Company No. IM785733 Chartty No. 288675 PRINCE'S MEAD SCHOOL TRUST (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 •AF24HVUI* 1510512026 COMPANIÉS HOUSE
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ANNUAL REPORT & FINANCIAL sTATEME[s FOR THE YEAR ENDED 31 AUGUST 2025 CONTENTS Pago Governors. Rewt (inckKling the strateg Report) Statement of Govemors. responsibilities IrKlependent Auditorfs Report 10 Income and Expenditure Slatement 14 Balance Sheet 15 Cash Fltjw Statement 16 Notes to the Financial Statements 17
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 017857331 GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2025 The Board of Govemors present their annual report irKorporating ts Strategic report for the year ended 31 August 2025 under the Companies Act 2006 and the Charities Act 2011. together with the audited financial statements for the year. arKI confirm that the latter comply vdth the requirements of the Cornpanies Act 2006, Ihe Company's MemorarKlum & Articles of Association arKI the Charities SORP FRS102 leffeciive 1 January 2019). REFERENCE & ADMINISTRATIVE INFORMATION Prince's Mead School fprince's Mead? was founded in 1949 was incorporaled as a Charitable company (Prince's Mead School Trust) in 1984. chanty registration number 288675, company registration number 1785733. wilh the lialility of rts members limited lo £1 each by guarantee. The Registered Offe and principal address of tre Company is al Worthy Park House. Kings Worthy. Winchester. S021 1AN. Governors The present Govemors of the Company. who are al the Chty Trustees arKI the Company's directors, are.. Mfs M Renwck Chairman Iresyned 01 January 2025) Mrs J Giddins (forrtY 8ainbrKlge) Mrs G 8aternan (Jned 24 Octoter 2025) Mr T Giddin9s {resyned 7 November 2025) Mr C Gillow Mr C Lowe Chair (appointed as Chair 01 Jan 20251 Mr W Pattisson Miss K Saund (resigned 29 Septerrthr 20251 Mr D Sibson {resvJned 5 November 20251 Mrs K Styls Mr D Robertson lappoinled 24 January 2025) Mr J Scoffin (appointed 18 January 2025. reSned 4 Septerrl>er 2025} Mrs J Shergold Irewgned 30 Seplener 20251 K•y Management Pernonn•l and Professional Advh•rn The Head: Mr. A King Mrs P. Hugh Icurrenty on mrnrty kave) Bursar. Mrs. E Peeb*s Imatemty awerl HSBC Bank 58 Fhgh SlIBe( Wnchester. S023 9BZ Bankers.. dilors.. Crrmt U.IQ LLP. R+ Buihjng. 49&1 Blagra¥e Slr. Readry. RG11A2
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS. REPORT (INCLUOING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2025 STRUCTURE, GOVERNANCE ANO MANAGEIAENT Govefnlng Document The Company is goverred by ts Memorandum arKI Artides of AsSLation. last amended on 21 December 1983 and 13 July 2019 speCtIve1y. Governing Body The Governors. who are also qUired under the Artides to serye as members of the Company. are elected at a fiAI Governors. Meeting. Nominations are made by current Board members and tl Head having tsken due n(Ae of elKJibility. personal competence. SplaliSt skills and local availability. R•cruilment and Training of Governors The School is administered by ts Govemors in accordance ¥wth all current legislalion and Charrty Commission reqU1MentS. Govefnance is as transparent as possible and aims to provide clear policy guidance to allow the Schooi's senior management to operate efficiently and effecttvely. Elected Go¥emors a appointed at a Govemors, PAeeling the basis of nominalions ceiVed from existing Govemors and after an initial familiansation visrt to the School. On appointment new Governors receive a pack of infomiation covering their role and all relevant policy documents. They also undertake a lurther Inducti( visit and attend a course on govemance. Transfor of Assets and Lialxlities to King EdtArd Vl School. Southamplon on 1 September 2025 On the 15tSeptember 2025, PrirKe's Mead School nwed wth King Edward Vl School. Southampton (Charty number 108803Q) and the merger takes the fom of a transfer of assets and liabilities (heInafter referred to as merger). Since 1 It September 2025. Prince's Mead School Trust has been dormant and the resuts of Prince's Mead School will now be included in the financial statements of Kin9 Ethlard Vl School, Southampton. Oryanisational Management Up to the dale of the merger. Ihe School Govemors. as the Trustees of the Charity. were legally responsible for the overall management and control of the School induding al regulatory compliance. The Goveming Body set and approved strategic direction arffl policy and met frjur times each year and additionally as required. The Goveming Body monrtored the work of the School's leadership and managemenl teams through its meetings. committees and through formal and informal visits to the School. The day-to4ay running of the school was (gated to the Headmaster and 8ursar. as the key rnanagement personnel. who in tum are supported by their SenHJr Leadership Team. Headma$ler and the Bursar attended all meets.ngs of the GovernirNJ Body's sub<ommittees. The remunerth'on of key management personnel was set by the Board. with the poli objective of providing appropnate incentives to encourage enhanced perfomance arwJ of warding them fairly and SponSIblY for their individual contributions to the School'5 succe55. Delivery of the School's charrtable vision and purpose is wimarily dendent on our key management personnel. The approFKiateness of mUneratIon levels was revmved annualty within the IxJtytirKJ process, uding reference to comparisons other indeFendent $ch¢Jols and the annual IAPS Salary Survey, to ensure that the School remains sensitbve to the Ixoader issues of pay arKI employment condth'ons elsewhere, and affordabilty. Academic matters were brougPI to the attention of the Govemors through the Education Committee and the Headmasterfs pOrt.
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS. REPORT {INCLUDING THE STRATEGIC REPORn FOR THE YEAR ENDED 31 AUGUST 2025 Rèlated and Connectsd Partleg The School is a mefflber ol a number of irKluslry aSsoats.0ns induding ISBA. AGBIS and ISC and operates under the cofflpliance framerk Fyovided by ISI. The Headmaster is a member of the Independent Association of Preparatory Schools (IAPS) thich exists for the womotion and maintenance of preparalory school standards. Prince's Mead co-operates with many local thanties in on-goin9 endeavours to widen public access to the schooling provided. to optimise the educab.onal use of the cultural and sporting facililies and lo awaken in the pupils an awareness of the social contexl of the education they receive at the School. pr$e'S Mead also beneffts fr(Kn the generosity of a thrivin9 parents, association, Prince's Mead Association (PMA) Risk Management Up to Ihe date of rnerger. the Board continued to keep ts School's activrties under review, particularly with regard lo any major risks that may arise from time lo lime as V11 as the systems and procedures established to manage them. In addition, the Board was particularfy mindful of its responsibilrty for regulatory compliance. 11 monitored tr effecliveness of Ihe system of internal controls and other wable means, induding insurance cover Whe aryopriale, by vknich those risks already identified can best be mrtigated. The Board actively a55essed matters such as proposed hanges to the taxalion gIme in which the Trust operates. taking ad¥th where apprOlate and planning accordingly. OBJECTS, AIMS. OBJECTIVES AND PRINCIPAL AcnvffiES The Object of the Company, in aGcordance with its Memorandum of Association, is to Fwomote and provide for the advancement of education of children in the Uniled Kingdom and elsewhere. In furtherance of this Object the Govemors, as the Charity Trustees. have complied with the duty s.4 of the Charities Act 2006 to have due gard to the Charity Cornmission'5 published 9eneral and relevant suSector guidance conceming the operation of the pU1C Benefit requirement under that Act. Up to the date of the merger, the charitable objects were achieved through the oyalion of prin.$ Mead School. Following the merger the charty became donnant. Objectlves lor the Year The Board's main objective continued to be to ensure the education of all the School's pupils so that they will be fully able lo benefft from their chosen senior school for the corn.0n of their education in due course. The Board's strategy for achievin9 this is to set hvjh teaching standards and tailor rts Ca and turtion as apyopriate in each case to suit indmdual rds. In addition. the Board have. in parallel. worked to ensure the School is in a finanGially rO5t W551ion as the sector na¥ateS the continuing economic conditions and FYOFosed charges to the tax regime. Prlncipal A¢tivity Up to the date of mefger. Prince's Mead's principal acti¥ty was the provision of education as a Day School for 3- 11-year•old girts and boys. Since date the ¢harity has become domant.
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS. REPORT (INCLUDING THE STRATEGIC REPORn FOR THE YEAR ENDED 31 AUGUST 2025 Volunleors The Prince's Mead Asswall IPMA) helped wth the School's fundraising ar cuftural activities to the extent of rn0 than 1,000 houis of voluntary ser¥ice during the year. aThJ the Board would like to take this opportunity to say how much rt appreciates their valuable 5UPFQrt for the ScPKJol's work. OUR PURPOSE AIMS AND POLICIES For the year ended 31 August 2025 and prior to the mwger. our purposo, aims and policies related to the operatlon of prin.5 Mead khool. PURPOSE To enable every child to flourish in a stimulating. nurturing environmenl wtrere they will develop lifelong love of leaming. a curi051ty atrA)Ut the world they live in and a desi to make their own contribution to it. AIMS To provKle a broad, bolanGed arKI sts"mulatirYJ rarnje of leamiThJ opportunities inside and outside the classrotjn To encourage pupils to foster an intelledual Curiosty and a lifek)ng love of leaming To nurture Indendent. courageous pupils who will use their talents. be ambitious. and rise to future opportunities To create responsible otizens who understand the value of mutual respect To prepare pupils academically. soGially. physically. digitally and eMOtiallY for the future INes in an eyer-changing wodd To enable pupils to embrace lrfe wilh happiness, ¢onfiden¢e and resilience Our School is committed to safeguarding arKI womotiry Ihe wellare of our pupils and expects all staff and volunteers to Sha this ccmnitment. Our School welcomes wpils from all backgrourKls. V¥hen consthring a prospecti¥e pupil, we need to be satisfied that our Schod will be able lo educate and develop a prospective pupil to the best of Iheir potential and in line wrth the general standards achieved by thwr peers. Entrance interviews and assessments are undertaken to satisfy outsew and parents Ihal p)tenlial pukThls can cope with the pace of leaming and benefft from the education that the School wovides. An individual's economic slatus, gender, ethnicity, raGe, religion or disakn'lity do not fom part of our assessment process. We are an eqL1 0ppnrtY organisats'on and are committed to a WOn9 environment that is free from any form of discrimination on grourKts of colour, raGe. ethnicty. religion. sex. sexual orientation or disabilrty. Vve wll make a$able adjustments to meet reeds of staff or pupils who are or become disabled. Parents are given regLAar infornation about their children's social and academic progress through parent evenings in addition to the traditional end of tem and year reports_ We maintain regular ontact with pantS throughoui the year thrwgh infomial contacts ¥KI tPffjugh our weekly newsletter. Our Policies: Access policy It15 important to us that ac$$ to the educalion VR offer is not wtricted to those who can afford our fees. We believe our puyls benefrt from leaming within a diverse community. Agreal deal of leaming occurs through social interaction. conversation and shared experiences which helps our pupils develop an underslanding of the perspectNes of other peOe that will tr vital in Iheir adult li¥es.
PRINCE'S MEAD SCHOOL TRUST (COIAPANY NO 01785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDEO 31 AUGUST 2025 OUR PURPOS4 AIMS AND POUCIES (CONTINUED) 8ursary policy The Govemors wew our bursary ?ardS as important in helpiThJ to ensure children from farnilies who would otherwise not be able to afford the fees can access the educats.on we offer. Our bursary awards are available to those who meet our general entry requ1mentS and are made solely the basis of parental means or to relEve hardship where a pupil's educalK)n arKI future kyospects would otherwise be at risk. for example in the case of redundancy. In assessing means we take a number of factors into consKleratrJn including family income, irwestments, savings and family arcumstances. for example dependant relatives and the number of siblings. However. our School doe5 not have a large endowment and in funding our awards we have to be mindful that must ensure a balance belvfftn f*paying pafenls, many of vthom make considerable personal sacrifices to fund their child'5 education. and those benefftirwJ from the award$. We also have a hardship fund that supplements bursary awards to pay for co<urricular activit$. equipment and schwl trips. InformatK)n about fee assistance through bursarie5 is provided to all applying to the School. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Achievements and Perfommnce of the School Year 6 have perfomed very well in their independent senior school entrance assessments this year. Many were offered places to their first-choice schools with a 100% success rate achieved at most senior schools. This has also been a bumper year for scholarships. Our Year6 pupils have achieved an outslarKling 24 scholarships" the hhest number in the school's history. This remarkable achievement refiecls the hard work, dedication. and lalent of our pupils. as well as the unwavering support and exFertise of our dedicated teaching stsff. Among these scholarships. an impressive 10 were awarded for academic excellence, a testsment to the strength of the curriculum and intellectual curiosity fostered at Prince's Mead. The scholarships, spanning academic. sport. performing arts. and art, were granted by some of the country's most respected senior schools. further highlighting the exceptional slarKlards at Prince's Mead. The Govemors recognise the importance of the quality of the School staff and they remain focused on providing a workn'ng environment vthich recognises the Value placed on staff and their Gontribution indiwdually and as a team. commensurate with the market in which they operate. The breadth and quality of swrt. the arts and musc across the sthool has conknued to be impressive with awards al regional and irKINidual level for most year groups. A culture of embraong and celebrating participation in all areas of school life has ieen exhibited by all pupils. We have also picked up several awards this year,. our pupl Ec(FCornmttlee has been successful for the secornl year running and have been awarded an Ectrschools Green Flag Award with Distinction and our Pre-Prep department was a finalist in the prestigious Independent School of Ihe Year Awards. The Go¥emors continue to place the highest 1mpNtsn on the pastoral Gare of pupils. The School conlinues to review and adapt the framework for pastoral care lo rthGt the changing social environment that pupils now experience from a young age. and the School conts'nues to invest in processe5 to support this including the monrtoring framework.
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS. REPORT (INCLUDING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2025 REVIEVI OF ACHIEVEIAENTS AND PERFORIAANCE FOR THE YEAR (CONTINUED) Publlc Benefit We have referred to the advice contained in the Charity Commission's general guidance pulJic benefit when reviewing our aims and objedions this year. The School provided bursaries for pupils of panIS in financial hardship or thanging circumstances, the Governors believe that this ongoing support is consislent Mlh the aims and objectives of the Charity. The School has supported a number of charities within Ihe community as well as further afield. These aclivities not only benefit the community tyjt also heighten our pupils, social awareness and understanding of the value of acts of kindness to support those Vh are less fortunate. The school is also able to provide charitable transport solutions Wthin the communty afKI regularly supported lorAI chanties and communty groups. FINANCIAL REVIEW AND RESULTS FOR THE YEAR This yearfs accounts show a surplus of £726,371, after deprerjation of £334,165 12023r24'. £255.750 surplus after £336.539 deprecJationl- The School registered for VAT purposes during this financial year, following the introduction of VAT on Independent School Fees in January 2025 this had a significant negative impact on the financial sUIts. Prince's Mead enjoyed a strong financial performance desplte the introduclion of VAT on fees thanks to hh pupil numbers. which were in place prior to the announcement of VAT. The school continues to invest in ils catal experKliture programme without borrowing or debl. It 15 important that Ihe School strives to make a reasonable level of surplus in order to finance the Onoing capital expenditure needed to upgrade th¢ School's facl1rtS arKI keep pace with vthat is exwcted of it as premier educational establishment. During the year it was the Govemors. polw lo maintain Iw4UKI reserves that will pem)rt them to maintain and develop the School's facilities for the wrpose of meeting its charitable objectives. To that end. the Govemors sought to ensure that the *ere sufFicient IU1 reserves to afford reasonable woteclion to the school in the context of current arKI anticipated commithients arKI exposure to extemal and1 internal risks. Al 31 August 2025 Prince's Mead held unrestricted fijnds of £6.744.732, of which £32.548 has been designated by the Govemors for the tennis court and pavilion maintenance. At the date of the merger the sthools, free reserves were £6,712,184, repre5efrting apFYoxirnately 18 months of Ihe school's core operatin9 expenditure.
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS, REPORT (INCLUDING THE STRATEGIC REPORTI FOR THE YEAR ENDED 31 AUGUST 2025 KEY PERFORMANCE INDICATORS Tuition fee income generation amounted to £4,79),644 (2023r24. £4.617,744) Average actual pupil numbers ftjr the academic year were 288. Tuition fee income accounted for 91% of total income {2023124.' 92%) whith was £S,266,654 {2022123'. £5.003.4461. To provide the education and supp(Kl needed to achieve the key objectives of the Trust. £2.773,164 (2023124.. £2,793,015) was paid in salaries (induding Employers. Nl and Pension Contributions). This accounts for 58'A of Ihe fee income12024123. 60%) and 53% oftotal income12023124. 56%). The trustees agreed a whole staff salary inGrease of 4% (2023124-. 4%}. The schools. pupiustafl ratio was 11.012023124.. 10.0). PRINCIPAL RISKS AND UNCERTAINTIES The significant risks to which the School was exposed during the year lell into two categories.. risks which were lafgely outside Ihe control of the School risks that wefe largety ithin the operational control of the School. The main risk to the Schod was the same as lo the independent sthool sector. being a potential fall in pupil numbers resulting from a reduction in affordability ol private eduGation due to the economic and political Climate within the UK and Changes to the lax regime which may increase the Schools cost base. and raise the cosl offees vthich a paid. The management ofthis risK which feature on the School's Risk Register. is aclively reviewed by the trArd on a monthly basis. Approaches lo mitigate the risk and spond to it were discussed and implemented quickly and effiaenlly, takry professional advice where requid. The importance of managing Health and Safety risk proacts'vely and continually was critical. These risks range from fire and infrastructure to personal risks. including Ihe risks associated with trips and expeditions. Risks aSSOLaated with the wide range of aclivities provided by the school were minimised by thorough planning and risk assessment. FUTURE PLANS Following the merger with King Edward V1 School, Southamplon on 1 September 2025, Prin'S Mead School Trust is now a domanl company. The go¥emors will seek to wind up the company within period not exceeding 12 months. STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUOITOR The Govemors who in office on the date of approval of these finanaal slatements have confimled. as far a5 they are aware. that there is no levant audit infomialion of which the auditor is unaware. Each of the Govemors have confimied th they have taken all Ihe steps that they ought lo have taken a$ Govemors in order to make themselves aware of any relevant audit information and to establish that il has been communicated to the auditor. The Govemors, report is approved by the Board of Govemors and the Strategic rewrt (included Iherein) 1$ approved by the Board of Govemorn m their capaaty as the directors at its meetiThJ on 26 November 2025 and signed on its behalf by.. Mr C Lovm- Chalr
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) GOVERNORS, REPORT ONCLUOING THE STRATEGIC REPORD FOR THE YEAR ENDED 31 AUGUST 2025 The Govemors (who a also d1ClOrS of Pnnce'5 Mead Sthool Trust lor the purposes of company law) are responsible for ppanra the Govemorfs Annual Report and ts finanaal slalements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Ac¢ounting Practice). Company law requwes the trustees to ppare finawal statements ts eaGh financial year which give a true and fair View of the state of affairs of charitable company and of the incoming resources and applic*ion of resou1. Inc11[vj the income and expendrtufe, of the charitable company for Ihal period In preparing the accounts the Govem(xs are required to.. select suitable accounting policies and then appty tlvn consistently,. observe the methods arKI principles in the Charrties SORP.. make judgements and estimates that are reasonable and wdent; slate whether applicable UK accounting Standards have been followed, subject to any malerial departures discl¢)sed and explained the accounts., and ppare the arxounts going concem b$ unless rfl is inaFpropriate to assume that the Charitab Company will continue in bUness. The Govemors are fesponsible for keeping proper accounting reccKds which disclose, with reasonable accuracy, the financial posrtion of the tharitable Company at any time. and to enable them to ensure that Ihe accounts comply wrth the Companies Act 2LTh. They are also spOnSible for safeguarding the charitable Company's corporate assets and those of its trust funds and ensuring their proper application in accordan with charity law, and hence for taking reasonab sleps for the rffevention and detection of error, fraud or other irwulanties.
A Crowe
Crlme V.K LlP
R+ 8uibdir
2 BlwHv¢Slr¢eL
Rudir
B¢¢shM¢ RGI IAZ. UK
Tcl 44101118959 7222
Fu+44101118958 4640
INDEPENDENT AUOITORS. REPORT TO THE MEMBERS OF
PRINCE'S MEAD SCHOOL TRUST
Op•nion
We have audited the financial statenwts of InCe.$ Me•J SthJd Twst for Ihe year ended 31 August
2025 whith comprise the Stslement of Finanaal Activit. the Balance Sherf the Cash Flow Statement
and rteS lo the financial Stateffts. induding a sumffAry 0fsnant accountin9 poloes. The financial
rewrb'ng framework that has been appl in their preparnTh is appluble law and United Kingdom
Accounting Standards, including Financid Reporb"ng Standard 11f2 The Financial Rewrb"ng Stsndard
applicable in the UK and Republic of Ireknd (Unrted Krydom Gwwralty fvuepted Aclxuntsng Pr¥tsce}.
In our opinw the financial statements."
grie a true and tdir vie of the stste of the charrtable c
A Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINCE'S MEAD SCHOOL TRUST Oth•r InfonNlion The trustees are responsil)le f(Y the ott The other lf7frxrnati (x)mprises Ihe information induded in the annual repor( other than the ffinancrdl slatements arnl our dI10S rewi thergon. O opinion on the finanoal slatennts does notcoverthe other infom)abon and, eXp1 lo the extent otherwise ewiciuy stated in our reprt we do exFYess any fomi of aSranCe conclusion thereon. In ¢onne¢tr'on with Our audit of fmncd statefflts. respmsibilty 1$ io read the other infomwlion and. in dtyng so. consider ther th other information is materialfy incy)nsistent with the financial ststements ¢X our kn¢edge obta.ned in the aKIit or olheptse aprars to be materialty misstated. If we identfy such rroteftal inc$¢ or apprt material Thx5Statements, we are required to detemune whether there is a material n¥sstatennt in Ihe finanval slaknnts or a matenal mi5slatementofthe oltr informatton. If, based C the work we have rfornd. we oyKlude lh tre a material mls5latnent of this other infomHIK>n, we are required to reKXYt that have nothing to report in this regard. Oplnlon• on oth•r mattern pre¥crlbed ty the Compan1•• Act 21Xb6 In our apinicn based on the Thvrk Underta in cow5e of our•drt the inallOn 9r•en in the tru5tees' port whrh includes Ihe directNs' POrt and the strdle9iC report prepaRd for the purkx)ses of cx)mpany law. for ffnancial year for whith the finanrAal statements are pwared CA)nsistenl with the fiCial statenwts.. and .. the strategicfeiKxtand thedK¥is, rewtindudedwithinthetfustees. reporthave been prepared In aCrdar wth appltcabfe gal reW1mts. M•tt•rn on vknl¢h w• av• vequimd to report by •x¢eplion I1htaflhe undw5taryJing oftsgruup and the charrtthrmyany aKI their erv4irryThent obtained in the D)urse olthe atKlit. VR have rt identsrj matwHI Mlaternts in Ihe strabJK rewrt or the direc1ry5' rewrt included within the trustees, report. l•lÈ have n¢)thing to repjrt in pect of the lollLwing makn in to whth Ihe Companies Act 2DX requires us k) pOrt to you il. in ow owiw: the chanty has kept adequate accwnbrvj recots.. or the cl)arity finrtial stateffwts a Th>t in with the antirj rec(Yds and retums.. or we have not receNed al the ifmlN)n enallts we require lor our a111. Re8pon81blNII•8 ol the Gov•rnorn explain more fijlty in the Slatemenl of Govern. Respcwbilib"es set tyjt on page 9, the Govemors (wh¢ a atso ts dwecofS ol the Charitab Company for the VF4)ses of compary lawl are responsible ft>r the pTrparalion of the finartial slateffnts and foi being sth"sfied that they give ¥ true and fair view. and for Sh internal eontrol as the trustees deiermY is necessary to enabbe the pTeparatiM of firwKial slatements that free fr¢)m material misstate[ whelher due to fraud cff error. 10
A Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINCE'S MEAD SCHOOL TRUST In preparww ts financia slatements. the tnjstees are re$Sible lor assessing the grcyjp's or the charrtable ¢¢mpany's ability to continue as a gary concan. discbsing. as applble. mattets related to going concern arKI the going concem of aciwnb"rwJ unless Ihe lJu$tees erther tend to Ikiukyate the ch8rrtobl• company or to cease Operaln$, (x have no reali5tK allernalNe bul lo do so. Auditor'• resp¢JnsllJilws fr>rthe audlt of the Ilnanclal stat•ments Our o14"ectives are to oblan reagonable assuran about Whethertr financ1 Statenwits as a Who are free from material misststement, whether due to lrnud or error, aNI to iu8 an auditorfs report thal includes our opinn. Reasonable a55urance 15 a htgh level of assur3r, bul rs not a guarantee thal an audit cAdUcted in accordance with ISAS {UK) will aayS detecl a rrHlwHI miss1enl when it e$ts. Misstatements can arise from fraud or error and are considered malerial rf. ¢ndi¥Jualty in the aggregate. they could reasonab be expected to inffluence the econom dectsions of usets taken on the basts of these ffinanoal statements. A fiJrther desCrIptK of our SpSibIliti.es for the audit of the financial StateThts is located on Ihe Financial Rew)rting Coun>l's website ". ibilits This descrptson forn part of our auditorfs report Extant to vthich th• ludll comldernd c•pth of detsctlng rngularflg. Includlng fr•ud IrgUlarities, induding fraud. S inlan of non<omplAnca with kn and rBgulab)n$. identrfied and assessed the risks of mrial mtsslennt ofthe ffinanck statenwts frcrfn YTegularits. whettw due to fraud or error. and discussed these betsveen our audrt team fflern. We then dgned and perftymed audit procedures responsive to those risks. Id9 obtainin9 audr( een suftnt and appropriate lo a basis for our opinton. We obtained an undetslanding of the legal and regulaiory frrPrS rythin which the tharilabte company operates. fUsing on those la and regulalions that have a di1 effect C the determination of material aThuints and disclosures in the financAI staterrnts. The law5 and regulati( we ConsKIed in this conleMI re the Companies A¢t 20C6. CharitEs Act 2011 together with the Chanlu SORP IFRS 102}. assessed the required compliance with these and regub.OnS as partof our audit VC¥dureS on the related financial In addition, we g)nSh1ed pmvisws of other laws and regulations IIHt do not have a direct effe¢1 on the financial ststemnts but compliance with whth rright be fundameth to the charrtable compary's ability to operate or to avoid a maten'al penamy. also (xmsidered the opp(wtuniis inwittves that may exist thin Ihe ¢hartsbie company for fraud. The gatest risk of matefial irrpacl cn the financial slatements is from irregularities. irduding fraud. tri be within the overrXe of controts by nwwement. Our audit wwaures to to these risks in¢ltJed enquiries of managemenl arwj the Go¥emcx5 atwjul Ihr ¢ywn identsficalK)n and assesswnt of the risks of irregulafities, sample tesb.ng on w)sbng of ioumals. revewiThJ ¥Jx)unting ests'mates lor biases, reviewing regulatory correspondence with Ihe Chanty CommissKm. Indq)endent Schools InsF¢thrale, and reading inutes of netirKJs of those ch¥ged wrth go¥eman¢e 12
A Crowe INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PRINCE'S MEAD SCHOOL TRUST Owin9 to the inherent limitations of an audit, there 15 an unavoidable nsk that we may not havedelecled some material misstslements in the financial statements. even Ihough we ha¥e properly planned and performed our audit in accordance auditing stsndards. For example. the further removed non<0mlanCe with laws and regulations Iirregularilie$l is from the events and transath.ons flected in the ffinancial statements, the less likely the inherenyy limited procedure$ required ty auditing slandards¥nuhY identify it. In addition, as with any audit, the remained a higher risk of noTr4etectK)n of irregLtlarib"es. as these may involve collusion. forgery. intentional omissions. misrepsenlabon$, or the override of inlemal controls. We are not re5p)nsibie for preventing n(M-CowlIanee and cannot be expecleo to detect non-compliance with all laws and reguL4lions. Use of our report This report is made solety to the charitatAe company's merrthts, as a t<ly. In aecordance with Chapter 3 01 Part 16 oflhe Companies Ac12006 OuraLKlittpKrk ha5 been undertaken so thatwe might state to the ¢harilable company's members those matters we are required to stale to them in an auditor's retort and for no olhef purp)se. To the fullest exlenl permitted by la, we fyJ nol accept orassume resp)nsits'lity to anyoneother Ihan the charitable company and the charitable company's members as a body. for our audrt worK for this report, or for the opinions we have lom)ed. Aastair Lyon Senior Statutory Auditor For and on behaw of Crowe U.K. LLP Slalulory Auditor Reading R+ Building 2 Blagrave Street Reading Berkshi RG1 1AZ Dale.. 15 April 2026 13
PRINCE'S MEAD SCHOOL TRUST (COIAPANY NO 01785733) STATEIAENT OF FINANCIAL ACTIVITIES (INCORF>ORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025 Unrnltrictsd Funds 2025 2024 Income from: Charitable actlvlfjes School Fees Other edLanaj income 21d1&3 4,790,644 4.617, 744 361.506 331,444 Omatlons 15,714 2,690 Bank IDtereÈl R•uivab TOTAL INCOME EXPENDITURE ON: Charitatsl• acti¥ilie5 School operating costs 4.537.760 4, 746.049 R•l¥lng Funds School financry costs TOTAL EXPENDITURE 6&7 4 74T696 NET INCOME 726,371 255, 750 Funds brought forward at 1 September 5 994 592 5 738 842 Funds uwrled lovwanl at 31 August 6 720 963 5 994 592 The notes pages 17 kn 28 knn part of these accounts 14
PRINCE'S MEAD SCHOOL TRUST (COhlPANY NUMBER 01785733) BALANCE SHEET FOR THE YEAR ENDED31 AUGUST2025 2025 2024 FIXED ASSETS: Tangible assets -4 111266 4461,T13 4, 711.266 CURRENT ASSETS: Oebt Cash al bank arml in hand 1.522.607 - 2 47.9 746. 915,351 3 931 220 --4 846 571. CREDITORS: Amnts fall¥ due wlhin one year 10 1743 163 NET CURRENT ASSETSI(LIA81LITIES} 2259 190 1.283 326 TOTAL ASSETS LESS CURRENT LIABILITIES 6.720.963 5.994.592 NET ASSETS THE FUNDS OF THE CHARITY: Designated fvnds Unreslricled turvjs 12 32.548 .66884JS. 32,548 -5 962 044 TOTAL CHARITY FUNDS The financial statmnls We approved authl$ed for tssue by the Board on and sJd its behf.' 26 November 2025 The notes on pages 17 to 28 form part of Ihese frwKial staleffenls 15
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 CASH FLOWS FROM OPERATING ACTlVtfiES Cash generated frcffi oFeralions 11A68.372) 2.901.003 Inte1 pavj CASH FROM OPERATING ACTNITIES 11h6B,372) 2.901.003 CASH FLOWS FROM INVESTING ACTIVITIES Interest received Purchase of langit4e fixed assets Prctteds frrrn sale of fixed assets 98.790 192.2731 51,568 (106.812) CASH FROW IUSEO INI INVESTING ACTlVtriES 16.898 (55.244) Increase Idlxreasel in cash and cash equNalents in the year 1451474 Cash and cash equivalwts at the beginning of the year 1085 461 TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 2 479 746 ANALYSIS OF MOVEMENT IN NEf DEBT At 01109r24 C•shfl¢)w At 31108r25 Cash at bank ar¥J li hwKI ClosiThJ (net debtycash 16
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 The Sch1.$ prirupal aciNty in the penod under rev was the provision of prep sthool education. The charity. a company limited ty gu8ranleelregisted number 1785733 and charity number 2886751. is irLorwrated and domvled In the The address of the registered office s )rthY Park House. lQngs Worthy, WnclRster. Hampshi S021 1AN ACCOUNTING POLICIES a} Basls of Preparatlon The financial ststemenls have been wepared in a¢¢ordan¢e with Accounting and Reporting by Charities.. Staterrenl of RecQmnnded Pracb"ce applKabk to tharibes prepanng their accounts in 8ccordance wth the Financial Reporting Stsndard applicable in the UK and RepubliG of Ireland (FRS 102 - (Charities SORP {FRS 102)). the Finanoal Reporting Standard applKat4e in the UK Republ of Irdand IFRS 1021 and the Companies fv£t 2006. PrirKe's Mead SLhool Tst meets the definitft of a benefft enkn.ty under FRS 102. Assels and liabilities are inib'alty recognised * historKal cost ortransx)n value unless otherwise stated in the rdevant accounting policy 1$). bl Going Concem: Pnnce's Mead School Trust executed a full Transfer Agement wf¢h King Edward Vl School on 1d Sept 2025. Therefofe, from 1X Sept 2025 Prince's Mead School Trust ceased ts acts'vity as a hool. and the financial ststements have been prepad on a basis other than going concern. These changes have not influenced the trust's policies conceming the recognition, measuremen( or presentation of the accounb.ng pos. Up)n ioiniry 'n9 Edward M Sch¢)ol, the Governors transferred the school$. assets and liatx"lrts, and rt s the view of the Govemors that it will F4)ssible to dose down the currenl Trust within the next 12 months. c) T•ngibh Fix•d As$ets The Company poIY 15 to captsh'se items wrth a c)st inexcess of£1.000 from the date of purchase. The lollowing is the depKeciathon polry in pect of the calegones of tangible assets listed in Note Worthy Park House and DepreciatK)n has been provKled on a slraNJht-line basis of 3 33% on the Coach House: the original cost of the buildings, so that the buiklings will be written oll over a period notgreater Ihan 30 years. Improvements are written aff over a 10-year Fenod. Sports Hall: Oeprecotion has been pn)¥ed on a straighl-line basis of 5% on cost Freehold Land: Land is nol detffeciated. lotor Vehlcles: OeweciatK*n of new vehths has been pro¥e on a straight-line b"$ of 12% over the u5elul life of the yehe to a sIdUal value of £S.000. ad sewnd.hand vehths ale de&Yeciate(l al 25% per annum a strawJh14ine ba5B. Furnlturn & Equlprnent: Depre)alK is beiry prOved at 25% per annum on a Straight-ne IT harthv•re: Dewetsatron 1$ at 33113% per annum on a straight-h'ne basis. 17
PRINCE'.S MEAD SCHOOL TRUST ICOMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENOEO 31 AUGUST 2025 2. ACCOUNTING POLICIES (¢ontinuedl d) F•• Inwn• This cornprises fees receivable for PUPHls' tuition and extra charges. Fees receNable are Staled after deducting allowance5 and ScholahIps granted ty the schod. Fee5 receNed for edtiOn to be provided in f14ture years are carried forwaryl as deferred Incon felea5ed io inc(e in the period to whth the educatw is gbven. •) NoD•• IrKorn• This comprises incorre derived from then hwe of IlItIes. donatws and intere51 receNed. Hire income is recognise(l uwn provision of hire to Ihe user. Oonats"on5 are recogni5ed on a recerrfable basis when the amcwnt can be reliabty measured. Interest received is recognised on a h'rne- apportned basis. n Expendhur• ExFenditure 15 induded on an accwals basis and 15 summartsed under functwal headings direct cost basis. Charitable aclivits comprise the scho operab.lvd costs., educatpjnal aids, catering. salary. premises. adminkstratmin and Costs. Govemance costs wnprise the costs of Nnning Ihe charty, including strategic pknning for its future development, also aLK%It. legal ad¥ice and all the costs ofcomptying with statutory requirements. Cost of raising funds comprises bankn'ng and inierest charges. g) Pension S¢h•m•8 The School operates a defined Contribut 9rtyJp personal pension scheff for all staff Royal Lon¢Jon. For aulo enrolment wrposes the School uses the Royal Lormlon pension scheme. h) OpèAting Lea8 Rental$ payable under operats'ng leases are charged in the Stalewent of Financial ActNits on a stravJht-line bass over lèase terni. 18
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 2. ACCOUNTING POLICIES qGontinu•d) l) Fundlng Accountlng Unrestricted funds afe available lo spend ¢)n activit thal fvrther any of the purpjses of the chaTIty. Des3naled fvnds are unrestrtted lunds of the charity whth the Irustees have deckJed at their discretion to set asKle lo use for a Spets RestrKled funds are donations which the dor4)r has speofied are to be solely used for parb"cular areas of the Trusf5 or for specific projects being undertaken by Ihe Twst. In 2024r25 £32.548 of fiJnd5 are desnatl for the maintenance of the tennts courts aNI pa¥1&(. There were no restted funds in the yw. 11 Oebtors Trade and other debtors are recognised al Ihe settlement anI due after any trade th'scount offered. Prepayments we valued al the annt Prepa of any trade dLLwnts due. kl Cash al bank and In h•nd Cash al bank and cash in hand indudes cash and Short term hryjhty IiquKI investments with a short maturity of Ihree ffnths or I$ from the date of acquiSitn or openirwJ of the deposit or similar account. 11 Cr•ditors and provisions Creditors and provi5ion5 are recognised There the chanty has a present oblKJation resulting from a past event that will probabty resutt in the transfer of funds lo a third paty and the amount due to setue the oblfjabon Can be measured or estimated re1bfy. Credrtors and ProvinS are nomwl recognised al Iheir settlerrenl amount after alk7Mng for any trade discounts due. ml L•gal statu$ of th• TnMt The ¢hanty is a ¢JJnpany limrted by guarantee and has no sh¥e captsl. In the event of the thaTIty being wound up. the lhqtx.lty in resKCt of the guarantee Is limrted to £1 per member of the charity. nl Financial instruments The Irusl only has fina141 assets and financ&g1 lkqbiltts.es of a kind that qualfy as basic finanaal inslrumenl5. Basic fi"nanaal instrUnts are inth.alty recognised at tsansactic vahR and subsequenlly measured at Ihwr Selller value. 19
PRINCE'S hlEAO SCHOOL TRUST (COMPANY NO 01785733 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 2. ACCOUNTING POLICIES (continued) o) Acceptance depo•6ts eptance dewsls are pad lo the sChC to Secure a place forthe ch"Id at the Scho)l. Dep)sits hekj fom part of the general funds of the SchrJJ unlil the thikl leaves the Schwl al whKh Fliinl they are Credited without interest to Ihe final paYThl of the fees or other sums ce to the SclwJol. TheGovemors have ¥lertd IhecJ)ntracl iermsundert*htch Pupil fee detpJwts are held by the School. Although under norn1 circurnstsnces these will be repaKI over lulure year5 when the puy15 complete their educabon at the Schcyjl. WFxls can leave al earlw dates. The Sch dces not therefore have an unconditional right to relain the individud depJsi15 for at least 12 rfonlhs after the balance sheet date and, irb line wilh the feqLufennts in FRS 102, the balance ofthe detwts held is included within oJrrent liabilities. FEE INCOME 2025 2024 Gr05s luitK>n fees receNable Less Bursa5, xholarships and discounts 4,975.085 441 4.830.006 212 262 OTHER EOUCATIONAL INCOIAE 2025 2024 Extra curricular incoff Other ancillary puwl incorne Other inojme 260,242 57.703 274. 724 27.932 20
PRINCE'S MEAD SCHOOL TRUST (COhlPANY NO 01785733) NOTES TO THE FINANCIAL STATEIAENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 STAFF COSTS The a¥erwJe numberd pp, full and part.tirrt. {exdirnJ Ihe emthed dIng the year was 7012024.. 731 The M time gwNant ofllw a5 foll 2024 Teaching slaff Administrat)on Domes Transp)rt 42 44 Total The rnst of the above comwomised: 2025 2024 Salaries and wes Social security costs Other pension costs Other 2.11&909 218,602 408.665 2, 160.674 204,254 399. T71 Total ReduThlancy payffnts lotalling £6.269 were made to 2 slaff Thrnbe during Ihe year folknving a structuring of the school ministrative funcb'ons. 202S 2024 A99gate emptoyTrRnt benefits paKI to management personnel (including employerfs Nll 281,123 255.664 Nurnber of empknyees Wse emoluments exceed £60.0th)." £60.001- £70.tJX) £70,W1- È80,1MI £80,001- É9).0 £.001 - £100.CKM) £100,CK)1- £110.0(M) £110.(K11 - £120,fXW) £120,001- £130.C £130.C#XI- £140.LI)O 21
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 0178S7331 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 ANALYSIS OF EXPENDITURE Depreclation •fbd loss on dispo8•1 St•ff 2025 Totsl Charhable Expendltsrn: School operatlng costs Teaching ¢osts Premises Transport Cateriry Supp(xt costs and govemance 2.094.279 140.304 107.728 399,353 348.245 93,350 371,231 218 252 1 430 431 50,324 283.841 2.543.956 772.390 201.078 371.231 430 853 2 773 164 Fin•n¢e C¢Ats: 8ank Inte$t and charges 2 773 164 1.432 954 334 165 4 540 283 School Op•ration• Govem•nc• Support costs and govem 2025 Supp)rt staff Costs Other suppart costs Legal & Proles&onal Technology costs AJItOrs, renwneration Audit fee Govemors expenses Istrategie planning and Ifairmng) Support staff training and expenses IndeFendenl Schools Inspect Preregistration VAT Redaim Total 430.853 93,653 77.019 80,910 16,832 93,653 Tl.019 80.910 16,832 7,710 7,710 3.643 4,035 65 $50 53 805 4,035 22
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 COMPARATNE ANALYSIS OF EXPENDITURE Slaff 2024 Total Charitable Expenditure." School operab'ng costs Teaching costs PremeS Transpcyt Catering Support costs and 90MOnCe 2, 113.321 166.516 111.807 430. 129 575.183 79.952 356, 742 174 489 46.494 2W.045 2,589.944 1.031. 744 191. T59 356, 742 5T5 860 401371 793 161649 4 746 049 Fuwnce Costs.. Bank interest and cha Support costs and govem 2024 Supportstaff costs Olhersupport costs Legal & profess&1 costs Techn(y costs Auditors, remuneralhjn Audil fe8 Governors expenses fstralegir planning and trdmmgj Support Staff training and expenses Independent SChos InsctiOn 401.371 21.349 78,823 29,331 +101.377 21.349 79,823 29,331 24.596 24.596 9.797 9. 797 6,612 6,612 T¢81 23
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 NET INCOMEIIEXPENDITURE) FCAR ThE YEAR 2025 2024 This is sfated after ¢harJring: Operaknn9 se charges Depreciation of0rd tsngible rd assels Audilof5 rernunerat statutory audit 37,557 334,165 37,557 336.539 16.832 24.596 TANGIBLE ASSETS Fv••hold Ass•t Und•r Land and Cour¥¢ of Bulldlngs Construction Furnitu and Equipment VehiGks Total Cost: As at 1.9.24 Addition5 DisFosals Reclassrfical)n 8.408.570 61.193 3.446 200.37T 499.239 31,080 111,4001 9.111.632 92,273 {25,3661 (13,9661 As at 31.8.25 8 469 763 186411 17 DeprKlatlon: As * 1.9.24 Charge for year Disposals Red8S51¢all0n 3.864.777 283.841 170.376 36&213 4,4tXI.366 334.165 117,7651 {13.%51 (3.800} As al 31.8.25 4 148618 Net Book Valu•: At 31.8.25 At 1.9.24 79 Not•: The Company's in resrA¢t of deperatiOn ts descn"trAI under Note 2{c). 24
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 OEBTORS 2025 2024 Fee debtors Other deblots ar#1 prepaymnls 1.347.022 175 $85 687. 716 10. CREDITORS: Amounts falllng du• Tlthln on• ar. 2025 2024 Trade creditors Other creditors arrfl accruals Other tsx and social securrty Final lemi deposits Fees received in ath4an¢e and defwred 97.219 109,938 211.296 124.317 120039 106,007 98.492 49,983 138,950 11. DEFERRED INCOIAE 202S 2024 Deferred incc¥ne ¢omprises Mithaeknas tuition fees kn"ld in advance of the slart of tefm Balance as al 1 September Amount released to income eamed from opttab"rKJ aclivits Amount deferred in ye* 3.169.813 13.169,8131 1.486.625 (1,466,625J 3 169 813 Balance a5 at 31 ALVUSt 25
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 12. UNRESTRICTED FUNDS: 31 Awjust 2024 InC1rj Resources Tran$feTS 31 August 2025 General Funds 5.962.044 5.266.654 14.540,283) 6,6J8h15 Designated funds 32.548 32 5.994_59 In 2024125 £32.548 of lund$ hwe been desvjnaled for maintenance of the tennis courts and Irt. There were restrthd funds in the year. 13. FINANCIAL INSTRUMP4TS 2025 2024 Carrylng amount of financiil aM•ts Measured al amortised cost Carrying amount of financlal li•billll•s Measured ai amorts.sed cost The Schod's mcow£. expense. gaffts and losses in SpeCI of financi instrUffnIS are summansed below.. 2025 2024 Internst Income and expense Total Interest inctsne for ffinan(aal asse15 held at ThiSed Total interest exFense for financAal Ikth"IIW hdd at lIj cc6t 98,790 51.568 Induded wlhin financxal assets measured at arrKxlised c4)sl are cash at bank. trle debl¢x5 and other debtors. Inclu¢Jed within finanual liabilils ffasured at amtylised cosl ar8 trade creditor5. acwls. other Credit5. deposits hetd and bank b)ans and trrferdrafts. 26
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 14. PENSION COSTS The Conyany conlribules on a defined ryJnlributK>n basis to personal pension n$. Contributions totallry £408,665 (2024.. £399,771) were payle to Ihese fuThJs for the year. There were £Nil unpaid CA)ntrbkn0ns f2024.' £N4) at the year eThJ. 13. COMMITMENTS UNDER OPERATING LEASES 2025 2024 At 31 Augusl the School had outstanding eommilments for fure minimum lease payments whth fall due as folk)ws" Due ltrn ¢Th ye CJe between two and five years 26.18B 25.939 Total CORPORATION TAX The charity is exempt from tax income and gains falling fmthin Section SOS of the Taxes Act 1988 or Section 252 of the Taxation of Chargeable Gains kt 1992 to the extent that these are applied to its charitsble obj'ects. 17. TrANSACTIONS WITH RELATED PARTIES Exrenses totalling £2.864 (2024." £1.246)were reimbursed lo, Paid on behalfof, 13 GoverTrJrsduring the year in respect of costs incurred in carrying oul their duts5. Gifts lolall¥i9 £1.536 were rnwje ty Ihe Sclwl in recognib.on of the Servi arKI rets'remenl of 11 Govemors. The Govemors dthj not receive any rerwneration for *rvice5 to the SKhool during the year. Remuneration of W managefrenl personnel isdisclosed in Note 4. There were M other related pty transacli(Jns during the year. 27
PRINCE'S MEAD SCHOOL TRUST (COMPANY NO 01785733) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 RECONCILIATION OF MOVEMENT IN FUNDS TO NET CASH USED IN OPERATING ACTIVITIES 202S 2024 Nel enfil in lund$ Adjustments for. DepciatIOn ol tan91te fixed assets Proffil on disposal of tangible fixed assets Interest receivable Interest payable 726.371 255, 749 334.165 12.7001 198,7901 336,539 (51.567J Operating cash flows before in wthing caprtal Increase in trade and other debtors Decrease in trade and other creditors 958,966 1607.256) 1 820 D82 540, 721 693.343 Cash genernted from opvations 19. CAPITAL COPAIAITMENTS At the year en¢J the schthil was contractually comnwtted to costs of £Nil12024: £Nill. POST BALANCE SHEET EVENT As a sU11 of a mrger agreement daled 9 May 2025 after the reportt.ng dale. on 1 September 2025, Prince's Mead School Trust Thrged with lQ"ng E(thTd Vl School. As part of the merger, all assets and liabilitS of Prince's Mead Sch1 Trust have transferred lo King Edward Vl School, and Kin9 Edward Vl School has assury*d snSibIlIty fty all ongoing oblwations and Operatn$ of Prin¢e'5 Mead S¢ho)l Trust. Followin9 the merger. Pnnce's Mead cease(I to trade a$ an independent school. The legal enb"ty, however. conb'nues to exist during the formal windinwp prcKess. which will be completed wi due course. Under the temis ofthe mefger, any reStrted funds held ty Prince's Mead School Trust have been transferred and will continue to be used in accordance wth the Original wrposes sFeaffied by donors. Uniestn'cted funds have also Iransfeffed lo "n9 Edward Vl sch11 and will be available for general ¢haritable purposes. This event is a non-adjusling post Ilaft sheet event under FRS 102 Section 32 and Charities SORP IFRS 1021, as r( arose after the rewjrbng period ended on 31 August 2025 fv£eordingly, Ihe financial statents lor the year ended 31 August 2025 have not been adjusted. Disclosure is provided lo infotm users of the finanual slalertts abjut the signifieanl event and its implutions lor tho entity's fvI operations and financial posilbjn. 28