R¢gistered numb•r: 00940118 Charfty number.. 311293 TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantge) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company lirnited by guaranleel CONTENTS Page Reference and administratlve details of tho company, Its Tfustees and advisers Trustees. rEport Indepèndent audltors. rgport on the flnancial $tat•mènts ststemont of flnanclal actlvltles 2-10 15 Balance sheet 16 Statement of ¢•sh tlows 17 Notes to the financlal statemgnts 18-33
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmlted by guarante¢l REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025 Tru¥ts•$ Dr S A Patel Mr D Costello Mr A M A Fennell M5JLNorth Ms F V Fenlon-stone Ms H R Ripman Ms I Web51er Ms G Hordern Mr S l George laprmiinled 13 Sèptomber 20241 Company raglstered umber 00940118 Charlty rogl$ter•d number 311293 R•glstered office Town Close Educational Trust Limited 14 Ipswch Road Norwich NR2 2LR Company s¢¢r8tary Mrs K D Artherton Independent auditors Larking Gowen LLP Slalulory Auditors 1st Floor Prospect House Rouen Road Norw Norfolk NR1 1RE Bank•rs Handalsbanken Suite B 1 Prince of Wales Road Norwich NR1 1BD Solicitors Lealhes Prior 74 The Close Nomch Norfolk NR14DR Hoadma5tÈr Mr N Tiley-Nunn Page 1
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmltad by guardnteg) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 The Tiuslees present Ihgir report and audited financial sialernenls for the year ended 31 July 2025 which comply wth the requirements of thè Charities Acts 2011. with other current $18lulory requirements and with th9 requirements of the charitys governing document. The Truslegs have adopted the provisions of the 2019 Charities SORP IFRS 1021 °Accounting and Reportlng by Charities St8ternenl of Recommended Practice applicable lo charities preparing their accounts In accordance wth the FinanGial Reporting Standard applicable in the UK and Rèpublic of Ireland- in preparing Ihe annual report and financi81 ststements of the charity. Prln¢lpal actlvlty and status Tovm Close is an independent preparatory s¢hix)l. established in 1932 and. as Town Close House Educational Trust Limited, provlding day education for girls and boys between the ages of 2 and 14. The Trust is a company limited by guarantee Icompany numbBr 9401181, incorporated upon trusts sel out in the scheme of the Charity Commission dated 7 October 1968 Iregis18red charity number 3112931. Since 2012, the School has no longer Used the word 'House' in its branding. With a change lo the articjes required for th8 reason outlined below, Trust88S took the opportunity lo olso remDve the word 'House' from the name of the Trust wth effect from 8 July 2021. Mlsslon and obJeGtives of the School Th8 Trust is govemed by its Memorandum and Artides of Association. These were last amended on 20 June 2021 in ordgr to remove the rSght of the Normch Town Close Estate Charity lo 'require the appointment of up to three persons as GovemoTS'. The Charity had previously owned the site on which the School is housed but, followng the purchase of the sle by the Trust in 2016, this dause was no longer relevant. The article5 wcre pr8viously amgnded on 9 September 2011 in order to change the format to that specified by the Companies Act 2006 and lo allow for more upld319 working practices such a5 the use of electronic communications. The 2011 amÈndmenl also enabled the Trusl lo revise its primary objects from being Xo acquire and cary on in the United Kingdom any boarding or day schoDI or SchlS for the etIOn of either sex or both sexes", $peclfying parb¢vlarty Town Close House Preparatory School. Norwich, to Yor tho publSc benefit to advance education of young people lunder the age of 21 } through the provision, support. conduct and maintenance of day andlor boarding school or Schools and such other ancillary educational 8¢tivities and other associated activities for the benefit of the community." In furtherance of these objects, Town Close aims. to make the most out of every moment in guldlng our children to not only become great pupils. but more importantly great people. Pag9 2
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guaTante#l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Structuro, Governance and Manogement The Twstees are the Govemors of the Schwl and Directors of the Company. (The single term 'Trusteelsl' is used in this annual report in describing th8 discharging of their various duties.) The Trustees who served during th8 y8ar ended 31 July 2025 We as follows.. Mrs SJ Anthony ' Ichairl Iresigned 31 July 20251 Mrs K D Artherton- ISecrelary} Mr D Costello Mr A Fennell ' Mrs F Fenlon-slone Mr S George ' (appointed 13 September 2024} Mr M Graham, ITe5igned 19 March 20251 Mr5 G Hordem Dr S Kaushal Ire5igned 25 February 20251 Mrs L North Prof. G Parr Ire&gned 8 July 2025) Dr S Patel Mrs Ruth Ripman Mrs I Websler. rindic8les membership of the Finance & General PuTposes Covnmittee during the year ended 31 July 2025.1 TTUStees retire from office by rotation and are eligible for re-appointment in accordance with the Artides of AUatIOn. Appointments to vacancies arising during the year are made by thè Trustees on the recommend81ions of the Govemance and Nominations Committee. Th8 functions of this Committee include iewng the mpositiorI of the Goveming Body and its sub<omrnittees, overseeing succession plannlng and members, indudion, and training and development. Twstees receive al least termly reports from the Head on the work of the School, supplemented by monthly managernenl accounts and briefing materials circulated by the Bursar Ibtho is also Clerk lo the Governorsl. Governing body Full Board and Committee meetings are often preceded by information sèssions from staff on aspecls of the School's academic and other activities. Trustees liaise with stsff by attendanca at school events and activities, and individual Govemors attend occasional national andlor local training and infomiation seminars and workshops. In addition lo this. one Trustee is appointed to be a Liaison Govemor and comes into S¢hool regularfy lo meet wlh different members of staff. Staff may ask to attend one of these sèssions or are selected in Totalion by one of the Deputy Heads. The Liaison Governor rertS back to Trustees annually or more regularly if required. The Trustees. meeting formally as the Governing Body at leasl three limes a year and. guided by the Finance and General Purpose5 Committe8, determine the general slialegy and policy ot the School. review Its overall management and control. and oversee regulatory compliance in accordan with the terms of its registration wlh the Department for Education. The day-l04ay affairs of the School are run by th8 Head, wlh the SLJPPOrt of a Senior Leadership Team. and by the Bursar- a key member of that team. Page 3
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A cornpany Ilmlt¢d by guarant•el TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 K•y Management Personnel - Pay pollcy for senlor stsff Key managgrnent personnel are considered lo be the board of directors. who are also TNstees, the Head and the Bursar who. collectively, are in charge of direcung and Controlling, running and operating the Trust on a day-104ay basis. Al directors give of their time freely ané no director received remuneration in the year. Detsils of direclors, expenses and related party Iransacbons are disclosed in note 21 to the accounts. The pay of th¢ Head and Bursar is increased annually in line with any general increase given lo leaching staff as agreed by the Goveming Body. Their pay is also benchmarted against other Heads and Bursars in sirnilar schry)15 and is reviewed to consider whether it continues lo ba appropriate in the light of this and of.. lal perfoman¢e: Ibl any changes in individual responsibilities or functions.. Ic) slruclural chang8s in the sCh1- Id) relative salaries of others on the Leadership Sea or tho$8 on the main scale- le) any other elements agreed by the Committee to be relevant. In the absence of any significant grounds, under any of these headings, for increasing the fixed salary. the expectatlon is that their salary Nbill remain at the fixed point. Publlc benefit The Trustees confimi that they have complied wth the duty in section 4 of the Charities Act 2006 to have due regard lo th$ public benefit guid8ncÈ published by the Charity Commission in deltminlng the aciivilies undertaken. An annual review of this is conduded and the Trust continues to review its aclivili&s regularfy to ensure public benefit is a consideration in all decisions. To this end. public benefit is a regulai agenda item for meetings of the SLT. Heads of Department have public benefit as a reporting criterion. and il is regularfy discussed al common room meetings. Research conducted by the Independent Schods Council (the lrnpaGI of Independent Schools on the UK Economy - Dècèmber 2022) shows that ISC hOOlS, of which Town Close is one. save th& taxpayer £3.8 billion every year by providing places for pupils who could otherws& be expected lo lake up a placo in the stale-funded sector. The proviwon of education lo children remains tho Tnjsl's core charitsbl8 purpose and activity and its fundamental contribution to public benefit. In a practic8 which accords with PTincAples sel OLrt in the Charity Commission's general guidan on public benefit, Town Close has for some years provided buTsary assistance to the parents of a number of pupils are unable to pay the full fees and has a means-lesled framework for providing such assistan. This has been applied in respect of pupils alr8ady in the Schod and to new admissions. Rgapients of bursary awaTds arè spread throughoul the School, and from the 24 pupils in reipt of financial supw)rt this year, 17 received a remission of 50% or more with 5 pupils receiving al least 759A fees remission and 2 r1VIng in excèss of 75010 remi&sion. More broadly. the Trust provides public benefit by opening the School's sports and other facilities lo out&de users, including s¢hool-3ge children, some usage being without charge. AC55 to the Sch1 library continues to be given free of charge lo The Norfolk Reading Prolect ITNRPI for se lo train volunteers to go into primary schcK)Is lo support children's rea¢Jing. TNRP had previously used the Norfolk and Nomch Millennium Library for their training sessions but, like many other public buildings, this was dos8d for an extended period due lo the pandomi¢. Not only did Town Close provlde altemative accommodation but doing so free of ch8rge m8ant TNRP could use ils limiled resources on other aspects of their work. This work conb'nues to grow wth TNRP bein9 invited lo all public school events to publicise the excellent Work they do. Since their inception in 2015. th8 TNRP havè trainod over 600 volunteers who now read th children in 100 primary schools across Norfolk. Page 4
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmitod by guarant••l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 Public benefit Icontinu¢dl The School is part of a hockgy consortium fomied wth a local sports dub INoTwch Dragons Hockey Clubl and vthal was a local maintained sector school (The Hewett School). While The Hewett School no longer exists, Town Close's subslanli81 contribution to the development is enabling its succe5$0r school (The Hewett Academy), while not a momber of the Conwrtium. to extend hockey provision to pupils for vthom therè was previously no opportunity. It also enables the partner hock6y club to run free coaching sessions inlroduclng the sport to local children. Other local schools can hire the pitch al 8 reduced hourfy rate. Thé Hockey Consortium also sublets land free of chorge lo anolh&r indepgndent sch[1 on vthich a second Astrolurl has been con51rucled. One of the conditions awcialed wlh Ihe Su18ase was that this second pitch musl be made available for coJnmunity use in the evenings and al weekends. other activilies through which Toym Close ha5 provided public benefit consistent with its sims and objectives have included.. the provision of 5 free place5 to the School's Summer hollday dub for children from a local school in receipt of pupil premium., free use of the School swimming pool for a local m81ntain school lor children complex neeils., the fre8 use of the rnain sports field for maintained school events e.g. sport5 days and donating books to other schools. Th8 School has also been inslrumentsl in supporting m8int8ined schools across Norfolk lo introdu¢8 th8 use of Goblin electric gtrkarts. The cars come In kit form which children between the ages of 9 10 113re able to build and race. The project aims to inspire children lo lake an intÈr&sl in engineering in a fun and innovative way. The Head of DT helped source funding to support the initi81 c05t of the kits and then provided training sessions to sharg Igaming and to giv8 instruction in how to introduce the project in th8ir schools. He went on lo find 5uil3bl& venue for a Norfolk-based racing event and cyjordlnated a group of sponsors. 18 schools l(K)k 25 cars to the event, along With an average of 6 pupils per car. This would not have happèn6d wthoul Town Close's Involvement and wlhout the School agreeing to release the Head of DT to wcrk on this project. Over the last three years. the Head of DT has ntInued to work Greenpower and helped to secure grant fundlng for maintained schools lo irrtroduce the category of gtrkarts for Sendary age pupils IF241. He attended several extemal events and visited other schools lo generate interest in this c8legory, as well as holding meetings and light sesgons al Town Close School. He s8cured the use of the Lotus tssl track for thè inaugural F24 event in Norfolk held in June 2019 ¥thich attracted participants from across the region and further afield. It is eslimaled thal around 900 children have participated and benefited from Ihe programme. inspired by Town Close's involv8menl. The Head of DT was named a Greenpowerfs Ambassador of the y6ar for his rA)nlribulion to the wt)rk ol the Charity and Town Close Sch(K)l is proud lo be a Greenpow8r Educats"on Trust Centre of Excellen. Ttt8 School has a minibus fleet which is not used by the School during the holidays: it is inead loaned to local Sixiut groups and a Church to help them to support holidays for their communities. The Schwl's charity for this year was Abla2Be and the School COTnmunity raised more than £6k for this worthy cause. The School thoroughly enjoyed working wth the charity which focuses on helping d)ildr8n and adults ih a disability lo opbmise their 8erobic fitness and musclg strength a5 well as improve their concenlralion and Self Confidence in a fun way. The S¢hool also welcomed 24Q, 24 year olds as part of 115 Mini Explorer5 prograrnme. Twenty places were offered over six sewons in two terms, allowing local young people to enjoy the School's woodland walk which culminated ir¢ a teddy bèars, picnic. They were also given the opportunity to have fun in the swrnming pool, experienc& yoga taught by a specialist teacher, as w815 as tuming their hands lo being mini music makers and artists wth sessions led by the School's music and art departments. Wisiling 8Uthors to Sch1 again saw several local primary schools bring pupils lo enjoy the events. Page 5
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limlttrd by guarantwl TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2025 Publlc benefit (continued) The School's art departmer)I participated in GOGO Safari in support of the Break charity- Book donations w8r8 made lo a new school which opened locally as wèll as further donations made to Safe Intemational, a charity basèd In Wymondham and partnered wlh a Iransfomiation charity in Western Kenya. The Wherry School attended the School's Year 6 production of The Tempest and finally. our school sile was made available for a local charity to carry out search and rescue trainlng for dogs. Stratoglc ¢bJ•ctlv*s and a¢hlgvements The five-year Strategic Priorities plan 12025 -20301 provides a roadmap for delivering the School's vision, ich 15 to bewme a beacon for educab'on for 3-13 year olds, ernaIng all our pupils lo shine and guiding them towards Ihair brlghlest futur8. The plan has len key areas. each chaired by a memb8r of the SLT, nomlnaled Govemors providing str8legi¢ oversight. Ong School Ac8demic Pastoral ccu1cuIar EYFS People Community Sustsinability EDI Estates Highlights from these ten areas of focus in this year include.. Acceptance of T¢)vm Close into the Pre-senior School Batt818urÈate IPSBI prc4Jramme, loining gnificanl gri)up of leading preparatory schools. The development of the pastoral structur8 of the School, Thls Included a review of pupil leadership roles. the rolg of the Town Clos8 Way in School life. reward systems and opportunitles for the development of pupil voice. Developments in this area are to be supported by a ft8w School Nurse and our existing School Counsellor A significant exp8nsion of our ccumCu1ar tsfferfng (partIlarlY within Pre Prep), induding the raroe of trips on offer to pupils thrith a ski tn'p launched for the upcoming academic year. Development of the Senior Leadership Team with a new Deputy Head IPastordll, new Deputy Head Ico-curricular and Community) and a new Head of Pre Pfftp I0 will commence in role In th8 upcomlng academic yearl Development of a 'balanc8d approach, wlhin the digital strategy of the School alongde a appointed Director ol Dlgitsl Strategy and Computing. This in¢lud6d rèvamped 1..1 devlce offer and significant review of the platforms that the School utilised for teachlng and learning. Development of partnerships with local organisati¢ins including charities. perfomiing art8 %hools and SFK)rting organisations for mutual benefit. A key developmonl in this area was thè swmming partnership th Norwich Swan, which has revamped our swmmlng provision across the School. Pagè 6
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A Company limltèd by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 stratoglc obJ•ctlv&s and achlovgmqnts (continued) Considerable su¢c8ss in creative and sporting elements of School lif8 Wth national finalists in art Competitions, IAPS sports toumafflents and an exceptiongl range of drama productions including the senior production of 'Mats"Ida the Musical,. Investment in the School es181e induded significant review of previously underulili5ed spaces in the Schwl. Whilst the work for most of these project5 was completed aftgr the year end planning and preparatlon during this academic year facilitated the delivery of a drama studio, new science lab, 8 further saence lab lch vrds red8v¢loped, netball courts on site, specialist cookary roorn. and a remodellod IT 8uil8. The School's staff are central to the delivery of the School's ethos ond the successful journey of our pupils through the School. Supporting our staff wth an independent counselling servlce provided off site when they need it has proved Invalua0. Whilst the delivery of th& aims of the plan, is a priority for the Senior Leadership Team and Board of Trustee5, S8feguarding and compliance wth Keeping Children Safe in EdUtion Temains the overarching priority ol the SchoDI. Acadfjmlc p9rformanco Year 8 pupils who sal their Common Entrance exarns the Summer Temi 2025 perfonned very well. 97.5Vo of all grades were A. to C grades. An impreslve 66°h of the overall grade5 were graded as either A. or A, an increase of 15% compared to the previou5 year. These resuhs were the strongest set of results for our Year 8 cohorts nce 2012, wth the average grade sitting above 8 B grade. The overall average grad8s for all subjects Inueased cornpad to the prevlous year, apart from Theology, Philosophy and Rdigion which remained bro8dly the same. Some pupils sat the HSK exarnination in Mandarin. They performed very well wth 1 OOW. pass rale for the HSK1 exarn. The followng awards were given to our pupils at their Sanior SchoK)Is'. 7 AcademiG Scholarships 2 Sports Scholarships 3 Muslc Scholarships 1 Art Scholorship 2 Acadefflic Exhibition5 5 Headmaslevs Awards The Oundle Scholarship 1 Sailing Scholarship CAT 4 testing and other slandardi5ed testing continued across the Prep d8partmenl, lo provide yearly data lo help us to understand tho children's learning profiles as effectively as possible, along with our other formative and summalive 8ssessmenls. Page 7
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A ¢ompany Ilmlted by guaranteg) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Flnancial review and reserves poli¢y The School's principal source of funding is from fee income. As reported in the stal8ment of financial a¢tivitig5, tho School's net deficit for the year was £668.894 12024= £424,749) wth an EBITDA deficit of £272,884 12024. £48,148). This is after the VAT supwrt packagg of £447,330. detailed in note 3 of the a(unIs. This support package is being unwound ovèr the next 2.4 y8ars. Oespile the Govemmenl's introduction of VAT, pupil numbers remain strong. The cash balance as at 31 July 2025 was £1,149,107 and School has an overdraft facility of £51Xlk Ihat has not been ulilised during the year. 11 should be noted that the cash poOn in¢lud&s fees in advance as detailed in note 12. The school has no borrowng followng the eady repayment of finance in the yÈar ènd8d 31 July 2023. The Trustees remain committed to inveslng In the fabrfc of the school. In the last year £336,984 wos inv8Sted in capllal Items. The School remain5 strong and the Trustees have considered the principal risks and uncertaints'gs, in particular the challenges posed by the current economic and pdili¢al climate. Thg Trustees consider that the School's flnanclal positSon and the good relationship wth the School's bank mean it remains appropriate lo prepare the rinancial stalernenls on a going o)n¢em basis (Note 2.2 to the Finanry81 Statements relersl. Detailed and advanced planning for the potential introduction of VAT means that th8 Schod has b88n able to implement a generous support package for parents in respDnse lo the introduction of VAT from 1 January 2025. This initiative was designed lo ease the financial impact on families ensure ntinued access to eduG*ion during a period of significant chang6. The pdicy of the Tnjslees is lo maintain reserves al a levd that is sufficient lo enable the School to continue to operate as a going concem for the foreseeable future. Al the presant lim8 thè resèrves, amounting to £7.800.696 12024.. £8.469.5901 are fully invested in the fabric of Ihtr S¢hwl. Reslri¢ttrd funds al year end totalled £2,119 {2024.' £20,000). AJI other funds are held in Generdl and De5ign81ed funds. Free reserves, being total unreslricled funds less those which are invested in fixed assets, lotslled £239,606 12024.. £758,763). Capitalised expenditure on the School's PTemises and equipment w88 initially financed by a s8cured loan facility but more recendy this facility has been cleared. The Trust 1$ nol empowgrgd lo deliv8r any surplus by way of a dividend, bonus or other melhcxl lo its members. Objèctives and Plans The School welmed Mr Tiley-Nunn as its Head al the beginning of this a¢adgmlc year 1¢h In tum has $8en exciting successes and changes, not least Toym Close eaming a Significant Slrenglh in its mD5t recent ISI Inspection. Town Close meet all the standards requlred and as wner)tlongd aVe, re¢elved the rare accolade of 'a significant strength, for the School's coTnwnilmenl to ensuring that the values ol 'Thg Town Clos8 Way, havè a positive and tangible impact on the schwl LX)mmunily. The Inspector5 refleGted th81 'Pupils show a genuine love ol leaming. They are curious. reflective and eager lo contribute, and found that 'Pupils demonstrate a ¥%EII-developed moral LL)mpass'. Something, which for Town Close is at the heart of a first-class Prep School education. Swnrficant strength 'Leaders and governors share a commitment to the schod's aims and strategic development. They embed the school's values. expressed through 'The Town Clos8 Way,, acro all aspects of school life. This ethos. centred on pupils, academic ambition, rsonal growth, mutual r8spect and wellbeing guid8s daily interactions., Page B
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA ¢¢mpany limit$d by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR E14DED 31 JULY 2025 Vlsion. M18slon & Values VIon.. Our North Star To become a beacon for education for >13 year olds, vthich enables all our pupi15 to shlne and guide5 them towards their brighlest future. Mission.. Our To make the most vut of every moment in guiding our children to not only become great pupils. bul mole importantly great P80pI&. h8To These values acl as a signpost for both children and adu115 across all their endeavours at School. Our aim at Town C105e 15 that gveryone Car•$ for our School and wider community Acts positively, honestly and wth ambition Respects Ihemselvès and others Enjoys and celebrates leaming Supports others lo be their best Invostment power The Tnjslaes are empowered lo invest funds in a manner appropriaté to the finanal requirements ol the School, having regard to the security of any inv8Stmgnts made and the requirements of the Charity Commissioner5, order. The only investment held by the School has provided capital fundlng lo the Central Norwich Hockey Consortium, a registered charity of ¥thich il is a member. The funding is recggnised as a programme related investment and 8&8isled with the constnjction of an AslroTurf hockey pitch %•knich is av8ilable lo the Schod and for community use (seè note 91. As66t Ver for funds The Trustees are satisfied that on a fund-by-fund ba5 the assets a sufficient to fulfil 211 the School's current obligations. Systèms revlew and risk management The Trustees, Risk Management Policy and accompanying risk register are monitored by a %wrking group comprising a number of Trustees and the School's Bursar. Th& work of this group is grounded in the operational aspects of the School, but It also has an important strategic role in reviewng higher level issues such as the educational, economic. legal and pdilical context in which the School operates, and thereby helps to inform the Tru51ees' strategi¢ planning and decisi0making. Thè Risk Management Worf(ing Group reports al least annually to Ihe Trustees. This CA)mmittèè in turn seeks sp&¢ific advice and guidanc8 on systems matters from the appointed audttor or from other profossional advisers when required. Page 9
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA cornpany Ilmlted by guarnnt••l TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 JULY2025 statement of Tmst•8s' ro$pon$lblllties The Trustees (tho are also dirgctors of Town Close House Educational Tnjsl Limi18d for the purposès ol company lawl are responwblè for preparing the Truslee5' Annual Report and the financial slalemenls in accordance wllh 8ppllcable law and regulations. C(xnpany law requlres tho Trustees to prepare financial statements for èad) finanual ar. Under that law. the Tnjstees have elected to Prepare financial slalemenls in accordance wth United Kingdom Accounting Standards (United Kingdom Gènerally Accepted Accounting Practice}. The fin8n¢i¥l statements are required by law to give a true and faiT view of th& stale of affairs of the charitable company and of the incomin9 resources and application of resouT(Es. induding the income and expenditure, of the Charitable Company for Ihal period. In PTeparing Ih85e financial stslements, the Tru51ees are required lo.. select suitable accounting policies and then apply thern conslstently., observe the methods and princlpl8s in the Charities SORP.. make judgm8nts and estimates that are reasonable and pn4denl', prepare Ihg financial statements on the gL)ing ex)neem basls un18&8 St Is Inapproprtate lo presume that the charitable company wll continue in business. The Tru51ees are respongble for keeping adequate accounting records that disdose wth reasonable accuracy, al any Ilme, the financial position of the charllable company and enaNe them lo ensLJre that the financbal statements comply wlh the Companies Act 2006. They are also responsible for safeguarding the assets ol the charitable company and hon¢9 for taking reasonable steps for the prevention and de16Ction of fraud and other irregularities. In so far as each of the Trustees is aware: th8re is no relevant audit infomiatyon of which the charitable company s auditor is unawaTe- and the Trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and to establish that the auditor is aware of the inforn)ation. Auditor LaTklng Gowen have been appointed as auditor in accordanc* wlth $485141 of the Companies Act 2006. Approv8d by order of the members of thè board of Trustees and slgned on Ihelr bohalf by." Ms H R Rlpman Chalr of Trustees Dale.. 13 Mar¢h 2026 Page 10
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limrted by guarnnteel INDEPENDE AUDITORS. REPORT TO THE MEMBERS OF TOWN CLOSE EDUCATIONAL TRUST LIMITED Opinion We have 8udited the financial statements of Tovm Close Educational Tnjst Limited (the 'charilable COTnpany'l for the year ended 31 July 2025 whith ¢omprise the Stalgmenl of financial aclivilies, the Balance sheet, ihe stst8monl of cash flows and thè related notes. including a summary of significant accounting policies. The rinancial reporting framework that has been applled in their preparation Is applicable law and United Kingdom Accounting Slandards. Including Financial Reporting Stsndaid 102 The Finanoal Reporting Standard applicable in the UK and Republic of Irel8nd' Ivniled Kingdom Gener811y Accepted Accounting Pra¢li¢èl. In our oplnlon the flnancial statements: give a true and fair view of thè state of the charitabl8 eompanys affair5 as al 31 July 2025 and of ils incoming resources and applI110n of resources, induding ils income and 8xpendilure lor the year then ended: have been properly prepared in accordance wth United KSngdom Generally Accepted Accounting Practice.. an have been prepared in ac¢ordanc8 vAlh Ihe requirem8nts of the Companies Act 2006. Basls for opinion We ndUcted our audit in accordance wlh Intèmational Stsndards on Auditing IUKI IISAS IUKII and applicable law. OUT responsibilities under those standards arè furthor described in th8 Audltors, r8sponsibilities foT the audit ol the financial slalements sectlon of our report. We are Independent of the Charitable company in accordance with the ethical requirement5 that are relevant lo our audit of the financial stalemenls in the United Kingdom. including the Finanual Reporting Coundl's Ethical Standard, and we have fulfille(J OUT other ethical responsibilities in accordance wlh these requirements. We believe that the audit &vidence we have obtained is sufficient and appropriate to provlde a ba51s for our opinion. Conclusions relatlng to golng coTr¢ern In audttlng the finan¢lal statements, we have (nCluded that the Trustees, use of the going ¢oncem basis of accounting in the preparation of th8 flnancial stslefftÈn15 is appropriate. Based on the have pèrfomied, w8 have not identlfl8d any material uncertainlles rolating to events or conditions that, individually or Collectively. may cast &gnifirant doubl on the charitable company's ability lo continue as a going concem lor a period of al least ljvelve months from when the financial slalements are authorised for issue. Our responslbilities and thg responsibllilies of the Tnjstees with respect to gDing concem ore described in the relevant sections of thi5 report. Page11
TOWN CLOSE EDUCATIONAL TRLIST UMITED (A compny Ilmll•d by guarnnt••l INDEPENDEpif AUDrroRS' REPORT TO THE MEMBERS OF TOWN CLOSE EDiICATION&L TRUST UMITED ICONTINUED) Olh•r Infornwtlon The other infomation comFrfi8es the infomi8tion induded in the Annual Report other than the flnartl81 statements and our Audllors. rewt thereon. The Trustees are responsible f( the other infofftauon contained Valihin the Nmnual ReFxI. Our opinion on financial statements does not txver the other infonnan and, except to the extént othepNise explicitly ststed in report, we do ncl express any forn of assuT8nee nduOn thereon. Our responslblllty Is to read the other Infomauon and, In dolng so, (nslder thether the other Infomiallon Is materfally InConStent with the finandal statements or our kn¢edge obtaird In the courge of the aLKlit, or otheThwise app8ars to be materially misstatod. If we identify such material irrf))nsi&gncies 8pyarent malerlal misstatements. we 8re requlred to detemlne whether thls glves rf8e lo a materfal misslatemenl In the finanaal statements themselves. If, based on the work we have performed, CAMdJe that there Is a matsdal mlsstalement of th18 other Infom)aUon, are requlred to report that fact. We have nothlng to rert In thls regard. Oplnlon on oth•r matt•(s proscrib•d by th• Companlos Act 2006 In our opinion. baJ ¢)n the work undertaken in the wurse of the audit.. the infcffliation given in th8 Trustees, ret for financial year for vthich the financial statements prepared Is congthl with th8 financial statement& the Trustges, re[ has b8gn piepargd in acc(wdance applica8 legal requirements. PAAttern on whlch are requlred to report by exceplon In the light of our kn¢)vAedge and undernding of the chaiitatle GpanY and its environrnenl obtsined in the urse of the aud¢ have rb)t identified mateiial misstatements in the Twstees. repryt. We have nothlng to report In respecl of the foll¢11j matters In relallon to whlch Comp8nles Act 2006 wulres us to TeFNt kj you rf. in our opinion: adequate a(xounliThJ records have not been kept. or retums adequate for our audit have not been received from Lyanches not vlsited by u4 or the finawal statements are not in agreement with the aUnting rewrds and retums,. or certain disdosures of Trustees, remuneration specified by law are not made., or t have not receNed all the information and exF4anations ¥ require for our audit. Page 12
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA Company limltèd by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TOWN CLOSE EDUCATIONAL TRUST LIMITED {CONTINUEDI R•spon$lbllities of trust¢88 As explalngd more fully in th8 Trustees. re5ponwbilities statement, the Trustees Iwho 8Te also the directors of the ch8rilable company for the purposes of company lawl are responsible for the pffparation of the financial stalernenls and for being satisfied that they give a true and fair view. and for such Intemal control as the Trustees ¢Jetennine is necessary to enable the preparation of financ4al statements that are free from malenal misstatement. whether due lo fraud or error. In preparing the finanGial Statements. th8 Trustees are responsible for assesgSng the charitable company's abllity to conlinue as a golng ncern. discloslng. as applicablg, matter5 related to going concern and using the going (x)ncem basis of accounting unless th8 Tnjstees either intend lo liquidate th8 ¢harilab18 company or to cease operations, or havè no realistic alternative but to do so. Auditors. responslbllltle$ for the audlt of the flnanclal stat•mgnts Our objectives are to obtsin Tea50nabl8 assurance about ether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and lo issue an Auditors. report that includes our opinion. Reasonable assurance is 8 high level of assurance, but 15 ncit a guaranloe thal an audit conducted In accocdance with ISAS IUKI wll always delect a material misslalement when il èxists. Misstatements Can arise from fraud or error 8nd 8re considered material if, individually or in the aggregate, they could reasonBbly be expeclad to influenctr the 8conomic decisions of users taken on the basis of these financial stal8m8nts. Irregularities. induding fraud, are instan¢es of non-compliance with laws and regulations. We design procedures in line wth our responsibilities, outlined abov8, to detect material misslaternenls in respect of irregularities, induding fraud. The extent lo which our pcedureS are capablè of detecting irregularilies. including fraud is detailed below.. Due lo the field in which the company oper8les, we identified the areas most likety lo have a direct material impact on the financial stalemfjnts as compliance th safeguardlng regulations, the Charity Commission and the CoTnpanies Act 2006. In addition, we considered the provisions of other laws and iegulations which, whilst not having a direct impact on the financial ststemenls. are fundamental lo the company's ability to operate including health and saf8ty,' employment law, and compliance with various other regulations relevant lo th8 conduct of the company's operaJons running a school. Our approach lo identifying and assessing the risk of material misstatement in respect of Irregularities. includlng fraud and non-MplI8ncE wth lavts and regulations, includ the following.. Enquiries wlh managbmenl about any knovm or suspected instances of non-MPlInce with la and regulations, accidents in the school, potential litigation or claims and fraud., Enquiries with management about any known instances of health and safety brea¢hes. safeguarding issues or GDPR breaches. Review of legal anLI professional fees lo confSrm matters where the company engaged lawyers during the yoar.. Review of financial ststem8nl disclosures, and testing to supporting documentation lo assess compliance Trmth applicable laws and regulalions.. Review of board minutes and any relevant correspondence wth gxtgmal authorities., Challenging assumptions and judgments made by management in thèir significant accounting estimates.. Auditing the risk of m8nag8menl override of controls, including through lesling joum81 entries and other adjustmènts for appropriatene&s, and evaluating the ratsonale of any significant transactions outside the nom)al course of business. Page13
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A ¢ompany Ilmitad by guawanto•1 INDEPENDEP AUDITORS. REPORT TO THE MEMBERS OF TOWN CLOSE EDUCATIONAL TRUST LIMITED {CONTINUED) Because of the inherent limitations of an audit, there is a risk thal we wll not detecl all irregularities. including those leadlng lo a mater5al mi5slalement in the Ilnancial statements or non-MplIance wth regulation. This risk increases the more that (*Jmpliance with 8 law or regulation is removed from the events and transactions reflected in the financial slalemenls, as we will beloss likoly lo become aware ol inslancgs of non<omdlan. The risk is also greater regarding irregularities oc¢uffing due to fraud rather than error, as fraud involves intentional concealment, forgery. ¢ollugon. omission or misrepresentstion. A further descTlPtion of our responslbililies for the audit of Ihe financi81 statements is located on the Financial Reporti Council's website al.. This description fomis part of our Auditors. report. ofour r•port This report is made sololy to the charitable company's member5, a5 a body. in accordan¢e wlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charilable company's members those matters we are required lo slate lo Ihern in an Auditors, report and for no other purpose. To the fullest extent pemitted by law, do not acc8pI or assume respon&bility lo anyone othor than the charitable company and ils members, as a body, for our audit work, for this report, gr for the oplnlons we have fomied. J Grlmmer FCA DChA (Senlor statut¢ry audilor) for and on behalf of Larking Gowen LLP Statutory Audltors Norwich 1st Floor Prospect House Rouon Road Norwch Norfolk NR1 1RE Date.. 27 March 2026 Page 14
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA Company limitod by guarantepl STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2025 Unrestrictèd funds 2025 Restricted funds 2025 Total fund$ 2025 Total funds 2024 Note Inoome from: Charitae activities-. School fees School trips Holiday aclivili8s Income from olher activities 5.826,407 78,939 96.581 245.947 5,826.407 78,939 96,581 245,947 6,030, 156 92,337 89,717 246,318 Total Income 6.247,874 6.247.874 6,458.528 Expenditure on.. Gosts of generating funds Fundraising and publicity Charitable activities.. Sch] expenses School trips Repairs, renewals and grounds Interest payable Other support cost- govemance 66.857 66,857 72,165 6,193.030 98.830 336.287 48.746 173.018 6,193,030 98.830 336.287 48.746 173.018 6, 175.394 704.693 298, 700 45, 183 186.542 Total expenditure 6,916.768 6.916,768 6,883.277 Net •xpenditure Transfers betw8en funds {668,894} 17.881 1668.894) (424. 749J 14 117.8811 Ngt in¢¢m• 1651.013) {17,8B11 1668,8941 (424. T49) Reconclllatlon of funds: Total lunds brought forbydrd N61 movement in funds 8.449,590 (651.0131 20,000 117,881} 8.469,590 1668,8941 8,894,339 (424. 749J Total funds carriod forward 7.798,5 2,119 7,800,696 8,469.590 The Statement of financial aclivits'es includes all galns 8nd losses recognised in the year. The notes on pages 18 10 33 fomi part of th858 financial slalemenls. Page 15
TOV4 CLOSE EDUCATIOKAL TRUST LIMITED (A company Ilmlt•d by guarnnts•l REGISTERED NUMBER: I)0940118 BALANCE SHEET AS AT 31 JULY 2025 2025 2024 Flx•d Investments Tangible assèts 2&000 7.531971 10 7.640.827 7,SS8971 7.690.827 CutT•nt a88èts Debtors Cash at bank and In hand 11 177.707 2.180.228 1,149.107 1.535,839 2.351,935 Current Ilabllltles credIto amounts falllng dug vAthln one 12 {1.045.9n) (1, 173.333) N•t ¢urr•nt ass•ts 489,866 1,178.602 Total assets loss Ilabllllles 8.04i837 8.869.429 CreditOTS'. amountsfalling dLE after more than one year 13 1248.141) (399.839) Totsl n•t assets 7,800,696 8,469.590 Chaty funds Restsicted furbjs lthrestriGted furK15 14 1119 7,798,5TI 20.000 8.449.590 14 Total funds 7,800,696 8.469.590 The Trustees acknovAedae ther responsiblitie5 for complyirwJ ith the Tequiremerts of the Ad *ith resFed to a(wurfng rewds and preparatlon offinanclal statements. The finandal statements apped and authorised for issue bl the Tnstees and gned on thetr behaf ty.. MI H R Rlpm8n Tntstee Date:13 Mar¢h 2026 Ms I W•bstsr Trlte8 The notes on p3J88 18 to 33 fcfm part of th888 flnancLql statement& P•3e 16
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limltod by guar4nto0) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025 2025 2024 Note Cash flows from operating actlvltiBs Net cash used in operating activities 16 1694.1371 602,805 Cash flows from investing activities Proceeds frorn the sale of tangible fixed assets Purchase of tangible fixed ass8ts 4,035 (303,936) (336,9841 Net cash used In Invostlng actlvltles 1336,984) {299,9011 Cash flow$ from flnanclng actlvitios Net ¢a8h provld•d by Ilngnclng a¢tiviti88 Change In cash and ¢4sh equlvalonts In Ihe year Cash and cash equiv81ents at the beginning of the year {1.031.1211 2,180.228 302,904 7,877,324 Ca$h and cash •qulv4lent¥ at tho ond of thè year 17 1.149,107 2, 180,228 The noles on pages 18 10 33 fomi part of these financial ststsmenls Page 17
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A ¢ompany limilad by guarnnt•?) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Gonoral Infomi4tlon Town Close EduGational Tmsl Limitèd is a charitablè company limited by guarantee. charity number 311293 and comp8ny number 00940118. The registered office is Town Close Educational Trust Limited, 14 Ipswith Road, NoNvkh, NR2 2LR. Accounting polici•s 2.1 Basls of prnparatlon of flnanclal statements The fin8nci81 slalements have been prepared in accordanc8 %Yith the Charities SORP IFRS 1021- Accounting and Reporting by Charrties.- Stalemenl of Recommended Practice applicable lo charities preparing their acwunts in aordanCe wth the Financial Reporting Standard applicable in the UK and Republic Of Ireland IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard applica& in the UK and Republic of Ireland IFRS 102) and the Companies Act 20LN8. Close Educational Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised Bt historical cost or transaction value unle55 otherwse staled in the relevant accounting policy. 2.2 Golng roncern The Trustees have considered the principal risks and uncertainties affecting the School, in particular the challenge5 posed by the current economlc dlmale, Indudlng changes to employment related taxation, business rdles relief, the cost of living and the impact that the recendy introduce(I VAT on private schod fees might havg on future pupil numbers. The Trustees consider that the School's strong financAal tiOn in both cash and SeNe$, and the gc*)d relationship wlh the School's bank mean il remains 8ppropriale to prepare the fin8nci81 statements on a going concern balis. 2.3 Incom All Income is recognised onee the company has enlltlemenl to the inme, 11 Is prob8ble that the ncome wll be rec8ived and the amount ot income receivable can be measured reliably. Other income is recogni5ed in the period in which it is receivable and to the exlenl tho goods have been provided or on completion of the service. 2.4 Expenditure Expenditure is recognised once there is a legal or Gonstructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits wll be r6quirÈd in settlement and the amount of the ObligaOn can be measured reliably. Expenditure is Glassified by activity. The o)sts of each activity are made up of the total of élrecl $1$ and shared costs, including 5UPPOrt costs involved in undertaking each activity. Direct costs attrlbutable lo a single activity are allo¢aled directly to that activity. Shar8d costs lch contribute to mor8 than one activity and support C0515 bthlch are not attributable lo a single activity are apportioned ben those activities on a basis nsistent wlh the use of resources. Central stsff costs are allocated on the basis of time Spent, and depreciation charges allocated on the portion of the asset's use. Page 18
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA Company Ilmited by guarnnte81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accountlng pollcies {continu*dl 2.4 Expendlture (continued) Expenditure on raising funds indudes all expenditure incurred by the company lo raise funds for its chaiilable purposes and indudes costs of all fundr8ising activities ovonls and non-charitsbl8 trading. Expendrture on charitable activities 1$ incurred on dlrectly undertaking lh& activities which further the companls objectives, as well as any associated 5UPPOrt costs. Al fjxpendilure is incluve of Irrecoverable VAT. 2.5 Investments The School h8$ provided capital funding to The Central Norwich Hockay Consortium la reglslered charity). Funding has assisted with construction of artificial turf hockey pitches and associated facilities, whlch are available for school and community use. The funding Is r&cogni5ed as a programme related investment slated at st less amortisalion. The inveslmenl is being amortised by way of ar) annual grant to The Cerrtral Norwich Hockey Consortium on 8 Straight line basis over 15 years. the period during vhich the sGh¢xJl èxpeets lo ulilise the facilitles. 2.6 Tangible fixod assets and d•preciation Tanglble fixed assets (x)sting £5.000 or more are pitalIse¢j and r8cognisèd en futurB onOmIC benefits are probable and the cost or value of th8 asset can be measured reliably. Tangibl8 fixed assets are initially reco9nised 8t cost. After recognition. under th& cost model, tangible fixed assets are measured al cost less accumulaltsd ¢Jepreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its Intended worn9 condition should be incjuded in the measureTnÉnl of cost. Depreciation is charged 50 a5 to allocate the cost of tangib18 fixed assets less their residual value over their cslimatod useful lives, using the stTaighl-line meth¢>J. Dopreciation Is provided on the followlng bases.. FhOld land Freehold buildings Motor vehicles Fumiture. fittings and equipment Computer equipment Assets in course of con81ruction Not deproci8ted 20 to 50 years 5 years 10 years 3 y68rs Not depreciated during the period of OJllStruclion 2.7 Debtors Trade and other debtors ar& recognised at the $8ttlemenl amount after any trade discount off8r8d. Prepayments are valued at the amount prepaid n8t of any trade discounts due. Pagè 19
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A wmpany limitwl by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policles {contlnu•d) 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date ot aCqUition or opening of the deposit or similar account. 2.9 Liabilitios and provlsions Liabilities are COgnISed when there is an obligation at the Balance sheet dale as a result of a past event. it is probable that a transfer of economic benefit wll b6 raquired in settlem&nl, and the amount of the settlement can be osb'mated rfrliably. Liabilities are recognised al the amount that the company antiapates it wll pay lo setue the debt or the amount it has received as advanced payments for the grx)ds or services it must provide. Provisions am measured al the best estimate of the amounts rèquir8d to sètu8 th8 obligatlon. Where the effect of the time value of money is material. tho provision is based on Ihtr present value of those amounts, discounted at the pre-tax discount rate that reflects the risks spècific to the liability- The unwnding of the disc)Unt is Tecognised in the Statement of financial aclivlues as a rinance cost. 2.10 Financial instrument$ The rxjmpany only hBS financial a&8ets and financial liabilities Df a kind that qualify as basic rinancial instrLtmènls. Basic finan¢ial instruments are initially recognised at transaction value and subsequently measured at their settlement value with tho excepllon of bank loans vthich arts subsequently m&asurèd at amortiS8d cost using th8 effective interest melh(xY. 2.11 Operatlng leases Rgnlals paid under operating leases are charged to tho Statement of financial aclivilie5 on a straight-lin& basis over th8 lèasè tarm. 2.12 Penslons Retirèment benefits to employees of the School ar8 provided by the Teachers, Pension Sch8me I'TPS"). This is a defined benetil scheme. The TPS is an unfunded scheme and CA)ntribulions are c2lculaled so as lo spread the cost of penOnS over employees, working lives with the School in such a way Ihal the pension cost is a substantially level percentage of Current and future pensronable payrgll. Th? contributions are deternin by th8 Government Actuary on the basis of quadrennial valuations Ung a prospÈ¢tive unit credil method. TPS is an unfunded mulli*mployer scheme no underfying as5els lo assign beNveen employers. Consequently. the TPS is treated as a defined contribution scheme for accounting purwses and the contributions re¢ognised in the period lo which they late. Page 20
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accountlng pollcio$ leonllnuedl 2.13Fund accountlng General funds aro unrestricted funds which are availae for use Bl the discretion of the Trustees in furtheran of the general objeclivos of Ihe company and which have not been designated for other purposes. Designated funds comprise unTeslricted funds Ihal have been sel aside by the Trustees lor partiCLslar purposes. The aim and use of each designat8d fund is sel out in Iht notes to the financlal slal8ments. Restricted funds are funds vthich ar6 to bo used in accordance wth speafic reslridions imposed by donors or which have been raised by the company for particular purposès. The costs of raising and administering such funds are Charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the finan¢i81 statements. School fees 2025 2024 Gross Fees Bursaries and remissSons 6.359,494 {533,0871 6,573, 194 {543,038) 5,826,407 6,030, 156 During the financial year ended 31 July 2025, the Sch¢)ol implemented 8 generous support package for paren15 in response to the introduction of VAT on sch¢Jol fges. This inillative was deslgned lo ease the financial impact on families and ensure continued access to education during a peri(Id of significant change. A5 part of this support, the School provided a discount on fees equivalent lo 75 /0 of the lolal VAT that uld othewse have been charged. This rnea5u resulted in a reduction in gross fee income for the y8ar of £447.330. The decision to offor this support r8flects the School's commitment to its community and its ongoing efforts to remain accesslble and supportive to famili85 during ts'mes of finanaal adjuslmenl. Page 21
TOWN CLOSE EDVCATIONAL TRUST LIMITED {A ¢omp8ny Ilmlt8d by gu8rnntsql NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Incom• from other activities Unrestrlctsd funds 2025 Total funds 2025 Total funds 2024 Swmrning pod income Other hiring5 After School care income Other income Fundraising Musir lessons 32,188 37,304 90,168 79.241 6.591 455 32.188 37.304 90,168 79,241 6,591 455 43,443 31,664 82,828 76.111 12,097 175 245,947 245.947 246,318 246,318 246,318 sch11 Expenses 2025 2024 Teaching staff costs Domeslic and grounds staff costs Housekeeping and Provisions Depreciation Amortisation Irrecoverable VAT Loss on disposal of assets in the course of construetion Teaching mal8rials and olh8r sch1 6xpèns8s General support costs- stsff costs other 3.703.929 5B7.376 480.280 370.987 25,000 139,7811 3.428,852 539,418 514,035 351.601 25.000 216, 191 492, 146 449,964 158, 181 358,209 487,189 219.841 6,193.030 6. 775.394 The loss on disposal of assets in th8 cours8 of construction in the prior year represents the writing off of previously-capStalised planning and other wvrks no longer d8emed recoverable due to changes made to the designs and plans for th8 a&8et. Page 22
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA ¢ompany IlmSt¢d by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Govornance costs 2025 2024 stafl costs Audit fees Professional fees General office expenses 48,184 15,540 84,867 24,427 44.502 14.8QO 109,664 17,576 173.D18 186,542 10Yo of general office expenses are allocated to govemance. Staff Costs aTe allocated on the ba515 of stimaled lime spent, being 9Vo allo¢aled lo govemance. Audltors. Temuneratlon 2D25 2024 Fees payable lo the comp8nVs auditor for the audit of the companVs annual accounts 15,550 14.800 Fe8s payable lo the companls auditor in respect of.. I taxation advlsory services not incluéed above All assurance services not included 8b)Ye All non-audil services not Snduded aLK*VO 5,200 685 15,700 12.260 650 5. 135 Staff costs 2025 2024 Wage5 and salaries Social s8¢urity costs Contribution to pension schemes 3.748.782 377.224 700.672 3,552.945 304,837 604,953 4.826,678 4,462.735 Page 23
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company lirnitod by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2Q25 staff co$ts (continued} Tho average number of persons employed by the company during the year was as follows-. 2025 No. 2024 No. Avèrag8 no. of employees 130 129 The numb8r of èmployees 0$e employee benefi15 lexduding employer penon costs) exe*eded £60.Ot>O wa5.. 2025 2024 No. In the band £60,001- £70,000 In the band £70,001 £80,000 In the band £80,001 £90,000 In the band £100,001 £110,000 In the band £110,001 £120,000 Employers. pension contributions in respeGt of Ihg abovo èmployees was as follows.. 2025 2024 In the band £60,001- £70,000 In the band £70.001- £eo.000 In the band £80,001- £90.000 In the band £100,001- £110,000 In the band £110,001- £120.000 18.079 40.710 9.730 44.290 24,905 28.919 The key mallagement personnel compdse twslees. vtho are unpaid. together with the H8admasler and the Bursar. The lotsl employee remuneration (including employers. national insurance coslsl of the key managernenl personnel was £256,08112024.. £237,173>. Indkjded within th8 above staff costs are tamiination paym8nts mado to one form8r member of staff tolalling £30,00012024.' £36.894}. Page 24
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmited by guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Inv•stm•nts Programme Relatod Investments Cost At 1 August 2024 375.000 At 31 July 2025 375.000 Amortisation Al 1 August 2024 Charge for the year 325.000 25.000 At 31 July 2025 350.000 Net book valuo At 31 July 2025 25,000 Al 31 July 2024 50.000 The School provided Gapltal funding lo The Central Norwich Hockey Consortium la registered ¢harityl. The funding assisted wth the nStrUcts.0n of artificial turt hockey pitches and assoualed facilib'es, ¥thich are available for school and community use. The funding is recognised as a programme related Investment and slated al cost less amortisation. The investment is belng amortised by YMY of an annual grant lo The Central Norwich Ho¢key Consortium on a slraighl line basis over 15 year5, the period during which the School expects to ulilise the farAlities. Page 25
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company limltsd by guarantoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 10. Tanglbl• fix•d ass•ts s$¢ts In Furniture. the ¢ours8 Motor flttings and ol Vehl¢lo$ gqulpment con$tru¢tion Freehold property Total Cost or valuation At 1 August 2024 Addltlons 11.740,375 87,926 201.742 2,283.891 207.605 1983.7981 245.287 14,471.295 41.453 336.984 1999.0631 172.8301 Disposals Other adjustments 115.265) 172,8301 At 31 July 2025 11,755,471 186,477 1.507.698 286,740 13,736.386 Depreciation At 1 August 2024 Charge for the year On disposals 4,757,038 217.376 185,609 12,235 115,2651 1.887,821 141.399 (983.798} 6,830.468 371.010 1999.0631 At 31 July 2025 4,974.414 182.579 1.045.422 6,202.415 Net book value At 31 July 2025 6.781.057 3.898 462,276 286,740 7.533,971 At 31 July 2024 6.983,337 16,133 396,070 245,287 7,640.827 The adjustments lo the cost of freehL4d pr¢Jpety felales lo input VAT incurred prior lo VAT regislr81ion, previously treated as IrreGov8rable. which is now re¢ov8rable under the Capitsl Goods Schem8. The disposals reported in the year reflect an exeruse carried out by management to remove from fixed a&8ets any old assets held at £nil value 1¢h had since been reFdaced. Induded in the net book value of property displayed abovè are the following amoun15 asuibable to land.. 2025 2024 Land 1,925.062 4,910,944 1,925,062 5,058.275 Buildings 6,836,006 6,983,337 Page 26
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company Ilmited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 11. Dobtors 2025 2024 Duo Withln one year Trade deblors Other debtors Prepayments and accrued income 71,169 72.830 242.733 80.847 850 90.010 386.732 177,107 12. Credltors: Amounts falllng due within one year 2025 2024 Fee doposils Trade creditors Other tsxation and soclal securfty Fees in advance Other creditors Accruals and deftrrred income 21,400 200,429 105,188 472,741 68,076 178.139 25,500 53.716 77.191 793,247 T4,295 149,384 1,045.973 1, 173,333 2025 2024 Deferred income at 1 August 2024 Resources deferred during thè year Amounts released fmm prévious periods 1,054.672 640,578 11.054.672) 505.979 1.054.672 f505.979J 640.578 1,054,672 Deferred income is included thIn Ihg fees in advance and aTualS and deferT&d incom8 cal8gories of crediloTS. Pagè 27
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA ¢¢mpany Ilmtted by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 13. Credltors: Amounts falling due after more than ono year 2025 2024 Fee deposits Fees in advance 144.339 103.802 152,439 247.400 248.141 399,839 14. Statomont of lund$ ststemenl of funds • currnnt y•ar Balan¢è at 1 August 2024 Transf•rs Balanc& at inlout 31 July 2025 Income Expendiiure Unrostrictsd fund$ Designated Funds 89,054 89.054 General fund$ 8,360,536 6.247,874 16.916,7681 17,881 7,709.523 Total Unrestrlctsd funds B.449,590 6.247.874 16.916,7681 17.881 7,798,577 Restricled funds Chakravarty donation 20,000 {17,881} 2.119 Total of funds 8.469,590 ,247.874 {6.916,7681 7.800.696 Following a receipt of £84,263 in 2013 the Govemors deuded to designate thèse funds for use in future capltal prolects, vthich wll recognise the contribution of the Timothy Alston Foundation. In 2021 other donalions of £4,791 were transferred into this fund by th8 Trustees. The Governors plan lo release this balance in 2025126 when various capital projects are Completed. The Chakrav8ty donation fund represents a donation, plus ossoeSatèd glft aSd rec8Svatle. made to the Charity towards thè fitting out of a new 5cien(E lab. The tr8nsfer 01 £17.881 to unrastricted funds rèpresents amounts sp8nl on the science lab and capitalised during the year ended 31 July 2025. The remaining balance has been spent and capilallstd after year end. Page 28
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA ¢ompany limitod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14. Ststement of funds (Continued) ststemont of fund$ - prior yèar Balancg al l Augusl 2023 Balance al InGGme EXp0nditu 31 July 2Q24 Unrostrlctod funds Designated Funds 89,054 89.054 General lunds 8. 785,285 6,458,528 (6,883,277) 8,360,536 Totsl Unrestrlcted funds 8.874,339 6,458.528 (6,883.277) 8,449,590 Restri¢tgd fvnds Chakfavaty dortalion 20,000 20.0( Total of funds 8,894.339 6,458.528 (6,883.277J 8,469,590 Page 29
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company Ilmltad by guaranto0} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Analysls of net assets betsY•on fund$ knaly$is of not assets between funds - current year Unrgstrlctod funds 2025 Re5trithd funds 2025 Total funds 2025 Tangible fixed assets Invoslmenls Cuent assets Creditors due within on& year Creditors duè in more than one year 7,533.971 7,533.971 25,0110 1,535,839 11,045,973) 1248,1411 1,533.720 11,045,973} 1248,141) 2,119 Total 7.798.577 2,119 7.800,696 Analysis of net assets b•lw•on funds - prior yoar Unreslncled funds 2Q24 Reslricted funds 2024 Total lunds 2024 Tangible fixed awts Investments 7,640,827 50,000 2,331.935 (1, 173,333) (399,839) 7,640,827 50,000 2,351,935 (1, 173,333) (399,83g) Currènt assets Creditors due withSn one year Credilots due in more Ihan one year 20.000 Total 8,449,590 20,0(K) 8,469,590 Page 30
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA ¢¢mpany Ilmited by guarantgo) NOTES TO THE FINPtr4CIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 16. Rèconclllation of net movèment In fvnds to n¢t ¢ash flow from op•ratlng actlvltles 2025 2024 Nel expenditure for the perlod {as p8r Statement of Financial Actlvitiesl 1668,8941 (424, 149) Adjustm•nts for: Depreciation charges Amortisation charge$ Loss on disposal of assets in the Course of eonstnjcb'on Profit on tho sale of fixed assets In¢rease in debtors IDecrea5eyincrease in creditors 371.010 25,000 357,601 25,000 216, 191 (3,915J (47, 194J 485,871 {142.195} {279.058} Nat cash provld•d byl{used in) oyratlng activltles {694,137) 602,805 17. Analysis of cash and cash equivolènts 2025 2024 Cash in h8nd 1,149,107 2,180,228 Total ¢ash and cash equivalents 1.149,107 2,180,228 18. Analy$l$ of changes In nat debt At 1 August 2024 Cash flows At 31 July 2025 Cash at bank and in hand 1180,228 (1.031,121) 1,149.107 2.180,228 (1.031,121) 1,149,107 Page 31
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmltgd by guarantee) NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 19. Ponslon commitm•nts The S¢hool participates in the Teachers, Pension Scheme I"Ihe TPS") for leaching staff. The pension charge for the year includès contributions payable to Ihe TPS of £601,19912024- £510,596) and at the year-end £64,90212024.. £60,926) was accnJ8d in r8spoct of contributions to this scheme. The School also VrateS a defined contribution scheme for non-tsathing staff. The lolal cost of this for the year vras £99,473 12024= £94,357) and al the year-end £Nil {2024.. £10,495) was accrued in respect of contribuh.ons to this heMe. Toachov5' Ponslon Schemo The Teachers, Pension Scheme ITPSI is a statutory. unfunded. defined benefit scheme, govemed by the TeBchers' Pensons Regulations 2010, and the Teachers. Pension Scheme Regulations 2014. These regulations apply lo teachers in schools and other educational 8Stablishments, including a¢ademies, in England and Waes that are maintained by local authorities. In addition, 18achers in many independent and volunlary-aided schools and teachers and lecturers in some establishments of furtr*er anLY higher education may be eligible for membership. Membership is automatic for full-time teachers and lecturers and. from 1 January 20D7. automatic too for teachers and lecturers in part-lime empbymenl following appointment or a change Df contfacl. Teachers and lecturers are at4e to opt out of the TPS. Valuation of tho T8ach&rs' Pansion Seheme The Govemmenl A¢tuary. Un9 normal actuarial prinoples, conducts a formal actuarial revi8w of the TPS in accordan with the Public S8rvic8 Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. Th& aim of th& r8vi8w is lo specify the level of future contribullons. Actuarial scheme valuations are dependent on a&8umptions about the volue of future osts, design of benefits and many other factor& The lale5t valuation of the Tea¢h8rs' Pension Scheme was carfed out as at 31 March 2020. The valuation was published by the Department lor Education on 26 October 2023. The key elements of the valuation and subsequent consultation are.. employer contribution rat previously set at 23.68°k of p8nsionable pay linduding a 0.08°h administration levyl incréaséd by 5°k on 1 April 2024. total scheffle liabilities {pensions currently in payment and the estimated cost of future benefits) for servlcè to th8 affactlve date of £262,000 million and notional (estimated future o)nlribulions together vlth the notional investments held at the valuatlon datèl of £222.200 mllllon, giving a notional past service deficit of £39.800 rnillion. The valuation result was Implemented from 1 April 2024. A copy of the valuation report and SUPFK)rting documentation is on the Teachers, P8nsion5 web%te ht¢Js:IlvMy.teacherspensions.co.ukJneAempI0y$rfJ2o23Il0aIUaon-resuII Under the definitions set oul in FRS 1 02, the TPS is an uwrfunded multi-employer pension hem. The School ha5 aGCOLlnted for its contributions to the stheme as il it were a defined contribution schèma. The School has sel OLrt above the infomi8tion avallable on the scheme. Page 32
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 20. Opgrallng l•a$e ¢ommltm•nts At 31 July 2025 the company had commitments lo make future rninimum lease payments under non. cancellable operating leases a5 foll0v.. 2025 2024 Optrating l•ases whlch explro Not later than 1 year Later than 1 year and not later than 5 year5 Later Ihan 5 yoars 8.000 52.563 131,856 30,834 100,544 91,875 192,419 223,253 The fDllovitng lease payments have been recognised as an expense in the Statement of financial activities.. 2025 2024 Operating lease rentals 30,834 28,240 21. Relatsd party transa¢tlons Two tnjstees had expenses reimbursed by the School during the year totalling £24412024.. four trustees totslling £1,323). During the year, no Tru5te8s recelved any remuneration OT Other benefits12024= £Nill. Thè Company is a founding Cowmember of the Centr81 NomiGh Hockey Consortium Limited. a registered Gharity- The School's funding is recognised as a prooiamme related investment. The School hires th8 hockey pitch operated by the consortium and during Ihg year fees totalling £8,350 {2024.. £8.0501 were payable. In BdditlDn. incorne of £3,834 12024.. £4,234> was received from the Central Norwich Hothcy Consortium in respect of staff costs. The S¢hool currently expects to uso the facilities for a period of 15 years and is amortising the origlnal investment by way of annLJal grant lo the consortSum. A grant, in the form of amortisalion of the programTne related investment. of £25.DOO Wds made lo the con50rtium 12024.. £25,000). In the prior year, 8 senior member of staff rented school property as living ac¢x*mmodation. The rentsl income for the prior ye8r relating to this was £9.800. There are no such IransaGlions this year. A close family membei of a trust88 ¥fdS engaged by the schoLII on a voluntary basis during thg prior year and had associated expenses reimbursèd by the School in the prior year lolalling £527. There are no such transactions this year. During the year, the Schod purchased goods and services lolalling £4.416 12024.. £2,617} from a bu&ness owned by Glose family of the School's bursar. Page 33