2024-08-31-accounts

Charity Registration No. 1102931 Company Registration No. 5023969 (England and Wales) PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024

PRESTFELDE SCHOOL LIMITED CONTENTS Page Company information Directors, report (incorporating the Stralegic Report) Independent auditor's report 17 Financial statements of the company 21 Notes to the Financial Statements 25

PRESTFELDE SCHOOL LIMITED COMPANY INFORMATION DIRECTORS AND ADVISORS Directors Mr R P Sartain (Chairman) Mr A J Barker FCA Mrs N Cooper BEd (Hons) Mr E L)avies tJA {Hons) Irom U611212U23 Mrs H Fitzgerald MA (Oxon) Mr M N Holyoake Bsc (Honsl FGS ACMA CGMA Mr R M Jenkins BA (Hons) MBA Mr T M Parsons BDS to 2410612024 Mr J Sharman Hons Bcom Ms A Stubbs BA IHons) from 0611212023 Mrs A J Thorn BA {Hons} MBE, DL Mr D Tyack MA {Oxon) Ms C Watson MA (Oxon} from 0611212023 Mr N L Winkley MA (Oxon) Med (Open} PG Cert Bus Admin (Open) Mr P Wood FCA from 3010812024 Charity No. Company No. PrinGlpal Addre55 and Regi5teied Offlce 1102931 05023969 Prestfelde School Limited London Road Shrewsbury SY2 6NZ Key Managemenl Personnel Head Bursar and Clerk to the Governors Mr N Robinson Msc PGCE Mrs K Mills BA (Hons) MBA to 2710812024 Ms A Allott MCMI, HND from 2710812024 to1810212025 Mr R I White BA (Hons) from 1910212025 (interim) Auditor Moore Kingston Smith LLP (Statutory Auditors) 61h Floor. 9 Appold Street London EC2A 2AP Bankers Barclays Bank 44 - 46 Castle Street Shrewsbury SY12BU Solicitors Messrs Hatchers Welsh Bridge, 1 Frankwell Shrewsbury SY3 8LG Insurance BrokÈrs Marsh 1 Tower Place West Tower Place London EC3R 5BU

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (Incorporatlng the Strateglc Report) YEAR ENDED 31ST AUGUST 2024 Thp. dirp.rtnrq rJrp.qp.nt tho.ir rp.port 2nd financial statements for the yp2r p.ndp.d 31st August 2024 and confirm they comply with Ihe requirements ofthe CharitiesAct 2011. including the Directors, and Strategic Reports, under the Companies Act 2006. REFERENCE AND ADMINISTRA TIVE INFORMA TION The charity was incorporated on 23 January 2004 and is registered with the Charity Commission as charity numbor 1102931. Thg charity is 3 limitad liability company and wholly owned subsidiary of The Woodard Corporalion (charity number 1096270). The charitable company is incorporated in the United Kingdom. Directors of the Company are also Fellows (members) of the Woodard Corporation and participate in the election of its board of management and are committed to its charitable objects. Note 29 provides details of connÈcted charities. STRUCTURE, GOVERNANCEAND MANAGEMENT Governing Document The company is governed by Articles of Association as adopted by Special Resolution dated 20 March 2013. replacing those dated 20Lh J3nuary 2004 amended by Special Resolution(sl dated 25th January 2006, 28th April 2009 and 23rd June 2009. They permit funds to be managed in such a manner d5 11)e direGlors see fil, pruvi(ietJ Iliril Jubli yuweib ale uiily fur Ilie yuryub¥b of tillairiiiiy Ilie objects and in a manner which is legally charitable. The Articles of Association forbid the distribution of any property or funds, which are to be applied solely towards the promotion of the objects of the company. Governing Body The governors are the directors and charitable trustees of the company and comprise the governing body of Presttelde School and are elected to 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 outlined on page 14. The governing body met 3 times during the year. Throughout the accounts the goveming body will be referred to as either trustees, directors or governors. ReGruitment and Training of Governors All governors are Corporate Fellows of the Woodard Corporation. Fellows are responsible for electing the Woodard Corporation Board. Governors are recruited on the basis of nominations from school contacts and from selection when a post becomes available. The governing body look to ensure a mix of skills and select new governors on the basis of background, competence, specialist skills and, in the case of Fellows, Christian commitment. Governors are provided wilh induction training by the Head, Bursar and staff and a wider programme of training events is organised by the Woodard Corporation. Tho 8r.hnnl 21sn 8nr.ciur2ge.s governors to attend events run by the Association of Governing Bodies of Independent Schools IAGBIS). Where possible the governors consider that the skills and experience of the Board should comprise the following: A Governor with a legal background. A Govemor with a financiavaccounting background. A Govemor with education experience. A Governor with senior managerial or business experience. A Governor with experience of equal opporiunities or disability needs. At least one female Governor and at least one male Governor. One Governor may have one or more of these skills.

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 Volunteers Governors are volunteers providing theirtime forfree lo supporl the governance ofthe school. The school also relies on a number of other volunteers lo undertake roles including helping the school to raise funds, assisting in school events, helping with reading. and providing other help where required. The governing body would like to thank all of the volunteers for their help and acknowledge the assistance given. Organisational Management The school is govemed by the governing body which delegates work to a number of committees. Membership of each committee is outlined on page 14. The directors determine the general policy of the company. Finance and General Purpose {F&GP} Committee the F&GP Committee has a remit to consider budgets, both revenue and capital, cash flow information and financial reports, including thg financial statements. 11 also considers financial policies and the financial regulations and develops the school's eslates strategy, including Capital developnients (]Iid ITl¢Jiiileiidnce of the building5 and discusses the overall health and safety of the site. It makes recommendations to the governing body for approval. The F&GP Committee met 5 times during the year. Strategic Development Committee- the Strategic Development Committee develops the school's estates strategy, including capital developments and maintenance of the buildings and il makes recommendations to the governing body regarding the strategic direction of tho sr.hnol. It met 4 times during the year. Safeguarding, Health and Safety and Boarding Committee the Safeguarding, Health and Safety Comrniuee is responsible for overseeing the compliance ot Ihe school in these key areas. This committee also oversees the policy and procedures in place to implement measures across the school. It mel 3 times during the year. Education. Pastoral. SEN and Spiritual Committee- the Education Committee is responsible for oversight of the academic performance of the school and educational policy, making recommendalions to the governing body. It met 3 times during the year. Marketing, CommuniGations, Fundraising and Old Presffeldians Committee this CorTIITiillee i responsible for the oversight of the inlernal and external marketing of the school and for making recommendalions to Ihe governing body. It met 2 times during the year. Concessions Committee Assessmenls following the bursary applications are circulated to the committee members who then send their responses to the Bursar and Head. The day-to-day management of the company is delegated to the Senior Leadership Team which comprises the Head, two deputy heads, assistant head and head of Little Prestfelde and the Bursar. The Head and Bursar are classed as Key Management personnel, overseeing educational, pastoral and adminislrative functions in consultation with the senior staff. The day-to-day administration is undertaken within the policies and procedures approvcd by thc govcmors which provide for only significant expenditure decisions and major capital projects to be referred to the governors for prior approval. The Head oversees the recruitment of all educational staff. whilst under delegated authority the Bursar oversees the recruitment of administrative and non-teaching support staff. The Head and Bursar are invited to attend govemors, meetings. The remuneration of key management personnel is set by the governing body, with the policy objective nf prnviding ApprnpriAtp. inr.p.ntives to encourage enhanced perfom)ance and of rewarding them fairly and responsibly for their individual contributions to the school's success. The appropriateness and relevance of the staff pay policy is reviewed annually, induding reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere.

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 We aim to recruit, subject to experience. at the lower to medium point within a band, providing scope for rewarding excellence. Delivery of the school's charitable vision and purpose is primarily dependent on our koy management personnel and staff costs are the largcst single element of our Gharitable expenditure. Group Structure and Relationships The school has a wholly owned nnn-r.hArit2hlp qubqidixry, Prp.%lfe.Idp School Enterprises Limited thÈ activities and trading of which are described below. Note 29 provides details of connected charities. We have a range of facilities that we are able to let out to the local community. These include the theatrelchapel, gymnasium. classrooms, swimming pool, dining room and sports fields. We ran our own inhouse activity camp provision during some of the holiday periods, as well as hosting an extemal aclivity camp provider at other times. The school continues to develop links with a wide range of organisations to ensure the widest possible access lo our facilitieb arid ¥Gliuvlirig. Tliruuyli ITiembeiship of the Independent A550ciation of Preparatory Schools {IAPS)' The Independent School's Bursars Association (ISBA)- and several other government and independent organisalions linked lo the provision of children's education and through networking with peer groups we ensure that we are able to att2in thè highest standards of quality and performance. We encourage our pupils to develop an awareness of the social context of the all-round education they receive at the school. and they are engaged In a number of a￿1vIlieS to enhance their understanding. We have a thriving alumni group, the Old Prestfeldians, who are generous in supporting the work of the school and whose support we greatly appreciate. We also cooperate with many local charities and local State schools in our ongoing endeavours to widen public access to the schooling we can provide, and to optimise the educational use of our cultural and sporting facilities. CHARITABLE OBJECTS. AIMS. OBJECTIVES AND ACTIVITIES Charitable Objects The charity's objects, as set out in the Articles of Association. are to promote and exlend education (including spiritual, moral, social, cullurdl and physical education) in accordance with the doctrines and principles of the Church. The Church is defined as being the Church of England and churches in full communion 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 education- and they see themselves as communities working together for the ijeiiefil uf (Jll IllglTiberb, dritj of Ihe Church and Ihe ndtion. They are strong Christian foundations whlch adhere to catholic belief as found in the Church, to Christian worship focused in the Eucharist, and to the care of each individual and the whole school community particularised in the ministry of the Chaplain. Aims Prestfelde School's mission is to enable all children to develop their love of learning. academic potential ano in(Jividual talents in a caring Christian community which fosters sensitivity, confi(Jence, a sense ot seNice and enthusiasm for life. Prlmary objectlves The primary objectives for the school have been articulated in the 2029 Centenary Strategy published in September 2023. The vision is to 'further develop our position as a leading UK prep school, which will be rAe.ngni8EJd by.. Academic excellence focused on individual pupil progress and success Develop and implement an innovative new leaming skills curriculum for pupils of all ages.

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2024 Ini1121p. x ng.W tiitorial and mentoring programme for our senior pupils to furthèr onhance their learning and independence. Maximise all learning opportunities by the way we shape the day to make the best use offacilities and staffing across the school. Deliver progressive IT strategy that maximises technology, software and Al advancements to enhance and personalise pupils leaming. Review the way we reward and report on the pupil's achievements, successes and outcomes. Implementation of a progressive siaff appraisal & development programme. Inspiring co<urrlcular programme for all pupils Equality and opportunity in sport football for girls and optimised Vvednesday afternoon sports provision. Further enhance the Prestfelde Plus Saturday morning programme. Widen opportuntties for the Creative Arts that enable greater participation and opportunities for excellence. Focus on trips and camps that broaden experience and adventure whilst remaining accessible. Increase the sport provision for pupils in Little Prestfelde. Culture of posltlve wellbeing & incluslon for pupils and staff Re*nergise House strudure creating opportunities for pupils lo mix, compete and experience a sense of belonging. Further develop the wellbeing environment for staff and pupils that creates a place of choice to work and learn, within a 'one school, focus. Establish genuine and meaningful opportunities for pupil voice for children of all ages. Develop Flexi boarding that is vibrant and encouragp.q r)pportunitiÈs for growth. Eiisuie thal Diverbily, Equity. and Inclusion is embedded Into the DNA of Prestfelde. Forward thinking leadership & governance Ensure Prestfelde is underpinned by an effectively structured goveming body and sub cuiririiillees Ihilt are focused on delivering outstandlng governance. Ongoing investment in the development of our senior leaders and managers. Deliver on a financial strategy that ensures long term stability through a portfolio of income streams that align to the ambitions and mission of the school. Be agile in a changing environment. but true to our strategic mission. Community engagement through positive and enduring relationships Re-energise the Old Prestteldian alumni to provide opportunities for former pupils and staff to engage positively with the school.

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2024 Widen our outreach programme of stata school partnerships and charity I community relationships. Broadcast Prestfelde's vision. ethos and mission nationally through effective marketing. Be innovative through the provision of transformaliorirjl butbaries. Sustainable Investment to deliver inspirlng and highquality facilities Complete Phase 1 of a capilal investment campaign the building of a new astro turf and the refurbishment of Highfield House. Create a forward-thinking estate master plan to ensure effective delivery of capital builds, ongoing refurbishment. and onsite traffic solutions. Drive carbon neutrality - in all our operations and decisions. Strategles to achieve the primary objectlves The Full Council and Senior Leadership Team will employ a number of strategies to achieve the primary objectives including.. Regular review, challenge and update of the strategic plan and associated school development plan. Governor opportunities to be'in school, meeting stxff And PLJpils and observing how the school is performing. Use of KPI'S against benchmarking data. Analysis of the wider marketplace and education sector. Ongoing PD and professional reviews of staff. Use of survey information to infomi progress and areas to improve. Keeplng abreast of e(Jucational best practise. Principal Activities of the Year The principal activity of the school is the delivery of education to pupils ranging from 3 to 13 years of age. We also run a nLsmber of holiday school activities, and the school is open at other times for use by the local community outside of school hours. Pupil numbers at the school during the year were as follows- 202312024 202212023 Preparatory School Pre-Prgparatory School Total 225 113 338 232 112 344 During the week we offer boarding on a flexi basis for 3 nights per week. The school does not offer full boarding. Public Beneflt Within the objects, the school aims to create an environment to nurlure children, to get the best from them and to allow them to develop and fulfil their potential. We provide them with a first-class independent education and a wide range of sporting and creative opportunities. Our public benefit aim is that all pupils will be caring, courteous, confident and happy individuals and desire to contribute to the wider community. Pupils are developed not only for exam success but also with a full appreciation and deliqht in all learning and all aspects of cultured living in music and the arts or sporting and adventurous outside endeavour.

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT {incorporatlng the Strateglc Report) YEAR ENDED 31ST AUGUST 2024 In furtherance ofthese aims the Presttelde School govp.mnr.g, 8$ the charity trustees. have Complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission's published goneral and relevant sub-sector guidance conceming the operation of the public benefit requirement under that Act. Our school welcomes pupils from all backgrounds. To admit a prospective pupil. we need to be satisfied that our school will be able to educate and develop a prospective pupil lo the best of their potential and in line with the general standard- achicvcd by their peers. Entrance assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of leaming and benefit from the education we provide. An individual's economic status, gender, ethnicity. race, religion or disability do not fomi part of our assessment processes. Tho school ensures its facilities and experbse benefitthe local community. The sporting facilities are used for local and county level clubs and activities in athletics. cricket. football, lacrosse, netball, rugby, tennis, daiice aiid SWiiTIITiirig. We open up our facilities to local children in other schools through Sports festivals during the year for KS1 children in local primary schools. This year we continued our work with Shropshire Cricket, being the host for girls cricket in the county. Our swimming pool is used by a number of local organisations, including local primary schools and local interest clubs offering activities for all ages. We host swimming galas for local schools and to encourage swimming as a survival skill for all children to learn. We support our local community. Our minibus has provided transportfor the local community so thatthey can attend support groups. Harvest Festivals take place and food deliveries were donated by our children and parent community working closely with Shrewsbury Food Hub supporting them in raising funds for them to distribute within their charity. We work alongside Christian organisations to raisc awareness and promote fund raising across the Diocese. The school shares good practice at Deputy Head and Head of Department level through hosling networking events to learn new ideas and discuss putting them into practice. The school offers its experbse and shares best practice in many academic subjects. We have held two prlmary cluster meetings this year to support local primary schools. I his is an opportunity to share good practice between practitioners, so that these strategies can be iaken back to local primary schools and implemented. We continue to participate in the John Muir Award in our Middle School in conjunction with the Wildlife Trust. In science we held a compelition day for local primary schools within the Severn Bridges group. This provided engagement in science for children who do not have access to science laboratories or specialist teaching. In music the school participated in Ihe 'Big Band Workshop Day. at Shrewsbury sr.hnnl And again at Wrekin College lo bring local children together to enjoy performance music. Later in the year we also attended the Choral Workshop Day at Concord College attended by local primary sGhool Ghildren to foster a love of singing together. The school also continues to undertake charity work both in time and money - at a local level and national level. This year pupils chose four Shropshire Charities and raised over £3000 to support their causes. Our school is a part of a wider communty, and we are keen that our staff and pupils participate. Our governors are committed to developing our programme of cooperation and joint working with local maintained sector junior schools. The activities undertaken and the success of our programme are explained in the 'review of achievements and p8rformance for the yaarf section of this report. Presttelde School strives to ensure that measures for public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from thp. p.diJe.Ation and facilit188

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 offered due to the need to pay a fee. In addition to significant provision of bursaries and other forms of financial support, the school provides a wide range of opportunities for communily benefit and facilities and ovènts are often open to 211. It is a key requirement of evidencing public benefit that any private benefit to individuals or elements of the charity will be incidental to the charity's objectives. An example of private benefit may be the reimbursement of Iravelling expenses for trustees attending training courses.. any private benefit to individuals or @Ip.mg.nl.q nf Woodard are incidental to delivèry of the charitabla objectivos. Concessions Including Bursaries & Scholarships Our school does not have an endowment and in funding our concessions we have lo be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child's education, and those benefiting from the awards. Further details of our concessions polices and how to apply ar8 available on our websitc Mvw. rcstfelde.co.uk. All criteria and policies relating to conGe55ions are kept under review aiid are updated when necessary. Bursaries Bursary awards are important in helping to ensure children from families who would othe￿1$e not be able to afford the fees can access the education we offor. Our bursary award- are availablc to all parent8 who meet our general enty requirements and a￿ made solely on the basis of parental means or to relieve hardship where a pupil's educcilivri dn(i fulure prospects would otherwise be al risk for example in the case of redundancy. In most cases the budget for bursaries is allocated using a 'needs blind" approach as far as possible, whilst giving priority to the continuity of educalion of those pupils already at the school. Bursary applications are assessed by a third-party organisation. This year the value of means tested bursaiies totalled £164.549 (2023.. £174,939) and represented 3.07 /0 (2023: 3.4 % ) of our gross fees. They provided assislance to 30 {2023'. 33) of our pupils with no pupils benefiting from a full remission of fees. Scholarships The purpose of our scholarship awards is to recognise high academic potential or the ability to excel in our Go-curiicular ablivilieb. Our scholarships are awarded on the basis of the Indiviclual's academic potential or evidence of exceptional abilities which will contribute to our co-curricular activities. In addition, awards may be subject to conditions imposed by the original donor. The school awarded scholarships to 38 (2023.-52) pupils, based on their educational merit and potenlial, tolalling £80,09112023- £98,545) and representing 1.49 % (2023. 1.9 /0) of our gross fees. Oftliis number, 5 (2023.. 6) also qualified for means-lesled bursary support and are included in the figures relatirig lo bursary awards. The progress of pupils receiving scholarships is reviewed at least annually lo ensure their progress is in line with their abilities. No scholarships were withdrawn in the year as a result of reviews. Etnployment PollGy We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour. ra￿, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils where required. Engagement with Suppliers, Customers and Others in a Business Relationship with Prestfelde School Prestfelde School seeks to engage aclively and positively wrth all slakeholders in the local community and in the wider educational landscape. Collaborative relationships with suppliers, parents, educational partners and community leaders are seen as key enablers to achieving success in all of the group's operations. During the year the group has further promoted this engagement though specific initiatives including..

PRESTFELDE SCHOOL LIMITED DIRECTORS. REPORT (Incorporatlng the Strateglc Report) YEAR ENDED 31ST AUGUST 2024 Regular communication and engagement with parents and prospective parents of pupils attending Prestfelde School to enhance the understanding of the provision to each pupil and to fully coordinate suppotl to pupils from parenls and schools. Engagement with other educational organisations and partners at local and nationa5 levels lo share best praclice and to provide peer support. Active dialoguco Wlth looal Council￿ on mattcrs whiGh impact children and families in the comrnunity as well as relate to operation of each school. Engaging with local businesses to obtain besl value and support local business growth. Seeking all possible opportunities to engage with local and national suppliers in the area. Seeking regular communication with all suppliers and ensuring good commercial practices of prompt payment and clear communication to oplimise arrangements for supply of goods and services to Prestfelde School. Promoting and encouraging pupil and staff opportunities to engage in local voluntary and other projects to support thè community. Providing community access to facilities to Prestfelde School and, in many cases, adopting a role that puts the school at the heart of a community- STRA TEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Responding to External Pressures The Independeni schools. sector, including Woodar¢J independent schools, stooii up well to the problems created by the 'cost of living crisis. bul independent schools remained concerned. and many were planning for pressure on pupil numbers, particularly once the new Labour Govemment confirmed the introduction of VAT on school fees from 1st January 2025. The increases in the cost of living impacted all areas of cosl for independent schools. particularfy in staff costs. The more recent return to long term rates of inflation has lessened this impact, but schools have all faced an issue in recovering their costs through fee rises. This will continue with the introduction of VAT. School Performance and Achlevemenls Prestfelde has continued to perfomi Oxceptionally well in many areas of school life. The new 2029 Centenary Strategy has provided energy and focus towards achieving our vision of further developing our position as a leading UK prep school. Key achievements in each of the strategic pillars includa: Academic excellence focusing on individual progress and success An impressive 29 SGholaiships were awarded to Year 8 pupils from a range of Senior Schools, including Shrewsbury School, Concord College, Malvern College and Gordonstoun with an impressive 9 scholarships awarded. A significant number of high grades were achieved- notably Maths, Humanities and French with seven or more A minus to A plus grades. Two of the twelve children silting the academic scholarship at Shrewsbury School achieved As across all their subjects. All Year 8 pupils passed Common Entrance and gained a place at their first Ghoice Senior School and there was an increased percentage of children achieving A grades compared to 2023. Pupils achieved exceptional EYFS Early Learning Goals results. 81.30/0 of children met the expected standard. Literacy and Maths a particular highlight with 90°/0 of children al the expected standard. National and local data is yet to be published but this normally sits around the 60 % mark, so we continue lu be lar aligad. The school achieved the 'Leading in Reading. Ambassador Award. lestament to the work of the English department in promoting reading across the school. In the UK Maths Challenge. 5 gold, 9 silver and 6 bronze certificates were achieved. Children from Years 5 -8 participated.

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (Incorporatlng the Strateglc Report) YEAR ENDED 31ST AUGUST 2024 Inspiring co-curricijlar programme for all pupils Wider Hori£onb Week was a huge success wilh Year 8 in the Ardeche. Year 6 in Noriiiaiidy, Year 5 al the Great Escape and Year 4 al Condover Hall. All other year groups enjoyed a week of onsite activities and day trips further afield. Sports U13 oirls second and U11 girls Ihird at the IAPS cricket tournaments hosted at Prestielde. U11 boys played in the National ISFA football finals at St. George's Park in May and just missed out on the quarter finals by one point. Seven Old Prestfeldians helped Shrewsbury U18s win a National ESFA football competition in May. Three very successful House Swimming Galas in which every child swam in at least two races, regardless of their ability. Winners of the U11 and U12Girls County Hockey Tournaments. 3rd place at the U13 Girls County Hockey Tournament. 2Tht place at the Regional IAPS U11 Netball Toumament at Sedbergh School. Swimming has been introduced for all Year 1 pupils once a week, and Year 1 and 2 have hxd an Additinn21 g2mp.8 Ip.88on added to thp.ir timp.t2ble_ Br)Ih of whie.h will enh2ne.p. thg. school's sporting provision. Football has successfully been introduced for girls wilh a number of leams achieving nolable success. Music Continuation of Ihe Tea-Time Recital Series which this year has now become half-lermly. We've had over 60 pupils performing as soloists in these recitals this year. A record number of internal ABRSM entries this academic year with well over 80 entries. Wurkblivy vppuiluiiilies fur our youiig iiiusiciaiis at Wrekiii College aiid Shrewbbury School. 1 . New instrumentslvisiting music teachers introduced into the lesson schedule including Harp, French horn and Trombone. Drama Whole Year 7 cohort achieved the Bronze Arts Award in one term - 100 % pass rate. LAMDA results - 26117 pupils achieving a Distinction in the May exams. Matilda the Musical - resounding success, large numbers of pupil involvement. Professional working relalionships made with researchers from Staffordshire University, the Creativity Collaboratives I Creative Exchange. FABRIC Dance Birmingham and multiple schools for collaborative working (Tring Park School of Performing Arts, Thomas Telford School. The Telford Langley School, William Brookes School). Art The Advanced Art Exhibition in May showcased the extraordinarily high level of the current Year 8 cohori across a wide range of techniques. The new printing press from Ironbridge printmakers is now in regular use, which has opened up so many opportunities to produce a very differenl range of successful outcomes for our pupils - a piece of equipment rarely used at this age group. Tha Kiln is in regular use across th8 board from Years 3- 8, and our Monday Clay Club, with beautiful pieces of work being produced. Culture of positive wellbeing & in¢lu$ion for pupils and staff In response to demand from current and prospective parents the school announced a new and increased boarding model, to start September 2024 with pupils able to board 5 nights per week. A new role of Head of Wellbeing has been created with the remit to fijrther promote pupil wellbeing across the whole school and empower and train all stsff to play a role in this area of school life. 10

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2024 Forward thinking leadership & governance The school has successfully recruited 3 new Governors to join the Education Committee and 1 new Governor lo join the Finance and (ieneral Purposes Lommittee. The Governor Strategy Committee has continued to evaluate and work on the potential impact of VAT on fees in line with the strategic plan. Gommunlty engagement through Positive and enduring relationships The school appointed a new Partnerships and Community Engagement Lead. This is a new responsibility F)OSt and is designed to further enhance our currenl links with the community {most notably state sector partnerships) and look for wider opportunities for the school to engage in partnership activity. The Friends of Prestfelde Summer Ball was a resounding success with almost 240 tickets sold ali(1 £8000 iaised iii tlie cliai ily auclioii. The Old Prestfeldians hosted Iheir first Sabrina Boat Cruise which was attended by 40 former pupils and staff. The Marketing & Admissions Department have had a busy temi with a lol of new and SUCGessful initiatives such as the launch of Ihe Prestfelde app, attendance and hostinq at business network events, targeled social media and google ad campaigns, and the production of new website pages and promotional malerial. Significantly registrations are at their highest for three year5 and enquiries from international families have increased. Sustalnable Investment to deliver tnspiring and hIgh￿UalItY facilities The first phase of the redevelopment of Highfield House starled this year which will benefit all of the SGhool Gomtnunity. The school submitted an application for a new artificial hockey pitch, with a decision expected in November 2024. Key Perforniance Indicators Presttelde uses KPIS internally and externally in line with anonymised results from national surveys. These KPIS include surplu3, pupil numbcrs, and financial ratios. These KPIS are analysed within Prestfelde, by Governors and also by the Woodard Corporation. Funds held as custodian trustee on behalf of others Presffelde School does not hold funds or act as custodian trustee on behalf of others. FINANCIAL REVIEW Results for thè Yèar Incoming resources for the year amounted to £5,340,595 (of which the school is £5,316,426) (2023: £5,161,060) of which the operating surplus on school aclivilies was £68,258 {2023'. £150,791). Our targeted percentage offee income set out in our long-term plans was met. This surplus has been achieved with 2 ri.se in fees lower than inflation and against a background of strongly rising operating costs. We are pleased with this achievement against a backdrop of an uncertain year. Gross income for the year was up by some 4.03¥0 on last year. reflecting a reduction in pupil numbers when modest fee increases are laken into account. Our trading company Presttelde School Enterprises continues to hire out facilities on the school's behalf outside of school hours and during the holidays. The company contributed £24,014 to the school's operating surplus. Group total funds increased by £92.272 for the year. including revaluations. The parents of our Puplls often make slgnlflcant sacrlflces to pay the fees. In doing so they help to relieve the state of the financial burden of educating 338 UK based children. The saving is estimated to have a value in the last year of£2.599,220. The school is also unable to recoverthe VAT on purchases it makes. During the past year. Prestfelde School has paid an estimated £357,075 in irrecoverable VAT on goods and services. 11

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 Prestfelde School provides a pension to some slaff 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 to the recovery plan of £7,684 {2023.' £18.128) and the recogr)iseiJ liabilily under the plan reduced by £17,202 with this value being recognised in the Statement of Financial Activities. Further details can be found in note 22. Reserves Level and Policy, and Financial Viability Prestfelde School's policy is to retain sufficient unrestricted income reserves lo enable the company to continue to meet its short-term fsnancial obligations in the event of an unexpected revenue shortfall. The aim is to budget so as to provide sufficient working capital to meet the present needs and future development requirements of the school without the requirement to have recourse to sales of tangible fixed assets. The balance sheet contains a number of nonwcash and longer-term liabilities, including those related to pensions. These items are excluded from consideration of the available reserves. Unrestricted funds increased by £92,272 {2023-. Increase of £169,343) to total £4.547,172 (2023.. £4,454,900), as shown in note 20. Prestfelde School plans to fund longer tem) capilal expenditure and meet long term liabilities through careful management of resources and inveslments and through building reserves through operations and trading. The company's unrestricted reseNes are prtmarily invested in tangible fixed assets which are all used for its direct charitable activities. In common with most independent schools, and due to having to fund their own capital investment plans, free reserves are at a negative balance illustrating the extent of the investment in our school. The school had total reserves of £4.547m at the year-end which were all unrestricted funds. Prestfelde School also has reserves of £25k for pension-funding deficit. Fixed assets held for charity use totalled £5.175m, leaving free reserves of £b28k (2023.- £398k) ai ihe yearnd. The school's financial viability does not depend on income reserves but in its ability to continue to trade at a surplus on an annual basis. and on the substantial portfolio of fixed assets held for operational use. The school does not have, and cannot rely on, permanent endowments. The School's total incoming resources totalled £5.34m forthe year with a year-end bank balance of £221 k (2023.. £329k). PRINCIPAL RISKS AND UNCERTAINTIES The governors consider the economic turbulence of recent years and the affordability of fees by parents across the independent sector to be the principal risk faced by the school. In addition, the school is not alone in facin9 an increase in the cosl of supplies and salaries as a result of inflationary and cost of living increases. The governing body, Iherefore, decided last year lo increase the fees in September 2023 by For September 2024 the goveming body has again limited fee changes, lo a 5.750/0 increase. The ind?.pendAnt 8pr.tnr 28 2 whnlA iq e.iirrp.ntly 8iJbjer.t to ine.ro2qp.d pnlitir.21 rik fnllnwing rA)nfirmxtion by thp Government that they will remove tax concessions for charitable independent schools, adding VAT and removing business rate5 relief. There 15 a significant risk to the independent sector a5 adding VAT to school fees from 1st January 2025 may make the fees unaffordable fora proportion of parents, potentially affecting school income. The full effect will not be known until all details of the policy are announced and schools and parents are able to assess the impacl on affordability. Heallli arid Safely is always a si91iificant area foi risk managemeiit. The risks raiige from fire arid daiiiage to infrastructure, to personal risks {most notably when away from the site on trips and expeditions). The level and breadth of activity at the school is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment. The governing body is responsible for the identification and management of risks. The major risks to which the charity is exposed, as identified by the directors, have been reviewed and systems and procedures have been established to manage those risks. Detailed examination of the risks and establishment of controls to mitigate them is delegated to the Senior Leadership Team and the process is overseen by the governing body. A formal review of the risk management processes is undertaken annually. 12

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 The principal risks to which the group is exposed include those affecting protection of pupils and security and preservation of charitable assets both 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 operates is highly competitive and we monitor developments in education to ensure that pupils always receive a first class, holistic and varied educational experience in our school we strive lo ensure that all staff are able to work in a safe and supportive environment and policies. proGedures and training in Human Resource Management and Health and Safety help to ensure that the school meels expectations the school operates in a highly regulated sector. including in matters of child protection. and we appoint appropriate profèssional advisars to onsure that we can keep up to date with all requirements., school or individual membership of bodies being the constituenl associations of the Independent Schools Councll also ensure Uiat we have access to up-t041ate information and support the school operates in an increasingly litigious environment, and we appoint appropriate professional advisers and purchase insurance using specialist brokers and advisers to ensure Ihat we can keep up to date with all requirements and meet all challenges all organisations face difficult economic conditions, particularly in relation to the impact of inflation, and directors and senior managers in the school keep abreasi of economic conditions locally, nationally and internationally to identify trends and develop plans lo address issues. The key controls usod by thp. school inclijdp.. fomial agendas and minules for all meetings of the goveming body and committees terms of reference for all committees comprehensive strategic planning, financial forecasting, budgeting and management accounting established and identifiable organisational structures and reporting lines which are regularly reviowpd comprehensive formal wrilten policies clear authorisation limits vetting procedures, as required by law. for protection of the vulnerable Financial risk management objectives and policies Thp school uses financial instrLiments, other than derivatives. comprising loans. cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group's operations. The main issues arising from the group's financial instruments is liquidity risk. The school's directors adopt policies for managing each of the risks and these are summarised below: Liquidity risk - the school seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs by partaking in pooled banking organised via the Vvoodard Corporation GOING CONCERN The governing body has continued to review any potential impact of the national economy, and particularly thc impact of VAT on fees, on school operations and finances. School managers and governors continue to work hard to mitigate any potential financial impact reviewing costs and planning cashtlow. The school has appropnate plans in place and has liaised with the bank should any support be required in the future. The Head and Bursar are meeling with parents to provide information about the impact of VAT on educational supply. Having considered all factors and after reviewing the available evidence, the directors have a reasonable expectation that the company will be able to continue operating for the foreseeable future and the financial statements have been prepared on a going concern basis. Further details related to Ihe adoption of the going concern basis can be found in the accounting policies on page 25. 13

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (Incorporatlng the Strateglc Report) YEAR ENDED 31ST AUGUST 2024 FUTURE PLANS The Head and Council continue to refine the 2029 Centenary Strategic Plan to ensure Ihat Prestfeldo remains one of the largest and mosl successful Preparatory Schools in Shropshire and beyond and a key member of the Woodard Group of schools. We shall continue as a co-educational day and boarding school with a Nursery, Pre-Prep arid Prep dèpartmgntg, for ages 3-13 yoars. Our focus will bo on sustaining the very high standard of academic work and achievement at the same time as enhancing our extra-curricular opportunities. The Strategic Pillars of the current plan are: Acadomic excellence focusing on individual progress and success Inspiring co-curricular programme for all pupils Lulture ol posilive wellbeing & inclusion for pupils and staff Forward thinking 1g.atfp.r%hip % gnvp.rnanr.p. Community engagement through positive and enduring relationships Sustainable investment to deliver inspiring and highquality facilities. DIRECTORS The directors who served during the year, and the committees of which they are members, are: Mr R P Sartain Ichaimian) F&GP. Education, Safeguarding, Health & Safety and Boarding, Education, Pastoral. SEN, and Spiritual, Strategic Development. Marketing, Communications & Fundraising, Remuneralion, Nominations Mr T M Parsons BDS to 24106124 F&GP. Strategic Development, Nominations, Marketing, Communications and Fundraising, Audit. Mr R M Jenkins BA{Hons) MBA F&GP. Concessions, Remuneration, Audit. Mr M N Holyoake BSc(hons) FGS ACMA CGMA F&GP, Marketing, Communications and Fundraising, Strategic Development. Mr D Tyack MA (Oxon) F&GP. Safeguarding. Health & Safety and Boarding, Mrs A J Thorn BA {Hons) MBE, DL Marketing, Communicalions & Fundraising, Safeguarding, Health & Safety and Boarding, Remuneration. Mr N L Winkley MA (Oxonl MEd (Open} PG Cert Bus Admin (Open) Education, Pastoral. SEN, and Spiritual. Mr A J Barker FCA F&GP, Concessions, Remuneration. Audit Mrs H Fitzgerald MA (Oxon) Education, Pastoral, SEN, and Spiritual Mrs N Cooper BEd {Hons) Education, Pastoral, SEN, and Spiritual, Safeguarding. Health & Safety and Boarding Mr J Sharman Hons Bcom Marketing. Communications and Fundraising, Strategic Development. Mr E Davies BA (Hons) from 0611212023 Education, Pastoral, SEN. and Spiritual Ms A Stubbs BA (Hons) from 0611212023 Education. Pastoral. SEN. and Spiritual 14

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (Incorporatlng the Strateglc Report) YEAR ENDED 31ST AUGUST 2024 Ms C Watson MA (Oxon) from 0611212023 Education, Pasloral. SEN, and Spiritual Mr P Wood FCA from 3010812024 F&GP None of the directors has any beneficial interest in the company. AUDITORS Following a competitive tender process. Moore Kingston Smith LLP were appointed as the company's external auditors at the Annual General Meeting held on 23rd May 2024, for the year to 31 August 2024 onwards. Cons8qu8ntly, RSM UK Audit LLP did not offor themselves for reappointment under section 48712) of the Companies Act 2006. The Board would like to express its appreciation to RSM for their services over Ihe past seven years. 15

PRESTFELDE SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 DIRECTORS. RESPONSIBILITIES STATEMENT The directors are responsible for preparing the Directors, Report, the Strategic Report included within the Directors. Report and the financial statements in accordanco with applie.2blg. law And rp.giJl8tions. Company law requires the directors to prepare group and company financial statements for each financial year. Under that law the directors have elecled to prepare the financial statements in accordance with United Kingdom (>enerallyAccepteiJ Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group and the company for that period. In preparing each of the group and company financial statements. the directors are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP {FRS 102}'. make judgements and accounling estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any malerial departures disclosed and explained in tha financial statèmènts., and, prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial bl<ilementb Comply willi tlie Compiqnies Acl 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom goveming the preparalion and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Board of Directors of Prestfelde School on 241h June 2025 including, in their capacity as company directors. approving the Directors. and Strategic Reports contained therein, and signed on alf by.. artain CHAIRMAN 16

PRESTFELDE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRESTFELDE SCHOOL LIMITED YEAR ENDED 31ST AUGUST 2024 Opinion We have audited the financial statements of Prestfelde School {the 'parent charitable company,) and its subsidiary {the 'group') for the year ended 31 August 2024 which comprise the Consolidated and Charity Statements of Financial Activities (including an Income and Expenditure Account) Company Statement of Financial Activities (including an Income and Expenditure Account}. the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in Iheir preparation is applicable law and United Kingdom Accounting Slandards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion tha financial statements: give d true i4nd fdir view of Ihe bldte uf Ihe grvup'b dnij Ihe Pdrent Lhdrilcible Lumpdny'b dffdifb iq5 at 31 August 2024 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Gene￿IlY AGcepted AGGounting Practice., and have been prepared in accordance with the requirements ot the Companies Acl 2006. Ba515 foi opinion We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts_ We conducted our audit in accordance with Intemational Standards on Auditing {UK) (ISAS {UK}l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfillcd our othcr cthical responsibililics in accordancc with thesc rcquircmcnts. Wc bclicvc that Ihc audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements. we have concluded that the Directors, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to ovenls or conditions thal. individually or colleclively. may casl significant doubt on Ihe group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described In the relevant sections of this report. Other information The other information comprises the information included in Ihe Annual Report other than the financial statements and our auditor's report Ihereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatemenl of this other information, we are required 17

PRESTFELDE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRESTFELDE SCHOOL LIMITED YEAR ENDED 31ST AUGUST 2024 to report that fact. We have nothing to report in this regard_ Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the information given in the Directors, Reporl which includes Ihe Directors. Report and the Strategic Report prepared for the purpose of company law for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Directors. Report and the Strategic Report, included within the Directors, Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and Iheir environment obtained in the course of the audit, we have not identified material misstatements in Ihe Directors. Report or the Strategic Report included within the Directors. Report. W¥ liave Iiolliiiiy Iv i¥wil iri rebpebl vf Uie fullvwiiiy ITl<illers where the Companie5 Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not been kept by the parent charitable company, or rp.turns adequate for our audit have not been received from branches not visited by us., or the parent Gharitable Gompany financial statements are not in agreement with the accounting records and returns- or Gertain disclosures of directors, remuneration spectfied by law are not made., or we have not received all the information and cxplanations wc roquire for our audit. Responslbllltles of directors As explained more fully in the Statement of Directors. responsibilities set out on page 15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Irustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whelher due lo fraud or error. In preparing the financial statements. the Directors are responsible for assessing the group's and parenl charitable company's ability to continue as a going concern. disclosing, as applicable, matters related to qoinq concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an 2uditor'8 rt)pnrt that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatementwhen it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, Ihey could reasonably be expected to Influen￿ the economic decisions of users laken on the basis of these financial slalements. The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-complianGe wilh laws and regulatlons. The otslectlves of our audlt are to obtain sufficient appropriate audit evidence regarding compliance wilh laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws an(1 regulations identified dunng the audil. 18

PRESTFELDE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRESTFELDE SCHOOL LIMITED YEAR ENDED 31ST AUGUST 2024 In rp.12tion to fr2ud. the objectives of our audit are to identify and assess Ihe risk of material misstatement of the financial statements due to fraud. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However. it is Ihe primary responsibility of management. with the oversighl of those charged with governance, to ensure that the entitrfs operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement leam and component auditors.. obtained an understanding of the nature of th@ sector. including the legal and regu12tory framework that the group and parent charitable company operate in and how the group and parent charitable conTrpany are complying with the legal and regulatory framework", inquired of management, and those charged with g0veman￿, 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 statements may be susceptible to fraud. As a result of tliese PlOGedures we Gonsider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, Ihe parent charitable company's goveming document and tax legislation. We performed audit procedures to detect nonacompliances which may have a material impact on the financial statements which included reviewing the financial statements including the Directors, Report, remaining alert to new or unusual traiisdLtiviib wliibli iildy rivl iii dGLurddiiLe willi Ilig govvriiiiig documents and inspecting correspondence with local tax authorities. The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) regulations 2014. Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Regu18tion {UK GDPRI. We performed audit procedures to inquire ofmanagement and those Charged with governance whether the company group is in Complian￿ with these law and regulations and inspected correspondence with regulatory authorities. The group audit engagement team identified the risk of management override of controls and the completeness and cut off risk of all income except fee income as the areas where the financial statomcnts wcrc mosl susccptible to material misgtatement due to fraud. Audil procedures performed included but were not limited to testing manual joumal entries and other adjustments. evaluating the business ralionale In relation to significant. unusual transactions and iransactions entered into outside the nomial course of business and challenging judgments and estimat&s. A further description of our responsibilities for the audit of the financial statements is provided on Ihe Financial Reporling Council's website at htt =Ilwww.frc.o -uklauditorsres onsibilities. This description forms part of our audltor's report. 19

PRESTFELDE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRESTFELDE SCHOOL LIMITED YEAR ENDED 31ST AUGUST 2024 Use of our report This report is made solely to the charitable companvs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies AGt 2006. Our audit work has been undertaken so that we might state to the charitable company's members Ihose matiers we are required to stale 10 Ihem in an audiior's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed. k%•*kn l£p Robert Kersse, Senior Statutory Auditor For and on behalf of Moore Kingston Smith LLP (Chartered Accountants and Statutory Auditor) 61h Floor, 9 Appold Straat London EC2A 2AP Date.. 2510612025

PRESTFELDE SCHOOL LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2024 Notes UnreslriGted Funds Rebliibl¥¢J Funds Total Total 2024 2023 Income and endowments from: Cliaritable AGtivities School fees receivable 4.936,101 278.877 4,936,101 278,877 4,743,388 275,276 Ancillary trading income Other trading activities Non-ancillary trading income Investments 123.098 123,098 125,664 Bank and other interest 2.519 2.519 Voluntary sources Grants and donations TOTAL INCOMING RESOURCES 20 5.340.595 5,340,595 5.144,328 Expenditure on.. Raising funds Other income generating activities Net financing {income)Icosls 17,365 17,365 123.4591 17.365 17,36S 123,4591 Charitable Activitiès Education and grant making 5,230,958 5.230.958 5.031,407 TOTAL EXPENDITURE 5,248.323 92.272 4,454.900 5.248.323 92.272 4.454.900 5,007.948 Net Movement in tunds for the year Fund balances at 1st September 136,380 4.318,520 FUND BALANCES AS AT 31ST AUGUST 4.547,172 4.547.172 4,454.900 21

PRESTFELDE SCHOOL LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2024 Total Notes Unreslrieted Funds Restricted Funds Total 2024 2023 InGome and endowrnent5 frorn: Charitable Activities School fees receivable 4,936.101 278.877 4.936,101 278.877 4,743,388 275,276 Ancillary trading income Other trading activities Non-ancillary trading inGome Investments 98,929 98,929 103,229 Bank and other interest 2.519 2,519 Other- Grants and donations Grants and donations 39,167 Othèr Ineomlng rosources TOTAL INCOMING RESOURCES 20 5,316,426 5.316.426 5.161,060 Expenditure on: Raising funds Other income generaiing activits.es Net financing (incomollcosts 17,260 17,260 120,0961 17.260 17,260 (20,0961 Charitable Activities EduL<its'un cind grant making 5.230.908 5,230.908 5,U30,365 TOTAL EXPENDITURE 5.248.168 68.258 4,454,900 5,248,168 68,258 4,454.900 4,523.158 5.010,269 150.791 Net Movement in funds for the yoar Fund balances al 1 sl September FUND BALANCES AS AT 31ST AUGUST 4,304,109 4,454,900 4,ts23.15 All amounts relate to continuirig aclivilies. All recognised gains and losses in the current and prior year are included in the statement of financial activities. The notès on pages 24 to 48 fomi part of these financial statements.

PRESTFELDE SCHOOL LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS AS A T31ST AUGUST2024 Notc Group Charity 2024 2024 2023 2023 FIXED ASSETS Tangible assets Invastmants 12 5,175.268 4.852.565 5,175.288 100 4,852,565 100 5.175.288 4.852.565 5.175.388 4.852,665 CURRENT ASSETS Debtors 14 403,029 221,141 624.170 286,023 329,227 615,250 396,7S3 211,716 608,469 28Q.616 Cash al bank and in hand 325,634 615,250 CURRENT LIABILITIES Creditors payable within one year 15 1.107.091 837.396 1.115.403 837,496 NET CURRENT ASSETSI{LIABILITIES) {482.9211 (222,146) (506.934) {222,1461 TOTAL ASSETS LESS CURRENT LIABILITIES 4.692.367 4,630,419 4.668.454 4,630,519 LONG TERM LIABILITIES Creditors payable after one year 16 119.990 132.435 119,990 132.435 TOTAL NET ASSETS EXCLUDING PENSION LIABILtr 4,572,377 4,497.984 4,548,464 4.498.084 Nel pension liability 25.105 42.984 25.105 42,984 NET ASSETS 4.547,272 4.455.000 4,523,359 4,455,100 REPRESENTED BY: CALLED UP SHARE CAPITAL 18 100 100 100 100 RESTRICTED FUNDS 19120 UNRF.STRICTED FUNDS 4.$47,172 4.454.900 4.523,259 4.455.000 4.547.272 4.455,000 4.523.359 4.455,100 The financial statements were approved a signed on its behalf by orised for issue by the Board on 241h June 2025 and R P Sartain CHAIRMAN Company registration number 0502 The notes on pages 25 to 49 form part of these financial statements. 23

PRESTFELDE SCHOOL LIMITED CONSOLIDATED CASH FLOW STATEMENT AS A T31ST AUGUST2024 Note 2024 £'ooo 2023 £'ooo Cash flows from operating activities: Not eash providod by oporating activitigs 23 362.438 491.817 Cash flows from investing activitiès: Dividends. interest and rents from investments Purchase of property. plant and equipment Net cash (used in) investing activities 2,519 {455,678) {453.159} 1492.132) 1492,132} Cash flows from financing activitie5- Financing costs Net cash (used in) financing activltles 117.365} 117,365) {23,459} {23,4591 Change in cash and cash equivalent5 In the year Cash and cash equivalents at the beginning of the year (108.086) 329,227 (23.7741 353.001 Cash and cash equivalents at Ihe end of the year 24 221,141 329,227 24

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 1. ACCOUNTING POLICIES The principal accounting policies. all of which have been applied consistently throughout the year and in the preceding year are.. al Basis of Accounting The AC.r.oiint* nf thp. grrTriJp h2vp bp.p.n prpp2rp.d ilndpr thp Cnmpanioq Ae.t 2006 and in accordance wilh the Statement of Recommended Practice for Charities {'SORP {FRS1021'1 and with applicable UK Accounting Standards. They are drawn up on the historical cost accounting basis except thal property and share investments held as fixed assets are carried at fair value. Presttelde School meets the definition of a public benefit entity under Financial Reporting Standard (FRS} 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othe￿ISe stated in the relevant accounting policy notes. The preparation of financial statements in conformity wilh FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounls of assets and liabilities. income and expenses. The estimates and associated assumptions are based on historical experience and various olher factois that are believed to be reasonable under the circumslances, the results of which form the basis of making the judgements 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 sterling (£1 and the functional currency is sterling {£). b} Going Concern The accounts have been prepared on a going concern basis. The Prestfelde School Board reviews the financial information for the company and the group and considers whether the group and company are a going concern for a period of at least 12 months from the date of approval of the accounts. Having considered all factors and reviewing Ihe available evidence, the directors have a reasonable expectation that tho company 2nd group will be able to continue operating for the foreseeable future and the financial statements have been prepared on a going concern basis. Income from fees is stable and we have a flexible staffing structure in place to meet demand. We are expecting numbers to increase over the next 12 months. The school has net current liabilities of £483k however this is largely due to fees paid in advance of the term and some increases in salaries impacting on increased social security cosls. The removal of tax concessions for charltable Indepenoent schools, the addlng of VAT and removing business rates relief present a significant risk to the independent sector as adding VAT lo school fees from 1st January 2025 may make the fees unaffordable for a proportion of parents, potentially affecting school income. These challenges are in addition to rising operational and salary costs. We continue to work through Woodard to strengthen purchasing power and monitor closely project costs to achieve best value for money. Tlie school does have a debeiiture iii place should the need arise. to access an overdiaft facility should one be needed in the event of financial pressures. To date. however. the overdraft has not been used. In addition. the parent charity. Woodard Corporation have provided a letter of support that they will provide financial support should the school have need of it. Having considered all factors and reviewing the available evidence, the directors have a reasonable expectation that the company and gioup had adequate resources lo continue to operate for the foreseeable future and the financial slalements have been prepared on a going concem basis. c) Group Accounts Thefinancial statements consolidate the financial statements ofthe company. and its subsidiary company, charitable trusts and funds with all inter-company balances being eliminated. Enlities are consolidated where Prestfelde School exercises overall control either through ownership of shares, or through having common trustees with a common objeclive. Accounting policies are Gonsistcntly appli¢d bctwcen group companies. 25

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 d) School Fees Receivablè and Similar Income Fees receivable and other educational income are accounted for in the period in which the service is provided. Fees receivable are stated afier deducting allowances, scholarships and other remissions by the school. but include contributions received from restricted funds for scholarships, bursaries and other grants. Debts are provided for if not recovered wilhin one term. ￿StIMatIng amounls to provide against recovery of ¢Jebts is a matter of judgement. e} Ancillary and Non-An¢illary Tradlng Income Ancillary trading income represents amounts from activities to generate funds within the charitable objects, for example school shop sales, coaches to and from sch(M)l and school trips. Non-ancillary trading income represents amounts from aclivilies not directly related to the charitable objects, for example lettings of school facilities out of term time and rental from spare school buildings. Income from Ihese activities is recognised in the Statement of Financial Activities when the goods are sold or services provided. fj Voluntary sources. Grants and Donations Voluntary incoming resources are accounted for as and when entitlement arises, the amount can reliably be quantified, and the economic benefit is considered probable. Voluntary incotne for general purp05e5 15 aLLuunled foi db uiireblriLletJ ririd ib bi¥diled lu Ill General Reserve. Where the donor or an appeal has imposed trust law restrictions. voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital. according to whether the donor intends retention to be permanent or not. Gifts in kind are valued al estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the school in case of donated Se￿IceS or facilities. g} Expendtture Expenditure is accrued as soon as there is a contractual obligation or a liability is considered probable. discounted to present value for longer term liabilities. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element ofVAT is included with the item of expense to which it relates. Bad debts are provide.d for in 8rr.nrd2ne.p with the group bad debt policy_ The cost of refurbishing and converting existing buildings is written-off in the year in which it is incurred except where the useful life has been extended. h) Finance and Other Costs Other costs include amounts accrued in accordance with the terms of Fees in Advance Scheme Contracts. i) Pension Costs From September 2021 the school moved away from the Teachers. Pension Scherne following consultation with staff. The school this year participaled in the Royal London scheme, which is defined contribution scheme. and The Pensions Trusl schemè, both ofwhich provide benefits based on career average pensionable pay. The funds of the schemes are separale frorn the company and so the pension costs are accounted for as defined contribution schemes. The company offers membership of the Pensions Trust Growth Plan to employees other than the full-time academic staff. The Pensions Trust Growth Plan is a multi-employer pension scheme where the scheme assets are pooled for investment purposes and cannot be attributed to individual employers. Benefits are paid from the total scheme assets. It is in most respects a money purchase arrangement but has some guarantees. As a result. it is not possible or appropriate to identify the assels and liabilities of Ihe scheme which are attributable to the company, though, due to the guarantees inherent in the scheme, the companies remain potentially liable for a debt on withdrawal from the scheme. In accordance with Financial Reporting Standard IFRS) 102 (section 28) therefore, the scheme is accounted for in a fashion which is similar to a defined conlribution scheme. The company must recognise 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 èxpenditure account i.e. the unwinding of the discount rate as a finance cost in tho period 26

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 in which it arises. More detail is 9iven in notes 22 2nd 28. j) Tangible Fixed Assets and Depreciation In accordance with Section 35.10 {d) of FRS102, Preslfelde School has elected to use the carrying value of any of the above freehold land (Ind buildirigs pievivusly bdrried til d Vdluatioii, as their deemed cost at the date of transition to FRS102, 1 September 2014. Tangible fixed assets are stated at cost less depreciation. Individual capital items, or projects, with a value greater than £10,000 are capitalised. Assets in the course of construction are slated at cost less any provision for impaimient. They are transferred to completed assets when substantially all of the activities necessary to get the asset ready for use are complete. Where appropriate Gost includes our own labour costs in relation to construction, and directly attributable overheads. Where tangible fixed assets have been acquired with the aid of specific grants they are included in the balance sheet at cost and depreclated over thelr expecled useful econoTniG life. The related grants are credited to a restricted fixed asset fund (in the statement of financial activities and carried forward in the balance sheel). The depreciation on such assets is charged in the statcmcnt of financial activities over the expected useful economic lrfo of the related asset on a basis consistent with the depreciation policy. Depreciation is provided at rates calculated to write off the cosl, less estimated residual value of eaGh asset based on current market prices. over its expeGted useful life, a5 follow5.' Freehold land is not depreciated. Fraahold Buildings Buildings <50 yearg- 20/. - 6.66010 on cost Buildings >50 years- 0.0074 % on cost - Swimming pool- 2¥0 on cost - Car Parkjcage - 10 % on cost Freehold improvements Leasehold land Over the useful economic life of the improvement Over the shorter of the economic life of the asset or the life of tlie lease - 250/0 on cost 10% oncost 25 /0 on cost - 25'k on cost Computer equipment Telephone system Fixtures and fittings Motor vehicles The company has reviewed its tangible assets, which comprise land, buildings and initial fixlures and fittings. The company undertakes an annual review of all buildings assessing their useful economic life. In some cases. the useful economic lrfe of a building is anticipated to be of considerable length. often in excess of 100 years. The buildings are capitalised in the financial statements at historic cost. Where the calculated depreciation charge is a material figure, it is charged in these financial statements but, where the carrying value is not more than the estimated recoverable amounl and the depreciation on the building is not material lo these financial slatements, it has been assessed. but not charged on the basis that it is not material. The directors will continue to carry out annii818qqeq%mpntq nf thp. rp.cnvp.r2blp. amount and the estimated useful life of all buildings and where the depreciation is a material value, it will be harged. The review is based on the directors. assessments of the market value and the future economic benefit derived from an asset versus its carrying value in the financial statements. When the company undertakes a significant refurbishment project that will have an economic benefit, the cost of the refurbishment is capitalised, recor(Jed separately uncler 'Preehold Improvements,. its useful life is estimated. and it is depreciated over that useful life. Presffelde School exercises judgement in selection of appropriate rates for depreciation offixed assets. and for matters of impairment. 27

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 k) Financial Instruments Presffelde School only has financial assels and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inits'ally recognised at transaction value and subsequently measured al their settlement value. l) Investments Investments are carried at cost. ml Leasing Commitments Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Stalement of Financial Activities on a straight line basis over the lease term. Lease incentives are accounted for over the lease term on a slraight-line basis. n) Fee Deposits efundable fee deposits are currently classitied be￿een 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 notice and as such Ihe deposit would be refunded to the parents at that point. However, the financial statements are prepared on a going concern basis and it is assumed that the majority of children will remain in school for their full years of education and therefore the deposit will be refunded to them when they leave school. Short term deposits reflect those pupils that will be leavlng a school wllhln one year, and the longer-term element reflects those pupils that will be leaving a school after 12 months frorn Ihe balance sheet date. ol Fund Accounts Restncted 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 statements. Designated funds comprise funds which have been set aside at the discretion of the directors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. p} Taxation Prestfelde School is a registered charity and as such are exempt from income tax and corporation tax under the provisions of Section 478 of the Corporation 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 subjeclto taxes including corporation tax and VAT in the sanie way as any comniercial or9anisatioii. Tlie lax clicJrye(i lu Ilie prvfil diid Ivbb dLLvuril is based on the subsidiary company's profit for the year and takes into account tax arising because of timing differences be￿een the treatment of certain items for tax and aGGounting purposes. The subsidiary company distributes the majority of its profits to Prestfelde School under Gift Aid and tax liabilities are kept to a minimum. ql Cash at bank and in hand Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks. and other short-term liquid investments with original maturities of 95 days or less. 28

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 CHARITABLE ACTIVITIES . SCHOOL FEES RECEIVABLE 2024 2023 The school fees income Comprises Gross fees Less: Total scholarships, bursaries and other discounts 5,355,851 (419,750} 5,148,417 (405,0291 4,936,101 4,743,388 Scholarshipg. bursaries and other awards were paid to 150 pupils {2023: 138 PLtpils)- Within this, means-tested bursaries totalling £164.549 were paid to 30 pupils {2023'. £174,939 to 33 pupils) CHARITABLE AGTIVITies- ANCILLARY TRADING INCOME 2024 2023 Extras Entrance fees and registration fees Pupil transport Commissions and related income Sundry other income 209,673 5,600 18,622 1,127 43,855 229,967 7,500 15,675 5.839 16,295 278,877 275,276 OTHER TRADING ACTIVITIES 2024 2023 Group School Group School Non-ancillary trading TnGom¢ Prestfelde Enlerprise company trading turnover Management charge Lettings income Rents receivable Interest receivable pupil bills Other non-ancillary trading income 107,212 100,174 83,043 77,739 6,822 8,400 6,822 8,400 8,928 8,928 6,958 6,958 10,268 10.268 123,098 98,929 125,664 103,229

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 INVESTMENTS - BANK AND OTHER INTEREST RECEIVABLE - GROUP AND CHARITY Unrestricted Reslricted Total Total 2024 2023 Bank interesl 2,519 2,519 2,519 2,519 OTHER- GRANTS & DONATIONS Unrestricled Restricted Total 2024 Total 2023 Gift aid donation from trading subsidiary Other 39,167 39,167 7. ANALYSIS OF EXPENDITURE a) Total expenditure Charity Staff costs {note 9) Support Costs 0èpreua￿on Total 2024 Total 2023 (Note 12) Costs of raising funds Non ancillary trading Financing cost {note 81 Total cost of generating funds 17.260 17,260 {20,0961 {20,0961 17.260 17.260 Charitable expenditure Education Teaching Welfare Prernises School administration Grants awards and prizes (note 7b> Movement in Pension Deficit Reduction Governance Education and grant making 2,595.001 51,593 388.713 421,207 333,617 424,237 562,383 263.067 26,662 43,809 62,484 2,955,280 519,639 1.013,580 684,274 3,481 2,972,454 494,724 884.232 641,873 2.922 3,481 {17.879) 72,533 {17,879) 72,533 118,976) 53,136 3,456,514 1,641,439 132.955 5,230,908 5,030,365 Total Expendlture 3,456,514 1.658,699 132.955 5,248.168 5.010,269 30

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 7. ANALYSIS OF EXPENDITURE- Continued a) Tolal expenditure Group Support Costs Staff costs (note 9) Depreciation {Note 121 Total Total 2024 2023 Costs of raising funds Non anGillary trading Financing cost (note 8) Total Cost of generating funds 17,365 17,365 (23,459} (23,459) 17.365 17,365 Charitable expenditure Education Teaching Welfare Premises 2.595,001 51,593 388.713 421,207 333.617 424.237 562,383 263,117 26,662 43.809 62,484 2,955,280 519.639 1,013,580 684,324 2.972,536 494,724 884,232 642,833 School administration Grants awards and prizes (note 7b) Movement in Pension Deficit Reduction Governance Education and grant making Total Expenditure 3,481 3,481 2,922 {17,879) 72,533 (17,879) 72,533 {18,976) 53,136 3,456,514 1,641.489 132,955 5,230,958 5,031,407 3,456,514 1,658,854 132.955 5.248.323 5,007,948 b} Grants, awards and prizes (group and charlty) Prestfelde School makes awards to individual families to support schooling. 2024 2023 From Unrestricted Funds: Other grants and awards Prizes and leaving awards 3,481 2,922 3,481 2,922 31

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 c) Total resources ÈxpÈndÈd include (Group and charily): Prestfelde School reimbL5rses governors for out-of-pockel expenses including travel subsistence and accommodation, where a claim is ma(Je. Nil trustees (2023 - NIL) were reirnbuised durirbg the year. 2024 2023 Remuneration paid to auditor for audit services Remuneration paid to auditor for prior year Depreciation of tangible fixed assets= owned by the Charitable Company Operating lease rentals: other assets 22,000 27,050 90 132,955 102,889 45,149 200,194 43,960 173,899 FINANCING COSTS 2024 2023 Group Charlty Bank charges Other finanGe ¢osts Provision for bad and doubtful debts Corporation Tax Provision 3,793 2,019 11,553 3,688 2,019 11,553 3.545 3,032 (26,536) (3,500} 17,365 17,260 (23,4591 32

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2024 STAFF COSTS- GROUP AND CHARITY 2024 2023 The aggregate payroll costs for the year were= Wages and salaries Social security costs Other pension costs Private medical insurance 2,840,891 259.941 353,323 2,359 2,794,868 262,828 360,074 869 3,456,514 3,418,639 There are no ex-gratia payments included in staff costs (2023.. £0). The amount outstanding at the year-end was £0 (2023: £0). None of the governors received remuneration or other benefits from Prestfelde School or from any connected body. The Head and Bursar are classed by the school as being the Key Management Personnel. 2024 2023 Aggregate employee benefits of key management personnel 221,038 214,426 The number of higher paid employees whose annual emoluments were £60,000 or more was.. 2024 No 2023 £60,001 to £70,000 f120.001 - f130.000 The number wlth retlrement beneflts accrulng: in Defined Benefit schemes was Of which the contributions amounted to 31,170 20,605 For 2024 thora are NIL {2023= NIL) omployèas eaming ovèr £60,000 per year that have chosen not to participate in a pension scheme.

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 9. STAFF COSTS (Continued) The average number of employees during the year calculated on a head count basis, was 105 12023: 110) 2024 2023 Teaching Other activities 67 38 71 39 105 110 10. DIRECTORS None of the directors (01 any person5 connecled wilh Ihem) received any reTnuneidliui) duriiig 11)e year. No scholarships were awarded to children of directors attending the school (2023.. £0). During the yaar, nona of tha group's directors receivod roimbursoment of travel and training expenses (2023.. £0). 11. TAXATION The company is a regislered charity and therefore no liability to taxation arises on its charitable activities.

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 12. TANGIBLE FIXED ASSETS Freehold Land & Buildings Group and company Work in Progress Plant & Equipment Compuier Equipment Total Cost At 1st September 2023 Additions Disposals Transfers 5,030.651 342.547 20,024 14.046 (656) 580,050 91,479 (181.774) 180,208 8,262 5,810,933 456,334 (182,430} At 31st August 2024 5,373,198 33,414 489,755 188,470 6,084,837 Depreciation At 1st September 2023 Charge for the year Disposals At 31st August 2024 436,087 61,882 410,985 44,410 181,774 273,621 111,296 26,663 958,368 132,955 181,774 909,549 497,969 137,959 Net book value at 31 August 2024 4,875,229 33,414 216,134 50,511 5,175,288 Nel book value at 31st August 2023 4,594,564 20.024 169,065 68,912 4,852,565 All assets are used for Gharitable purposes. There is £786,00012023.. £786,000) of land includod in froehold land and buildings. Finance leases and htre purchase contracts There are no assets under finance leases or hire purchase contracts in the year or preceding year. 13. INVESTMENTS 2024 2023 Investment in subsidiary Company investments at 31 August 100 100 100 100 Prestfelde School owns all of Ihe share capital of Prestfelde School Enterprises Limited, a company incorporated in Englandmales. Further details are provided in note 26.

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2024 14. DEBTORS Group 2024 Company 2024 2023 2023 School fees receivable Trade debtors Other debtors Prepayments and accrued income Amoun1¥ due from Subsidiary company Amounts due from parent company 201,996 8.782 5.301 186.854 115,951 7.713 201,996 2.416 5,311 186,854 115,951 4,458 10 162.269 162.269 6,758 96 90 176 170 403,029 286,023 396,753 289,616 School fees receivable are net of £27,339 (2023-. £18,595) provided for doubtrul debts. 15. CREDITORS: amounts falling due within one year Group 2024 Company 2024 2023 2023 Bank loans and overorafts Other loans Deposits from parents Fees received from parents in advance of temi Trade creditors Taxation and social 5ecurlty Other creditors Owed to subsidiary company Accruals and defe￿ed income 23,450 20,410 23,450 20,410 730,620 474,592 730,620 474,592 95,228 70,649 8.878 141,182 121,852 9.886 95,228 70,649 8.878 8,312 178.266 141,182 121,852 9.886 178.266 69.474 69,474 1,107,091 837,396 1,115,403 837,396 16. CREDITORS: amounts falling due after one year Group 2024 Company 2024 2023 2023 Deposits from parents Fees in advance 119,990 132.435 119,990 132,435 119,990 132,435 119,990 132,435

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 Parents pay to the school a deposit of £500 in advance. Thp. m()np.y may be returned subject to specific conditions on the receipt of one tenn's notice. Assuming pupils all remain in the school (which the vast majority do based on historical information), refundable deposits are credited on bills when children leave the school. There are debentures in place dated 51h Junp 2020 And ?5th May 2022 with Barclays. including fixed and floating charges over assets as security for all debts and liabilities outstanding. Al year end Ihere were no such liabilities due to Barclays. 17. COMMITMENTS UNDER OPERATING LEASES Other 2024 2023 Within 1 year Within 1 to 5 years Over 5 years 77.552 46.001 5,233 47,681 68,480 5,148 128,786 121.309 18. SHARE CAPITAL 2024 2023 Authorised 100 Ordinary Shares of £1 each 100 100 Allotted, called up and fully paid 100 Ordiiiaiy Slidies uf £1 each 100 100 37

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 19. FUNDS Prestfelde School's funds can be classed under unrestricied funds. a} UNRESTRICTED FUNDS Unrestricted funds represent accumulated income from the school's aclivilieb dnd uther sources that are available for the general purposes of the school. 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS Charlty Unrestricted Restricted Share Capital 2024 2023 Tangible fixed asset5 5,175.388 5,175,388 4.852,665 Nel Cufrenl assetsllliabilities) (507.034) 100 {506,934) 1222.1461 Long term liabilities 1119.990) {119.990) {132.4351 Provision for Liabilities and Charges {25,1051 125,105} 142.9841 4,523.259 100 4,523,359 4,455,100 Group Unrestricted Restricted Share Capital 2024 2023 Tanglble fixed assets 5.175.288 S,175,288 4,852,565 Net current asset￿(liabilltiesI Long term liabilities Provision for Liabilitlgs and Charges {482.9211 (119.990) {482,921) 1222,1461 {119.990) 1132,4351 (25,105) 125,105) 142,9841 4,547,272 4,547.272 4,455.000

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS- Continued Prior Year Comparative Charity Unreslricte(I Re3tricled Share Capital 2023 2022 Tangible fixed assets 4.852.565 4,852,565 4,463,324 Invèstments 100 100 100 Nel current asselsllliabililies) Long term liabilities Provision for Li2bilitie$ and Charges (222.2461 1222,2461 50,414 1132.4351 {132,4351 1147,568) (42,984) {42,9841 161,960) 4,454.900 100 4,455,000 4,304.310 Group Unrestricted Reslricted Share Capital 2023 2022 Tangible fixed assets Nel current asselsllliabililies} Long term liabilities Provision for Liabilities and C.hArJp.* 4,852.565 4.852.565 4.463,324 1222,2461 1132,4351 (222.246) 64.844 1132,435) {147,5681 {61,9801 (42.9841 (42.984) 4.454,900 4.454,900 4,318,620

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2024 20. SUMMARY OF MOVEMENTS ON MAJOR FUNDS Charity Incoming Al 1 Sept 2023 Resources At31 August 2024 resources expended Unrestricted Funds General Reserve 4,454,900 5.316.427 {5,248.168) 4,523,159 Total Fiinds 4.454.900 5.316,427 {S.248.1681 4,S23,1S9 Group Incoming At 1 Sept 2023 Resources At31 August 2024 resources expended Unrestricted Funds General ReseNè 4,454,900 5.340.595 {5.248.3231 4,647,172 Total Funds 4,454,900 5,340.595 {5.248,243) 4.547,172 21. CAPITAL COMMITMENTS At 31 August 2024, the group had capital commitments as follows: 2024 2023 Expenditure contracted for bul not provided in the accounlb 100,000 16.630 40

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 22. PENSION SCHEMES Royal London Following a period of consultation, Ihe school exited Teachers. Pension Scheme. From 1 $1 September 2021 the school has offered a Defined Contribution Scheme through Royal London for all leaching staff. Thp c.08t fnr thp. ypar rppresents the School's contributions lo the scheme of £285,412 (2023.. £294,690). Pensions Trust Growth Plan The school participates in the TPT Relirement Solutions The Growth Plan, which is a multi- employer scheme providing benefits to over 638 non-associaled participating employers and the TPT Retirement Solutions Independent Schools. Pension Scheme for 61 non-assnr.i2t?d independent schools. The schemes are defined benefit schemes in the UK. It is not possible for the school to obtain sufficient information to enable it to account for the schemes as a defined benefit scheme. Therefore, it accounts for it as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions 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 Reporling Council, sel out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last man standing arrangement,. Therefore, the company is potentially liable for other parlicipating employers, obligations if those employpr% are iinable to meet their share of the scheme deficil 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. Summary of provision for pension deficit recovery plan Company 2024 £'ooo 2023 £'ooo TPT Retirement Solutions - The Growth Plan 25 TPT Retirement Solutions - The Growth Plan Deficit Contributions A full actuarial valuation for the scheme was carried out at 30 Seplember 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31 .6m. To eliminate this funding shortfall, the Trustee has asked the paricipating employers to pay additional contributions to the scheme as follows.. From 1 April 2022 to 31 January 2025- £3,312.000 per annum (payable monthly) Unless a concession has been agreed with the Trustee the term to 315t January 2025 applies. Note that the scheme's prcvious valuation was carried out wilh an effective date of 30 September 2017. This valuation showed assets of £794.9m. liabililies of £926.4m and a deficit of£131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows. From 1 April 2019 to 30 September 2025: £11,243,000 per annum {payable monthly and increasing by 30/0 each on 1 sl April) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is Galculaled using 11)è disLuuIII rdle delailed in these disclosures. The unwinding of the discounl rate is recognised as a finance cost. 41

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 22. PENSION SCHEMES (Continued) PrÉsÈnt Values of Provision 2024 2023 Present value of provision 7.620 24.822 Rèconciliation of opening and closing provisions 2024 2023 Provision at 1 September Unwinding of the discount factor Deficit contribution paid Remeasurements- impact of any change in assumptions Remeasuretnents - amendments to the contribution schedule 24,822 915 (18,128) 11 41.250 1,420 {17,6001 1248) Provision at 31 August 7,620 24,822 In¢ome and expenditure impact 2024 2023 Interest expense Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule Contrsbutions paid in respecl of fulure berviGe Costs recognised in income and expenditure account 'includes defined contribution schemes and future service contributions {i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. To be compleled by the company 915 11 1,420 {248) 2024 2023 Assumptions °kn per annum annum Rate of discount 5.13 6.04 The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full corporate bond yield curve to discount the same recovery plan contributions. Deficil Contributions Schedule The following schedule shows the deficit contributions agreed between Ihe company and the scheme at each year end period: 2024 2023 Year 1 Year 2 7,684 18,128 7,684 42

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 22. PENSION SCHEMES (Continued) TPT Retirement Solutions- Independent Schools, Pension SchÈme The company participates in the scheme, a multi-employer scheme which provides benefits to some 61 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company lo obtain sufficient information lo cnablc it lo account for the sGheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions 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 Reporting Council, set out the framework for funding defined benefit occupalional pension schemes in the UK. The scheme is classrfied as a 'last man standing arrangement,. Therefore, the company is potentially liable for other participating employers. obligations if those employp.rs arp. iJn2t)Ip. tn mp.el their share ofthe scheme deficit following withdrawal from the scheme. Participating employers are leg311y requircd 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 carried out with an effective date of 30 September 2020. This acluarlal valuallon was certified on 22 December 2021 and showed assets ot L201.1 m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall. the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows.. Deficit Contributions From 1 September 2022 to 30 June 2032 £2.G87,000 per annuim (payable iiioiillily dr)d increasing by 3 % on each 1 $1 Seplember) Note that the scheme's previous valuation was carried out with an effective datp. r)f 8n .8p.ptpmber 2017. This valualion showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To climinate this funding shortfall. the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: From 1 September 2019 to 30 April 2030 £2.387,357 per annum (payable monthly and increasing by 30/0 on each 1$1 September) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities. Wlierg Ilie bLlieffle is in deficit and where the company has agreed to a deficit funding arrangemeni the company recognises a liability for this obligalion. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relales to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwindirig of the discount rate is recognised as a finance cost. Present Values of Provision 31 August 2024 (£s) 31_%t August 2023 (£s) 18,162 31 August 2022 {£sJ Present value of provision 17,485 20.710

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 22. PENSION SCHEMES - Continued Reconciliation of opening and closing provisions Period Ending 31st August 2024 {£s) Period Ending 31st August 2023 l£s) Provision at start of period Unwinding of the discount factor {inserl expense) Deficit contribution paid Remeasurements- impact of any changes in assumptions 18,162 979 (2.337) 681 20,710 840 (2,268) {1,120} Provision at end of period 17,485 18,162 Income and Expenditure ImpaGt Period Ending 31¥1 August 2024 {£s) Period Ending 31S1 August 2023 {£3} Interest expense Remeasurements- impact of any change in assumptions 979 681 840 (1,120) Assumptions 31 August 2024 °/0 per annum 4.68 31 August 2023 /0 per annum 5.79 Rate of discount Deficit Contributions Schedule Thc following ochedule shows the deficit contributions agreed between the GQTnpany and the sbligiTie at each year end period.. 2024 2023 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year T Year 8 Year 9 2,407 2,479 2,553 2,630 2,709 2.790 2,874 2,467 2,337 2,407 2,479 2.553 2,630 2.709 2,790 2,874 2,467

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 22. PENSION SCHEMES- continued The company must recognise a liability measured as the presenl value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it aiises. It is these contributions that have been used to derive the companvs balanGe slieet liabilily. The current valuation does not reflect the expecled increase in benefits and therefore liability as a result of Guaranteed Minimum Pension {'GMP') equalisalion between men and women which is required as a result of Ihe removal of the Additional State Pension. Melhodologies for a long-term solution are still being inveslioated by the Government as set out in the published (January 2018) outcome of the Government Consultalion 'lndexation and Equalisation of GMP in Public Sector Pensions Schemas. and therefore the expected impact cannot bc rcliably cstimated and consequently no provisionlliability has been recognised. 23. RECONCILIATION OF NET (INCOME}IEXPENDITURE TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the year (as per the statement of financlal activities) 92,272 136.380 Adjustments for: Depreciation charges Dividends, interest and rents from investments Financing costs {Increase)IDecrease in deblors IncreasellDecrease) in creditors 132,955 (2,519) 17,365 (117,006) 239,371 102,889 23,459 54,883 174,125 Net cash operaling activities 362,438 491.817 24. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and in hand 221.141 329,227 Total cash and cash equivalents 221,141 329,227 45

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 25. ANALYSIS OF CHANGES IN NET DEBT At 1$1 Sept 2023 Other non- cash changes At31st August 2024 Cash flows Cash and cash equivalents Cash Overdraft facility repayable on demarKI Total 329.227 (108.0861 221,141 329.227 1108.086) 221.141 26. SUBSIDIARY The Company owns all of the share capital of Pfesffelde School Enterprises Limited, a company incorporated in England Company number- 05181895. This company commenced trading in September 2021. Prestfèlda School Enterprises Limited had a turnover of £107.212 (2023.. £100,174), gross profit of £46,088 {2023: £43,790), and a profit before tax and gift aid of £24,014 in the year ended 31 Augusl 202412023- profit of £21.338). Al 31 Augusl 2024 the company had sharehol(ier's funds of £24,014 {2023. £20). The company carries out lettings and rental activty on behalf of the school. 46

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 27. Consolidated 8tatemeiil of FinanGial Activities- Comparallve flgures by fund type (Group) 2022 Year Ended 31 August 2023 Unrestricted Restricted Total Total Income and endowments from Charitable activities School fees receivable Ancillary trading income other trading activitles Non-ancillary trading income Investments Bank and oth9r interest Voluntary sources Grants and donations Other incoming resources Total Incorning Resources Expenditure on: Raising funds Non ancillary trading Financing costs Total Deductible Costs Charitable activities Education and grant making 4,758,222 275.276 (14.834) 4,743,388 275,276 4,676,853 249,969 125,664 125,664 171,285 2,387 5.159.162 (14.834) 5.144,328 5.100,497 23.459) (23,459) (23,459} (23,4591 46,933 46,933 5,013,277 18,130 5,031,407 4,740,193 Total Resources Expended Net movement in funds for the year Fund balances brought forward at 1st September Fund Balances at 31st August 4.989.818 169,344 4,285,556 18.130 (32,964) 32.964 5.007.948 136,380 4,318,520 4,787,126 313,371 4,005,149 4.454.900 4,454.900 4,318,520 47

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 28. CONTINGENT LIABILITIES The Company has been notified by The Pensions Trust of the estimaled employer debt on withdrawal from the Plan based on the financial position of the Plan as at 30 September 2020. As of this dale the estimated employer debt for the Company was an estimated £178,380 (GP.. £85,470 and ISPS £92,910), including Series 3 liabilities. 29. ULTIMATE CONTROLLING PARTY The Woodard Corporation Limited is the ullimale controlling paty. a regislered charity number 1096270, which is incorporated in England and Wales. Copies of the financial slatements of the Woodard Corporation can be obtained from High Street. Abbots Bromley. Rugeley, Slaffordshire, WS15 3BW. The accounts of Prestfelde School Limited are included within the consolidated financial stalgments of the Woodard Corporation Limited. 30. RELATED PARTIES As stated in note 29, Prestfelde School Limited is a wholly owned subsidiary of Thc Woodard Corporation. The following costs were invoiced to the school by Woodard Corporation during the year. 2024 2023 Central Service Levy to meet running costs Olher= Solution Sp.rvir.p..q Walton Joinery 33,793 30,672 13.140 5,750 52,683 30,672 2024 2023 Salary Recharges 103,793 103,793 At 3181 August 2024 £176 {2023: £170> was due from Woodard Corporation. Tliis will Lje Piqid in full to Prestfelde School Limiled during the new 2024125 financial year. 2024 2023 Fees in Advance Commission 176 170 176 170 The company also Gontrols a subsidiary trading company, Prestfelde School Enterprises Limited, (registered number 05181895). The company slarted trading from September 2021 and as at 31sl August 2024 £15,781 (2023.. £6.8381 was owed by the subsidiary Management charges for the year were £83.043 (2023: £77.739} and gift aid £24.014 {2023.. £39.167).

PRESTFELDE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2024 31. ACCOUNTING ESTIMATES AND JUDGEMENTS In preparing the financial statements, the directors are required to make eslimates and judgements. The matters iyetailed below are considered to be the most Importanl In understanding the judgements that are involved in preparing the financial statemenls and the uncertainties thal could impact the amounts reported in the results of operations, financial position and cashflows. Accounting policies are shown at note 1 to the financial statements. Pgnsion scheme deficit reduction payments As explained at note 22, there is a deficit reduction plan in pla￿ in respect of Presffelde School's membership of the Pension Trust's Growlh Plan. FRS 102 requires a liabilily to be recognised in respect of the present value of future Contributions payable under the terms of the defiGit recovery plan. The incorporation of this liability in the financial statements involves the exercise of judgement in a number of areas, including the selection of an appropriate discount rate. P8nsion scheme contingent liability As explained at iiole 22, Iliere is a contingeiit liability iii Ilie event tlial Prestfelde School were to withdraw its membership of the Pension Trust's Growth Plan. The independent qualified actuaries advising the Pensions Trust in respect of the contingent withdrawal liability exercise significant judgement in determining the amount of that liability- Judgement is exercised in a number of areas, including future changes in salaries and inflation, mortality rates and the selection of appropriate di5counl rates. Provision for b8d debts Debts are provided for if not recovered within one temi. Estimating amounts to provide against recovery of debts is a matter ofjudgement. Depreciation, impairment and residual values of fixed assets Judgement is exercised in estimating the residual values of fixed assets, the selection of appropriate rates for depreciation, and for matters of impairment. 49