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 upl￿d319 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 Sch￿lS for the e￿￿￿tIOn 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 A￿UatIOn. 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 sub13 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 finan￿al 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 ba￿5 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 decisi0￿making. 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 applI￿110n 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 ReF*xI. Our opinion on financial statements does not txver the other infonna￿n and, except to the extént othepNise explicitly ststed in report, we do ncl express any forn of assuT8nee ndu￿On thereon. Our responslblllty Is to read the other Infomauon and, In dolng so, (*nslder thether the other Infomiallon Is materfally InCon￿Stent with the finandal statements or our kn¢￿edge obtair￿d 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, ￿ CAMd￿Je that there Is a matsdal mlsstalement of th18 other Infom)aUon, ￿ are requlred to report that fact. We have nothlng to re￿rt In thls regard. Oplnlon on oth•r matt•(s proscrib•d by th• Companlos Act 2006 In our opinion. ba*J ¢)n the work undertaken in the wurse of the audit.. the infcffliation given in th8 Trustees, re￿t for ￿ financial year for vthich the financial statements prepared Is congthl with th8 financial statement& the Trustges, re[￿ has b8gn piepargd in acc(wdance applica￿8 legal requirements. PAAttern on whlch ￿ are requlred to report by exceplon In the light of our kn¢)vAedge and under*nding of the chaiitatle G￿panY 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¢￿11￿j matters In relallon to whlch Comp8nles Act 2006 wulres us to TeF*Nt 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 a￿Unting 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 p￿cedureS 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-￿MPlI￿nce 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 nonJ. Dopreciation Is provided on the followlng bases.. F￿￿hOld 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 $8ttlemenl amount after any trade discount off8r8d. Prepayments are valued at the amount prepaid n8t of any trade discounts due. Pagè 19 TOWN CLOSE EDUCATIONAL TRUST LIMITED (A wmpany limitwl by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policles {contlnu•d) 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date ot aCqUi￿tion or opening of the deposit or similar account. 2.9 Liabilitios and provlsions Liabilities are ￿COgnISed when there is an obligation at the Balance sheet dale as a result of a past event. it is probable that a transfer of economic benefit wll b6 raquired in settlem&nl, and the amount of the settlement can be osb'mated rfrliably. Liabilities are recognised al the amount that the company antiapates it wll pay lo setue the debt or the amount it has received as advanced payments for the grx)ds or services it must provide. Provisions am measured al the best estimate of the amounts rèquir8d to sètu8 th8 obligatlon. Where the effect of the time value of money is material. tho provision is based on Ihtr present value of those amounts, discounted at the pre-tax discount rate that reflects the risks spècific to the liability- The unwnding of the disc￿)Unt is Tecognised in the Statement of financial aclivlues as a rinance cost. 2.10 Financial instrument$ 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 pen￿OnS 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 U￿ng 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 availa￿e 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 sch1￿1 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 sch￿1 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 pen￿on 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 a￿TualS 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$is of not assets between funds - current year Unrgstrlctod funds 2025 Re5trithd funds 2025 Total funds 2025 Tangible fixed assets Invoslmenls Cu￿ent assets Creditors due within on& year Creditors duè in more than one year 7,533.971 7,533.971 25,0110 1,535,839 11,045,973) 1248,1411 1,533.720 11,045,973} 1248,141) 2,119 Total 7.798.577 2,119 7.800,696 Analysis of net assets b•lw•on funds - prior yoar Unreslncled funds 2Q24 Reslricted funds 2024 Total lunds 2024 Tangible fixed awts Investments 7,640,827 50,000 2,331.935 (1, 173,333) (399,839) 7,640,827 50,000 2,351,935 (1, 173,333) (399,83g) Currènt assets Creditors due withSn one year Credilots due in more Ihan one year 20.000 Total 8,449,590 20,0(K) 8,469,590 Page 30 TOWN CLOSE EDUCATIONAL TRUST LIMITED IA ¢¢mpany Ilmited by guarantgo) NOTES TO THE FINPtr4CIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 16. Rèconclllation of net movèment In fvnds to n¢t ¢ash flow from op•ratlng actlvltles 2025 2024 Nel expenditure for the perlod {as p8r Statement of Financial Actlvitiesl 1668,8941 (424, 149) Adjustm•nts for: Depreciation charges Amortisation charge$ 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 V￿rateS 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. U￿n9 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.ukJne￿AempI0y$rfJ2o23Il0￿aIUa￿on-resuII Under the definitions set oul in FRS 1 02, the TPS is an uwrfunded multi-employer pension ￿hem￿. The School ha5 aGCOLlnted for its contributions to the stheme as il it were a defined contribution schèma. The School has sel OLrt above the infomi8tion avallable on the scheme. Page 32 TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 20. Opgrallng l•a$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