Docusign Envelope ID". 3B24131 F.FE8&873F-825A-706FF7BA76B9 Palmers Green High School Limited Limited by guarantee Registered Company Number 0537727 Registered Charity No. 312629 GOVERNORS. REPORT AND FINANCIAL STATEMENTS For the year ended 31 July 2025 Docusign Envelope ID". 3B24131 F.FE85-873F.825A_706FF7BA76B9 Palmers Green High School Limited CONTENTS for the ear ended 31 Jul 2025 Contents Page Govemors, offi¢ors and advisers Report of the governor5 Report of the auditors Statemenl of Financial Activities 13 Balance Sheet 14 Cash Flow Slalemenl 15 Notes lo the financi81 stslements 16 Docusign Envelope ID". 3B24131 F.FE85-873F-825A-706FF7BA76B9 Palmers Green High School Limited REPORT OF THE GOVERNORS for the ear ended 31 Jul 2025 Govornors and Dlre¢tors Thé diréctors oftht companyar8 Mémbers of thé Council of M8nagtment. and also Gov8morg arKJ Trusi8ès of th8 Charty. Mr J Alkinso Mr8 K TidTnar8h Miss AAverkiou Mr A Frankal. Mrs M Curtis" Mr G Tidm¥rsh" Miss A Eliades- rtsigned Nov8mbar 2025 Mrs B Gouldin9- resigned Novernber 2025 MrA Pathak-Sppr￿nied Nov8mt*r2025 Mr T Wood- rtrsignèd August 2025 "Mémbtrts ofthé Finan¢tr and Gén8ral Purpos8$ Committé8 Offieers Interim Execulive Head fr(m 9 September 2025 HeadrnIst￿S lo 9 Seplefflber 2025 Mrs C Robins Miss S Proudlove Bursar and Company Secretary Mrs L Bamard Deputy Heads then Acting Heads from November 2025 Mrs R swiart Mr8 N Tikarè Advisers Soli¢ilor8 Veale W8sbrough Wizards Orchar(I Court Orch¥r(l Lane Wwknest W(￿)¢￿V$e Church Lane Bristol BS1 5WS dford h8shire CH3 8JD Bankers HSBC Bank H¢ 1 The Town London EN2 Auditors Moore Kingston Smith LLP Floor 6 g Appold Street London EC2A2AP Investment M8nagers EFG Private Bank Limited Park House 116 P8rk Street London W1K 6AP Insurance Brd(ers Assured Partne[3 Eleven Brindleyplac 2 Brunswick Square Brindleypl "rmingk*m BI 2LP ADDRESS Palmers Green High Sd 104 Hoppers Road Winchmore Hill London N21 3LJ Web$lie hs.co.u Docusign Envelope ID". 3B24131 F.FE85-873F.825A_706FF7BA76B9 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 PALMERS GREEN HIGH SCHOOL 104 Hoppers Road, London, N21 3LJ, 0208 886 1135 REFERENCE AND ADMINISTRATIVE INFORMATION Palmers Green High School was founded in 1905 and was privately owned until its incorpK)ration in 1954 as a company limited by guarantee and not having a share capital (Registered No. 537727). The school is a registered educational charity No. 312629. The school's govemors, executive officers, professional advisers and address are given on page l. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document The school is governed by its Memorandum and Articles of Association last amended in septeM￿r 2007. Recruitment and Training of Governors New Governors are inducted into the workings of the Company as a registered Charity including Board Poliry and PmKedures and also of the school, at a meeting specially organised for them by the Head and Bursar. All Governors have access, as appropriate to their individual skills and experience, to trustee training workshops as organised by the Association of Governing Bodi￿ of Independent Schools (AGBIS), the Independent Schools Inspertorate (ISI) and the Independent Sch(x)Is Bursars Association (ISBA). The (k)vemors are appointed annually by the School Council. In accordance with the Articles of Association one fifth or, if their number is not five or a multiple of five, the nearest to one fifth retire by rotation in the year at the Annual General Meeting. At the AGM in November 2024, Mrs Melanie Curtis, Nr Anthony Frankal, Ms Anna Averkiou and Mrs Bronwen Goulding were re-elected. Mr Demiot Lewis resigned from the Governing Body on 14th November 2024. Organisational Managamant The Governors meet as a Board at least three times a year to determine the general policy of the company and to review its overall management and control, for which they are legally r￿pOnsIble. The Finance and General PurtK)ses Committee, chaired by Mr Frankal, meets three to four weeks before each meeting of the full School Council to monitor and review budgets, accounts and reports for approval by the School Council. The Education Committee, chaired by Mrs Tidmarsh, meets termly during the year to review academic matters. The Buildings Committee, chaired by Mr Atkinson, meets termly and additionally on the instructions of the School Council to plan and manage building projects. The Risk Mitigation Committee, chaired by Mis5 Averkiou, meets termly. Mrs Karen Tidmarsh is the named governor for child protection and safeguarding and Mr John Atking)n is the named governor for health and safety (including sch(K)I trips). The Pensions Committee and Remuneration Committee are sub-committees of the School Council, which meet at least annually. The Executive Committee meets as required and comprises the Chair of Governors, the Vice Chair of Governors and the Chair of the Finance & General Purposes Committee. The day-to-day running of the school is delegated to the Head and Bursar, supported by Deputy Heads and staff. The Head and the Bursar attend meetings of all the above governors, committees, with the Deputy Heads attending Education Committee meetings (the Bursar dcEs not attend Education committee meetings). The key management personnel are the Head, the Bursar and the Deputy Heads and their remuneration is determined Page12 Docusign Envelope ID". 3B24131 F.FE85-873F.825A_706FF7BA76B9 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 by the Governors annually, tsking account of their roles, experience and rates of pay in similar local independent schools. Volunteers Governor5 do not receive any remuneration for their services. The b￿adth of professional expertise within the governing body provides appropriate scrutiny and support for the school in the areas of education, finance, law, public relations and construrtion. Parents volunteer on an ad hoc basis to accompany educational visits, where they are always under the supervision of a member of PGHS staff. Parentsl support for offsite visits ensures that appropriate adult:pupil ratios are maintained in order to facilitste the safety of pupils, as well as providing an adult perspective on places, objects and events. Relationshlps Palmers Green High School is an accredited member of the Independent Sch¢)ols Council (ISC), the Girls, Schools Association (GSA) and the Independent Schools Association (15A). The school supports networking with other schools, and staff both host and attend seminars and cluster group meetings, which provide opportunities for stsff development. Former pupils retain a close relationship with the school through the alumni network and the Parents and Friends Association provides OPFKJrtunities for members of the wider school community to interact with the school through a regular programme of events. Two members of the governing body are fomier pupils of the schcKJl. The school supports many local and national charities including, in 2024-2025, Jeans for Gene5, Children in Need, Save the Children, The Born Free Foundation, Ocean Clean Up, Cooking Champions and St John The Evangelist church in Winchmore Hill. Over the year, £8,560.89 has been raised in tot61 for charity donation. Risk Management The Governors are responsible for the management of the risks fa￿ by the school. Detsiled considerations of risk are delegated to the Risk Mitigation Committee. The main areas of the charity's operations and the major risks faced in each of th￿e areas have been identified, assessed and suitsble controls established. A formal review of these risk management processes is undertaken on an annual basis. The key controls used by the school indude.. Regular review of the risk assessments in place for the safe operation of the School. The SchcM)I's membership of the Teachers, Pension Scheme is reviewed on a regular basis. Fee levels are discussed in detail at the Spring Term F&GP Committee and School Council meetings, with comparative statistics published by competitor schools in addition to general financial information e.g. the rate of inflation,. Expendlcure is closely monitored by the Head and Bursar and reviewed by the F&GP Committee each temi. The School's accounts are audited annually. Approval for major capitsl expenditure is closely scrutinised by the Buildings Committee and the F&GP Committee,. Formal written policies are reviewed annual￿,. There are formal agendas and minutes for all committee m*tings,' strategic planning, budgeting, and management reports are regularly reviewed by the Governors; and There are regular repots to the Governors from the Head and Bursar. In the opinion of the Governors, the major risks to which the school is exposed (as identified by them), include affordability and associated pupil numbers, the 2024 change of government and the consequential effects on the independent school sector. These risks have been reviewed and systems established which, under nomial conditions, should allow these risks to be mitigated to an acceptable level in its day-to-day operations. Major risks to the school going forward are fees subjert to VAT and falling roll numbers as a consequen￿, loss of Business Rates Relief, increases in employer's NI contributions and increase in employers, contributions to the Teachers Pension Scheme. 5 Year financial plans have been modelled to show impact of these risks. Page13 Docusign Envelope ID". 3B24131 F.FE85-873F.825A_706FF7BA76B9 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 Governors and Union reps met with ACAS to agree a way forward following consultstion to withdraw from the Teachers, Pension Scheme in April 2024. Following thi5 meeting on 9th September 2024, to avoid further industrial action which would have had severe financial repercussions for the school, Governors agreed to a 2.20/0 pay increase with existing teaching stsff remaining in the TPS at 28.68Vo employer contributions and recognition of the NEU and NASUWt as unions by December 2024. Newty hired teachers from I September 2024 would become members of the Aviva APTIS pension scheme with 220/0 employer conthbutions and a minimum employee contribution of 50/0. As at Isi September 2025 there were 7 members of the APTIS pension scheme. OBJECTS. AIMS AND ACTIVITIES Charitable Objects To promote and provide for the advancement of education by providing, conducting, governing, carrying on and maintaining in the United Kingdom, or elsewhere, a boarding or day school or schools but so that each school shall be carried on as an educational charity. Principal Activities Palmers Green High School Limited is an educational charity providing single-sex education for girfs aged between 4 and 16 years. Aims Palmers Green High School aims to maintain an impressive ￿Cord of success, both academically and in the broader spectrum. By encouraging pupils to tske advantage of the expertlse of the teaching staff and to access the wide range of artivities available, pupils should be able to achieve their potential. Pupils are encouraged to gain an awareness of the needs of others and as part of this Strategy they are involved in fundraising activities that contribute regularly to different charities. Objectives for the Year In 2024-2025, the main objective of the school was to continue to provide a first-class education to pupils, facilitated through a dynamic teaching environment. This was recognised by the ISI following their whole school inspection in March 2025 where the school met all required ISI standards. Staff have undertaken a variety of training this year through a combination of face to face and online provision. The courses have included whole staff (update) training on KCSIE and Safeguarding {Sept 2025) led by ECP Safeguarding, Preparing for Inspection training on 6th January 2025 led by John Southworth, Supporting Pupils with Neurodiversity {Sept 2024), Staff training sessions also focused on the school development plan. Staff have also undertaken individual continuing professional development training in a wide range of topics which include.. Child Protection and Safeguarding, Emergency First Aid, Paediatric First Aid and First Aid at Work, Use of Reag)nable For￿ in Sch(x)Is, ADHD Awareness, Health and Safety, Fire Safety and Fire Marshalling, Early Years, GDPR, Access Arrangements and Autism Spectrum Disorder. Courses have been accessed fa￿ to face and online through Educare, AGBIS, ASCL, Examination Pi)ards, GSA, ISBA and ISI to ensure that staff knowledge is kept up to date at all times. Public Benefit The Governors confirmed they have complied with the duty in sertion 17 of the Charities Art 2011 to have due regard to the public benefit guidance published by the Charity Commission. As part of our public benefit provision we continued to award scholarships, subj'ert awards and means-tested bursaries. PGHS has fom)ed a range of links that benefit the local community and beyond. Year 9-11 pupils have been able to volunteer locally in charity shops and care homes as part of their Duke of Edinburgh Award. Year 11 ran a charity shop for two days in the Main Hall. The school's chamber choir sang at Christmas time at Anastssia Lodge, a residential home for older people. In 2024-2025, we held several events in the local church, and donations given at these events provide income for the church community. We donate food and toiletries to the local community in the Autumn term each year as part of our Harvest Festival. Page14 Docusign Envelope ID". 3B24131 F.FE85-873F.825A_706FF7BA76B9 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 The school raises money through many fundraising actimties and this is donated to charities, many of which are providing services in the local area. Our international links include the support given over a number of years to the HART (Humanitarian Aid Relien charity. Annually Senior pupils enter the HART Prize for Human Rights competition with great Suc￿55. Financial Assistance for Fees Scholarships, bursaries and awards are available to candidates whose ability enables them to benefit from the academic rigour of the school. Fee reducbons for bursaries and hardship awards are determined on the basis of family income by the Bursar in consultstion with the Head and Chair of the Board of Governors. The Govemors a￿ committed to widening access to the school and intend to continue to provide means-tested awards. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR In the academic year 2024-2025, 27 pupils were awarded grades in GCSE, IGCSE and FSMQ (Free Standing Maths Qualification) qualifications with IOOOkn of GCSEIIGCSE grades being 94. The SchcK)I's overall per￿ntsge of (l)GCSEs at grade 9 was 250/0, grades 918 was 480/0 and 9-7 was 710kn. Based on our GCSE results for 2024125 we have been ranked the Best Independent School 11-16 Secondary Schcx)l of the Year in the Parent Power National Awards produced by The Sunday fimes. The school carries out annual and on-going reviews include benchmarking against national standards, using raw and value-added dats e.g., MidYIS and GL Assessments, which enables the school to maintsin the highest P055ible stsndards. In 2024-2025, pupils were able to tske part in a range of activities to extend their knowledge, enrich their understanding of the curriculum and broaden their wider cultural experiences. School visits have included.. study skills sessions provided by Elevate and Glia Learning. age-appropriate workshops led by notable authors and p￿ts. For Holocaust Memorial day, pupils heard about the experiences of a holccaust survivor's daughter. In July 2025, pupils from Years 7-10 took part in the National Car&rs Challenge. Pupils senior and junior enjoyed Onatti foreign language theatre performances The Preps were visited by as well as a Drama workshop by an extemal provider. In September 2024 Year 7 went to Gilwell Park for a 3-day residential. Year 5 enjoyed a 3-day residential trip to Flattord Mill in May 2025. The school calendar was enriched by a wide variety of educational trips. In September and October 2024, there were GCSE Biology fieldwork trips in Epping Forest and Year 11 Geographers went on a fieldwork trip to the Olympic Park in Strarford. June 2025 saw the second Geography fieldwork trip to Walton-on-the-Naze. Year 9 enjoyed a Spanish cultural evening in a local restaurant. Theatre trips induded: Ballet Shoes, Pig Heart Boy, 39 steps and the Lower School Pantomime trip to the Millffield Theatre. There were KS3 visits to Mountfitchet Castle, Year I went to the Tower of London, Year 2 went to the St Paul's Cathedral, Years 3 and 4 to The Hive and Years 5 and 6 went to the BFI and The Globe. Reception, Year l and Year 2 enjoyed visits to Woodcroft Outdoor Spa￿, and Knebworth House. All year groups, including the Nursery, enjoyed end of year educational and artivities and trips including National Careers Challenge, Senior School Trip to Thorpe Park, and the Juniors to Inflats Nation. Music and Drama thrived during 2024-2025 with notsble performances at the Carol Servi￿, Spring and Summer concerts, Founders Day and performing arts assemblies. Each Primary year group performed class assemblies for parents and the Drama and Music productions of The Wizard of Oz by year 5 and Year 6 wa5 Outstanding. The Prize Giving events in July 2025 for Year 3 and 4 and Year 5 and 6 introduced a new Performing Arts prize and was a sU￿ssful event. PGHS has continued to be a Girls on Board School. Gids on Board is an approach that empowers girls in school to navigate the choppy waters of friendships for themselves. The approach helps girls, their teachers and their parents understsnd the complexities and dynamics of girl friendships. Pupils across the age range participate in Girls on Board sessions which are non-judgmental and reflective, designed to raise empathy amongst the girls. In Spring Term 2025, 2 members of staff were trained in Girls on Board. Page15 Docusign Envelope ID". 3B24131 F.FE85-873F.825A_706FF7BA76B9 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 PGHS have a150 continued to be a "Tooled Up School" Tooled Up is an organisation with the mission to give every parent and every teacher the tools needed to develop children into young adults who are self-confident, self-sufficient and full of self-worth. curious about the wodd and pa￿lOnate about learning. digitally skilled and digitally resilient. The Tooled Up digital library hosts a wealth of information for parents and teachers in the form of downloadable activities, recorded sessions and live, interactive webinars. The founder, Dr Kathy Weston, has collated the most up-to-date research from around the world to create easy to use resources and evidence-based information. The PGHS Eco Committee also continued to work on maintaining the Eco-SchcK)Is Green Flag award. International Women's Day 71h March 2025 with support from PFA for all Senior Pupils with a focus on careers. Another focus for 2024-2025 was the setting up EDI Committee and our dedicated staff member for EDI worked on acquiring the Equaliteaches Award. PGHS EQUALITY. DIVERSITY and INCLUSION PGHS follows its Equality, Diversity and Inclusion Policy, the full policy is available on request from the SchcK)l. Policy Siatement We see the diverse population of staff, pupils and their families at Palmers Green High School (PGHS) as one of the school's greatest strengths. At PGHS, we are committed to creating an environment for the whole school community that demonstrates shared value5 of inclusion, equality, fairness and respect. Overall aims At PGHS, we understsnd and tske seriously our restM)nsibility as educators to ensure that we promote the message of equality, embrace diversty and a￿ actively anti-racist in our curriculum, our ethos and our teaching- we understsnd the need to address in meaningftjl and sensitive ways all of the issues that young people fa￿ in these areas. PGHS strives to be an inclusive and tolerant environment in which the wellbeing of every young person comes first. Should a pupil ever be worried about racism or feel they have been the victim of abuse of any kind they should report it immediately as racism cannot be tolerated. Our aims are to.. make sure that all pupils and staff are encouraged and supwrted to achieve their full potential. provide an environment which resperts and values diversity and shows consideration for the traditions, cultures and religious practi￿ of people from different racial groups and diffe￿nt geographical gions. challenge racial discrimination, racist behaviour, racist language or harassment, prejudice and stereotyping, however thoughtless or unintentional; prevent direct and indirect, overt and covert discrimination on grounds of ra￿ or geographical origin and assist in the identification of possible barriers to equality of opportunity for pupils and staff and to ensure that these barriers are addressed where possible. The schcK)I will tackle inappropriate attitudes and pracbces through staff leading by example, through the personal, scKial, health and economic education {PSHEE) programme, through assemblies, through the supportive school culture and through the school's policies. Inappropriate attitudes and practices will be challenged. Pupils will be encouraged to value and respect appropriately all those they encounter at or through the school. Page16 Docusign Envelope ID". 3B24131 F.FE85-873F.825A_706FF7BA76B9 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 Recruitment PGHS is an equal opportunity employer and we are fully committed to a policy of treating all of our employees and job applicants equally in all aspects of employment. We tske all reasonable steps to employ, train and promote employees on the basis of their experience, abilities and qualifications. Our recruitment publicity aims to positively encourage applications from all suitably qualified people when advertising Job vacancies in order to attrart applications from all sections of the community. Governance The governing body is composed of a diverse range of people from a variety of backgrounds, cultures and religions. We always look to recruit new members from groups which reflect the diversity of our school community. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The total income for the year ending 31 July 2025 amounted to £3,734,571 (2024.. £4,188,175) a decrease of £453,604 on the previous year. Expenditure increased by £108,647 to £4,147,359 {2024.' £4,038,712). The net income before investment gains and losses for the year was -£433,358 (2024.. £125,619). Cash and deposit at the bank has decreased by 48010 bringing the cash in hand to £1,207,854 (2024.. £2,489,455). Reserves Policy The schcM)I's total funds stocd at £7,581,841 as at 31 July 2025, of which £2,601,471 was deployed as part of the school premises and equipment, £469,501 related to the revaluation reserve leaving £4,510,868 as general reserves. As recommended by the School's auditors, the Governors consider that free reseNes of estimated expenditure for a minimum of two ftjll terms is prudent and practicable to cover the risks and uncertainties of operating as an independent educational establishment. The school has worked very hard to build reserves to ensure there remains a sufficient fund to cover future projects and developments to fulfil the needs of the business or comply with government legislation, stsrt-up costs of new educational activities, and day-to-day working capital needs. The resetves policy will be reviewed on an annual basis. Investment Policy Any net incoming resources at the end of the financial year are invested in an interest-earning bank account, when considerations of working capitsl needs are tsken into consideration. It is the policy of the Governors to review the rates on investment accounts on an on-going basis. The Governors shall consult with charity investment experts to ensure that the best rates are obtained to enable funds to grow at the most advantageous rate whilst taking into consideration the need to safeguard the charity's assets against undue risk. PLANS FOR FUTURE PERIODS At the time of agreeing the accounts for 2024125. the Governors of Palmers Green High School Limited (PGHSI considered that, in view of the continuing fall in pupil number5 at the school, and the predicted operating forecast going fonvard, it was doubtful that it would continue to be financially viable beyond the current school year and, after considering a range of strategic options anticipated that the School would need to be closed. Accordingly, (as outlined in note 1.2 and note 19 of these accounts) they determined that the most effective way to further the charitable objerts of PGHS would be to transfer the entirety of its assets and undertaking to St Alban's Education Group (STAEG). PGHS thus agreed to convey, transfer, assign and/or deliver (as appropriatel the Assets with effert from the 4th March 2026 with full tide guarantee to STAEG and STAEG did from the Transfer Date acquire and tske over the Business, together with such rights, title and interests which PGHS may have in the Assets. After careful consideration of all available options, the Governing Body concluded that there was no realistic prospect of the School returning to a sustainable financial position. As a result, the decision has been taken to cease operations. Page17 Doru5ign Envelope ID". 3B24131F.FE8>873F.825A-706FF7EA7689 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2025 GOING CONCERN In view of the transfer to STAEG and decision to ￿ase operations, the governors do not consider PGHS to be a going concern and therefore consider it appropriate to prepare the accounts on a basis other than that of a going concern. GOVERNORS. RESPONSIBILITIES The governors (who a￿ 31so directors of Palmers Green High School Limited for the purryjses of company law) are responsible for preKK4ring the Govemors, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United knngdom Generally Accepted Accounting Prartice). Company law requires governors to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that peri￿. In preparing these financial ststements, the governors are required to., selett suitsble accounting policies and then apply them consistenuy,. observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and pyudent: stste whether applicable UK Accounting Stsndards have been followed, subject to any material departU￿S disclosed and explained in the financial ststements. The governors are ￿$F￿)nSIble for keeping proper accounting records that disclose with ￿aSonable acwracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the prevention and detertion of fraijd and other Irregular￿leS. In so far as the governors are aware.. there is no relevant audit information of which the charitable company's auditor is unaware; and the governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Audltors Moore Kingston Smith LLP have indicated their willingness to continue in Offi￿ and, in accordan￿ with section 487(2) of the Companies Act 2006, it is proposed that they be re-appointed auditors for the ensuing year. Approved by the Board of Govemors and signed on their behalf by.. Slon•dby.' 8944F846VA14405 Mrs M Curtis Dir Date.. 281412026 Page18 Docusign Envelope ID. 3B24131 F.FE8&873F425A.706FF7BA7689 Palmers Green High School Limited INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2025 Opinion We have audited the financial stslements of Palmers Green High Sohool Limitgd I'lhe charitsble ¢ornpany'l for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Ststetment nd notes to the financial ststernents, including a summary of significant accounting policies. The financial reporting fratnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financi81 Reporting Standard Applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Amunting PraGtio81. In our opinion the financial slalemenls.. give a true and fair view of the stste of the charitable company's affairs as at 31 July 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have b88n properly prepar8d in accordance with United Kingdom G8nerally Accepted Accounting Practice,. and have been prepared in accordance wth the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISASIUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities lor the audit of the financial statements section ol our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhical Standard, and we have fulfilled our Dther ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Emphasis of matter. financial statements prepared on a basis other than going concern We draw attention to'note 1.2.. Going Coneern, of the financial statements which explains that the trLJStees have transfered all assets and liabilities of the charity to another school as at 6 January 2026 and therefore do not consider it to be appropriate to adopt the going concern basis of accounting when preparing the financial statements. Accordingly. the finan¢i81 stslgmenls have been prepared on a basis other than that of a going concern, as described in 'nole 1.2.. Going Concern,. Our opinion is not modified in respect of this matter. Othèr information The other information comprises the information included in the annual report, other than the financial siatements and our auditor's report thereon. The governors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistenl with the financial statements or OLJr knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial siatements or a material misstatement of the other information. 11, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are reqLJired to report that fact. Page19 Docusign Envelope ID. 3B24131 F.FE8&873F425A.706FF7BA7689 Palmers Green High School Limited INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2025 Other information Icontinued} We have nothing to report in this rg98rd. Opinion on oth•r mattèrs prèscribad by th• Companiès Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the strategi¢ report and the governors, annual report for the finan¢i81 year for which the financial statements are prepared is consistent with the financial statem8nts', and the strategic repc>rt and the governors, annual report have been prepared in accordance with applicable legal requirements. Mattèrs on whieh wè arè rèquirèd to rèport by èxeèptian In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the govemors, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or th& financial statements a￿ not in agreement with tho a¢¢ounting re¢ords and returns., or certain disclosures or governors, remunerations specified by law are not made., or we have not received all the information and explanations we require for our audit. Responslbllltles of governors As explained more lully in the governors, responsibilities statement, the governors Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for 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 governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the govemors are responsible for assessing the charitable company's abilty lo continue a5 a going concern, disclosing, 85 applicable, rnatters related lo going concern and using the going concern basis of accounting unless the govemor5 either intend lo liquidate the Charitable company or lo cease operations. or have no realistic allernalive bul lo do so. Auditorf$ rèspon$ibilitie$ for the audit of the financial ststgmgnts Icontinuedl Our objectives are to obtain reasonable assurance about whether the financial statetnents as a whol8 aré frèè from matèrial misstatemént, whether dua to fraud or érror, and to issua an auditor's report that includes our opinion. Reasonable •ssur8nce is a high level of assurance, but is not a guarantéè that an audit ¢onductèd in aeeordan¢e with ISAS IUKI will always dete¢t a material misstattrment when it exists. Misstatemtrnts ¢an aristr from fraud or error and ar& ¢onsidered material il, individually or in aggregate, they ￿Ul￿ reasonably be expected to influen¢e the economic decisions (rf users taken on the basis of these financial statements. Pagel 10 Docusign Envelope ID. 3B24131 F.FE8&873F425A.706FF7BA7689 Palmers Green High School Limited INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2025 AUdit0￿S responsibilities for the audit of the financial ststements Icontinuedl Irregularities, including fraud, are instances of nonlicies used and the reasonableness of accounting estimates and related disclosures made by the governors. Pagel 11 Docusign Envelope ID. 3B24131 F.FE8&873F425A.706FF7BA7689 Palmers Green High School Limited INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2025 Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud leontinuèdl Conclude on the appropriateness of the govemors, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubl on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as going concern. Evaluated the overall presentation, structure and content of the financial statements, including the disclosLJres, and whether the financial statements represent the undedwng transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identfy during our audit. Use of our report This report is made solely to the charitable comp8nYs members, as a body, in accordan¢8 with Chapter 3 of Part 16 of the Cotnpani85 Act 2006. Our audit work has been undertaken so that we tnight state to the company's members those matters we are required to stste to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not a￿ept or assume responsibility 10 8ny paty other than the charitsble wmpany and charitable company's members as 8 body. for our audit work, for this report, or for the opinions we have formed. Jonathan Aikens (Senior Statutory Auditor) for and on behalf of Mwre Kingston Smith LLP, Statutory Auditor Dale.. 29 April 2026 Pagel 12 Docusign Envelope ID. 3B24131 F.FE85.873F425A.706FF7BA7689 Palmers Green High School Limited STATEMENT OF FINANCIAL ACMWMES (including the incorne and expenditure staternpntl ar nd 1 J 202 Unreslricledl Designaied tur￿$ Trtal 25 Total 2024 INCOME Income frorn charitable actwibp8 scho￿ fees other educational In￿me Inc(*ne from InvegtsnÈnts 3.448.050 146,183 3N46,050 146,183 3,952,468 120,142 sU￿￿tting$ Invéstmènts Investment In￿rne DonaUons & L•gAclBS Donthns 81,959 81,959 75,882 38,919 38,919 38,472 21,480 21NSO Total income EXPENDITURE Ralsln Funds 19,802 768 19,802 21,877 1,967 Interest and otherwsts Charitable *ctivitip8 Edu(xknn 4,147.359 4,147,359 4.038.712 Total •xpondituro 4,167,929 4,167,929 4,062.556 Net owratlng Incomellexpendlfvre} 1433,3581 1433,3581 125.619 Other recognlsed galns and losses Reajised and unrealised Ilossllgain on investments 389.582 389,682 142.318 Not lncorn4ll•x￿ndknr&1 143.T161 143,7761 287.937 Transfer beiween funds Netmovement In funds 143.7161 143,7711 267.937 Tola funds LKoughl foThvard 7.625.617 7,621617 7.357.680 Tola funds carried fO￿¥￿d 7.581 841 All èmwnts derlve from Continui￿ The chaTitable company has no recognised gains or Iws olhertran the nel incomeforlheyear. The accofflpanying notes foTm partof these financial slalemenls. All Income & expenditure in 2024 & 2025was unrestriGkd. Page | 13 Docusign Envelopè ID 3B2413lF￿E8￿873F￿25A.706FF7BA78Bg Palmers Green High School Limited BAL4NCE SHEET 5 ai 31 2025 Nole5 2025 24 FIXED ASSETS TangiNe asse15 InvèstynÈnts 2,801N74 2,467,263 3948170 12 6,919N20 6,415,433 CURRENT ASSETS Debtor5 Cash al bank In haTh 13 285,295 83.243 489455 1.473,150 2,572,699 CREDThORS" AmDunls falling dw withiD Qne yEar 14 1810.7281 {1.362.515) NET CURRENT ASSETS 21 TOTAL ASSETS LESS CURRENT LNBirrEs 7,581,841 7.825,817 NET ASSETS .625.011 FUNDS unrests￿8d Gener￿ hjnd Designated fu RevalualKn reseNe 15 15 15 4510,868 2.601,472 469.501 4.971,157 2.467,262 187,198 281412026 Approved and authoTised tor Issue by IhE Board of GDvernoTs ... S¥nedby. and ￿pned ￿ I￿r bthaw ty. rt￿[￿4L (th"s 144%.. Ch8irof th* 808rd of Go¥emNs Theaccofflp3nying notes fom partd these Iinanaal statements. Company Numbei". 0537727 P8g& | 14 Docusign Envelope ID. 3B24131 F.FE85.873F425A.706FF7BA7689 Palmers Green High School Limited CASHFLOW STATEMENT for the e$r pnded 31 Ju CASH FLOWSTATEMENT N(*es 2Q26 2024 No¢g$h inflow trom oper8lln9 8¢thvlties ¢a6h flows trom investing activities.. Bank Inlere$l re¢ewe 38,919 38,472 11.9671 21.836 Proceeds from sale ol Inveslments Capital goods r￿ease SchE￿ne Paymertts 10 8¢quire Ilmed 8s*ts Paytnents to acquire inveslmeTrts 76S,979 34,789 1344,213} (741,2751 Netcash ouffiu4V from Investing actrvibe5 11,276,70n 661,137 InLYeasetldecreasel In Gash Cash and ¢a$h equiv¥l$nts ai th beginning of the reporting penod {1,276,7071 061,137 Cash and ￿$h equwalents al Ihe end of the reporbng penod cash cash e9uivalentS'. Cash at bank ¥nd In hand Cash held as part ol investment portNK> 1,207,854 7,OB6 2,4B9,455 2.185 Page115 Docusign Envelope ID. 3B24131 F.FE85.873F425A.706FF7BA7689 Palmers Green High School Limited ACCOUNTING POLICIES ear ended 31 Ju ACCOUNTING POLICIES Palmers Green High School knmited Is a company Ilmlted by guarantee reglstsred number 0537727. incow£l&l And domiclled In England 2nd W£les. Its regi$t¥r8d offi¢e is Palmtrs Gr*6n High Sch￿. 104 Hoppets Road, Wnthm¢r* Hill, London, N21 3U. 1.1 ACCOUNTING CONVENllON The finanGi81 slatstnents have bepn prppared in xcDrdanre wrth the Finan￿al Reporbng Stsndard applicabb in the UK and Republic of Idand IFRS 1021. The Chant3ble Cotnpany Is a public benefit entity for the putPDses of FRS 102 and knerefore Gharity also prepared Ils financi?1 stslemenls In accordance wrfh the Slalemenl of Recommended Practice ap￿ica￿e to charities preparing Ihar accounts In accordance wlh the Financial Rewrting Standard appliGaLle In the UK and ReputAicof Irdand (The FRS 102 Charities SORPI, the Companies Act 2008 and the Chanties Act 2011. The financial stalernents are pre￿red In sterling, wh￿h is the funclonal currency Df the CoM￿ny. Monetary amDUnts In these finanual stalernents are rounded tolhp np?rest pDund. The financial sta￿ments have been ple￿red on the hislDrical cost convention, modifled by the recognition of certaln Inveslmenls. Investments prOpe￿eS. and financial asseis and liabilllies meBSured aifalr value. The prInthp￿ 2CcoUnti￿ wlicies2re set out beknw. 1.2 GOING CONCERN The Govemors ol P£lmers G￿eTh Hl9h SchocA Llmlled IPGHSI c0nslde￿d thal, In wew ol the CDnllnulng f£ll In pupll number3 81 Ihe sthod. Il was doubttul th81 It wvuld ¢onlinue to linanci$lly viawe bttyond thtr Cyr￿Thi $¢hwl year $nd Intici￿ted Ih$t the sdiool would need to be ¢b¥ed. A¢¢orfinyty, they dptermined th$1 the mo3t effethve way to further the tharit8ble obieds 01 P¢HS would be to tr3n$fer the entir&ty of its a339￿ an¢ und&rlaking to St Alban's Educ¥tion Group ISTAECI. PCHS thus agreed lo convey, Iransler, assign andlor deliver las appropriatel the Assets with effect from the 4th Marth 2026 wikn lull tiue guarantee to STAEG and STAEG did trom Ihe Transfer Date a¢wuire and take over the Business. together with such righ15. tille and interests which PGHS may have In the Assets After car￿Ul ¢on$idtrali¢n of ¥ll availabl$ optiws, the Govtrning Body ¢￿￿U￿￿￿ that there w$$ no re81i$ti¢ pro$p8¢t of tho S¢hocI r6bJming lo a $ustain$tyl¥ financial position. As a resum, ihe d￿lSIon has been taken lo cease operations. In wew of this, the ooveinor3 consider Il appropriate kn prepare the accounts on a basis other than th81 of a going coll￿rn. The adoption of a of preparalion other Ih¥n ¥ yoiny ¢tyn¢sm has noi had an Imp¥rt on th8 re¢ognition and m$asur¥nwit of in¢om6. *x*nditur*, $￿1$ and li$bililie$. No provision$ have b$¢n recognised In Ihesefinancial staternenls as a result ol the (*anging Df the ba￿S of preparatson fromlhalof a going CD￿￿[￿. 1.3 FEESAND SIMILAR INCOME Fees receivaLle and charges fDr setvices and use of premises are accouDtsd for In the peTKwJ In whKh the service is provid&. Fees re￿1vable are stated after deductin9 allowan￿5. scholarships and other remissions granted by the school from Ils unre511icted funds. 1.4 DONATIONS AND GRANTS Donations received for Ihe general purpDses of the sch￿1 are induded as unrestricted lunds. Donations reslncted by Ihe wishes of the donor or the te￿nS of an appeal are taken lo restrict￿ funds Imeome from 9overnmenl or other 9ranls Is recognised 4vhen the charity has entiuemenl lo the lund5 any perforrnance conditions 3tt8ched lo the gr8nl have been met, Il IS probable the ineome wll be rettived and the aM￿niCarn be rella￿AY measured. 1.5 EXPENDinJRE Expenditure Is 2CCOUnted for on an accA￿lS ba￿S and recognised when there Is a conslruclive or legal obli9alion lo for expenditure Certain expenditure i4 apportioned to cost thgories based on Ihe esbtnated atnount altribthablelo Ihal xtwity In the year. These esbtnales are bas8d on slaft btne oron floor area as appropDate. Covemance costs c(￿p￿se the costs of Tunning kne sch￿1. jndudiw 8tratsg￿ ￿anning its fu￿re developtnenl, extetDal audit. and all other costs of {￿MplYing with ￿n$￿tUtional and statutory requirernents. 1.6 FIXED ASSETS Tangible fixed assets are initially Measur￿ al cost and subsequently measured atC051 or valuation nel ol depreciation and any Impaimient knsse Depretsabon 1$ provided on the origin¥l ¢ost of all tsngl￿e fixed 8$set8. at r8tes ¢alwlated to write off the Costs less e$iimaied ￿81￿U•L v¥lue of e8¢h 8$set over Ilsexpected useful life as- 2% per 2nnum 10% per 2nnum 10% persnnum 33.33¥Tr per8nnum 25Yth per annum Freehold Improvements Furfti￿￿ and equipmÈnt ¢omput8r 4uipment Molorvehides 1.7 INVESTMENT PROPERnES Investmttnt propety. whi¢h i¥ property eam ￿nt￿$ andlor for ca￿￿81 appretiabon, is measured using the fair value mcNJel 8nd stated at it$ 18if v81ue *¥ the reporting eDd date. The surplus or defjcrf on revaluabon Is recogni8ed in general reseTves. 1.8 INVESTMENTS Listed inve51ments are included in the a(Lounts al their market walue. Investment properties have been revalued lo their deemed matket value based on a prolessiDnal valuation by a governor of the schMI. 1.9 CASH AND CASH EQUIVALENTS Cash and cash equivalents Include cash In hand. depoBils held al call wlh banks, other short-lerm liquid Investments with onginal malurilies of three tnonlhs or le55 and bank overdratts. Bank overdrafts are shown within borr(yMng5 in current I￿￿litIeS. 1.10 FINANCIALINSTRUMENTS The ￿ThpanY has elected to ap￿Y the provisions of Section 11 'Basic Financial Instruments, and sedi(￿ 12 '(Xher Finanoal Instruments Issues. ol FRS 102 to all of its finan￿al Instruments Financial instrtsmenls are recronised In the charitable company's balar￿ Sheet when the charita￿e company becomes party to the conlraclual provisions ol the 84SICFIIWAN(TAL ASSE15 Basic finanual assets. include trade and other receivatAes and cash and bank balantts. are Inibally rneasured al transaction pritt Induding iransaction ¢o$t¥ and subsequpndy ¢atn¥d ai amor￿sed ¢o$t u$ing the tffe¢bve int¥r*$t ￿th01 unless thè atrartg8m*nt ¢onstiiui*$ 8 lin8ntyng tr$n$a¢bon, where thè transaction Is tneasured al the present value of the fvlure r&￿elp￿ discountsd ata market rate of Interest. Pagg | 16 Docusign Envelope ID. 3B24131 F.FE85.873F425A.706FF7BA7689 Palmers Green High School Limited ACCOUNTING POLICIES forlhe ear ended 31 Jul 2025 orHER FINANCIAL A55Ef5 Other financial assets, Ind￿l￿g Investments In equity InslrumeDts which are not subsidianes, assiKiates or joiDI veniures, are Initially rneasured al fair value, which Is t￿rMallY the transaction price. Such assets are subsequently catned al fair value and the changes In fair value S￿ recwnised profil or loss. except that Investments In equity Instruments Ihai£re not publicly traded and whDse lair values cannot be measured rdiably a￿ measured ateosl less Impairmenl Trade debtors, loans and otheT re￿1Vable5 that have fixed or determinable payments Ihal are not quoted In an active market are dassffied as 'loans and receivables,. Ln oftangible fixed assets 182.672 167.887 11 TANGIBLE FIXED ASSETS Fumrture F￿eh￿d Freehold Propty lrnprovements Motor Ewipmenl Equiwent Tot31 Cost Al 1 August 2024 Additions Dl$ptysal$ 3,429.046 1.382.322 321.394 116.7YBI 455,498 18.9 15,4341 392,500 3.883 112,557) 35.842 5.695.20B 344,213 134,7891 Al 31 July ￿25 3429 046 1 686 91B 383 826 Depreu8bon. Al 1 August 2024 Charge foT year DIspDsals 1,752.144 68.581 746.272 80.757 390.476 7.887 303,212 45,467 15,7841 35.842 3.227.946 182,872 17N58} Al S1 July 2025 1,820.725 805.896 397,802 342,895 35.842 3A)3,16D Nel book value. Al 31 July 2025 Al 1 August 2024 12 INVESTMENTS sled Investmen Propety 2125 2024 Valuation At 1 August 2024 AddilioThs Disposals Realis& gainllk>ssI on Investments Gainl Ilossl on Investrnen IDe¢rea$ellin¢¢ase in ¢s$h 1,480,469 2,487,897 3,948,167 3,828.8a4 741,275 17eS.9791 741,275 1769.9791 121,B3el 107,279 4.901 282,303 389,582 4,901 142.318 Valuabon At 31 Juty 202$ UK equity Inlemational equity Èonds Propety Cash 1.540 859 1,540,859 1770,000 7,086 1,455,284 2,487,696 2,185 2,770,WO 7.086 Investments representing more than 5% of hO￿l￿g-. 25 va C8￿1$1 GLB Wph¥ FD XA¢t GBP NEW CAP GLBL BALANCED FD GBP X ACC 5.489 4.860 766.392 4.468 HiS￿rIc81 Cost Property Other investments >)20 1,436,467 2,189,588 Investment property has not been formally revalued 51nce the year ended 31 July 2017 and the valuatson forthe year ended 31 Juty 2025 Is based on an Informal professional valuabon. Page | 21 Docusign Envelope ID. 3B24131 F.FE85.873F425A.706FF7BA7689 Palmers Green High School Limited NOTES TO THE FINANCIAL STATEMENTS ear ended 31 Jul 2025 IJ DEBTORS 2425 2024 Fee$ extras Less provisIDn lor doubtrul debts Other deblo P￿psymeThts and 8¢¢ruea Inwme 229,872 16,7961 32.728 41,106 50.015 265,295 B3,243 14 CRED￿oRs Atnounls falling duewilhin oDe year. 2025 2024 Trade c¥editor5 Taxation and soual security costs Fee Deposits Fees In £dv£nce Other creditor5 and acuua 304,012 213,660 IS8,400 51,gn 82,579 52.542 49.028 184.500 908.172 168.273 Defetr* Incorne 2025 24 Brought fI￿ard Released in ￿¥r R￿Ved ITr year J8,172 39.741 S1,977 908.172 Carried foward Defe￿￿ income ￿￿te5 to schools fees re￿1Ve￿ in advame for ihe following lerrn academic year. Page122 Docusign Envelope ID. 3B24131 F.FE85.873F425A.706FF7BA7689 Palmers Green High School Limited NOTES TO THE FINANCIAL STATEMENTS ear ended 31 Jul 2025 15 STATEMENT OF FUNDS Tran$ter 8ehveen Funds At 1 A￿U$l 2024 Al 31 July 2025 Expendrture 0￿8se&l Unreslncted funds General ￿$efve 4.571,157 J.734.571 13,985,25n (316,8821 107,279 4,510,868 Designated fund. Design*ed ¥$s*llund 2.467 2f2 1182,671 316.882 2.601.472 TO1￿ designated 2,467,262 1182,6721 316.È82 2,601,472 Rev81uthon reserve 187,198 282,303 469,501 Total fvnds 7,625,617 3,7Y.571 14,167,929) 389,582 7,581,841 At l Augu$t 2023 Transf4r Galnsl 110s5esl At31 July 2024 Income Expendtture Funds Unreslncted funds.- General re$erve 5,072.152 4.188.175 13,894,569) 1538,8191 142,318 4,971,157 DesigDatsd tund Design*ed assellund 2,U98.33 1167,884 536.619 2.487.282 Total de51gnated 2.098,330 536.819 2.467.262 R0V8luation r*servt 187.198 Total fvnds 7.357.680 4.188.175 14.062.556) 142.318 7.825.617 Tre deslgn8tedfyndryesentstheunwAcredel8nenrorfhe netbook waltse oftsnglweffxedassets Tre ovaltsavon funLvyresentsthemow￿tIfj v•Juefforfhe in￿lment￿rOwty 7herestnctedfundrepre5￿tsd0￿0fvQ￿ tow&rd5a7uiyyient. Tre tr3nslerreprwtsthe ￿$￿tta￿a$se￿oI8th8￿e￿￿rfÈ￿rhe1rreQrfcVQn Inb@ngpuroWed be1ngtr8nsffe￿t0dewts Pag8 | 23 Docusign Envelope ID. 3B24131 F.FE85.873F425A.706FF7BA7689 Palmers Green High School Limited NOTES TO THE FINANCIAL STATEMENTS ear ended 31 Jul 2025 1$ ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrests￿te funds Revaluation reseNe 2025 Totsl Tangible fixed asse Investments 2,601,474 3,848,445 1,473.150 2.601.474 4,317,946 1,473,150 469,501 Tot¥1 nel as88ts Unreslrlcied fijnds Revaluthn reseNe 2024 Total Tangible fixed assets Inveslnknts 2.487.283 3.780.972 2.572.696 2.487.28ts 3.948.170 2.572.699 Tot￿ nel 3saet3 7488419 7 625 617 17 COMMITMENTS UNDER OPERATING LEASES Al 31 July 2025, the company had outstanding commthenls fi￿ future minirnum lease Pay￿15 under ￿D￿￿an￿1ab1e operating ￿a￿e&. whith fall due as foUows. 2ty25 Office equipmerrt 2024 equipment Dutrwithin one Due between hyo and fiveyears 1.600 2.377 1.020 18 RELATED PARllES Mr Gary Tidm¥rsh, ¥ trustee during thig year. was a director of Levitt Bernstein Assoc￿leS knmited until 30 Seoember 2024. Invty¢e¥ tot811ing £14,744 were arged from Levitt BernsleiD lolhe SGhool In Iheyear under rewew. 12024. £njll Mr J Piggott, a trustee during the ￿lor year. was a direcknr ol EFG Private Bank Limited. Investments valued ai £1,460.470 were held in 2024 In an Investment portrolio wilh EFG Private Bank Limited. InVes￿￿ertt in¢ome was wtrlved to the value of £220 In thai year and V1.È77 01 man8yement ¢h8rge¥ were paid in the yepr. 19 POST BALANCE SHEET EVENTS Subsequent to the repor￿￿ dale and prior lo the approv31 of these fina￿1￿1 slalements. an aoreement W35 approved lo transler all ol Ihe charity'5 property. assets and activibes lo Sl ￿Jban'S Edu￿tiOn Group ISTAEGI Under the terms of the agreement, the chanty has agreed lo convey transfer, assign 2ndlor deliver It$8ssetswith effertfrom the transfer d*e, 4th of 2026, and STAEG will from th8t date tske tyverthtr s¢hod's bu$ine$s. 20 CAPITALCOWalTMENTS At the year end the S¢hool h?$ Capltal commit￿ntS of £nil12024 enill. 21 NOTES TO THE CASHFLOW STATEMENT Z025 2024 Re¢ontsliation ol opeBbng wultts net ¢a$h Inlth f 9￿rating ¥¢bvilv&s Net movemeni in funds Re¥lised ¥nd unre¥li$ed kn$$llgainl on invèsts￿*Thts Realised gains on sale of fixed assets Dep￿iatIOn 8ank Interest r￿ed Inte¢$t p¥yaWe IntreasdiDe¢re$sel in IlncreasellDecrease In deblors 143,7761 I￿9,582 (7.4621 182.672 (38.9191 788 IS61,7871 1182.052} 287.937 167,889 1,987 B99.712 Page124