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2025-08-31-accounts

OLD VICARAGE SCHOOL TRUST (A Company Limited by Guarantee)

Incorporated in England and Wales No. 01092758 Registered Charity No. 312671

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2025

OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

CONTENTS PAGE
Governors’ Report 1 - 9
Auditors’ Report 10 - 13
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Financial Statements 17 - 27

OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

Governors Mr C Heidl Chair
Mrs S Brown Vice-Chair Resigned 26/06/2025
Mrs L Barnes Resigned 26/06/2025
Mrs S Clare Appointed 15/03/2025
Dr C Coakes
Mr D Epton Appointed 13/03/2025
Mr F Hermelink Appointed 13/03/2025
Mr E Lance Appointed 13/03/2025
Ms C Langevad Appointed 13/03/2025
Mr S Masters
Ms N Oweis Appointed 01/01/2025
Appointed Vice Chair 26/06/2025
Mrs K Patel Resigned 27/11/2025
Ms A Say
Mrs S Selkirk Appointed 26/06/2025
Ms J Smart Appointed 27/06/2025
Mr J Skingley Resigned 13/03/2025
Mr S Waldman Resigned 28/11/2024
Headmistress Mrs C Strickland
Bursar & Clerk to Mrs W Draper
the Governors
Bankers HSBC Bank Plc
67 George Street
Richmond
Surrey TW9 1HG
Auditors Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Solicitors Farrer & Co LLP
66 Lincoln Inn Fields
London WC2A 3LH
Moore Barlow LLP
The Oriel
Sydenham Road
Guildford GU1 3S

OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

GOVERNING DOCUMENT

Old Vicarage School Trust is a company limited by guarantee (company number 01092758), incorporated on 26 January 1973, registered as a charity (charity number 312671) and is governed by its Articles of Association last amended on 12 June 2013.

GOVERNANCE AND MANAGEMENT

The Board of Governors, as the charity trustees, are legally responsible for the overall management and control of the Old Vicarage School Trust. The Board of Governors meets formally at least three times a year. Governors volunteer for specific responsibilities to the Board of Governors; the Board has Governors with responsibility for safeguarding and child protection, finance, human resources, premises, information technology, legal matters, health and safety, and education. In this way, Governors can acquire an in-depth knowledge of issues affecting the School within their area of responsibility. The following committees meet before and report at each termly meeting of the Board of Governors:

Finance Committee: The committee, which meets each term, scrutinises revenue, the budget and capital expenditure prior to consideration by the Board. This committee meets annually with the auditors and finalises the audited financial statements and annual report for approval by the Board. The committee also considers any general issues raised by the Head or Bursar who both attend the meetings.

Education Committee: The committee, which meets each term, works with the Head and her senior academic staff on all strategic education issues and reviews public examination results on an annual basis.

Safeguarding Committee: The committee meets with the Head and Designated Safeguarding Lead (DSL) regularly throughout the year to review and monitor safeguarding policy and practice within the School.

Health & Safety Committee: The committee meets termly to ensure all Health & Safety policies, procedures, rules and regulations are adhered to and regularly communicated to staff.

Governors attend the committee meetings relevant to them and members of the Senior Leadership Team attend all committee meetings relevant to them. Governors are encouraged to visit the School at any time and can spend time in School observing lessons.

The Finance Committee meets at least one week before each Governors’ meeting specifically to review budgets and financial reports. The Head and Bursar also attend meetings of the Governors and the Finance Committee.

The day-to-day management of the School is delegated to the Head and the Bursar, supported by other members of the Senior Leadership Team.

Future Developments

The Board approved the establishment of a Marketing and Development Committee in June 2025. From the academic year 2025-26 on, this committee will focus on supporting the strategic planning and operational oversight of marketing, communications, pupil recruitment, community relations, and fundraising initiatives. The Health & Safety Committee will be dissolved with the relevant responsibilities assigned to the Safeguarding and Finance Committees.

The Board appointed a number of new Governors to the Board with complementing and additive skills in order to strengthen the aim of providing best practice governance to the School and its executive management.

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

APPOINTMENT, INDUCTION AND TRAINING

New Governors are appointed by existing Governors at a full meeting of the Board of Governors. In making such appointments, consideration is given to complementing the professional skills of the existing Governors so that a broad range of expertise is maintained.

Governors are appointed for a term of office of four years. A retiring Governor may be re-elected for a second term of four years. Governors are encouraged to attend relevant training to keep them up to date with developments in the educational sector and ensure that they are aware of their responsibilities.

New Governors are briefed by the Chair of Governors and inducted into the workings of the School and also of the company as a registered charity.

RELATED PARTIES

All Governors give their time freely and receive no remuneration.

KEY MANAGEMENT PERSONNEL

The Governors consider that they, together with the Head and the Bursar, comprise the Key Management Personnel (see note 9 to the accounts). The Governors give their time freely to the School and the pay and remuneration of the Head and the Bursar is set by the Board of Governors and is kept under annual review. A number of criteria are used in setting pay:

OBJECTS, PRINCIPAL ACTIVITY, VALUES AND OBJECTIVES

OBJECTS

The School’s Charitable Objects as set out in its Articles of Association are “to promote and provide for the advancement of education and in connection therewith to conduct, carry on, acquire and develop in the United Kingdom any boarding or day school or schools for the education of children of either sex or both sexes”.

PRINCIPAL ACTIVITY

The School’s principal activity is the provision of education for girls from the age of 3 to 11 years.

MISSION STATEMENT

The School educates girls to their highest level of academic achievement providing them with opportunities to embrace new challenges with confidence and to prepare them to become responsible and compassionate global citizens who are creative and ambitious in their outlook.

VALUES

Curiosity – Ambition – Resilience – Empathy.

The anagram creates the overarching value CARE. OVS Core Values are expressed as:

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

An Old Vicarage School pupil is a diligent, happy, confident and considerate girl, who achieves personal success through challenge, inspiration and support.

OBJECTIVES

Objectives are set as part of the School’s Development Plan. The overall vision is that an Old Vicarage School pupil is curious, ambitious, resilient and empathetic and achieves personal success through challenge, inspiration and support. This is achieved by developing girls:

In setting our objectives and planning our activities the Governors have carefully considered the Charity Commission’s guidance on Public Benefit.

Old Vicarage School is committed to promoting equality, diversity and inclusion (EDI) both within its own organisation and amongst the School’s community. The School strives to be a mindful and inclusive environment, where differences and equal access are valued.

The Board and management view diversity as a strength and aim to develop a culture of inclusion and diversity in which success is celebrated and all those connected to the School feel proud of their identity and able to participate fully in School life. The School will tackle discrimination by the positive promotion of equality and the creation of an environment, which champions care and respect for all.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE IN THE YEAR

Despite the impact of change in political policy on independent schools, the School has continued to flourish in the academic year 2024-25 under the leadership of Mrs Clare Strickland. The School has in place a strong Senior Leadership Team who are supported by a newly appointed Senior Management Team. The Senior Management Team includes a Lower School academic co-ordinator who will also focus on the more able and gifted programme, an Upper School academic co-ordinator and a Clubs and Trips co-ordinator. The clubs and trips co-ordinator will focus on enhancing the extensive enrichment programme and co-curricular activities as these activities are crucial to helping the girls develop self-confidence and self-esteem.

The pupil numbers remain healthy due to an active marketing programme underpinned by the School’s continued excellent reputation in the area. The fees remain very competitive in comparison with other similar independent schools in the area and represent good value for money. This stability is critical as ongoing inflationary pressures, the continued declining birthrate in the UK and the ongoing impact on customer affordability from the introduction of VAT on school fees will create financial headwinds that will need to be carefully navigated over the next few years. The year ended with 226 pupils of which 23 attended the pre-school Little Vic. The Old Vicarage School prides itself on its excellent academic results but strongly recognises and acknowledges that these results are only a part of the depth and breadth of what girls achieve at the School.

The School was reviewed by the Good Schools Guide, Talk Education and Muddy Stilettos. The School was shortlisted for the Small Independent School of the Year in the Independent Schools of the Year Awards, was a Talk Education Finalist in the TE Award for Innovation in Education in the Innovation in nutrition or food category . In the Muddy Stilettos Best Schools Awards 2025 OVS was Highly Commended in the Best Experiential Learning category

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

Class sizes are at a maximum of 16 throughout the School and our overall pupil/teacher ratio is below 1:9. This is one of the lowest in our sector and we believe contributes significantly to the success enjoyed by our pupils.

The Year 6 leavers achieved excellent 11+ results with over 120 offers. They were awarded 29 scholarships,11 academic and 18 for other disciplines including Sport, Drama, Music, All-rounder, STEM and Innovation and Computer Science. These outstanding results are testament to the commitment and dedication of the teachers, the bespoke preparation that goes on prior to their exams and the foundations that were built in the preceding years. Our aim is to enthuse girls with a love of learning and the desire to make the very most of all their abilities and opportunities, preparing them for the Senior School of their choice and indeed life beyond that.

The School is committed to providing an education which has both breadth and depth. Forest School has been introduced for the girls in Reception and Little Vic. The girls are offered many opportunities to enhance their curriculum studies, participating in various Maths Challenge days at local senior schools and participating in the Richmond Young Writers Festival. The School takes part in events such as the International Women’s Day, as well as World Book Day to celebrate and enjoy children’s literature, A very successful STEM week was organised during the summer term.

There is a strong tradition of music and drama at the School. Drama has been extended to all year groups including Little Vic. Lower School girls participate in Nativity plays and from Year 3 they participate in Spring Concerts for which each year performs their own dramatic production. In Year 5 pupils are entered for English Speaking Board examinations with outstanding results. The French Café presented by Year 5 was a huge success with the girls providing an evening of entertainment in French. The culmination of the year was the highly successful Year Six production of Chitty Chitty Bang Bang at the Exchange Theatre Twickenham.

Music is an integral part of life at Old Vicarage School. It is taught throughout the School by specialist music teachers, and peripatetic music lessons are offered to all pupils. All classes enjoy two weekly sessions where they sing, compose, explore musical elements, and learn instruments such as percussion, recorders, and violins. The School offers three choirs and an orchestra, with numerous performance opportunities throughout the year including Year 4 at the Epsom College Music Festival, Year 6 and Little Vic at Dalemead Care Home, a joint concert with Tower House School, open evening performances for the Senior, Junior and Infant Choirs with the Senior Choir reaching the finals of the GSA Choir of the Year in both 2024 and 2025. A highlight of the year is the OVS Christmas Carol service. In April, the School went on a very successful Choir Tour to Liverpool where the girls performed at the Anglican Cathedral and The Cavern Club.

Physical Education and Sport at Old Vicarage School continues to flourish under the School’s inclusive “Sport for All” philosophy, ensuring every pupil from Years 3 to 6 participates in at least three interschool fixtures per term. Over 250 fixtures took place across seven sports last year, alongside major house events such as Sports Day and the Swimming Gala. OVS also hosted key community events including the U10 Netball Tournament and the Cross Country Invitational Relay, strengthening ties with local schools and promoting leadership and collaboration.

The School celebrated outstanding achievements, particularly in swimming and cricket. The U11 swimming team became National Champions in the small schools’ medley relay and placed 5th nationally in freestyle. In cricket, the U11 team reached the Surrey Finals for the third year running and won the Richmond Borough title, representing the borough at the London Youth Games. These successes reflect the strength of OVS’s specialist teaching and commitment to developing confident, resilient, and active young people.

Supporting an excellent academic education is a focus on our School values and good citizenship, this is promoted throughout our curriculum. We have a strong PSHE programme that reinforces these ideas. The Junior Dukes Programme introduced in 2024 continues to grow.

The School’s curriculum is enriched by a wide range of educational visits across all year groups. This year, destinations have included Southwark Cathedral, the Poppy Factory, Kew Gardens, the Golden Hinde, Hampton Court, and the Houses of Parliament. From Year 3 onwards, girls are encouraged to develop their independence through residential trips to locations such as Juniper Hall, Hooke Court in

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

Dorset, PGL centres, and France. These experiences have significantly supported the girls’ personal growth, fostering independence and enhancing their teamwork and collaboration skills.

At OVS we realise that the pupils’ learning extends to beyond what is taught in the classroom. We want to encourage a sense of curiosity and do so by providing our pupils with opportunities to engage in extracurricular activities that hone to individual interest and talents. The School has extended the excellent range of lunchtime and afterschool clubs which, over the course of the year, included code cadets, contemporary dance, Minecraft education, sewing, touch typing, judo, Lego technology, chess, cookery, yoga, multi sports club, film club, music technology, debating, Lamda and golf.

After the 11+ Senior School process is complete, the Year 6 girls get involved in PEEP - a Post Examination Enrichment Programme. During the spring term the focus is on developing basic entrepreneurial skills. The girls are presented with the 'Houblon Challenge' for which they must turn £5 into a larger amount for the School's charity. The girls are given lessons tapping into the expertise of various staff members such as the Head of Admission and Marketing and the Finance Manager. They learn about good marketing and how to maintain budgets using a financial spreadsheet. With only the initial £5 cash, the girls are encouraged to use their initiative and ingenuity, to think about how they can recycle materials, to produce goods or even services to sell at a fair held on the last day of the term. This proved to be a huge success, with the playground buzzing with the whole School community out to support and purchase all kinds of things from bespoke greeting cards, meringues, cupcake ingredients, tote bags and so much more. After the girls had returned their initial £5, a total of £1,465 was made for 'Purple Heart Wishes’, the School charity. The Year 6 girls spent a week taking part in the groundbreaking Catalyst programme created by Winchester College tackling challenges relating to technology, innovation, ethics and philosophy.

The wellbeing of both pupils and staff remains a key priority for the School. Each autumn term, the School conducts the annual Pupil Attitudes to Self and School (PASS) Survey, with appropriate support promptly put in place for any pupils whose responses raise concerns. In the spring term, pupil wellbeing questionnaires are issued, and form teachers follow up on any issues, recording them on CPOMs as necessary. OVS is fortunate to have two trained Emotional Literacy Support Assistants (ELSAs) who provide support to pupils either within the classroom or on a one-to-one basis. Additionally, our Lower School features a sensory room, offering a quiet space for pupils who may find the classroom environment overwhelming.

The School holds a 'Girls on Board' accreditation, with staff trained to help pupils navigate the complexities of friendship. Pupils in Years 3 to 6 elect Wellbeing Ambassadors, who, alongside the Charities and Wellbeing Prefect, meet weekly with the Deputy Head to discuss pupil wellbeing and lead initiatives such as promoting random acts of kindness. Staff wellbeing is also actively supported. A staff forum has been established to share feedback and action points with the Senior Leadership Team (SLT), who operate an open-door policy. Staff are encouraged to raise any personal or professional concerns, knowing they will be listened to and supported.

The School is proud of its broad intake, which includes some children with SEN. Pupils who are identified as needing extra support are supported by the learning support team who have been providing additional support in the classroom as well as more focussed small booster group sessions. From September 2025, the SEN team will provide one-to-one tuition for children with literacy and/or numeracy difficulties as well as smaller booster group sessions. Support is also provided at School by external specialists for EAL, speech and language difficulties and occupational therapy needs. In the same spirit, the School runs a dedicated programme for the more able pupils,which is being expanded as we aim to ensure that girls of all abilities including the most able are nurtured and challenged to make excellent academic and personal progress.

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

PUBLIC BENEFIT

The Governors are committed to broadening access to parents unable to afford the fees at the Old Vicarage School. The awarding of bursaries is a measurable means of providing public benefit and the Board of Governors places great importance and priority on the School’s means-tested bursary scheme. Currently, the School offers means-tested financial assistance to three pupils. During the year the School provided financial support to the value of £43,835 (2024: £26,550) and continues to set aside funds to assist families in financial hardship.

Pupils are encouraged to feel part of the wider community. The girls vote each year for the charities they wish to support and in 2024/2025 chose:

Funds were raised by holding bake sales, sponsored events initiated by each House and a very successful readathon.

On Sunday 10th November Head and Deputy Head girls represented the School at the local Remembrance Service at the Richmond War Memorial where they laid a wreath.

This year, the School’s Harvest collection was donated to the Richmond Foodbank, based in the nearby Vineyard Life Church Community Centre. Pupils help with sorting donations and preparing food bags.

Each year the School also raises money for chosen School charities, through the retiring collection at the Carol Service.

Other local community groups continue to benefit from the investment the School made to upgrade the netball and tennis courts at King George’s Field.

OPERATIONAL & FINANCIAL REVIEW

Despite significant financial pressures during the 2025 financial year including the introduction of VAT from January, the loss of business rate relief from April, and increased employer National Insurance contribution, the School successfully generated a small surplus. The School has also felt the impact of higher inflation with increases to the expense of staff costs, utilities and food but has exercised good cost control . Pupil numbers have remained strong throughout the year, contributing to stable income levels. The financial review below demonstrates that the School is in a sound financial position with healthy pupil numbers and waiting lists for occasional places in some year groups. The School has adequate reserves and is in a strong position to navigate the uncertainty in the independent school sector.

The statement of financial activities for the year is set out on page 14 of the financial statements.

The School’s net surplus was £30,493 (2024: £207,319). The principal source of income was fees amounting to £3,644,379 (2024: £3,639,980).

The School continues to upgrade and enhance the facilities at the School. The School aims to maintain investment in infrastructure and ensure that facilities are fit-for-purpose and meet all legislative and regulatory requirements.

Staff turnover remained low throughout 2024–25, contributing to a stable and consistent School structure. This continuity has supported effective operations and helped maintain a positive working environment, which in turn benefits pupil outcomes and overall School performance.

The Governors continue the policy of investing the net income in the educational resources, premises and facilities of the School.

As a charity, we are exempt from Corporation Tax on our educational activities and on our investment income provided these are applied for our charitable aims.

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

RESERVES POLICY

The reserves of the School are represented by the funds as shown in note 17. The total funds held by the School at the end of the year are £4,030,798 (2024: £4,000,305); 100% of these funds are unrestricted of which £1,675,875 (2024: £1,709,528) represents the tangible fixed assets of the charity.

The Education Reserve of £500,000 is used to fund our bursary programme and to further education in the wider community. It is used to assist children who may benefit from independent schooling with educational and related costs. Special regard is given to existing parents facing a sudden change in financial circumstances who may need support to complete their final years at the School and to support the School community following the introduction of VAT on fees.

The Buildings Reserve of £1,329,077 (2024: £1,473,231) represents the value of fixed assets already invested in buildings in addition to funds needed for capital improvement and repair projects due to the listed status of our building. These funds are also required for future expansion of educational and sports facilities if an opportunity arose.

The Board of Governors have determined that the appropriate level of general reserves should be equivalent to six months budgeted expenditure (approx. £1,850,000). This amount is reviewed annually at the same time as the income and expenditure budget for the following year is approved.

FREEHOLD PROPERTY

In the opinion of the Governors the value of freehold land and buildings is in excess of the book value, but no useful purpose would be served by undertaking a revaluation.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board of Governors is responsible for the strategy and the management of the risks faced by the School, and a formal review of the School’s risk management processes is undertaken on an annual basis. Through the risk management systems which have been established for the School, the Board of Governors is satisfied that major risks identified have been adequately mitigated. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

The Governors consider the major risks to which the School is currently exposed include:

The key controls over these risks include:

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025

As a result of the measures taken which are set out above, the Board of Governors consider that the School’s operations are sustainable and financially viable, and therefore it remains appropriate to prepare the Financial Statements under the Going Concern basis. The Governors (as Trustees) anticipate that the School will be able to continue operating normally within its existing unrestricted reserves.

FUTURE PLANS

The strategy, devised by the Board, the Head and the Senior Leadership Team and refined in June 2025 comprises 7 strategic pillars:

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2025 STATEMENT OF GOVERNORS, RESPONSIBILITIES The Govemors Iwho are also directors of Old Vicarage School Trust for the purposes of company lawl are responsible for preparing the Govemors, Report and the financial slalemenls in accordance with applicable law and Unrted Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practsce}. Company law requires the Govemors to prepare financ4al slalemenls for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of reSoUr￿s, including the income and expendfture, of the charitable company for that period. In preparing these financial ststements. the Govemors are required to= Select suitsble accounting policies and then apply them consistently Observe the meth￿S and principles in the Charities SORP Make judgements and eslimales that are reasonable and prudent Slate whether applicable UK Accounting Standarts fBve i￿n follo￿J, subj￿￿ to ary nBterial depBrtures di%)￿j and eXplain￿j in the fin8JThi8J statenB FY4@re fin￿￿j statements the going (x)n￿M basis unkn it is inap[r￿ri to presurr that tharitai CL)mpBry will (rntinue in i￿lnesS The Gownors are respx)nsible for kpxng pr(¥Er a(xx)untir@ r￿x￿dS that diskne wfth r￿￿1 aCA)Jr￿ at ary time [￿((1(￿ (Athe trBrit8ble (x)mFQry and ￿ble to ￿re tst tF fin￿￿j statem8ts (xXnptyWt￿ ttE C(Thwies ￿t ￿jc6. TW are a￿0 rewsible for safegLBrding tF a￿ets of chatl)le (x)mp¥y and hen￿ for takivJ mscnle for trE prevatt￿ de￿ti)n offraud ayj othw irrgJulaitEs. far&￿e￿we. TrEre is m relevatt aKJit irfornBticn Of￿1th (tsritai audit(x is unaware" (]Mm(xs hwe tak￿ ai stetts they ought to f£ve taken to me therr6e￿ aware of reÈvant audf( irfomBtion to estaLlish tretthe aL¥Jitor E aware oftret infomBtion. For and on behalf of the Board Mr C Heidl 12 December 2025 Page 9

Old Vicarage School Trust INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST Year ended 31 August 2025

Opinion

We have audited the financial statements of Old Vicarage School Trust (‘the charitable company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 governors’ use of the going concern 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 twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course of 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 themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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Old Vicarage School Trust INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST Year ended 31 August 2025

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the governors’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of governors

As explained more fully in the governors’ responsibilities statement, the governors (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 governors 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 governors are responsible for assessing the 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 always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Old Vicarage School Trust INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST Year ended 31 August 2025

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

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Old Vicarage School Trust INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST Year ended 31 August 2025

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the 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 for no purpose other than to draw to the attention of the company’s members those matters which we are required to include in an auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and company’s members as a body, for our work, for this report, or for the opinions we have formed.

Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6[th] Floor 9 Appold Street London EC2A 2AP

Date: 24 February 2026

Page 13

Old Vicarage School Trust STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the year ended 31 August 2025

Notes
INCOME FROM:
Charitable Activities
School fees
3
Other educational income
4
Other income
Other activities
5
Investments
Investment income
6
Voluntary sources
Grants and donations
7
Total income and endowments
EXPENDITURE ON:
Charitable activities
School operating costs
8
Total expenditure
8
Net operating income
Net gains on investments
Net income
11
Transfer between funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward
17,18		 Unrestricted
Funds
2025
£
3,644,379
213,827
4,000
155,047
5,300		 Unrestricted
Funds
2024
£
3,639,980
186,881
19,500
104,260
-
4,022,553 3,950,621
3,992,060 3,830,361
3,992,060 3,830,361
30,493
-		 120,260
87,059
30,493
-		 207,319
-
30,493
4,000,305		 207,319
3,792,986
4,030,798 4,000,305

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The accompanying notes form part of these financial statements.

Page 14

Old Vicarage School Trust BALANCE SHEET as at 31 August 2025

Notes
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Debtors
14
Investments
13
Cash at bank and in hand
CREDITORS: Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS:Amounts falling due after more than one year
16
NET ASSETS
FUNDS
General reserves
17
Designated reserves
17		 2025
£
1,675,875
-		 2024
£
1,709,528
-
1,675,875
361,760
436,881
3,366,832		 1,709,528
160,776
814,720
3,414,240
4,165,473
(1,238,624)		 4,389,736
(1,273,525)
2,926,849 3,116,211
4,602,724
(571,926)		 4,825,739
(825,434)
4,030,798 4,000,305
2,245,556
1,785,242		 2,027,074
1,973,231
4,030,798 4,000,305

Approved and authorised for issue by the Board of Governors on .. behalf by:

................... and signed on their

C Heidl Chairman of the Board of Governors

The accompanying notes form part of these financial statements. Company Number: 01092758

Page 15

Old Vicarage School Trust CASHFLOW STATEMENT for the year ended 31 August 2025

CASH FLOW STATEMENT
Notes
Net cash (outflow)/inflow from operating activities
21
Cash flows from investing activities:
Bank interest received
Investment in current asset investments
Maturity of current asset investments
Maturity of fixed asset investments
Payments to acquire fixed assets
Net cash inflow from investing activities
Cash flows from financing activities:
Cash received from Fees in Advance Scheme due in more than 1 year
(Decrease)/increase in cash
beginning of the reporting period
end of the reporting period
Cash and cash equivalents at the
Cash and cash equivalents at the		 2025
£
(436,714)
155,047
-
377,839
-
(143,580)		 2024
£
1,120,456
104,260
84,818
-
919,899
(158,747)
389,306 950,230
- 464205
- 464,205
(47,408)
3,414,240		 2,534,891
879,349
3,366,832 3,414,240

Page 16

Old Vicarage School Trust

ACCOUNTING POLICIES for the year ended 31 August 2025

1.1 BASIS OF PREPARATION

The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

1.2 GOING CONCERN

The geopolitical and economic environment continues to create uncertainties going forward into the medium term. The impact for the School and the School’s parent community is being closely monitored. The School holds strong cash reserves which are all unrestricted, is debt-free, has strong pupil numbers and is regularly reviewing its strategy should pupil numbers start to fall.

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and future projected cash flows, the Governors have a reasonable expectation that there are adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability. As such the School can expect to be able to meet its liabilities as they fall due in the period of at least 12 months from the date of approval of these accounts. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

1.3 COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee, the guarantors at the present time being the Governors, to the extent of £1 each.

1.4 FEES RECEIVABLE AND SIMILAR INCOME

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school. Fees received in advance, as part of the Fees in Advance Scheme, due in over 1 year, are treated as Financing Activities in the cash flow statement. Following the introduction of VAT on school fees effective 1 January 2025, fees charged by the School are subject to Value Added Tax (VAT) at 20%. VAT is accounted for at the point the tax point arises. The financial statements present school fee income net of VAT.

Page 17

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025

1.5 DONATIONS AND FUND ACCOUNTING

Donations received for the general purposes of the school are included as unrestricted funds. Donations restricted by the wishes of the donor or the terms of an appeal are taken to restricted funds. Donations required to be retained as capital in accordance with the donor’s wishes are accounted for as endowments – permanent or expendable according to the nature of the restriction.

Unrestricted general funds - These are funds which can be used in accordance with the charitable objects at the discretion of the Governors.

Designated funds - These comprise of unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the note 17 to the financial statements.

Restricted funds - these are funds where there are specific donor restrictions as to their use.

1.6 EXPENDITURE

Expenditure is accounted for on an accruals basis and is allocated to expense headings, which aggregate all costs relating to the category either on a direct cost basis, or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the costs of running the charity, including strategic planning for its future development, external audit, any legal advice for the School’s Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

1.7 FIXED ASSETS AND DEPRECIATION

All fixed assets are used in direct furtherance of the school’s objectives. Fixed assets are included in these financial statements at their original cost less depreciation and accumulated impairment losses provided to date.

Assets that are expected to have a useful economic life of less than two years and/or cost less than £1,000 are not capitalised and are written off in the year of purchase.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be:

Freehold buildings 50 years Leasehold improvements 10 years Furniture and equipment 10 years Computer equipment 3 years

1.8 PENSIONS

The School contributes to defined contribution schemes for all staff (teaching and non-teaching staff). The School’s contributions to pension funds for its employees are charged to the Statement of Financial Activities on an accruals basis in the year in which they fall due.

Page 18

Old Vicarage School Trust

ACCOUNTING POLICIES

for the year ended 31 August 2025

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease.

1.10 INVESTMENTS

Investments are valued in the balance sheet at their mid-market value at the balance sheet date. Investment management costs are accounted for as incidental costs of the acquisition or disposal where transaction-based, while investment income management costs are charged as expenditure out of the relevant income funds.

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Current asset investments include fixed-term deposit accounts with a maturity of more than three months. A prior year adjustment has been recognised to correct the allocation of current asset investments in the prior year, from cash at bank, to be in line with the current year allocation.

1.13 FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the 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 and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 14, 15 and 16 for the debtor and creditor notes.

1.14 TAXATION

The company is a registered charity and is exempt from taxation as afforded by Section 505 ICTA 1988.

The costs of short-term employee benefits are recognised as a liability and an expense.

In the application of the company's accounting policies, the Board is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 on-going 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 the revision and future periods if the revision affects both current and future periods.

In the opinion of the Board of Governors, the estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical estimates

Useful economic lives

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment and note 1.7 for the useful economic lives for each class of asset.

Recoverable value of fee debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 14 for the net carrying amount of the debtors and associated impairment provision.

Page 19

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025

3 FEE INCOME

The School’s activities are carried out within the UK.
The School's fee income comprised:
Gross fees
Less: Bursaries and Other Discounts
4 OTHER EDUCATIONAL INCOME
Extras and disbursements
Registration fees
Other income
5 OTHER INCOME
Deposits
6 INVESTMENT INCOME
Interest received
7 DONATIONS AND GRANTS
Donations and gifts		 2025
£
3,729,896
(85,517)		 2024
£
3,701,461
(61,481)
3,644,379 3,639,980
2025
£
203,963
7,000
2,864		 2024
£
176,675
7,000
3,206
213,827 186,881
2025
£
4,000		 2024
£
19,500
4,000 19,500
2025
£
155,047		 2024
£
104,260
155,047 104,260
2025
£
5,300		 2024
£
-
5,300 -

Page 20

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025

8 EXPENDITURE

(a)
Charitable expenditure
Teaching
Welfare
Premises and Estates
Administration
Governance
Total Charitable Expenditure
Total Expended
Charitable expenditure
Teaching
Welfare
Premises and Estates
Administration
Governance
Total Charitable Expenditure
Total Expended
(b)
Other Governance Costs include:
Auditors' remuneration
- Audit Fees
- Underprovision from previous year
- Other Auditors remuneration
Legal and Professional Fees
Other governance cost
Total		 £
2,127,138
-
121,583
503,148
-
Staff costs
(note 9)		 Other
£
287,314
282,510
264,089
182,738
57,551		 Depreciation
£
-
-
165,989
-
-		 Total
2025
£
2,414,452
282,510
551,661
685,886
57,551
2,751,869 1,074,202 165,989 3,992,060
2,751,869 1,074,202 165,989 3,992,060
£
1,969,136
-
117,678
501,655
-
Staff costs
(note 9)		 Other
£
269,433
283,433
256,266
209,400
50,571		 Depreciation
£
-
-
172,789
-
-		 Total
2024
£
2,238,569
283,433
546,733
711,055
50,571
2,588,469 1,069,103 172,789 3,830,361
2,588,469 1,069,103 172,789 3,830,361
2025
£
19,175
-
6,874
30,761
741		 2024
£
21,459
2,340
5,298
20,943
531
57,551 50,571

Page 21

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025

(c)
Administration Costs
Salaries
Other staff costs
Operating Leases
IT support
Office expenses
Memberships
Sundry expenses
Bank charges and interest
9 STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
Other staff costs
During the year termination payments of £nil (2024: £nil) were made.
The average number of employees during the year was as follows:
Teaching
Support
£60,000 in the year was as follows:
£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
The number of employees whose emoluments amounted to over		 2025
£
489,192
13,956
16,264
39,480
109,518
-
15,557
1,919		 2024
£
474,063
27,592
12,466
66,706
102,286
12,017
13,338
2,587
685,886 711,055
2025
£
2,004,636
226,227
388,070
132,936		 2024
£
1,938,455
204,403
361,367
84,244
2,751,869 2,588,469
2025
No.
35
21		 2024
No.
36
18
56 54
2025
No.
1
2
-
1
-
1		 2024
No.
1
2
1
-
1
-
5 5

Key management personnel include the Governors and the senior executives which are made up of the Head and the Bursar. The total pay and benefits received by key management personnel were £271,060 (2024: £249,621).

Page 22

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025

10 GOVERNORS REMUNERATION AND BENEFITS

No Governors' were remunerated or paid for the year ended 31 August 2025 nor for the year ended 31 August 2024.

No governors were given a gift in 2025 (2024: No governors were given a gift).

No governor was paid expenses in 2025 (2024: No governor was paid expenses).

11 NET INCOME FOR THE YEAR

NET INCOME FOR THE YEAR
2025 2024
£ £
Net income is stated after charging:
Depreciation of tangible fixed assets 165,989 172,789
Operating lease rentals – other 16,264 12,466
Operating lease rentals - land & buildings 52,000 52,000
Auditor’s remuneration
Audit services for the school- current year 19,175 21,459
Non-audit services 6,874 5,298

12 TANGIBLE FIXED ASSETS

Cost:
At 1 September 2024
Additions
Disposals
At 31 August 2025
Depreciation:
At 1 September 2024
Charge for year
Disposals
At 31 August 2025
Net book value:
At 31 August 2025
At 1 September 2024		 Freehold
Leasehold
Buildings mprovements
£
£
1,861,417
96,178
79,592
-
-
-		 Furniture
And
Equipment
£
1,451,608
7,830
-		 Computers
And
Equipment
£
225,811
56,158
(40,013)		 Total
£
3,635,014
143,580
(40,013)
1,941,009
96,178		 1,459,438 241,956 3,738,581
705,091
96,178
37,229
-
-
-		 943,604
98,840
-		 180,613
41,164
(40,013)		 1,925,486
177,233
(40,013)
742,320
96,178		 1,042,444 181,764 2,062,706
1,198,689
-		 416,994 60,192 1,675,875
1,156,326
-		 508,004 45,198 1,709,528

Page 23

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025

13 INVESTMENTS
Accumulation
Units
£
Cost/valuation at 1 September 2024
-
Additions
-
Disposals
-
Gains arising from movements in valuations
-
Cost/valuation at 31 August 2025
-
Material Investments
COIF Charities Investment
-
-
Historical Cost
-
All investments are held in the UK
Current asset investments
14 DEBTORS
Fees and extras
Other debtors
Prepayments and accrued income
15 CREDITORS
Amounts falling due within one year:
Trade creditors
Taxation and social security costs
Fee deposits
Fees in advance and deferred income
Other creditors
Accruals
Deferred income:
Brought forwards
Released in year
Refunds paid in year
Received in year
Carried forwards		 13 INVESTMENTS
Accumulation
Units
£
Cost/valuation at 1 September 2024
-
Additions
-
Disposals
-
Gains arising from movements in valuations
-
Cost/valuation at 31 August 2025
-
Material Investments
COIF Charities Investment
-
-
Historical Cost
-
All investments are held in the UK
Current asset investments
14 DEBTORS
Fees and extras
Other debtors
Prepayments and accrued income
15 CREDITORS
Amounts falling due within one year:
Trade creditors
Taxation and social security costs
Fee deposits
Fees in advance and deferred income
Other creditors
Accruals
Deferred income:
Brought forwards
Released in year
Refunds paid in year
Received in year
Carried forwards		 2025
£

-

-

-

-		 2024
£
832,840
-

(919,899)
87,059
- - -
- - -
- - -
- - -
436,881 814,720
2025
£
189,992
11,889
159,879		 2024
£
21,955
20,440
118,381
361,760 160,776
2025
£
152,652
238,511
48,500
639,505
100,705
58,751		 2024
£
115,275
52,387
47,250
950,512
49,243
58,858
1,238,624 1,273,525
2025
£
950,512
(950,512)
(110,301)
749,806		 2024
£
73,781
(73,781)
-
950,512
639,505 950,512

Fees in advance and deferred income relates to school fees received in advance for the Autumn term and fees received in advance through the formal fees in advance scheme for next academic year. Fees in advance received through the scheme relating to academic years after one year have been recognised in creditors due after one year.

16 CREDITORS DUE AFTER ONE YEAR
Amounts falling due after more than one year:
Fee deposits
Fees in advance		 2025
£
410,979
160,947		 2024
£
361,228
464,206
571,926 825,434

Page 24

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025

17 STATEMENT OF FUNDS
Unrestricted reserves:
General reserve
Designated reserves:
Buildings reserve
Education reserves
Total designated
Total reserves
Unrestricted reserves:
General reserve
Designated reserves:
Revaluation reserve
Buildings reserve
Education reserve
Total designated
Total reserves		 £
2,027,074
At 1
September
2024		 Income
Expenditure
£
£
4,066,387
(3,935,326)		 Transfer
Between
Funds
£
87,421		 Gains/
(losses)
£
-		 £
2,245,556
At 31 August
2025
1,473,231
500,000		 -
(56,733)
(43,835)
-		 (87,421)
-		 -
-		 1,329,077
456,165
1,973,231 (43,835)
(56,733)		 (87,421) - 1,785,242
4,000,305 4,022,552
(3,992,059)		 - - 4,030,798
£
1,829,023
At 1
September
2023		 Income
Expenditure
£
£
3,977,171
(3,742,064)		 Transfer
Between
Funds
£
(37,056)		 Gains/
(losses)
£
-		 £
2,027,074
At 31 August
2024
82,840
1,681,123
200,000		 -
-
-
(88,297)
(26,550)
-		 (169,899)
(119,595)
326,550		 87,059
-
-		 -
1,473,231
500,000
1,963,963 (26,550)
(88,297)		 37,056 87,059 1,973,231
3,792,986 3,950,621
(3,830,361)		 - 87,059 4,000,305

General reserve - The General Reserve is held to ensure the School's long term viability at a level equal to at least six months' budgeted expenditure.

Revaluation reserve - The Revaluation Reserve was set up to reflect the unrealised gain on investments during the time since time the cash was initially invested. These funds are not available to use for other purposes.

Buildings Reserve - The Buildings Reserve represents the value of fixed assets already invested in buildings in addition to funds needed for capital improvement and repair projects due to the listed status of our building. These funds are also required for future expansion of educational and sports facilities if an opportunity arose. In 2022, the Board of Governors agreed to combine the Capital and Major Repairs Reserves into the Buildings Reserve.

Education Reserve - The Education Fund is used to fund our bursary programme and to further education in the wider community. It is used to assist children who may benefit from independent schooling with educational and related costs. Special regard is given to existing parents facing a sudden change in financial circumstances who may need support to complete their final years at the School.

Page 25

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025

18 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Total net assets		 2025
Total
£
1,675,875
-
4,165,473
(1,238,624)
(571,926)		 2024
Total
£
1,709,528
-
4,389,736
(1,273,525)
(825,434)
4,030,798 4,000,305

19 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2025, the school had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Due within one year
Due between two and five years		 2025
Land &
Buildings
52,000
-		 2025
Computers &
Equipment
10,490
26,473		 2024
Land &
Buildings
52,000
52,000		 2024
Computers
& Equipment
21,215
59,030
52,000 36,963 104,000 80,245

20 RELATED PARTIES

Two of the Governors had children who were pupils at the School (2024: Two Governors). School fees paid and discounts received were at the same rate and on the same terms as for all other parents of pupils at the School. During the prior year, the husband of a member of key management personnel carried out building work, invoiced at a total cost of £3,829. This transaction was conducted at arms length and on normal commercial terms and the Trustees confirm that this service was procured following the School's procurement policy to ensure fairness. There were no such transactions during the current year. Also, during the prior year, payments totalling £220 were made to the children of a member of key management personnel for assistance provided to the school during the year. There were no such transactions during the current year.

Page 26

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025

21 NOTES TO THE CASHFLOW STATEMENT

NOTES TO THE CASHFLOW STATEMENT
Reconciliation of operating result to net cash inflow from
operating activities
Net movement in funds
Gains on investments
Depreciation
Bank interest received
Surplus on disposal of fixed assets
Increase/(Decrease) in creditors
(Increase)/Decrease in debtors		 2025
£
30,493
-
165,989
(155,047)
11,244
(288,409)
(200,984)		 2024
£
207,319
(87,059)
172,789
(104,260)
1,588
900,860
29,219
(436,714) 1,120,456

22 PENSIONS

The school operates a defined contribution pension scheme with Aptis (for teachers) and Scottish Widows (for all other staff), the assets for which are held separately from those of the school in independently administered funds.

Net contributions payable by the school amount to £316,746 (for Aptis) and £71,324 (for Scottish Widows) (2024: £65,268). Contributions by the employer are 23.68% (Aptis) and 10% (Scottish Widows). All contributions due were paid in the year. All eligible staff are automatically enrolled into a scheme when joining the school.

Page 27

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025 NOT TO BE FILED - DETAILED INCOME BREAKDOWN

2025 2024
£ £ £ £
Income
Standard fees 3,729,896 3,701,461
Bursaries 43,834 26,550
Sibling and Other Discounts 41,683 34,931
(85,517) (61,481)
3,644,379 3,639,980
Extras and Disbursements 203,963 176,675
3,848,342 3,816,655
Other Operating Income
Registration Fees 7,000 7,000
Sundry / other 2,864 3,206
9,864 10,206
Incoming resources from generated funds:
Donations and Grants 5,300 -
Investment income 155,047 104,260
Other :-
Trading income 4,000 19,500
4,000 19,500
Total Incoming Resources 4,022,553 3,950,621

Page 28

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025 NOT TO BE FILED - DETAILED EXPENDITURE BREAKDOWN

Teaching Costs
Salaries
National Insurance
Pension Costs
Other Staff Costs
IT expenditure
Trip expenditure
Classroom expenditure
Swimming
Games expenditure
Activities
Other Teaching
Welfare Costs
Catering Contracts
Cleaning Costs
First Aid
Premises and Estates Costs
Salaries
National Insurance
Pension Costs
Repairs and renewals
Rent
Rates
Utilities
Insurance
Health and Safety
Motor expenses
Depreciation		 2025
£
1,491,049
180,364
336,745
118,980
6,714
65,368
79,975
26,723
15,707
91,855
972		 2024
£
1,441,126
156,573
314,785
56,652
4,550
64,399
63,603
20,544
11,670
104,667
-
2,414,452 2,238,569
2025
£
238,428
42,495
1,587		 2024
£
240,573
40,246
2,614
282,510 283,433
2025
£
102,803
8,962
9,818
20,572
52,000
74,234
45,956
43,961
11,504
15,862
165,989		 2024
£
100,346
7,798
9,534
41,729
52,000
38,600
51,462
41,409
16,649
14,417
172,789
551,661 546,733

Page 29

Old Vicarage School Trust ACCOUNTING POLICIES for the year ended 31 August 2025 NOT TO BE FILED - DETAILED EXPENDITURE BREAKDOWN

Finance and Administration Costs
Salaries
National Insurance
Pension Costs
Other Staff Costs
Staff Training
Other Staff Related Costs
Subscriptions
Staff travel
Operating Leases
IT support
Postage and stationery
Telephones
Marketing and advertising
Charity donations
Recruitment Costs
Other Administration Costs
Bank charges and interest
Governance Costs
Audit
Professional fees
Other Governance
Total Costs of Charitable Activities		 2025
£
410,784
36,901
41,507
2,034
8,632
3,290
44,812
1,034
16,264
39,480
23,741
2,240
21,979
-
15,712
15,557
1,919		 2024
£
396,983
40,032
37,048
5,780
18,230
3,582
31,299
1,011
12,466
66,706
25,938
1,541
30,506
12,017
11,991
13,338
2,587
685,886 711,055
2025
£
26,049
30,761
741		 2024
£
29,097
20,943
531
57,551 50,571
3,992,060 3,830,361

Page 30