Charlty Reglstratlon N(L 307019 Company Reglstrat40n No. 00924280 (England and WalÈsl THE FREWEN EDUCATIONAL TRUST UMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Governors D Hensley Ichairl P Kano H MSller V Mills A Moore-sick G Nash E North G Peiers Senlor LeadershipTeam Headmastèr Deputy Head- Postoral Deputy Head- Academk Bursar & Secretary Head of 8oardrn8 M Loveday K Skinner H Mccalvey Y Crundwell H Lewis Charlty Number 307019 Compan¥ N￿Trber )924280 Registered Oftlce & Prln¢lpal Address Frewen College Brickwall Rye Road Northiam Rye East Sussex TN316NL Audltors TC Group The Courtyard Shoreham Road Upper Beeding steynin8 West Sussex BN44 3TN Bankets HSBC Bank plc 4 Robertson Street Hastings East Sussex TN34 IHW THE FREWEN EDUCATIONAL TRUST LIMITED (UMITED BY GUARANTEE CONTENTS Governors, Report Statement of Governor5. Responsibilities Report of the Independent Auditors statement of Financial Activities 8alance Sheet Cash Flow Statement 14 Notes to the Flnancial Statémènts 15 THE FREWEN EDUCATIONAL TRUST UMITED (UMITED BY GUARANTEE) STATEMENT OF GOVERNORS, RESPONSIBILITIES The GOVer￿r$ present their report and financial statements forthe year ended 31 Au8VSt 2025. vthich comp with the Charlty's MenY)randum and Articles of Association and with the Companies Att 2006 requiremertt for Directors Report. The financial stattments have been prepared In accordance with the Companies Art 2006. Clwrr(les Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities p￿ paring iheir financial statements in accordance with the Financial Reportln8 Stsndard applicable in the UK and Republic of Ireland IFRS 1021. Strurture4 Kovernancè and management The Charity, regi5tratlDn number 307019, is a Ilmr(ed liability company governed by the meMo￿ndUm and Articles Df A$50Ciatitrn as amended by special resolution on 4 ottober 1996. The wmpany is reglstered In England and Wales and numbered C¥)924280. Details of the school's Senior Leadership Team, auditors, bankers. registered officeand Prinopal address can be found on the Legal and Adrnlnl￿r8tive Inforrnatlon Pa8& The Governors who are 4150 the directors for the purpose of company law, who served during the year W￿e- J Steven50n Ichairmanl V Mills A Moore•Blck G Nash G Peters J Watts Ireslgned 7 February 20251 H Miller D Hensley (appointed 10 October 20241 On 21 NLvember 2025 John Stevenson resigned as Chalmian and was replaced by Davld Hen51ey. Goverwrs are proposed and appointed by current servln8fjovernors at a full rneetin8 of the members. None of the Governors has any beneficial interest in the company. All of the fjovkmors are mernber5 of tht companv and guarantee to co￿nbUre El in the ?v¢nt of a windin8 UP. New Governor5 are usualty elther well known to existing Govemors in a professional capacity or are personally recommended to them by similar connertions. Prospettive Governors typKally receive an extensive briefing from the Chairman of Governors beforewsitingthe School and h£vin8the oppcKtunityto meetwith and question the Headmaster and members of the Senlor Leadership Team. Ellha￿ed Disclosure 3nd B3rrin8 Service checks are undertaken for all Governors. Governors are selected on the basis tsf their extensive knowled8e and experience in relevant settors. The Chairman ensures that a broad balance of experience Is maintsined en¢ompasslng the spheres of educatioll. finance. and business, as well as social and moral guidance. Governors are encouraged to attend those tralnin8 courses and conference5 which they consider helpful in broadenin8 and deepening their existing knowledge and strengths and as ￿t￿$Sary to ensure ongolng compliance. THE FREWEN EDUCATIONAL TRUST UMITED (LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS, RESPONSIBILITIES The school is governed thrO￿h a Comparry limited by guarantee. by an independent Board of Dlrettors which ¢Mrsee$ the manasement and sets the policies for the school. The Board members fulfll the role5 of school Govèrnors and act as frustees. The Headrnasterattends board Meetings and is entitled to siton the 8oard ifhe so chooses. The Board rneets once a term as a minimum. The Board ha5 also established a Finance and General Purposes Committee, a Health and Safety Committee. an Education Comm￿ee. a Boarding and Pastc*ral Committee, and a Marketing Committee. each of which meet5 at least ¢nce a tem. An independent vlsttor attends schooltwi£e perterm and checks asperts of safeguarding and the wellbeinB of boarders. Theexecutive function Is managed and accompllshed by a Senior Leadershlp Team led by the Headmaster. The day-to-dav runningof the School is delegatèd to the Senior Leadership Team. The School is re8(￿ered with the Deparrment for Education IDfEI, the Council for the R%istration of sch￿Is Teaching DY￿e￿i¢ Pupils ICReSTeDI and UK Visas and Immigration. The Headmaster is an eleaed member of the ISA. The school Is approved by the Independent Schools. Assoclation a￿1 the Children's Education Advisory serVi￿,aThd isa member Dfthe BoardingSchools'As50ciation, anda Supportingcorporate Mèrnberof the British Oyslexia Association. RiskmanaKement TheGovernors a￿satISfiedthat systern5 are in placeto rnanage exposureto majorri5k and thatallapprDpriate Steps have been taken to ensure the future finincial stability of the Company. A continuin8 process is in place In orderto identify, monirorand minimise all siwificant areasof ri5 The prlnclpal risks are consideredto ￿- Failure to rnaintaln student numbers at a level tts ensure the SC￿01 remainsffnancialty viable,. Safe8uarding rlsL' Regulatory risk,. Performante ri51 whereby the school's reputation would suffer rf student5 did not make or exceed the expected progress. Objertlves and a¢tlvltles The principle object of the Charity ts that of maintainin8 an independent Co*dU￿tI?ndl xhool, kn¢)wn as Frewen Colle8& The aim of the schLy)l is to be a centre of ext*llence for educatin8 children with Dyslexia and associated SpecW4c Learning Difficultks ISpLDsl such as Dyscalculia and Dv$p￿Xia and closely ielated difficultie5 includin8 Speech and Language and Sensory Integration problerns. The sch)ol includes a junior sectlon knDWll as Frewen Preparatory School. and a Sixth Form, which togethercater for pupilsaged 7-19. The Cornpary is established to delNerthe followir¥ pri￿1paI objects'.- al to promote the cause of educatlon., bl in furtherance of that otlecr, to estsblish and ￿rry on any school or Schools,. to acqulre any schcol as a going concern subjett to any liabilities thereto,. cl to provide for the training and instruttion of pupi15 in ary school so acquired or establlshed in every branch of learning and knowledge,. in citizenship. and in arts and craft5 of all kinds, and on ihe ba515 of broad Christian principles to providÈ such puplls with spiritual. moral, mental and physical t￿inIn6 In a non-denorninational environrnent.. dl in fllrtherart￿ of the foregoing oblects to do all or any of the thlnes laid down in the MemO￿ndUrn of Association. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE STATEMENT OF GOVERNORS, RESPONSIBILITIES In pur5UIt of the school's specialist educatlonal oblettives all appropriate clasSr￿M staff including teachin8 assistants are expected to undertake specialist training. Full time therapists ale employed offerin8 speech and lan8ua8e, occupational, and sensory intesratlDll. &llall C￿55 sizes are rnaintained. and individual provision plans are prepa￿d foreach pupil. Additional readin8tuition is provided forall pupils in small groups aswell a5 regular intensive numeracytultk)n as requlred. School fees a￿ funded vi£ independent pla￿￿enL via I£￿al authoritie5 (for EHCPS) and via the Services. Guldance is provided to parentsseeking Local Authorityfundin& and a means testéd bursarysthemè isavailable to assist parents of limited means who are unable to obtain fundin8. Services Bursaries are available to asslst Service familiès. Duringthe year, 3 pupils benefitsd from bUr￿ry 5UPPOrt. The school continues to extend its pastoral activf(ies with both t¥)arding and day pupils. Des68nated sraff have timeallocatedfor rnentorin8 activities and h2ve undertaken specialisttrHinin8. Tutortirne allow5tutor5to rheck pupils, Welfa￿ throughout the day,. along with tirnetsbled PSHEE (Personal Social Health and Economic Education) lessons across the school and 5EAL1Social and Emotional Aspetts ol Learning? lessons for KS2 & 3. The PSNEE curriculum has beell developed to ensurethatwe are addressing pupils. eM￿lOr￿1 wellbein8. as well 85 physical wellbeing. Boardin8 Staff regard the social development of their pupils a5 an integral part ol their role. Pupils give enthusiastic suprx)rt to fundraising activities such as BBC'5 Children in Need and the Chiliwiri School in Malawi project (which sends out a container of school unfform and trainersto the children). We offer a ranBe of enr(chment actlvf(les In our after-school clubs, includin8 4rchery, fencin& tW5h craft anLI Earden clubs, modein foreign languages. kayakin& GCSE revision, art and music.. and all pupils Ibtsarding and day pupils) are actively encoura8ed to take part ill these activities. The School renkins committed to maintalning smll class siies. thus ensuring that teachers know and understand 311 their pupils, needs, giving pupils the environment In whlch they can achieve thelr potential. This 1$ the first year ¢f Mark L¢vedaVs leadership. he was appointed as Headrnaster from September 2024 followin8 Nick Gootlman'5 retirement Bfter 10 year& Mark 15 3 Oy51exrd and SpLD specialist and 15 a Board Director for the National SpLD Assessment Standards Committee ISASCI. He regularly speaks at conference5 both nationallyand internationally, and 15 a Specialist Leader of Education, as designated by the DfE. The Headmaster w£s part of the SASC team who launched the new Delphi Study definition of dyslexla at the British Dyslexia Assotiation's internati¢nal ¢onference in the summer of 2024. Achievemènts and pèrftsmwntè The school's boardin8 provi￿On was inspected by Ofsted in March 2025 and 355è55ed as'Goocf. 8oarders. who previDusly experlenced significant difficulties at ¥hool, respond to the individualised 5UPPOrt provided and make excellent progress. The SchLY)l 15 inspected by the Independent Schools Inspectorate which In November 2a23 found It to be compliant with its standards in all respects. The rnest recent CReSTeD report also reports ex1¥emely positivelyon all aspects of the school. We encourage puplls to slt GCSE exam5 or equivalent In as many subjetts as we believe they can mana8e. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS, RESPONSIBILITIES Our Sixth Form has been establlshed forover 11 years with our cours&$ being offered in partnership wf£h Bexhill CollE8e. The remainderofihe week is 5pert at Frewen studyinsEnslish and Maths and reTriving support with independent Siudy, as well as lessons in lrfe ski115 intludlng careers advice. Where required, learners will also receive intervention from our onyte SALT. OT and Specialist teacher teams. Our leavers. destlnat10fi5 include numerous univer51ties. app￿ntIce5hip cour5e5 and work., we keep In touch with many students and are deli8hted in their success. We are in the process of creatin8 an offlci81 school Alumni Association which will be knDwn asthe Fiewen Foundation. Year 11 re5ultslor summer 2025-. 63% of students achieved 5 GCSE passes at Grade 4+,. with 47% achievfjng 5 GCSE passes at G￿de 4+ indudin8 English and Math5. Si¥th form resu￿5 for summer 2 25.. WÈ had a I{￿% pass across all Level 3 & 2 courses. At Level 3 $0% of srudents achieved a distinction. At level 2 43% of student5 achieved Distin¢tion. 29% at a Merit and 28% at a passgrade. Financlal wlew The robust fiThantial managernent resulted in a surplus of £405,59812024.. £438,740>. Thi55ummerasterm ended we started the malor refurbishmentand extension ofour kitchen, serveryand dining fODm whlch is due to be completed by December 2025. This will be a facility thatthe whole schcol will beneffit from and Includes an UPBrade of our fire detection system and an improved air extraction unit. As at the Balance Sheet date. the school had unrestricted reserve5 of £2,446,535 compared to £2,040.937 in 2024. These funds are to be kept at the discretion of the Govemors to further any of the Charity's objective5. We also have re5tricteil reserves of £405,510whlch relate to a donation received in 2023. Fees have been reviewed from September 2025, althoush Governors recognise the need to maintain 8ffordabllity of school fees and have continued to restrict the level of fee increase as far as Is consistent with financial prudence. The VAT exemption for Independent Schools was rernoved by the Government from January 2025,. therefore. all tees and addltional costs le.g. trips) were subject tD VAT. Rertwneratlon of S•nlor Managem?rt The day.tOpday running of the sch)ol 15 delegated to the Headmaster and Senior LeadershlpTeam. The rernuner*ion tsf key rnanagement is set by Governo￿, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewardingthemfairly and responsibwfortheirlndividual ontributionsto the school's succes5. The appropriateness and Televance of the remuneration policy is reviewed annualty, includin8 reference to compari50nS Wtth other independent schoo15to ensurethe5chool ￿M81n5 sensitNelOthe broader is5ue50f pay and employment conditions elsewhere. Delivery of the school's charitable VI￿On and purpose is primarlty depèndent on key management, and staff costs arethe largest 51n8le element of charitable expenditure. THE FREWEN EDUCATIONAL TRUST UMITED (LIM ITED BY GUARANTEE) STATEMENT OF GOVERNORS, RESPONSIBILITIES Reserves pollcy It is the policy of the school that Itsfinantial affalrs are fflaintained within a tight budgetthat is approved bythe Governor5. The natureof the school's activities determines thatthe reserve5fund. propertyand other netassets are held to c¢)ver unexpected shortfalls on the Statement of Financial Activities. In previous years Governors have considered that, in the event of a significant drop in Short term fundin& they wlll be a￿￿e to continue the sthool's actiwtie5 while consideration is given to ways in which additional funds may be raised. There is no reason to chan8e this view however, to ensure the on80ing sustainability of the school Governors hav& determined that an annual surplus is essential to build rese￿￿S for capftal investment in the school. This Is consistent with other indEpenderrt xhools- an annual target of IO% of income has been 38rÉed, akhtsuBh it is re¢ognised ihat thi5 cannot be èchieved 1￿medIatelYWh11$t still rnaintaining affordability of lees. F￿dIng sourc•sand how ryenditure meetsoblertlve5 Schoo5 fees continue to represent the great majority of income. with addltfjonal Income 8enerated frorn grants and don*ions. and a small amount of rentsl income. The schty)I's Grade I listed bullding and grounds 15 also a wedding venue which is used durlng the school holidays. This raises much needed additional income to supportthe charitable objectives. The school is a150 reviewing and developing Dther wtentlal sources of income including the creation of the Frewen Advisorysupport selv1￿. offerlng external diagnostlcasse5smentslcY dyslexia, the wideningofthe Prep SchcM)I remit, and tTainin8 and development packages. All expenditure is dlrectly related io the salarie5 Df classroorn and support staff, the delivery of the school currlculum. and the upkeep of the school's premises, fixtures, fittin8s and equipment. The ￿h0o1 continues to operate a robust means tested bursary scheme to as5i5t parents wfth school fees. Additional discounts and bursarles are available to children from Service fatniliÈs, and sibling discounts are provided. The Governor5 have a8reed a limit on the maximurn bursary commitments permissible, as proportion of total fee income. TheTru5t has wide investment powers, but any monies subjecttothe jurisdictlDn Df th2 Charity Commission for Eneland and Wale5 orthe secretary of State for Education or representing property so subject shall be invested On￿ upon sL￿h investments and with such santtion lif any) a5 rnay for the time being be required by law. Pubwc Benefit l# setting the school's objective5 and plannin8 activitiès the Governors have 8iven careful conslderation to thè Charlty Commisslon's general guidance on public benefit. The school's specialist role. with a consequent hiBh proportion of Local Authority funded placement5, Sets It apart from the majority of the Independent sector. The means tested bursary scheme, and the 8uidance given to parents seeknng funding underpin the school's conviction that acce5S to specialist Éducation should be available to the broadest PQ$5ible Spectrum Dt pupils In terms of theirsoaal and èconomlc background. In addition, a number of the sehty)I's facilities are made available to the publi¢ in particular Northiam primary school adjacent to the school, the local villag¢ cricket club and h05ting a crgSS-COUlltry tluster event for local schools. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS, RESPONSIBILITIES Brickwall Music andArts society, a lonE*stablished charty stages regular muslc concerts in the schotsl'5 historic Drawin8 Rwm. and we h05ted the annual vill88e bonfire and firework dlsplay In october on behalf gf Northiarn Bonfire Stscièty, a re8iStered charlty. Asset coverfortunds The assets are sufflciÈntto meetthe charity's obligations. Plansfor th*1￿￿ Cost controls continue to be developed to ensure a sound financlal operatln8 basis for the future. including adequate provlslon to secure the approprlate maintenance and future development of the premlses. Dlsclosure of Inform*lon to authtors Each of the direcrors has confimied that there is no information of which they are aware which is relevant to the audit, bLrt of which the audiror 1$ unaware. They have further confirmed that they have taken appropriate steps ro identify such relevant inforrnation and to establish that the auditors a￿ aware of such Inforrnation. Audltors A resolutlon proposln8 that TC Group be reaFpointed as a￿liter5 of the company will be put to the Anhual General Meeting. On behalf of the Board of Governors Date D Hensley IChplnNnl THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS. RESPONSIBILITIES The Governor5, who are also the dlrettors for the purposes of company law for the purpose of company law, ale responsible for preparing ihe Governors, Report and the accounts in accordance with applicable law and United KIn￿M Accountln8 Standards (United Klngdom Generalty A¢￿pted Accountin8 Pratticel. C(¥Kpany law requires theGovernors to prepare accounts for each financlal yearwhith 8lVè a true and fair vlew of the state of affrai￿ of the charity and of the incomin8 resource5 and application of resources, including the income and expenditure. of the charitable cornpany forthat year. In p￿parIng these accounts, the Governors are required to: select suitable accountin8 policies and then applythem conslstently,. observe the methods and principles in the Chariiles SORP., make judgements and estlmates that are reasonable and prudent., and prepare the accgunts on the 8oln8 concern basis unless It Is Snappropriate to presknme that the charty wlll tontirtue in Op¢￿tI9Th. Thefjovernors are responsible for keeping adequate accounting records that disclose with reasonable accur at any time the financial position of the charity and enable them to ensure that the accounts compty with the COm￿nieS Art 2006. They are also responsible for safeeuarding the assets of the charity and bEnce for taking rea50nabJe Steps for the prevention and detettion of fraud and other irregularitles. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDEITf AUDITOR'S REPORT TO THE MEMBERS OF THE FREWEN EDUCATIONAL TRUST LIMITED We have audlted the financial statements of The Frewen Educaiional Trust ￿Mited Limited Ithe 'charitablÉ c(Knpany'l for the year ended 31 Au8U5t 2025 whid) comprise the Statement of Flnancial Actrvities, the B31ance Sheet. the Cashflow Staternent and notes to the financial statements. The flnancial reporting fr3mework that ha5 been applied In their preparation is applicable law and Unlted xingdom Accounting Standards, Includin8 Financial Reportlng siandard 102 The Financlal Reporting Standard appllcable in the UK (United KingdomGenerallyAcceptedAccountingPracticel. In our opinion. the financlal statements.. 8lve a true and fair vlew of the state of the charitable company's affair5 as at 31 August 2025 and of Its Incomin8 resources and appllcation of resources. including its income and expenditure. forthe year then ended,. have been propedy prepared in a£cordance wlth Unlted ￿ned￿rn Generally Accepted Accountin8 Practlce.. and have been prepared in accordancewith the requlrements ofthe CompaniesAtt2006. B8sis of oplnlon We conducted our audit In accordance with Intern8tlonal Standard5 on Audltlll8 IUKI IISAS IUKII and appllcable law. Our responsibllitles under those standards are funher described In the Auditor's responsibil￿leS for the audit of the flnancial statements section ol our report. We are independent of the charitable company in èCcDrd3n￿ with the ethlcal requirements that are relevant to our audit of the financial statements in the UK. includin8 the FRC'S Ethical Standard, and the provislon5 avallable for small entitie5, and we have fulfilled our ethical responsibilities in accordance wlth these reouirements. We belleve ihatthe audit evldente we have obtsined is sufficlent and appropriate to proviile a basis for our oplnion. Concluslons relating to 8oln6 ¢oncem In auditing the linancial statements. we have concluded that the governorfs use of the 80in8 concern basls Df accounting in the preparatlon of the financial statements Is appropriate. Based on the work w¢ have performed. we have not Identlfied any materlal untertainties relat(ng to events or condltlons thaL inLlividually or collectively, may cast doubt on the charltable company'sabllity to continue as a 80ingconcern fora period of 8t lea5ttwelve months from when thefinanclal 5¢atements are authorised for Issue. Our responslbllltles and the responslbilitie5 of the gover￿￿$ with respect to going concem ore described in the relevant sectlons of this report. Other Infomiation The otherlnformation comprises the informatlon Included in the annual report, including the governorf5 report. other than the financial statements and our auditor's report thereon. The governors are responsible forthe other inf¢ymatSon. Our opinion on the financial statements does not ¢overthe other Information and. except to the extent otherwise expllcltly ststed in our report we do not express any form of assuran* conclusionthereon. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OFTHE FREWEN EDUCATIONAL TRUST LIMITED In connertlon wlth our audit of the flnanclal statement5, our responsibllity Is to read the other informatlon and. in doing so, con5iderwhetherthe Dther Informatioh is materlally inconsistent wlth the fin8ndal statements or our knowledge obiained In the audit or otherwise appears to be materially mlsstated. If we Identlfy such material Inconslstencies or apparent material missiatements. we aré required to deterrnine whetherthere Ss a material misstatement inthefinanclal statementsora materlal misstatementoltheother information. If. based ontheworkwe have performed, we concludethatthere Is a matedal mi5Statementof thi5 Otherinformatlon. we are réquired io reportthatfart. We have nothlng to report in this regard. Opinlons on other matters prescrlbed by the Companles Act 2CW)6 In our opinion, based on the work undertaken in the course of the audlt.. the Inlormation given In the governors, report (incorporating the strategic report and the directors report) for the financial year for whlch the flnancial statements are prepared 15 consistent wlth the financial statements.'ènd the sÈrategic report and the directors. report have been prepa￿d In accordance with opplicable le831 requirements. matte￿ on whkh we are requlred to report by exceptlon Inihe light ofourknowledÉe and understanding ofthecharltzble companyand Its environmentobtained in the course of the audit, we have not identified material mlsststsment5 in the strate8ic report and the dlrectors. report. We have nothing to report In respect of the followlng matters In relation to which the CornpaniÈs Att 2006 requires us to report to you if, in our opinlon.. adequate accounting records have not been kept, or retums adequate for our audlt have not been received from branches not visited by us.. or thefinancial statements a￿ notln agreernentwith theacrountin8 records and returns., or certain dlsc105uresof diréttors, remuneration specified bylaware not made.. or we have not recelved all the iaformation and explanation5we require., or the directorswere not entitled to prepare the financlal statement5 in accordance with the small companles regime ond take advantage of the small companies, exemptions In preparin8 thè governorf report and from the requlrementto prepare a strategic report. Responsibilitiesof gv¥emDf5 As explained morefuify in thegovernors, responsibilitiesstatemeni,thegovernorslwho are alsothe directors of the charitzble company for the purposes of company lawl are responslble for the preparation of the financial statements and for being satisfied that thty give a true and fair view. and for such intemal control as the gDvernor5 determine is necessaryto enable the preparotK)n of financial statement5 that are free from material mi55tatement, whether due to frdud Drerror. In preparin8 the financial statements. the governors are responsible for assèssing the char5table companrfs 8bility to continue as a 80in8 concern. disc105in& as applicable, matters related to going concern and using the going concern ￿SiS of accounti￿ unles5the8overnors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FREWEN EDUCATIONAL TRUST LIMITED Auditorfs rewn51bllStlesfor thè audit of t￿finan￿al staternents Our objectives are to obtain reasonable a55uronce about whether the financial ststemeftts a5 a whole are fieEfrom material misstatement. whetherduetofraud or error, 3ndtO155ueanauditor's reportthat includes Jr opinion. Beasonable assurance isa high level ofasSv￿nCe, but isnot a guaranteeth8t an audit condutted in accordance with ISAS IUKI will always detect a nNqterial misstaiemeffl w￿n rt exists. Misstatement5 on arise from fraud or error and are considered materfal if, individually or in the a88re8ate, they could reasonably be experted to inlluentè the eeonomK derisions of user5 taken on the basis of thes¢ fillancial stalement5. Irregularities. induding fraud, are instsnces of non-cornpliance with laws and regulatlons. The extent to which our procedures are capable of detectin8 irregularitles, Including fraud, 15 detailed below. E)rtent to whith the audlt was ￿nSIdered (apablè of detectlnE Irregularitie5, Indudlryfraud The objertN25 of our audit, in r&spect to fraud, are.. to identifyand a55e55 the risks of material misstatement of the flnancial statements due to fraud,. to obtaln s￿r￿lent appropriate audit evidence regardin8 the assessed risk5 of maierial misstatement due to fraud, through designing and implementing appropriate re5ponses,' and to respond appropriately to Iraud ￿ suspected fraud identified during the audit. However, the primary responsibilty for the preventiLlll and detertlon of f￿ud rest5 With both those charged with governance of the entity and its management. Our 3pprcthch was as follows= We identified areas of laws and re8ulati0Tr5 that could reasonably be expected to have a materSè1 effert tsn the financial st3tement5 from ourgeneral sector experiente. and through discussion with the governors and other management la5 required by auditing standardsl, and discussed with the 80vernor5 and otheT man88ement the policies and pr¢xedure5 reBirding cornpliance with laws and regulations (see belowl.. We identified the follawing areas as those most likely to have such an effect.. health and safety., General Data Protecrion Regulation IGDPRI,. frauij., bribery and corruption. school Inspettlons. Keeping Children Safe in Education, DB5 checks. and employment law. Auditing standards limr( the required &udit proceduresto identify nort-compliancew￿h these laws and rè8ulatlon5 to enquiry of the8overnorsand other management and inspection of reBulatoryand leK41 correspondence, if any. The identified artual or 5U5pected non-compliance was not sufficiently signifKant to OUT audit to result in our response being identified as a key audit matter. We considered the legal and regulatory frameworks directly applicable to the financial ststements reporting Iramework IFRS102. the Companies Art 2006 and the Charities Act 20111 andthe relevant tax compliance regulations in the UK. We considered the nature of the charitable cornpanls operatic¢n5, the ¢ontrol envlronment and financial performance. We communicated identified laws and regulation5 thrgughout our team and remained alert to any Indication5 of non