2024-08-31-accounts

Wycliffe College (Incorporated Limited by Guarantee) Report and Financial Statements Year Ended 31 August 2024 Registered company number: 00255632 Registered charity number: 311714

Wycliffe College (Incorporated) Report and financial statements for the year ended 31 August 2024 Contents Page Council of Trustees, Officers, Registered Office and Advisers Annual Report by the Council of Trustees 3-13 Independent Auditor's report 14-16 Consolidated Statement of Financial Activities for the Year ended 31 August 2024 17-18 Consolidated Statement of Financial Activities for the Year ended 31 August 2023 19-20 Balance Sheet 21 Consolidated Cash Flow Statement 22 Notes to the Financial Statements 23-47

Wycliffe College (Incorporated) Council of Trustees, Officers, Registered office and advisors for the year ended 31 August 2024 REFERENCE AND ADMINISTRATIVE INFORMATION COUNCIL OF TRUSTEES Trustees are ultimately elected by the Members of the College to be its Trustees and also the Directors of the charity. Those who served during the year are.. Chair: Mr S F M Lloyd Bsc (Hons) Est Man, MRICS (1,3,4) Vice Chairs.. Mrs C J Duckworth MA {Honsl {4,6) Mr W R Garrard MBA, Bsc {Honsl {1,3,4} Mrs E A Buckley Bsc (Hons) (61 Major General R M Clements CBE (5,41 Mrs L C Duncan BSC, PGCE (21 Mr L Faulkner MA (Hons), PGCE, MA (Oxon) (2) Mr J O Fullman BEng (Hons}, FBCS {31 Dr L J Hair, PhD, BA (Hons)16) Miss A L Kerr BA (Hons) {5} Mr J C C May OBE DL, MA (Hons), PGCE, BA {2,4) Mr A A Opaleye BChD LDS RCS (Eng) FDS RCS {Edin) {5} Mrs A L Palk MBE, BA (Hons) (6) (retired on 30 October 2023) Mr J D C Pitt BA (Hons), PGCE, MA (Cantab) (2) Mr J Slater FRICS (3,6) (1) (2) (3) Members of the Finance Committee Members of the Education Committee Members of the Estates Committee {4} Members of the Governance Committee {5} Members of the Marketing Committee (6} Members of the Welfare Committee Trustees are elected by the Members, with one third being re-elected each year. PRESIDENT AND VICE PRESIDENTS The Members may appoint a President and up to 3 Vice Presidents. President.. Vice Presidents.. Brigadier (Retd) R J Bacon. MBA, Chartered FCIPD, FCMI, CMILT Mr J C H Pritchard, Dipm Mr J R E Williams, FCA (retired 6 July 2024) OFFICERS College: The Head: Mr N J Gregory BA, M.Ed {resigned 31 August 20241 Mr C A San José MA (Oxon) (appointed 1 September 2024) Mrs C M Pettingell BSC, M.Ed Senior Deputy Head..

Wycliffe College (Incorporated) Council of Trustees, Officers, Registered office and advisors for the year ended 31 August 2024 (continued) OFFICERS (continued) Prep School: The Head: Senior Deputy Head: Mrs H M Grant BEd (Hons) Mr R D Irwin Bcs {Hons), PGCE {resigned 31 August 2024) Mr R A Lee BA (Hons), PGCE (appointed 1 September 2024) Director of Finance & Operations and Company Secretary: Mr L B Godley {appointed 21 August 2024) Mr A R Taylor {resigned 21 August 2024) Clerk to the Trustees: Mr L B Godley REGISTERED OFFICE.. Finance Department Wycliffe College (Incorporated) Regent Street stonehouse Gloucestershire GL10 2AD ADVISERS Bankers Lloyds Bank Commercial Education Support Team 3rd Floor Queen Square Wolverhampton VW11TF Solicitors Harrison Clark Rickerbys Ellenborough House Wellington Street Cheltenham Gloucestershire GL50 1YD Auditor Hazlewoods Staverton Court Staverton Cheltenham Gloucestershire GL51 OUX Insurance Brokers Marsh Brokers Limited Education Practice, Capital House, 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY Investment managers Paradigm Norton Financial Planning Ltd Paradigm House Macrae Road Ham Green Bristol BS20 ODD

Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2024 The Council of Trustees ('the Council,) of Wycliffe College Ilncorporated) presents their Annual Reporl for the year ended 31st August 2024 under the Companies Act 2006 and the Charities Act 2011, together with the audited accounts for the year and confirm that, the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP 2019. The Charity was founded in 1882 and is registered with the Charity Commission under charity number 311714. The Council, Officers of the College and registered office of the Charity are as listed on pages 1 and 2. Particulars of the Charity's professional advisers are given on page 2. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Documents The Charity is governed by its Articles of Association adopted by Special Resolution on 9th September 2006, as amended by Special Resolutions on 7th June 2011 and 25th March 2014. Governing Body The Charity has a single Governing Body for its two schools, Wycliffe Senior School and Wycliffe Prep School. The governance structure comprises Members of the Charity, of unlimited numbers, and a Council of between 8 and 15 Trustees with the power to delegate to a number of functional sub-committees or working parties. As of 31st August 2024, the Council consisted of 14 Trustees and there were 41 Members. Recruitment and Training of Trustees The College's Governance Manual contains the Trustee Recruitment and Induction Policy, Roles and Responsibilities and Code of Conduct for a Trustee at Wycliffe. The Role of the Clerk to the Trustees sets out the responsibilities of the Clerk including induction and training of new Trustees. The induction process includes meetings with all members of the Leadership Team to provide a clear insight into the College's operation and a tour of the campus. Training is provided both internally and externally by presentations at Council and sub- committee meetings and atlendance at AGBIS and other seminars that are available throughout the year. Organisational Management The Council, as the Trustees of the Charity, is legally responsible for the overall management and control of both Schools of the College. Trustees met as a Council five times during the year, which included a strategic business review meeting in May 2024. The detailed work of the Council is delegated to six sub-committees, each of which operate under terms of reference, which are approved by the Governance Committee and which are required to report to the full Council on a regular basis. Finance Committee Education Committee Estates Committee Governance Committee Marketing Committee Welfare Committee Committee members are listed on page 1. In addition to the sub-committees, certain Trustees also act as Trustees for Wycliffe College Foundation and as Directors for Woodpark Limited.

Wycliffe College {Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2024 Organisational Management (continued) The Annual General Meeting in May 2024 provided the one occasion during the year for the Members to meet and to receive the Financial Statements and Annual Report for the year ended 31 August 2023. The strategic direction of the College is delegated to the Leadership Team which has responsibility for the day to day management of the College. During the year the Leadership Team comprised.. the Head, Mr N J Gregory (resigned 31 August 2024) the Head, Mr C A San José (appointed 1 September 2024} the Prep School Head, Mrs H M Grant the Director of Finance and Operations, Mr A R Taylor (resigned 21 August 2024) the Director of Finance and Operations, Mr L B Godley (appointed 21 August 2024) the Director of Marketing and Admissions, Miss R Wilkins the Senior Deputy Head (Senior School), Mrs C M Petlingell the Senior Deputy Head (Prep School), Mr R D Irwin {resigned 31 August 2024) the Senior Deputy Head (Prep School), Mr R A Lee (appointed 1 September 2024) the Deputy Head {Academicl (Senior School), Mr S V Dunne (resigned 31 August 20241 the Deputy Head (Academic) {Senior School), Mr M Routledge (appointed 1 September 2024) the Deputy Head {Academic) (Prep School), Mr A Stone Remuneration is set by the Council, with the objective of providing an appropriate level of remuneration to reward fairly and responsibly individual contributions to the College's success. Group Structure and Relationships The College provides independent {day and boarding) education for boys and girls be￿een the ages of 3 and 7 years (Pre-Prep School - day only), 7 and 13 years (Prep School} and 13 and 18 years {Senior School). The College has one wholly owned subsidiary, Woodpark Limited, registered nilmber 2731302, which provides letling and retail services. Wycliffe College Foundation is a separate charity and legal entity with parallel objects and common administration. There are up to ten Trustees of Wycliffe College Foundation, of which six are appointed ex officio with up to a further four being elected periodically, by co-option and two by nomination. Wycliffe College Foundation has been consolidated into the financial statements of Wycliffe College (Incorporated} Limited on the basis of control through common Trustees. Employment and Equal Opportunities Policy The College is an equal opportunities employer. Full and fair consideration is given tojob applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Communication with employees continues through normal management channels in a variety of forms and also through exceptional channels to apprise staff as necessary of current issues. Investment Policy and Objectives There are no restrictions on the College's powers of investment other than those imposed by the donor. The policy continues to be to hold investments to create income pending utilisation.

Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2024 OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charitable Objects The Charity's Objects, as set out in the Articles of Association of Wycliffe College (Incorporated), are to provide a School for the education of boys and girls, the advancement of that education, together with physical and moral training, provision of boarding and day accommodation for teachers and children of both sexes and, the provision of teacher training. The College has a Strategic Plan 2019-2024, developed around the following Purpose Statement, Vision Statement and Aims for Pupils., Purpose Statement Inspire and educate every individual in mind, body and soul. Vision Statement Wycliffe will promote a pioneering spirit and encourage individuals to flourish and embrace their futures as global citizens. Aims for Pupils The College's aims for the public benefit are for pupils to.. Achieve their full academic, spiritual, physical and creative potential. Behave with 'unassuming confidence" showing generosity of spirit, respect for others and appreciation of diversity. Cultivate social and environmental awareness and an understanding of their role as global citizens. Develop skills, self-knowledge and resilience to face positively all future challenges. Exhibit creativity, innovation and independence in their approach to learning and to life. Feel happy and secure. This was a comment made by Ihe Inspeclion team during the 2016 ISI visil when seeking to describe the Wycliffe pupils they had met. Public Benefit The Trustees confirm that they have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. The Council and Leadership Team encourage the staff and the Wycliffe Community as a whole to identify ways in which the College can enhance its contribution to society. This includes the contribution of time, money, facilities and resources to local, national and international projects. Some examples of the public benefit contributions the College has made in the past 12 months., EGonon7ic Impact Trustees have utilised the Oxford Economics 'Economic Impact Assessment Tool 2018, to estimate the financial impact that Wycliffe has upon the UK economy as a whole and upon the local Stroud Local Authority District. Year to 31 Aug 2024 £27.5m £10.8m 439 £9.3m Total contribution to UK GDP (direct, supply chain and indirect staff spending) Of which.. local impact Total jobs supported (direct, supply chain and indirect staff spending) Total UK tax payments (direct, supply chain and indirect staff spending) Savings for the UK taxpayer as a result of attendance at Wycliffe by pupils entitled to a free UK state place £3.1m

Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2024 Public Benefit (continued AcGess - Scholarships and Bursaries Scholarships are awarded to the best applicants in their fields. A successful Scholar will be a leader in their chosen field of expertise and a good role model during their time at Wycliffe. Scholarships recognise talent in academic excellence, all round contribution, art, design technology, drama, modern languages, music and sport. Bursaries will be awarded to pupils who are looking for places in Year 7 and above. Bursaries will only be awarded in exceptional circumstances to those who would most benefit from a Wycliffe education but whose means make it impossible to afford. The College also provides significant financial support to families serving in the British Armed Forces, recognising the importance of the contribution the Armed Forces make to society. The College has provided a commitment to these families that they will only pay 10 % of the School boarding fee after receipt of the Continuity of Education Allowance. In the year to 31 August 2024, the total value of scholarships, bursaries and Forces awards {excluding slaff discounts and other concessions) was £2.3m (2023.. £2.2ml representing 11.4°/. (2023.. 12.2 % ) of gross fee income, and a total of 256 {2023'. 246) pupils benefited in some way from these awards. Training & Staff The College aims to train and induct new teachers each year and continues to have links with the Gloucestershire Initial Teacher Education Partnership. Staff are encouraged to visit other local state schools to deliver lessons and share their experience and subject specific expertise. Teachers from local schools are invited to join our INSET programme, whilst school nurses also join our medical team for some or all of their annual training. Combined Cadet Force The College's Combined Cadet Force provided support to the local community in a number of ways during the year., Playing an integral part in the Stonehouse annual Remembrance Service Supporting the Royal British Legion by selling poppies for Remembrance Day in Stonehouse Supporting the Charitable efforts of Frampton Fair. Collecting for RBL, acting as stewards and staffing the patrons tent Working with Bristol and Gloucester Wing of the Air Training Corps to reduce their staff burden for Ten Tors CCF Staff using qualifications gained through the College to support local ATC and Scout units with shooting and navigation training. Facilities The College made its facilities available to the local community. Some lettings were made free of charge., others are subsidised by the College. Where the College charges for these lettings, it aims to keep the charges to a minimum. Examples of the facilities which were frequently let to local schools, community groups, clubs and teams during the year are., Astro turf pitch (hockey, football) Swimming pool Sports Hall (badminton, cricket, netball, fencing, basketball, air pistol) Sports pitches (cricket, rugby) Drama theatre

Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2024 Public Benefit (continued) Tennis courts Exam centre for external candidates sitting public exams Severn Stars Nova Academy The College continued as a Severn Stars Nova Academy, providing training facilities and coaching free of charge. Seven Stars are a Vitality Netball Superleague team. Their Nova academies aim to provide elite training to talented young netballers from all backgrounds across the county. Making a Difference Day The College held its annual 'Making a Difference Day, in late June 2024. This involved over 200 pupils and 50 members of staff from across the Senior School spending a day in a range of activities to support the local community. These aclivities included., Environmental projects at Slimbridge Wetlands Centre Running a Sports Day for local primary schools, with over 80 pupils attending Clearing a local overgrown graveyard and churchyard Singing to residents of a local care home Weeding, litter picking and general support to Stonehouse in Bloom A sponsored walk in support of Bristol & Weston Hospitals Charity Volunteers The College wishes to record its thanks to all Old Wycliffians, the Senior and Prep School Parents Associations and other Friends of Wycliffe who have given continued and valuable support during the year. STRATEGIC REVIEW Review of achievement and performance for the year Pupil Numbers The Council aim to maintain a balance between day and boarding pupils, and boys and girls to ensure diversity across the College community. An analysis of average pupil numbers is set out below., Senior School 200 200 60% 40/0 Prep School 163 66 Day pupils Boarders Boys Girls Educational Performance Senior School The Summer 2024 GCSE, BTEC and A level results saw a continuation of the return, nationally, to alignment with pre-pandemic levels as the exams regulator, Ofqual, sought to achieve grade distribution broadly in Sine with 2019 levels for pupils in England. At Wycliffe, outcomes at GCSE and A level were good against the national picture and in many cases, excellent. Although the GCSE cohort had pupils with barriers to their learning, the pupils, achievements nonetheless outstripped the national picture at all levels, most notably at Grade 5 and above. In the Sixth Form, pupils performed strongly against the national picture at Grade C and above. BTEC results for the departing Year 13 cohort were particularly strong, representing the school steering pupils towards sensible choices which allow them to access the next stage of their education or training.

Wycliffe College {Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2024 Within the exams data there were, once again, some individual narratives of success reflecting the school's philosophy. Even among a few apparently disappointing outcomes, there were a handful of pupils for whom significant mental health and l or pastoral challenges meant that even the lowest grades were cause for celebration. For some, completion of a course of studies, even without a qualification at the end, whilst not entirely satisfactory from the school's perspective, met the objectives for the pupils and their parents. Wycliffe's accreditation of CReSTeD status refiects its reputation for excellence in supporting those with mild to moderate dyslexia Prep School strong overall academic progress and performance from Early Years to Year 8 has been demonstrated in the Prep School, evidenced by the following measures.. go % of pupils met or exceeded age-related expectations in progress in Reading {PIRA standardised assessment) 87 % of pupils met or exceeded age-related expectations in progress in Maths (PUMA standardised assessment) 90 % of pupils met or exceeded age-related expectations in progress in Science across year groups 3 to 8 (GL Science standardised assessment) 96 % Wycliffe Encompass (Year 8 award internally assessed against age-related expectations) Pass and above attainment, with 46 % achieving a Merit or Distinction (highest bands) Sport and Extra Curricular- Pupils, Achievements A detailed review of the pupils, numerous and exceptional achievements during the year are recorded in The Wycliffian and Young Wycliffian publications annually. These outstanding publications describe the varied activities available to our pupils across a range of sporting, musical and other extra-curricular pursuits. It demonstrates how the College is committed to ensuring that our pupils educational experience is far broader than academic attainment. The publications are available to review on the College website., The- cliffian-2023-2024. df The-youn -w cliffian-2023-2024. df Facilities and Resources The Council remain committed to investing in ongoing improvement to the College's facilities. Works completed during the year include,. refurbishment and improvement of certain boarding accommodation, installation of solar panels, installation of electric charging points for staff use, and investment in the College's WIFI. Plans for future periods The College's plans for future periods relate to the delivery of its rolling Strategic Milestones. For the year ended 31 August 2024 these include ongoing delivery of the next stage of the Diversity, Equity and Inclusion plan Strategy, embrace the benefits of being a Roundsquare member and a focus upon pupil recruitment into the Prep School and boarders in the Senior School. Fundraising The College and Foundation do not actively fundraise. Donations and legacies are received from individuals periodically.

Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2024 Investment performance The College continues to hold investments subject to donor restrictions to create income pending utilisation. Performance during the year was satisfactory. Energy and Carbon Reporting The Council understands the need to highlight its energy consumption through the year and take measures to improve the energy efficiency for a sustainable future. This equated to the following ratios.. Associated emissions in tonnes C02e 1,173.00 (2023.. 1,231.00) Intensity ratio- tonnes C02e per pupil 1.8612023.. 1.96) The College has taken the following measures to improve energy efficiency. Installation of Solar Panels on selected building roofs Installation of LED throughout the entire campus Installed a thermos pool cover to reduce loss of heat from the swimming pool Use of several electric vehicles Within the College's operational departments Installation of electric vehicle charging points bringing total to 7 over campuses Gas and Electricity procured from 100°/o Sustainable sources through a local company. Increased recycling opportunities and facilities around campuses. Non-recycled waste is managed by zero to landfill accredited company. The College continues to monitor its consumption closely and explores all opportunities to reduce its carbon footprint. We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol Corporate Standard and have used the 2024 UK Government Conversion Factors for Company Reporting. The chosen intensity measurement ratio is total gross emissions in metric tonnes C02e per pupil, the recommended ratio for the sector. Engagement with employees The Council takes active steps to ensure matters concerning staff are disseminated by letter, email or verbally by managers. Biannual meetings take place with staff where management make employees aware of how the College is performing and discuss the challenges it currently faces. The Council ensures that the suggestions, views and interests of employees are captured and considered in our decision-making. The College has a strong equal opportunities policy where we actively promote and encourage opportunities and no employee or prospective employee will receive unfair treatment. Engagement with suppllers, customers and other business relationships The Council recognises the need to maintain and foster good relationships with our suppliers, the parent body and others, monitoring closely our dialogues with all of them. Where possible the College aims to promote local business using local suppliers and seeks to balance the benefits of maintaining strong partnering relationships with those key suppliers alongside Ihe need to obtain value for money and the desired quality and service levels for our pupils. The College has a well-established payment system where we pay suppliers promptly and accurately, with supporting documentation where appropriate. Customers of the school are predominantly the parent body and the College invest heavily in ensuring that parents and fully engaged and aware ofchanges in the school and aim to inform parents in a timely

Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2024 Engagement with suppliers, customers and other business relationships (continued) manner. Communication is sent through various mediums from letters, emails to a personalised 'parent porfal, which acts as a main source of information. Payments due are collected efficiently and with sensitivity, where appropriate and the College offers many forms of payment options to best suit individual needs. The College engage positively with our pupils and their parents where we listen carefully to our pupils and value feedback and opinions of their parents. Promoting the success of the school The College is highly regarded domestically and internationally with decisions taking into account the interests of, and the impact on, the pupils, the parent body, staff, suppliers, the environment, the local community and all others likely to be affected. We strive continually not only to maintain but also to enhance our hard-won reputation for integrity and high standards. FINANCIAL REVIEW Results for the year The Council monitors the financial performance of the College against three key performance indicators, these being the level of surplus, expenditure on teaching salaries and bank borrowings. Performance is reviewed by the Council on a termly basis. The College also uses externally available benchmarking data from the independent schools sector to monitor and assess financial performance. The net movement in funds was a deficit of £1,201,357 (2023.. deficit of £1,399,599). The College reported an operating surplus in the year (pre interest and depreciation) of £95,65712023'. surplus of £36,776) The financial position at the balance sheet date was less favourable than the prior year due to the net deficit in movement of funds. External bank borrowings decreased to £3,594,566 (2023 £4,612,623) at 31 August 2024, and cash at bank increased by £59,475 (2023 '. £325,058). The College's trading subsidiary, Woodpark Limited and Wycliffe College Foundation (a separate legal entity deemed to be under the control of the College} contributed turnover, profit and net assets outlined in note 14 to the Financial Statements. Reserves Level and Policy and Financial Viability The College's unrestricted funds, including the revaluation reserve, were £20.4m as of 31 August 2024 (2023.. £21.8m), wholly deployed as part of the College's premises and equipment supplemented by external funding, as required, in the form of a ftexible secured loan. Day to day working capital needs are met by careful management of short-term liquid resources and the 10 year revolving loan facility. Restricted funds held of £1.6m {2023.. £1.5m} and so total funds at 31 August 2024 are £22.1 m {2023: £23.3m). The Council have considered, as part of its Risk Management, the risks and uncertainties of operating an independent educational establishment and has concluded that the need to hold free reserves is not crucial to the day to day operation of the College. The policy is therefore to control net current liabilities using annual operating surpluses. External borrowing, when required, is controlled in order to meet further capital expenditure to equip the College with the up-to-date facilities needed to maintain and further improve the standard of educational services currently provided. 10

Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2024 Going Concern The trustees regularly assess the appropriateness of preparing the annual financial statements on a going concern basis, taking into account potential uncertainties that could impact the school's financial position. The trustees have prepared detailed forecasts up to 31 August 2026, which project an operating surplus. These forecasts reflect the trustees, prudent assumptions regarding the introduction of VAT on school fees from 1 January 2025, planned cost-saving measures currently underway, and reasonable allowances for inflation and other variables such as pupil numbers, staffing costs, ulility expenses, and capital investment needs. The trustees have modelled several scenarios, including potential reductions in pupil numbers, increased operating costs, and necessary capital expenditure. Based on these analyses, they are confident that the school can manage these risks effectively. The trustees believe the measures already in place to reduce costs and increase pupil recruitment will continue to strengthen the school's financial position. The school maintains a 10-year £7.5m revolving credit facility to support its working capital needs, a financing structure that is common within the independent school sector. As of 31 August 2024, £3.5m 12023.. £4.6m) was drawn, leaving £4m (2023.. £2.9ml available. For the year ended 31 August 2024, the school did not meet one of its financial covenants. The lender, while reserving its right to take action, has expressed ongoing support and continues to work closely with the school. The trustees are actively engaged in discussions with the lender regarding the facility, which is due for renewal in March 2027, and are exploring options to renew, refinance, or reduce reliance on the facility by realising surplus assets. While renewal or refinancing of the facility involves some uncertainty, the trustees are confident in the strength of the relationship with the lender and the measures being undertaken to secure the school's financial sustainability. Therefore, they have concluded that preparing the financial statements on a going concern basis remains appropriate. Principal Risks and Uncertainties The Council are responsible for the management of the risks faced by the College and place considerable importance on achieving compliance with charity, education and health and safety legislation. The College's solicitors review the principal College policies on a regular basis and all other policies are reviewed by the College's Leadership Team. The College employs a full time "Risk and Compliance Manager" which underlines the profile Wycliffe accords to the operational spectrum of risk management. The Council are ultimately accountable for all risks associated with the College and to assist in the reduction or, where practicable, elimination of such risk., it devolves such responsibility to the Head, Leadership Team, and Risk and Compliance Manager. The College's Risk Register identifies any major risks to the College, grading those risks by likelihood and severity including measures to mitigate them. The Council regularly reviews the effectiveness of current plans and strategies for managing all identified major risks. Key staff are aware of the register and offer risks appertaining to their area of work for consideration and inclusion in this document. In the event of a major situation involving or otherwise affecting the College, business continuity and disaster recovery plans are in place. These plans are subject to regular review. 11

Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2024 Principal Risks and Uncertainties (continued) Internal financial controls are checked by the Auditors and reviewed with the Finance Committee annually. The key controls used by the charity include.. Engaging the Council in the activities of the College; regular, informal visits are the norm Formal agendas for all Council and sub-committee meetings are distributed at least seven days before meetings., minutes, approved by the Chair{s), are distributed on a timely basis Extensive financial management information is presented to the Council well in advance of the Council meetings,. the Council are consulted on the volume, format and content of information presented for decision taking Clear operating guidelines are given to the Officers of the College An organisational slructure and lines of reporting Formal written policies within the College Clear authorisation and approval levels, and vetting procedures as required by law for the protection of the vulnerable. The Council have declared themselves satisfied that major risks have been identified and adequately mitigated wherever reasonably practicable. It is recognised that systems can only provide reasonable not absolute assurance that major risks have been adequately managed. Statement by the Council in the performance of their statutory duties in accordance with s172{1) of the Companies Act 2006 The Council believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Council has considered the long-term strategy of the business within the Strategic Report and consider that this strategy will continue to deliver long term success to the business and its stakeholders. The Council is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about which suppliers are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint. The Council recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the company are considered to be the employees, suppliers and customers. In ensuring that all our stakeholders are considered as parl of every decision process we believe we act fairly between all members of the Council. 12

Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2024 Trustees responsibilities The Trustees (who are also directors of Wycliffe College (Incorporated) for the purposes of company law) are responsible for preparing Ihe Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to= Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy, at any time, the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Relevant Audit Information In so far as the Trustees are aware, as members of Council, at the date of approval of this report: There is no relevant audit information ofwhich the charitable company's auditor is unaware., and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Annual Report (incorporating the Strategic Report) approved by the Council of Trustees on and signed on its behalf by.. MrSFMLloyd Chair of the Council of Trustees Date.. /f/&- 13

Wycliffe College (Incorporated) Independent Auditors, Report to the Members of Wycliffe College for the year ended 31 August 2024 Opinion We have audited the financial statements of Wycliffe College Ilncorporated) Limited by Guarantee {"the Parent Charitable Company") and its subsidiaries I'the Group") for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is apkjlicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities SORP {FRS1021. In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the Parent Charitable Company's affairs as at 31 August 2024 and of the Group's incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements ofthe Companies Act 2006 and the Charities SORP (FRS102) Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other information comprises the information included in the Reference and Administrative details, Trustees, Report and the Governan￿ Statement, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otheNise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement ofthe other information. If, based on the work we have performed, we conclude that there is a material misslatement of this other information, we are required to report Ihat facl. We have nothing to report in this regard. 14

Wycliffe College (Incorporated) Independent Auditors, Report to the Members of Wycliffe College for the year ended 31 August 2024 Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the governors, report (incorporating the strategic report and the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of Group's and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been by the Parent Charitable Company, or returns adequate for our audit have not been received from branches not visited by us; or the Parent Charitable Company fir.ancial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Group's and the Parent Charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will alwaye detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of usefs taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= 15

Wycliffe College (Incorporated) Independent Auditors, Report to the Members of Wycliffe College for the year ended 31 August 2024 We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the operations of the company. We determined that the most significant laws and regulations included UKGAAP, UK Companies Act 2006 and taxation laws; We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included challenging assumptions and judgments made by management in its significant accounting estimates and identifying and testing journal enlries, in particular any journal entries posted with unusual characterislics. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulalion. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As parl of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Charitable Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the governors, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Charitable Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Charitable Company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. Date . Scott Lawrence A DChA (Senior Statutory Auditor) For and on behalf of Hazlewoods LLP, Statutory Auditor Staverton 16

Wycliffe College (Incorporated) Consolidated statement of financial activities (including summary of income and expenditure account) for the year ended 31 August 2024 Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 Note INCOME FROM CHARITABLE ACTIVITIES School Fees Ancillary trading income 17,192,047 365,005 17,192,047 456,225 15,208,116 451,528 5a 91,220 Income from trading activities Other trading income 5b 308,182 308,182 264,654 Other income Investment income Donations and fundraising Surplus on the sale of fixed assets 15,439 2,251 26,987 60 42,426 2,311 35,152 10,435 4,750 4,750 Total Income 17,887,674 118,267 18,005,941 15,959,885 EXPENDITURE ON CHARITABLE ACTIVITIES Provision of education 18,898,364 79,725 18,978,089 16,996,560 Other costs Fundraising costs Financing costs Trading costs Management costs Deficit on the sale of fixed assets 12,430 411,911 4,434 4,168 12,430 411,911 4,434 12,475 31,399 296,950 1,660 12,432 8,307 767 Total expenditure 19,331,307 88,032 19,419,339 17,339,768 Net (expenditure)lincome before gains, losses & transfers (1,443,633) 30,235 (1,413,398) (1,379,883} Net profitl{loss) on investment assets 70,671 141,370 212,041 {19,716} Net expenditure (1,372,962) 171,605 (1,201,357) {1,399,599) Transfers be￿een funds Net movement in funds {1,372,962) 171,605 {1,201,357) {1,399,599) 17

Wycliffe College (Incorporated) Consolidated statement of financial activities (including summary of income and expenditure account) for the year ended 31 August 2024 Continued Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 Note Reconcilialion of funds Total funds brought forward 24 21,807,415 1,457,075 23,264,490 24,664,089 Net movement in funds (1,372,962) 171,605 11,201,357) (1,399,599) Total funds carried forward 24 20,434,453 1,628,680 22,063,133 23,264,490 The statement of Financial Activities includes all gains and losses in the year. All incoming resources and resources expended are derived from continuing activities. The College has taken advantage of section 408 of The Companies Act 2006 not to publish its own statement of financial activities. The College's net deficit for the year was £1,293,898 (2023: £1,277,304). The notes on pages 23 to 47 form part of these accounts. 18

Wycliffe College (Incorporated) Consolidated statement of financial activities (including summary of income and expenditure account) for the year ended 31 August 2023 Unrestricted Funds 2023 Restricted Funds 2023 Total 2023 Note INCOME FROM CHARITABLE ACTIVITIES School fees Ancillary trading income Government grants 15,208,116 350,756 15,208,116 441,528 5a 90,772 Income from trading activities other trading income 5b 264,654 264,654 other income Investment income Donations and fundraising 13,685 9,375 21,467 1,060 35,152 10,435 Total Income 15,846,586 113,299 15,959,885 EXPENDITURE ON CHARITABLE ACTIVITIES Provision of education 16,892,885 103,675 16,996,560 Other costs Fundraising costs Financing costs Trading costs Investment Management costs Deficit on the sale of fixed assets 31,399 296,950 1,660 4,677 767 31,399 296,950 1,660 12,432 767 7,755 Total expenditure 17,228,338 111,430 17,339,768 Net expenditure before investment gains (1,381,752) 1,869 (1,379,883) Net loss on investment assets (7,402) (12,314) {19,716} Net expenditure {1,389,154) (10,445) {1,399,599J Transfers between funds Net movement in funds <1,389,154) (10,445) (1,399,599)

Wycliffe College (Incorporated) Consolidated statement of financial activities (including summary of income and expenditure account) for the year ended 31 August 2023 Continued Unrestricted Funds 2023 Restricted Funds 2023 Total 2023 Note Reconciliation of funds Total funds brought fO￿ard 24 23,196,569 1,467,520 24,664,089 Net movement in funds (1,389,154) (10,445) (1,399,599} Total funds carried foNard 24 21,807,415 1,457,075 23,264,490 The notes on pages 23 to 47 form part of these accounts. 20

Wycliffe College (Incorporated) Balance Sheet for the year ended 31 August 2024 Consolidated 2024 Consolidated 2023 College 2024 College 2023 Note FIXED ASSETS Tangible assets Investments 13 14 30,334,251 1,869,669 32,203,920 31,024,270 1,910,332 32,934,602 30,334,251 31,024,270 30,334,253 31,024,272 CURRENT ASSETS stock Debtors Cash at bank and in hand 2,010 3,495,440 1,343,655 2,008 4,176,835 1,280,673 15 16 3,549,750 1,111,066 4,502,580 1,044,426 4,841,105 5,459,516 4,660,816 5,547,006 Creditors: Amounts falling due within one year 17 12,682,005 9,279,367 12,537,568 9,269,505 NET CURRENT (LIABILITIES) {7,840,900) (3,819,851} (7,876,752) {3,722,499} TOTAL ASSETS LESS CURRENT LIABILITIES 24,363,020 29,114,751 22,457,501 27,301,773 Creditors.. amounts falling due after more than one year 18 2,299,887 5,850,261 2,299,887 5,850,261 TOTAL NET ASSETS 23 22,063,133 23,264,490 20,157,614 21,451,512 Funds Unrestricted funds Revaluation reserve General 24 24 3,100,500 17,333,953 20,434,453 3,139,370 18,668,045 21,807,415 3,100,500 16,840,256 19,940,756 3,139,370 18,106,780 21,246,150 Restricted funds 1,628,680 1,457,075 216,858 205,362 TOTAL FUNDS 22,063,133 23,264,490 20,157,614 21,451,512 The financial statements were approved and authorised for issue by the Council of Trustees on 25 knig" and signed on their b half by.. MrSFMLloyd Chair of the Council of Trustees Garrard air of the Council of Trustees The notes on pages 23 to 47 form part of these financial statements. 21

Wycliffe College (Incorporated) Consolidated statement of cash flows for the year ended 31 August 2024 2024 2023 Notes CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities 25 114,291 (60,035) Cash flows from investing activities I nterest received Dividends received Payments to acquire investments Receipts from disposal of investments Payments to acquire tangible fixed assets Receipts from disposal of tangible fixed assets 2,722 39,704 (801,437) 1,050,615 (343,7921 4,750 942 34,209 (63,485) 42,481 11,109,478) 300 Cash flows used in investing activities (47,438) 11,095,031) Cash flow from financing activities Net irbcrease in advance fees scheme money Net {decrease}lincrease in hire purchase loans Net {decreaseJlincrease in bank loan 1,154,614 (143,9351 {1,018,057} 118,059 9,442 1,362,623 Nel cash (outflow)linflow from financing 7,378 1,490,124 Increase in cash and cash equivalents during the year 59,475 335,058 Cash and cash equivalents at the start of the year 1,320,975 985,917 Total cash and cash equivalents at the end of the year 1,380,450 1,320,975 Cash and cash equivalents at the end of year comprise: Cash at bank and in hand 16 14 1,343,655 36,795 1,280,673 40,302 Cash on deposit 1,380,450 1,320,975 The notes on pages 23 to 47 form part of these financial statements. 22

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 statutory information The School is a Public Benefit Entity registered as a Charity in England and Wales and a company limited by guarantee. It was incorporated on 10 April 1931 (company number.. 255632) and registered as a charity on 28 July 1966 {charity number.. 311714). Details of the registered address is given on page 2 and details of the principal activity is given in the report of the council of trustees. Accounting policies Basis of preparing financial statements The functional currency of the College is considered to be pounds sterling because that is the currency of the primary economic environment in which the School operates and all amounts are rounded to the nearest pound. Basis of consolidation The group accounts consolidated the accounts of Wycliffe College (Incorporated) limited by guarantee and its subsidiary undertakings, Wycliffe College Foundation and Woodpark Limited on a line by line basis. The accounts are made up to 31 August 2024. Wycliffe College Foundation is deemed to be a subsidiary based on Wycliffe College (Incorporated) Limited By Guarantee having control over the entity. No separate statement of financial activities or income and expenditure has been presented for the charitable company alone as permitted by the Companies Act 2006 and the 2015 Charities SORP. The parent company's net expenditure for the year was £1,293,898 (2023.. £1,277,304). The results of the subsidiary undertakings for the year are disclosed in note 14 of the accounts. statement of Compliance The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- effective 1 January 2019. Going concern The trustees regularly assess the appropriateness of preparing the annual financial statements on a going concern basis, taking into account potential uncertainties that could impact the school's financial position. The trustees have prepared detailed forecasts up to 31 August 2026, which project an operating surplus. These forecasts reflect the trustees, prudent assumptions regarding the introduction of VAT on school fees from 1 January 2025, planned cost-saving measures currently underway, and reasonable allowances for inflation and other variables such as pupil numbers, staffing costs, utility expenses, and capital investment needs. The trustees have modelled several scenarios, including potential reductions in pupil numbers, increased operating costs, and necessary capital expenditure. Based on these analyses, they are confident that the school can manage Ihese risks effectively. The trustees believe the measures already in place to reduGe costs and increase pupil recruitment will continue to strengthen the school's financial position. The school maintains a 10-year £7.5m revolving credit facility to support its working capital needs, a financing structure that is common within the independent school sector. As of 31 August 2024, £3.5m (2023.. £4.6m) was drawn, leaving £4m (2023.. £2.9m) available. 23

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 Accounting policies Icontinued) Going Concern (continued) For the year ended 31 August 2024, the school did not meet one of its financial covenants. The lender, while reserving its right to take action, has expressed ongoing support and continues to work closely with the school. The trustees are actively engaged in discussions with the lender regarding the facility, which is due for renewal in March 2027, and are exploring options to renew, refinance, or reduce reliance on the facility by realising surplus assets. While renewal or refinancing of the facility involves some uncertainty, the trustees are confident in the strength of the relationship with the lender and the measures being undertaken to secure the school's financial sustainability. Therefore, they have Concluded that preparing the financial statements on a going concern basis remains appropriate. Income of Wycliffe College (Incorporated) Fees and similar earned income This represents the invoiced value of fees and other income net of bursaries and scholarships Fees received for education to be provided in future years are carried fotward as deferred. Donations and fundralsing Donations received for the general purposes of the College are credited to unrestricted funds. Donations subject to specific wishes of the donors are credited to relevant restricted funds, or to endowed funds. Donated assets are valued at estimated open market value at the date of the gift. Government grants Payments received from the government for furloughed employees are a form of grant. This grant money is receivable as compensation for expenses already incurred, and where this is not in respect of future related costs, is recognised in income in the period in which it becomes receivable and the related expenses is incurred. Income of Wycliffe College Foundation Legacies Legacies are recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliabilily. Dividends Dividends are included when they are receivable. Bank Interest Bank interest is included on an accruals basis. 24

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 Accounting policies (continued Income of Woodpark Limited Hire of facilities Turnover from Ihe hire of facilities is included when it is receivable and to the extent that the service has been completed. Sale of goods Turnover from the sale of goods is included when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount can be estimate with reasonable certainty, it is probable that the economic benefits will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably. Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value or longer term liabilities. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of managemenl estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expenditure to which it relates. Governance costs comprise the cost of complying with constitutional and statutory requirements. Tangible fixed assets The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Freehold land and buildings include original cost and subsequent alterations and additions. Freehold land and buildings were previously revalued using RICS open market valuation on a freehold basis by an independent professionally qualified valuer. This value has since been treated as deemed cost and not updated, in line with transitional provisions of FRS 102. Depreciation Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, over their useful economic lives. The rates used are as follows=. Freehold land & buildings Furniture and fittings Equipment Motor vehicles and boats Computer software 2 _ 100/0 per annum straight line 10_ 20 % per annum straight line 10 _ 33.30/0 per annum straight line 10_ 33.30/0 per annum straight line 20 _ 33.3 % per annum straight line No depreciation is charged on land. Assets under the course of construction are not depreciated until they are brought into use. An amount equal to the excess of the annual depreciation charge on revalued assets over the historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the unrestricted funds reserve. Investments Investments are valued at current market value. 25

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 Accounting policies Icontinued) stock Stocks are stated at the lower of cost or net realisable value. Advance fee scheme Advance fees represent payments in advance in respect of education to be provided in future terms in accordance with a written contract. The fees for each term are charged against the remaining balances and taken to income. Fund accounting Details and the nature and purpose of each fund are set out in note 24. Pension costs The pension costs charged in the Statement of Financial Activities are determined as follows.. The Teachers, Pension Defined Benefits Scheme- this scheme is a multi-employer pension scheme. It is not possible to identify the -College's share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefore, as required by FRS 102, accounts for the scheme as if it were a defined contribution scheme. The College's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. Auto Enrolrnent Pension Scheme- this scheme is a unit-linked defined contribution scheme from The Peoples Pension (B & CE Ltd). The College contributes at varied rates of pensionable salary. For further information, see Note 30. Operating leases The annual rents on operating leases are charged to the revenue account on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. Leased assets: the College as lessee Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorler of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities and Retained Earnings so as to produce a constant periodic rate of charge on the net obligation outstanding each period. Financial Instruments Financial instruments are recognised when the College becomes party to the contractual provisions of Ihe instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts are there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 26

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 Accounting policies (continued) Basic financial instruments Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and a subsequently carried at amorlised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. Impairment of financial assets Financial assets, other than those held at fair value through the statement of financial activities are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss if the difference between the carrying amount and the present value of the estimate cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the statement of financial activities. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of financial activities. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the College transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Classification of financial liabilities Financial liabilities are classified according to the substance of the contractual arrangements entered into. Basic financial liabilities Basic financial liabilities, including trade and other payables, bank loans and advance fee payments are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Derecognition of financial liabilities Financial liabilities are derecognised when and only when, the College's contractual obligations are discharged, cancelled, or they expire. Interest rate swap agreements The College uses interest rate swap agreements to reduce exposure to interest rate changes. Derivatives are initially recognised at fair value on Ihe date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the statement of financial activities in finance costs or income as appropriate. The college does not currently apply hedge accounting for derivatives. 27

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 Critical accounting judgements and key sources of estimation and uncertainty In the application of the accounting policies, Trustees are required to make judgement, estimates and assumplions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects current and future periods. The following key estimates and judgements are adopted in the preparation of the accounts: Depreciation of tangible fixed assets - the Trustees exercise their judgement in assessing the useful economic life of an asset and expected residual values where appropriate. Bad debt provision the Trustees adopt a prudent and consistent basis of recognising the provision which takes into account debt collection rates throughout the year. b) In the view of the Trustees, these are likely to result in a material adjustment to their carrying amounts in the next financial year. School fees receivable Total 2024 Total 2023 Fees receivable consist of: Gross fees Less.. Total scholarships, bursaries and grant making 20,024,916 {2,832,869} 17,192,047 17,699,325 (2,491,209) 15,208,116 School fees receivable of £17,192,047 {2023 - £15,208,116) related to unrestricted funds. other income Total 2024 Total 2023 a) Ancillary income other ancillary income Registration and entrance fees School coffee shop The Wycliffian Society 313,967 29,900 53,498 58,860 456,225 305,462 35,400 27,402 72,264 441,528 Income from the Wycliffian Society of£58,860 {2023- £72,264) and for Expendable Grants of£32,360 (2023 - £18, 508) related to restricted funds. All other ancillary income was unrestricted. b) Other trading income Letting of school facilities 308,182 264,654 Other trading income was unrestricted in the current and prior year. 28

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 Investment income Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Bank and other interest Dividends 2,206 13,233 15,439 516 26,471 26,987 2,722 39,704 42,426 Unrestricted Funds 2023 Restricted Funds 2023 Total 2023 Bank and other interest Dividends 841 12,844 13,685 101 21,366 21,467 942 34,210 35,152 Net incoming resources for the year 2024 2023 Net income for the year is stated after: Charitable expenditure includes: Depreciation ProfiU(loss) on disposal of fixed assets Auditors remuneration.. for audit services for non audit services 1,033,811 4,750 1,001,364 {7671 37,020 3,835 1,079,416 35,030 3,520 1,039,147 29

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 Expenditure on raising funds Staff other Depreciation Total 2024 Fundraising costs Financing costs (see note 10} Fundraising trading costs Investment management costs 12,430 12,430 411,911 4,434 12,475 441,250 411,911 4,434 12,475 428,820 12,430 Total expenditure on raising funds was £441,250 (2023 - £342,441) of which £8,307 (2023 - £7,755) was restricted and £432,943 (2023 - £334,686) was unrestricted funds. staff Other Depreciation Total 2023 Fundraising costs Financing costs (see note 10) Fundraising trading costs Investment management costs 31,399 31,399 296,950 1,660 12,432 342,441 296,950 1,660 12,432 311,042 31,399 Expenditure on charitable activities staff Other Depreciation Total 2024 Provision of education Teaching Welfare Premises Support costs and governance Grants, awards and prizes Total charitable expenditure 6,947,457 2,024,859 452,386 736,625 285,413 2,186,419 3,918,322 12,615 7,684,082 2,310,272 3,672,617 5,298,503 12,615 1,033,812 1,380,181 10,804,883 7,139,394 1,033,812 18,978,089 Total charitable expenditure was £18,978,089 12023 £16,996,560) of which £79,725 {2023 £103,675) was restricted, and £18,898,364 (2023 - £16,892,885) was unrestricted funds. 30

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 Expenditure on charitable activities (continued) staff other Depreciation Total 2023 Provision of education Teaching Welfare Premises Support costs and governance Grants, awards and prizes Total charitable expenditure 6,430,561 1,917,326 420,780 646,780 297,355 1,767,763 7,077,341 2,214,681 3,189,907 1,001,364 1,214,973 3,276,198 4,491,171 23,460 23,460 9,983,640 6,011,556 1,001,364 16,996,560 Governance costs included in support costs: 2024 2023 Auditors remuneration.. for audit services for non-audit services Reimbursement of expenses to trustees 37,020 3,835 1,382 42,237 35,030 3,520 1,500 40,050 Travel, accommodation, training and subsistence expenses of £1,382 (2023.. £1,500) were reimbursed to four (four in 2023) Members of the Council. 10. Financing costs 2024 2023 Bank loan Fees scheme Bank charges Finance lease 278,293 54,654 49,470 29,494 411,911 174,298 46,333 39,749 36,570 296,950 Finance costs were unrestricted in the current and prior year. 31

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 11. staff costs 2024 2023 The aggregate payroll costs for the year were as follows.. Wages and salaries Social security costs Superannuation and other pension costs 9,003,477 817,633 996,203 10,817,313 8,421,190 761,233 832,615 10,015,038 No member of Council received any remuneration or other benefits from the College during the year. There were 7 {2023.' 6) key management personnel in the year. The aggregate employee benefits including pension costs and employers national insurance cost of key management personnel were £1,035,929 {2023.' £861,312). The average number of employees during the year was as follows.. Group 2024 Group 2023 Teaching staff others 208 121 329 208 121 329 The number of employees whose emoluments exceed £60,000 were.. 2024 Number 2023 Number £60,001- £70,000 £80,001- £90,000 £90,001- £100,000 £100,001- £110,000 £190,001- £200,000 £200,001- £210,000 Contributions were made to the Teachers, Pension Scheme, which is a defined benefits scheme for 1 of the above employees <2023.. 1). There were contributions of £105,97612023.' £101,371) to a money purchase scheme for the other employees. 12. Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 32

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 13. Tangible fixed assets- Group Motor Vehicle5 and Freehold land and Furniture And Fittings Computer Software Buildings Equipment Boats Total Cost or deemed cost" Al 1 September 2023 Additions during the year Al 31 August 2024 36,856,690 56,654 36,913,344 991,608 181,769 1,173,377 1,151,467 77,544 1,229,011 714,321 6,619 720,940 16,314 21,207 37,521 39,730,400 343,793 40.074,193 Depreciation Al 31 August 2023 Provided during year At 31 August 2024 7,175,008 585,147 7,760,155 624,208 129,818 754,026 491,711 221.066 712.777 405.779 93.119 498,898 9,424 4,662 14,086 8,706,130 1,033,812 9,739,942 Net book value Al 31 August 2024 At 31 August 2023 29,153.fj89 29,681,682 419.351 367,400 516,234 659,756 222,042 308,542 23.435 6,890 30,334,251 31,024.270 Included in the freehold land and buildings is land valued at £11,217,15412023'. £11,217,154) which is not depreciated. The net carrying amount ofassets held under finance leases are £272,152 (2023.. £378,411). he Group has elected, in accordance the transitional guidance under Section 35.1 Old) of FRS 102, to use the carrying value of any of the above assets previously carried al a valuation, as their deemed cost. 33

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 13. Tangible fixed assets - College Motor Vehicle5 and Freehold land and Furniture And Computer Software Buildings Flttings Equipment Boats Total Cost or deemed c05t' Al 1 September 2023 Additions during the year Al 31 August 2024 36.856.690 56,654 36,913,344 991.608 181,769 1,173,377 1,151,467 77.544 1,229.011 714,321 6,619 720,940 16,314 21,207 37,521 39,730,400 343.793 40.074.193 Depreciation Al 31 August 2023 Provided during year Al 31 August 2024 7,175,008 585,147 7,760,155 624,208 129,818 754,026 491,711 221,066 712,777 405,779 93.119 498.898 9,424 4.662 14,086 8,706,130 1,033,812 9,739,942 Net book value At 31 August 2024 Al 31 August 2023 29,153,189 419,351 367,400 516,234 222,042 308,542 23,435 6,890 30,334,251 31,024,270 29,681,682 659,756 Included in the freehold land and buildings is land valued at £11,217,154 (2023: £11,217,154) which is not depreciated. Nel carrying amounl oflhe assels held under finance leases are £272,15212023'. £378.411). he College has elected, in accordance the Iransilional guidance under Section 35.10(d) of FRS 102, to use the carrying value of any of the above assets previously carried at a valuation, as their deemed cost. 34

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 14. Investments Investments - Group Listed investments 2024 2023 Market value at 1 September 2023 Additions Disposals Realised gains Revaluations 1,870,030 801,437 (1,050,615) 9,383 202,639 1,868,392 63,485 {42,481) 1,212 {20,578) Market value at 31 August 2024 Cash on deposit 1,832,874 36,795 1,870,030 40,302 At 31 August 2024 1,869,669 1,910,332 2024 2023 Investments - College Investments in subsidiaries Subsidiary undertakings Woodpark Limited The wholly owned trading subsidiary Woodpark Limited is incorporated in England & Wales (company number.. 02731302) and pays all of its taxable profits to the charity under the gift aid scheme. Woodpark Limited operates all commercial trading operations carried on at the Wycliffe College premises. A summary of the trading results and financial performance of the subsidiary alone is.. 2024 2023 Turnover Cost of sales 314,076 {373) 272,277 (407) Gross profit Administrative expenses Operating profit and profit for the year 313,703 126,340 287,363 271,870 (6,554) 265,316 Donation made to College Retained profit for the year (287,363) (265,316} 35

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 14. Investments (continued) Wycliffe College Foundation The Company has the right to appoint trustees of Wycliffe College Foundation and as a result of this is deemed to have control of the charity. The charity is registered in England & Wales (charity number.. 10782861. A summary of the trading results and financial performance of the subsidiary alone is= 2024 2023 Income Expenditure 42,974 (162,474) 38,433 (141,011) Net (expenditurellincome before investment gains Net (losses)Igains on investment assets Net (expenditure)lincome for the year (119,500} 212,041 92,541 (102,578) (19,716) (122,294) Total funds brought foward Total funds carried fomard 1,812,188 1,904,729 1,934,482 1,812,188 15. Debtors Group 2024 Group 2023 College 2024 College 2023 School fees other debtors Prepayments Amounts due from subsidiary company 2,924,178 214,397 356,864 3,702,303 79,757 394,775 2,924,178 2,684 321,712 3,702,303 6,594 394,775 301,176 398,908 3,495,440 4,176,835 3,549,750 4,502,580 16. Cash at bank and in hand Group 2024 Group 2023 College 2024 College 2023 Cash at bank 1,343,655 1,280,673 1,111,066 1,044,426 36

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 17. Creditors: amounts falling due within one year Group 2024 Group 2023 College 2024 College 2023 Bank loan Trade creditors Social security and other taxes Other creditors Outstanding pension contributions Fees deposits Accruals Hire purchase Advance fees scheme Fees received in advance 3,522,357 721,836 20,408 717,516 3,522,357 587,862 20,408 697,902 200,865 5,714 200,014 3,353 8.633 34,072 8,634 105,341 90.069 1,351,381 291,478 125,503 1,380,007 4,989,876 12,682,005 51,656 1,400,593 258,249 140,499 1,323,964 5,326,696 9,279,367 90,069 1,351,381 283,977 125,503 1,380,007 4,987,764 12,537,568 1,400,593 250,749 140,499 1,323,964 5,326,696 9,269,505 18. Creditors: amounts falling due after more than one year Group 2024 Group 2023 College 2024 College 2023 Bank loan (note 20} Advance fees scheme {note 19) Hire purchase (note 21) 72,209 4,592,215 72,209 4,592,215 1,995,307 232,371 2,299,887 896,736 361,310 5,850,261 1,995,307 232,371 2,299,887 896,736 361,310 5,850,261 19. Advance fees scheme Parents may enter into a contract to pay the school up to the equivalent of five years, tuition fees in advance. The money may be returned subject to specific conditions on demand. Assuming pupils will remain in the school, advance fees will be applied as follows.. Group 2024 Group 2023 College 2024 College 2023 Due within 1 year Due after 1 year 1,380,007 1,995,307 3,375,314 1,323,964 896,736 2,220,700 1,380,007 1,995,307 3,375,314 1,323,964 896,736 2,220,700 37

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 19. Advance fees scheme (continued) The balance represents the accrued liability under the contracts. The movements during the year were.. Group 2024 Group 2023 College 2024 College 2023 Balance at 1 September 2023 New contracts Amounts accrued to contracts as debt-financing costs 2,220,700 2,571,117 2,106,393 1,485,019 2,220,700 2,571,117 2,106,393 1,485,019 61,753 44,874 61,753 44,874 4,853,570 3,636,286 4,853,570 3,636,286 Arnounts utilised in payments of fees Refunds Balance at 31 August 2024 (1,478,256) {1,401,731) (13,855) 2,220,700 {1,478,256) (1,401,731) (13,855) 2,220,700 3,375,314 3,375,314 20. Bank loan Group 2024 Group 2023 College 2024 College 2023 Due in one year Due in be￿een 2 and 5 years Total 3,522,357 72,209 3,594,566 20,408 4,592,215 4,612,623 3,522,357 72,209 3,594,566 20,408 4,592,215 4,612,623 The College has agreed loan facilities as follows.. A revolving loan facility of £7.5 million for a period of 10 years at an interest rate of 1.59°/o over base rate and repayable in full by 20 March 2027. The loan is secured by way of a legal charge over various College properties. The College accepted a fixed rate loan of £120k during the year ended 31 August 2023 to fund capital projects. As part of the loan conditions, the College was committed to pay a fixed interest rate of 8.44 %. 38

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 21. Hire purchase Group 2024 Group 2023 College 2024 College 2023 More than 5 years Within 2 to 5 years Within 1 to 2 years 5,482 104,128 122,761 54,200 178,769 128,341 361,310 5,482 104,128 122,761 54,200 178,769 128,341 361,310 Within 1 year 125,503 140,499 125,503 140,499 357,874 501,809 357,874 501,809 22. Financial instruments Group 2024 Group 2023 Financial assets measured at fair value 1,832,874 1,870,030 Included within financial instruments held at fair value is investments. 23. Analysis of net assets between funds 2024 Group Unrestricted funds Revaluation Reserve Restricted Funds General Total Tangible fixed assets Investments Net current liabilities Long term liabilities 3,100,500 27,233,751 625,201 (8,225,112) {2,299,887) 30,334,251 1,869,669 (7,840,900) (2,299,887) 1,244,468 384,212 3,100,500 17,333,953 1,628,680 22,063,133 39

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 23. Analysis of net assets between funds Icontinued) 2024 College Unrestricted funds Revaluation Reserve Restricted Funds General Total Tangible fixed assets Investments Net current liabilities Long term liabilities 3,100,500 27,233,751 30.334,251 (8,093,610) (2,299,887) 216,858 (7,876,752) (2,299,887) 3,100,500 16,840,256 216,858 20,157,614 2023 Group Unrestricted funds Revaluation Reserve Restricted Funds General Total Tangible fixed assets Investments Net current liabilities Long term liabilities 3,139,370 27,884,900 683,723 (4,050,317) (5,850,261) 31,024,270 1,910,332 (3,819,851) (5,850,261) 1,226,609 230,466 3,139,370 18,668,045 1,457,075 23,264,490 2023 College Unrestricted funds Revaluation Reserve Restricted Funds General Total Tangible fixed assets Investments Net current liabilities Long term liabilities 3,139,370 27,884,900 31,024,270 (3,927,861) (5,850,261) 205,362 (3,722,499) (5,850,261) 3,139,370 18,106,780 205,362 21,451,512 40

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 24. Funds analysis - Group current year Gainsl (losses) And Transfers At1 September 2023 At31 August 2024 Income Expenditure Unrestricted funds Revalualion reserve General funds 3,139,370 18,668,045 {38,870} 109,541 3,100,500 17,333,953 17,887,674 (19,331,307) 21,807,415 17,887,674 (19,331,307) 70,671 20,434,453 Restricted funds The Wycliffian Society Expendable grants General Endowment Bequests and Prize Funds Loosley Endowment Pearson Bursary Ward's Scholarship J H Edwards Bequest Sibly Scholarship Wilson Scholarship Selwyn Bursary Bursaries Fund Burnet Ward Bursary Educational Grants Honours Boards Prep School Sports Miscellaneous funds Hardship fund Nowak Family Fund Keith Paget Fund 150,933 78,131 61,275 58,860 32,360 1,406 {47,776) 34,200 (433) 162,017 144,691 69,612 7,364 51,824 276,625 88,455 140,179 51,340 77,791 36,999 69,696 103,684 66,211 1,694 1,060 22,430 3,029 1,470 143,468 30,781 1,457,075 51,824 314,266 92,752 157,668 58,326 88,377 42,034 74,179 117,793 71,155 1,925 1,204 25,483 3,441 1,671 115,206 35,056 1,628,680 6,347 2,030 3,202 1,178 1,785 849 1,598 2,379 1,579 39 24 515 69 34 3,292 721 118,267 (1,954) 18,365} 12,486) (363} (5491 (2611 {5,492) (732) {4,593) (12) {7} (158) (21) (10) (48,798) (222) {88,032) 33,248 10,632 16,773 6,171 9,350 4,447 8,377 12,462 7,958 204 127 2,696 364 177 17,244 3,776 141,370 Total funds 23,264,490 18,005,941 (19,419,339) 212,041 22,063,133 Further details of the objects of the Endowed and Restricted funds together with any restrictions on their use can be found in the financial statements for Wycliffe College Foundation. 41

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 24. Funds analysis - College current year Gainsl (losses) And Transfers At1 September 2023 At31 August 2024 Income Expenditure Unrestricted funds Revaluation reserve General funds 3,139,370 18,106,780 (38,870) 38,870 3,100,500 16,840,257 17,992,032 (19,297,425) 21,246,150 17,992,032 (19,297,425) 19,940,757 Restricted funds The Wycliffian Society Expendable grants Bequests and Prize Funds 150,933 2,605 58,860 32,360 (47,776) (31,949) 162,017 3,016 51,824 51,824 205,362 91,220 (79,725) 216,857 Total funds 21,451,512 18,083,252 (19,377,150) 20,157,614 Unrestricted funds in conjunction with the College's bank borrowing facility, are retained to provide working capital. Restricted Funds consist of The Wycliffian Society, various Expendable grants received during the year and net incoming resources from Endowed Funds and Appeal Funds. 42

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 24. Fund analysis- Group prior year Gainsl (losses) And Transfers At1 September 2022 At31 August 2023 Income Expenditure Unrestricted funds Revaluation reserve General funds 3,178,240 20,018,329 {38,870) 31,468 3,139,370 18,668,045 15,846,586 (17,228,338) 23,196,569 15,846,586 {17,228,338) (7,402) 21,807,415 Restricted funds The Wycliffian Society Expendable grants General Endowment Loosley Endowment 163,736 2,631 61,266 72,264 18,508 145 (85,067) 56,992 152) 150,933 78,131 61,275 {84} 51,899 276,511 95,601 141,040 63,294 77,740 36,967 72,009 103,434 70,096 1,191 1,057 22,376 3,021 1,467 188,493 33,691 1,467,520 175) (630) {7,176) {2,277) (12,253) (282) (180) {3,531) {1,386) {5,120) 116) 114) (300) 140) 120) (46,503) (3,500) (111,430) 51,824 276,625 88,455 140,179 51,340 77,791 36,999 69,696 103,684 66,211 1,694 1,060 22,430 3,029 1,470 143,468 30,781 1,457,075 Pearson Bursary Ward's Scholarship J H Edwards Bequest Sibly Scholarship Wilson Scholarship Selwyn Bursary Bursaries Fund Burnet Ward Bursary Educational Grants Honours Boards Prep School Sports Miscellaneous funds Hardship fund Nowak Family Fund Keith Paget Fund 1,744 71 2,650 702 781 498 2,856 3,836 2,814 544 39 830 112 54 3,467 1,384 113,299 {1,0001 {41} {1,2341 {4031 {4481 (2861 {1,6381 {2,2001 {1,5791 {25} (22} {4761 {64} (31} {1,9891 {794) (12,314) Total funds 24,664,089 15,959,885 {17,339,768} (19,7161 23,264,490 43

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 24. Funds analysis- College prior year Gainsl (losses) And Transfers At1 September 2022 At31 August 2023 Income Expenditure Unrestricted funds Revaluation reserve General funds 3,178,240 19,332,310 {38,870) 38,870 3,139,370 18,106,780 15,949,719 (17,214,119) 22,510,550 15,949,719 (17,214,119) 21,246,150 Restricted funds The Wycliffian Society Expendable grants other funds 163,736 2,631 72,264 18,508 {85,067) (18,534) 150,933 2,605 51,899 (75) 51,824 218,266 90,772 (103,676) 205,362 Total funds 22,728,816 16,040,491 (17,317,795) 21,451,512 25. Reconciliation of net expenditure to net cash inflow from operating activities Group 2024 Group 2023 Net expenditure for the reporting period (as per the Statement of Financial Activities} Depreciation charge (Gains}ILosses on disposal of tangible assets Realised (gains) on disposal of investments Unrealised lossesl(gains) on investments Interest received Dividends received (Decreaselllncrease in stocks Decreasel{Increase} in debtors and prepayments (Decrease)/lncrease in creditors Net cash used in operating activities (1,201,357) 1,033,812 (4,750) (9,383) (202,639) (2,722) (39,704) (2) 681,395 (140,3581 114,291 (1,415,135) 1,001,364 767 (1,212} 20,578 1942) (34,209) 332 (279,633) 648,055 {60,035) 44

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 26. Analysis of net debt At 1 September 2023 At 31 August 2024 Non-cash Flows Cash flows Cash in hand Deposit 1,280,673 40,302 62,982 (3,5071 1,343,655 36,795 1,320,975 59,475 1,380.450 Creditors due In one year: HP liabilities Bank loan Advance fee scheme Creditors due in more than one year: HP liabilities Bank loan Advance fee scheme (140,499) {20,408) (1,323,964) 143,935 (128,939) (3,501,949) 1,098,571 (125,503) (3,522,357) (1,380,007) {1,154,6141 (361,310} (4,592,215) (896,7361 128,939 3,501,949 (1,098,571) (232,371) (72,209) 11,995,307) 1,018,057 Net debt (6,014,157} 66,853 {5,947,304) 27. Company status The Company is limited by guarantee, the amount of each member's guarantee being £1. The number of members at 31 August 2024 was 40 (2023: 41). 28. other financial commitments Commitments in respect of non-cancellable operating leases are as follows.. Group 2024 Group 2023 College 2024 College 2023 Not later than one year Later than one year and not than five years 17,328 36,325 17,328 36,325 7.044 7,044 17,328 43,369 17,328 43,369 Lease payments recognised as an expense were £36,325 {2023'. £17,009). 45

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2024 29. Related party transactions As at the balance sheet date, the College was owed £303,912 (2023.. £271,644) by Woodpark Limited. During the year the College received £265,316 (2023.. £271,644) from Woodpark Limited under the gift aid scheme and recharged administration overheads of £nil {2023.' £Nil). As at the balance sheet date, the College owed £2,736 {2023-. £127,264) to Vvycliffe College Foundation, a charity under common control. No trustees have been reimbursed in 202412023.. nil) for any expenses incurred as a commitlee member of The Wycliffian Society. Trustees and members of key management have children attending the schools operated by the Charity. School fees incurred by Trustees are paid on a commercial arm's length basis as available to the general public. Key management can benefit from a staff concession that can be available to all eligible members of staff who have children attending the schools operated by the charity. 30. Pension costs Teaching Staff The School participates in the Teachers, Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £711,582 {2023'. £723,170) and at the year end £Nil12023'. £Nil) was accrued in respect of contributions to this scheme. The Teachers, Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for teachers. All teachers have the option to opt-out of the TPS following enrolment. The College went through a consultation in year regarding pensions and salaries and decided as at 151 April to 31 August 2024, College paid TPS Employer Contribulions at increased rate of 28.68 %. College enhanced APTIS and People's Pension Contributions by 5 %. For employees not enrolled in a pension scheme, College paid an enhancement to salary of 50/0. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. Valuation of the Teachers, Pension Scheme The Government Actuary, using normal actuarial principles, conducls a formal actuarial review of the TPS in accordance with the Public Service Pensions {Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2023. The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation and subsequent consultation are.. Employer contribution rates expected to be set at 28.6 % of pensionable pay (including a 0.08 % administration levy)., Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £278,800 million and notional assets (estimated future contributions together with the notional investments held at the valuation date} of £837 million, giving a notional past service deficit of £18,400 million,. and 46

Wycliffe College {Incorporated) Notes to the financial statements for the year ended 31 August 2024 30. Pension costs (continued) The SCAPE rate set by HMT, is used to determine the notional investment return. The current SCAPE rate is 1.7 % above the rate of CPI. A copy of the valuation report and supporting documentation is on the Teachers, Pensions website. Under the definitions set out in FRS102, the TPS is a multi-employer pension scheme. The school has accounted for its contributions to the scheme as if it were a defined contribution scheme. The school has set out above the information available on the scheme. 47