 'Governors'. The Board of Governors comprised.. One ex-officio Governor- the Bishop ofthe Diocese of St Edmundsbury and Ipswich,. and Not fewer than 17 nor more than 24 other Governors. With effect from 5 Seplember2022, the Charity Commission for England and Wales appointed a new sole corporate trustee for the School (Ipswich School Corporate Trustee Limited, registered company number 142012651 in place of all previous charily Iruslees. The new sole corporate Iruslees has a board of directors (initially comprising subslanlially the same individuals who were previously charity Irusleesl. For reasons of convention and consistency, we will continue to use Ihe same terminology as has been used historically, which means Ihal we will refer to the new sole corporate Iruslee as the 'Governing Body, and to ils direclors as the 'Governors'. The Governors comprise unpaid volunteers whose responsibility it is lo ensure that the school operates in accordance with charity law and ils Scheme as laid down by the Charity Commission. The Governing Body selects and recruits new co-opted Governors on the basis of the mix of skills. knowledge, experience and diversity identified by the Board as being requisite for the effective running of Ihe School. We are fortunate that our Governors are prepared lo commit extensive amounts of lime to seNing and supporting the School and ensuring that ils best interests are fostered. Governors are appointed for a three year term and can be re-elected for further terms. The Governing Body includes members from academic, business, medical and legal backgrounds, giving the School a wide range of experience and expertise upon which lo draw. Induction of new Governors consists of familiarisation with the School by introductory leller and visit and discussion with the Headmaster and Bursarlclerk to the Governors and with the Chairman. Governors are provided with documentation relating to the Governing Body's conslitution, the School's conslitulion, aims, policies, plans, procedures, educational and financial performance, Guidelines for Governors issued by the Association of Governing Bodies in Independent Schools and details of the responsibilities of charity trustees as provided by the Charity Commission. The system of on-going training for Governors continued in 2024-25 with Governors being offered both external courses and sessions on the morning ofthe main Board meetings. Governors are encouraged to indicate any areas about which Ihey would like to know more or in which they would like lo be brought up to date. ORGANISATIONAL MANAGEMENT The Governing Body meets three times a yeartowards Ihe end ofeach term and at the end of each school year appoints a Governors, Commillee to serve for Ihe following twelve months. The Governors, Committee consists ofthe Chairman ofGovernors. Vice-chairman and a minimum offour other Governors and meets at least seven limes during the year with the School's senior managers lo consider mallers relating lo the conduct and management of the School and lo make reports and recommendations to the Governing Body. The Governors, Committee is elected annually al the last meeting oflhe Governing Body to serve for the following year. The Chairman is elected for a maximum period of three years. Further commillees may be appointed from lime to lime by the Governors lo consider other mallers as deemed appropriate and a majority of each committee consists of members of the Governing Body. DLtring 2024-2025 there were five such commillees.. an Academic Committee, a Property Strategy Committee, a Pensions Committee, an Audit & Risk commillee and a Preparatory School Committee. The Governinq Elody determines the aims and overall conduct of the School.11 sets and reviews the policies, plans and procedures that will ensure that the School offers the best possible education for present and future pupils. 11 also ensures the proper control of the School's finances. The Governors are responsible, in conjunclion with the Head and Director of Finance and Operations, for the formulalion and periodic review of the Strategic Plan setting out the School's objectives, vision and values and how they will be achieved. During the year the School's Strategic Plan was reviewed and updated. The Head is responsible for the general welfare of the School and the implementation of the policies agreed by the Governing Body. The Head has power lo select and appoint, suspend and dismiss staff and lo delegate these functions lo the Director of Finance and Operations in respect of adminislralive and support staff. The control of the School's finances on a day lo day basis is delegaled to Ihe Director of Finance and Operations. The Governors, Committee is responsible for setling the salaries of Ihe Executive Management Team. RISK MANAGEMENT, SAFEGUARDING CHILDREN AND CHILD PROTECTION The major risks to which the School is exposed, as identified by the Governors, have been reviewed and systems have been eslablished to miligale those risks, which include both internal {safeguarding, rirelflood, GDPR) and external (Political influence, TPS, taxation, cyber). This is an on-going process and the Board reviews and updates the risk management process at least annually. Key controls include.. Formal agendas, including an annual review of risk management. for all Board and Committee activity., Detailed terms of reference for all Committees., Comprehensive strategic planning, budgeting and management accounting., An established organisalional structure and lines of reporting. Clear aulhorisalion and approval levels- Velling prO￿d￿reS as required by law for the protection of children. 10 Throughout its risk management processes, the Governing Body is satisfied that the major risks identified have been adequalely mitigated where necessary. The new Labour Government announced on 29, July 2024, the introduclion of VAT on Independent School fees from January 2025. This has had significant implications for independent schools across the country and Ipswich School is no exception. However, Ipswich School had been aware of this potential risk for some months and so undertook a number of actions including- The Board established a dedicated working group involving the school executive and Governors with the primary aim of reviewing and planning for VAT on school fees. Completed various scenario planning and stress lesling of the School's financial plans. Continue lo work with our professional bodies, the Association of Governing Bodies of Independent Schools {AGBIS), Independent Schools Council (ISC), Independent Schools Bursars Association (ISBA) and the Independent Association of Prep Schools (IAPS) to continue to open the conversation and work with the Labour party on this policy. Lobbied the local Labour MP surrounding the expected impact of this policy on Ipswich School and more widely. Invested in ils boarding provision to enable further growth in pupil numbers in this area. The impact of this policy was further exacerbated through the Labour Government's first budgel on 30 October 2024 where il removed business rates relief for independent schools, increased the National Living Wage, and increased the cost to the employer of National Insurance. The Governing body has sought and continues lo seek lo miligale the impact of these laxalion changes as much as it can, whilst recognising the need lo maintain the high level of educational and pastoral excellence Ipswich School is renowned for and therefore the inevitable impact that these laxalion changes have on school fees to our parental body and the affordability aspect of privately educated children. Therefore, the focus of the Board has, and continues to be, to balance the level of fees charged whilst maintaining an excellent educational offering. Mindful of the impact the significant fee increases will have on the affordability of school places, the Board closely monitors the level of demand for school places and bursary support applications acknowledging Ihal a core amount of pupil numbers is a key driver to ils success. Cyber risk has increased over the last few years, especially focused on schools and is therefore another significant risk for the school which it is managing. Proactive additional mitigations the school has put in place includes external penetration testing in addition to the monthly internal penelralion testing completed and increased insurance in this area lo transfer some of Ihe risk. A review of the School's Child Proteclion and Safeguarding Children Policy and procedures for safeguarding children was carried out and amendments made lo ensure compliance with the best practice recommendations from the Suffolk Safeguarding Children Board and ISI, including guidance for staff. 11 was agreed that the policies and systems in place were satisfactory. RESPONSIBILITIES OF CHARITY TRUSTEE Law applicable to Charities in England and Wales requires charity trustees to prepare accounts for each financial year which give a true and fair view of the Charity's financial activities and of its financial position at the end of the year. In preparing accounts giving a true and fair view. charily trustees should follow best practice and: select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP- make judgements and eslimales that are reasonable and prudent- slate whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the accounts., and prepare the accounts on the going concern basis unless it is inappropriate lo presume Ihal the Charity will continue to operate. The Directors of Ipswich School Corporate Trustee Ltd who are all Governors of the school have overall responsibility for ensuring that the Charity and its trading subsidiary has appropriate systems and controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and for their proper application as required by charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that: - The Charity is operating efficiently and effectively; - all assets are safeguarded against unauthorised use or disposition and are properly applied; - proper records are maintained and financial information used within the Charity, or for publication, is reliable; - the Charity complies with relevant laws and regulations. The Directors of Ipswich School Corporate Trustee Ltd who are also Governors of the school are responsible for the maintenance and integrity of the financial information included on the School's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In so far as the Governors are aware: - there is no relevant audit information of which the Charity's auditors are unaware; and - the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Approved by the Governing Body and signed on its behalf on -��� .. �.Y.� .. **?.-9. ��** Mr N C F rthing Director/Governor Ms Anna Hennell James Director/Governor 12 REFERENCE AND ADMINISTRATIVE DETAILS Corporate Trustee Ipswich School Corporate Trustee Limited Governors and responslbllStles Mr N C Farthing (Vice-chairman) G P N (appointed as Chair 1stJanuary 2025) Mr H E Staunton (Chairman) G (resigned 31st December 2024) Dr E Alimeta P (resigned 31st December 2024) Mr A Betton {appointed 6th December 2024) Mr G H Clarke MrWDCoeGPSN RevdDrGMWCookA Mr R Cooper PS Mrs J M Crame AD MrJSDaveyAAD Dr R E Gravell G Ms A E Hennell-James P S (appointed as Vice Chair 1siJanuary 2025) MrSAMorrisAG Mrs Caroline Moore (appointed 5, De￿mber 2025) Mr C J Oxborough P Mr A C Seagers {resigned 31 August 2025) Mrs L Stephens MrMJTaylorGADP Dr T A H Wilkinson A Ms E Williams (resigned 19th March 2026) MrRPEWilsonG Ex-officio Governor The Lord Bishop of the Diocese of Sl Edmundsbury and Ipswich- The Rl Revd M A Seeley P (resigned 151 March 2025) The Rt Revd G Knowles (appointed 271h March 2025 and resigned 5 December 2025) Currently a vacancy Notes G indicates a Member of the Governors, Commitlee A indicates a Member of the Academic Committee P indicates a Member of the Preparatory School Commillee S indicates Governor responsible for Safeguarding PS indicates a Member of the Property Strategy Committee N indicates a member ofthe Pensions Committee AD indicates a member of the Audit & Risk committee Head: Mr N Gregory, BA MEd (appointed 1s1 September 2024) Director of Finance and Operations: Mrs J Hunwicke, CGMA, ACMA Prlnclpal address.. 25 Henley Road, Ipswich, IP13SG ADVISERS Bankers Lloyds Bank plc, 13 Cornhill, Ipswich, IP1 1 DG Sollcltors Birkells LLP, Providence House. 141-145 Princes Street, Ipswich, IPI 1 QJ Audltors Ensors, Connexions, 159 Princes Street, Ipswich, IP1 1QJ Insurance Brokers Gallaghers Ltd, 4, Floor, Brooke Lawrence House, 80 Civic Drive, Ipswich, Suffolk. IP12AN Nomlnee Shareholder of ISE Llmlted Current Shareholder.. Ipswich School Corporate Trustee Ltd 13 Ipswich School Independent Auditor's Report to the Trustee of Ipswich School Oplnlon on financial statements We have audited the group financial slalements of Ipswich School I'parent charity,) and ils subsidiary (the 'group'l for Ihe year ended 31 August 2025 which comprise the consolidated statement of financial activities, the consolidated and parent charity balance sheets, Ihe consolidaled cash flow statement and notes lo the financial slalemenls, including a summary of significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandard applicable in th8 UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slalemenls.. give a true and fair view of the slate of the group and parent charity's affairs as at 31 August 2025, and of ils incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibili118s under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the group and parent charily in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK. includinq the FRC'S Ethical Standard, and we have fulfille.d our olhp.r p.thical 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. Concluslons relating to going concern In auditing the financial slalemenls, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or condilions that, individually or collectively, may cast significant doubt on the group's or parent charily's abilily to continue as a going concern for a period of al least twelve months from the dale when the financial slatements are authorised for issue. Our responsibility and the responsibilities of the Iruslee with respect to going concern are described in the relevant sections of this report. other Informatlon The other information comprises the information included in the annual report, other than the financial slalemenls and our audilor's report thereon. The trustee is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover Ihe other information and we do not express any form of assurance conclusion thereon. Our responsibilily is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in Ihe audit or olhetwise appears lo be materially misstated. If we identify such material inconsistencies or apparenl material misslalemenls, we are required to determine whether there is a material misslalemenl in the financtal stalemenls or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other informalion, we are required lo report Ihal fact. We have nothing to report in this regard. 14 Matters on which we are required to report by exception We have nothing to report in respect of the following mallers in relation lo which the Charities (Financial Statements and Reports) Regulations 2008 require us lo report lo you if, in OLrr opinion: the information given in the financial statements is inconsislent in any m8lerial respect with the Iruslee's report. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsibilities of the trustee As explained more fully in the Iruslee's responsibilities statement set out on pages 11-12, the trustee is responsible for the preparation of the financial slatemenls and for being satisfied that Ihey give a Irue and fair view, and for such internal control as the trustee determines is ne￿$Sary lo enable the preparation of rinancial slalemenls that are free from material misslalement, whether due to fraud or error. In preparing the financial slalemenls. the trustee is responsible for assessing the group's and parent charity's ability to continue as a going concern. disclosing, as applicable. matters related lo going concern and using the going concern basis of accounting unless the Iruslee either intends lo cease operalions. or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financlal statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expecteil lo Influence Ihe economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instan￿$ of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstalemenls in respect of irregularities, including fraud. The engagement partner has ensured that the audit team collectively had the required experience. knowledge and competence lo perform the planned work and identify any relevant irregularities. Our work has included considering areas of higher risk of fraud, including transactions with related parties, income recognition and areas where there is a risk of management override of systems and controls. The exlenl to which our procedures are capable of delecling irregularities, including fraud, is detailed below. In idenlitying and assessing the risks of material misslalement we have ensured we have-. obtained sufficient and appropriate underslanding of the systems and controls in operation., reviewed the legal and regulatory framework Ihal the group operates within and enquired of management and those charged with governance for details ofany issues during the year or since. considered the control environment and culture- assessed the accounting eslimales within the financial statements in order lo assess their reasonableness and determine whether there is any bias in management's estimates. enquired of management whether there have been any alleged, suspected or actual instances of fraud during the year. enquired ofmanagemenl and those charged with governancewhether there has been any litigalion or claims. reviewed minutes taken at Governors, Committee meetings during the year. reviewed legal expense accounts for any indicators of litigation or claims. undertaken detailed tests, including additional work on areas where we consider there lo be a higher risk of fraud, which includes revenue recognilion and areas of potential management override. 15 However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://w .frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** This report is made solely to the group's and parent charity's trustee, as a body, in accordance with Part 4 of the Charities (Financial Statements and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the group's and parent charity's trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the group's trustee as a body, for our audit work, for this report, or for the opinions we have formed. Ensors Connexions 159 Princes Street Ipswich IP1 1QJ Date: 30th June 2026 Ensors is eligible for appointment as auditor of the group and parent charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 16 Ipswich School Consolidated Statement of FinanGlal Activities For the year ended 31 August 2025 2025 Total Fund5 2024 Total Funds Unrestrleted Funds Restrlcted Endowment Funds Funds Notè Income and endowments from: Donatlons and legacles Other tradlng actlvltles: Renlal and commercial income - Tradlng Incomè Inv85tmonts 607,185 40.922 648,107 122.535 26,056 471,271 13,828 4.728 30,784 471,271 28,008 35,265 431,706 18,045 6,938 7.242 Charltable Acllvllle$= School lee income and 8550cl8led charges 24,549,486 24,549.486 24,936,167 Other Income 392,303 392.303 Total Income 26.060,130 47,860 11.970 26.1 19,960 25,543,718 Expendlture on: Ralslng funds Trading expendilure Development office Financlng costs Fee discounts and commissions 363,723 135,235 239,681 79,425 363,723 138,385 239,681 79,425 457.259 146,363 223,108 87,498 3.150 Charltable acllvllles Provision ol educalion Scholarships, remissions and bur8arie8 19,602.501 4.226.840 35,491 166,991 1,200 19.639.192 4.393.831 19,911.806 4.664,368 Other Remeasuremenl of pension liability DSslrlbulh)n ol endowment 915,981 915.981 18,879 18,879 18,574 Total éxpèndlture 25.563,385 205.632 20,079 25,789,096 25.508,976 Net galnslllossesl on inveslmenls 12 1521 (8.9791 110,1061 119,1361 65.218 Net in¢omellexpenditure) 496,693 1166.7511 {18,2151 311.728 99,960 Transfers between funds 156.385 {164,4941 8,109 Net movement In funds 653,078 1331.245} 110.1061 311,728 99.g60 Funds balance brought forward al 1 September 2024 9.260,795 2.615.411 807,120 12.683,326 12.583,366 Funds balance carried forward al 31 August 2025 16.17 9,913,873 2,284,166 797.014 12,995.054 12.683,326 All th8 above movements relate to conlinuing aclivilies. The notes on pages 22 10 42 form part of these accounts. 17 ## **Ipswich School** ## **Consolidated and Charity Balance Sheets** ## **As at 31 August 2025** ||||**Group**|**Group**|**Charity**|| |---|---|---|---|---|---|---| |||**Note**|**2025**|**2024**|**2025**|**2024**| ||||**£**|**£**|**£**|**£**| |**Fixed assets**||||||| |Tangible fixed assets||11|21,631,526|21,041,684|21,577,593|20,973,063| |Investments||12|768,741|765,013|768,743|765,015| ||||22,400,267|21,806,697|22,346,336|21,738,078| |**Current assets**||||||| |Debtors||13|1,609,632|530,498|1,862,535|776,466| |Cash at bank and in hand|||1,920,803|1,514,501|1,843,757|1,506,340| ||||3,530,435|2,044,999|3,706,292|2,282,806| |**Current liabilities**||||||| |Creditors - amounts due within one year||14|(7,159,805)|(6,686,742)|(7,139,723)|(6,623,341)| |**Net current liabilities**|||(3,629,369)|(4,641,744)|(3,433,430)|(4,340,535)| |**Total assets less**|**current liabilities**||18,770,898|17,164,953|18,912,906|17,397,543| |Creditors - amounts due after one year||15|(5,775,844)|(4.481,629)|(5,775,844)|(4,481,629)| |**Net assets**|||12,995,054|12,683,326|13,137,062|12,915,916| |**Funds**||||||| |Restricted||16|2,284,166|2,615,411|2,284,166|2,615,411| |Endowment||16|797,014|807,120|797,014|807,120| |Unrestricted|General|17|9,192,480|9,250,755|9,334,488|9,483,345| ||Designated|17|721,394|10,040|721,394|10,040| ||||12,995,054|12,683,326|13,137,062|12,915,916| Approved by the Corporate Trustee and signed on its behalf on .:3.mic life and residual values are eslimaled, addilionally, where the asset consists of both land and building elements. the estimated land value Is separaled and is not depreciated. The esllmales and assurnpllons used In calculaling the appropriale depreclalion rate are based on managemenl's judgement. The deprecialion charge In Ihe accounts Is £794,493 lor Ihe year. 25 Ipswich School Notes to the Accounts For the year ended 31 August 2025 3. Subsldlary: Ipswlch School Enterprises Limited Th8 figures shown in the consolldaled Slalemenl of Financial Aclivilies and Group Balance Sheet include Ihose ol Ihe School's subsidiary, Ipswich School Enterprise5 Limited (Company number.. 040488401. The company's reglslered office is.. Ipswich School. 25 Henley Road. Ipswich. Suffolk, IP13SG. The Charity owns Ihe whole of the ordinary share capllal. consi51ing of 2 Ordinary shares of £1 each, ol Ipswich School Enlerprises Lirniled, which lets Ihe School's sports and other facilities lo Ihe general public. The inlenlion is lor the Subsidiary lo donate ils taxable profits to the Charity each yearby way of a deed of cov8nant if il has sufficient reserves lo enable il lo do so. The results for th8 year and position al the balance sheel date are summaris8d as follows.. 2025 2024 Trading Income Inlere51 receiv8ble 471,271 75 471.346 431,705 431,705 Total Resource5 Expended 380,763 474,299 Nel Movemenl in Funds 90,583 142,5931 Total Funds brought forward Total Funds carried forward 232,589 142.006 189,996 232.589 Total Assels Total Liabilities 178,791 320,797 (142,0061 115.310 347,899 1232,5891 Unre5tdcted Funds 1142,0061 1142.0061 {232,5891 1232.5891 Expendilur8 includes £17,04012024'. £17.0401 ol management fee5 ch8rged from the School which has been eliminated on consolidalion. Al th8 y8ar-end Ipswich School was due £300,71512024.. £284.4961 Irom Ipswi¢h School Enlerprises Limited. 2025 Restrlcled Endowment 4. Donations and legacles Unr6sttlcted Total Oonalions LegaGie5 58,442 548,743 40,922 99,364 548,743 607,185 40.922 648.107 2024 Restrlcted Endowment Unrestrlcted Total Donalions Legacies 1.259 121,276 122.535 1.259 121.276 122,535 26 Ipswich School Notes to the Accounts For the year ended 31 August 2025 Investments 2025 Restrlcted Endowm8ht Unreslrlcted Total Interest on cash deposits Income from listed investments 13,828 13,828 14,180 6.938 7,242 13,828 6.938 7,242 28,008 2024 Unre51ricled Restrlcted Endowment Tolttl Interest on cash deposits Income from listed inveslments 2.753 6.724 2,753 15,292 1,216 7,352 1,216 9.477 7,352 18,045 Other income 2025 R8Strlcled Endowment Unrestrlctèd Total Gains on disposal ol langible fixed assets Insurance claims 280.694 111.609 280.694 111.609 392,303 392.303 2024 Restrlcted Endowment Unreslrlcted Total Gains on disposal ol tangible fixed assets Insurance claims 27 Ipswich School Notes to the Accounts For the year ended 31 August 2025 7. Expendlture 2025 2024 Charitable expenditure Includes: Auditors remuneration.. For audit setvices For Olher services 29,719 62,083 31.665 40.875 Renlals paid under operating leases 55,559 68,360 Tolal staff costs comprlse: Wages and salaries Social security costs Pension costs 10,381,151 1,040,469 2,154,538 10.487,619 926,589 1,816,122 13,230,330 13.576,158 The average number ol employees during Ihe year was... 2025 2024 No. Teaching and Associated Staff Operallons Admlnlqlralive The Lodge Nursery 200 109 .27 44 227 57 42 390 416 During the year the School paid £163,32512024'. £7,0281 in redundancy and severance p8ym8nls. The number ol employees who earned £60,000 p.a. (excluding pension conlributionsl or more during the year was as follows.. £60,00110 £70,000 £70,00110 £80,000 £80,00110 £90,000 £90,001 to £100,000 £100,001 to £110.000 £150,001 to £160.000 £180,001 to £190.000 £220,001 to £230.000 13 The emoluments Included In Ihe band of £220.00110 £230,000 includes addilional salary in lieu ol employer pension conlrlbulions. Members of the Board of Governors do not recelve any rernuneration lor Ihelr serVI￿S. There 15 Insurance cover lor the Governors against liabilily arising from their office, The prernium paid is included within Ihe premium for public Ilabllily cover. 28 Ipswich School Notes to the Accounts For the year ended 31 August 2C125 8. Expenditure Staff costs Othèr ¢osls Dèprècla- tlon Total 2025 Total 2024 Raising funds: Finance costs Development office Fee discounts Subsidiary Ifading cosls 239,681 64,951 79,425 246,297 630,354 239,681 138,385 79,425 363,723 821,214 223,108 146.363 87.498 457.259 914.228 73,435 101,369 174,804 16,057 16,057 Provlslon of educatlon Teachlng Welfare Prem15es Trips and events Support costs GovernanGe costs 10.215,367 463,447 412,426 1,025.789 804,246 1,704,823 472,243 2.138.229 230,051 6.375.381 61,185 100,146 597,332 11,302,341 1,367,839 2,714,581 472,243 3.500,415 281,771 19.639,190 11,012,221 1,666,655 3,086.377 700,281 3,171,492 274 780 19,911,806 1,342.413 51.720 12,485.373 19.773 778.436 Scholarshlps, rernisslon5 and bursaries 4,393.831 4,393.831 4,664,368 Remeasuiement of penslon Ilabillly 915.981 915.981 Share of endowment Income 18,879 18.879 18.574 Total for the group 13,576,158 11,418,445 794,493 25,789,096 25.508.976 Analysls by fund Unreslricled Reslricled Endowment 13,576.158 11.226,884 171.482 20.079 760,342 34.151 25.563,384 205.633 25,241,405 248,497 19.074 13.576.158 11.418.445 794.493 25,789,096 25,508.976 Scholarships, remissions and bursaries 2025 Restrlcted Endowment Unrestrlcted Total 8urs&rles and rernSsslons Scholarshlps 2,237,719 1.989.12f 2.237.719 2,156,112 166,991 4.226,840 166.991 4,393,831 2024 Restrlcted Endowment Unreslrlcled Total Bursaries arsd remissions Scholarships 2.385,517 2.065.395 2,385.517 2.278.851 213.456 4,450,913 213.456 4.664,369 The above educational benefits were made to 433 Indivlduals12024.' 5501. 29 Ipswich School Notes to the Accounts For the year ended 31 August 2025 10. Governance costs 2025 Re$trlcled Endowment Unrestrlcted Total Legal and prof85sional fees Staff costs 230.051 51.720 230.051 51.720 281.771 281.771 2024 Total Unreslrlcled Restrlcled Endowment Legal and prol8ssional fees Staff costs 231,050 43,750 231,050 43,750 274.780 274.780 30 oaj {0￿ r￿aP ¢7J o cw(o o Lr) a ) fo Oajo > 0>0 15> ro 1S)r 00 oo* (O ¢0 ) ¢0 u)r tr) OLn(fj Ov io* ) p) (O ts) ¢D (Oaj to ) p) <0 0 ¢4 ¢4 r f4 o(00 Z5 C OCJO oi ¢0￿ ¢0 to Ipswich School Notes to the Accounts For the year ended 31 August 2025 12. Flxed asset Investments - Group 2025 2024 Quoted Investments Market value al I September 2024 Additions Disposals Nel unrealised inveslmenl gainll105sI 765,013 22,864 699.796 119,1361 65,217 Markel value al 31 August 2025 768,741 765,013 Historic cosl 8131 Avgusl 2025 50,052 27.188 Quoted invoslmenls comprtse.. a} Holdings of morg than 5010 of lolal Investments- C.O.l.F. income and accumulation unils bl Others inves18d UK 745,603 23.138 764,840 173 768,741 765.013 Flxed asset investments- Charlty As above plus the investment In Ihe Irading subsidiary.. Cost al 1 September 2024 8nd 31 August 2025 Delalls ol the Charills trading subsidiary are given in Note 3. Hlstorical cost of investments Scholarships and Bursaries Fund Further Educalion Fund Prtze Fund Endowment Unrestricted 5,222 3,948 2,306 14.441 24.135 50.052 13. Debtors Group Charlty 2025 2024 2025 2024 Fees and recoverable disbursements Prepaym8nls and other debtors Trade debtors Amounls due from grovp undertakSngs 1.015.313 570.772 23,547 169,899 340.426 20,173 1.Of5.313 546.506 169,899 322,071 300.716 284,496 1,609,632 530.498 1,862.535 776,466 Fees and recoverable disbursements have increased comp3red to the prior year due to the introduction of VAT on school lee5. The current year debtor includes the VAT elernenl of involce5 raised pre year end relating to the next financlal ye8r. 33 Ipswich School Notes to the Accounts For the year ended 31 August 2025 14. Creditors: amounts falling due wlthln one year Group Charity 2025 2024 2025 2024 Trade creditors Olher creditors Penslon deficit ¢redilor Accruals and deferred income Bank loaris Finance lease obligations Fees received in advance 817,929 1,585,305 183,000 474,434 380,975 98,254 3,619.907 7,159.805 182.193 699.307 82.790 500.251 290,172 811,349 1,585,305 183,000 460,932 380,974 98.255 3.619.907 7.139.723 178,330 667,058 82,790 472.963 290.172 4,932,028 6,686,742 4,932,028 6,623,341 Del8rr8d illcome relates lo dep055ls towards school lrips and totalled £268,932 al the year end12024.' £82.252. which was released in the yearl. 15. Credltors: amounts due after more than one year Group Charity 2025 2024 2025 2024 {al Bank loans: 6elweeii uiitr and Iwo ytrars Between two and five years In live years or more 422,tss 716,665 2,581,674 J91,209 785,727 2,562.750 422,85 716,665 2,581,674 J¥1,21Jy 785,727 2,562.750 3,721.197 3,739.686 3.721.197 3.739.886 Fees recelved In advance {see 15bl'. Between one and two years Between two and five years In five years or more 77,615 232,845 201,225 36,305 93,953 104,255 77.615 232,845 201,225 36,305 93,953 104,255 511,685 234,513 511.685 234,513 Pension deflclt credltor: Between one and tv￿ years 88tween two and live years In five years or Thore 171.206 497.488 563.306 77.820 298.988 130.622 171.206 497.488 563.306 77.820 298.988 130,622 1,232,000 507.430 1,232,000 507,430 Flnan¢e lease obligations: Belween one and two years Belwe8n two and five years In five years or more 98,255 212,707 98,255 212,707 310,962 310,962 5,775.844 4,481,629 5.775,844 4,481.629 The School has an agreed overdrart facility of £2,400,000, which was ren8W8d in 2025. The School has three fixed rale bank loans and three mortgages. The first flxed r8le loan is repayable by terrnly in51almellls over a 20 year per5od cornmencing Irom January 2007 and be8rs interest al a fixed rale o16.5°A. 34 Ipswich School Noles to the Accounts For the year ended 31 August 2025 15. Creditors: amounts due after more than one year (contlnued) The second fixed rate loan was taken out in 2020 and was interest only until March 2021 and bears intefest at 8 f6xed rate of 3.180h. The Ihlrd fixed rate108n was taken OLJt in 2025 over a 5 year period cornmencing in July 2025 repayable by monlhly Inslalmenls of £7.317. The Iwo older mortgages are repayable by lermly inslalmenls over a 20 year period commencing July 2015 and bear Interest at 3.9601.. The mortgages are secured on the underlying properties. The newor mortgage was on a Iwo year interest only period, now il is repayable over a 20 year period commencing December 2018 and b88rs Interest al 3.42Q/,. This mortgag8 is secured on the underlying propèty and the freehold land and buildings al bolh 161 Valley Road and Wes(wood House. In 8ddilion, these borrowings are secured by a first leg81 charge over assets known as Negalivg Pledge 8nd 23 Henley Road. {bl Fees recelved In advancg: Balance al 1 September 2024 New deptssils Amounts ullllsed In payment ol fees to Ihe School Amounls refunded 5,166,541 1.064.423 {2.007,8431 191.5291 Balance al 31 August 2025 4,131,592 Due within one year.. Due after one year.. 3.619,907 511,685 4,131,592 16. Restrlcted and Endowment funds Scholarship Further & Bursaries Education Fund Fund Priza Fund Appeal Funds Other Funds Total Endowment As al 110912023 1,313.366 252.658 71,191 1,109,180 196,739 2,943,133 762,971 Nel income I lexpendilurel 23124 Transfers (77,7891 9,374 3,899 129.4481 14,7041 198,6671 37,154 188.630} 17501 {2.6701 158,0931 178.9121 1229,0551 6,995 As al 3110812024 1,146,947 261,282 72,420 1,021,639 113,123 2,615,411 807,120 Nel income I lexpendilurel 24125 Transfers 1131,8811 13,6591 4,364 128.3221 17,2531 1166,7511 (18,2151 1164.494} 1164,4941 8,109 As at 3110812025 850,572 257,623 76,784 993,317 105,870 2,284,166 797,014 By an order soaled by the Gharity Commls51oners on 25 Odober 1994. Ihe individual prize funds prevlously donated to Ihe School were consolidated into three funds lo be known as.. Ipswlch School Scholarshlp5 and Bursarles Fund To provide scholarships and bursaries to pupils attending or entering the School. Ipswlch School Further Education Fund To award leaving exhibitions to pupils leaving Ihe School in that year. 35 Ipswich School Notes to the Accounts For the year ended 31 August 2025 16. Restricted and Endowment funds (continued) Ipswich School Prize Fund To award prizes or other suitable awards or mark5 01 dislinclion lo any worthy pupil ol the School menlioned in reports lo the Trustees. The Governors of the School lor Ihe lime belng are Ihe Tru5te8s of Ihe Funds and may, subject to the conditions sel oul in lh8 Order, make such awards, as they consider suilable. Appeal Funds App881 Funds relale to donations gSven to the School in respecl of Building projects. other Funds This represenls donations made to the schotsl lor speciffc prolects and includ8s the various funds transferred from Ipswlch School Foundalion. Endowment This represents the funds held under the joint endowment scheme d8led 29 November 1881 and last updated on 14 November 1991. The named funds from which the above were consolidaled are as follows.. Scholarshlp and Bursarles Fund The Rainer Fund I he Sir W P Burton Fund The E W Porter Bursary Fund The Rowley Ellislon Fund The 8artletl Scholarship Fund I he Armstrong Scholarship Pund The Stephen Salmon Fund Further Educatlon Fund The Albert Memorial Exhibilion The Sl Edmunds School Fund The Pemberton Exhibilion The Rigaud Exhibition Prlze Fund The Bartlell Prize The D H Bourne Prize The E S Broadway Sixth Form Sclence Prize The J C Cobbold Prize The Farebrolher Prize The J08h Hunl Prize Th& Holden Prize The R J Howlell Prize The Kellle Pri28 for Junior Geography The Caroline Barnes Prize The Breene Reading Prize The E B Cowell Prize The vi5￿Unt Falmouth Memorial Prize The Grice M8themalical Pri2es Th8 Hannah Maria Hunt Prize The W C H8yward Prize The Jos5elyn Scripture Prize The Maule Prize Fr The Slephen Abboll Notcull Memorial Prlze The Paterson Prize The Crewe Priz8 The Ra5alah Prize The Geoffr8y Barnard Prize The Charle5 Steward Prize The Tanqueiay Geography Prize The Raymond Treh88m8 Prize The Mrs E D Young Prize The Sir Thomas White Pfizg The Palrner Prize The Lee Prize The Hamblin Prize The Scammell Prize The Sewell Prize The Sulliv8n Priz8 for Frgnch The Thring Prize for Ih8 H8ndic8pped The Wilson Pdze The Swinyard Pfize The Millinglon Prize 36 Ipswich School Notes to the Accounts For the year ended 31 August 2025 17. Unrestricted funds Unrestrlcted Deslgnated Total As al 1109r2023 8,868,185 9,077 8,877,262 Nel movement 23124 382,570 963 383,533 As at 3110812024 9,250,755 10,040 9.260.795 Net movement 24125 (58.2751 711,354 653.078 As a13110812025 9,192,480 721,394 9.913,873 Designated fund The desvJnaled fund rolale5 to unrestrlcled collections by Ihe School, which hav8 been des1gn8led for specific purposes Including Ihe Prep Bazaar, musical inslrumenl hlre. homework club and the luckshop. 37 Ipswich School Notes to the Accounts For the year ended 31 August 2025 18. Analysls of net assets between funds Tangible Fixed Assets Current Assetsl Investments (Liabilities) Long Term Liabllltles Total As at 31 August 2025 Restrlcled Funds Scholarships and 8LJrsarfes Fund Further Educalion Fund Pilze Fund Appeal Funds olher Funds 110,762 86,983 45,664 739.810 170,640 31,120 20,879 105,870 850,572 257,623 76,784 993,317 105,870 972,438 972,438 243.409 1,068,319 2.284.166 Endowment 120,000 483,224 193.790 797,014 1,092,438 726,633 1,262,109 3,081,180 Unrestrlcted fund5 20,539.088 42,108 14,891,478} 15.775.844) 9,913,874 21,631,526 768.741 13,629,369) 15,775,844) 12,995,054 As at 31 August 2024 Rest¥lcted Fund5 Scholsrships and Bursaries Fund Furth8r Educalion Fund Prize Fund Appeal Funds Other Funds 114,848 90.192 47,348 1.032,099 171,090 25,072 19,754 113,123 1,146,947 261.282 72,420 7.021,639 113,123 1.001.885 1,001,885 252,388 1,361,138 2.815,411 Endowment 120,000 493,J30 193,790 807,120 1,121.885 745,718 1,555,818 3,423.421 Unr851rlcted funds 19,939,799 19,295 16,196.6701 14,481,629) 9.260.795 21,041,684 765.013 14,641,741) 14,481.6291 12,683,326 38 Ipswich School Notes to the Accounts For the year ended 31 August 2025 19. Pension Support Staff Penslon Scheme- The Pensions Trust A defined bengfil scheme is operated by The Pensions Trust ITPTI as the Independent Schools, Pension Schem8, which is a mulli-employer scheme. The Scheme is contracted out ol Ihe Sla19 scheme. The Truslee commissions an actuarial valuation olthe Scheme every three years In orderto deterMln8 Ihe18vel olfulure contributions required so Ihal the Scheme can meet ils pension obligations as they fall due. In 2009 the School took the decision lo Ireeze Ihe Scheme so that nc) n8w m8mbers could join and contributions for exislino slaff members were slopped. Exisllng staff were moved lo lh& TPT defined contribulion scheme. The School participates in the mulli-employer scherne which provides benelils lo some 66 non-associated employers. The scheme is a defined benefil scheme In the UK. 11 is not possible lor the School to obtain sufficient information to enable il lo account for the scheme as a defined benefit scheme, therefore, the School accounts for the scheme as a defined conlribulion scheme. The scheme is subject to the funding legislation outlined in Ihe Pensions Act 2004 which came Into force on 30 December 2005. Thls, logelher with documents issued by Ihe Pensions Regulator and Technlcal Acluarlgl Standards issued by lh8 Financial Reporting Council, sel out the framework for funding defined benefil occupallon81 schemes in the UK. The scheme Is classified as a 'last-rnan standing arrangement,. Therefore Ihe School Is potentSally1Sable for other participaling employers, obligalions illhose employers are unable lo meet thelr5hare of Ihe scheThe deficit followng wilhdraw81 from Ihe scheme. Participaling employers are legally requlred lo meet Ihelr shar& or the schgme deficit on 8n annuity purchase basis on wilhdrawal from the scheme. A full actuarial valualion for the scheme was carried oul with an elleclive date 0130 September 2023. This actuarial valuation was certified on 11 December 2024 and showed a55els of £99.2rn, liabilities of £151.5m and a deficit of £52.3m. To eliminale this lunding shortfall, Ihe truslees and Ihe parlicip8ling ernployers have agreed that additional conlribulions wll be paid, in combinalion from all employers. This amounts lo £6,000,000 per annum, payable monlhly. Following a £915.981 adjuslment from the triennial valu81ion, the School deficit is £1,415.000 as al 31 August 2025 whSch Is being recovered ovor nine years. The recovery plan conlfibullons are allocated to each participating employer in line wilh Iheir eslimaled share of the scheme liabilities. The school currently op&rale5 a defined contribution scherne with The Pensions Trust lor support staff. Total conlribullons In r8sp8¢1 of th8 svpport slaff scheme for Ihe year amounled lo £352.25612024'. £321.8441. Teachers, Penslon Scheme The Teachers, Pension Scheme l°Ihe TPS'I is an unlunded, defined benefit pension scheme. governed by the Teachers, Pension Scheme Regulations 2010 {as amended) and The Teachers. Penslon Scheme Regu1alions 2014 las amended). Members contribute on a "pay as you go basis with contributions from members and the ernployer being credited to the Exchequer. Reliremenl and other penslon benefits 8re p8id by public funds provided by Parliament. Until 31 August 2024. the School patlicipaled In Ihe TPS for 51s teachlng slafl. On 31 Au9usI 2024 the School exiled the scheme and joined a defined conlribulion scheme provlded by Royal London. No conlribulions were paid by the School lo the TPS during the current year. Contributions 01 £1,487,014 were made during the prior year. £167,898 tsl whlch was owed a5 at 31 August 2024. Royal London Following ils exit from the Teachers. Pension Sehem6 on 31 August 2024, the Sthool joined a defined ￿nIrIbution scheme provided by Royal London, with conlribulion5 being made by the School and ils employees. The assets ol the scheme are held separately from Ihose of Ihe Gharily in indep8ndently administered funds. During the year, Ihe School made conlributlOT15 tolalling £853,89012024.. £nill. At the year end, contributions of £129,867 were oulslandlng and are Included wilhin credilors12024.. £nill. The School has no lurther legal or conslruolive obllgallon beyond p8ylng conlribulions. standard Life The School also operates 2 defined conlribuliori Scheme provided by Standard Life, which was set up in September 2001. The Scheme remalns open bul from 2014 the School ceased lo offer Ihe Scheme lor new entrants. Conlribulions are made by the School and Ils employees. The assets of the schem8 are held separately Irorn those of the charily in independently administered funds. Dudng the year. the School made conlribulions lo13lling £32,41112024.' £39,113). At the year end. conlribulions ol £3.962 were oulslanding and are Included within ¢reditors12024.. £4.5461. The School ha5 no lurlher leg81 or wnslfu¢live oblrgalion beyond paying conlrtbulions. 39 Ipswich School Notes to the Accounts For the year ended 31 August 2025 20. Related party transactions During Ihe ye3r Ihe School u11115ed Ihe service5 of Birkelt5, Its legal advisors. in which Gov8rnor Mr A S8agers1s a Partner. Fees p8id lo Birkells duThng the year lolalled £89,49512024.. £84,607), with £nil12024.. £780} oulslanding al Ihe year end. Adjust la51 paragraph A During the year the School conllnued to engage the s8rvic8s of W D C08 Limit8d as th8 slud8nl ouffiller, 8 Cotnpany of which Governor, Mr W Coe is director and shaieholder. In addilion. Ihe School m8de PLJrchases from W D Coe Limiled 01 £3.22312024.' £20.7481 in the year. with £nil12024.. £nlll OLJlstanding al lh8 year end. Governtsrs made donalions lolalllng £1,110 during the year12024.. £5,735). Where a Governor has a child allendlng the school Ihe lu11 fee rates are paid, subject lo any scholarship5 and bursarie5 which are awarded on the same basis as Ihey are lo other families. Some Governors with chlldren In allendance have paid fees in advance, under Ihe s8me terms offered to olher families. During Ihe year the School paid £225 to Rlchard Wllson (Governor) for provisloll of 51nglng lesson512024.' £2,035). Mr Wilson also paid £1012024.. £121 to the School lor use ol Ihe Sehool's facilities lo provide these lessons. Ouring the year, parties relaled lo Governors andlor lo key management personnel were employed by the School lo the value of £27,530 {2024'. £nill. l Governor was reimbursed lor expenses tolalling £1.733 during the year {2024.' 2 Governors £1,600). D8lails of the School's inveslmenl in ils subsidiary and Ihe transactions and balances are shown in note 3 and note 12. 40 Ipswich School Notes to the Accounts For the year ended 31 August 2025 21. Key management remuneratlon The key management personnel ol the School comprises.. the Head. the Dlrector ol Financè and Operations, the DepLJly Heads.. and the Hèad ol Ihe Preparatory School. The total etnploym8nl b8nefils for Ihg key managemènt personnel of Ihe School were £886.26212024.' £738,660). 22. Operating lease commitments As at 31 Augusl 2025 Ihe group wa5 commilled to making th8 followng paym8nls under non-c8ncellable operatirig lease8 in respect of plant and machinery. 2025 2024 Operating leases which expire.. Wilhin 1 year Wilhin 2 10 S years Over 5 years 69,434 154.270 43,766 68.108 23. Capltal commltments Al the y8ar 8nd the School h8d capital comrnilm8nls totaling £47.000 for future work in Ihe Anglesea Heights plant room. At Ihe prior year end there w88 a commllmenl of £348.341 lor a new fire dgteclion system and new boilers. 24. Contingent liabilities The Schoc>l participates in a mulli-employer scheme operated by The Pensions Trust, which provides benefits lo 66 non-associaled employers. The scheme is classified as a 'lasl-man standing arrangement,, meaning Ihal the School is potentially liable lor Ihe obligalions of other participating employers if those employers are unable to meet Iheir share of the scheme deficit. 11 is not possible lo quantify Ihe potenlial liability for the School. 25. Contlngent assets There were no material contingent assets al the 2024125 year end. At the prior year end there were conlingent assels relating lo an insurance claim and a legacy donation. Prior lo Ihe 2023124 year end. a suence room floor required significanl repairs. To determlne whether Ihls woLJld be covered by Insurance. Ihe School's insufers had to carry oul inspecllons and surveys. These Inspection5 and surveys look place after the 2023124 reportlng date. The insurance clalm has been completed during Ihe current year ￿th the Sehotsl recelving £99,823 from Ils Insurers. PrSor to the 2023124 year end th8 School had been notified of an expect8d legacy donalion. The valu8 of the estate was uncerlaln as Ihe executors had not yel prep8red the estate accounts and probate had not yel been granted. The legacy was expected to total in excess of £500.000. During the current year. the first inslalment of £440.000 has been received with £108,743 included within 8¢crued incorne for the final payrnent. 41 Ipswich School Notes to the Accounts For the year ended 31 August 2025 26. Prlor year comparative consolldated statement of financial activities Unrestrlcted General Funds 2024 Total Fund5 Restrlcted Endowment Funds Funds Income and endowments from: Donallons and legacles Other tradlng actlvltle5: Renlal and commeraal income Trading income Investments 1.259 121,276 122.53S 30,538 431,706 1,216 4.727 35,265 431,706 18,045 9,477 7,352 Charltable Actlvltles: - School fee income and associated charges 24,936,167 24.936,167 Total Income 25.400,886 130,753 12,079 25,543,718 Expenditure on: Ralslng funds Trading expenditure De.v&lonrne.nt offic8 Finanelng costs Fee dlscounts and commissions 457,259 457,259 223,108 87.498 223,108 87,498 Charltable actlvltles Provisior) of education Scholarships, remissions and bursaries 19.876.265 4,450.912 35,041 213.456 500 19,911,806 4,664,368 Olh8r Share of endowrnenl income to Northgate Foundallon 18,574 18.574 Total expendltura 25,241,405 248,497 19,074 25.508.976 Nel gainslllosse51 on Investments 1,992 19,077 44.149 65,218 Net (expenditurellincome 161,473 198,6671 37,154 99.960 Transfers between fund5 222,060 1229,0551 6,995 Net movement In funds 383,533 1327.7221 44,149 99,960 42 Ipswich School Charlty number.. 310493