2024-08-31-accounts

Charity Registration No. 1103522 Company Registration No. 05091977 (England and Wales) THE CATHEDRAL SCHOOL LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED CONTENTS Page Company Information Directors. report {incorporating the Slrategic report) Independent auditor's report 2-14 15-18 Statement of financial activity 19 Balance sheet 20 Cash flow statement 21 Notes to the flnancial statemenls 2244

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED COMPANY INFORMATION DIRECTORS AND ADVISORS Diroctors Mr M R Havard. BSS. Econ(Hons) (Chairman) Mrs J Corbett￿1rnmOns, BA(Hons), MScEcon, PGDip (Appointed 16.11.2023) Mr P Dewey. BSC, FCA Mrs P Jones, BA(Hons) Professor P J Knowles. BA, PhD Mr P R Lacey, MA (Retired 30.7.2024) Miss E McKinnie, BSC, MEB Mrs J E Newley. MA Cert. Ed Mr J C Rawlins, FRICS, MRAC Mr J Smith Mr P A Smith, Bsc Mr I P Shorney Toledano {Appolnted 15.3.2024) Mr M Tossell, LL.B(Hons) The Revd Canon B D Clover, MA, FRSA, LTCL MrRALeek 1103522 05091977 The Cathedral School (Llandaff) Limited Cardiff Road, Llandaff, Cardiff, CFS 2YH Provost Company Secrètary Charlty No. Company No. Prlncipal Address and Registered Office Key Management Personnel Head Bursar Mrs C V Sherwood. MA (Hons Cantab) MrRALeek Aud6tor Moore Kingston Smith LLP 61h Floor 9 Appold Street London EC2A 2AP Barclays PLC, 6th Floor. 5 Callaghan Square, Cardiff, CF10 5BT Bankers Veale Wasbrough Vizards, Narrow Quay House, Narrow Quay. Bristol. BS14BZ Solicltors Geldards LLP, 4 Capital Quarter, Tyndall Street, Cardiff. CF10 4BZ Insurance Brokers Marsh 1 Tower Place West Tower Place London EC3R 5BU

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT {incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 The directors p￿sent their report and financial statements for the year ended 31 st August 2024 and confIrm they comply with the requirernents 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 formed in 2004 and is registered with the Charity Commisslon as charity number 1103522. The charily is a limited liability company and wholly owned subsidiary of The Woodard Corporation (charity number 1096270). The charitable company Is incorporated in the United Kingdom. Directors of the Company are also Fellows (members) of the Woodard Corporalion and participate In the election of its board of management and are committed to its charitable objects. Note 31 provides details of connected charities. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The company is govemed by Arttcles of Association as adopted by Special Resolution dated 20 March 2013, replacing those dated 29 March 2009 amended by Special Resolution(s) dated 25 January 2009 and 23 June 2009. They pemiit funds to be managed in such a manner as the directors see flt, provided that such powers are only exercised for the purposes of attaining the objects and in a manner which is legally charitable. The Articles of Associatlon forbid the distribution of any property or funds. which are to be applied solely towards the promotion of the obj8¢ts of the company. Governlng Body The governors are the directors and charilable trustees of the company and Comprise the governing body of The Cathedral School and are elected lo hold office for fi've years. The School is governed by the governing body which operates using a number of committees. Membership of each committee is outlined on page 13. The governing body met four times during the year. Recruitmont and Tralnlng of Governors All governors are Fellow5 of the Woodard Corporation. Fellows are responsible for elecllng the Woodard Corporation Board. Governors are recruited on the basis of nominations frorn the School contacts and trom selection when a post becomes available. The governing body look to ensure a mix of skills and select new governors on the basis of background, cornpelence, specialist skills and, in the case of Fellows, Christian commitment. Governors are provided with Induction training by the Head, Bursar and 518ff and a wider programme of training events Is organised by the Woodard Corporation. Where possible the governors consider that the skills and experience of the governing body shoul comprise the following= A Governor with a legal background. A Governor with a financIaVacc￿n1lng background. A Governor with education experlence. A Govemor with senior managerial or business experience. A Governor wlth experience of equal opportunities or disability needs. At least one female Governor and at least one male Governor. An Angllcan Ordained Minister. One Governor may have one or MO￿ of these skills. Volunteers Governors are volunteers providing their time for free to support the governance of the School. The School also relies on a number of others to underlake volunteer roles including fundraising events via 'The Friends of The Cathedral School,. Parents of infant aged children also assist with school trips and visits.

THE CATHEDRAL SCHOOL {LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 Organisational Management The school is governed by the governing body which delegates work to a number of committees. The directors determine the general policy of the company. Joint Estates and Finance Committee - the joint cornmittee develops the school's estates strategy, including capital developments and maintenance of the buildSngs and has a remit to consider budgets, both revenue and capital, cash ftow information and financial reports, including the financial statements. It also considers financial policies and the financial regulations. It makes recornmendations to the governing body for approval. The Estates and Finance Committee met Ihree times during the year. Education Committee th8 Education Committee is responsible for oversight of the academic performance of the school and educational policy. making recommendations to the governing body. It met four times during the year. Remuneratlon Committee - the Remuneralion Committee makes recommendations to the governing body regardlng the remuneration of the Head and the Bursar. It also considers the overall staff salary increases and makes recommendations to the Finance Committee. It met twice durlng the year. Risk M8nagement Committee the Risk Management Committee sets and reviews the Risk Management Register on an annual basis. The Committee consists of the full board and meets once a year. The day to day management of the company is delegated to the Head and the Bursar as the Key Managemenl personnel, overseeing educational, pastoral and administratlve functions in consultatlon with the senior staff. The day to day administration is undertaken within the policies and procedures approved by the governors which provide for only signlficant expenditur8 decisions and major capilal projects lo be referred to the governors for prior approval. The Head oversees Ihe recruitment of all educational staff, whilst under del8gated authority the Bursar oversees the recruitment of administrative and non-teaching support staff. The Head and Bursar are Invited to attend govemors, meetlngs. The remuneration of key management personnel is set by the governing body, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them falrly and responsibly for their individual contribulions to the school's success. The appropriateness and relevance of the remuneration policy is reviewed annually, includ Ing referenc8 to comparisons with other independent schools to ensure Ihat the school remains sensitive lo the broader issues of pay and employment conditions elsewhere. We aim lo recruit. subject to experience, at the lower to medium point within a band, providing scope for rewarding excellence. Delivery of the school's charitable vision and purpose is prlmarily dependenl on our key management personnel and slaff costs are the largest single element of our charitable 8xpenditure. Group Structure and Relationshlps The School has developed links wilh a wide range of organisations to ensure the widest possible a¢￿sS to our facilities and Schooling. Through membership of the family of Woodard Schools, Headmasters, and Headmistresses, Conference (HMC), Independent Association of Preparatory Schools (IAPS), the Choir Schools Association (CSA), Society of Heads, The Independent Schools, Bursars. Association (ISBA). Associalion of Goveming Bodies of I ndependenl Schools (AGBIS) and through networking with peer groups we ensure that we are able lo attain the highest standard5 of quality and performance. We encourage pupils to develop awareness of the social contexl of the all-round education they receive at the School and Ihey are encouraged in a number of activities to enhance their understanding. We have a growing alumni group, the Old Llandavians. A committee of parents and staff form The Friends of the Cathedral School. and are generous in supporting the work of the School, which is greatly appreciated. We also cooperate with charities and local Primary Schools in our ongoing endeavours to widen public access to the Schooling we can provide, to Qplimise the educational use of our culture and sporting facilities and to awaken in our pupils. in the public interest. an awareness of the SOGial context of the all-round education they receive.

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charitable Obje¢ts The charity's objects, as sel out in the Article5 of Assoclation, are to promote and extend education (including spiritual, moral. social. cultural and physical education) in accordan￿ with the doctrines and principles of the Church. The Church is defined as being the Church of England and churches in full communion with the See of Canterbury. Intended impact Woodard Schools strlve for the best all round educatlon of every 85pect of each indtvidual". they ensure high st8ndards of religious education,. and ihey see thernselves 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 Chrislian worship focused in the Eucharlst, and to the care of each indivKlual and the whole The Cathedral School community particularised in the ministry of the Chaplaln. Aims The Cathedral School is a day school for pupils from the ages of 3 to 18. It aims to support children In reachlng their potential in all areas of their activity al the school, and in the wider communlty. This is certalnly in enabling each child to meet their academic potential and also In enabling children to find success In Co￿￿rrI¢uIar excellence in arl, drama, sport, music or dance. We produce 'well rounded, individuals who are ab18 to make a positive contribution to society. All Woodard schools aim to provide a rounded education lo help the pupils to make their way in adult lrfe. PrSmary objectlves The primary objectives of The Cathedral School to fulfil these aims focus around the following 5 ethos stalements: Achievement- recognrzing that all young people have a unique set of skills and enabling all pupils to fulfil thelr potential Care - to enable an inclusive community in our Christian envlronment supporting spiritual growth, understanding, respect and empathy for all Opportunity - Every teaching & learning opportunSty to enable the child to flourish Ambition - Aiming hlgh in all aspects of school lrfe - wlth no-one left behind Leadership- Planning effectively & working together to inspire others and achieve a shared purpose Stratagi95 to aGhieve the primary objectives This year, the School Development Plan focused on strengthening the underslanding of leadership throughout all areas of the school. Therefore, each development plan area included effective leadership as a key driver to help us achleve our aims. Our firsl area focused on achievement and leadership: supporting all pupils as they strive for the aspirational °challenge grades" which they a￿ set. To improv& accountability. the appraisal system was amended to include reference to pupil challenge grades. Middle leaders ware given additional training in lesson observation and a clear Quality Assurance structure was put in place and monitored. Our second area focused on care and leadership, in parb'cular focusing on pupil voice. We trialled a new programme for tracking pupil well-being across Years 5-10 and identified new interventions that could be put in pla￿ to support individuals and groups with theirwell-being. Addilional members of staff were trained in delivering these interventions. The School Council was re-structured with additional training for pupils and greater emphasis on developing Iheir independence and resilience.

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 Our third area focused on opportunity and leadership, with a particular emphasis on the Year 5-8 curriGulum. In the Primary section. exiending pupil opportunities for learning in Mathematics were at the fore, with training for the new Mathematics Academic Leader who then led additional training for staff. In the Senior Section, the emphasis was on the implementation and delivery of the new Year 7 u￿[CUluM in Art and the Humanities in addition to implementing a new programme for the delivery of Ihe Extended Project qualification. Our final area focused on ambition and leadership. focusing bolh on the recruitment of pupils and establishing a new fund-raising programrne. A new committee was set up with a focus on recruitment and retenlion and a new member of staff appointed with responsibilityforstrengthening alumni relations. We sought lo establish a fund-raising campaign for bursaries focused on current parents and former pupils. Prlnclpal Actlvities of the Year The principal activity of The Cathedral School is the delivery of education to pupils ranging from 3 to 18 years of age. We also run 3 number of summer school activities and the School is open at other tirnes for use by the local community. Pupil numbers at School during the year We￿ as follows: 202312024 202212023 Senior School Preparatory School Pre-Preparatory 475 178 142 468 174 152 Total 795 202312024 Boys 286 116 95 202212023 Boys 284 120 96 Girls 18g 62 47 Glrls 184 54 58 Senior School Preparatory School Pre-Preparatory School Total 497 298 500 294 Publlc Benefit As part of our primary objectives, the school aims to create an environmenl to nurture children, to get the best from them and to allow them to develop and fulfil their potential. We provide them with a first class independent education and a wide range of sporting and artistic opportunities. Our public benefit aim is that all pupils will be 5elf4onfident and desire to contribute to the wider community. In terms of public benefit, we also recognise the benefit to the community of the School educ8ling 800+ pupils at no cost to the public purse. The Cathedral School provides boy and girl Chorislers to sing services In Llandaff Cathedral, greatly enhancing the spiritual, musical and cultural lives of the City of Cardiff and the Diocese of Llandaff, as well as representing Wales at times of national importanoe. In the past academic year. Ihe Chorlsters led the BBC Radio 3 Broadcast in September 2023, which was the first in Llandaff since 1997, In addition to leading the BBC Radio Wales Christmas broadcasts. In the furtherance of these aims, The Cathedral School governors. as the charlty trustees, have complied wilh the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the public beneflt requirement under that Act. Our school welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that our school will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance intep41ews and assessments are undertaken to satisfy ourselves and parents Ihat potential pupils can cope with the pace of learning and benefit from the education we provide. An individual's economic Status. gender, ethnicity. race. religion or disability do not form part of our assessmenl processes

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT {incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 Our school is a part of a wider community and we are keen that our links with the community remain strong. We have appointed a new member of slaff with responsibility for Music outreach and our sports deparlmerit has set up three very successful partnership programmes with dÉfferent prirnary schools. The activities undertaken and the success of our programme are explained in the 'review of achievements and performance for the yearf section of this report. Woodard and its schools provide a significant benefit to the public. The school slrives to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opporlunily to benefit from the education and facilities offered due to the need to pay a fee. In dddlliuii lu slgnlflcant provlslon of bursaries and other tomis ot financlal support, the school provides a wide range of opportunilles for community benefit and facllities and events are often open to 211. Further detail of the public benefit offered is included in the section entitled 'Review of Achievements and Performance for the Yearf below. It is a key requlrement of evldenclng public benefit that any prNate benefit to Individuals or elements of the charity will be incidental to the charity's objeclwes. An example of privale benefit may be the reimbursement of travelling expenses for trustees attending tralning courses.. any private benefit to individuals or elements of Woodard are incidental to delivery of the charttable objectives. Concessions Including Bursarles & Scholarships The Cathedral School does not have an endowment and in fundlng our concessions we have to be mindful that we must ensure a balance belween fee-paying parents, many ofwhom make considerable personal sacrrfiGes to fund their Child's education. and those benefiting from the awards. Further details of our concessions policles arKJ how to apply are available on our website at ww,cathedral- school.co.uk. All criteria and policSes relating to concesslon5 are kept under review and are updaled when necessary. Bursaries Bursary awards are important in helping to ensure childfen from families who would olheNise 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 requiremenls and are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects would otherwise be at rlsk for example in the case of redundancy. In most cases the budget for bursaries is allocated using a'needs blind" approach as far as possible, whilst givir@ priority to the conb'nuity of education of those pupils already at The Cathedral School. This year the value of means tested bursaries totalled £285,885 (£290,248 - 2023) 8nd represented 20/0 of our gross fees. They provided assistance to 33 of our pupils of which 4 puplls benefited from a full remlssion of fees. Scholarships The purpose of our scholarship awards is to recognise high academic potential or the ability to excel in our Cowcurricular activities. Our scholarships are awarded on the basis of the individual's academic potentlal or evidence of exceptional abilities which will contribute to our co-curricular activitles. In addition, awards may be subject to conditions imposed by the original donor. The Cathedral School awarded scholarships to 190 pupils. based on their educational merit and potential, totalling £218,883 (£227,829- 2023) and representing of our gross fees. Of this number, 8 also qualtfied for means-tested bursary support and are included in the figures relating to bursary awards. The Cathedral School provides the Choristers to Llandaff Cathedral and in so doing subsidlses their fees via Chorister scholarships. The Scholarships ranges from 350/0 to 66Yo remission of fees. This year the value of Chorister Scholarships tolalled £241,600 (£211,856 - 2023) and represented 20/0 of our grcss fees. We supported 38 Choristers during the year.

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS. REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2024 The progress of pupils receiving scholarships is reviewed at least annually to ensure their progress is In line with their abilities. No schoSarships were withdrawn in the year as a result of reviews, Employment Policy We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race. ethnicity. religion, sex, sexual orientation or disability. We will tnake reasonable adjustrnents to meetthe needs of staff or pupils who are or become disabled. Engagement with Suppllers, Customers and Others In a Buslness Relationshlp with Tho Cathedral School The Cathedral School seeks lo engage actively and positively with all stakeholders in the local community and in the wider educational landscape. Collaboratlve relationships wlth suppliers, parents, educatlonal partners and community leaders are seen as key enablers to achieving success in all of the School's operations. During the year The Cathedral School has further promoted this engagement though specific initiatives including: Regular communication and engagement with parents and prospective parents of pupils attending the School to enhance the understanding of the provision to 8ach pupil and to fully coordinate support to pupils from parents and the School. Engagement with other educational organisations and partners at local and national levels to share best practice and to provide peer support. Active dialogues with local councils on matters whlch impact children and famllies in the community as well as relate to operation of the School. Engaging with local businesses to promote career and educational opportunities for puplls for their mutual benefll. Seeking all possible opportunitles to engage with local and natlonal suppliers in the area. Seeking regular communication with all suppliers and ensuring good commercial practices of prompt payment and dear communication to optimise arrangements for supply of goods and services to the School. Prornoting and encouraging pupil and staff opportunities to engage in local voluntary and other projects to support Ihe community. Providing community access to The Cathedral School and, in many cases, adopting a role that puts the school at the heart of a community. STRA TEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Responding to External Pressures The independent schools, sector, including Woodard independent schools, stood up well to the problems created by the 'cost of living Crises. but independent schools remained concerned, and many were planning for pressure on pupil numbers, particularly once the new Labour Government confirmed the introduction of VAT on school fees from 1 $t January 2025. The increases in the cost of livlng impacted all areas of c05t for independent schools, particularly in staff costs. The more recent return to long term rates of inflation has lessened this impact, but schools have all faced an issue in recovering their costs through fee rises. This wll continue with the introduction of VAT. The Cathedral School Performance and Achievements During the year we educated an average of 795 children between the ages of 3 and 18. The School offers a broad ourriculum and, whilst entry is subject to meeting the academic requirements of the School, we educate children with a wide range of ability. The educational perfonnance of The Cathedral School was excellent. as demonstrated by the public examination results. At A Level, our students achieving 750/0 of all grades at A'_A and 960/0 at A"_B. The most common grade was A" and 96YD of

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 university applicants gained a place at their first-Ghoice university. At GCSE, puplls secured an exceptional 55D/o of grades at 9 or 8 and 72Yo of all grades at 9-7. A quarter of Ihe cohort achieved exclusively grades 9 or 8 wilh l OO¥o of all grades at 9-4. The most common grade awarded overall was 9, tl)e liigliesl possible grade. These were the School's best ever results and are significantly above the national average for all Schools and are in the top 25 of all independent schools. We continue to improve facilities through constant investment in the fabric of the buildings and assets, to ensure that our school meets the challenge of climate change. The main project this year was the complete repla￿men1 of incandescent light bulbs across the site with LED movement-operated lightlng. In addition, the access route to the sports field was resurfaced with a climate friendly material that will enable the draining away of excess rain water and, as we consider how lo reduce our paper waste and offer more interactive ways of learning, we invested in additional ipads and other IT based resources. The Cathedral School choristers continue to go from strength to strength. with girfs and boys sharing equal duties and responsibilities and with a girl chorlster appointed for the first time as Dean's Scholar. The academic year was again exceptionally busy, with many extraordinary events including a choir tour to Belglum (years six and above), iwo broadcasts wlth BBC Radio 3 (live) and BBC Radio Wales (over Christmas). The Choir were also members of the Three Choirs Festival at Brecon Cathedral. Of particular note was a project to promote outreach between the choristers and other students at schools in the wlder Diocese. This project facililated a successful visit from Williamstown and Cwm Clydach Primaries In May. In addition to offering hospitality, the choristers worked with visiting students to bolh learn and perform an anthem at the Calhedral. In music. around half our pupi15 across the Junior and Senior sections were involved in one or more of our co-curricular musical ensembles. We provided a rich programme of concerts and evenls, including our St Cecilia Concert, Lent Term Choral & Orchestral Concerts. and the Summer Concerts. Around 150 pupils participated in both the Sl Cecilia and Lent Term Concerts and 100 pupils in Ihe Prlmary Choirs concert, This year saw the relum of our annual Jazz concert which is organized by the Slxth Form Charity committee, InterAct. and the money raised supports local and national charities. The musical outreach programme was strengthened thls year, with a new member of staff appointed to develop our links with Whitchurch Primary school through offering free class music tuillon to pupils on one afternoon per week. The drama department put on three shows a year. across the Juniorand Seniorsections, as well leading our Sixth Form entry to Ihe Mock Trial competition. in which we secured third place in the national final. The School were wlnners of the South West Modern Foreign Languages debating competition, won Best Speaker in the BPW national public speaking championships and were runners up in the ESU Churchill public speaklng competitions and the ESU Performing Shakespeare Competition. In sport, 93¥0 of pupils up to Year 9 and 75% of pupils from Year 10-Year 13 represented the School in sport over 2023-24. Our traditional success in team competitions continued. In cricket, we were Welsh champions at U13 and U15 level in the girls competitions and U15 level in the boys compelltion, In rugby, our U14s were Rugby 7s Dean Close Vase winners and, in hockey, our U16s were Hockey Wales national champions. We also competed in national chess charnpionships for the first time, and were Welsh Chess Union Rapid Play Championship winners. Two new sports partnerships were established. One focused on supporting the teaching of physical literacy in two local primary school5, Ysgol Pencae and Pendoylan Ciw Primary School by seconding a member of staff lo lead a Monday morning session in those Schools. The other provided two sports events for Bryn Celyn Primary school, staffed and run by a member of the CSL Games department, with the suppori of our pupils. Our work as a School of Sanctuary continued with a project across the Llandaff diocese on faith and refuge and culminating in a joint project with Amnesty International for Refugee Week. As well as projects such as Ihese, working with Ihe local community, pupils & slaff undertake specific fundraising for a number of different charities. Our partnership with Llandaff Cathedral continues to develop strongly, in partlcular. our joint work during Chrislian Aid week, in which pupils at the School raised £2,250 as part of the Cathedral's total of £15,947. Our pupil fundraising events, including a comniunity cinema night and a teacher ice-bucket challenge raised a total of £4.085.03 for local child bereavement Charity, 2Wish and the pupil led Amnesty week and Children in Need Day raised £800.01 for these harities. In total, The Cathedral School raised £7,442 for charities over 2023-24.

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 Facilities made open to the public indude: The Chapel - The Chaplain regularly carries out Baptism and Christenlngs. Our music and performance facilities are made available to a wkle range of local music societies, Including,. Cardiff and Vale Jazz Orcheslra Orchestra rehearsals Stagp. .Sc.hool Spanish Lessons- Nuestra Escucia Vineyard Church Ser4ice High Sheriff Re￿PtiOn Our sports pltches are recognised as being of a particular quallty and are regularly used by: Cardiff Cavaliers Cricket Club Glamorg8n County Cricket Fixtures (2nd Team) Mltres Cricket Club Salem Cricket Club St Fagans Cricket Club UMCC Cricket FiXtu￿S Our sports hall is also regularly used throughout the year for evenlng and weekend activities by the following organisations.. Cardlff Volleyball Club Celtic Dragons Netball Club 'Mad ScIen￿, Holiday Club Our Memorlal Hall hosts: Ballet and Tap groups on weekends and during weekday evenings Birthday parties - 14 this year. Choir Rehearsals Pilates and Yoga classes - these take place on fouc evenings per week. The Llandaff Society monthly meetings and AGM We also stsge the start and finish of the charitable 'Castles and Cathedral Cyc18 Ride,, Fundraising Performance Significant progress has been made this year in fundraising and the ongoing work of raising voluntary funding for The Cathedral School. The Bursary Fund was launched in December 2023 with the aim of raising £25,000 in the first year. By September 2024, £5,250 had been received from current parent giving and the school has also been promised a legacy of £23,000. This is an important area of school development over the next 12 months.

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 Key Performance Inflicators The Key Performance Indicators (KPIS) used by The Cathedral School are". KPI Target Actual Surplus 50/0 of net fees 2.30 Pupil Nurnbers 800 795 Total salarles to net fees 850/0 of net fees 65.6% A Level target 500h of all grade5 to be at A or above 75 % of all grades were at A Dr above GCSE Level target 65% of all grades to be at 7 or above 72Ll/o of all grades were al 7 or above The surplus and lotsl salaries to net fees have come under p￿sSUre during the financlal year, paruy due to the Increased contributions to the Teachers. Pension Scheme, from Aprll 2024. The school has negotialed a plan with staff lo prevent future increases to the TPA creating a larger Ilabllity on school budgets. Our examination ￿suItS conlinue to be of a very high standard. These resulfs demonstrale the added value that an education at The Cathedral School can bring and thereby are providing excellent marketing to maintain and attract pupils to the SGhool. Funds held a5 Custodlan trustee on behalf of others The Cathedral School does not hold funds or act as custodian trustee on behalf of others. FINANCIAL REVIEW Results for the Year The total incoming resources for the year amounted to £11,060,497 of which the net surplus on The Cathedral School activities was £256,197. This surplus has been achieved against a background of strongly rising operating costs, so that in the circUmstan￿S we consider it a highly salisfactory achievement. The parenls of our pupils often make Significant sacrifi￿$ to pay the fees. In doing so they help to relieve the state of the financial burden of educating 795 UK based children, The savlng is estimated to have a value in the last year of £6,113.550. The Cathedral School is also unable to recover the VAT on purchases it makes. During the past year. the School has paid an estimated £419,549 in irrecoverable VAT on goods and services. The Cathedral School provides a pension to some siaff under Ihe terms of the Pensions Trust Growth Plan. As a result of this pension scheme being under funded, the School is committed to contributing to a recovery plan. During the course of the year the School made contributions to the recovery plan of£4,524 and the recognised liabilty under the plan reduced by£4,296, with this value being recognised in the Statement of Financi21 Activities. Further details can be found in note 25. Reserves Level and Pollcy. and Financial Vlability It has been the School's policy to utilise funds lo ensure Ihat high quality up-to-date facilities are provided for the benefit of pupils. The aim is to budget so as to provide sufficient working capltal to meet the present needs and future development requiremenls of the School without the requirement to have recourse to sales of tangible fixed assets or use of the School's readily realisable investments supporting unrestricted funds. UnrestriGted funds increased by£252.261 to total £9,115.556, as shown in note 23. The Cathedral School plans to fund longer term capital expenditure and meet long lerm liabilities through careful management of resources and investments and Ihrough building reserves through operations and trading. The School aims to make an overall surplus of SOA to build up to the 10

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 target for free reserve5. This yearfs resull indicates that our surplus was 2.3Yo of net fees. The Governor5 have invested substantial sums into new School buildings in recent years and have a continuing programme of refurbishment, development, and inVest￿lent to maintain excellent teaching facilities for our pupils. In common with most independent Schools, and due to them having to fund their own capital investment plans, free reserves are at a negative balance illustrating the extent of the investment in our School. The School's total reserves of £9.251,486 at the year-end included £135.930 of restricted funds and £9,115.556 unrestricted funds. Fixed assets held for charity use lotalled £9,216.799, leaving a deficit in free reserves of £101 k (2023." £295k) at the year-end, an improvernent of £194k. The School's financial viabilily does not depend on income reserves but In its ability to continue to Irade at a Surplus on an annual bdsls, diid oil 11 ie subsldl IIILII yortfolio of fixed assets held for operational use. The School does not have, and cannot rely on, permanent endowments. The company's unrestricted reserves are primarily invested in langible fixed assets which are all used for its dlrect charitable activities. PRINCIPAL RISKS ANO UNCERTAINTIES The governors consider the eCor￿mie turbulence of recent years and the affordablllty of fees by parents across the independent sector to be the principal risk faced by the School. The School is currently full, but there is no room for complacency. The independent sector as a whole Is current]y subject to increased political rlsk following confirmation by the Government that they will remov6 tax COn￿SSIOnS for charitable independent schools, adding VAT and removing business rates relief. There is a significant risk to the independent sector as adding VAT to school fees from 1 St January 2025 may make the fees unaffordable for a proportion of parents, potentially affecling school income. The full effect will not be known until all delails of the policy are announced and schools and parents are able to assess the impact on affordability. Health and safety is always a signlficant area for risk management. The risks range from fire and damage to Infrastructure, lo personal risks (mosl notably when away from the campus on trips and expeditions)- The level and breadth of activity al The Cathedral School is Impressive and the risks associated with all activities are minirnised by thorough planning and rlsk assessrnent. The governing body is responsible for the idenlification and management of rlsks. The major risks 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 esiablishmenl of controls to miligate Ihem is delegated to the Executive Officers and the process is overseen by the Risk Committee on behalf of the governing body. A formal review of the risk management processes is undertaken annually. The principal risks to which The Cathedral School is exposed Include those affecting Safeguarding {protection of pupils) and security and preservation of charitable assets both now and in the future. Significant risk areas: the governors consider possible catastrophic events and ensure that the School has a plan in place to allow education to ￿ntinUe in 8 range of differeni scenarios the market in which The Cathedral School operates is highly competitive and we monitor developments in education to ensure that pupils always receive a first class, holistic and varied educational experience in our School we strive to ensure thal all staff are able to work in a safe and supportive environment and policies, procedures and training in Human Resource rnanagement and Health and Safely help lo ensure that the School meets expectations The Cathedral School operates in a highly regulated sector, including in matters of child protection, and we appoint appropriate professional advisers to ensure that we can keep up to date with all requirements. The School or individual membership of bodies being the constituent assoGiations of the Independent The Cathedral &hools Council also ensure that we have access to up-to-date information and support The Cathedral School operates in an increasingly litigious environment, and we appoint appropriate Professional advisers and purchase insurance using specialist brokers and advisers to ensure that we can keep up to date with all requirements and meel all challenges

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 all organisations face difficult economic conditions, partrcularly in relation to the impact of inflation, and directors and senior managers in the School keep abreast of economic conditions 5ocally, nationally and internationally to identfy trends and develop plans to address issues The key controls used by The Cathedral School include: formal agendas and minutes for all meetings of the goveming body and committees terms of reference for all committees comprehensive strategic planning, financial forecasting, budgeting and management accounting established and identifiable organisational stnjctures and reporting lines which are regularly rgviaw8d comprehensive formal written policies clear authorisation limits vetting procedures. as required by law, for protection of the vulnerable GOING CONCERN The accounts show that we are currently cash positlve with £6.1 m in the bank. However. the Governors are conscious of the bank loans and covenants in place. and the Fees in Advance recelved from parents to mitigate the incoming changes in VAT legislation. We also have£1.5m bank overdraft facility, In case of need, which has never been called vpon. The School has a financial plan up until the end of 2027128, conservatively indlcating an annual EBITDA of £80k to £764k- the latter being the equivalent to 50 senior pupil fees, Due to the incoming VAT on school fees, the Governors recognise there is grealer uncertainty on pupil numbers. The school acknowledges the National Insurance increases and removal of rates rebates creates further ￿n￿rtaInlY. Having consldered all factors, the Governors have a reasonable expectation that the school will continue to operate for a period of 12 months from the date of approving the flnancial statements. Therefore, the financial statements have been prepared on a going concern basis. FUTURE PLANS The governing body's current five-year strategic plan is reviewed on an annual basis. The key objectives of the current plan are: To achieve a tolal of £50,000 in appeal funds before the end of the next acadernic year to August 2025 by restructuring the communication and alumni departmeni with specific focus on fund- raising and donations. To identffy new methods of income generation through networks established by Ihe Head and governors. 3. To support parents wlth the imposition of VAT on school fees by reviewing the fee structure to enable pupil numbers to ￿rna1n around 800 To continue to keep under review and innovate in respect to the school facilities through complelion of 8 ten-year architect's plan for the school site. with a particular emphasis on school dining and Sixth Form provision. To improve the interface between potentlal new markets and The Cathedral School by redesigning and improving the School website. To widen access to The Cathedral School still further through increasing the availability of means- tested bursaries equivalent to 4 full-fee-paying places by improving the management of scholarship awards. 12

Docusiyn Envelope ID: B1 F86103-9A1 E4CSU28F-00369BFA4BEB THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2024 DIRECTORS The dlrectors who seNed durlng the year, and the Gomrruttees of which they are members, are: Joint Estates and Finance. Nominations, Ramuneratlon, Risk Management Education, Safeguarding and Risk Management Joint Estates and Finance. Nominations, Remuneration, Rlsk Management Joint Estates and Finance. Risk Management. Education, Rlsk ManagemenL Risk Management Joint Es'lates 8nd Finance, RÉsk Management Education, Joint Eb't8t¢5 and Finance, Risk. Management Joii)l Estates and FÈnan¢e, Nomination4 Risk Management Joint Eslatcts and Finance, Risk Management Education, Risk Management Joint Estates and Finance. Rlsk Management Joinl Estates and Finance. Remuneration, Risk Mahagem8nt None of the directors has any benefiGial interest in the company. The Cathedral School buys trustees and officers insurance on behalf of the directors. M R Havard (Chalrman) Mrs J Corbett-slmmons Appointed 16.11.2023 P R D8wey Mrs P Jones P J Knowles P R Lacey Miss E McKinnie Reslgned 30.7.2024 Mrs J E Newley J C Rawlins J Smith P Smith I P Shomey Toledano Appolnted 15.03.2024 M Tossel Exemptions from dlsclosure The Cathedral School has not taken advantage of any exemption from disclosure In relation lo trustee detalls. AUDITORS Following a competitive tender process, Moore Kingston Smith LLP were appointed as the company's external auditors at Ihe 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 Companles Act 2006. The Board would like to express Ils appreciation to RSM for their services ov&r the past seven years. 13

DocLtslgn Envelope ID: B1 F86103-9A1 E4C65-B2BF4J0369BEA4BEB THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2024 DIRECTORS, RESPONSIBILITIES STATEMENT The directors are responsible for preparing the Directors. Report. the Strategic Report included within the Directors, Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare company financial statemerbt5 for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the cornpany and of the profit or loss of the company for that period. In preparing each of the company financial statements, the directors are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP (FRS 102); make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements", and. prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are suffi¢i8nt to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply wlth the Companies Act 2006. They are also responsible forsafeguarding the assets ofthe company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors confirm that: so far as each director is aware, there is no relevant audit infomiation of which the charitable company's auditor is unaware; and the directors have taken all the steps that they oughl to have tsken as directors in order to make themselves aware of any relevant audit information and to establish that the charitsble Company'5 auditor is aware of that information. The directors are responsib￿ for the maintenanc8 and int8grity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. Approved by the Board of Directors of The Cathedral School on 29 November 2024 including, in their capacity as company directors. approving the Directors. and Strategic Reports contained thereln, and signed on its behalf by: 810ned by. C6BECCEFF22yeo... M Robin Havard CHAIRMAN 14

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED YEAR ENDED 31ST AUGUST 2024 Opinion We have audited the flnancial statements of The Cathedral Schos Limited (the 'charitable company,) for the year ended 31 August 2024 which comprise the Company Statement of Flnancial Activities {including an Income and Expendilure Account). the Cofnpany Balance Sheet, the Cash Flow Stat8m8nt and notes to the financial stateme.nts. inc.liiding qignificant ar.¢x)Linting policies. The financial r8POrting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accountlng Practice). In our opinlon the financial statements: glve a true and fair vlew of the state of the charltable company's affairs as at 31 August 2024 and of the incoming resources and application of resource5, including its income and expenditure, for the year then ended", have been properly prepared in accordance with Unlted Kingdom Generally Accepied Accounting Practice., and have been prepared In accordance with the requirements of the Companies Act 2006. Basis for opinion We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acls. We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further descrlbed in Ihe Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our auéit of the financial statements in Ihe UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that th6 audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any materlal uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at le85t twelve months from when the financial statements are authorised for issue. Our responsibilities and the reSp(￿sIbilItieS of the Directors with respect to going concern are described in the relevant sections of this report. Other inforniation The other information comprises the information included in the Annual Report other than the financial statements and our audilor's report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise ex ￿lcIt[Y stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inGonsistent with the financial statements or our knowledge obtained In the course of the audit or otherwise appears to be materially misstated. If we identfy such material inconsistencie5 or apparent material misslatements, we are required to determine whether thi5 gives rise to a material misstatement in the financia5 statements themselves. If. based on the work we have 15

THE CATHEDRAL SCHOOL {LLANDAFF) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED YEAR ENDED 31ST AUGUST 2024 performed, we conclude that there is a material misstatement of this other information, we are rèquired to report that fact. We have nothing to report in this regard. Oplnions on other rnatter8 prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the cour.8e of the. aiidit. the Information given in the Directors. Report whlch includes the Directors, Report and th8 Strategic Report prepared for the purposes of company law for the financial year for which the financial statements are prepare(J is consislent with the financial statements; and the Directors, Report and the Strategic Report. included within the Directors, Report have been prepared in accordance with appllcable legal requirements. Matters on which we are required to report by exceptlon In the Ilght of the knowledge and understanding of the charitable company and their Ènvironment obtained the course of the audit, we have not identified material misstalements in the Directors. Report or the Strategic Report included within the Directors, Report. We have nothing to report in respect of the following matters where the Cornpanies Act 2006 requires us to report to you rf, In our opinion: adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us: or the parent chadtable company financial statements are not In agreement with the accounting records and returns., or certain disclosures of dlrectors, remuneration spectfied by law are not made; or we have not received all the Informab'on and explanations we require for our audit. Responsibllitles of dlrectors As explained more fully In the Statement of Directors, responsibilities set out on page 14, the trustees (who are also the directors of the charitable 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 view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, malters related to going concern and using the going concern basi5 of accounting unless the directors either intend to liquidate the charltable company or to cease operations, or have no realistic alternatlve but to do so. Auditor's responslbllitles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as 8 whole are free from malerial misstatement. whether due to fraud or error. and to issue an auditor's report thal includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) wll always delect a materlal misstatement when it exists. Misststements can arise from fraud or error and are considered material if, 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 pari of an audit in accordance with ISA8 (UK) we exercise professional judgemenl and maintain professional sceplicism throughout the audtt. We also: Identify and assess the risks of material misstatement of the financial stalements, whether due to fraud or error, design and perform audit procedures responsive to those risks, ané obtaln audit evidence that is sufficient and appropriate to provide a basisforour opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud 16

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CATHEDRAL SCHOOL {LLANDAFF) LIMITED YEAR ENDED 31ST AUGUST 2024 may Involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Evaluate Ihe appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of Ihe trustees. use of the going concern b8sis of accounting and, based on the audlt evldence obtalned. whether a riidlerldl ui ILei lciiiily exisLs' ieldled lo evenls or conditions Ihat May cast significant doubt on the group and parent charltable company's ability to continue as a going concern. If we conclude that a material uncert8inty exists, we are required to draw attention in our auditorfs report to the related disclosures in the fin8nclal statements or, rf such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may cause the group or parent charitable company lo cease to continue as a going concern. Evaluate the overall presentaiion, structure and content of the financial ststements, Including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves falr presentation. Obtaln sufficient appropriate audit evidence regarding the flnancial information of the entltles or business activitles within the group to express an opinion on the consolidated financial statements. We are responslble for the dlrection. supervision and performance of the group audit. We remain solely responsible for our audit report. We cornmunicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control Ihat we Identify durlng our audit. The extent to which the audit was considered capable of detecting irregularltles, includlng fraud Irregularitles, including fraud, are instances of non-compliance with lay￿ and regulations. We design procedures In line with our responsibilities, ouuined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our prO￿dureS are capable of detecting irregularities, Including fraud is detailed below. The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficlent appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However. the primary responslbility for the prevention and detection of fraud rests with 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 appllcable to the charitabl company and considered that the most significant are the Companies Act 2006. the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charitable company complies with these requirements by discussions with managemenl and those charged wth governance. We assessed the risk of material misstatement of the financial statements, including the risk of material missiatement due to fraud and how il might occur, by holding discussions with managemenl and those charged wilh governance. We inquired of management and those charged with govemance as to any known inslances of non- compliance or suspected non<ompliance wilh laws and regulations. Based on this understanding. we designed specÈfic appropriate audit prO￿dureS to identify instances of non-compliance with laws and regulations. Thi5 included making enquiries of management and those charged with govemance and obtaining additional corroborative evidence as required. 17

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED YEAR ENDED 31ST AUGUST2024 There are inherent limttations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not d8tecting a material misststement due to fraud is higher Ihan the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations, or through collusion. Use of our report This report 15 made solely to the charitable company's members, as a body, 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 charitable company's rnembers those matters we are requlred to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibllily to anyone other than the charitable company and the charitable company's member5 as a body, for our audit work, for this report, or for the opinions we have formed. fl100￿ LLP Shivanl Kothari (Senior Statutory Auditor) For and on behalf of Moore Kj'ngston Smlth LLP. Statutory Auditor Chartered Accountsnts 61h Floor g Appold Street London EC2A 2AP Date: aQ25 18

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST 2024 Notes Unrestricted Funds Reslricted Funds Total 2024 Total 2023 Income and endowments from: Charitable Actlvities The Cathedral School fees re￿1vable Ancillary trading income other trading activities Non-ancillary trading income Investments Investment income Bank and other interest 10.447,397 10,447,397 9,466,231 389,290 389,290 432.285 62.222 62.222 50,898 580 580 158,953 560 158,953 52.263 other- Grants and donations Grants and donations Other Incoming rescurces TOTAL INCOMING RESOURCES 2,055 2,055 2.368 23 11,057.862 2.635 11,060,497 10,004,605 Expenditure on: Ralslng funds Financing costs TOTAL DEDUCTIBLE COSTS (131,532) {131,532) (117,050) (131.532) (131,532) 1117.050) Charitable Activities Education and grant making 8 (10,674.069) (10,674,069) (9,695,586> TOTAL EXPENDITURE (10.805,601) (10.805,6011 (9,812,636) Net gainsl(losses) on investment assets 13 1,301 1,301 620 Net incomel{expenditure) 252,261 3,936 256,197 192,589 Net Movement in funds for the year Fund balances at 1st September FUND BALANCES AS AT 31ST AUGUST 252,261 3,936 256,197 192,589 8,863,295 131,994 8,995,289 8,802,700 9,115,556 135.930 9,251,486 8 995.209 19

DDwsign Envelope ID- B1F86103.9A1 E4C65-B2BF.OD369BEA4BE8 THE CATHEDRAL SCHOOL {LLANDAFF) LIMITED CHARITY BALANCE SHEETS ASAT31ST AUGUST2024 Notes 2024 2023 FIXED ASSETS Tangible assets Investments 12 13 9.202,218 14,581 9,216,799 9,279,440 13.280 9,292.720 CURRENT ASSETS Slock Debtors Cash at bank and in hand 6,306 424,185 6 177,205 6.306 310.839 2,758.110 14 6,607,696 3.075,255 CURRENT LIABILITIES Credilors payable within one year 15 {4,250,006) (2,988,121) NET CURRENT ASSETSI{LIABILITIES) 2,357.690 87,134 TOTAL ASSETS LESS CURRENT LIABILITIES LONG TERM LIABILITIES Creditors payable after one year 11,318,292 9,379,854 16 (2,321,034) (378.300) TOTAL NET ASSETS EXCLUDING PENSION ASSET 9,253,455 9,001,554 Net pension liabillly 25 {1,869) (6,165) NET ASSETS 9,251,586 8,995,389 REPRESENTED BY: CALLED UP SHARE CAPITAL 20 100 100 RESTRICTED FUNDS UNRESTRICTED FUNDS General resetve 23 135,930 131.994 23 9,115.556 8.863.295 9,251.586 8,995,389 The finan¢ial statements W8r8 approved and aulhorised for Issue by Ihe Board on 29 November 2024 and slgned on it5 behalf by by.. Fl815ffipHa￿rd CHAIRMAN Company registration number 05091977 The Dotes on pages 22 to 44 form part of these financial statements.

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED CASH FLOW STATEMENT AS AT31ST AUGUST2024 2024 2023 Notes Cash flows from operating activities: Net cash provided by (used in) operating activities 26 1.404,539 699,600 Cash flows from investing acthvitles: Dlvidends, interest and rents from investments Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment Proceeds from sale of inveslments Purchase of Investments 178,306 52,823 (287,370) (270,907) Net cash provided by (used in) investlng activitles Cash flows from finan¢lng activltles: Repayments of borrowing Cash inflows from new borrowing Financing costs Fees in advance- new contracts Fees in advance- payment of deposits Net cash provlded by (used in) finan¢lng actlvltles (109.064) (218,084) {175,546) 270,000 <131,532) 1,751,548 409,150 (174,926) (103,983} 2,123,620 (278,909) Change In cash and cash equlvalents In the year Cash and cash equivalents at the beglnning of the year 3,419,095 189.540 2,758,110 2,568,570 Cash and cash oqulvalents at the end of the year 27 ,177,205 2,758,110 21

THE CATHEDRAL SCHOOL {LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 1. ACCOUNTING POLICIES The principal accounting policies. all of which have been applied consistently throughout the year and in the preceding year are: a) Basis of Accounting The accounts of the have been prepared under the Companies Act 2006 and in accordance with the Slatemenl of Recommended Practice for Charities {'SORP (FRS102)') and with applicable UK Accounting Standards. They are drawn up on the hislorical cost accounting basis except Ihat property and share investrnents held as fixed assets are carried at falr value. The Cathedral School meets the definition of a public benefit entity under Financial Reporting Stsndard (FRS) 102. Assels and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The preparation of financial statements in conformity with FRS 102 requires management lo make judgements, estimates and assumptions that affect the applicatlon of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these èstimates. Further details a￿ provided in note 32. and in the accounting policies for depreciation of fixed assets, for pensions and for bad debts. The financial statements are presented in sterling (£) and the functienal currency is sterling (£). b) Golng Concern The accounts show that we are currently cash positive with £6.1 m in the bank. However, the Governors are conscious of the bank loans and covenants in place, and the Fees in Advance received from parent5 to mitigate the incoming changes in VAT legislation. We also have £1,5m bank overdraft facility, in case of need, which has never been called upon. The School has a financial plan up until the end of 2027128, conservatively indlcating an annual EBITDA of £80k to £764k- the latter belng the equlvalent to 50 senior pupil fees. Due to the incomlng VAT on school fees. the Governors recognise there is greater uncertainty on pupll numbers. The school acknowledges the National Insurance increases and removal of rates rebates creates further uncertainty. Having considered all factors, the Governors have a reasonable expectation that the school will continue lo operate for a period of 12 months from the date of approving the financial statements. Therefore. the financial statements have been prepared on a going concern basis. c) The Cathedral School Fees Receivable and Simllar Income Fees receivable and other educational income are accounted for in the period in which the service is provided. Fees receivable are ststed after deducting allowances, scholarships and other remissions by The Cathedral The Cathedral School. but include contributions received from restricted funds for scholarships. bursaries and other grants. Fees in Advance Scheme Contracts are those fees received in advance of education to be provided in future years under a specific contract. The fees are either held as investments in interest bearing assets until taken to income to match liabilities in the term when used, or refunded, or they are held wifhin the unrestricted reserves of the School. Any surplus of assets over liabilities is held within the fund as a buffer. Debts are provided for if not recovered within one term. Estimating amount5 to provide against recovery of debts is a matter of judgement. d) Anclllary and Non-Ancillary Tradlng Income Ancillary trading income represenis amounts from activities lo generate funds within the charitable objects. ft)r example School shop sales, coaches to and from the School and School trips. Non-ancillary trading income represents amounts from activities nol directly related to Ihe charitable objects, for example lettings of The Cathedral School facilities out of term tirne and rental from School buildings. Income from these activities is recognised in the Statement of Financial Activities when the goods are sold or services provided, 22

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2024 e) Voluntary sources, Grants and Donations Voluntary incoming resources are accounted for as and when entitlement arises, the amount can reliably be quantified, and the economic benefit is considered probable. Voluntary income for general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevanl restricted fund and incoming endowments are accounted for as permanenl trust capital or expendable trust capital, according to whelher the donor intends retenfion to be permanent or not. Gifts in kind are valued at eslimated open market value at the date of gift. in the case of assets for retention or consumption, or at the value to the School in case of donated services or facilities, Expenditure Expenditure is accrued as soon as there is a contractual obligation or a liability 1% cnn8idf>red probable, discounted to present value for longer term liabilities. Expenditure is allocated to expense headings either on a d1￿cl cost basis or apportioned accordlng to time spent. The irrecoverable element of VAT is Included with the item of expense to which it relates. Bad debts are provided for in accordance with the group bad debt policy. The cost of refurbishing and converting existing buildings is writlen-off in the year In which it Is Incurred except where the useful life has been extended. g) Flnanca and Other Costs Other costs include amounts accrued in accordance with the term8 of Fees in Advance Schem& Contracts. h) Pension Costs The Cathedral School participates in the Teachers, Pensions scheme, which is an unfunded government scheme, and The Pensions Trust scheme. both of which provide benefits based on final pensionable pay. The funds of the schemes are separate from the company, although the company's share of the schemes cannot be i(lentified as the schemes are multi-employer schemes, and so the pension costs are accounted for as defined contribution schemes. The cornpanies also contribute to other defined contribution pension schemes for non-teaching staff. The company offers membership of the Pensions Trust Growth Plan to employees other than the full-time academrc staff. The Pensions Trust Growth Plan is a mulli-employer pension scheme where the scheme assets are pooled for investment purposes and cannot be attributed to individual employers. Benefils are paid from the total scheme assets. It is in most respects a money purchase arrangement bul has some guarantees. As a result, il is not possible or appropriate to identrfy the assets and liabilities of the scheme which are attributable to the company, though. due to the guarantees inherent in the scheme, the companies remain potentially liable for a debt on wilhdrawal from the scheme. In accordance with Financial Reporting Standard (FRS) 102 (section 28) therefore. the scheme is accounted for in a fashion which is similar to a defined contribution scheme. The company must recognise a liability measured as the present value of the contributSons payable that arise from the deficit recovery agreement and the resulting expense in the income ané expenditure account i.e, the unwinding of the discount rate as a finance cost in the period in which it arlses. More detail is given in notes 25 and 29. l) Tanglble Fixod Assets and Depreclatlon In accordance with Section 35.10 (dl of FRS102, The Cathedral School has elected to use the carrying value of any of the above freehold land and buildings previously carried at a valuation, as their deemed cost at the date of transition to FRS102, 1 September 2014. Tangible fixed assets are stated al cost less depreciation. Individual capital items, or projects, wilh a value greater than £10,000 are capitalised. Assets in the course of construction are stated al cost less any provision for impairment. They are transferred to completed assets when substantially all of the activities necessary to get the asset ready for use are coinplete. Where appropriate Gost includes our own labour costs in relation to conslruction. and directly attributable overheads. Where tangible fixed assets have been acquired with the aid of specific grants they are included 23

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEIVIENTS YEAR ENDED 31sfAUGUST2024 in the b21ance sheet st cost and depreciated over their expectecl useful economic life. The related grants are credited to a restricled fixed asset fund (in the statement of financial activities 8nd Carried forward in the balance sheet). The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life of the related asset on a basis consistent with the depreciation policy. Depreciation is provided at rates calculated to write off the cost. less estimated residual value of each asset based on currenl market prices, over its expected useful life, as follows.. Freehold Buildings.. Variable according to the building and written off over thft expp.c.te,d iisp.ftil lrfe, (.%e.p paraoraph he.Inw) Over the useful economic life of the improvement - Over the shorter of the economic Ilfe of the asset or the lrfe of the lease Over ihe shorter of tlie e￿nOMiC life of Ilie assel or the life of the lease 25°/o on cost - 25'k on cost 25Vh on cost Freehold Improvements Leasehold land and buildings Leasehold enhancemenls Flxtures, fittings and equlpment Computer equipment Motor vehicles Freehold land is not depreciated. The company has reviewed Its tangible assets, which comprise land, buildings and initial flxtures and fittings. The company undertakes an annual review of all buildings assesslng their useful economic life. In some cases the useful economlc life of a building is anticipated to be of considerable length, often in excess of 100 years. The buildings are capitalised in Ihe financial statements at historic cost. Where the calculated depreciation charge is a malerlal figure, it is charged in these financial statements bul, where the carrying value is not more than the estimated recoverable amount and the depreciation on the building is not material to these financial statements, it has been assessed. but not charged on the basis thai it is not material. The directors will continue to carry out annual assessments of the recoverable amount and the estimated useful life of all buildings and where the depreciation is a material value. it wlll be charged. The review is based on the directors, assessments of the market value and the future economic benefit derNed from an asset versus its carying value In the financial statements. When the company undertakes a signFfi'cant refurbishment project that will have an economic benefit, the cost of the refurbishment is capitalised. recorded separately under 'Freehold Improvements,, Its useful life is estimated and it is depreciated over that useful life. No depreciation is provided for in respect of inveslm8nt properties in accordance with Section 16 of FRS102. Such properties are held for their investment polential and not for consumption within the business. Investment propertles are stated at their fair value at the balance sheet date, The School exercises judgement in selection of appropriate rales for depreciation of fixed assets, and for matters of impairrnenL j) Financlal Instruments The Cathedral School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans whlch are subsequently measured at amortised cost using the effective interest method. k) Investments and Fees in Advance Investments Investments and Fees in Advance investments are carried at fair value. which is deemed to b8 market value as at the balance sheet date. Realised and unrealised investment gains and losses are recognised as 'net gainsl(losses) on investment assets. in the Statement of Financial Activities and are allocated to the appropriate fund according to the 'ownership' of the underlying assets. 24

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 l) Stocks Stocks comprise raw materials. consumable stores and goods held for resale: they are valued al the lower of cost and net realisable value. m) Leasing Commitments Assets held under finance leases and hire purchase contracts are capitalised in the balan sheet and are depreciated over their useful lives or the period of Ihe lease whichever Is the Shorter. Thc inlorcot olomont of th8 obligations is charged to the Statement of Financ.lal Activities over the period of the lease. Rentals applicable to operating leases where substantially all of the benefiis and risks of ownership remain with the lessor are charged to the Statement of Financial Acitvities on a straight line basis over the lease term. Lease incentlves are accounted for over the lease term on a straight-line basls. n) Fee Deposit8 Refundable fee deposits are currently cla5srfied between long term and short term In the financial statements. These deposits are refundable in the evenl Ihal the pupils leave a The Cathedral School on cne term's notice and as such the deposit would be refunded to the parents al that polnt. However. the financial statements are prepared on a going concern basis and it is assumed that the majority of children will remain in The Cathedral School for their full years of education and therefore the deposit will be refunded to them when they leave The Cathedral School. Short term deposits refiect those pupils thal will be leaving a The Cathedral School wilhin on8 year. and the longer-term element reflects those pupils that will be leaving a The Cath8dral School after 12 months from the balance sheel date. o) Fund Accounts Endowment funds are subject to specific conditions by donors that the capltal must be mainlained by the charity. Endowrnent funds are further sub-divlded into permanent and expendable, where required by the terms of the trust. Restricted funds are sublect to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Designated funds comprise funds which have been set aside at the discretion of the directors for specific purposes. The purposes and uses of the designated funds are set out In the notes to the financial statements. p) Taxation The Cathedral School is a registered charity and as such are exempt from income tsx and corporalion tax under the provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT. which Is included in expenditure or in the cost of assets as appropriate. 25

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 2. CHARITABLE ACTIVITIES - THE CATHEDRAL SCHOOL FEES RECEIVABLE 2024 2023 The Cathedral School fees income comprises Gross fees Less: Totsl scholarships. bursaries, et¢ 11,429,870 (982,473) 10,407,002 (940,771) 10,447,397 9,466,231 Scholarshlps, bursaries and other awards were paid to 298 pupils (2023: 269 pupils), Wlthln this, means-tested bursaries totalling £285,885 were paid to 33 pupi15 (2023: £290,248 to 33 pupils) 3. CHARITABLE ACTIVITIES - ANCILLARY TRADING INCOME 2024 2023 Extras Entrance fees and registration fees Pupil transport Extra Subjects Sundry Income Other School Shop Commission 35,827 85,965 197,213 49,600 20,685 17,000 74,538 201,125 119,865 19,757 389,290 432,285 4, OTHER TRADING ACTIVITIES 2024 2023 Non-ancillary trading Income Lettings income Interest receivable- pupil bills 44,749 17,473 45,786 5,112 62,222 50.898 26

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 5, INVESTMENTS- BANK AND OTHER INTEREST RECEIVABLE Unrestricted Restricted Total 2024 Total 2023 Bank interest Other interesl 158,952 158,952 580 52,263 560 158,Y52 580 159,532 52.823 6. OTHER- GRANTS AND DONATIONS Unrestricted Restricted Total 2024 Total 2023 The Cathedral School Foundation 2,055 2,055 2,368 2.055 2,055 2,368 27

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2024 7. ANALYSIS OF EXPENDITURE a) Total expenditura Staff costs (note 9) Support costs Depreciation Total Tota (Note 12) 2024 2023 Costs of raising funds Non ancillary trading Other income generating activities Financing cost (note 8) Investment management Fundraising and development Total cost of generatlng funds 131.532 131,532 117,050 131,532 131,532 117,050 Charltable expendlture Teaching Welfare Premlses The Cathedral School adminlstralion Donatlons Grants awards and prlzes (note 8bl Movement In Pension recovery plan Governance 5,959.246 42,831 263,640 600,195 607,614 737,035 1.339,932 763,280 56,089 6,622,949 779,866 1,912,075 1,363,475 6,044,011 788.716 1,668,322 1,198,767 308,503 (4.296) {4,296) (4,230) Edu¢atlon and grant making 6,861,616 3,447,861 364,592 10,674,069 9,695,586 Total Expenditure 6,861,616 3,579,393 364,592 10.805,601 9,812,636 28

THE CATHEDRAL SCHOOL {LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 8, ANALYSIS OF EXPENDITURE (Continued) b) Grants, awards and prizes The Cathedral School rnakes awards to indivÉdual families to support schooling. 2024 2023 From Unrestrlcted Funds: Bursarles (Hardship) Bursarles (Scholarships) Bursaries {Siblings) Scholarships 285,885 241,6ULI 26,232 218,883 290,248 211.855 19,656 227,829 772,600 749.588 c) Total resources expanded Include: The Cathedral School reimburses governors for out of pocket expenses Including travel subslstence and accommodation, where a claim is made. 2 governors were reimbursed durlng the year (2023: 2). 2024 2023 Remuneration pald to auditor for audlt seniices Depreciation of tanglble fixed assets: owned by the Charitable Company Operating lease rentals: land and buildings other assets Relmbursement of personal expenses to governors Other Governance Costs - Legal Fees 21,600 20,100 364,592 286,803 181,314 79,800 692 25.160 184,611 84,736 575 8,680 673,1 $8 585.505 8. FINANCING COSTS 2024 2023 Bank interest payable Bank charges Provision for bad and doubtful debts 105,74S 11,575 14,212 93.064 10,91g 13,067 131,532 117,050 29

THE CATHEDRAL SCHOOL {LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 9. STAFF COSTS 2024 2023 The aggregate payroll costs for the year were: Wages and salaries Social security costs Other pension costs Private medical insurance 5,202,966 548,659 1,q01,673 8.318 4,829,788 507,278 938,046 3.505 6,861,616 6,278,617 Included within staff costs is an amount totalling £22,193 by way of a settlement agreement. None of the govemors received remuneration or other benefits from The Cathedral School or from any Gonnected body. Key Management Personnel include the Governors, the Head and Bursar. 2024 2023 Aggregate employee benefits of key management personnel 273,298 253,492 The number of hlgher pald employees whose 8nnual emoluments were £60,000 or more was: 2024 No 2023 No £80,001- £70,000 £70,001- £80.000 £80,001- £90,000 £90,001- £100,000 £100.001- £110,000 £110,001- £120.000 The Numb8r with retirement benefits accruing: In Defined Contributlon Scheme was Of which the contributions amounted to £17,185 £19.698 For 2024 there are no (2023- none) employees earning over £60,000 per year that have chosen not to participate in a pension scheme 30

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31STAUGUST 2024 10. STAFF COSTS (Continued) The average number of employees during the year calculated on a head count basis, was 174 (2023: 161) 2024 No 2023 No Teaching Welfare Premises Support Other activities 85 28 13 42 82 25 37 174 161 10. DIRECTORS None of the directors (or any persons connected wtth them) recelved any remuneration during the year. 11. TAXATION The company is a registered charity and therefore no liabilty to tsxation arises on its charitable activities. 31

a) )o)<o - C4 ¢J) ro

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 13. INVESTMENTS Investments 2024 2023 Group investments At 1 September Unrealised gainsl(losses) on investments 13,280 1,301 12,660 620 Company Invostments at 31 August 14,581 13,280 Investments comprlse: Llsted investments Equities - Murray International 14,581 13,280 Company Investments at 31 August 14,581 13,280 14. DEBTORS 2024 2023 School fees receivable Prepayments and acGrued Income Amounts due from parent company 180,501 242,793 891 87,264 223,008 567 424,185 310,839

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 15. CREDITORS: amounts falling due wlthin one year 2024 2023 Bank loans and overdrafts (note 17) Deposlts from parents Fees received from parents in advance of term Trade credltors Taxation and socSal securlty Other creditors Fees in Advance Scheme (note 18) Accruals 1,392,798 24,900 1,483,580 17,300 899,183 634.233 129,195 126,092 985,275 58,330 897,634 429,598 90,352 89,657 4,250,006 2,988,121 The Cathedral Schools should add details of any securlty given on creditors outstsnding at the year end. Summary of rnovements in deferred Incom• 2024 2023 Balance al 1 September 2023 Amounts arising in the year Amounts transferred to SOFA 897,634 899,183 {897,634) 663,481 897,634 (663,481) Balance at 31 August 2024 899,183 897,634 34

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 16. CREDITORS: amounts falling due after one year 2024 2023 Bank loans and overdrafts (note 17) Deposits from parents Fees in Advance Scheme (note 18) 185,236 384,250 1,751,548 378,300 2,321,034 378,300 17. BANK LOAN 2024 2023 The bank loan is ￿paYable in instalments Due within 2 to 5 years Due within 1 to 2 years Due after more than one year Due wilhln 1 year 93,989 91,247 185,236 1,392,798 1,483,580 1,578,034 1,483,580 The Cathedral School has two bank loans from Barclays Plc. The loan is secured by charges on The Cathedral School's assets and by a debenture at a rate of interest over base rate. The larger loan Is repayable over a term of 5 years, with effect from April 2020, following renegotiatlon. The smaller loan is repayable over 3 years, with effect from August 2024. Details of bank loan arrangements are as follows: Interest Rate Balance 2024 Barclays Bank Loan of £5 million repayable over a lerni of five years from 201h September 2022 Base plus 2.32 1,398,034 Barclays Bank Loan of £270,000 repayable over a term of three years from August 2024 Base plug 2.25 270,000 35

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 18. FEES IN ADVANCE SCHEME Parents and others may enter into a contract to pay for fixed contributions toward5 pupil tuition fees for a number of years in advance. The money may be returned subject to specific condltlons on the receipt of notice. Assuming pupils remain in The Cathedral School. fees in advance wlll be applied as follows: 2024 2023 After 5 years Within 2 to 5 years Within 1 to 2 years Due after more than orE year Wlthin 1 year 327,428 816,335 607,785 1,751,548 985,275 2,736,823 19. COMMITMENTS UNDER OPERATING LEASES The future minimum ¢ommitmenls under non-cancellable operating leases are.. Land and bulldlngs Other 2024 2023 2024 2023 Within 1 year Within 1 to 5 years 99,250 243,963 98.350 384,400 79,176 108,792 97,920 24,780 348,346 482, 750 187,968 122,700 20. SHARE CAPITAL 2024 2023 Authorlsed 100 Ordinary Shares of £1 each Allotted, called up and fully paid 100 Ordinary Shares of £1 each 100 100 100 100 21. FUNDS The Cathedral School's funds are analysed under the following headings: a) RESTRICTED FUNDS The income funds of the Company include restricted funds comprising the followlng unexpended balances of donations and grants held on trust for specific purposes". The Chorister Special Fund assist parents of Choristers who have fallen into financial difficulty and are unable to meet the lotal cost of fees less the Chorister Scholarship. The Special Fund Support Funding is a fund that helps families who have lost their main income earner. The fund helps to pay the fees of the child until the next natural break in their education. b) UNRESTRICTED FUNDS Unrestricted fijnds represent accumulated income from the School's activities and other SoUr￿S that are available for the general purpose of the School.

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2024 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS Total 2024 Total 2023 Un￿stricted Restricted Tangible fixed assets Investments Net current (liabilitiesyassets Long term liabilities 9,202,218 9,202,218 14,581 2,357,690 9,279.440 13.280 87.034 14.581 121,349 2,221,760 (2,321,034) {2,32q,034) {384,465) 9,115,556 135.930 9,251,486 8,995,289 Total 2023 Totsl 2022 Unrestricted Restricted Tangible fixed assets Investments Fees in Advance Scheme Investments Net current (liabilltlesyassets Long term liabllities 9,279,440 9,279,440 13,280 9,295,336 12,660 13,280 87,034 1,326,313 (31,680) (384,465) 118,714 {384,465) (1,831,606) 8.863,295 131,994 8,995,289 8,802,703 37

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2024 23. SUMMARY OF MOVEMENTS ON MAJOR FUNDS At31 August 2024 At 1 Sept 2023 Incoming resources Resources expended Gainsl {losses) Restricted Funds Revaluation Reserve Chorister Special Fund Special Fund - Support 9.181 77,931 44,882 1.301 10,482 78,511 46,9.37 2,055 131,994 2,635 1,301 135,930 Unrestrlctod Funds General Res8rve Pension Reserve 8,863,295 11,057,862 (10.805,601) 9,115.556 8,863,295 11,057.862 (10,805,60q) 9.115,556 Total Fund8 8,995,289 11,060A97 {10,805,601 } 1,301 9,251,488 Al31 August 2023 At 1 Sepl 2022 Incoming resources Resources expended Galnsl (losses) Restrlcted Funds Revaluation Reserne Chorister Special Fund Special Fund - Support 8.561 77,371 42,514 620 9.181 77.931 44.882 560 2,368 128,446 2.928 820 131.994 Unrestrlcted Funds General ReseNe 8.674,254 10.001,877 {9.812,636) 8.863,295 8,674 254 10,001.677 9 812,636 8.863.295 Total Funds 8,802 700 10.OIM 605 9,812,636 620 8 995 289 24. CAPITAL COMMITMENTS At 31 August 2024, the group had capital commitments as follows- 2024 2023 Expenditure contracted for but not provided in the accounts 38

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 25. PENSION SCHEMES Teachers. Pension Scheme The Cathedral School participates in the Teachers, Pension Scheme ('the TPS.) for it8 teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,078,065 (2023: £808,976) and at the year-end £122.044 (2023: £93,440) was accrued in respect of contributions to this scheme. The TPS 15 an unfunded multi-ernployer defined benefits pension 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 contribulions 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 a defined contribution scherne. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government ACtUa￿S Department. The most re￿nt actuarial valuation of the TPS was p￿pared as at 31 st March 2020 and the Valuation Report was publlshed in October 2023. Following the Mccloud judgement, the ￿rnedY proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 15¢ April 2015 to 31 St March 2022. The actuaries have assumed that members are likely to choose the option that provldes them with the greater benefits. and in preparing the 2020 valuation has valued the 'greater value, benefits for groups of relevant members. The employer contribution rate for the TPS is 28.6Vo, and employers are also required to pay a Scheme administration levy of 0.080k giving a total employer conlribulion rate of 28.68Vo. 39

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2024 25. PENSION SCHEMES (Continued) Pensions Trust Growth Plan The Cathedral School participates in the scheme. a multi-employer scheme which provldes benefits to some 638 non-assoclated participating employers. The scheme Ss a defined benefit scheme in the UK. 11 is not possible for the company lo obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This. togelher with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. rhe scheme is classified as a 'last-man stsnding arrangement,. Therefore, the company is potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet thelr share of the scheme deficlt on an annuity purchase basis on withdrawal from the scheme. TPT Retirement Solutlons - The Growth Plan Deflclt Contributions A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assels of £800.3m. liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shorffall, the Trustee has asked the participating employers to pay addltional contributions to the scheme as follows: Defl¢it ¢ontrlbutions From 1 April 2022 to 31 January 2025: £3.312,000 per annum (payable monthly) Unless a concession has been agreed with the Trustee the term to 315l January 2025 applies. Note that the scheme's prevlous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.gm. liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows. From 1 April 2019 to 30 September 2025: £11.243,000 per annum (payable monthly and increasing by 3 /0 each on 1$1 April) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction conlributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detalled in these disclosures. The unwinding of the discount rate is recognised as a finance cost. Summary of provision for pension deficit recovery plan 2024 £'ooo 2023 £'ooo 2022 £'ooo TPT Retlrement Solutions- The Growth Plan 1,869 6,165 10.395 40

THE CATHEDRAL SCHOOL {LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 25. PENSION SCHEMES (Continued) Present Values of Provision 2024 2023 Present value of provision 1,869 6,165 Reconciliatlon of opening and closing provislons 2024 2023 Provision at 1 September Unwinding of the discount facior Deficit contribution paid Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule 6,165 225 (4,524) 10,395 355 (4,524) (61) Provision at 31 August 1,869 6,165 Income and expendlture Impact 2024 2023 Interest expense Unwinding of the discount factor Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule Contributions paid in respect of future service ' Costs recognised in income and expenditure account 'Includes defined contributlon schemes and future sefvice contributions {i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. To be completed by the company Assumptions 225 355 (61) 2024 /0 per annum 2023 0/0 per annum Rate of dlscount 5.13 6.04 The dlscount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due. would give the same results as using a full AA corporate bond yield curve to discounl the same recovery plan contributions. Deficlt Contributlons Schedule The following schedule shows the deficit contributions agreed between the company and the scheme at each year end period: 2024 2023 Year 1 Year 2 1,885 4,524 1,885 6,410 41

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 25. PENSION SCHEMES (Continued) The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreemenl and the resulling expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which il arises. It is these conlributions that have been used to derive the company's balance sheet liability. The Lurrent valuation does not ref]ect the expected increase in benefits and therefore liability as a result of Guaranteed Mlnimum Pension ('GMP'} equalisation between men and women which is required as a result of the removal of the Additional State Pension. Methodologies for a long-term solution are still being investigated by the Government as set out in the published (January 2018) outcome of the Government Consultation 'lndexation and Equalisation of GMP in Public Sector Pensions Schemes. and therefore the expected impact cannot be reliably eslimated and consequently no provisionlliability has been recognised. 26. RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATIONS 2024 2023 Net Income for the period (as per the Statement of Financlal Activlties) 256,197 192,589 Adjustmants for Depreciation charges Interest Receivable Interest Payable Dlvldends. interest, and rents from investments (Galns}Ilosses on investments Lossl(profit) on the sale of fixed assets Defined benefit pension scheme (Increaseydecrease In stocks {Increaseydecrease in debtors Increasel<decrease) In creditors 364.592 (177,726) 131,532 {580) (1,301) 286,803 152,263) 117,050 (560) (620) {4,296) (1,820) (63,831) 222,252 (113,346) 949,467 Net cash provlded by {used in) operatlng activities 1.404,539 699,600 27. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash In hand and al bank 6,177,205 2,758,110 Total cash and cash equivalents 6,177,205 2,758,110 42

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 28. ANALYSIS OF CHANGES IN NET DEBT Other non- cash changes At 1si Sept 2023 At 31st Aug 2024 Cash Ilows Cash and cash oquivalents Cash 2.758,110 3.359.095 6,147,205 Borrowings Loans falling due within one (1.483,580) year Loans falling due after more than one year Finance lease obligations 85,546 (1,398,034) (180,000) (180,000) (1,483,580) (94,454) {1,578,034} Total 1.274.430 3.264,641 4,539,071 29. CONTINGENT LIABILITIES The Company has been notified by The Pensions Trust of the estimated employer debt on wlthdrawal from the Plan based on the financial position of the Plan as at 30 September 2023. As of this date the estimated employer debt for the Company was £55,607, including Serie5 3 liabilities. 30. ULTIMATE CONTROLLING PARTY The Woodard Corporation Llmited Is the ultimate controlling party, a registered charity numb8r 1096270, which is incorporated in England and Wales. Copies of th6 financial stalements of the Woodard Corporation can be obtained from High Street. Abbots Bromley, Rugeley. Staffordshire, WS15 3BW. The accounts of The Cathedral School Limited are induded within the consolidated financial Statements of the Woodard Corporation Limited. 31. RELATED PARTIES As stated in note 30, The Cathedral School Limited is a wholly owned subsidiary of The Woodard Corporation. An amount of £66,973 was paid during the year to Woodard Corporation by way of a levy to meet running costs.

THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2024 32. ACCOUNTING ESTIMATES AND JUDGEMENTS In preparing the financial statements, the directors are required to make estimates and judgements. The matters detailed below are considered lo be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations, financial posltlon and ca5hflow5. Accountlng policies are shown at note 1 to the financial statements. Pension scheme deficit reduction payments As explalned at note 25, there is a deficit reduction plan in place in respect of The Cathedral School's memb8rshlp of the Pension Trust's Growth Plan. FRS 102 requires a liability to be recognised in respect of the present value of future contributions payable under the terms of the deficit recovery plan. The Incorporation of this liability in the financial statements involves the exercise of judgement in a number of areas. including the selection of an appropriate dlscount rate. Provision for bad debts Debts are provided for Sf not recovered wlthln one term. Eskn'maling amounts to provide agalnst recovery of debls is a rnatter of judgement. Depreciation. impairment and residual values of fixed assets Judgement is exerclsed in esb'mating the residual values of fixed assets, the selectlon of appropriate rates for depreciation, and for matters of impairment.