2022-08-31-accounts

Company No. 1785733 Charity No. 288675 PRINCE'S MEAD SCHOOL TRUST (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 CONTENTS Page Governors. Report (including the strat￿1¢ Report) Statement of Govemors. responsibilities Independent Audilorfs Report 10 Income and Expenditure Statement 14 Balance Sheet 15 Cash Flow Statement 16 Notes to the Finan¢ial Statements 17

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 The Board of G0Ven￿r$ present their annual report incorporating the strategic report for the year ended 31 Augusl 2022 urKler the Companies Act 2006 and the Charities Act 2011. together with the audited financial statements for the year. and conlirm Ihal the laller comply wlh the requirements of the Companies Act 20C6. the Company's Memorandum & Articles of Association and the Charities SORP FRS102 leffecliv6 1 J￿Uary 20151. REFERENCE & ADMINISTRATIVE INFORMATION Prince's Mead School I"Prince's Mead'l was founded in 1949 and was incorporated as a charitable compary (Prince's Mead School Trust) In 1984, charity registration number 288675, company registration number 1785733. wlh the liabilily of its members limited lo £1 each by guaranlee. The Regisler8d Off Ice and prfncip8J address of the Company is at Worthy Park House, Kings Worthy. Winchester, S021 1AN. Governors The present G0Verr￿rS of the Company, who are also the Charity Trustees and the Company's directors, are.. Mrs M Renwck Chainnan Mrs S Annesley Mrs G Bateman Mrs S Dryden Mr T Glddings Mr C Gillow Mrs A Hauser Mr M Kelly (resigned 31st March 2022) Mr C Lowe Mr W Pallisson Miss K Saund lappointed 22nd June 20221 Mr D Sibson Mrs K Stylski lappolnted 1 St January 2022) Mrs S rice Kay Managament Pèrsonnèl and Profè99lonal Advlsers Mr P P Thacker BA Hons resigned 31 August 2022. Mr. A Klng BA Hons QTS. Mr R I While BA Hons HSBC 8ank plc. 58 High Street, Winchester. S023 9BZ cro￿ U.K. LLP, Aquis House. 49-51 Blagrave Street. Raadlng. Berkshlre, RG1 1PL The Bursar. Bankers.. Audito￿. Page 1

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The Company is govemed by its MemoTaThJum and Articlas of Association, last ameThj￿ on 21 December 1983 and 13 July 2019 respectively. Governlng Body The Governors. vtho are also required under the Articles lo serve as members of the Company. are elected at a full Govemo¥s' Meeting. Nominations are made by current Board members and the Head having taken due note of eligibility. personal compete￿. speeialisl skills and local availability. Recrultmant and Tralnlng of Governors The School is a ministered by its Govemors in accordance vthh all cuffent legislation and Charity Co mmission requirements. Govemance is as Iransparenl as possible arKI aims lo provide clear policy guidance to allow the School's senior management to operate eff icienlly and effectively. Elected Govemors are appointed al a Govemor5' Meeting on the basls of nomlnatlons recelved from existing Govemors and after an initial familiarisalion visit lo the SclJ)ol. On appoSnlmenl new GoverTh)rs receive a pack of infomialion coverfng the role arvj all r6levanl pollcy docUm￿ts. They also undert8k8 a further irKI uclion visit and allend a course on govemance. Organls8tlonal Management The School Govemors, as the Trustees of the Charity. are legally responsible for the OV8Tall mw8ment and control of the School Inc1L￿Ing all regulatory compliance. The Gov8ming Body sets and approves slraleg directionand policy and meets foyrtimes each year and additionally as required. The Goveming Body monitors the work of tha School's m8nagem8nl team through ils meetings. commSllees and through formal and infomia vlslls lo the School. The day404ay running of the school is delegated lo the Headmasler and Bursar, as the key management personnel, ¥tho in tum are supported bytheir SeniorLeadership Team. The Headmaster and the Bursar allend all maelings of Ihtr Goveming Body's sub-commillees. The remuneration of key management personnel Is sel by the Board. wtlh the policy objective of providro appropriate incentives lo encourage enhanced perfonnan¢e and of rewarding them fairfy 8nd responsibly for Ihelr individual conlribulions to the School's success. Dellvery of the School's charitable vision and purpose Is primarily dependent on our key management personnel. appropriateness of remuneration levels is reviewed allnually within the budgeting process. includiro reference lo comparisons with other independent schools and the annual IAPS Salary Sutvey, lo ensure that lh8 School remains senslllve lo the broader issues of pay and employment condllions elsewhere Academic mallers are brought to the attention of the GOV￿Or$ through the Education Committee and the Headmaslels r8POrt. Relatod and Connected Parties The School Is a member of a number of industry associalions in¢I￿lIng ISBA, AGBIS and ksc and operates under the compliance frdmeb%Y)rk provided by ISI. The Headmaster is a member of the Independent Associallon of Prepar810ry Schools IIAPSI which exlsls for the promotion and maintenance of preparatory school standards. Pri￿e's c04)perat88 with many local charllles in on-golng endeavours to vAden publlc access to the schooling provided, lo oplimise the edu¢alional use of the cultural and sporting facilities and lo awaken In the pupils an awareness ol the social context of the education they receive al the School. Prince's Mead also benefits from the generoslty of a thriving parenls. association, the Prince's Mead Assoclalion {PMA). Page 2

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 Risk Management The Board. bmlh assistance fyom an exlemal Safely Consullanl, continue lo keep the SCI￿01,$ activilles under review, particularly with regard lo any major risks Ihal may arise (rom lime to lime as as the systems and procedures eslabllshed lo manage them. In addltion. the Board is particularfy mindful of Its responsibllSly for regulatory compliance. 11 monitors the effectiveness of the system of internal Controls and olherviable means, incI￿ling insurance cover ¥there appropriale, by vknich those risks already identified can besl be mlllgated. OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES The Object of the Company. in accordance wlh ils Memorandum of Association. is to promote and provKle for th8 advancement of education ol children in the United Kingdom and elsewhero. In furtherance of this Object the Govemors, as the Charity Tnjslees, have complied with the duly in s.4 of the Charilles Act 2006 to have due regard to the Charity Commission's publish8d genefal and relevant sub4e¢lorguidan¢e concerning Ihe operation of the Public Benefil requiremenl under Ihat Act. Strateglc Aim and Intended Effect The School's slralegic aim is lo be a thriving and successful 21. ¢enlury school. One of the key oulcoma3 of Ihis stralegy is the allainment of the highest academic standards whilst allowng pupils to benefit from 8 broay extra-curricular programme. This is intended lo draw out their abilities ancs academic polenlial. awaken and develop wder interests in life, and motivate them for a successf ul outcome at their chosen senior sclh)ol. In pursuit of this aim Ihe Board will continue lo enhance and develop facilities and accommodation, continL lo improve educallonal perfomiance. assess and. where necessary, improve public benefit, and ensure govemor succession a￿1 expertise. Obloctives for the Year Th& Board's main objective conllnued lo be lo ensure the education of all the School's pupils so that they will be fully able lo benefit from theirchosen seniorschool forlhe completion of their educallon in due course. The Board's strategy forachievir¥J this is to sel high leaching standards and tallorils care arKI luilionas apprDpriate in each ￿e to suit individual needs. Subsldlary oblectlves were.. To mainlaln continuilyof the ￿￿catIon of pupils throughlhe developmenlof a new educational strategy, Wision 100. To be mlndful of conlinulng lo develop and enhance our oulstandlng lev81 of pastoral care and spiritual moral, soclal and culturnl awareness in our pupils To extend a¢¢ess to the School to more children vAK)se parents could rKJl nomially afford the fees The Board is particulady mindful of the impact of demographics on prep school Aged puplls and locd competition and is priorilising efforts lo attract pup118 acro88 all year groups including developro accommodalion lo enlarg8 the Eady Year6. Prlnclpal Activlty Prince's Mead's principal activlly continues lo be the provision of a Day School for 3 11-yearwold boys aThJ Volunteers The Prince's Mead Association IPMAI helpod with Ihe School's f urmjraising and cultural activities lo the exlenl of more than 1.000 hours ol voluntary service during the year. and the Board w)uld like lo tak8 Ihis opportunty lo say how much 51 appreclales their continuing and valuable support for the School's work. Page 3

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 OUR STRATEGY, ETHOS AND ACCESS POLICIES Our Stratogy: Our Govemors are responsible forsetting a strategy and the oblecllves requlred lo achieve this. The foots of our strategy is to be a IhriviThJ and successful 21 St century school. This is achieved through the developmert of ourpupils, theirconlinued high levels of academic and co-curricular achievement and lo further widen access lo the education our School provldes. In Implementing our strategy, we: review and benchmark the School's academic syllabus. teaching practices aThJ examination ￿$￿Its ensure the range of co-curricular activities available lo our pupils is stimulating and challengSng invest in tochnology and the infr881ruclure of our School Co-operate and share resources wlh local schools continue lo review and develop our methods forawarding bursaries to ens ure ￿lder access to pupib from all backgrounds Our Elhos: A caring School servlng our local community and socl6ty Prince's Mead School Is a charitable Injsl whlch seeks lo benefit the public through the pursuh of tts stalaj aims. Our fees are sel at a level lo ensure the financial viability of the School a￿[ at a level that is consistent th our aim of providirwJ a firsl<lass education to boys arKI gI￿s, Our School welcomes pupils fiom all backgrounds. When consldering a prospective pupil we need lo be sallsfied that our School wll be able lo educate and develop a prospective PLpiI to the besl of thelr potentia and in line wlh the general slandards achieved by their peers. Entrdnce inlerview3 and assessments are undertaken lo satisfy ourselves and parents that potential pupils can cope with the pace of ltsaming and benef from the education we provide. An Ind ividual's economic slalus. gender. elhnicily, race, rellgion or dlsabilty do not fom part of our assessment processes. We are an equal opportunity organisalion and are commilled lo a working environment th81 Is f ree from any form of discrimination on the grounds of colour, race, elhnicily, religion, sex. sexual 0ri8nlalion or disability. We will make reasonable adjustments to meet the need s of staff or pupils who are or become disabled. Our School is commilled to safeguardiro and promoting the welfare of our pupils and expects all staff aTrJ volunteers lo sh8re this commitment. Parents are glven regular infom811on aboLrt their children's social and academic progress through pa￿nt evenings in addition lo Ihe traditional end of tem) year reports. We mainlain regular contact wlh parents th￿ughout the year through informol Gonlacls and through our weekly newsleller. Our Poli¢los,' k¢&$s poll¢y 11 is important to us that access to the e￿￿tIOn we offer is not restrict￿ to those wfio can affonj ¢)urfees. believe our pupils benefit from leaming within a diverse community. A great deal of leaming o¢¢urs through soclal interaction. conversation and shared experiences which helps our pupils develop an underslandirvJ of the perspecllves of other people that wll be vllal In their adult lives. Our bu￿ary policy conlribul8s to a wdening of access lo Ihe education we offer and the facil ilies enjoy. Bursary policy The Govemors view our bursary awards as important in hdpin9 to ensure children from famili&8 vtho ￿*￿Id othewse not be able to afford the fees c8n access the education offer. Our bursary awards are available lo Ihose ￿ meel our general entry requirements and are made solely on the basis of parenlal moans or to relieve hardship vthere a pupil's education and future prospects would othe￿iSe be al risk, for example in the C888 of redundancy. Pag6 4

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 OUR STRATEGY, ETHOS AND ACCESS POLICIES (CONTINUED) In assessing means we take a number of factors into conslderalion including family income. Investm6nls. savings and famlly circumstances, for example dependanl relatives and the nurnber ol siblings. However, our Sc￿OId0es not have a large endowment and in funding our awards we have to be mindf ul that we musl ensuro a balance belts￿en fee-paying parents. many of vthom make considerable petson81 sacrifices lo fuThJ their child's education, and those benefiting from tho awards. Tho bursary awards raryed from 10 0￿ to 50 % remission of fees. During the year the School supported 5 {2021 51 pupils through our own Bursary Scheme. This support. vthich is available on a needs basis as delemiined by the Finance arsd General Purposes sub- committee. reduced the yearfs annual lee income by £25.695 {2021 - £27.9161. To wden public access lo IF School yel further, we can mw refer other families wlh financial need lo exlemal lun¢Jing sources able and willing lo provide help wilh school fees. subject lo qualifying criteria. through the Educational Trusts, Forum. The School also offers various discount schemes to extend ils reach and pupil roll, for example milllary dlscounls aTrJ staff discounls. We also have a hardship fund that supplem8nls bursary awdrds lo pay for co-curricular aclivilies. equipment and school trips. Infomialion about fee assislanco through bursaries is provided lo all applying to the School. REVIEW OF ACH1EVEMEP￿s AND PERFORMANCE FOR THE YEAR Operatlonal Perfomianco of the School All of the SC￿OI.s final year leavers V+Ent on to their fIrst<￿)ICe recommended seThor school ￿th 12 scholarships being won by pupils across the f ull breajlh of Ihe CU￿1cUlUm'. 2 Acadamlc Scholarships - Klng Edward Vl and Lord Wandsworth College 5 Drama Scholarshlps - Emblay, King Edward Vl and Lord w8nds￿)rth College 4 Sport Scholarships - Embley and King Edvrard Vl These achlevements have been greatly helped by the high<alibre 18achin9 and SLJPPOrt staff employed by School. The Govemors recognise the importance of the quality of the School staff and they remain focuswj on providing a workiry environment vthich recognises the value placed on staff an(1 Iheir contribution individualty and as a team. commensurate with the maikel in which they operal8. The School continues to monitor developments within the educalSon sector and the curriculum is conllnually review￿d and developed in order to ensure the framework and conlenl ￿fIe01S best practice and foms a fi foundation for each pupil's next slag8 of education. The Vision 100 E￿￿tIOn Slralegy vms rol￿￿ out from beginning ol the 2021122 academic year. The Govemors place the highest importance on the pastordl care of pupils. and developed the new role of Head of Wellbeing, a s￿l0r Leadership Team role, througlK)Lrt the year. The School conllnue5 to review and adapt the framework for pastoral care lo reflecl the changing social environment Ihat pupils now experien¢e f rom a young 8ge. and the S¢hool continu88 lo inve81 In processes lo support this including the monilorirYJ frameworf(. Publlc Benefit Throughout the year we were able lo relax the earlier C19 constraints and re-start to share our f￿lIllIes. agair4 th local sports clubs. Additionally, we restarted providing the following public benefit.. We are aclivdy engaged in charity work in the community. We collect produce for the Winchest Basics Bank, support Naomi House Hospice, Home Start, The Murray Parish Trust. Macmillan Cancer Support. the charities supported by the Cathedral al Christmas and a number of olhercharilies. Those activities only ben8fll the community but also helghten our puplls. soc181 awar8ness and urKlerstandlng of those less fortunate. Page 5

PRINCE'S MEAD SCHOOL TRUST {COMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 FINANCIAL REVIEW AND RESULTS FOR THE YEAR This yeals accounts show a SLtrplus of £391,384 {8fler depreclallon of £383.4661 {2020121= £173.955 surplus after £382.733 depRclation). is important that the School strives lo make a reasonable level of surplus In oriler lo f Inance the on￿Oiry￿ capital expenditure needed lo upgrade the School's facilities lo keep pace wth vA)at is expected of it as premier educational eslablishmenl. It is the Govemors. pollcy lo m81ntain liquld reseNes th81 wll pemll them lo malnlain and develop the Schools facllities for the PLJrpose of meeting ils charilable objectives. To that end, the Govemors seek lo ensure that there are sulfieienl liquidity reserves lo afford reasonable protection lo the charitable compwy in the Context of current and anlicipated commitments and oxposure lo exlemal andlor inlemal risks. The unrestricted reseNes We￿ wholly deployed In the School's premlses and equipment, with tho need for day-lo-day working capital being mel by careful managem8nl of short-lemi liquid resources ar￿ bankir facilities comprising a term loan. Thus. ￿ School's free reserves. &8 defiwl by the Charity Commissiory were £346,873 {2021 = £Nill. As an educational charity, the parents of our pupils have the reassurance that 811 Income of the School is applied for edLtcalional purposes. The School is exempl f rom corporation lax on ils educational activilies and sury)luses, although the S¢hool does pay employerfs National Insurance contributions on all $18ff s8larfes and the VAT that il pays for items purchased and services re¢￿Ved is iThecoverablo. Investment Policy and Objectives The Board continues to keep under review the inv&stment risks and rewards in Ihe currwtt stale of Ihe marf(et and our policy is still lo put all available relained funds. other than those required for day40-day cash managemenl, on deposit for security. KEY PERFORMANCE INDICATORS Tuition fee income generation amounted lo £3,937,435 12020121.. £3,450,440). Actual pupil numbers for the ac8demic y8ar were 264. Tuition fee Incoma accounted for 92Vo of lolal income12020121.. 95%) which was £4.262,623 {2020121.' £3,645,376). To provide the education and support n8eded to achieve the key oblectlves of the Trust. £2,344,799 {2020121'. £2,210,078) was paid in salaries (including Employers Nl and Pension Conlribullonsl- This ac¢ounls for 60% of the fee income 12020121.. 640AI and 550A of total income 12020121.. 610kn1. The Trust bases ils leaching salaries on the educational pay scales wthin the Stale Sector and the slale annual basic salary increase was 0%. The Iruslees agreed a 1% increase 12020121: 1%). Support staff received 1% {2020121'. 1%). The $C￿)01s. pupivslaff ratio was 10.112020121.. 10.01. In a very competitive market forpreparalory educallon In the Wnchesler area the Board conslders the level of surplus generated a satisfactory achievement. PRINCIPAL RISKS AND UNCERTAINTIES The Govemors consider the ecor)omlc and polllical turbulence of rocenl years, exlemally driven econom conditions the affordability of fees by parents across the independent seclorlo be the principal risks faca by the School. The Governing Body, Iherefore, are commilted to considgring Ihe impact of Ih8s6 risks on the School and ils current and future pupil numbers. The key controls lo mitigala these risks during the year included.. Raislng fee levels by the mlnlmum amount necessary lo malntain standards at the School whllsl generating a modest surplus lo allow forlhe provislon of adequate facilities lo meet current and future needs. Page 6

PRINCE'S MEAD SCHOOL TRUST {COMPANY NO 1785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 PRINCIPAL RISKS AND UNCERTAINTIES ICONTINUEDI Providing bursaries lo c￿laIn families cannol afford Ihefees so that their children can benef il fri)m the School. Health and Safely Is always a slgnlf1canl area lor rtsk management. The risks range f rom f ire and infrastructure lo personal risks and when away fiom the School on trips and expeditions. The rfsks associated wllh the wida rdnge of 8clivilies are minimis8d by thorough planning, risk assessment and mitigation. Delailed conskleration of risk is managat through the F￿sk Reglster. Each of the Board sub -committees, assisted by Senior Management, have responsibility for reviewing separate sections of the Register. The risk management process identifies risks. assesses their impact and likelihood and, where necessary, recommernls conlro151o miligale and monilorlhose risks that are assessed as hig h. The generic controls used by the School lo minimise risk include- detailed terms of rèference together *ilh fomial ageNlas for Board and sub4ommillee 8clivily', slralegic development planning, revIeb￿d annually by the Board. comprehensive b￿￿getIng and management accounling.. established organisalional structures and lines of reporting- formal written pollcles including clear authorisalion and approval levels., • vetting and safeguarding procedures as required by law for the protecllon of the vul nerable. ensuring effective financial controls and cost saving measures are Sn place. Th8 Govemors regularfy review the effectiven￿$ of cuThenl plar6 and slralegies formanaging all idenlifb major risks for the School. FUTURE PLANS The Govemors intend lo conllnue thair Cufrenl stralegy of maintaining the School's position In 8 compelilDie Ma￿et by investing lo continually improve the high-qualily education for our pupils. The Headmaster and his senior staff will continu8 to review curriculuwn lo ￿SUre that il remains appropnate for our pupils. development. Our future plans are financed primarily from fee incomg and from our rgserves. The Govemors need to maintain an equitable balance ensuring our currènt pupils benefit whilst, al the same time, ensuring a soutKI infrds1ruc1u￿ and financial base are pres￿ed forth8 n8xI genaralion of pupils in the same way as our ourrenl pupils benefit today from historic inveslment. The Govemors viewour bursary awards 88 important in wdening access lo the education ourschool provides. The Govemors are continually reviewing our Bursary Awards policy lo ensure that able chlldren can accept offers of places al our School throu9h the availability of means-lesled fe8 asslstance. The Bo¥d ￿111 continue 10 address the areas for devdopmenl as identifled In the Strategic Plan. The Board is mindful as lo the needs of the School and vlll contiThJe lo sel forecasts vknich arn both achievable and appropriate, particularly In the current economic cllmale. AUDITOR h accordance with Section 485 of tha Companies Acl 2CrfJ6. a resolution proposing the reappoinlmenl of C￿we U.K. LLP as auditor lo the Company wll be put to the annual general meeting. Page 7

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) GOVERNORS' REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2022

STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR

The Governors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Governors have confirmed that they have taken all the steps that they ought to have taken as Governors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

The Governors' report is approved by the Board of Governors and the strategic report (included therein) is approved by the Board of Governors in their capacity as the directors at its meeting on 7[th ] December 2022 and siJ/L� Mrs M J Renwick - Chair

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PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) STATEMENT OF GOVERNORS, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2022 The Govemors l%tho are also directors of Prin¢e's Mead School Twsl for the purposes of company lawl are responsible for preparing the Govèrnorfs Annual Report and Ihe financial statements in accordance wlh applicable law and United Kingdom Accounting Standards (United Klngdom Generally Accepted Accounting Practice). Company law requires the Iruslees lo prepare financlal slalemenls for each financlal year which give a true and fair view of the stale of affaiis of Iho charitable company and of the incoming resources 8r)d application of resources, including the income and expenditure. of the charitable company for that perlod. In preparlng the aocounts the Govemors are required lo.. selecl suitable accounting policies then apply them consistenlty. obseNe the methods and principles In the Charities SORP., make judgements and esllmates that aro reasonablg and prudent- slate vthether applicable UK accounling slandards have been followed, subject to any malerfal departures disclosed and explained in the accounts. and prepare the accounts on the going concem basis unless itls inappropriate to assume that the Charitable Company wll conlinue in business. Govemors are responsible for keepiNJ proper accounting records which disclose. wth reasonable accuracy, the financial position of Ihe charitable Company al any lime. and lo enable them lo ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguardiThJ the charilable Company's corporate assets and those of its Injst funds and ensuring Ihelr proper application in accordance th ¢harily law, arHfj hence fortaking reasonable steps forthe prevention and detKlion of eThor, fraud or other iNegularilies. Page 9

A Crowe Crowe U.IL LI Member of Crowe Global Aquis House 49-51 Lllawav¢ Str¢ R¢￿1￿8 Beikshire RGI IPL UK Tel [phone] Fax [phone] INDEPENDENT AUDITORS, REPORT TOTHE MEMBERS OF PRINCE'S MEAD SCHOOL TRUST Oplnlon We hav8 audit￿ the Ilnancial statements of Prince's Mead School Trust for the year ended 31 August 2022 thich comprise the Statement of Financial Acllvilies. the Balance Sheet. the Cash Flow Slalement and notes to the financial stalemeTbts. including a summary ol signiflr2nt accounting policies. The linancia reporting Iramewrjrk that has been applied in th￿r preparation Is applicable law and Unilod Klngdom Accounting Standards. including Financial Reporting Standard 102 The Financi81 Reporting Standard applicable in the UK and Republic of treland (United KiThJdom Generally Accepted Accounting Practice). In our opSnlon the financial stalemenl8: glve a true and fairview of the slate of the charitable company's affalTS as 8t 31 August 2022 and of the group's Incoming resources and appllcalion of resources for the year then eThJed.. have been properfy propared in accordance wlh United Kingdom Generally Accepted Accounlro Practice.. and have been prepared in accordance with the requirements of the Companies Act 20￿. Basls for oplnlon We ¢orKlucled our audit in accordance wtlh Inlemalional Standards on Auditing IUK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditofs r8sponsibililies for the audll of the f inancial slalemen18 seclSon of our report. We are independent of the group in accordance the ethical requirements thal are relovant lo ouraudit of the fina￿la1 stalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiromenls. We believe that the audit evidence we have obtained is sufficient arnl appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In audilirNJ Ihe financial statements, we have concluded that the tnjslees. uso of the going Goncern basis of accounting in thè preparation ol the financial slalemènls is appropriate. Based on the work we have performed, we havè not identified any Mate￿21 uncertainties relatlng to events or conditions that, individually or collectively, may cast significant doubl on the charitable company's abi to continue as a going concem fora period of al least I%￿1ve months from ￿en the flnancial slalements are aulhorised for Issue. Our responsibilities and the responsibilities of the twslees wth respect lo golng concem are d escribed in the relevant sections of this report. CV<￿•U.K. LiP h •lmftedlk￿l Y Iner¥1￿ W¥ wllh T41￿¢¢1* numw oc>)7W. Tho lslwtsj Offit4 lsd l￿¥￿1• Hlll.Ltyth FC4PJ savalAtdé Al ￿l5￿d￿W￿Y th8 I UKty Cr(pNoU K LLP 18a Cr¢￿e￿￿1. Cr(wo UM.LLP •yl Page 10

h. Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINCE'S MEAD SCHOOL TRUST Other Informatlon The Iruslees are responsible forlhe other infom)alion. The other inform81ion comprises the information included in the annual rgport, other than the f inancial statements our auditorfs report Ihereon. Our oplnion on the financial slalemenls does not coverlhe other infomalionand. except lo the exlenl olh8Mse explicitly stat￿ in our report. we do M>1 express any fom of assurance conclusion Ihereon. In connecllon with our audit of the flnancial slalemenls, our responsibillly is lo read the other information and. in doing so, Consider whether the other infom)alion is materially inconsislenl wth the financial slalemenls or our knO￿edge obtained in the audit or olhewse appears to be maleri ally misslaled. If we identify such maledal inconsistencies or apparent material mlsslalemenls, wo are required lo determine vthelher there is a material misslatemenl in the financial statements or a material misslatemenl of the other information. If. based on the work we have perform8d. conclud& Ih8t there is 8 material misslalemenl of this other informalion, we are required lo report that facl. We have nothing lo report in this regard. Oplnions on other matters prescribed by the Companies Act 2006 In our oplnion ba$￿j on undertaken in the course of our audlt the infomialion given in the Injslees. roport, which includes th8 directors. report and the slraleg report prepared for the purposes of company law, for the financial year lor which the flnanclal $18lements ar8 prepared is consislenl ￿th the financial slalemenls., and the strategic reportand the diwtors, report inclLJded vAlhin Ihe trustees, report have been preparèd In a¢cordanc8 ￿￿th applicable le9al requirements. Matters on whlth we are requlred to report by exception In light of Ihe knovledge and understanding ol the group and th8 charitable companyand Ihoir environment obtained In the Course of the audit. we have not idenlllled malerial mlsslalemenls In the slraleglc report or the directors. report included wlhin the Iruslees. report. We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2C r￿uIreS us to report lo you if, in oui opinion.. thè charity has not kept adequate accounting records. or the charity flnancial stalement5 are not in agreement wth the accounting records and rnlums- or certain dlsdosures of Iwstees, remurwalion speclfled by law are r￿1 made: or we have not received 811 the Information and explanallons we requlre for our audil. ResponsibilltS&s of tho Govarnors As explained more fully in the Statement of Govemors, Responsibilities sel out on page 9. the GOVe￿rS (who are also the directors of the charilablg company for the purposes of company lawl are responsibb forlhe preparation of Ihe f inancial slalemenls and for being sallsfied that they give a true and fair view. and for such inlemal control as th8 InJstees delemiine is necessary lo enable the preparatlon of flnancia statements thal are free f rom malerlal misslalemenl, thether due lo fraud or error. Page 11

A Crowe INDEPENDENT AUDITOR'S REPORT TOTHE MEMBERS OF PRINCE'S MEAD SCHOOL TRUST In preparing the financial stalemenls, the Iruslees are responslble for assessing the group's or the charitable company's ability to continue as a going concem, disclosir¥J. as applicable. matlets rdaled lo g oing concem and using the going concem basis of accounting unless the l¥ustees either intend to liquidate the Charitable company or lo cease operations, or have no reallslic allemalive bul lo do so. Audltor's responsibillties for the audit of the financial statsments Our objectives are to obtain reasonable assurdfKe 8boul thether the financial stat8menls as a thole are f ree from material misslalement, whether due lo fraud or error, and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is Th)1 a guarantee that an audit conducted a¢¢ordance wlh ISAS {UKI will abNays detect a material mlsslalemenl when il exists. Misslalemenls can arise from fraud or error and are considered malwial if, individually or in the aggregalo, Ihey could reasonably be expected lo influence the ￿onoMiC decisions of usets taken on the basis of these financial slalèmenls. A further description of ourresponsibilities forthe audit of the financial slalemènts is located on th6 Financi81 Reporting Council's I￿sIte al-. ukl dilo res This description forms part ol our audllorfs report. Extènt to whlch the audlt was consldered capable of dete¢llng irregularltles, Including fraud ularilles. inc1￿j1ng fraud. are irtslances of non<ompliance vAlh laws and regulations. We identif led and assessed Ihe risks of material misslalemenl of the f inancial slalem8nls from irregularities, whether due to fraLtsJ or error. and discussed these between our audit leam members. We then designed and performed audtt procedures responsive to those risks. Ir￿lUdIng oblalning audit evldence sufflclenl and appropriate lo provide a basis for our opinion. We obtained an understanding of the legal and regulatory framewo)l(s wlhin thich the charitable compary operal&s, focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures Sn the financial stalements. The law3 and regulations considered in this context were the Companies Act 20(￿, Charilles Act together with the Charilles SORP {FRS 1021. We assessed the requlred compliance wlh these laws and regulations as part of our audit procedures on the related financial slalement items. In addlllon, we considered provlslons of other laws and regulallons that do r¢ot have a direct effect on the financial stalemenls but compliance with ￿10h might be fundamental lo the charitable company's ability to operate or to avoid 8 material penalty. We also considergd the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations considered in I￿"S context forthe UK operdtions were The Education Ilndep8ndenl School Slandardsl Regulations 2014, Health and Saf8ly and General Data Protection Regulalions. Auditing standards Ilmil the required audll procedures lo identify non- compliance with these laws and regulations lo enquiry of Iho Govemors and other managemenl and inspection of regulatory and legal correspondence, if any. The greatest risk of material impact on Ihe financial slalements is from irregularities, including fraud, to be ithin the timing of recognition of non-fee income, and the overrfde of controls by management. Our audlt PiOC8dures lo respond to these lisks included enquiries of management. armj the Finance and General Purposes Commiltee about their own idenlificalion and assessment of Ihts risks of irregularities. sampl8 leslkYJ on tha posting of joumals, sampl8 lesling on non-foe income, reviewng accounling estimates for biases, reviewing regulatory correspondence wlh the Charity Commission. Independent Schools knspectorale. armj readiNJ mlnutes of meellngs of those charged wlh goveman¢e. Page 12

� Crowe

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PRINCE'S MEAD SCHOOL TRUST

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsib le for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is 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 members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alastair Lyon Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP Statutory Auditor Reading 49-51 Blagrave Street Reading Berkshire RG1 1PL

Date: 16 December 2022

Page 13

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Unrestrlcted Funds Noles 2022 2021 Income from.. Charltable activlties School Fees Other educational income 21d1&3 3,937.435 309.436 3,450,440 168.326 t)onation$ 15,737 7, 142 Invèstments 16 Govèrnment CJRS Grants TOTAL INCOME 24 EXPENDITURE ON: CharStable actlvllle5 School operating costs 1860.550 3,463.806 Raising Funds School financing costs TOTAL EXPENDITURE NET INCOME BEFORE INVESTMENT GAINS IILOSSES) Investment Ilossésygain 391,384 173.076 879 NET INCOME AFTER INVESTMENT GAINSINET MOVEMENT IN FUNDS 391.384 173,955 Funds brought forwdrd al 1 Septembor 5.073.291 4, 899,336 Funds carried fonvard at 31 August The rnles on pages 17 10 27 form part of Ihese aGcounts P8ge 14

PRINCE'S MEAD SCHOOL TRUST

(COMPANY NUMBER 1785733) BALANCE SHEET

FOR THE YEAR ENDED 31 AUGUST 2022

Notes FIXED ASSETS: Tangible assets 7 CURRENT ASSETS: Debtors 8 Cash at bank and in hand CREDITORS: Amounts falling due within one year 9 NET CURRENT ASSETS/(LIABI LITI ES) TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year 11 NET ASSETS THE FUNDS OF THE CHARITY: Designated funds 12 Unrestricted funds TOT AL CHARITY FUNDS	2022 1,548,146 760.473 2,308.619 (1. 784.361)	£ 5,075,883 5,075,883 524.258 5,600,141 (135,66) 5.464.675 26,530 5,438.145 5.464.675

The financial statements were approved and authorised for issue by the Board on 7 December 2022 and signed on its behalf:

Mrs M J Renwick - Chair

The notes on pages 17 to 27 form part of these financial statements

Page 15

PRINCE'S MEAD SCHOOL TRUST {COMPANY NO 1785733) STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2022 Notes 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Cash generaled from operalior Interest paid CASH FROM OPERATING ACTIVITIES 18 746,170 419.385 738.848 472,936 CASH FLOVIS FROM INVESTING ACTIVITIES interest received Purchase of tangible fixed assets Pro¢eeds from sale of fixed assets CASH (USED INI INVESTING ACTIVITIES 16 1168,7251 (68,585) 82 1168,710) (65,764) CASH FLOWS FROM FINANCING ACTIVITIES Drawdown of new loan Loan repayments 250,0(K) 265 51 CASH (USED INI FINANCING ACTIVITIES 84 Increase {decreasèl in cash and cash equivalents In the year 518,298 391, 762 Cash and cash equivalents at the beginning of the year 49 TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR ANALYSIS OF MOVEMENT IN NET DEBT At 01109121 Cashflow At 31108122 Cash at bank and In hand Bank loan 242.174 518,299 760.473 Closing (nel deblycash The noles on pages 17 to 27 fomi part of Iheso financial slatem8nls Page 16

PRINCE'S MEAD SCHOOL TRUST {COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUGUST 2022 The School's principd activity in the period under review was the provislon of prep school educaliorL The charity. a company limited by guarantee (r￿lS¢e￿d number 1785733 and charity number 2886751, is incorporaled and domiciled in the UK. The address of the registered office is Worthy Park House, Klngs Worthy, Winchester, Hampshlre S021 1AN ACCOUNTING POLICIES a} Basis of Preparallon The flnancial slalemenls have been prepared In accordance wlh Accounting and Reportlng by Charit18s'. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance wlh the Financial Reporting SlarKlard applicabl8 In the UK ar￿ Republic of Ireland IFRS 1021 leffeclive 1 January 2015} (Charities SORP {FRS 102)). the Financial Reportirg Slandar(i applicable in the UK aThJ Republic of Ireland IFRS 1021 and the Companies Act 2006. Prince's Mead Sckjol Trust meets the def inllion of a public benefll onlily under FRS 102. Assets and Ilabililiès are initially recognised al historical cost or Irdns8clion value unless otherwise stal in Ihe relevant accounting policy nolelsl. bl Preparatlon of the accounts on a golng concem basl8'. As part ol their normal risk management process, the Governors have examined tha major risks to the School and the miligatirKJ actions both taken a￿1 available lo be taken. The Gove¥nors consid there are no material unc&rtainlies relating lo going conGern and that the School has adequate resources lo Continue ils acliviligs foral least the Iwelve months lo 31 August 2022. According￿, Ihey continue lo operate the going conGem basis in preparing the finarTrcial slalemenls. c) Tanglble Flx8d Assets The Company policy is lo ¢apilalise ilems wlh a ¢osl in excess 01 £1,(xX) from the dale of purchase. The following is the depreciation policy in respect of the categories of tangible assets listed in Note Worthy Part House and Dep￿ciatIon has been provided on a slraight4ine basls of 3.33OA on the Coach House: the original cosl of the buildings, so that the buildings will be written off overa p￿70d not greater than 30 years. Improvements are vthllen off over a 10-year period. SF)Orts Hall.. Deprecl81ion has been provided on a slraigh14ine basls of 5% on cosL Freèhold Land: LarKI is Ml deprecialed. Motor Vehicles: Depreciation of rw4 vehicles has been provided on a straigh14ine basL8 of 120A over the useful life of the vehicle lo a residual value of £5,0￿. Old second-hand vehicles are depreciated al 25% per annum on a slrai9hl-Ilne basis. Furniturt & Equipment: Depreciation is beSng provided at 25% per annum on a slr8ight41ne basls. IT hardware: Depreciatlon Is provided 8133113yo per annum on a slraighl-11ne basis. Page 17

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL ST ATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES (continu6d) d) Fee Incornè This Comprises fees receivable for pupils, lui1Son and extra charges. Fees receivable are slated afl deducllng allowances and scholarships granted by the school. Fees received fo r education lo be provided in future years are carried for¥rdrd as deferred income and released to Income in the peri<)d lo which the education is given 8} Nonee Income This comprises income derivod from then hire of facililies, donations and interest rec8N8d. Hire income Ss recognised upon provision of hire to the user. Donalions are recognised on a roGeivable basis ¥then the amount can be reliably measured. Interest received is recognised on a lime- apportior￿ basis. fj Coronavirus Job Retentlon Scheme Grant Income Grants, In the prior year. were accounted for under Ihe pwfomiance model as pemitled by the Charity SORP. CJRS grant income Wds therefore recognised on a straight-line basis over the furfough period lor each relevant employee. g) Expendlture Expendllure Is included on an accruals b8sis and is summarised under functional headings on a direct cost basis. Charitable activities comprise the Sc￿01 operatirrfj costs. educational aids. catedNJ. salary, premises, administration and motor costs. Govem8iKe costs comprise the costs of running the charity, including strategic planning for ils futu dovelopmenl, also audit, legal advice and all the ¢0sls of complylng ￿th slalulory requirements. Cost of raising fund8 comprises banking and interest chargès. h) Penslon S¢hemès The School operates a defined contribution group personal pension schemo forall staff wlh Royal London. For auto enrolmenl purposes the School uses the Royal London pension scheme. 11 Oporatlng Leases Rentals payable under Operati￿ leases ar8 charged in the Slalemenl of FinarKial Activities on slraighl-line basis over Ihe lease lemi. Page 18

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES (contlnued) }) Inv8$tments and Investment Income Investments are valued in the balanee sheet al thelr mid-m8rkel v81ue al the balance sheet dale. Any gain or loss on revaluation is taken lo the SOFA. Inveslmenl income is accounted for in the period in sthich Ihe charity is entitled lo ￿1p1. kl Fundlng Accounting Unrestricle(I funds are available to spend on aclivilies that further ary of the purposes ol the charily. Designated funds are unrestricted funds of (he charity which the Iruslees have decided al their discretion lo sel aside to use fora specrfi¢ purpose. Reslricled funds aro donations vhich the donor has specif led are to be solely used for particular areas of the TTUSt's work or for specif ic projects being undertaken by the Trust. In 2021122 £26.542 of funds are dèsignated lorthe malntenancts of the lennis courts and pavilion. There were no reslricled funds in the year. 11 Debtors Trade and other d8blors are recognised al Ihe settlement amount due after any trade discou* offered. Prepayments are valijed al the amount prepaid nel of any trade dlscounls due. ml Cash at bank and In hand Cash at bank and cash in hand includes cash 8nd short tenn highly liquid investments with a short malurily of three months or less f rom the dale of acquisition or openlng of the deposit or sim11ar account. n) Creditors and provisions Credllors and provisions are recognised where the charity has a p￿sent obligalion resulting from a pasl evenl that will probably result in the transfer of funds lo a third party and the amount due to sellle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised at Ihelr settlement amounl after allowing for any trade dlscounls due. o) Legal status of thè Trust The charity 13 a company limited by guaranlee and has no share capital. In the event of the charily being wound up, the liability In respect of the guwanlee is limited lo £1 per member of the charity. p} Flnanclal instruments Th8 tnjst only has f inancial assets and f inancial liabilities of a kind that qU8llfy as basic financi81 instrumenls. Basic financial instruments are inillally re¢ognised al transaction value and subsequently measured al Ihoii seltlemenl value. Page 19

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES {contlnued) ql Acceptance deposlts Acceptance deposits are paid lo the School lo secure a place forlhe child al the SclK)ol. Deposis held fom part of the general funds of the School until the child leaves the School al whlch point th are credited without interest to the flnal payment of the fees or other sums due lo Ihe S¢￿01. The Govemors have reviewed the corbtracl lems L4vJer vthich Pupil fee deposits are held by the School. Although under nom)al circumstances these will be repaid overfulure years when the pupiL complete their education al the School. pupils can leave al eadier dales. The School does not therefore havè an uncondilional right lo r8lain tho individual deposits for al least 12 months after the balance sheet dale and. in line with Ihe wuirements in FRS 102. the balar￿e of Ihe deposits h&J is included within current liabilities. FEE INCOME 2022 2021 Gross tuition fees Tecelvable Less Bursaries. scholarships and discounts 4,142,137 3.668.219 17 STAFF COSTS The average number of people. full and part-lin*, lexcluding the 9ovemors) employ￿ duriThJ the ye was 6212021.. 641. The full lime equivalent of these people was as follows.. 2022 2021 Teachlng staff Adminislralion Domestic Transport 34 Total The cost of the above compromiséd.. 2022 2021 Salaries and wages Social security costs Other penslon costs Other 1,775.429 165,717 374,378 27 1,680,206 152. 109 352,576 187 Total Page 20

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 STAFF COSTS (contlnued) 2022 2021 Aggr￿ale employment benefits paid lo key management personnel lincludirKJ employer's Nll 218,301 217,357 Number of employees whoso emoluments exceed £60,000.. £60,001 - £70,000 £70,001 - £80,0(Xt £80,001 - £90,000 ANALYSIS OF EXPENDITURE Dopreciatlon and loss on disposal Staff Costs 2022 Total Other Charltable Expendlture- School operatlng costs Toaching costs Premises Transport Catering Support costs and govemance 1.774,132 134,715 109,038 310.473 242,785 57,318 314.017 56,270 314,726 17.752 2,140,875 692.226 184.408 314,017 Flnanco Costs: Bart( interest and charges School Operations Support costs and governance Governon 2022 Support staff costs Other support costs Legal & Professional costs TeCh[￿lOgY costs Auditors. r&nunerallon Audit fee Govemors expenses {strategic planniro aNI Irainingl Support slalf IrainSng and expenses Independent Schools Inspection 340,264 117.996 24.771 20,210 15.615 340.264 117,996 24,771 20,210 15,615 5,548 5,548 1,945 1,945 67 Total Page 21

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL ST ATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 COMPARATIVE ANALYSIS OF EXPENDITURE t￿PreCIa110n and loss on 'sposal Staff Costs 2021 Total Olh8r Ch8rilable EXpendilu￿.' Sc1JL￿l 0p6rnlir￿ costs Teacthng cosls PRmAses Trnnsport Cal8ring Siwport cosls and govemance 1,651, 101 736.381 96, 713 216,576 220, 798 46,399 228, 765 15 43,472 321, 604 17.752 1,911,099 678. 773 160,864 228, 765 48 95 46 Fln8nc8 Costs.. Bank Infèresl and Cha￿e$ Finance lease inl8rnsI 7, 708 7, 708 School Operdlions Supwrt costs and govem8nce Govemance 2021 Support staff costs Other support cosfs Legal & Pmf8ssion81 ¢osls TeGhnol(w costs Audi10￿, remuneration Audit fae 325,394 80,599 36,978 16,805 325, 934 80,599 36,978 76, 805 14,4LX) Gov6rnots expenses (slrnlegic planning and training) Staff Ir8ining 8nd expenses Independant SclM)ols InspeclK)n 4,042 4,042 1,569 1,569 Page 22

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 NET INCOMEI{EXPENDITURE} FOR THE YEAR 2022 2021 This is st8led after charging.. Operating lease charges Depreciation of owned tangible fixed assets Auditors remuneration slatLrtory audil 23,154 383,466 17,451 382, T33 15,615 14,4 TANGIBLE ASSETS Freèhold Land and Buildings Asset Under Course of Con5trucllon Furniture and Equipment Vehic1•8 Total Cost: As al 1.9.21 Additions Reclassification Disposals 8.033,117 58,063 55,407 55.407 83,332 155,407} 2LK).377 413.325 27,329 8.702.226 168,724 10 10 As al 31.8.22 33 763 Dèpreciatlon: As a11.9.21 Disposals Charge for year 2,938,624 134,874 332.822 {101,9181 988 3,406.319 {101,918) 383 66 72 As al 31.8.22 Net Book Value: Al 31.8.22 Al 1.9.21 Nota: The Company's polScy in respect of depreclation is d8scribed under Note 2lcl. Page 23

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 DEBTORS 2022 2021 Fee debtors Other (Jeblors and prepayments 1.338,615 209 1. 200,330 CREDITORS.. Amounts falllng duo wlthin one yoar., 2022 2021 Twle credilo Other creditors and accruals Other lax and social security Final leim deposits Fees y￿e1ved in advance and deferred income Bank loan due < 12 months {see Note 201 116.227 116,878 40,743 126,850 1,333,876 130,32T 74,970 40,084 124,050 1,264,440 10. DEFERRED INCOME 2022 2021 Deferred income comprises Michaelmas 22 luilion fees billaj In advance of the start of term on yh September 2022 8alanGe as a11 Seplgmber Amount r2leased to income 88med from operatlng activities Amount deferred in year 1,264.440 11,264,440) 1,076,963 (1,076,963) Balanc8 as al 31 August Page 24

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 11. CREDITORS.. Amounts falling due aftor more than one year: 2022 2021 Bank loan 12. UNRESTRICTED FUNDS: 31 Augusl 2021 kncoming resource8 Resources expended Transfe 31 August 2022 Gener81 Funds 5.050,375 4,262,623 13.871.240) (3.625) 5.438.133 22 Designated furKls ￿17 In 2021122 £26,542 01 furKJs have been designated for the maintenance of the tennis courts aTh pavillon. There were no reslrlcle(5 funds in Ihe year. 13. FINANCIAL INSTRUMENTS 2022 2021 Carrylng amount of flnanclal assets Measured al amortised cost Measured al fair value 2,308.219 1.471.213 Carrying amount of flnanclal liabillties Measured al amortised cost The School's Income. expense. gains 8ThJ losses in respect of flnancial instnjmenls are summarlsed below.. 2022 2021 Interest Income and expense Total interest income for financial as8et5 held al amortlsed cost Total interest expense for financial liabilities held al amortised cosl Included within fln8iKial assets measured al amortlsed cost are cash at bank, trade debtors and other deblots. Included wSlhSn financial liabilities measured al amortised cost are trade credSlors, accnjals, other creditors. deposits held arKI bank loans and overdrafts. Page 25

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2022 14. PENSION COSTS The Company conlribules on 8 defined conlribulion basis lo personal pension plans. Contribulions tolalling £374,378 (2021.. £352,576) were payable lo these funds for the year. There £Nil t1r￿al0 conlribuliorts (2021.. £Nil) at Ihe year eThJ. 1& COPAMITMENTS UNDER OPERATING LEASES 2022 2021 Al 31 August the School had outslandlry commitments for future minimum lease payments Kthich fall due as follovts.. Due wlhln one year Due belween tvk) five years 20.267 17.450 Total 16. CORPORATION TAX The charity is exempl from lax on Income and gains falllng wlhln Secllon 505 of the Taxes Act 1988 or Section 252 of the Taxation of Chargeable G8ins Act 1992 to the exlenl Ihal these are applied lo ils chadlable objects. 17. TRANSACTIONS WITH RELATED PARTIES The Govemors recelved no remunerallon or other beneflls for the year but W8re enlltled to reimbursement of travel and other expenses during the year. Expenses were reimbursed to govemors amounting lo £950 {2021: £3891. The nature of the 2022 8xp8nses V•we reimbursed travel, and leaving gifts for retiring govemors {2021.' leaving gifts). Remuner8llon of key managemwbt petsonnel is detailed in Notè 4. There were no other related party transactlons. Page 26

PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 1785733) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 18. RECONCILIATION OF MOVEMENT IN FUNDS TO NET CASH USED IN OPERATING ACTIVITIES 2022 2021 Nel movgmenl in f U￿lS Adjuslmenls for". Deprgcialion of tangible fixod assels Investment Igainsl losses Loss on disposal of tanglble flxed assets Interest receivable le￿st payable 391,384 173.956 383,466 382. 733 (879) 94 5,282 116) 322 Operating cash flows before movement in capilal Increase in Irade and other debtors Decrease in trade and other creditors IncreasellDecreasel in credllors due after one year 787,439 {144,475) 103,206 562.351 P70.715) 181. 749 Cash generated from operations 19. CAPITAL COMMITMENTS At the year erKI the School was contractually commllleAI lo costs of £15,388.8012021'. £46.1121 20. BANK LOAN DISCLOSURE The School replaced ils previous loan with a new loan In April 2021 ￿th HSBC. This is secured by a legal charge overworthy Park House and the land on the north. wesl and south sides ol Worthy Park House. knlerest is payable al 3.2% over the base rale per annum. Capllal repayments began In Aprfl 2021 with Ihe loan being fully repaid over Ihe lollowrrfJ 60 months. Page 27