Highclare School IA company limited by guarantee) Govemors, Report and Consolidated Financial Statements for the Year Ended 31 August 2025 Registered number.. 1074596 (England & Wales) Registered charity nUrnr.. 528940
Highclare School Financial Ststements For the Year Ended 31 August 2025 Contents Pages Governors and General Information Strategic Report Governors, Report Independent Audilorfs Report 10-13 Consolidated Statement of Financial Activities 14 Consolidated Balance Sheet Company Balance Sheet 16 Consolidated Sialemenl of Cash Flows 17 Notes lo the Consolidated Financial StslenEnls 18-32
Highclare School Governors and General Information Governors: J A Barrett (Presidenll Mrs L E Flowith (Chairman) J R Blain ACA Mrs P A Mayall A l Hazel Mrs S D Walson A B Davison Mrs A Moore Head: Miss F Smith. Bsc Hons (Brunell, PGCE, FRSA Educational establishments.. Highclare Preparaloiy School. Woodfield Pie-Preparalory and Preparatory 241 Birmingham Road Wylde Green Sutton Coldfield West Midlands B72 1EA Highclare Preparatory School". St. Paul's Pre-Preparalory and Preparatory 88 Lichfield Road Sutton Coldfield Wesl Midlands B712SY Highclare.. The Abbey Senior School and Sixth Form 10 Sutton Road Erdington Birmingham B23 6QL Registered office: 241 Birmingham Road Vvylde Green Sutton Coldfield Wesl Midlands B72 1EA Bankers: HSBC Bank PIC The Bridge Walsall WSI 1LN Audltors: Malcolm Piper & Company Limited Kingsnorth House Blenheim Way Kingslanding Birmingham B44 8LS Senior managemont personnel.. Miss F Smith Mrs S Cassell Mrs P Bennell (Resigned 31 December 20241 Mrs M P A McGoldrick Mr M Coles Mrs J Griffilhs Mrs H Good (Stood down 1 September 2024) Charity number.. 528940 Company number: 1074596 Page 1
Highclare School Strategic Report Objectlves and Activities The principal activity of the GroLJP remains the provision of tuition and general education facilities lo pupils between two and eighteen years The objectives of the Charity are.. lal To promote and provide for the advancement of education and training and in connection therewith to conduct, carry on, acquire and develop in the United Kingdom or elsewhere any boarding or day school or schools for the education of children and young people.. Ibl To provide facilities in the interest of social welfare fof the recreation and leisure lime occupation for children and young people with the object of improving their conditions of life. For over 90 years. Highclare has been pursuing its policy of encouraging pupils lo achieve their full potential within a stimulating academic environment and to pursue excellence. The Highclare philosophy goes much further than educational excellence." we endeavour lo work with both pupils and parents lo equip our pupils lo cope with the pressures of modern society. These skills are encapsulated in 'The Highclare Difference, The School's focus continues lo be on achievement of academic performance by a learning curriculum that is broad and balanced and kept constantly under review, the widening of access to the education provided by the School. enhancing the use of technology in leaching and improving the School's facililies and their access by the local comrnunily. Over the peric*, there was once again extensive refurbishment lo continue the rolling programme of essential upgrading of the internal and external infraslruclure of all school buildings, Including external and Internal refurbishment and de¢oralion at our three school locations. Rgcruitment and Tralnlng of Governors Governors are familiar with the aims, objectives and practical operation of the School, often either by being parents or grandparents of pupils who are currently being educated at the School or hav1ng had pupils attend the School in the past or by virtue of possessing skills which are of specific benefit lo the Board of of Governors New Governors are appointed by the Board of Governors and elected al an Annual General Meeting following completion of 12 months of service Additionally. new Governors are provided with a copy of the lalesl financial statements and Memorandum and Articles ofAssocialion as well as a copy of the Charity Commission's guidance. 'The Essential Trustee. What you need lo know, what you neecl lo do,. Governors undertake training as and when required appropriate to their specific neecjs and responsibilib'es. We have slrenglhened our processes with regards to safeguarding training this year. The Governors determine the strategy and general polic1es of the School and meet as a Board at least 10 times a year. The implemenlalion of the slralegy together with the day-to-day management of the School is delegated to the Head and the Senior Leadership Team. Group Structure and Relationships As reported in the financial statements last year and as delaiSed in note 13 to these financial slalemenls, a simplification ol the group strijcture was legally and formally completed on 3 October 2024. which transferred all assets ol the subsidiary undertakings lo the School As the subsioliary undertakings no longer served any purpose. applications lo strike the off were submitted lo Companies House. Page 2
Highclare School Strategic Report Leadership and Management Suzanne Cassell became the Designated Safeguarding Lead IDSLI for the School in September 2024 and in January 2025, Joanna Griffilhs look up her new role as Head of Highclare Preparatory School. These two Internal appointments also resulted in the Senior Leadership Team ISL Tl being duced lo 5 permanent positions (Head, Head ol Preparatory School, 2 x Senior School Deputy Heads and Business Manager), with Associate Deputy and Assistant Heads joining the Extended SLT once per half term. Achievements and Performance The School entered both the ISA Awards and the Independent Schools of the Year Awards in Summer Term 2025, being shortlisled as a linalisl in the category for Marketing Communication lor Independent Schools of the Year Awards. The Independent Schools. Inspeclorale IISII carried out a focussed compliance and educational quality inspection ln April 2023 Their judgements were.. 'The quality of pupils, academic and other achievements is excellent. 'Pupils throughout the school display strongly posikn've altitudes lo learning. both independenuy and collaboratively. 'Prep school pupils demonslrale excellent study skills. 'The quality of the pupils. personal development Is excellent." 'Pupils deeply respect and value diversity within their school and show a keen appreciation of their own and other cultures. 'Pupils throughout the school demonstrate excellent self-knowledge, self-discipline and resilience in all aspects of their school lives. 'Pupils' moral understanding is highly developed and they maturely take responsibility for their own behaviour.. 11 is anlicipaled that the next ISI Inspection will lake pla in Spring of 2026 and preparation for this began in the current academic year. Academic achievement is a matter of record, with our pupils winning places at top independent and maintained grammar schools al 11 + and gaining their Choi of university or apprenticeship after the Sixth Form. Academic results during the year were once again very good with a 980/0 pass rate at 'A' Level", and 659/0 passes al A. C grades lincluding EPQI. AI GCSE, 720/0 of the candidates achieving grades 9 10 4 IA. lo C equivalenll in five or more subjects. 170/0 of grades were g 10 7 and 740/0 of pupils achieved a grade 4 or higher in Maths and English. These grades were achieved alongside taking part in a full extra-curricular limelable", in keeping with the Highclare ethos of educating the whole person. Thè strength of leaching, processes and the dedication and continued hard work and application from staff and pupils placed us firmly amongst the lop independent schools in the region. Page 3
Highclare School Strategic Report Icontinued) Achievements and Perforrnancg Icontinugdl Academic 'value added,, using the CEM Cenlre's Yellis measures. continues lo be Indicative ol the good progress that the pupils make. This year's average residual is -0.14 which is similar lo last year and indicates candidates have achieved expected progress. The curriculum was reviewed across both The Preparatory School and Senior School. A new Preparatory School English curriculum was introduced focused on dynamic and chall?nging loxls. Staff were supported by an internal English consultant lo prepare and deliver the new curriculum lo the highest standards and parent workshops were also held. The new KS3'super-curriculum' was finalised with Heads of Department for irnplantalion from September 2025. Both these inilialives lie Into our'The Highclare Difference, branding. Throughout the year both the Senior and Preparatory Schools continued lo provide a vast range of co- curricular and extra-curricular activity. Highclare School is dedicated to educating the whole person and allowing them lo fulfil Iheii potential in so many ways through sport, music, drama. the Duke of Edinburgh Award scheme and the many activities and Inps both local and abroad offered lo pupils, Including in October 2024, 3 trip to Thailand. These activities complement the learning through the curriculum and enrich personal development. This is what Highclare School is all about. giving the opporlunilies to pupils lo learn important skills such as leadership, time management. teamwork, persistence and to grow in both self-confidence and self-assurance. In the Senior School, extra-curricular clubs before school, at lunch and after school continued lo play a huge part in the development ol our pupils. Clubs included". football. netball. table tennis. choir. rock band, current affairs, 'woof Wednesday,, board games. drama, chess and science. Highclare Sports Field continues to be used weekly in the double lessons, primarily for football and for cricket, making use of the Aslrolurf wicket. The pupils in U31L4 continued lo have a weekly swimming lesson al Erdington Le1SLJre Cenlre, which is a fantastic opportunity for their development. The School won the Society of Heads U16 Football Tournament," the final taking place in May 2025. Prep School sport is enhanced via the extra-curricular clubs before school, al lunchtime and after school. Clubs inclLJded football. netball. hockey. basketball, ballet, tennis. mulli-sports and dancing. Highclare Sports Field continues lo be used by the Prep School 4 times a week and they also share facilities at the Senior School or across Prep School siles. Swimming is laughl weekly for pupils in Reception, Year 1 and Year 2 and then on a half lermly basis for pupils in Years 3 10 6. Fixtures lake place for all pupils throughout the school (Year 1 upwards) In all sports such as swimming, Iri-golf and hockey. Last year we played approximately 65 fixtures against other schools. These were both competitive and friendly. The Duke of Edinburgh's Award Scheme. which was established al Highclare School in 2013, continues lo flourish. The awards involve a wide range of activities including sport, expeditions and volunleeiing, all of which the pupils have to organise loi themselves. This demands a great deal ol personal Input along with the tremendous support from the leaching staff involved, who also give up their free lime to supervise the expeditions and manage the programme. This year saw 11 pupils sign up for Bronze and g for Silver, with 15 pupils completing the Bronze Award and 4 completing the Silver Award (signed up in previous years). Music and drama continue to play an extremely important part in school life. Many events look place and many of the pupils maintained their progress via the interaction with the numerous visiting music teachers who continue lo do so much valuable work. The London Academy of Music and Dramatic Arts I LAMDA") is an extremely popular extra-curricular activity. which allows pupils lo grow in confidence and develop their Individuality. This has continued to flourish and, once again, many pupiSs look exams during the year with almost all results being graded as Merit or Distinction. Page 4
Highclare School Strat8gic Report (continued) Achievements and Performance Icontinuedl We continue lo enter external competitions, including the annual ISA Art competition. Alhough there were no winning entries this year, the standard continues lo be high. The Preparatory School continues to promote the ongoing and 811-round development of all pupils in a nurturing and caring environment. The Govemors offer their congratulations to the pupils who participated in these achievements and thank the teachers and parents for their commitment and support. Pastoral care continues lo be a strength of the School with comprehensive policies on Personal, Social, Health and Citizenship Education IPSHCEI, Social, Moral, Spiritual and Cultural aspects of Learning ISMSCI and careers guidance, together with an outstanding tutor system. School continues lo work within the regulatory framework with regard lo relationship and sex education and iesponded positively lo the national Inilialives on equity, diversity and equality that schools were asked to implement. The School began a new subscription to 'The Wellbeing Hub, in September 2024 an online support platform for pupils. parents, schools and teachers. The platform includes resources for lessons in school as well as advice for pupils and parents. 11 also includes access to live and recorded webinars for parents on a variety of topics and these are advertised in the School's weekly newsletter. Community Involvement The School has an on-going commitment lo encourage all pupils of every age lo engage lal appropriate levels) in community involvement. These include community carol singing, visits lo residential and care homes and invitations lo members of the community and local schools lo attend a number of school events such as concerts and plays. The School gifted a membership subscription lo the Wellbeing Hub lan online wellbeing platform lor pupils and families) lo Edmund Campion School In Erdinglon. Chanty play5 a huge part in both the Senior and Preparatory Schools. The charities chosen by the sludenl councils on each sile this year were Canine Partners. Sl Giles Hospice and the water sanitation project in Chiang Mai (Thailandl which was a focus of the senior school trip lo Thailand in October 2024. We also continued lo support Shoe Aid, the Erdinglon Foodbank and Lions International spectacle recycling initiative. During the year the School raised £1 D,947 A fLJrther £2,079 was raised as an Individual event for Sl Giles Hospice with the pupils taking part In their annual Rudolph Run. We supported Comic Relief this year. raising £312. This year has also seen the School donating gifts of food for the Trussell Trust foodbank operated in Erdington. Pupils have also collected and donated used spectacles to Lions Internationa5. The Governors are extremely grateful to the pupils and their parents for these considerable fund-raising efforts, which were even more necessary during the cost-ot-living crisis lo assist those within the community who are struggling lo cope. The Competitions in art and creative writing for local primary schools again took place this year The art competition, in the Spring, attracted 153 entries from 8 schools on the theme of a 'hero which could be interpreted In many ways, bul was linked to the 801h anniversary of VE Day whilst the creative writing competition focussed on writing a piece Inspired by art work from the National Gallery lo celebrate ils 1001h anniversary and attracted 139 entries from 6 schools. We were able lo welcome participants into school for the presentslion events. Nèighbouring primary schools and local sporting teams enjoy the use of the School's recreational facilities al both the Senior School and Highclare Sports Field and the Church next door are able to use the car park every weekend when they are open, within current reslriclions and able lo provide services lo the community. Page 5
Highclare School Stratsgic Report (continuedl Community Involvement lcontinuedl The Trustees have considered their response to the change to the law. as embodied in the Charities Act 2011, requiring that public benefit can no longer be presumed bul musl be demonslraled. In addition, they have had due regard for Charity Commission guidance on the subject. The Governors consider that these wider involvements and contributions lo the community clearly demonslrale the greater public benefit requirements are being mel. Scholarship Awards Academic scholarships are awarded lo pupils who perform particularly well In our entrance assessments and have already demonslraled a Considerab degree of all round commitment lo their current school. Additional specialist scholarships are also awarded for those pupils showing a particular talent in music or sport and the Head's Award recognises those whose contribution to School life is likely lo be signifi'cant, bul not recognised by the existing scholarship framework. Bursaries are offered based on financial needs. The Highclare School Governors. Prize is a means-lested bursary available annually if all the necessary requirements are mel lo cover up lo 100°kn of school fees for one pupil upon entering Senior School in U3 Iyear 71. The School currently has awarded this bursary lo eight pupils.. ranging from current U3 (Year 71 to L6 (Year 121. Financial Review Fee income has fallen slightly this year lo £7,211,418 from 2024.. £7,290.518, which reflects national economic and inflationary pressures on family ineomes and a small fall in overall pupil numbers. The school continues to make savings in overheads and costs wherever possible. There was a conb'nued and necessary annual rolling rep5arnent piogiamme of IT facilities, including the replacement of interactive smart boards. computers, servers and Wi-Fi provision to ensure that both pupils and staff continue to benefit from enhanced inleraclive teaching. There have been many other significant enhancements this year which included". Investment in licences for online platforms including the Wellbeing Hub and Morrisby which supports Careers education and guidance. The next phase of the school-wide boiler replacement and healing upgrade programme". A new telephone system across the whole school. providing simplified access lo school departments for parents and staff members. Continued upgrades to internal decoration across all siles. Further roll Dut of Paxton security system lo entrances and doors. The refurbishment of reception facilities al the Senior School. Staff professional learning and development has included an external qualification for a School Wellbeing Lead and Level 7 course lo ensure our SENCO has the necessary qualifications in line with the maintained sector requirements. Re$¢rv9s Policy 11 is the policy of the Charity lo maintain separate reserve funds for specific purposes The Charity aims lo relain at a minimum consolidated unreslricled reserves equiv81ent lo thè carrying value of the tangible fixed assets (excluding any unrealised revaluation adjuslmenlsl, which amount lo £5,155.236 as al 31 August 2025 12024.. £5,167,058), as a contingency in order lo maintain the stable operation of the School in the case of future unforeseen events. 11 remains the objectivè ol the Board of Governors for the reserves to continue lo incrèase until this minimum largel is met and through careful m2nagement and control of operational costs. The unreslricled reserves have been maintained al the year-end. Consolidated unrestricted reserves al 31 August 2025 amounted lo £4,959.65312024 £5,044,813). Page 6
Highclare School Strategic Report (continued) Risk Managgment The major risks. to which the Charily is exposed, as identified by the Governors, have been reviewed and systems have been established lo mitigate those risks. A risk register has been established and is updated throughout the year. Frignds of Highclare School {"FOHS"I The FOHS plays a very important part in the School, organising events for the pupils and parents and raising funds for the School. They are a committed and dedicated group of parents who aim lo provide the best they can for the School. They also kindly operate a second-hand School uniform shop that is Used by the parent body. Child Protection Codg of Practice It is the policy of Highclare School lo provide a safe and secure environment in which pupils can thrive and develop and where all aspects of their welfare will be safeguarded. The Safeguarding Policy is embedded within School life and is updated annually. This includes additional and nècessary considerations for physical as well as psychological health, safety and well-being of all our pupils. Our DSL is also undertaking CPD lo gain a Mental Health and Wellbeing Lead Qualification. Plans for Future Periods The Governors, plan is to continue to improve the educational and academic achievements of pupils by the provision of enhanced facilities. Constant monitoring of performance. and the potentially changing landscape of rules and requirements, means that the School's medium lo long term strategy is kept under review and any changes that are necessary will be considered and implemented. The School is in the process of achieving an externally accredited Wellbeing Award. We are also developing our School brand, as recognised recently in the Independent School of the Year Awards, around 'The Highclare Difference. and investing in resources to support this. e g. introduction ol the Highclare Diploma al Highclare Senior School. This includes one-to-one laptop deployment when pupils join Senior School. this is a rolling programme which will lake 4 years lo Complete lin September 2025, Year 7 and Year 8 will be issued with laptops). The School continues its major school wide capital investment programme where appropriate. The siles currently occupied by Abbey Fire Ltd and the former Sign Services at the front of the Senior School Site on Birmingham Road are scheduled for demolition in late summer 2026 so that the land can be brought into the Highclare Senior School campus. Additionally, the School's schedule of rolling maintenance in respect of areas such as roofing, rainwater pipes and fire security continues across all three locations as required. lo ensure a high quality-learning environment is maintained for the pupils. Approved by the Board on 21 January 2026 and signed on ils behalf by.. JRBra Governor Page 7
Highclare School Governors, Report The Governors submit their report and the audited consolidated financial slalemenls of the Group for the year ended 31 August 2025. The Governors have adopted the provisions of the Statement of Recommended Ptaelice ISORP} 'Accounling and Reporting by Charities, IFRS 1021 in preparing the Annual Report and Financial Statements. Structure, Governance and Management The Company is limited by guarantee and is registered as a charitable educational trust. There is no share capital. Its Memorandum and Articles of Association govern thè Company. Governors, rgsponsibilities The Governors (who are also directors of Highclare School for the purposes of Company Lawl are responsible for preparing the Annual Report (including the Strategic Reportl and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company Law requires the Governors lo prepare financial slalemenls for each financial year, which give a true and fail view of the stsle of affairs of the Charitable Company and the Group arid of the income and expenditure of the Group and Charitable Company for that period. In preparing those financial stslemenls, the Governors are required lo. select suitable accounting rx)licies and apply them consistently,. observe the methods and principles in the Charities SORP IFRS 1021", make judgements and eslimales that are reasonable and prudent,. slate whether applicable UK Accounting Standards have been followed, subject lo any departures disclosed and explained in the financial slalemenls". prepare the financial statements on the going concern basis unless il is inappropriate lo assume that the Group or charitable company will continue in operabon. The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the financial position of the Group and Charitable Company and enable them lo ensure that the financial slalemenls comply with Companies Act 2006. They are also responsible for safeguarding the assets of the Group and Charitable Company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The Governors are also responsible for ensuring that the assets are properly applied in accordance with Charity Law. The Governors who were In office on the dale of approval of these financial statements have confirmed, as far as they are aware, th81 there Is no relevant audit Information of which the Group and Charitable Company's auditor is unaware Each of the Governors have confirmed that they have taken all steps that they ought lo have taken as Governors In order to make themselves aware of any relevant audit information and lo establish that il has been communicated to the auditor. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charitable Company's website. Legislation in the United Kingdom governing the preparation and di5seminalion of financial slalements may differ from legislation in other jurisdictions. Page 8
Highclare School Governors, Report (continued) Organisational Management The Oireclors ol the Company are also Charity Trustees for the purposes of Charity Law and ullder the Company's Articles are known as Governors. The Governors are all members of the Cofflpany serving in a non-execulive capacity and receive no emoluments. The day-to-day management of the School is delegated lo the Head and the Senior Leadership Team. The Governors who served in the year ended 31 August 2025 were". J A Barrett (Presidenti Mrs L E Flowilh (Chaimanl J R Brain (Treasurer) Mrs P A Mayall A l Hazel Mrs S D Walson A B Davison Mrs A Moore Mr J R Brain. Mrs P A Mayall and Mr A l Hazel retire by rolalion al the forthcoming Annual General Meeting and. being eligible., offer themselves for re-election al the Annual General Meeting. Auditors Malcolm Piper & Company Limited, as auditors. will be proposed lo the Governors for re-election al the Annual General Meeting. Approved by the Board on 21 January 2026 and signed on its behalf by.. J R Brain Governor Page 9
Independent Auditor's Report to the Governors of Highclare School (A Company Limited By Guarantee} (Registration number 1074596) Year Ended 31 August 2025 Opinion We have audited the financial statements of Highclare School Ithe'parenl charitable company'l and its subsidiarias Ithe'Group I for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities. Consolidated Balance Sheet. Company Balance Sheet. Consolidated Cash Flow Statement and notes to the financial $18lements, including significant accounting policies. The financial reporting ffarnework 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 Practice). In our opinion the financial statements.. give a true and lairview of the slate of the Group's and parent charitable company's affairs as at 31 August 2025, and of the Group's incoming resources and applicatitsn of resources, including its incotne and expenditure, for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basi8 for opinion We conduded our audit in accordance with IntematnaI Standards on Auditing IUKI IISAS IUKII and applicable law. Our ie5ponsibilities under those standards are further described in the Auditor's responsibilities lor the audit of the financial stalemenfs section of our report We are independenl of the Group and parent charitable company in accordance with the ethical ieouiremenls that are relevant to our audit of the finanryal statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 18 SLrfFicient and appropriale to provide a basis ftsi our opinion. Conclusions relating to going con¢em In auditing the finan¢ial statèments. we have concluded that the Govemors, use of the going concern basis of accounting in the preparation ol the financial slalement5 is appropriate. Based on the work we have performed, we have not identifièd any matèrial uncèrtaintiès rèlah.ng to events or conditions that, individually orcolleclively. rnay cast 51gnificant doubt on the GIoup'5 or parent charitable company's ability to continue as a going concem for a pencxy of at kast e1ve months trom whtrn the finanlial statements are aulhorised for issue. Our responsibilities and the responsibilillos ol th8 Governors with 1gSPe¢t lo going con¢8rn are desoribed in the relevant sections of this report. Other infom)ation The other infomiat'on comprises the Information induded irTr thé Governors. annual report, olhgl than the fin8noial statements and our auditor's report Ihereon. The Governors are responsible for the other informztion contained within the annual report. Our opinion on the financial statements does not cover the other information and. exTrpt lo the extent otherwise explicitly slated in our report, we do not express any form ol assurance conclusion Ihereon Our reswnsibilily is to read the other Informahon and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtain8d In the couise of the audit or otherwise appears to be maleiiÈlly tnisstated. 11 we identify such rnaterial inconsistencies or apparent material misstatements, we are required to deteminé whether this gives rise to a material misstatement in the finanaal stalemellts themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other Infoirnation. we are required lo report that f8Ct. We have nothing to report In Ihi5 regard. [¢onliniJed. Page 10
Independent Auditor's Report to the Governors of Highclare School (A Company Limited By Guarantee) (Registration number 1074596} (continued) Year Ended 31 August 2025 Opinions on other matters prescribed by thè Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit. the information given in the Governor5. Report lincorporaling the Strategic Report and the Governors Report) for the financial year for which the financial statements ale prepared is consistent with the finanaal slalernents,. and the Strategic Report and the Govemors. Report have been prepared in accordan with applicable legal iequiremenls. Matters on which we are qUired to report by exception In the light of our knowledge and understanding of the Group and parent Charitable cornpany and its environment obtained in the course ol the audit, we have not identified material misstslements in tre Strategic Report and the Governors, Report. We have nothing lo report in respect ol the flOw1rng matters In rè181ion lo which the Companies Act 2006 requires us lo report lo you if, in our opinion". adequate accounting records have not been kept by the parent ¢h8rilable company, or returns adequate for our audit have not been received from blanches not visited by us, or the parent charitable cornpany's financial statements are not in agreèment with the accounlin9 records and returns., or certain disclosures of directors, remuneration specified by law are not made", or we have not received all the informab'on and explanations we require lor our audit. R•sponsibFlities of Governors As explained morè fully in the Governors. responsibilities statement set out on page 8 the Governors Iwho are also the Directors of the chantae company for the purposes ol Company Lawl are responsible lor the preparatiorl of the financial statements and for being satisfied that they give a true and fair view, and for such internal tontiol as the Governors determine Is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Gc)vernors are responsible for assessing the Group's and paient charitable company's ability to continue as 8 going concern. disclosing. as applicable. matters related to going concern and using the going concem basis of aOUntsng unless the Govemors either intend lo liquidate the Group or the parent charitable company or to cease operations, or have no realistic akernalive bul to do so. Auditorfs responsibilitie5 for the audit of the financial slalements We have been appointed auditor under the Companies Act 2006 and report in accordance with this Acl. Our objectives ale to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fiaud or error, and to issue an audilorfs report that includes our opinion. Reasonable assuran¢e is 8 high level of assurance bul is not a guarantee that an audit conducted In accordance with ISAS IUKI wll always delect a material misslalement when it exists. Misstatements can arise from fFaud 01 error and are considered materi81 if, individually or in the aggregate, they could reasonably be expecte(I to influence the economic decisions of users taken on the basis of these financial slalements. [continued ..] Page11
Independent Auditor's Report to the Governors of Highclare School (A Company Limited By Guarantee) (Registration number 10745961 (continued) Year Ended 31 August 2025 Irregularities. including fraud. are instances of non-cornpliance with laws and regulations. We design procedures n line with our responsibilities. including fraud as detailed below.. We obtained an understanding of the legal and regulatory frameworks that are applicable to Highclare School, I'lhe Group and Company'l and determined that the most significant are those that relate to the UK reporting fratllework Ljnder which the Company prepares its accounts and reports its results and the relevant UK tax compliance regulations. In addition, we conduded that there are certaill significant law5 and regulations that rnay have an effect on the delerrnination ol the amounts and disclosures in the financial statements and those laws and regulations include those relating to health and safely, employee matters, environmental, and bFibery and corrupb.on pral¢e8.. Having due regard lo ISA 240 IRedraftedl. The Audrtorfs Responsibilities Relating lo Fiaud in an Audit of Financial Statements. we planned and designed our audit procedures to undertake such enquiry and testing which w¢ deetned necessary to understand how the Company is complying with Ihose frameworks. We tnade enquiries of thè direGtors. senior management and those responsible for legal and compliance procedures within the "Group and Company" and we corroborated our enquiries by reference to other documentary evidence, where availablè, or other complimentary or compensating evidence and with other correspondence received and noted that there was no contradictory evidence.. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material mi5-5tatemenls lfi the finanryal statements. even though we have properly planned and performed our audit in accordance with auditing standards For example. the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial slalements, the less likely the Inherently limited pdureS required by auditing standards would identify it. In addition. as with any audit, there remained a htgher risk of non-d8leGtion of traud. a8 these invdve collusion. forgery, intentional omissions. misrepfesentations, or the over-ride ol Internal controls. Our audit procedures are designed lo detect material rnis- statement. We are not responsible for preventing non-cornpliance or fraud and cannot be expected lo delect non- compliance with all laws and iegulations. In designing the scope and depth ol our Wofk to assess th8 likely Impact on the financial statements of fraud and other irregularities. we calculate a rnateriality level which Is a perntage based upon tumover. profitability and gross balance sheet assets. This calculation pr(>duces a figure against which finanoal s18ternenf errors and irregularities are Compared and indicates a level at which. in our opinion and judgement, this would cause transactions and balances within the financial statements to be misleading or rnaterially incorre¢t We also assessed the sUSp11bI1ltY of the Consolidated Financial Statements ol Group and Company" lo material misslatement Ljsing qualitative as well as quantitative factors. in¢luding how fraud might occur, and designed our audit testing and enquiries in such a way 50 as to enable us to identify the fraud risks across various parts of the business. In addition, we ulilised Internal and external inlomation to perfortn a fraud risk a5sessrnenl as part of our audit planning and testing predUr•S. We considered the risk of fraud through management override of ¢onlrols and systems and. In response. we incorporated testing of large or unusual manual journal entrie5 into our audrt approach. We also cons4dered the possibility of fraudulent or corrupt payments made through third parties and conducte¢Y detailed analytical review and substantive transaction testing on third party suppliers. Where inslanc8$ of unvsual behaviour patterns were identified through our testing. we perfortned additional audit procedures to address each identified risk. These procedures included testing of transactions back lo source information and were designed lo provide reasonable assurance that the linanaal statements were free from IiaLtd Of error. We also conducted specific audit procedures in relation to the risk ol bnbery and corruption by means ol review of any rnarketing. promotion or discount activity determined by a risk-based process, Based on the results ol our risk assessment we designed our audit pr¢)cedures to identify non-compliance with such laws and regulation5 Identified above. Our procedures Involved journal entry testing. with a focus on journals meeting our defined nsk crrteii3 based on our understanding of the business and enquiries of "Group and Company, management." and 11 any instances of non-compliance with laws and regulations were identified. the audit team perfom)ed sufficient and appropriate audit procedures. [wi?hnued ..J Page 12
Independent Auditor's Report to the Governors of Highclare School (A Company Limited By Guarantee) (Registration number 1074596) (Gontinuedl Year Ended 31 August 2025 Because of the inherent lirnitations of an audit. there is a risk that we wll not delecl all irregularities. includiw those leading to a material misstatement in the financial slatements or non-compliance with gUlatIOn. This risk increases the more that compliance with a law or regulation 5$ removed from the events and Iransactions reflected in the financial statements, as we will be less likely lo becorne aware of instan$ ol non-compliance. The risk is also greater regarding irregularities occurring due to fraud ratheF than error, as fraud involves intentional concealment, forgery. collusion, omission or MIspresentatIon. A further description of our responsibilities for the audit ol the finanaal statements is located on the Financial Reporting Council's website al.. wwv4.Irc.org.ukJaudilorsresponsibilities. This description foms part of our auditor's repori. Use of our report This report is rnade solely to the charitable company's members. as a body, in accordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the Group and charitable company s mernbers those mallers we are qUired lo slate to them in an audilo¢s report and for no other purpose. To the fullest extent permitted by law. we do not accept 01 assume responsibility to anyone other than the Group and charitable company and the charitable company's members as a body, for our audit work. lor this report. or for the opinions we have fomed. Peter Vvhitehead BA FCA Senior Statutory Auditor For and on behalf of Malcolrn Piper & Company Lirniled Kingsnorth Housè Blenheim Way 8imingham &44 8LS Dated." 21 January 2028 Page 13
Highclare School Consolidated Statement of Financial Activities lincluding Income and Expenditure Account) for the year ended 31 August 2025 Unrestrlcted funds 2025 Restrleted funds 2025 Total funds 2025 Total funds 2024 Note Income trom: Charitsble activities School fees receivable Regislr81ion fees School activities & trips 7,211,418 10,327 106,473 7.211,418 10,327 106.473 7,290,518 13,187 141,948 Investments Rents and lettings 8,250 8,250 8,250 Other Other income 428,795 428,795 382,528 Total income 7,765,263 7,765,263 7,836.431 Resources exp9nded Expenditure on: Charitable activities School operating costs School activities and trips Governance costs School finance wsls 17,436,753) 1106,4731 111.4251 131,9071 1401 17,436.7931 1106,4731 111,4251 31,9071 17,282,6731 1141,9481 111,4251 145,6551 Exceptional Items 10 1263,861} 1263,8611 1177.0321 Total expenditure 17.850,4191 1401 {7,850,4591 17,658,7331 Net Income 185.1561 1401 185.1961 177,698 Transfers belmeen funds 20 Net movement in funds for year 185,1581 1401 185.1961 177,698 Total funds brought forward at 1 September 2024 5,044,813 604 5.045.417 4,867,719 Total funds carried forward at 31 August 2025 4,959,657 564 4.960.221 5,045,417 All income and expenditure is derived wholly from continuing operations. The consolidated slalerrEnl of financial aclivib'es includes all gains and losses recognised during the year. The notes on pages 18 to 32 form an integral part of these financial slalemenis. Page 14
Highclare School Consolidated Balance Sheet at 31 August 2025 {Registration number 1074596) Note 2025 2024 Fixed assets Tangible assets 12 5.155,236 5,167,058 5.155,236 5,167,058 Current assets Debtors Cash at bank and in hand 14 161,102 2.380,746 228,092 2.927,280 2,541,848 3.155,372 Creditors. Amounts falling due within one year 15 12,353,983) 12,808.2351 Net currgnt assets 187,865 347,137 Totsl assots less current liabilities 5.343,101 5,514,195 Crgditors.. Amounts falling due more than one year 16 1382,8801 1468,778) Total net assets 4,960,221 5.045,417 Charity Funds Restricted Funds 20 564 604 Unrestricted Funds General unreslricled funds Revaluation reserves 20 20 4.653,884 305,773 4,693,337 351,476 4.960,221 5,045,417 These financial slalements were approved and aulhorised for issue by the Board on 21 January 2026 and signed on its behalf by. Govemor Mrs L E Flowiih Govemof J R Brain The notes on pages 18 10 32 form an integral part of these financial slalemenls Page 15
Highclare School Balance Sheet at 31 August 2025 (Registration number 1074596) Noto 2025 2024 Fixod assets Tangible assets Investment 12 13 7.407,347 7,464.872 7.407.347 7,464,873 Current assets Debtors Cash at bank and in hand 14 161,102 2,380,746 228,092 2,927,280 2,541 3.155,372 Creditors.. Amounts falling due within one year 15 12,353,983) 12.808,2401 Net current assets 187,865 347,132 Totsl assets less current liabilities 7,595.212 7,812,IX)5 Creditors.. Amounts falling due after more than one year 16 1382.880} {468,7781 Total net assets 7,212,332 7,343,227 Charity Funds Restricted Funds 20 604 Unrestricted Funds General unreslricled funds Revaluation resetves 20 20 7.127,738 84.030 7,258.593 84,030 7.212.332 7,343,227 These financial slalements were approved and authorised for issue by the Board on 21 January 2026 and signed on ils behalf by. Governor Mrs L E Flowiih Governor J R Brain The notes on pages 18 to 32 fomi an integral part of Ihe8e financial stslements Page 16
Highclare School Consolidated Cash Flow Statement for the Year Ended 31 August 2025 Note 2025 2024 Net cash inllow from operatlng actlvltles 22 1307,9501 1,192,423 Cash flow from Investlng actlvltles Payments to acquire tangible fixed assets Receipts from sale of tangible fixed assets Rents received from investment properties 1134,4671 5.438 8,250 1305,4001 8.250 Net cash flow from Investlng actlvities 1120,7791 895,273 Cash flow from financing activities Repayment of loans Loan interest paid 185,8981 131,9071 185,8971 145,6221 Net cash flow from financing activities 1117,8051 1131,5191 Net increase Idecreasel in cash and cash equivalents IS46,5341 763,754 Cash and eash equivalents at 1 September 2024 2,927,280 2,163,526 Cash and cash equivalents at 31 August 2025 2,380,746 2,927,280 Cash and Cash equlvalents conslst ol: Cash al bank and in hand 2.380,746 2,927,280 Page 17
Highclare School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 1. Accounting Policieg General Information and Basis of Accounting The Charity is a Company Limited by Guarantee in the United Kingdom. The members ol the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member ol the Charity. The address oflhe registered office is given in the Charity information on page 1 of the financial slatemenls. The nature of the Charity's operations and principal activities are detailed in the Strategic Report on page 2. The Company has taken advantsge of section 62 of the Companies Act 2006 and deleted the word °Limiled from ils name. The Charity constitutes a Public Benefit Entity as defined by FRS 102. The financial slalements have been prepared in accordance with Accounting and Reporting by Charities. Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021. the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice The consolidated financial statements have been prepared under the historical cost accounting convention, other than in the case of certain freehold properties and Investment properties, which are slated al valuation. The consolidated financial slalements are prepared in sterling, which is the functional currency of the Charity and rounded lo the nearest pound. There are no discontinued operations. The significant accounting policies applied In the preparation of these financial slalements tor the Group and Ch8rilable Company I'charily'l are sel out below. These ptslicies have been consistently applied to all years presented unless otherwise slated Basis of Consolidation The Group financial slalemenls consolidate the financi81 slalements of the company and its subsidiary undertakings, Highclare Investments Limited Icompany registered number 029639341 and Highclare Limited Icompany registered number 029639381. Inlra-group transactions and profits are eliminated on consolidation. No separate slalemenl of financial activities is presented for the Company as permitted by section 408 of the Companies Act 2006 The Company had total income from charitable activities of £7,328,21812024. £7,445,6531, income from investments of £8,25012024'. £1,174,120) and other income of £428,795 12024.. £382,528). Total expenditure on charitable activities was £7,588,965 12024". £7,424.5911, governance and finance costs of £43,332 12024.. £57,080) and exceptional items of £263.861 12024" £177,032). The net108s for the ye8r amounted lo £130,895 Inet income 2024. £1,343,598) Funds Unrestricted funds are funds which are available for use at the discretion ol the Trustees in furtherance of the general objectives of the Charity and which have not been designated lor other purposes. Restricted funds are funds whrh are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund The aim and use ol each restricted funds 15 set out in the notes lo the f1nancial statements Income Recognition All income is included in the Slalemenl of Financial Activities when the Charity is legally enlilled lo the income after any performance conditions have been mel. the amount can be quantified with reasonable accuracy.. and it Is probable that the income will be received. Page 18
Highclare School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 (continued) Accounting Policies Icontinuedl Donations For donations lo be recognised the Charity will have been notified of the amounts and settlement dale in writing. If there are conditions attached lo the donalion. and this requires a level of performance before entillemenl can be obtained, then income is deferred until those conditions are fully mel or the fulfilmenl of those CondlI0nS is within the control of the Charity and it is probable that they will be fulfilled. Donations receivable for the general purposes of the school arè credited to unreslricled funds. Donations subject lo specific wishes of the donors are credited lo relevant reslricled funds. Charitable Income Fees receivable and charges for services are accounted for in the period In which the service is provided. Fees receivable are ststed after deducting allowances. scholarships and other remissions allowed by the school. Investment Income Investment income is earned through holding assets for investment purposes such as property It includes interest earned and rent Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs 11 Is Included when the amount can be measured reliably. Interest and rental income are recognised as the charity's right lo receive payment 15 established. Expenditure Recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or conslrucb've obligation lo make payments to third parties, il is probable that the seitlemenl will be required. and the amount of the oblig21ion can be measured reliably. All costs are incurred in the furtherance of the charitable aclivilies. Costs of Raising Funds Costs of generating funds are those costs incurred in allracling voluntary income and those Incurred in trading activities that raise funds. Charitable Activities Charitable activities include expenditure on providing education and include both direct costs and support costs relating to the activity. Support Costs Support costs are those that assist the work of the Charity bul do not directly represent charitable activities and include central functions and governance costs. They are incurred directly In support of expenditure on the objectives of the Charity. Where support costs cannot be directly attributed lo particular headings they have been allocated lo cost of raising funds and expenditure on charitable activities on a basis consistent with the use of resources e.g. staff costs by the time spent and other costs by their usage. Governance Costs Governance costs comprise the costs of running the Charity, Including strategic planning for Ils future development, external audit, any legal advice for the Governors and all the costs of comptying with conslitulional and slalulory requiiements. such as the cost of Board and Committee meetings and of preparing slatulory accounts and satisfying public accountability. Lgases Rentals paid under operating leases are charged lo income in the period lo which they relate. Page 19
Highclare School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 (continued) Accounting Policies Icontinuedl Tangible Fixed Assets Tangible fixed assets acquired are capitalised in the balance sheet al their original cost or valuation. Items costing less than £750 are written off as an expense In the period In which they are acquired. Depreciation is provided on all tangible fixed assets other than freehold land al rates calculated lo write each asset down to its eslimaled residual value evenly over ils expected useful life. as folOw$ Freehold properties Leasehold improvements Fixtures, fittings and equipment Computer equipment Iteachingl Motor vehicles Investment pioperties up lo 50 years straight line up lo 50 years straight line between 2 and 5 years slraighl line a maximum of 4 years straight line a maximum of 5 years stra1ghl line not depreciated Assets under Construction Costs incurred in fixed assets under construction are capilalised as they are incurred The total cost of the project will be assessed against ils realisable value upon completion of the project and il will then be transferred lo the appropriate asset category No depreciation Is chargèd during the project construction. Where a project is aborted, the costs are immediately wr1tten off lo the Slalemenl of Financial Activities I'SOFA'I. Investment Properties Investment properties are accounted for in accordance with FRS 102, which provides that these should not be subject lo periodic depreciation charges (unless held on lease), but should be shown at fair value. This is contrary to the Companies Act 2006. which slates that, subject lo any provision for depreciation or diminution in value. fixed assets are normally lo bè staled at purchase price or production cost. Current cost accounting or the revaluation of specific assets lo fair value, as determined at the dale of their last valuation. Is also permitted. The Irealmenl of investment properties under the Companies Act does not give a true and fair view, as these assets are not held for consumption but 88 inveslmenls, the disposal of which would not materially affect the operations of the Group. In such a case, it is the current value of these inveslmenls, and changes in that Current value. which are of prime importance. Consequently, lor the proper appreciation of the financial position, the accounting treatment required by FRS 102 is considered appropriate for investment properties. Details of the current value and historical cost information for investment properties are given in the Tangible Fixed Asset note Investments Fixed asset investments In subsidiaries are measured al historical cost less provision for any permanent diminution In value. Debtors and creditors receivable I payable within one year Debtors and creditors with no slated Interest rale and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the SOFA. Loans and borrowings Loans and borrowings are Initially recognised at the Ir8nsaclion price including transaction costs. Subsequently, they are measured al amortised cost using the effective interest rale method, less impairment. If an arrangement conslitules a finance transaction. it is measured al present value. Page 20
Highclare Schoo Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 (continued) Accountlng Pollcies Icontinuedl Impairment Assets not measured al lair value are reviewed for Indi¢alions that thè asset may be impaired al each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unil, is estimated and compared to the carrying value. INhere the carrying amount exceeds ils recoverable amoijnl, an impairment loss is recognised In the SOFA. Provlsions Provisions are recognised when the Charity has an obligation at the balance sheet dale because of a past event," it is probable that an outflow of economic benefits will be required in selllement,. and the amount can be reliably estimated. Employee Benefits When employees have rendered service lo the Charity, short-term employee benefits to which the employees are enlilled are recognised al the undiscounted amount expected lo be paid in exchange for that service. The Charity operates a defined contribution pension plan for the benefit of ils employees. Contributions are expensed to the SOFA as they be¢orne payable in accordance with the rules of the scheme. Taxatlon The Company is registered as a Charitable Educational Trust and, under the provisions of Section 505, Income and Corporation Taxes Acl 1988, Is exempl from liabilities lo laxalion on ils charitable aclivilies. No corporation lax liability arises on the iesults of the subsidiary undertakings for the year. Government Grants The company receives government grants in respect of the HM Job Retention Scheme and other local government support inilialives Income from government and other grants are recognised al lair value when the company has entiuemenl after any performance conditions are mel, it Is probable that the income wi15 be reIVed and the amount can be measured reliably If enlillemenl is not mel, these amounts are deferred. Going ¢oncern Having reviewed the cash posib'on. the Governors consider that the Group has adequate resources to continue ils current operations and pursue ils Long Term Strategy, as they believe il has the ability to meet ils debts as they fall due Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. Income from Charitable Activities During the year, no donations were received and classified as reslricled funds. All charitable income for the current and prior year Is attributable to unreslricled funds. Income from Investments All investment income for the current and prior year is attributable to unreslricled funds. Income from Other Activities 2025 2024 other Income 428.795 382,528 Other Income is attributablè lo unrestricted funds. Page 21
Highclare School Notes to the Consolidated Financial Ststements for the Year Ended 31 August 2025 (continued) School Operating Costs Unrestrieted funds 2025 Restricted funds 2025 Total 2025 Totsl 2024 Salaries Teaching rnalerials Kitchen expenses Rent, rates and insurance Heat and light Cleaning Training Repairs and maintenan Motor and transport School activities and trips Unrecoverable VAT 5,108,314 278,267 564,290 163,091 223,154 189,806 11,048 268,535 48,528 106,473 45,824 5,108,314 278,267 564,290 163,091 223,154 189,806 11,048 268,535 48,528 106,473 45,824 4,965,169 215,940 548,618 109,001 215,003 213,072 13,049 396,*6 43,892 141,948 Depreciation.. Fixtures, vehicles and equipment Freehold buildings Profil on disposal of fixed assets 110,433 30,418 5,438 110A33 30.418 5.438 134.193 40.438 Support costs: Printing and slalionery Advertising Sundry expenses Professional charges Bank charges and interest 167,560 29.557 78.368 101,246 56.208 167,560 29,557 78,408 101,246 56,208 198.762 18.234 78,233 67,368 81,815 40 7,586,558 40 7,586,S98 7,481,701 All expenditure for the current and prior year is in respect of the furtherance of the charitable activities of which £4012024 £301 was allribulable lo reslricled funds and £7.586.55812024 - £7,481.6711 was attributable lo unrestricted funds. Included within school operating costs are school activities and trips. governance costs Inole 81 and school finance costs Inole 91, which have been disclosed separately on the Sialemenl of Financial Activities. Governance Costs Unrestricted funds 2025 Restricted funds 2025 Total 2025 Total 2024 Auditors, remuneration Inole 111 11,425 11,425 11,425 Page 22
Highclare School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 (continued) staff Costs The average monthly number ofempk)yees and full-lime equivalents IFfEI during the year was as follows". 2025 2024 Number FTE Number FTE Teachers Adminislralion Auxiliary staff 108 30 21 90 23 13 106 27 20 88 22 12 159 126 153 123 2025 2024 Staff costs foT above persons.. Wages anot salaries Social security costs Other pension costs 4.452,535 411,352 244,427 4,371,883 359,910 233,376 5.108.314 4,965,169 There were five 12024.. five) employees whose emoluments as defined for taxation purposes amounted to over £60,000. Their emoluments fell within the following bands.. three £60,000- £70,000 12024 Ihreèl one £70.001 £80,000 12024. onel, nil £80,001 £90,000 12024: one) and one £100,000 £110,00012024. niS1. Pension costs in respect of the above employees lolalled £32.97412024.' £31,689). Deflned contrlbution penslon scheme The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in independently administered funds. Five 12024.. lourl higher paid employees are acciuing benefits under the group defined contribution pension scheme. The lolal pension costs charge lo all schemes represents contributions payable by the Group and amounted lo £244,42712024. £233,376). Trustees, and Key Management Personnel Remuneratlon and expenses The Governors do not receive any remuneration from the School, have no accruing pension arrangements and had no expenses ieimbursed in either the year lo 31 August 2025 or the previous financial year. The total amount of employee benefits received by key management personnel is £426.07612024'. £505.3921. The Charity considers its key management personnel are the Senior Leadership Team. Page 23
High¢lare School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 (continued School finance costs 2025 2024 Bank loan Interest 31,907 45,622 10. Exceptional Items Exceptional items relate lo amounts incurred during the year, which are not of a recurring nature. These are as follows. 2025 2024 VAT recovered on regislialion VAT on school fees borne by school Legal and professional lees In respect of various planning and other strategic related work 191.388 1455.249 1177,032} 1263,861) 1177.0321 11. Total Resources Expended 2025 2024 Total reSoUS expended on charitable aclNilies includes.. Depreciation of iangible fixed assets Surplus on disposal of tangible fixed assets Auditor's remuneration in respect of non-audil services 125,567 5.438 6.300 177,491 5,670 Govemance costs includes". 2025 2024 Akjditors. remuneration In respect of audit serve5 for audit services for other services 11,425 6,300 11,425 5,670 17,725 17,095 Page 24
Highclare School Notes to the Consolidated Financial Ststements for the Year Ended 31 August 2025 (continued) 12. Tanglble Flxed Assets Fixtures. rittings, vehicles & equipment Investment properties Freehold properties Total Group Cost or valuatlon Al 1 September 2024 Additions Disposals 219,162 6,167,680 2,136,838 134,467 118,3551 8,523,680 134.467 118.3551 At 31 August 2025 219,162 6,167,680 2,252,950 8,639.792 Depreciation At 1 September 2024 Charged In the year Disposals 1,727,658 30.418 1,628,964 110,433 112,9171 3,356.622 140.851 112,9171 At 31 August 2025 1.758,076 1,726,480 3.484,556 Net Book Value Al 31 August 2025 219,162 4.409,604 526,470 S 155,236 Al 31 August 2024 219,162 4,440,022 507,874 5.167,058 Company Cost or valuation Al 1 September 2024 Additions Disposals 219,162 7,360.909 2,136,841 134,467 118,3551 9,716,912 134.467 118,3551 Al 31 August 2025 219,162 7,360,909 2.252,953 9,833,024 Depreciation At 1 September 2024 Charged in the year Disposals 623,076 76,121 1.628,964 110,433 112,9171 2,252.040 186.554 12,9171 At 31 August 2025 699,197 1,726,480 2.425,677 Net Book Value Al 31 August 2025 219,162 6.661,712 526,473 7807,347 Al 31 August 2024 219.162 6,737,833 507,877 7,464,872 Page 25
Highclare School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 (continued) 12. Tangible Fixed Assets Icontinuedl On an historica5 cost basis the freehold property would be Included al.. Group 2025 Company 2025 2024 2024 Cost Depreciation 5.638,202 11.726,0311 5,638,202 11.695,6131 7.309,374 1697,6461 7,309,374 1621.5251 3.912,171 3,942,589 6,611,728 6,687,849 Freehold land and buildings at 241 Birmingham Road, Wylde Green were re-valued cturing the year ended 31 August 1995 al open market value with vacant possession by Wealherall, Green & Smith, independent chartered surveyors. The Governors are satisfied that this valuation remains appropriate, and currently have no intention to perform further revaluations. The transitional rules sel out in FRS 102 - 'Financial Reporting Standards applicable in the UK and Republic of Ireland, were applied on implemenlalion of FRS 102. Accordingly. the book values at implementation have been retained as deemed cost. The Governors are aware of their responsibilities lo ensure that there has been no impairment to the value al which the properties are Included In the financial slalemenls. Based on advice and enquiry of appropriate professionals the Governors are confident thal the value of the freehold properties al the date of transition to FRS 102 is not impaired and the ultimate market value exceeds the book values retained al implementation of FRS 102. On a historical cost basis the investment piopety would be included 21". Group Company 2025 2025 2024 2024 Cost Depreciation 219.162 219,162 219,162 219.162 219,162 219,162 219.162 219,162 In accordance wrth the requirements of FRS 102. but contrary to the requirements of the Companies Act 2006, investment properties are not deprec1aled. Instead, their on9oing current value is reviewed annually, which the Governors consider necessary in order lo show a true and fair view. The property was acquired in 2005 and is slated at wsl The Governors consider that ils current market value at 31 August 2025 is in excess of ils accounts carrying value Included in Group freehokl land and buildings Is land with a lolal cost or valuation of £1,027.50012024. £1,027,500) which is not depreciated. All fixed assets other than the investment properties are used for direct charitable purposes. Page 26
Highclare School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 (continued) 13. Investment The On 3 October 2024 the company completed the legal formalities for simplification of the group structure which involved the reduction of share capital in the subsidiary undertaking, Highclare Investments Limited (company registered number 029639341 whereby 949.999 ordinary shares of £1 each were extinguished reducing the cost of investment to £1. As part of the group reconstruction on 3 October 2024 the inve51menl of 1 Ordinary £1 share in Highclare Limited (company registered number 029639381 was transferred lo the company. Due to the material nature of the trsnsaction this was treated as an adjusting post balance sheet event and reflected in the accounts to 31 August 2024 leaving the investment of 1 Ordinary Share 12024." 11 of £1 in Highclare Investments Limited and 1 Ordinary Share12024'. 11 of £1 in Highclare Limited. Both companies are wholly owned subsidiaries. The principle activity of both subsidiaries was property ownership and management and both are incorporated in England. Neither company traded In the current or previous financial year. A5 they no longer served any purpose to the group, applications to strike them off were submitted lo Companies House. On 4 November 2025 the application lo strike off Highclare Limited was granted and the company was dissolve. The app5ic21ion lo strike off Highclare Investments Limited is still in progress. The investment of £2 was therefore written off in these financial slalemenls lo reflect this post balance sheet event. Highclare Investments Limited Highclare Limited 2025 2024 2025 2024 Summary profit account and loss Tumover Adminislralive exttnses Excepts"onal Items 1,304,122 993,692 Net profit for the year 1,304,122 993,692 The assets and 1k3bilits.es of the subsidiaries were.. Current assets Total net assets Aggregate share caplial and reserves Page 27
High¢lare School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 (continued) 14. Debtors Group 2025 Company 2025 2024 2024 Due within one year.. Oulslanding fees VAT recoverable Other debtors Prepayments 30 65,897 33,162 62,013 30 65,897 33,162 62,013 144.190 83.897 144,190 83,897 161,102 228,092 161,102 228,092 15. Creditors- Amounts falling due within one year Group 2025 Company 2025 2024 2024 Bank k)ans Trade creditors Fees in advan Other taxation and social security Other creditors Accruals Deferred income Friends of Highclare School Fund Amounts owed to group 85,898 385,041 887,147 87,103 339,302 106,675 456,342 6,475 85,898 495.938 646.709 82,005 455,571 188,354 849,234 4,526 85,898 385,041 887,147 87,103 339,302 106,675 456,342 6.475 85,898 495,938 646,709 82,005 455,575 188,354 849,234 4.526 2,353.983 2,808,235 2,353.983 2,808,240 Bank loans and overdrafts are secured by a fixed charge over book debts and a floating charge over all other assets of the Group, together with mortgages over certain freehold properties. 16. Creditors.. Amounts falling due after more than one year Group 2025 Company 2025 2024 2024 8ank loans 382,880 468.778 382,880 468,778 See Maturity of borrowings note. Page 28
Highclare School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 Icontinuedl 17. Maturity of Borrowings Group 2025 Company 2025 2024 2024 Bank loans Amounts fall due on the bank loans as follows". Within one year Beeen one and years Betweèn two and five years Over five years 85,898 85,897 257,693 39,290 85,898 85,898 257,693 125,186 85,898 85,897 257.693 39,290 85.898 85,898 257,693 125.186 468,778 554,676 468,778 554.876 Bank loans for the group and company include the following". lal A mortgage loan which had a remaining balan at the year-end of £368,77812024. £438,0091 carries interest at the Bank's Sterling Base Rale plus 10/0. This loan is repayable by lermly instslments of £23,077 which commenced September 2013 and ends in 2028. Ibl A second loan with a remaining balance al Ihe year-end of £100,00012024'. £116,667), which is repayable by tefmly capital inslalments of £5,556 payable on 1 September, 2 January and 1 May commencing on 1 September 2013 and ends in 2033. The loan carries interest at the Bank's Sterling Base Rale plus 3.OOQ/o and is paid monthly. 18. Operating leases At 31 August 2025, the School was committed to making the following payments under non- cancellable operating leases These commitments are analysed as follows.. Group 2025 Company 2025 2024 2024 Other Within one year Bebmeen one and five years Over five years 51,088 74,066 143,000 51.088 114.154 154.000 51,088 74,066 143,000 51,088 114.154 154.000 268.154 319,242 268.154 319.242 Included in the operating leases disclosure above is a twenty-five year tenancy lease with Birmingham City Council signed on 6 September 2018 over land referred to as "Highclare Sports Field" Under this agreement, there is a five yearly rent review. 19. Contingent liabilities In the event that bank boTiowings arise, the Company has guaranteed by a fixed and floating charge the bank borrowing of other Group undertakings which lolalled £468.778 at the year-end 12024 £554.6761. This charge was satisfied in full after the year-end and the cross guarantee released. Page 29
Highclare School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 (continued) 20. Funds Reconciliation Group Asat1 September 2024 Asat31 August 2025 Income Expenditure Transfers Restricted funds Unreslricled funds Revaluation reserve 604 4,693,337 1401 17,850,419) 564 4,653.884 7,765,263 45,703 351,476 {45,7031 305,773 Total funds 5,045.417 7,765,263 17,850,459) 4,960,221 Company Asat1 September 2024 Asat31 August 2025 Income Expenditure Transfers Reslricled funds Unreslricled funds 604 7,258,593 1401 17,896,118) 564 7,127.738 7.765,263 Revaluation reserve 84.030 84.030 Total funds 7,343,227 7,765,263 17,896,1 S81 7,212.332 Fund descriptions a) Unrestricted funds The unreslricled funds are retained as necessary to meet the general requirements of the School. The Charity aims lo relain consolidated unreslricled reserves equiva5enl to the carrying value of the tangible fixed assets (excluding any unrealised revaluation adjuslmenlsl, which amount lo £5,155,236 as at 31 August 202512024.. £5,167,058) as a contingency in order lo maintain the stable operation of the School in the case of future unforeseen events 11 remains the objective of the Board of Governors for the reserves lo continue to increase until this minimum largel is mel and through careful management and control of operational costs. The unrestricted reseTves have been maintained al the year-end. Consolidated unreslricled reserves at 31 August 2025 amounted lo £4.959,65712024'. £5,044,813). as shown in the notes above b) Restricted funds During the year, prizes of £4012024.. £301 were awarded. The remaining reslricled funds £564 12024". £6041 relate lo donations received for prize funds al Seniors Speech Day and for use by the Music, Modern Foreign Language and Physical Education departments. cj Revaluation reserve The revaluation reserve represents unrealisèd suipluses on the revaluation of fixed assets lo market value in prior years. An amount is transferred to the unreslricled fund each year on the same basis that the asset 15 depreciated Page 30
HighclaTe School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 (continued) 21. Analysis of net assets between funds Group Unrestricted funds Restricted Funds Total Funds Fund balances at 31 August 2025 are represented by: Tangible fixed assets Current assets Current liabilities Long term liabilities 5.155,236 2.541,284 12.353.9831 1382.880} 5.155.236 2.541.848 12,353.9831 1382,8801 564 Total nel assets 4,959,657 564 4,960,221 Unrealised gains included above on tangible fixed assets Company Unre$tri¢ted Funds R¢strict¢d Funds Total Funds Fund balan¢es at 31 August 2025 are represented by.. Tangible fixed assets Investment Current assets Current liabilities Long tem liabilities 7,407,347 7,407,347 2,541,284 12,353,983) 1382,8801 2,541,848 12,353,9831 1382,8801 Total nel assets 7.211,768 7,212,332 Unrealised gains included above on tangible fixed assets 22. Reconciliation of net income to net cash flow from operating activities 2025 2024 Nel income for year 185,1961 177,698 Rents received from Inveslrnent properties Depreciation of tangible fixed assets Surplus on disposal of tangible fixed assets Amortisation of intangible fixed assets Inlèresl payable Ilncreasel in debtors Increase in creclitors 18,2501 140,851 18,2501 177,491 31,907 66,989 1454,2511 45,622 188.9731 887,835 Nel cash flow from operating activities 1307,9501 1,192.423 Page 31
Highclare School Notes to the Consolidated Financial Statements for the Year Ended 31 August 2025 (continued 23. Transactlons involvlng Governors Governors. interests in contracts. During the financial year ending 31 August 2025. £nil12024 £90.8481 was invoiced by Jon Flowith & Partners. The fees relate to building, planning and othèr complex strategic property mallers lor the school. Mrs Louise Flowilh, the Chair of Governors and a p2rtner in that consulting practice. absented herself from discussions and instructions lo the partnership, which were given expressly lo her husband Jon Flowilh. a Chartered Surveyor, by designated Governors. All transactions were provided on an arm's length basis and appropriate safegu2rds and govèrnance processes observed. This amount was paid in the year ending 31 ALJgust 2025 No amounts have been accrued in respect of the work done prior lo the year end bul not yel invoieed12024 £6,000). As part of ils insurances the Group maintains cover for the Governors and officers against liabilities in relation lo their duties lo the School. The cost for 2025 was £3.08012024." £3,080). 24. Related party transactions There is no controlling party. The Company has taken advantage of the exemptions not to disclose inlra-group transactions on the basis that all subsidiaries are 1 OOVO owned and all transactions with other Group companies are eliminated in the consolidated financial slalements. Page 32