2024-08-31-accounts

Registered number: 01657702 Charity number: 513031

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

STAFFORD INDEPENDENT GRAMMAR SCHOOL

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(A company limited by guarantee)

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CONTENTS
	Page
Reference and administrative details ofthe charitable company, its Governors and	j
advisers
Governors’ report (incorporating strategic report)	2-13
Independent auditor's report on thefinancial statement	14-17
Statement of financial activities	18
Balance sheet	19-20
Statement ofcash flows	21
Notestothefinancialstatements	22-39

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Governors Mrs S Bums (resigned 18 October 2023) Dr M L Bush (resigned 27 September 2023) Mr T Carson (resigned 5 July 2024) Mrs J Causer, Chair (resigned 21 January 2025) Rev J Davis Mr A S Firlh Mr J Johnson (reslgned 21 November 2024) Mr B W J Phillips Mrs V L Hawley (appointed 20 February 2024> Mr I P Pickstock (appointed 28 August 2024) Mr A G Cooper (appointed 22 November 2024) Mr A l Lewer (appointed 22 November 2024) Mrs E Christmas (appointed 17 January 2025) Company registered numb•r 01657702 Charity registered number 513031 Registered offlce Burton Manor Stafford Staffordshire ST18 9AT Company secretary Mr T Collier (appointed 1 November 2023) Chief executlve offlcer Mr N Pietrek Independent audltor Cooper Parry Group Limited Statutory Auditor Cubo Birmingham Two Chamberlain Square Birmingham B3 3AX Page 1

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limlted by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Govemors of Slafford Independent Grammar School I'the School") present their annual report together with the audited financial statements for the year ended 31 August 2024. The School also operates under the name Stafford Grammar School. AIMS, VALUES AND OBJECTIVES Our aims The School's principal objective is to promote and advance educatlon. The School provides sducation for boys and girls in Stafford and the surrounding areas from the ages of 4-18. Slafford Gramm8r School comprises the Preparatory School (4-11), Senior School (11-16} and Sixth Form (16-18). Stafford Grammar School aims to.. Ensure that all puplls fulfil their potential within a caring community where pupils are known as individuals and nurtured accordingly. Create a varied extracurricular environment, so our puplls are challenged and motivated with opportunities to build on their broader talents and interests. Develop pupils to enable them to advance their academic and professional careers beyond the School; and Provide a first Glass campus to enable pupils and staff to enjoy and provide an all-round education. Durfng the year, the School averaged 426 pupils {2023'. 444). Almost all Year 6 pupils from the Preparatory School moved into the Senior School. Our values At the School we take pride In the quality of relatlonshlps be￿een all those within our community, whlch are based on our School values. The values of the School reflect our School Motto "Quod Tibi Hoc Alteri. or"Treat others as you would lik8 to be treated" We want the School to be the first-choice school for families who share our values, whether they have exp8rienced independent educalion previously or are movlng to the independent sector for the first time. Our values are: Excellence Courage Respect Compassion Responsibility Integrity Creativity Our Objectives Our main objacttves for the year were: To maintain the pupil roll. To continue lo widen access to education and continue to provide a public benefit. To maintain current high levels of academic achievemant through consistent excellent performance in public examinations, at the same time as maintaining our sporting and cultural activities. To maintain a long-t8rm sust8inabl8 financial resilience in the light of the continuing macro political and economic challenges faced by the School and the wider independant school sector. In pursuance of the School's principal objectives and ils charitablè status, the School: Awards scholarships and bursaries to encourage excellence and to enable children from families, who would not otherwise be able to afford to pay fees, to access the education the School offers. Page 2

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Has the necessary powers to conduct and develop (and if appropriate make acquisitions relating to) the School. Conslderations relevant to achieving objectives The effect of the current economic climate and the affordability of fees by our parents. The issue of VAT on School fees impacted the School through the year, which was brought into sharper focus after the summer General Election. To keep tuition fees as low as possible given the aims and objective5 of the SGhool. Class sizes of a maximum of 22 as far as reasonably praclicable at Key Stage 2 and above, which allows pupils tim8 to develop academically and attain well-rounded personalities. Maintaining the current high level of academic achievement as measured by external public examinations and independent standardised assessment criteria. Maintaining a reasonable net surplus lev81 against a continuing threatening political environment by ensuring that strategies for controlling costs and capital expenditure continue to be robust and effective whilst also investing in the medium lo long term infrastructure of the School. Maximising access to the School by the provision of means-tested bursaries. The School continues to strive to make the fees affordable for parents to enable them to keep their children at Stafford Grammar School and to attract new families to the School. PUBLIC BENEFIT The School remains committed to the alm of provldlng publlc benefSt 2nd offerlng wlder access to the education the School offers, part of which Is achieved by awarding scholarships and means tested bursaries to those unable to pay for an Independent education. During the year, the School awarded bursaries and scholarships totalling £608,897 (2023: £683,934) to 139 (2023: 142} pupils. Within this total, means-tested awards, based on a sliding scale according to family financial circumstances, totalling £343,280 (2023.. £390.724), were awarded to 70 puplls (2023: 77 pupils), equivalent to 23 (2023: 28) full Senior School fee paying places. Those pupils who attend the School and who receive financial support contribute to the School community in many ways, and so the benefit is to the whole School and the wider comrnunity. In acjdition to bursaries, the School has engaged in a number of activit18S that provide a public benefit, Including amongst others: Arrangements with local maintained schools, under which their pupils attend an annual choral day event involving a series of teaching workshops culminating in an evening show for parents; The music department puts on a Big Band Roadshow and delivers concerts to a number of Primary schools to promote interest and enjoyment of music- Local community groups and organisations have benefited from being able to use the wide range of facilities and resources available at the School. Rggular performances to the residents of Dora Rose, a local care home. Christmas and Easter concerts which are open to the wider community., An annual Higher Education and Careers event to which all local state schools are invited- Members of the S8nior Lsadèrship Team act as governors and Committee members at state schools and colleges., The School hosts local Stafford and Districl Schools Sports 8v8nts' and Events to support local and national charities {see below for further details). Page 3

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Charltable support and activitles During the course of the year £4.785 (2023: £5.3411 was donated to charities supported by Stafford Grammar School. Part of these funds were collected by the School and paid to the charity and part paid by donations directly via Just Giving. The charifiies supported in the year were Brighler Day5 Cancer Research, Children in Need, Eco Project, Katherine House. Royal British Legion Poppy Appeal, Save the Children, Simons Heroes. Stafford Lions, Trussell Trust and Younger Minds (Hello Yellow). The School'5 chosen charity for the year was Stafford Lions. The School community also makes a large food donation to House of Bread at our harvest festival to support families in the local community, All pupils are expected to take part in supporting charities through Form challenges in which they plan and design a fundraising activily and nominate a charity to support. Fundraising perfonnance There were fundrals1ng donations of £51,536 in the year {2023: £nil). which was £50,091 for the retractable seating for our theatre space and £1,445 for the Prep School playground. Thank you to everyone that has donated to these two causes. These fundraising activities for the School were carried out by School staff wilh assisfiance from the parents and pupils, and ar@ monitored by the Headmaster and Director of Finance and Operations, with overall oversight by the governing body. The School has an aGtive Par8nt Teacher Association (PTA), who we work closely with. Various fundraising events are held through the year by the PTA, and funds are provided by the PTA to the School for specific requests. The School is extremely grateful to the PTA for all of their hard work, tSme and monetary contributions which help to fund various activities across the School. No complaints relating to fundraislng activities have been received by the School during this financial perlod. The School does not currently subscribe to any specific fundraising standards or schemes for fundraising regulation but considers that it has set appropriate standards for the operation and management of its fundraising activitl8S. ACHIEVEMENTS AND PERFORMANCE Revlew of slgniflcant actlvltles The School has a wlde ranging and broad activity base, through academic, sporting and artistic themes as detailed below. This has been recognised nationally with the School being Highly Commend8d in the Muddy stilettos Best Schools of the Year Awards, shortlisted for Best Co-Educational Independent School in the Independent School of the Year Awards, Finalist in the Best Senior School category in the ISA Awards, winnar and runner-up in the ISA Young Musician of the Year Competition, winner of Best Actress in a Musical at the National School Theatre Awards along with being double Platinum Award winners at the National Concert Band Festival Finals. a. Currlculum The National Curriculum provides tha basis for Stafford Grammar School's broad and balanced curriculum. The School èncourages excellence in all areas. Class sizes are small, which enables individual attention for each pupil and personalised Iracking of progress. Options for GCSE are chosen at the end of Year 9 (although some subjects introduce GCSE content in Year 9), and support is provided for pupils in making their Chol￿s. Typically, students begin Ihe Sixth Fom with 3 A-level subjects. Almost all students go on to study al university {with a small number choosing degree apprenticeships), many at Russell Group universities and the majority of students go on to study at their first choice university. Page 4

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Personal. Social, Health and Economic Education (PSHEE) and Relationships and Sex Education (RSE) is covered through our dedicated 'Lrfe and Wellbeing, prograrnme and pupils receive le550ns in each fortnightly cycle. In addition to the RSE curriculum, the School puts on additional 'dropdown' days with dedicated time off timetable for each year group to focus on a range of RSE topics. b. Examination results and academic achievements The School has achieved superb resulis in A Levels, building on its success from last year. 480/0 of puplls have achieved all A'IA grades and 690/0 of all grades have been graded at A'_ B with an overall 100 % pass rate. There was also outstanding success in the Cambridge STEP papers. For GCSE'S, 520/0 of all pupil grades have been achieved at grade 9-7 which exceeds the high levels aGhieved in the pre-COVID examination results. 98D/o of all grades were achieved at grade 9-4. These results build on the outstanding achievements of the school community this year. National league tables place our re8ults above our local independant and maintained schools. For example, the Britannia Study UK League Table ranked Stafford Grammar School in the top 100 in the country for its A Level results and the top independent school in Staffordshire. Also, the Telegraph League Tables showed the School 18 nationally ranked 139 for GCSES with only 10 schools above us marginally less expensive and al A Level the School is nationally ranked 118 wlth only 5 schools above us less expensive. c. The House system Inler-House competltion contlnues to thrive at the School, with events and competition8 taking place throughout the year. This provides opportunities for the School to instil the values of team work and commitment. Inter House competitions in various sports also take place across the year, which culminates in the annual Sports Day at a local sports stadium. The three Houses, Anson, Filzherbert and Talbot, significantly add to the spirit Df Stafford Grammar School. During the year the Heads of House maintained pastoral and academic management for all pupils in their House. From September 2024, the School has str8ngthened its pastoral care arrangements for pupils so that Heads of House are supported by Heads and Députy Heads of Years in this. As well as the House activltles and House assemblies which build a strong sense of community, there is a tutorial programme delivered during fomi periods by tutors. Som& of this programme supplements the forrnal 'Life and Wellbeing, programme through which PSHEE and RSE is delivered and other parts of the programme 8nabl8 Students to appreciate art, music and literature to enhance their ¢ultural awareness and appreciation. d. Performing arts - muslc and drama Music continues to excel at Stafford Grammar School, with the Music Department performing around 40 concerts a year. The Music Department runs numerous groups and ensembles, including our Orchestra, Big Band and Concert Band. The music groups perform in national and international competitions, often achieving considerable succes5. Major concerts take place in School at Christmas and Easter and other concerts occur around the town, county and country as the groups are invited to perform in churches, schools, theafres and concert halls. We ran our annual Choral Day, welcomlng over 300 Primary School singers from around Staffordshire to our School for an afternoon of workshops and an evening concert for an audience of more than 700 people. We also visit8d four Primary Schools as part of our annual Big Band Roadshow, delivering free educational concerts to children in local Schools. Other commLJnity-based projects include Christmas Music in the Community (local superm8rkets and relirem&nt homes) from the School band, the School choir being part of several community services at Sl Marls Church throughout the y6ar and pupils providing music for Staffcrd's remembrance service as well as playing the last post at sevaral other remembrance services across the county in November. Our Community Band rehearsés once a month, and draws members of all ages from the local community who perform in concerts and competitions through the year. Page 5

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Our musicians are also recognised for their hard work and talent. Our Concert Band and Big Band won two coveted Platinum Awards at the National Finals of the National Concert Band Festival, as well as picking up numerous first place trophies at the local Newcastle Music Festival with our choirs. Individual success saw one of our pupils awarded the Staffordshire Young Musician of the Year for 2024. Earlier in the year we had two of our pupils in the National Finals of the ISA Young Musician of the Y8ar, held at Oxford University. The two pupils performed superbly well and won the 1 st and 2nd prizes! A ph&nomenal achievement for them and for the School. In addition, we had four of our singers selected in the Young Musical Theatre Singer of the Year, held in Ascot. All sang beautifully with one Year 8 pupil being awarded the judges prize in her age category. 84 Associated Board of the Royal Schools of Music (ABRSM), London College of Music and Trinity College London exams were passed by pupils during the academic year. Drama goes from strength to strength at Stafford Grammar School, with very high-quality productions taking place each year. Typically, there is a junior play (Years 7-9) and a whole school musical production in the Senior School. The Pr8p. School produces at least two plays each year, as well as perfonning in their own Christmas concert. The Sixth Form also put on an annual pantomime, Sfafford Grammar School pupils are also prepared for LAMDA examination5, Wlth a wide range of students achieving success each year. The LAMDA teachers in School deliver lessons to pupils from the Prep School up to the Sixth Form. 112 pupils took LAMDA exams this year of whom 98 achieved distinctions (the highesl grade) and 14 achieved merlts. The dance and dr8ma studio has proven very popular with students and we have three peripatetic dance teachers deliverlng a range of dance lessons to students as well as use on Saturdays durlng this year by a local theatre, dance and drama school. Slmllarly to the musicians, our drama puplls have also achieved individual success. Four pupils were nominated for awards at the National School Theatre Awards, with the highlight being a pupil winning the Actress of the Year for her performance as Elle Woods in the School production of Legally Blonde. e. Sport The School maintains an impressive array of competitive fixtures across s8veral major sports, including football, rugby, cricket, hockey, netball, and rounders. In addition to these team sports, students regularly participat8 in competitions in cross-country. tennis, athletics. equestrianism, skiing. shooting, gymnastics, dance. and swimming. The School takes a leadership role within the District, hosting the annual District Cross-country Championships and managing leams for the County Finals. Furtherrnore. it has been the proud host of the U16 Girls, U15 Boys and U13 Boys ISA Midlands football tournaments at Rowley Park. This year has been particularly notable for the School's sporting achievements. A number of students have been selected for district. county, and even national teams across a wide spectrum of disciplines, including athletics, cheer18ading. cricket, cross-country, dance, equestrianism, fishing, football, golf, gymnastics, hockey, netball, round8rs, rugby, shooting. skiing, speed-skating, swimming, tennis, and squash. These individual successes highlight the School's commitment to fostering excellence in a diverse rang6 of sports. Lots of our School matches at U15 and above are filmed using Veo camera software enabling us to do some analytical work with players and provide them wilh highlights from matches. The School has had team success in the year as follows.. Girls Senior Ski Team - ISA Champions Boys Senior Ski Team - ISA Runners Up Cross-Country- Year 7 Boys and Girls team.. District winners Cross-Country- Year 819 Girls team: District winners Page 6

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limlted by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Cross-Country-Y10111 Boys and Girls team- District winners Cross-country-senior Boys team: District winners U14 Boys ISA Midlands Rugby 7's - 3rd U13 Boys ISA Midlands Foolball 6 a-side - 2nd U151U16 Dislricl Netball - 3rd U13 Girls Football - Terra Nova Tournament - 2nd U13 Girls District Netball Champions U18 Rugby 7's ISA National Plate Winners U16 Girls ISA Midlands Football Champions 7 a-side U14 Girls District Netball Champions U13 Boys Counly Rugby Championships - 1 st U12 Boys Counly Rugby Championships - 2nd U14 Boys Counly Rugby Championships - 3rd Junior Girls National Shooting Finals - 3rd U12 Girls District Netball- 3rd U13 and U15 Girls ISA Midlands Rounders- 3rd The School'5 AstroTurf MUGA {Multl Use Games Area) pitch installed in 2021 is in regular use for hockey, cricket and football training. The hiring out of the School's sports hall and facilities during evenings and holiday periods contributed towards the School's commitment to supporting the wider community. f. Duke of Edlnburgh's Award The Duke of Edinburgh scheme contlnues to thrlve at the School, thanks to the support and dedicalion of the Staff and enthusiasm of the pupils. Our Duke of Edlnburgh programme empowers students to excel as they progress from Bronze to Gold levels, galning Invaluable confidence, resilience and life skills along the way. As a Directly LiGensed Centre, we maintain rigorous standards of safety and training, ensuring every student achieves success. The School has a dedicated programme coordinator, stands as a leading Duke of Edinburgh Centre in Staffordshire, nurturing students to thrive in resilience and initiative. During the year, pupils achieved 17 Bronze, 15 Sllver and 10 Gold Awards, g. School trlps The School has a wide range of tr(ps and activities that pupils can engage in if they wish to. Thes6 includÈ residential trips, which are often one Of the highlights of a pupil's time at the School. This year, thère were several residential trips including to London. Brittany and the Rhine18nd along with a ski trip to Folgaria in Italy. The Concert Band also toured Holland. h. School transport The School runs a fleet of minibuses in order to get pupils from their home address to the School. Each route is reviewed annually to provide as near as practicable a 'door to door, daily service for pupils attending School. There is a knock-on environmental advantage to doing this in that il saves in the order of 100,000 car journeys per year which would otherwise have had to be undertaken by parents. An important secondary function is to transport pupils to the many sporting. musical, curricu12r and extracurricular venues were also visited during the course of the School year. l. Careers Event In March. the School host8d its Carears Event, with over 30 exhibitors covering apprenticoships, employmenl opportunities and car88rs opportunities. A number of local and national Universities were also in attendance. The School ensured that all students from Years 5 to Year 12 werè actively engaged with the event, ensuring an incredibly enjoyable and enriching experience. Page 7

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 j. Other activities The School is fortunale in having staff who are willing to devote time to a wide range of extracurricular activities. designed to enrich pupils, experiences over and above the School curriculum. The aim of these activities is to develop pupils as confident, articulaÉe and well-rounded individuals who are well-prepared for life beyond School. FINANCIAL REVIEW Results for the year The School's net income (deficit) I surplus for the year amounted to £(49,606) (2023.. £180.306). The annual fee increase in September 2023 was 6.5 /0. The School's total net income for the year increased by £523,352, up by 9.5°/o (2023: 6.8 /• increase), on the previous year. However, the total expenditure for the year increased by £753,264, up by 14.1 % (2023.. 8.40/0 increase). One of the main objectives of the School is to malntain the pupil roll and associated fee levels at a realistic level and the Governors, principally through Ihe Flnance, Development and Audit Committee, regularly review pupil retention and recruitment, including strategies to be adopted and activities to be undertaken in support of this key objective of the School. Key performance Indicators The main performance metrics of the School are pupil numbers and successes at GCSE and A-levels as well as pupils getting into their first cholce universit￿, these have already been set out in olher areas of this report. Th8 bjture prosperlty of the School Is closely linked to these figures. Some of the other indicators we use to monitor the financlal health of the School are., 2024 /0 Cost8 to net income 101 /0 '/0 Teaching salaries lo net income 54°/. °/0 Support salaries to net income 18°/ /0 Net surplus to net income (0.8) / Current ratio 2.6:1 2023 16°/. 3.3°/0 3.4: 1 Whilst the School has improved income, costs also significantly increased resulting from a combination of the inflationary pay award for the year and investment in non-pay items in marketing, IT, premises and teaching support to maintain the high standards of the School. Golng Concern It is critical that shortfalls are tackled in turbulent times as financial r8silience will help the School to stay flexible and adaptable to unexpected changes in pupil numbers and to manage planned and unplanned costs. The expenditure of th8 School is dominated by staff salari8s which amount to 720/0 of net income, nevertheless opportunities for reducing costs, without adversely affecling performance, are identified and actioned when possible. The School is debt free. At the year end the School h8d cash at bank and in hand of £1,659,844 alongside £2,500.000 of current asset investments, but has £2.579.671 as part of our fees in advance schemes and £51,536 of restricted reserves leaving a net un8ncumber8d cash and current investment balance available to the School of £1,528,637. After making appropriale enquiries, including consideration of cash flow forecasts to the end of FY2025, the Governors have concluded that it is reasonable to expect that the School will generate sufficiant resources lo continue in operational existence for Ihe foreseeable future and meet all of its financial obligations. It is considered that, aftér examining likely and definite future risks to the business (including the fact that VAT will be added to tuition fees and charitable business rates relief will be scrapped during the Page 8

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmited by guarantee) GOVERNORS. REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 2024125 academic year), that there will be sufficient funds to continue in operation as and when these risks materialise. As a matter of course Governors consider the financial risks to the School at formal meetings and also informally on a monthly basis by reviewing the management accounts. For this reason the Governors have continued to adopt a going concem basis in preparing the School's financial statements. Financial and general rlsk management The Governors have assessed the major risks to which the School is exposed, In particular Ihose related to the operalions and finances of the School. and are satisfied that systems and procedures are in place to mitigate ils exposure to the major risks. The principal short and long term risks facing the School are considered to be: Affordability of an ind8pendent school education to our parents in relation to household income and other financial pressures. This is especially true now that independent schools have lost their exemption for VAT on school fees together with charitable business rates relief. There has been a direct impact on pupil numbers for Ihe School in 2024125 resulting from the imposition of VAT on School fees, and the School is mitigating the financial impact of this by reducing staifing FTE headcount, deferring any pay award for staff in 2024125 and reducing non-pay costs in order to offset the financial impact that this has had on the School. Continued economic shock resulting from global confllcts have posed both financial and general risk to the operation of the School whiGh has required very Careful management by both the Govemors and Senior Leadership Team to minimise its impact on the general operation of the School and its financial wellbelng. Operational costs of running an Independent school, Including staffing. facilities. assets, pensions and utilities. The loss of charitable business rates relief for independent schools wlll have a slgnlficant Impact from April 2025 on the operational costs of the School. Cybercrime attacks on schools. The impact of this has been mitigated by having strong firewalls and IT protocols in place. The School is using cyber defence experts to improve its resilience against cybercrime, and is continually looking to improve our defenGe mechanisms including compulsory staff training. In addition, the School carri8s insurance against cybercrime. The School's plan of action to mitigate the risk of a cyberattack is under constant review. Regulatory and compliance burdens such as safeguarding to ensure the health and wellbelng of our pupils and staff under the protection and guidance of the School. The changing political and social environment and our responsiveness to changes. The macroeconomic impact of the international Increase In the cost of energy, raw materials and goods and services in general together with inflationary pressures on salaries. Recruitment and retention of quality teachers and support staff with relevant skills. In the opinion of the Governors, the School has established resources and a review system whereby detailed considerations of risk are delegated to the appropriate Committees. Risks are identified, assessed and controls established throughout the year. The key controls used by the School to mitigate risks include- Formal Committee and Board structure, with agendas to support all of the activities of these meetings. Detailed terms of reference for all Committees. Comprehensive strategic planning, budgeting and manag8m8nt accounting. Estsblished organisational structure and lines of reporting. Formal written policies which are reviewed and updated on a timely basis. Hierarchical authorisation and approval levels for decision making. Vetting procedures as required by law for thè protection of the vulnerable. Page 9

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The use of a risk register for the School to be discussed and updated on a tirnely basis. The Governors regularly review the effectiveness of Current plans and strategies for managing all idenlified principal risks for the School. Health and Safety is always a significant area for risk management. The risks range from fire and infrastructure to personal risks. These risks are minimised by thorough planning and risk assessment. The Health and Safety Committee regularly reviews the health and safety risks to the School and best practic& to deal with them. Fee8 The Governors are mlndful of the economic outlook and are aware that fees need to be affordable and realistic. Key financial decisions in the year included the decision of a below inflation fee increase of 6.50/., applied from September 2023, in order to maintain affordability for parents while providing the funds necessary Éo meet inflationary increases in expenditure and to further invest in the School's buildings, equipment and infrastructure. The fees have been increased by 7.00/0 for 2024125, whilst VAT will be added from January 2025 to School fees as required by government legislation. Prlncipal funding and reserv6s poIIcy The Governors recognise the need for prudent financial management and to have sufficient reserves and cash over the short, medium and long term. The School's policy is to hold sufficient Gash res8rves to enable it to meet Its short-term financial obSigations Sn the event of an unexpected revenue shortfall or expenditure Increase. To measure sufficient cash reseNes, the School uses the equivalent of two months of Total Expenditure, whiGh as at 31 August 2024 equated to £1,016.010. This compares to £1,659,844 of cash at bank and In hand held by the School at the equivalent date. During the year, the School Introduced a Treasury and Investment Management Policy to ensure that funds are invested with hlghly rated banks to maxlmise returns but with no risk at all to the capltal element. The Governors view the development plan for the School as the most effective and prudent way to ensur8 the long term future of the School. Free Reserv89 are the total unrestricted funds less fixéd assets, which at y88r end equaled to £1,130,036. The School holds restrict8d and unrestricted resèrves, th8 full details of which are disclosed in Notes 17 and 18 in the Notes to the Financial Statements. STRUCTURE, GOVERNANCE AND MANAGEMENT Constltution The School Is registered as a charitable company limited by guarantee (number 513031) and constituted under the Articles of Association dated 11 August 1982, as amended by special resolution on 1 March 2021. Pollcles adopted for the induction and tralnlng of Governors New Governors are inducted into the workings of the School, including Governing Body policies 2nd procedures at me8tings with the Headmaster and Director of Finance and Operations. The new Gcvernors are also able to attend specialist external courses on th8 role and responsibilities of charity trustees as appropriate. Members of the Governing Body atlend intemal and external truslee training and information briefings designed to keep them informed and upd8fied on current issues in the sector and regulatory rgquiremants. The School has an excell8nt Goveming Body, which has Governors with different skill sats to cover the wide ranging activitias that th& School enages in. Th8 School's Articles of Association state that each Governor is subject to a maximum term of office, and as such Governorfs would by necessity come to the end of their term of office and will require replacing. The methods for recruiting a new Governor includes being asked by existing Page 10

STAFFORD INDEPENDENT GRAMMAR SCHOOL {A company Ilmited by guarantee) GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Governorfs. being asked by the Senior Leadership Team or people asking to become Governors. It may be on occasions that a specific requirement, such as Safeguarding for example, may be necessary which would refine the search for a Govemor. The School is always open to an approach to be a Governor. Once someone has indicated that they would wish lo be considered for a role as a Govemor, then the usual recruitment process of interviewing the candidate alongside the relevant Disclosure and Barring Service and Safeguarding checks must be taken in the same way that it would for any other colleague. Pay policy for senlor and other staff The remuneration of senior staff members is reviewed annually by the Headmaster in conjunction wilh advice and recomrnendations given by selected members of the Goveming Body. The remuneration of the Headmaster 15 reviewed and agreed at the Finance, Development and Audit Committee. Reference is made to comparisons contained within independent schools, peer group benchmarking SUNey reports so as to ensure that the School remains aware of (and is able to take into account} pay and employment conditiorbs elsewhere in the independent and state sectors. Generally, the School aims to recrult, subject to experience. at the lower to median point within a band, providing scope for rewarding excellence. Dglivery of the School's charitable role is primarily dependent upon our key management personnel and staff costs are the largest single element of the School's charitable expenditure. Organisational structure and declslon maklng The members of the Governing Body, as the chsrlty twstees, are legally responsible for the overall management and control of the School. They meet at least three times a year. The work of implementing their policies is carried out by three committees, which meet as required and report back to the Governing Body. These committees are: The Finance, Development and Audit Committee which scrutinises the School's management accounts, budget, flnancial risk and capital expendituré. This Committee also supervises and finalises the audited financial statements and annual r8POrt for approval by the Governing Body. The Committee is chaired by Mr Brett Phillips. The Education and Standards Committee scrutinises procedures implemented by the School for regulatory compliance and oversight of the School's educational provision. The Committee has been chaired by Dr Marie Bush durtng her time as a Governor, bul since she resigned as a Governor, Mrs Julia Causer has chaired the Committee. The Health and Saf8ty Committee ensures that all relevant statutory requirements are being complied with and that the Health and Safety Policy requirements are met. The Committee is chaired by Mr John Johnson, and meets on a termly basis. Each meeting is followed by a walk round of the School by Mr Johnson to review areas discussed at the meeting. A Safeguarding and Behaviour Committee has been established from 1 September 2024 to provide members and staff with a separate forum to discuss this critical area in more detail. The day-to-day running of the School is delegated to the H8admaster, Deputy Head - Pupils and Staff, Deputy Head - Academic and Oporations, Director of Finance & Operations, Head of the Preparatory School and Head of the Sixth Form as the key manag8ment personnel. The Headmaster and Director of Finance & Operations along with other rnembers of the Senior Leadership Team attend meetings of the Goveming Body's Committees. Page11

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarant8e) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 PLANS FOR FUTURE PERIODS The School has been planning for the future. These plans include: To continue to ensure the School site provides a safe and attractive environment for pupils, staff and visitors alike. To provide a happy and secure pastoral environment, in which all pupils are offered opportunStles for leadership and service to others. As part of this, from Ihe start of the 2024125 academic year. the School has re-organised its pastoral care structure to ensure that this continues to remain focused on providing the best pastoral care for pupils. To provide a stimulaling and enjoyable learning environment in which pupils can develop their acadernic potential to the full. Developing partnerships with businesses through membership of the Staffordshire Chambers of Commerce. To ensure the School plays a slgnificant part in the life of the local community, sharing faci1Sties for local sports cSubs and musicalltheatre groups and seeking local partnerships with state schools where possible. To continu8 to invest in the premises and infrastructure across the School to provide the best experience for all of our stakeholders within the envelope of an affordable budget. GOVERNORS, RESPONSIBILITIES STATEMENT The Governors (who are also directors of Stafford Independent Grammar SGhool for the purposes of company law) are responsible for preparing the Governors, Report and the financial statements in accordance with appliGable law and United Kingdom Accounting Standards (Unlted Kingdom Generally Accepted Accounting Practice>. Company law requires the Governors to prepare flnancial statements for each financial year. Under company law the Governors must not approve the financial ststements unless they are satisfled that they give a true and fair view of the state of affairs of the charitable company and of the incoming résources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to.. Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make judgments and accounting estimates th8t are reasonable and prudent. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Governors are responsible for keeping adequate accounting records thaf are sufficient to show and explain the charitable company's transactions and 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. They are also responsible for safeguarding the assets of the charitable company and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of Informatlon to Auditors In so far as each of the Governors, as Directors of the charitable company. at the dat8 of this report is awar8 there is no relevant audit infonnation of which the charitable companys auditors are unaware, and: Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make him or hèr aware of the relevant audit information and to establish that the charitable company's auditors are awara of that information. Page 12

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A Company Ilmlted by guarantee) GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Other than two Governors having children as pupils at the School no Governor has any relaled party relationships with respect to Stafford Grammar School. Approved by order of the members of the Board of Governors and signed on their behalf by.. Mrs J Causer Chair Dale: 21. 1.gr Page 13

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAFFORD INDEPENDENT GRAMMAR SCHOOL Opinion We have audited the financial statements of Stafford Independent Grammar School {the 'charitable compan￿) for the year ended 31 August 2024 which comprise the Statemenl of Financial Activities, the Balance Sheet, the Stalement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The F'ina'ncial Reporting Standard applicable in the UK and Republic of Ireland, (unit￿ Klngdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and falr view of the stat8 of the charitable CoMpan￿S affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and 8xpenditure for the year then ended; have been properly prepared In accordance with United Kingdom Generally Accepted AGcounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnion 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 responsibilitles for the audit of the financial statements section of our report. We are independent of the charitable company in accordanGe with the elhlcal requirements that are r81evant to our audit of the financial statements in the United Kingdom, including th8 Financial Reporting Council's Ethical Standard, and w8 have fulfilled our other ethlcal responsibilities in accordance with th8se requirements. We believe that thé audit evidence we have obtain8d is sufficient and appropriate to provide a basis for our opinion. Conclusions ralatlng to golng concern In audifing th8 financial statements, W8 have concluded that th6 Governors, use of the going conc8rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we hav8 not identifi8d any material uncertainties relating to events or conditions thal. individually or collectively, may cast significant doubt on the charitable companys ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorisad for issue. Our responsibilities and the responsibilities of thè Governors with respect to going concern are described in the relevant sections of this report. Page 14

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAFFORD INDEPENDENT GRAMMAR SCHOOL (CONTINUED) Other information The other information comprises the information included in th8 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 otheNise 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 this gives rise to a material misstaternent 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. We have nothing to report in this regard. Oplnion on other matler5 presGribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audlt.. the information given in the Governors, Report including the Strategic Report for the financial year for which the financlal statements are prepared18 consistent with the financial statements. the Governors, Report and the Strategic Report have been prepared In accordance wlth appllcsbl8 legal requirements. Matters on whlch we are required to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors, Report including the Strategic Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not b88n kept, or returns adequate for our audit have not b88n received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of Governors. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Page 15

STAFFORD INDEPENDENT GRAMMAR SCHOOL {A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAFFORD INDEPENDENT GRAMMAR SCHOOL (CONTINUED) Responsibilities of Governors As explained more fully in the Governors, responsibilities statement, the Governors (who are also the directors of the ¢hariÉable company for the purposes of company law) are responsible for Éhe preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlernal Control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statemants. the Governors are responsible for assesslng the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operatlons. or have no realistic alternative but to do so, Auditor's responslbllltles for the audlt of the financlal 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 exisfs. Misstatements can arise from fraud or error and are considered material If, Indlvldually or in the aggregate, they could reasonably be expected to influence Ihe economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are Instances of non-compliance with laws and regulatlons. We design prO￿dureS in line with our responsibllities. outlined above, to detect materlal misslatements in respect of irregularities, includin9 fraud. The extent to whlch our procedures are capable of detecting irregularities, including fraud is detailed below: Our assessment focused on key laws and regulations the charitsbl8 company has to comply with and areas of the financial statements we assessed as being more susceptibl8 to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, taxation legislation, data protection, anti-bribery, and employment legislation, We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following: obtainlng an understanding of the legal and regulatory framework applicable to the charitable company and how the charitable company is complying with that framework, including agreement of financial statement disclosures to underlying docum8ntation and other evidence. obtaining an understanding of the charitable company s control environrnent and how the charitable company has applied relevant control proc8dures. through discussions with Governors and other management and by performing walkthrough testing over key areas. obtaining an understanding of the charitable company s risk a5sessrnent process, including the risk of fraud- reviewing meeting minutes of those charged with governance throughout the year., and performing audit testing to address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Whilst considering how our audit work addressed the detection of irrégularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud ara inherently more difficult to detect than those arising from error. Page 16

STAFFORD INDEPENDENT GRAMMAR SCHOOL {A company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAFFORD INDEPENDENT GRAMMAR SCHOOL (CONTINUED) Because of the inherent limitations of an audil, there is a risk that we will not det8Ct all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from th8 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 occuriing due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditor's report. Use ol our rèport Thls report is made solely lo the charitable companvs members, as a body, in accordance Wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we rnight state to the charitable companys members those matters we are required to state to them in an Auditorf5 report and for no other purpose. To the fullest extent permitted by law, we do nol accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit wo￿, for thi5 report, or for the opinions we have formed. Glen Bott FCA (Senior statutory audltor) for and on behalf of Cooper Parry Group Llmlted Statutory Auditor Cubo Birmingham Two Chamberlain Squar8 Birmingham B3 3AX Date., 24 February 2025 Page 17

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limlted by guarantée) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restricted funds 2024 Total fvnds 2024 Total funds 2023 Note Income from.. Charitable activities Other trading activities Investments 5,923.035 32.549 39,337 51,536 5,974,571 32,549 39,337 5,468.387 37,011 17,707 Total Income 5,994,921 51,536 6,046,457 5,523,105 Expenditure on: Charitable actlvlties 6,096,063 6,096,063 5,342,799 Total expenditure 6,096,063 6,096.063 5,342,799 Net movement in funds {101,142) 51.536 (49,606) 180,306 Reconclllatlon of funds: Total fijnds brought forward Net movement in funds 5,443,276 (101,142) 5,443,276 (49,606) 5,262,970 180,306 51,536 Total funds carrled forward 5,342,134 51,53e 5,393,670 5,443,276 The Statement of Flnancial Activities includes all galns and losses recognisèd in the yèar. The notes on pages 22 to 39 form part of these financial statements. Page 18

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) REGISTERED NUMBER: 01657702 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2024 2023 2023 Note Flxed assets Tangible assets 10 4,212,098 4.160,846 4,212.098 4,160,846 Current assets Stocks Debtors I nvestments Cash at bank and in hand 11 12 13 3.276 132,480 2.500,000 1,659,844 6,443 118,939 1,696,245 4,295,600 1,821,627 Creditors., amounts falling due wifhin one year 14 {1,627.336) (527,721) Net current assets 2,668,264 1,293,906 Total assets le55 current Ilabllltles 6,880,362 5,454,752 Creditors.. amounts falling due after more than one year 15 (1,486.692) (11,476) Total net assets 5,393,670 5,443,276 Charity funds Restricted funds Unrestricted funds 17 17 51,536 5,342,134 5.443,276 Total funds 5,393.670 5,443,276 The Govemors acknowledge their responsibilities for compl￿1ng with the requirements of the Companies Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Governors and signed on their behalf by. Mrs J Causer Chair Date: Page 19

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limlted by guarantee) REGISTERED NUMBER: 01657702 BALANCE SHEET {CONTINUED} AS AT 31 AUGUST 2024 The notes on pages 22 to 39 form part of these financial statements. Page 20

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities 19 2,711,894 272,033 Cash flows from investlng activltle8 Investment income receipts Purchase of tangible fixed assets Purchase of investments Finance Gosts paid 39,337 1279,644} (2,500,000) 17,988) 17,707 (94,5971 (1.981} Net cash usod In Invostlng actlvitlas (2,748,295} <78,871) Cash flows from financing activities Net cash provided by financlng aGtivitles Changa In cash and cash equlvalonls in the year Cash and cash equivalentg St the beginning of the year 136,401) 1,696,245 193,162 1,503,083 Cash and Ga5h equivalents at the end of the year 20 1,6 59,844 1,696,245 The notes on pages 22 to 39 form part of these financial statements Page 21

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General Information Stafford Independent Grammar School (the School) is an incorporated charitable company which is limited by guarantee, (registered company no. 01657702), (charity no. 513031 }, regislered in England & Wales. The members of the company are the Governors named on page 1. In the event of the School being wound up. the liability in respect of the guarantee is limited to £1 per member of the School. The School's registered address and principal place of business is Stafford Independent Grammar School, Burton Manor, Stafford, Slaffordshire, ST18 9AT. Accounting policies 2.1 Basis of preparatlon of financial statements The financial statements hav8 been prepared in accordanGe with the Charities SORP (FRS 102) Accounting and Reporting by Charitles: Statemenl of Recomm8nded 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) and the Companies Act 2006. Stafford Independent Grammar School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical c05t or transaction value unless otherwise stated in the relevant accounting policy. The financlal statements are prepared in sterling, which is Éhe functional currency of the SGhool. Mon8tary amounts In these financial statements are rounded to the nearest £. 2.2 Golng concern It is Gritical that shortfalls are tackled in turbulent times as financial resilience will help the School to stay flexible and adaptable to unexpected changes In pupil numbers and to manage planned and unplanned costs. The expenditure of the School is domlnated by staff salaries which amount to 720/0 of net income, nevertheless opportunities for reducing costs, without adversely aff8Cting performance, are identified and actioned when possible. The School is debt free. At the year end the School had cash at bank and in hand of £1,659,844 alongside £2,500,000 of current asset investments, but has £2,579,671 as part of our fees in advance schemes and £51,536 of restricted reserves leaving a net unencumbered cash and current invesfment balance available to the School of £1,528,637. After making appropriate enquiries, including consideration of cash flow forecasts to the end of FY2025, the Governors have concluded that it is reasonable to exp8Ct that the School will generate sufficient resources to continue in operational existence for the foreseeable future and meet all of its financial obligations. It is considered that, after examining likely and definit8 future risks to the business (including the fact that VAT will bé added to tuition f88s and charitable business rates relief will be scrapped during the 2024125 academic year), that there will be sufficient funds to continue in operation as and when these risks maleri81ise. As a matter of course Governors consider the financial risks to the School at formal meelings and also informally on a monthly basis by reviewing tha management accounts. For this reason the Governors have continued to adopt a going concern basis in preparing the School's financial sl8tements. Page 22

STAFFORD INDEPENDENT GRAMMAR SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued 2.3 Income All income is recognised once the School has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably, Donalions are recognised on a receivable basis where there is certainly of receipt and the amount can be reliably measured. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Fees receivable and charges for servlces and use of premises are accounted for In the period In which the seNice is provided. Fees receivable are ststed after deducting allowances, scholarships and other remissions granted by the School. Scholarships are assessed and awarded on a pupil's m8rit. Bursaries are considered on the basis of 8 declaration of income and liabiliti8s from the parents applying for such an award. 2.4 Expenditure Expendlture Is recognlsed once there is a legal or construcllve obllgatlon to transfer economlc benefit lo a thlrd party. It Is probable that a transfer of economic beneflts will be required in settlement and the amount of the obligatlon can be measured reliably. Expenditure Is classified by activily. The costs of each activity are msde up of the total of direct costs and shsred costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs whlch contribute to more than one activity and support costs whlch are not attributable to a single activity are apportioned between those activities on a basls conslstent wlth the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Charitable activities and governance costs are costs incurred on the School's educational operatlons, Including support costs and costs relatlng to the govemance of the School 8PPOrtioned to charitable activitles. Costs of ralslng funds are those costs Incurred In attractlng Income and those incurred in trading activities that raise funds for the School. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the School- this is normally upon notification of the interest paid or payable by the bank. 2.6 Tanglble flxed assets and depreclatlon Tangible fixed ass8ts costing £2,000 or more are capitalised and recognised when future economic benefifs are probable and the cost or value of the asset can be m8asured rèliably. Tangible fixed assels are initially recognised at cost. Afler recognition, under the Gost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairm8nt losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measuram8nt of cost. Page 23

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limit8d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.6 Tangible fixed assets and depreciation {contlnued) Deprecialion is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-lin8 method. Depreciation 18 provided on the following basis: Freehold propety Motor vehicles Fixtures and fittings Office equipment other fixed assets 2 % straight line 200/0 Straight line 10% straighl line 20 % straighl line 20 % straight line The assels. resldual values. useful lives and depr8ciation methods are r8viewed, and adjusted prospectively If appropriate, or if Ihere is an indication of a signrficant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrylng amount and are recognised in the Statement of Financial Activities. 2.7 Current asset investments Current asset investments are categorised as short term deposlt funds Intended to be held in accounts for a maximum of one year at th6 dale of the balance she8t. 2.8 Stocks Stocks ar8 valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks, 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any fee discounts offered. Prepaymènts are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid inv8Stments with a short malurity of three months or less from the date of acquisition or opening of the deposil or similar account. Page 24

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles (contlnued) 2.11 Liablllties and provlslons Liabilities are recognised when Ihere is an obligation at the balance sheet date as a result of a past event, it is probable thal a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the School anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it rnust provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effecl of the time value of money is materia5, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specif5C to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.12 Flnanclal Instruments The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Operating leases Rentals paid under operating leases are charged to the Statement of Financial Activities on straight line basis over the lease term. 2.14 Penslons The School operates defined contribution pension schemes and the pension charge represents the amounts payable by the School to Ihe schemes, funds in respect of the year. 2.15 Fund accountlng General funds are unrestrlcted funds which are available for use at the discretion of the Governors In furiherance of the general objectives of Ihe School and which have not been designated for other purposes. Designated funds comprlse unrestrlcted funds that have been set 8slde by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the School for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fijnd is set out in the notes to the financial statem8nts. Page 25

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {contlnued) 2.16 Critical accountlng estimates and areas of Judgement The Governors are required to adopt those accounting policies mosl appropriate to the circumstances for the purposes of presenting fairly its financial position. financial perfonnance, and cash flows. The preparation of the financial statements requir89 the Governors to make judgements. estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenditure. These judgeTnents, estimates, and associated assumptions are bas8d on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Governors consider that accounting forecasts, assumptions and judgements made will not result in a significant difference to the amounts of assets and liabilities carried fO￿ard in the next financial year. The Governors consider the areas set out below to be those where critical accounting judgements have been applied and the resulting estimates and assumptions may lead to adjustm8nts to the future carrying amounts of assets and liabilities: Recoverability of debtors (Note 12) The provlsion for doubtful debts is based on an estimate of the expected recoverability of those debts. In line with the School's accounting poliGy, the provision is based on the current siluation of the customer and the age profile of the debt. At the reporting date, the bad debt provision is £36,008 (2023: £30,187). Useful economlc life (UEL) of tanglble flxed assets (Note 10) Freehold property, motor vehicles and equipment represent a significant proportion of the School's total assets. Therefore, the estimated useful lives can have a significant impact on the depreciation charged and the reported performance. Useful lives are d&termined at the time the asset is acquired, and the UEL of its ass8ts is reviewed annually. The UEL are based on historical experience with similar assets as well as anticipation of future events. Depreciation policies are applied to each asset catégory in order to reflect the useful economic life of the assets. Income from charitable activltles Unrestricted Restrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Gross school fees Scholarships, bursaries and discount5 Other.education income 6,144,292 (1,007,826) 786,569 6,144,292 5,983,738 (1,007,826) (1,068,500) 838,105 553,149 51,536 5,923,035 51,536 5,974,571 5,468,387 Total 2023 5,468,387 5,468,387 Page 26

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Bank interest 39.337 39,337 17,707 Total 2023 17,707 17,707 Analy818 of expendlture on charitable activities Summary by fund typo Unrestricted funds 2024 Total 2024 Total 2023 Teachlng Prep School Transport Sports Hall Premises 3,953.567 781,481 340.576 5,561 946,778 68,100 3,953,567 781,481 340,576 5,561 946,778 68,100 3,646,224 530,524 339,227 28,192 761,754 36.878 Governance 6,096,063 6,096,063 5,342,799 Total 2023 5,342,799 5,342,799 Page 27

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activities (continued) Summary by expenditure type Staff costs Depreclation Other costs 2024 2024 2024 Total 2024 Total 2023 Teaching Prep School Transport Sports Hall Premi8es Governance 2,670.847 709,625 252.394 1,282.720 71,856 88,182 5,561 3,953,567 781,481 340,576 5,561 946,778 68,100 3,646,224 530,524 339,227 28,192 761,754 36,878 718,386 228.392 68,100 4,351,252 228,392 1,516,419 6,096,063 5,342.799 Total 2023 3,995,781 211,259 1,135,759 5,342,799 Analysls of expenditure by actlvitie8 Actlvlties undertaken dlrectly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Teaching Prep School Transport Sports Hall Premises 3,194,963 746,126 340,576 5,561 758,604 35,355 3,953.567 781,481 340,576 5.561 946,778 68,100 3,646,224 530,524 339,227 28,192 761,754 36,878 946,778 68,100 Governance 4,287,226 1,808,837 6,096,Q63 5,342,799 Total 2023 3,959,191 1,383,608 5,342,799 Page 28

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activitie5 {continued) Analysis of direct costs Total fund5 2024 Total funds 2023 Teaching Prep School 2024 2024 Transport Sports Hall 2024 2024 Staff costs Subject malerials and supplies School transport costs Seminars and training Gourses Travelling and motor expenses Light and heat Catering costs Sundry expenses sports hall Marketing 2.579,445 674,270 252,394 3.506,109 3.342,314 203,383 71,654 275,037 188,665 194,493 194,493 34,210 20.688 20,688 22.232 1,379 380 125,565 202 88.182 89,763 380 125,565 117.894 23,509 139,821 5,561 5,561 69,630 4,803 85,743 69,630 3.194,963 746.126 340,576 5,561 4,287,226 3,959.191 Total 2023 3,088.500 503,272 339,227 28,192 3,959,191 Page 29

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expendlture by activities (contlnued) Analysis of support Costs Total funds 2024 Total funds 2023 Teaching Prep SGhool 2024 2024 Premises Governance 2024 2024 Staff costs Depreciation Postage, printing, stationery & adverlising Insurances Marketing Telephone Maintenance and repairs Business & water rates Llght and heat Subscriptions Cleaning Leasing charges Sundry expenses Consumable computer expenses Profsssional fees Bad debts Bank charges 91,402 35,355 718,386 228.392 845,143 228,392 653,467 211,259 6,566 74,789 860 13,312 6,566 74,789 860 13,312 1,176 57,567 10,453 16.422 151,771 240 152,011 98,928 46,855 90,563 57,477 19,044 90,244 85,119 46,855 90,563 57,477 19,044 90,244 65,119 37,881 52,794 56,234 11,894 69,506 43,256 26,444 7.396 8,774 7.988 26,444 75,256 8,774 7,988 15,590 43,549 1.651 1,981 67,860 758,604 35.355 946,778 68,100 1,808,837 1,383,608 Total 2023 557,724 27,252 761.754 36,878 1,383,608 Page 30

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Auditor's remuneration 2024 2023 Fees payable to the charitable company's auditor for the audit of the charitable companvs annual accounts exclusive of VAT 13,125 12,500 Fees payable to the charitable company's auditor in respect of.. All non-audit setvices not included above exclusive of VAT 3,250 3,150 Staff costs 2024 2023 Wages and salaries Social 8ecurity costs Contribution to defined contribution pension schemes 3,471,239 340,947 539,066 3,233,463 316,894 445,424 4,351,252 3,995,781 The average number of persons employed by the charitable company during the year was as follows.. 2024 No. 2023 No. Teaching staff Support staff 66 59 61 56 125 117 Th8 number of employees whose employee benefits {excluding employer pension costs) exceeded £60,000 was: 2024 No. 2023 No. In the band £60.001- £70,000 In the band £70,001- £80,000 In the band £90,001- £100,000 In the band £100,001- £110,000 The total remuneration and benefits received by S {2023.' 6) key management personnel for the year was £566,273 (2023.. £554,484). Settlement payments were made to no employees {2023: settlement payments to l employee) for £NIL (2023: £37,208) Page 31

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Governors, ramunerafion and expenses During the year, no Govemors received any remuneration or other benefits (2023 - £NIL). During the year ended 31 August 2024, expenses totalling £98 were reimbursed or paid directly to 1 Governor (2023 - £3210 1 Governor). 10. Tanglble fixed assets Fr•ohold property Motor Fixtures Office Other fixed vehlcles and fittings equipment assets Total Cost or valuatlon At 1 September 2023 5,805,515 Addltlons 591,404 189,187 {53,592) 516,612 1,300,827 37,179 53,278 (1,920) 207,261 8,421,619 279,644 (55,512) Disposals At 31 August 2024 5,805,515 726,999 553,791 1,352,185 207,261 8,645,751 Depreclatlon At 1 September 2023 1,951,502 Charge for the y8ar 116,742 On disposals 519,294 45,328 (53,5921 368,438 34,127 1,223,579 29,916 {1,920) 197,960 4,260,773 2,279 228,392 (55.512) At 31 August 2024 2,068,244 511,030 402,565 1,251,575 200,239 4,433,653 Net book value At 31 August 2024 3,737,271 215,969 151,226 100,610 7,022 4,212,098 At 31 August 2023 3.854,013 72,110 148,174 77,248 9,301 4,160,846 11. Stocks 2024 2023 Raw materials Finished goods 3.276 3,432 3.011 3,276 6,443 Page 32

STAFFORD INDEPENDENT GRAMMAR SCHOOL {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Debtors 2024 2023 Due within one year Trade debtors Other debtors Prepayments and accrued income 73,178 3,220 56,082 41,396 30 77,513 132,480 118,939 13. Current asset Investments 2024 2023 Unlisted investments 2,500,000 14. Crodltors: Amounts falllng due wlthln one year 2024 2023 Trade creditors Other taxation and social security other creditors Accruals and deferred Income 55,657 74,986 9,379 1,487,314 39,806 73,804 22,480 391,631 1,627,336 527,721 2024 2023 Deferred income at 1 September Resources deferred during the year Amounts released from previous periods 358,517 420,140 1,466,349 358,517 (358,517} (420,140> 1,466,349 358,517 All deferred income is made up of fees paid in advance. Page 33

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Credltors: Amounts falling due after more than one year 2024 2023 Accruals and deferred income 1,486,692 11,476 The aggregate amount of liabilities payable or repayable wholly or In part more than five years after the reporting dale is.. 2024 2023 Payab5e or repayable by instalments 157.584 157,584 16. Financlal instruments 2024 2023 Flnancial assets Flnancial assets measured af fair value through Income and expenditure omprise cash at bank and in hand ané currenf asset investments 4,159,844 1,696,245 Page 34

STAFFORD INDEPENDENT GRAMMAR SCHOOL {A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Statemerit of funds Statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Income Expenditure Unrestricted funds Deslgnated funds Sixth fom 1,892 (1 ,892) General funds General Funds - all funds 5,441,384 5,994,921 (6,094,171) 5,342,134 Total Unrestrlcted funds 5,443,276 5,994,921 (6,096,063) 5,342,134 Restricted funds Theatre appeal Playground fund 50,091 1,445 50,091 1,445 51,536 51.536 Total of funds 5,443.276 6.046,457 {6,096,063} 5,393,670 Page 35

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Statemant of fund8 (contlnued) statement of funds . prior year Balance at 1 September 2022 Balance at 31 August 2023 Income Expenditure Unrestrlcted funds Designated funds Sixth form 5,822 {3,930) 1.892 General funds General Funds - all funds 5,257.148 5,523,105 <5,338,869) 5.441,384 Total unrestricted funds 5,262,970 5,523,105 (5,342,799) 5,443,276 The designated fund relates to a donatlon made which has b88n allocated to the sixth form. The Th&atre appeal relales to funds raised to support moveable tiered seating In the School theatre. The Playground fund relates to funds raised specifically for improving the Prep School playground. 18. Analysis of net assets between funds Analysls of net assets between funds - current period Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 4,212,098 4,244,064 (1,627,336) (1,486,692> 4,212,098 4,295,600 {1,627,336) (1,486,692) 51,536 Total 5,342,134 51,536 5.393,670 Page 36

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Analysls of net assets between funds (continued) Analysls of net assets between funds - prior year Unrestricted funds 2023 Total fund5 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 4,160,846 4,160,846 1,821,627 1,821.627 (527,721) {527,721) (11.476) (11.476) Total 5,443,276 5,443,276 19. Reconclllatlon of net movement in funds to net cash flow from oporating activities 2024 2023 Net incomelexpenditure for the period (as per Statement of Flnanclal Activities) (49,606) 180,306 Adjustments for: Depreciation charges Investment income Decreasel(incre8se) In stocks Increase in debtors Increasel(decrease) in creditors Financing costs 228.392 (39,337) 3,167 (13,541) 2,574,831 7,988 211,259 {17,707) {2,652) (66,496) (34,658) 1,981 Net cash provlded by operating activitles 2,711,894 272,033 20. Analysls of cash and cash equivalents 2024 2023 Cash in hand 1,659,844 1,696,245 Total cash and cash equivalents 1,659,844 1,696,245 Page 37

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand Liquid investments 1,696,245 {36,401) 2,500,000 1,659,844 2.500,000 1,696,245 2,463,599 4.159,844 22. Capltal Gommltments 2024 2023 Contracted for but not provlded in thes• financlal statements Acqulsition of tangible fixed asset8 154,602 88,679 23. Pension commltments The School contribut8S to three defined contribution schemes administered by NEST, Standard Life and Aviva for the benefit of eligible support staff employees and teachers resp8Ctively. The pension cost charged in thé accounts is the amount payable by the School during the year which amountèd to £539,066 (2023: £445,424). Contributions totalling £5,853 (2023: £5,063} were payable 10 the funds at the Balance Sh8et date and are included in other creditors. 24. Operatlng lease commltments At 31 August 2024 the School had commitments to make future minimum lease payments under non- cancellable operating leases as follows- 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 50,090 82,014 45,354 10,034 132,104 55,388 Page 38

STAFFORD INDEPENDENT GRAMMAR SCHOOL (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 25. Operating lease commitments At the year end. the School had agreed to enter into no new operating leases. At 31 August 2023 the total commitment for new operating leases was £134.280. The total amount spent on operating leases in the year was £105.898 {2023: £80,473). 26. Related party transactlons There were no related party transactions noted in the year. There was on8 Governor expense that occurred in the year (2023.. one). Two (2023: one) of the Governors have children or grandchildren at the School. 27. Controlling party The School, having no share capital, Is under the control of the Board of Governors, who are also the Trustees and the Directors of the School. Page 39