2024-08-31-accounts

Charhy Reglstratlon No. 1103049 Company Registration No. 05066406 (England and Wales) ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024

ELLESMERE COLLEGE LIMITED CONTENTS Page Company informatlon Directors. report {incorporatlng the Strategic report) 3-14 Directors, Responsibilities Statement 15 Independent auditor's report Flnancial statements of the company: 16-19 Consolldated Statement of Financial Activitles 20 Charlty Statement of Financial Activities 21 Consolidated and Charity Balance Sheets 22 Consolidated Statement of Cash Flows 23 Notes to the Financial Statements 24-44

ELLESMERE COLLEGE LIMITED COMPANY INFORMATION DIRECTORS AND ADVISORS Directors Mr C E Lillis {Chairman) Dr K E Castle Ms S M Connor BA (Hons) PGDipBJ Mr R A K Hoppins FCA Mrs J Nieto (appointed 25 March 2024) Mr J C Pochin Mr M D T Sampson Bsc Dr Julie Scanlon Professor Anna Sutton B. Ed M.Ed (Wales) FRSA Mrs J M Trowbrldge LLB JP Mr Michael A Ward BA (Hons) LL (Dip) Secretary Mrs RAvery BAACMA Charfty No. Company No. Prlncipal Address and R•glst6red oince 1103049 05066406 Ellesmere College Ellesmere Shropshire SY12 9A8 Key Management Per80nnel Head Mr B J Wlgnall MA FRSA (deceased 26 January 2024) Mrs S V Prltt-Roberts MEd NPQH (appointed 25 January 2024) Mrs R Avery BAACMA Mrs S V Pritt-Roberts MEd NPQH {Head from 251h January 2024} Mr R Chatterlee Msc PhD Mr M Mccarthy Bsc Mr S B Mullock BA DlreGtor of Flnanco Deputy Head Academlc Deputy Head Pastoral Dlrector of Operatlons Doputy Head External Rolatlon8 Audltor Moore Kingston Smith LLP 6th Floor, g Appold Street London EC2A 2AP Bankers Bardays Bank plc 68-70 High Street Rh￿. Denbighshire, LL18 1 EU

ELLESMERE COLLEGE LIMITED COMPANY INFORMATION Solicltors Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS14QA Browne Jacobson LLP 15th Floor, 103 Colmore Row Birmingham, B3 3AG Jolliffe & Co LLP 6 St John street Chester, CH11 DA Investment Advlsors Evelyn Partners Investment Management LLP 45 Gresham Street London EC2V 7BG Insurance Brok•rs Marsh Ltd 4 Milton Road Haywards Heath West Sussex RH16 1AH

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (Incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 The directors p￿sent their report and financlal statements for the year ended 31 st August 2024 and confimi they comply with the requirements of the Charities Act 2011. including the Directors, and Strategic Reports, under the Companies Act 2006. REFERENCE AND ADMINISTRA TIVE INFORMA TION The charity was fomied in 2004 and is registered with the Charity Commission as charity number 1103049. The charity is a limited liabillty company and wholly owned subsidlary of The Woodard Corporation (charity number 1096270). The charitable Company is incorporated in United Kingdom. Directors of the Company are also Fellows (members) of the Woodard Corporation and participate in the electlon of its board of management and are commltted to its charitable objects. Notes 27 and 29 provide details of connected charitles. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document Th8 company is governed by Articles of As8oclatlon as adopted by Special Resolutlon dated 20 March 2013, replacing those dated 4 March 2004 amended by Special Resolution<s) dated 24 January 2006, 28 April 2009 and 23 June 2009, They permlt funds to be managed in such a manner as the directors see flt. provlded that such powers are only exerclsed for the purposes of attaining the objects and in a manner whlch is legally Charitable. The Articles of Association forbid the distribution of any property or funds, whlch are to be applied solely towards the promotion of the objects of the company. Governlng Body The governors are the directors and charitable trustees of the company and comprise the governing body of Ellesmere College and are elected lo hold office for five years. The school is governed by the governing body, the operation of which is supplemented by the use of a number of committees. The full governing body met three times during the ye8r. Recrultment and Tralnlng of Governors All governors are Fellows of the Woodard Corporation. Fellows are responslble for electing the Woodard Corporation Board. Govemors are recrulted on the basis of nominations from school contacts and from selection when a post becomes avallable. The governing l)ody look to ensure a mix of skills and select new governors on the basis of background. competence, Sp￿1811$t skills and, in the case of Fellows, Christlan commitment. GoverrK)rs are provided wlth Induction training by the Head and other senior College staff and a wlder programme of training events is organised by the Woodard Corporatlon. The school also encourages governors to attend events run by the Association of Goveming Bodies of Independent Schools {AGBIS), and other suitable conferences. Where possible the governors consider th8t the skiSls and experience of the govemlng body should comprise the following: A Governor with a legal background. A Governor with a financiallaccounting background. A Governor with education experience. A Governor with safeguarding experience. A Governor with senior managerial or buslness experience. A Governor with experience of equal opportunities or disability needs. At least one female Govemor and at least one male Governor. One Govemor may have one or more of these skills.

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 Volunteers Governors are volunteers providing their time for free to support the govemance of the school. Organlsational Management The school is governed by the governing body which delegates work to a number of committees. Membershlp of each committee is outlined on page 14. The directors determine the general policy of the company. The governors manage thelr work through a number of subonmmittees: Finance and Gener81 Purposes Committee Staffing and Personnel Committee Regulatory Compliance Committee EducatK)n Committee Investment Committee The day-to-day markggement of Ihe company is delegated to the Head who oversees educational, pastoral and administrative functlons In consultation with the senior staff. The day-to4ay administration is undertaken within the pollcSes and procedures approved by the governors whSch provide for only significant expenditure decisions and major capital projects to be referred to the governors for prior approval. The Head oversees the reGruitment of all staff. The Head and Director of Finance are invited to attend governors, meetings. The remuneratlon of key management personnel is set by the governing body, with the policy objective of providlng approprlate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for thelr Indlvldual contributions to the school's success. We alm to recruit, subject to experlence, at the lower to medium point withln a band, provldlng scope for rewarding excellence, Delivery of the school's charltable vision and purpose Ss primarlly dependent on our key management personnel and stsff costs are the largest single element of our charitable expenditure. Group Structure and Relatlonshlps The school has 2 wholly ovmed non-charitable subsidiaries. Ellesmere College Enterprlses Limited and Ellesmere College International Llmlted. The school has developed links with a wide range of organisations to ensure the widest possible access to our facilities and schooling. Through membershlp of the Headmasters. and Headmistresses, Conference and through ne￿rkIng with peer groups we ensure that we are able to attain the highest standards of quallty 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 activities to enhance thelr understan(5ing. We have a thriving alumni group. The Ellesmerian Club, who are generous in supporting the work of the school and whose support we greatly appreciate. We also cooperate with many local charikn'e5 in our ongoing endeavours to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken In our pupils, in the public interest, an awareness of the social context of the all-round education they rece5ve.

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strateglc Report) YEAR ENDED 31ST AUGUST 2024 CHARITABLE OBJECTS. AIMS. OBJECTIVES & ACTIVITIES Charltablo Objects The charity's objects, as set out in the Articles of Asscclation. are to promote and extend education (including spiritual, moral, social, cultural 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 ImpaGt 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 benefit of all members, and of the Church and the nation. They are strong Christian foundations which adhere to catholic belief as found in the Church, to Christian worship focused in the Eucharis( and to the care of each individual and the whole school community particularised in the minlstry of the Chaplain. Alms Ellesmere College Is a boarding and day school for pupils from the ages of 7 to 18. It aims to support children in reaching their potential in all areas of their activity at the school, and In the wider community. Thls may be in academlc subjects but could Just as easily be reflected In success In art, drama, sport, muslc or dance. We produce'well rounded, Indlvlduals who are able to make a posltlve contribution to soclety. All Woodard school3 aim to provide a rounded education to help the puplls to make their way In adult Ilfe. Prfmary obJectlve8 The primary objectives of Ellesmere College to fulfil these aims are.. to provide a stimulating leamlng environment in whlch pupils can develop their academic potential to the full., to provlde a happy and secure pastoral env5ronment In which pupils can learn to Ilve together and thus foster a sense of community, respect for one other and good citizenshlp,, to provlde puplls with the opportunity to take advantage of a breadlh of co-curricular actlvltles In order to develop posltlvely all aspects of their character: to provide pupils with the opportunity to take decisions based on thelr own judgment and to communicate those decision8 appropriately and effectively., to provide financial support to enable children whose parents are unable to afford the full fees to benefit from an Ellesmere College educatlon. to provlde a clear, simple and effective management structure Gapable of taklng timely decisions and allocating necessary resources appropriately, and to provide the necessary administrative and logistlc framework to meet the needs of members of staff and pupils alike. Strat•gles to achleve the primary obJectlve8 This year our focus has been on - To continue to develop the exceptional levels of academic support for all pupils. The College continues to be one of only a small number of schools in the world that has been accredited by the World Academy of Sport as an Athlete Friendly Educatlon Centre. Various national selectlons and achievements took place across a wide range of sports. includlng (but not excluslvely) rugby, hockey, shooting. golf. swimming. and lennis. Continuing to achieve and maintain appropriate accreditatlon to validate the exceptional artistic arKI performance opportunities at the College. Ensuring that the College is of the highest quallty to maintain pupil numbers.

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strateglc Report) YEAR ENDED 31ST AUGUST 2024 The College provides a holistic education coverirrfJ the academic, sporting, artlstlc and personal development of all our pupils. Exploring international opportunlties lo create additional revenue streams to support the College's charitable activities. The College has signed an agreement with Alruwad Internattonal Sch¢)ol in Muscat, Oman. The school has subsequently rebranded as Ellesmere Muscat. A second school. Ellesmere Riyadh opened in September 2024. Prlnclpal Actlvltl•s of th• Yoar The principal activity of the school Is the delivery of education to pupils ranging from 7 to 18 years of age. We run a number of summer school actfvltles and the school is open at other times for use by the local community. Pupil numbers at the school durlng the year were as follows: Of whlch are boarders Of whlch are boarders Totsl 2024 Total 2023 Senlor school113-18 years) 429 223 449 229 Lower school (7-13 years) 141 134 10 Total 570 227 583 239 Publlc Ban•flt Within the objects, the school aims to create an envlronment to nurture children, to get the best from them and to allow them to develop and fulfil their potentlal. We provide thern with a first-class independent education and a wide range of sporting and artlstlc opportunities. Our public benefit aim Is that all pupils will be self<onfident and desire to ￿ntrIbute to the wlder communlty. In the furtherance of these alms the Ellesmere College governors, as the charRy trustees, have complied with the duty In 8.17 of the Charities Act 2011 to have due regard to the Charlty Commlssion's published general and relev8nt sub-sector guldance concerning the operation of the public beneflt requirement under that Act. Our school welcomes pupils from all backgrounds. To admit prospectlve pupils, we need to be satisfied that our school will be able to educate and develop prospective puplls to the best of their potential and in line wlth the general stsndards achieved by their peers. Entrance interviews and assessments are undertaken to satlsfy oursdves and parents that potential pupils can cope with the pace of learning and benefrt from the educatlon we provide. An individual's economic status, gender. ethnlclty. race, religion or disability do not form part of our assessment processes. Our school is a part of a wider community and we are keen that our staff and pupils participate. Our school also offers a resource to support a range of educational activities for the benefit of local children attending state schools and their teachers. Our governors are committed to developing our programme of cooperation and joint working with local maintained sector junior and secorKlary schools. The activities undertaken and the success of our programme are explained in the 'review of achievements and perf0mlan￿ for the year. section of this report. Woodard and ts Schools provide a significant benefit to the public. The school strives to ensure that measures of public benefit are appropriate, and that signlficant sections of the public are not excluded from the opportunity to benefit from the education and facilltles 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 wide range of opportunities for community benefit and facilities and events are often open to all.

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporatlng the Strategic Report) YEAR ENDED 31ST AUGUST 2024 Parents of pupils at the school often make signrficant sacrifices to pay the fees. In educating 452 UK based pupils, parents help to relleve the state of the financial burden of paying for their children's education. The saving to the publlc purse Is estimated to have a value in the last year of £3.475,880. In addition to the very substantial benefits our school brings to our pupils, the local communlty and society through the education we offer and our bursary programme, we create a social asset without cost lo the Exchequer. Bursarles & Scholarshlps The school awarded fee reductions In the fom of bursaries and scholarships to 410 pupils, based on either educational merit and potentlal or family financial need. The majority of those receiving merit awards would not have been able to join the College had they not received such award8 and to that extent much of the merit award funding can be regarded as bursary spending. This ye8r the value of scholarships and bursaries totalled £3,779,913 (2023: £3,616,679) and represented 260h {2023: 26Yo) of our gross fees. Bursarles The govemors view our bursary awards as Important in helping to ensur8 chlldren from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made solely on th8 basis of parental means or to relieve hardshlp where a pupil's education and future prospects would otherwise be at risk for example in the case of redundancy. In assessing means we use the methodology promulgated by the Independent Schools. Bursars Association, which takes a number of factors Snto considerats'on including family income, investments and savings and family circumstances for example deperKlant relatives and the number of siblings. Our school does not have an endowment and in fundlng our awards we have to be mindful that we must ensure a balance between fee-paying parents. many of wthom make considerable personal sacrifices to fund their child's education, and those benefltlng from the awards. The bursary awards are made In monetary values and range up to 100% of remission of fee8. Information about fee assistance through bursaries is provided to all applying to the school. We asso advertise the avrdrds each summer in the local press and at local libraries. FUrt￿￿r deta518 of our scholarships and bursaries and how to apply are available on our website. S¢hol4rshlps The purpose of our scholarshlp awards is to recognise high academic potentlal or the ability to excel in our c￿currICUlar activitles. Our scholarships are awarded on the basis of the Indlvidual's academic potential or evidence of exceptlonal abilities which will contribute to our co-currlcular activities. In addition, awards may be subject to conditions imposed by the original donor. Scholarships are awarded with a fixed percentage remlssion of fees of between O'A and 50%. Where further assistance is required, scholarship awards may be supplemented by a means tested bursary. We advertise the availability of scholarship awards each summer in the local press and at local libraries. Further detalls of our scholarship policy are available on our webslte. Revlew The progress of pupils receiving scholarships Is reviewed at least annually to ensure their progress is In line with their abilities. The availability of all such awards for fee-assistance, together with the terms and conditions for each kind of award, is advertised on our website at wwN.ellesmere.com. The school includes details of the various concessions in the prospectuses and on the website. All parents making enquiries about posslble entryare provided with a description of the criteriafor bursaries and scholarships. All criteria and policies relatlng to concessions are kept under review and are updated when necessary. Employment Policy We are an equal opportunity organisation and are committed to a working environment that is free from

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 any form of discrimlnation on the grounds of colour. race. ethnicity, religion, sex, sexual orientalion or disabillty. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. Investment Pollcy and ObJeGtlves The companls memorandum and articles of association permit funds to be invested In such manner as the directors see fit, providing that such powers of investment are only exercised for the purpose of attaining the objects and in a manner that is legally charitable. Investment actlvities are managed in line with the requirements of the Trustee Act 2000. The governors have appolnted Evelyn Partners Investment Management (prevlously known as Smith and Williamson) as investrnent manager. Our Investment policy is to grow the value of the portfolio so that it can be used in support of school prolects. The Investment manager has discretion about how the investments are managed within the policy parameters set by the governors. Fund5 not Invested are held on deposit to earn interest. STRA TEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Tho Promotlon of Education During the year we educated an average of $64 children between the ages of 7 and 18. The school provides a high standard of education and thls Is validated in review of the academic results, student destinations and through external inspection. The school offers an exceptionally broad currlculum and educates children with a wide range of ability. We can demonstrate particular excellence in a verywide range of activities, both curricular and extracurricular. Our aim is to support children in reachlng their potentlal In all areas of their activity at the school. Thls may be in academic subjects but could lust as easily be refiected in success in art, drams, sport, muslc or dance. We aim to produce 'well rounded, individuals who are able to make a positive contribution to soclety. ArAdomlc Re8uIt$ The educational performance of the school continues to achieve excellent outcomes, overall and for the Individual. The school achieved an 860/0 pass rate at 9 to 4 for GCSE, of which 290/0 of exam results were graded 9-7 (A'IA). The 2024 school pass rate of 860/0 Sits with a national pas8 rate of 670/0. Ellesmere College uses added value as a measure of educational progress, Added value measures the difference between the expected grade from a pupil's b858line assessment score at the beginning of their course and the grade they actually achieved. Value added at GCSE at Ellesmere College is +0.11 meaning that, on average, an Ellesmere College education added +0.11 of a gr8de to every pupil's result. across all subjects. The sixth forni curriculum offer of A level, International Baccalaureate, and BTEC Diploma provides choice for students and routes that access universities in the UK and around the world. At A Level the pass rate was 960h with some out8tsndlng performances taking students onto prestigious university places. 420/0 were graded A'IAIB. 28 subjects were examined. The school aims to provide a rounded e¢Jucation to help the pupils to make their way in adult lrfe. A very large majority move on to higher education, and a significant number achieve their first choice destination. The 2024 IB cohort achieved an overall average of points 33. Three students achleved an impressive 40 plus points out of the maximum possible of 45. Three did not achieve the full diploma. They gain certification in the subjects they passed and can retake in November. One of our top IB performers, HMC Scholar and Head Girl, secured her place at Harvard University for October 2024. The BTEC Sports Diploma is embedded in our currlculum offer and provides an alternative approach. 100¥0 of students passed the A level diploma and the extended diploma, which is a three A level equivalent. Two who completed the extended diploma did so at Distinctlon star level, equivalent to three A levels at A" _ others achieved strong passes at Distinction and Merlt level, securing their pathways to university.

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (Incorporatlng the Strategic Report) YEAR ENDED 31ST AUGUST 2024 Improvlng Facllltlès We continue to improve facilities through constant Investment in the fabric of the buildings and assets, and programmes to provide the best facilitie5 to support teaching and learning. Arts, Mu8lc and Drama The excellence of the College's provision for the media, visual, dramatic, and musical arts has already been noted. That the College continues to be one of the few independent schools in the country to have achleved the Arts Council of Great Britain's award of 'Artsmark Platinum, bears external testimony to the standards achleved, both In performance and in partnership and outreach. Further details of the excellence of the Colle￿'S provlslon and its outreach work can be found on the College's website. Sport As previously noted the College had been accredited by the World Academy of Sport as an Athlete Frlendly Education Centre (AFEC) and as such is one of fewer than 30 schools in the world to have achleved thls status. The AFEC scheme is backed by the International Olympic Movement and the Intematlonal Baccalaureate, and It re¢ognlses excellence in the provision 8t an Indlvidual level In catering for the needs of puplls. Further details of the College's sporting excellence, and Its sportlng outreach programmes, can be found on the College website. Adventurous Actlvltl08 The College remains committed to providing high quality adventurous activitles, most partlcularly through the Duke of Edinburgh scheme and the Combined Cadel Force. The Duke of Edinburgh scheme contlnue8 to be extremely popular with Ellesmerians. Wldor Educatlon In line with the Christian character of all Woodard Schools, and havlng regard for guidance Issued by the Charity Commission and others, the school pursued policies that support the provlslon of benetlt to the publlc. The Woodard Corporatlon Is involved In development of academies as part of the government's initiative. In support ofthis project all Woodard Schools have provided assistsnce, where asked. through provision of educational exp8rtise, participalion In governance, direct curriculum support, etc. Ellesmere College has contributed to this initiative. More locally, the College is actively involved in the maintained schools. A number of members of the College's academic staff fu￿11 governance roles within local maintained schools. Further signlflcant publlc beneflt Is provided by the College through the work of its other employees in the furtherance of educatlon beyond Ellesmere College. Fifteen of the teaching staff undertake significant work as examiners for GCSE, A-level, and the International Baccalaureale Diploma programme, with roles ranging from Examlner to Chlef Examiner at A-level. The College provides a public benefit by facilitating staff absence to enable them to complete these tasks. The College's significant public benefit role as a centre for excellence for the West Midlands In many sports is augmented further by the College's willingness to allow staff time to support regional development, which directly benefits pupils from the maintained sector. This yearfs such developments have included club refereelng and coaching,. management of county cricket, rugby and hockey squads," directing and coaching for North Midlands rugby. The College acts as a centre for teacher training. We have links with Manchester Metropolitan University and Glyndwr University and take a number of trainees on placement who then go on to teach in both the malntalned and Independent sectors. We are authorised to run ECT (Early Careers Teacher) programmes for completion of QTS {Quallfied Teacher Status) and have a full CPD (Continual Personal Development) programme for servlng teachers. Public benefit within the wider communty of young people is provided through the College Duke of

ELLESMERE COLLEGE LIMITED DIRECTORS. REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 Edinburgh scheme's willingness to lend Its canoes to other Duke of Edinburgh groups and provide l(MJistical advice. Students from Ellesmere College spent in excess of 2.300 hours volunteering during the year, something they can be very proud of. Communlty The College continues to provide financial and operational support to the Ellesmere Town swimmlng pool to enable it to remaln open and available for the public. The College offers Easter and Summer courses for local children in a variety of sports and activities. Outreach and Partnership The College offers considerable and extensive public benefit through its outreach and partnershlp activities. In additlon to t￿se activities mentioned under the heading 'WKler Education, the College has hi)8ted Arts Connect meetings for the Midlands hub of the Arts Council Arts Mark Award Schools. There have been many collaborations with local schools in the area particular in th8 areas of drama. music and sport. Charltabl• Actlvltl The College's charitable commitments contlnue to be strong and varied. Too many charities have benefrtted this year from College fundraising actlvlty to be mentioned individually. Fundralslng Perfomiance Donations to the college totalled £56,500 (2023: £20.237). Enhance Ellesmere is a programme through which donations are invested In educational facilitates and support whlch might not otherwise be afforded. The College's focus Is on development of its relationship with and between alumni over an active policy of fundraising. Inv08tment Perforn)anc• agalnst ObJectlve8 The company's Investments are managed by Evelyn Partners and In the opinion of the governors the performance has been in line with expectations over this perlod. The Investment backdrop has seen risk assets contlnue to beneflt despite an ever more complicated geo-polltlcal backdrop. Inflation has continued to fall and as a result cenlral bank interest rates are following sult albeit the pace is being determined by a more stubbom 'core' Inflation. The portfolio has seen a net total return of +13.6OA (net total return) over the trailing 12 months to 31st August 2024 to a value of £476,071 (2023: £420.522). This compares to the peer group with a sSmSlar risk appetite as measured by ARC Steady Growth of +12.49/0 and CPI of +2.20h. Key Perfonnanco Indlcators The governors use a number of KPIS to guide and inform their review of the school's performance, while recognising that any short-tem measurement may distort the delivery of the primary objectives of the College. Current KPIS.. 1. To produce a surplus for the group before depreciation and special projects are tsken into account. The surplus before depreciation and special projects was £311.211. 2. To retain a mSnlmum of 60% of current pupils on transfer from Middle School to Sixth Form. In the year 202&24 570/0 of puplls transferred from Year 11 to Year 12. 3. To remain a minimum of 90% of pupils on transfer from Lovrfer School to Middle School. In the year 2023-24 the figure was 89°/0. io

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporatlng the Strategic Report) YEAR ENDED 31ST AUGUST 2024 4. To achieve 60% of pupils joining their first4hoice university. Thls target Is set on the basis of the College's policy to encourage pupils to be ambitious in thelr applications to universities. In the year 2023-24 770/0 of Year 13 students secured their first-choice university place. 5. To maintain an appropriately wide spread of International pupils both for reasons of spreading financial risk and- more importantly- for malntaining a genuinely international culture within the College. 'Appropriately wide. Is defined as having an international population of students from more than 20 countries. In the year 2023-24 34 different nationalities were represented at the College. FINANCIAL REVIEW Results for the Year The net deficit for the year out of unrestricted funds amounted to £94,482 (2023: £314,021) after charglng depreciation of £411,448 {2023: £320,467). The Group surplus before depreciation was £284,067 whlch was a pleasing improvement on the year before. Net fees were hlgher than anticipated due to an Increase In the number of international pupils, but Costs remained challenglng particularly in areas such as stafflng and energy. Net current liabilitles fell slightly to £3.059,602 (2023: £3,121,737) with Increased fees In advance reducing Ihe overdraft oulstanding at the end of the year. Long term liabilities increased by £398,871 to £1 ,278.696 (2023: £879,825) due to fees in advance pakl by parents for 2 years or more. The College is supported by our subsidiary companies, Ellesmere College Enterprises {ECE) and Ellesmere College Intemational (ECI). Our Irading company, ECE. contSnues to hire out Ellesmere College facllltles as well as undertaking commercial 8Ctivity on behalf of the School. ECE'S surplus was £64,663 (2023: £69,754) for the year. In addition, ECI contributed a surplus of £294,841 (2023: £146,618). R•8•rvos Level and Pollcy, and Flnanclal Vlablllty It has been Ihe school's policy to utilise funds to ensure that hlgh quality up-to4ate facilities are provided for the benefit of pupils. The aim is to budget so as to provlde sufflclent working capital to meet the present needs and future development requirements of the school wlthout the requirement to have recourse to sales of tanglble fixed assets, or use of the school's readily realisable Investments to support unrestricted funds. Unrestrlcted funds decreased by £94.482 to total £3,876,221 (2023: £3,970,703). Ellesmere College plans to fund longer term capital expenditure and meet long term IlabS1Stles through careful management of resources and Investments and through building reserves through operations and trading. The governors have invested substantial sums into malntalnlng school buildings in recent years and have a continuing programme of ￿fUrbIShment, development, and Investment to maintain excellent teaching facilities for our pupils. In common with most independent schools, which tend to fund their own capital investment plans. free reserves are at a negative balance illustratlng the extent of the investment in our school. The group's total capital and reserves of £3,908,032 (2023: £4,035,413) at the year-end included £31.711 (2023: £64,610) of restricted funds. Tangible assets held for charity use totalled £7,770,259 (2023: £7.616.453). leavlng a deficit on free ￿SerVeS of £3.8m (2023: £3.6m) at the year-end. 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 FQrtfolio of fixed assets held for operational use. The school does not have. and cannot rely on, permanent endowments. PRINCIPAL RISKS AND UNCERTAINTIES The goveming body is responsible for the identification and management of risks. The major rlsks to which the charity is exposed. as identified by the directors. have been reviewed and systems or procedures have been established to manage those risks. Detailed examination of the risks and estsbllshment of controls to mitigate them is delegated to the relevant Sub-committees and the process is overseen by the governing body. A formal review of the risk management processes is undertaken 11

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 annually. The independent sector as a whole Is cuThently subject to increased political risk as the stated policy of the Labour Party is to remove tax cOn￿ssIOnS for charitable independent schools. adding VAT and removing business rates relief. There is a signrficant risk to the independent sector as adding VAT to school fees will make the fees unaffordable for a proportion of parents. materially affecting school income. The full effect will not be known until all detslls of the policy are announced and schools and pa￿nts are able to assess impact on affordability. The prlnclpal risks to which the school is exposed include those affectlng protection of pupils and securlty and preservation of charitable assets both now and in the future. Slgnificant risk areas: the change in political leadershlp has resulted in VAT being added to school fees along with the removal of the 80¥0 rates rellef, both of which will impact fin8nces signrficantly. The Governors consider this to be the predomlnant rlsk to the school. the economic turbulence of recent years Impacting parents. ability to afford school fees all organisations face difficult economk condltlons an¢J directors and senior managers In tk school keep abreast of economic conditlons locally, nationally and internationally to identify trends and develop plans to address issues the school operates in an environment of rising costs, partlcularly energy and employThent costs. the market in which the school operates is highly competStSve and we monitor developments in educatlon to ensure that pupils always receive a first class, hollstic and varied educational experlence In our school we strlve to ensure that all staff are able to work in a safe and 8UPPOrtSve environment and pollcies, procedures and tralnlng In Human Resource management and Health arKI Safety help to ensure that the school meets expectatlons the school operates in a hlghly regulated sector. including in matters of child protectlon, and we appoint appropriate professlonal advlsers to ensure that we can keep up to date with all requirements., school or individual membershlp of bodies being the constituent asscKlatlons of the Independent Schools Council also ensure that we have access to up to date information and support the school operates in an increasingly Iltlglous envlronment and we appoint appropriate professional advisers and purchase insurance using speclallst brokers and advisers to ensure that we can keep up to date with all requirements and meet all challenges The key controls used by the school Include: fomial agendas and minutes for all meetings of the governing body and committee8 terms of reference for all committees comprehensive strategiG planning, financial forecastlng, budgeting and management accounting established and identifiable organisational structures and reporting lines which are regularly reviewed comprehensive fomial written policies clear authorisation limits and purchase control systems vetting procedures, as required by law, for protection of the vulnerable. The school plans strategically havlng regard for risk. The executive team provides the governlng body with regular reports which include details of the princlpal strategic objectives and the activity to achleve those objectives. The school also records significant achlevements and updates the governing body and Woodard on short-term plans. The strategy Is discusseil between the governing body and the Woodard Board and protocols have been developed and agreed which outline the relationship bet￿￿en the two bodles. Financlal rfsk management objectives and policie8 The school uses financial instruments. 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 group's operations. 12

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strateglc Report) YEAR ENDED 31ST AUGUST 2024 The main issues arising from the group's financial instruments a￿ liquidity risk, interest rate rlsk 2nd to a lesser extent debtor risk. The school's directors adopt policies for managing each of the risks and these are summarised below: LIquKfÉty risk - the school seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs by negotiating adequate facilities from its bank. Interest rate risk- the school finances operations through a mixture of retalned surpluses and bank borrowings. These are open to fluctuations in interest rates. Debtor risk - debt collection procedures are in place to ensure timely payrnent of fees including a direct debit Scheme. Debts are referred to solicitors rf necessary. Golng Concom In her Autumn budget statement, the Chancellor of the Exchequer confirmed that VAT should be applled to private school fees from the 1st January 2025. In addition to this, an increase in employers. National Insurance contributions is to take effect from April 2025. The Directors are preparing for these measures to have a material impact on fees and cause a reduction in demand in the independent school sector. Budgets and cashflow forecasts have been prepared to December 2025 which show that the Group can operate within the Ilmlt of the overdraft facility, but this will be closely monltored as the year progresses as the effeds of the Increased cost to parents are seen. While it is not antlclpated that it will be required, the Group has assets Includlng investments that could be liquidated rf necessary. Barclays support the College and the Group wlth a £2,000.000 overdraft faGilily and this can be extended by agreement. Cash is managed on a group basis and Barclays have expressed their support. Despite the very considerable pressures imposed on the Independent school sector in the recent budget statement, the Directors have a reasonable expectation that the group will be able to continue operating for the foreseeable future, and thus the financial siatements have been prepared on a going concern basis. Details relating to the adoptlon of the golng concern basis can be found in the accountSng policy 1b. FUTURE PLANS The key objectives of the current five-year plan are: Having achleved accreditation as a High Performance Leaming World Class School to build on the programme to ensure that every pupil reaches his or her full academlc potential. 2. To build on the recognition of the excellence of the College's artistic programme provlded by the Artsmark Platinum status and to continue to develop as an arts hub for the region. There are ambitious plans for renovation of a building at the College to provide improved music teaching facilltles. To review curriculum provlsion in line with national Changes and to meet the needs of our market. To manage the staffing at all times so that we deliver the best possible education as well as accommodation, welfare and administration. 5. To build and encourage community access for educatlonal purposes to the schools. facilitles. To maximise the income from the use of the College's facilities and develop new streams from overseas. To identrfy opportun5ties for energy consumption reduction. To malntsin the fabric of the school to a high level. 13

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 DIRECTORS The dlrectors who served durirrfJ the year, and the committees of ￿lch they are members, are.. C E Llllls (Chairman) Finance and General Purposes Investment Regulatory Compliance Education Finance and General Purposes Investment {Full Council) Finance and General Purposes Regulatory Compliance Education, Regulatory Compliance Education Education Finance and General Purposes K E Castle S M Connor R A K Hoppins J Nieto J C Pochin M D T Sampson J Scanlon A Sutton J M Trowbridge MAWard None of the directors has any beneficial interest in the company. Ellesmere College buys trustees and officers Insurance on behalf of the directors. AUDITORS Following a competitive tender process, Moore Kingston Smlth LLP were appointed as the companls external auditors at the Annual General Meeting held on 23rd May 2024, for the year to 31 August 2024 onwards. As a consequence, RSM UK Audit LLP did not offer themselves for reappointment under section 487 (2) of the Companies Act 2006. The Board would Ilke to express its appreGiation to RSM for their senilces over the past seven years. 14

ELLESMERE COLLEGE LIMITED DIRECTORS, REPORT (incorporatlng the Strategic Report) YEAR ENDED 31ST AUGUST 2024 DIRECTORS. RESPONSIBILITIES STATEMENT The directors are responsible for preparing the directorfs report. incorporating the strategic report and the financial 5tstements in accordance with applicable law and regulations. Company law requires the dlrectors to prepare company and group flnanclal statements for each financial year. Under that law the directors have elected to prepare the financsal statements in accordance with United Kingdom Generally Accepted A￿oUnting Practice (UnSted Klngdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they glve a true and fair view of the state of affairs of th8 company and the group and of the income and expendlture of the company and group for that period. In preparing each of the group and company financial 8t8tements. the dlrectors a￿ required to: select suitable accounting pollcles and then apply them consistently; observe the methods and prlnciples In the Charities SORP (FRS 102); make judgements and accounting estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the company will continue in buslness. The directors are responslble for maintaining proper accounting records that are suffKient to show and explain the group's and company's transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardlng the assets of the group and company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities, The directors confinn that: so far as each dlrector Is avmre, there is no relevant audlt Inforniatlon of which the charltable CoMpan￿S auditor Is unaware.. and the directors have taken all the steps that they ought to have tsken as directors in order to make themselves aware of any relevant audlt Information and to establish that the charitable company's auditor is aware of that information. The directors are responsible for the maintenance and Integrty of the corporate and flnancial information Included on the charitable CoMpan￿S website. Leglslation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Board of Directors of Ellesmere College on aoé capaclty as company directors, approving the Dlrectors, and Strategic Repo slgned on tts behalf by: 1014 including, In their contalned therein, and Mr C E Lillis Chaimian 15

ELLESMERE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE COLLEGE LIMITED YEAR ENDED 31ST AUGUST 2024 Oplnlon We have audlted the financial statements of Ellesmere College Limited (the parent charltsble companl) and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidsted Statement of Flnancial Activities (inGluding an Income and Expenditure Account), The Charity Stalement of Financial Activities {including an Income and Expenditure Account), the Consolidated and Charity Balance Sheets. the Consolidated Cash Flow Statement and notes to the financial ststements, Including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 'The Flnancial Reporting Standard appllcable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our oplnlon the financial statements.. give a true and fair view of the state of the group's and the parent charitable CoMpan￿S affairs as at 31 August 2024 and of the group's incoming resources and application of resources, including its income and expendlture, for the year then ended,. have been properly prepared in accordance with United Klngdom Generally Accept8d Accounting Practice: and have been prepared in accordance wSth the requirements of the Companles Act 2006. Ba818 for opinlon We have been appointed auditors under the Companies Act 2006 and 8ectlon 151 of the Charities Act 2011 and report in accordance with those Acts. We conducted our audit in accordance wtth Internatlonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described In Ihe Auditor's responsibilities for the audit of the financial statements sectlon of our report. We are independent of the group and parent charitable company in accordance with the ethlcal requirements that are relevant to our audit of the fin8ncial statements In the UK, including the FRC'S Ethical Standard and we have fulfilled our other elhical responslbllities in accordance with these requlrements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provlde a basis for our opinion. Con¢lu8lons relatlng to golng concern In auditing thp flnanclal statements, we have concluded that the Directors, use of the going concern basis of accounling In the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identif￿d any material uncertainties relatlng to events or conditions that, irKJividually or collectively, may cast significant doubt on the group's or the parent charitable companvs ability to continue as a going concern for a perlod of at least twelve months from when the financial statements are authorised for issue. Our responslbllltles and the responsibilities of the Dlrectors with respect to going concem are described in the relevant sectlons of this report. Other Infomiation The other infomation comprises the infonnatlon included in the Annual Report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained wlthln the Annual Report. Our opinion on the financial statements does not cover the other information and. except to the extenl otherwise explicitly stated in our report. we do not express any form of assurance concluslon thereon. Our responsibility is to read the other infonnation and. in doing so, consider whether the other information is materially inconsistent wlth the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identrfy such rnaterial inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misststement in the financial statements themselves. If, based on the work we have

ELLESMERE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE COLLEGE LIMITED YEAR ENDED 31ST AUGUST 2024 performed. we conclude that there is a material misstatement of this other information. V￿ are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters proscrlbed by the Companles A¢t 2006 In our opinion, based on the work undertaken in the course of the audit: the infomiation given in the Directors, Report which includes the Directors, Report and the Strateglc Report prepared for the purposes of company law for the financial year for which the financlal statements are prepa￿(1 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 requlrements. Matters on whlch we are raqulrèd to report by excoptlon In the light of the knowledge and understanding of the group and the parent charltable company snd their environment obtalned in the course of the audit. we have not identified material misstatements in the Directors. Report or the Strategic Report included within the Directors, Report. We have nothing to report Sn respect of the following matters where the Companies Act 2006 requlres us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charltable company, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company financial statements are not in agreement wlth the accounting records and returns. or certain disclosures of dlrectors, remuneration specrfied by law are not made" or we have not received all the information and explanations we require for our audit. Ro8pon8lbllltle8 of dlractor8 As explained more fully In the Statement of Directors, responsibilltles set out on page 14, the trustees (who are also the directors of the charltable company for the purposes of company law) are responslble for the preparation of the financial statements and for being satisfied that they give a true and fair vlew, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material mlsstatement, whether due to fraud or error. In preparing the financlal statements. the directors are responslble for assessing the group's and parent charit8ble cOmpan￿S abilty to continue as a going concern, dlsclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either Intend to liquidate the group or parent charltable company or to cease operatlons, or have no realistic alternative but to do so. Audltorfs r88ponslbilitles for tho audlt of the flnanclal stateM￿ts Our objectives are to obtsln reasonable assurance aboLrt whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarante8 that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audlt In acwrdance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughoLrt the audit. We also: Identfy and assess the risks of material misstatement of the financial statements, whether due to fraud or error. ijesign and perform audit procedures responsive to those risks. and obtain audit eviden￿ that is sufficient and appropriate to provide a basis for our opinion. risk of not detecting a mater181 misstatement resulting from frau¢J is higher than for one resultlng from error, as fraud 17

ELLESMERE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE COLLEGE LIMITED YEAR ENDED 31ST AUGUST 2024 may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal Gontrol. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the golng concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exlsts related to events or conditions that may cast significant doubt on the group and parent charitable companvs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audilor's report to the related disclosures in the fsnancial statements or, if such disdosures are inadequate. to modify our oplnion. Our conclusions are based on the audit evidence obtained up to the date of our audttor's report. However, future events or condition8 may cause the group or parent charitsble company to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disdosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the firkgnclal Infonnatlon of the entities or business activities within the group to express an opinion on the consolldated financial statements. We are responsible for the direction, supervision and performance of the group audSt. We remain solely responslble for our audit report. We communlcate wlth those charged wlth governance regarding, among other matters. the planned scope and timing of the audlt and slgnlflcant audit findings, including any significant deficiencies in internal control that we identify durlng our audit. The extent to whlch the audlt was consld•rod capable of detectlng Srregularltl88. Includlng fraud Irregularities. induding fraud, are instances of non-compllance with laws and regulations. We design procedures in line with our responsibilit￿s, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to whlch our procedures are capable of detecting irregularities, including fraud is detailed below. The objectlves of our audlt In respect of fraud, are; to identlfy and assess th8 risks of material mlsstatement of the finandal statements due to fraud. to obtain sufficient approprlate audit evidence regarding the assessed rlsks of material missiatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identlfied durlng the audit. However. the primary responsibility for the prevention and detection of fraud rests vAth both management and those charged with governance of the charitable company. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the charttable company and considered that the most slgnfficant are the Companies Act 2006, the Charities Act 2011. the Charity SORP, and UK financlal reportlng standards as issued by the Financial Reporting Council. We obtained an understanding of how the charitable company complies with these wuirements by discussions with management and those chsrged with governance. We assessed the risk of material misstatement of the financial statements, IncludlrKJ the risk of material mlsstatement due to fraud and how it might occur. by holding dlscusslons with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understanding. designed speclfic approprlate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance arKI obtaining additional corroboratlve evidence as required. There are inherent limitations in the audit prc>cedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely ￿lated to 18

ELLESMERE COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELLESMERE COLLEGE LIMITED YEAR ENDED 31ST AUGUST 2024 events and transactions reflected in the financial statements. A180. the risk of not detecting a material misstatement du8 to fraud is higher than the risk of not detecting one resutting from error, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations, or through collusion. Use of our report Thls report Is made solely to the charitable company's members, as a bjdy, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charltable company's members those matters we are required to state to them In an auditor's report and for no other purpose. To the fullest extent permitted by18w, we do not accept or assume responsibilty to anyone other than the charltable company and the charit8ble company's members as a body, for our audit work, for this report. or for the opinions we have formed. 16 January 2025 Mr Robert Kersse (Senior Statutory Audltor) For and on behalf of Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP 19

ELLESMERE COLLEGE LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2024 Unrestrlcted FU￿ts Restrtcled Fund8 Endow Fund$ Totsl 2024 Tolal 2023 Notes Income and Endowm•nts from . Charftabk Actlvltles School fees rece6vabl6 Anclllary tradlng Income ¢)Ih•r tradlng 8Gtlvltl•s Non4nclllary tradlng Income Oiher 8thIUes Invostm•nt¥ Investm8nt Ineome 10.759.183 1.159.210 10.759.183 1,159210 10.359.989 1,093.630 750.854 {224) 750,854 (2241 831,524 4,369 7.686 7.868 7.312 Volunlary ourco Grants and Donatlons Oth•r In¢omlng r••our¢ 10.000 104,401 46.500 56.500 104,401 20,237 62,572 TOTAL INCOMING RESOURCES 12.791.090 46,500 12.837,590 12,179,633 Expendllurn on Ralslng Fund• Non anclllary tradlng costs Anclllary tradlng expenses Flnanclng costs Investment management Fundr818lng and dovelopmenl 389.918 1,165.560 151,102 2,498 123.084 389,918 1.165,560 151,102 2,498 123.084 405,814 1.108,004 254,658 2,465 142,580 TOTAL DEDUCTIBLE COSTS 1.832.182 1,832,162 1.913,499 Charlt•bl• AGtlvltl•¥ Educatlon 11,103.790 79,399 11.183,189 10.574.054 TOTAL EXPENDMIRE 12,935.952 79.399 13.015,351 12,487.553 Net Exp8ndlturo befor• transfern Re8llsed galns I Ilossesl on Investment assets 13 Unreall8ed galns l {108ses) on Invesknent asset 13 {144,882) 5.654 44,726 132.8991 {177,761) 5,654 44,728 {307.9201 14201 (8.8101 N•t Exp•ndltur• 194.482) 132,8991 (127.381) (315,1501 Tran$fer$ between fijnds 23 Net Movement in funds for the year 194.482) 132,899} (127,381) (315,1501 FurKI balances at 1st September 3,970,703 64.610 4,035,313 4,350,463 FUND BALANCES A8 AT 318T AUGUST 3,876,221 31,711 3,907,932 4,035.313 All amunts r91ate to conunuing activities. All recognlsed galns arKI losses in the Gu￿ent arKI prksr year are in¢luded in the Statement of financial a¢tivities. Th8 notes on pages 24 to 44 form part of these financial statements. 20

ELLESMERE COLLEGE LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporatlng an Incoma and Expendlture Account) YEAR ENDED 31 AUGUST 2024 Unreslrictgj FuTrJs ReStrict￿j Endt)wed Funds Funds Totsl 2024 Tot81 2023 Noles Income and Endowmonts from ." Charitablo Actlvllles School fees receivable Ancillary tradlng in¢ome Other Iradlng actlvltles Recharges to Ellesm8r8 College Enterprises other actlvltles Investments Investrnent income Voluntary $ourG Grants and Donattons Oihw Incomlng r••OUr￿l 10,759,183 1,159,210 10,759,183 1,159,210 10.359.989 1.093.830 43,839 1224) 43,639 1224) 42,295 4,369 7,666 7,312 389.504 104,401 46,51)0 416,004 104,401 180,199 62.672 TOTAL INCOMING RESOURCES 12.443,379 12,489,879 11.750,3ee Expondllur• on Ralslnp Fund• Non Anclnary Trading Anclllary trading èxpen888 Financlng costs Inve8tsnent management Fundraising a￿1 development 43,639 1,165,560 150.170 2,498 123,084 43,639 1,166,580 150,170 2,498 123,084 42,295 1.108,004 253,798 2,465 142,560 TOTAL DEDUCT18LE COSTS 1,484,951 1,484,951 1,549,122 Charltabl? Adlvltlo• Educallon 11.103,290 79,399 11,182,689 10.566,574 TOTAL EXPENDITURE 12,588,241 79,399 12,887,640 12.114,696 Not Expendlturq before transfern Reallsed galn$ I11088•81 on In￿￿tMent a¥s0ts Unreallsed gains I (Ioss8sI on Investment 8$$010 (144,862) 5,654 44,726 132,899) (177,7611 5,654 44,726 (364.3301 {4201 16.8101 13 13 Not Expendltur• (94,482) 132,899) {127,3811 1371.5601 Transfers befv*en funds 23 Not Mov•mont In fvnds for the year (94.482) 132,899) 1127,3811 1371.5601 Fund balances at 1st September 3,970.703 64,610 4,035.313 4,406.873 FUND BALANCES AS AT 31ST AUGUST 3,876.221 31,711 3.907,932 4,035.313 All amounts relate to continuing aC￿vI￿eS. All reccgnised gains and losses in the current and prior year are Included In the stslement of financial aclivilies. The nolas on p4es 24 10 44 form part of these financial ststements. 21

ELLESMERE COLLEGE LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT31 AUGUST2024 Group 2024 Charity 2024 2023 2023 FIXED ASSErs T8ngible assets Secjjrltles Investments 12 13 7.770,259 476,071 7,616.453 420.522 7.770.259 476,172 7.616,453 420,623 8.246,330 8,036,975 8.246,431 8,037.076 CURREKf ASSETS Stock Debtor5 Cash at bank arKi in h8nd 42.633 919,653 161,828 41582 818,904 177.323 36.157 1,039,294 7,943 41.573 1.028,572 6,277 14 1,124,114 1,044,809 1,083.394 1,076,422 CURRENT LIABILITIES Creditors: amounts f8111ng due vAthin one year 15 4,183,716 4,166,546 4.143,097 4.198,260 NET CURRENT LIABIUTIES (3.059,602) {3.121.737) {3,059,703) {3.121,838) TOTAL ASSETS LESS CURRENT LIABILITIES 5.186.728 4.915.238 5,186,728 4,915,238 LONG TERM LIABILITIES Cfeditors.. amounts falling due after more than one year 16 (1.278.696) {879,825} (1,278,696) (879,8251 NET ASSETS 3,908,032 4,035.413 3,908.032 4,035.413 REPRESENTED BY: Called up 8h8re c8pit81 20 100 100 100 100 RESTRICTED FUNDS UNRESTRICTED FUNDS 23 31,711 64,610 31.711 64,610 General reserve 3.876,221 3.970,703 3.876.221 3,970.703 3.908.032 4,035,413 3,9)8,032 4,035,413 glIlLS The finandal stalem8nts were approved and authorised for issue by the B08rd on....... on its behalf by . .and slgned Mr C E Lillis- Chaiman Company Registration No '. 05066406 The notes on pages 24 to 44 fomi part of these finanryal statements.

ELLESMERE COLLEGE LIMITED CONSOLIDATED CASH FLOW STATEMENT AS A T31 AUGUST2024 Group 2024 Group 2023 Cash flows from op•rating actlvftles . Net cash provided by operatlng activitt83 30 936.961 230.170 Cash flows from Investlng actlvllles . Dlvldends, Interest and rents from inv88tm8nts Proceeds from the s81e of property, plant and equlpm8nt Purchase of propety. plant and 8quipmenl Proceed8 from sale of investments Purchase of Investments 7.666 16,356 (565,254) 120,830 (125,999> 7,312 (433,598) 75,220 <80,051) Not cash u$•d In Invostlng actlvltle8 (546,401 > (431,117) Cah fl(￿8 from flnanclng actlvltl•8 . Repaym6nts of borrowing Repaym9nt of existing loan to Hande18bank8n Drawdown of Barclays loan Flnancing costs (99,681 > (131,821) (473,188) 540,000 (254,656) (151,102> N•t Cash used In flnanclng actlvllle8 (250,783> (319.685) Chongo In cash and ca8h •qulval•nts In Ihe year 139.777 (520,612) Cash and cash equlvalonts at th• boglnnlng of the ￿ar (881.617} (361,005) Cash and cash oqulvalents at Ihe ond of th• ￿ar 31 (741,8401 (881,617} 23

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 1 AccouNfiNG POLICIES The prlncipal accounting policles. all of which have been applied consistentty throughout the year and in the preceding year are: a) Bas18 of Accounllng Ellesmere College Limlted Is a prlvate company limlted by shares, number 5066406. Incorporat8d In England and Wales. Its registered office and ptlncipal p18ce of buslness Is Ellesmer8 College, Ellesmere, Shropshire SY12 9AB. It is also a charlty, number 1103049. The group conslsts of Ellesmere College Limited. Ellesmere Colleg8 Enterprises Limited and E118sm8re College Intemational Limited. The accounts of the group have been prepared under the Companles Act 2006 and In accordance wlth the Statement of Recommended Pracalce for Charltles ('SORP {FRS102)') and with applicable UK Accountlng 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. Ellesmere College meets the definltlon of 8 publlc benefit 8ntity und8r Financlal Reporting Standard {FRS> 102. Assets and Ilabllltl8s are inltially r8cognised 8t hlstorlcal cost or trans8Ctlon value unless ottrffjrwlse statsd In the relev8nt accountlng pollcy notes. The preparatlon of fln8nclal statements In confomilty wlth FRS 102 raquI￿S management to make Judgements, estlrnates and assumptlons that affect the 8ppllcatlon of pollcles and r8POrted amounts of assets and Ilabilltles. incom8 and 8xp8nses. The esllmates end associated assumptions are based on hlstorlcal 8XP8ri8nce and varlous other factors that are believed to be reasonable und8r the circumstances, the results of which form the basls of maklng the judgements about cerrylng values of ass8ts and Ilabilities that are not readlly apparent from other sources. Actual results may dlffer from these estimates. Further detalls are provided in note 33 and In the acGountlng pollcles for depreciatlon of flxed assets. for pensions and for bad debts. The. financlal statements ar8 prw38nted In sterling (£) and the functlonal currency is sterllng (£). Monetary amounts In these flnance stst8m8nts are rounded to the nearest £. b) Golng Conc•rn Th• accounts havé ￿en prepared on a golng conoern basls. The Ellesmere Colleg6 Board revlews the financial infom)atlon for the company end the group and considers whether the group and the company are a going ¢on¢em for a perlod of at least 12 months from the date of approval of the accounts. Havlng considered all factors and reviewing the avallable evldence, dlrectors have a reasonable expectation that the group will be able to continue operatlng for the foreseeable future and the financlal statements have been prepared on a golng concem b8SIS. In 202312024 the Group achieved a surplus before depreciation as 8xpect8d. Pupil numbers are lower Sn September 2024 than the year 2023 - 2024 but the College has made significant ¢05t reductlons to compensate for this. Labourfs policy of addlng VAT lo school fees from January 2025 Is a concern for all independent schools, however budgets and cashflows have been prepared for the 2024-2025 year, whlch also include the Impact of an increase in employers Nl from Aprll 2025 as noted In the most recent bud￿t, and these show that wlth the planned cost savlngs the Group wlll remain a golng concern for the foreseeable future. Whlle It Is not antlclpated that It will be requirad. the Group has assets Indudlng inv88tments that could be liquidated rf necessary. Barclays support th8 College by providing a £2.000.000 overdraft facillty. which is reviewed annually. Cash is managed on a Group basis and Bardays have expressed thelr conlinued support for the Group for the period with an increase in overdraft rf ne￿Ssary. The Trustees l Directors are unaware of any other factors which would impact on the charity and the group being treated as a going concem. 24

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 c) Group Accounts The financial statements consolidate the financial statèments of the company, and 811518 subsldSary companies, charitable trusts and funds with all inter-company balances being elimlnated. Entitles are ¢onsolidat8d where Ellosmere College exerclses overall control elther through ownershlp of shares. or through having common trustees with 8 common objectlve. Accountlng pollcles are consistently applied b8tween group companies. d) School Fees Recelvable and Slmllar Incomo Fees ￿e1vable and oth8r educational Income are accounted for In the perlod In which the servlce Is provided. Fees receivabl8 are stated after deducting allowances, scholarshlps and other r8mlssions by the school, but includ8 contributions received from restrfcted funds for scholarships, bursaries and other grants. All d8bts are fully provided for Un￿$$ they relate to current pupils owlng less than two t8nns in whlch case a partlal provision Is made. •) Ancillary and Non-Anclllary Tradlng Incom• Anclllary tradlng Incomo rapresents amounts from actlvltles to generate funds wllhln the charitable objects for example, tultlon In extra subjects and coaches to ar¢d from school. Non-anclllary tradlng Income reprasents amounts from activitles not dlrectly relatad to thè charitable objects, for exampla lettings of school facilitles Out of term tlme and sales from the tuck shop and vending machlnes. Income from these activities18 recognlsed In the SOFA when the goods are sold or servlces provlded. Voluntary 8ource8, Grant* and Donatlon¥ Voluntary incomlng resources are accounted for as and when entltlement 8rise5, the amount can reliably be quantified and the economlc benefrt Is considered probable. Voluntary incom8 for general purposes is accounted for as unrestricted and 16 credlted to the General R8S81V8. Where the donor or an app881 has Imposed trust law restrictions, voluntsry Income Is cr8dlt8d to the relevant restricted fund and Incomlng endowments are 8ccounted for as permanent trust capital or expendabl8 trust capltal, according to whether the donor intends retentlon to be permanent or not. Glfts In klnd are valued at esllmated open market value at the date of grft, In the case of assets for retentlon or consumptlon, or at the value to the school In Case of donated services or facilitl8S. g) Expendltur• Expgndlture Is accrued 88 soon as there Is a contradual obllgatlon or a Ilability is considered probable, dlscounted to pr8S8nt value for longer term liabS1itles. Expendlture is allocated to expense headlngs alth8r on a direct cost basis or apportioned accordlng to tlme spent. The irrecoverable element of VAT Is includ8d with the item of expense to whlch It relates. The cost of refurbishing and convertlng existing bulldlngs is written-off in the year In whlch It is incurred except where the useful Ille Is ext8nd8d. 25

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 h) Pènslon Costs The school company partlclpates in the Teachers, Pensions scheme, which 18 8n unfunded govemment scheme. The Teachers, Pensions schème provides benefits based on final pensionabEe pay. The funds of the scheme are separate from the company, although the company's share of the scheme cannot be identified as the scheme is a multi*mployer scheme. and so the pension costs are accounted for as defined contribution schemes. The Company offers membershlp of the Penslons Trust Flexlble Retirement Plan to employees other than the full end part-tlme 8cademlc staff. The Pensions Trust Flexlble Retirement Plan Is a multi- employer penslon schem88 wh8r8 the sch8me assets are pooled for investment purposas and cannot be attrlbuted to Individual 8mploy8rs. Banefits are pald from the total scheme assets, It Is in most respects a mon8y purchase arrangement, bul has sorne guarantees. As a result It is not possible or appropriat8 to Identify the assets and liabilities of the s¢P￿rne whlch are attributsble to the company. In accordance with Financlal Reportlng Standard (FRS) 102 (sectlon 28) therefore, the scheme Is accounted for as a defined contribution scheme. l) Tanglbl• Flxed A••¢ti and Deprnclatlon In 8ccordance wlth Section 35.10 (d) of FRS102, Ellesmere College has alactad to use the canylng value of any of the above fr88hold land and bulldlng5 prevlously carried at a valuatSon, as thelr deemed cost at the date ol transltion to FRS102, 1 September 2014. Tanglble flxed assets are stated al cost less depreciation. Indlvldual capltal Items. or projects, with 8 Value greater than £10,000 are capltallsed. Where tangible fixed assets have been acqulred with the ald of speclflc grants they are Included in the balance sheet at cost and depreciated over their expected useful economlc life. The related grants are credlted to a restricted fixed asset fund (in the slalement of flnanclal activiti8s and carried fopeiard in the balance she8t). The depreciation on such assets Is charged in the statement of flnanci81 activltles over the expected useful economlc Ilfe of the related asset on a basis consistent with the depreclallon policy. Depreciation is provlded at rates c8lculated to wrfte off tha cost,16ss astimated resldual value of each asset ba￿d on current market prlces, over Its expected useful life, as follows: Freehold land is not depreclated Freehold Buildings: varlable according to the building and wrltten off over the expected useful life (888 note below) 33.330/0 on cost between 40/0 and 25% dependlng on expected useful Ilfe 25% on cost Computer equipment Plant and Equlpment Motor vehlcles The company has revlewed Its tanglbl8 ass8ts, whlch comprise land, bulldings and Inltlal flxtures and fittings. The company undertakes an annu81 revlew of all bulldlngs assessing thelr useful economic Ilfe. In some cases the useful econombc Ilfe of a building Is anticipated to be of conslderable langth. often In 8XC8ss of 100 years. The buildings are capitallsed in the financiel statements at historic cost and the calculated depr8clation charge is charged In these accounts over the expected useful Ilfe whlch ranges from 10 to 250 years. The dlrectors will continue to Garry out annual assessments of the recoverable amount and the estimated useful lrfe of all buildings. The review is based on the directors, assessments of the market value and the future eGonomic benefit derived from an asset versus its carrying value in th8 financlal statements, 26

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 Jl Flnanclal Instruments Ellesmere College only has financial assats and ffinanclal Ilabllltles of a klnd that quallfy as basic financial instruments. Baslc financlal Instruments are Inbtlally recognlsed at transaction value and subsequently m9asured at thelr settlement value wllh the exceptSon of bank loans which ar8 5ub5equerrtly measured at amortls8d cost uslng the effective inter8St method. k) Securltlos Investments Securities investments are carrled at fair value. which is deemed to be market value as at the balance sheet date. Realised and unrealis8d investment galns and losses are recognlsed as 'net gainsl(losses) on investment assets, In the Statement of Flnanclal Actlvltles and are allocated to the appropriate fund accordlng to the 'ownershlp' of the underfylng assets. l) Stock8 Stocks comprise raw materials, consumable stores and goods held for resale: they are valued at th8 lower of cost and net r6alisabl8 value. m) Loaslng Commltments Rentals applicable to operating leases where substantially all of the benefits and rlsks of ownarship remaln wlth the lessor are chBrged to lh8 SOFA on a stralght Ilne basls over the108g• tam). Lease incentives are atrKounted for over the lease term on a stralght-llne basls. n) Fee Depo81ts Refundable fee deposits are currently classlfi8d be￿een long term and short lem in the flnanclal statements. These deposSls are refundable in the event that the pupils leave the school on one t8rm's notlce and as such the deposit would bè rèfunded to the parents at that polnt. However. th8 fin8nci81 ststements are prepared on a golng concem basis and It Is assumed that the majorlty of children wlll rèmaln In school for their full years of educatlon and therefore the deposlt wlll be refunded to them when they leave school. 0> Fund Accounts Restricted funds are subject to specfflc condltlons by donors 89 to how thay may be used. The purposes and uses of the restrlcted funds are set out In the notes to th8 fin8nclal statements. p) Taxatlon Ellesmere Colloge Is a r8glstered charity and as such is 8X8mpl from tsx on income and galns falling wlthln Part 11 of the Corporation Tax Act 2010 or s8Ctlon 256 of the Taxation of Chargeable Galns Act 1992 to the extent that these ar8 applled to Its charitable objects. There Is no similar exemptlon for VAT, which is Included In èxpendlture or in the cost of assets as appropriate. The school has subsldlary companles that are subject to taxes including corporatlon tax and VAT In the same way as any commerclal organlsatlon. Th8 tsx charged to the profit and loss account is based on the subsldlary companles proffts for the y8ar and tskes Into account tax arislng because of tlmlng dlfferences between the treatmenl of certain items for tax and accounting wrposes. The subsldlary companies distribule their profits to Ellesmere College under Gift Ald and tsx liabilities are kept lo a minimum. 27

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 CHARITABLE ACTIVITIES- SCHOOL FEES RECEIVABLE - GROUP AND CHARITY The School fees In(xJme comprises: 2024 2023 Gross fees 14.539.096 13,980,148 Less.. Total scholarships. bursarles. etc 3,779.913 10,759.183 3,620,159 10,359,989 Add back '. Stholarships, Grants etc. paid for by Restricted Funds 12.122 Unrestricted . 10,759.183 10,372,111 Scholarshlp8, bursaries and other awards wer8 pald to 410 pupils (2023 . 426 puplls). Wlthin this, m&ans-tested bursarles totalling £623,374 were pald to 107 puplls {2023 '. £660.198 to 118 puplls). CHARtrABLE ACTMTIES. ANCILLARY TRADING INCOME IUNRESTRICTED) . GROUP AND CHARITY 2024 2023 Entrance fees and wl$tr8tion fees Fees In lieu of notice Extra subjects Other ancill8ry wjucatlonal Income Pupil Busslng Actlvlties, Club5, Events and House income 21.394 56.306 464,555 2,406 408,659 205,890 21.691 129.854 462.222 7.086 331.279 141.498 1.159,210 1,093.630 OTHER TRADING ACTIVITIES (UNRESTRICTED) 2024 2023 NOn￿nCIlIary tradlng In¢om• Ellesmere College Enterprises Llmited Ellesmere College Intematlonal Limited 341,114 409,740 750,854 (224) 394,591 236,933 631,524 4,369 Interest recelvable- puplls, bills 750,630 635.893 Cost of stsxk £28,998 (2023 . £30,311) 28

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 INVESTMENTS- INVESTMENT INCOME Unrestrlcled R05trcted Endowed Total 2024 Total 2023 Securltles InwJ8lmont Incomo Dividends Flxed Interest 6,111 1,555 6,111 1,555 6,029 1.283 7,666 7.312 £7.312 of income In 2023 w88 unrestricted. VOLUNTARY SOURCES- GRANTS AND DONATIONS Unrostrlcted Restdcttyl End¢)wod Totsl 2024 Totsl 2023 Don8ti¢)ns Gfft Ald from Ellesmero Colleg8 Ent Ltd Gift Ald from Ellesmere Collega Int Ltd 10,000 46,500 56,500 20,237 13,464 146.498 294,841 294.841 369,504 46,500 416,004 180.199 £19,200 of 2023 donation income was restrlcted, £160.999 unrestrlcted. ANALYSIS OF EXPENDITURE a)Total Expendltur•- Group Stsff Co¥ts Depredatkn {rv)t• 9> (nots 121 Support Total 2024 Totsl 2023 Costs ol ra181ng funds Non anclllary trading costs Other income generatlng actlvltles Financing cosl (note 8) Investment m8n8gement FundralslrKJ and development 167.390 631,637 222,528 533,923 151.102 2,498 6,978 389,918 1.165,560 151,102 2,498 123,084 405,814 1.108,004 254,656 2,465 142,560 116,106 Totsl 915,133 917.029 1,832,162 1.913,499 Charltable Expondlturo Education Teachlng Welfare Prèmises School administrallon and govemance Grants. awards and prizes (note 7c} 4.836,252 823,492 878.580 393.477 564,123 838,455 1,641,913 789,858 5,591 5,400.375 1,661,947 2,931,941 1,183,335 5,591 5,452,956 1.580,326 2.083,537 1.452,C62 5,173 411,448 Total 6.931.801 411.448 3,839,940 11.183.189 10.574.054 Totsl Expendod - Group 7.846,934 411,448 4,756,969 13,015.351 12.487,553 29

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 ANALYSIS OF EXPENDITURE (Contlnued) b)Totsl Expndltur•- Charlty Stsff Costs D•prndallon {r￿te 9) (note 121 Support Totsl 2Q24 Total 2023 C08ts of ralslng funds Non Ancillary Tradlng Other Income generating activities Flnancing c05t (note 8) Inv8Stment management Fundralslro and development 43,639 533,923 150,170 2,498 6,978 43,639 1,165,560 150.170 2,498 123,084 42,295 1,108,004 253,798 2,465 142,560 631,637 116,106 Total 747,743 737,208 1.484.951 1,549,122 Charftabh Expondltum Educallon Teaching Welfare Premises School 8dminlstralion and govemance Grants, awards and prizes (note 7c) 4,836,252 823,492 878,580 393,477 564,123 838,455 1,641,913 789,358 5,400,375 1,661,947 2,931,941 1,182,835 5,452,956 1,580,326 2,083,537 1,443,582 411.448 Total 6,931,801 411.448 3.839,440 11,182,689 10,565,574 TOts￿ Expondod. Charlty 7.679,544 411,448 4,576,648 12,667.640 12,114,696 Premises Costs Indude £79,399 from a restrlcted fund {£8.207 in 2023) The cost of stock In the year was £222,799 {2023 . £98,052). ANALYSIS OF EXPENDITURE Icontlnuod) ) Grants. award8 and prlz•• Ellesmere College makes 8war(Is to Individual familles to support 8choollng Group and Charlty 2024 2023 From R•strlcted Fund8 . Bur8aries and other grants and awards From unre8trlctéd fund8 . Prizes and leavlng awards 12,122 5,591 5,174 5,591 17,296 30

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 d) Governance Includèd in support costs Ellesmere College reimburses governors for out of pocket expenses Indudlng travel. subsistence and accommodation, where a claim Is made. One trustees was reimbursed £96 durin9 Ihe year121r23 . NIL). Group 2024 2023 R8mun8ration paid to audllor for audit services for current year Rèmuneralion pald to auditor for audit services for prior yéar Other govemance (x)sts 19,650 20.4C 38,866 1,655 40.246 40,521 Charlty Remuneration paid to auditor for audit servlces for current year Remuneratlon pakf to auditor for audit services for prlor year Other govemance ￿$ts 17.500 22.050 196 1,655 39.746 32,041 FINANCING COSTS 2024 2023 Group Bank charges and Bank Loan Intore8t Bad and doubtlul debt- Increase l (decrease) In provlslon 129.716 21,386 98,514 156,142 151,102 254,656 Charlty Bank charges and Bank Loan Interest Bad and doubtful debt- Increase l (Decrease) In provislon 128,784 21,386 97,656 156,142 150,170 253,798 31

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 STAFF COSTS Th8 aggr8gatè payroll costs for the year were '. 2024 2023 Group WwJes and salaries Social security costs Other pension casts Private medical InsuranL 6.332,096 595,090 898,829 20,919 6.208.747 585.340 822.535 10.957 7,846,934 7,627,579 Charlty Wages and salaries Sc¢i818ecudty costs Other ponslon costs Private medlcal Irk8ur8n¢e 6.173.043 588.360 897,222 20.919 6.068,741 581,988 821,457 7.679.544 7,483.143 All staff are lolnlly employed by Ellesmere College and Its subsidiary Ellesmere College Ente￿lIses. The charlly expenditure on payroll Is reduced by amounts cherged lo the subsldlary to r8fi8cl tlme Spent workino on 8ubsidi8ry business. The number of staff p8rt18lly charged wa8 35 (2023 . 49> and the number wholly di$bursed is 3 {2023:3). The Senior Management Team ar8 classed by the School as belng the Key Management Personnel. None of the govemors recelved remuneration or other bgnefrts from Ellesmere College or from any connected body. 2024 2023 Aggregate employee benefits of key management per80nnel 654,573 714, 32

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST2024 STAFF COSTS {contlnued) The number of hlgh8r pald employees th received emoluments of £￿,000 or mre Wds: 2024 Numbgr Numbèr £￿).0[￿l- £70,000 £70,OIX)- £80.000 £80,000- £￿,000 £W,000- £100,OCIJ £100,OC(1- £110.Cw)O £120,OOCk £130.(MJO £200,000. £210.1XK) Av•rnge nurn￿r of enN)loy•os on head count bas18 2024 Number 2023 Numbor Teathlng Welfare Premlses Support Group and Charlty 119 48 48 29 244 119 50 30 243 10 DIRECTORS None of the dlrectors (or any persons connected ￿th th8rn) received any remuneratlon durlng the year. No chlldren or grandchildren of directors attènded Ihe College (2023 .' NIL). t)urlng the year one directors12023:NIL) recelved relmbursement of tr8vd and training expenses. 11 TAXATION The cnmpany is a registered charlty and therefore no liability arises on Its charitsble actlvltles. 33

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 12 TANGIBLE FIXED ASSETS Group and Charlty Land and Buildings Freehold Motor Vehicles Computer Plant and Equipment Equipment Total Cost At 1 September 2023 Additions Dlsposals 9,054,516 185,896 261.642 107,235 40.000 430,782 81,189 1,579,876 190,934 11.326,816 565,254 40,000 As 31 August 2024 9,240,412 328,877 511.971 1.770,810 11,852,070 D•preclatlon At 1 September 2023 Charge for the year Disposals 1,g73,008 200,272 230,019 19,555 40,000 218,083 124,526 1,289,253 67,095 3,710,363 411,448 40,000 At 31 August 2024 2,173,280 209,574 342,609 1.356.348 4,081,811 Net book valuo at 31 August 2024 7,067,132 119,303 169,362 414,462 7,770,259 Net book valu at 31 August 2023 7,081,508 31,623 212,699 290,623 7,616.453 All assets are used for charltable purposes. Flnance l•a808 and hlre purchase contracts There are no assets held under finance leases or hire purchase contracts.

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST2024 13 SECURITIES INVESTMENTS 8ecurlties Invgstmenls 2024 S•¢urllles Investment* 2023 Restated Group Group Investments At 1 September Additions Dlsposals Increa881(Decr8as8) In value of Investments 420,522 125,972 (120,803) 50,380 422.921 80,051 {75,220) 7.230 Group Invostments at 31 August 476,071 420,522 Inve8trnent in 8ub8idlari88 101 101 Charlty Inv68tm•nt8 at 31 Augu81 476,172 420,623 Invaltmonts comprt8e . U8t¢d Invostments Bond8 - Sterllng Bond8 - Other Currencles Property Altematlve8 Multi Asset Global UK Equiti88 Continental Europe North America Japan Indlrect Paclfic 888in Other oversaas equtt188 Em8rglrrfJ Markets Ca8h 44.160 38,126 10,451 11,887 38.718 7.024 35.224 100,827 10,530 94.415 20.855 37,826 15,395 6,262 40.875 7,502 51,399 97,641 11,820 147,409 24,695 19.961 22,384 1,983 1,244 Group Inva8tm•nts at 31 AugU•t 478,071 420,522 Investment Sn subsdiarfe8 101 101 Charlty Inveslmonts at 31 August 476.172 420.623 Hlstorfcal cost of Inve8tment8 383,315 384,562 Ellesmere College owns all of the shar8 caplt81 of Ellesmere College Enterprises Ltd and Ellesmere College Intemational Ltd, companies incorporated in Englandmales. Further deiails are provided in notss 27 and 29. Tho rnain Securliles Investments are managed for Ellesm8r8 Coll8g8 by Evelyn Partners Investment M8n8gement LLP. All investments ar8 managèd and held In the UK. Three of the North America investments had a value of mor8 than 5% of the total (2023 .' One of the North Am8rica investments). 35

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 14 DEBTORS Group 2024 Charty 2024 2023 2023 School fees recelvable Trad8 debtors Oth8r debtors Prepayments and accrued income Amounts du8 from subsldlary companies Amounts due from parent company 528,971 101,046 27,472 262,164 320.999 183,754 24,752 288.898 528,971 320.999 27.472 262.164 220.687 24,044 288,898 394,131 500 500 919,653 818.903 1,039,294 1.028,572 The school f888 recelvabie is net of a Bad Debt Provision of £231,019 {2023 . £239,329). 15 CREDITORS: DUE WITHIN ONE YEAR Group Charlty 2024 2023 2024 2023 Bank loans a￿1 overdrafts F888 réceived from par8nts In advance of temi Repayable deposlts from parents Trade ¢redltor6 Taxation and social securlty Other creditors Accruals Amounts due to 8ubsidlary companles 921.996 1,185,974 921.996 1,185,974 2,033,452 407,818 390,493 150.370 154,205 125,382 1,682,140 472,336 332,556 149,383 158,824 185,333 2,033,452 407,818 371.909 132.930 154,205 105,442 15,345 1,682.140 472,336 328,621 141,568 158.824 168,447 60,350 4,183,716 4,166.546 4,143.097 4,198,280 Fee8 received from parents for the followlng academlc year ar8 treated as deferred incom8. 18 CREDITORS: DUE AFfER MORE THAN ONE YEAR Group ond Charlty 2024 2023 Fe88 recalved from parents in advance of t8mi Repayable Deposlts from Parents Bank loans 388.946 518,100 371,650 517,200 362,625 1,278,696 879,825 The Repayable Deposits from Par8nts are disclosed as partly repayable after more than one year because they are repayable when th8 pupil leaves and it is r6asonabl8 to assume that many pupils wll not b9 leaving within one year. A breakdown of the expected periods of repayment is shown in notg 18. 36

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Contlnued) YEAR ENDED 31 AUGUST2024 17 BANK LOAN 2024 2023 The bank loans are repayable by Instalments Du8 wEthin 2 to 5 yaars Du8 within 1 to 2 years Due after more than on8 year 141.694 229.956 371.650 227,471 135.154 362.625 Due wtthln 1 year 389,978 489,659 The group refinanced Barclay8 In March 2023, whlch Included a loan of £540,000 r8payable over a terni of 4 ye8r8 (untll March 2027) whlch is secured by a charge on the Collage's assets at an Inter8st rate of 2Qk over bank base rate. 18 REPAYABLE DEPOSITS FROM PARENTS 2024 2023 Th8 d8poslts become r8pay8ble when the pupll leaves .' Due after 5 years Due within 2 to 5 years Due wlthln 1 to 2 years Du8 after mor8 than on8 year 79,400 242,700 196,000 518,1CM) 57,600 302,500 157,100 517,200 Due ￿thin 1 year 407,818 472.336 925,918 989,538 Parents pay the 8chc4)l a deposlt of £500, £2,000 or £9,000 in advance. The money may be retumed subject to specfflc condttlon8 on tha recelpt of one tenn'8 notlce. Assuming pupll8 remaln In the school {whlch the vast majority do ba8ed on historfcal Infomatlonl, dep081ts will be applled as above. 19 COMMITMENTS UNDER OPERATING LEASES 2024 2023 Wlthln 1 year Be￿een 2 and 5 years 29.773 37.636 29,773 29.773 67,409 Lease payments recognised as an &xpanse emountsd to £38.535 (2023 '. £38,535}. On818ase relate6 to the broadbend ¢onne¢tion1£11,100) and the other io printers, Scanners and phot(Koplers {£27.435). SHARE CAPITAL 2024 2023 Aulhorised 100 Ordinary shares of £1 oach 100 100 Allotted, called up and fully pald 100 Ordlnary shares of £1 8ach 100 100 37

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 21 RESTRICTED FUNDS Ellesmere College's fiJnd8 are analysed und8r the following headings . a) RESTRICTED FUNDS The Peter Messenger Fund was set up In memory of a fomer pupil to provlde support to pupils o wlsh to further thelr musical and instrumentsl abilitle8. The Mullock Scholarship is to fund musSc scholarships. Enhance Ellesmere is a donation scheme to fund additionel educatlonal facilities. The lan B88r Scholarship Fund 18 to fund rugby xholarshlp. The Leavers Gift Fund18 a donation schem& to fund piece8 of arNvork are displayed at the school premlses. The Walker Scholarshlp18 to fund music scholarship8. b) UNRESTRICTED FUNDS Unr8strlct8d funds represent accumulated Income fr(xn th8 8chool's activities and other Sources that are avallable for the general purpose of the school. 22 ANALYSIS OF NET ASSETS BETWEEN FUNDS Total 2024 Unrestricted Restrlcted Tanglble flxed a886ts SecurSties investments Net cuThent (Ilabllluesyassets Long t8m118biliti8s 7,770,259 476,071 13,480,359) {889,750) 7,770,259 476,071 13,448,648) {889,750) 31,711 3,876,221 31.711 3,907,932 Total 2023 Unrestrfoted Restrictad Tangible fixed assets Securities inv95tments Net Current (liabllitlesyassets Long term Ilabilities 7,616,453 420,522 {3,186,447) (879,825) 7.616.453 420,522 {3.121,837) (879.825) 64.610 3,970.703 64.610 4,035,313

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2024 23 SUMMARY OF MOVEMENTS ON MLIOR FUNDS Balance at 1 Incoming Resourcès Galnsl Balance at 31 Restrlcted Funds Peter Messenger Fund Enhance Elle6mere lan Beer Rugby Scholarship L8av8rs Gift 3.570 18.199 100 42.741 3.570 20.781 100 7,260 2.775 (1931 43.725 79.206 64,610 46.500 (79.399) 31.711 Unrestrlcted Fund$ General ReseNe 3,970,703 12.791,090 (12,935.952) 50,380 3,876.221 Balance at 1 Incomlng Resources Galnsl Balanc8 at 31 R•8trlcted Funds Peter Messenger Fund Mullock Scholarshlp Enhance Ell8sm8r8 lan Beer Rugby Scholarshlp Leavers Glft Walker Scholarshlp 3.570 1,902 26,006 100 33.941 220 3.570 (1,902) (8,207) 400 18,199 100 42,741 8.800 65.739 19,200 (20,3291 64,610 Unrostrlcted Fund8 General Res8lV8 4.284,724 12,172,555 {12,479.3461 (7,230) 3,970,703 Note 22 provid88 details of tho Individual funds. 24 CAPITAL COMMITMENTS At 31 August 2024 the company has no captal commltments {2023 . £175,000). 39

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 25 PENSION SCHEMES Toa¢hers' Penslon Schome The School partlclpates in the Teachers, Pension Scheme {"the TPS.), for its teaching staff. The pension charge for the year includes contrilx]tions payable to the TPS of £792,863 (2023 . £735,573) and at the year-end £73.195 (2023 . £60,830) was accrued in respect of contributions to this scheme. TPS is an unfunded multiomployer defined benefits penslon scheme governed by The Teachers. Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 {as amended). Members contribute on a °pay as you go. basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The School has accounted for its contributions to the scheme as rf it were defined contribution Scheme. The Govemment Actuary. using normal actuarlal principles, conducts a formal actuarial review of the TPS in accordance with the Public Servlce Pensions (Valuations and Employer Cost Cap) Directions 2023 published by HM Treasury every 4 years. The aim of the review Is to specify the level of future contributions. Actuarlal scheme valuations are dependent on assumptions aboul the value of future costs, design of beneflts and many other factors. The latest actuarfal valuation of the TPS was carried out as at 31 March 2020 In accordance with The Public Servlce Pensions (Valuations and Employer Cost Cap) Dlrectlons 2023 and the Employer Contrilxjtion Rate was assessed using agreed assumptlons in line with the Directions and VRS accepted at the orlglnal assessed rate as there was no cost control mechanism breach The valuatlon report was publlshed by the Department for Education on 26 October 2023. The key elements of the valuation are: .Total scheme liabilities for service (the capltal sum needed at 31 March 2020 to meet the stream of future cash flows in respect of benefits earned) of £262 billion .Value of notional assets (estimated future contributions together with the proceeds from the notional investments held at the valuatlon date) of £222 billion •Notional past service deflclt of £39.8 billM)n (2016 £22 billion) .Discount rate is 1.7Q/o In excess of CPI (2016 2.4Vo in excess of CPI) (this change has had the greatest financial signfficance) As a result of the valuation. new employer contribution rates have been set at 28.6% of pensionable pay from 1 April 2024 untll 31 March 2027 (compared to 23.680/0 under the previous valuation including 0.08% administration levy>. 40

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 25 PENSION SCHEMES continued Until the 2020 valuation is completed It Is not possible to conclude on any financial impact or future changes to the contribution rates of TPS. Accordingly, no provision for any additional past benefit penslon costs is included in these financial statements. Ponslon8 Trust Flexlblo Rotlremont Scheme The School participates In The Flexible Retirement Scheme (FRS) for its support staff. This is a multi employer deflned contribution scheme administered by the Pensions Trust. For those enrolled on the Auto- enrollment scheme Ellesmere College paid contrlbutlons at the rate of 3 % with members contributions at 5%. For the majority of those enrolled in the Company Scheme the employer conlrlbutlon is 50/ts With matching contributions made by members. 26 SUBSIDIARIES The Company owns all of the share capltal of Ellesmere College Enterprises Lim ited, a company incorporated In England and Wales, company number 05181897, registered office Ellesmere College. Ellesmere. Shropshire, SY12 9AB. This company carries out trading activity on behalf of the school Includlng lettings and sales from the school's tuck shop. Ellesmere College Enterprlses Limited had a turnover of £534,915 (2023: £462.332), gross profit of £81,946 (2023.. proflt £96,782), and a profit of £64,663 in the year ended 31 August 2024 (2023: profit £69,754). At 31 August 2024 the company had shareholder's deficit of NIL {2023,' NIL), assets of £262,561 (2023 ,. £264,187) and liabilities of £262,461 <2023 £264,087). Gift aid distrlbuted to the College for the year was £64,663 (2023: £13,464) The Company owns all of the share capital of Ellesmere College International Limited a company Incorporated in England and Wales, company number 08512074, registered office Ellesmere College. Ellesmere, Shropshire, SY12 gAB. Ellesmere College Internatlonal Limited had a turnover of £409.740 (2023.. £236,933), gross profft of £294,516 (2023.. £149,843) and a profit before tsx and gfft aid of £294,841 in the year ended 31 August 2024 (2023: £146,618). At 31 August 2023 the company had shareholder's deficit of NIL (2023'.NIL}. assets of £14,190 (2023 £158,681) and liabilitles of £14,189 (2023 . £158,680). Gift ald dlstributed to the College was £294,841 for the year (2023: £146.498) 41

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 27 ULTIMATE CONTROLLING PARTY The Woodard Corpordtlon Llmlted is the ultimate controlling party. a rgglstered charity number 1096270. which is incorporated in England and Wales, company number 04659710 . Copies of the financial statements of the Woodard Corporation can be obtsined from the registered office. High Street. Abbots Bromley, Rugeley, Staffordshire, WS15 3BW. The a¢￿Unts of Ellesmere College Limited are included within the consolidated financial statements of the Woodard Corporation Limlted. The Woodard Corporation's principal purpose and activity is to provide high quality education In an actively Christian school environment for all. 28 RELATED PARTIES As stated in note 28, Ellesmere College Llmited is a wholly owned subsldlary of the Woodard Corporatlon. Durlng the year £82,191 (2023 . £70,237) VRS invoiced by the Woodard Corporation for levy to meet running costs and staff training. In addition to thls the Woodard Corporation made payments to Ellesmere College of £836 (2023 .' £500) for commlssion on the advance fee scheme. The year end balances bet￿en Ellesmere College and the Woodard Corporation are shown on note 14. The company also controls two subsidiary tradlng companles, Ellesmere College Enterprises Llmited and Ellesmere College International Llmlted. The transactlons with the subsidiaries are summarised below , 2024 2023 (60.350) (24,156) 394,131 175,590 295.669 325,539 (828,618) (266,959) (254,465) (298,659) 299.471 262,464 359,504 159,962 205 342 333 781 Opening charity credltor Opening charity debtor Recharged to subsidiaries Paid by subsidiaries Invoiced by Subsidiaries Paid by Ellesmere College Gift Aid from Subsldlarles Closlng charlty credttor Closing charity debtor {15.345) {60,350) 220.687 394,131 205 342 333 781 The College provides financlal and operational support to the Ellesmere Primary school pool in ￿turn for timetabled u58 of the pool. This benefits the College. as Ellesmere College Swimming Academy is in need of additional pool tlme, and the Primary School was able to keep its pool open for the benefit of the school, and the wider community. The Primary School is a member of the North West Academies Trust. The Chairman of the Trust is our Headmaster. During the year £39,210 (2023 . £16,517) was invoiced by Ellesmere Primary School for power and water rates. The amount accrued at 31 August 2024 was NIL (2023 . £7,200). In addition to this the College invoiced Ellesm&re Primary School £2,908 (2023 . £498) for services provlded. The balance outstanding at 31 August 2024 was £138 (2023 '. £138). During the year £275 (2023 . £300) was donated to the School by member of the key management personnel. 42

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 29 Consolidated Statement of Financlal Actlvitiés- Ccxnparatlva figures by fund type Yoar Ended 31 August 2023 Unrestrfct8d Funds Resltlcted Funds Endowed Funds Total 2023 Income and Endowmonls from . Charitable Acllvlti School fees rec8ivabl8 Anclllary trading Income Othr tradlng aetlvltles Non-anclllary tradlng income Oth&r activitles Inveslmonts Investment Income Bank and Other Interest Voluntary Sour￿• Grants and Donatlons Other Incoming resources TOTAL INCOMING RESOURCES 10,372,111 1.093.630 {12.122) 10,359.989 1,093,630 631.524 4.369 631.524 4,369 7,312 7.312 1,037 62,572 12,172,555 19,200 20.237 62,572 12.179,633 7,078 Expendlture on Ralslng Fund8 Non anclllary tradlng costs Other income generating actlv1ti8S Flnancing c08ts Investrnent manag8m8nt Fundralslng and development TOTAL DEDUCTIBLE COSTS 405,814 1,108,004 254,656 2,465 142,560 1,913,499 405,814 1,108,004 254.656 2.465 142,560 1.913,499 Charltablo Actlvftle• Educatlon and grantrnaklng TOTAL EXPENDITURE N•t Income and expendlture befor• transfers Realised galns on Investment assets Unrealised galn8 on inv88tm8nt 888ets Not Incomlngl{out9olng) r•sourco8 10,565,847 12.479.346 8,207 8,207 10,574,054 12,487,553 (306.7911 (4201 6.810 {314.021) {1,129) (307,920) (420) 6,810 {315,150} {1,129) Transfers beiween funds Net Movement In funds for the (314,021) (1,129) <315,150) Fund balancas at 1st September 4.284,724 65,739 4.350,463 FUND BALANCES AS AT 31ST AUGUST 2023 3,970,703 64,610 4.035,313 43

ELLESMERE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS ASAT31 AUGUST2024 30. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Group 2024 Group 2023 Net Incomo for tho roporting parlod las per th• statsment of finanGlal actlvltl88) {127,381) (315,150) Adjuslmonts for: Depreciation charges (GalnsVLosse5 on Investrnents Dlvldends, Interest and rents from investments Flnancing costs Lossl(profit) on sale of flxed assets Decrease In stocks (Increase) I decrease in debtors Increase in credltors 411,448 (50,380) (7,666) 151,102 (16,356) 5,949 8.971 (100,749) (186,782) 670,994 150.090 320,487 7,230 (7,312) 254,656 936,961 230,170 Group 2023 C8shflows Other non cash changes Group 2024 31. ANALYSIS OF CHANGES IN NET DEBT Cash at bank and in hand Overdraft facllity repayable on demand 177,323 1,058,940 (881,817) (15.495) 155,272 139,777 181,828 903,668 (741,840) Borrowlngs Loans falllng due withln 1 year Loans falling due after 1 year {127,034) 362.625 (489.659) 108,706 9,025 99,681 (18,328) 371,850 (389.978) Total cuh and cash 8qulvalent• 1.371,276 ,45 18 32. ACCOUNTING ESTIMATES AND JUDGEMENTS In preparlng the financial statements, the directors are requlred to make estlmates and Judgements. The matters detailed below are considered to be the most Important in understandlng the Judgements that are Involved In preparing the flnanclal ststements and the uncertainties that could impact the accounts reported in the results of operations. flnancial position and cashflows. Accounting pollcie5 are shown at note 1 to the financlal statements. Provlslon for bad debts Debts are provided for If not recovered wlthln one tenn. Estimating amounts to provlde agalnst recovery of debts Is a matter of judgement. Depreciation, impairment and rosidual values of fix•d a$$els Judgement Is exercised in 8Stimallng the residual values of fixed assets, the selection of appropriate rates for depreciation, and for matters of impalrment.