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2024-08-31-accounts

Registered number 00747222 Charity number 307046 THE MALDEN TRusf LIMrrED (A COMPANY LIMThED BY GUARANTEE) TRusfEES' AND GOVERNING BODY'S REPORT AND AUDThED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUSf 2024

THE MALDEN TRusf LIMITED CHARITY INFORMATION Trustees and Governing Body Martina Asmar (Chair) David Am)itage {Vice Chair and Chair of Finance Committee) Sarah Kerr-Dineen Charlotte Johnston Adam Pery Patrick Hinton John Marriott Dr aare Ives Michael Crawford Member of Finance Committee Member of Marketing Sub-committee Member of Education Sub<ommittee Member of Health and Safety Committee Headmaster Ben Evans BA (Hons). PGCE. Company $e¢fetary Emma Harris BA (Hons) ACMA School bursar Emma Harris BA (Hons} ACMA Website www,windlesham.com Auditor Kreston Reeves LLP Springfleld House Springfield Road Horsham West Sussex RH12 2RG Registered office Windlesham House School Washington West Sussex RH20 4AY

THE MALDEN TRusf LIMITED CHARrrY INFORMATION Bankers Barclays Bank PIC Barclays Corporate Banking 90192 High Street Crawley RHIO IBP Lawyers Knights Solicitors LLP Midland House, West Way Oxford OX2 OPH Insurance brokers and artuarles Marsh Brokers Limited Capitsl House 1-5 Perrymount Road Haywards Heath RH16 3SY Registered company number 00747222 Reglstered charlty number 307046

THE MALDEN TRusf LIMITED CONTENTS Page Report of the Trustees Itoll Independent Auditor's report 12to 15 Statement of financlal actlvltles 16 Balance sheet L7 Cash flow statement l8 Notes to the financial statements 19to31

THE MALDEN TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 The Governors of The Malden Trust Limited (the Charity or the School) present their report, incorporating the Strategic report, with the financial statements of the Charity for the year ended 31 August 2024. The financial statements comply with current statutory reporting requirements, the governing documents of the Charity and the Statement of Recommended Practice- Accounting and Reporting by Charities {FRS 102 SORP) effective from l January 2019. STRucfuRE GOVERNANCE AND MANAGEMENT Governing document: The Charity is governed by its Memorandum and Articles of Association, last amended on 28 November 2016. Governlng Bodv: The Governors are also the directors and members of the Charity for the purposes of company law and its trustees for the purposes of charity law. They are appointed from time to time by the board of Governors (the Governlng Body>. The term of off ice is three terms of three years, but one third of the Governors, including any new Governor appointed since the last Annual General meeting, retires by rotation at each Annual General Meeting and is then eligible to stand for re-election. At the Annual General Meeting on 4th March 2024, it was resolved that, pursuant to Article 9.7 of the Articles of Association, Martina Asmar, who has served as a Governor of the Company for nine years, be permitted to continue as a Member and a Governor of the Company until 31st July 202S. Those Governors who served during the year are shown on the Charity Information page. Trustee successlon and tralnin8: New governors are appointed to the Governing Body after careful consideration of the key skills and experience they can offer to the School. New Governors are Indurted into the workings of the School through on-site visits and meetings with senior staff. They undertake full safeguarding training and are provided with briefing materials produced by AGBIS {the Association of Governing Bodies of Independent Schools) and the Charity Commlssion. All Governors attend annual safeguarding training and are encouraged to attend other relevant training sessions and seminars run by AGBIS and other associations on a regular basis. Organisational Structure The Governing Body meets at least three times a year to determine the general policy and direction of the Charity and to review its overall management, safeguarding policy and procedures, operations, financial management, stewardship and control, all of which they are legally responsible for. The work of implementing most of the Governing Bodvs policies is delegated to the School's Senior Leadership Team {SLT} and to various sub-committees of Governors and staff. These sub-committees include Education, Finance, Health and Safety, Boarding and Marketing and generally meet on a termly basis. The Safeguarding Governor also meets the Designated Safeguarding Lead each term to ensure the effectiveness of the school's safeguarding protocols. The day-to-day management of the School is delegated to the Head and the Bursar, supported by other members of the SLT. Remuneration is set by the board who consider what is fair and responsible.

THE MALDEN TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 OUR OBJEcfivES AND AcfiviTIES Objectives and aims The Charity was formed in 1963 to take over the operation of Windlesham House School which was founded in 1837 to prepare children for entry into the country's major independent boarding schools. As the current owner of what is understood to be the founder preparatory boarding school in the country, the Charivs strategy remains focused on maintaining and developing the provision of a boarding and day school education for children between the ages of 4 and 13. The Charity seeks to achieve an unparalleled breadth of education by providing both academic excellence and an extensive activities programme. In providing the highest possible standard of pastoral care, the School is able to maintain and enhance its reputation as a supportive, caring and nurturing community. The long-term strategic aim of the Charity is to continue the School's unique tradition of developing the full potential of each pupil and their social values and standards, so that children are equipped to make the most of their subsequent education and to become successful and responsible members of society. The School welcomes children from all backgrounds, gender, ethnicity, race, religion or disability. It is committed to safeguarding and promoting the welfare of its children and requires all staff and volunteers to fulfil this commitment. In setting objectives and planning activities, the Governors gave careful consideration to the Charity Commission's general guidance on public benefit which is detailed under"Public Benefit and Community Engagement" The Chariws ongoing objectives: Providing educational excellence through the provision of effective and inspiring teaching, encouraging enthusiasm for learning and enabling each pupil to achieve their potential. Encouraging pupils to be self-confident, self-motivated and self-disciplined within a safe, nurturing and caring community and ensuring they progress to their chosen senior schools as successful individual5. Attracting, developing and retaining exceptional staff whose commitment to the children is transformational whilst also continually seeking opportunities to grow and develop through the investment in f irst class facilities and resources. Sustaining a supportive, kind and happy environment where the individual and spiritual needs of the pupils and staff are recognised and provided for within a community that celebrates diversity. Communicating and collaborating closely with parents to understand their expectations and aspirations. Preparing children for their senior school of choice and identifying and nurturing children to continue to be successful in their scholarship applications, be it academic, sport, drama or music.

THE MALDEN TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Ensuring a bespoke and modern boarding environment tailored to each pupil's individual needs. Achlevements: During the last year the Charity: Continued to promote excellence in teaching and learnin8 through a forward thinking and innovative curriculum with emphasis on continuing professlonal development for staff through weekly training sessions. Embedded the Windlesham House Diploma and Futures Programme, the alternative and excltlng educatlon route for Years 7 and 8 as an alternatlve to Common Entrance, which was positlvely embraced by pupils, parents and teaching staff. Developed the School's infrastructure and physical resources to further enhance the Teachlng and Learnlng resources available to the School, includlng new tlered seating in the theatre and Investment in playground equipment. Developed and Increased the school's flexible classroom provision alongside staff tralnlng and familiarisation to provide 8 flexible classrooms supported by smart Interactive screens to enhance a child's learning experience in the classroom. Both pupils and staff have welcomed the creativity and flexibility that the learnlng envlronments have to offer. Continued to offer an exceptional range of co-currlcular opportunitles, Includlng the contlnuous evolution of the Windlesham House Diploma and Challenge enrichment programmes with focus on life ski115, leadership and entrepreneurship, Over 60 different co- currlcular actlvltles were offered throughout each week coverlng sport, arts and Ilfe skllls. Contlnued to develop strong relationships with the senior schools to which our puplls move. In July 2024, leavers went to 29 different senlor schools demonstrating that we place all pupils in a school that is right for them. 26Yo of leavers achieved a scholarship either in academlcs, 5POrt, music or drama. The School hosted a Senior School's Fair with over 45 senior schools exhlbitlng which allowed parents to explore the opportunities that a variety of senior schools can offer. Another highlight in the calendar was a dinner with 25 registrars in attendance, which further enhanced the relationship between the School and the senior schools. Enhancement of mutually supportive links with local schools to provide collaborative learning opportunities and professional staff development. Collaborative learning opportunitie5 took place through Shakespeare workshops, a literary festival, author talks and swimming. Investment in infrastructure, including dining room 5ervery refurbishment and the modernisation of the theatre.

THE MALDEN TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Continued to Strengthen the relationship with the Alumni through a programme of events and communication initiatives. The Alumni Coordinator published a termly newsletter to keep the Alumni abreast of news from the School. Alumni were able to reacquaint themselves with staff and old friends through attendance at a reunion lunch at the School as well as the Christmas Advent service. Expanded external lettings to increase other Income with regular hires of the astro and the theatre by local clubs and associations. Prlncipal artlvlty The Charitls principal activity continues to be the provision of a preparatory school for boys and girls. Numbers in the Prep School averaged 284 (2023.. 282) pupils, of whom 12112023: 130) were boarders. The school offers flexibility with its boarding options: full boarding, weekly, part and occasional boarding are available to suit the needs of each child and their family. In the Pre- Prep school, numbers averaged 48 (2023: 501 with the pupils enjoying recent refurbishment of the classroom5. Grant maklng The School seeks to expand its educational provision, wherever possible, through the award of scholarships and more so through means-tested bursaries which are mainly funded out of general funds. The policy of the School, in line with that of other independent Schools, is to make scholarship awards on the basis of an individual's educational potential. The School also makes bursaries and allowances available to relieve hardship where a pupil's education and future prosperts would otherwlse be at risk, It also provides assistance, to the maximum extent possible given limited funds, with a number of IOOYO means-tested fee allowances for deserving or gifted new pupils when the standard level of fees is a barrier to entry. To ensure bursaries are allocated based on the needs of the families, Bursary Administration Limited assesses a famil¢s financial circumstances on behalf of the school and recommends the level of financial support required. This financial year the total value of all awards made to pupils of the School was £1,022,296 {2023: £1,110,995), of which £453,213 {2023: £601,045} were means-tested. The level of means-tested bursaries saw a decline year on year driven by the request for hardship bursaries reducing as inflation and interest rates stabilised. PUBLIC BENEFIT AND COMMUNITY ENGAGEMENT The Charity remains committed to the aims of providing public benefit. The School educated 332 pupils who might otherwise have been educated in maintained schools at public expense. However, the Charity recognises it has wider responsibilities to the community and to assist in making the education offered more accessible. This is achieved in four areas:

THE MALDEN TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Widenlng Access and Bursarles In 2023/24 a total of 46 pupils benefited from means-tested scholarships and bursaries. Bursary spending totalled £453,213 with 9 pupils on over 800/0 bursaries including two children who have been Introduced by Royal National Children's Springboard Foundation, which drives social mobility through access to greater educational opportunitles. Worklng wlth other Educatlonal Partners Three members of our teaching team have taken roles as governors at local primary schools allowing sharing of best practice acr05S the two sectors. The School had the pleasure of hosting the Top Up Swim Session for the 4th year. Over 90 children attended across 7 local prlmary schools across one week in May, Local primary children were enthralled by our Shakespeare Workshop whllst others tested their debating sk1115 in a competition attended by 4 schoo15. In November the school had the pleasure of hosting a cross-country event which saw 8 local primary schools runnlng around the beautiful grounds of Wlndlesham House. Communlty Access and Engagement The communlty continues to enjoy the excellent facilities situated at Windlesham House School. The pool remains a training hub for Drenched Water Polo and WorthSng Swlmmlng Club whllst younger children learn to swim at United Swim Academy or Russell Swim School. Swimming tra5nlng camp5 have also been hosted by Royal Llfe Saving Society and Su55ex Swlmmin81 a5 well as provlng a great base for a trlathlon camp, Active Academies. The astroturf has facllitated tralnlng sesslons for Storrlngton and Washlngton football clubs whilst Flndon and Goring Cricket Clubs enjoyed trainin8 in both our indoor and outdoor nets. The new sound and lightlng equipment in the theatre has attracted a number of local dance and theatre groups whilst the front lawn wa5 transformed as Windlesham hosted a refreshment faclllty for hundreds of walkers who took part In the South Coast Challenge. Chanctonbury Churches held their annual conference at Windlesham with over 300 attendees taking advantage of our vast grounds and large indoor facilities. Charltable Artlvltles During the academlc year 2023124 each of the school "Houses" had the responslbility to plan a Charlty Day to raise money and awareness for a number of national and local charities including Children in Need, Comic Relief, The Trussell Trust and a number of local and national cancer charities. A local food bank received our donations from the school's Harvest Festlval and the proceeds from our coffee mornings were donated to Macmillan Nurse5. An end of year charity event raised £754 which was distributed acros5 ten charities chosen by the children. Other key donations included: Royal British Legion £321 Comic Relief £160 Chestnut Tree House £122 Royal National Lifeboat Institution £1,900 Macmillan Coffee Morning £254

THE MALDEN TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENT AND PERFORMANCE 2023124 Overvlew The School welcomed 332 pupils who, through the support of the teaching Staff settled into school life quickly and happily. Focus continues to be on academic excellence, rigour and creativity with the School fulfilling its aim of "excellence in teaching and learning, always and everywhere" Windlesham ACE {Active Learner, Critical Thinker, Explorer) Learning Habits are the main pedagogical principles on which our teaching and learning is based and were further embedded in all areas of teaching and learning and school life throughout the year. The academlc year 2023/24 saw momentum In the transformation of classrooms into flexible teaching and learning spaces allowing children to collaborate, engage and learn beyond the restrictions of a traditional classroom. Our Year 7 children embarked on the new Windlesham Diploma and Futures Programme which has replaced the Common Entrance. This exciting and successful new programme of study has been well-received by pupilsi parents and senior schools. It is both academically rigorous and creative in Its approach focusslng on essential sklll development and a dlscrete course of Learning for Life lessons encompasslng and Including leadership, team spirit, entrepreneurship, financial literacyi careers and charitable endeavours. A highlight of the Diploma Included the Diploma Science Showcase which saw pupils, Individual projects belng judged by three guests Including a Windlesham Alumnus Chris Whitty, the Government'5 former Chief Medical Officer. Pupil outcome5 are extremely high due to the balance of coursework, continuous assessment and more formal examinations and the highly creative and engaglng curriculum content. The implementation of the school's innovative flexible learning spaces initiative has been rolled out to 8 classrooms across the year groups including Year 4, Year 5, senlor maths and senior Engllsh classes. Academlc research was used to identlfy the best possible route of Implementation and the Initiative was led by key members of the teaching staff. As a result, pupll engagement in lessons is far higher, outcomes have been improved and the children feel a much closer connection with their teachers. Children can choose the most comfortable and appropriate learnlng area within the classroom for them leading to greater enjoyment and sense of calm. The programme has been so successful that further classrooms will continue to be added thu5 ensuring greater consistency and continuity for pupils. The Creative and Performing Arts continue to be Intrlnslc to school life with many highlights to remember including the inaugural Literature Festival, Shakespeare Festival, West End Showcase, Inter-House Creative Arts Day, performance of Around the World in 80 days, Windlesham Rocks and An Evening of Dance and Drama. Windlesham sporting life engages a whole breadth of activities and games with successes in NFL Flag football {national f inalistsl, swimming IIAPS finalists) and golf leveraging the sporting facilities we enjoy on site and complementing the team sports traditionally enjoyed at the school. The year saw Windlesham House enter IAPS competitions for sailing, table tennis and skiing for the first time. Throughout the year, Windlesham House School had the honour for being nominated for number of key industry awards.

THE MALDEN TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 2023 Independent School Parent Finalist Pre-Prep School of the Year Muddy Stilettos Finalist Inventive Sports Programme The Week Best of the Best Prep School 2024 Task Education Finalist Entrepreneurship & Business Education Choices Winner Developing School Partnerships Tatler Awarded Top five prep school in the country Independent School Parent Shortlisted Prep School of the Year Carfax Education Awarded Top ten prep school in the UK ECO Schools Distinction Green Flag Award winner Muddy Stilettos Finalist Excellence in STEM School Stories Finalist Best use of Linkedln submission IBE'S boarding rooms postl Academlc and Scholarshlps As detailed in our Teaching and Learnlng Pollcy: "At Wlndlesham, academic excellence is at the core of everything we do. Every child is encouraged and given the freedom to develop their academic potential, whether for a scholarship or to assimilate the curriculum confidently. We continue to take in chlldren of a broad academic abllity range whichls In Ilne with our stated selection process deslgned to Identlfy puplls who are able to benefit from our balanced and well- rounded education and to make a positive contribution towards the life of the school. We maintain our aim of sending children to a wide range of senior schools in order that parents have a wealth of cholce and can select a school that is ri8ht for their child. In July 2024, our pupils departed to 29 senior schools including Winchester, Harrow, Brighton College, Charterhouse, King's School Canterbury, Marlborough College, Eton College and Downe House. All children achieved their senior School of choice with 26Yo of them awarded Scholarships which included academic, all- rounder, performlng arts, Design Technology and sport scholarships to schools such as Brishton College, Charterhouse, Marlborough Collage, Harrow and Oundle. The School believes the level of scholarships awarded stems from its ability to cater for, and encourage, children of all abilities and academic Strengths, coupled with the support offered to the children during 'scholarship season,.

THE MALDEN TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Fundraislng £77,304 was raised by fundraising activities during the year. Fundraising events and activities are voluntary and are advertised in a non-intrusive manner to avoid any unreasonably persistent approaches or undue pressure on prospective donors. We do not engage the services of commercial participators or professional fundraisers and can confirm we have not received any complaints in relation to fundraising activities. The school does not subscribe to a fundraising regulator. FINANCIAL REVIEW Operatlng result5 2023124 Income for the year totalled £9,017,850 (2023 £8,314,679), which Included donations of £77,304 (2023: £45,252). Expenditure also increased to £9,060,945 (2023: £8,696,320) resulting in a net loss of £43,095 {2023: loss of £381,641). While there has been a small net income loss, it is important to recognise that this incorporates a depreciation charge for the year of £754,235, which includes a charge for the swimming pool and sports centre which opened in 2018, and the School contlnues to generate strong positlve cash flow (£733,266) following capital expendlture and interest payments. The positlon represents the strongest financial performance of the School since COVID, an achlevement driven by a strong boarding communltyi an expansion of language Immerslon courses, expansion of external lettings alongside continuous cost management. Flnanclal Posltlon The financlal positlon confirm5 £6,901,705 of Net Asset5 (2023: £6,944,800) which includes Cash at Bank and in hand of £2,980,545 {2023: £2,247,279). Creditors falling due withln one year of £2,368,773 Includes fees in advance of £1,375,12912023: £1,014,161). Reserves policy As at 31 August 2024, the Charity had unrestricted funds of £6,849,761 and restricted funds of £51,944 as shown in Note 19. Within unrestricted funds are fixed assets less secured bank loans of £6,703,969. This means that the charity has free reserves of only £145,792. This illustrates the extent of investment in our School, as is common practice by independent schools which must finance their own capital investment plans. The Governing Body has identified the need to accumulate free reserves to provide funds: so that they may continue the orderly development and future growth of the School; and for further capital expenditure. The Governors would normally target a level of operational liquidity of three months of operating costs. Currently the Charity has adequate free cash reserves, and the working capital needed to finance future day-to-day operations as a result of the loan provision agreed by our bank. Going concern The Governors assess whether the use of going concern is appropriate and whether there are any material uncertainties related to event5 or conditions that may cast signif ica nt doubt on the abi lity of

THE MALDEN TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 the School to continue as a going concern. The Governors continue to review and assess the School's strategy which takes into account future tax changes and builds on the continuing growth in pupil numbers while looking to increase non-fee income. Having reviewed the funding facilities available to the School together with the strong demand for places and the future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. The Governors have considered the level of funds held and the expected level of income and expenditure for a period of twelve months from finalisation of these financial statements, together with the support provided by Barclays Bank in the form of a103n, and have concluded that it is appropriate to continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Governors, responsibilities. RISK MANAGEMENT The Governing Body has nominated a Governor Representatlve, who works with the Bursar and the Compliance Officer on an on-going basls, to keep the School's activitles under reviewi particularly with regard to any major risks that may arise from time to time, as well as the systems and procedures established to manage them. They monitor the effectiveness of the system of internal controls and report to the Governing Body In detail on an annual basis. The Governors believe the major general risks identlfied by this process (fire, accidents & injurles, loss of Income, fraud, cyber-attacks) have been mitigated to an acceptable level through the extensive and comprehensive use of risk assessments, robust Internal control 5yStem5, extensive insurance cover, off-site back-up of crltlcal data files and other appropriate controls. It is recognised that systems can only provide reasonable, but not absolute, assurance that major rlsks have been adequately managed. However, It is recognised that we are in unprecedented tlme5 In a changlng politlcal landscape. Glven the introduction of VAT on independent school fees from January 2025, the financial burden driven by the removal of Business Rate Relief and increased employer contributions for National Insurance and the wars In Ukraine and the Middle East, the Governors have consldered the financial and operational rlsks associated with these events and have considered measures to mitigate, where possible, any future concerns. FUTURE PLANS The School's strategy proposes the continued development of the curriculum to ensure it is fit for the 21st Century, as well as a review of the structure, systems and staffing to ensure they are appropriate and as cost-effective as possible. The key plans for next year are to: . Continuously review and celebrate the success of the Windlesham House Diploma and Futures Programme, the alternative and exciting education route for Year 7 and 8 as an alternative to Common Entrance. Further enhance the current phonics and reading provision in the Pre-Prep to ensure pupil outcomes remain high and to ensure a child's love for reading develops from Reception.

THE MALDEN TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 . Continue the enhancement of girls, and boys, boarding house including the development of additional games rooms and refurbishment of dormitories. . Embed our environmental plan and commitments with focus on recycling and resource use reduction and ensuring a whole school approach with Input from the pupil eco-committee. . Drive investment strategy that supports our environmental commitment to reduce energy consumption and improve eff iciency. Continue to expand the scope of external lettings to increase "Other Income" which could include venue space for corporate training and events and residential education events. Provide greater sporting opportunities for pupils outside the main team sports of rugby, hockeyi football and netball. The School will further utilise the school's unique facilities and coaching resources to allow children to become engaged in alternative sports such as scuba diving, fencin8 and NFL Flag Football. . Celebrate the success of the sporting academie5 With personal and team achievements In the sport of golf, 5wlmmlng and tennls. . Increase engagement from the school's alumnl base {OWLsl through school vislts, events and the termly newsletter {The Hoot) together with the launch of a regular giving campalgn. . Further develop the school's flexlble learnlng spaces programme to include Year 3 and the Language Centre ensurlng continuity for chlldren movlng through the school. STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors are responsible for preparing the Governors, Report and the flnancial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice (UK GAAP)). Charity law requlres the Governors to prepare financlal statements for each financial year whlch 8lve a true and fair view of the state of affalrs of the Charity and of the incoming resources and appllcation of resources, Including the income and expenditure, of the Charlty for that perlod. In preparlng these financlal statements, the Governors are requlred to: Select suitable accounting pollcies and then apply them conslstently; Observe the methods and prlnciples In the Charlties SORP 2019 (FRS 102),. Make judgements and estimates that are reasonable and prudent; and Prepare the financial statements on a going concern basis unless It is inappropriate to presume that the Charity will continue in buslness. The Governors are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity and to enable thern to ensure that the financial statements comply wlth the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and so the School take5 reasonable steps for the prevention and detection of fraud and other irregularities. io

THE MALDEN TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR So far as the Governors are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the Charitvs auditors are unaware and each trustee has taken all steps that they ought to have taken as a trustee in order to make them aware of any audit Information and to establish that the Charitls auditors are aware of that information. The Governors, Report, incorporating the Strateglc report as well the Malden Trust Accounts, have been approved by the Governing Body and signed on their behalf by h l/KGI Martlna Asmar Chalr Date: li

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

THE MALDEN TRUST LIMITED

Opinion

We have audited the financial statements of The Malden Trust Limited (the 'Charity') for the year ended 31 August 2024 which comprise the Statement of financial activities including a summary income and expenditure account, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law, United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice) and the Charities SORP 2019.

In our opinion, the financial statements:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Governors’ report, other than the financial statements and our Auditor's report thereon. The Governors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

12

INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE MALDEN TRUST LIMITED Opinion on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ol the audit.. the information given in the Governors. report including the Strategic report for the financial year for which the rlnancial 5t3tements are prepared is consistenr with the financial st3tements. the Governor5, report and 5trate8ic report have been prepared in accordance with applicable legal requirements. Matters on which we are required io report by exception In the light ol our knowledge and understanding of the Charity and its environment obtained in the course ol the audit, we have not identified material misstatèment5 in the Governors, report including rhe Strategic rèport. We have nothing to report in respect of the following matter5 in relation to which the Companles Act 2006 requlres us to report to you if, in our opinion.. dequate accountin8 records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accountin8 records and returns., or certain dlsclosures of governors, rèmunèration spe¢ilied by law are not made,. or we have not recelved all the information and explanations we require for our audit. Responslbllltles of governors As explained more lully In the Statement of Governors, responsibilities, the Governois Iwho are also the directors of the Charily for the purposes ol company lawl are responslble for thè preparation of the financial statements and for being satisfied that they 8ive a true and fair view, and lor such internal control as the Governor5 determine is necessary to enable rhe preparation of financial staternents that are free from material misstatement. whether due to fraud or error. In preparing the financial staternents, the Governor5 are responsible for assesslng the Charitws ability tts tontinue as 3 goin8 concern, disclosing. as applicable, matters related to goin8 concern and using the going concern basis of accounting unles5 the Governors esther Intend to Ilquldate the Charity or to ¢ease operations, or have no reallstlc alternative bul to do so. AudStor's responslbllltles for the audlt of the flnantlal statements Our objectives are to obtain reasoriable assurance about whether the financial statements as a whole are Iree from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinson. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detèct a rnaterial misstatement when it exists. Misstatements can arise from fraud or error and are considered material il, individually or in the a88regate, they could reasonably be expected to influence the economic decisions of users taken on rhe basis ol these financial statement5. Irre8ularities, including fraud, are instances of non.complian¢e with law5 and re8ulations. We deslgn procedures in line with our responsibilities, outlined above, to detect material misstatements in rèspect of irregularities, includin8 fraud. The extent to which our procedures are capable of detecting irregularltSes, Including fraud is detailed below: Copobility of the oudit in detecting irreguloritie5, includingfrtiud Based on our understanding of the charitable company and sector. and through discussion with the Governors and other rnanagement las required by auditin8 Standards), we identified that the principal risks of non-compliance with law5 and regulations related to safeguarding. he31th and safety le8151ation and empltsyment law. We considered the extent to which non- compliance might have a material effect on the financial Statements. We also constdered those laws and regulation5 that have a direct impact on the preparation 91 the financial statements such as the Companies Act 2006. Charities Act 2011, Ch3Tltie5 Statement ol Recommended Practice 2019, taxation and pension legislation. We communicated identified law5 and regulations throughout our team and remained alert to any indications ol non-compliance throughout the audit. We evaluated management's incentives and opportunitie5 for fraudulent manipulation of the financial statements (including the risk of 13

INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE MALDEN TRUST LIMITED override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements. Audit procedure5 performed by the engagement team included.. • Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (includin8 sale8uardin8, health and safety and employment lawl and fraud, and review ol the reports made by management., and Assessment of identified fraud risk factors,. and Challen8in8 assumptions and jud8ements made by managernent in it5 Sl8nificant accountin6 e5timate5', and Confirmation of related parties with management, and review of transaction5 throughout the period to identify any previously undis¢ltssed transa¢tions with relatèd partiès outside the normal course of buslness: and Readin8 minutes of meetinBs of those char8ed with governance and reviewin8 Cgrre5pondence with relevant tax and regulatory authorities., and Review of si8nificant and unusual transactions, usin8 automated data analytics too15. and evaluation of the underlyin8 financial rationale supporting the tran53ction5.' and Identifyin8 ond testing journal entries, in particular any manual entries made at the year end for firtartcièl statement preparation. Because ol the inherent limitations of an audit, there is a risk that we will not detect all irregularitie5, including those leading to a material mi55tatement in the financial statements or non-compliance with regulalion. This risk increa5e5 the rnore that compliance with a law or re8ulation 15 removed from the event5 and transactions reflected in the financial statements. as we will be less likely 1¢ become aware of instances of non.¢ompliance. As part ol an audit In accordance with ISAS IUKI. we exercise professional jud8rnent and maintain professional scepticism throughout the audit. We also.. Ideniily and assess the risks of materlal mlsstatement ol the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence thal is sullicient and appropriare to provide a basis for our opinion. The risk of not detecting a material mi5Staternent resultin8 Irorn fraud is higher than for one resultin8 from error, as fraud may involve collusion, lor8ery, intentional omi55ion5. mi5repre5entations, or the override ol internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but, except to the extent otherwlse explicitly stated in our report, not for the purpose of expressing an opinion on the effectiveness of the Charity's inrernal control. Evaluate the appropriateness of accounting policies used and the reasonablene55 of accountin8 e5timate5 and related disclosures rnade by the board. Conclude on the appropriateness of the board's use of the 80ing concern basis ol accountin8 and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast 5igntlicant doubt on the Charity's ability ro continue as a 80in8 concern. If we conclude that a material uncertainty exists, we are rÈquirÈd to draw attention in our auditor's report to the related di5c105ures in the financial siatements or, il such disclosures arè inadequate. to fftodify our opinion. Our conclusions are based on the audit evidence obrained up to the dare ol our auditorfs report. However. future events or conditions may cause the Charity to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures, and whether the financial statemerkts represent the underlyin8 transactions and events in a manner that athieves fair presentation. We communicate with those charged with governance regarding, arnong other matters. the planned scope and timing of the audit and significant audit findings, including any significant de11ciencies in internal control that we identify during our audit. 14

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MALDEN TRUST LIMITED Use of report Thi5 repgrt is made 501ely to the CharitV5 members, as a body. in accordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitvs members those Matters we are required to state to them in an Auditor's report and lor no other purpose. To rhe fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the Charity and the Charitvs rnember5, as a body. for our audit work. for this report, or lor the opinion5 we have formed. Lucy Hammond esc FCA (Senlor Statutory AudStorl For and on behalf of Kreston Reeves LLP, Statutory Auditor Chartered Accountants Horsham Date: 28 February 2025 15

THE MALDEN TRusf LIMrrED srATEMENT OF FINANCIAL AcfIvITIES (Incorporating the Income and Expenditure account) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrirted funds Restricted funds Total 2024 Totsl 2023 Notes INCOME FROM: Donations and legacles Charitable activities.. School fees other educational income Other ancillary activities Other trading activities Investment income: Bank interest receivable 52,883 24,421 77,304 45,252 8,187,712 24,517 578.340 34,158 8,187,712 24,517 578,340 34,158 7,537,210 12,632 604,899 44,529 115,819 115,819 70,157 8 993 429 9 017 850 8314 679 EXPENDrnJRE ON: Raising funds.. Development and fundraising costs Charitable activities.. School operating costs 3,140 3,140 1,686 9,057,805 9,057,805 8,694,634 9 060 945 9 060 945 8 696320 Net incomel(expenditure) (67,516) 24,421 (43,095) (381,641) Transfers between funds 19 6,078 (61,438) (6,078) 18,343 Net movement in funds (43,095) (381,641) Reconclliation of funds: Total funds brought forward 6 911 199 6 944 800 7326 441 Total funds carried forward 19 6 849 761 6 901 705 The statement of financial activities includes all gains and105ses in the year. All income and expenditure derives from continuing attivitie5. The notes on pages 17 to 29 form part of these financial statements. 16

THE MALDEN TRusf LIMITED BALANCE SHEET AS AT 31 AUGusf 2024 REGIsfERED NUMBER: 00747222 Notes 2024 2023 Fixed assets Tangible a55ets Fixed asset investments 12 13 12,039,144 12,409,248 12,039,145 12,409,249 Current assets Debtors Cash at bank and in hand 14 374,340 2 980 545 284,372 2 247279 3,354,885 2,531,651 Credltors: amounts fallin9 due withln one year 15 Net current assets 2 368 773 1838352 986 112 693 299 Total assets le55 current liabilities 13,025,257 13,102,548 Creditors: amounts falling due after more than one year 16 (6,123,552) (6 157,748) Total net assets 6,901,705 6,9H,800 The funds of the charity Unrestricted funds Restricted funds 19 19 6,849,761 51,944 6 9Jl,J99 33,601 Total charity funds 6,901,705 6,944,800 Approved by the board and authorised for Issue on 20th February 2025 and signed on Its behalf by: Martina Asmar Chairman David Trust rmitage The notes on pages 17 to 29 form part of these financial statements. 17

THE MALDEN TRusf LIMITED CASH FLOW sfATEMENT FOR THE YEAR ENDED 31 AUGusf 2024 Notes 2024 2023 Net cash inflow from operating actlvitles 1,552,570 1,337,341 Cash flows from investing activities 21 (268,312) [174,251) Cash flows from financing activities 21 (550,992) {40J,075} Net increase in cash and cash equivalents 733,266 762,015 Cash and cash equivalents at I September 2,247,279 1,485,264 Cash and cash equlvalents at 31 August 2 980 545 2 247 279 Reconclllatlon of net Incoming resources to net cash Inflow from operatlng actlvitie$ 2024 2023 Operating dencit Interest received Interest paid Depreciation charges Decreasel(Increase) In debtors Increase in creditors (43,095) (115,819) 414,698 754,235 (89,968) 632,519 [38J,641) (70,157) 320,878 155,653 536 921 Net cash inflow from operating activities 1 552 570 1337341 The notes on pages 17 to 29 fom) part of these financial statements. 18

THE MALDEN TRusf LIMrrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 Principal accounting policies Generalinformation andbasis ofaccounting The Malden Trust Limited (the Charity) is a charitable company registered in the United Kingdom. The Trust owns and operates Windlesham House School (the School). The address of the registered office is given in the charity information on page l of these financial statements. The nalure of the Charity's operations and principal activities are detailed in the Governor5, Report. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021, the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Lreland (FRS 102>, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from l January 2019 (revised FRS 102>. The financial statements are prepared on a going concern basis under the historical cost convention. The financial Statements are prepared in sterling which Is the functional currency of the Charity and rounded to the nearest El. The Governors assess whether the use of going concern is appropriate and whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the school to continue as a going concern. Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the its future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. The Governor5 have considered the level of funds held and the expected level of Income and expenditure for a period of iwelve months from finalisation of these financial statements together with the support provided by the bank and have concluded that it is appropriate to continue to adopt the going concern basis in preparlng the flnanclal statements as outlined in the Statement of Governors, responsibilitles. The significant accounting policie5 applied in the preparation of these financlal statements are set out below. These policies have Èeen consistently applied to all years presented unless otherwise stated. Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity. RestrScted funds are those donated for use in a particular area or for specific purposes, the use of which Is reslricled to Ihat area or purpose. Income recognitlon All income is included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and thls requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. Income from charitable activities includes school fees receivable, registration fees and fees from ancillary activities. School fees receivèble consist of charges billed for the academic year ending 31 August, less bursaries, discounts and other allowances. Fees received for education to be provided in future years are carried fonvard as deferred income. Registration fees are non-refundable fees which ère recognised On￿ parentslguardians have committed for the child to attend the school In the school year ending 31 August. Income from ancillary activities is generated from additional artivities being offered to pupils in the school year ending 31 August and educational lettings during the year. Government grants are credited to the Statement of Financial Activities as the related expenditure is incurred. 19

THE MALDEN TRusf LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Prlncipal accounting polities - continued Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, It is probable that the settlement will be required and the amount of the obligation can be measured reliably. It 15 categorised under the following headings.. Development and fundraising costs relate to the expenditure associated with raislng funds. Financing costs relate to loan and finance lease interest payable. Expenditure on charitable artivitie5 includes school operating costs such as teaching costs, welfare costs, premises costs and support costs. Finance and administrative staff costs and other support costs have been direcdy charged to the charitable main activity. The irrecoverable element of VAT is included with the item of expense to which it relates. Allocatlon ofsupport andgovernance costs Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity. Operating lease commltments Rentals paid under operating leases are charged to the ststement of flnancial activitles on a straight line basis over the lease term. Investments In subsldlarles Investments In subsidiaries are accounted for at cost less Impalrment. Flxedassets and depreciation Depreciation is provided on all tsngible fixed assets, excluding land, at rates calculated to write off the cost less estimated residual value over their expected useful economic lives as follows.. Freehold permanent buildings Freehold building5 of non permanent construction Motor vehicles and grounds equipment Furniture, fittings, equipment, computer & elertrical equipment which includes.. Furniture, fittings & equipment Computer & electrical equipment 30/0 by the straight line method 50/0 by the siraight line method 20Q/o by the straight line method IOO/o by the straight line method 250/0 by the straight line method Fixed asset addltions in the year are not depreciated in the year of acquisition or the year the asset is brought into use. Assets in the course of construction are not depreciated until they are brought into Use. On transition to FRS 102, the previous valuation as at 13 February 2001 was used as deemed cost. Any assets acquired since this valuation have been added to the deemed cost. Items costing under £1,000 are charged to the statement of financial activities in the year of purchase, unless the individual item forms part of a major project, purchase or renewal programme where capitalisation is appropriate. 20

THE MALDEN TRusf LIM￿ED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 Principal accounting policies - continued Cash and cash equivalents Cash at bank and cash equivalents include5 cash and short term highly liquid investments from the date of opening of the deposit or similar account. Debtors andtreditors Debtors and creditors with no stated interest rate and receivable or payable withln one year are recorded at the transaction price. Any losses arising from impairment are recognised in expenditure. Leases Leases are classified a5 finance leases whenever the temis of the lease transfer substantialty all the risks and rewards of ownership of the leased asset to the Charity. All other leases are classified as operating leases. Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducied in measuring profit or loss. Assets held under finance leases are Included In tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned a55ets. raxatlon The Charity is an exempt charity within the meaning of schedule 3 of the Charities Act 20LI and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tsx purposes. otheremployee benefits When employees have rendered service to the Charity, short-term employee benefits to whlch the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that seNice. Pen51ons Retirement benefits to teaching employees of the School are provlded by the Avlva Penslon Trust for Independent Schools {APTIS}. It is a Defined Contribution pension scheme which can be used by all member schools of the Independent Schools, Bursars Assoclation (ISBA). It is set up a part of Aviva's "Master Trust"_ a trust-based pension arrangement managed by independent professional Trustees. For support staff, contributions are also paid to Scottish Widows as part of a defined contribution scheme. These are charged to the statement of financial activities in the year in which they are payable to the scheme. Differences beNveen contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end. Criticalaccounting estimates andareas ofjudgement Estimate5 and j'udgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The charitable company makes estimates and assumptions concerning the future. The resulting accounting e5timate5 and assumptions will, by definition, seldom equal the related actual results. In the view of the governor5, no assumptions concerning the future or estimation Un￿rtaInty affecting assets or liabilities at the balance sheet date are likely to result in material adjustment to their carrying amounts in the next financial year. Critical areas of judgement- Deposits held by the school repayable when a pupil leaves the school are included in other cr￿ltorS, a protX)rtion of the total deposits are classified as falling due after one year as thi5 reflects the true timing of their repayment. Depreciation of properties - this requires an estimation of the useful economic lives of properties and an estimate of the land aptM)rtionment. 21

THE MALDEN TRusf LIMrrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 Net expenditure for the year 2024 2023 This is stated after charging/(crediting}: Depreciation of owned fixed assets Auditorfs remuneration 754,235 775,&97 Donations and legacies Unrestrlcted funds Re5trirted funds Total 2024 Total 2023 Donations 4 Income from charitable actlvltles Unrestrlcted funds Re5triLted funds Total 2024 Total 2023 School fees Standard fees Extras and other tuition fees Less.. bursaries, grants and allowances 8,862,021 347,986 (1,022,296) 8,862,021 347,986 (1,022,296) 8 277,983 370,222 {J,110,995J 8 187 711 8 187 711 7537210 other educational income Registration fees 24,516 24,516 12,632 Other ancillary artivitie5 Pupil disbursements Educational and charitable lettings 369,962 208,378 369,962 208,378 365,607 239,392 578 340 578 340 All income from charitable activities in the current and prior year was attributable to unrestricted funds. 22

THE MALDEN TRusf LIMrrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 other trading actlvities Unrestricted funds Restricted funds Total 2024 Total 2023 utilities recharged other income 20,305 13,853 20,305 13,853 29,678 14,851 All income from other trading activities in the current and prior year was attributable to unrestrirted funds. Development and fundralslng costs Unrestrirted funds Restrirted funds Total 2024 Total 2023 staff costs 3,140 3,140 1,686 All expenditure on development and fundraislng costs In the current and prlor year was attrlbutable to unrestricted funds. 7 Sthool operatlng costs Unrestrlcted funds staff Costs other costs 2024 2023 Depreciation Teaching Welfare Premises Pupil disbursement 3,548,532 437,724 449,551 156,609 779,739 907,344 313 820 2,157,512 98,166 51,299 565,910 3,803,307 1,268,762 1,922,805 313 820 7,308,694 3,644,802 1,232,885 1,837,266 351 657 7,066610 4,435,807 715,375 Support costs Other support costs for schooling 559,660 1,150,591 38,860 1,749,111 1,628,024 4 995 467 3 308 103 754 235 9 057 805 8 694 634 All expenditure on school operating costs in the current and prior year was attributable to unrestricted funds. 23

THE MALDEN TRusf LIMrrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 School operating costs - continued Governance costs included within charitable expenditure can be analysed below.. Unrestricted funds Restricted funds Total 2024 Total 2023 staff costs Other costs Auditorfs remuneration; Audit fees 12,000 8,800 12,000 8,800 12,000 12,885 19,800 19,800 11,760 Financing costs Included In support costs - other costs are the following financing costs.. Unrestrlrted funds Restrlcted funds Total 2024 rotal 2023 Bad debts Interest payable on bank loans and overdrafts Interest payable on all other loans 23,627 414,181 517 23,627 414,181 517 24,525 320,361 517 438 325 438 325 345 403 All expenditure on financlng costs in the current and prior year wa5 attributable to unreslricted funds. 24

THE MALDEN TRusf LIMrrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 9 Staff costs 2024 2033 Wages and salaries Social security costs Olher pension costs Death in service ins¢Jrance 4,261,881 364,444 402,679 4,084,437 353,797 389,949 5,044,181 4,842,832 Other staff costs 47,440 49,729 5,091,621 4,892,561 Number of employees whose remuneration exceeded £70,000 for the year: 2024 No. 2023 No. £120,001- £130,000 £80,001- £90,000 During the year the Charity charged pension payments of £44,874 (2022123.. £42,903) in respect of these higher paid employees. Average number of monthly employees durlng the year: 2024 2023 Teaching Other 81 70 83 70 153 151 ID Remuneration of key management personnel 2024 2023 Wages and salaries Social security costs Other pension costs 481,577 57,671 105 907 645 155 475,998 57,726 106 064 639 788 The Charity considers its key management personnel comprise the Headmaster, Bursar, Senior Deputy Head, Deputy Head Pastoral, Deputy Head Academic, Assistant Head of Operations, Director of Co-curricular. 25

THE MALDEN TRusf LIMrrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 11 Tru5tees' remuneration and expenses During the year one Governors received reimbursement in r￿pert of travel expenses £27. (2023: £nil>. There was no trustees, remuneration or other benefits for the year ended 31 August 2024 {2023: £nil) There was no incremental c05t incurred in the provision of training for Governors. {2023: £366). Donations received from trustees totalled £500 (2023.. £nll) during the year. Donations received from key management personnel totalled £nil (2023.. £nil) dsjring the year. 12 Tanglble flxed assets Furnlture, fittings, equipmen¢ computer & electrical equipment Freehold bulldings of non permanent construction Freehold land and permanent building5 Motor vehicles & ground$ equipment Total Cost At beginnlng of year Additions Disposals At end of year 14,633,714 1,636,136 216,884 4,213,692 384,131 20,700.426 384, 131 14,633,714 1,636,136 216,884 4,590,468 21,077,202 Depreciation At beginning of year Charge for the year On disposals At end of year 4,230,794 424,011 869,576 81,807 177,219 15,266 3,013,589 233,151 8,291,178 754,235 4,654,805 951,383 192,485 3,239,385 9,038,058 Net book value At 31 August 2024 At31 August2023 9,978,909 10,402,920 684,753 766,560 24,399 39,665 1,351,083 1,200,103 12,039,144 12,409,248 The Chariws freehold property was valued on 13th February 2001. This valuation has been used as deemed cost under the transitional arrangements of FRS 102 and no further revaluations will be included. All of the fixed assets shown are used in the charitable activities of the Charity. Barclays Bank holds a debenture over a55ets of the Charity with regards to its overdraft facility which was not utilised during the year. There is a bank loan of £5,335,176 which is secured by a charge over the land and buildings of the Charity. Included in the net book value of motor vehicles & grounds equipment was £9,198 {2023: £13,797) in respect of assets held under finance leases. 26

THE MALDEN TRusf LIMrrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 13 Flxed asset investments Shares in subsidiaries As at I September 2023 As at 31 August 2024 The Charity owns the entire share capital of Windlesham Community Facilities Limited (Company Number.. 108785801, a dormant company incorporated in England & Wales on 21 July 2017. The turnover for the year was £nil and profit for the year was £nil. The aggregate amount of capital and reserves at the year end was £1. Windlesham Community Facilities ￿Mited was dissolved on 29 October 2024. 14 Debtors 2024 2023 School fees Other debtors Prepayments 165,221 18,800 190 319 84,680 18,955 180 737 374,340 284,372 15 Creditors: amounts falling due withln one year 2024 2023 Pupil deposits Bank loan Fees in advance Taxes and social security costs Trade and other creditors Accruals Finance lease 263,250 139,531 1,375,129 93,727 301,921 193,491 200,538 131,106 1,014,161 92,463 289,979 104,931 2,368,773 1,838,352 Included in fees in advance: Deferred income.. Deferred income at 15eptember 2023 Resources deferred during the year Amounts released from previous year Deferred income at 31 August 2024 1,014,161 1,247,381 825 332 1436 210 Deferred income relates to fees received in advance falling due both within and after one year. 27

THE MALDEN TRusf LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 16 Creditors: amounts falling due after one year 2024 2023 Fees in Advance (see note 15) Pupil deposits Bank loan Finance lease 61,082 866,825 5,195,645 820,834 5,335,190 6,123,552 6 157,748 Bank loans totalling £5,335,176 (2023.. £5,466,296) are secured by a charge over the land and buildings of the Charity. The loan agreement was renegotiated and signed in November 2022 with interest payable at 2.25Q/o above base rate on the principal amount. Lease$ Flnance leases- less Finance leases relate to the purchase of a tractor. Total future minimum finance lease payments are as follows,. 2024 2023 Not later than one year Later than one year and no later than five years 1,724 5,174 17 Capltal Commltments At the balance sheet date there are no commitments. 18 Share capital The Charity is a company limited by guarantee and therefore has no share capital. Each membels guarantee Is limited to £1. All members of the Governing Body are members of the Charity. 28

THE MALDEN TRusf LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 19 Fund Reconciliation Asat I September 2023 Asat 31 August 2024 Transfers Income Expenditure Unrestricted funds General Fund 6,911,199 6,078 8,993,429 {9,060,945) 6,849,761 Restricted Funds Capital Fund Bursary Fund Hardship Fund 13,085 19,009 6,078 24,401 31,408 19,Q09 1,527 51,944 20 24,421 33,601 {6,078) Total funds 6,944,800 9,017,850 (9,060,945) 6,901,705 General Fund The general fund comprises the accumulated resources which may be expended wlthout restriction In furtherance of the Charlty's objectives. Capital Fund This fund comprises donations which facilitate enhancements to the Theatre. Bursary Fund This fund comprises donations which will be used to finance the awarding of bursaries to children who will benefit from a Windle5ham education but whose parents would not otherwise be able to finance it. Hardship Fund This fund comprises donations which will be used to finance help to parents who encounter short-term problems in financing their children's, commitments to the Sch¢JOI. 29

THE MALDEN TRusf LIM￿ED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 20 Anatysis of net assets between funds - current year Unre5trirted funds Restrirted funds 2024 Fund balances at 31 August 2024 are represented by: Fixed assets Current assets Current liabilities Non-current liabilities 12,039,145 3,302,941 (2,368,773) 6 123 552 12.039,145 3.354,885 (2,368,773) 6 123 552 6,901,705 51,944 6,849,761 51,944 Anatysis of net assets between funds - prlor year Unrestrlcted Restrlcted fund$ funds 2023 Fund balances at 31 August 2023 are represented by.. Fixed assets Current assets Current liabilities Non-current liabilities 12,409,249 2,498,050 {1,838,352) 6 157 748 6 911 199 12,409,249 2,531,651 (1,838,352) 6 157 748 6 944 800 33,601 21 Gross cash flows 2024 2023 Cash flows from financlng activities Loan repayments Interest paid Finance lease repayments (131,120) (414,698) (75,023) (320,878) (550,992) [401,075) Cash flows from investing activitles Purchase of tangible fixed assets Disposals of fixed assets Interest received (384,131) (248,248) 3,840 115 819 (268,312) (174,251) 30

THE MALDEN TRusf LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 22 Anatysis of thanges in net debt At I Sept 2023 other non- cash changes At 31 Aug 2024 Cash flows Cash and cash equivalents Cash 2 247 279 2,247,279 733 266 733,266 2 980 545 2,980,545 Borrowings Loan due within one year Loan due after one year Finance Lease due within one year Finan￿ Lease due after one year {131,106} (5,335,190) {5,174} 131,120 14 (5,335,190) {1,724) 5,174 (5,473,194} 136,294 (5,336,900) Total 3 225 915 869 560 2 356 355 Reconciliation of net cash flow to movement in net debt 2024 733,266 131,120 Increase In cash in the period Loan Repayment Finance lease repayments Change in net debt Net debt at I Sept 2023 Net debt at 31 Aug 2024 869,560 3 225 915 2 356 355 23 Obllgations under operating leases Total future minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 Operating leases whlch expire: within one year within ttvo to five years 61,734 155 308 61,462 217 042 160 445 24 Related party transactions Charlotte Johnston, a governor and director of Malden, Is also a director of IAPS, a professional association for Headleachers. During the year, £7,813 was paid to IAPS a5 membership fees for Malden and its Headteacher (2023: £6,011). Sarah Kerr-Dineen, a governor and director is the parent of William Kerr-Dineen, a teacher at the school. His salary is determined by the standard teacher pay policy. 25 Pensions Definedcontribution pension scheme The Charity operates a defined contribution pension scheme for both teaching and support stsff. The a55ets of the scheme are held separately from those of the Charity in an independently administered Fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £402,679 (2023: £389,949). 31