PREP SCHOOLS TRUST PST Annual Report and Accounts for the year ended 31 August 2025 Registered Company Number: 961616 Contents Lggal and administrative information Objectives and activit￿$ Report of the Trustees (including the Strategic Report) Independent Auditor's Report to the memb8rs of Prep Schools Trust Statement of Financial Acllvities 14 Balance Sheet 15 Cash Flow St8lem8nt 16 Notes to the Accounts 17 Prep Schools Trust Schools and their Heads Andrew Boyle BARFIELD Fred de Falbe LIEISTON HALL SCHOOL Christine Cook ( Kitebrook from Sept 25) Adam Mallins ( Joined Sept 25) Chandlings PREP. OXFORD George May COTHILL HOUSE Kitebrook Bennjamyn Smith { Resigned July 25) Chris Cook ( From Sept 25) PREPARATORY SCHOOL Mowderi H(ill ScFiool Phil Sturt WEST HILL PARK Chris Ward and administrativ Informatlon Emma McKendrick {Chairl J P Spencer (resigned 1 S8pt&mbw 20251 L M E Newcombe {resigned 1 September 2025) J Stanley (resigned 1 September 20251 T Gibson {resigned 1 September 2025) W Pilman (resigned 1 September 20251 A J Derh8m {resigned 1 September 20251 M Beard (resigned 1 September 2025) J C Pain (resigned 1 September 20251 C Hargreaves (resigned 1 September 2025) The Countess of Damley F Burkitt {reslgned 1 September 2025} J Barnes18ppointed 2 January 2025. resigned 1 September 2025} A Ashton (appointed 1 September 20251 H Lindsell (resigned 1 Seplernber 2025) Chief Executive.. T 8eardmore-Gray Irelired 31 August 20251 A Ashton (appointed 1 September 20251 S Meikle J Fitzroy-Ezzy (resigned 31 August 20251 J W8reing A Pinana S TeelSng Chief Operating Officer: Director of Marketing: Head of HR.. Finance Manager Finance, Planning & Analysis Manager Roglstered Offlce: 7 Colhill Abingdon Oxon OX13 6JN Company Number: 961616 ChaTIty Number: 309639 Profg$slonal advl8or8 Auditor.. Wenn Townsend Chartered Accounlanls and Statutory Auditor Oxford Bankers: Bardays Bank plc Oxford Handelsbanken Oxford Solicitors: Stone King LLP About us This is the final annual report for Prep Schools Trust following ils merger with Radtey College 81 1st September 2025 to form Radley Schools Group IwvM.iadle schools roul￿￿}. All assets, liabilities and staff employment have been transferred to St Peter's College Radley at the merger dale. This merger, lo dale the largest within the charitable independent schools sector, brings logelher eight schools yrsited by a shared commitment to educational excellence, character and charitable purpose. The Prep SchLX)15 continue to be independent entitl85 W¢thin the wider group, each having ils own unique context and character as it prepares boys and girts for the worfd of senior school educatson at a wde variety of schools. Oblectlves and activities PST'S mission has been to deliver outstanding preparatory education and pastoral care a5 a family of schools, glving pupils the opwrtunity. skills and confidence lo prepare them for their future. The Trust provided support and expertise to its sch¢Jols in support of this mlsslon. Our ethos has been to celebrate individuality and the freedom of childhood.. the best traditions of British primary educalFen and deliver exception81 academic teaching and pastoral care as a family of schools. Each schcol has Its own unique personality but all our schools share consistent values: putting pupils first- performing to the highest standards.. pooling our strengths to collaborate and achieve more,. innovating by anlicipaling change and adapting to it.. and looking beyond the school gates to support the wider local communities. osl importanlly, we priorilise the development of our pupils and we treat each pupil as an individual. Structure. governance and management Until 31 August 2025. Prep Schools Trust operated seven Prep Schools. Cothill House (boys boarding and day, 7 to 13+1, Chandlings Preparatory {co-educalional day, nursery to 11+1, Kitebrook Preparatory (Co-educational day, nursery lo 8+ and day and boarding 8 10 13+1, Mowden Hall School Ico-educalional day, nursery to 13+ and co-educational boarding 8 to 13+). Baffield School (coeducational day nursery to 71). Beeslon Hall School Ico-eduealional day, Reception lo Y2 and co-educational day and boarding Y3 to 13+)- West Hill Park School joined in January 2025 (co-educational day, Nursery to 8+ and day and boarding 8 to 13+)- During the year, Prep Schools Trust was governed by a Board of Trustees who d&legaled management responsibility for schools to the Chief Executive. The Board met at least four limes annually, assisted by three sub-commillees.. Finance. Education and Nominations & Govemance Committees. The Board of Trustees comprised experts in educatlon and a range of professlonal disciplines. Each school has a Head Teacher responsible for day to day operations and each school is supported by a Local Advisory Board, the Chair of which was a PST trustee (now member of the Prep Schools Committee). Regular management meetings were held befften the schools, senior leadership teams and staff al Trust Offrce. Trustees were appointed in aCCordar￿e with the Memrxandum and Articles of Association. Their principal responsibilities were lo.. Set the Trust's strategy Monitor performance against key performance indicators Ensure that the Trust has policie5 that provide adequate internal control and miligale rlsk Maintain the financial stability of the Trust. Trustees, Inductlon and tralnlng Trustees were briefed on their obligations under charity and company law, the content of the Memorandum and Articles of Association, the Code of Governance, the decision-making processes and the strategic plan. Trust6es were encourdged to attend appropriate external training events where these will faalitale the perfomiance of their role Strateglc report The Trustees present their report and the audited finandal statements of the charity for the year ended 315t August 2025. The Trustees have adopled the provisions of the Statement of Recommended Practice ISORPI 'Accounting and Reportlng by Charities" {FRS fj021 in preparing the annu81 report and financial statements of th& charify. The directors of the charitable company are its Trustees for the purposes of charlty law. The Twstees serving during the year and since the year-end are listed on page 4. While not now PST Trustees, most continue as members of the Prep Schools Committee for Radley Schools Group. However. Mark Beard and William Pilman decided not to ¢￿￿tinUe within the new structure and we thank them lor their commitment and expertlse as Trustees. The Board of Trustees sel the strategy for the Trust, focusing on the provision of an outstanding edLte8tion for pupils in the Trust's schools. The Trustees have had regard lo the matters set out in section 172 {1) (a) to {Q of the Companies Act 2006. A¢hlevements and perforniance The Trusvs perfomance can be measured by progress against its 6 strategic objeclivgs. Grow school fee Income.- School fee income has increased due to the addition of a 7th school. Acquire new Prep schools.. West Hill Park School jolned the Trust in January 2025. PST'S seventh school. Refine ServI￿S provided by Trust Office.. The Tnjst continuously reviews the level of expertise and service provided to our schools by Trust Office, which has refined or enhanced its capability in various functions during the year, including staff recruitment processes. Invest in our e$tatg.- Each of our schools eonlinued to work throLtgh programmes of work determined by recent condition survey8. Plans started ft)r the refurbishment of Beeslon Hall's Musie School, for the r9development of the Prep-Pfep playground at Mowden Hall as well as the refurbishment of an adjoining building in preparation for their new Nursery {Ihe Nest). Dlverslfi¢ation of income: Further lo last year's fundraising succ8sses al Colhill House and Mowden Hall. further fundraising campaigns to support the development of our schools are being planned. including reftjrbishmenl of the Music School al Beeston Hall and the Orangery al Kilebook Prep. Become an employer of cholcg In the sector: The Trust Leadershlp Forum has met ￿gUlarlY through the year,. the avai12bilily of the Employee Assistan￿ Programme is welcomed. We continued lo look into further benefits that Could be offered to all employees and lo ensure staff have suitable spaces for non-contact time. Financial review Prep Schools Trust applied ils income received during the year to the cost of operating schools al Cothill House. Chandlings Prep, Krtebrook Prep, Mowden H211. Barfield Prep, Beeston Hall and West Hill Park Schools. The results for the year are shown In the income and expenditure account on page 14. The TNst produced a loss of £5.21m which Indudes an impairment loss of Mowden Hall of £4.62m 12024= surplus of £1.84m when including the £2.4m of Beeston Hall). Payroll costs were 72.6% of income excluding transfer of West Hill Park (excluding transfer of Beeslon Hall12024= 69.5%}}. Public beneflt and social responslblllty Tha Trustees have complied with their duty to have due regard lo Ihe guidance on publlc benefft published by the Charity Commission in exercising their powers and duties. Educational The independent sector as a whole provides excellence in "challenging SLtbjecls'. While nationally the number of children stijdying languages has declined, the Trust continues lo leach all ¢hil¢Jren modem forelgn languages. All children are screened for Special Educational Needs. The provision of specialist support to those identified with needs is in itself 8 public good. The standards of the TNSt's education are reviewed annually against national benchmarks and the Trijst's educational provision exceeds those benchmarks. The Trust uses its own resources lo recruit people into the teaching profession, to induct and train them. These employees are actively assisted in achievlng Qualified Teacher Slalus. which allows teachers lo move to the maintained sector should they wish. Wider community and partnerships The Trust constantly sought new ways in which lo d81iver Its charitable objects to 8 young public without regard lo wealth, race. religion, social or academic slalus. The Trust's schools continued lo build on links wilh their local communilies and schwls in the maintained sector as well as pupils fundraising to support a wide range of local and national charities. Partnorships and community engagement activities include.. Organising a range of sports events and involvement in local partnershlps such as Beeslon Hall's work with the Cromer & Sheringham Schools Sports Partnership and Chandlings Prep hosting events for Wesl Oxford and Abingdon Primary Schools Staff volunteering lo support specialist lea¢hing in local primary schools, lor example, ￿lebroOk staff support PE, Spanish and Music iri local primary schools and Barfield's partnership work with Puttenham Infant and Ridgeway SEN schools. West Hill Park Schwl offers use to a local specialist provision for children with additional needs free of charge PST schools regularfy provided access lo their faulilies for local state schools, particularfy for sports. Al Cothill House, Dry Sandford Primary School uses the Sports Centre and Swimming Pool without charge as do local youth sports clubs ir*cluding Marcham U11 Girts, Football and Wantage Town Juniors. Similarly, local primary schools us the swimming pool free of charge at West Hill Park School Throughout the year, PST pupils fundraise for charities local lo their schools- Colhill House raised close lo £2k during the year for Oxfordshire Youth. Access to Our Schools Bursaries.. it is important that access lo the educ8t4on we offer is not restricted only lo those who can afford our school fees. The Trust has a bursary policy which Is reviewe(S regularly by Twslees. who a￿ cornmitted to broadening access to the Twst's schools by offering means-lested financial support lo parents. Bursaries may be awarded lo pupils in Year 3 and upwards in th8 fom of a discount of up to 100% of the lullion fees, depending on the financial circumstsnces of applicant parents. The Trust financially supported 99 pupils during the year, excluding any staff or HM Forces discounts. with bursary values ranging fiom 10 to loo0￿. Principal risks and uncertainties Risk is assessed in terms of signtftc8nt matters which may prevent the Trust from achieving ils strategic objectives. The health. safety, welfare and safeguarding of the children in the Trust's f3re have been paramount and for which Trustees look this responsibility very seriously, ensuring ils policles are appropriate and implemented in each school. Trustees were awa￿ of the financtal risks associated wilh the Trust's aclivilies, focusing on managing the Trust's financial ptssilion and performance. Foll¢)wing the July 2024 announcement that VAT would be imposed on independent school fees from January 2025, together with increases to employers, National Insurance contributions and business rates from April. expenditure review was implemented, including a voluntary redundancy scheme throughout all schools and Trust Office. As a result 21 staff left PST'S employment al 31 August 2025. reducing staff costs by £890k. Following the merger of West Hill Park School into PST in January 2025, land owned by the school that already had plannlng permission for residential houses and was identified for sale, was marketed by Savills, realising £750k. In December, an Enforcement Noti￿ was received from the Environment Agency advising that PST had not complied with the requirements of ESOS Phase 2 (Energy Savings Opportunities Scheme). a mandolory February 2025 was agreed. Consultants initialty appointed did not fulfil their brief, leading lo a second appointment and extended submission deadline, which was a¢hieved. A fine for nondcompliance may be levied for which a provision has been made in these accounts. Discussions for a possible merger with Radley College started in late 2024. Trustees delegated authority to a working group to develop negotiations such that the Merger was announoed in May and, subject to salisfaclory completion of all due diligence, ￿MpletIOn achleved foi 1 September 2025. Trustees considered this merger lo be in the best interests of the Prep Schools with Radley College's ability lo provide sUp￿￿Ve expertise in are85 such as admissions ané marketing, estates management in addition to financial resources as well as a shared educational vision. As of September, the Council of Radley College has govemance responsibility for the seven Prep Sd)ools. as well as for the College. Mrs McKendrick and the Countess of DaTnley were appointed to the College Council. The Prep Schools continue to operate as a separate entity under the management of its own Chief Executive and Chief Operating Officer. Each school Head continues lo be supported by their Local Advisory Committee. the Chairs of which form, together with four members of College Council, the Piep Schools Committee,. Vvith this structure. PST'S Trustees consider the Prep Schools, futures as more secure than rf It continued to operate independendy. R5sk managemènt The Trust established systems which under nomal condrtions should allow identified risks to be miligaled lo an ac￿pIable level in ils day lo day operations. Specrfic risks considered Snclude safegLJarding, pupil numbers, cash flow. reputational issues, and uncertain economlc 8nd political conditions. A traffic Ilght system alerted Trustees to specific risks and changes as they arose and how they were mitigated. Safeguarding Trustees are commilled to the hlghest standards of safeguarding and the Welfa￿ of the Trust's pupils. Staff and Truslegs receive appropriate training on a regular basis ar¢d are committed to ensuring that pupils are protected and enjoy a safg environment. Reserves poll¢y Trustees borrowed to invest in the development of the frust. fvnding intere51 and loan repayments out of current income. As is the case with many schools and educational groups, the Trust had no free reserves nor was il anlicipaled that free reserves would be avallable in the near future. Reserves are monrtored temily by refe￿nCe lo rash flows projected to the end of ihe academic year and for a further three years. Invostmgnt policy The Trust held no permanent endowment. Any temporary surplus cash is held on short term dewjsits to secijre a high rale of interest. Charltable and company ststus Prep SCh￿Is Trust is a company which does not have share c8Pital and is Ilmiled by the gu8ranlee of the mefflbefs lo a maximum of £1 each. The membership al 31st August 2025 was 312024.. 13). The Trust is governed by the Memorandum and Articles of the company. Fundraising Activities The Trust continued to raise funds lo invest in the development of Trust schools through Ilalslng with school alumni, current and former parents, and other stskeholders. Any fundraising activity was monitored and guided by the Executive Board and Trust Development and Alumni Relations Manager. The Trust is registered with the Fundraising Regulator and is committed to following the Code of Fundraising Practice. No complaints were received by the TnJ8t regarding these fundraising activlties. Employoos Prep Schools Trust recognised that in order to achieve its 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 believe in foslertng an environment where staff feel valued and empowered lo contribute their very besl and develop to their full potential. Fair consideration is given to any applications for employment from reglsleied disabled persons, wtth due regard lo their aptitudes and abilities. Disabled employees are given equal opportunity with regaids lo career development and promotion. as well as ongoing training negds. Sympathetic Gonsidoralion is given lo the retention of any newly disabled employee, including affording, rf required, a period of rehabilitat￿￿ and training. Key Management Personnel Remuneration Trustees considered the Chief Executive, the Chief Operating Officer and Heads of each Trust School lo be the key management personnel of the charity. The remuneration of the key management personnel was reviewed annually by the Nominations & Governance Committee. Governance of Envlronmental and Sustainabllity Issues Prep sch(￿[$ Trust is committed both lo its stsff leading by example and to educating ils putyls about environmental and sustsin8bility issues. Each school has devised policies and objectives. During the reporting year 2025-26 a range of sustainabillty actions were implemenled to the facilities including installation of LED lighting. 2025 2024 C020 {tonnesl 3,212.43 106.33 535.58 62.84 12.60 C02e {tortnos) 1.441.45 65.98 572.97 Combustion of Gas (natural and LPG) {Lhres) Consumption of fuel for the purposes of transport (Miles ) Consumption of Oils for healing and hot water (Litres Purchase of Electricity (Tonnes C021 Use of Water {m31 41.29 16.47 Total 3,929.78 2,138.16 Number of Pupils Intensity ratlo ITotallPupil numbers) 1.401 2.81 1.086 1.97 The larggst proporb'on of energy use and associated emissions arise from gaseous fuel combustion. primarily for heats.ng and hot water. as expected. The socond largest proportion of enefgy use and associated emissions arises from electricity usage, primarily for lighting, kitchen equipment and IT. The Gas onsumption has increased consideTrbly due to the acquisition of West Hill Park who have a large Gas consumption. The Tnjsl continuès lo enlist the services of an exiernal contractor lo Idenllfy and advise on how schools G4n be more efficient in their use of energy. Thlrd party indemnlty provlslons The Trust has in place directors. and officers. liability insurance for the purpose of indemnifying the Trustees against liability in respect of proceedings brought by third parties, subject lo the conditions sel out in section 234 01 the Companies Act 2006. This insuranee was in force during the year. and is in force as at the date of approving this report. Going Concem Following the transfer of the school and operations to St Peter's College Radley on the 1st of September **E E A McKendrick Chair of PST Board** **5 December 2025** Independent Auditor's Report to the members of Prep Schools Trust Oplnlon We have audited the financial statements of Prep Sch¢J)Is Trust Ilhe 'charilable company'l for ihe year ended 31st August 2025 which comprise the Statement of Financial Activltles. the Balance Sheet, the Cash Flow Slalemenl, and notes lo the financial slatemenls. Including a summary of signrficanl accounling policigs. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Sland8rds. induding Financial Reporting Standard 102 The Finan￿￿1 Reporting Standard applicable in the UK and Republic of Ireland (United lQ'ngdom GeneFally Accepted Accounting Practice). In our opinion the financial slalements.. give a true and fair view of the state of the charitable companys affairs as a131s1 August 2025, and of ily incoming resources and application ol resources, inclulling ils income and expenditure, for the year then have been propedy prepared in accordance wilh United Kingdom Generdlly A￿epted AcrA)unling Practice: and have been Pfepared in accordance wslh the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance wlth Intemalion31 Standards on Auditin9 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial ststements section of our ￿pOrt. We are independent of the charitable company in accord8nce with the ethical requirements Ihal are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasls of matter- financlal statements prepared on a basls other than going ¢oncern We draw attention lo Note 24 to the financial slalements which explains that following the merger with Radley College, the ¢harity has ceased to trade and the Trustees intend to wind-up the charity. As such, they do not consider it lo be appropriate lo adopt the going concern basis of accounting in preparing lh8 financial statements. Accordingly the financial statements have been prepared on a basts other than going concem. Our opinion is not modified in respect of this matter. Other Intomiation The Tnjstees ar8 responsible for the other infomiation. The other information comprises the information included in the Tru5tees' annual report, other than the financi81 statements and our aLFdilor's report thereon. Our opinion on the financial ststements does not cover the other information and, except to the extent otheNise expliciuy stated in our report, we do not express any form of assuranGe conclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other intomiation and. in doing so. consider whether the other infomiation is materially inconsistent wtth the financial stalernents or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we idenlfy such materi81 inconsistencies or apparent material misstalemenls. we are required lo detemiing whether there is a material misstatement in Ihe finanual statements or 8 material misslatemenl of the other information. If, based on the work we have performed. we conclude that there is a material rnisstatemenl of this other infomiation, we are required lo report that fact. We have nothing lo report in this regard. Opinion5 on other matters prescribed by tho Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infom)8tion given in the Tnjslees, report Ilncorporating the strategic report and the directors. r8POrtI for the financial year ftir which the financial stslemenls are prepared is consistent with the financial statements,. and the slr2legic rgport and the directors. report have been p¥epared in accordance wlth applicable legal requirements. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misslalements in the strategic report and the directors. report. We have nothing lo report In respecl ol the followng matters in relation to which tho Companies Act 2006 requires us lo ieport to you if. in our opinion.. adequat8 accounting records have not been kept, or relums adequate for our audit have not been re￿iVed from branches not visited by us; or the financial statements are not in agreement wlh the accounting records and relums: or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the infomialion and explanations we require for our audit. Responslbllltles of Trustees As explained more fully in the Trustees, responsibilities slalemenl sel out on page 10. the Trustees (who are also the di￿ Clors of the charitable company for the purposes of company law} are responsible ftsr the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable Ihe preparation of financial slalements that are free from material misslalemenl, whether due to fraud or error. Iri preparing the financial slalemenls, the Trustees are responsible for 8sse5sing the charitable cornpany's ability lo continue gs a going concern, disclosing, as applicable. matters related lo going concem and using the going conc8m basis of accounting unless the Trustees either intend lo liquidate the charitable cJ)mpany or lo cease operations. or have no realistic alternative but lo do so. Auditor's responslbilities for the audlt of the financial ststements Our objectives are lo obtain reasonable assurance about whether the financial staternents as a whole are free from material misslalemenl, whether due lo fraud or eiror, and to issue an auditor's report that includes our opinion. Reasonable assurance is 8 high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (iIKI will always detect a material misstatement when il exists. Misstalemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis oflhese financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We dèsign procedures in line with our responsibilities. outlined above. to delecl material misslalements in resped of IrregulaTlties. including fraud. The spe￿riC procedures for this engagement and the extent to which these are capable of deiecling Irregularities, including fraud is detailed below.. Enquiry of management. Ih05e charged with govemance and the entity's solicitors anxjnd actual and potential liligalion and claims-, Enqulry of entity staff in accounting and HR functions to idenltfy any instances of non-cL)mplianc8 with laws arsd regulations.. Reviewing minutes of meetings of those charged with governance.. Reviewing financial statement disclosures and testing lo supporting documentation to assess compliance wllh applicable laws and regulations., Independent Auditor's Report to the membors of Prep Schools Trust (Gontinugdl Performing audit WOTk over the risk of management overrfde of controls, including lestlng of joumal entries and other adjustments for appropriateness. evaluating the busines5 rationale of svJnificant transactions outside the nomial course of business and reviewing accounting eslimales for bl8S. Performing detailed audit work over the risk ol liming issue5 Within the recognition of both lee and on-fee income and the override of controls in this area by management, in particular with regard5 to fee concessions awarded. This included full reconciliations of lee income recognised compared to student numbers and feè rates, as well as detsiled substantive testing of concessions awarded on fees, and non-fee income arising in the period. Because of the inherent limitations of an audit. there is a risk that we wlll not detect all irregularSlles, Including those leading lo a material misslalemenl in the financial statements or non-￿M￿lIance with regulalion. This risk increases the more that compliance with a law or regulation is removed ffom the events and Iransacttons reflected in the financial statements, as we will be less likely to become aware of instances of nonn o ¢owJ i IDtrJ ¢ou)rry O>CD r(WLn QGJrfj o ca) ¢7)CQa) rE7)m Ifj <0 I to In¢J>r rO(O 1JYJ Company nurnber: 961616 Prep Schools Trust Balancg Sheet 31 August 2025 2025 £'ooo 2024 É'ooo Flxed assgts Tangible assets 11 40.698 43,987 Investments 12 36 114 40,734 44,101 Current assets Stock Debtors Cash al bank and in hand 13 14 155 147 733 2,967 1,262 2,401 3,847 Credltor9'. Amounts falling due within one year 15 19,6711 16.4301 Net current liabilitlgs {7,270) 12.5831 Total assets less current liabilities 33,464 41.518 Credltors.. AmoLtnls falling due 2fter one year 16 {1,397) 14.240) Net assets 32,067 37.278 Funds Unrestricted funds Revaluation reserve Income and expenditure account Designated fund 19 19 19 10,627 16,856 4.077 15,340 17,443 3,710 31,560 36,493 Restrlcted funds Restricted funds 19 507 785 32,067 37,278 These financial statements were approved by the board on 5th December 2025 Signed on behalf of the Board E E A McKendrick Peta Damley Chair of PST Board Trustee PST The notes on pages 17 to 32 forni part of thgsg Ilnanclal statements Prep Schools Trust Cash Flow Statement for the year endod 31 August 2025 Reconciliation of net income to net cash inflow from opgrating actlvltles: 2025 £'ooo 2024 £'ooD Net income for year Interest payable Imp8irm8nUdeprecialion of tangible fixed assets IGainFLoss on disposal of tangible fixed assets IGainyLoss on Investments Increase in stocks Increase in debtors Increase in creditors New fees in advance Fees in advance applied in year Fees in advance refvnded in year Fee composition discount Capital income re Fixed assets transferred from acquired schools 15.2111 271 5.526 181 1,839 111 703 16 1321 11361 157 1,268 1149} 1591 10 11,8981 181 12511 749 494 18631 154) 40 12,2151 Cash flow from operating activities 11,5301 1,830 Cash flow from Investlng a¢tlvltles Payments lo acquire tangible fixed assets Receipts from sale of tsngible fixed assets Receipts from sale of investments (772) 758 78 (2.076} Net cash flow from Investing activities 64 12,076) Cash Ilow from flnanclng activitiÈ$: Receipts from issue of new long term loans Interest paid Repayment of loans 2,922 13111 12.8501 500 1121) {1501 Net cash Ilow from flnanclng actlvltles 12391 229 Decrease in cash and cash equlvalents 11,7051 1171 Cash and cash equlvalents at 1 September 2024 2.967 2,984 Cash and ca¥h equlvalents at 31 August 2025 1,262 2,967 Cash and cash equlvalents conslst of: Cash at bank and in hand 1.262 2,967 Cash and cash oqulvalents at 31 August 2025 1,262 2,967 Prep Schools Trust Notes to tho Accounts for thg yoar ended 31 August 2025 Summary of significant accounting policies General Intomiation and basis of preparation Prep Schools Trust is a charitable company limited by guarantee in the United Kingdom. In the event of the charity belag wound up, the liability in respect of the guarantee Is Ilmtted lo £1 per member of the charity. The address of the registered office is given in the charity information on page 4 of these financial statemen15. The nature of the charity's operab'ons and principal activities are inGluded in the Trustees, Report. The charty constilules a public benefit entty as defined by FRS 102. The financial statsmgnts have been prepared in accordance with". Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial ReportSng Standard applicable in the UK and Republic of Ireland issued in October 2019: The Financial Reporting Standard applicable in the United Kingdom and R&publlc of Ireland IFRS 1021., The Charities Act 2011.. The Companies Act 2006., and UK Generally Accepted Accounting Practice. The financial statements are prepared on a basis other than going concern as slated on page 19. The financial stslements are prepared in slerfing which is the functional currency of the chaiity and rounded to the nearest £000. The signlficant accounting policies applied in the preparation of Ih8se financial slalemenls are set out below. These policies have been consistently applied tr) all years PTesented unless olherwFse slated. Funds Unrestrscted funds are available for use al the discretion of the Trustees in fijrtherance of the general obieclives of the charity and wh¢ch have not been designated for olhor puiposes. Designated funds comprise unrestricted fvnds Ihal have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. Restricteif funds are funds which are to be used in accor(lance with specific restrictions imposed by donors or which have been raised by the Gharity for partioJlar pU￿ose$. The cost of raising and administering such funds is charged against the speciflc fund. The aim and use of each restricted fund is sel out in the notes to the flnancial statements. Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the ¢harily is legally enlltled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable Ihat the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement dale in writing. If there are conditions attached to the donation and this requires a level of perfom8nce before entitlement can be obtained then income is deferred until th¢)se conditions are fully met or the fulfilmenl of those conditions is within the control of the charity and it is probable that they will be fulfilled. Prep Schools Trust Notgs to the Accounts Icontlnuedl for the year gnded 31 August 2025 Summary of slgniffcant accounting policies (continutd) Income recognition (continued) Donated facilities and donated professional Se￿1￿8 are recognised in income al their fair value when their economic benefit is probable, il can be measurod reliably and the charity has control over the item. Fair value is delemiined on the basis of the value of the grft lo the charity. For example the arnount the charity woukl be willing to pay in the open market ft)r such faclllties and services. A corresponding amount Is recognised in expenditure. No amount is included in the financial ststements for volunteer lime in line with the SORP IFRS 102). Expendlture recognltion All expendlture is accounted for on an accruals basis an¢J has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments lo third parties, it is probable that the settlement will be required and the amount of the obligation can be measured r91iably. It is categorised under the following headings.. Costs of raislng funds includes of interest paid and fee composS1ion discounts. Expendilvre on charitable activities includes the operating cos15 of the schools in the Trust,. and Other expenditure represents those Items not falling into the categories above. Irrecoverable VAT is charged as an exponse against the activity ft)T which expenditure arose. Support costs allocatlon Support costs are those that assist the work of the charity bLtI do not directly represent charitable activities and include office costs, g0Veman￿ costs, administrative and payroll costs. They are incurred directly in 5UPPOrt of expenditure on the objects of the Charity and include project management. Where support ￿SIS cannot be directly attributed to particular headings they have been allocated lo the cost of raising funds and oxpendilure oll charitable activities on a basis consistent with use of the resources. The analysis of these costs is included in note 6. Tanglble fixed assets Tangible fixed assets are slated at cost lor deemed costl less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all langlble fixed assets, at rates calculated to write off the cosl, less estimated residual value, of e8ch a5sel on a syslemalic basis over ils expected useful life as follows.. Land, historic and residential buildings Freehold buildings- school buildingsladdilions Assets under the COUTse of constwction Computer equipment other eoulpmenl, fixtures and fittings Vehicles 2¥(t Straight ling 14.33.330A Straight line 5-20% Straight line 10_25Qk Stralghl line Investments Investments in substdiaries are measured al cost less impairment. Investments are recognised initfjally at falr valLte which is normally Ihe transaction Price excluding transaction costs. Subsequèntly, they are measured al fair value with changes recognised in 'net gains l (losses) on investments, in the SOFA if the shares are publicly traded or their falr value can otherwise be measured reliably. Other investments are measured al cost less impaimienl. Stocks stocks are valued at the lower of cost and nel realisable value. Prep Schools Tru¥t Notes to the Accounts (¢ontSnued) forthe year ended 31 August 2025 1. Summary of signlficant accounting policles {contlnuedl Debtors and creditors Tecglvablelpayable wlthln year Debtors and Creditors with no staled interest rale and re￿1Vable or payable within one year are recorded at transaction price. Any losses arising from impaimient are recognised in expenditure. Loans and borrowings Loans and borrowings are Inillally recognised at the transaction price including transaction costs. Subsequenlly. they are measured at amortised cost using the effective interest rale method, less impairmenl. If an arrangement constitutes a finance transaction it is measured al present value. Impatrment Assets not measured al fair value are revlewed for any indication that the asset may be impaired at each balance sheet dale. 11 such indication exists. the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared lo the carrying amount. Where the carrying amount exceeds ils recoverable amoijnt, an impairment loss is recognised in profil or toss. Leases Rentals p£yable and receivable under operating lease5 are charged lo the SOFA on a straight line basis over thg period of the lease. FoTeign currency Foreign currency transactions are initially ￿cogniSed by applying lo the foreign Qurrency amount the spot exchange rale bets¥een the functional c￿￿enCY and the foreign currency at the date of the transaction. Monetary assets ané liabilities denominated in 8 forelgn currency al the balance sheet dale are translated using the c105ing rate. Employee benefits When employees have rendered service lo the charity, short-lem employee benefits lo which the employees are entitled are recognised at the undiscounled amunt expected lo be pa¢d in exchange for that service. The charity operates a dofined contribution plan the benefit of its employees. Contributions are expensed as they become payable. Tax The charity is an exefflpt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass Ihg tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK wrporatson lax purposes. Going conGgrn Following transfer of the school and operations l as descrlbed fully in note 24), the operalion of the The charity is under the control of Radley Schools Group ISI Peter's College Radleyl and all activlty has ceased. On 1 September 2025, following completion, the company will be dofmanl. For that reason the Trustees of the remaining transfer conclude that il is not appropriate lo Continue to adopt the going concern basis in preparin9 thè financial statements. Group accounts The Charity does not prepare group accounts as the result of ils subsidiary entities are deemed immaterial lo the group acrAJunls position. Judgements and key sources of estlmatlon uncgrtalnty The following judgments (apart from those involving eslimalesl have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial slalemenls. The assessment of value of the propety has been based on Injstge consideration of previous formal valu8trons, maTket indices and other informal ad￿￿. Prep Schools Trust Notes to the Accounts lcontlnuedl for the year ended 31 August 2025 2. School fees 2025 £'ooo 2024 £'ooo Fees Discounts and awards 28,118 (2,1881 24,684 (7,7891 25.930 22,895 £21k of discounts and awards {2024.- £21 kl was attributable lo restricted fL¢nds. 3. Othgr educatlonal Income 2025 £'ooo 2024 £'ooo MUS￿ luilion and associated income Extra luilion Occasional boarding and summer lets Other income 67 320 529 353 357 607 391 1,399 1.269 None of the above income was attributable lo restricted fun(fs in either period. 4. Anclllary Income 2025 £'ooo 2024 £'ooo Other income 913 573 913 573 None of th& above income was attributsble lo restricted funds In ellher period. 5. Donations and grants 2025 £'ooo 2024 £'ooo Donations 100 250 100 250 Donations include £95k12024.' £250kl attributable to restricted funds. Prep Schools Trust Notes to the Accounts {coTrtlnugd) for the year gnded 31 August 2025 6. Charltable actlvities Staff Othgr 2025 2024 Costs Costs Total Total £'ooo £'ooo £'ooo £'ooo Teathing Welfare Premises Support costs of education 15.189 1.834 17.023 14,207 1.634 2,406 4,040 3.578 1,004 4.111 5,175 4,083 2,752 1,883 4,635 3,572 20,579 30,234 30,813 25,440 The major components of support costs include:_ 2025 2024 £'ooo £'ooo Administrative staff costs Postage, stationery, telephone and other adminlslratlve costs Advertising lor staff and promotion Bad debts Legal and professional fees Recruitment fees Bank charges G0Veman￿ costs (see note 71 Irrecoverable VAT 2.718 2.275 281 278 289 222 165 18 880 612 135 63 99 4,635 3.572 7. Governance costs staff Costs £'ooo oth•f Costs £'DOO 2025 Total £'ooo 2024 Total £'ooo staff Audit 26 26 30 26 63 Prep Schoo15 Trust Notes to th9 Accounts (continuedl for the year endgd 31 August 2025 8. Staff costs and omployee benefits 2025 £'ooo 2024 £'ooo Staff costs Wages and salaries Social security costs Pensions 17,095 1,649 1,835 14.264 1,177 1,508 20,579 16.949 2025 FTE 2025 Number 2024 FTE 2024 Number Avarag& number employad Including Trustag$: Trustees Teachers Household Administration 14 293 52 77 14 417 81 86 15 400 90 75 275 54 68 436 598 412 580 Number of employees who receivèd total employee benefits (excluding employer pensions costs but includlng termination costs) of more than £60,000 1$ as follows.. 2025 2024 £ 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,(X)1 - £130,000 £130,001- £140,000 £1SO.001- £160,000 £180,001- £190.000 £190,001- £200.000 15 13 Total termination payments during the year amount lo £728k12024.' £173k). These are recognised in expenditure when settlement agreements are reached. Penslon schemes The Trust parbcipates In the Aviva Pension TrL¢St for Independent SGhools I'APTIS") for ils teaching staff. The pensron charge ft)r the year Includes contributions payable to APTIS of £1.56m12024= £1.24m}- APTIS is a defined contribution pension scheme developed by Aviva in association wth the Independent Schools. Bursars Association. Members contribute on a "pay as you go. basis wslh contributions also made by the Trust. Support staff are offered membership of defined contribution pension schemes. The pension Prep Schools Trust Notes to the Accounts (continued) for the year ended 31 August 2025 9. Trustees and key management pgrsonnel remuneratlon and expens8s The Trustees neither recelved nor waived any remuneration durlng this or last year. The total amount of employee benefits ￿CeIved by key management personnel is £1,266k 12024.. £1,121 kl. The Trustees consider ils key management personnel during the perlod cornprising the Board of Trustees, the Chief Executive, Chief Operating Officer and the Head of each Trust School. Nine Trustees were reimbursed for travel expenses totalling £7.883 12024= five rein7bursed for travel expenses lotslling £6,754} during the year. 10. Net resourc8$ w>ended 2025 £'ooo 2024 £'ooo Results for the year are stated after charging: Deprectalion.. ¢)wned assets 906 703 AL￿lI0r,S fees: 8udil work non4udil work 30 Operating leases.. èquipment motor vehicles 165 128 Impaimienl loss 4,620 Mowden Hall Property was impaired by £4,620k following due dlligence valuations. The assessment of value of the propety has been based on trustee consideration of previous formal valLtation5, market indices and other infornial advice. Prep Schools Trust Notes to the Accounts Icontinuedl for the year endod 31 August 2025 11. Tangibte ffxed ass9ts Flxtures. Fittings & Vehiclos Computers Equlpment Assets under the course of constructlon Freehold Land & Buildlngs Totsl £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo 1st Seplember 2024 Additions Disposals Trdnsfers in from Wesl Hill Parl¢ Transfers 289 3,263 48.759 118 707 53,561 506 772 {7501 5.992 {750) 2,735 634 65 248 16341 31st August 2025 354 791 6,355 51,496 579 59,575 Depreclatlon and impaimi?nts 1 st September 2024 Depreciation Transfers in from Wesl Hill Pafk Impairment 266 514 2,230 255 6.564 614 9.574 906 3.777 4,620 12 25 59 241 2,318 1.159 4.620 31st August 2025 337 780 4,803 12.957 18.877 Net book value 31st August 2025 17 11 1.552 38,539 579 40,698 31st August 2024 23 1,033 42.195 707 43.987 The Trustees eleded in accordance with Section 35.10{d) of FRS 102, to use the Carr￿ng valu6 on 1 September 2014, the date of tiansilion lo FRS 102. of any of the above freehold land and buildings previously carried at valuation, as their deemed cost and it is the Trust's policy not to revalue fixed assets. The surplvs of 8 previous revaluation over cost had been credited lo a revaluation reserve which now stands al £15.2m (Note 191. The original purchase price {historic cost) is £14.4m. Tangible fixed assets with a net bc<)k value of nil12024: £7.321k) have been pledged as security for liabllilies of the charity. Land at West Hill Park was sotd in July 2025 for £750k. Prep Schools Trust Notes to the Ac¢ount5 Icontinuedl for the year ended 31 August 2025 12. Flxed asset Investments Unlisted Listed Investments Investments £'ooo £'ooo Total Cost or valuation 1st September 2024 Disposal £'ooo 114 1781 114 1781 At 31st Augsjsl 2025 36 36 £'ooo £'ooo £'ooo Net book values Al 31st August 2025 36 Al 31st August 2024 114 114 The nel book value of the unlisted Investments is £100 The Trust owns 100% of tho allotted share capital of the following undertaklng: Prollt for year Country of registration Class of Share capltal Nature of business Capltsl and reserves at 2025 2025 PST Enterprises Limited 1079753221 England and Wales Ordinary Events 134,317 429.958 13. Stocks 2025 2024 £'ooo £'ooo Stock- consumables 155 147 Prep Schools Trust Noto$ to the Accounts {¢ontlnued for the year gnded 31 August 202 14. Debtors 2025 2024 £'ooo 407 £'ooo Trade debtors Cxher debtors Prepayments and accrued Income 381 11 11 566 341 733 15. CreditOTS: amounts falling due wlthln one yeai 2025 £'ooo 2024 £'ooo Bank loan 300 Amounts due to relalod partSes (see note 211 Trade creditors other laxatlon and social security Other Creditors Accruals 2.922 4,550 866 1,102 231 4,525 325 1.049 231 9,671 6.430 Trade creditors Include £3,149k (2024.. £3.249k) in respect of fees received in advants for Autumn 2025 term, and £214k (2024.. £216kl for the following Spring and Summer lems 2026. 16. Creditors.. amounts falling due after one year 2025 2024 £'ooo £'ooo Bank loan 2,550 1,690 Other creditors 1,397 1,397 4.240 Other Gredilors include £333k12024= £756k) for fees received in advance for academic years 2025126 onwards under the lees in advance scheme. 17. Bank 0￿rdraft. loan facllSty and loans The Bank loan was repaid In August 2025- See nole 21 Prgp Schoo15 Trust Notes to the Accounts Icontinuedl for the year ended 31 August 2025 18. Deferred income under the fees In advance scheme During the year fees amounting lo £494k12024.' £1268KI were received in advance for pupils for future years. Fees released to income amounted lo £863k 12024.. £149kl, and £54k 12024.. £59k) were refunded lo parents. Fee composition discounts of £40k12024'. £10k) were charged to expenditure. All amounts owing at 31st ALtgusl 2025 are shown as liabilities in notes 15 and 16. 19. Funds Rèstrlcted Restrlcted Restricted Restrlcthd donations Beeston Whittaker West Hlll fund Foundation Trust Park Total Restricted Designated R•valuatloA Funds reserve Income & pendlture Total 2025 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo At 1st Sept 2024 Surpluslldeficitl for the year Transfers between funds Transfèrfrom West Hill Park 431 169 185 785 3.710 15.340 17.443 37,278 1181 15) 69 17,478) 17,409) 13671 13671 367 {4.713) 4.713 20 20 2.178 2,198 At 31st August 2025 154 171 167 15 507 4,077 10.627 16,856 32.067 Restrlcted donatlons fund Restrictèd Restr4cled Beèston Whittaker Foundation Trust Total Restrleted Designated Revaluallon Funds serv• Incom¢ & expendlture Total 2024 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo eooo Al 1st September 2023 Surpluslldeficitl for the year Transfers belween funds 3,880 231 3.880 199 15.433 16,096 18061 93 35,439 16071 1351 13.6801 13.6801 3,680 1931 Transfer from Bee51on Hall 220 2060 2,446 At 3781 August 2024 431 169 185 785 3.710 15,340 17,443 37,278 Prep Schools Trust Notes to the Accounts {contlnued for the year ended 31 August 202 Mowden Hall Theatre Fund of 1£367kl was transferred into unrestricted fvnds following the prolect C£Jmplelion. Beeston Foundation and Whitt8ker Trust fvjnds were established to fund both bursaries and olhgf generdl neods of the Beeston Hall School. the policy in relation lo these funds is to release a proportion of the income generated by these funds each year lo fund bursaries as applied lor by families and approved by the Trustees. IIE I Prèp Schools Thist Notes to the Accounts Icontinuedl for the year onded 31 August 2025 22. Leasos Total future minimum lease payments under non-cancellable operating leases ar8 as follows.. Expiring-. 2025 2024 £'ooo £'ooo Withln one year Within and five years 183 291 153 382 474 535 23. Future capltal commitments 2025 2024 £'ooo £'ooo EX￿ndit￿re aulhortsed and contracted for 70 24. Events after the end of the Period Following the merger with Radley College on 1st September 2025 to form Radley Schools Group {www.radle schools rou .or .uk all assets, liabilities and staff employment have been transferred to Sl Pelei's College Radley at the merger dale. This merger. lo date the largest within the charllable independent schools sector, brings together eight schools united by a shared commitment lo educational excellence, character and ch8ri12ble purpose. The Prep Schools continue lo be independent enbties within the wider group. each having its own unique context and character as il prepares boys and girls for the wortd of senior school education at a wKle variety of schools. The Transfer Deed with Radley College was signed on the 1 May with a completion date of 1 Sgplember 2025. Thus the legal merger was completed Su￿ssfUlly. The Trustees intend to wind up Prep Schools Trust in due course. Prep Schools Trust Notes to the Accounts {continued) for the year ended 31 August 2025 25. Additions to Prgp S¢h¢)ols Trust On 1 January 2025 West Hill Park School transferred lo Prep Sch(K)15 Trust. Beeston Hall School was transferred lo PST in the prior year 2025 2025 Value Falr Value Reported by Adjustment transferring school £'ooo 2025 Transfer In rocognlsed 2024 Transfer in rgcognlsed IBeeston Hall) £'ooo £'ooo £'ooo Flxed assets Tanglble fixed assets Freehold Land and Buildings Fitting, Fixtures and Equipment Computer Vehicles Investments Other assets Stock Debtors due in less than one year C85h in bank and in hand Liabllitles Creditors due in less than one year 826 626 750 1,576 626 1,416 337 15 130 20 179 446 20 179 29 187 810 {662) {662) 1478) N¢t Assets 1,448 750 2,198 Unrestrlcted Restricted Funds Funds eooo £000 2025 Total £Doo 2024 Total Recognltlon In the SOFA Transfer from Wesl Hill Park School 2,178 20 2.198 2,446 2,178 20 2,198 2,446 26. Contlngent A5SQt- VAT Rbcovorable under the Capitsl Goodg Scheme The Trust has incurred expenditure on capital items that fall within the scope of the Capital Goods Scheme for VAT purposes. Under the scheme. the Trust may be entitled lo recover a proportion ofVAT previously incurred on these items over a specified adiustmenl period. The amount of VAT that may be recoverable cannot be reliably estimated al this time. Accordingly, no asset has been recognised In these financial slalemenls.