Wychwood School (Oxford) Limited

	Page
Strategic Report	1—2
Directors' Report	3—5
Independent Auditor's Report	6—9
Profit and Loss Account	10
Statement of Comprehensive Income	11
Balance Sheet	12—13
Statement of Changes in Equity	14
Statement of Cash Flows	15
Notes to the Statement of Cash Flows	16
Notes to the Financial Statements	17—26

The directors present their strategic report for the year ended 31 August 2025.

Principal Activity

The principal activity of the Company remains centred around the operation of an inclusive co-educational independent school in Oxford.A Wychwood education being defined by :

A school where academic rigor coexists alongside pastoral warmth.
Where engaged teachers inspire students to be true to their authentic self.
Where tradition informs innovative practices and processes.
Where the student voice is heard.

Review of the Business

We reflect on the ongoing operations of our school amidst the political change in the UK at the end of the previous financial year and the financial implications this had on this current year. The introduction of VAT on school fees across the independent school sector, together with increases in employer National Insurance contributions and the National Minimum Wage, added further cost pressures. This against a backdrop of geopolitical uncertainty and rising domestic inflation, calling for a pragmatic and conservative approach to strategic management.

Locally, an independent school merger and a further closure within the financial year emphasised challenges faced by the independent school sector as a whole. Despite this, Wychwood continues to perform in line with its long-term plan. The financial year ending 31 August 2025 achieving year on year growth and increased pupil numbers, culminating in positive operating cash generation, and a continued growth of pupil applications into the school. This success is a testament to the strong leadership of the Head, the dedication of our staff and the quality of education provided supported by the school’s two shareholders.

The Company's key financial and other performance indicators during the year were as follows:

Overall turnover increased by 9.8% before bursaries and discounts following a return of our ‘holiday derived’ and sundry income which increased 50% Year on year, to boost the overall net operating revenue by 5.2% ensuring a return to a positive operating cash generation over the financial year and a very significant reduction to the overall operating losses (post depreciation).
An independent revaluation of the school’s unencumbered freehold real estate assets, saw a notable improvement to the strength of the groups’ overall balance sheet.
The school continued to invest into its technology environment, completing network upgrades, whilst at the same time undertaking a major role out of student 1:1 personal devices together with upgrading of teaching spaces to include interactive whiteboards in every classroom.
In a competitive market, dominated by large, academically selective schools, Wychwood continues to invest in its communityactivities and general marketing to emphasise the benefits of a well-rounded, inclusive education that empowers its pupils to strive for intellectual excellence.
A subsidiary of the School is to finalise terms on a strategic joint venture that will provide the school with state of the art boarding accommodation by September 2028.

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Wychwood School (Oxford) Limited

Strategic Report (continued)

For The Year Ended 31 August 2025

Principal Risks and Uncertainties

The Board remains acutely aware of the political and financial challenges facing the sector in 2025/26 and beyond. In response, strategic decisions were made this year to invest in our growth to ensure long-term economic stability can be maintained. These decisions enhancing the physical environment offering to our pupils and proactively investing in the upkeep of the estate whilst also pioneering new academic pathways to sit alongside the core school curriculum that provide real opportunities in elite sports, conservatoire-level actor training and AI literacy.

At a more strategic level, subsequent to the year end, a subsidiary company of the school entered into discussions with a local developer investor regarding a potential joint venture arrangement for the future development of the Charlbury Road campus. At the date of approval of the financial statements, no formal agreement has been entered into and accordingly no adjustment has been made to the financial statements.

On behalf of the board

Mr S Tyrrell

Director

27/05/2026

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Wychwood School (Oxford) Limited

Company No. 12763747

Directors' Report For The Year Ended 31 August 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 August 2025.

Financial Instruments

Objectives and policies

Growth: continue the year-on-year growth in pupil numbers throughout the school, ensuring suitable diversity of both boys and girls.
Staff: through ongoing professional development and fostering a collaborative culture, support our staff to facilitate excellent academic outcomes.
Pupils: regularly review and refine the curriculum to stay relevant. Promoting academic rigor, whilst also exploring new pathways to better prepare pupils with both academic and digital literacy.
Other: A subisiary of the school is to finalise terms on a strategic joint venture that will provide the school with state of the art boarding accommodation by September 2028.

Continue our mission to provide:

Exceptional all-round academic attainment that celebrates individuality through significant value-added outcomes both in school and post-graduation.
Seek all opportunities to strengthen community ties locally, nationally, and internationally, fostering a deeper understanding of ‘peace’ and its connection to empathy and understanding of cultures

Price risk, credit risk, liquidity risk and cash flow risk

While uncertainties persist, supported by its two shareholders, the Board has remained nimble in its reaction to events and oversight of the school’s growth. By maintaining a defensive, loan-free position (excluding loans from group companies) and focusing on core areas that can deliver long-term sustained growth, we remain confident that the school maintains a strong footing for our pupils, parents, and broader school community for years to come.

Directors

The directors who held office during the year were as follows:

Mr J Weedon

Mr A Nott

Mrs D Croft

Mrs D Pluck

Mr S Tyrrell

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Wychwood School (Oxford) Limited

Directors' Report (continued)

For The Year Ended 31 August 2025

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

Each Director has taken the appropriate steps to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

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Wychwood School (Oxford) Limited

Directors' Report (continued)

For The Year Ended 31 August 2025

Independent Auditors

The auditors, Pennington Williams Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr S Tyrrell

Director

27/05/2026

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Independent Auditor's Report

to the Members of

Wychwood School (Oxford) Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Wychwood School (Oxford) Limited for the year ended 31 August 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

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Independent Auditor's Report (continued)

to the Members of

Wychwood School (Oxford) Limited

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

adequate accounting records have not been 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 or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—5, the directors 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 directors 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 directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Wychwood School (Oxford) Limited

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates. We identified the principal laws and regulations relevant to the entity, including those that have a direct effect on the financial statements and those that may have an indirect effect.

We discussed with management and those charged with governance the policies and procedures regarding compliance with laws and regulations. We also considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

The following laws and regulations were identified as being of significance to the entity:

Those with a direct effect on the financial statements, including United Kingdom accounting standards and the Companies Act 2006;
Those with an indirect effect on the financial statements, including regulatory requirements applicable to independent schools, safeguarding regulations, and tax legislation.Our audit procedures in response to these risks included:

Enquiries of management and those charged with governance regarding compliance with laws and regulations;
Inspection of correspondence with regulators and tax authorities;
Testing of journal entries and other adjustments, including those posted at the year end;
Reviewing accounting estimates for bias;
Performing substantive testing of transactions and balances, including revenue recognition and cut-off;

Performing analytical procedures to identify unusual or unexpected relationships;

We also evaluated whether there were any indications of management override of controls.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs

A further description of our responsibilities is available on the FRC’s website at:

https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/ auditors-responsibilities-for-the-audit/

This description forms part of our auditor’s report.

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Independent Auditor's Report (continued)

to the Members of

Wychwood School (Oxford) Limited

Mrs Lisa Jane Bean FCCA (Senior Statutory Auditor)

for and on behalf of Pennington Williams Limited , Statutory Auditor

28/05/2026

Pennington Williams Limited

Chartered Certified Accountants

Stanhope House

Mark Rake, Bromborough

Wirral

CH62 2DN

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Wychwood School (Oxford) Limited

Profit and Loss Account

For The Year Ended 31 August 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	3,563,151	3,246,280
Cost of sales		(732,668 )	(697,034 )

GROSS PROFIT		2,830,483	2,549,246

Administrative expenses		(3,047,596 )	(3,195,777 )
Other operating income		49,418	17,885

OPERATING LOSS AND LOSS FOR THE FINANCIAL YEAR		(167,695 )	(628,646 )

The notes on pages 16 to 26 form part of these financial statements.

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Wychwood School (Oxford) Limited

Statement of Comprehensive Income

For The Year Ended 31 August 2025

Statement of Comprehensive Income

	2025	2024
	£	£
LOSS FOR THE FINANCIAL YEAR	(167,695 )	(628,646 )
OTHER COMPREHENSIVE INCOME:
Gain on revaluation of property, plant and equipment	3,930,281	576,442

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	3,762,586	(52,204 )

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Wychwood School (Oxford) Limited

Balance Sheet

As At 31 August 2025

Balance Sheet

Registered number: 12763747

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	10		16,419,770		11,420,943
Investments	11		100		100

			16,419,870		11,421,043
CURRENT ASSETS
Debtors	12	863,423		1,252,742
Cash at bank and in hand		322,757		257,669

		1,186,180		1,510,411
Creditors: Amounts Falling Due Within One Year	13	(1,380,483 )		(1,778,566 )

NET CURRENT ASSETS (LIABILITIES)			(194,303 )		(268,155 )

TOTAL ASSETS LESS CURRENT LIABILITIES			16,225,567		11,152,888

PROVISIONS FOR LIABILITIES
Deferred Taxation	14		(2,221,337 )		(911,244 )

NET ASSETS			14,004,230		10,241,644

CAPITAL AND RESERVES
Called up share capital	15		27,390		27,390
Share premium account			9,834,218		9,834,218
Revaluation reserve			6,664,012		2,733,731
Profit and Loss Account			(2,521,390 )		(2,353,695 )

SHAREHOLDERS' FUNDS			14,004,230		10,241,644

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Wychwood School (Oxford) Limited

Balance Sheet (continued)

As At 31 August 2025

On behalf of the board

Mrs D Pluck Director	Mr S Tyrrell Director
28/05/2026

The notes on pages 16 to 26 form part of these financial statements.

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Wychwood School (Oxford) Limited

Statement of Changes in Equity

For The Year Ended 31 August 2025

Statement of Changes in Equity

	Share Capital	Share Premium	Revaluation reserve	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 September 2023	27,390	9,834,218	2,157,289	(1,725,049 )	10,293,848
Loss for year	-	-	-	(628,646)	(628,646 )

Surplus on revaluation	-	-	576,442	-	576,442

Other comprehensive income for the year	-	-	576,442	-	576,442

Total comprehensive income for the year	-	-	576,442	(628,646 )	(52,204)

As at 31 August 2024 and 1 September 2024	27,390	9,834,218	2,733,731	(2,353,695 )	10,241,644


Loss for year	-	-	-	(167,695)	(167,695 )

Surplus on revaluation	-	-	3,930,281	-	3,930,281

Other comprehensive income for the year	-	-	3,930,281	-	3,930,281

Total comprehensive income for the year	-	-	3,930,281	(167,695 )	3,762,586

As at 31 August 2025	27,390	9,834,218	6,664,012	(2,521,390 )	14,004,230

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Wychwood School (Oxford) Limited

Statement of Cash Flows

For The Year Ended 31 August 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	62,006	(24,260 )
Rounding differences		1	2

Net cash generated from/(used in) operating activities		62,007	(24,258 )

Cash flows from investing activities
Purchase of tangible assets		(25,534 )	(3,720 )
Proceeds from disposal of tangible assets		28,615	-

Net cash generated from/(used in) investing activities		3,081	(3,720 )



Increase/(decrease) in cash and cash equivalents		65,088	(27,978 )
Cash and cash equivalents at beginning of year	2	257,669	285,647

Cash and cash equivalents at end of year	2	322,757	257,669

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Wychwood School (Oxford) Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 August 2025

Notes to the Statement of Cash Flows

1. Reconciliation of loss for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Loss for the financial year	(167,695 )	(628,646 )
Adjustments for:
Depreciation of tangible assets	238,465	238,170
Movements in working capital:
Decrease in stocks	-	1,473
Decrease in trade and other debtors	389,319	436,036
Decrease in trade and other creditors	(398,083 )	(71,293 )

Net cash generated from/(used in) operations	62,006	(24,260 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	322,757	257,669

3. Analysis of changes in net funds

	As at 1 September 2024	Cash flows	As at 31 August 2025
	£	£	£
Cash at bank and in hand	257,669	65,088	322,757

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Wychwood School (Oxford) Limited

Notes to the Financial Statements

For The Year Ended 31 August 2025

Notes to the Financial Statements

1. General Information

Wychwood School (Oxford) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12763747 . The registered office is 74 Banbury Road, Oxford, OX2 6JR .

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Exemption From Preparing Consolidated Financial Statements

The company is a parent company that qualifies for the exemption from preparing consolidated financial statements under Section 400 of the Companies Act 2006 on the grounds that it is included in the consolidated financial statements of a larger group.

The consolidated financial statements of the larger group are prepared in accordance with applicable law and accounting standards and are available to the public. Accordingly, these financial statements present information about the company as an individual entity and not as a group.

The consolidated financial statements of Aspire UK Holdings Limited are available from the registrar of companies.

2.3. Significant judgements and estimations

Judgements in applying accounting policies

In the application of the company’s accounting policies, management is required to make the following significant judgements:

Revenue recognition

Judgement is applied in determining the timing of recognition of school fee income, including the treatment of discounts and concessions, to ensure income is recognised in the correct accounting period.

Classification of customer payments on account

The company receives payments in advance of services being provided. Judgement is required to determine whether such balances are recognised as deferred income or trade creditors.

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions concerning the future. The key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Valuation of land and buildings

Land and buildings are carried at valuation. The valuation is based on professional advice and incorporates assumptions relating to market conditions, condition of the properties and their existing use.

...CONTINUED

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Wychwood School (Oxford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.3. Significant judgements and estimations - continued

These assumptions are inherently subjective and changes in them may result in material adjustments to the carrying value of the properties in future periods.

Recoverability of trade debtors

The company assesses the recoverability of outstanding balances based on historical payment patterns and knowledge of individual families. Changes in circumstances may impact the level of provision required.

Recognition and cut-off of fee income

The company recognises fee income over the academic period. Estimation is required to ensure that income is recognised in the correct accounting period, particularly around the year end where term dates do not align with the financial year.

2.4. Turnover

Revenue is recognised to the extent that it is probable that economic benefits will flow to the entity and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and VAT. There are 3 main streams of income.

Tuition Fees

Fees are recognised in the term to which the service relates, on an accrual’s basis. Where fees are invoiced in advance of the related academic term, they are deferred and recognised as income in the appropriate period.

Recharges for Goods and Services

Revenue from the supply of goods and services is recognised at the point of delivery or when the risks and rewards of ownership have transferred to the purchaser. This typically coincides with the date of sale or service completion.

Rental Income Included in Other Operating Income

Rental income is recognised on a straight-line basis over the period of the rental agreement.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost or revaluation less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	over 50 years
Plant & Machinery	over 4 - 10 years
Fixtures & Fittings	over 3 - 6 years

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Wychwood School (Oxford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.6. Investments

Investments in subsidiary undertakings are stated at cost less any accumulated impairment losses.

Cost represents the amount paid to acquire the investment.

Investments are assessed for impairment at each reporting date and, where there is an indication that the investment may be impaired, the carrying value is written down to its recoverable amount.

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.8. Financial Instruments

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Timing differences arise from differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases.

...CONTINUED

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Wychwood School (Oxford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.9. Taxation - continued

Deferred tax liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted at the reporting date and that are expected to apply when the timing differences reverse.

Deferred tax relating to items recognised outside profit or loss, including revaluation gains, is recognised in other comprehensive income or directly in equity, as appropriate.

Deferred tax assets and liabilities are not discounted. Deferred tax assets are recognised within debtors and deferred tax liabilities within provisions for liabilities.

2.10. Pensions

The company operates a defined contribution pension scheme. Contributions are recognised as an expense in the profit and loss account as they fall due in accordance with the rules of the scheme.

Any contributions unpaid at the reporting date are recognised as a liability in the balance sheet.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Sales - Services	3,563,151	3,246,280

4. Other Operating Income

	2025	2024
	£	£
Rental income	44,968	17,586
Other operating income	4,450	299

	49,418	17,885

5. Operating Loss

The operating loss is stated after charging:

	2025	2024
	£	£
Bad debts	41,421	(9,834)
Depreciation of tangible fixed assets	238,465	238,170

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Wychwood School (Oxford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	6,725	7,200

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	1,703,424	1,868,002
Social security costs	171,608	179,500
Other pension costs	200,001	211,989

	2,075,033	2,259,491

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Administration and support	6	6
Teachers	48	48
Marketing & IT	2	4
Other Staff	8	9

	64	67

9. Tax on Profit

The tax (credit)/charge on the loss for the year was as follows:

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	-	-

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:

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Wychwood School (Oxford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

	2025	2024
	£	£
Profit before tax	(167,695)	(628,646)

Tax on profit at 25% (UK standard rate)	-	-
Total tax charge for the period	-	-

10. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost or Valuation
As at 1 September 2024	11,746,019	128,541	286,911	12,161,471
Additions	-	10,930	14,604	25,534
Disposals	(21,678 )	(4,259 )	(16,771 )	(42,708 )
Revaluation	5,240,374	-	-	5,240,374
Other	(739,715 )	-	-	(739,715 )

As at 31 August 2025	16,225,000	135,212	284,744	16,644,956

Depreciation
As at 1 September 2024	565,692	61,715	113,121	740,528
Provided during the period	175,602	26,272	36,591	238,465
Disposals	(1,579 )	(4,254 )	(8,259 )	(14,092 )
Other	(739,715 )	-	-	(739,715 )

As at 31 August 2025	-	83,733	141,453	225,186

Net Book Value
As at 31 August 2025	16,225,000	51,479	143,291	16,419,770

As at 1 September 2024	11,180,327	66,826	173,790	11,420,943

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Wychwood School (Oxford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

Cost or valuation as at 31 August 2025 represented by:

	Land & Property
	Freehold	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
At cost	7,339,651	135,212	284,744	7,759,607
At valuation	8,885,349	-	-	8,885,349

	16,225,000	135,212	284,744	16,644,956

As the company registered for VAT in the year the disposals in the year include the VAT claimed on assets still in use.

Revaluation

The freehold property was revalued by an independent RICS qualified valuer on 15 October 2025 on the basis of market value.

The valuation was performed using comparable market evidence and professional judgement. The directors have determined that the valuation is representative of the fair value of the property as at 31 August 2025, and that there were no material changes in market conditions between the year end and the valuation date.

Included in the fixed assets summary above listed as Other, is the reversal of accumulated depreciation on the revalued assets.

Had the property been carried under the historical cost model, the carrying amount would have been £7,339,651 (2024 - £7,339,651).

11. Investments

	Subsidiaries
	£
Cost
As at 1 September 2024	100

As at 31 August 2025	100

Provision
As at 1 September 2024	-

As at 31 August 2025	-

Net Book Value
As at 31 August 2025	100

As at 1 September 2024	100

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Wychwood School (Oxford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

12. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	83,475	510,150
Prepayments and accrued income	59,920	57,279
Other debtors	9,796	4,495
Amounts owed by group undertakings	-	4,032
Amounts owed by subsidiaries	-	676,786

	153,191	1,252,742
Due after more than one year
Amounts owed by subsidiaries	710,232	-

	863,423	1,252,742

13. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	55,635	89,031
Amounts owed to group undertakings	286,755	30,768
Amounts owed to participating interests	48,750	-
Other creditors	246,555	422,588
Taxation and social security	125,254	40,694
Accruals and deferred income	617,534	1,195,485

	1,380,483	1,778,566

14. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	2,221,337	911,244

	2025	2024
	£	£
Opening Balance	911,244	719,097
Revaluation of tangible fixed assets	1,310,093	192,147

	2,221,337	911,244

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Wychwood School (Oxford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

15. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
13,969 Ordinary Shares of £ 1.00 each	13,969	13,969
13,421 Ordinary A shares of £ 1.00 each	13,421	13,421

	27,390	27,390

16. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £200,001 (2024: £211,989).

At the balance sheet date contributions of £37,414 (2024: £39,167) were due to the fund and are included in creditors.

17. Related Party Disclosures

During the year the following related party transactions occurred.

A directors child attended the school and incurred fees of £28,988 (2024 £25,841). The charges were at the normal rates for a child attending the school.

Summary of transactions with parent

The school paid management fees to the parent company Aspire UK Holdings Limited in the year of £75,833 (2024 - £59,850)

Included in creditors is £48,750 (2024 £,16,445 ) owing to the company by its parent company Aspire UK Holdings Limited. There is no interest paid on this balance and it is repayable on demand.

Included in creditors is £14,323 (2024 £14,323 ) owing to group company Albion Schools Partnership Limited (Based in Hong Kong) which has control over the parent company Aspire

UK Holdings Limited. There is no interest paid on this balance and it is repayable on demand.

Summary of transactions with subsidiaries

Included in debtors more than one year (note 12) is £710,232 (2024 £676,786 shown in debtors less than one year) owed by a subsidiary Wychwood Court (Oxford) Limited. The balance is unsecured, interest free, has no formal repayment terms and is not expected to be repaid within one year.

Summary of transactions with other related parties

Included in creditors is £272,433 (2024 £4,032 Debtors) owed to a connected company Wychwood School Charity Limited. No interest is charged on the outstanding balance and the loan is repayable on demand.

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Wychwood School (Oxford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

18. Controlling Parties

The company's immediate parent undertaking is Aspire UK Holdings Limited , incorporated in England and Wales.

The ultimate parent undertaking is E3 Capital Partners Limited (incorporated in Virgin Islands, British).

The most senior parent entity producing publicly available financial statements is Aspire UK Holdings Limited . These financial statements are available upon request from the registrar of companies.

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