2025-08-31-accounts

Reglster•d number. 00856842 Charty number. 307530 GREENACRE TRUST LIMITED IA Company Lknltod by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

GREENACRE TRUST UI4TED IA Company Llmlled ty Gu•rantse Pryg Refernncè and Admlnis¢rntlv Details of th• Charity. lis Tnthtees and Advisern Tntoes' Report Independent Auditors. Report on the Flnanclal Statemonts Cons¢lidatod Ststem•nt ot Financial Acllvllles 10 Consolldated 8•lanc• She•t Charlty Balance Sheet Consolidated Statemènt of Cash Flows 13-14 15 Notes to tho Financlal Statemlnts 16-27

GREENACRE TRUST UhlTED IACompany Umlted by Guarantee) REFERENCE AND ADMINISTRATIVE fETAILS OF THE CHARfTY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 IRFl¥k D E￿n.WIll￿M$. Char JJLey A Whitdey (resigned 7 Aprl 2025) A Kn￿h1 laFwinted 7 Apnl 2025) C¢)mpany reglstergd number 00856842 Charity rnglstered number 307530 Reglstered offlcè B•Jfor MK417FZ Company secretary IRFl&* Independenl audltors Slreets Audit LLP Chartered AceounL Registered ALKlitcKs Potton House Wyt¥)Stcffi Lakes Greal North Roal Wybosl¢y) Bedford MK44 3BZ Bankern HSBC pk 12 Alha11￿ MK40 1LJ Pap1

GREENACRE TRUST UI•TED IA Company Umlted lyl TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees pres8rrt they rewi I￿39tr￿ 7rylh the au(lrtal ffinanc￿ statements of the Charity for the year 1 September 2024 to 31 August 2025. The Annual Report Se￿eS the purposes of both a Trustee8' report and a directors, re[￿ untJer coMp￿Y law. The Trustees confimi that th8 Annual Rep￿t and financial statements of the ¢harit)Ee company compty valh the current ¥tatutcry rèquirements. the requirements of the haritable C￿npan￿$ governing document the provisions of Ihe Statement of Recommended Practi {SORP} appl￿b￿ to charities prepan"n9 thw"r Kcounts in XC0rd￿ bth the Financ¢al Reporting Standard appl￿ble m the UK and RewbI￿ d Ireland {FRs1￿2> (effecti￿ 1 January 20191. Sirtee the group and the Chwity quafy as small under sectw 383 of the Companiès Act 2CMJ6. the Group Strategjc Report required of mediwn and large companw und9r the c￿onieS Ael 2006 {Strategic Report and Directors. Rewt) Regulalion8 2013 has been oftwtted. GTeena¢re TnJsl Lmrted {GT. fomiety Rushrrwjor Sch￿1 Limited) is a company hmrted by guarantee {number 00856842} and a registered char￿Y Inumber 3075301. The compan￿$ ongins were as a privately Nned indep8ndent sehod in Lonth)n whKh moved to 8￿0rd n 1918. In 15 the orNJ￿al charitable COVire stnjcture was Created io wuire the school 7hKh tr•Jed successfvlty Si￿e that de. In January 2021 the comparry changed name aThJ on 1st May 2￿21. rtw articles wer8 &Jopted to refflect ks further changed status as a Ch8ntable Dev81opment EducatK)n Trust. Tr fonw educatKJn de￿Very of Rushmoor SchrAII. together Y￿th th of St Andres Sche<4 {BedffKd) Limitèd was transferred lo a rp•V charitable education tr[￿t. Bedford Greenacre Indepe￿lant S¢hod Limrted IBGISI. H(y•￿eT. as a development education trLtst, Greenaue Trust Limrted retained ts freelmjld premises. l¢)gèther vrilh certain other assets. in Jditth. the freehold t￿Orn]se5 hekl by St Andre¥s transferred to Greenacre Tntst L4￿rted. Obj•ctlv•s and actfvbties . Objectlves and actlvltle5 The prirKpal ¢hartstlè ￿￿"eCtive is to pro￿d9 mantain s¢hool premises for the delivery of independent education for and girls from Bedford its surrounding area Follrywing the rwtructuring in Aprivmay 2021. the eompanls trustees have been f￿uSed on plans for the devekpment of a "slate of the arr school on a 40 acre STte. -Ck3pham Part". xquired in 2014. The buildings were completed to enable ￿¢upation in ely 2025. b. Maln acllvltl6s undertaken to furthgr the Chaiity's purpos￿ forthe public ￿ner￿ The conN)￿Y 15 established as a Chail)le Ed￿1￿￿ De¥ekynent Trtsst. by way of a not.forrofil compary. limited by guarantee. The Ch￿ty$ objads are set in the Artles OfAsS￿latl￿. c. Publlc benefil The Directors are support1￿ of the Charty Commis%on's genwa guidance on P￿)1'C Benefft and by tnakir avaikble school premises to Bedford G￿n￿re In(kpeTrJent School. whrh itsell meets the guidance in a number of ways. the Ccrfnpany is C￿r￿rted lo the proviwn of independen￿Y sourced eduCat￿n for pupils lo whC￿n rt would nc othe￿ise be availa)￿. Additx)n*, the school's faulrties WNI be made available to the wider communty. in line with our ry4Vll aKI the affns CA BGIS. Page 2

GREENACRE TRUST UMITED (A Company Limited by GU￿￿te•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2026 hI￿•M￿nts and perfomwnce a. Revi4w of actl¥ftles Background: The Company Changed rathaly in 2021: part-vay through Ihe usual 12 mwth accounting cycle by adopting nthv Articles of A$s￿lat￿)n. effeetNe from 1 May 21r21, ¢e￿.ng the provision of educational Sery￿es and becoming an Education Development Trust. wth the Charity CtrnmiSsi￿'s approval. Sin¢e May 2021 and for the duration ofthe year urKler remew. the compan￿¥ princwl income has been by way of rental payments from BGIS, whilst exFenditure has been for sep4YAS related to the devwent of th8 new sclN)ol and mterest payable. Current Plans.. The Company changed I￿lIcal￿ in 2021: pwt-4W thwh the usual 12 nN)nth accounting cycle by adopting Articles of Association, effectwe from 1 May 21r21. ceasmg the Fowwon of educational seThices and becoming an Education Development Trusl. ith the Chanty cc￿mISSIOn.$ approval. Since May 2021 and for the duration of the year under wew, the compan￿$ prirwal income has been by way of rental pa￿nant$ from BGIS, whtsl expenditure has been for SeN￿S related lo the develwment of the schcd interest pay&Jk. Flnanclal rnvl•w a. Golng conc•m After rna￿.ng appropfiale enqun8s, the Trustee¥ have a reasonable expertat￿l that the Charty has adequate resources to continue in operK)nal e￿$tence for th8 foreseeable future. For Ihis reason. they conts.nue to ad¢)Pt the going concem ba's In prepanng the fwHnaal statements. Further detslls regarding the adoptson of the going concem basis can be ftyJnd in the ac￿nti￿ Pc4￿8. b. Ros•Tv•s pollcy Incom& ft)r the pgriod under vras £1.345.IXK> from rental irmne. £59262 frrrfn mterest receNed and £184.260 from the sale offreehold propety. At the end, the Company had total fund$ of £10.410.85012024 £11,126.9981. The corrynls cash reseNes, W by way of fued temi dep05rts with HSBC Bank. wll be utillsed lo me8t ongoing costs and atJitional expenditure on the sch¢x4 development. The ch￿￿S Reserves Polcy WAI be lo maints'n Unrestr￿￿￿ funds to enable r( to meet its slN)rt4emi finantrial obligations. Directors have 4)pro¥ed Ixmjgets for the current and next few year5 in whKh available funds, including agreed borrowngs from HSBC Bank wll exce&J ccrfnmilled amua expermlrtu￿. ¢ompany has no fvIF-Ime employees or attendant commitments OT litith'litEs. The Trustees monitor reserves on an cryiryJ bas￿ thrcvjgh regu roviving management accounts, disGussing the financial posrtlon arnl assessiry the sittsk)n a￿dingty. Prfnclpal risk8 and un￿rtaIntleS Financlal risks centre on contlnued trading success by the tenant BGIS", Tntstees urKlarstand that the company is continulng to trade successlully. Foknving of th• new srte. tht•rest from parents 1$ 9rtrMng. On thFS basls. directors have c¢nfthrte ￿ ils rental In¢>Th b8irwJ suffic*rt to meet agreed levels of loan repayments in the Yea￿ aheaj. Pa98 3

GREENACRE TRUST Um￿ED (A Company Limited ty ¢knntè•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 d. Futur• arrnngements The Directo￿ amlKipe that tw V&il cortinue to meet the d￿rIable objects of the Company for the foreseeable ftrture, based on increased numb￿5 at the school. Structure, governance •nd managenwnt . ConslStutkJ Greenacre Trust Lwnted is g)vemed by 8 AJ1th of ASS￿￿?110n which provvye for the company to operate as a Development Education TrusL They 0150 WDvJe for the in¢ome and prcperty of the company lo be applied sow tthvards its objedives and 8ssel$ or funds shal be pa"Kl or distributed to member5 of the b. Oryanlsat1￿al structur• and declsloTrffi•king polkl•s The DiTe¢tots of the Company who we ako Trustees of the ¢harity. are re5ponsble for the over811 managemenL performarte and conlrc4 of the ccmpany. meet regulaTty. at least twice annualty ar￿ as frequently as required to prcgress the Lwsiness of the company. Nthv direclors will be appointed by the existing directors. ensurtng the necessary skills and experience are represented. threelors be provided th ¢omprehensNe bnefing on the c￿7panY. its hist￿ eunent wn$. as 7hEII as attervjing appropriate training for new chanty trustees. stst•m•nt of Trust¢es' r•sponsiblliti•s The Trustees (W￿ are also the diRcth of Ihe Chanty for ts pUrr￿s&S of corroany t￿) are resp￿s￿ble for preparing the Trustees. Report and the financol sLements in accordance wth applicab￿ IJW and United Kingdom Accounting Standarts (United KiNJdom Gwwaly Accepted Accountrtrg PraKli¢el. Company Iw requires the Trustees to prepwe financial 5tatemerts for each financial . Under eompany law, the Trustees musl not approve the finan¢Jal statanents they are satisfied that tlw grve a and fair wew of the st of affairs of the Group and the Charity and of their 1￿C￿1ng resources and appli¢alion of resources, including their income and eXp￿lIum. for that wKxJ. In Prep￿n9 these financial sLqtements. the Trustees are rewired to.. salect suitable a￿O￿ntirvj poliw and then wpky them cc>nsistenty. obserye the methcojs principles ofthe Ch￿rt￿ SORP IFRS 102). make judwents arml ￿￿UntiNj estimate5 that are reasonable and prudent: stale vtheth8r aFpltsble UK Accountsng Slandards IFRS 102) have follrywed. subject to any merial departur8s disclosed and èxplained in the financ1 statements: prgpare the ffinancsal ststements on I￿ gojng concem basis unbess it 1$ inaKJropriate to prasume thal the Group wll contnue Kn busines The Trustees afe for ke•rvJ ￿C￿nI1￿j T￿(d$ that ar• sufficient to show eybain the Group and the Chartys tran￿¢tionS aThJ disclose with reasonable awiracy at any time the financial positM)n of the Group and the Charity and enable them to ensure that the ffinancial staterr*nts comply with the panies Act 2C#J6. They a￿ also respmsible for safeguanting the assets of the Group the Charity and hence for taking reasonable steps fty the preventrm ￿ detectty￿ of fra￿1 and other irregularitie& Pagè 4

GREENACRE TRUST U￿TED Company LSmed ty Guarant￿> TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Dis¢losur• of infomiation to auditors Each of the perso1￿ who are Truslees al the time Wh￿ thLS TnAtees' Report is aFvroved has confimied that.. so far as that Twstee is awwe. there is no relgvant informati'on of whth the chan'table group's audrtor$ a￿ unaware. WKI th Trustee has laken all the steps that cxoht to ha¥¢ been ten as a Trustee n order to be aware any relevant audll arKI to eSt￿ls￿ the th￿re groLV'S auditor8 are aware of that infomth'on. Audllors The aLvJitOfS, Streets ALvJtt LLP. have indKated theii wAlingness to conb.nue in officè. The desJnated Trustees will propose a motton re4wntirvJ the auditors at a meetin9 of the Trustees. Aoproved by order of the nwt*ers offv board of TNstees on 14 May 2026 and slgned on their behalf by. D Eyton-wllllams Director P￿e5

GREENACRE TRUST UMITED IA Company Limit¢d ty Guarnntee) INDEPENDE1￿ AUDITORS. REPORT TO THE MEl￿ERs OF GREENACRE TRUST UMITED Oplnlon We have audited the fmancial statements of Greenxre Trust Llmrted (the 'parent charitable company) and ils $ubs¥diaries {the group? for the year end&d 31 August 2025 thich comprise the Consolhlated Statement of Flnancial Adivities the Consolidated Balance Sheet, Charty 8alance Sheet. the Consolidated Ststemenl of Cash Fkxvs and the re￿ed notes. ￿lUding a summary of slgnffjcant account￿9 pokncies. The financral reporting frarne•￿rk that has been applied in their preparat￿ is aF￿￿¢able l¥w and Unfted Kingdom Accountsng SI￿dardS, includiNJ Finan￿01 Repc¥ting Starbjard 102 The Finanthal Reporting St￿dard applKabl8 in the UK and RepLttic of lieland. (Uned Gwaly PLcep18d Accountsry Pract￿e). In our opinion the finangal stalemwts.. givo a true and far view of the state of the Gr￿P,5 a￿1 of the parent charitabbe corrpanrfs affairs as at 31 August 2025 and of the Group's irthming ffjsources aFVliCat￿ of resources, induding its income and expenth.lure for the yew then ended.. have been propety wepared in xcordwce wSth Unit•J lfjWl￿n Generally Acwt&l AC￿￿￿ting PTaclice". have been prepared n xc0rd￿ wlth the reqUtreTh￿ts (rf thé Charits Acl 2011. 8asls for opinion We conducted our audrt in ￿rdance VMI Inter￿￿)nal Stand¥d$ cffl Auditing IUKI {ISAs {UK}l and applicable law. Our responsoilibes under those standards are further descrtjed In thè Audrtors. responsiblities for the audit of the finwaal statements sethon of our rewt We are independent of the Group in accordance wth the ethul reqvirements that are rele￿￿t to our audlt of the finarKtal statoments in the Unrted Kingdom. inclLKling the Financial Rep¢xting Coun¢ifs Ethical Standwd. and we have fulfilled our other ethical ￿SpOnsIblErt1eS accordan¢e with these requirements. We beh8Ve that tr a￿1 e4idwKe ￿ have obtained Is SLrffi¢ienl and approprkato to provtde a basis for our opuiion. Con¢lu$lon$ relating to golng concern In a￿￿l￿ng the firwKial statements. * have cotKluded Ihat the TrL￿. use of the going ¢crtwn basis of accounting In the preparation ofthe fin￿>¥1 stements is apprwiate. Based on the we have pertorn￿d. we ha ￿je￿I￿ed any rnaterial uncertainties relating lo events or condrtions that. Indwidualty or co11￿tivety. mty cast svjnifiwt dcdknt on the Group's c the parent charitabte compan￿8 atmlty to ￿l"nue as a wng concem for a penc¥J of at kast months from when the finanual statements are autlKJrised for issue. Chjr responsiknll*s and the responsbmies ot lh8 Truste05 With respect lo golrwJ ¢oncwn are described in the relevant sedion$ of this rw Page 6

GREENACRE TrUST UIAITED (A Conwany Limited by Guarantee INDEPEKIENT AUCXTORS. REPORT TO THE MEMB&gS OF GREENACRE TRUST UWTED {CONTINUED) Oth•r infornmllon The t)ther ¥ifomiation ¢(￿PilSe$ the iifomialiM irKluded in th8 Annual Report dher than the financial slatements and our A￿litOrS, Report thweon. The Trustee$ we respcfflsble for the other inf0m￿l￿n contained wilhin the Annual Réport. Our opIn￿n on the statements do•$ ncl cover the other infomation and. excw lo the extent otherovise expw ststed rnport. ￿ do express any form of assurance Conclusi¢￿ thereon. Our resp)nsitslity is to read the other infomMtion arKI. in doing so. consKler whether the other infom7ation is materialty inconsistent wrth the fr￿cial ststements or our kI￿e obtained in the course of the audit, or otherwise •ppe8rs to b8 mat8ri81ty misstatÈd. If Klentify such matgrial inconsistenc￿8 or apparent material misstatefflents. are req￿red to deterrrlne whe1k￿r this gives nse to a material mis5talement in the financial statements themselves. If. based on the work we have performed. we conciude that there is a Materi￿ misstatement of Ihis Ott￿r infom￿. we requir&J to report that facL We have nothig to report Ni thrs regard. Matters on thl¢h we requlrnd to réport lry e￿¢PIlon Wè have nothiw to rewi in respect of the lolwrvj matters Tlw6 thè Chaiits (Ac￿nts and Report$} Regulations 2fJJ8 requires us to reFJt to JYJU rf. in our ryx"nw￿.' the infomiation gwen in thg Twslees. RepJt is irKons1￿ent in any material respect with the fwncHI statements", or the parent chantable company has kept SLrffK1￿ xCOur￿"￿j recordg. or parent chantthle company finanaal stat￿￿ are not in agreemnt with the accounting record5 and Responsibllltles of trustoos As explained morg fvlty in the Trustee$. RespcmsJilth'e5 Statemnl. the Trustees {th are also the dreck)rs of the chatttable wmpany for the purpos8s of company l&vl are respcm&ble for the preparatson of the financial statements and for belrvJ satIsf￿d thot they a tn fair vww. and for such internal control as the Trustees detemiine 1$ necessary to enable the weparakn of f￿anC￿l statements that are freé from material misstemenC whether due to fraud or err¢Y. In preparing the financial staternffits. the TTUStees are reSp￿sIble for assessing the Group's and the parent charitable companVs abrfty lo Cont￿Ue as a going ¢oncern, d￿losing, as apPI￿)le, matters related to going concern and using the goiro concem basis of &C￿ntIng unless the Trustees erther intend to 1.KJ￿date the Group or the parent chantatle c¢¥npany or to cease opgrations. or have no realBtic alternative but to do so. Page 7

GREENACRE TRUST Uh•TED IA C¢xnpany LIMtt￿ by ￿aran￿oI INOEPENDEpif AUDrroRS' REPORT TO THE MEWERS OF GREENACRE TRUST UI•TED {CONTINUEDI Audllors, rosponsibilities for th• •udlt of tho fma￿la1 stateM￿ts We havg been ¥wnled as audrtor under Secti￿ 151 ￿ the Ch¥ities kt 2011 and report in XCOrdan￿ the Acl and retevanl rewlati￿S maje or hawrvJ eff￿t thereurKler. Our otyectNes are to obtain assurarte abrArt ttth the fin￿Cial ements as a whole fre8 from material missLemen( vA)èther due to fra￿￿ or error. and to tssue an Auditors. Rewi that includes c￿r opinion. Reasonable assurance is a high knl of assurance. bul is not 8 guarantee that an audit conducled in accordance wrth ISAS (UK) will ays detect a matenal mtsstatement when it exi$t$. Misstatements can aris8 from fraud or error arKI are consKleJed mater￿1 rf, indivvjualty or wi the aggregate, tw could reasonabty be expected lo infiuence the econom￿ decisi￿ of taken Ihe baw of Ihese financial statements. IrregularrtEs. including fraud. are instances of Th)n-eompliance wlh law8 and regulati¢￿$. We design procedures in line vAti c4Jr resp(xtsibrfities. above. to detect material misstatements in respect of irregular￿e5, including fraLd. Thg extent to our procadures we wable of detecting irregularthes. indudiNJ fraud bs detal&J belw. Our approach to identrfwng ￿ assessing the risks d matertd mi$statemenl in respecl of irregularities induding fraud and non4ompli8nce wrth laws WKI regulati￿$. was as follch¥s'. the engagement partner ensu￿1 that the engagement collectively had the appropriate competence. pabiltties and sklls to ￿entify c recognise non-complian￿ Mth •plicable law5 and wulalions.. we Klentffied the laws and regulati¢)ns applic to the company through discussKJn8 with directors arKI other M￿￿eM￿l. and ¢yJr exper￿? of the cryny and sector in which rt ￿erateS.. we focused on speth laws and regulatws whKh consKlered may have a direct merial efféct on the finarKial Statements ￿ the operthns ofthe ccffipany, induding Companies Ael 2006. Charits'es Act 2011, taxation legislation. antii)ribery. enNirorMnental and hgatth and safety legislation., we a$s￿sed the extent of complranee wrth the Ws and regulations identified above through making ewuine5 of mnagement and mS￿ting leyal correspondence,. and KIentrf￿d laws wlatic￿S were ccfftnuni¢ated wrthin the audlt tèam Tegularty an(J the te remane£l to in¥lanees of throUgh￿rt the audrt. We assessed the suscepltjthty of the ￿npaty$ fin￿¢￿1 st8toments to maleria Misstr￿n1. irKluding okxaining an understanding of hyAT fraud might ￿r, by.. making enquiries of managvJnent as to where tw cOnsh￿ there was SLwepthilty to fraud, their kr￿￿ledge of actual, SuSp￿ted WKI alleged fraKI." and considering the intwnal ￿￿trOlS in place to mitigate risks of fraud aThJ nonryccrfnpliance laws and regulations To address the rk offraud through managemènt bias override of controls, we". Perf0￿ClI an¥￿ical procedures to ￿¢￿tfy unusual ry unexp•ct•d relationships., tested joumal to Klentfy unusuej transxtions.. assessed whether judgeM￿ts arKI assunW￿y￿ made Hi dmining th8 xcounlirKJ estknales set out in Ncla 2 were irKlulive of bias". ¥d investigat&4 the rats"onal8 behind svjntsrt ￿ unusual I￿n$￿ti￿$ A further deswon of respcThibiI￿ for the wdil of ffinanci81 staterrents 15 kt*ed on the F￿anCIal Reporting Councffs websrta at.. vww.frc. .ukl . description forms part of our Audrtors, Rep Page 8

GREENACRE TrUST UMITED IA Company LHnited by lknrant••) INDEPENDENT AUDifoRS' REPORT TO THE MEMBERS OF GREENACRE TRUST UMrrED ICONTINUED) Llse of our r•port Thi¥ report 1$ rnade sow to the tharitable eornpanls trustee5. as a tody, in Sec￿danCe wilh Part 4 of the Charits (Accounts and Reports) Regulations 2008. Our ￿drt has been ￿dertakan 80 that we might state to the chaitable comp￿8 trustees those matt8rs are required lo slate to them in an Auditors. Report arKI lor no other purpose. To the I￿lest ￿ent permrtted by fthv. ￿ do accept or assume re8portsit'lity lo anyone other than the th￿table C(ry￿y and rts members, a5 a W, for audil work. for th15 report, or for the op#iion$ we have t0￿ed. .fvb LXI LLP Str•ots Audlt LLP Chartered Ac￿ntants Registered Auditor¥ Potton House Wyboston Lakes Great North Ro& Wyboston Bedford MK44 3BZ Dale: 1410512026 Streets Audit LLP are eligiblg to ￿ as a￿Jit￿$ in terryts of 1212 ofth8 Ccffnpanies Act 2￿fj. Pag8 9

GREENACRE TRUST UMITED {A Company Limited lry Guarants•) CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES VNCORPOPATING INCOME AND EXPENDMJRE ACCOUNn FOR THE YEAR ENDED 31 AUGUST 2025 Total funds 2025 funds 2025 runds 2024 Incomg from: Charitable activities Investmnts 1.345.000 1.346.1)00 69362 59,262 184260 184.260 56,391 2,389.095 Total Income 1,588.522 1A88.522 2,845,486 Expenditur• on: Charitsble xtiwties 2,304.670 2,304.670 792.717 Total expènditurn 2.304.670 1304670 792.717 Net mov•m•nt In fvnds 1716.148) 1716.148) 2.052. 769 Reconclliatlon of funds: Total l￿d5 brought foThArd Net mvem8nt in furKIs 11.126.998 1716.148) 11.12Q998 1716.148) 9.074.229 2,052. 769 Totsl funds ¢arrlod fomvd 10.410.850 lo.410￿60 11. 126.998 Thg Consolidated Statement of FwwKial Admtm indth 01 gans k)sses recognised in the year. n(rtes on pages 16 to 27 fom part clthese fin*KJal stat￿￿nts. Page 10

GREE14ACRE TRUST UMITED (A C(xnpany Limited by Gu¥rante0) REGISTERED NUMBER." I)0856842 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025 2026 2024 Flxed •s8ts Tans4)l¢ assets Current assets 10 28207,059 18,932,920 Debtors Cash at bank arKI in harKt 11 FJ38.149 1.622N60 1.341.490 4,262,807 2.160.609 5.604,297 Current Ilabilitios Creditors: amwnts f8￿Ing due within o 12 4L44SI f7T,319) Nat current assots IA16.164 &526,978 Totsl assets less curr•nt liabllltles 29.623,223 24.459,898 Creditors.. amunts falkng due after ffM)re than one year 13 (19,212,373) (l3.332.9￿) Net a88ets 10A10.850 11. 126.998 T¢)tsl not •s¥•ts 10,410,850 11. 126.998 Charlty funds Restricted funds Unrestrthd fvnds 14 14 10A10A50 11.126,998 Total funds 10,410.850 t 1, 126.998 The Charitywas entlbd to extyKyi fr￿n ￿di1 urKler sXion 47T d the Cffj)anies Act 201A. The members have rbot required the enuty to ¢thin w ￿di1 for the )Ear in quests'on in accordance wth geclion 476 of the Compan￿$ Act 20tfj. However. an ￿dit is requwed in accordance s&lion 151 of the CharitK?s Ad 2011. The Tnjstees acknowledge thr reSp￿S[￿l￿e5 for complyry with the requireffnts of the Act wh respect to accounting rec(wds and praparation of finaroal stalements. The fin￿#1 #tatemenis ho¥¢ been prepared In 8ecLd•nrn wth the p￿¥10￿5 aFpl¢able to entstk$ $uW'ect lo lh6 smal companie5 r8gwne. Page11

GREENACRE TRUST UMITED (A Company Limlted by Guarantee) REGISTERED NUMBER: 00856842 CONSOUDATED BALANCE SHE￿ {copillNUED) AS AT 31 AUGUST 2025 Thè financial statements Mere approvad aThl athnsed wue by the Truste8s on 14 May 2028 and svjned on their behdf ty. D Eyton-ylilkams The notes on pryes 16 to 27 fom) part ofthese finanual st*wts. Page 12

GREENACRE TRUST UMITED (A Company UM1t￿ by Guarantee) REGISTERED NUMBER: 00856842 CHARrrY BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Flxed a$80ts Tangible assets Current assots 10 28307.059 18,932.920 Debtors Cash at bank and in hand 11 $38,149 1.622.460 1.341.490 4,262.807 1160.609 5.604,297 Current Ilabilltl•s Credrtors." amcHJnts fallirvj due within ¢y year 12 44,446) fTT.319) Net current assots 1A16,164 5526,978 Total ass•ts hss current Ilabilil Credrtors.. amcHJnts due aftef mNe than one year 29,623223 24.459.898 13 {19211373 (13.33Z900) Net assets 10.410,860 11. 126.998 Total n•t assets 10.410.8SO 11. 126.998 Charty funds Restrtcted funds Unreslri¢ted fvrKIs 14 14 10,410.860 11. 126.998 Total funds 10,410,850 11, 126.998 The Charitys net movem￿1 in l￿d8 for ￿ar￿aS £V16.148) (2024- £(T8.520J). The Charty was enlitled to exernpt￿ frc¥n audrt under seclion 477 Oftt￿ Ccfflwni¢$ Act 20￿. The members have not requir&J Ihe entity to olxan an aLhJit for Ihe in questicm •i accordance with section 476 ofthe Companies Act 21K6. HLvthTr, an aLwJrt Is Nuired li ￿Coldan￿ with sectKffi 151 of the Charities Act 2011. The Trustees acknovAedge their respOnS￿j￿11es frrt cornplsfjry Wrth Ihe roquwements of tre Acl with respect to accounting r•cord$ and preparat￿n of fin8m¢ial $tatem8nt Page 13

GREENACRE TRUST UMITED IA Company Umlted by Guarnntso) REGISTERED NUMBER: I)08S6842 CHARrrY BALANCE SHEET (CONTINLIED AS AT 31 AUGUST 2025 The finarKial statemwts haNE teen pryed in accord￿ tAith the provish)ns afvble to entities subject to the small conyanies regime. The finanual statements were apryoved Is￿ by the Trustee8 on 14 May 2028 and sign on thwf behalf ty. D Eyion-wiliamg Director The notes on pays 16 to 27 fom part of these fina￿jaI statwr*. Page 14

GREENACRE TRIJST UIIiTED {A Comp•ny Umlted ty Guarnntee) CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Ca8h flo￿ from operating actlvltles Ngt cash used in operatvig *r¥rti8s 5.573.989 11,301. 160 Cash fl¢X￿ from investthg acll¥ltles Diw"dends, interesis and rents from inveslm8nts Proceeds from the sale ol taTrJibie f￿¢d assets Purchase oltangible fix& assets 1.404.262 456,391 2.772.983 2,873.460 (12.391.581) {12,S3Q451J Net cash In Invesllng aGtl¥lll•s 18314,3361 {9,200,6001 Cash flowa from financlng actlvlile8 Met Cash pn>vld•d lry financlng acll¥ltl•s Change In rash and ush ¢qulvalents In the year Cash and cash equivalents at the beginnwo ofthe 12,640,347) 2.100.560 4262,807 2 162,247 Cash and Cash •qulval•nts at th8 end of th• y￿r 1,622A60 4.262,807 The notes on pages 16 to 27 fomi part of Ihese financ￿￿ statem￿t$ Page15

GREENACRE TRUST LIMITED IA Company Limited by Guarnntsel NOTES TO THE FINANCLAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202$ General Infomiatlon Greenacrg Trust Limtied is a privae ccryany Imited by shares incorporated in England and Wales. The registereendlture on chartaL48 is irKurT•J 4J) dir￿ wthrtaking the actfvrtoos which further the Group's objecliws. as as any ass(Thted supwt costs. Interest funds hekl ￿ de￿$tt ts indth ¥thert receivable 8nd the ￿n￿nI can be measured rel4bty by the Group.. this is rK>rmaly w)on nthfKation of tho interest paid or pay*h by the institution with wtrb)m the fijrbjs a￿ deposrted. Page 16

GREENACRE TRUST Uh•TED (A Company Umllod ty Guarant•e) NOTES TO THE FINANCIAL STATEVENTS Foft THE YEAR ENDED 31 AUGUST 2025 Ac¢ountlng polkl•s {¢ontlnuod) 2.5 Tanglblo ffix￿ assets and d•prnciatlon T￿Ible fixele Tangible fixed assets we iiw rwnwl al cost. After reccynition, undw the ¢ost mojel, tangibfe fixed assets a￿ measured at cost te65 accumuknd depreciation and any ￿umUlated npairment losses. All costs irKuffod lo brin9 a langible ffixed asset into rts intended worf(Ing condition shoubj be Ind￿J&1 ￿ the Deprecialth is charged so as to the cost of taw'ble fixed assets kss their resKlual value over their eslThated useftA Ibves. Deprecithon ￿KIed on ￿ follMrKJ ba￿. Freèhokl Property . 2.S% straight kne Ffeehold laTrJ is depreciated 2.6 D•bto Trade and other deiknrs are recognised at the set11eTh￿ amount after any trade disc￿ftt offwed. Prepaymerts are vdued at the aJKJUnt prepaid net of anytr discounts du8. Z7 Cash at bank and in hand Cash at b￿k in hand Kludes rash and ShOrt4e￿ hvjhty ￿U￿1 investsmts with a short maturty c¢ three months Qr less from th& d of wiwsition or opening of thè deposit or sI￿18r count. 2￿ Liabllbti•s and wovisi(ms Liabilities are recognL8ed when lh￿e rAJI￿al￿)n at the Balance Strwt dale as a result of a past event, rt is probable that a transfer of econom￿ benefft wll be required In setuemenl. and t amount clthe Setile￿ can be estvnated reliJty. 2.9 Flnanclal Instruments The Group cty financHI assets finarKial liiiitw crf a kind that qualfy as bas￿ fina￿la1 instruwents. Basic financial instrwnents are inrtialty rewnrsed al transaCt￿n va￿e Subs6Juen￿Y m&gsured at settlement vdue with the excePt￿n of bank h)ans wh￿h are subsequentty measured at wnortised cost Us￿9 the effedive inlere51 method. 2.10 Fund a¢¢ountlNJ General funds are UnreStr￿ted furth are for use at the discretion of the Trustees In furtherance of the general objectives ¢1 the Group and vthich have not been designated for other purposes. Page 17

GREENACRE TRUST UhlTED {A Crynpany Limitad by Guar•nteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income from chaiitablfj 4¢dvltl•s unl￿trIcted lunds 2025 Total funds 2025 Tot81 funds 2024 Rental inccxr 1.345,000 1,345.000 400.C Investm•nt Incomg Unrestrlcted funds 2025 Totsl funds 2025 Total fvnds 2024 Interest re¢eNed 59.262 59.262 56,391 Pag8 18

GREENACRE TRUST LMTED C(xnp•ny Umlted by Guarantse) NOTES TO ThE FINANCLAL STATEMENTS FOR The YEAR ENDED 31 AUGUST 2025 other Incoming resou Total funLIs 2024 funds 2025 funds 202S Profft or loss on d￿p￿al off￿￿ assets 184.260 184.260 2.389. 095 Anatysi¥ of exp•ndiiur• on charllablg a¢tlvities Summary by fund typ• fund5 2025 Total 2025 Total 2024 2.304.670 2.304.670 792.717 Analy$ig of expendlture by actfvll*s Support Total fund$ 2025 Tot81 ncts 2024 2025 School Deveknpmerrt 2.304.670 2.304670 792. 717 Page 19

GREENACRE TRUST UMITED (A Limit•d ty Guarantee) NOTES TO THE FIP4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysis of expendliurn by actl¥llits I￿ntInued) Analysls of support Casts School D•velopme nt 2025 Totsl funds 2026 Tot81 fiinds 2024 Oepreci*ion ProfessK>nai fees Repairs and Bank Ch￿e$ Bank interest InsLkrance Govern￿Ce costs 528.719 47.371 528.719 47,371 135,494 211.405 1,740 252. 176 176,211 6,841 176.146 1.535.559 7.710 9,165 176,146 1,535.559 7,710 9.165 2,304.670 2,304.670 792.T17 2025 2024 Fees Pa￿)le to the Chwivs wdilor forthe ofthè Chwitrfs •nual accounts 8.000 9,4 During the year. no Trustees recvAd remw)eratiM or oth8r tenefits 12024 . £NIL). During the year ended 31 A￿ust 2025. ￿ Twstee expenses been incurf8d (2024- £VIL). P￿e 20

GREENACRe TRUST UMITED (A C￿anY Umlted ty Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. Tanglble fixed ass¢ts Freehold property Cost or valuatlon At 1 Saptember 2024 Additions Disposals 21,124,203 12.391.581 (4817.7601 At 31 August 2025 28.698.024 Al 1 September 2024 Charge for the year On dispos 2.191.282 528.719 12229.036 At 31 August 2025 Not book value At 31 August 2025 28,207,059 At 31 August 2024 78,932,921 Charlty Freohokl property Cost or valuatlon At 1 septemb￿ 2024 Additions Dtsposals 21,124.203 12,391,581 (4817.7601 At 31 Augwst 2025 28.698.024 Page 21

GREENACRE TRUST UPMTED (A Company Umllad lry Gu•rnnte•) NOTES TO THE FINAPKIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2025 10. Tangiblo fixed assets Iconllnued) Charlty Iconllnugd Fr991￿Id property Deproclation Al 1 sept￿nber 2024 Charge for the y On dispjsals 2,191.282 528.719 (2.229,036} At 31 Awdust 2025 490,966 Net l>ook value At 31 Augusl 2ry25 28.207,059 At 31 August %)24 18.932,921 Fwhold property ind￿￿0$ assets urh*r Ihe coursg of wnstmctw)n affwwntsrvJ to £412,946 {2024 £16,302.4431. 11. Group 2025 Group 2024 Charfty 2025 Chodty 2024 Due Mfithln on• year Other debtors 538.149 1.341.490 638,149 1.341.490 Page 22

GREENACRE TRUST ukfffED (A Umlt•d ty Guafanta•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2026 11 Credltors: Amounts faulng due within y•ar Group Grcwp 2024 Charity 2026 2024 736.570 7,875 13. 631 03. 688 736MO 7￿75 13.631 61688 744,445 77.319 744A45 T7.319 1& Credltovs: Amounts faning due aftor more than on• y•ar Group Gmup 2024 Charlty 2025 Charty 2024 Bank loar Other crethtots 16,5QQ,000 12.067.900 16.500.000 12.067.900 2.712.373 1712,373 1.265,1kn) 19.212.373 13.332900 19.212.373 13.332.900 The b￿k loan. amounting to £16.500,OfXI. is secured 4ainst the freehold prq)* the balance sheet. Additionalty, wrthin Other Creditor5. there 15 an unse¢fftd k)4n of £2.711373. Y￿th a tcAal awailablo drawdown facilty of up to £3.LK)O.OIXI. Page 23

GREENACRE TRUST Uh•TED (A Company Limiled by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2026 Statement of funds Statem0￿ of funds. curvent year Balance at I September 2024 Batance at 31 August 2025 Transfevs inloul Incom8 Expendltur• Unrestrlct•d funds Generd Fund$ rim5,922) 1,088￿22 (1.775.951Tr (9.802.858) 117,T36.209) 18.931920 1628.719} 9.802.858 28.207,059 11.126.998 1.588,522 (1304670 10,410.850 The Gener31 fund represents reserves wthh are available for the chty to use in tha furtherance of any tharitable objective. The Fixed asset reserve represents the ngt vdue of freehotd prc4)erty. which fom)s part of the Siatemrf of fvnds- prlor year Ba18n￿ al 31 August 2024 I September Tr8nsfe Unrestricted funds Gfjne￿ Fund$ 2.051.9LK) Z845.486 7.022329 (547.205) (12. 156. 103) (7.W5,922) (24&512) 12. 156, 103 ia932,920 9.074.229 2.845.486 (792.717) 11, 126,998 Page 24

GREENACRE TRUST UIITED (A Company Lhnltad ty Guarnnleè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1& Summary offunds Summary of funds- current year 8alance at 1 September 2024 Balance at 31 August 2025 Transfers inlout Income EX￿ndItuTe General lunds 11.126.998 1,$88.522 (2J04.6701 10.410.850 Summary ol funds- prK>r year 8aJance at I Seplember 2023 Balance at 31 A1￿uSt 2024 General fvnds 9.074.229 2￿486 (T92.717) 11. 126,998 16. Analysis of net assets belAy￿ f￿NIS Anatysis of net assets between funds. curr•ni ygar Unreslrlcted funds 2025 Total funds 2025 TaNJible fixed assets Current assets Croditors due withwi on& y¢¥ Credrtors due in Th￿re Ihan one 28,207.059 28,207.059 2.160,609 2.160.609 {744,445) 1744.4451 {19.212.373) 119.212.373) Total 10,410.850 10,410.850 Page 2S

GREENACRE TRUST UMITED (A c￿ Limited ty Gu•rdni••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 16. Anatysls of not assets b•lw••n funds {continu8dl Anatysls of n•t assots bgtwoen lund•. prloryear UnrnstrKted funds 2024 Total funds 2024 Tangth fixed assets Current assets Cre(*IoTS dLse wlhin or£ Creditor5 due in tTr)re than 18,932,920 18,932,920 5.604,297 5,604.297 (77.319) (77.319) (13,332.9C(I} (13.332,9CQ) 11, 126.998 11, 126.998 17. Reconclli¥tion of net mov•m•nt in funds to not cash flow from oiwatlng acttvltl88 Group 2026 Group 2024 Nel lneome1ext￿d￿￿re for the (as p9r Stat￿￿￿ of Financ￿1 Activitss) (71I148> 2,052.769 Adjustments for. Depreciation charges DividerKis. interests and renls frc4n inNBstffents Profrt on the sale offixed assets t)ecreasellincreasel in debtcrfs Increase in crethtors 628,719 135.495 (1,404,262) (456,391) (184,2601 r2.389,095) 803.341 f1.330. 783) 6.546,599 13,289. 165 Net cash provided by operating activltles 6.673.989 11.301. 760 1& Analysls of cash and cash equlval•nts Group 2025 Group 2024 Cash kn hand 1.622,460 4.262.807 Total ¢ash and cash equi¥al8nts 1.622,460 4.262,8Q7 Page 26

GREENACRE TRUST LMTED (A Company Limthl by Guarantee) NOTES TO THE FINANCIAL STATEmE1￿s FOR THE YEAR ENDED 31 AUGUST 2025 19. Anatysls of Changos In ngt d•bt A11 At31 2024 Cash flows Augugt 2025 Cash al bank in h)d Debt due after 1 year 4362.807 12,640A47) 1,622,460 (11067.9001 14432.100) (16.500.000 {7,805.0931 17.072.447) (14,877.540 Contlngent Ilabllltles During the prior ￿r. as a resuk of r(Yy cha)ges there vffjs a b"mv¥J dfftergnce irb relation to th8 rr￿￿S t)wed to HMRC in reLation lo Value Aojed TaL We ¥e una)le to *blBh rf a li• exisL it does. we are not reasonably able to v￿ue thi 21. fApilal ¢ommitiYwits Group 2025 Charity 2025 Charity 2024 2024 Contrncted for but not pmlded In these financial statement5 Purchase. constructi(m or of vestment property 351294 11.234.248 352,294 11.234.248 Related party transac¢lons During the year. the tharty receNed a ￿ of £2.500.000 12024.. £1265,CQO} frcth Bedford Greenacre Indeppndenl Sthwl. Inlernst of £212.373 (2024". £54,390) has been in aC￿rdance with the loan agreement Bedford G￿n4¢￿ School the new premises constructed by the charty in January 2025. Page 27