2021-08-31-accounts

Charlty Reglstration No. 1102931 Company Registration No. 5023969 (England and Wales) FINAL Dec 21 PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021

PRESTFELDE SCHOOL LIMITED CONTENTS Page Company inform81ion Directors. rewrt {incorporaling the Strategic report} Independent audito¢s report 19 Financial statements of the group and company 23 Notes to the Financial Statement 28

PRESTFELDE SCHOOL LIMITED COMPANY INFORMATION DIRECTORS AND ADVISORS Mr S M Hay MBChB FRCS {Orthl Ichairmanl Mr M N Holyoake Bsc {Honsl FGS ACMA CGMA Mr R M Jenkins BA {Honsl MBA MrT M Parsons BDS Mr G Woods MA (Oxonl PGCE. {Oxon)- retired 14104r2021 Mr N L Wnkley MA (Oxonl Med Iopen) PG Cert Bus Admin (Openl Mr D Tyack MA Ioxonl Mrs A J Thom BA (Honsl MBE, DL Mr A J Barker FCA MrT C Pook Bsc {Hons) MRICS Mrs H Fitzgerald MA (Oxonl Mr R P Sartain- appointed 1410412021 Directors Secretary Charfty No. Company No. Principal Address and Reglst?red Offlce Mrs K Mills BA (Honsl MBA 1102931 05023969 PTesttelde School Limited London Road Shrewsbury SY2 6NZ Key Management Personnel Head Bursar Deputy Heads Mrs F Orchard GTCL PGCE MTS K Mills BA IHons} MBA Mr M E Haswell BEd Mrs E L The￿11 8A (Honsl QTS Auditors Rshll UK Audit LLP glh Floor. 3 Hardman Street M8nchester M3 3HF Bankers Barcloys Bank 44- 46 Castle Street Shrewsbury SY12BU Sollcltors Messrs Hatchers Welsh Bridge. 1 FranlNell Shrewsbury SY3 8LG Insuranee Brokers Marsh Capital House 1 to 5 Perrymounl Road Haywards Heath Wesl Sussex RH16 3SY

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31sf AUGUST 2021 The tjirectors present their report and financial slalemenls for the year ended 31 sl August 2021 and conflrm they comply with the requirements of the Charities Act 2011, including the Directors, Report. under the Companies Act 2006. REFERENCEAND ADMINISTRAfivE INFORMA TIQN The charity was incorporated on 23 January 2004 and is registered with the Charity Commission as charity number 1102931. The charity is a limited liability company and wholly owned subsidiary of The Woodard Corporation (charity number 10962701. The charitable company Is incorporated in the United Kingdom. Directors of the Company are also Fellows Imember51 of the Woodard co￿oration and participate in the election of its board of management and are commiited lo its charitable objects. STRUCTURE, GOVERNANCEAND MANAGEMENr Governing Document The company is governed by Articles of Association as adopted by Special Resolution dated 20 March 2013. replacing those dated 20th January 2004 amended by Special Resolution{sl dated 25th January 2006, 28th April 2009 and 2W June 2009. They permit funds to be managed in such a manner as the directors see fil, provided that such powers are only exercise¢J for the purposes of attaining the objects and in a manner which 15 legally charitable. The Articles of Association forbid the distributson of any propety or funds. which are lo be applied sotely towards the promouon of the objects of the company. Governing Body The governors are the directors and charitsble trustees of the company and comprise the governlng body of Prestfelde School and are elected lo hold office for five years. The school is governed by the governing body which operates using a number of committees. Membership of each committee is Oltllined on page 16. The goveming body mel 3 limes during the year. Throughout the accounts the goveming body will be referred lo as either trustees. directors or governors. Recruitment and Training of Governors All govemor5 are Corporate Fellows of the Woodard Corporation. Fellows are responsible for electing the Woodard Corporation Board. Governors are recruited on the basis of nominations fiorn school contacts and from seleclitsn when a post becomes available. The governing body look to ensure a mlx of skills and select new governors on the basis of background, competence, specialist sk¢lls and, in the case of Fellows. Chrisban commitment. Governors are provided with induction training by the Head. Bursar and staff and a wider programme of training events is organised by the Woodard Corporation. The school also encourages governors to aitend events run by the Association of Goveming Bodies of Independent Schools {AGBISI. ere possible the governors consider ihal the skills and experience of the Board should comprise the following.. A Govemor with a legal background. A Govemor with a finanGiallaGcounling baGkground. A Govemor with education experience. A Govemor with senior managerial or buslness experience. A Govemor with experience of equal opportunities or disability needs. Al least one female Governor and al Èeasl one male Governor. One Governor may have one or more of these skills.

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31sf AUGUST 2021 Volunteers Governors are volunteers providing their lime for free to support the govemance of the school. The school also relies on a number of other volunteers to undertake roles including helping the school lo raise funds. assisting in school events, helping with reading, and providing other help where required. This year the presence of volunteers in school has been hampered by COVID and the requirements to safeguard the health of our pupils and staff. The governing body would like lo thank all of the volunteers for their help and acknowledge the assistance given which would extend lo over2000 hours ofvoluntsry service per year. Organlsatlonal Management The directors deternlne the general policy of the company. Finance an(E General Purpose IF&GPI Committee - the F&GP Committee has a remll to consider budgets, both revenue and capital. cash Ilow infomalion and financial reports, including the financial stalemenls. 11 also considers financial policies and the financial regulations and develops the school's estsles strategy, including capital developments and maintenance of the buildings and discusses the overall health and safety of the site. 11 makes recommendations lo the goveming body for approval. The F&GP Committee mel 3 tsmes during the year. Education. Safeguarding, Pastoral 8nd Spiritual Committee- the Educallon Committee Is responsible for oversight of the academic performance of the school and educational policy, rnaking recommendations lo the governing body. It is also responsible for safeguarding. It met 3 limes during the year. Mafketing. Communicalioris and Fundraising Committee- the MaTkeling Committee is responsible for the oversight of the inlemal and external marketing of the school and for making recommendations to the goveming body. It mel 3 limes during the year. The Remuneration Committee- mel twice during the year. The Head and Bursar do not attend these meetings. Concessions Committee- Details of parent's bursary requests are serit lo the committee members who then send their responses to the Bursar. strategic Development Committee- met twice during theyear. This is a newsub committee established to support the school with capital developments and future planning. The day lo day management of the company is delegated to the Senior Leadership Team whlch comprises the Head, two deputy heads and the Bursar as the Key Management pe150nnel. overseeing educational, pastoral and 8dminislralive functions in consultation with the senior staff. The day lo d8y administfalion is und$rtaken wilhin the policies and proced¥Jres approved by the govemors which provicle for only significant expenditure decisions and major capital projecis to be referred lo the governors for prior approval. The Head oversees the recruitment of all educational staff, whilst undeT delegated authority the bursar oversees the recruitment of administrative and non-teaching support staff. The Head and Bursar are Invited to attend governors, meetings. The remunerallon of key rnanagemenl personnel is set by the goveming body, with the policy objective of providing appropr¢ale incentives to encourage enhanced perfomiance and of rewarding them fairfy and responsibly fr)r their individual contributions to the school's success.

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 The appropriateness and relevance otthe remuneration policy is reviewed annualty. including referertce lo comparisons with other in(Jependenl schools to ensu￿ that the school remains sensitive lo the broader issues of pay and employment conditions elsewhere. We alm to recruit. subject lo experience. al the lower to medlum polnt wilhln a band, providing scope for rewarding excellen￿. Delivery of the school's charitable vision and purpose is primariw dependent on our key m8nagemerbl personnel and stsff costs are the largest single element of our charitable expenditure. Group Structure and Relationships The school has a wholly owned non-charitable subsidiary. Prestfelde School Enterprises Limited which has not traded during FY 2020-21. The school continues lo develop links with a wide range of organisalions to ensure the widest possible access to our facilities and schooling. Thiough membership of the Independent Association of Preparatory Schools IIAPS}.' the Association ol Govorning Bodies of Independent Schools IAGBISI., The Independent School's Bursars Association IISBA).. and several othergovernmenl and independent organisalions linked lo the provision of children's education and through networklng with peer groups we ensure that we are able to attain the highest standards of quality and performance. We encourage our pupils lo develop an awareness of the social context of the all-round education they receive al the school and they are engaged in a number of activities lo enhance their undeistanding. We have a thriving alumni group, the Old Presffeldians, who are generous in supporting the work ofthe school and whose support we greatly appreciate. We also cooperate with many local charities and local Stale schools in our ongoing èndeavours lo widen public access lo the schooling we can provide, and lo oplimise the educational use of our cultural and sporting facilities. Investment Pollcy and Objectlves The company's Memorandum and Articles of Association permit fvnds lo be invested in such manner as the directors see fil. providing that such powers of investment are only exercised for the purpose ot attaining the objects and in a manner that is legally charitable. Prestfelde has an Advanced Fees Scherne. operat& through the Woodard Corporation. CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charitable Obje¢ts The charity's objects, as sel out in the Articles of Associatlon. are to promote and extend education (including spiritual. moral, social, cultural and phys￿1 education) in accordance with the doctrines and principles of the Chu¥¢h. The chU￿h is defined as bein9 the Church of England and churehes in fvll ommynion with the See of Canterbury. Intended Impact Woodard schools strive for the best all round education of every aspect of each individual., they ensure high Standards of religious edU￿tion,. and they see themselves as communities working together for the benefit of all members, and of the Church and the nation. They are strong Christian foundations which adhere to catholic belief as found in the Church. lo Christian worship focL¢sed in the Eucharist. and lo the care of eaGh individual and the whole school community parb"cularised in the ministry of the Chaplain. Aims Prestfelde School is a daylboarding school for pupils from the ages of 310 13. 11 airns to support ¢hildren in roaching their polenbal in all areas of their activity at Ihe school. and in the wider community. This

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31sfAUGUST2021 may be in academi¢ subjects bul could just as easity be reffected in success in art. drama. sport muslc or danee. We produce 'well iounded. indivKluals who are able lo make a posillve contribution lo society- All Woodard schools aim lo provide a rounded education lo help the pupils to make their way in adult life. Primary Objective$ The primary objectives of Prestfelde SGhool to fulfil these aims ore.. to provide a stimulating ￿arnIng environment In whieh pupils can develop their academic potential lo the full: to provide a happy and secuie pastoral environment In which pupils can learn to live together and thus foster a sense ol community. respect for one olher and good citizenship.. to provide pupils with the opportunity to take advantsge of a breadth ol co-currfcular activities in order lo develop positively all aspects of their character,. to provide pupils with the opportunty to take decisions based on their own judgment and to communicate those decisions appropriately and effectively; lo provide financial support lo enable thildren whose parents are unable lo afford the full fees lo benefit from 8 Prestfelde School education.. to provide a clear, simple and effective management structure &ipable of taking timely decisions and allocating necessary fesources appropriately. and to PTovide the necessary adminislraltve and logrslic framework lo meet the needs of members of staff 8nd pupils alike. Strategles to Achleve the Primary ObjectNes This year our focus has been on extending the range of academic opportunities for all puplLs and extending access lo school facilitie5 for the local community. further the access to the School. education which also puls the School's facilities to good educational use when not otherwise needed. In addition the nationwide school closure brought about through COVID was the impetu5 to establish our learning plarform online allowing leaching and access to valuable resources lo continue without undem)ining our main focus. Following continuing parental engagement including questionnaires. parent meetings. Parent forums with the Senior Leadership Team. and in line with current academic trends, we have continued lo evaluate 2nd review the curriculum's effectiveness lo rgflecl the needs of a modern education. Together w(Ih the further (Jevelopmenl of recent strategies, the tracking measures have again inolicaled lurther substantial gains this year. The three parts of the school continue to work closely lo ensure continuity and progression. The evaluating and monitoring cycle is fijlty established in a fimi academic structure linked to data analysis. There has been a further large investment in CPD, Ilnked lo the Development Plan and school strategic objectives. To inspire our pupils and meet individual needs, our rlgorous and challenglng curriculum has prc*Jressed further. ulilising our outstsnding environment and high level of educational and child development experbse. Each child Is catered for as a unique Indlvidual with a wealth of talent. We have strategies lo develop Ghildren's own understanding and s￿'11S to enable them to be effective learners for We have continued to exploit our sports, programrnes to further develop1inks with special s¢hooJs and local junior schools in both state and independent Sectors. Vve have also encouraged wider community

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT Cincorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 access lo our schools, faGilities with the exc811enl acou51i&s in the theatre proving very popularwith loeal orchestras. dr8ma groups and for regular presentations with lotsl intsresl groups. During the summer work commenced to increase the capacity of the senior school to accommodate the increase in pupil numbeis with furthei works planned into 2021 to further improve leaming spaces to Gonlinue lo provide children lo the best possible facilities. Principal Activities of the Year The principal aclivity ol the school is the delivery of education and extra-curricular activities to pupils ranging from 3 to 13 years of age. The School also sought lo maximise trading income Irorn th9 commercial lelling of facilities and to ensure that local educal¢onal charities and groups as well as the to￿1 community had opportunities to make use of the school facilities, despite the school having to close to all lets from January lo March 2021. Pupil numbers at the school during the year were as follows.. 202012021 201912020 Preparatory SchDoI 237 212 Pre-Preparalory SchoDI 96 94 Total 333 306 During the week we offer boarding on a flexi basis for 3 nights per week. The school does not offer full boarding. 2020121 201912020 Boys Girls Boys Girts Nursery 13 11 10 12 Reception 12 11 10 Year 1 12 13 14 10 Year 2 17 10 15 12 Year 3 17 15 21 Year 4 23 25 17 20 Year 5 16 23 18 10 Year6 20 15 28 11 Year 7 37 13 29 10 Year 8 30 21 12 Total 197 136 178 128

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 Publlc Beneflt wthin the objects, the school aims to create an env¢ronment lo nurture children, lo get the best from them and to allow them lo develop and fvlfil their potential. We provide them with a firsl<lass independent education and a wide range of sporting and artistic opportunities. Our public benefit aim is that all pupils will be caiing, courteous. eonfidenl and happy individuals and desire to contribute lo the wider community. Pupils are developed not only for exam sueeess but also with a full app￿cIatIon and delight in all learning and all aspects of cultured living in music and the arts or sporb'ng and adventurous outside endeavouf. In furtherance of these ain7s the Presffelde School governors. as the charlty trustees. have complied wllh the duty in $.17 of the Charities Act 2011 to have due regard lo the Charity Commission's published general and relevant sub-se¢tor guidance ¢on¢eminy the operation of the public benefit r$quiremenl under that Act. Our school welcomes pupils from all backgrounds. To admit a prospective pupil, we need lo be satisfied that our school will be able lo educate and develop a prospecllve pupil to the best of their potential and In line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual's economic status. gender, ethnicity, race. religion or disabilty do not form part of our assessment processes. The school ensures ils facilities and expertise benefit the lo¢al community. The sporting facilit￿S are used for local and county level clubs and activities In athletlcs. crkket. football.18crosse. netball. rugby, tennis. dance and swimming. We open up our facilities to local children in other schools through annual Sports leslwals in September for KS1 children in local primary schools. We have also hosted netball and football loumaments for local KS2 primary schools to promote inclusion and enjoyment of team sports. This year we continued our work with Shropshire ciickel. being the host for girls crfcket in the county. Our swimming pool is used by a numberof local organisalions, including local primary schools and loeal interest clubs. We host swimming galas for local schools and to encourage swimming as a survival Skill for all children lo leam. We support our local community. Our minibus has provided transport for the local community so that they can attend support groups. Due to social distsncing and COVID restrictions we have been unable to hold Harv$st Festivals wilhln the school, however food was still donated by our children and parerbl community and we worked closely with Shrewsbury Food Hub supporting them in raising funds for them lo distribute within Iheir charty. We work alongside Christian organisalions to raise awareness and promote fvnd raising across the Diocese. The School also continues to undertake charity work- both in lime and money- at a local level and national level. Taking part in BBC Chlldren In Need and the Comie Relief Dancealhon. Elf Day faising mney and awareness lo Alzheimerfs Society and the work they carry out. The school offers Ils expertise and share5 best practiee in many academic subjects. Our teachers visit the local community and the school also hosts events to support curriculum development and assessment. Next year we will explore this further through trainee teacher placemenls lo support the next generation of teaching staff. The school's expertise in Early Years FoundatFon Stage IEYFSI is shared with kxal cluster groups and W￿er afield through information and open days Sharing good praclio and action research cairied out in the school. The school took its keyworker support into the school holidays unlike other state schools. Many of our key worker parents were able to use the school 8nd teachers provided Ihelr teaching in school for the children of these parents. These families had fvll provision for their children throughoLJI the lockdown

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31sfAUGUST2021 induding Easter and half term holiday5 which facililaled online learning and ensured these children were looked after and their educational needs mel. In the summer holidays we provided online learning for all our pupils with many taking up specialist booster sessions on sile ted by our staff. Our school is a part ol a wider community and we are keen that our staff and pupils partiGipale. Our govemors are committed lo developing our programrne of cooperation and joint working with local maintained sector junior s¢hools. The a¢livilies undertaken and the success of our programme are explained in the 'review of achievements and performance for the yearf section ol this reporL Presttelde School strives lo ensure that measure5 for public benefit are appropriate, and that svJnificant sections of the public are not excluded from the opportunity lo benefil from the education and facilities offered due to the need lo pay a fee. In addition lo significant provision of bursaries and other forms of financial support, the school piovides a wde range of opportuntties for community benefit and facilibes and events are often open lo all. 11 Is a key requirement of evidencing public benefft that any private benefit to individuals 01 elemerjts or the charity will be incidental lo the charity's objectives. An example of private benefit may be the reimbursement of Iravelling expenses for trustees attending training courses.. any private Ixnefil to indTviduals or elements of Woodard are incidental lo delivery of the char¢table objectives. Con¢esslons Includlng Bursarles and Scholarshlps Our school does not have an endowment and in fLtnding our concessions we have to be mindful Ihal we must ensure a balance between fee-paying parents. many of whom make considerable personal sacrifices lo lund their child's education. and those benefiting trom the awards. Further detsd5 of our concessions polices and how lo app￿ are avallable on our website ww. resttelde.co.uk. Atl criteria and policies retating lo concessions are kept under ￿vIeW and are updated when necessary. Burs8ries Bursary awards are important in helping lo ensuie children from families who would otherwise not be able to afford the fees can access the educabon we offer. Our bursary awards are available to all who meet our general enty requirements and are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects would otheNise be al risk for example in the case of redundancy. In most cases Ihe budget for bursaries is allocated using a'needs blind. approach as far as possible. whilst giving priority to the continuity of education ol those pupils already at the school. This year the value of means tested bursaries IDtalled £148,561 12020.. £137.6231 and represented 3.2Yr*12020.' 3.2%) of our gross fees. They provided assistance to 42 {2020: 45} of our pupils with no pupils benefiting from a lull remission of feès. A hardship fund is also available lo help pupils in receipt of bursarie5 meet the costs of school IrbPS, examination entrance fees and 5irnilar expenses. Scholarships The purpose of our scholarship awards is lo recognise high xademic potential or the abilty lo excel in our ¢o-¢ur¥icular aclivilies. Oui scholarships are awarded on the basis of the individual's academi potential or evidence of exceptional abilitie5 which will contribute lo our co-curiicular aElivilies. Sn addilion, awards rnay be subjecl lo conditions imposed by the original donor. The school awarded scholarships to 50 {2020.'481 pupils. based on theireducalional merit and polenlial. tolalling £96,324 12020.. £88,461) and representing 2.1% 12020.. 2.OOh) of our gross lees. Of this number, 7 {2020'. 71 also qualified for means-lested bursary support and are included in the figures relating to bursary awards.

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (Incorporating the Strategic Report) YEAR ENDED 31sfAUGUST 2021 The progress of pupils receniing scholarships Is reviewed at least annually lo ensure their progress is in line with Ihelr abilities. No scholarships were withdrawn in the year as a result of reviews. Employment Pollcy We are an equal opportunity organisalion and are committed to a working environment that is free from any fomi of discrimination on the grounds of colour, race. ethnicity. religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff 01 pupils who are ¢1 become disabled. Investment Policy and Objeetlves The company's memorandum and arti¢le$ of association permll funds lo be invested in such manner as the directors see fil, providing that such powers of investment are only exercised for the purpose of attaining the objects and in a manner that is legally charitable. STRA TEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR ThE YEAR Impact of Coronavirus Pandemlc These accounts relate lo the year to 31*l Augusl 2021. and therefore reflect the heavy financial and operational impact on the education sector. and all of society, of the Coronavirus pandemic. Schools were ordered lo close to all except the children of 'Key Workers, in January 2021 and almsl all of the education was moved online. In brief the impact has been to raise the level of uncertainty and risk for the whole education sector. P￿Stfelde School adapted well to the new situation and effectivety moved learning lo an online platform swiftly, learning quiC￿Y from any issues that arose during the first impact on the school in Sprin9 2020. The impact on the financial results for the year lo 31st August 2021 has been significant lan estimated loss of net income of around £190,786 as a result of offering a discount in summer temi fees and £25k from ￿tting$) but this has been mitigated as much as possible through use of the Governmenys furlough s¢heme, closing part5 of the school srte, and reducing overheads significantly. We have not had to ulilise any finan¢lng arrangements through loans or overdrafts durin9 2020-21 however preparations have been made in Gase one 1$ needed in future. During the school ctosure the school facilibes were offered as an immunisation sme for local teaching and school staff lo support our local ctsmmunity. Almost all of the children retumed to the school in the spring term, induding Boarding. and the school has made a number of adaptations to make social distancing possible and following striclty the government's guidelines around safe re-opening. 11 remains lo be seen how much thls will Impa¢t financial results for forthcoming years. School Pgrfomianco and A¢hlevements During the year we educated an average of 333 children beNveen the ages of 3 and 13. The school offers a broad curriculum and educates children with a wide range of ability. The school provides a very high standard of education and this is validated in review of the academic results. our rneasuremenls of added value and through extemal inspection. The sch¢)ol offers a broad and challenging curriculum and educates children with a wide range of ability. Our aim is lo support chiktren in exceeding their potential in all areas of their activity al the school. This may be in aeademlc subjects bul could just as easily be refl￿ted in sU￿e$S in art. drarna. sport, or music. We produce'well rounded. individuals who are able lo make a posilive contribution to society. The edu￿tIonal performance of the school wa5 ex¢ellenL as demonstrated by the GL Progress tests marked against National standards and our Common Entrance examination results. The school achieved a 100Yo pass rale for Common Entrance and every child was a¢￿pIed into Ihelr chosen future senior School. The s¢hool offers the 13+ scholarshlp examlnallon for entrance to Public SehooL8 whlch is a highly challenging exams with ils

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 breadth and depth of syllabus. A U3rge number ol scholarship were gained for entry to sen￿r Schools of the year gioup 400/0 gaSned a scholarshlp place. The highest Butler aGademiG sGhglar5hips were awarded lo Preslfelde pupils and the highest Music scholarships to our Grade 8 A8RSM attaining puplls. In total 7 1 academic scholarships were awarded from Concord College. Shrewsbury School. Wrekin College. 7 pupils were awarded All-rounder scholarships. to Shrewsbury School, Ellesmere College, 12 pupils were awarded Sports scholarships to Wrekin College, Shrewsbury School. ma￿ern College and Ellesmere College. 2 Music scholarships were awarded to Shrewsbury School. 3 Art scholarships lo Shrewsbury School and Wrekin College and 1 drama scholarship lo Shlewsbury school and 1 CDT to Replon School. These results are well above tre natsonal average for all schools and above the average performance of independent schools. Every child was able lo feel success and achieve theirfirst choice destinabon. The schools all round strengths ale shown by the achievements of pupils in scholarship, Sports academies, Shrewsbury Town FC and Aston Villa, county tennis, county nelb811, county crickel. We continue to improve facilikn.es through constant investment in the fabric of the buildings and assèts. and ambitious PTogrammes to provide the best facilitles to support leaehing and leaming. An in¢rea5e in pupil numbers has enabled an ambitiou5 refurbi5hmenl programme for the Senior School building to develop into Beckbury House. We continue lo improve facilities through constant investrnenl in the fabric of the buildings and assets, and 2rnbilious programmes to provide the best faciltiies to support leaching and leaming. Music, Drama. and Art One of the important elements of arby Woodard school is its concentration on the Perfomiing Arts. Presttelde School is involved in all different aspects of these ac￿VIties. instilling skills and prDmoling enjoyment, as well as providing the training necessary to pass graded exams sel by natlon81 institutions. The Performing Arts during the lastyear have again benefited grea15y from the use of the Blackburn Chapel and Theatre and an excellent DiTeclor of Music. This year LK>th drama and music have showcased their work in the digital arena which was just one of a number of special events for the benefit of the school as a whole through the remote formal. Green screen technology has been an inspiration for the children accessing diama throughout the covid lockdowns. The enormous range of sports offered al Pres￿elde School reflects the importance given lo sportbng activity and physical education. The cricket for boys and girts has developed with mixed teams being formed as the development goes on. A number of pupils have demonstrated that they are oulstsnding in their field and have represented theif county in athletics. cross eounlry, cricket. football, rugby, hookey, lacrosse. skiing and netball. Art continues to be an integral part ol school life al Prestfelde, with many opporiunllies lo celebrate our pupils, a¢hievemenls. There has been a huge variety ofwork produced in the Art room. encompassing a very wide range of processes. skills and experiences, bgth 2D and 3D. Three art scholarships were achieved by a pupil who finished Year 8 in the summer. Pupils have taken part in art workshops working alongside professional artists. The ¢hildren also fully interacted and engaged with a local artist and his work when creating wprks around the School enhancing the leaming environment. Pupils are recognised for their progress, ability and talent through the'Artisl of the week. awards. which are glven lo pupils each week in Chapel. chosen from senior school and middle school. There contsnues to be opportunity for pupils lo extend their learning and love ofArt further durrng Art dubs. We continue to listen and respond to the children's and parents, ideas by increasing the breadth of opportunity for all ability and interest groups, conslanly adding to the provision of after-school clubs and etrcurricular programmes. This year we have seen Aikiclo, Archery and Yoga clubs. which started last year, flourishing and allracting strong numbers. The Senlor School Politics, Spanish and ICT CliniG have also proved popular addltlons for both girls and boy5 whilst the Fenclng Club has taken part in its first compelilive malch. The Blackburn Chapel and Theatre has allowed for a significant increase in the provision of Drama within the school. as well as after school clubs preparing chlldren for their Theatre io

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (Inco￿OratIng the Strategic Report) YEAR ENDED 31ST AUGUST 2021 Sev8m perfoimanee we have initiated LAMDA lessons. There are Scholarshlp groups for Art, Design and Sport. ThroLFgh development of. and provision of 8¢cess to new facilities. the school remains at the heart of the community. Community activity lakes many forms and inclutjes shared use of the theatre. our swimming pool for local maintained schools, sha￿d use of the Gym with the local Moriis Dancers. community orchestra and swimming franchise clubs. Presttekle Extreme and Prestfelde Plus. an outdoor adventure actniity ¢lyb whiGh promotes a sense of team and self-relianrE, continues to enhance the pupils Olrtcomes in leadership, resilience, motivation and selfconfidence from Year 3 to Year 8. We will continue lo develop the outdoor learning programme for all Middle and senior school pupils in order lo build on the curriculum being delivered to Little Prestfelde children in Forest school. The Wider Horizon residential experiences were able to take place Y3 at Presffelde boarding house. Year 4 Pioneer Centre. YS The Great Escape. Year 6 & 7 at Whilemoor Lakes And Year 8 81 Acom adventure in the Brecon Beacons. after Covid the children's experiences f or developing independence have been diminished so the school worked hard on risk assessment to ensure these resilience building activities could be prioritised as we drew near lo the end of the xademic year. This year also saw the improvement of the John Muir Award Scheme which encourages environmenlal awareness and was deltvered Sn conjunction with the Shropshire Wildlife Trust., OUT Year 3 all attained their Bronze Award. The Eco-commiitee continues to work to support the school's 'green' credentials and are we hope to achleve the Silver Award soon. The school has planted over 2000 trees in the last five years with plans to plant more replacing many of the beautiful trees that have become dangerous al the same time. The large pond offers fantast￿ opportunities for leaming and Is regularfy used by departments and classes acfOSS the school. Awildflowergarden has been created for eco sustsinabilty many science activities have been enhanced by this resource for learning. The Middle School Beckbury garden is thrfvln9 and children dellghl in delivering their rtch and varied produce to the schwl kitchen. The chlldren, s gardening has included using the polylunnel lo nurture a range of perennial flowers. Little Presffelde children have grown potatoes, strawberries, beans, salad and rocket and are working towards their Gardening Award. The development of the garden into an outdoor leaming alea has continued to complement the excellent Forest School area with our recently added 'Secrel garden.. In sUPPOrtof education, we provided OPPDrtuntties forapprentices and work experlence places for pupils from our local comprehensive schools and colleges. The Woodard Corporation is involved in the developmenl of academies and we have provtded direct support through remote learning opportunities. The Sehool continues lo make available to outside organisations facilities such as the swimming pool. rnusic school. and gymnasium. Local slate s¢hools regularly make use of our swimming pool lo provide lessons for their pupils. The charity Is continuing lo develop wider community links. The SGhool has 8 programme of widening educational access lo ils facilities, at fee rates below commercial levels. Subsidised arrangements are now In place for the swimming pool and the sports hall. This year students have volunteered to work 81 the local Food Hub following a very successful harvest service where produce was donated from friends and parents. As well as supporting the local community, pupils & staff support schools in charity events, this year supporting Guide Dogs, Food Hub in Shrewsbury and The Abbey funds. li

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31sfAUGUST2021 Key Perfonnance Indicators The Key Performance Indicators IKPlsl used by the school are.- KPI Target Actual 2019120 Surplus 50h of nel fees 6.9Yo 0.0% Pupil Numbers 300 333 306 Total salaries lo nel fees 70% of nel fees 71.3% of nel fees 77% of nel fees The suiplus detailed above reflects an increase in pupil numbers to 333 for the year whiGh was higher than the target. The reduction in the salaries to nel fees is a result of the increase in pupil base. statement on Brexit Following the outcome of the UK referendum on European Union membership, the UK left the European Union on 31st January 2020. In preparation for thi5 dale. and in anlicipalion of the transition period, the school reviewed operations lo understand and plan for the initial impacl from BrexiL Guidance was also available from a number of sources including the Independent Schools Bursars Association. At this stage it is not possible lo implernent comprehensive policies for all possible changes a5 the future trade. visa and travel agreements are not yot in place. The school will continue lo work with relevant authorities, stsff. parents and suppliers to fulty understand the impact in all areas including particularly visa requirements, the supply chain and data handling and protection, in order to rninimlse risk and potential disruption. FINANCIAL REVIEW Results for the Year The nel incomin9 resources for the year amounled lo £4,366,856 {2020.. £3.717.0581 of which the operats'ng surplus on school activities was £278.646. This was above our largeled percgntagg of fee income sel out In our long tem plans. This surplus has been achieved by an increase in pupil numbers rather than a rise in fees, so that in the circurnstsnces we consider il a highly satisfactory achievement. Gross income for the year was up by som& 8.8Yo on last year, reflecting the increase in pupil numbers throughout the s¢hool. The Company's wholly owned subsidiary Prestfelde School Enlerpnses Limited. which has not traded during the year. was incorporated on 16th July 2004, with an aulhorised. issued and fully paid capital of £100. Consolidated accounts havè been produced for both the school and its sub$idlary. Prestfelde School provides a pension to scme staff under the terms of the Pensions Trust Growth Plan. As a result of this pension scheme being under funded, Prestfelde School is committed to contributing to a recovery plan. During the course of the year Prestfelde School made contributions lo the reGovery plan of £16,590 and the recognised liabilily under the plan reduced by £16,300. with this value being recognised in the Statement of Financial Activities. Furthef details can be found in note 22. Reserves Level and Policyi and Financial Vlabllity Presttelde School's policy is to retain sufficient unreslricled income reserves to enable the company to continue to meet its short-lerm finaTrcial obligations in the event of an unexpected revenue shortfall. The aim is lo budget so as lo provide sufficienl working capital lo meet the present needs and future development fequiremenls of the school without the requlrement lo have recourse to sales of tangible f￿ed assets. 12

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31sf AUGUST 2021 The balance sheet contsins a number of non-cash and longer-term lialxlities, including those related to pensions. These items are excluded from considgralion of the available reserves. Unrestricted funds increased by £278,64612020.' decrease of £8.7771 to a total of £3,972,185 12020.. £3,692,284), as shown in note 20. Plestfelde School'5 plans to tund longer terrn capilal expenditure and meet long term liabilities through careful management of resources and through building reserves through operations and trading. The company's unreslrthd reseNes gie primarily invested in tsngible fixed asse15 which are all used foi ils direct charitable activities. In common with most independent schools. and due to the having to fund their own capital investrnenl plans. free reserves are at 8 negative balance illustTaling the extent of the investment in our school. The school's total reserves of £4.01m al the yearond included £33k of resiricled ftjnds and £3.97m unrestricted designated funds. Presttelde School also reserves foi £72k {2020'. £90k) of pension- funding deficit. Fixed assets held forcharity use lolalled £4.209m12020'.£4.087ml, leaving free reserves of £nil (2020.. £nill al the year-end. The School's lotsl incoming resources totslled £7,108.680 for the year with a year end bank balance of£586,45612020.. £381,287). Engagement with Suppllers, Customers and Other$ In a Buslness Relationshlp wlth Prestfelde School. Prestfelde School seeks to engage actively and positively with all stakeholder5 in the local con)munity and in the wider educational landscape. Collaborative relationships with suppliers, parents, edLtc8tional partners and community leaders are seen as key enablers to achieving success in all of the %hool's operations. During the year the school has further promoted this engagement though sPec￿C inilialives including: Regular communication and engagement with parents and prospeciive parents of pupils attending Presttèlde sch1￿1 to enhance the understanding of the provislon to each pupil and to fully coordinate support to pupils from parents and sch¢)ols. Engagemenl with other educational organisalions and partners al local and nal¢onal levels lo Sha￿ best practice and to provide peer support. Active dialogues with local couneils on matters which impact children and familres In the mmunity as well as relate to opetalion of each s¢h¢)ol. Engaging with l¢xal businesses to promote career and educational opp)rtunilies for pupils for their mutual benefit. Seeking all possible opportun¢ties to engage with local and national Suppliers in the area. Seeking regular communication with all Suppliers and ensurtng good commercial practices of prompt payment and clear communKation to optimise arrangements for supply of goods and serv￿e8 to Prestfelde School In particular, Prestfelde School h89 adopted the governmenvs policies and guldance durlThJ the Coronavirus pandemie and sought lo maximise its support to all suppliers through the crisi5 in order10 sustain their support and seNieès in the future. PronY)ting and encouraging pupil and staff opportunities to engage in local voluntary and other projects to support the community. Providing community access lo Prestfelde School and, in many cases. aijopting 8 role that puts the school or academy 81 the heart of a wmmunity. PRINCIPAL RISKS AND UNCERTAINTIES Coronavirus Pandemic These financt81 statements were complled during the Covid 19 global pandemic. shortly after the majority ol the reslriclions on daily living had been relaxed, and after a vaccine was identified and delivered lo the majority of the adult population. Like most twstees. the governors keep under consideration the impact of a catastrophic event on the school's ability to Continue, but that event may come about from many causes and being specific about the source is not POS5ible. The consideration 13

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31sf AUGUST 2021 of risks in the paragraphs below is therefore reflective of a more stable envlronmenl and does not specifically look al the pandemic. or other similar events, bul offers a wider view ofcommon events plus a specific risk looking at those events that could impact the continuity of education. The governors consider the economic turbulence of recentyeaTs and the affordability offees by paren15 across the independent sector to be the prinGipal risk faced by the school. The school is currenuy full, bul there is no room for complacency. The governing body. therefore, decided last year lo hold stati the fees in September 2020. For September 2021 the governing body has again limited fee change5. lo a 3% increase. Health and Safety is ahvays a significant area for risk management. The risks range from fire and damage to intiastruolure, to personal risks {mDSt notably when away fmm the campus on trips and expeditions). The level and breadth of activity at the school is impressive and the risks associated with all activtiies are minimised by thorough planning and risk assessment. The goveming body is responsible for the idenlificalion and management of risks. The major risks to which the chaty is exposed. as identified by the directors. have been reviewel and systems or procedures have been established lo manage those risks. Detailed examination of the risks and estsblishment of contro15 to mits.gate them is delegated to the Execulive Officers and the process is overseen by the Risk Committee on behalf ot the governing body. A formal review of the rlsk management processes is undertaken annually. The prlnclpal risks lo which the school 15 exposed include those affecllng protection of pupils and security and preseNalion of charltsble assets bDth now and in the future. Significant risk areas.. the governors consider possible catastrophic events and ensure that the school has a plan in place to allow education to continue in a range of different scenarios the market in which the school operatss is highly eompetilive and we monitor developments in education to ensure that pupils a￿ayS receive a first class. holistic and varied educational experience in our school we strNe lo ensure that all staff are oble lo work in a sale and supportwe environment and policies, pmcedures and training in Human Resource management and Health and Safety help to ensure that the school meets expectations the school opeiales in a highly regulated sector. including in matters of child protection, and we appoint appropriate professional advisers to ensure that we ean keep up to date with all requirements., school or individual membership of bodies being the constituent associations of the Independent Schools Council also ensure that we have a￿sS to uplTrdate Informal￿n and support the school operates an increasingly liligious environment. and we appoint appropriate professional advisers and purchase insurance using specialist brokers and advisers to ensure that we ean keep up to date with all requirements and meet all challeng$s all organisations face difficult economic condilions and directors and senior managers In the school keep abreast of economic conditions locally. nationally and internationally lo identify trends and develop plans lo address issues The key ¢onlro15 Used by the school include-. formal agendas and minutes for 811 meetings of the governing body and committees tems of reference for all committees comprehensive strategic planning, financial fore¢asllng, budgeting and management accounting established and identrfiable organisational structures and reporting lines which are regularly reviewed 14

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31sf AUGUST 2021 Comprehensive formal Written policies clear authorisation limits vetting procedures, as required by law, for protection of the vulnerable Financlal rlsk management objectives and policies The school uses financial instruments, other than derivatives. comprising loans, cash and other liquid resources and various other itèms sueh as trade debtors, Creditors and finance lease a￿angements that arise directly from operations. The main purpose of these financial instruments is lo raise finance for the group's operations. The main issues arising from the group's financial instruments are liquidity risk and interest rab risk. The school's directofs adopt policies for managing each of the risks and these are summarised below.. Liquidity risk- the school seeks to manage financial risk by ensurin9 sufficient liquidity is available to meet foreseeable needs by partaking in pooled banking organised via the Woodard Corporation Inte￿$t rale risk- the school finances ope¥alions through a mixture of retained surpluses and bank and other borrowings. The exposLtre to interest rate ttucluab.ons is monitored closely and managed as part ol the pooled banking organised by Ihe Woodard Corporation. Coronavlrus Pandgmlc It should be noted that these financial statements were compiled during the Covid 19 global pandemic and before a vaccine was identified. Like most trustees, the governors keep under consideration the impact of a calaslrophic event on the school's ability lo continue. but that event may come about from many eauses and being specific about the source is not possible. The consideration of risks in the paragraphs below is therefore reflective of a more stable environment and does not specifically look at the pandemlc, or other similar events. but offers a wder vlew of cornrnon even15 plus a specific risk looking al those events that could impa¢l the continuity of educalion. GOING CONCERN The governing body has reviewed the impact oflhe global pandemic on school opgralions and finances. In the year lo 31st August 2021. the financjal impact was mitigated through use ofthe various elements of support provided by the Govemment including the Coronavifus Job Retention Scheme Ilurlough scheme). The governing body reetsgnise that the financial implications in 2020-21 brought about as 8 result of the pandemic will continue into 2021-22, and possibly beyond, and continues to rework plans for the coming year, lo ensure the financial impact on the school continues lo be miligaled in the most appropriate way. Having con5idefed all factors and revlewing the 8vailable evidenee, the directors have a reasonable expe¢lalion that the company will be able to continue operating for the foreseeable fiJbJre and the financial ststernents have been prepared on a going concern basis. Further details r&laled to the adoption of the going concern basis can be found in the accounting policies on page 28. FiifuRE PLANS The Head and Council eonlinue to reffne the 10-year plan of development to ensure that P￿stIelde remains one of the largest and most successful Preparatory Schools in Shropshire and beyond and a key member of the Woodard Group of schools. We shall continue as a co4dueational day and boarding school with a Nursery, PTe-Prep and Prep departments, for a9es 3-13 years. Ovr focus wtll be on 5ustsining the very high standard of academic work and achievernenl al the sam¢ b'me as enhancing our exlra-currioular opportunities. The Strategic Objeclives of the current plan are: 15

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategi¢ Report) YEAR ENDED 31ST AUGUST 2021 1. Pupil numbers.. lo increase market-share for the school so that pupil numbers can be maintained lo be consislenlty above 300 year-on-year., and, lo achieve 2 60'.40 split of boys to girls over the next five years working towards equality in pupil numbers on a 50'.50 basis. 2. An efficient school-. at all times. to align st8ffing. both number and pupil contact time. so that we are efficient in delivery of eduGalion and lo ensure that we do not have classes wh￿h are not full.. and, lo generate 10% of net fees surplus. 3. School Slrucbjre and tied school initsalives-. to foster a closer relationship with all relevant senior s¢h¢)ols and to continue lo exploie the notion of a closer partnership with our schools. 4. Academic Stsndards.. to continue lo raise acadernic standards and lo become the highest achieving non-seleclive school in the Wesl Midlands. To estsblish and embed into common usage reliable measures for educational 'added value, and ensure th81 we improve the overall performance lor each of the next three years (prior to further review of new targelsl. 5. Physical Development.. lo complete the 10-year master plan for the physlcal development of the school. 6. Faith, Unity and Vision.. to make explicit our Christian distlnctivenes8. 7. Continue lo develop our Cokncurricular programme lo achieve the best holisbc outromes for all pupils. 8. Bursaries and public benefit.. lo widen access to the schools still further through the greater provision of means-tested bursaries. To continue lo build communty links with local junior schools in both the slate and independent sectors and lo further encourage community access to the schools, facilities for educ8llDnal. cultural and sporting purposes. 9. New income streams.. to seek new income streams and examine further fund-raising opportunilios. DIRECTORS Th¢ direclois who setved during the year. and the committees of which they are members. are.. Mr S Hay MBChB FRCS (Orthl (Chairman) F&GP, RemuneTrlion, Concessions. Nominations Mr T M Parsons BDS F&GP. Nominations. Mr G Woods MA (Oxonl PGCE {Oxon) (retired 1410412021} Education. Pastoral, Safeguarding & Spiritual, F&GP, Remuneration Mr R M Jenkins BA(Honsl MBA F&GP, Concessions, Renumeration Mr M N Holyoake Bsclhonsl FGS ACMA CGMA Marketing, Communications and Fundraising. Mr D Tyack MA (Oxon) F&GP. Mrs A J Thorn BA (Honsl MBE. DL Marketing, Communlcalions & Fundfaising. 16

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31sf AUGUST 2021 Mr N L Imnkley MA {Oxonl MEd (Openl PG Cert Bus Admin (Open) Education, Pastoral. Safeguardlng & Spiritual. MrT C Pook Bsc (Honsl MRICS Nominations, Marketing. Communicallons and Fundraising. MrAJ Barker FCA F&GP. Concessions. Remuneration Mrs H Fltzgerald MA (Oxonl Education. Pastoral. Safeguardln9 & Spllitual. Mr R P Sartain {appointe(114.04.211 Educat￿n. P8Storal, Safeguarding & Spiritual. F&GP. Remuner81ion None of the directors has any beneficial interest in the company. Prestfelde School b￿S trustees and officers, insurance on behalf of the directors. Exemptions from dlsclosure Prestfelde School has not taken advantage of any exemption from disclosure in relation lo trustee details. AUDITORS RSM UKAudil LLP have expressed their willingness to continue as auditors in office and will be deemed reappointed for the next financial year in accordance wlth section 487121 of the Companies Act 2006 unless the company receives notice under seclion 488{1} of the Companies Act 2C4X. DIRECTORS, RESPONSIBILITIES STATEMENT The directors are responsible for prepaiing the director's report and the financial ststements in accoTdance with applicable law and regulations. Company law requires the directors to prepare financial slalemenls for each financial year. Under that law the dire¢tor$ have elected to prepare the financial statements in a￿rdance with United Kingdom Generally Accepted Accounting Pradice {Uniled Kingdom Accounting Stsndards and applicable lawl induding FRS 102. the Financial Reporling Standard applicable in the UK and Republic of Ireland. Under company law the directors must nol approve the financial stslemenls unless they are s?lisfied thal they give a true and fair view ol Ihe stale of affairs of the charitable company and the group and of the incoming resources and application of resources. including the In¢ome 2nd expenditure. of the charitable company and group for that period. In preparing these financial stslements. the directors are required to.. select suitable accountlrwJ policies and then appty them consislenlly". observe the methods and prin¢ipbs in the Charities SORP IFRS 102),. make judgements and accounting estimates that are reasonable and prudent, stale whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial 51alements.' and, prepare the fin8nci81 statements on the going concern basis unless it Is Inapproprlate to presume that the charitable company and group will continue in business. 17

PRESTFELDE SCHOOL LIMITED DIRECTOR'S REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 The directors are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable company'5 and group's transactions and disclose with reasonable accuracy at any time the financial pDsilion of the company and group and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for5afeguarding the assets of the charitable ￿rnpany and group and hence for laktng reasonable steps for the prevention and detection of fraud and other irregularities. The dir¥lors confirm that.. so far as each director is aware, there is no relevant audll Information of which the charilabte company's auditor is urtaware.. and the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to estrdblish that the charitable company's auditor is aware of that information. The dire¢tors are responsible for the Maintenan￿ and integrity of the wrporate and financi81 Information included on the charitable company's website. Legislation in the Unlted Kingdom governing the preparation and disseminatlon of financial slalemenls may differ from legislation in other jurisdictions. Approved by the Board of Direclois of Prestfelde School on Fr#day 1Uh December 2021. including, in their capacity as company directors, approving the Directors, and Strategie Reports contained therein, and signed on its behalf by.. SMHay CHAIRMAN 18

PRESTFELDE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRESTFELDE SCHOOL LIMITED YEARENDED 31ST AUGUST2021 Oplnlon We have audited the financial statements of Prestfelde School Limlled Ilhe'parentcharitable ¢ornpany') and its subsidiary Ilhe 'group'l for Ihe year ended 31 August 2021 which comprise the Consolidated and Charity Slalements Df Financial Acttvlties {incorporaling an income and expenditure accounll. the Consolidated and Charity Balance Sheets, Consolidated Cash Flow Ststement and the notes to the financial statements. including a summary of significant accounbng policies. The financial reporting framework that has been applied in their preparation is applicable18w and United Kingdom Accounting Standards. including FRS 102"The Financial Reporting Slandartj applicable in the UK and Ropublic of Ireland. (United Kingdom Generally Accepted Accounting Praeticel. In our opinion the financial $tstements- give a true and fair wew of the stste of the group's and the parent charitable company's affairs as at 31 August 2021 and of the group's incoming resources and application of resources, including Fts income and expenditure, lor the year then ended; have been properly prepared in accordance with United Kingdom Generally A￿epted Accounting Practice,. and havè been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We have been appointed au(Jilors under the Companies Act 2006 and section 151 of the Chariltes Act 2011 and report in accordance with those Acts. We conducted our audit in accordance wtth International Stsndards on Auditing IUKI {ISAs IUKII and applicable law. Our respon5ibililies under those stsndards are further descTibed in the Auditorfs responsibilities forthe audit ofthe financial statements seclTon ofour report. We are independent oflhe group and parent charitable company in ?￿rdan￿ 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 fulfill￿ our other olhical responsibilitses in acwrdance with these requirements. We believe that the audit evidence we have obtained Is 8ufficlenl and appropriate lo provide a basis for eur opinion. Concluslons relatlng to golng concern In auditing the financial stslements. we have Co￿[￿ded that the Directors. usg of the going concern basis of accounting In the preparation of the financial ststements is appropri8te. Based on the work we have performed, we have not identtfied any materlal uncertainties reEaling lo events orcondilions that, individually orcolleclively, may cast significant doubl on the group's charitable company's ability lo eonlinue as a going concern for a period of al lea51 ￿1ve months frorn when the financial statements are aulhorised for issue. Our responsibilltSes and the responsibilities oflhe Directors wlh respectto going ￿n￿rn are described in the relevant secttons of this report. other Informatlon The Directors are responsible for the Dlher infomialion. The other information comprises the information included in the Diredor's Report other than the financial statements and our auditor's report thereon. Our opinion on the financial ststemenls does not cover the other infomiation and, except lo the extent otherwise expliciUy stsled in our report, we do not express any fomi of assuran¢g conclusion thereon. 19

PRESTFELDE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRESTFELDE SCHOOL LIMITED YEAR ENDED 31STAUGUST2021 In connection with our audit of the financial statements, our responsibility is to read the other in10m￿tiOn and, in doing so, consider whether the other information is matefially inconsistent with the financial statements or our knowledge obtained in the audit or othe￿iSe appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required to determine whether there is a mateiial misslalemenl in the financial slalements or a material misstatement of the other information. 11, based on the work we have perforrned. we conclude that there is a material misstslement of this other information. we are required to report thal facL We have nothing to report in this ieg8rd. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infoimalion given in the Directors, Report. which includes the Direc1015' Report and the Strategic Report prepared for the purpose of company law, for the financial year for which the financial slalernents are prepared is tonsistenl with the financlal slalemenls,. and the Direelors, Report and the Slralègic Report ineluded within the Directors. Report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requiTed to report by exc&ption In the light of the knowledge and understanding of the parent's Charitable Company and Iheir environment obtained in the course of the audit, we have not identified materi81 misslalements in the Directors, Report or the incorpor8led Strategic ReporL We have nothing lo ￿pOrt In respect of the following matters where the Companie5 Act 2006 wuires us lo report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branchès not visited by us.. or the parent charitable company financial ststemenls are not in agreement with the a¢cLwnling records and returns,. or certain disdosures of directors, remunerallon specified by law are not made,. or we have not ieceived all the information and explanations we require for our audiL Responsibilitles of trustees As explained more fully in the Slatsmenl of Directots, responsibilities sel out on pages 17118, the trustees {who are also the directors of the charitable company for the purposes of company lawl are iesponsible for the preparation of the financial ststemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financl81 statements that are free from material misstalemenl. whether due to fraud or error. In preparing Ihe financial slalemenls. the Directors are responsible for assossing the group's charitable company's ability lo continue as a going concern, disclosing. as applicable. matters related lo going n￿rn and using the going concem basi5 of accounting unless the Iruslees either intend lo liquidate the group charitable company or to cease operations, or have no realistic alteTnative bul lo do so. Auditor's r•$ponslbllStle$ for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a vthole are free from material misslatemertl. whether due lo ftaud or effor, and lo issue an aLsditor's report that Includes our opinion. Reasonable assurance is a high level gf assufance. bul is not a guarantee that an auditconducted in accordance with ISAS IUKI will always delecl a matsrial misstalementwhen il exist5. 20

PRESTFELDE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRESTFELDE SCHOOL LIMITED YEAR ENDED 31STAUGUST2021 Misslalements can arise from fraud or error and are considered material if. Indwidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial slalements. The ¢xt¢nt to which the auditwas considered capable of detectlng Irregularitles. Including fraud Irregularities are instances of nDn-compli8nce with 18ws ond regulations. The objectsves of our audit are lo obtsin sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the delerminalion of material amounls and disciosures in the financial statements, to perfom audlt procedures to help Identify inslanees of non-compliance with other laws and regulations that may have a material effect on the financial slalemenls, and to respond appropriately lo identified or suspethd n¢)n-compliance with laws and regulallons identified during the audit. In relation lo fraud. the objectives of our audit ale to identify and assess the risk of materlal misslalemenl of the financial statements due to fraud, to obtain sufficient appropriate audit evidence iegarding the assessed risks of material missl8lement dlre lo fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the atsdit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In rdentlfylng and assessing risks of material misslalement in respect of irregularities. including fraud. the group audit engagement team.. obtained an understanding of the nature of the sector, includlng the legal and regulatory framework that the group charitable company operate in and how the group charitable Company are complying with the legal and regulatory framework; inquired of management. 8nd those charged wth governan￿, about their own identification and assessment of the risks of irregularities, including any known actual. suspected or alleged instances of fraud.. discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial slalements may be susceptible lo fraud for regulated entities. as defined In ISA 2SOB: having obtained an understanding of the effeclweness of the Gonlrol environment. As a result ofthese procedures we consider the most significant laws and regulations that have a direct impact on the financl81 statements are FRS 102, Charities SORP IFRS 1021, Companies Act 2006. Charities Act 2011 and the parent charitable company'5 governing document. We performed audit procedures lo detect non￿Mpli2nCes which may have a mateiial impact on the financial statements whi¢h included reviewing the financial statements including the Directors, Report. remaining alert lo new or unusual transactions which may not be in accordance wth the goveming documents. The most significant laws and regUla￿onS that have an indirect impact on the financial statements are those in relation to the Education Ilndependent Schools Slandardsl Regulations 2014. Keeping Children Safe in Ed￿atIon under section 175 of the Educalion Act 2002 and the UK General Dala Protection Regulation IUK GDPR). We performed audit procedures to inquire of managemènt and Ihose charged with govemance whether the charitable company is in compliance wlth these laws and regulations and Inspecied correspondence wilh regulatory authorities. The group audit engagement team identified the risk of management override of controls as the aFea where the finaneial statements were most susceptible to material misstatement due to fraud. Audit procedures performed Included bul were not limited lo testing manual joumal entries and other 21

PRESTFELDE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRESTFELDE SCHOOL LIMITED YEAR ENDED 31ST AUGUST 2021 adjuslmenls, evaluating the business raltonale in relation to signifieanl, unusual transactions and Iransactsons entered into outside the normal course of business, challenging judgments and estimates. All relevant laws and regulations identified at a Group level and areas susceptible to fraud that could have a material effect on the consolidated financial slalemenls were communicated lo eomponent auditors. A further description of our responsibilities for the atsdll of the financial statements is provided on the Financial Reporting Council's website al htt -.Ilww.frGor .ukJauditorsres This description foms part of trur auditor's report. Use of our rgport This report is made solely lo the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 20￿. Our audit work has b@en undertaken so that we might stale to the charitable company's members Ihose matters we are required to stsle lo them in an audilorfs report and for no other purpose. To the ￿lIest extent permitted by law. we do not accept or assume responsibility to anyone other than Ihg charitable company and the charitable company's members as a body. for our audit work. for this repprL or for the opinions we hove formed. Date Thorpe {Senior Statutory Auditwl For and on behalf of RSM UK AUDIT LLP. Statutory Auditor Chartered Accountants 9th Floor 3 Hardman Street Manchester M3 3HF 16 December 2021 22

PRESTFELDE SCHOOL LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST2021 Notes Unrestricted Funds Reslricled Funds Total Z021 Total 2020 Income and endowments from: Charltable Actlvitles School fees receivable Ancillary trading income Other tradlng a¢tlvltles Non-ancillary Irading income Investments Investment income Bank and other interest Voluntary sou￿e5 Grants and donations 4,029,187 204,817 4,029,187 204,817 3.512,249 71,908 82.368 82,368 54,438 13 13 1,886 44.216 6,255 50,471 76,577 TOTAL INCOMING RESOURCES Expenditu￿ on". Ralsing funds Non-ancillary Irarling Other incom2 activibes Financing costs 20 4,360,601 6,255 4,366.856 3.717.058 32 32 557 generating 47,565 47,597 47.565 47,597 29.643 30.200 Charltsble Actlvltles Education 2nd grant making 4.033.103 7.510 4,040,613 3.695,635 TOTAL EXPENDITURE Nét Nlovement In funds for the year Fund balances al 1st September FUND BALANCES AS AT 31ST AUGUST 4,080,700 7.510 4,088,210 3.725.835 279,901 11,2551 34,219 278.646 {8,777) 3.735.280 3.692,284 3.726,503 3,972,185 32,964 4,005,149 3.726.503 All amounts relate lo wnlinuing activities. All recognised gains and losses in the current and prior year are included in the statement of financial aclivilies. The notes on pages 28 to 54 forrn part of these financial statements 23

PRESTFELDE SCHOOL LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES {Incorporating an Income and Expenditure Account) YEAR ENDED 31STAUGUST2021 Total Nol¢$ Unrestricted Funds Re51ricled Funds Total 2021 2020 Income and Èndowments from.. Charitable Acthvities School fees receivxble Ancillary trading incornè Oth•rtrading activltles Non-ancillary tradin9 income Inyestrnents 4,029,187 204,817 4029.187 204.817 3.512.249 71.908 82,368 82,368 54.438 Bank and othei interest 13 13 1.886 Other- Grants arbd donation5 Grants and donat￿)n$ 44.216 6.255 60.471 76,577 Other In¢omin9 resources TOTAL INCOMING RESOURCES 20 4.360.601 6.25S 4,366,856 3,717.058 ExpendItU￿ on.. RaÉsing funds Non-8n￿llary tradi09 Other In￿Me 9eller8ting aolivities Financing cost$ 32 32 557 47,565 47.597 47,565 47.597 29.643 30.200 charltable Ac¢ivlUe8 Educabon and grant making 4,033.103 7.510 4,040.613 3,895.635 TOTAL EXPENDITURE 4.080,700 7,510 4,088.210 278.646 3,726,503 3,725,835 18,77n 3.735.360 Net Movement In funds for the year Fund balances at 1st September FUND BALANCES AS AT 31ST AUGUST 279.901 3,Wd284 11,2SS1 34,219 3,972.185 32,984 4,005,149 3.726,583 All amounts relate to continuing activities. All recognised galns and losses in the current and prior year are included in the statement of financlal 8cl¢vrties. The n¢)t¢s on pages 28 to S4 form part of these financial ststement 24

PRESTFELDE SCHOOL LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS YEAR ENDED 31STAUGUST2021 Nots (¥oup Char5ty 2021 2020 2021 2020 FIXEDASSErs Tangible assèts Inbesbnents 4209 J87 4.087,545 4,209,387 100 4.087,545 100 12 4,209,387 4.087.545 4.209A87 4.087.645 Debtors 13 235,2S3 586A56 821,709 228,87S 381.287 610,162 235,243 586A46 821.689 228,865 381,277 610,142 Cash at bank and in hand CUFIRW LIABILITIES ¢￿ditorS Paydble within one >ear 14 820.593 765.624 820,593 785,624 ciN1R￿ UAEIUTIES 1.116 1155,4621 1096 1155,4821 TOTALASSEfs LESS CURRENf UABILITIES 4.210.503 3,932.083 4,210.583 3,932,163 LONGTBIM LIA￿uTIEs Creditor¥ payable afterone ￿ar 15 133.260 115.930 133,260 115,930 TOTAL NEf ASSEfs EXCLUtANG PENSION L￿￿Ltry 4.077.243 3,816,153 4,077A23 3.816,233 Netpension liability 22 71,994 89,550 71.994 89.550 NET ASSErs 4,005.249 3,726,603 4,005 J29 3,726,683 CALLKI UP SHABEcAP￿AL 17 100 100 100 100 19r20 32.964 3.972.185 34,219 3,692,284 32.964 3.972.265 34,219 3,692,364 UNRESTRICTED RJNDS 19r20 4.005,249 3,726.603 4,005A29 3.726,683 25

PRESTFELDE SCHOOL LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS YEAR ENDED 31ST AUGUST2021 The financial statements were approved and aulhorised for issue by the Board on 1 Olh December 2021 and signed on its behalf by SMHAY CHAIRMAN Company registration number 05023969. The notes on pages 28 to 54 ft>rm part of these financial statements 26

PRESTFELDE SCHOOL LIMITED CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31STAUGUST2021 Nots 2021 £'ooo 2020 £'ooo Cash flows from operatlng actlvlttes.. Net cash provlded by operating aetivities 23 470,484 364.642 Cash flows from Investing aetivlti•s.' Dividends, interest ond rents Irorn investments Purchase gf propety. plant and equipment Net cash lused inl Investlng actlvlties 13 1.886 1151,9481 1150.0621 1217,7631 1217.7501 Cash flows from financing act5vltle5: Financin9 Costs Net cash (usèd in) finan¢lng actlvltles 147.5651 147.5651 129.6431 129.6431 Change In cash and eash equlvalents In the year Cash and cash equivalents atthe beglnnlng of the year 205.169 184,937 381.287 196.￿0 Cash and cash equlvalents at the end of the year 24 586.456 381.287 27

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 ACCOUNTING POLICIES The principal 8ccounling policies. all of which have been applied consistently throughout the year and in the precedlng year are.. al Basis of Accounting The accounts of the group have been prepared under the Companies Act 2006 and in accordance with the Statement of Rewmmended Practice for Charities I'SORP IFRS1021'1 and with applicable UK Accounllng Standards. They ale drawn up on the historical cost accounting basis except Ihal property and share inveslmenis held as fixed assets are ¢arried at fair value. Prestfelde School meets the definition of a public benefit entity under Financial Reporbng Standard IFRSI 102. Assets and liabilities are initially recognised al historical cost or transaction value unle$s otherwise slated in the relevant aecounling policy notes. The Pfeparalion of financial stslements in conformity with FRS 102 requires managernenl to make judgemgnls, eslimales and assumptions that affect the appli¢alion of pollcies and reported amounts of assets and liabilities. income and expenses. The eslimales and associated assumpllons are based on historical experience and various other factors that are believed to be reasonable under the Gircumstances. the results of which form the basis of making the jud9emenls about carying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Further details are provided in note 31. and in the accounting policies for depreciation of fixed assets, for pensions and for bad debts. The financial statements are presented in sterfing 1£) and the functional currency is sterling {£) and are presented lo the nearest £. bl Golng Concem The a¢counis have been p￿pared on a going concern basis. The Prestfelde School Board reviews the financial information including Statement of Financial Affairs. Cash flows. Budgets an¢J Reforeca51s. newlproposed and current Capital Expenditure projects for the Company and group on a lermly basis, and wnsider whether the company and group are a going concern for a period of at least 12 months from the date of approval of the accounts. Depending upon the point in the academic year the Board will review cash flow refore¢a$ts for the current year or budgets for the forthcoming year. Following their review of the budgets and forecasts lo the period to 31 August 2023. the dlrectors have a reasonable expectation that the company and group has adequate resources lo continue in operational exlstence for the foreseeable lulure. Accordingly. they eonlinue lo adopt the going concern basis in preparing the Annual Report and Accounts. The governing body has reviewed the impact of the global pandemic on sehool operations and finances. During the COVID pandemic the school made use of the Governmenvs furlough scheme to mitigate against financial impacts. All lettings during the Spring term were los18nd impacts were loo fell in Summer Term as a result of foreign travel restn'ctions lour leis appeal lo foreign clients). Certain parts of the school were closed and a loan application was prepared in case needed. This was approved in principle with our banking provider5. Parents were given a dlscounl on the Spring Term fees in an attempt to rgtain them into the next year. The loss in income for fees and lettings amounted lo approximately £25k. The governing body recognise that the financial impliealions in 2020-21 brought about as a resultof the pandemic will conlinue into 2021-22. and possibly beyond, and conllnltes lo rework plans lor the coming year. to ensure the financial impact on the school continues lo be miligaled in the most appropriate way. The school's current liabilities have decreased since 2020 partly due to an increase in fees paid in advance from parents. 28

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEARENDED 31STAUGUST2021 The school has a detrknture in pla￿, should the need arise, to acces5 an overdraft facilty should one be needed in the event of a sudden eeonomic downlum. To dale however the overdraft facillty has not been used. Having considered all faelors and reviewing the available evidence. the directors have a reasonable expectslion that the company and group has adequate resources to conlinue operating for the foreseeable future and the financral ststements have been prepared on a going concern basis. c) Group Accounts The financial stslements consolidate Ihefinanclal statements oflhe company. and its subsldiary eompany with all inler<ompany balan￿ being eliminated. Enlilies are consolidated where Prestfelde School exereises overall control either through ownership of shares, or through having common Irusteeswilh a Common objective. Accounting policies are eonsistenuy applied be￿een group companies. dl School Fees Recelvable and Simllar Incomg Fees receivable and other educatsonal income are accounted for In the perfod In whlch the service is provided. Fee5 feceivable are ststed after deducting allowan￿S. scholarships and other remissions by the school. bLtI include contributions received Irom restricted funds for scholarships. bursaries and other grants. Fees in Advance Scheme Contracts are those fees received in adv2nce of education to be provided in future years under a specific contract. The fees are either held as investments in interest bearing assets until taken to income to match Ilabilrties in the tenn when LFsed, or else refunded. Any surplus of assets over liabilities is held within the fund as a buffer. Debts are provided for rf not recovered within one term unless specific deferral arrangements are in place with parents. Estimating amounts lo provide against recovery ot debts is a matter ofjudgemenl. e} Anclllary and Non-Anclllary Tradlng Income Ancillary trading income represents amounts from a¢livilies, such as lo generate funds wilhln the charitable objecls, for example school shop sales. eoaches to and from school and school Irtps. Non-ancillary trading income represents amounts from activities not directly related to the charitsble objects. for example letlings of school facilities out of term lime and rental from spare school buildings. Income from these activities is recognised in the Slalemenl of Financial Activities when the goods are sold or seNtees provkled. Voluntary sources, Grants and Donatlons Voluntary incoming resources, including government grants, are accounted for as and when entillemenl arlses, (he amuntcan rel18￿Y be quantified and the e¢onomlc beneffil Is conside￿￿ probable. Voluntary income for general purposes is accounted for as unrestricted and is ¢redil&J lo the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income Is credited to the relevant reslricled fund and Incomlng endowments are accounted for as permanent trust capital or expendable trust capital, according to whelher the donor intends retention lo be permanent or not. Gifts in kind are valued al estimated open maTkel value al the dale of gift. in the case of assets for retention or consumption. or al the value to the school In case of donated services or facilities. gl Coronavlrus Job Retentlon Scheme The CJRS grant is recgivable as compensation for stsff cos15 inGurred and for Ihg purpose ol giving immediate financial support to the Ofganisation with no future related costs. It Is re¢ognised as income in the perio(J in which il becomes receivable within 'Olher- Grants and Donations" Inote 6). 29

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 h) Expenditure Expenditure is accrued as soon as there 15 a conlractijal obligation or a liabllity is consldered probable. discounted lo present value tor longer term liabilities. Expenditure is allocated to expense headings either on a direGI cost basi$ or apportioned accordin9 to time spent. The irrecoverable element of VAT is included with the item of expense to which il relates. Bad debts are provided for in accordance with the group bad debt policy. The cost of refurbishing and onverting existing buildings is written-off in the year in which it is incurred excepl where the Useful life has been exlended. i) Flnanc& and Other Co$t8 Other costs include amounts accrued in accordan￿ with the teims of Feès in Advance Scheme Conlracls. j} Pgn$lon Costs The school company participates in the Teachers, Pensions scheme, which is an unfunded govemmenl ￿herne. and The Pensions Trust scheme. both of which provide benefits based on final pensionable pay. The funds of the schemes are separate from the company, although the company's share of the schemes cannot be identified as the scheme5 are mulli-employer schemes. and so the pension costs afe accounted for as defined Contribution schemes. The company offer5 membership of the Pensions Trust Growth Plan to employees other than the full-lime a¢ademic staff. The Pensions Trust Growth Plan is a multiomployer pension scheme where the scheme assets are pooled for investment purposes and cannot be allributed to individual employers_ Benefits are paid from the lolal scheme assets. 11 is in most respects a money purchase arrangement. but has sDme guarantees. As a result il is not possible or appropriate lo identify the assets and liabilities of the scheme which are attributsble lo the company. though. due lo the guarantees inherent in the scheme, the companies remain potentially liable for a debt on withdrawal from the scheme. In accordan￿ with Financial Reporting Stsndard IFRS) 102 (section 281 therefore, the scheme is accounted for in a fashion which is similar lo a defined contribution scheme. The company musl recognise a liability measured as the present value of the Gontribulions payable that arise from the deficit reeovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance Cost in Ihe period in whleh it arises. More detail is given in notes 22 and 28. kl Tangible Fixed Assets and Depreciatlon In accordance with Section 35.10 Idl of FRS102. Prestfelde School has eleoted to use the arrying value of any of the above freehold land and buildings previousty cariled 81 a valuation. as their deemed cost at the date of transition lo FRS102. 1 Septsmber 2014. Tangible fixed assets afe stated at cost less depreciation. Individual capital Items. or proj'ects. with a value greatei than £10,000 ore capitalised. Where tsngible fixed assets have been acqui￿￿ with tre aid ofspecificgrants they are included in the balance sheet at cost and depreciated over their expected uselLtI economic life. The related grants are credited to a fftstricled fixed ossel fund (in the statement of financial activities and carried forward in the balance sheet). The depreGialion on such assets is charged in the statement of financial acllvities over the expeded useful economic lrfe of the related asset on a basis consislenl wilh the depreciation policy. Depreciation is provided at rates calculated to write off the cost. less estimated residual value of each asset based on current market prices. over its expected useful lrfe, as follows: 30

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 Freehold land No depreciation. Freehold Builolings Buildings < 50 years- 2% - 6.66% on cost - Buildings > 50 years- 0.0074QA on cost - Swimming Pool- 2% on cost - Ca¥ Par￿cage- 10% on cost Over the usefvl economic life of the improvement Freehold improvements - 2%- 6.66% on cost Computer equipment - 25%- 33% on cost Motor vehicles -25% on cost Fixtures and fftb'ngs 10%- 25% on cost The company has reviewed its tangible assets. which comprise land, buildings and initial fixtures and fittings. The company undertakes an annual review of all buildings assessing thelr useful economic life. In sorne cases, the useful eeonomic life of a building is anlicipaled lo be of considerable length. often in excess of 100 years. The buildings are capitalised in the financial statements at historic cosL Where the calculated depreciation charge is a material figure, it is charged in these financial stslements buL where the carying value is not rnore than the estimated recoverable amount and the depreciation Dn the building is not material lo ihese financial statements, il has been assessed. bul not charged on the basis that il is not material. The directors will continue to carry out annual assessmerb15 of the recovefable amount and the eslimaled usefvl life of all buildings and where the dep￿ciatIon is a material value. il will be charged. The review Is based on the directors. assessment8 of the market value and the future economic benefit derived from an asset versus its carrying value in the finanaal stslemernts. Presffelde Sch¢)ol exercisesludgement in seleclion ofappiopriale Tates f0rdeprecia￿On offwed assets. and for matters ol impaimienl. l} FlnaTr¢lal Instruments Prestfelde School only has financial assets and financial liabilities Df a kind that qualify as bastc financial instnjments. Basic financial instrumènts are initially recognised al transaction value and subsequentty measured at their settlement value with the exception of bank loans which are subsequendy measured al amortised Cost u$in9 the effeclNe interest method. m) Investments Investments are carried at Cost. n) L8aslng Commltments Rentals applicable lo operating leases where sub$tantsally all gf the benefits and risks of ownership remain with the lessor are Charged lo the Stalernent of Flnancial Activities on a straight line basis over the lease lerJn. Lease incentives are accounted for over the lease tem on 8 straight-Nne basls. 31

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31sfAUGUST2021 o) Fee Deposits Refundable fee deposits are currently classified between long term and short term in the financial statements. These deposits are refundable in the event that the pupils leave a school on one term's nots￿ and as such the deposit would be refunded lo the parents at that polnl. However, the financial statements are prepared on a going conc&m basis and it is assumed that the majority of children will remain in school for their full years of education arsd therefoie the deposit will be refunded lo them when they leave school. Short term depjsits reflect those pupils that will be leaving a school within one year, aTrd the longer-lerm element reflects those pupils that will be leaving a school after 12 months from thé balance sheet dale. pl Fund Accounts Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial slatemenls. q) Taxatlon Prestfelde School is a registered charity and as such are exempt from income tax and corporation tsx under the provisions of Section 478 of the Corporaticsn Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate. The school has a subsidiary company that is dormanL CHARITABLE ACTIVITIES - SCHOOL FEES RECEIVABLE 2021 2020 The school fees incorne compiises Gross fees 4,641,124 Less-. Total scholarships, bursaries and other discounts 1611,9371 4,263,975 1751,726) 4029,187 3.512.249 Scholarships, bursaries and other awards were paid to 146 pupils with 167 awards12020'. 145 pupiSs with 174 awards). Within this. means-tesled bursaries lotslling £148,561 weie paid to 42 pupils12020.' £137.623 to 45 pupils). 32

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 CHARITABLE ACTIVITIES-ANCILLARY TRADING INCOME 2021 2020 Extras Entrance fees and registration fees Pupil transport Commlssions and related income Sundry other In￿Me 146,250 12.100 7.932 7,703 30.832 56,278 5,500 5,926 4,204 204.817 71.908 OTHER TRADING ACTIVITIES 2021 2020 Non-anclllary tradlng income Lettings In￿Me Rents receivable Intere51 weivable - pupil bills Other non-ancillary trading income 64.S15 6,687 S37 10,629 40,584 7.134 6,720 82,368 54.438 INVESTMENTS- BANK AND OTHER INTEREST RECEIVABLE Unrestricted Restricted Total 2021 Tot81 2020 Bank interest 13 13 13 13 1,886 1.886 OTHER- GRANTS & DONATIONS Unrestricted Restricted Total 2021 Total 2020 Imlson Vale Catering Government grants- CJRS Other 6.255 6,255 44.016 200 SO,471 6,255 70,046 276 76.577 44.018 200 44.216 6.255 33

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 7. ANALYSIS OF EXPENDITURE a} Total expenditure Staff costs {nole 91 Support Costs Depre¢lation (Note 11) Totsl Total 2021 2020 Costs of raislng funds Non ancillary trading Financing Gost (note 81 Totsl cost of generating funds 32 47.565 32 47,565 557 29.643 47,597 47.597 30.200 Charitable expenditure Educallon Teachlng Welfare Premise5 School adminislralion Grants awards and prizes (note 7bl Movement in Pension Deficit Reduction Governance Educatlon and grant making 2.290,719 42,156 263,946 277,570 221,093 266.641 348.228 183.494 1,724 15,623 39,799 40,499 2,527.435 348.596 652.673 461,064 1,724 2,347,209 279.523 582.375 473.172 11.488 {17,5561 66.677 117.5561 66,677 4,040,613 115,5661 17,434 2,874,391 1.070.301 95.921 3.695.635 Total Expenditure 2.874,391 1.117,898 95.921 4.088.210 3,725,835 bl Grants. awards and pilzes Presttelde School makes awards to Indlvidual families lo support schoolin9. 2021 2020 From Unrestrlcted Funds: Prizes and leaving awards 1.724 11.488 1.724 11,488 34

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEARENDED 31STAUGUST2021 cl Total resources expended Include: Preslfelde School feimburses governors fof out of pocket expènses including travel Subsisten￿ and accommodallon, where a claim is made. Nil Iruslees12020- NIL} were reimbursed during the year. 2021 2020 Remuneration pard to auditor for audit services Additional remuneration paid lo auditor for prior year lunderaccuredl ReMUne￿lI0n paid to auditor for non-audit services Depreciation of tsngible fixed assets.. - owned by the Charitable Company Operating lease ren181s'. - ¢Xher assets 18,900 7,405 8,404 1.086 900 95.921 99,515 25,991 150.116 22,258 131.264 FINANCING COSTS 2021 2020 Bank charges Other finance costs Provision for bad and doubtful debts 1.872 5.804 39,889 1,019 19,430 9,194 47,565 29,643 STAFF COSTS 2021 2020 The aggregate payroll costs for the year were.. Wages and salaries Social security costs Other pension costs Private medical insurance 2.283.551 209.779 380,937 124 2,124,283 193,192 370,678 1.218 2,874,391 2,689.371 35

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 STAFF COSTS - Continued 2021 2020 Aggregate employee benefits of key management personnel 347,739 176,253 The Head. Deputy Heads Ix218nd Bursar are classed by the s¢hool as ￿Ing the Key Management Personnel. 11 should be noted that the benefits for 2020 did not include the iwo deputy heads who are inGluded in the figure for 2021. InGluded in th8 stsff costs are redundancy or termination payments lotslling £4,000 {2020 £13.7821. The amount outstanding at the year*nd was £Nil12020 £Nill. None of the governors received remuneration or other benefits from Preslfelde School or from any connected body. The numbef of higher paid employees whose annual ernoluments were £60.O¢XI or more w2S: 2021 No 2020 No £80,001- £90.000 £120.001- £130.000 The numberwilh retirement benefit5 awuing: in Defined Benefit schemes was Of which the contributions amounted to £29,756 £20.301 For 2021 there are NIL12020.. NIL) employees earning over £60.000 per year that have chosen not lo participate in a pension scheme. The average number of employees during the year calculated on a head COLtnt basls. was 93 12020= 881 2021 No 2020 No Teaching Other actlvllies 62 31 58 30 93 88 10. DIRECTORS None of the directors lor any persons connected with them) re￿iVed any remuneration during the year. No scholafships were awarded lo chiklron of directors attending the ￿h9o112020.. £0}. 36

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 11. TANGIBLE FIXED ASSErs Freehold Land & Building5 Group and company Plant & Equipment Computer Equipment Total Cost At 1￿ Seplernber 2020 Addilons Disposals Transfers At 31¥t August 2021 4.248,747 134.840 442,963 44.526 (36.8161 146,469 38.397 {53,857) 4,838,179 217.763 (90,6731 4,383,5e7 450,673 131,009 4,965,269 Depreciation Al September 2020 Charge for the year Disposals At 31¥t August 2021 290.931 40.498 349,282 39,800 36.816 352,266 110,421 15.623 53.857 72,187 750.634 95,921 90,673 755,882 331,429 Net book value at 31$1 August 202 4,052,158 98,407 58,822 4,209,387 Net book value at 311t August 2020 3.S57.816 93,881 36.048 4,087.545 All assets are Used for charitable purposes. There is £786.00012020.. £78S,OOQI gf land included in freehgld land and buildings. Flnance leases and hlre purchase contracts No assets held under finance leases or hlre purchase contracts in the ye8r or preceding year. 37

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 12. INVESTMENTS Investments 2021 2020 Investment in subsidiary Company Investments at 31 August 100 100 100 100 PTestfelde SGh¢Jol owns all of the share capital of Prestfelde School Enterprises Limited. a company incorporated in EnglandThVales with a registered address of London Road. Shrewsbury. Shropshire SY2 6NZ. Further details a￿ provided in note 26. 13. DEBTORS Group 2021 Company 2021 2020 2020 Schc¥)I fees receivable. Trade debtors" Other ¢Jeblors Prepayments and accrued income Amounts due from parenl company 76.6SO 16,956 468 114.431 26.748 79.960 18.967 4.470 95.686 29,792 76.650 16.956 458 114,431 26,748 79.9eo 18,967 4,460 95.S86 29.792 235,253 228,875 235,243 228.865 School fee receivable are net of a doubfful debt provision of £42.538 {2020: £3.1301 Trade debtors ale nel of a doubt￿1 debt provision of £6,54612020.' £6,064) 14. CREDITORS: amounts falllng due within one year Group Company 2021 2021 2020 2020 Deposils from parents Fees ￿CeIved from parents in advance of lem) Trade credilors Taxatlon antl social security Other credltors Accruals and deferred IncLJme 22,200 18,110 22,200 18.110 435,416 294,657 435,416 294.e57 136,161 69,237 63,228 94,351 118.613 50,787 175,005 110,452 136.161 69.237 63.228 94,351 116.613 50.787 175.005 110.452 820,593 765,624 820,593 765,624 38

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 There Is a fixed and floating charge held by Barclays bank over all the property and undertaking of the company, daled 5 June 2020. 15. CREDITORS- amounts fallin9 due afterone year Group 2021 Company 2020 2020 2020 Deptisits from parents 133,260 115.930 133.260 115,930 133,260 115,930 133,260 115,930 Deposits from parents represent refundable deposits paid al the point that a pupil joins the school. The deposits are repayable when the pupil leaves the school at the end of year 8 or after a terms. nOt￿e If the chil(J leaves the school eartier than year 8. 16. COMMITMENTS UNDER OPERATING LEASES Land and building5 2021 Other 2021 2020 2,020 Imlhin 1 year wthin 110 5 years 13,684 5.298 24.272 16.099 18.982 The operating leases relate to photocopiers, a franking machine and minl buses. 17. SHARE CAPITAL 2021 2020 Authorised 100 Ordinary Shares of £1 ea 100 100 Allotted, called up and fully pald 100 Ordinary Shares of £1 each 100 100 39

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 18. FUNDS Prestfelde School's funds are analysed under the following headings.. al RESTRICTED FUNDS Bursary fund This represents cuirenl gifts. donations legacies etc. from extemal donors for the specific wrpose of providing hardship bursaries for children. Bursaries are awarded al the discretion of the Concessions Committee. There is no requiremenl to preserve capital. There ha5 been rKJ expenditure. Chap81 fund This represents donations from external donors for the specific purpose of expendi￿re felaling lo the Blackburn Chapel and Theatre. Kltshen Equlprnent Fund This represents a donation from Wilson Vale Catering in reIalion lo expenditure for the ￿tChen. Library Fund Donation of fijnds for renovation of the library furniture and IK•oks. bl UNRESTRICTED FUNDS Unrestricted funds represent a￿UMUlated income from the school's activities and other so¢Jrces that are available fof the general purposes of the school. 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS - GROUP Share Capital Unre$lri¢ted RestriGled 2021 2020 Tangible fixed assets Nel current assetsl{liablliliesl 4.209.387 4.209.387 4.087.545 {31,9461 32,964 100 1.116 {155.4621 Long term liabilities Provision for Liabilities and Charges 1133.2601 1133,260) 1115,9301 171.9941 171,994) 189,5501 3,972,185 32,964 100 4,005.249 3.726.603

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 Prlor Year Comparatlve Unrestricted Restllcted Share Capital 2020 2019 Tangible fixed assets Nel current asse1￿111abllities) Long term liabilittes Provision for Liabilities and Charges 4.087.545 4.087.545 4,035,112 1189,7811 (115,9301 34.219 100 1155,4621 1115,930) 160.191) 1134.4251 189.5501 {89,550) {105,1161 3,692,284 34,219 100 3.726.603 3,735,380 20. SUMMARY OF MOVEMENTS ON MAJOR FUNDS At 1 Sept 2020 Incomlng rgsources Resou￿8 At31 August 2021 expended Restrictsd Fund$ Bursary Fund Chapel Fund JQlthen Equipment L￿rary Fund 14.834 16.777 14.834 16.777 1.255 (7.510) 1,353 1.353 34.219 6.255 17.5qOI 32.964 Unrestrfcted Funds General Reserve 3.692.284 4,3eo.801 14.080,7L)JI 3,972.185 3,692,284 3.726.503 4.360.601 4.366,856 {4,080.7001 14,088.2101 3,972.185 4.005.149 Totsl Funds Note 18 provides details of the indNidual funds 21. CAPITAL COMMITMENTS Al 31 August 2021. the group had capltal comm11ments as follow5.. 2021 2020 Expenditure contracted for but not provided in the accounts 3,459 41

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 22. PENSION SCHEMES Teachers. Penslon Scheme The School participatss in the Teachers. Pension Schetne I"Ihe TPS.) for its teaching staff. The pension charge for the year includes ¢onlribulions payable to the TPS of £328.39812020'. £322.8601 and al the year-end £38.80312020 - £41.7351 was acciued in respect of contributions lo this scheme. The TPS is an unfunded mull¢-employer defined benefits pension scheme govemed by Th$ Teacher5. Pensions Regulations 2010 las amonded) and The Teachers. Pension Scheme Regulations 2014 las amendedl- Members contribute on a.pay as you go. basis with contributions from members and the employer being credited to th8 Exchequer. Retirement and other pension benefits are paid by publiG funds provided by Parliament. The employer contribution rate is sel by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuatson ol the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in Maieh 2019. confirmed that the employer contribution rale for the TPS would increase from 16.4% 10 23.6Vo from 1 September 2019. Employers a￿ also iequired lo pay a scheme adrninislration levy of 0.08•h giving a total employer ￿ntribUtIon rate of 23.68%. The 31 March 2016 Valuation Report was prepared In accordance with the benefits set out in the schem¢ regulations and under the approach specified in the DireGtions, as they applied al 5 March 2019. However, the assumptions were considered and set by the Department for Education prior lo the ruling in the'McCloudlSargeant case,. This case has required the courts to consider cases egarding the implementation of the 2015 reforms lo Publlc Service Pensions including the Teachers. Pensions. On 27 June 2019 the Supreme Court denied the govemmenl permission to appeal the Court of Appeal'8 judgment that transitional provisions introdts￿d to the reformed pension schemes in 2015 gave rise lo unlawful age discrimination. The government is respecting the Court's decision and has Said il will engage fulty with the Employment Tribunal as well as employer and member represenlalives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that il intends lo proceed with a defeffed choice undeipin under which members will be able lo choose either legacy or reformed scheme benefits in respect of their seNtce during the period be￿een l April 2015 and 31 Mareh 2022 al the point they become payable. The TPS is subject to a cost cap mechanism which was put in place to protect 12xpayers against unforeseen changes in scheme costs. The Chief Secretary lo the TreasLJry, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause lo the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeanl trase and until there is certainty about the value of pensions lo employees from April 2015 onwards. The pause was lifted in July 2020, and a consvllalion was launched on 24 June on proposed changes lo the cost control mechanism following a review by the GovernrnentAcluary. Following a public consultation. the Government have accepted IhTee key proposals recommended by the Govemmenl Actuary. and are aiming to implemonl these changes in lime for the 2020 valuations. In view of the above rulings and decisions the assumptions used in the 31 March 2016 A¢luarial Valuation may become inappropriate. In this scenario, a valuation prepared In accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation. 42

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31sfAUGUST2021 22. PENSION SCHEMES - Continued Until the cost cap mechanism revision is completed il is not possible lo conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements. TPT Retirement SoluUons- The Growth Plan The company participates in the seheme, a mulliwemployer scheme which provides beneffts lo some 950 non-associaled participating employe￿. The scheme is a defined benefit scheme in the UK. 11 is not possible for the company to obtain sufficient information lo enable it to account foi the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined ¢ontribullon s¢heme. The scheme is subject to the funding legislation outlined In the Penslons Act 2004 which came Into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Report¢ng CoLFncil, set out the framework for funding defined benefit occupational pension schemes in the UK. The scherne is classified as a'lasl-man stsnding arrangemenv. Therefore the company is polenlialty liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Parttcipaling employers are legalty required to meet their share of the scheme deficit on an annuity purchase basis on withdraw21 from the scheme. Summary of provision for pension deficit recovery plan Company 2021 2020 £'ooo £'ooo TPT Retlrement Solutions- The Growth Plan 60 76 43

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 22. PENSION SCHEMES-Continued TPT Retlrement Solutions - The Growth Plan Deficit Contributions A full actuarial valuation for the scheme was carried out al 30 September 2017. This valuation showed assets of £794.9m, l¢abililies of £926.4m and a deficit of £131.5m. To elimlnate this lunding shortfall. the Trustee has asked the participating employers to pay additional contributions lo the scheme as follDWS'. From 1 April 2019 to 31 January 2025.. £11.243m per annum (payable monthly and incieasing by 3% each on 1 sl April) Unless a concession has been agreed with the Trustee the term lo 31 January 2025 applies. Note that the scheme's previous valuation was cariied out with an effective date of 30 September 2014. This valuation showed assets of£7S3.4m. liabilities of£969.9m and a deficit of £176.5m. To eliminate this fundlng shortfall, the Twstee has asked the particspaling employers lo pay additional contributions to the scheme as follow$'. From 1 April 2016 to 30 September 2025.. £12.945m per annum {payable monthly and Increasing by 3% each on 1 sl April From 1 April 2016 to 30 September 2028.. £54,450 per annum {payable monthly and increasing by 3% each on 1st April) The recovery plan contributions are allocated to each participating employer in line with their eslimaled share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed lo a deficit funding arfanuement the company recognises a liability for this obligation. The amount recDgnised is the nel present value of the def￿1t reduction conlrlbutions payable under the agreement that relates to the deficit. The present value is calculated using the diseounl rale detailed in these disclosures. The unwinding of the discount rate is reeognised as a finance G05t 44

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEARENDED 31STAUGUST2021 22. PENSION SCHEMES - Continued Present Values of Provision 2021 2020 Present value of provision 59,860 76,160 Reconclllatlon of opening and Closlng provl$lons 2021 2020 Provision at 1 September 76,160 90,774 Unwinding of the discount factor 371 797 Deficit contribution paid Remeasurements- impact of any change in assumptions 116,S901 {16,107) 1811 696 Provlslon at 31 August 59,8SO 76.160 Income and expenditure Impact 2021 2020 Interest expense 371 797 Unwlnding of the discount f8¢tor 181) 696 Remeasurements- impact of any change in assumptTons Remeasurements- amendments to the contribution schedule Contributions paid in respect ol future service Costs recognrsed in income and expenditure account 2021 2020 Assumptions %per annum %per annum Rale of discount 0.63 0.55 45

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEARENDED 3tSTAUGUST2021 22. PENSION SCHEMES- Contlnuod The discount rates shown above are the equivalent single d¢scounl rates which. when used lo discount the future recovery plan contributions due, would give the same results as using 8 full AA Gorporale bond yield curve lo discount the same recovery plan contributions. Deficit Contributions Schedule The following schedule shows the deficit contributions agreed btheen the ¢ompany and the scheme at each year end period= 2021 2020 Year 1 17,087 16,590 Year 2 17,600 17.087 Year 3 18,128 17.600 Year4 7,684 18.128 Year 5 7,684 The company must recoJnis8 a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure aecount i.e. the unwinding of the discount rale as a finance cost in the ￿liOd in which it arises. It is these contributions that have been used to derive the compan￿5 balance sheet Ilability. TPT Retirement Solutlons - Independent Schools. Pension Scheme The company participates in the scheme, a mulli*mployer scheme which provides benefits to some 66 non-associated employers. The scheme is a defined benefit seheme in the UK. It is not possible for the company to obtsin sufficient infomiation to enable il lo account for the s¢herne as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject lo the funding legislation outlined in the Pensions A¢1 2004 which came irrto force on 30 De￿mber 2005. This. together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, sel out the framework for fttnding defined benefit occupational pension schernes In the UK. The scheme is classified as a'last-man standing arrangemeny. Therefore the eompany is potentially liable for other participating employers, obligations if those employers are unable lo meet Iheii share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was cairied out wllh an effective date of 30 September 2017. This actuarial valuation was certified on 27 December2018 and showed assets of£149.4m, liabilities 46

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 22. PENSION SCHEldlES - Contlnued of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall. the trustees and the participating employers have agreed that additional contributions will be paid, in combinabon from all empl¢)yers, lo the scheme as follows: Deficit Contributions From 1 September 2019 10 30 April 2030.. £2.387m per annum {payable monthly and increasing by 3% on each 1It September) Note that the scheme's previous valuation was carried out with an effective date of 30 September 2014. This valuation showed assets of £110.Om, liabilities of £147.4m and a deficit of £37.4m. To eliminate this funding shortfall, the Trustee has asked the participating employers to way additional contributions lo the scheme as follows.. From 1 September 2016 10 31 Au9USt 2029.. £2.341m pr annum (payable monthly and increasing by 3% on each 111 September) The recovery plan contributions are 8llocale(I to each partlclpating employer In Ilne with their estimated share of the scheme liabilities. Where the scheme is in deficit and where the company has agreed lo a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the nel present value of the deficit reduction contributions payable under the agreement that relates lo the deficil. The present value is calculated u*ng the discount ral& detailed in these disclosures. The unwinding of the dlscount rale is recogni5ed as a tinance cost. 47

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEARENDED 31ST AUGUST2021 22. PENSION SCHEMES - Contlnued Present Values of Provlslon 31 August 2021 l£sl 31$1 August 2020 31 August 20191£s1 l£sl 13,39) Present value of provision 12,134 14.342 Reconclllation of op&nlng and closlng provlslons Perlod Endlng 3141 August 2021 Period Ending 315L August 2020 {£sl Provision al start of period 13,390 14.342 Unwinding of the discount factor (insert expense) 151 Deficit contribution paid 11,2701 11,2331 Remeasurements- impact of any changes in assumptions (1011 130 Remeasuremenls- amendments lo the contributions schedule Provislon at end of period 12,134 13,390 48

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 22. PENSION SCHEMES - Continued Income and Expendlture Impact Period Endlng Period Ending 3141 August 2020 311t August 2021 Its) {£s} Interest expense 115 151 Remeasurements- impact of any Ghange in assumptions {1011 130 Remeasurements- amendments lo the contribution schedule Contributlons paid in respect of future service" Assumptions 31 August 2021 31 August 2020 % per annum % per annum Rate of ¢Jiscount 1.09 49

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 22. PENSION SCHEMES- continued Deficit Contrlbutlons Schedule The following schedule sh¢)ws the defi¢it ¢ontribut¢ons ag￿ed betsveen the company and the scheme at each year end perio¢J.' 2021 2020 Year 1 1,308 1,270 Year 2 1,347 1.308 Year 3 1,387 1,347 Year 4 1h29 1,387 Year 5 1.472 1,429 Year 6 1.516 1,472 Year 7 1,561 1.516 Year 8 1,608 1.561 Year 9 1,104 1.608 Year 10 1.104 The company must recognise a liability measured as the present value of Ihe conlributlons payable that arise from the deficit recovery ag￿ement and the ¥esulling expense in the income and expenditure account i.e. the unwinding of the discount rale as a finance cost in the period In which il arises. 11 is these eonlribulions that have been used to derive the company's balance sheet liability. The curtenl valualK)n does not reflect the expected increase in benefits and IherefrJre liability as a result of Guaranteed Minimum Pension I'GMP'I equalisalion betsveen men and women which is required as a result of the removal of the Additional Slate Pension. Melho(Jologies for a Igng-lemi 501ulion are still being investigated by the Government as sel ovl in the published (January 20181 outcome of the Govemmenl Consultation 'lndexalion and Equalisalion of GMP in PL}bl￿ Sector Pensions Schemes, and therefore the expected impact cannot be rellabty eslimaled and consequently no provisionlliability has been recognised. 50

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST2021 23. RECONCILIATION OF NET EXPENDITUREIIINCOMEI TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2021 2020 Net Incomel{expenditure) for the year las per the statement of financial activities) 290,571 18,7771 Adjustments for: Depreeialion Charges Dividends, interest Financing eosls Increaselldeereasel in debtors Ilncreaselldecrease in creditors 95,921 1131 47.S65 86.024 149.584) 99.515 (1.8861 29,643 111.7151 257.862 Net cash opgratlng aetivitles 470,484 364,642 24. ANALYSIS OF CASH AND CASH EQUIVALENTS 2021 2020 Cash at bank and in hand 586.456 381.267 Total cash and cash equlvalents 586,456 381.287 25. ANALYSIS OF CHANGES IN NET DEBT At 1st Sept 2020 Cash flows Other non- cash changes At 31st August 2021 Cash and cash equlvalents Cash Overdraft facllity repayable on demand 381,287 205.169 586,456 381.287 205,169 586,456 Borrowings Loans falling due within one year Loans falling due after mole than 1 yea Flnaftce lease obligations Total 381.287 205 169 586 456 51

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEARENDED 31STAUGUST202t 26.SLIBSIDIARY The Company owns all of the share capital of Preslfelde School Entsrprises Llmited, a company in￿rPOrated in Englandlwales under Company number 05181895. The company is currently doimant 11 has Cash in Hand of £10 {2020.' £101 and a Debtor balance of £1012020.. £101 due from Presttelde School. 11 has Share Capital of £10012020.. £1001 and Resetves of1£80112020'.1£8OII. There was no trading during the year12020'. £01. 27. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVE FIGURES BY FUND TYPE Year Ended 31 August 2020 Unrestricted Restricted Total Income and endowments from Charitable activities School fees re￿1vable Ancillary trading income Other tradlng a¢tlvltles Non-ancillary trading incom8 Investrrtents Bank and other interest Voluntary sources Grants and donations other incoming resources Total Incoming ReSou￿eS Expendlture on: Rai51ng funds Non ancillary trading Financing costs Total Deductible Costs Charitable aGtivitie5 Education and grant making 3,512,249 71.908 3,812,249 71,908 54,438 54A38 1.886 1.886 70.322 6,255 76,577 3.710.803 6.255 3,717,058 557 29,643 30,200 557 29.643 30,200 3.689.380 6.255 3.69S,635 Total Resources Expended Net movement in funds for the year Fund balances brought forward at 1st September Fund Balances at 31st August 3,719.580 18,777) 3.701.141 6.255 3,725,835 18.7771 3,735,360 34.219 3,692.364 34,219 3,726,583 28. CONTINGENT LIABILITIES The Company has been notified by The Pensions Trust of the eslimaled employer debt on withdrawal from the relevant schemes based on the financial positson of the schemes as al 30 September 2020. As of this date the eslimaled employer debt for the Company was £329,304 IGP.. £201,964 and ISPS £127.3401 including Series 3 Ilabililies. 52

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 29. ULTIMATE CONTROLLING PARTY The Woodard Corporation Limited is the ultimate controlling party as they own in fiJll the Sho￿ capital, a registe￿d Charity number 1096270, which 15 incorporated in England and Wales. Copies of the financial statements of the Woodard Corporation can be obtained from High Street. Abbots Bromley, Rugeley. Slaffordshire, WS15 38W. The accounts of Prestfelde School Limited are included within the consolidated financial statements of the ￿ty0dard Corporation Limited and this is the 12rge$t group of consolidated accounts available. 30. RELATED PARTIES As stated in note 26, Prestfelde School Llmlted Is a wholly owned subsidiary of The Woodard Corporation. The following costs were invoiced to the school by Woodard Corporation during the year. 2021 2020 Central servi￿ Levy lo m2et running costs 17,262 17,608 17,262 17,608 The following costs were invoiced by Prestfelde School Limited lo Woodard Corporation dltring the year. 2021 2020 Salary Recharges 180.807 192.534 180,807 192,534 AI 31AI Augusl 2021 £26.74812020.' £29,792) was dve from Woodard Corporation. This will be pald in full lo Prestfelde School Limlted during the new 2021122 financial year. 2021 2020 Fees in Advance Commission Salary Recharges 297 26,451 303 29,489 26.748 29.792 The Gompany also controls a subsidiary trading company, Presttelde School Enlerprsses Limited, 53

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 Iregislered number 051818951. There were no transactions dLrring thg period and al 31si August 2021 £1012020.. £101 was owed lo the subsidiary. Key Personnel During the year ended 31* August 2021 the School used the servirEs of Cyril Orchard Management Limited. a company where one of the directors, Robert Orchard. is the husband of Fiona Orchard the Head of Prestfelde School Limited. The amount of Chafges incurred from Cyril Orchard Managements Lirniled in 2021 was £NIL12020.' £2.7001. Theie was £NIL (2020.. £NILI outstanding at the year end. There are 2 governors whose children attended the school during the year and received staff discounts of £7,94912020.' £7,603) and discretionary discounts of £1,37412020.' £2.6951. 31. ACCOUNTING ESTIMATES AND JUDGEMENTS In preparing the financial statements, the directors are required to make eslimales and judgements. The matters detailed below are considered lo be the most important in understanding the judgements that are involved in preparing the financial statements and the Un￿rtaInlieS that could impact the amounts reported in the results of operations, financial posltion and cashflows. Acc04Jnting policies are shown al note 110 the financial stalemenls. PenS￿n schgm8 def￿1t reduction payments As explained at note 22. there is a deficit ￿duction plan in place in iespecl of Prestt¢lde School's membership of the Pension Trust's Growth Plan. FRS 102 requires a liability to bo recognised in respect of the present value of future contributions payable untjer the terms of the deficit re¢overy plan. The incorporation of this liability in the financial statements involves the exercise of judgement in a ntjmber of areas, including the selection of an appropriate discount Tale. Pension scheme ¢ontingent li8bility As explained at note 22, there is a contingent liability in the event that Prestfelde School's were to withdraw ils membership of the Pension Trust's Growth Plan. The independent qualified actuaries advising the Pensions Trust in respect of the conb'ngent withdrawal liability exercise significant judgement in determining the amount of that liability. Judgernenl is exercised in a number of afeas, including future changes in salaries and inflation, mortality rates and the selection of appropriate di$￿Unt rates. ProVis￿n forbad debts Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter ofjudgemenL Depreciation. impairmgnt and residual values Off￿ed assets Judgement is exercised in eslimaling the residual values of fixed assols, the selectson of apwopriate rates lor depreciation, and for matters of impairment. 54