Company registration number 00914963 IEngland and Wales) Charity registration nurnber 526973 {England and Wales) WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL LEGAL AND ADMINISTRATIVE INFORMATION Governors PA Hogan L Houlding M A Hunter C C McKeever G J Hoyle (Appointed 9 May 20251 (Appointed 14 September 20241 (Appointed 9 May 20251 CECOX Charity number 526973 Company number 00914963 Principal address ndermere Educational Trust Limited Browhead Wndermere Cumbria LA23 1NW Reglstered offlce Windermere Educational Trust Limited Browhead ndermere Cumbria LA23 1NW Auditor JS. Audit Limited Jame5 House Stonecross Business Park Yew Tree Vvay Warringlon Cheshire WA3 3JD Bankers HSBC Bank plc 64 Highgale Cumbria Kendal LA9 4TF
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL CONTENTS Page Governors, report Statement of Governors, responsibilities Independent auditorfs report 12-15 Statement of financial activities 16-17 Balance sheet 18 ststemenl of cash flows Notes lo the financial statements 20-35
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2025 The Governors of Wndermere Educational Trust Limited present their annual report and audited accounts for the year ended 31 August 2025 and confirm they comply with the requiremènts of the Charities Act 2011, the Charities SORP IFRS 10218nd the Companies Ad 2006. REFERENCE AND ADMINISTRATIVE INFORMATION Windermere Educational Trust Limited I'The Trust.) was founded in 1863 in Lytham St Anne's. 11 is constituted as a Company Limited by Guarantee, registered in England and Vvales, no. 00914963, and is registered with the Charities Commission under Charity No. 526973. At the start of the financial year, the Trust oper8ted on three sites known as Windemere Sch¢x)I, the Browhead Campus, for those in Year 7 and above, the Elleray Campus, for pupils In Pre-school lo Year 6 and Hodge Howe, our Sailing and Outdoors Centre on the shore of Windermere. During the year, the pupils in Pr&School lo Year 6 moved from the Elleray Campus lo the Browhead Campus and the Elleray Campus was marketed lor sale. wV(h the sale subsequently Completing in February 2026. The Trust also operates under the trading name Wndermere International Summer School. There is one Governing Body. Details of the tnembers of the Goveming Body, together with the Trust's officers and principal advisors, are given on the legal and administrative Information page. The financial slalements have been prepared in accordance wlh the accounting policies set out in note 1 to the financial slalemenls and comply with the Trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities pieparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Documents The Trust is governed by ils Memorandum of Associab"on and Artides ofAssocialion last amended on 20 January 2017. Governlng Body The Governing Body is self-appointed with one third of ils members required lo retire by rotslion at each AGM. The first appointed, or longest serving since last reappointment, are the first to retire. Governors retiring by rotation can be re-elected. New members of a Governing Body are elected on the basis of nominations by the Governors and the executive officers based on the candidates. professional qualities, experience and personal competence. Recrultment and Tralnlng of Governors New Govemors are inducted into the workings of the Trust. including Governing Body policy and procedures, al a series of indLJction meetings specially organised for them by the Head and other Governors. Governors carry out an annual skills audit and undertake to procure additional support or training to ensure the appropriate skills remain available lo assist the School in meeting ils strategic and operational objectives.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Organisational Structure The Members of the Governing Body, as the Charity Trustees, are legally responsible for the overall management and control of the Trust. The Governing Body usually meets six limes a year. The work of implementing their policies is carried out by five Committees.. The Flnan¢g and Gen9ral Purpos9$ Committ89 scrutinise revenue, the budget, the future capitsl plan. capital expenditure and monitor financial risk. This Committee also supervise and finalise the audited financial statements and annual report for approval by the Governing Body. The Finance and General Purposes Committee is chaired by Mr M A Hunter and reports to the Governing Body al each board meeting. The Nominations Committee, chaired by Mr P A Hogan, oversees the orderly succession for appointments to the Board and senior management. The Rlsk Managemgnl Group monitors the strategic risks facing the Trust. The group was chaired by the Bursar. Mr R Hennah until his resignation in May 2025, when MrA D Smith replad him. The Education Committee chaired by Mr P A Hogan, monitors and reviews the academic, Covcurricular and pastoral provision of the School, and makes recommendations as appropriate to the Governors. The Marketing Committee, chaired by Mr P Scott, monitors the recruitment of new pupils through marketing and admissions inilialives. Some governors have delegated responsibilities. For example, Reverend Canon, J D Brewster oversees all aspects of Safekeeping and also oversees the Earfy Years Provision. The Chair of each cornmittee co-opts members of the Governing Body and any addf(ional external expertise they deem appropriate for matters under consideration by each committee. The day to day running of the school is delegated lo the Headmaster supported by the Senior Leadership Team. The Headmaster, Head of Elleray and Bursar, allend all meetings of the Goveming Body's Committees with the exptIOn of the Nominations Committee. Employment Policy The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given lo their training and employment needs. Consullalion wrth employees, or their repiesenlalives, has continued al all levels with the aim of taking the views of employees Into account when decisions are made that are likely lo affed their interests. Trust Management The Governors give consideration to the major risks to which the Trust is exposed. The Goveming Body has ulb'mate responsibility for managing any risks faced by the Trust. Detailed consideration of risks is delegated lo the appropriate sub-committee. The structure of these committees comprises appropriate membership from the Governing Body, asslsled by the School's Senior Leadership Team and any exteinal expertise that may be required from lime to time.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 The Trust management process and the resulting reports identify risks, assesses their impact and likelihood and, where necessary, recommends Controls lo mitigate and monitor those risks that a 8sses5ed ss high. The generic controls used by the Trust to minimise risks include". . Terms of reference for each committee and Trust Board activity., Comprehensive budgeting and management accounting., Established organisational structures and lines Df reporting.. Formal written policies induding clear authorisatlDn and approval levels., Velling procedures as required by law for the protection of children. Health and safely is always a significant 8rea for Risk Management. The risks range from fire and infrastructure to personal risks Imosl notably when away from the campus on trips and expedilionsl. The level an¢J breadth of activity at the Trust's Schools is impressive and the risks associated with all activities are minimised by employing a competent and qualified Bursar with Health and Safety Cfrordinator responsibility, and a trained Educational Visits Coordinator. The Board used Kym Allen Associates lo advise on Health & Safely and Educational Visits throughout 2024125. Pupil numbers remain lower than prior to 2020 and the COVID pandernic. Boarding pupil numbers have been particularly negatively impacted as overseas students have failed lo return in previous volumes. The lower number of pupils has resutted In a sustained period of rèduced fee income which in turn has significantly increased profitability and liquidity risk. The introduction of VAT on School fees from the start of 2025, and any resullanl long-lerm impact on pupil numbers is yel to be determined. however the Goveming Body has concluded that il must move to a sustsinable business model based on realistically forecast pupil numbers. As a result, the decision was taken towards the end of the 2023124 a¢ademi¢ year lo relocate the pre-school lo Year 6 pupils from the Elleray Campus to the Browhead Campus and the move was completed during the 2024125 academic year. The Governing Body is satisfied that for all rllajor risks identified, appropriate controls have been pul in pla and maintained lo miligale those risks adequately. 11 is recognised that systems can provide only reasonable bul not absolute assurance that major risks have been managed. OBJECTS, AIMS, OBJECTIVES AND AcnwTIES Charitsble Objects The Trust's Objects, as sel out in the Memorandum of Association, are the advancement of education by providing general Instruction of the highest class, together wlh physical and moral guidance In the School's management by the Tiusl. In furtherance of these Objects and for the public benefit, the Trust has estsblished and administers bursariès, scholarships, awards and other benefadions, and acts as the Trustee and Manager of endowments, bequests and gifts given or established in pursuance of these Objects. The Board is mindful of the long-stsnding need to provide public benefit and of the requirements of the Charities Act 2011. In this regard, the 8oard has monitored closely the supplemental guidance produced by the Charity Commission, in particular its public benefit guidance on advanment of education and on fee charging. Despite continuing difficult economic dimale, the Trust has exceeded £879k of support provided by way of bursary, discount or financial support. Of financial support provided, over half consists of hardship bursaries lo local, national and overseas pupils. Vlslon Young people leam best when they feel safe, secure and happy. We seek lo produce well-rounded young people who are confident, caring and take a global perspective on the issues and challenges they face.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Taking our vision and values into the future, we can express them in nine ambitions. To be 8 trailblazing, fulure-ready school Highly sought after for its bold vision and unwavering ambition. To unlock the potential in every child Nurturing confident, grounded individuals ready to lead with positivity in tomorrow's worfd. To thrive as a unified, all-through community A single, welcoming campus known for excellence and proud of ils specialisms. To redefine what's possible in education Delivering experiences that are truly Iransfomiational. To weave the outdoors into daily learning Making nature and adventure a ¢ornerslone of how we teach, think, and grow. To give parents absolute confidence Knowng their children are seen, valued, and growing in a school that lives Its values out loud. To be a happy, energised workplace Where staff feel united, empowered, and proud lo be part of something meaningful. To lead with purpose and heart Embedding values in every decision, every day, for every learner. To communicate wth clarity and act with integrity Seth"ng transparent expectations and holding ourselves lo them with fairness 8nd consistency. We will achieve our vision through eight key aims". Excellent Management & Leadership Pupil Growth & Re¢ruilment 3. Academic & Pastoral Excellence 4. Financial Strength 5. Improved Boarding Culture 6. Ctrcurricular Distinction 7. Community Engagement 8. Operational Excellence Mlsslon Stst&ment The Trust's mission is lo produce confident and compassionate people. Through leaching excellence, supportive pastoral care and experience of our environment, we encourage individual success for community good. Our vision and mission are shaped by our determination lo encourage 5elf-knoedge, articulated by our school motto. Vincil qui se vin¢il- One conquers who conquers oneself. Today that means". overcome yourself and you will achieve. The School challenges pupils lo ex1, to have suffioenl self-reliance to know that delerminalion can overcome adversity. and lo be of value to society. Intended Impact Within ils charitable Objects, the Trust's Intention is lo provide a firsl-dass education through strong academic tuition and by developing broader skills that enable every pupil lo realise his or her potential to the full. This involves emphasis on the Cwurficulum through cerebral, aavenlure, sporting, performan, artistic, team- building and social skills. This policy builds self-confidence and life skills in our pupils and in¢ul¢ates a desire lo learn and a willingness to contribute lo the wider communi whilst at school and in later life.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Alms The Trust's aims for the public benefit are lo.. 1. Inspire our pupils through a broad and balanced curriculum that challenges inside and outside the classroom, where they learn about their strengths and weaknesses, and are encouraged lo strive for excellence in all thing5', 2. Support our pupils lo develop their individual academic, ¢alIve and sporting talents and skills of leadership to enable and empower them lo make an active and real contribution lo their wodd., 3. Use our unlque lo¢alion at the heart of mountains, lakes and rivers as our greater classroom for adventure and adventurous learning, where our pupils will learn directly about the environment, each other and themselves.. 4. Foster a democratic and accountable culture where our pupils contribute fully to school and community life and lake increasing responsibility for their own learning and actions., 5. Encourage a global perspective by providing OPPDrtunilies for all our pupils irrespective of gender, race and beliefs and encouraging them lo value and respect differences. Strategles to Achleve the Alms The ongoing impact of the pandemic and wider socio-polili¢al considerations induding the introduction of VAT on private school fees resulted in the decision to focus on developing a business model for the future. The model acknowledges the likelihood of sustained lower pupil numbers and recognises that fewer resources are required to achieve the stated aims. To adapt lo the new landscape, the Board of Governors relocated the Junior School to the senior School Campus (Browheadl during 2025. The Junior School campus IEllerayl was marketed for sale during 2025 with the sale completing in February 2026. Prlnclpal Actlvlty The Trust's principal activity, as specified in the Memorandum of Association. is the advancement of education Public Benefit Windermere Educational Trust Limited remains committeLI lo the aim of providing public benefit in accordance with its founding principles. There Is a requirement to demonslrale that public benefit for charitable purposes where it has hitherto been presumed in the absence of evidence lo the contrary. This in tum calls for more detailed disclosures conceming our aims. The awarding of bursaries for the needy is a measurable means of providing public benefit. The Board tskes the view that bursaries awarded to those who would not otherwse be able to afford the fees are important, but not to the exclusion Df the much wider benefit that the Trust provides wthin the community. Those pupils who attend our Schools and who receive financial support contribute lo the School community in a variety of ways, and so the benefit is not purely lo these pupils but lo the Trust and, in some cases, to the wder community. In 2024125 the Trust awarded bursaries, scholsrships and other awards lotalling £679k12023124.. £936kl. Within this. means-lesled awards based on a sliding scale according to financial circumstsnces lotslling £368k were awarded12023124.' £597kl. Bursary awards represented 70/0 of gross income in 202412512023124.. 90/01. In addition to bursaries, the Trust has engaged in many other activities that provide benefit to the public within the Trust's objectives. It is difficult to measure accurately the financial value of this public benefit. The benefit provided by bursaries and other activities can then be considered alongside the benefit of educating the 200 UK pupils which, in itself, has saved the exchequer some £1.5m. The Trust is an important part of the local community with 112 full and part-time employees in 2024125 making il one of the largest employers in the district. By far the largest proportion of the Trust's expenditure is accounted for by salaries and purchases from local and regional businesses. Thus a significant proportion of funds are invested directly into the local economy.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 other Charitable Activities In addition lo ils primary purpose, in normal years the Trust provides a number of servi$ and experiences to local primary schools free of charge. These include a Christmas production Show, Watersports Day, Languages Day and Geography Day. Sailing and Walersports tuition al the School's lake shore Vvatersports Centre is provided on a weekly basis to two local primary schools al minimal charge, and the Trust also provides a high quality School Meals Service to two other schools. The Trust 8lso frequently lets the Sch¢x>l's facilities al no charge lo local community or charitable groups such as the Community Choir, County Sports Associations and Blackwell Sailing who provide free of charge sailing activities for those with a disability. Pupils also make signifi¢anl contributions lo the local Community and charities. The School runs a Setvice programme for Years 10 and 11, where pupils engage in a variety of activities for one afternoon per fortnight for the benefit of the local community. Examples of activities undertaken include repairing footpaths on the fells, conservation work in the grounds of a local visitors, centre, planting trees and dearing litter from the Nab"onal Park. Visiting local care homes to offer friendship and deliver performances. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Academlc Windermere School's 2025 outcomes show a dear upward trend in both allainmenl and progression. GCSE pass rates remain well above national figures, IB results have improved to match or exceed pre-COVID performance with an IB mean score of 33.1 and 100/. pass rates for both the Diploma and Career-related Programme, and a growing proportion of students are securing firsl<hoice university offers, induding Russell Group, top10 UK Inslilulions, high-quality apprenbceships and intemalional destinations. Overview of GCSES Results 2025 Windemere School pupils achieved strong GCSE outcomes in 2025, with both Year 10 and Year 11 perfomiing significantly above national benchmarks. This was the first year of the new curriculum in which pupils in both year groups completed up lo three GCSES in a single year, ¥Mth 27 Year 10 and 33 Year 11 pupils each sitting beheen one and nine GCSES. Overall performance The pass rate (grades 941 was 830/0 in Year 11 and 87% In Year 10, compared with a national rale of 67.1010, mèaning Windermere pupils outperformèd thè national average by over 150k. Both year groups achieved a combined mean value-added score of 0.5, indicating that on average every pupil gained half a grade above national expectslions in each subject. Ggnder patterns In line wth national trends where girls continue to outperform boys overall, Windermere girls collectively achieved higher results than boys. though wth a smaller gap in Year 10 than in Year 11. There were notable high-achieving boys, one in particular secured 9 grade 9s and an A in Addits'onal Maths. Grade distribution As a non-seleclive independent school, Wndermere saw 39% of all GCSE entries awarded grades 7, Compared with 18-220/0 nationally, and 480/0 in the independent sector overall. 130 of pupils achieved al least one grade 9. significantly above the national figure of around 50/0 for Year 11. English, Maths and subject strengths Nationally, failure rates in GCSE English and Maths have approached 40°A, making these subjects particularfy challenging for pupils across the country. Against this backdrop, 81 % of Windemiere pupils passed English Language and 940A passed Maths, with a 1000/0 pass rale in Drama, PE, French, Music and Higher-tier Maths.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Individual highlights Several pupils in both Year 10 and Year 11 achieved ex¢eption81 personal results and value-added tsres. Overview of Sixth Fomis Results 2025 Twenly-five students sal the International Ba¢calaureale examinations this session.. 16 as Diploma Programme (DPI ¢andidales, 5 as Career-related Programme (CPI candidates. and 4 as Diploma Course candidates. Both the DP and CP achieved a 10OQ/o pass rate. All students were carefully guided through pathway and subject choices using the School's Entry Guidelines and knowledge of the student's ability and preferred way of working. The 4 Diploma Course students were initially full DP candidates bul were transitioned followng staff recommendation and paienlal consultation, a measure that has significantly contributed lo improved outcomes. The School's mean DP score was 33.1, marking improvement on the past sessions and returning lo pre- COVID levels. One sludenl a¢hieved the Bilingual Diploma. reflecting the current limited international cohort. Seven studenl$143.750hl scored 34 points or higher. and Iwo attained 40+ points.. Both earn a place on the Honours Board. Overall subject performance was strong.. Level 4 and above- 900 Level 5 and above- 700 Level 6 and above_ 340/0 Level 7- 100/0 of subjects Average Core points were 1.7, consistent wth previous years, with 88°A of candidates achieving at least 2 Core points and one candidate achieving the full 3. The Core remains a focus area for continued development. Within the CP, five students completed BTEC Business. Four of the five1800AI achieved DistincliorpDistinclion IDDI or higher, equivalent lo AA al A-level. Their average UCAS tariff score of 96 represents the School's third- best I8-lated outcome. Grade Changes Enquiry upon Results activity induded fifteen Category 1 re-mark requests. of whi¢h eight 1530kn1 were successful, resulting in several grade improvements across subjects such as Spanish, Psychology, Visual Arts, Mathematics, Biology, French and English. Two Category 3 remoderations were sUbmitte(1n Economics Ino changel and Malhemalics Applications antl Inlerprelalions HL Iselecled mark increases, including one 67 changel. Additionally, an error linked lo the Open Book Pilot for Psychology HL Paper 1 led to incorrect lime-zone marking for six scripts. Following investigation and resubmission, three candidates received grade increases, and corrective measures are now in place. Destinations post Sixth Form 2025 Eighteen Year 13 students applied to university through UCAS this year. Of these, 15 students183°Al received offers from their first-choi universities, and 21110/0) from their Insurance Choi5, giving an overall offer success rale of 940A. Among those applicants, 470h gained offers from Russell Group universities, representing 390/0 of the lolal UCAS cohort. A small number of students are pursuing resils or alternative routes. A minority have chosen apprenticeships, international universities. or alternative Courses al their preferred inslilulions, illustrating a breadth of progression pathways from the IB. IBCP students, in particular, have secured strong and varied deslinalions, with an emphasis on university progression and high-qualty apprenticeships. All IBCP students who applied lo university gained an offer from their firsl-choice inslilution, including offèrs from universities ranked in the UK Top 10. Overall, the cohort achieved 8 920A SU5$ rale in applications, with three of the four students receiving offers from every inslilulion to which they applied.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Co<urricularActivities 2024-25 Adventure The Adventure programme is a major part of the curricular and Co<urri¢ular programme al Wndermere School. All students from Year 3 to Year 6 undertake ½ day of Outdoor Education every other week. Students in Year 101 11 choose beeen Adventure and Servi. both being Compulsory during the year, bul a preference is possible. In the Sixth Form, students can use the CAS afternoon for outdoor activities. In Years 3 to 9, students have an Adventure logbook that Comprises six levels, each developing skills in water- and lan&based activities. These include sailing, kayaking, canoeing, windsurfing, rock climbing, mountain walking and navigation, orienteering, caving, and mountain biking. Students also leam about bushcraft and first aid. The Year 6 pupils work towards the John MuirAwaid. The Duke of Edinburgh Scheme continues to flourish al Windermere School with students completing Bronze in Year 9, Silver in Year 10 and Gold in Year 12113. Expeditions for these awards tske place on fool and Canoeing. In Adventure, Infant & Junior pupils had weekly lessons where they learned to navigate. climb, sail, canoe, kayak, bike safely and administer first aid. A number of residential trips were undertaken for Years 3 to 6, including wild camps and challenge aclivilies. Early Years and Key Stage 1 pupils held their 'day camp, ¥Mthin the school grounds. Browhead students had a full programme of Adventure including climbing (indoors and outl, ghyll scrambling, sailing, mountsin biking, caving, kayaking, canoeing, dealing rith incidents, orienteering and mountain navigation. Years 7, 8 and 12 undertook residential adventure trips, with adventure days for Years 10 and 11. students visit the Lake Dislrid, Yorkshire and North Vvales. Besides the full programme of curricular Adventure, students are able lo lake part in optional after school activities lo develop skills. These Include sailing (Prep and Senior School), climbing and race sailing. In Sailing, the race team continued lo achieve fantastic results throughout the year with many achievements al the local, regional and national championships. Competing in RS Tera, RS Feva, ILCA and RS200 class of dinghies. We have also competed in team racing events. Browhead students also look part in optional residential trips, these include a Spanish sport climbing trip and Scotland winter walking and dimbing. Sailors had a trip lo Menorca as well as the comprehensive race sailing programme. There is an NCFE Level 3 course in Sport and Outdoors (Adventurel that is delivered in the Sixth Form. We had six students in Year 12. These students follow at scheme of work that is delivered by specialist teachers. This year we have had a number of optional residential trips. These included.. Scottish wnter mountaineering and dimbing Round Square Adventure Race Scottish Islands Yacht Race Spanish rock Climbing trip
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 FUTURE PLANS The core elements of the Trust's Development Plan are". . To continue lo ensure the campuses offer a safe and attractive environment for pupils, stsff and visitors", To provide a happy and secure pastoral environment, suitable for both day and boarding pupils. in which all pupils are offered opportunities for leadership and service lo others.. To provide a stimulating learning environment in which pupils can develop their academic potential lo the full., To offer all pupils the opportunities of experiencing a broad range of intellectual, cultural, sporting and wder- community activities., To increase the capability of the Trust to offer education to children whose parents are unable to afford full fees., To provide an enjoyable and appropriately challenging environment wthin which members of staff may develop their Careers", To ensure that the Trust plays a significant part in the life of the local community, sharing facilities and seeking local partnerships wherever possible. FINANCIAL REVIEW Results for the year Net fee income for the year fell by 12.80/0 to £4,895k 12024. £5,384kl materially impacted by a reduction in boarding pupils. Total income was down by 13.50/0, to £5,522k12024". £6,386kl, this was largely attributable lo a reduction in pupil numbers and lower summer school numbers. Costs reduced slightly lo £6.555k12024'. £8,753kl. partly due lo lower pupils costs as a result of lower numbers and partly lo the delivery of a cost management programme which saw a reduction in staffing costs. The cost savings were, however, insufficient to offset the lower fee income resulting in a net deficit for the year of £1.033m, before revaluation gains of £247k,12024'. £366k loss- induding a £12k defiat arising on the disposal of a fixed assell. Reserves Policy The Trust's free reserves al the year-end amounted lo £579k12024'. £1.612kl representing retsined unrestricted in¢ome reseNes. The Trust has adopted a policy of maintaining free reserves al a level lo provide reasonable cover for operating costs with any surplus to be re-invested into improvement of the estates and school facilities. Fixed Assets Tangible fixed assets are held by the Trust for use by the School. Note 1.7 describes the Trust's a¢counling policy in relation lo fixed assets. The Governors, who served during the year and up to the date of signature of the financial statements were.. PA Hogan P Scott Reverend Canon J D Brewster L Houlding M AHunter H J Nelson C C McKeever G J Hoyle A D Smith CECOX (Resigned 21 November 20251 (Resigned 1 November 20251 IResigned 23 May 20251 (Appointed 9 May 20251 (Appointed 14 September 20241 (Appointed 22 November 2024 and resigned 5 May 20251 (Appointed 9 May 20251 Disclosure of infomiation provid&d to auditor Each of the Governors has confirmed that there is no infomialion of which they are aware which is relevant to the audit. but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and lo establish that the auditor is aware of such information.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 The Governors, report was approved by the Board of Govemors. PA Hogan Chairman of Governing Body Dated.. 5 June 2026 10-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL STATEMENT OF GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025 The Governors, who are also the directors of Imndermere Educational Trust Limited for the purpose of company law, sre responsible for preparing the Governors, Report and the financial sl8lemenls in a¢¢ord8nce with appli¢8ble law and United Kingdom Accounting Standards Iunrted Kingdom Generally Accepted Accounting Practice). Company Law requires the Govemors lo prepare financial slalemenls for each financial year which give a true and fair view of the stste of affairs of the Trust and of the incoming resources and applicab'on of resou$. induding the income and expenditure. of the charitable ¢ompany for that year. In preparing these financial statements, the Governors are required to.. select suitable accounting policies and then apply them consistently", make judgements and eslimales that are reasonable and prudent", slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Trust will continue in operation. The Governors are sponSible for keeping adequate accounting records that disdose with reasonable accuracy al any lime the financial position of the Trust and enable them lo ensure that the financial slalemenls Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WINDERMERE EDUCATIONAL TRUST LIMITED Opinion We have audited the financial statements of Windemiere Educational Trust Limited Ilhe 'Trust'l for the year ended 31 August 2025 which comprise the slalement of financial activities, the balan sheet, the slalement of cash flows and the notes to the financial statements. including a summary of significant a¢counting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slatemenls.. give a true and fair view of the slate of the charitable company's affairs as 81 31 August 2025 and of its incoming resources and application of resources, including r(s income and expenditure, for the year then ended., have been properly prepared in accordance wth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther described in the Audilorts sponSIbl1111es for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Material uncertainty related to going concern We draw attention lo note 1.3 in the financial slalements, which slates that as at 31 August 2025 the company had nel current liabilities of £4,304,121. As stated in note 1.3, these events or conditions indicate that a material uncertainty exists that may cast significant doubl on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial slalements, we have conduded that the directors use of the going concern basis of awunting in the preparation of these financial slalements is appropriate. Our responsibilities and the re$ponsibililie$ of the directors with respert lo going ¢on¢ern are des¢ribed in the relevant sections of this report. Other Infomiatlon The other information comprises the information included in the annual report other than the financial statements and our auditor's report Ihereon. 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 slated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infotmalion is materially inconsislenl wth the financial slalements or our knowledge obtained in the course of the audit, or olhetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether this gives rise lo a material misstatement in the financial slalemenls themselves. If, based on the work we have performed, we ¢onclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. 12-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WINDERMERE EDUCATIONAL TRUST LIMITED Opinion5 on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the Course of our audit.. the information given in the Govemors, report for the finanaal year for which the financial statements are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial slalements", and the directors, report induded within the Governors, report has been prepared in accordance with applicable legal requirements. Matters on whi¢h we are required to report by exception In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misslatemenls in the directors, report included within the Govemors. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2008 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been 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 Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responslbllltles of Governors As explained more fully in the staternenl of Governors, responsibilities, the Governors. who are also the diredors of the Trust for the purpose 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 lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Govemors are responsible for assessing the Trust's ability lo continue as a going concern, disclosing, as applicable, matters related lo going Concern and using the going concern basis of accounting unless the Governors either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative bul lo do so. 13-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WINDERMERE EDUCATIONAL TRUST LIMITED Auditofs responsibilities for the audit of the financial Statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, 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 wnducled in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, induding fraud, are instances of non-compliance wrfth laws and iegulalions. We design procedures in line with our responsibilities, oudined above, lo delect material misslalements in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularrties. including fraud. is detailed below. Based on our understanding of the charitable company and sector. we identified that the principal risks of non- compliance wth laws and regulations related to, but were not limited lo, the Companies Act 2008, the Charities Act 2011, employment, pension, safeguarding and health and safety legislation and regulation through the Charity Commission for England and Wales and we considered the extent lo which non-compliance might have a material effect on the financial slalements. We also considered those laws and regulations that have a direct impact on the preparation of the financial slalèments such as the Companies Act 2006 and the Charities, Slalement of Recommènded Practice. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial slalements (including the risk of override of conlrolsl and determined that the principal risks were related to management bias in accounting estimates and judgements and the risk of fraudulent revenue recognition. Our procedures to respond to risks identified included the following.. reviewing the financial slalemènt disdosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial slalemenls, enquiring of management about actual and potential litigation and claims, their policies and procedures lo prevent and deted fraud as well as whether they have knedge of any actual, suspected or alleged fraud., performing analytical procedures to identify any unusual or unexpeded relationships that may indicate risks of material misstatement due to fraud., reading minutes Df meetings of those charged with governan and reviewing regulatory correspondence with the Charity Commission., obtaining an understanding of provisions, and in addressing thè risk of fraud through management override of controls, lesling the appropriateness of journal entries, assessing whether the accounting eslimales, judgements and decisions made by man8gement are indicative of a potential bias, and evaluating the business rationale of any significant Iransa¢lions that are unusual or outside the nomial course of business. We also communicated relevant identified laws and regulations and potential fraud risks lo all engagement team members and remained alert lo any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also Iimil the audit procedures required lo identify non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misslatemenls that arise due lo fraud can be hardei lo delecl than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website al.. http.'IlvMw.frc.org.uklauditorsresponsibililies. This description fomis part of our auditorfs report. 14-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WINDERMERE EDUCATIONAL TRUST LIMITED Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable ¢ompany's members those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Peter Atkinson F.C.A. (Senior Statutory Auditorl for and on behalf of JS. Audit Limited 09-Jun-2026 Chartered Accountants Ststutory Auditor James House Slone¢ross Business Park Yew Tree Way Warringlon Cheshire WA3 3JD 15-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025 Current financial year Unrestrlcted Unrestrlcted Restrlcted funds funds funds general deslgnated Total Total as restated 2024 2025 2025 2025 2025 Notes Income from: Donations and legacies Charitable activities other trading activities Other income 11,674 4,937,892 572,235 11.674 4.937.892 572,235 5,000 5,529.004 864,634 112,3571 Total income 5,521,801 5,521,801 6,386,281 Ex enditure on- Raising funds 205,588 205.588 317,033 Charitable activities 6,249,497 6.249.497 6,322.468 Other 13 100,003 100.003 113,087 Total resources expended 6,555,088 6,555,088 6,752,588 other gains Revaluation of tangible fixed assets 15 247,122 247.122 Net incomellexpenditurel for the yearl Net movement In funds Fund balances at 1 September 2024 11,033,287) 1,611,872 247,122 5,968,684 1786.165} 1366,3071 7,583,570 7,949,877 3,014 Fund balances at 31 August 2025 578,585 6,215,806 3,014 6,797,405 7,583,570 The statement of financial activities induded all gains and losses recognised in the year. All income and expenditure derived from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 16-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025 Prior financial year Unrestrlcted Unrestrlcted Re$trlcted funds funds funds general deslgnated 2024 2024 as restated Totsl 2024 2024 as restated Notes Income from: Donations and legacies Charitable activities other trading activities Other income 5,000 5,529,004 864,634 682,643 5,000 5,529.004 864,634 112,3571 1695,0001 Total income 7,081,281 1695,0001 6,386,281 Ex enditure on- Raising funds 317,033 317,033 Charitable activities 6,322,468 6,322.468 Other 13 112,404 683 113,087 Total resources expended 6,751,905 683 6,752,588 Net expenditure for the yearl Net movement In funds 329,376 1695,0001 1683} 1366,3071 Fund balances al 1 September 2023 1,282,496 6,663,684 3,697 7,949,877 Fund balances at 31 August 2024 1,611,872 5,968,684 3,014 7,583,570 The stslemenl of financial activities included all gains and losses recognised in the year. All income and expenditure derived from continuing aclivilies. The statement of financial activities also complied with the requirements for an income and expenditure account under the Companies Act 2006. 17-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL BALANCE SHEET ASAT31 AUGUST2025 2025 2024 as restated Notes Fixed assets Tangible assets 11,901,700 11,043,487 Current assets Stocks Debtors Cash at bank and in hand 16 17 5,608 736,494 1,179 7,518 948,297 107,725 743,281 1,063,540 Credltots: amounts falllng due wlthln one year 18 15,047,402) 13,457,153) Net current liabilities 14,304,121) 12,393,613) Total assets less current liabilities 7,597,579 8,649,874 Creditors: amounts falling due after more than one year 19 1800,1741 11,066,304) Net asset5 6,797,405 7,583,570 Income funds Restricted funds Designated funds Unrestricted funds- general 21 22 3,014 6,215,806 578.585 3,014 5,968,884 1,611,872 6,797,405 7,583,570 The financial stslemenls were approved by the Governors on 5 June 2026 PA Hogan Trustee Company Ragistration No. 00914963 18-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Notes Cash flows from operatlng actlvltles Cash absorbed by operalions 29 1638,8731 1210,2101 Invgstlng actlvltl&s Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets VAT reclaimed on tangible fixed assets in prior years Interest paid 1712,6041 124,8601 682,643 14,101 1100,0031 1113,0871 Net cash (used inllgenerated from investing activities 1798,5061 544,696 Financing activities Fees in advance scheme Proceeds from borrowings Repayment of bank loans {45,6721 699,880 1217,5821 18,5371 1643,6361 Net cash generated fromllused in) financing activities 436,626 1652,1731 Net decrease in cash and cash equivalents 11,000,753) 1317,6871 Cash and cash equivalents at beginning of year 107,725 425,412 Cash and cash equlvalents at end of year 1893,0281 107,725 Relating to.. Cash at bank and in hand Bank overdrafts included In creditors payable within one year 1,179 107,725 1894,2071 19-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies Charity inforniation Windermere Educational Trust Limited is a private company limited by guarantee incorporated in England and Wales and a registered charity in England and Wales. The registered office is Browhead, Windermere, Cumbria, LA23 1 NW. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the Trust's governing document. the Companies Act 2006, FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wf(h the Financial Reporting Stsndard applicable In the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The Trust is a Public Benefit Entty as defined by FRS 102. The financial $18temenls are prepared In steding, which Is the functional currency of the Trust. Monetsry amounts in these financial stslemenls are rounded lo the nearest £. The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are sel out below. 1.2 Prior period adjustment A material error has been identified in how fees invoiced in advance have been accounted for in prior years, resuliing in deferred income and trade debtors both being understated. A material error has also been identified in the valuation of land and buildings in prior years, as market based valuations were available but the depreciated rep1arnent cost basis was incorrectly used. This resulted in tangible fixed assets and unrestricted designated funds both being overstated. For each of the above, the correct treatment has been been applied in the current year and the errors have been corrected retrospectively by way of prior year adjuslmenls. Further details are sel out in note 31. 1.3 Going concern At the balance sheet date, the company had net current liabilities amounting to £4,304,121 12024.. £2,393,613). The Govemors have considered the appropriateness of preparing the financial statements on a going concern basis. In the period since the balance sheet dale, the company has completed the sale of a property asset and the refinancing of ils botrowings, with a new long term bank loan repaying the existing bank loan and reducing the bank overdraft. Future cashflow forecasts have been prepared for the 12 month period from the signing dale of the financial slalements and these include reasonable assumptions that the company will be able lo generate additional fee income. These assumptions are based on the marketing activity undertaken by the company, which is focused on achieving significant increases in fee income. Sensitivity analysis has been applied to the forecasted increases in fee income to reflect the uncertainty in the timing and level of the potential increases. Based on the forecasts, there are periods where additional short-lerm funding could be required as the existing overdraft limit may be breached. The Govemors have considered the potential additional funding requirements and are confident that the necessary funding could be obtained by either a temporary increase In the overdraft facility or a loan from benefactors. Whilst the Governors acknowledge that the inclusion of these assumptions represent a material uncertainty, they have an expectation that they will have adequate resources lo continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. 1.4 Charitable funds Unrestricted funds are available for use al the discretion of the Governors in furtherance of their charitable objectives. -20-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles Icontlnuedl Designated funds comprise funds which have been set aside al the discretion of the Govemors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial slalements. Restricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial slalements. 1.5 Income Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised On the Trust has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying the goods and ServIS in order to raise funds and is recognised when enlillement has occurred. 1.6 Expendlture l expenditure is a¢Unted for on an arual$ basis and has been dassified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation lo make payments lo third parties, il is probable that the setuemenl wll be required and the amount of the obligation can be measured reliably. It is categorised under the followng headings.. Costs of raising funds includes all costs associated wlh raising funds for ils eharilable purposes and includes all costs associated with non-charilable trading, Expenditure on charitable activities includes costs associated with UK educational operations,. and Other expenditure represents those items not falling into the Categories above. 1.7 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, nel of depreciation and any impaimient losses. Depreaation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures, fittings and equipment Motor vehicles 100A lo 33.30/0 per annum slraighl line b8SIS 250k per annum straight line basis No provision for depreaation of school buildings is made as the trust considers that the estimated useful life of the buildings Is so long and the residual value so high that any depreciation charged is not material, either each year or cumulatively over the useful economic life of the a5sel. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in nel incomellexpendilurel for the year. Properties whose fair value can be measLJred reliably are held under the revaluation model and carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered lo be their market value. Revaluation gains losses are recognised in other recognised gains and losses and accumulated in equity, except lo the extent that a revaluation gain reverses a revaluation loss previously recognised in nel incomel lexpendilurel or a revaluation loss exceeds the accumulated revaluation gains recognised in equity.. such gains and loss are recognised in net incomellexpendilurel for the year. 21
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles Icontlnuedl 1.8 Impalrment of flxed assets At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.9 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 1.10 Cash and cash &quival8nts Cash and cash equivalents include cash in hand, deposits held at call wth banks, other short-temi liquid investments with original malurilies of three months or less. 1.11 Financial instruments The Trust has elected lo apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils finanaal inslrumenls. Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial stslemenls, when there is a legally enforceable right lo sel off the recognised amounts and there is an Intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. BasiTC financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently Carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future reIPtS discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets, Other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are Impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have en affected. If an asset is impaired. the impairment loss is the difference btheen the carrying amount and the present value of the estimated cash flows discounted al the asset's original effective interest rate. The impairment loss is recognised in net incomellexpenditurel for the year. If there is a decrease in the impairment loss arising from an event occurring after the Impaiment was recognised, the Impaimient is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not pvioUSlY been recognised. The impaimient reversal is recognised in net incomellexpendilurel for the year. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled. or when the Trust transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if Some significant risks and rewards of ownership are retained bul Control of the asset has transferred lo another party that is able lo sell the asset in its entirely to an unrelated third party. -22-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles Icontlnuedl Basic financial liabilities Basic finanaal liabilities, induding creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rale of interest. Financial Iiabililies dassilied as payable thin one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequenuy measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial Iiabililies are derecognised when the Trust's contractual obligations expl or are dIharged or cancelled. 1.12 Taxation The charitable company is considered to pass the tests sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition of a charitsble company for UK corporation lax purposes. 1.13 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Temination benefits are recognised immediately as an expense when the Trust is demonstrably committed lo terminate the employment of an employee or to provide lerminalion benefits. 1.14 Pension benefits Retirement benefits lo employees of the charitable company are provided by the Teachers, Pension Scheme I'TPS'I, The Pension Trust Growth Plan and. from September 2024 onwards, by a defined contribution retirement benefit scheme. The TPS and Pension Trust Growih Plan are defined benefit schemes and the assets are held separately from those of the charitable company. The TPS is an unfunded scheme and contributions are calculated so as lo spread the cost of pensions over employees, working lives with the charitable company in such a way that the pension cost is a subslanlially level percentage of current and future pensionable payroll. The contributions are dèleimined by the Government Actuary on the basis of quadrennial valuations using a prospective unit method. The TPS is an unftjnded mulli-employer scheme with no underlying assets to assign between employers. Consequently. the TPS is treated as a defined contribution scheme for a¢counling purposes and the contributions are recognised in the period to which they relate. For The Pension Trust Growth Plan, the contributions are determined by a qualified actuary on the basis of financial valuations using a projected unil method. The Pension Trust Growth Plan is a mulliemployer scheme and there is insufficient information available lo unlock detailed benefit accounts. The plan Is Iherefoie Irealed as a defined contribution scheme for accounting purposes and ¢onlribulions are regnised in the period lo which they relate. Payments to the defined contribution retirement benefit schemes are charged as an expense as they fall due. -23-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 Critical accounting estimates and judgements In the application of the Trust's accounting policies, the Govemors are required ID make judgements. eslimales and assumptions about the carrying amount of assets and Iiabilrties that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be ielevanl. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and ftjture periods where the revision affects both current and future periods. The trustees have considered the residual value and remaining useful economic lrfe of the land and buildings and consider that the assumptions in atriving at these values are reasonable, as well as the methodology for Calculating the property valuations. Depreciation policies have also been considered again this year and are deemed reasonable. In estimating the market value of the freehold land and buildings, the trustees take into account third paty valuation reports and the recent selling price of properties. The assumptions regarding the treatment of the Trust's pension schemes within the financial statements have also been considered again this year, with no adjustment lo their treatment considered necessary. The Governors have exercised their judgement in considering whether the use of the going concem is appropriate. In doing so. they have considered the cashflow forecasts and undedying assumptions and are satisfied that these are appropriate. Income from donatlons and Iggaclgs Unrestricted Unrestricted funds funds 2025 2024 Donations and gnls 11,674 5,000 Charltable actlvltl&s Unrestricted Unrestricted funds funds 2025 2024 Nel fees Other income 4,694,576 5,383.514 243,316 145,490 4,937,892 5,529,004 -24-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 Income from other trading activities Unrestricted Unrestricted funds funds 2025 2024 Summer school Rentsl income Catering income 521,400 3,234 47,601 812,214 10,182 42,238 Other trading activities 572,235 864,634 Other In¢omg Unre$trlcted Unrestrlcled funds funds general deslgnated 2025 2025 Total Unre$lrl¢ted Unrestrlcled funds funds general deslgnated 2024 2024 Totsl 2025 2024 Net gain on disposal of tsngible fixed assets 682,643 1695,0001 112,3571 Gains relate lo the disposal of properties held within tangible fixed assets. As sel out in note 22, revaluation gains are initially induded within designated unrestricted funds and are recognised in general unrestricted funds when the property is sold. Ralslng funds Unrestricted Unrestricted funds funds general general 2025 2024 Associated summer school costs As$ocialed catering ¢o$l$ 188,579 17,009 274,562 42,471 205,588 317,033 -25-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 Charitable activitie5 2025 2024 Depreciation and impaimienl Academic costs Welfare costs Propety costs Management and administration costs Other expenses Marketing costs Governance costs 87,412 98,082 3,125,721 3,131,294 1,111,456 1,094,648 950,735 963,287 703,580 713,099 60,762 101,141 190,584 201,608 19,267 19,309 6,249,497 6,322,468 Net movement in funds 2025 2024 Nel movement in funds is slated after chargin[credIb"gI Depreaation of owned tangible fixed assets Loss on disposal of tangible fixed assets 87,412 98,082 12,357 10 Audltor's remuneratlon The analysis of audilorfs remuneration is as follows.. 2025 2024 Audit of the annual accounts 13,650 12,500 11 Governors None of the Governors lor any persons connected with them) received any remuneration or benefits from the Trust during the year. -26-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 12 Employees Numberofemployees The average monthly number of employees during the year was". 2025 Number 2024 Number Teaching staff Welfare staff Maintenance and gardens Adminislralive staff 67 26 64 28 14 112 113 Wages and salaries Social security costs Other pension costs 3,437,498 362.059 488,285 3,494,738 329,913 542,704 4,287,842 4,367,355 The number of employees whose annual remuneration was £60,000 or more were.. 2025 Number 2024 Number £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 13 Other Unrestrlcted Unrestricted Restricted funds funds fijnds general general 2025 2024 Total 2024 2024 Late payment interest Loan interest Discounts on the fees in advan scheme Other expenditure 4,620 78,307 17,076 101,413 10,991 104,413 10,991 683 683 100,003 112,404 683 113,087 14 Taxation The charity is exempt from laxalion on its activities because all ils income is applied for charitable purposes. -27-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 15 Tangible fixed assets Freehold land and building5 Fixture5, fittings and equipment Motor vehicles Total 88 restated as restated Cost or valuation Al 1 September 2024 Additions Adjustment Revaluation 10,765,000 1,467,558 687,878 24,726 114,1011 30,812 12,263,370 712,604 114,1011 247,122 247,122 Al 31 August 2025 11,700,000 1,478,183 30,812 13,208,995 Depreciation and impaiment Al 1 September 2024 Depreciation charged in the year 1,190,967 85,516 28,916 1,219,883 1,896 87,412 Al 31 August 2025 1,276,483 30,812 1,307,295 Carrying amount Al 31 August 2025 11,700,000 201,700 11,901,700 Al 31 August 2024 10,765,000 276,591 1,896 11,043,487 The freehold land and buildings have been valued by the Trust on a fair value basis as at 31 August 2025, based on a valuation report prepared by Christie & Co, who are independent valuers. Al 31 August 2025, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their Carrying amount would have been approximately £4.796.316 12024.. £4.796,3161. Included within freehold land and buildings is an amount of £1,711,61212024.' £1,711,612> attributable to land, which is not depreciated. The adjustment lo cost of £14,101 relates lo Input VAT reclaimed on assets held al the dale of VAT registration. 16 Stocks 2025 2024 Food stock 5,608 7,518 -28-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 17 Debtors 2025 2024 as restated Amounts falling due within one year- Trade debtors Prepayments and accrued income 657,761 78,733 852,375 95,922 736,494 948,297 18 Credltors: amounts falllng due wlthln one year 2025 2024 as restated Not9$ Bank loans and overdrafts Other borro¥Mngs Other taxation and social security Deferred income Trade creditors Other creditors Accruals 20 20 1,100,511 699,880 409,873 1,327,146 696,581 691,659 121,752 186,316 106,896 1,853,194 302,242 898,183 110,322 5,047,402 3,457,153 19 Creditors: amounts falling due after more than one year 2025 2024 Notas Bank loans Other creditors 20 522,385 277,789 759,955 306,349 800,174 1,066.304 -29-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 20 Loans and overdrafts 2025 2024 Bank overdrafts Bank loans Other loans 894,207 728,689 699,880 946,271 2,322,776 946,271 Payable wthin one year Payable after Dne year 1,800,391 522,385 186,316 759,955 Amounts included above which fall due after five ye8rs". Payable by inslalmenls 37,900 Three bank loans are repayable over len and fifteen years. The loans are subject to an interest rale that is equal lo the Bank of England base rale +2Ok. They are secured upon certain freehold land and buildings held by the School and a fixed and floating charge over other assets. Other loans relate to a personal loan from a benefactor. 11 is repayable within 12 months and is subject to interest al the Bank of England base rate +20A. It is secured by a charge over rtain freehold land and buildings held by the School. 21 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At1 September 2024 Resources At 31 August expended 2025 Hardship Fund 3,014 3,014 Prevlous year: At1 September 2023 Resources At 31 August expended 2024 Hardship Fund 3,697 16831 3,014 3,697 683 3.014 The Hardship Fund was sel up to help parents affected due to Covid-19. 30-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 22 Unrestricted funds- designated These are unreslricled fvnds which are material lo the Trust's activities. At 1 Movemont in At 31 August September the year 2025 2024 Unrealised gains on the revaluation of property 5,968,684 247,122 6,215,806 Prevlous year: At 1 Movement In At 31 August Saptember the year 2024 2023 Unrealised gains on the revaluation of property 6,663,684 1695,0001 5,968,684 Imien the company's properties are revalued the difference betrNeen carrying value and cost is included within designated unrestricted funds. When a property is sold, the unrealised gain is deducted from designated unrestricted funds and recognised within general unrestricted funds. 23 Analysis of net assets between funds Unrestricted Unrestricted funds funds general designated 2025 2025 Restricted funds Total 2025 2025 At 31 August 2025: Tangible assets Current assetsllliabilitiesl Long tetm liabilities 5,685,894 14,307,135) 1800,1741 6,215,806 11,901,700 {4,304,1211 1800,1741 3,014 578,585 6,215,806 3,014 6,797,405 UnrgStrl¢tgd Unrgstrictod funds funds general deslgnated 2024 2024 Rg$trlct9d funds Totsl 2024 2024 At 31 August 2024: Tangible assets Current assetsllliabililiesl Long temi liabilities 5,074,803 12,396,627) 11,066,304) 5,968,684 11,043,487 12,393,613) {1,066,3041 3,014 1,611,872 5,968,684 3,014 7,583,570 31
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 Operating lease commitments Lessee Al the reporting end dale the Trust had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2025 2024 thin one year Beeen two and five years 63,450 117,087 72,711 180,537 180.537 253,248 25 Events after the reporting date In the period since the year-end, the Trust has completed a refinancing process with Handelsbanken, with a new lon*lerm loan replaang existing bank loans and reducing the level of bank overdraft. The Ttusl has also completed the disposal of a property asset for an amount of £2,500,000, less selling costs. The sale proceeds have partially been used lo repay the other borrowngs shown in note 18. 26 Related party transactions Remuneration of key management personnel The remuneration of key management personnel was as follows.. 2025 2024 Aggregate componsatlon 425,969 380,693 A number of Govemors have children who attend the school. The fees paid by those Governors are on the same temis and conditions as are charged lo any other parent who does not work al the school. A Governor of the school had children who allended the s¢hool and were in receipt of a bursary. In the duration of office of the Governor those children received bursaries amounting to £29,571 12024.. £27,585) in line with bursary awards lo other children. A Governor of the school had grandchildren who attended the school and were in receipt of a bursary. In the duration of office of the Governor those children received bursaries amounting lo £12,50012024.. £13,823) in line with bursary awards to other Children. 27 Memb&rs Ilablllty The charity has no share capital being a company limited by guarantee. Each member is required to contribute an amount not exceeding £1 per member in the event of a ¥hrinding up situation. 32-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 28 Pension costs During the year, the School participated in the Teachers, Pension Scheme l.the TPS.) for its leaching staff and The Pensions Trust's Growth Plan for non teaching staff. From 1 September 2024 onwards, the school has changed the basis on which they contribute lo the TPS and staff were given the option of remaining in the scheme under a new contribub.on basis, or moving to a defined contribution scheme. Prior to 31 August 2024, the School contributed 28.680/0 of a members.. pensionable salary to the TPS, with the member conlribuling between 7.40/0 and 11.75Qh. Under the new agreement, the School conlribules 190 of a members, pensionable salary with the member contributing the difference between this figure and the 28.68°A. This is in addition to their existing members, contributions. The lotsl pension charge for the year, in respect of all pension schemes was £488,28512024.. £542,704). Valuation of the Teachets. Pension Scheme The Govemmenl Actuary, using normal actuarial principles, conducts a fomial actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of ftjture contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The lalesl actuarial valuation of the TPS was carried out as al 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, sel by HMT, applying a notional Investment return based on 1.70h above the rate of CPI. The key elements of the valuation outcomes are Employer contributions rates set at 28.680k of pensionable pay (including a 0.080h adminislralion levyl. This is an increase of SOA in employer contributions and the cost control is such that no change in member benefits is needed. As noted above, the School has now restricted the level Df its contributions lo 19°kn.. Totsl scheme Iiabililies (pensions currendy in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets lestimated future contributions together with the notional investments held al the valuation dale) of £222,200 million, giving a notional past service deficit of £39,800 million. The result of this valuation was implemented from 1 April 2024. The ne*( valuation result is due lo be implemented from 1 April 2027. A copy of the valuation report and supporting documentation is on the Teachers. Pension website. Under the definitions of FRS102, the TPS is an unfunded mulli-employer pension scheme. The trust has accounted for its contributions lo the scheme as if il were a defined contribution scheme. 33-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 29 Cash absorbed by operations 2025 2024 Deficit for the year 11,033,287) 1366,3071 Adjustments for- IGainllloss on disposal of tangible fixed assets Interest paid Depreciation and impairment of tangible fixed assets 12,357 113,087 98,082 100,003 87,412 Movements in working capital.. Decreasellincreasel in stocks Decrease in debtors Increase in creditors {Decreasel in deferred income 1,910 211,803 519,334 1526.0481 18141 190,928 3,852 1261,3951 Cash absorbed by operatlons 1638,8731 1210,2101 30 Analysis of changes in net Idebtllfunds At 1 September 2024 Cash flow5 At 31 August 2025 Cash al bank and in hand Bank overdrafts 107,725 1106,5461 1894,2071 1,179 1894,2071 107,725 11.000,7531 1893.0281 Loans falling due within one year Loans falling due after more than one year Other borrowings 1186,3161 1759,9551 119,9881 193,794 1699.8801 120e,3041 1522,3851 1699,8801 1838,5461 11,526,827) {2,321,5971 34-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 31 Prior period adjustrnent As sel out in note 1.2, material errors have been identrfied in prior years. These have been corrected as follows.. The material error in respect of the recognition of deferred income has been corrected retrospectively in the comparative figures for the year ended 31 August 2024, including a reslalemenl of the balances as al 1 September 2023. The figures for the year ended 31 August 2024 have been reslaled lo indude the full amount of fees issued in August 2024, in respect of the Autumn 2024 lemi, wthin deferred income. The previous treatment incorrectly only recognised deferred income in respect of fees for the Auturnn 2024 temi which had been paid prior lo 31 August 2024. This correction has resulted in increases of £731,805 in both trade debtors and deferred incorne as at 31 August 2024. The opening position as al 1 September 2023 has also been restated to refiect the deferred income and trade debtors not recognised in respect of invoices issued in August 2023 for the Autumn 2023 term. This has resutted in increases of £847.751 in both trade debtors and deferred income as al 1 September 2023. These corrections have had no impaci of the stslemenl of finanaal activities or on any fund balances for eilhef year. The material error in respec* of the valuation of land and buildings has also been corrected retrospectively as market based valuations were available as al 31 August 2024 and 31 August 2023 bul a depreaated replacement cost valuation basis was used. The depreciated replacement $1 basis should have only been used if no reliable market based valuation existed. As a result of the restalernenl to market value, land and buildings are now induded in the comparative figures as at 31 August 2024 at £10,765,000, compared lo the previousty reported figure of £23,953,402. This reduces tangible fixed assets at that dale from £24.231,889 10 £11,043,487 wlh net assets being reduced from £20,771,972 to £7,583,570. The opening pK)silion as al 1 September 2023 has also been restated lo indude land and buildings at the market value £11,460,000, compar8d lo the previously reported figure of £24,556,042. The corredion of the valuation basis results in a restatement of the opening and closing balances for designated unrestricted funds, together wth the movement in the yeaT. The balance on this fund as al 31 August 2024 has been restated from £19,157,086 10 £5.968.684 (opening position reslaled from £19,759,726 to £6,663,684) wth totsl fund balances being reduced frorn £20,771,972 to £7,583,570 (opening position restated frorn £21,045,919 10 £7,949,877). The net reduction in funds during the year ended 31 August 2024 has increased from £273,947 10 £366,307 due lo the impact of the Correction in valuation ba818 on the profiv loss calculated on the disposal of land and buildings in the year. 35-