Charlty ReElstration No. J07931 Company ReEistration No. 865624 THE ENA MAKIN EDUCATIONAL TRUST ANNUAL REPORT AND FINAE4CIAL STA TEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 THE ENA MAKIN EDUCATIONAL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 4OR THE YEAR F,NDF.D 31 AUC>U.ST 2025 CONTENTS Pages Leg91 and Administrative Inform#tion Governors, Annu81 Report Independent Auditor's Report 12 St#temeNt of Financial Activities Balanee shttt 16 Statement of Cxsh Flows 17 Notes to the FlnanelAI StAtements 18 THE ENA MAKIN EDUCATIONAL TRUST LF,GAL AND ADMIIYISTRATIVF INFORMATION FOR THE YEAR ENDED 31 AUGUST 2025 Registered office.. The Granville School 2 Bradbourne Pai'k Road Sevenoaks Kent TN13 3LJ Registered Number.. 865624 (England and Wales) Charity NuTnber: 307931 (England and Wales) Th¢ Governor$ are the D5reetors & Trustees of the Ena Malcln Educatlonal Trust The following 5¢rved as Governors since Ihe start of the year.. Ni¢ole Coll - Chair H¢ath¢T Pag¢t-Brown- Deputy Chair- Up to 31 Januai'y 2025 Pliilip Tippin- Depuiy Chair- Froin 20 March 2025 Nicholas Arnold Rachel Bailey George Brown Neale Bussey Genevieve Heselden James Howard Louise McCabe-Arnold Joelle Natzkoff Stephen Paget-BIDwn Bridget Ward Carolyn Webste]. Dui'ing the yeai. and subsequently up to the date of approving the accounts, the followiiig Govei'nors wejr appointed: Stephen Pagel-Brown (23 April 2025) Rachel Bailey (I I September 20251 Nicholas Arnold {1 I September 2025) Neale Bussey (24 Novei*ber 2025) Dui'ing the year, the following Govemors i'esigned.. H¢atl)eT Pag¢t-Brown {31 Janiiary 2025) G¢nevi¢ve He5¢1d¢n {10 Septeinbei. 20251 Louise M¢Cabe-Arnold (3 July 2025} Joell¢ Natzkoff {1 I SepteJnbeT 2025) Auditors: HaysMa¢ LLP 10 Queen Street London EC4R IAG THE ENA MAKIN f¢DVCATIONAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION (Continued) FOR THE YEAR ENDED 31 AUGUST 2025 Bankejs: National Westininster PLC 67 High Street Sevenoaks Keiit, TN13 ILA Coutts & Co 440 Stiand London, WC2R OQS Lloyds Bank PLC 83 High Sti'eet Sevenoaks, TN13 ILG Contaet detHil5: The Granville School 2 Bi'adboiirne Pai'k Road Sevcnoaks Kent, TN13 JLJ 'ww. 'aiivilleschiK)I.oi' RegEstei'ed chai'ity No. 307931 THE ENA MAKIN EDUCATIONAL TRUST GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The governors present their annual report and financial statements for the year ended 31 August 21r25. OBJEcfIvES AND ACTJVITIES The charity's objectives are the advan¢eJnent of education, in particulai. by the provision and conduct of a day school for boys and gi]'Is residing in or near Sevenoaks. In furtheiance ofthis obj¢¢tive, the govemor$, as charity irustees, have coinplied with the duty in S.4 of the Charities Act 201 I to have due regard to the Charity Coininission's published general and relevant sub- sector guidance concei'ning the opei7tion of the Public B¢nefit requireinent under that Act. EDUCATIONAL AIMS The Sthool ¢at¢rs for boys and girls in the Pre-school fiY)m 3 to 4 years old and girls in the Prep School froin 4 to I l years of age. The School aiins to fostei. and provide an excellent all-round education for its piipils. This encompasses their acadeinic, Social and physical dovclopjnent and wellbeing through its academic curriculuin, pastoral c3rc, sporting and other extra- curricular activilies. The Granville provides an educational envll'onment wheie every Child can realise his or her true potential by developing knowledge. confidence and self-reliance within a suppoitive and happy school co]￿1￿U￿1ty. The Granville School aiins to set the higliest academic and pastoral standards. Experienced staff identify and develop the full potential and natural talents of each individual Child to prepaTe thein for a fulfilled, happy and productive life. The School prepares each pupil foi. a wide selection of independent senior k)nd state graminar schools. Th¢ School'5 five key educational aim5 aTe- l. To provide exceptional and inspirational teaching across a broad, stiinulating and ambitious curriculum where each pupil dev¢lop5 a love for l¢arnin& Inaximis¢s theii. full potential and gains a place a¢ a senior school where they will continue to thrive. 2. To offer outstanding pastoral ¢ai'e in a 5¢hool that IS saf¢, happy and healthy, while being ¢nvironm¢ntally, culturally and socially aw&'e. 3. To offer all the pupils the opportunity to explore and develop their talents in and beyond the academic curriculum through the provision of an outstanding ¢xtia-curriculai' prograinme. 4. To raise the profile ofthe Gi'ynville as a ¢tntre ofacadeinic excellence, outstanding personal developinent and exceptional pastoral cair. 5. To optiinise the use of the School'5 resources including staff, ICT, infragtriicture, land i)nd building5 for the benefit of the curreni and fulure pupils. Ae&dernlc The School remains finnly committed to delivering excellence in teaching. as dejnonstrated by consistently outstsnding acadeinic outcoines and significant value added to standaixlised as5essinents. This SLicce5s is undeipinned by a robust appiDach to TecrLiitsnent, coinprehen5ive and hi¥h.quality professional developinent, and rigoi'ous perFoi'ii)ance Inanagement piDcesses. Our strategy for maintaining high standards is furthei. strengthened by small teacher-to-pupil ratios, eiiabling liighly personalised teaching and leaming appi'oaches that meet the individual needs of every pupil. The continuous perfecting of this teaching and learning model p05ltioned the School grow pupil nuinbeiB by 260/0 111 this reporting year, and to sustain the increased level of pupil numbers into the next yeai.. The School appli¢d to the D¢partm¢nt of EducutioD (DtE) t() increase its pupil capacity to 250, and this applEeation was successflll following a Full Inspection in 2025 by the Independent Schools Inspectorate. {ISI Report.. https:Ilwww.granvilleschool.orglabout-uslinspection-reportsl) The Granville School continues to deliver exeeptional outcomes in senior sch(x)l enty exemination4 reflecting the depth and quality of oui. teaching and learning. This year, 13 out of 14 pupils successfully passed the Kent I l+, sustaining oui. record 5uc¢e5S l'ate of 930/9. Of ihe year cohort of 20, eight pupils were offered places at Tonbridge Grammar School for Girls, and seven were offered places at Sevenoaks School, including thiEe who were awarded scholarships. In total. 15 scholai'ships and awards were achieved across a range of l¢ading independent senior schools, underscoring the strength of oiir academic provision and the ¢oininittnent Of our staff lo pupil success. THE ENA MAKIN EDUCATIONAL TRUST GOVERNOIL8' RF.PORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025 The Gi'anville School'5 educational foundation is built iipon a biDad, forward-thinking ¢urri¢uluJD that ensiiirs depth and breadth of leai'Jiin&F froin the earliest stages. Fi'oin Pi'e-school onwards, pupilg benefit froin specialisi teaching in subjecis such as PE, French, Computing, and Music. This specialist approach, ¢oinbined with a sti'ong cross-cun'iculai. sliategy. fosteis both acadeinic knowledge and e%sential interpeisonal skills as pupils pn)gress thruiigh each key stage. Leai'iiing is furtl)er enj'iched through oppoilunities beyond the clas51x)oin, including Forest School, practical workshops, educational trips and visits. Additiollal expei'iences such as theatre and Imiisieal workshops. stoi'ytelliiig sessions, history-theined activities, visiting speakei's. and innovative tools like Viilual Reality lieadsets enhance eng4geinent and ¢iiriosity. The curriculuin is siipporied by effective inlegialion of infortnation technology, providing pupils with extensive acces5 to high-qiiality online IEsources Ihat coinpleillent and extend th¢ii' leamiiig. A5se5sn)ei)t, testing, and benchinarking reinain integral to oui. approach in understaiiding pupil achieveinent, progress, and Teas for development. These processes consistently confiTill Giamville's stTongyeai'_on-year value-added pei'forinaii¢e across all subject doimains. They also provide teachers with esseniial insights foi. plai)ning nexf Steps and siipport both the School and parenis in making infoi'ined decisions regarding senioi. school placeiiients. Tile School is coiniMitted to eiiabling every child to reach their full potential. including those with specific learning needs. Oui. Special Ediicational Needs Co-ordinator (SENCO) works closely with staff to deliver pupil-cenhed siipport thi'ough personali5ed plans and tai'geted interventions such as one-to-one teaching, sinall focus gi'oups, sensory Ciicuils, Lego therapy. so¢ial skills sessions. and Nessy Phonics. The Special Ediica(ional Needs and Disability (SEND) dcpartment plays a central role in this provision, Cooi'dinating regulai. visits froin speech and language therapists and aiTanging Educational Psychologist assessinents where appropi'iate. Oiir piipils liave also benefited froin oui'dedicated Play Theiapist who suppojls pupils weekly. ie provision for more able. gifted, and talented (MAG&T) pupils 15 equally robust, with tailoird Challenges, diffeirntiated tasks, Specialist activiti¢s, squad tiaining, cliibs, and pathways to external oi'ganisations. This distiiictive feature of the (il'aiiville appi'o physical challenge. problein-solving, and collaborative creativity. THE ENA MAKIN F.DUCATIONAL TRUST GOVERNORS, REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025 OLlI' exti'a-cui'i'iculai. progiamine continues to expand, offeTing am ev¢i) biDader range of elubs and a¢iivities. Whole-school enrichineiit opportunitics such as Mandai'in Club and Puzzle Clllb allow pupils to deepen l¢aiTing and discover new passions. With 65 club sessions riinning before school, during lunch, and after school, pupils beiiefil fi'on) the expertise of enthusiastic teacheis and skilled extejnal coaches. Activities range trojn sewittg machine club, hockey, tennis, gymnastics, and Imultisport to rugby, cricket. boxin& cyclin¥, and yoga foi. our youngest pupils. Outreaeh & Staff Support Bursaries I'emain a vital component of oiir cominitinent to widening actess to a Granville education. This year, m¢8n5-tested bursai'ies totalling £74.302 supported six piipi15 (2024.. £34,474, fouj. pupils), including five transforin(I1iOI)al awai"ds, one at 95 /D aiid loiii. at 100 % I'espectively. Total discounts k)iven ainounted to £116,554 (2024.. £66,982), coinpi'ising discounts to staff of £56,146 {2024.' £40.223}, to staff of othci. Independent Schools £11,524 {2024.' £25.455). discounts on fees paid undeT the fees in advance scheme £1 0,077 {2024= £1.304) and iiitei'itn disCOllllt5 given to parents as a result of the ijnposition of VA-l- ainounting to £38,807 {2024.. NIL). The Governojs, Bursary Coininittee actively proinotes the availability of buTsaries and regiilai'ly reviews the Bursaiy Policy to ensuir thai children from divci'sc backgi'ounds can access fee ￿Sistance based oil I'igorous means testing. In recognition of tl)e financial piessiires faced by faiMilie5 ill the Cu￿ent econoimic cliinate, the Coininittee approa¢hes each case witl) sensitlvity wliile maintasning faii'ness and ti'anspairncy in ils inethodology. GraTJville's traditions reinain centhal ro school life, adapted to iefle¢t a forward-looking perspective that prepairs pupils for the challeiige5 of today's woi'ld. Events such as 'Stin'ing the Piidding, and the Spriiig Festival unite (l)e whole School coininiinity and provide opportui)itie5 to 511ppoJI chai'itable cause5. This year. uvei. l 00 bags were collected for Fi'iends foj. Faittilies during StI￿7￿E the Pudding, a minibus was filled with food for the local food bank during the Auttimn Festival, and pupils donated almost 100 Easter eggs to the food bank at Ea5t¢i'. OUJ. long-standing coininitineni 10 ehariiable giving continue5 to instil in pupils a sense of social responsibility and eii)pathy. This year, Granville pupils raised an iinpressive £3,51 I for a wide range of charitles, incliiding Sevenoaks Lardei., Sevenoaks Loaves and Fislies and Fi'iend5 foT Fanislies. Wc have supported Hospice ii) the Weald, wildl￿fe Fund, RNLI, Make a Wish Appeal, Children in Need and Restless Developinei)t, among uthei'5. Fundraising activities not only benefit charitablE cai15es but also provide valiiable opportunities for peiBonal developinent. Pupi15 liave planiied, led, and exeC￿ted initiatives sucl) ds food bank dona(iot)s, litteJ'_picking for Cleanup Sevenoaks, pi'eparing food bags for Friends for Fainilies, sin¥in&s carols, alld paitieipating in the Knight Frank Schools. Tiiathlon. The Gianville Christmas Mai'ket, hosted by the School community, offeied a platfoi'm foi. local ciaftspeople and sinall biisine.8ses, while enabling older pupils to leAd activitie5 for yollngej. children. Granville also plays an active role in suppoiling the wider educational coininuniry. The School has hosted IT cluster group5 with local state scl)ool paitners, facilitating the shai'ing of best pi'actice a2noiig IT cooi'dinatol's and teachers. Additionally, coininunity hire ol. the swijnming pool by two local swiii) ￿hOolS ensures that children and families benefit froii) access to high-quality facilities ihi'oughout rhe year. Gi'anville contiiiues to strengihen its partnei"5hip with paTent5, a coi'nei'5tone of oui. etllos. This year. we weie delighced to welcoine so Inany families to classroon) dTOP-ins, the Chi'istinas Mai'ket, Discovery Day. and Little Explorers sessions. While Inany s¢hools speak of parental partnership, we reinain coinmitted to Inaking this a lived reality thi'ough meaningful engagement and collaboration. The Friends of Granville (FOGI have once again provided exceptional support, and we are d¢eply grateful foT the tiine, thought, and planning invesred in their events thi'oiighout Ilie year, 'I'hese occasions have been gieatly appieciated by staff, paients, and-jiivst iinportantly-oul. pupils. Highligliis have included HeadmistlESS'5 Driiiks, Movie Night. the Quiz, Secret Santa during ihe Christmas P81ty. Spring Festival hall decorations, the Chaplet Workshop, our 80th Anniversary SLiinmer Fete, the Senior Disco, and even a surprise iee-cr¢am vall visit. The seainless exccution of these events ieflects the dedication and creativity of the FOG team, whose efforts significantly eni'ich the life of the School cominuiiity. THE ENA MAKIN EDUCATIONAL TRUST GOVERNORS, REPORT {Contlnued) FOR THE YEAR ENDED 31 AUGUST 2025 Sehool Resources The Schools, Itsources are for the singular purpose of sustaining and developing the delivery of its charitable objectives. Everything we iindertake is forthe education and wellbeing of our pupils and einployees. The School maintain5, llpgrades and replaces as necessaiy, physical assets each year, to ensure these a5set5 are available, functioniii8 and th facilities foi. oiii- pupsls aiid teaching staff. The elgsinkj book value of our tangible assets, property, plant and equipmeiil, was £3,884,133 (2024 £3,8f 0,6201. Tlie net book value of property (land & buildings} does not reflect tlie ciirreiii professionally assessed valiie (see Note 8 on page 21 l. At 31 August 2025. the 8¢haol's lolal funds were £4,360,957. (2024.. £4,316,538) coinpi'ised of restricted fiinds of £34,00012024.' £16,000) and unirsti'icted futtds of £4,326,95712024.. £4,300,538). Net Liiirenl assets totalled £602,951 (2024: £823.103), while cash balances wei'e £1,282.258 (2024.. £1.546,015). There was a one-off boost in the 2024 year-end cash balances following the concentrated take up of the School's Fees in Advance (FIA) Scheiiie. llie natui'al drawdown of the FIA Schejiie reduces ¢ash, net ¢uiirnt assets and creditors diie after one yeai., but has no direct iinpact on net assets. Going Concern Ovei. thc last 5 years the Independent School's sectoi. has faced Inany challenges, decliniiig 01. Slow growth in pupil nuinbei'5, the global pandeiniL and the enei'gy price shock, botli leadii)g to high and pej'sistent it]flation. I'l)is was followed with VAI- on school fees and the loss of all business rate relief in this ieporting yeai.. The tonsequences of ihe5e exleTnal event5 for the whole Independent School sector al'e to fuither slow the growth in pupil nuinbeis,. Wlth M¢gaiive gi'owth in soine regions, and to deliver an es¢alation ii) cosis across all aieas of the School. Notwithstandiiig the localised gi'owtl) in pupil nuinbeTS experienced at the Granville, ￿ pai'l dLie to the reoi'g?anisgtion at aiiother local school, the sectoi. challenges continue unabated. Tlic School has benefitted Inore than oiliers froim tl)e local changes, primarily as a result of its exception81 education and pastoral care, as competition in the local sectoi. is still very Strong. The gi'owih has however piDpelled the Inarket awareness of the School to a higher level, which has conti'ibuted to sustaining the growth of pupil nuinbers. The focus of the Governois hd5 been to build and retain cash reserves froin annual operating surpluses,. while ensuring the site is mainrained and jiidicious capital spending is closely associated with piipil iEcruittnent. The Governors continu¢ to pi'ovide ovei'sight on tl)¢ cash Inanagement and investinent of JEserves, and in taking advantage ol. higher inlerest rates. realised ii)lerest inconie of £54,473 (2024.. £65,128) in the year. The investineiit stsategy remained fo¢u5¢d on piDduct5 that do iiot risk capital value. The School's strk)tegie5 ovei. costs and incoine have continued to be successful, notsvithslanding the extemal pressures on the sectoi., to the exteiit that we have consistently delivered iinprovemenrs in earnings before depreciaiion year on year. In Ihe cot)iexi of this consistent trend, and after Inpking appropriate enquiries on fLlture cash flow projections within a foiecast window to August 2027, the Govemors have a ieasonable expectation that the School has adequate resources to continue it5 opeiation5 for the foreseeable futiire. for this reason, it continues to adopt the going concern basis in preparing the f￿ancial stateinents. Further details iegarding ihe adopiion of the goiiig concern ba515 can bc found in the Stateinent of Accounting Policies. THE ENA MAKIN F,DUCATIONAL TRUST GOVERNORS, REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Govei'nors are appoinled as vaeancies arise. In Inaking 2ppoin(Inents Govei'nors lake into account the Chai'ity Coininission's guidanc¢, the depth and range of skills and experience required by the School nainely in ihe areas of safeguarding, health and safety, law, finance & accounting, regulatory coinpliance, education. human resources, estate Inanageinent, ESG development and other general Senior Inanagei'ial andlor coinmercÉal business ski115. Potential ¢andidates who possess the requisite personal and spe¢ial?st skills are identified, Ihen interviewed by a subset of GoveTnoTS along with the Head. Individuals selected are discussed with all GoveTnoi's aiid if agT¢ement to appoint is appToYed, the candidates are invited to become a Gover￿101.. Safer rec1￿1¢1nent process¢s follow where, upon coinpletion, a forjnal boaiKI appointment is made, followed by Meinbers, approval at the next An￿Ual General Meeting. The Governors, who are also the chariiy trustees, approve the general policies of the School. Significant expenditure decisions and InajoT capital projects are refeiyed to the Governors foi. kppmval via a tieTed proces5 thi'ough the House (Estates) Coininittee, to the Finance Comjnittee, othej. cominittees a5 applicable, and then for approval of the Board. At each stage, detailed S¢TUtiny of the proposed investinent. the projee( aijns; with a pl.￿OrIty on educational benefits and infrastructure developm¢nt, the scope of works, and cxpected pay back ale all considered. The Governors maintain a robustly consejvative position towards taking risk, prefetting an analytical approach to capital investinent opporiunities with overriding focus on m3intaining adequate reserves. Govemors aiin to do everyihing possible to ensuic that the overall risk to which the School is exposed is mitigated to the lowest leve15. The whole Board approves the strategic direction of the Scliool. Matters of environmental.. social and governance developinent IESG} are consideTed by the whole Boai'd. GovernoJ3 undergo an induction upon assumption of their role and are provided with relevani iraining through s¢minats and online CPD programines, which include saf¢gllarding training. A Sp￿lf]¢ Governor is designated as the safeguarding lead and another as the health & safety lead at the Board level providing oversight and an open channel for the School'5 5¢nior leadership teatn. Tlie Full Board of Govei'nors Ineets three tunes a year, plus ad hoc Jneetings a5 necessary, with each coinmittee also Ineeting> at least 3 times a year, exc¢pt for the Bursary Cominittee, which rneets annually. The Granville School Bursar, who is also the Coinpany Secretary and Clerk to the Governors, co-oiYiinat¢s the wo]t of the Board and their Coininittee5, prepares papei's, i'epoi'ls and Jrvieivs all Jnatters arising. The Coinmittees of the Board comprise.. Finai)ce, House, Compltance & Risks. Education, Marketing & Cominunity Coordination and the Bui'sary Coininittee. The Finance Cominittee is r¢sponsible for oversight of matters of finance, statutory financial compliance and financial policy. This coinmittee will recoinmend the approval of the annual biidgets, eapital expendiknie and annual audited accounts to the Board. The Flouse Coinmitte¢ is r¢spon5ible foF all Jnatter5 relating to healili & safety in Ilie workplace, the estate, premises, equipinent and facilities, they have first oversight of all capital expenditure projects prior to approval by the Finance Cominittee. Th¢ C02npliance & Risk Committee is responsible for regulfttory and internal policies & procedures, compliance, all types of business risks covering coinpetitive, econoinic, operational, legal and iEgulatory compliance, including coinplaints. The Education Coininiltee is responsible fg1' all educ&tion and pastoral gsp¢cts of the School, curriculuin development, ov¢rsight of acadeinic and sporting performance, safeguarding and pastoral care. The Marketing & Community Coordiiiation Committee oversees the developmeiit of the strat¢gi¢s for the suc¢essful marketing of the School and also its coinmunity Telations. The Bursary Cominittee. a subgrouping of ihe Finance and Education Coinmitte¢s, Imeets annually tt) consider bursary applieations. The Health & Safety Committee is an internal management foTun), ehaired by the Bursar and mgde up ofthe Senior Leadership Teain and key Inejllbers of staff, representing the whole School body with responsibility ftsi. keys area5 of health, Safety and wellbeing across Ihe SchiK)l. The Governor Lead for health & Safety has oversight of the School's Health & Safely Coinmittee considerations and actions and reports to the Board on their oversight. All Govei*ors giv¢ of their time freely without remunerotion, no expenses directly related to attending meetings were paid in the year. No Governor or person connected with a Governor received any benefit froin Jnean5 tested bursaries. Governors deterinine th¢ reinuneration of key manageinent staff and the staff body based on considerations of th¢ Fillan¢e Coininitt¢e, which is kept under annual review. THE F,NA MAKIIY F.DUCATIONAL TRUST GOVEI RIYORS, RF.PORT (Continued) FOR THE YEAR F.NDFD 31 AUGUST 2025 The Governors are the chariry trustees of the School Tnisl. The Goveming document is the Meinorandum and Articles of A5sociatioii dated 13 Novejnber 2009. New Governoi's ale appointed by the existing Board of Govei'nors; a 5elf.apwJiiiting body and ratified by the Meinbers at the next annual general iiieeting (AGM). Governoi's air appointed for a pei'iod of IhTee years and iiiay be appointed foi. a fi]rthei' 3-year t¢nM. tAadership And Engagement with Ei mployees The Headinistress iindei'takes the key leadersiiip I'ole overseeing educational, pastoral and adininistrative functj0115 in consiilt8tion with the senior leadershEp teain. The HeadinistlESS ovei'sees the reeruitment of all educational sraff and adiministrative staff, wliilst iindei. delegated authority ihe BLlI'sar oversees the reciwitinent of non-teaching suppO￿t Staff. The Headinistress and Biii3ai' ale invited to attend Governors, iiieetii)g5. The Headjnistj'ess attends tlie IAPS Confeirnce, and the Bursai. attend5 the ISBA Conference (annually). Both conferences pei'init appi'opi'iate consultation and conseiisus on representations to Goveininent and regulators on I￿atterS relevant to the sector, participation in training, technical updates, and suppliei. Jiieeling5. The day-to-day Inanagemellt ofthe School is delegated to the Hcadinistre5s and the Senioi. Leadership Team. coinprising the Diiectoi. of Finance, Resources & OperalioiJs (the Bursar), the Deputy Head and foiii. other scnior inejnbei's of tlie teaching stsff. The S¢hool is structured and organised to ens¥ir¢ collabor8tion, l¢arning and involveinent of all employees, providing channels and foi'uim for einployees at all levels to be involved in all aieas of the School. There is a cascadiijg structure of Ineetiiigs at the levels of heads of department, divisional heads, Subject staff, operational staff and the senior leadeJ%hip teain where the biisine55 of the School, the ediication of PLipils and their pastoi'al care are iaised, discussed and better outcoines arrived at on a weekly basis. Project teatns are created IEgularly to deliver ijnpi'ovejiients or ijnpleinent chaiige prograiMme5 using the appropriate skills of each eimployee. Setting pay for staff and key management per50nNel A nllmbei. of criteria Are used in setting pay. the national pay scales.. the nature of Ihe role and responsibilities,. the sectoi. avei?ge salaiy for compayable positions using the Association of Governing Bodies of Independent Schoo15 (AGBIS) siiiveys, Independejit Association of PIEp Schools IIAPS) advice, paid 5uI'veys of reiniineration iii the independent sectoi. aiid irends in pay in recent yeais. Annual pay awai'ds are approved by the Boai'd upon the I'ecoininendation of the Finaiice Coinniittee. RL5k Management The School Inaintains 2 risk Itgistei., the contents of which are discussed at all Ineetings as part of tlie various agenda items. This register is updAted as required, bui always anniially based on the School's experience of risks during the year and constant understanding of conditions in tlie n)arket, the ecoiiomy or poliiics. The updated register with aiMendinents is reviewed by all eominittees and app1'ov￿ annually by the Compliance and Risk Coininittee for piEsentation to the Board of GoveTnors for final approval. As I'isk oversight responsibility is assigned to each Board Coininittee, with risk Inapped to each Coinmittee, the J'isk register is shared with all Coininittees for coininent during the Irview process leading up to the BoaTd appi'ova5. Tl)¢ Goveri)ors ai Coinmittee Ineetiiigs rouÉinely eonsidei. the Inajor I'isks and othei. possible risks faced by the School and the probability of any risk Inaterialising. They are a5SiSted in this regard by the School's Senior Leadership Te#in. Risk is managed undei. the two broad groiipings of.. Operational and, Sti'ategic io THF, ENA MAiaN EDUCATIONAL TRusr GOVERNORS, RF.PORT {Conllnued} FOR THE YEAR ENDED 31 AUGUST 2025 Key rlslis All risks have Ilie potential lo Ilirealen ihe r¢pulation of the ScliooL $￿th Ilial there ig a probxbitity for iiiatcrial impact on ¢u￿eThI 8rhd futuff PUP51numbet5and th¢ ability of (he Schoolio Blliicthigliquabty 51aff.Tliesek¢y riskgart managed Ilirou safeislalf r¢ctuitmenl and safeBuarduigpo]iCi¢$* pa5toralandWeUbe￿g 5UPPUrt forboilj pupilsapd slaff.liigJiquabty teachng aiid kamin& active ￿entifiCation. IEsoliition of health and safety irlated 5ssues and 50und financ]al rnanagciiicnt. The key ri%k$ thai fall under rtsk ihcqe headittgs are alk>cxted to %ptcific committee% foi'ovetsight: Saf¢r R¢cniitmeni- Education CoiJimilte¢ S&feguardinE- Ediication Comniittee Educa1￿11 & Pasloiyl oiitconies - EduCat￿n Coniiiiiltee Re￿11atOry Coiiipliai)ce, iiicluduig liea Ith and safety Coinpliance & Ri%k Conimiltee ICT resilience. seciirity and business cojitinuity - Conipliaiice & IIA8k Coinmyttee Nalk)nal Emcrgcncies- Compliance & Risk Committee Financial- Fuiance ConJmsltee Govcrnance along witli tlie broader eiivironmenlal. social and governance (ESG) frnmewO￿S or guidelines. Full Boai Statement ofGoi'ernors' Responslblllties Company la1v￿qui]Es the Goveinors to prepare FinaJicialStaten)entsfoTeach financialpeLiodwhTch givc a true and fairview of the state of affairs of the chaiity'5 activitK5 duiing the peiiod and of it5 financial p05Ition at thc end of the p¢iiod. Jn prepaiing those Financial SlatcmcnÈs, thc GovcmoTS arc rcquijrd to.. Select suitable accountingpolicies and then apply them coiisistently. Obscive ihc methods and prmcipics of the Charitics stalcment of reconimcnded practice (SORPI. Makc jud8CtIJci)ts aiid eslimJle8 Ilittt reasonable &nd prndertt. Statc ivh¢thcT the pob.cies aT¢ in a¢¢oid2nt¢ wrytli applicable actountitjg standards. Pirpair the financia15tatementson ihegoing concern basTS unless it 15 not appTopiiatetOPTe5umethatthe¢haiitab cnmpany wllcontinue in opcration. Tlic Govemor8 are rcsponsible for keeping accouiiting recoTd% wlJich disG105¢ Wltli reasonablc accuracy #t sny time the f]nancial position of th¢ Charilable CuL]]pany iltld to enabk ihtm to ¢nsur¢ thai th¢ Finan¢rdl Slai•n¢nis coiiiply with the Companies A¢1 2006. They are a]$0 responsible tortsafe&YudrdinbY the dgsels of tbt charthlable Loinpany and hence for taki reasuDable steps for Ili¢ PT¢venlion and d¢t¢ction of traud dnd oilie¥ iiiegularilieg. The Governots Lonfjnji (hat Iliere is no intorniation relevant lo tlie auditoFwliich tlie auditorgare utjawarc and Ihattlic Govcttjojy liavctakctj the necessary steps to ensure they are aivare of &llttievaNt &udsl infoiYnatK>n and made sllre tlie auditors aware of it. Th¢ 00vem0￿, Report has been prepa￿d tn accordancewitb tjie smallcoll)paniesKwie and the Governo￿ havc laken exemptK>n from prepar￿g a slixtegic report. Appmved by the Governors at it5 meetingon 29 January 2026. And signed on lis behalf by.. Nicole Coll Chair of the Board of Trnsie¢s'. Dated.. 29 Ja21uary 2026 INDEPENDEiYT AUDITOR'S REPORT TO THE MEIIABERS OF THE ENA MAKIN EDUCATIONAL TRUST FOR THE YEAR ENDED 31 AUGUST 2025 Oplnlon We liavc audited Ilie fitjdnckil 51a(eiiieDt5 of Tlie Ena MakEn EduLatioiial Ttust for tlie year ended 3 1 Augllsl 2025 wliicli Lompiixe Ihe Sialetnenl of FindnLial Aclivili¢5, tlie Balajice Slieel. tlie Sialemenl of Casli Flows, and noies 10 the fmatickil stateiiienlq,includtng a sumrnaiy ot'signit'Icanl accounlillgpolicies. Tlie I'inajicwl lep01t￿g fraiiiework Il)At lias been apphed their piEpai?iion i8 app￿&ble lawand United Kthgdoiii Accouiiling SiandJi'ds, inGluding FIn￿ncl￿1 Reporiin g Siandaid 102 The Fiiiaiicial RÉpoi'lii)g Siaiidai'd opplicable iii ilie UK aiid Reijiiblic of lieloijd (United KingdoiiJ Generally Accepted AcLounling Practice). In opinion, Ilie finat]cial slaleinetils.. ¥ive u tiue and fail. view of Ilie slaleuf Ilie Lhdrilablecompany's Affairs as *131 Auuust 2025 andor lh¢ Lliariiab conipany's n¢1 ii)ovemenl iii fLiiids, iiicliiding Ilie income aiid expendiluie, for Ilie year Ilirn cnded,. liave b¢¢n properly prepared in accol￿ance will) United Kirt¥doiM Geiierally AcLepied AttiJuhting Ptaclice. dnd liave beefi prepared in aLLoi'dance with Ihe requircllients of Ilje Cojnpanies ALt 2006. Basis for oplnl(Tr We condiicied nui"aiidit in accoT(lancewith Inteimatioiialslandardson Allditing (UK) (TSAS (UKII dnd applicohle knw. Our Fesponsibilities linder Iliose siandardg ar¢ fuilh¢r desciibed in the Aiidiior'8 responsibilities for Ilie audit of tlie financllil statenienls secLiOtJ of our report. We are ind¢p¢iidenl of the cliarilablecoinpany in accoi'dance willi the eiljical I￿quITe1n¢lltS tlial arerelevanl to oiirauditot Ilic financial 8tdieiiienls in tlie UK, includiiig Ilie FRC'S Eiliical Standard,and we have fiilfilkd our otli¢r¢thiGal Irsponsibililics in accordancewith Ihc8e rcquircments. Wc bclicve that theaudil evidencewe have obtavrd is siifficienl and appiDpriate to provide a basis forour opinKIn. Conclu51ons re19tlnR to ui)lJ]k¥ In audiring the finaiicial sraieimenls, w¢ hdve concluded iliat the Govemoi's, use of the going coiiceni basis of accoiiiiling in tlie preparation of the financial slaÉcmcnts is appropriate. Ba%cd on the work we have pcrfoiYn¢d, we havc not idcntifTcd any niaterial unc¢rtainti¢s reLating to events orconditlOD that, individually OT collectivety, may cast sigiificant doubl on thc Charitable Cort)p&iiy'.q ability to continue is a going cunceJJi fora peiiod uf at least Iwclve Tnuntlis fium when Ilie fmancial staiements ai? auihojised foi. issue. Oui. responsibibties and ihc Tcgponsibibties of the goV￿￿OrS willi respect to going concem are de5ciibed iTh the rekvaEJt sect￿n5 of this rcpojt. Other Informarfon Tlie Goveinors are iisponsible fur Ilie otlier lliformation. The otbei. uifoni)ation conipiises Ilie infoni)arK>n in¢luded in tlle Goveinuib. Repurl, oilier than Ilie fllJaiiLial slatenielils and our auditovs iepoi# IlieiEoii. Oui opinion on Ilie financial s121ernenlS d0¢5 Ilot covcr the oihci. ￿fonna1lojI And. except to tlle extent oilierwise explicitly stated ll) our reporl, we do noi exprts$ dny fonD of assurancc concjusioii thereon. In tonnect2oD willi our audit of tlje fllJancvdlslaleiiients,ourresponsibthiy is lo read Ilie otl)er inforlliatioJJ and,iti doing so, cunsidei wheihcr Ilie oilier infoiiiiation i8 lilaler￿llY itiLonsi¥lenl willi Ihe fitiancthl siaieiiientsoiour knowledLTe oblairteÉf in Ilie aiidil or oiherwise kippears lo be InRt¢rially rnis51aled. If we identify siicli tiialeridl iiiconsislencies or dpparei)I iiialetml niisslateiiienls.we are itquired 10 deteirnine wheihertlieir is a rnaterial iiii%51atemeiit in the financkql slaleiiientsoi'a matei'll I m￿SIatel￿ent of the oilier infoiniaiion. If. based on the WOTk we hhve performcd, wc concliide tlial Iliere is a inaternl misslateiiient of Iliis other ti)fomiatioii, we ale requiTed lo rtport that fact. We have notliing to Irport in tliK% regard. Opinion5 other inY4tlei's presci'ibed by the Comp&nles ALt 2006 In oiii'opinion, baEed an tlie woi'k undeitakcn in tlie coiirst of tl)e aL)dit'. the intOTnialion gÈven in Ilie Ciovemors, Report (wliich incorpordles the direcio¥s' reportl for the financialyear for which the financia l statements air piEpared is consistent with the financial stalenienls., and the Governors, Report Iwliicli incorporates the dircctors, report) lias been prepared in aecordancc with appbcab legal reqlliremenis. Matters oil wlileh we al'e i'equlred to report by ¢xcepdvn In the I￿h1 of the kiiowledgt aiid uiidcrsland￿80f ihe thaFiiqb]e ¢ompanyand ilsenviTOnlli¢lit obtained ￿ thecouTse of the audit, we liave not idcniificd nialerial i)iigstztements irt Ihe Govemois. Report (which incorpoTat¢5 tlie di￿ctors. report). 12 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ENA MAKIN EDUCATIONAL TRUST FOR THE YEAR ENDED 31 AUGUST 2025 (CONTINUED) We have nothing to report in respect of the following matters in relation io which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by ihe charitable company> or tlie charitable company financEal statthnents are not in agreeinent with the aceountirtg records and returns. or c¢i1ain disc105ures of Governoi's, reinuneration specified by law are not tnade. or we have not received all the informatioii and explanations we require for our audit; or the Oovernors were not entitled to PTepare the financial statements in ac¢oTdance witl) the small coinpanies iegime and take advantage of the sjnall coinpanies ex¢2nptions pitparing the Goverjiors, Report and from the requll'ement to pi'¢par¢ a stTategic report. Responsibilities of Governors for the finuncial statements As explained inore fully in the Goveinors, responsibili¢i¢s stalein¢iit set out On P3ge 10 the Governors {who al'e also the diirctors of the charilable coinpany for the puiposes of coinpany law) are responsible foT the prepai'ation of Éhe financial 8lat¢inents and for being satisfied that they give a true and fail. view, and foi. such itjternal control a5 the Governors, deterniine is necessary to enable the preparation of financial statem¢nts thal are free fi'oEll material misstatement, whether due to fraud or ei'iDr. In preparing the financial stateinenls, the Governors are iesp0115ible for assessing the charitable cojnpany's ability to continiie as a going conceim, disclosing, as applicable, Inatters Irlat¢d to going concern and using the going concern basis of a¢¢oiinting unless the Governois. eitlier intend to liquidate the ¢ha)'itable company or to Cease op¢rati(Trns, or have no realistic altemative but to do 50. Auditor'5 responsibilities for the audit of the fina)nelal statements Our objectives are to obiain reasonable assurance about whether the financial statements as a whole are free froirj Inat¢ri31 I￿ls5tateMent, whether due to fraud or ejror, and to issue an auditor's I'eport that includes our opinion. Reasonable 85suI'anc¢ is a high level of assurance but is not a guai'antee Ihat an audit conducted in accordance with ISAS (UK) will alway5 delecl 3 material mi5$tatern¢nt when it exists. Misstat¢ments can arise from fi'aud or error and are considered material if, individually or in the aggregate, they could reasonably be ¢xp¢¢ted to influence the economic decisions of users taken on the basis of these financial stateiMents. Irregularitie5, including fraud, are in5tance5 of non-compliance with laws and regulations. We design procedures in line with our Itsponsibilities, outlined above, to delect Imaterial Inissiatements in iespect of irregularities. including fraud. The ext¢nt to which our procedures are capable of detecring irregularities, including fraud is detailed below.. Based OE] OUT UtJder5tanding of the Chai'itable Coinpany and llidustry, we identified that the principal J'isks of non- compliaiice with laws and regulations relates to coinpaiiy law and charity law applicable lli England and Wales, and we considered the exlent to which non-compliance Inight have a Inaterial effect on the financial stateinent5. We also conssdered those laws and regulations ihai have a dll'ect impact on the preparation of the financial statements such as thc CoiMpani¢s Act 2006 and Chai'ities Aet 2011. We evaluated management's incentives and opportunitie5 for fraudul¢nt inanspulation ofthe financial stateinents (including the risk ofoveiJ'ide of contt'ols) and deterinin¢d that th¢ prllicipal i'isks wei'e i'elated to Inanagement bias in ac¢oui)ting estimates. Audit procedures perforiM¢d by the ¢ngag¢ment team included.. Inspection of correspondence with regulators and tax authorities. Discu&sions Wlth inanagement including ¢onsAderalion of known or suspected instan¢es of iioncomplianee with laws and regulation and fraud,. Evaluating manageincnt's controls designed to prevent and detect ll'regularities. Identifying alld testing joum2ls; and Challenging assuinptions and judgements made by manag¢in¢nt in their critical accounting estiiknates, including the estiinale made in relation to the acci'llal of legacy income. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a Inaterial misstateinent in the financial statements or non-compliance with regulation. This risk in¢reases the more that compliance with a law or regulation is removed from the events and I￿nsaCtIOnS reflected in the financial stateinents, as we 13 INDEPEI NDENT AUDITOR'S REPORT TO THE MEMBF.RS OF THE ENA MAKIN EDUCATIONAL TRUST FOR THE YEAR ENDED 31 AUGiIST 2025 (CONTINUF.D} will be less likely to becoine aware of insiances of non-compliance. The risk is also greater Tegarding ii'regularities occurring due to fTaud Tather tlian eiror, as fi'aud involves intentional concealmeni, foi'gery, Lollusiun, oilli55ion OF Imisreprcsentation. A lurihei. deSCi'￿ptIon of our I'esponsibilities for the audit of the financial siatements is IvLated un the Financial Reporting Council's webslte at.. Ivw¥v.frc.oi' .uldaudirorsiYs oiisibilities. This description foiins Pal't of 0￿r auditor's r¢porl. Use of our reporl This repoi't is inade 501ely to the charitable eoinpany's inembers, as a body, in aecordance with Chapt¢i' 3 of Part 16 of the Coillpanie5 Act 2006. Our aiidit work li￿ been uiiderlaken so that we Inighi srate to the charitable company's Ineinbers those matter5 we aTe required to stale to thein iii an Auditoi s report and for no other purpose. To the fullest extent peiii)iited by law, we do iiot accept OJ. assujne respoiisibility to anyone other than the chai'irable coinpany and Ihe Lhariiable cuiiipany'g meillbei'5 as a body, for oiir audit work, foi. this repoi1, or for the opinions we have forined. Steve Harpei. (Senioi. Statiitory Auditoj.) For and on behalf of Haysmac LLP, StatutOTy AuditOJ'S 10 Queen StsEel Place London EC4R IAG 10 March 2026 14 THE ENA MAKIN EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES ONCORPORATING 'fHE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025 Unrcstrlcted funds Re5trlct¢d funds Total 2025 2024 Note Income from: Cliaiilable activities Dtsnalion5 Riid gtani LegaGy Income Jnt¢rest Income 3.404.797 13,094 3,404,797 33,094 2.909.645 4,587 50544 65,128 20,000 4,18 54,473 54,473 Tutal 3,472364 20,000 3,492,364 3,029,904 Expendi¢ui'c QTb'. 3,445,945 2.000 3,447.945 3.074.845 Tot#1 3.445,945 2,000 3,447.945 3,074,845 Net Income gnd net movement in funds 26,419 18,000 44,419 (44.9411 Bahnces brollght foiward at I September 4JOO,538 16,000 4,3 16,538 4.361,479 B8lances cayrted foi'ward At 31 August 12. 13 4,326,957 34,000 4,360,957 4,3 16,538 All of the above Tesults weir derived from ¢ontinuing 2clivities. There were no othertt¢obmised gains and k)sses otherthan those slated above. The notes 0￿pageS l 8 Lo 26 form an inte￿] paitof these financialstatements. 15 TI.IE ENA MAKIN EDUCATIOYI AL TRUST BALANCE SHEET COMPANY NUMBER: 00865624 AS AT 31 AUGUST 2025 2025 2024 Note5 VIXED ASSETS Tangible assets 3,884,133 3.850,620 ctWiENT A&SETS tkbiui$ Casli al bank and in liand 1,200,3S3 1,282,258 133,919 ,546,015 2,482,611 1,679,934 CREDITORS.. amounts fallin¥ due within one yeai. tkferred Autili￿n Tei'in Fee Inconie 813,393 1,066,667 744,826 112,005 10 1,880,060 856,8.11 NET CURREYf ASSETS 602.55 1 125.726 823,103 357,185 Creditois due in niorc tlian one ycar TOTAL NET AS8LTS 4,360.957 4,316.538 FUNry)S OF THE CHARITY Uni'estricted t'unds Fixed asset reseivc Reveiiuc rc.*rvc 3.884,133 442.824 3,850,620 449,918 4 J26,957 4.300538 Restricted fuiids 34.000 16,000 4,360,957 4,316,538 Tlie notes ¢)Th Pd&Te5 18 10 26 folin part of these financialslatemenls. Tlie fllJan¢ial slalenlcnts have beeii prepaird ui accordance willi parl 15 of the Coi)Ipanitt% Aci 2006 in regard to sm2ll cojnpanics. Th¢ financial 5tatem¢nls were approved aiid au[hor￿ed for ￿su¢ by ihe Boatd ofGoveTnot5 and were signed on its behalf MTS Nicole Coll Dated.. 29 January 2026 16 THE ENA MAKIN EDUCATIONAL TRUST STATEMY.NT OF CASH FLOWS AS AT 31 AUGUST 2025 2025 2024 Note5 Cash flow5 from operating aetivities: Net cash provided by operatiiig activities 14 (a) 335,081 {84,4081 Cash flows from investing aetivities: Payin¢nts to g¢quire tangible fixed assets Interest received (213,638) 54,473 (137,029) 52,854 Net cash used in inv¢sting activities {159.165) 184,1751 Net cash {outflow)linflow b¢fore financing 175,916 (168,583) Investment Deposits Nei iransfeTS fi'oinl(to) deposits 162,178 (489,723} Fees In advAnee 5eheme New fees in advance receipts Fees in advance drawdown 13,170 (452,843) 734,711 Increasel(Decrease) in Cash in the year (101,579) 76,405 Rtconeiliation of net ea5h flow to movement in net funds 14 (b) Incirasel(Decrease) in cash (De¢rease)Ilncrease in deposits Net advance fces received (101.579) (162,178) 439,673 76,405 489,723 1734,7111 Change in net fund5 Net funds at I Septembei. 2024 175,916 811,304 (168,583) 979,887 Net funds at 31 August 2025 987,220 811,304 17 THE ENA MAKIN EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 COMPANY STATUS Charity information The Ena Makin Educational Trust is a private coinpany liinited by guarantee Iniimber 00865624) registered in England & Wales. The liability of the meinbei'5 15 liinit¢d to £1 each in the event of the Coimpany being wound up. The Coinpany has fjve Ineinbers. The col￿panY is a IE&JjSteTed Charity, nuinber 307931. Its registered office and principal place of business is shown on page l. The Coinpany Constitutes a public benefit entiry in line with FR8 102. ACCOUNTING POLICIES a) Basis of accounting These financial stateinents have been prepared in accordance with the Coinpanies Acr 2006, the 8t8teinent of Reconiinended Practice.. Accounting and Reportsng by Chai'ities Second Edition (SORP 2019). and in accuiYldnLe with Financial Reporting Staiidai'd 102 (FRS 102). The trustees are satisfied that the Tiusl has adequate resouices to LOlltlllLie in opei'ation foi. the foieseeable future and, accoj'dingly these finai)¢ial statements have been prepared on the basis that tlie Elia Makin Educational Trust is a gJoin&i concern for the for¢seeable future (being a period oral least twelve inonths frojn the date of approval ofihese financial staieinents)- The Scliool like tlie rest of the iiidepeiidenl school sector has faced a nuiiibei. of challenges over a nuinber of yeais. The year ended 31 ALigust 2025 was by fai. the Inost challengii)g with tlie iinposition of VAT froin January 2025, loss ofall busine55 Tates JElief and, as with all einployei's. an ii)crease in einployei's, iTratioiial insui'ance conlribuiions, boih fi'om April 2025. A I'isiiig nuii)ber ol. scliools have closed as a Te5lllt of these tluee Ineasui'es. with sinallei. schools ii)osily in)pacted. The Scliool benefjtted Iroin incredsed pupil reci'llitinejit from Jaiiuaiy 2025 following (he closui'e of anolher local scliool Early Yeal's setting and Keystltge I pi'ovision. The positive iiiipact and Inoiiientuin of this have continued with increased piiblicity and word of Inoutli Inarketing frojtt incoiiiing fainilies. The incirased pupil nui)Ibei3 have allowed (he School to report a net siii'pliis after all costs. This is the first y￿r Since the introduction ofvA T which was effective from l Janii8ry 2025. During ihis fii3t year of V A T, the School froin January offered a V A T Assist diseuvnt of 2.5Q/o off the Listed Fees for two school lerins. The School decidEd to discoiitinue the VA'f Assist discoiinl but a150 not to apply any inci'ease to the Listed Fees for the ensuing year 202512026. There 15 an inherent increase in cost to parents as a resiilt of these chaTrges. The GoYerno13 are satisfied that the Trnst has adequate iesources to continlie in operation for the foi¢seeable futuir while Inaking iai'geted inveshllents in facilities and, accoi'diiigly these fijiaiicial stateJnei)Is liave been prepaiEd oil tlie basis that the Ena Makin EducatÈonal Trust is a going ¢oncem. b) Income rce incoine represent the invoiced value of tuition and associated fees, aftei. deductii)g bursaries and othei. i'etnissions gianted by the School and net of VAT. Entrance and registration fees air credited to iiicoine ii) the year in whicli they are received. Legacies are applied for the geneial iise of the School unle55 diitited otherwise. Receipt of a legacy 15 recognised when il is pi'obable that it will be ieceived, there is entitlement to the incoine, and the incoine can be Itcognised with reasonable accui'aey. Receipt is normally pi'obable when.. Their ha% been gi'ant of pi'obate; The exeLUtor51)ave e5tabli5hed that there are S￿￿1clent assets in ihe estate, after settling any liabilities, to pay the legacy., and Any conditions attached to the legacy are either within the control of ihe School or have been Imet. c) Tangible fixed asset5 Fixed assets in use by the School are held at cost less depreciation and iinpaimient. Provision is rnade for depreciation on all tangible fixed assets ai rates calciilated to write off the cost oi. valuation. less e5tiinated resEdual value, of each as5¢t over its expected uselul life, as follows.. 18 THE ENA MAKIN EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEIVIENTS (Contlnued) FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES {Continued) Freehold Buildings Building Impi'oveiments Fixtslres, Filling aiid Equipinent Compilter Equipment Motor Vehicles 20/¢ per annuin on cost 100kn. 200/0 per annum on cost IOOkn per annum on cost 25 % per annum on cost 250/0 per annum on cost dl Ei xpendlture All expenditure is accounted for on an actrL]als basis. ExpendI￿re is allocated directly to the appTopriate expeiise headings. The ilTecoverable element of VAT is included with the item of expense to which it irlates. Teaching cost5 Supplies of gaines equipment, books, stationery at]d SILndry matei'ials are written off when the expenditure is incurred. Allocation of support and govei-naijce costs Support and governance costs have all been alloc&ted to Expenditure on Chai'itable Activities. Charitable Aclivilies Chai'itable Activities include t¢aching, establishinent and administration costs as well as finance charges. e) Financial instruments The School only ha% financial assets and liabilities of a kind thptqllalify as basic financial instruments. Basic financial instruinents are initially recognised at tiansaction valu¢ and subsequently imeasured at their Settle1￿ent value. Critical sources of estimation uncertainty and accounting judgement5 In the application or the accounting policies, the GovernoTS air requiird to mak¢ judgeinents, estimates, and assLlIMPtions about the carrying walue of assets and liabilities that are not readily appaTent from other sourees. The estiinates and undei'lying assumptions are based on historical experience and other factors that are consideiEd to be relevant. AC￿al results Inay differ from these estimates. In the view of the Governors, no assumptions eonceming the future or estiination uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying aniounts in the next rinancial year. g) F￿nd accoullting Unresh'icted funds cojnprise fund5 not subject to any restrictions regarding their use and are available for any charitablc pu4)ose of the Company. Restricted funds coinprise funds donated to the Company to be applied towards specifIc capital and revenue it¢ms. h) Pension $chem¢ The Coinpany contributes to the Teach¢r5' Pension Scheme. This is a multi-employer pension scheme, and it is not possible to identify the Coinpany'5 shaiE of the undei'lying as%ets and liabilities. Therefore, as required by FRS 102, the Company accoiints for the schem¢ as if it was a defined contribution scheme. Contributions payable in respect of the accounting period are charged to dir¢ct charitable expenditiire. The School has foiinally impleinented Phased Withdrawal from the TeacheTS' P¢nsitsn Scheine effeetive from I Septanber 2023. All new teachers are now enrolled in the APTIS Pension Scheine adininistered by A VIVA. Eixisting teachers at the effective date continue to be members of the Teachers. Pension Scheine. The Company also conts'ibutes to a defined contribution scheme for noth-teaehing staff. ContrÈbutions payable in respett of the accounting period are charged to dTrect charitable expenditure. 19 THE ENA MAKIN DUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMEIYTS (Coiitlnued) FOR THE YEAR ENDED 31 AUGUST 2025 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Gro55 Fees Bui'saries and Fee Discounts 3,210.178 (190.856) 2.730,840 (98.319) Net Fee lllcoine 3,019.322 2.632.521 Registration Fees Clubs and Ti'ips Other Fees & Letting Income 12,000 203,731 169,744 7.500 153.012 116.612 3,404,797 2.909,645 INCOME FROM DONATIONS AND GRANTS 2025 2024 Donations Restricted Donation Legacy It)come 13,094 20,000 4,587 50,544 33,094 55,131 NET INCOME 2025 2024 Net iiil'ome Is st#ted after eharging: Auditor reinuneration- audit ex-VAT Depreciation of owned assets 17,780 180,125 14.450 158.126 ANAL YSIS OF CHARITABLE EXPENDITURE AND SUPPORT COSTS 2025 2024 Teaching Eslablishinent Adininistration DepTeciation Governance costs 2,201,892 494,523 513,651 180,125 57,754 1,870,822 443,451 549,537 158,126 52,909 Total Expendihire on Cliaritable Activities 3,447,945 3,074,845 The costs above include personjiel costs stated in note 7 below as well as all other charitable expenditure and support costs attrsbutable to the opcrations of the School. 20 THE ENA MAKIN EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2025 STAFF COSTS 2025 2024 Salaries and Wages Social Seeui'ity costs Pensitsn Conti'ibutions ,951.410 204,782 339,154 1,739,611 174,668 304,333 2,495,346 2,218,612 The average nuinbeT of einployees dui'ing the year was 56 (2024..53}. The key Inanagement PEf50nnel are considei'ed to be th¢ Ciovernors, Head Teacher, Deputy Head and Director of Opeiations and Resources. The three staff Ineinbers with 4 other s¢nior staff make lip the Senior Lead¢i'5hip Teain. The GovernoTS received no Teinuneration in the yeai. (2024.. none). The aggregate reinuneration of the Senior Leadership 'feain including employer's national insurance and pension contributions dui'iiig the year amounted to £68¥,078 (2024 £645,763). The totsl nuinber of employees whose emoluinents exceeded £60,000 were.. - 2025 2024 £60,000- £70,000 £80,000- £90.000 £90,000- £100,000 £130,000- £140,000 TANGIBLE FIXED ASSETS Freehold land and buildings Furniture and equipment Totthl Cost At I Sept¢mbeT 2024 Additions Transfeis 5,140,488 10,873 1,098,508 202.765 6.238,996 213,638 At 31 August 202S 5,151,361 1,301,273 6,452,634 Depreciation I Septeinber 2024 Charge for the year 1,719,788 102,494 668,588 77,631 2,388,376 180,125 At 31 August 2025 1,822,282 746,219 2.568,501 Net book value5 31 Au8USt 2025 3,329,079 555,054 3.884,133 At 31 August 2024 3.420,700 429,920 3,850,620 A valuation of the School site (Land & Buildings) was conducted by Vail Williain5 Ll.P 13 8cptember 2024. The valuation and reporl were prepared in aecordance with (he Royal Institution of Chartered Surveyors (RlCS} Valuation- Global Standard$ 2022 (the"Red Book"). The report dated 28 October 2024 stated a fair value of £5,350,000. 21 THE ENA MAKIN EDUCATIONAL TRUST NOTES TO'fHE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2025 DEBTORS 2025 2024 Fee Debtors Prepayinenls 1,086.229 114.124 50,813 83,106 1,200,353 133,919 Autiiinn Tenn fee invoices were accounted for in August, resiilting in a significant Fee Debtor balaiice over the pi'ior year. io. CREDITORS: Amounts falling due within one year 2025 2024 Trade Creditors Statutory PayiDII Taxes Pensioi) Conti'ibutions V A T Liability Oilier Creditors Parent Deposlts ALcru¥ls Au(uinn Teiin Fee5 OT Paid in advanee (billed prior to the new Aiituilln Tenn) Fees in Advance Scheme 102,379 56,958 42,090 147,005 40,197 210,000 45,452 1,066,667 169,312 53,418 43,297 39,042 21,600 163,400 46,541 112,005 377,528 1,880,060 856,831 Autuinn Temi fee5 billed in August are included with sliort-term creditors as deferred ievenue. The quarterly VAT Liability is included in Creditors for the first iiime following the introduction of V A T on school fees. CREDITORS: AmouNt5 falling due alter more thAll one yeHr 2025 2024 Fees in Advance Schejne 125.726 357,185 125.726 357,185 22 THE ENA MAKIN EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMEINTS (Continued) FOR THE VEAR ENDED 31 AUGUST 2025 12. UNRESTRICTED FUNDS BalAnee at I September 2024 Balance at 31 Au%ust 2025 Income Expenditure Tran5fer5 Fixed Asset R¢s¢rve Revenue Re5erv¢ 3,850,620 449,918 (178,125) (3267,820) 211,638 (211,638) 3,884,133 442,824 3,472,364 4,300,538 3,472,364 (3,445,945) 4,326,957 Bg14Nce al I September 2023 BalaThce at 31 August 2024 Ineome Kxpendlture Transfers Fixed Asset Reserve Revenue Reserve 3,871,717 471,762 (156,126) (2,916,719) 135,029 (135,029) 3.850,620 449,918 3,029.904 4,343,479 3,029,904 (3,072,845) 4,300,538 TTansf¢is b¢tween fllnds represent purchases of tangible fixed a5S¢t5, which are Inade out of the revenue reserves and tTan5frriEd to th¢ fixed asset reserve at the year end. 13. RESTRICTED FUNDS Balance #t I September Balance at 31 August Income Expenditure TraDsfers Science Lab Fund Bursary Support fund 16,000 (2,000) 14,000 20,000 20,000 16,000 20,000 (2,000) 34.000 A donation of £20,000 was received in 2023 towards the Tefu]bishm¢nt of the science laboratory. The restricted Science Lab fund eomprises solely the net book value of a poi1ion of the building improvemenl costs capitalised foi. the sci¢nc¢ laboratory, which was included within thngible fixed a55¢ts on th¢ Balance Sheei at its full coinpletion costs. A donation of £20,000 was received in September 2024 to be us¢d to support students applying for Bursary suppoit who would oihei'wise nut have the opportunity to benefit from an ¢du¢ation at the Granville. Final decisions on the dispensing of thi5 fund rest with the Bursary Cominittee. 23 THE ENA MAKIN EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED31 AUCUST 2025 14. (a) REI CONCILIATION OF NET INCOME TO NET CASH GENERATED FROM OPERATING ACTIVITIES 202S 2024 Net incolne foi. the year 44,419 144,941) Adjustment5 for: tkpieciation Inteiest received Decitasel(Increase} in Debtors DeciEasel(Increasel in Stock (Decira5eylncrease in Creditors (ex¢luding payent deposit5 & deferred ievenii¢) IDecrease)/lncrease in Parei)t Deposits IDecrease)/lnciease in Defcjycd Revenue Nel Fees iEi advance drawdown (shown as a rinanciiig traiisaction 180,126 {54,473) 11,066,434) 158,126 (52,854) (25,282) 3,307 221,802 (119,156) {3,608) 46,600 523,368 439,673 290,662 (39,4671 Nel cash provided by operating activities 335,081 (84,408) 14 (b) ANALYSIS OF CHANGES JN NET FUNDS Ati September 2024 Cash llows Non-cash moVe￿ent At 31 August 202S Cash held on Ctirrent Account Cash held on Dcposit5 & Notice Accounts 194,876 1101,579) 1162,178) 93,297 1,188,961 Tot21 Cash & F)cposit Accoiints rees in Advance Scheme 1,546,015 {734,7111 1263.757} (13.170} 1,282,258 (295,0381 452,843 Net Funds 811,304 1276.927) 452,843 987,220 24 THE ENA MAKIN EDUCATIONAL TRUST NOTES TO THF. FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 202S Is. TRUSTEES, REMUNKRATION, EXPENSES AND RELATED PARTY TRANSACTIOIYS Ti'us1¢¢5 are not reJniin¢rèted for theirs¢rvi¢¢s. During the year exp¢n5¢s reimbursed to Gov¢rnors were £Nil. (2024.. £Nil). During the year, Nicole Coll Chaii. of GoveiJioi'5 Inade a cash donation to the Charity of £1,000. Their are no Unused balanc¢s, Ih¢Tt wei'e no tern)s oi. Cgiiditions attach¢d to th¢ donation, nor any guai'antees given or received in coi)R¢ction with th¢ donation. There wer¢ no fuTih¢r ￿lated paity trpnsactions thki require disclosure. Theie are cui'irntly no Gov¢riiors with ¢hildr¢n at the Schogl. 16. PENSION COSTS The School's einployees belong to one of three principal employee scliemes. a) Legal and General, which is a defined contribution 5cheine for non-teaching slaff. b) Teachers, Pension Scheine (TPS) foi. teacliing staff who joined the School prior to I September 2023, which is a Inulti-employei. defined benefit scheme. c) Aviva APTIS. Teacliers Defined Conti'ibution Scheme for leaching staff who joined the Schogl trom I Septejnbei. 2023. The School participales in ihe Teachers. Pension Scheme (the TPS) forsoine of its teacliing staff. The pension charge for the year includes Employer conti'ibutions payable to the TPS of £365.01912024.. £356,403) and at the year-eDd £29,058 {2024 £31,932) was accrlled in respect of contributions to this scheine. The School forinally nolified the TPS of Phased Withdrawal frojn the scheine, said notice being accepted by the TPS with effect from I Septeinber 2023. The TPS is att unfuJ]d¢d Inulti-einployer defmed benefits pension scheme governed by The Teachers, Pensions Regulations 2010 (a5 ainend¢d) and The TeacheTS' Pension Scheme ReuTulation5 2014 {as amended). Meinbers contTibute on a 'pay as you go" basis with contributions froni member5 and the einployei. being credited to the Ex¢hequer. R¢tir¢ment and other peiision benefits are paid by public fund5 provided by Parlsament. The eiiiployeT contributi(Trn rat¢ j5 set by the Secretary of State following scheine valuation5 undertaken by the Goverwnent Actuary's Departinent. The In05t recent actuarial valuation of the TPS was prepared as at 31 March 2020 and tlie Valuation Repoit was published in Octobei. 2023. The Valuation Report shows notional assets Df £222.2bn and liabilities of £262bn, resulting in a scheine deficit of £39.8bD. The employer contribution rak for the TPS is 28.6010, and ei)Iployers are also required to pay a s¢heJn¢ adininistration levy of 0.08 % giving a total employer contribution rate of 28.68Yo. 25 THE ENA MAKIN r,DUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icoiitinued) FOR THE YEAR KNDF,D 31 AUGUST 2025 17. PRIOR YEAR STATEMENT OF FINAP4CIAL ACTIVITIES Unrestricted funds 2024 Restrleted funds 2024 Tot21 2024 Income from: Chai'ilable Activities Donations aiid Giant Incoine Legacy Incoine Othei. 2,909,645 4,587 50,544 65,128 2,909,645 4,587 50,544 65,128 Total 3,029,904 3.029,904 Expenditlire on: Charitable Activities {3,072,845) (2,000) (3.074.845) TotHI (3,072,845) (2,000) (3,074.845) Net income %Lnd net rnovement in funds (42,941) {2,000) {44,941} Balances brought forward at I Septeinber 4,343,479 18,000 4,361,479 Balanees carried foiivRrd At 31 August 4,300,538 16,000 4,3 16,5J8 18. LEGACY INCOME- FROGGArr ESTATE The School was nan)ed as a beneficiary of a legacy given in the l.ast Will and Testament of a for1￿er HeadinishESS, Miss M Froggati, who pas5cd away OD 23 February 2022. The estate coinprised property ai)d market investinents under the Inanageiment of joint exe¢utOlS. The final suin of £50,544 was re¢ogni5ed as legacy inco1￿¢ in the financial statements of the year ended 31 August 2024. 26