ThèT End0¥M￿nt Umlted Gua Trusttts and H nclal f •ndtd Cofflpany No. 864531 IEn8l•nd and Wales) th•TIty No. 309103 TheT En .Com Pkn. 864531 lor the Rewt ofthe Trustees Rewt of the Independent Audltors Statement of Flnandal Actlvltles 8alance Sheet io Statement of Cash Flows li Notes to the Flnanclal Statements 12-17 Endowment Umlted b Gy¥antee 0. 864531 Re rt ofthe Trustees forthe ed31Ju The 8oard of Trustees present their annual report and a4Klited financlal statements for the year ended 31 July 2025 and conflrm they cornply with the requirements of the Charities Art 2(K16, as amended by the Charities Act 2011, the Companies Act 21X)6, the Articles of Assouation and 'Accounting and ReportinB by Charlties,: Statement of Recommended Practice applicable to charities preparlng thelr fjnoncial ststements in accordance with the Flnan¢l31 Reporting Standard 102- second e(Iltion. effective l January 2019. As the dedslon ha5 been made to cease artlvttles In the charity. the accounts are therefore prepared on a basss other than as a going concem. REFERENCE AND ADMINISTRATIVE INFORMATION Bockground The Tovty Endowment IToveyl was founded In 1%5. The Charity Is registered wlth the thar￿leS commlsslon. number 309103 and Is also a com￿nY limited by guarantee, registered Company number 864531. The reglstered offlce and prfn¢lpal address of the company Is clo Mccarthy Dennln& 70 Mark Lane, London, EC3R 7NII Tnistees The present Charlty Tnjstees and Dlrertors of the Company. and any ex-Dlrertors who served durlng the perlod and since the perlod end were.. Chalr C Marshall Dlrectors C Brereton T 8untlng N Owen Company Secretsry M Lambert Bankers The Co-operatlve Bank PO Box 250, Delf House Skelmersdale WN8 61h CCLA Investment Management timlted COIF Charity Funds Senator House, 85 Queen Victorla street London EC4V 4ET Independent Auditors Haysmac LLP Solldtors Mccarthy Dennln8 Umlted Endo¥mièn Com UmSted No. of the Trustees for r ended 31 Ju 2025 contlnued STrUCtVRE, GOVERP4ANCE AND MANAGEMEI Go¥ernlng Document The company 1$ govemed by its Articles of AS$L￿latIon INQ. 8645311, I1￿01pOrated on 19 November 1965, amended by Special Re501ution on 12 May IW, reprfnted with amendments In 1998 and amended by Special Resolution on 4 Decem￿r 2012. Further amendments were made to the Articbes of Assoclatlon on 13 August 2019 and 21 lune 2022. Govèrnlng Body The Trustees, who are also rtquired under the Articles of Asswatbon to serve as Dlrectors of the Company. and members of the Charity have thelr appolntment conflrnied at a full Trustees, Meetlng. RKruftm•nt and TraInI￿ ol Truste The Trustw brln8 3 wlde ran8e of skllls to the Board. and the malntenance of th15 breadth of range, as well as empathy wtth Tove¥s aims, are prime considerations In selectln8 new tnJstees. Given the nature of the charltvs work, It Is Srnportant that knth￿ed￿t. understandlng and experience of educatlon are present wlthln the Board. The composltlon of thè current Board Indudes those with experience wfth other educatlonal ¢harltle5. Es5entSal skllls In bus1r￿, strateglc plannin& flnance. publlc relatbons and fvndralsln8 are also represented on the Board. On appolntment. Trustees are provlded wlth rel￿ant documentatlon and tralnln8 On thelr responslbllltles and on the charws actlvltles, as part of their Snductlon. They are also encoura8ed to undertake external tralnlng and to keep abreast of developments In chartty law. 5afeguardln& educatlon, and flnanclal mana8ement. All Trustees 8lve of thelr tlme freely and no remuneratlon or eynses were pabd in the perlod12024: £NIII. CWnS$11Son•l M•n•ymetht The trustees have deleNated day-to4ay running of the charity to the Royal Natlonal Chlldren's Sprln8board Foundatlon IRNCSFI senlor management team. *tho rectlve no rèmuneration from Tovev. Rksk Manayment The trustees are responslble for management of rlsks faced by the charlty. To ensure effklent rlsk management, they oversee processes which identify, a$5ess and control rtsk. These proosse5 are revlewed re8ularly and Include regular eoard meetlng5 and the use of an experienced mana8ement team to oversee the charltv. e Tove Endowment Guarantee Umlted Re ofthèT ded 31Ju cont5nued AIMS, OWEcllvES AND ACTIVITIES FOR THE PUBUC BEPIEHT Alms The Charitvs objerts, a5 Set out in the Artlcles of A$50ciation. are to further the educatlon of children and young people. As an educational chartty It uses and applie5 for purposes all monles and property comlnB Into It. Oblertlve5 Section 4 of the Charities Act 200612011 requires chaAty Trustee5 to compty wlth their duty to have due regard to publSc benefft 8uidance published by the Charity Commission in exerusin8 their powers or dutie5. The Trustees have considered the requirements explained Sn guldance woduced by the Charlty Commlsslon, on thelr duty to report in the Annual Report on public benefrt. The Trustees have ¢onsldered thls matter and conduded: l. that the alms of the charlty contlnue to be charltable: 2. that the alms and the work done give Identlfiable benefits to the charitable sertor and both Indlrertlv and dlrtctly to lrtdlviduals in need,. 3. that the beneflts are forthe publlc. are not unreasonabty restrirted In any way and not by abllltyto pay* and 4. that there Is no detrfment or harni arising from the tharws alms or actlvltles. After the sale ol Highfield Preparatory School on 13 November 2019. the Trustees of the charlty consSdered varfou5 Optlons as to how to fv￿lI the charws objects, eventually choosln8 Royal National Children's Sprlngboard Foundatlon IRNCSFI as the ideal vehicle through whlch Its objects could best be accompllshed, and malnly ihrough the provi55on of Brants. On 16 October 2020. the Trustee5 of the charity resl8ned, and four RNCSF Trustee5 were appointed as Trustees. On 21 June 2022. RNC5F became the sole corporate member of Tovey. As a re5uh. Tovey is controlled by RNCSF arml Is consolidated into th* RNCSF group accounts. FIMANCIAL REVIEW AND RESULTS FOR ThE PERIOD The results for the year ended 31 Juty 2025 are set out on pages 9-17. Glven ecorbomles of stale 8ained by becomln8 a part of the RNCSF 8roup. operatin8 costs are minimal. Reser¥es Polky The Trustees malntaln a sufflclent level of reseThes wlthln the charity to ensure that any potentlal Ilabilltles are able to be met when due. At year end, the charity had reseryes of £1,326,131 which were all unrestrlcted12024.. £1,270,658). Grnnt m•klw pollcy The Trustees conslder the potentlal beneffts of anygrants to be made and whetherthey meet the objert5 ofthe charlty. The Tove rantee Endowment an No. 8645 of the Trustee5 for the ded 31 Ju 20 ntlnued srATEMENf OF DIRECTORS'ITRUSTEES. RESPONSIBILMES The Trustees Iwho are also directors for the purposes of Company Lawl are responsible for preparing the rinancizl statements in accordance with applicable law and United knn8dom Generally Accepted Accountin8 Practlce. Company law requires the Trustees to prepare finanaal statements for each financlal year. Under that law the Trustees have elected to prepare the financial statements in accordance with the Untted Kln8dom Generally A￿pted Accounting Prartice (United ￿ngdoM Accountlng Standards and applicable lawl. The flnancial statements are requlfed by law to 8ive a true and fair view of the State of affalfs of the charitable company and of the surplus or deflclt of the charitable company for that year. In preparin8 those fftnanclal statements. the Trustees are required to select suitable accountin8 policies and then apply them consistently; observe the methods and princlples in the Charities Statement of Recommended Prartl¢e ISORPI; make lud8ements and estlmotes that are reasonable and prudent: stste whether applicable UK Accountln8 Standards have been followed, subject to any materlal departures disclosed and explalned In the flnancial ststements: and prepare the financial statements on the going concem basis unless It Is 5napproprlate to presume that the charitable company wlll contlnue In operatlon. The Trustees are responslble for keepln8 Proper accountin8 records whkh dlKlose wlth reasonable accuracy at any tlme the financial position of the charitable company and to enable them to ensure that the financlal statements comply with the Companies Art 2(()6. They are also responslble for safe8uardin8 the assets of the charltable company and hence for tskin8 reasonable steps for the prevention and detectlon of fraud and other Irre8ulaTltles. STATEMENT AS TO DISCLOSURE OF INFORMAnoN TO AUDITOAS So far a5 the charitable company director5 are aware, there is no relevant audit information las defSned bv Sectlon 418 of the Companie5 Act 2W61 of which the company'5 auditors are unaware, and each charStable company dirertor ha5 taken all the 5tep5 that theyou8ht to have taken as a dlrertor in orderto make themselves aware of any relevant audlt inf0m￿tItin and to establish that thè ¢ompany's auditors are aware of that Infomiatlon. Thls report has been prepared In accordance with 'Accounting and Reporting by tharities,: Statement of Recomrnended Prartice applioble to charitles preparlng thelr financial statements In accordance wlth the Financial Reportin8 Standard 102 leffertive January 20191 and In accordan￿ wlth the speclal provlslons of Part 15 of the Companles Act 2￿6 relatlng to small enthies. Approved by the Board at its meetin8 on 4 December 2025 and slgned on Its behalf by: C Marshall Chairman The To¥e Endowment Guarantee an Llmrted No. 864531 INDEPENDENT OKS REPORT TO THE MEMBERS OF TH the 31J 2025 TOVEY ENDO ENT Oplnlon We have audited the financial statements of The To¥ey Endowment for the year ended 31 July 2025 whlch comprise the Statement of Financial Activities, the Balance Sheet. the Cash Flow Statement and notes to the flnancial statements, including a summary of significant accounting policie5. The financial reporting framework th¥t has been applied in their preparation is applicable lawand United Kingdom Accountln8 Standards. including Flnanclal Reportlng Stsndard 102 The Financial Reportin8 Standard applltable in the UK and Republlc of Ireland Iunlted Klngdom Generally Accepted Accountlng Practl¢el. In our oplnlon, the flnandal statements.. Ve a true and fair view of the state of th* charitable compan￿$ affalr5 a5 at 31 July 2025 and of the haritable companvs net movèment in fvnds. including the Income and expendlture. for the perlod then ended,. have been property prepared In accordance wlth Unlted Kln8dom fjeneralty Accepted A¢¢ountln8 prartI￿,. and have been prepared In accordance wlth the requlrements of the Companles Act 2006. B•s15 lor oplnSon We ¢ondu¢ted our audlt in accordance wr