y.¥¥44*¥,k#i."',. .,. . WYCOMBE ABBEY Girls, Education Company Limited Annual Report and Consolidated Financial Statements Year ended 31 August 2025 Charty number. 310638 Cnmpany nLimber. 47031 Girls, Education Company knmFted Year Ended 31 2025 C￿lS Report l am delighted to report that the PLJpils and staff have enjoyed another successful and rewarding year at Wycombe Abb and their academic, pastoral and co-curricular endeavours continue to ensure that the School remains at the forefront of girls, boarding education. We are recogni5ed globally for the world class education we provide for our pupils, but we seek to do $0 in keeping wth the Wdlues set out by our founder, Uame Prances L)ove, in IiIY6. 1 rusL encouragement mutual respect, dynamism, cxccllencc, innovation, scrvice and balancc arc central to our community and guidc our day-to-day interactions and decision making. The 2024125 academic year wa5 the final year in our 2020-2025 strategy period, and we have now published our new strategc plan - Wycombe 130- which is underpinned by our vJues and will provide the direction for the School for the next five years. This is avilable to read on the School's website here combeabbc .COnliCX Il#stratc It has been a challenging year acr055 the independent schools, Sector. The full impact of the policies that were set out in the Government'5 2024 budget came into effect. Vle have seen record numbers of pupi15 tnoving out of the sector, with some independent schoo15 having to close, and groups of schools undertaking mergers in order to remain viable. We were able to limit the net impart of the introduction of VAT on fees to 15% by passinE on re(1￿Med VAT and by reducinE the School's operating margin but financial pressures still rem&n for the School and for parents. -pite thi" the quality of thc School,. cducation and thc breadth of it" offerin8 mean that wc remain a popular choice for parents wishini their dauRhters to benefit from the very best of a British boardin% education. We continue to operate 3 full 5chod, and we are fortunate to be over-subscribed at all the main entry points. The malorty of our pupils come trom within a one-hour radius ol London., other boarders travel trom turther alield and more than 3U nationalitie5 are represented within the School'5 full boarding community. We have recently announced that nevrf Wycombe Abbey schools will be opening in Bangkok120261 and Singapore120281 to add to the schools that are already successfully providing pupils with an education in Hong Kong, mainland China and Egypt The School will continue to identify and grow additional sources of income from its commercial 2nd Intemation operations, which is directly invested back into Bursary and Capital proEramme5 at home. I look fopNard to welcoming our new schools into the Wycombe Abbey family over the nek few years. Whilst we celebrate our diverse and global outlook, we are also passionate about the need to serve and support our lo community. We are proud of our close rdatson5hip5 With many local primary and Secondary schools in High Wycombe, and also our ability to support local charities and community groups. whether that be by pupil outreach, the provision of facilities or through shared programmes. Linked to this Is our commitment to the provision of financial support to pupils who would otherwise be Ljnable to 3ccess the education we offer. Such pupils bring their own unique contributions to the school and last year we allocated over £1.7m in bursarie5 which 5UPPOrted 41 pupils. Wycombe Abbey is Set in magnificent grounds of more than 170 acres. and the School enjoys many tnodem facilttie5 We continued to progress our ambitious Estates Magterplan, which is our road map for how the School site will be 5UStainably developed in the coming year5, but delays in receiving planning permission for the two main projects in the f1rst ph￿e of the Hasterplan has meant that momentum been slower than we would have liked. However, works are in progress to update the main entrance of the School to provide a new lodge and arrival experience which wi51 enhance the setting of the Abbey and improve operational and safety aspectg of the main entrance. This project 15 expected to complete in Summer htt s.'Ildevelo 2026. You combeabbe can read more ectsl about the Estates Masterplan here.. nient .comlca ro pa￿11 GirL' Education Ctsmpany knmI￿￿ Year Ended 31 Auts 2025 ch￿￿5 report (COn￿nUed) Wycombe Abbey pupils contlnLJe to excel and after another outstanding year, we are delighted that our departing UVI pupils have been successful in securing their places at the best of British. US and worldwide universttie& More details are in our annual report below and an oveNew of leavers, results and destinations can be found aL htt s'.Ilwnhw. combeabbe .comllearnin #results On behalf of Council, I would like to thank the Headmistress and all the staff at the School for the brrilliant work that they do on behalf of the wonderful pupils we are privileged to educate. Whatever their role, all staff members play an integral part in making Wycombe Abbey a world cl￿5 school. and they should be iustifiabty proud of their Impaci and achievemenis in hclping to prcparc young women to be the leadert of the future. Peter I C Warren Ch&r of Council P3ge12 Girls, EdLKation Cofftp￿ Ltmited Year Ended 31 Auts 2025 Annul Report by Countil The Members of Council of Girls, Education Company Litnited c'the School., the "Company" or the Charitable Company I pre.sent their Annual Report for the year ended 31 August 2025 under the Charities Act 2011 and the statement of Recommended Practice "Accounting and Reporting by Charities" SORP FRS 102- Second Edition" including the Dirertors, and Strategic Report5, under the Companies Art 2006. together with the audited accounts for the year. KEY ACHIEVEMENTS AND REWEW OF THE YEAR Pupll Numbers and Academk Athlevement During the 2024125 year, the School educated an average of 645 pupils (2023124.. 6461 of whom 74 were day pupils 12023124. 70) 1,*.llJi￿l J.l-I: A-Levd Resulis 41% 92% A*orA A*AorB grades A* grade5 GCSE Resutts 63% 87% 97% Grade 9, 8 nr7 Grade 9 Grade 9 or Tlie SLlTroul's dLddeiiiiL lesul￿ iii 202412) vvvi ¥ vxieptiuiial. At A Lewtl, 41% of 5ubjert entries resulted in A* grade5142% 2023124).. 77% resulted in A* or A grades183% 20231241.. and 92% resulted in A* A or B grades {95% 20231241. At GCSE, 63% of subject entries resulted in grade 9170% 20231241, 87% of subject entries resulted in grade 9 or 8 (89% 20231241 and 97% resulted in 9. 8 or 7197% 20231241. More detail on the academic results can be found on the school's website here htt coiiibeabbe .comlleai-nin i#results Frotn a cohort of 97 pupils in the Upper Sixth, over a third of our leave￿ took up places at institutions ranked within the top ten of the QS World University Ranknng5, including 19 pupils who SeCu￿d their place5 at the Unwersities of Oxford or Cambridge, In additsuri, 12 pupil￿ Iidve guile Lu bLudy iii Llie U) dl UIiiV¥I 51tIèS IIILludiiig Duke, UC Berk-ely, University rsf fhirjgn 2nd Mpw Ynrk I Inivpr%ty. 2nd 1 pijpil tnc)k lip an unconditional offer from IE in Madrid. A full list of pupils, university destination5 is available here htt sjlwww, conibeabbe .conillearllin l#be ond- combe-abbe Leavers go on to study a wide range of subjects- from Robotic5 and Archttecture to ScKiology and Modern Languages - at a broad range of wc)rld cliss institutions around the world. The most popular courses in 2025 were EcoTromics, History, Medicine, Neuroscience or Psychology, Law, Classics and Physics. Page13 Girls, Eduution Company knmitcd Year Ended 31 August 2025 Ann￿￿ Report by Councll (contlnu Publk Benefi( Includlng Schod and Communty Partnershlps As a Charity, the School is mindful of its comtnitment to public benefit by working to fulfil three charitable aim 1. To provide a v￿or1d-Cl￿5 independent 3econdary education that maximises each pupil's potential and lifelong interests to the benefit of the wider community. There are many former pupils who have performed active roles in public service., including high court judges, members of parliament. doctors, lawyer5 and 5uffragette5 who fought for the right of women to vote. 2. To widen access by providing Bursary funding. During the year, 116 pupils12024., 981 were granted a level of fee reduction in the form of bur53rie5, scholarship5 alld other remissions, and the totl spent on scholarships and bursaries was £1.8 million (2024.. £1.6 million), including support for 15 gir1512024.. 15) who benefitted from full fee bursaries. A further element of the School's funds is set aside to enable the He3dmistress and the Bursar to allcwate cases of hardship so that gids may continue with a Wycombe Abbey education if their parents experience financial difficulties, The award of BU￿ary support become a focus for the School with an ambition to increase the proportion of the student body in receipt of a bursary to 10%. The School continues to ensure that there is funding set ￿lde in the budget each year for Bur5drie3 and continue5 to receive donation5 into the Bursary Fund. 3. To provide educational facilities and support to local schools and to other members of the cornmunity. Wycombe Abbey's philanthropic, charitable, outreach and partnershlp work is central to School life. The partnerships we have with stste schoo15 and the local community are of great importance. Our Partnerships Progrdmme encompasses both 5tudellt-centric and teacher-centric initiatives at local primary and secondary schools, and 5iXth form colleges locally and in areas of high deprivation in London. The Programme links closely with our School values of TrusL Hutu& Respect and Serrfice, bringing these values to life for the pupi15 and helping to instill important long-tcrm principle5. The 2024125 academic year was another active year for the p3rtherships programme. Activitie5 included Lower Fifth pupils assisting with a woodwork carousel at Castlefield School, running weekly che55 clubs for primary school pupils in years 4 and 5, and the Sunday primary enrichment club, for year 5 and year 6 pupils from local primary pupils. The Cres5ex Summer School ran for its Second year in the final week of the Summer Term. The programme this year continued the tetnplate of I￿t year, with a mix of stretching academic content and outdoor activities, with the potential to run a music workshop during the Summer holidays. Local state schools participated in an aerospace challenge event in October at Wycombe Abbey, which attellded by over 10 5choo15 from Buckingharn5hifft including our partnership schools St Michael's RC and Highcrest Academy. inlly, our Llarence pupils began their primary plaiements ol their Sixth Fomi. I hree new schools have been recruited into the programme in the la."t two yeur.: Nighcre:t Acadeniy, Abbey View Primary Academy and gt Mich2ele junior RC. Pagc14 Girls, Educatior* Company knmrted Year Ended 31 Au2USt 2025 Annul Report by Councll (corfnued) Total fundraising for the year v￿5 £21,842. Pupi15 concentrat& on the following fundraising initiatives during the year.. Dove ChartUe5 Charitable involvement 15 aqdent everyNhere in the School, There are two charities the School has 5UPPOrted from ¢iruuiid Llie SLI Iwl 5 fuui Idatiuii iii 1896 Jt Patrick's Jchool in Vanuatu the Meloncsian Miu5iOn und Central Aid in High Vfyrnmhp Elected ChartUes Our EleLied Clidl ilies dT ¥ IIUI i)ii iated aiid voted for by the Jchool's pupils and stsff every two ycars, Thi? year they are Mary's Mea15. who provide food for children in education around the world. and the Wycombe Refugee Partnership. Money for our Elected Charities thi5 year was raised with several fundraising initiatives.. The annual Bonfire Night Stalls raised £6.047. Most houses held bake sales and house raffles during the year. The house hamper5 raffle and dog show event on Dove Day raised £2,294. Tliere wdS disu dll dULlivi i uf ipliuiie5 wliicli raised £1,12J and a Charity Run which raised £2,996, Other Charths Our extra mufti day5 raised money for Mary's Meals, as chosen by the Head Girl Team. We held our USU￿ collections for the Royal British Leg'pon on Remembrance Day and All saints ChLJrch at Carol Concerts111,346). Fund￿sIng Perfomian During the year the School recewed donations of £691,(K)012024.. £227,000) including for the followng purposes.. Annual FLind C£A4,nrJr) i?n?4. (1 EI?.0001.. General Fund £4.0(K)12024.. £45,000).. Libraries Fund £l12,00012024.. £nill', and Drama Classics & English Enhancement Fund 110,(KO12024.' £nil). Fundrai5Ing aclivilies weie uiid¥f Idkvii by tlie Sdiool'5 Developnient Office. There were no prOfes￿Onal furidrwuing r)rgJni%2tinn< Iiqpd in thp ye.￿r and therefore no monitoring processes required. The school is registered with the Fundraising Regulator and has paid the levy. The School adheres to the code of Fundraising Prartice when uridertdking fundraising attivities. There were no complwnt5 ￿ceiVed by the School ￿n relation to the fundraising activity in the year. The School does not seek to raise funds from the wider general public. The School takes its responsibility to anyone who might be vulnerable very seriously and this continue to be considered in the School's approach to fundrising activty. Pagcls Gids, Education Comwy knmtLed Year Ended 31 AuRUSt 2025 Annud Report by Councll (contlnue Co-curdojlar Athley￿ents Academic achievements were supplemented by a full programme of sporting activities and fixtures across a wide range of sports including lacrosse, netball, cricket. athletics. tennis, swimming fencing, squash and golf. Sporting achievements reflect the thriving performance culture within School -port and i" "upported by the ongoing enhancements to the Performance Athlete Programme and the contillued development of the Fitnes5 Suite and Gym. The School's rnusicians excelled wth a very busy programme of weekly recitals. and whole-school concerts including the Spring Orchestral Concert at St Mary s Church in Marylebofie. Drama Iso flourished, Kqth each year group putting on pertormances. I he Schoo1 participated In tht cui.aiii Jliak"e5peart Jchools Festival and achieved 'gold metal, status th15 ycar. Mtrrc information on the co-curricular progr3mme can be found on the School's website here.. IItE conibeabbe .conillearnin #be oiid-Ihe- curriculum FUTURE PLANS Over the last 4 years. the School has produced a site-wide Masterplan that extends to 2035-2040. The aim of the Masterplan is to set out a long-term Strategic programme that will see u5 build state-of-the art teaching,1earning and living 5paie5 iii line with the best schoo15 in the world. The major clemcnts of thc firrt phaJC of the plan arè to design and build a llew junior House and an Innovation and Design Centre. The process to obtain planninR permission for th￿e new buildings has been considerably longer than anticipated and, although work had originally been planned to start during 2024. this has now been delayed until at least 2026. However, two other Strands ol phase one ot the plan have received tliè iiece55ai7 appi-ova15 and construction 15 underway on our Ground5 8arn, which will provide new 3nd mLJch-needed facilities for the Estates and Grounds Team5, and a new main entrance to the School. 80th of these projects are expected to complete wthin the 2025126 academic year. Wycombe Abbey schools that operate intemationalty pay licence fees which ultimatety flow to the Chartty in the UK. The fees are used to help fund burwies in both the short and longer term, and to support the School's long-term progrdmme of capital development. ki has recently been anrFounced that Wycombe Abbey schools will be opening in Bangkok (September 20261 and Singapore (September 2028), in addition to the international schools that are already operating in Cliiiia aiid Egypt. We al-e contsTruin8 to work with our partner organi5ations to rcvicw furthcr intcrnational opportunities they arise. ￿NANc￿L REWEW RnanCI￿ Resutrs Incorne amounted to £36.2 million12024.. £33.8 million). Expenditure amounted to £35.1 million 12024.. £33.3 million) generating a net income for the year before movement5 on investment values of £1.1 million12024.. £0.6 rnillion). As P38e16 GiA5' Edu¢ation Company ￿mitCd Year Ended 31 ￿RUSt 2025 Annu￿ Report by Councll {contlnued) usual, the majorty of income is from school fees - £30.8 million or 85%12024.. £29,9 million 89%) but with important contributions from donors of £691,0{￿ in the year, or 2%,12024., £227,000 - 1 %) and the trading svbsidiaries including income from our internation31 arrangements of £1,716,(K)O or 5% 12024 c1,708,￿0 - 5%). Of the School's revenue expenditure, £19.1 million or 54% is on wages and salaries12024', £11.9 million - 54Yol. The consolidated balance sheet shows net assets of £723 million (2024.. £71.2 million) of which 78% is represented by tangible ￿set5 of £56.3 million12024.. £57.5 million - 81 %). Unrestritted net current ￿set5 are a positive £11.3 million at 31 August 2025 (2024.. £15.0 million). The School subsidiaries had the following impact5 on the surplu5'. Wycombe Abbey Services Limited.. £158.00012024.. £44,000) representing income from lettings, the Wycombe Abbey Summer Programme and the School shop. Wycombe Abbey International Limited.. £1,308.0(M)12024., £1,103,OWI representinR the income from partners in relation to the operation of international sister schools, Wycombe Abbey Development5 Limited.. £9,0￿ 12024.. 1£9,CK)O)I representing income from continued building pi ujeit5 dui-iiig the year. Investment Pdlcy Council, which is given ab501ute discretion under the terms of the Articles of Association to invest the reserdes, strirtly observes the limitation of the Trustee Investment Acts. The Coullol's policy is,. to maintain income whi15t, where possible, preserving the real value of investments,. to maximise income on temporarily invested restricted fund5', and to match the retLJrn of invested Composition Fee Scheme monies in line with the maturation profile of the related liability to pmvide schooling in future yearg, Wycombe Abbey specifically excludes from the investment portfolio companies whose practices are considered to be in LuiifliLI witl"I tlie Uiiittd Nati0115 Convention on the Fknghts of the Child 1989 and with thc School'i own objcctivv as ststed in the Articles of A550ciation and on the School's websFt Penslon Scheme Up to 2003, the School operated a defined benefit pension scheme the Wycombe Abbey 1966 Pension Scheme for Non-Teaching Stsff. The scheme was closed with effect from 31 December 2003 and since then the member5 have not accrued any further benefits. Tlie SLII¥iTl¥ I Id5 dll i11¥¥sD iTrviit fLJiid wliich 15 maiiaged by Cazenove and which is intended to cover the future liabilitics of thp. £rhpme. Thp. fijnds are mainly invested in low-ri5k bonds with a profile to match the future liabilities, whose value are not expected to flurtuate significantly given that no additional benefit5 are accruing to member5. Thi5 approach should ensure that there will be no material impart on the School from changes in either the pension value or the investment dlut. Asset Cover for Funds and ReseNes Polty An analysis of the assets and liabilities attnbutable to. and a descriptioD of. the various funds maintained by the School is showri 111 Note 18 to these accounts,. the assets are sufficient to meet the obligations of each fund. All the property and other tangible assets owned by the Company are used solely for the purposes of the School. The market value of the School'5 freehold propety is considerably more than the cost or valuatioll shown in the balance sheet Pa8e17 IAS, Educati<)n COMP￿ knmited Year Ended 31 August 2025 Annu￿ Report by Councll {continued) The accounting policies of the Company are Set out In Note 1 of thc accounts. Unrestricted funds amount to £58.2 million and are represented mainly by the fixed assets of £56.3 million, of which £41.2 million is the land and buildings in which the 5"chool operate& Note 22 gives information on the promsion for Pensions. Council reviewed and updated its ReseNes Policy in 2024,. this aims to ensure the School is free from the risk ot disruption at Short notite due to a lack of funds and that there are sufficient funds to undcrtakc building and rcfurbi..hment projects. to maintain the 170-acre estste and it5 buildings (including the School's responsibility for maintaining its listed buildings), vthi15t at the same time ensuring tt does not retain income for longer than required. In accordance with CC19 guidance, the Trustees regard "free" rese￿e5 in the School's context as being the reseNes of the School after deducting fixed ￿set5 and any funds held as restricted or designated. As at 31 ALJgust 2025, free reseryes were c.£1.9m, which is slightly below the level taryeted by Council. However, careful control of operatin% costs and the likelihood of sli£htly higher pupil numbers in the coming years means that there is an expectation that the value will increase back to the experted Wdlue. Rlsk Management Council examine5 the major rlsks that the Group and the School face each financial year when updating the Risk Register and any strategic plans. The Council and Executive Leadership Team consider the ris￿ described below to be the key risks facing the Group at the current time.. Pote￿81 Im I, P0551ble changes to charitable Status aridlor tax Assuran￿, M on and Controls l. Monitor proposed legal and regulatory change5. 2. Membership of appropriate umbrella bodies. 3 Rijilding ijp rp.silip.nce in cash resen/es to withstand any changes 4. Diversification of income, so not $0Sely reliant on du(ALiuii vl yuyilb. Lv li ILlude iiitei-iiational and lettiTr8s inrnmp. 5. Attention to provisions of School's governing instrLiment and regular review of strategy 6. Recognitiuii of iinportance of public benefit qualrfication with significant increase in Bursary support planned under new Bursary Strategy. 7, Nonicoring and following Charity Commission guidance. Adverse Government policles 2. Increased stafling costs resulting from new regulaiionlleg151atiori. 3 Rpdllftinn in pi Ipil number5, leading to loss of incom Significant1059 of I damage to the School's reputation 1. Declining Applications I numbers joining the School. 2. Increased pupil leaver5. 3. Loss of revenue. 4. Unable to recruitlretain high quality staff 1 Delivery of fr_hool st￿t￿gir Plan and Vifinn 2. Maintenance of the highest academic standards. 3. Naintenance of the hI￿eSt 5tandard5 of pastoral care anrj welfare support. 4 Suttable and effertive policies 5. Excellent communications and marketing 6. Independent PR 5UPPOrt 7. Insurance. Cri&s Comms and Legal support Page18 Girls, Education COmp￿Y knmited Year Ended 31 AuEUSt 2025 Annu￿ Report by Coundl (continued) Funding of Long Term Strategy 1. Inability to deliver Estate Masterplan at pace desired or at all. 2. Insufficient funds to acliievt Elur5ary Jtrategy objective5. 3. Impact on achievement of School Msion and wodd ilass statu 1. Fundraising Campaigns by Development Office. 2. Expansion of InteThational Schools to generate additional income. 3. 10-year cashflow modelling, scenario analysis and stress-te3ting. 4. Use of appropriate finance facilrfcies to enable projects to be delivered in a timely F￿hlon. 5. Options to scale back Bursary aspirations andlor E5taie5 Md5Lei"yl￿1 Large scale local or national Cat￿trophe I Pandemic l. Danger to gids, staff or VlSltor5. 2, School has to close. 3. Loss of income if the School is unable to offer education, l. Emergency Response and Busine55 Continuity Plan, including establishment of Pandemic Response Team. 2, Formal crisi5 management training undertaken by ELT. Key principles to be cascade to other leader5. 3. Contingency Plans le.g, SARS) for isolating irifected pupils, if numbers permfc or, alterriativety, sending pupils home. 4. Appropriate insurance cover. 5. Educational offering to be provided through remote or hybrid learning models if pupils unable to return to sit£ 6, Maintenance of adequatc financial reSe￿e5. Wycombe Abbey International Schools 1. Reduction in annual licencing income from failure of international schools 2. IIiiydLI uii UK rp.piit2tion from Operational issue5 in WAI schoo15 1. International Strategy approved by Council 2. Break clau5e5 in ag￿ements if KPIS not rnet or other breaches in contoct 3. International Schools to achieve acc￿ditation by COBIJ 01- 5iimilar eKLei-nal inspectorate. 4. Appropriate due diligence carried out on partners and prospective investors 5. Regular reporting from WA International to Council 6. Advisory Boards with educational partners to allow review and monitoring of overarching school performance and p01ttic￿ developments. Through the annual review of risk management processes established for the School, Council is satisfied that the major ￿￿trI￿rIed Iidye dde4uaL¥ly I I iaiiaged. It is i-tiogiii5td that 5YStems cannot fully mitigate risks and thcrc 15 alwayJ likply tn hp. 2 rp.EidiJxl Ipvpl c)f risk no matter how well they are nianaged. Pa8cI9 Girt5' Education Comwy knmtted Year Ended 31 Auts 2025 Annu￿ Fieport by Council (continued) STRu￿RE, GOVERNANCE AND MANAGEME Details of the School'5 Council members. Officers and Advisors are set out on pages 43 to 45. Governlng Documents Gids, Education Company Limited is a registered charity number 310638, limited by shares, and wa5 constituted by Memorandum and Articles of Association in 1896 (adopted by special re501ution dated 01 20231 with the registration number 47031, Group Strucbjre The Group consists of the Girls, Education Company ￿"mr(ed, known a5 Wycombe Abbey, and Its six 5ubsidiarie5'. The Company has four wholly owned non-charitable 5ub51diariek Wyc(Itnbe Abbey Services Limited (company number. 25108111 receives income from the1etting of land and buildings at the School and any other activity not deemed to fall within the School's chariiable sraius Including Ihe School Shop, which Jell. .tatiollery, memor)bili3 and other items to parent5 and girls. Wycombe Abbey Developments Limited (company number.. 09549701 handles new buildings and major redevelopment projects ￿ part of the long-term improvement of the School estate. Wycombe Abbey International Limited (company number,. 09911805) manage5 the licensing of overseas Schools. Wycombe Abbey Pension Trustees Limited (company number. 3743179) is a TrLJStee company for Wycombe Abbey 1966 Pension Scheme for Non-Teaching Staff, a pension scheme c105ed to new entrants from 31 December 2003. The Company has onc linkcd charitablc uubuidiary. Wycombe Abbey School Foundatiofj I'WASF'I IreRiStered charty number, 3106381 is a linked charitable subsidiary with a separate Trustee Body which receives and distributes funds donated for the furtherance of the charitable objects of tlie School, At the meeting of the I rustees in May 2U25, it was resolved to dissolve the Wycombe Abbey School Foundation and to transfcr IL a"".ct. to the Wycombe Abbey Foundation {ch¥ity number 12112521. The Company has one tholly owned Charitable Incorporated o￿anISation.. Wycombe Abbey Foundation (charity number 12112521 registered on 4 December 2024. The Foundation receives and distributes funds donated to provide funding ￿sistance and support to Wycombe Abbey and any other schoo15 operated by Girls, Education Company Limited. Governlng Boty Each member of Council is a Trustee of the Charity and Director of the Company, holding one Ordinary Share thereof. The day-to-day management ol the School is delegated to the Headmistress supported by the Executive Leadership Team and members of the Wider Leadership Team. The Executive Leade￿hiP Team I'ELT") comprise the key management personnel of the Charity, in charge of directing and controllin& running and opet7ting the School on a day-to-day basi5. Members of the ELT are.. the Headmistress, BLJrsar, Deputy Head (Strategy and International). Deputy Head (Pastorall, Deputy Head (Acadetnicl, Dirertor of Safeguarding and Pupil Welfare, Direaor of Sixth Form and Dirertor of People. Pagc | 10 Girb, Iducation Company Lmited Year Ended 31 August 2025 Annu￿ Report by Ccsuncll (contlnued) RecrU￿ent and Trlnlng Member5 of Council are appointed by Council followng recommendations by the Nominations Committee which comprises the Chairman and other nominated members of Council. New member5 of Council are inducLed into the workings of the Charity. including the policies and procedu￿& during an induction programme specilly organised for them by Lli¥ Cl¥[ k iu Ciiui)iil. It 15 Couiicil policy that members undergo relevant speciali5L training wherc appropriatc. Pay polty for senlor staff Members of Council do not receive remuneration for their duties a5 a Member of Council. The pay of the senior staff is I ￿l￿WE￿ dlll Iudlly aiid iiui-i)ially iiicreased iii accoi-dance with average earnings. Council benchmark against pay Icvclu in other independent schools of a Similar size. the information being available in aggregate form. Organisa￿On￿ Management Council determines the general policy of the School and meets at least foLJr times a year. Council is serwiced by seven specialist Committees, Six of which have responsibility as follows.. Finance111,. Education QI.. safeguarding, Pastoral and Boarding131,' Human Resources and Remuneration141'. Risk15) and Estates161. The members of these Committees meet before each termly meeting ol the Louncil. I he remaining committee.. the Nominations and Governance171 meeis ai least oncc a ycar, and kn and whcn ncce"" Members of Council served on these committees during the year a5 follow& 121 131 141 151 161 171 Professor Nicola Cohen Ms lenny Fannin-Lovell Mr Emir Feisal Mr Vivek Ganotra Mrs Amanda Gibbon Miss Wpndy Cirifrith Mrs Nicole Hughes Mrs Sarah ludd Ms lane Liu Dr lane MacDougall Dame juliet May Mr Nick Powell Mrs Dialla Rose Mr Peter Warre Pagc l 11 Girls". EcJu(¢iUuri Cvjiiydriy Liiiiited Ended 31 August 2025 Annu￿ Report by Council {contlnued) OBJE￿wE5 AND AcfMnES Charftable Oyects The objects of the Company include the provision of complete and systematic education and training for gids., this is met by Ihe ongolns successful operatlon of tlie SLliuul. The Chartys Mslon and Ams The vision and aims of the School. which 15 a charitable company, are encOMp￿sed in the School's Strategic Direction 2025 10 2030. Vision.. To be at the forefront of gids, boarding education and recogni5ed globalty as a world cla55 school. Mi5%inn' To inspire every pupil to strive for ambib'ous gols and to recognise that they can make a positive difference in the world, now and in the future. Aims.. The pursutt of acad￿1( excellence The development of each individual's talents in [reatr￿e. physical and social skill5. The encouragement of faith in God and service to other people all in a happy, fulfilling and caring community. Strategy,, To achieve the School'5 vision and mission, there will be a focus on four strate&4( priorities.. World flass PAiardin8 FAI Irxtinn 2. Cotnmunity and Culture 3. Global Impact and Future Focus 4. Stewardshlp and Growth In the furtherance of these aim5 Council, as the Trustees of the Charty. have complied with the duty imposed by section 1715) of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-5ector guidance concerning the operation of the Publii Benefit requirement under that ACL Duty to promote the success ofthe Chartty The Council has mei Ihe requlrements under SecLlon 172 of ilie Cuiiipdiiies ALi iliiuu¥li appliiation of tlie policies and procedures disc105ed in this rÈprnrt In partlCLil3r thp Mpmh?r% nf thg C.niJnril hxvp hxd regard to the specific consideration5 set out in Section 172 below. the likety consequences of any declslon In the long terrn., the interests of the Charity's employees., the need to foster the Chartty's relationships with suppliers, customers and other5., the impact of the Charity's operations on the community and the environment., the desirability of the Charity maintaining a reputaiion for high standard5 of conduct, Page112 Gii"1s' EdtJ¥atioTr CompaTry knm(t Year Ended 31 W 2025 Annu￿ Report by Coundl (continued) EmploympJrt Poll The School is an equal opportunlties employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the Mews of employees into account when decisions are made tli' Edu￿￿￿11 Cuiiiwiy kniiiittsa Ye2r Ended 31 A￿￿ 2025 Annua Report by Coundl (continued) In the reporting period, September 2024 - August 2025, the School ha5 taken the following energy efficiency action5'. A photovoltaic array installed in july 2025 on the roof of the School Sports Centre to supply renewable electracity to the lacility and enable export of surplus energy to the Naiional Grid. Progressive replaccmcnt of Icgag lightin8 Wth energy efficient LED fittings. Oil-fired boilers were replaced with Ras-fired units, includinR a major installation in the main Abbey building. Air Source Heat Pump systems were installed to replace oil-fired boilers in School-owned residential propertie5, reducing reliance on fossil fuel5. Trage115 G*A5' Education Company knmited Year Ended 31 AuRUrt 2025 STATEMENT OF RESPONSIBIUTIES OF THE COUNCIL In their opacty as Trustees, the Council is responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. ComP￿Y Law requires the Council to prepare accounts for each financial year which give a trLJe and fasr view of its riiidllLi&I dLliviLi¥s dui li Ig tlie year- and of its fiiiancial position at the end of the year. In preparing th¢ accounts the Council h25 fnllnwed best prnrtice which require5 them to., select suitable accounting policies and apply them consistently., make judgment5 and estimates that are reasonable and prudent state vthether applicable UK accounting standards have been followed, subject to any Materi￿ departures disclosed and explained in the financial statements, and prepare the accounts on the going concern basis un1e55 It Is inappropriate to assume that the School will continue in operation. The Council is ￿SPonsible for keeping accounting records in order to dis(lose, wich reasonable accuraq, the linancial P05iuoiI uf Llie SLlivul dL dlly Lil li¥. dl Id tu ei"iable tliem a5 trustees to ensure that the accounts comply Vyith thc Companic" Art ?(K)A Thp. C.OLJnc.il ig ￿s0 responsible for safegvarding the khool's assets, and hence for takin£ reasonable steps for the prevention and detection of error, fraud and other irregularities. The Council is responsible for the maintenance and integrity of the corporate and financial information included on the char￿able company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. So far as each of Meniber of Council is aware at the time of the report is approved.. There is no relevant audit infomiation of which the chartable company is unaware and The Members of Council have taken all steps that they ought to have taken to make theMse￿e5 aware ol any ItlevdiiL dudiL bi Ilui li iaiiui i ai-ld tu Éstabli51i that the auditors are a￿Trre of that information. On behalf of the Council., fJ Cwt Mr Peter Warren ChalrmaiTr Date.. 211312026 Giilb, EdUld￿ul1 ConiFMny knniited Y92r Ended 31 W 2025 INDEPENDENT AUDITOPS, REPORT TO THE MEMBERS OF GIRiS' EDUCAMON COMPANY LIMITED Oplnlon We have audited the financial statement5 of Gir15 Education Company Limited for the year ended 31 August 2025 which comprise the Con501idated Statement of Financial Actiiqties, the Consolidated and School Balance sheets, the Consolidated Statement of C￿hflQws and notes to the financial statements, including 3 summary of Significant accouniing policie5. The fiiiaiicial rtpoiting franiework that has been applied in their preparation is applicablc law and United K.insdom Accounting Standards. including Financial Reporting Standard 102 The Finonci(Jl ReDOrtin£ Srondard opplicoble in Ihe UK and Rewblic of Ireland (United Kingdom Generally Accepted Accounting Practice), Iii Qui- upinion, the financial 5tatements'. give a true and f&r view of the state of the group's and of the parent charitsble company'5 affairs ￿ at 31 August 2025 and of the group's and parent charitable company's net movement in funds, including the income and expenditure, for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the reouirements of the Companies Act 2006. Basis for opinlon ioi)duittd oui- audit in accordance with International standards on Auditing IUKI IISA. {UKII and applicJb1e law, Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financi statements sertion of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial 5tatement5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requircmcnts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons rela￿ng to go5ng con￿rn In audtting the Pinancial Statements we have concluded that the Counci15' Use of the going concern basis of accounting in the preparation of the financial statements is aopropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or condFtion5 tl"i&t, iiidividually ui- collettNety, may c￿t significant doubt on the group's ability to continue a" a going concern for a period of at least tWe￿e months from when the financial statements are authorI5ed for issue. Our responsibilities and the responsibilitie5 of the Council with respect to going concern are described In the ￿levant sections of this reporL Other InftJrmation The Council are responsible lor the other information. The other information comprises the information Included in the Clidii's Repuit aiid Annual fteport by Council. Our opinion on thc financial statcmcnt. doe" not cover the other information and. except to the extent otherwise explicitly stated in our repom we do not express any form of assurance conclusion thereon. Ill LVlllleLLivii wiil"I vui" audit of the financial statements, our re5pon5ibiltLy is to read thc othcr infomation and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvi5e appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misststement5. we ¥e required to determine whether the￿ is a material misstatement in the financial statements or a material misstatement of the other Information. If. based on the work we have performed, we conclude that there 15 a material misstatement of this other information, we are required to report that fatt. We have nothing to report in thi5 regard. Page117 Glrfs, Educatbon Company Umtwl Year Ended 31 A￿sust 2025 INDEPENDENT AUDITORS, REPORT (CONTINUED) Oplnlons on other matters prexdbed by the Companles Art 2W6 In OLAr opinion, b￿ed on the work undertaken in the coursè of the audit.. the information grrfen in the Annual Report by Council Iwhich include5 the strategic report and the director5 report prepared for the purposes of cotllpany lawl for the financial year lor which the financial statements are prepared Is consistent vAih rhe financial siaiemenu., and the Strategic report and the directors, report included within the Annlial Rppr)rt hy f.niinril hRvp. been prepared in accordance with applicable legal requirements. Matters on whEch we are requlred to report by ets DeP￿allOn Totsl Totsl 21T24 Costs of ralsing fvnds.. Trading exptnditurc Fundraising expenditure Investsnent management 994 138 34 1,156 9A4 97! 257 27 1,257 205 343 34 1.361 205 Charttable aclmues Te3chiTrg Welfare Premises Finance costs Juppoit Lusts pttlpmgnt Cf)%t 11,651 2,978 1,709 177 819 5,246 2,015 242 2,609 12,647 8,224 6.503 242 11.837 8,126 6,208 71 5,704 30 37 2,779 2,555 359 5,523 Governance costs Bursaries awarded by Restricted funds 46 584 11,561 12,717 46 584 33,769 31013 35,130 33270 18,893 19,098 3,315 3315 Total Expenditure In 2025 of the totsl expenditure, £34,507,000 was expenditu￿ from unrestricted funds and £623,000 expenditure from restricted funds. Totsl Tc¢al 2024. Costs ot rnlslng fvnd% Trading cxpcnditurt FundraisinR expenditure Investment man ement 973 138 27 1,138 973 829 257 227 27 25 1,257 1,081 119 119 Charttable advlues.. Teaching Welfare Premises 10.552 2.463 1,409 239 1.046 5,663 2,405 71 1,928 11,837 11,792 8,126 7,046 6,208 71 10 5,704 3,949 30 14 37 34 32,013 29.167 2.394 fiiJt)F)nrt rn£tS Settlement costs Governance costs 3.318 30 458 37 11,150 17,772 3,091 Total EXPend￿￿re 17,891 3,091 12,288 33,270 30,248 In 2024 of the total expenditure, £33.234,000 was expenditure from unrestricted funds and £36,000 was expenditure from re5ti-i(ted fund5. Page128 Girb. Edu4ztion Compwy knmtted Year Ended 31 August 2025 Notss to the Financi￿ Ststements (continued) 7. Governwe costs Tot21 fijrxk Tatsl Auditor's remuneration statutory audit Auditor s remuneration - non audit seNces Other 33 33 35 13 37 & Staff costs 2025 Wages and salaries gocial Jecurity cort5 Pension costs 14.880 1.626 2,592 19,098 14,076 1.387 2,428 17,891 9. Employee and key management personnel lrformatlon The average number of persons employed during the year was as foll0v￿,, 24 Teaching staff Academic SLJPPOrt Administrdtion Pastoral Domestics Qstates 124 122 57 61 120 117 54 60 62 46 459 46 470 Page129 Gids, Education Company knmited Year Ended 31 August 2025 Note5 to the Flnanda Ststements (continuedl The number of persons employed whose remuneration payable (including redundancy) fell within the followng bands.. £60.001 Lu £70,000 K7ll.fln1 tn IAn.nno £80,001 to £90,000 £90,001 to £100.000 £100,001 iu £110.000 1130,001 to 1140.000 £140,001 to 1150,000 £160,001 to £170.0(KI 1170,001 to £180.000 1210.001 to 1220,(X)O £220,001 to £230,C()O 32 21 30 20 20 A£4regate employee remuneration of key management personnel Number of employees 1,637 1,267 13 During the year, no Member5 of Council receiv￿ any remuneration12024.. £01. During the year, no Member5 of Council received any benefits in knnd12024.. £01. During the year, no Member5 of Council received any reimbursement for expenses (2024.. £01. During the year there were no termination payments12024.. £30,183). 10. Transkn be￿ funds TL*al . fi￿LS 2025 Donations to Wycombe Abbey Foundation 1392) 392 (392) 392 The transFer 10 Wycorllbe Abb¥x FuuiiddLiuii ib LuW￿￿5 Ljui Jdl l¥s Pa8e130 Cids, Education Comp2ry knmited Yw Ended 31 A 2025 Notas to the Flnancla5 Statements (continue 11. Tanot￿e tTrxed awts eptember 2024 Transfer Additions Disp05als Asset Adjustment due to Capital Goods Scheme and Pre- istration VAT At 31 August 2025 58,151 17,080 2.928 1.865 114) 2,035 971 5,343 12.9281 931 14n 83,880 776 305 31 (68) 3.908 1129} (30) (1,5401 (104 173) 11,7501 59,197 20,319 2,233 861 3,299 Depreclalon At 1 September 2024 Charge for the year On disposals At31Au ust 2025 16,862 1.172 7,771 1,662 1121 9.421 1,282 359 457 122 1641 515 26.372 3.315 761 29,611 18￿34 1,641 Net bookvaue At31Au ust 2025 At 31 August 2024 41,163 41,589 10,898 9,309 592 753 3,299 5,343 56,296 57,508 514 P2gp | Q1 GiAs' Education Company knmited Year Ended 31 2025 Notes to the Rnanod Statements (contlnued) ,￿hth3 Cost At 1 September 2024 Transfer Additions Di5posa15 Asset Adjustment due to Capital Goods Scheme and Pre- Regi".tration VAT At 31 August 2025 58,451 17,057 2,928 "1,8ts5 121 2,035 970 5,380 {2,928} 935 1471 83,893 776 305 3,912 (114 1681 130) 11.S401 (104 173) 11.7501 59,197 20.308 2233 860 3,340 85,938 DeprecIa￿0n At I September 2024 Chargc for the year On disposals At 31 August 2025 16,862 1,172 7,756 1.662 1,280 259 457 172 26.355 3.315 1651 29,605 1641 515 18,034 9,417 1,639 Net bOOk￿Ue At 31 August 2025 At 31 Au2USt 2024 41.163 41,589 10,891 9.301 594 755 345 513 3,340 5,380 56,333 57,538 2024 Freehold land and buildings.. Valuation by AC Frost and Co. in May 1961 Additions at cost Less disposals to date Asset Adjustment due to Capital Goods Scheme and Pre-Registration VAT Total c05t ol freehold land and buildings 757 58,598 11281 757 57.822 1128) 1301 59.197 58,451 All the property and other tanEible ￿se[S owned by the Company are used 501ely for the purpose of the School. The market value of the freehold land and buildings is significantly higher than the amount stated in the accounts., however, In the absence of a valuation, no figures are disclosed. Freehold Land and Buildings include the School buildings and detached boarding houses along with several residential properties in High Wycombe. There is no depreciation on Land included within Freehold Land and Building5. The t￿nSfer5 betsveen ￿set5 under construction and school furniture, equipment and facilities shovffl above relate to completion of facilities In September 2024, Pa8e | 32 GirL' Education Cornwy knmited Year End￿ 31 August 2025 Notes to the Financial Ststements (continued) 12, Investsments G￿P 2025 At 1 September Additions at cost D15posal proceed5 Novement in market value 12,250 273 (2891 52 11286 83 11369 10,856 226 (3131 977 11,746 504 12,250 2,642 273 (2821 153 2,786 86 2,872 2.030 114 1195) 189 2138 504 1642 Cash wthin investments At31Au Ust The following represerited more than 5% of the market value of investments held.. C￿en0Ve Charity Multi Asset Fund 1.232 1,156 1,232 1.156 Schroeder Global Sustainable Grov Vanguard FTSE All World HSBC FTSE Al Wvi Id Iiidèx Fuiid UCITS FfF COIF Charity Global Equity Fund COIF Charity Investrllent Fund Rathbones Unit Trust- Core Investment Fund for 117 121 141 159 2.968 2,603 3.039 2,699 3,901 3,043 The Company holds 100% Ljnlisted shares in Subsidiary companie5'. Income Expenditure Profftl 8m 81 72) 1,822 1514) 1.308 forthe. YeAr 158 Total a55ets 421 14211 295 12951 Net funds atthe end of the Page133 GiHs' Edutstion Cornp2ny ￿rnited Year Ended 31 Au 2025 Notss to the Rnanckl Statements (conlnued) The Company has a linked charitable subsidiary and Charitable Incorporation Organis2tion'. Income Donation from Wycombe Abbey School Foundation xpenditure Donation to W combe Abbe Deficit Isu lus for the Year 206 515 9,519 141 1415) 19,5191 9,728 Foundation 10,030 Total assets 3,963 13,9631 10,034 141 10,030 Net funds at the end ofthe Principal actwities of subsidiary companies and tru5t5'. Wycombe Abbey SeNce3 tsnited {Registrotion number 02510811).. Thc ￿le of Jtationcry. mcmornbilia and other item: parents and girls, the letting of property and the use of the School's facilitie Wycombe Abbey Developments Limited (Registrorion number 09547970).. Providing building semces to the School pretni5es. Wycombe Abbey Intemotionol Limited (Registration number 09911805).. The management of Wycombe Abbey'5 international operations. Wycombe Abbey Pension Tru5tee5 Limited (Registration number 03743179).. to att as Trustee for Girls, Education Company Limited in the provision of benefits from the 1966 Pension Scheme for non-teaching stsff (see note 22). Wycombe Abbey School Foundation (Registered Charity number 310638).. A linked charity that receives donations tor ￿u￿arleS and contributes toward5 the funding of Bursaries in Wycombc Abbcy. Wycombe Abbey Foundation (regIste￿d Charrty number 1211252).. recepies donations for Bursaries and contributes towards the funding of Bursaries in Wycombe Abbey. The registered office of all the subsidiary companies is Wycombe Abbey School. Frances Dove Way, High Wycombe. Buc￿. HP11 1 PE. 13. Debto Trade debtors Amounts owed by subsidiaries Other debtors Other taxation and social security Prepayments and accrued incorne 8,554 1,489 8,535 621 78 148 306 9,688 1,347 1,545 75 115 148 306 9,123 1,026 267 1782 269 3236 P3y124 CiiA%' FdiJr2tinn Cnmpxny l imitpd Yw Ended 31 st 2025 Notes to the Flnanda Ststsments (ContInu￿) 14. Credthr& Amounts fallng due thln one year Fees in advance Amounts owed to Subsidiaries Fees In Advance Scheme and CoMpos￿10n Fee Fund Fee deposits held 4*nst final bi11$ Trade creditors Other taxation and social security Other creditor5 Accruals and deferred inciyne 227 5,129 5,129 392 3,833 474 396 2,648 235 11,180 19,385 3,833 474 396 1658 279 11,261 19.128 4.079 £09 376 659 369 1,963 13,084 4,079 SQ9 77 648 363 1,929 11734 15. Debt0￿.. Amounts due after more than one y Other taxation and Social security 1.056 1,056 1,056 1,056 Amounts due after more than one year relatè to VAT recovorablp throLigh thp f3Pital CinnA% frhpmp 16. Credtcors knjnts falllng due after more than one year Fee deposits held against final bills Fees In Advance Scheme 3,813 6.651 10,464 3,118 10,385 13503 3,813 6,651 10,464 3.118 10,385 13,503 P3ge135 Girl.-' EduL3tion Company Limikd Year Ended 31 August 2025 Note5 to the Financial Statements (contlnued) Fees In Athnce Scheme Assuming pupi15 remain in the School, advance fees will be applied as follows.. Due within one year Within one to two year5 Vlithin tr¢¢0 to Pivc ycaryJ After five years 3,833 2,695 3,636 320 10,484 4,079 3,878 S,438 1,069 14,464 Sumrrory of movernents In Ilabll Balance at I September 2024 New coniracts Transfer out Amounts used to pay fee5 Balance as at 31 August 2025 14,464 198 4,0631 10,484 17. Share (apfr Allotted, called up and fully paid 1112024.. 16) ordinary shares of 50p each The share5 carry one vote each. The shares carry neither rights to diwdend5 nor to partiopate in a surplus in the event of the coinpany being wouiid up. 18. Antyi5 of net assets be￿7 fijnds Tangible fixed asscts Investments Current assets Non- current assets Creditors due within one year Creditors due in More than one year 56.796 56,296 12,369 32,190 1,056 141 119,1281 10,464) 72,319 12,369 1,760 30.430 1.056 119,1241 110,4641 58,194 14,125 Pa8e136 CIAS, Education Company knmited Year ErKled 31 st 2025 Notes to the Flnancll Stathents (con￿nued) .21f24 Tangible fixpd 355Pts Investments Current assets Credltors due wiihln one year Creditors due in more than one year 57.508 57.508 12,250 28,041 113.0841 (13,5031 71212 12,250 1,034 27,007 (13,084) 113,5031 57,928 13284 19. Summary tsffuAds- 2025 rd(kws) W[￿bE) UnrÈSt￿rted ftjnds.. Ordinary school funds Estate Development Fund 56,988 940 57,928 35,161 35,161 134.5071 548 19401 (392) 58,194 {34,507) 58,194 Re*rtcied fund& Prize funds Bursary Capital Fund Development Fund Chinese Leaming Centre Verdant Foundation Math5 & Digiial Learning Annual Fund Libraries Fund Drama, Classics & English Enhancetnent Fund Hong Kong Bursary Fund Wycombe Abbey Foundation - Buryary Fund 2,176 813 456 81 21 66 25 1191 112 41 2,335 871 456 81 21 564 112 {3641 2(K) 112 10 10 9,727 243 392 10,029 1232) (101) 13284 71212 1,020 36,181 (623) (35,130 52 56 392 14,125 71319 Tora unresrtteA and re5tMcwJ funds Page | 37 JiAs' Education Company Limited Year ErKled 31 Au 2025 Notes to the Flnanclal Statements (conlnued) Summary of fvnds- 2024 uftrest￿ fvnd$.' Ordinary school funds Estare D￿elopment Fund 56,484 940 57,424 33.298 133.2341 436 56,988 Y4U 33298 <332341 436 57.928 Re5trfcted funds.. Prize funds 8ursary catx.tal Fund n￿￿l￿pM*rnt Fiind Chinese Learning Centre Verdani Foundation Math5 & Digital Learning AnDiial FLind Wycombe Abbey Counselllng Programff Hong Kong Bu[￿ry Fund Wycombe Abbey Foundatlon - Bursary Fund 1.988 742 67 1181 151 139 51 2,176 813 456 81 21 25 44A 81 21 1A? 34 1341 8,923 11256 69,680 248 788 12201 (436) 9,727 13284 71212 522 33,820 {36) (33,270) 978 982 Totd unrestrfrted and rth￿rted ftJr¥ts Pur oses of the funds.. Ordinary Jchool fund.: maintained by mernbe￿ ol Council to 11 operate the day-to-day actpirties of the School, 21 to 3Ct as a contingency fund and 31 to finance future develo ments. designated fund to pruvide ftsr Major capital devdopmentS to the estat to prolide Scholarshi 5froms ecific benefactor to prowide bursaries from 5 cific benefactors. restricted donations arising from appeals earmarked lor specific purpos￿. r?strictÈd donation lor d*dicaied resource5 lor teaching Mandarin. restricted donation in support of the School's'Higher Education Platform, prograrnme designated for 16-18 ear olds restricted donation5 for Trlaths and Digrtal Learnin resources and online platfforms, restricted donations in support ol ￿rsar￿￿. Learning and Living Facilities and Area of Greatest Need Estate DevdopnieDt fund Prize funds BU￿ary Capital Fund Development Fund Chinese l.eaming C&.ntre Verdant Foundation Maths & Di l Learnin Annual fund WyLL)ITibE ALthy Cuuiiselliiig Pro ramme rwtricted donation lor the Sthoo1'5 in-house Counselling programme. restricted donation lor the enhancement, expansion and enrichment of the SchcK)I's libraries. restrict@d donation to provide a rarEe of Opportuniti￿ that SUFPOrt the currKulum in Drarna, Cla55iC5 and EDgli5h. restricted donations lor bu￿ar1￿. 10 advance education by the (K(wision of fundins a5515tance and gupport to Wycombe Abbey and any other schoollsl operated by Girls Education Company Ltd. Librari￿ fund Orama. Classics & Englith Enhancement Fund Hon Kon Bursa Fund Wycombe Abbey Foundation - 8Lifsa Fund PA8p I IA Girls, Education Company ￿Mited Year Ended 31 AWSL 2025 Notes to the Rnanclal Ststsments (continued) 20. Recondllayon of net IrKome to net cash flow from operatlng activit Net income for the year (as per Statement of financial activities) 1,107 1,532 Adlustrnent for. Depi-eiiatioii c17a￿¢S (Gainsll Los5e5 on investments Diwdend5 and interest from investments Investment management charges IProfitll L055 Qn disP05al of fixed as*ts (Incre￿ell Decrease in stocks (Incre￿e)/ Decrease in debtors Increas4 (Decrease) in creditors Net ¢a5h (UA iii)18eiieiatsyJ f¥uii) operauiw acimues 3,315 1521 11,3421 34 39 21 16,193) 2,922 (149) 3,091 (9771 (1,0481 27 {2) 97 14061 1.821 4,135 21. An*sls of changes In net debt 2025 2024 Cash at bank in hand 23,012 25,183 Tot 23tJ12 25,183 22. Penslon cgnimtts-nents The School participates in the Teachers, Pension Scheme I the TPS I for its teaching staff. The pension charge for the year include5 Contributions payable to the TPS of £1,563,000 12024.. £1,874.0001 and at the year-end £177,000 12024.. £234.0001 was accrued iii respert of contribLrtions to this scheme. The is an unfunded multy"_employer defined benef5ts pension scheme governed by The Teachers Pensions Regulations 2010 las amended) and The Teacher5, Pension Scheme Regulations 2014 las amended). Members contribute on a "pay yuu gv, wiLII Luiill ibuLiu115 ri viii Iii¥ii Ib¥iJ diid il Viiiplvyvi beiiig ii-edited to the Exchequei-. Retirement and nthp.r pe.n£itsn benefits are paid by public funds prowded by Parliament. The employer contribuLion rate is set by the Secretary of State following scheme valLJations undertaken by the Government Actuary's Departinent. The most recent actuarial valuatioii ofthe TPS wa5 prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of 1262bn. resu￿1ng in a scheme deficit of £39.8bn. The employer contribLJtion rnte for the TPS is 28.6%, and employers are also required to pay a scheme administration Ipvy nf rj nR% giving 3 tnt21 pmplnypr rnntrihiitinn r2tg. nf ?8.AR%. Pagp | 19 riit49' Fdiiotlon Cnmpany LimTted Year Ended 31 Au￿St 2025 N¢)tes to the Flnancid Statements (conlnued) A copy of the Vdluation report and supporting documentation is on the Teachers, Pensions website The School also operates a Defined Contribution Pension Scheme with Avwa for non-teaching sttff and for teachers not In Ihe TPS. Conirlbutlons 10 the Scheme are charged to the Statement of Flnanclal AciivEfies as Ihey fall due. The penslon cha￿e for the year in relation to this scheme is £1,029,000 12014.. £523,000) and at the year-end £129,OC(I (2024.. £76,000) was accrued in respect of contributions to this scheme. Unli131 December 2003. non-ieaching siaff, after 3 years, serwce. were entitled to join the Wycombe Abty 1966 Pension Scheme for non-teaching st3ff I'1966 Scheme'l and bec2me entitled to benefits in 2ccordance with its rules. The 1966 Scheme 15 a UK-based defined benefit scheme. promding benefits at retirement and on death in seNice. The most recent full artuarial valuation at 31 August 2021 and the results, benefrt structure and dats were 5ummarised in a report to the Truste￿ in November 2022. The Scheme was closed with effect from 31 December 2003, and from this date the members are no longer accruing benefits. A calculaiion of the 1966 Scheme liabilities Wds performed as at 31 August 2025 In accordance vAth Financial Reporting Standard FP£ 102. The FRS 102 balance sheet position as at 31 August 2025 showed a surplus in the Scheme of £302,OCQ 12024. £282,000) Principal ocruoriol osstjmpuons Discount rate Rotail price inflation IRPII Consumer price inflation ICPII Pension increase5 - RPI maxirnum Deferred ension revauation IRPI 5% capl 5.60% 3.05% 2.35% 2.90% 2.35% 4.90% 3.20% 2.40% 3.00% 2.40% The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations are.. For a male aged 65 now At 65 for a male aged 45 now For a female aged 65 now At 65 for a female member aged 45 now 21.3 23.3 23.6 25.7 21.2 23.2 23.3 25.3 At 31 Ayi 2fj24 Bonds Cash 1.445 138 1583 91% 1,567 221 1,788 88% 12% Px8p | 4n Ciit4£' Fdijrntinn Company Limtted Year End￿ 31 August 2025 Notss to the Pinancil Statements {con￿nUed) 31 W At31 2024 1,788 11,5U6 282 Fair value of Scheme assets Value ol funded obli ations 1,583 1.-21111 302 U5 In line with paragraph 28.22 of FRS 102 the net pension asset has been restricted on the basis of uncertainties over the futui-e reioyery of t4iis &6set. Tliè iiet P￿1 IJiUll dJ)¢L i ¥Lu¥i iised Llll Lli¥ bdldllL¥ slieeL 15 ilieiefure £(iil (2024-. Liiill. Net interest expense Past service cost Asset return less interest income recognised in P&L Expti-ieiiie gailis uii beiièfil ubli¥dLiviib Effert of assumptions changes on be.nefir r)hligxtlnn Restriction of asset Tot￿ Indudd In ￿ I 2025 2024 Opening defined benefit obligaiion Intprpt rnst 1,506 71 11861 1,463 78 58 Actuarial Qins)I losses Past service c05t 8enefft5 pald Closln deffln￿ bendtt obl 1931 1506 lon 1,281 . 2025 2024 Opening fair value of Scheme a55et5 Interest income Artuarial Ilossesll gains 1,788 85 (180) 1,802 97 1181 Contributions Beneltts paid Closln falr vlue of S(heme assets 1110) 1,583 193) 1,788 The asset losses are the artual a55et return over the year of £180,00012024.. £18,000) less the Interest income of £85,000 12024.. 197,0001 The employer made no contributions for this defined benefrt pension scheme in the year to 31 August 2025 as advised by Ihe Actuary12024." Lnill. Pagp141 Girls, Education Company Lim¥ted Year Ended 31 August 2025 Notss to the Financ1￿ Statements (conlnued) 23. Related party transacdo Transactions between Girls, Education Company Ltd and other members of the grwp are set out below.. Ser¢ices Fleceknl . Seryices Provlded Wycombe Abbey Oevelopments Limited Wycombe Abbey Intern3tionJl Limited Wycombe Abbey Senices Limited 106 70 103 24. Capftd commltments Capttal expenditu￿ that has been contracted for but not been proiided for in these financial statements 1,070 Page | 42 CiiAf' FdiJr2tinn C.nmpary I Imitpd Year Ended 31 Mjgust 2025 Coundl members, offi￿rS and Ath50rs Presldwrts Mr A M D Willis LLB FCIArb and Lady Sa$500n MA Members of Counttl Thc follovrfing st￿cd kn Council mcmber3 during the year and up to the date of signing thi5 report.. Hr Rory Baird MA (Oxon) M8A Professor Nicola Cohen Ms l¥1 Iiiy FdiiiiifTr-Luvtll BA IHuiis} Diy AILII ARB RIBA Mr Emir Feisal IP MSC Mr Vivek Ganotra BEng MBA Mrs Amanda Gibbon BA (Oxon) M155 Wendy Griffiths Bsc Mr5 Nicole Wughes W MSC M&4 Mrs Caroline jordan MA (Oxonl Mrs Sarah ludd Bsc PGDL Ms lane Liu MA (Cantabl Di-laTre Hacoougall MA MB Bchir FRCOG MD M Dame juliet May MPhil Dr Shalini Perera FHEA (appointed 06 December 20251 Mr Nick Powell (appointed 1 September 20241 Diana Rose MA (Cantabl (resigned 28 lune 20251 Professor knz Tanner OBE FREng FRSE PhD (Hon Causl (appointed 06 December 20251 Mr Peter Warren MA ch￿rnian (appointed 17 October 2025) (appointed 01 September 2024 & resigned 28 lune 2025) (resigned 28 lune 20251 (appointed 01 September 20251 (appointed 01 September 20241 Company Se Mr Mark Mackcnzic Cro0￿ Bk Msc MBA Headmlstress Mrslo Duncan MA PGCE Mr Mark Mackenzie Crooks Bsc MSC M8A Mernbers ofthe Executlve Leadershlp Team.. Fniily Rnswpll DpTrLity Hpad IAr2demirl Mrs Sophie Blunt, Oirector of Safeguarding and Pupil Welfare Mrs Vicky Fawkes, Deputy Head (Pastorall Mrs Sophie Harl¢ Director of People Mry. lacb/ Tidbury, Director of Si)rth Form Mr Nick Woods, Deputy Head (Strategy and International PA8p | 4 Ciit4f' FAiirAtinn C.nmp2ny l imrtrpd Year Ended 31 August 2025 Coundl members Offlcers and Aths0￿ (ccfitlnued) Bankers Lloyds Bank PIC 27-31 White Hart Street High Wycombc HP11 2HL Insuran￿ Brokers Assured Partner5 Elerfcn Brindlcyplacc 2 Brunswick Souare Brindleyplace Birmingham B12LP Solldto Stone King LLP Eloundary House 91 Charterhou5e Street Clerkenwell London EC1M 6HR rari-tr & Co 66 Lincoln's Inn Fields London WC2A 3LH Investrnent Managers Cazenove Capital Management 12 Moorgate London EC2R 6DA CCLA Investment Mana£ement Senator House, 85 Queen Victoria Street London EC4V 4ET Rathbone Investment Management 8 Fin5bvry Circus London EC2M 7AZ Audknr Haysmac LLP 10 Queen Street Place London EC4R 1AC Penslons kmsor Broadstone Corporate Benefits Limited 221 West George Street Glasgow G2 2ND PaEe144 Gids, Education Company Umited Year Ended 31 Aug￿ 2025 Coundl rnembe￿, Officers and AdwslX5 {Con￿nU￿• PrincIP￿ address and Re￿stered Offl Wycombe Abbey School Frances Dove Way High Wycoiiibe HP11 1 PE Web ￿te.. www.wycombeabbey.com on)beabbt .com Page | 45