2024-08-31-accounts

PREP SCHOOLS TRUST PST Annual Report and Accounts for the year ended 31" August 2024 ADU90IBV 1410112025 COMPANIES HOUSE A05

178

Reglstered Company Number: 961616

Reglstèred Charlty Number: 309639 Contents L•gal and admlnistrativo Inforniatlon Introduction from Chalr and Chief Executlve Objectives and activiti8S Report of the Tru8t8•s (Includlng the Slratgglc Report> Indapendent Auditor's Report to the members of Prep Schools Trust 12 Statement of Flnanclal Aclivities 15 Balance Sheet 16 Cash Flow Statement 17 Notes to the Accounts 18

Prep Schools Trust Schools and thelr Heads Andrew Boyle BARFIELD Fred de Falbe BEESTON HALL SCHOOL Christine Cook Chandlings PREP. OXFORD George May COTHILL HOUSE Bennjamyn Smith Kitebrook PREPARATORY SCHOOL Mowden Hdu School Kate Martin

Emma McKendrlck (Chair) J P Spencer L M E Newcombe J Stsnley (appolnted 1 February 2024) A J Derham M 8eard (appointed 1 Februaty 2024) JCPaln C Hargreaves {appoini8d 1 June 2024) Tha Countess of Daml8y M Donger (re81gned 26 Seplamber 2023) T J Glbson W H Pitman F Burkitt H Lindsell { appolnted January 2024) E D Bottafl (resigned 31 December 2023) Chlef Executlve: Chlef Operatlng Offlcer. Chlef Operatlng Officer. Director of Marketing.. Head of HR,, T 8eardmore-Gray K Sandhu (left 17 Aprll 2024) S Meikle (appointed 2 September 2024) J Fitzroy-Ezzy J Wareing Blographlas ol the Trustees and Executlve Board can be found on tha Prep Schools Trust wébslte. Reglstered Offlco: 7 CothlS1 Abingdon Oxon OX13 6JN Company Number: 961616 Charity Numbèr. 309639 Professlonal advlsors Auditor. Wenn Townsend Chartered Accountants and Statutory Auditor Oxford Banker5: Bardays Bank plc Oxford Handelsban Oxford Solicitor5' Stone King LLP

Introductlon from the Chalr of Tru8toe8 Opening thls year's Senlor Leaders. Conference for Prep Schools Trusc I suggested that 'there is no more important Job than the education of young people and If we believe in the same thing. educating chlldren and excellenca, we wlll thrlve and have a bright future ahead,. Themes for that Conference Included the challenges and opportunities faclng the independent schools, sector in Ihe next decade, which indude the growing Complexities associated with school leadershlp and artrficlal intelligence.. AS we bulld lutures full ol promise for our children In PST schools, helping every child reach their full potential and providing the exceptional education we stand for. we are well aware of the extemal challenges we have to ensure that we a￿ prepared for, supporting our schools to navigate through while maintaining the expected slandards and successe8. Trustees Intend to continue expandlng the number of PST schools. In January we vRre dellghted to welcome Beeston Hall School into PST and look forward to West Hill Park School jolnlng next year, l eontlnue to be graleful to all staff a¢ro$8 our schools who are commltted to the provlslon of the very best education, care and opportunities Sn line with the Trust's values and ambitions and to all those at the Twst Office who provide Invaluable support to OUT schools. l am grateful to fellDW Iiustees for their time and commitment and look forward lo continulng to work closely with them and staff in the year ahead. Tom 868rdmore-Gray has announced hls Inlenllon to rellre In July 2025 after 7 years as Chief Execullve, He has taken PST to 118 currenl posilion with a strong and growlng group of schools providlng hlghly-respected educational and co-curricular provision, a clear ethos and determination to serve our familles to the highest standards. Trustees are most grateful for Tom's Gommltmènt and service. Emma McKendrlck Message from the Chief Executive July's General Elecllon and the new government heralded the antlclpated Introductlon of VAT on independent schools fees, but not Its early introductlon in January 2025. The new tax brings considerable challenges to the whole sector. At the Twsl we are focused on maintaining the quallty and breadth of the education we offer whilst taking proactive steps to contain costs. Whlle pupll numbers at Trust schools are curr8ntly Stable, we are not immune from the predided fall in pupil numbers in independent schools in the period ahead. In April our oldest school. Cothill, announced a move towards becoming 8 fully Integratèd co-educational school for boarding and day pupils by September 2025. This declslon reflects the changino market for prep educ8tlon and wlll provide interesting opportunities. After disllnguished tenures as Deputy Head and Head, Mrs Kat8 Martin is leaving Mowden Hall School in December 2024 to move to Sedburgh Prep Sthool. We thank her for her servlce and wish her the very best for ihe future. We are also m051 grateful for the service of Mrs Christlne Cook who retires in July 2025 after 7 years as Head of Chandlings Prep. Mrs Cook was prevlously a teacher and Dlrector of Studias at Chandlings. Conscious of the need lo ensure that all our school fadlities are used to their ful5 potential and generating adequate non-school fee revenue, Ihe Trust has this year created a new role of Cornmer¢ial Manager. Investmenl en school facilities continues, the most notable Improvements being the new dining facilities at 8arfield and Kitebrook and a significant upgrade to the theatre at Mowden Hall. Plans are now being drawn up to refurbish Beeston Hall's music school whith. subject to sU￿esSful fijndraising, should be completed during the summer of 2025. We are most graleful to the generous donors Wh￿ have sup￿￿ed these projects. The ￿llabOratiVe nature of Prep Sthools Tnjst continues to benefit staff and pupils across our organisation. We are expanding the number of Twst activitie5 for pupils. this year adding a Trust cOn￿rt involving 175 pupils at St Edward's School in Oxford. We ￿ntinue to prioritise training and development for leaders. teachers and support staff across the Trusc making Ihe most of the wide range of expertise available In our schools. This will b8 my last report as Chief Execulive. l am proud of all Ihal ryjr ￿*001$ are achieving as ffly tenure draws to a dose. I believe that Ihe Trust is well posilioned to thampion high qualty education as a chaiity in the decades ahead. Tom Beardmore-Gray

About U8 Objectfves and actlvlths Our mlsslon Is to deliver outstanding preparatory educallon and pastoral care as a famlly of sch(￿18, givlng our pup116 the opportunty. skllls and confidence to prepare them for their futur8. The Trust provldes support and expertlse to our schools In support of this mission. Our ethos is to celebrate Indivldualty and the freedom of childhood", the best traditions of British primary education and deliver exceptional academic teaching and pastoral care as a family of schools. Each school has Its own unique peisonallty but all our schools share consistent Values". putting our pupils firsL' performing to the highast standards; pooling our slrengihs to collaborata and achleve more: innovating by anticipating change and adaptino to it; and looklng beyond the school gates to support the wider local communities. Most Importanlly, we prlorltise tha development of our puplls and we treat each pupil as an Indivldual, Involvement with local primary schools through the provision of teaching, shared facililles and speclalist services Is a lurther Important aspect of the Trust's public benefit. 8tru¢turei g•v•rnanc• and management Prep Schools Trust currently operates six prep schools. Cothill House ( boys boarding and day, 7 to 13+). Chandlings Prep8ratory (Co-educalional d8y, nursery to 11 +). Kitebrook Preparatory (Co-educational day. nursery to 8+ and day and boardlng 8 to 13+), Mowden Hall School (Co4ducational day, nursery to 13+ and Co-educatlonal boardlng 8 10 13+), Barfield School {Co-oducalional day nursery to 11). 8eeslon Hall School (Co-educallonal day, Reception to Y2 and Co￿dUcatIOnal day and boarding Y3 to 13+) joined Ihe Trust In January 2024. Prep Schools Trust is govemed by a Board of Trustees (see page 4 for dOtaSls) who delegele management responslbllity for our schools to the Chlef Executlve. The Board meets at least four times annually and Is assisted by three sub commlltees, Ihe Flnance Commlttee, the Educallon Comrnlttee and the Nominations & Governance Committee. Each school has 8 Head Teacher responslble for day to day operauons. Each school is supported by a Local Advlsory Board, the Chair of which is a PST trustee. Regular management meetings are held b8tW8en the Schools, senlor lead8rshlp teams and staff at Trust Office. The Board of Trustees comprises experts in education and a range of professional disclplines. Many of our Trustees have sent their own children to Trust schools. Collectively they have a wide breadth ol expertlse, experienca and knowl8dge. Trustees are appointed in accordance with the Memorandum and Artlcles of Association. The prlnclpal responsibilities of the Trustees are to: Set the Trust's strategy Monitor performance against key perfomiance Indlcators Ensure that the Trust has policies that provide adequate intemal control and mitigate rlsk Maintain the financial stability of the TWSL TfUStee6' Inducllon and tralnlng T¢ustees are briefed on their obligations under charity and company law. the content of the Memorandum and Artides of Association. the Code of Govemance. the de¢ision4naking Pro￿$$eS and the strate9ic plan. Trustees are encouraged to attend appropriate external training events where these will facilitate the perfornianca of their role.

Straieglc report The Trustees pr888nt thelr report end the audlted flnanclal statements of Ihe charlty for the year 8nded 31st August 2024. The Trustees have adopted the provisions of the Ststement of Recommended Practicè (SORP) "Accounting and R8POrting by Charities. (FRS 102) in preparing the annual report and financBI st8tsments of the charlty. The dlrectors of the eharltable ¢ompany are its Trustees for the purposes ol ¢harlty law. The Trusteas who have senied during the year and since the year-end are listed on page 4. The Board of Trustees sets the strategy for Ihe Trust and focuses on the provision of an outstsnding education for pupils In the Trusfs schools. The Trustee8 have had regard to the rnatters set out In section 172 (1) (a) to {f) of the Companles Act 2006 when perfomiing thelr duties under S172. Achlevement$ and performance The Trust's P8rformanc8 can be measured by progress against its 6 strateglc objectives. Grow School fe• Incomè School fee Income has Incr6ased due to pupil increase. The number of pupils durlng the year was 1,093 (excluding Beeston Hall). (2023.. 1,059) Acqulre new Prep Schools Beeslon Hall joined the Trust in January 2024, Its sixth school. The Trust continues to consSder further opportunlties for further gr0￿h. Reflne 8ervlc•g provlded by Trust Offlc• The Trust Ss contlnuously revlewing the level ol expertlse and servlce provlded to our schools by the Trust office. The Trust Office has refined or enhanced its Capablllty In various functions during the year. Invest In our estate Each of our schools is worklng through programmes of work determined by recent condition surveys. During the year a new Dinlng Hall and kitch8ns were opened at Barfield School and Mowden Hall School's new theatre was opened in September 2024. Dlversificatlon of In¢omo Further to fundraising Successes at Cothill House and Mowden H811. further fundralslng campai9ns to support the development ol our schools are being planned, Indudlng refurbishment of tho Muslc School at Beeslon Hall. Become an employer of choice in the sector Following a supley to galn the views of staff across the Trust, Varlous Initiatives were implemented. These Indude further development of the Trust Leadership Forum and the launch of an Employee Assistance Programme. We continue to look into lurlher benefits we (x)uld offer to all employees and ensure stsff have suitable spa￿S for non-contact time. Financlal revSew P(ep Schools Trust applied its incAJffle received during the year to the o)st of operating schools at Cothiil House. Chandlings. Kitebrook, Mowden Hall. Barfield and Beeston Hall. The results for Ihe year are shown in the in(x)me and expenditure ac(yJunt on page 15. The Trust produced a Sufplus for the year of £1.84m (2023: surplus of £24k) when Including Ihe £2.4m of Beeston Hall. pa￿￿1 o)sts were 69.50/0 of in(x)me (exduding transfer of Beeston (2023: 67%).

Publlc benefit and 60clal responslblllty The Tru8te88 have complled wlth thelr duty to have due regard to the guldance on publlc benefit wbllshed by the Charity Commission in exercising their powers and duties. Educatlonal The Independent seclor as a whole provides excellence in "challenging subjects.. Whlle nationally the number of chlldren studying languages has declined. the Trust continues to teach all children modern forelgn languages. All chlldren are screened for Speclal Educational Needs, The provlslon of spe¢i81ist 8UPPOrt to those identified with needs is in itself a publlc good. The standards of the Trust's education are reviewed annually against national benchmarks and the Trust's educational provision exceeds those benchmarks. The Trust useG Its own resources to recruit people Into the teaching prolesslon, to Induct and traln them. These employees are activ8ly assisted in achlevlng Qualified Teacher Status, whid) allows teach8rs to mov8 to the maintained sector should they wish. Wlder ¢ommunlty and partn•r8hlp8 The Trust constantly seeks new ways in which to dellver its ¢haritablo objects to a young public without regard to wealth, race, religion, social or academlc status. The Trust's schoo15 have continued to build on links with their loGal communltles and 8chools In the maintained sector as well as pupils fundraising to support a wlde range of local and national charitles. Partnershlps end communlty engagam8nt activlties include: Organising a range of sports events and involvement In local partnerships such as 8eeston Hall's work wllh the Cromer & Sheringham Schools Sports Partnershlp and Chandlings Prap hosting events for West Oxford and Abingdon Primary Schools Staff volunteering to support specialist teachlng in local prwnary schools. for example Cothlll's Dlrector of Muslc teaches Years 3-6 at Dry Sandford School, Kitebrook staff support PE, Spanish and Music In local primary schools and Barfield's partnership work wlth Puttenham Infant and Ridgeway SEN schools PST schoo15 regularly provide access to their facilities for local state schools, partlcularly for sports. Mowden Hall School organised History and STEM events to whlch local schools were invlled and in July organised an overnight slay wlth two days of aclivitles for Y3 pupils of Morpeth Road Primary School. Blyth, Iree ol charge. providing lif& changing experiences for several of the children. Kitebrook School welcomes local schools to its Foresl School, the Cultural and Rural Crafts Programme. as well as Art Mastèrclasses and Maths Challenge. PST staff volunteer their lime to several schools as govemors.. Mowden Hall continues Its partnership with the WISE Multi-Academy Trust. Acce$s to Our Schools Bursaries.. it Is important that access to the education we offer is not restiicted only to Ihose who can afford our school fees. The Trust has a bursary policy which is reviewed regularly by Twstees, who are committed to broadenlng acces9 to the Trust's schools by offering means-tested financial support to Parents. Bursaries may be awarded to puplls In Year 3 and upwards in the form of a discount of up to 100% 01 the tuition fees, depending on the financial circumstances of applicant parents. The Trust finandally supported 28 families durlng thé year, excluding any staff or HM Force8 discounts, with bursary values ranging from 10 to 100%.

Prlnclpal rfsks and uncertalntles Rlsk Is assessed In terms of slgnlficant rnatters whlch may prevent the Trust Irom achlevlng Its slratoglc objective8. The health, safety, welfare and safeguardlng of the children in the Trust's care are paramount. The Trustees tske this responsibility very seriously, ensuring ts policies are appropriate and implemented in each school. The Trustees are aware of the financial risks associated with the Trust's actfvities and are focused on managlng the Trust's f￿anCIal position and pertormance. As a result of July's General Election and the new Labour Government, Ihelr pledg8 to impose VAT on Independent school fees was confirmed as expected: unexpectedly however, was the implementation date of 1 January 2025 rath8r than Ihe new school year. September 2025. This decision Is a considerable blow to independent schools. and has been challenged by the repTesentativ8 bodles. While th8 full 20¥0 new tax has to be charged to parents, PST, in common with all independent schools. reviewed budgets and plans. as well as likely VAT rebatss on Ils expenditure with a view lo reduclng the base schools fees chaTgeable. Trustees agreed that from 1 January 2025 school fees will increase by 14%. Rlsk management The Trust has established systems which under normal conditlons should allow Identlfied rlsks to be mitigated lo an acceptable level In Ils day to day operallons. Specific risks that have been considered are safeguarding, pupil numbors. cash flow, reputational issues. and uncertaln economic and political conditlons. A traffic light system alerts Trustees to speclfic rlsks and changes as they arise and how they are mitigated. Saf•gu•rdlng Trustees are committed to the hlghest standards of safeguarding and the welfare of the Trust's pupils. Staff and Trustees re￿1ve appropriate Iraining on a regular basis and are committed to ensuring that puplls are protected and enjoy a safe environment, Reserve$ poll¢y Trustees plan to borrow to invest in the development of the Trust. funding interest and loan repayments out of current income. As is the case with many schools and educational groups. the Trust has no free reseryes nor is it anticipated Ihat free reserves wlll be available in the near future. Reserves are monitored termly by reference to cash flows projected to thè end of the acadamic year and for 8 furthèr three years. Investment pollcy The Trust holds no permanent endoMient. Any temporary surplus cash is held on short terni deposlts to secure a high rate of interest. Plans for future perlods The Trust wlll contlnue contributing to Its schools in accordance wilh its charitable objectives. The Tnjst is committed to the wider communty and fulfilling its charitable status. Further, the Tnjst will continue lo seek opportunities for strategic acquisitions and mergers with other similar educational establishments in order lo fvrther fulfil its objectives. Charftable and company status Prep Schools Tnjst is a company whith does not have share capital and is limited by the guarantee of the members to 8 maximum of £1 each. The membership at 31st August 2024 was 13 (2023: 10). The Trust Is govemed by the Memorandum and Articles of Ihe o)mpany. Fundraising Activltles The Trust has contiryjed to raise funds to invest in development of Trust sthools through liaising with school alumni. current and former parents. and other stskeholdefs. Any fundraising activty Is moniiored and guided by the Executive Board and Trust Development and Alurnnl Relations Manager. The Tfust is registered with the Fundraising Regulator and is commltted to following the Code of Fundraising Practi￿. No complaints were received by the Trust regarding Ihese fundraising activities.

Employee6 Prep Schools Trust recognlses that in order to achieve tts goal of being the best prep schools group in the UK. we must develop and invest in our people. Attracting and retaining able and Committed stsff Is a key objective. We belleve In foslering an environmenl where stsff feel valued and empowered to contrlbute thelr very best and develop lo thelr full potential. Fair consideration Is given to any appli¢8tions for employment from reglstered dlsabled persons. with due regard to their aptitudes and abilities. Disabled employees are glven equal opportunlly with regards to career development and promotion, as wéll as ongoing tralning needs. Sympathetic cnnsideration is given lo the relention of any newly disabled employee, induding affordlng. if requlred. a period of rehabilltatlon and training. The Trust 8trives to enhance diversity and has an action plan targeted at narrowing the gender pay gap. Key Management Personnel Remuneratlon Trustees conslder the Chief Executlve, the Chief Oper8tlng Officer, th& Director of Marketlng. the Head of HR and Head of each Trust School to be the key management personnel of Ihe charity. The remuner8llon of the key management personnel is revlewed annually by the Nominations & Governance Committae. Governance of Envlronmental and Sustainablllty Issues Prep Schools Trust Is committed both to its staff leadlng by example and to educating tts puplls about environmental and sustainability issues. Each school has devised pollaes and obleclives. During the reportlng year 2023-24 a range of sustainability actions were implemented to the facilities including the followsng: Installalion of solar panels on Ihe new Dlnlng Room al Klt6brook arKI new Sports Centre al Cothlll Hous8. Replacement boilers in the main plant room at Chandlings An Improved cover on the pool at 8arfield to improve efficiency Repairs on the roof and guttering on the Performing Arts building 8 Mowden Hall Continued phased replacements of LED lighting and implementation of motlon sensors across Ihe schools An action ￿an to reduce em15slons over the coming years Includes the continuation of a phased programme of replacement LED Ilghtlng and improvements to th8 insulation of the buildings through improvements to windows, doors and roof spaces. Grnonhouse gas •migsions, energy consumption and energy efficiency Emissions of cathn dioxide equivalent during Ihe year ended 31 st August 2024 (C02e (tonnes)) were as folknvs: 2024 1,441.45 65.98 572.97 41.29 16.47 2023 1.601.85 54.70 431.96 58.79 15.97 Combustlon of Gas {n8iural and LPG) Consumption of fuel for the purposes of transport Consumption of Oils for heating and hot water Purchase of Electricity Use of Water Total 2,138.16 2,16327 Number of Pupils Intensty rallo ITolaVPupil numbers) 1086 1.97 1.053 105 io

The largest proportion of energy use and assoclated emisslons arlse from gaseous fuel combustion. primarily for h8ating and hot water, as expacted. The second larggst proportlon of energy uso and 88soclat8d emlsslong arf8e8 from electrlclty usage, prlmarily for Ilghtlng, kltchen equipment and IT. The Trust contlnues lo enlisi the services of an external contractor to Identify and advise on how 8chools can ba more efficient in thelr use of energy, Thlrd party Indemnlty provlslons The Trust has In place dlrectors, and offlGers' liabi1Sty insurance for the purpose of indemnifying the Trustees against liabilty in respect of proceedlngs brought by third parties. subject to the conditions set out In sectlon 234 of the Companles Act 2006. Thls Insurance was in force during the year, and is in force as at the date of approvlng this report. Statement of Trustees, responslbllitlèg The Trustees (who are also directors of Prep Schools Trust for the purposes of company law) are responslble for preparing tha Trustees, R8POrt and financial statements In accordance with applicable law and United Klngdom Accounting Standards Iunlted Klngdom Generally Acc8Pted Accountlng Practlc8). Company law réqulre8 Tru8tee8 to prepare flnanclal statements for each financlal year, whlch glve 8 true ar lair view of the state of affairs of the charltable company and of the Incoming resources and application of resourcès. including the Income and expenditure. of the charitable company for the year. In preparing these financial statements. Trustees a￿ required to: select suitable accounting policies and then apply them conslstently: observe the methods and principles in the Charllies SORP 2019 (FRS 102).. make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have be8n followed, sublect to any material departures disclosed and explalned in Ihe financial statements; prepare the financial statements on th8 going concern basis unless it is Inappropriate to presume that the Charitable company wlll contlnue In operatlon. Tfustees ara responsibl8 for keeping adequate accounting records Ihat dlsclose with raasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements Comply with the Companies Act 2006. They are also responsible for safeguardlng the assets of the charitable company and hence for taking reasonable sleps for the prevention and detedion of fraud and other irregularllies. In so f8r as the Trustees are aware.. there is no relevant 8udil infonnation of which the chantable company's auditor is unaware., and the Trustees have taken all sleps that they ought to have taken to make themselves aware of any relevant audit information and lo establish that the auditor is aware ol that infoTmalion. The Trustees arn responslble for the maintenance and Integrity of the corporate and financial infomiation induded on the charitable company's website. Leglslation in Ihe United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in olher jurisdictions. In approvlng the Trustaeg, Annu81 Report, the Trustees also approve thè Strategic Report included thereln. In thelr capaclty as company directors. Signed on behalf of the Board E E A McKendrick Chair of the Trustees 3 December 2024

Indopondont Audltor'• R•port to th• member8 of Prop Schools Trust Oplnlon We have audlted Ihe flnanclal statements of Prép Schools Trust <the 'charitable cornpany,) for Ihe year ended 31st August 2024 whlch comprf8e the Statement of Financial Actlvities, the Balance Sheet, the Cash Flow Statement. and notes to the financial statements, includlng a summary of signlficant accounting pollcles. The financial reporting framework that has been applied in their preparation is appllcable law and United Kingdom Accounting Stsndards, including Financlal Reporting Standard 102 The Fin8nclal Reportlng Standard applicable in the UK and Republic of Ireland {Unlted Kingdom Generally Accepied Accounting Practlce). In our oplnlon the financial statements: glve a true and falr vlew of the state of the charitable company's affairs as at 31 st August 2024. and of its Incomlng resources and application of resources, induding its Income and exponditure. for tho year then ended; have been properly prepared in accordance with United Klngdom Generally Accepted AC￿uftting Practic8: and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with Int8mational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in th• Auditor's responslblllties for the audit of the financial statements sectlon of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audlt of th8 flnancial statements In the UK, Including the FRC'S Elhical Standard, and we have fulfilled our olher ethical responsibilities in accordance with the86 requirements. We belleve that the audit evldence we have oblalned Is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In audillng the financial slalements, we have concluded that the trustees, use of thè golng coneAm basis of accounting In the praparation of the financial ststements is approprlate. 88sed on the work we have performed, we hav8 not identified any material uncertainties relating to events or conditions Ihat, indivldually or collectively. may cast significant doubt on the charitsble company's ability to continue as a going eoncem for a period of at least twelve months from when the financial statements ar8 authorised for issue. Our responslbllltles and the responslbilitles of the trustees with respect lo goln9 concem are descrlbed in the relevant sectlons of this report. Other Inlormatlon The trustees are responsible for the other Informatlon. The other Information comprises the Information included in the Irustees, annual report. other Ihan the financial statements and our auditor's report thereon. Our oplnlon on the financial stst8rnents does not cover the other information and. except to the extent olhepw15e explicitly stated in our report, we do not express any lonn of assurance Condusion thereon. In connectlon wlth our audit of the financial slatements, our responsibility Is to read the olher infomialion and. in doing so, consider whether the other information is materially incon515tent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we Idenllfy such Material inconsistencies or apparent material misstatements, are required to detem)ine whether there is a material mlsstalement in the financlal statements or a material misststement of the other information. 11, based on the work we have performed, w8 condude that there Is a materlal misststemenl of Ihls other infomiation, we are requlred lo report that fact. We hav8 nothing to ffjport in this regard. 12

Indep•nd•nt Audltor's Report to Ihe momber8 of Pr•p Schools Trust (Gontlnuad) Oplnions on other mattars proscrlbed by the Companles Aet 2006 In our opinion, based on the work undertaken In the course of the audit: the Informalion glven In the truste8s' report (Incorporatlng the strateglc report and the dlrectors. report) for the financlal year for which the financial statements are prepared is conslstènt with Ihe financial statements; and the strateglc report and Ihe directors, report have been prepared in accordance wlth applicable legal rèquirements, Matters on whlch we are required to report by exceptlon In the light of our knowledge and understanding of Ihe charltable company and Its environment obtalned in the course ol th• audlt, we hav• not idenlified malerial ml8$tatement8 In the, strategic report and the dlrectors. report. We have nothing lo report In respect of the ft)Ilowing rnatt8rs In relation to whlch the Companles Act 2006 requlres us to report to youll, In our oplnlon.. adequate accounting records have not been kept, or retums adequate for our audlt have not bean received from branches not visited by us; or the financlal statements are not in agreement with the accounting records and retums: or certain dlsclosur8$ of dlreclors, remuneration specified by law are not made,. or we have not received all the infomiatlon and explanallons we require for our audlt. Responslbilltles of tru8tee8 As explained more fully In the trustees, responslbllllles statement set out on page 8, the trustees (who are also the directors of th8 charitable company for the purposes of company law) are responslble for the preparation of the financial statements and for belng satlsfied that they glve a true and falr view, and for such internal control as the trustees determSne is necessary to enable the preparation of financial slatements that are free from materlal misstatement, whether due lo fraud or effor. In preparing the financlal statements, the trustees are responslble for assessing the charitable company's ability lo continue as a going concem, disclosing, as applicable. matters related to goln9 concem and uslng the golng concern basis of accounting unless the truste8s either intend l015quidate the charllable company or lo cease ¢)peratlons, or have no rea115tlc altematlve but to do so. Auditor's responsibllltles for the audit of the flnanclal statements Our oble¢tives are to obtain reasonable assurance about whether the financial s18t8ments as a whole are fr88 from malerlal misstatement, whether due to fraud or error, and to Issue an auditor's ￿port that includes our oplnion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audlt conducted in accordance with ISAS (UK) will a￿ayS detect a Material misstatement when it exists. Misslatements can arise from fraud or error and are considered material rf, individually or in th8 agg￿gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of thesè financial statements. Irregularilies. including fraud. are Instances of non•compliance vAth laws and regulations. We desl9n procedures in line with our responsibilitles. outlined above, to detect material mlsstatement5 in respecl of irregularities, includlng fraud. The specific procedures for thls engagement and the extent lo whlch these are capable of delecting irregularth'es, including fraud is detailed below: Enquiry Df management. those charged with govemance and the entitys sollcllors around actual and potential litigation and claims: Enquiry of entty staff in accounting and HR functions to Identify any instances of non-compliance with laws and regulations", Reviewtng minutes of rneetings of those charged viith govemance: Reviewtng financial statement disclosures and testing to supporting documentation to assess Complian￿ with applicable laus and fegulations; 13

Indepondant Audltor's Report to Ihe memborg of Prop S¢hool8 Trust (eontlnuod) Perfomiing audlt work over the risk of management ovefflde of controls, including testlng of joumal entries and other adluslments for appropriateness, evaluatlng the business ratlonale of slgnificant transactions outslde the normal course of buslne89 and reviewing accounting estlmates for bias. Performlng detailed audit work over the risk of timing issues wllhin the recognltion of both fee and non-fee incoma and the override of controls in thls 8r8a by management, In partlcular wlth regards to fee concessions awarded. This Included full reconcilialions of fee income recognised compared to student numbers and fee rates, as well as detailed substanllve tesllng of concessions awarded on fees, and non-fee Incomè arising in the period. Because ol the inherent limitations ol an audit. there is a risk that we will not detect all irregularSlles. Including those leading to a material mlsslalernent in the financial statements or non-compliance with regulation. Thls risk Incr8ases the more that compliance with a law or regulation is removed from the events and transactions reflected In the 1Snancl81 statements, as we will b• less likely lo become aware of Instances of non.compliance. The risk is also greater regardlng irregularities occurrln9 due lo fraud rather than error. as fraud involves intentional concealment. forgery, collusion, omission or misrepresentatlon. A further description of our responsibilits'es lor the audit of the financi81 statements is located on the Financlal Reporting Councll's webslte at: V￿￿.1r¢.Org.uk1audItorsresp0n51b1IIt10s. This description fomis part of our auditor's r8POrt. Use of our report Thls report Is made solely to th• charitsble company's members, a8 a body, lft accordance with Chapter 3 of Part 16 01 the Companies Act 2006. Our audit work has b8en undertaken so that we mlght state to the charitable company's members those matters we are required to stale to them In an audltor's report and lor no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbllity to anyone other than the charitable company and the charltable company's members as 8 body, for our audit work, for thls report. or for the opinlons we have fomied. Andrew Rodzynskl FCA (Senlor Statutory Auditor) For and on behalf of Wenn Townsend, Chartered Accountants, Statutory Auditor Oxford 16 ADeGembor 2024 14

Pr•p 8¢hool$Tru•t st•t•m•nt ol FITrAnel l Actlvlti ¢4m¢ Ygll$t&g2xpendltur• 4ccountl Unr•8trlct•d R•8trlctod 2024 Unrns¢rtct•d RMtrl¢t•d 2023 Fund8 Fund8 Total Fundj Fund• Tot•1 E'ooo £'ooo £'ooo £'ODO In¢om• #fid ondowm•nti Ir¢>m: Not• Inoom• from ¢h•rltabl• •¢tlvlth• FoeB Oiher educat1c￿81 Incom• Ancilliry Ineorno Oonatlon• O¢h•r Incom• Fund$ transferred In from 8￿ton Hall Investrnont Incom• G8in on dispo$o1 ofproperty Tot•1 In¢om• 22,916 1.269 573 1211 22.895 573 19,481 810 351 19,481 810 351 2SO 250 $87 25 2,060 2.446 26,819 61e 27.437 20,649 21,238 exyndl¢ur• on: Ral•lng fund•'. Ovardraft aTrd loon Intsr•81 F88 cornposilkin dlscounl CXh•r dovelopmenl Cets 45 4S 10 21 10 21 142 142 71 71 Ch•rlt•bl• a¢tlvltl•• Oth•r •xp•ndltur• 25,423 17 25.440 21,107 21.141 Tot•1 •xp•ndllur• 25,565 17 25,582 21,178 21.212 N•1 o•In￿lI0$￿$) on Inv•8trnenli N•¢ In¢offl•ll•xp•ndltur•l Tranifer bth••n fvnds 1161 1.839 1,254 585 15291 S53 13.680) N8t movernent In fund8 Re¢¢n¢lllatlon of lund Fund b8lan¢o$ brou ht10rn8fd ot 181 Septembw 2 4,934 13,0951 1.839 16291 553 31,559 3,880 ￿,439 32,088 3.327 36.415 Fund baLgnca& lorward at 31Bt Augusl 2024 36.493 785 37.278 31,559 3,880 35,439

Company number: 961616 Prep Schools Tru8t 8alan¢e Sheet 31st August 2024 2024 £'ooo 2023 £'ooo Note Flxed assets Tangible assets 11 43,987 30,846 Investments 12 114 44,101 40,846 Current assets Stock Debtors Cash at bank and In hand 13 14 147 733 2,987 115 597 2,984 3,847 3,696 Credltors: Amounts falling due wlthin one year 15 16,430) (8,189) N•t curr•nl •860t8 {2,583) 14,493) Total assets Ioss current asset8 41,518 36,353 Credltors: Amounts falllng due after one year 16 (4.240) (914) Net assets 37,278 35,439 Funds unT￿t￿Cted funds Revaluation reserve Income and expendilure attount Oesignaled fund 19 19 19 15.340 17.443 3.710 15.433 16.096 30 36.493 31,559 Restrlcted funds Restricted funds 19 782 3,880 37,278 35,439 The financial ststements were approved and authorised by the Board on 3 D￿rnber 2024. Slgned on behalf of the Board L tLlk E E A McKendri¢k F Burkitt Chair of PST Board Chair of PST Flnance Commlttee The notes pages 18 to 31 form part of these financial statements. 16

Prep Schools Trust Cash Fl¢)w Statem•nt for the year •nd•d 31st Augu8t 2024 Reconclllatlon of nel Income to net ¢a8h Inflow from operallng activltles: 2024 £'ooo 2023 £'ooo Net income for year Interest payable Impaimenvdepreciation of tangible fixed assets {Galn)ILoss on dlsposal of tangible fixed assets (Increase)IOecrease in stocks (Increase)IDecrease in debto (Increase)IDecrease In accwed income for sale of property Increase in creditors New fees in advance Fees in advance applied in year Fees in advance refunded in year Fee composition dlscount Capital income re Flxed assets transferred from Beeston Hall 1.839 111 703 24 45 475 (4) (11) 1266) 16 (32> (136> 157 1,268 (149) (59) 10 (1.898) 1,239 285 (74) Cash flow from opèratlng a¢tlvltle8 1,830 1.717 Cash flow from Investing actlvltles Paymenls to acquire tangible fixed assets Receipts from sale of tanglble fixed assets (2.076) (5,653) Net cash flow from Investlng activities (2,076) 15,648) Cash flow from flnanclng actlvltlos: Receipts from Issue of new long term loans Interest paid Repayment of loans SC(1 (121) (150) 2500 (49) Net cash flow from financlng activitles 229 2,451 Increase In cash and cash aqulvalents (17) (1,480) Cash and cash equlvalents at 1st September 2023 2,984 4.464 Cash and cash oqulval•nts at 3181 August 2024 2,967 2,984 Cash and cash equivalents eonslst of: Cash at bank and in hand 2.967 2,984 Cash and Cash equlvalents at 31st August 2024 2,967 2.gB4 17

Prep S¢hools Trust Nots8 to the Accounts for tho year ondod 31st August 2024 Summary ol slgnlllcant accountlng pollcles General Inforniatlon and bas18 of preparatlon Prep Schools Trust is a charitablè company limsted by guarantee In the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The add￿$$ of the registere(l office Is glven in the charlly Infomiatlon on page 101 these financlal statements. The nature of the charlty's operatlons and prlndpal 8Ctlvltles are Included In the Trv8tees' Report. The charity CL)nstitutes a PLAbllc benefit entlty as detlned by FRS 102. The financlal statements have been prepared In accordance with., AccountSng and Reporting by Charities: Statement of Recomm8nded Practice appIl￿ble to charities preparing ihelr accounts in accordance with the Flnandal Reporting Standard appllcable in the UK and Republic of Ireland issued In October 2019., The Flnanc181 Reporting Standard appllcabla in the United Klngdom and Republ1¢ of Ireland (FRS The Charltles Act 2011: The Companies Act 2006; and UK Generally Accepted Accounting Practice. Th8 financlal statements are prepared on a golng concern basls under the historical cosl convention, modified lo include certain Item$ at falr value. The financial 8tatem8nts are prepared in sterling which is Ihe functs'onal currency of the charity and rounded to the nearest £000. The significant accounting policies applied in the preparation of these financial ststernents are get out below. These policies have been consistently applled to all years presented unless othoMlsé stated, The Trust identifies each school as representlng a separate geographical area of operallons. As such, in the event of th8 closure of a school, this Is considered to be a discontinued operallon. The income and expendlture dlreclly attribul8bl8 to thls $ile is dlsclosed as discontinued operations on Iho lac8 of the SOFA In accordance with the requirements of seclion S of FRS 102. Funds Unrestricted funds are availabl8 for use at the discretion of the Trustees in furtherance of the general objectives of the chanty and which have not been deslgnated for other purposes. Designated funds comprise unrestricted funds that have been set aslde by the Trustees fN particular purposes. The alm and use of each desKJnated fund is sel out in the notes to Ihe financial statements, Restrlcted funds are funds which a￿ to be used in accordance wlth specific restrictions imposed by donors or which have been raised by the chanty for partiwlar purposes. The cost of raising and administering such fvnds is charged against the spe(¥fic fvnd. The aim and use of each restricted fund is set out in the notes to the finanaal statements. Income racognltlon All incoming resources are Included In the Statement of Financial Actlvltles (SOFA) when the charity is legally entitled to the income after any performance (xjnditions have been met. the amount can be measured ￿lIablY and it is probable that the income will be received. For donations to be recognised Ihe charity will have been notified of Ihe amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perfonnance before entitlement (an be obtained then income is deferred unli5 those conditions are fully mel or the lfilment of those conditions is within the control of the ch&ity and il is wobable that they wlll be fuffilkd. 18

Prep Schools Trust Notes to th• Account6 (continued) for lh8 yoar end•d 318t August 2024 Summary of slgnlficant accountlng pollclos (contlnuod) Incomè recognltlon (contlnuèd Donated facllltles and donated professional services are recognised in income at thelr fair value when thelr economic ben8fit is probable, it can be measured reliably and the charity has control over lh8 item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be wllling to pay In Iho open rnarket for such facllities and 6eNIc8s. A correspondlng amount is recognised in expenditure. No amount Is Included In tha financlal statements for volunteer time in line with the SORP {FRS 102). Expenditure re¢o9nltion All expenditure Is accounted for on an accruals basis and h88 been classified under headings that aggregate all costs related to the category. Expenditure is recognised whore triere is a legal or conslructive obllgation to make payments to thlrd parties. it Is probable that Ihe settlement ￿11 be required and th8 amount of the obligation can be measured rellably. It Is categorlsed under the lollowlng headings: Costs of raising funds includes of interest paid and fee composition discounts., Expenditure on charitable aclivilies includes the operating costs of the schools In the TwsL' and Other expenditure r8pr8sents those items not f811ing into the calegories above. VAT Is charged as an expense 8galnst the actlvlty for whlth expendlture arose. Support costs allocatlon Support costs are those that assist the work of the charty but do not directly represent charitable a¢livities and Include office costs, governance costs, administrative and payroll CA)Sts. They are Incurred directly in support of expendilurt on Ihe objects of the charity and include project manag8menl. Where support costs cannol be directly attributed lo particular headings they h8V8 been allocated to cost of raising funds and expenditure on charitable activitles on a basls consistent wlth use of the resources. The analysis of these costs is Included in note 6. Tanglble fixed assets Tangible fixed assets are staled at cost {or deerned cost) less accumulated depreciation and accumulated Smpalrment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Dep￿lation is provided on all tangible fixed assets. at rates calculated to write off the cost, lepJS estimated resldual value, of each asset on a systematic basis over Its expected useful life as follows: Land. historic and residential bulldlngs Freehold buildings - school buildingsladditlons Assets under the course of construction Cornpther equipment Other equipment. flxtures and fittlngs Vehides 2% Straight lin8 14.33.330h Straight line 5-20% Straight line 10-25% Straight line Inveslments Invesknents in subsidiaries are rneasu￿d at cost less Impalrment. Investments are recognised inltlally at fair value which Is nonnally the transaction price exdudlng transaclion costs. Subsequently, they are measured at fair value wilh Changes recognised in 'net gains l {losses) on invesbnents. in the SOFA if Ihe shares are publicly traded or their fair value can olherwise be measured reliably. Olher investments are measured at cost less impaimienL Stockn are valued at the lower of cosl and net rea115able value. 19

Prep Schools Trust Nots8 lo the Accounts lcontlnued) for the year ended 31st August 2024 Summary of signlflcant xcountlng policles (contlnued) Dobt*XS and cr•dltor8 r•cefvablelpayable wlthln one year Debtors and creditors with no stated interest rate and recelvable or payable wlthin one year ar recorded at transaction price. Any losses arlslng from impaimient are recognised in expendituré. Loans and borrowings Loans and borrowings are initially recognlsed at Ihe transaction price Induding transaction costs, Subsequently, they are measur8d at amortlsed cost uslng the effective Interest rate method, léss impalrment. If an arrangement constltutes a finance transactlonll Is measured at present value. Impalrment Assets not measured at fair v81u6 are revlewed for any Indicatlon that th8 asset may be Impaired at each balance sheet date. If such Indlcation exlsts, the recoverable amount of the asset. or the asset's cash generatlng unit, Is esllmated and compared to the carrying amount. Where Ihe carrylng amount exceeds Sts recoverable amount, an impairment loss is recognised in profit or loss. Leases Rentals payable and recelvable under operatlng leases are charged to the SOFA on a stralght15n& basls over the period of the lease. Forelgn currency Forelgn currency transactlons are Initlally recognised by applylng lo th8 frJr8ign currency amount the spot exchange rate between the functlonal curr8nGy and Ihe foreign currency at the date of the transactlon. Monetary assets and Ilabllitles denomlnated In a forelgn curr8ncy al the balance sheet date are translated using the closlng rate. Employee beneflt$ When employees have rendered seryice lo the charity. short-term employee benefits lo whlch the employees are entitled are recognlsed at the undiscounted amount expected to be paid in exchange for that servlce. The charity operates a defined contribution plan for the benefit of its employees. Contrlbullons are expensed as they become payable. Tax The Charity is an exempt Charity within the meaning of schedule 3 of Ihe Charities Act 2011 and Is considered to pass the lests set out in Paragraph 1 Schedule 6 Financ£ Act 2010 and therefore it rneets the definltion of a charitable company for UK corporatlon tax purposes. Golng concem The financial statements have been prepared on a golng Concern basls as the Iruslees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financtal statements. The budg8ted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concem. Group accounts The Charity does not p￿pare group accounts as its subsidiary enlities are deemed immaterial to the group. 20

Prep Schools Trust Notes to the Accounts Icontlnued) for the year ended 31st August 2024 school fees 2024 £'ooo 2023 £'ooo Fees DSscounts and awards 24,884 (1,789) 20.606 (1.125) 22,895 19,481 £21k of dlscounts and awards was attrlbutablo to restdcted funds. Other educatlonal Income 2024 £'ooo 2023 £'ooo Music tuition and associated income Exlra tuition Occasional boarding and summer lets Other income 67 320 529 353 52 204 318 236 1.269 810 Nonè of the above Income w89 attribul8ble to reslricted funds In elther perfod. Anclllary incom• 2024 £'ooo 2023 £'ooo Other Income 573 351 573 351 None of the above Income was attributable to restricted funds in either pwiod. Donations and grants 2024 £'ooo 2023 £'ooo Donations 250 590 250 590 DonatEons indude £250k (2023: £587k) attributable to restrided funds. 21

Prep S¢hool8 Trust Note8 to Ihe Accounts Icontlnu•d) for the year ended 31st August 2024 Charltabl• actlvltl•• staff Other 2024 2023 Costs Costs Totsl Total £'ooo £'ooo £'ooo £'ooo Teachlng Welfare Premlse8 Support costs of educatlon 12.505 1.702 14,207 11,953 1.398 2,180 3,578 2,890 738 3.345 4,083 3.391 2,308 1.264 3,572 2,908 16,949 8,491 25,440 21,142 £17k (2023: £34k) of the above expenditure was 8ttrlbutable to restrictecl funds The major components of support cosls Include:. 2024 2023 £'ooo £'ooo Admlnlstratlve staff costs Postsge. stationery. telephone and other edmlnistratlve costs Advertislng for staff 8nd promotlon 8ad debts Legal and professional fees Recruitment fees Bank charges Governance costs (se8 note 7) 2.275 1,902 278 297 222 195 18 (7) 612 389 98 67 63 61 3.572 2,908 Govemone• costs Stsff Costs £'ooo (Xher Costs £'ooo 2024 Total £'ooo 2023 Total £'ooo Staff AudSt 33 33 36 25 33 30 63 61 22

Prep Scho018 Trust Nolos to the Accounts (contlnued) for the year endod 31st August 2024 Staff eo8ts and employe• benefits 2024 £'ooo 2023 £'ooo staff costs Wages and salarles Social security costs Pensions 14,264 1,177 1.508 11.909 1,038 1,203 18,949 14,150 2024 FTE 2024 Number 2023 FTE 2023 Number Average number employed Includlng Tru•t•eg: Trustees Teachers Household Administration 15 275 54 68 15 400 90 75 10 225 44 55 10 339 68 58 412 580 334 475 Number of employ••$ who recèlved total employee boneflts {excludlng employor ponslon• costs but Includlng termlnatlon cost81 of more than £60,00018 a8 follow8.. 2024 2023 £ 60,001- £ 70,000 £ 70,001 - £ 80,000 £ 80,001 - £ 90,000 £ 90,001 - £100,000 £100.001- £110.000 £110,001- £120,000 £120,001- £130.000 £130,001- £140.000 £150,001- £160,000 £170.001- £180.000 £180,001- £190.000 Total terniinatlon payments durlng the year amount to £173k (2023: £298k). These are r6cognis8d in expenditure when settlement agreements are reached. Pension schemes The Twst participates in the Aviva Penslon Trust ft)r Independent Schools ("APTIS°) for its teaching staff. The pension charge ft)r the year Includes contributtons payable to APTIS of £1.24m (2023: £983k). APTIS is a defined wntribution pension scheme developed by Aviva in assooation with the Independent sch￿IS, 8ursars Associats'on.meml￿S t￿ntrI￿Arte on a ay as you go" basis with (x)ntributions also made by the Twst. NoTrteathing staff are offered membership of defined C£)ntn￿V1i0n pension s(￿nes. The penslon charge for Ihe year indudes contributions of £264k (2023: £220k). 23

Prep Schools Trust Note8 to the Accounts {contlnu•d) for the year •nd¢d 318t August 2024 T￿￿￿98 and key managemént per80nnel remun¢ratlon and expenus The Truslees nelther recelved nor waived any remuneration during this or last year. The total amount of employee benefits retsived by key management personnel is £1,121k {2023'. £1,042k). The Trustees consider its key management personnel durlng the perlod comprlslng the Board of Trustees. Ihe Chief Execulive. Ihe Chief Operating Officèr and the Head of each Trust school. Eleven TNstees were reimbun8ed lor travel expenses totalllng £6,754 (2023: five reimbur80d for travel expenses totslllng £3,975) durlng the year. 10. Net resources expended 2024 £'ooo 2023 £'ooo Results for the year are stated after charglng: 08precSatlon: owned assets 703 475 Auditorfs fees: audit work non-audit work 30 25 Operating leases: equipment motor vehicles 128 92 24

Pr•p Schools Tru$1 Noies to th• Accounts (contlnuad) for the year ondad 31st August 2024 11. Tanglblè fixèd a$80ts Flttlngs, Flttlngs & Vehlcles Computers Equlpment Freehold Land & Bulldings Assets under the course of construetlon Total £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo 1st September 2023 Addltions Transfers in from Beeston Hall Transfers 160 312 1,863 205 1,197 37,006 93 3,061 8,598 7.527 46,868 1.778 2,076 4,617 130 229 (8.598> 31st Augu$t 2024 290 541 3,265 48,758 707 53.561 Depreclatlon and Impalrnients 1st Septèmber 2023 Depreclation Transfers In from Beeston Hall 130 278 21 215 1,241 128 4,373 547 6,022 703 129 861 1.644 2,849 31st August 2024 266 514 2,230 6,564 9,574 Net book value 31st August 2024 24. 27 1,035 42,194 707 43,987 31 st August 2023 34 622 32.633 7.527 40.846 The Trustees elecled, in accordance with Sectlon 35.10(d) of FRS 102, to use the carrying value on 1 September 2014. the date of tRnsitlon to FRS 102, of any of the above f￿8hOld land and buildings previously carried at a valuation. as thelr deemed cost and il is the c¢)mpany's policy not to revalue fixed assets. The surplus of a previous ￿valUatiOn over cost had been credited to a revaluation reserve which nt)w stands at £15.3m (Note 19). The original purchase pri(x (histoiic cost) is £14.4m. Tangible fixed assets with a net book value of £13,079k {2023: £7,321 k) have been pledged as securty for liabilities of the charity. No propertie5 were sold by the TNst during ts year. 25

Prep Schools Trust Not•s to the Ae¢ount8 (contlnuéd for the year andod 31st Augusl 2024 12 Flxed asget Investments Unllsted Llsted Investments Investments £'ooo Total Cost or valuation 1st September 2023 Transfer from Beeston Hall Revaluatlon At 31st August 2024 £'ooo £'ooo 130 (16) 114 130 (16) 114 Net book values At 31st August 2023 £'ooo £'ooo £'ooo At 31 st August 2024 114 114 The nel book value of the unllsted Investments Is £100 The Trust owns 100% of the allotted share capital of tho followin9 undertaking: Profit for year Country of reglstration Class of share capllal Nature of buslness Caplt81 and reserves at 2024 2024 PST Enterprises Limited England and Wales Ordinary Events 101,738 291,115 13 Stocks 2024 2023 £'ooo £'ooo Stock - (x>nsumables 147 115 26

Prep School8 Trust Notes to tho Accounts contlnued for the y•ar ènded 31st ugu8t 20 14 Debtors 2024 £'ooo 381 11 2023 £'ooo Trade debtors Other debtors Prepayments and accrued Income 113 341 478 733 597 15. Cradltor8: amounts falllng due wlthln on& y•ar 2024 £'ooo 2023 £'ooo Bank loan Trade creditors Other taxation and social security Other creditors Ac¢ruals and deferred income 300 4,525 325 1,049 231 2,500 3,287 266 592 1,544 6.430 8,189 Trade creditors include £600k (2023.. £133k) for fees received In advance for the academic year 2024125 under the fees In advance scheme and £216k {2023- £45kl lor the following Spring and Summer terms. The bank overdraft is secured - see note 17 lor details. 16. Credltors.. amounts falllng due after one year 2024 £'ooo 2023 £'ooo Bank loan Other credltors 2.550 1.690 914 4.240 914 Other creditors indude £756k (2023: £153k) for fees received In advance for a(xdemic years 2025126 onvard5 under the fees in advan￿ stheme. 17. Bank overdraft, loan faclllty and loans The bank loan of £2.Sm has an interest rate of 1.8% over the Base Rate The Trust's bank borrowings are S￿ured by a debenlure and r￿ed charge over some ot its freehold propety and land. 27

Prep Schools Trust Notes to the Accounts {¢ontlnued) for the year end•d 31st August 2024 18. Deferred incom• und•r tho f•es in advance scheme During the year fees amountlng to £1,268k {2023: £285k) were recelved In advance lor puplls for future years. Fees released to income amounted to £149k {2023: £72k), and £59k (2023.. £16k) were refunded to parents. Fee composition discounts of £10k (2023: £4k) were charged to expenditur8.. All amounts owlng at 31st August 2024 are shown as liabilitles in notes 15 and 16. 19. Funds Restrlcted Restrlcted Restrlcted donatlons Beeston Whittakef fund Foundatlon Trust Total Oesignated Revaluatlon Incomè & Total Restrlcted Funds reserve expendlture 2024 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo At 1 st Septembèr 2023 Surplusl(defi¢it) for the year Transfers between funds Transfer from Beeston Hall 3,880 3,880 30 15.433 16.096 35.439 231 (35) 199 {806) (607) (3.680) (3.680) 3,680 (93) 93 166 220 386 2060 2,446 At 31st August 2024 431 169 185 785 3,710 15,340 17,443 37,278 The restrlcted don8tions fund balance carried fopNard includes £352k ralsed for a Theatre at Mowden Hall (2023: included £3,617k for Colhill Sport5 Hall), The Iln81 balance on the Cothlll Sports Hall fund of £3.680k was transferred to deslgnated (unrestricted) funds on completion of the project. Beeston Foundatlon and Whlttaker Trust funds were established to fund both bursarles and other general needs of Beeston Hall school. The policy in relation to these funds is to release a proport¢on of the income generated by these funds each year to fvnd bursaries for Beeston Hall pupils as applied for by families and then approved by the trustees 28

Prnp Schoolb Trust Not•a to the Accounts Icontlnuodl for th• y•4r •nd•d 31st Au9U8t 2024 20. Anaty•l of not a•Mt• b9￿￿ lunds R••trlGt•d don411on• fund R•Btrl¢t•d R•strlGt•d 8•88ton Whlttak•r FouNlatlM Tru•1 Tot D•Alyn•t•d Il•valu•tlo In¢om• and Total R••trl¢l•d lund n ro10Th• Exp&ndltur• 2024 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo E'ooo Fund bal8ncu al 318tAugU81 2024 •r• r•pre8ont•d by.. Tanglbl? flx•O a$¥?ts 354 3.71Q 15,340 24,583 41987 114 12,WOI 12.5831 14,2401 14.2401 114 71 114 317 Not ¢urr•nt •SS•tsllllibillll•il Lon9 t•rm11obillll 77 431 169 185 785 3,710 15,340 17.443 37,278 21. R•lit•d p•rty trIn*￿tIon• Mr T B•ardn>Jre-Gray. Ch￿1 Éxeculi¥•, 1$ o Dlr•¢lry of Ihg As&￿8110￿ of Gowmlrw 8odla6 of Independ￿ IAGBISI. Dudng lh• y••r to 3111 Au9us12024, ￿yments madg lo AGBIS •mouni•d to£2,Q4012023.. £1Q,4e41. Th•r• w41 nolhlng oulstandlng 81 tho ￿r ond12023.. Enlll. 29

Prop School3 Trust Notes to the Accounts (Gonllnued) for the year ended 31st August 2024 22. L•a8es Totsl future mlnimum lease payments under non-cancellable operating leases ara as follows.. Explrlng.. 2024 2023 £'ooo £'ooo WithSn one year Within Iwo and five years 153 382 195 535 294 23. Future capltal commltmonts 2024 2023 £'ooo £'ooo Expendlture authorlsed and contracted for 70 24. Events after the end of the Perlod The Transfer Deed wlth West Hlll Park School was slgned on 12 November 2024 wlth Ihe intenllon of the Scht)ol loining PST on 1 January 2025. subject to completion of the Department for Educatlon's processes. Items withln the Government's 8udget of 30 October. Sncludlng a signlficanl increas8 to employer s national Insurance ¢onlributions and confiTmatiDn Ihal VAT wlll be charged on school fees from 1 January 2025 requires PST, along with most independent schools. to revtew its levels of income and expenditure for 2024-25. 30

1. Addltlon• to the Pr•p Schools Tru8t Transfer of Exlsllng Beeston Hall School to the Prep Schixjls Trust On 1 January 2024 Beeston Hall School transferred to Prep Schools Trust and all the operatlons and assets and liabilities were transferred for £nil ¢onsideration The assols and liabilities were transferred with no fair value adjustments Value Reported by transferrln9 school Transfer in r•cognlsed £'ooo £'ooo Flxed assets Freehold Land and Buildings Fllting, Fixtures and Equipment Computer 1,416 337 1,416 337 15 15 Investments other assets Stock Debtors due in less than one year Cash In bank and in hand 130 130 29 187 810 29 187 810 Llabllltle$ Creditors due In less than one year (478) <478) Net Assetsl(Ilabllltlas) 2.446 2,446 Restrlcted Beeston Foundatlon £'i)00 Restrlcted Whlttaker Trust £'ooo Unrestrlcted Funds £￿00 Recognltlon in the SOFA Tolal £'ooo Transfer from Beeston Hall 2.060 166 220 2.060 166 31