2023-08-31-accounts

ra on WILLIAM JONES'S SCHOOLS FOUNDATION Tru8t••s' report and accounts for tha year •nd•d 31 August 2023

WILLIAM JONES'S SCHOOLS FOUNDATION CONTENTS PAGE Legal and administrativ• d•tsils Tru6tees' report Independent audltor8' report 16 Consolidatod •tatement of financial actlvltles 19 Balanc• 8hè&t8 Con8olldated cuh Ilow statement 21 Notes to the aeeounts 23

WILLIAM JONES'S SCHOOLS FOUNDATION LEGAL AND ADMINISTRATIVE DETAILS REGISTERED CHARrrY NUfv18ER $25616 TRUSTEES AND GOVERNORS The William Jones's Schools Foundation I'the Foundation") has I￿0 Corporate trustees: Haberdashers, Monmouth Estates Limited I'HMEL'I, Company number09177858 and Haberdashers. Monmouth Schools Limrted I'HMSL'I, Company numberO9177946. The Haberdashers Company 15 the sole memberofHMEL 2nd HMSL. PRINCIPAL OFFICES Haberda8her8' Monmouth E$tate8 Llmlted and tho Foundatlon Haberdashers, Hall. 18 Wesl Smithfield. London, EC1A 9HQ Haberda8hern' Monmouth Sohool8 Llmltod st Catherine's House. 17 Heffford Street, Monmouth, NP25 3HG OFFICERS OF THE HABERDASHERS, COMPANY Clerk Brigadier H A Watson MBE Director of Finance & Informallon Dlrector of Finance E D Bayley (to 6 October 20231 H V M Sadleir (from 7 October 20231 A Gonzalez Director for Schools and Egtates DIRECTORS OF HABERDASHeRS' MONMOUTH ESTATES LIMITED The Haberdashers, Company Mr Richard Glover, Chairman of the Haberdashers, Company Educatlon Committee DIRECTORS OF HABERDASHERS, MONMOUTH SCHOOLS LIMITED AND SCHOOLS, GOVERNORS Lord Moynlhan {Ch8irman) # Mrs E Ashford Iresigmd 31 Decarnber 20231 Mrs J M Booth Prof R J Carwardine Prof A Davies CounGillor S P Garrati T Haden-scott # A Lock18ppointed 18 February 20231 Dr S Honeywill Ire5ign¢d 7 Febiuary 20241 J A McLaren lappolniod 18 F•bwory 20231 A Mohindru QC NGHManns R P Miners # Mrs H Moriarty Ire8iqnod 31 Oecember 20221 Mrs R F Rose Ireslgn8d 31 Deeembor 2Q221 Mrs L A Russen Ires*ned 31 December 20221 N A J Waters Dr R A Weeks l A de Weymarn # Mrs R Williams appointed by the Haberdashers, Company mernber of the Court of Assistants ol the Haberdashers, Company

WILLIAM JONES'S SCHOOLS FOUNDATION LEGAL AND ADMINISTRATIVE DETAILS CLERK TO THE SCHOOLS, GOVERNORS Mrs C Stansfield THE SCHOOLS Monmouth SGhool for Boys, Almshouse Street, Monmouth, NP25 3XP Monmouth School for Girls, Hereford Road, Monmouth, NP25 5XT Monmouth Prep School, The Grange, Hadnock Road. Monmouth, NP25 3NG Website.. www.h8bsmonmouth.org KEY MANAGEMENT PERSONNEL S H Domian Hesd, Monmouth School for Boys Mrs J Mlles Mr5 R Rees Head. Monmouth School for Girts (until Aprll 2023} Actin9 Head, Monmouth School for Girls (From April 20231 N Shaw Head. Monmouth Prep School Mrs T A Nor9rove Foundation Bursar PRINCIPAL ADVISERS TO THE FOUNDATION Bankèr8 C Hoare & Co, 37 Fleet Street, London, EC4P 4DQ Indopend8nt Audltors Saffery LLP, 71 Queen Victoria Street, London, EC4V 4BE Soll¢ltor8 Stone King LLP, Boundary House, 91 Charterhous8 StTeel, London, EC1M 6HR PRINCIPAL ADVISERS TO THE SCHOOLS Bankers Lloyds Bank plc, 18 Monnow Street, Monmouth, NP25 3XH Auditors Crowe UK LLP, 4th fl¢)or, Sl James House, St James Square, Cheltenham, GL50 3PR Solicitor8 Veale Wasbrough Vizards, Narrow Quay House, Narrow Quay, Brlstol, BS14QA

FOUNDATION TRUSTEES, REPORT The Trustees present the annual report and financial statements of the Foundation for the year ended 31 August 2023. The financial statements have been prepared in ac¢ordance with the accounting policies set out In note 1 of the accounts and Comply with the Charities Act 2011 and 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 IFRS 1021. Legal and administrative information is set out on pages 1 to 2 forms part of this report. The Foundatlon and Corporate Trustees In his will, Wlliam Jones. Liveryman of the Haberdashers, Company, made a bequest to establlsh a free school. at Monmouth and the Foundation was established by lellers patent of King James I dated 19 March 1614, which authorised the founding of a Free Grammar School William Jones's Schools Foundation I'lhe Foundallon") Is now constiluled a5 an unincorporated registered charity, governed by Schemes of the Charity Commission dated 12 November 1987. 21 July 1998, 25 May 2000, 30 April 2009 and 23 November 2009. The Haberdashers, Company was the Trustee of the Foundation and was also the Eslales Govemor until 1 April 2016. On 1 April 2016, the Haberdashers, Company passed a resolution and appointed new companies, klaberdashers, Monmouth Eslales Limited and Haberdasher5' Monmouth Schools Limited, to act as Trustees and Estates Governor and Schools, Govemor respectively, The Haberda5her8' Company The Haberdashers, Company is a Clty Livery Company incorporated by royal charter and is the sole member of Haberdashers. Monmouth Eslales Limited and Haberdasher5' Monmouth Schools Limited. The full name under which the Company is incorporated Is 'The Master and Four Warden5 of the Fraternlty of the Art or Mystery ol Haberdashers in the City of London,. The Company is in the fortunate position of being able lo admit a steady stream of able and committed new members known as Members of th8 Freedom who, when they have gathered experience in their chosen career5, may be selected lo become Members of the Livery and may undergo further rigorous selection procedures to become eligible for duties within the Company. Some wlll be selected lo join a pool of potential school governors from which the Company makes nominations to governing bodies. Haborda•horn' Monmouth Estate8 Llmltod I'HMEL'I HMEL is a company, limited by guarantee, which as the Eslates Governor is the 501e trustee of the land and buildings of the Foundation. The Company's responsibilities, as Trustee, are undertaken by Its Directors. assisted by the Education Committee of the Haberdashers, Company, while activities are managed on a day-to-day basis by the Clerk and Haberdashers, Company staff. Members of the Education Committee are selected by the Haberdashers, Company lo provide a broad range of expertise, particularly in the a￿8¥ of governance and management. The Chairman of the Education Committee is a director of HMEL and, usually, a former chairman of governors of a Haberdashers, Company school or Schools. Members of the Education Committee all have experience as school governors. The Education Committee is advised on financial mallers by the Haberda5hers' Company Finan￿ Committee. Training for members of the Education Committee builds on their previous experience as school govemors and includes an inducllon process for new members, provision of relevant reading material and training days. Neither the Trustee nor any of the Directors receive any remuneration for services performed in their capacity as Trustee or Directors. Haberdaghers, Monmouth Schools Llmltgd I'HMSL") HMSL is a company, limlled by guarantee, which is the SGhools' Governor of the Foundation. The Schools, Governors I'the Governors"I, who are directors of HMSL, play an important strategi¢ role in the life of the Schools and are responslble for determining their aims and overall conduct. The Governors have shaped the overall strategy for the Schools with the Principal, and review and approve the implemenlab'on of the individual strategies, policies and procedures developed by the ExeGulive Team, to ensure the best possible education for present and future pupils. The Governors are also responsible for

FOUNDATION TRUSTEES. REPORT ensuring the proper control of the Schools, finances and compliance with relevarsl regulation, particularty the safeguarding of pupils. Governors give their lime voluntarily, receive no payment and for continuity are generally expected to serve al le8sI four years on the Board. They offer a blend of skills and experience to help guide and direct the Schools, and the Board would nomally include individLJals with experience in business, law, acccunlancy, education, public health or the medical profession, and propety. When selecting replacement governor5, the aim is to relain thi5 balance of professional expertise, as well as making every effort lo ensure that the diversity of the school community is reflected on the Board. Governors are appointed by the bodies listed on page 1. The Chair of Governors 1$ 8 senior Haberdasher nominated by the Company and elected annually by the Governors. The Governors operate across the Haberdasher8' Monmouth Schools but divide responsibility for key areas into smaller executive committee5 covering the individual schools, academic mallers, finance. audit and eslales, pastoral care and governance. The Schools each have a nominated governor {Viee Chairl who plays a valuable supporting role for the respective Head. Nominated Safeguarding Governors have been appointed for each school., they work closely with the Designated Senior Persons I"DSPs'l in each school to ensure that the Board's safeguardlng responsibilities are fulfilled, On joining the Board, all Governors undergo a thorough inrjuotion programme, comprising extensive wrillen material in the form of a briefing pack and at least a day's familiarisalion visit to the Schoo15. Governors also receive regular updates of the Schoo15' literature throughout their tenure and have the opportunity lo attend training sessions on a variety of subjects, either al Haberdash8rs' Hall, or run by external bodi8S 5uGh as the Association of Governing Bodies of Independent Schools I'AGBIS'I. Organls•tlon•l Management The day-lo-day running of the Schools is delegated to the Heads and Foundation Bursar, as key management personnel, who in turn are supported by their Senior Leadership Team. The remuneration of key management personnel is sel by the remuneration SU￿¢0mmIttee, with the pollcy objective of providing appropriate incentives lo encourage enhanced performan¢e and of rewarding them fair5y and responsibly for their individual contributions lo the schools, success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference lo comparisons with other independent schools lo ensure that the Schools remaln sensltlve to the broader issues of pay and employment conditions elsewhere. Delivery of the Foundation's charitable vision and purpose is primarily dependent on the key managemant personnel and staff costs are the largest single element of our charitable expenditure. Trustg95' reBpon8lbllltle6 The Trustees are responsible lor preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom generally accepted Accounting Praclicel. The law applicable to charitie5 in England and Wales requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Foundation and ol the incoming resources and application of the resources of the Foundation for that period. In p￿paring these financial statements the Trustees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charllles SORP IFRS 1021.. make judgements and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial slalemenls., prepare the financial statements on the going concern basi8 unless il Is inappropriate to presume that the Foundation will continue in business.

WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy the financial position of the Foundation and which enable the TNstees to ascertaln its financial position and lo ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Foundation's constitution. The Trustees are also responsible for safeguarding the assets of the Foundation and hence frjr tsking reasonable steps for the prevention and detection of fraud and other irregu18rilies. HMEL is responsible for compliance with these statutory obligations on behalf of the Foundation. Charltable Objgct The object of the Foundation. as set out in the 1998 Scheme. Is "the provision and conduct In or near Monmouth of a day and boarding school for boys and a day and boarding school for girls and a day pre- preparatory school for boys and girls.. The Charity Commission is considering making a change to the Foundation's object lo enable the reslrucluring ol the Schools supported by the Foundation. The Foundatlon will then be able to sUPPOrt a co-educational school, rather than separate girls, and boys, schools. The changed object will be.. "the provision and condu¢l in or near Monmouth of a co-educational day and boarding school and a co- educational day preparatory school.. Further details about the restructuring of the Schools are include under 'Fulure plans, on pages 14-15 of this report. Alm8 and Obj•¢tlvfrs The charitable object is specific. so the primary activity of the Foundallon 1$ to provide and operate the named schools. The aims of the Foundation are as follows.. The Schools are Consliluted as independent schools and share the following mission.. 'To extend th8 educational facilities and opportunities provided to children living in or near Monmouth so as to maximise educational choice and opportunity. Thls is to be done by providing schools of the highest quality for infant, primary and Secondary education on a fee-paying basis, whilst enabling access lo those who could not otherwise afford to attend through the provision of financial support from bursaries and fee remlssion. The Schools welcome joiners from both the Maintained and Indep8ndenl sectors at all stages. These include, but are not limited lo, joiners al age 16+ wishing lo take advantage of the oulstsnding opportunities provided in the Sixth Fomi. children with particular talents or special needs and those who will benefit from a more personalised education. and pupils with the ability lo reach more hallenging levels and benefit from a wider range of choice than would otherwise be available to them. Others are molivaled to join not just for the academic attainments but because they wish to participate in the thriving sport, drama. music and other extracurricular activities. The Schoo15 also seek lo maximise the public benefit provided by them in other ways, such as by sharing facilities with the socal community and through links lo other Schools. 1111 HMEL ha5 adopted the following aims for its own role as Trustee. These also reflect the aims of th? Company's Education Committee.. Vislon To be seen as offering sustsined commllment to excellen¢8 in education through excellence in governance, tru5teeshlp and sponsorship. Mission 8tatement To discharge properly the role of Trustee To provide highest quality governance To develop the influence of the Haberdashers, Company in the field of education To enable the Haberdasher schools lo take an independent view on the students, educational needs To promote common values in Haberdasher Schools.. Attributable to pupils.. Attributable to schools.. Open minded l intellectually curious Aspiralional I stretching

WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Good citizens Culturally diverse Rounded Innovative Co-op8rative Accessible Academic equality tsf opportunity Ethical and humane Exciting Supportive of Christian values The Trustees have taken into account the Charity Commlssion's general guidance on public benefit and more specific guidance for charities whose aims include advancement of eduealion and whose activities involve charging fees, in reviewing aims and objectwes for the Foundation. Rovlew of actlvltles and achlevemonts Haberdashers, Monmouth School I'HMS I has articulated its vision, purpose, phllosophy and value5 as below. Mlsslon statement for Haberdashers, Monmouth School: To provlde a Ilfe-changlng educatlon to young pèople from all backgrounds In • groundgd local communlty creatlng global cltlzens of the future. Our five core values are.. 11 Re8P8Ct- All members of the HMS community are equally valued. We value diversity and prornote a rounded and grounded school Community. 21 Klndn888 We are sensitive lo each otherfs needs and help each other whenever we can. especially those who are different from u5. We recognise that the strength of our community is our greatest asset and that this is Promoted through kindness. 31 Reslllence - We persevere and keep tying even when thlngs don't go our way. We recogni$e that failing is a powerful way lo learn and emboce it. 41 Creativlty - We recognise that all Students benefit from participation in creallve acllvities and are brave enough to embra¢e n8w ways of thinking. 51 Intègrlty- We sland by our moral prlnciples and have the courage lo do th8 right thing, even when il 15 difflcult lo do so. HMS will locus on the quallty of Its toachlng and learnlng and its pastoral care as its foundations. Boarding will continue to be central lo the school, offering the opportunity of an HMS education lo those across the United Kingdom and the world beyond, and creative a diverse and vibrant community. Four central pillars will differentiate our school from competltor schools.. Fashion, Design and Textiles Performing Arts Sport and Outdoor Educallon Sustsinabilily Finally, Haberdashers, Advantage will benefll our whole school Community, giving our pupils a head start into their chosen courses and careers whèn they leave our school. Aeademlc excellenco.. HMS teachers will be passionate about their subjects and leaching and learning. They will be outstanding, inspirational and commilled praclilioner5 with acce5S to training on best practice throughout their careers. Pupils of all ability levels will b8 nurtured, challenged and inspired. Expectations will be high, and pupils will be encouraged lo take advantage of the wide range of opportunities avai18ble for academic enrichment outside the classroom, through intellectual clubs and societies, educational visits and outside speakers on academic and careers-relaled subjects. We will value academic rigour. a traditional school curriculum and a scholarly approach, but creativity and intellectual curiosity will be a5 important. We will foster independence in learning ancl our pupils, confidence to take intellectual risks and ownership of their own leaming. Although academically selective. we will recognise that results in public examinations are not Ihe only measure of the excellence of our edu¢ational provision. Our pupils will become lifelong learners, well prepared for further study and a wide variety of careers.

WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Pastoral care of the highest quality will be al the heart of all our work with HMS PLJpils, recognising that no pupil will fulfil their potential unless they are happy and feel understood, respected and supported. HMS tèachers will know their pupils well and will care deeply about their welfare. All staff have pastoral responsibilities and will be supported in these by an expert team of pastoral leaders. Pastoral support will be sensitive and proactive, so that no pupil in need falls through the nel. We recognise that diverse and inclusive communities are stronger and happier ones and will celebrate achievement of all types. Our pupils will develop resilience through a wide range of school-led experience by stepping out of their comfort zones, HMS pupils will support each other and will develop empathy through service lo others, both within and outside of the HMS community. Sport and Outdoor Educatlon will continue to b8 a central part of school life, whether played compelilivèly at a high level or on 8 more recreational basis lo support fitness and provide enjoyment. We recognise the resilience and tolerance sport engenders in team environments, and the unique relationships il forg&s betsNeen team males and the staff that coach them. Working together is a key skill for success as young people move into adult life, and lifelong physical activity will ensure healthy outcomes. All pupi15 will have the opportunity lo rep￿Sent their school in competitive lixlures and to lake pride in doing so, whatever their abllity. All pupils will experience adventurous activities in the outdoors al various stages in their school career, including through involvement in the Combined Cadet Force andlor the Duke of Edinburgh scheme. Our wonderful local landscapes will be used lo provide opportunities for outdoor adventures, where pupi15 will be pushed beyond thelr comfort zones and beam new skllls and life lessons through outdoor educallon. Portormlng arts.. Opportunities lor pupils In muslc, drama and dance, both for those who are confident, skilled performers and for those who have little experience, wlll foster confidence and pr8s8ntalion Skills. There will be concerts and productions every year, giving opportunitses for pupils from all key stages and abilities the chance lo pertorm in front of an audience. Su8talnablllty: We wi15 educate puplls on sustainability and the 8nvironm8nl through our curriculum 8nd through involving them in volunteering and inilialives to support our local environment. Our position on the River Wye enables us to play an important role in stewarding Ihls most precious of resources Haberdashers, Advantage.. All puplls and staff members will benefit for bein9 members of the wider Haberdashers. family. Our pupi15 will galn access lo mentoring and careers advice through alumni and Haberdashers. Hall. Llnks with other Haberdashers. schools will give our pupils opportunities for competition, ne￿orkIng and increaslng their knowledge of the wider world and possible future careers. Our staff will benefll from ne￿orkIng opportunities, access to professional development and the sharing of good practice wllh colleagues form other Haberdashers. schools. Haberdashers, Advantage will further differentiate HMS from our cornpelilors. HMS will be a community where pupils from all backgrounds feel at home. We will continue to provide generous bursary support, in line with the Christian vision of our founder Wlliam Jones, lo enable young people from families of modest means to benefit from a life-changing education. As a Haberdashers, school we will contribute lo and benefit from the wider Haberdashers, family, offering our pupils Tnenloring and wider educational experiences. HMS pupils will leave our schools as confident. ambitiou5 and empathetr'c young m6n and women. Thg Schooli Each Schctrctrl has a Head responsible for the day-to4ay running of their School. including teaching, pastoral care and co-curricular activities. The Heads, Foundation Bursar and Head of External Relations work together 28 an Executive Committee lo develop and deliver the Schools, strategy, share best practice and ensure an equality of experience across the schools. Our Prep School is fully co-educational for boys and girls aged 3 to 11. Boys and girfs often spend all their school years in the Haberdashers family,, starting in the Nursery or Reception at our Prep School, moving on through the senior schools, before completing their educational journey in our Sixth Form. In October 2022 the Board ol Governors, following a period of consultation, agreed a merger of Monmouth SGhool for Boys and Monmouth School for Girls with the aim of delivering a clear and eompelling co-educational offer to parents and pupils for this and future generations (see pages 14-15 for further delailsl.

WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT On 31 August 2023. the Schools had 1,151 pupils {S8Ptember 2022.. 1.171}. Reeruilment of n8w boarders from overseas remains challenging bul our Admissions Tearns have worked hard lo maintsin relationships with key agents and holiday camps have been available lo boarders unable to return home. Pupil numbers in the Prep School also remain lower than target due to lower numbers of younger children in the local area, spaces being availab18 in local primaries and pressures on family finances. Monmouth Pre School Day and boarding girls and boys thrive and flourish with inspired and engaglng subject-5pecialist leaching delivered aeross siles. Children are motivated to leam with a sense ol fun, enjoyment and excitement, both in and out of the classroom. The School's modern and contemporary leaching spaces encapsulate the very best of a traditional, independent education. Boys and 9irls can also immerse themselves in breadth and range of educational opportunities, trips and expeditions, social and co-curricular events and shared which brought together the pupils and staff of our former co-ed community projeGts. Our co- educational foundation recogni5es talent and nurtures excellence, providing the best possible springboard for our pupils, future and confident step Ltp to our senlor schools. On 31 August 2023, there were 223 childrèn on roll (September 2022.. 218). Senlor Schools Pupils al the senlor Schools benefit from their positive, constructive and inspirlng communities withln which they thrive and flourish. Education is carefully planned lo molivale and challenge all pupils. The academic curricula enable boys and girls to engage in a broad choice of subject5. Pupils also benefit from the invaluable interaction with their sibling school, sharing many trips and expeditions, events and community projects. They also make th8 most of the area's wonderful natural re$our¢e8 and the excellent facilities on offer tor sports, culture and the arts. Monmouth School for Boys was founded in 1614 by Willlam Jone5. a member of the Haberdashers, Company of London, and has been independent since 1973. On 31 August 2023, the school roll was 504, of whom 147 were boarders12022.' 512 of whom 151 were boardersl. Monmouth School for Glrl8 was founded in 1892 and11 has also been independent slnce 1973. On 31 August 2023, 90 of ils 424 pupils were boarders12022. 441, of whom 104 were boarder8). Slxth For Fully co-educatSonal leaching In the Slxlh Fomi was Introduced in September 2018, which enhances the preparation of our students for universlty and IheiT future careers, Sixth Form students at Monmouth School for Boy51164 students on 31 August 20231 and Monmouth School for Girls 1113 $tudenlsl are laught al both sites in Coweducalional classes. This encourages a wider range of views in lessons and allows for more flexible subject combination5. Students also benefit from a wide-ranging enrichrnenl programme including opportunities for vclunleering, drama, sports leadership, academie course5 and life skills. Pastoral care 15 delivered by their 'home' school, with Sixth Formers continuing to act as leaders and role models for younger pupils. The Schools, strategic intentions are underpinned by dedicated and hardworking Staff and 811 the schools locus on encouraging their staff to develop their professional skills during Ihelr period of employment. Results in public examinations are consistently excellent Ilable belowl and the vast majority of students lake up places al their first-choice universities and subsequently go on to make their mark in diverse areas including engineering, medicine, languages, business and the arts. A level 2D23 GCSE 2023 Pass rale A'.B grades 94 grades 9630 Monmouth School for Girls 98.6010 Monmouth School for Boys Monmouth Schools Sixth Fomi (Boys and Girls ctsmbinedl 67.6% 940 63.1°h

WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT The close relab'on5hip be￿een the Schools is apparent in the co-ordination of their objective5 and strategies above, in their own sections of their joint website and in the range of activities available lo both boys and girls, including a truly Combined Cadet Force, joint orchestras and joint trips. Aumni from both Schools also joined together for the annual joint carol service in London which is now regarded as a 'city tradition,. Marketing the Schools Faced with uncertainties around the merger as well as those around the possibility of VAT on school fees. a number of steps have been taken to try and reduce attrition in Year 11 as well as promote the strengths of the School to try and miligale these uncertainties and attract new students. This has involved creating marketing strategy virtuaSly from scratch and, from that. creating a narrative from which marketing messages can emerge. Several targeted social media campaigns have been run, speGifiGally focused on competitor geographical 'cluslers' as well as some strategically placed print ads and advertorials based around the vision and the four pillar strengths. Marketing has supported outreach events held on campus, with literature and branding, and successes have been publi¢ised through the website and local media. There is concern that the S¢hool ig not attracting the numbers that il used lo, despite good numbers attending Open Days, The Admissions process is being reviewed, the website overhauled lo make il more engaging and u5er-friendly for visitors. and an overseas 51rategy is being created that enables the School lo build strong brand recognition overseas. Overseas trips have been undertaken to Hong Kong, Shanghai, Nigeria, Saudi Arabla and Japan and the success of these will be monitor8d In preparation for plannlng for next year. Afflllatlons and In•pectlon8 Haberdashers, Monmouth Schools are affiliated lo HMC (The Headmasters, and HeadmSslresses' Conference),. Monmouth School for Girls is affiliated lo GSA (The Girls, School Associallonl,, and Monmouth Prep School is affiliated to IAPS (The Incorporated Association of Preparatory Schools}. The Board of Governors is a member ol AGBIS. The Schools follow many of the guidelines and policies set by the abov8 organisalions, although these will sometimes be adapted to suit the schools, particular need5 when they are wrillen into the schools, own procedures. Stsndards sel by other bodies operaling in the independent sector are also relevant, lor example the ISC Ilndependenl Schools Council). The Schoo15 follow the rules accepted in the sector on Selling dales for entrance exams Iso as not to gain unfair advantage over other schools) and on fee debt (not accepting a pupil who has oulstsnding debt al another school). The Schools were last Inspected in full by Estyn Ilhe Welsh Schools, In5P8cloratel In 2023 (Monmouth Boys'l and 2015 (Monmouth Girls'l. The Schools won the highest praise possible from Eslyn in th6 2014 and 2015 inspections, being awarded the "excellent rating across the board under the inspection framework introduced in 2010. The 2023 inspection of Monmouth Boys, was under a different framework and does not carry single word judgements. Estyn identifièd examples of seclor-leading best practice al both Schools which are cited on their website. All the reports, of which the Schools are rightly proud, are available on thè Estyn website. Boarding facilitie5 are subject to inspection by the Care Inspectorate for Wales. Monmouth S¢hool for Boys boarding was last inspected in June 2019 and Monmouth School for Girls in FebruarylMar¢h 2016. Both received p051tive reports, which are available on the Care Inspectorate for Wales, website. All the schools have active Friends, Associations, which are run by parents on a voluntary basis, organising social and fundraising events. The Schools benefit greatly from the commitment, enthusiasm and gifts provided by these associations as well as the considerable generosity and sUPPQrt of former pupils. Publlc Benefit Since the William Jones's Schools Foundation and Monmouth School were established over400 years ago in 1614, the Schools have been deeply committed to serving the local community, prlmarily Ihrovgh the provision of education, in accordance with the wishes of their founder. In addition, by providing affordable boarding facilities. they extend the facilities of the Schools to children from further afield who might not otherwise have access lo suGh an education. The confidence, balance and achievements of pupils and fomer pupils as student5, CItEens and members of the wider communty provide ample evidence of the

WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT direct benefit to be gained from tsme spent at the Schools. The Schools also recognise their furth&r responsibilities as charitable institutions, as summarised below. Throughout 2022123, the Schools continued their educational partnerships, outreach and community service. Fee Support A core part of the ethos of the William Jones's Schools Foundation has been, and will continue to be, to provide an education for those whts could not otherwise afford the fees. The Schools also assist needy families in securing funding from other educational trusts for individual pupils who could not otherwise be at the schools. The Govemors are committed lo sustainlng this level of awards as a proportion of school fees over the coming years. Bursariès In 2022123 the value of means tested bursaries (including Assisted Places) lotalled £2.044,277 12021122.. £1,756,114) and represented 8.70/0 of gross fees 17.6Vo in 20211221. The bursaries assisted 268 of our pupils Ic.23'/0 of pupils) of which 25 pupils12021122.' 321 benefilled from a full remission of fees. A number of families required temporary help due to financial difficulties. A proportion of thi5 help came from a hardship fund established for thls p4Jrpose. Scholarshl $ In addition, the Schools awarded scholarshlps lo 197 pup11$, based on their academic, sporting or creative ability and potential, lotalling £445,58312022.' £448.0321 and representsng 1.9'/0 of gross fees. Of this number, many a150 quallfied for means-lesled bursary support and are included in the figures relating to bursary awards. Educatlonal p•rtnershlp• The S¢hool$ sustain relationships and undertake joint activities with maintained local schools. Examples of such partnership5 In 2022123 include., Monmouth School for Boys. Monmouth School for Girls and Monmouth Comprehensive School host talks by visiting speakers every term to which pupils form all three 8choo15 are invited. The senior Schools invite pupils from local slatè schools to allend MMI Imulliple mini-inlerviewl as preparation for interview for Oxbridge and medicalldenlallvel school. Year 12 pupils volunteer al Osba51on Junior School each Wednesday afternoon, helping More Able and Talented pupils in Year 6 with English and Maths. Others assist pupils with reading in other local primary schools. Our Year 10 and 11 boys volunleor local charity shops and with 5POrts coaching in our Prep School and in local primary schools We help organise and provlde the venue for Monmouth's Gol Talent, invofving pupils from Monmouth Comprehensive School and our senior pupils run Junior Monmoulh's Got Talen( involving local primary schools. We allow local primary schoo15 to use our facilits'es. Including the Blake Theatre and our swimming pools, free of charge and where possible offer minibus transport to and from thelr schools to access these. Outroach Actlvltles The S¢hools offer a wide variety of outreach acllvilies throughout the year. Examples of activities run In 2022123 include.. Monmouth Science Initiatlve supports A level sclentists from both of the Monmouth Schools and pupils from local comprehensives. and engages them in STEM activities stretching beyond the confines Df the exam syllabi. 'MSI-ers' have studied wide-ranging topics including astrophysics, robotics. DNA and forensics. Recognised as sector leading practice, this exciting ventvre is run by HMS staff, supported by Cardiff University and uses the facilities of the Haberdashers, Schools. Monmouth School Boys. Prep hosts an annual science fair lo promote innovation and presentation skills amongst Year 6 pupils. Local primary Schools submit teams and use this to extend project work within their school curricula. 10

WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Over 1,000 pupils from local state primary schools are hosted in the Blake Theatre for excibng Science workshops which a￿ tled in with the KS2 curriculum. (Iv) Communlty SeNlce and Partnorshlps Pupils are involved in a wide variety of communty servl¢e activities, in many cases as part ofl the Schools, DLJke of Edinburgh Awards programme. Examples include.. volunteering In charity shops. befriending the elderly and lonely at the local 'Bridges' cenlre, helping at Brownie$ and Scouts. working on allolmenls and assisting with coaching al local 5POrts clubs. Pupils collect food in our schools for the Raven House Trust foodbank in Newport, South Wales, and visit the foodbank during service module afternoons lo a55151 in the labelling and sorting of donated food as well as the assembly of food parcels. Pupils have helped transfer and sel up equipment and 5upplles be￿een the local churches participating in a night shelter scheme for rough sleepers. Pupils record a n8wspaper for the blind every week. The schools support and provide facilities for annual town events such as the Remembrance seNlce, Monmouth Mayor's Charity Concert, lantern parade and charity raft race. Our school Chaplain delivers assemblles at Osbaslon Primary School and offers religlous tutoring to pupils of primary schools in town. Monmouth Astronomical Research Society IMARSI is a joint venture b8tsvéen pupils at Monmouth School for Boys and members of the public drawn from a radius of 30 miles. The society membership is from 10 10 80 years of age and includes amateur astronomers, professiona15 and students. Monthly meetings involve lectures from experts, practical activities and observation work. A group of sixth form students regularly volunteer at a local dementia care home. Monmouth Boy5', Monmouth Girls, and Monmouth Comprehensive School host Blood Donation sessions, al which pupils, staff, parents and members of the publlc can donate. Monmouth Girls, hosts CRY (Cardiac Risk in the Young) screening sessions. Fundraising events for local charities, e.g, Swim for Tom for Cancer Research Wales. Several members of academic staff seNe as governors at local primary schools or at other Haberdashers, schools, Communlty Access The Schools, facilities are well p18ced in Monmouth and are made available for a large number of community aclivilies, including sports clubs, drama and music groups, and holiday activity programmes for local Ghildren. The sport$ facilllies are used extensively by local primary schools and sports clubs each week. The performin9 Arts Centre and theatres are used regularly by amateur dramatics groups and musicians. Monmouth Pre-Prep and Nursery car parks are made available to church users for weekend functlDn5 and for visitors lo other local events such as Ihe Monmoulhshire Show and We Swim. Regular events in 2022123 included.. Monmouth Schools Pre-Prep and Nursery hosts a fortnightly baby group which is open to loGal families and includes soft play, activities and snacks. The VVRU Exiles programme use Monmouth School for Boys pavllion and sports fields for rugby training, The school has also hosted junior county cricket matches and a Welsh match during the summer. The schools regvlariy host the regional heals of school competit1ons and quizzes attended by local independent and rnaintained seelor schools. The theatre al MG is regularly used by local theatre companies to stage their production5 Monmouthshire County Council makes use of the Conference Room al Monmulh School for Boys for OCG35ional meetings. Use of the Blake Theatre at Monmouth School for Boys foT public performances. The Glover Music School is used ￿lce weekly by outside community groups for rehearsals.

WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Sub$ldlary company The Foundation has a wholly owned Subsidiary which is committed lo pay all its taxab￿ profits as Gift Aid donations lo Haberdasher5' Monmouth Schools within g months of each year*nd. During the year, Haberdashers. Monmouth Schools Enterprises Limited IHMSELI ran several operations for the benefit of the schools.. ￿0 school shops selling school uniform and sports equipment, the Monmouth Schools Sports Club with gym and swimming facilities open lo the public. the Blake Theatre offering a performing venue for use by both the school and the local community., and several other diverse lettings opportunities. HMSEL produced a profit in the year of £294,00012022.' profil of £83,000}. Connected charities Some pupils and activities al the Schools receive financial 5UPPOrt from the Haberdashers, Foundation IHFI, registered charity number 275067. Support is provided by HF for buTsaries, scholarships and prizes at the schools. In addition. the Foundation partly funded the ¢osl of a member of staff at the Schools. Because the a¢livilies of HF are related to those of the Fovndalion and the Haberd88hers' Company is trustee ol HF. the Foundation and controls HMEL, they are regarded as conn8¢led charllies. Neither HF nor the Foundation subordinates ils interests lo either of the others. The Foundation's investment in the Haberdashers, Charllies Investment Pool (Total R8turnl, a common nveslmenl fund and part of the Haberdashers, Charitles Investment Pool, registered charlty number 1097691, represents 71.280k of the value of the Total Retum Pool 12022.. 72.040A). The Haberdashers. Company is trustee of the Haberdashers, Charities Investment Pool. Invgstment pow8r8, pollcy and perfomi•n¢8 HMEL'S investment powers a￿ set out in Its Articles of Associatlon. Superyi$ion of Investment Managers is exercised by the Securities Committee of the Haberdasherfs Company. HMEL has adopted the total return approach lo investing. Under the total return approach, all investment returns are received into the permanent endowment fund, whether in the form of income or realised or unrealised gains. With full regard to the overriding duty lo maintain a fair balance b@￿een the interests ol current and all future beneficiaries, HMEL then makes transfers out of the accumulated unapplied lotsl return in the endowment fund lo a 'lrusl for application, lo meet grants and other costs formerly paid out of net income. The remaining unapplied total return is retained within the permanent endowment fLsnd. Tmnslers lo the trust for application are guided by a withdrawal rale of 3.5% of inve51ed capital. The base dale for the 10181 return approach was 31 August 1976. atwhich point the v81ue of the endowment was £6,3 Million and the Schoo15 had just become independent, having been formerly diract grant grammar schools. Preservation of real value of the endowment fund Is monitored by indexing the base value lo the greater of the Retail Price Index or an Index of salaries in the service sector, as a proxy for the rate at which costs increase at the Schools. At 31 August 2023 the value of endowment fund invgslrnent assets was £25.8 million more than the indexed base value12022'. £37.4 million moral, with the redu¢b'on in the year being due to a combination of withdrawals and inflation exceeding investment returns. The permanent endowment fund investment is a holding in the Haberdashers, Charities Investment Pool (Total Return), a common investment fund with the Haberdashers, Company as Trustee, The investment objective is lo maximise total return subject lo tolerable levels of volatility. The investments in the Total Return Pool are managed by Partners Capital LLP. Both before and after adoption of the total return approach, stability of distributions lo the Schools has been maintained. Details of the movement on unapplied total return ean be seen at note 8 to the accounts. The Total Return Pool returned -1.3QA in the year ended 31 August 202312022-. 6.3%). The long-lerm total turn objective 1$ 4.50/u above CPIH, which amounted to 10.80k for the year ended 31 August 2023 {2022'. 12

WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Flnancial review The Foundation's consolidated net expenditure for the year before gains and 105ses amounted to £5,670,000 12022.. net expenditu￿ £3,055.0001. Nel 105ses on investments were £1,600,00012a22'. nel gains £6,375,000), primarily ansing within the Haberdashers, Charities Investment Pool (Total Reluml. Consolidated funds decreased by £7,353,000 to £133,957,000 12022.. increased by £3,406,000 10 £141,310,000). Rè8erves The Foundation's total reserves of £133,957,000 at the year-end Ineluded £136,764,000 endowment capital, £1,009.000 unspent reslricled funds ond1£3.816,0001 unrestricted funds. The Schools do not have any free reserves. The Trustees consider thal the level of unapplied total Tetum In the endowment fund lo be sufficient to cover unexpected short-lerm needs for which a reserve might othenfvise be maintsined. Therefore. the Trustees are content for the Schools to maintain no unrestricted general fund reserve. Unro$trlcted Fund8 Fund Fund reprgsents Balancg at 31 August 2023 £'ooo Pension5 reserve The Pensions reserve fund 1$ maintained to provide for the costs of maintaining the Jones Monmouth Schools Pension Scheme Total Schoo18 desl natèd funds To maintain no reserve in these funds, subject lo ade uale cash flow for the schools. normal o erations. This refle¢ls the trustees. best estimate of the delicil on the penslon scheme al 31 August 2023. An actuarial valuation lo meet the requirements of Financial Reporting Standard 102 IFRS 1021 was Carried out by the s¢heme's actuary, Quantum Advisory as al 31 August 2023. This showed that a surplus of £182k compared to a surplus of £374k at 31 August 2022. In line with the Foundation's accounting policy and FRS 102, this surplus 15 not reco nized in the balance sheet. Total Schools funds The running costs of th8 Foundation are mel from this fund. The reserves of th8 fund are periodically replenished via a transfer out of the unapplied total return of the endowment fund. 112 112 Schools, general funds 13,9311 Pension scheme fund Foundation income fund Non•charilable trading funds Nel reserves of trading sub5idiarles at year end Total unrestrlcted funds Fundraising The Trustees take their responsiblllties under the cha￿tieS IProtection and Social Investment) Act 2016 senously and have considered the implications on any fundraising activities. The Foundation does not cary out any fundraising a¢livity to Taise funds from the general public, nor does il work direetly wrth commercial sponsors or engage professional fundraisers. The Trustees are not aware of any complaints made in respeGt of fundraising during the year. 13

WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Rlsk managernent Each year. HMEL and HMSL examine the major risks faced by the Foundation, including those relating lo the Schools. The Governors are responsible for overseeing the identiflcation and management of the risks faced by the Schoo15. Detailed considerations of risk are delegated to the senior managernenl of the Schools. A formal r8view of the Schools, risk management processes is undertaken on an annual basis by the Board and on an interim basis each term by the individual Committees. Risks have been identified and assessed across all areas of the schools. Systems and contro15 have been established lo mitigate the risks. The Proeess is managed through the regular review and updating throughout the year of a very detailed matrix whlch covers the headings of political, legal, economlc, so¢ial. 8nvironmental. technological. governance. opemtional, academic. financial and human resources. The main risks identified by the Trustees, the Schools, management and Governors and the plans to manage those risks are.. Breaches of stslutory r8quiremenls e.g. health & safety. A serious breach of regulations could lead to fines or even closure. This risk is mitigated by having an extensive range of policies, clear job descriptions and regular staff trainSng to help create a safe culture. We also commisslon extemal reviews of our practices, including unannounced visits by our Health & S8fety advisers. Loss of reputslion. The Schools, succes5 is built on their reputation for the education and well- belng of our pupils. We manage this risk through safeguarding policies, staff recruitment policies, pastoral support lor both pupi15 and staff and active identification and earty inlerventlon when problems are identified. Financial. Our ability lo continue is reliant on malntsining pupil numbers and fee income which enables us to pay salari88 and bills as they fall due. This risk 15 managed by marketing a¢tivity, having a repulalion for educational excellence and active cash-flow management. Systems failure. The Schools are operationally dependent on their ¢ompuler ne￿Orks. Good systems, ne￿Ork documentation and robust ba¢k up procedures a￿ in place. Disaster recovery is Practised regularly and Iirewalls are tested monthly by an external company. Key controls applied by Ihe Foundation includ8'. An eslablish8d organSsational structure with clear lines of reporting and Indivldu81 job descriptions for all staff. Terms of reference for the Board of Governors and Its executive commlttees. Regular training for governors and staff. Robust vetting procedure5 and $81er recruitment of stsff to protect the vulnerable. Comprehensive strategic planning, budgeting and management reporting. Regular rnoniloring of financial, inveslmenl and professional pertormance. Formal written policies and a financial procedures manual whi¢h are reviewed regularly. Annual exlemal audits of the Schools, finances and health & safety procedures. Regular external reviews of our safeguarding policy and procedures. Through the risk management processes and controls established for the Schools, the Trustees are satisfied that the major risks identified have been adequately mitigated where neoessary. It is re¢ognised that systems can provide reasonabl6 but not absolute assurance that major risks have been adequately managed. Futurg plans The Govemors of the Haberda5hers' Monmouth Schools review the overall strategy and objectives of the Schools on a regular basis. During the year ended 31 August 2022 the Governors gave consideration lo the future strategy for the schools. In October 2D22, having consulted with stakeholders. including staff, pupils, parents ond Haberdashers. the Govemors made the decision to move ahead with the merger of Monmouth School for Boys and Monmouth School for Girls from September 2024, to create one school based on two siles, with the aiTn of delivering a clear and compelling co-educational offer to parents and pupils for this and future genera￿OnS. This project has been named Project Alpha. 14

WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Becoming fully co.educational will mean that from September 2024.. Prep and Pre-prep will be based on the east side of the current Monmouth School for Gid$ site on the Hereford Road. Year5 7. 8, 9, 10 and 11 will become fully co-edu¢ational, and will be based on the current Monmouth School for Boys sile on Almshouse Street. Years 12 and 13 boys and girts, will be based on the west side of th8 Monmouth School for Girls site on the Hereford Road. The Governors sought financi81 support for substantial capital investment on the School Estate from the Trustees of the William Jones's Schools Foundation and this was granted. The Governors intend lo uphold their current strategy of maintaining the Schools, position in a competltive market by continuing to provide an outstanding education for the pupils at an affordable price. Our bursary and scholarship awards are essential in widening acces5 to the education the Schools provide and the Governors are committed to sustaining the current level ol awards as a proportion of school fees over the coming years. Finally. the Schools recognise their position in the town of Monmouth and surrounding areas and Intend to conllnue with an extensive range of outreach activities to local primary schools and the local community, as well as further extending our collaboration with Monmouth Comprehensive School and West Monmouth School in Ponlypool Iwhich was founded in 1898 by the Haberdashers, Company in line with William Jones's wishe51 wher8 we offer scholarships to talented students into our Sixth Fomi. Golng concern The Trustees have reviewed tha Foundation's financial position Including specific conslderalion of fvture plan8 (Project Alpha), the rlsks arising from a potential change of UK government and the prospect of VAT being added lo school fees. Having Completed this review, the Trustees are satisfied Ihatthere are sufficient resources lo manage the identified operational and financial risks. They have a reasonable expectation that the or9anisation has adequate resources lo continue operating for at least 12 months from the date ol approval of th6 accounts. Therefore, the Truste8s continue to adopt the going concern basis of accounting in preparing the annual report and accounts, For and on behalf of the Trustees Rupert Elliott Master of the Haberdashers, Company ICorpor8te Director of Haberdashers, MonnTr)ulh Estates Limited) 15

WILLIAM JONES'S SCHOOLS FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES Opinion We have audited the financial slalements of William Jones's Schools Foundation {Ihe 'parenl charity'l and its subsidiaries (the 'group'l for the year ended 31 August 2023 which eomprise the consolidated statement of financial aclivilies, the consolidated and charity balance sheets, the consolidated cash flow statement and notes to the financial statements, including significant aeeounling policie5. The fi'nancial reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted AGGounting Practice). In our opinion the financial slalemenls.. give a true and fair view of the state of the group and parent charity's affairs as at 31 August 2023 and of the group's and the parent charity's incoming resources and application of resources for the year then ended., have been properly prepared in accordance wilh Unlled Kingdom Generally Accept8d Accounting Practice., and have been prepartd in accordance with the requirements of the Chari118s Act 2011. Ba818 for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UK)) and applicable law. Ouf respon5ibililies under those standards are further described In the Auditorfs responsibilities for the audit of the financial statements section of our r8POrt. We are independent of the group and parent charity in a¢¢ordan¢e with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhlcal responsibilities in accordance with these requiremen15. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Concluslon8 r•latlng to golng concern In auditing the financial Statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements 1$ appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the group or the parent charity's ability lo Continue as a golng concorn for a perlod of al least hvelve months from when the financial statements are aulhorised for issue. Our responsibilities and the re5ponsibililies of the trustees with respect to going con¢em are described In the relevant sections of this report. Othor Infomiatlon The trustees are responsible for the other information, The other Information comprises the information included In the annual report, other than the financial slatemenls and our auditorfs report thereon. Our opinion on the financial slalements does not cover the other infomialion and, except lo the exlenl otherwise 8xplicitly stated in our report, we do not expres5 any form of assurance conclusion Ihereon. Our ffsponsibility is lo read the other information and, in doing so. consider whether the other Information is materially inconsisl8nt with the financial statements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we Identity such material inconsistencies or apparent material misstalemenls, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is 8 material misslatemenl of this other information,. we are required to report that fact. We have nothing lo report in this regard.

WILLIAM JONES'S SCHOOLS FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES Matters on whlch we arg requlred to report by exceptlon We have nothing to report in respect of the following matters in relation lo which the Charllies (Accounts and Reporlsl Regulations 2008 require us to report lo you if, in our opinion.. the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial slalemenls., or the parent charity has not kept sufficient accounting records., or the parent eharity's financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we ￿qUIre for our audit. Responslbllltl88 of trusteos As explained more fully in the Trustees, Responsibilities Statement set out on pages 4-5, the trustees 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 Iruslee$ determine is necessary lo enable the preparation of rinanclal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Irust8es are responsible for assessing the group and the parent charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the golng concern basis of accounting unless the Iruslees either intend lo liquidate the group or the parent charity or to cease operation5, or have no realistic altemalive but to do so. Audltor8' ro$pon8lbllllles for thg audlt of the finan¢l•l 8tatoments We have been appointed a5 auditors underthe Charities Act 2a11 and report In accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the group and parent financlal Statements as a whole are free from material misslatemenl, whether due lo fraud or error, and to Issue an auditor's report that includes our Dpinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordanGe with ISAS IUKI will always delecl a malerSal mlsstat8menl when it exists. Misstalemenls can arise from fraud or error and are considered materi81 If. individually or in the aggregate, they could reasonably be expected lo inlluence the economic decisions of users taken on the basis of these financial 5talemenls. Irregularities, Including fraud, are instances of non-compliance wllh laws and regulations. We design procedures in line with our responsibilities. outlined above, lo detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detalled below. Identifying and a55essing risks related to irregularities.. We assessed the susceptibility of the group and parent charity's flnanckgl statements lo material misslalemenl and how fraud might occur, including through discussions with informed management and representatives of the trustees, discussions within our audit team plannlng meeting, updating our record of inlein81 controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial slatemenls. We iflenlified laws and regulations that are of significance in the context of the group and parent charlty by discussions with infomied management and representatives of the trustees, communication with component auditors and updating our understanding of the sector in which the group and parent charity operates. Laws and regulations of direct Significan￿ in the context of the group and parent charity include the Charities Act 2011, the Charilles (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Further the charitable group is subject to other laws and regulations where the Consequences of non-compliance could have a material effect on amounts or disclosures in the finan¢i21 statements, through significant fine, litigation or reslriclons on the charitable group's operations. We identified the most significant laws and regulations to be the Independent School Standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education. 17

WILLIAM JONES'S SCHOOLS FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES Audit re5pon5e to risks ident'ffied.. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financi3151atement items including a review of financial statement disclosures. We reviewed the parent charity's records of breaches of laws and r￿ul*tIOns, minutes of meetings and correspondence with r81evant authorities to identify potential material misstatements arising. We discussed the parent charity, policies and procedures for compliance with laws and regulations wlth members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention lo the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non<ompliance with laws and ￿gUlationS or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whetherjudgements made in making accounting estimates gave rise to a possible indication of management bias. At the ¢ompletion stage of the audit, the engagernenl partne¢5 review included ensuring that the team had approached their work with appropriate professional scepliGi¥m and thus the Gapaclty lo identify non<ompliance with laws and regu18tions and fraud. As group auditors, our assessment of mallers relating to non-compllance wilh18ws or regulations and fraud differed al group and component level according lo their particular circumstances. Our communications with component auditors included a request lo identify instan¢es of non-compliance with laws and regulations and fraud that could give rise lo a material misstatement of the group financial statements in addition to our risk asses5menl. There are inherent limitations in the audlt procedures described above and the further Temovèd non- compliance with laws and regulations is from the events and transactions reflected in the financial stalemenls. the less likely we would become aware of it. Also, the risk of not delecling a material misstatement due lo fraud is higher than the risk of not detecting one resulting from errof, as fraud may involve deliberate Concealment by. for example, forgery or intentional misrepresentations. or through ¢olluslon. A further description of our respon$ibilllies is available on the Financial Reporting Councll's website at.. ww.frc.or .uklaudilorsres ibililies. This description forms part of our auditor's report. U8e ofour report This report is made solely to the parent charSty's trustees. as a body, in acGordan¢e with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the parent charity Iruslees those mallers we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume Tesponsibllity lo anyone other than the parent charity and the pa￿nt charity's Iruslees as a body, for our audrt work, for this report. or for the opinions we have formed. Saffery LLP Chartered A¢countsnts 71 Queen Vl¢toria Street London EC4V4BE Statutory Auditors Oale.. 28 June 2024 Saffery LLP is eliglble to act as an audltor in terms of section 1212 of the Companies Act 2006 18

WILLIAM JONES'S SCHOOLS FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 August 2023 Unr8gtrl¢ted Funds Pornianent Foundation Rèstrlcted enthhblne Income Fundg fund £'ooo £'ooo £'ooo Total Total Notg S¢hools £'ooo 2023 £'ooo 2022 £'ooo Income and endowments frorn: Donations and legacies Charitable activitie5'. School fees Ancillary trading income Other income - Educational other trading activities.. Trading income Investments.. Investment income FRS102 pension scheme interest Other income 80 80 180 19.982 1.220 51 19,982 1,220 51 20,311 863 61 1.183 1,183 117 21 145 124 105 434 105 434 45 443 23,092 101 23,200 22,893 ExpendStur• on: Raising fund5'. Loan interest Fees in advance discount Trading costs of subsidiarles Charitable activities.. Schools FRS 102 penslon scheme interest cost 359 73 888 359 73 888 298 783 26,066 78 912 27,462 24,774 88 88 47 27,474 406 78 912 28,870 25,948 Not (oxpendtturolllncorno b•fore galn8 on Investmgllts 14,3821 {3991 23 19121 15,670) 13,0551 Nat {1088e8llgaln• on Inv8stmants 1321 {20) 110} 11,5381 11,600) 6,375 Net {expendltUTelllncome 14,4141 14191 13 12,4501 17,270) {870} 3,320 Tran8fers between funds 358 562 {501 Other recognlsgd gain8: Actuarial Ilossesllgains on defined benefit schemes 12 1831 183) 86 Net movgment in fund8 {4,1391 143 1371 {3,3201 17,353) 3,406 Reconclllatlon of Funds: Total funds brought forward 320 11401 1,046 140,084 141,310 137,904 Total fund5 carried forward 13,8191 1,009 136,764 133,957 141,310 Net lexpenditurellincome all arose from continuing activities. The note5 on pages 23 to 46 fomi part of these financial statements. 19

WILLIAM JONES'S SCHOOLS FOUNDATION BALANCE SHEETS As at 31 August 2023 Group 2023 £'ooo Foundatlon 2023 2022 £'ooo £'ooo Notè 2022 £'ooo FIXED ASSETS Tangible assets Investments Investment in subsidlary company Unsecured loan to William Jone$'s Almshouses Charity 44,139 99,934 42.207 1C6.163 44.130 99.934 90 42,204 106,163 90 16 144,073 148,371 144,154 148,458 Current a85Ot8: Stocks Debtors Investm8nts.' cash on deposit Cash al bank and in hand 261 1,077 41 1.129 27 1.489 2.980 3.679 1.322 2,980 3,841 3,417 3,340 4,755 8,342 4,510 8,175 Llabllities: Creditors.. amounts falling due within one year 10 17,4951 {6,0411 {7,3311 {5,9551 Net curront a88Ot8 12.740} 2,301 12,821) 2,220 Total a880t8 le88 current Ilabllltle8 141,333 150,672 141,333 150,678 Cr•dltorn: amounts f•lllng due after moro than one yoar 11 17,3781 {9,3621 {7,3761 19,3621 133,957 141.310 133,957 141.316 Oefined benefll pension schame Ilability 12 Total not assets 133,957 141,310 133,957 141,316 Tho Funds of the Charlty.. Permanent endowment fund Reslricled funds Unrestricted funds.. Designated funds General lunds Non-charitable trading fund5 Pension sGheme fund 136,764 1,009 140,084 1,046 136,764 1,009 140,084 1,046 112 13,9281 1.302 {1,1161 {61 112 13,928} 1,302 11,1161 Total Charlty Funds 133,957 141,310 133,957 141,316 The notes on pages 23 10 46 fom part of these financial statements. These financial statements were approved and aulhorised for issue and signed on behalf of the Trustees on V&*. Rupert Elliott Master of the Haberdashers. Company (Corporate Director of Haberdashers, Monmouth Estates Limited). 20

WILLIAM JONES'S SCHOOLS FOUNDATION CONSOLIDATED CASH FLOW STATEMENT Year ended 31 August 2023 2023 £'ooo 2023 £'ooo 2022 £'ooo 2022 £'ooo Net cash used In opeTatlng actlvltl 13,319} 12,4151 Ca8h flovm from Invostlng actlvltlas: Investment income receiveé Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Drawn from Charities Investment Pool (Total Retuml 145 13.2171 124 13521 13 1491 2,531 {351 3.712 Net ca8h provlded by Investlng actlvltles 1,569 2,267 Cash flows from flnanclng actlvltles: Repayments of borrowing 11,6541 11,627} 11,6541 11,6271 Change In cash and cash equlvalents In the reportlng perlod 13,4041 11,7751 Cash and cash equivalents at the beginning of the reporting period 6,821 8,596 Cash and cash oqulvalents at th• ènd of the reportlno porlod 3.417 6,821 21

WILLIAM JONES'S SCHOOLS FOUNDATION CONSOLIDATED CASH FLOW STATEMENT Year ended 31 August 2023 NET CASH USED IN OPERATING ACTIVITIES 2023 £'ooo 2022 £'ooo Net movement in funds (per Statement of Financial Activitles) Adjustments for.. Lossesllgainsl on Investments Investment income Depreciation Pension scheme adjustment Increase in stock¥ Increaselldecreasel in credbtors and provlslons Increaselldecreasel In debtors Ilncreaselldecrease In cash held for investment 17,3531 3,406 1,600 1145) 1,285 (6,3751 11241 1,367 1150} 112) 1221 {5071 1621 1,112 256 112} Net cash used in operating aclivitles 13,3191 12,4151 ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 £'ooo 2022 £'ooo Cash at bank Investments 3,417 3,841 2,980 Total cash and cash equivalents 3,417 6,821 ANALYSIS OF CHANGES IN NET FUNDSINET (DEBT) At31 August 2023 £'ooo Soptember 2022 £'ooo Ca8h flows £'ooo Cash in hand Cash equivalents Loans fa51ing due within one year Loans falling due after more than one year 3.841 2,980 11,6591 16.2431 14241 12,9801 {361 1,690 3.417 11,6951 14,5531 Total 11,081} 11,7501 (2,8311 22

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 ACCOUNTING POLICIES Basis of preparatlon The financial Statements have been prepared under the historical cost convenlH)n with item8 recognised at cost or transaction value unless otherwise stsled in the relevant note to these accounts. The finan¢ial slalements are prepared in accordance with the 'Stalement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021,. and the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial Statements have been prepared lo give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required lo provide a true and fair view. This departure has involved following the SORP IFRS 1021 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice (revised 20051 which has been withdrawn. The accounts are prepared in slerfing, which is the fun¢lional curroncy of the Foundation. Monetsry amounts in these finan¢ial statements are rounded lo the neafest £'ooo. The Foundation constitutes a public benefit entity as defi'ned by FRS 102. The Foundation is unincorporated. Ils registered office is 18 West Smilhfield. London, ECIA 9HQ. The Trustees have reviewed the Foundation's fi'nanclal position Including Specif￿ ¢onsideration of future plans (Project Alpha), the risks arising from 8 polenti?I change of UK government and the prospect of VAT being added lo school fees. Having completed thi5 review, the Trustees are sali51ied that there are sufficient resources to manage the identified operation81 and financial risks. They have a reasonable expeclatlon that the organisation has adequate resources lo continue operating for at least 12 months from the dat• of approval of the accounts. Therefore, the Trustees continue lo adopt the going concem basls of accountlng in preparlng the annual report and accounts. Group accounts The financial statements con$o15date the results of the Foundation and Its whollywlned non-charitable subsidiary company on a Ilne-by.Ilne basls. A 6eparale Slalemenl ol Financial Activities {SOFAI lor the Foundation Is not presented because thls is not considered to be materially diffe￿nt from the consolidated slalement of financial activities ISOFAI. Further information on the subsidlary is disclosed al note 16. The Schools, Governor8 appoint Ihelr own auditors and prepare separate financial Statements for the Schools. The Trustees prepa￿ financial slalemenls for the Foundation whlch Incorporates the results of the Schools, consolidated on a line by line basis. Funds 8tructure A statement listing all funds is at note 5. Th& funds are categorised a5 follows.. Pemianent endowment fund.. Except lo the extent permilled by the total relum arrangements, this fund may not be expended and represents the land and buildings of the Foundation, plus Investment assets used lo generate income for appli¢alion by the Schools, Governors. Restricted funds.. These funds were donated or created for speGifie purposes and may only be used for those purposes, Designated funds.. These are unrestricted funds set aside for particular purposes by the trustees but they are not subject to any formal restriction. Unrestricted general funds.. These funds are not subject lo any restriction other than the objects ol the Foundation and are applied In furtherance of the objects. Income r¢¢ognltlon All income, including government grant income, is recognised when the Foundallon is legally entitled to the income and there is reasonable assuranGe of receipt. 23

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 School fees receivable are accounted for in the period in which the service is provided. School fees are stsled nel of bursaries, scholarships and fee remission for children of school staff. Dividend Income 15 taken into account when dividend5 fall due for payment. Expendlture recognltion Resources expended are recorded on an acGruals basis and include support costs whieh may be allocated direct or apportioned on the basi5 of staff time. Raising fund5'. Costs incurred in raising funds including managing the Foundation's investment assets and servicing loans are rècorded under this heading. Charitable aclivllies.. Expenditure incurred directly in meeting the objects of the Foundation Is recorded under this heading. Termlnation costs.. severance and redundancy payments are recognised in the penod in whlch the payment becomes binding. Allocatlon ofsupport and governanco costs Support costs have been allocated be￿een govemance costs and other support costs. These include salaries and service charges relating to specific ststt involved directly in facililaling charllable activities. Governance cost5 re1ale lo expenditUTe incurrèd in the general running of the Foundation and include salaries and service Charges for sp8cific staff involved in compllance wllh conslitulional and statutory requirements and audit fee5. Irrecoverablg VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Ponslon schomo8 The Schools contribute lo the Teachers, Pension Scheme at rates set by the Scheme A¢tuary and advised by the Scheme Adminislralor. The Sch¢Jols also contribute 101J/o of salary lo a group personal pension plan for non-teaching staff. The accounting policy adopted in respect of the Closed defined benefit non-leaching 8taff pension scheme is that the amount charged to the statement of financial activities in respect of pension costs and other post- retirement benefits is the eslimaled regular Cost of providing the benefits accrued in the year, adjusted to reffecl variations from that cost. The expected return on scheme assets and the Intere51 c051 and interest on scheme liabilities are shown independently on the Stalernent of Financial Activities. Actuarial gains and losses arlsing from new valuations and from updating valuatlons lo the balance sheet dale are recognised in the staternenl of financial activities. The assets of the scheme are held separately from the Foundation In trustee-administered funds. Full actuarial valuations, by a professionally qualified actuary, are obtained al least every three years. and updated to reflect current condllions al the balance sheet date. The pension scheme assets are measU￿d at fair value. The pension scheme liabilities are measured using the projected unil method and discounted al the current rate of return on a hlgh quality corporate bond of equivalent term and currency. A pension scheme asset is recognised in the balance sheet only lo the exlenl that the surplus may be recovered by reduced future contributions or to the exlenl that the trustees have agreed a refund from the scheme al the balance sheet dale. A penslon liability is recognised to the extent that the group has a legal obligation to settle the liability. 24

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 Tangible fixed assets and depreciation The Foundation'5 functional land and buildings al the sehools are vested in HMEL as Estates Governor. New school buildings form part of the Estates and are assets of the permanent endowment fvnd. Funding of new building5 from schools, funds is recorded as a transfer from unreslrieted lund5 to the permanent endowment fund and depreciation of school buildings is treated as expenditure from the permanent endowment fund. HMEL is responsible for maintaining the buildings in a fll and useful condition and these costs are written off as incurred. Land and buildings dating from before 1945 are not capitallsed or depreciated as hlstorical cost information is no longer available and no reliable values can be attributed. If il were ptsssible to base a provision for depreciation on historical cost of pre-1945 buildirsg5, It 15 probable that the amount would not be material. An estimate of expenditu￿ on buildings be￿een 1945 and 1983 was Capitalised in 1999 under the Iransilional provisions of Financial Reporting Standard 15. 11 is now treated as deemed hislorlG Gost. Expenditure on buildings since 1983 has been capllalised al historic cost. All other assets are capitalised al historic cost. Depreciation is providèd on fixed assets other than freehold land al rates cal¢ulated lo write off the excess of ¢osl over estimated residual amount evenly over the estimated usefvl eGonomic lives of each class of asset, subject to annual revlew. These r8tes are currently as follows.. Freehold Buildings Equipment and Furnlshings Computers Motor Vehicles 25-50 years 5-10 years 3-5 years 5 years Where estimated useful lives of building3 are In excess of 50 years, they are subject to an impairment revlew. This is formalised every five years with support from an extemal surveyor. Flxed as8et Investment8 (al Quoted SeCu￿tieS Quoted securitiès comprise PLtbllcly quoted, listed securitie5 including shares, bonds and units. Quoted securities are slated al market value al the balance Sheet dale. Investment shares and purchases a ¢ognised at the dale of trade. {b) Unquoted investments The vast majority of prlvate equity and propérty fund Investments are held through fiJnds managed by private equity and propety groups. No readily identifiable market price is available for these unquoted funds. These hjnds are included al the most recent valuations from their respective managers. Stock Stock is carried at the lower of cost or nel realisable value. Flnanclal Instruments Financial instruments are recognised in the ba5ance sheet of the Foundation when it becomes party to the contractual provisions of the instrument. {al Financial assets Basic financial assets, which include trade and other debtors and cash and bank balances. are initially recognised al transaction price including transaGb'on costs and are subsequently carried at amortlsed cost. 25

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 Al the end of each reporting period financial assets measured at amorb'sed cost are assessed for objective evidence of impairment. The impairment losses are recognised in the Statement of Financial Activities, other financial assets, including investments in equity instruments which are not subsidiarie5, a￿ initially measured at fair value. which is normally the transaction price. Such assets are Subsequent￿ carried at fair value and the changes in fair value are recognised in the Statement of Financial Activities. Financial assets are derecognised when.. the contractual rights lo the cash flows from the asset expire or are settled, or substantially all the ri5k8 and rewards of the ownership are transferred to anothar paty. or control of the asset ha5 been transferred lo another party who has the practical ability to unilaterally sell the a55el to an unrelated third party wilhoul imposing additional restrictions. {b) Flnanclal IlJbilltlèB Basic financial liabilities, which in¢lude trade and other creditor5, bank loans, school fees in advance and confirmation deposits, are initially recognised at transaction price. Financial liabilities are derecognised when the liablllty Is extinguished, that is when tho contractual obligation is discharged. cancelled or expires. Icl Off8ettlng Financial assets and liabilities are offset and the net amounts presented in the financlal slalements when there is a legally enforceable right lo set off the recognised amounts and ther8 is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously, Crltlcal accountlng ludg8ments and key sources of •stlmatlon un¢&rtalnty In the application of the Foundation's accountlng pclicles, the Trustees are required to make judgements, estirnates and assumptions about the Carrying amount of assets and liabilities that are not readily apparent from other sour¢es. The estimalos and associated assumptions are based on historlcal 8xperien¢e and other factors that are considered to be relevant. Actual results may differ from these estimates. The estlmales and underfying assumptions are reviewed on an ongoing bas15. Revisions lo accountong eslimales are recognised in the period in which the estimate is revlsed and in future periods where necessary, The critica5 estimates and judgements made in preparing these accounts are explained in these accounting pollcie$ and relate particulady lo.. Valuation of unlisted investments The actuarial assumptions relating to the valuation ol the pension deficit

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 INVESTMENT INCOME Pemianent Unrestricted Restrlcted Endowment Fund Fund Fund £'ooo £'ooo £'ooo Totsl 2023 £'ooo Tolal 2022 £'ooo Interest frcm bank deposits Income from listed Investments 39 86 39 106 20 118 125 20 145 124 FRS102 pension scheme interest 105 105 45 230 20 250 169 TUITION FEES 2023 £'ooo 2022 £'ooo Gross Fees Less Scholarships Bursarles Assisted places la buTsary scheme replacing a former Stale-ftjnded schemè) Staff fee remisslon 23,439 23,502 1446) 12,042) 14481 11,7211 135) 1987) 19681 19,982 20.311 Number5 of pupils beneffting from.. Scholarships Bur8ane5 Assisted places 197 266 221 287 27

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 TOTAL RESOURCES EXPENDED Other direct costs £'ooo staff costs £'ooo Total 2023 £'ooo Total 2022 £'ooo £'ooo R•lslng funds: Loan interest Fees in advance dlscount Trading costs of subsidianes 359 73 725 359 73 889 298 46 783 161 161 1,157 1,321 1.127 Charltable oxpendlture: Teaching costs School welfare School premises costs Support costs Governance costs 11.130 1.393 1,664 1,944 64 3,027 1,160 4.168 1.540 89 344 26 912 14.501 2,579 6,744 3,484 153 13,931 2,595 5.351 2.772 125 FRS102 penslon scheme interest Gosts 88 88 47 16,195 10.072 1,282 27.549 24,821 Total re8ource8 oxpended 16.356 11,229 1,285 28,870 25,948 2023 £'ooo 2022 £'ooo ChJrltabl8 8xpendltur• In¢lude8: Remuneration of Schools, auditors for audit seNices Remuneration ol Foundatlon's auditors for audit servlces - current year prior year Paymant to the Haberdashers, Company for servic8 charges 35 21 12 22 30 14 15 Servlce charges are pald by the Foundation to the Haberdashers, Company and the Haberdashers Operating Company for accommodation and office facililles provided by and shared with those companies and with other connected charities. The servlce charges do not exceed the cost to those companies of providing the services. Support costs include administration and grounds staff, establishment wsls. professlonal fees, travel and general costs. 2023 £'ooo 2022 £'ooo Staff costs comprised: Wages and salarie5 Social security costs Pension contributions Payment of Haberdashers, Company staff under paymaster arrangement 12,841 1,243 2,125 12,397 1.224 2,120 147 111 16.356 15,852 28

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 TOTAL RESOURCES EXPENDED {continugdl Under joint contracts of employment and 8 paymaster arrangement, salary costs for the Haberdashers, Company and it5 charities are paid by Haberdashers, Operating Company and allocated lo the various entities on the basis of lime spent. No remuneration or reimbursed expens8s were paid to the Trustees12022.' £Nil). The Schools, Governors received no remuneralion12022.' £Nill. Expenses of £12,15812022'. £10,209) were reimbursed during the year. 2023 £'ooo 2022 £'ooo Aggregate employee-benefits of key management personnel 872 820 See pag8 2 for the list of Key Management Personnel. Terminalion payments of £40,311 12022.. £28,719), covenng staff acTOSS the schools, were made in the year. Average numbers of employees in the year were.. 2023 No. 281 267 2022 No. 284 268 Tèaching 5tsff Other staff 548 552 The numbers of hlgher paid employees eamlng in excess of £60,000 were.. 2023 No. 2022 No. £60,001 to £70.000 £70,001 10 £80,000 £80,001 10 £90,000 £100,001 to £110,000 £110,001 to £120,000 £240,001 to £250,000 £270,001 to £280,000 Eleven higher pald employees were membars of the defined benelil pension schemes detailed al note 12. Contributions of £31,394 were paid lo defined contribution schemes for higher-paid employees (2022.. £32,691- 3 employees). 29

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 STATEMENT OF FUND MOVEMENTS AND TRANSFERS {al Fund rnovements Balance Other we¢ognlsed galnsl Not 110ssesl Transfers £'ooo £'ooo Balance 31 August 2023 £'ooo September 2022 Income Expend￿￿19 £'ooo £'ooo £'ooo D8slgnated funds: Schools cyclical repairs Assisted places reserve Prospectus reserve Recruitment reseNe Pènsions reserv8 (Note 11 371 666 134 58 73 1371} 1666 (1341 1581 100 {611 112 1,302 161) 11,129) 112 Gènèral funds- Foundatlon: Schools 1976} 21.803 126,4361 132} 1,710 13,9311 Foundation Incorne Fund (Note 21 Pension scheme fund 11401 14061 1201 562 105 188} 1831 Total unrestrlcted fund8 - Foundation Non-charilable trading fund5 186 {61 21,915 1,184 126,9911 18891 11351 1.209 12891 13,8161 Total unre¥trlcted funds- Group 180 23,099 127,8801 1135) 920 13,816) Re8trlcted fund8 Schools scholarship funds Pre-Prep & Nursery grant Agincourt bursary Gids school other Blake Legacy Fund Extraordinary repair fvnd Stephenson awards Walker Memorial Fund 239 57 (561 1501 190 20 1201 (21 47 67 674 16 49 67 684 16 20 1101 Total r8strlctod funds 1,046 101 {781 {101 1501 1,009 Pormanenl endowment fund INote 31 140,084 1912) 11,5381 {870} 136,764 Totsl Funds 141,310 23,200 128,8701 {1,6831 133.957 Notes.. 1. The Pensions reserve fund is maintained lo provide for the costs of maintaining the Jones Monmouth Schools Pension Scheme. 2. The running costs of the Foundation are mel from this fund. The reserves of the fund are periodically replenished via a transfer out of the un8pplied total return of the endowment fund. 30

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 STATEMENT OF FUND MOVEMENTS AND TRANSFERS Icontlnuedl 3. The permanent endowment fvnd al 31 August 2023 consisted of £6,314,000 base value of endowment al 31 August 1976, £91,712,000 unapplied total return and £38,738,000 land and buildings al the Schools, net of bank loans used to fund School building5. Ib) Transfers botweon funds Non- ch4Atsble lrndlny fund¥ £'ooo Charitable unre8trictsd lundB £'ooo Pemianent •ndowment fund É'ooo Oeslgnatsd fund8 £'ooo Re8trlcted funds £'ooo Transfer from unapplied Total Return Funding ftom schools for new buildings Transfer lo cover Foundation expenditure Additions to cyclical maintenance reserves Recruitment reserve Prospectu5 reserve holarship awards Addition lo governors, genera5 reserve Assisted places Trading companies payment under gift aid 3,902 (3,9021 13,594} 3,594 562 15621 371 58 134 50 13711 1581 {1341 Iso) {1001 666 100 16661 12891 289 {289} 2,338 {1,1291 1501 18701 A transfer of £3,902,000 wa5 mad8 from the Investment In the Haberdashers Chariti&¥ Investment Pool {Tolal Returnl to the Monmouth Sehools. Of this, £2,000,000 was the annual transfer from the unapplied total retum on the endowment for 2022123, £1,712,000 was for Project Alpha and £190,000 was funding towards Aspire and Wesl Monmouth bursaries. A fvrther transfer of £3,594,000 was made from the Schools, General Fund to the Permanent Endowment Fund reflecting the investment in land and building5 during the year. A transfer of £562,000 was made to the Foundation Income Fund from the unapplied to181 retum ol the endowment fund. In addition. a transfer 01 £371,000 was made from the Schools, Cyclical Repairs to the Schools, General Fund. The TTUStees approved the release of the Schools, designated funds with the exception of the Pensions reserve. The Trustees do not require the Schools to maintain any unreslricled fund reseNe as they consider that the level of unapplied total return in the endowment fund is sufficient lo cover unexpected short-term needs for which a reserve might otherwise be maintained. 31

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 TANGIBLE FIXED ASSETS Foundatlon and Group Frgghold Equipment land •nd and buildlngs fumishings £'ooo £'ooo Subsidiary Chorlty companle5 total equlpment £'ooo £'ooo Motor vehlcles £'ooo Group Total £'ooo Cost 1 September 2022 Additions Disp05al$ 57,317 2,940 5,047 197 {1031 321 71 62,685 3,207 1103) 116 62,801 3,216 11031 31 August 2023 60,257 5,141 392 65.790 125 65.915 Depreclatlon 1 September 2022 Charge for year Dlsposals 17,110 912 3.079 349 11031 292 21 20,481 1,282 {103} 113 20,594 1,285 (1031 31 Augu812023 18,022 3,325 313 21,660 116 21,776 Net book valu• 31 August 2023 42.235 1.816 79 44,130 44,139 31 Augutst 2022 40.207 1,968 29 42,204 42,207 Expenditure on buildings befvleen 1945 and 1983 is capilallsed 8t a Trustees, valuation of £6,'095,000. Hisloncal assets, b8ing land and buildings dating from before 1945, are not capltalised. The value of non- ¢apitalised buildings for insurance PUTpose5 is £19.2 million. Expenditure on relurblshing historical assets, amounting lo £3,134,000 Is included in fixed a$$els, 32

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 INVESTMENTS Foundation •nd Gmup 2023 £'ooo 2022 £'ooo {al Listed investments {bl Haberdashers, Charities Investment Pool (Total Retuml {cl Investment cash 2.417 97.415 102 3,375 102,665 123 99,934 106,163 {a) Llsted Investmonts Foundation and Group Extraordlnary repalr fund £'ooo Gov•morn Inv•8knent fund £'ooo Tot•1 £'ooo Market value al 1 Seplemb8r 2022 Acquisitions al cost Reinvestment Dlsposals Net loss on revaluation 712 2,663 3,375 21 14 19511 1321 35 19511 1421 1101 Markot value at 31 August 2023 723 1,694 2,417 The 8xtraordSn8ry repairfund investmonts are held Sn the fom of common investment thjnds. The Governors investment fund investments are held In the Sarasin & Co endOwn￿nt funds whlch are predominantty equtties. Ibl Investment In Haberd•¥h•rn' Charltles Invo8tm6nt Pool (Total R•tum) Foundatlon and Group 2023 £'ooo 2022 £'ooo Market value at 1 September 2022 Wthdrawals Net IlJssygain on Tevduatic 102,665 13,712} 11,538} 98,526 12,5311 6.670 Markgt valuo at 31 August 2023 97.415 102,665 The units held by the Foundation in the Haberdashers, Charities Investment Pool ITotal Return) represent 71.28Vo of the Pool units in issue. 33

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 MOVEMENT ON UNAPPLIED TOTAL RETURN Unapplied total return is calculated relative to the value of the trust for investment at 31 August 1976 (base value), that being the base date determined by the Trustees as appropriate for the Foundation's endowrnenl fund. No new endowment gifts have been re￿iVed since the base dale. Trust Unapplied for Total investmont Retum £'ooo Tolal 2023 £'ooo Total 2022 £'ooo £'ooo Trust for investment at 1 Septemkr 2022 6,314 97,714 104,028 99,358 Investment retums.. Realised and unrealised investment Ilossesy gains Transfer to trust for application 11,5381 11,$38) 6.670 14,4641 {4,4641 12,0001 Trust for Investment at 31 August 2023 6,314 91,712 98,026 104,028 DEBTORS AND PREPAYMENTS Group 2023 £'ooo Found•tlon 2023 £'ooo 2022 £'ooo 2022 £'ooo Prepayments Other debtors School fees Due from subsidlary companies 373 415 289 436 585 300 373 188 289 279 436 474 300 279 1,077 1,322 1,129 1.489 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2023 £'ooo Foundatlon 2023 £'ooo 2022 £'ooo 2022 £'ooo Bank loans School fees in advance and confirmation dewsts Taxation and social Security Other creditors Accruals and defeffed income 1,695 2,899 390 1,774 737 1,659 2,861 293 1,033 195 1.69S 2.899 390 1.610 737 1,659 2,861 293 195 7,495 6,041 7,331 5,955

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year anded 31 August 2023 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2023 £'ooo Foundatlon 2023 £'ooo 2022 £'ooo 2022 £'ooo Bank loans School fees in advance and Confirmation deposits 4,553 6,243 4,553 6,243 2,823 3,119 2,823 3,119 7,376 9.362 7,376 9.362 Maturity of debt.. Be￿88n 1 and 2 years Be￿een 2 and 5 years After 5 years 2,540 4.226 610 2,534 5,608 1,220 2,540 4,226 610 2,534 5,608 1,220 7.376 9,362 7,376 9,362 Bank108ns for school building proje¢ls. all unsecured, are.. £5.0 million from Lloyds Bank plc drawn Sn 2007108, interesl fixed at 4.75 ￿paYable in March 2029 £0.8 million from Lloyds Bank plc drawn in 2010111, Interest al variablo rate, repayable over 15 years from September 2011. £3.0 million from Lloyds Bank plc drawn in 2011112. Interest at base rate plus 2.51% with 75°A ol the loan required lo be al a fixed rate from July 2014, repayable over 15 years from July 2012, £1.5 million from Lloyds Bank plc drawn in 2012113, interest fixed al 5.766%. repayable ovar 15 years from July 2013. liv) A £5.0 million C81L loan from Lloyds Bank was taken out In May 2020, at a rale of 1.21 % over base with no interest in the first year. The loan is secured over existsng buildings and is repayable In 2026, Bank loan repayments of £1,695,000 due before 31 August 2024 are shown al note 10. 12. PENSION COSTS {al Deflned Contrlbutlon sch•me• The Schools operate a defined contribution scheme for non-teaching staff. The assets ol the non-18aching staff scheme are held separately from those of the Schools in a fund Independently administered by Scottish Widows. Additional voluntary contributions for teachers are paid into a fund independently administered by the Prudential Assurance Company Limited. The pension cost charge represents contribution5 payable by the Schools lo the funds and amounted to £496,75212022. £517.1601 Ibl Master trust s¢h¢me - teachlng staff Ouring the year the School introduced an optional APTIS master trust Scheme for teaching staff. The assets ofthis scheme are held separately from those ofthe School in a fund independently administered by AVIVA. The pension Charge for the year includes contributions payable by the School lo the funds and amounted 10 £227,36612022'. £232,246) 35

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 12. PENSION COSTS Icontlnued} Icl Deflned beneflt scheme- toa¢hlng staff The Schools participate in the TeaGhers' Pension Scheme (England and Wales) I'the TPS'I, for its teaching staff, The TPS is an unfunded mulli-employer defined benefits pension scheme governed by the Teachers, Pensions Regulations 2010 las amended) and the Teachers, Pension Scheme Regulations 2014 las amended), Members contribute on a "pay as you go" basis with contributions from members and the employer being credited lo the Exchequer. Relirem8nl and other pension benefits are paid by public funds provided by Partiamenl. Under the definltions set out in FRS 102, the TPS is an unlunded mulliomployer pension scheme. The Schools have accounted for their contribution$ to the scheme as If il were a deflned Gontribution scheme. The pension charge for the year includes ¢ontributions payable lo the TPS of £1.406,754 12022.. £1,462,503) and at the y8ar-end £160,97312022.' £172,451) was accrued in respect of contributions lo thls Scheme. The employer contribution rale is Sel by the Secretary of State following scheme valuatlons undertaken by the Government Actuary's Department. The 2020 valuation has now been published and the employer contributions are due Ic rise by 5•A to 28.68Vo from 1 April 2024. A copy of the valuation report and supporting documentation is on the Tea¢her8' Pen8ion website.. htlps'.Ilwww.leacherspensions.co.uklmèmberslfaq81valuation.aspx. Id) Doflned bonellt •chemo- Don-teachlng •taff Haberdashers, Monmouth Schoo15 operate a defin8d benefit schemè in the UK adminlstered by the Prudential Assurance Company Limited. An actuarial valuation lo meet the requirements of Financial Reporting Standard 102 {FRS 1021 was carried out by the scheme's actuary, Quantum Advlsory as at 31 Augus12023. The reporting requirements for FRS 102 have been followed and consequently the following valuations hav8 b8en incorporated into the statement of Finaneial Activities and tho Balance Sheet. The scheme was closed for future accrual on 5 December 2022, The major assumptions used In valuing the liabilities are given lJeSow wlth earlier year comparatives.. Assumption8 A8at A8at 31 August 2023 31 Augu8t 2022 Discount rate 5.4D 4.20 Inflation 3.6% 4.0% Increases to deferred pensions {stalutory revaluation) before retirement Rale of increase to pensions in payment Ifixedl Rale of increase to pensions in payment {CPl lo 5%) 3.0% 3.0% 3.0% 2.9% 3.3%

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 12. PENSION COSTS (continued) P41ortality Based on the assumptions, on the balance sheet dale the average future lrfe expe¢tancles at age 65 are 5ummarised below.. Asat A8at 31 August 2023 31 Augu8t 2022 Life expeGtanGy from age 65 years Retiring today Male Female 22.2 24.7 22.2 24.6 Retiring In 20 years Male Female 23.9 26.4 23.8 26.3 2023 £'ooo 2022 £'ooo Theamounts recognisod in tho 8tstomentofflnancSal POBIUon Present value of funded obligations Fair value of plan funds 1.894 {2,4501 2,189 12.5431 Net defln•d b8noflt a$••t Surplus on the scheme not accounted for 1556) 556 1374} 374 Nfrt dgllned beneflt atssèt as r0¢0gnl8od In the B¥l•ncè 8hoet 37

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Yaar gnded 31 August 2023 12. PENSION COSTS {¢ontlnuedl 2023 £'ooo 2022 £'ooo Th8 amounts recognised in the Income statement Net interest lincome}lexpen$e Total ponslon {Incomelloxpgn60 1171 1171 2023 £'ooo 2022 £'ooo The amounts in the 8tat&ment of other recognl¥ed galn8 and1088es Acluarial105s on plan assets Actuarial gain on defined benefit obllgatlon Surplus on the scheme not accounted for Total (lossllgaln In Statement of oth•r recognlsod galn• and loue8 {1041 203 11821 {831 14361 1374) 2023 £'ooo 2022 £'ooo Changos In the pre88nt value of th• deflned benellt obllgatlon Liabllities at the start of the perlod Interest cost Actuarial gain Benefits paid Llabllltlo8 at thg end of tho perlod 2.169 88 12031 (1601 1,894 3,191 47 18961 11731 2,169 2023 £'ooo 2022 £'ooo Changes In th• falr value of plan a880ts Fair value of plan assets at the Start of tha period Interest Income Actuarlal loss Contrlbulions by the empksyer Benefits paid Falr v•lue of plan assets at the end of the porlod 2,543 105 11041 66 1160} 2,450 3,041 45 {4361 66 11731 2.543 2023 £'ooo 2022 £'ooo An•ly858 of return on plan as8èt8 Interest income Actuarial loss on plan assets Return on plan assets 105 11041 45 1436} 1391) 38

LLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 12. PENSION COSTS Icontlnuedl 2023 £'ooo 2022 £'ooo Movement In deficit duriry thg year Deficit in scheme al beginning of year Movernenl in year.. Employer's contribution Pension expense Interest income Actuarial gain 1150} 66 121 17 99 Surplus In schem• at ond ofyoar Surplus on the scheme not ac¢ounle(J for 182 {1821 374 {3741 Nfrt deflned benefit liabillty •• recogni89d In th• 8alan¢g Shoot There is no s&rvi¢e ¢o$t as the Scheme Is fulty paid up, no further benefits accrue. The valuation al 31 August 2023 showed 8 surplus of £S56,000 compared to the deflcil of £374,000 al 31 August 2022. The surplus Is not recogni8ed in the balance sheet, A triennial valuation was performed al 31 March 2021 resulting in a deflcil of £16,000 and a Recovery Plan was agreed. The schools a150 agreed lo continue with annual employer's contributions of £66,000 per annvm, lo be paid in equal monthly Inslalmenls until 31 March 2026. The next Irlennial valuation will be at 31 March 2024. Major Categor5￿ of plan a88et8 as a percentage of total as•ots Proportlon of portfolio 31 Augu8t 2023 Valuo of agset• 31 Augu•t 2023 £'ooo Proportlon of portfollo 31 Auguit 2022 Value of a88ets 31 Augu•t 2022 £'iJoo Equlty Annuitles 8onds Alternallv8 Propety Cash 45.2 17.9 1,150 456 251 449 117 120 16.7 409 17.7 83.3 2,041 Total mark8t value of assets 100.0 2,450 100.0 2,543 13. AIJALYSIS OF GROUP NET ASSETS BETWEEN FVNDS P•mianent Endowmgnt Funds £'ooo Unre8trlcted Fundg £'ooo Rosirfcted Fund¥ £'ooD Totsl Funds £'ooo Tangible fixed assets Fixed asset investments Net current Iliabililie5llas5els Creditors due after more than one year Defined benefit pension scheme 1,904 1.796 12,9431 14,5731 42,235 97,415 1831 12.8031 44,139 99,934 12.7401 (7.3761 723 286 13,816} 1,009 136.764 133.957 39

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 14. RELATED PARTIES The Haberdashers, Company, a City Livery Company incorporated by royal Charter. Is the sole member of HMEL. HMEL is a Trustee of the Foundation. Details of transactions be￿een the Foundation, the Haberdashers. Company and connected entities are sel out below.. The Haberdashers, Company and ils subsidiary were reimbursed for certain expenses incurred in the year on behalf of the Foundation. Further details are set out in note 4. The Foundallon's endowment funds are invested predomlnantly in the Haberdashers, Total Retum Pool, a common investment fund whi¢h has the Haberdashers, Company as Trustee. Note 7 provides further details of relevant transactions and balan¢8s. In the year, the Foundatlon received £47,000 of grant funding from the Haberdashers, Educational Foundation to primarily support bursaries 12022.. £28,0001. The Haberdashers, Company is the Trustee of the Haberdashers, Educational Foundation. Detai15 of transactions and balances b8￿een the Foundation's schools and ils subsidiaries are set out In notes 9, 10 and 16. No remuneration or reimbursed expenses were pald lo the Trustees or lo any of the Schools, Governors. CAPITAL COMMITMENTS The value of capitsl expenditure contracted for but not yet incurred wa6 £1,081,696 {2022.. £Nill. 40

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 16. TRADING SUBSIDIARY The Foundation owns the whole beneficial interest in the share capital of a non-Gharitsble trading subsidiary, Haberd?sher5' Monmouth School Enterprises Limited I"HMSEL"I, for which the results are summarised below. Taxable profits are donated to the Foundation by deed of covenant (Doc). During the year, the Foundation reimbursed HMSEL for costs and payments incurred on its behalf totalling £791.60412022'. £499.2941. HMSEL reimbursed the Foundation for costs and payments incurred on its behalf lotalling £257,005 {2022'. £188,1C6). HMSEL 2023 £'DOO 2022 £'ooo Turnover Cost of sales Admini51rntI￿ expenses 1.183 15771 13121 866 14921 12911 Operating profivllossl Interest receivable Transfer to the Foundation IDOCI 294 83 1289} 1831 Retained profiU{lossl for the year Share capita issued ReseNes 90 161 90 84 Fixed assets Current assets Creditors falling due within one y8ar 523 14421 447 {36SI Net assets 90 84 Sh•re capltal A¢tfvitl•8 Haberdashers, Monmouth School Enterprises Limited (Company number.. 017270381 90,000 Sale of school clothing and sport5 equlpment at Monmouth School for Boys. Running the Monmouth School Sports Centre. 41

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Yoar ended 31 August 2023 17. GROUP STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2022 Unrestrlctsd Fund8 Pennangnt Fou￿la11￿ Re¥trlcted En(Iwnent Income Fund$ fvnd £'ooo £'ooo £'ooo Totsl Schools £'ooo 2022 £'ooo Incorno and endowments Irom: Donations Charitable a¢tivilies.' School fees Ancilliary trading income Other income- educational other trading acb"vilies'. Trading income Investments.. Investment Income FRS102 pension scheme interest Other income 180 180 20,311 863 61 20,311 863 61 866 98 45 443 20 124 45 443 22,687 200 22,893 Expendlture on: Ralsing funds.. Loan interest Fees In advance discount Trading costs of subsidiaries Charitable expenditure.. Schools FRS 102 penslon scheme Interest cost 298 46 783 298 46 783 23,421 260 181 912 24,774 47 47 24,595 260 181 912 25,948 Net {expendlturelllncome before gaSn8 on Invo8tm•nts 11,9081 12541 19 19121 13,0551 Net galns on Invégtment8 {2521 24 167) 6,670 6,375 Net lexpendlturelllncome 12.1601 12301 1481 5,758 3,320 Transfers between funds 1.453 1811 11,3721 Other recognl8ed galns: Actuarial gains on defined benefit schemes 86 86 Ngt movomont In lundj 16211 12301 (1291 4.386 3,406 Roconclllatlon of Funds: Total funds brought forward 941 90 1,175 135,698 137.904 Total funds carried lo￿ard 320 {140} 1,046 140,084 141,310 42

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year onded 31 August 2023 18. INVESTMENT INCOME FOR THE YEAR ENDED 31 AUGUST 2022 Permanent Unr88trlct8d Reslrictsd Endowment Fund Fund Fund £'ooo £'ooo £'ooo Total 2022 £'ooo Interest from bank deposits Income from listed investments Dislribulions from Haberda5hers' Charities Investment Pool (Total R&turn} 98 20 118 104 20 124 FRS102 p8nsion scheme interest 45 45 149 20 169 19. TOTAL RESOURCES EXPENDED FOR THE YEAR ENDED 31 AUGUST 2022 Other dlrect Total 2022 £'ooo St•ff c08t8 £'ooo £'ooo £'ooo Ralolng lunds: Loan interest Fees in advance discount Trading costs of subsidiaries 298 46 613 298 46 783 165 165 957 1.127 Charltable oxpendlture: Teaching costs School welfare School premises costs Support costs Governanc6 costs 10,8S1 1,384 1,595 1,832 25 2,856 1.185 2.844 940 100 424 26 912 13,931 2,595 5,351 2,772 125 FRS102 pénsion scheme Interest costs 47 47 15.687 7,772 1,362 24,821 Total rosources expended 15.852 8,729 1,367 25,948 43

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 20. STATEMENT OF FUND MOVEMENTS AND TRANSFERS YEAR ENDED 31 AUGUST 2022 la) Fund movomonts Balance Oth&r recognised gainsl Net (losses) Transfers £'ooo £'ooo Balance 31 August 2022 £'ooo September 2021 Income Expendi￿re £'ooo £'ooo £'ooo DeBlgnated funds". Schools cyclical repairs Assisted places reserve Prospectus reserve Recruilmenl reserve Pensions reserve 371 666 124 42 34 {3991 399 371 666 134 58 73 10 20 100 (4} 161) 1,237 1464) 529 1,302 General fund8- Foundatlon: Schools Foundation Income Fund Pension schem8 fund 11401 21,776 90 11501 {23,3011 12601 {471 12521 24 86 941 19761 11401 45 66 12001 21,827 123,6081 11421 1,007 11,1161 Total unre8trlcted fund• - Foundatlon Non-charilable trading funds 1,037 21,827 161 124,0721 17831 11421 1,536 {831 188 161 Total unrostrlctgd funds- Group 1,031 22,893 124,8S51 11421 1,453 180 Re8trlcted fund8 Schools scholarship fund Pre-Prep & Nursery grant Glrls school other Blake Legacy Fund Extraordinary repair fund Stephenson awards Walkér Memorial Fund 274 49 {31 {811 239 43 118 721 16 121 {1161 47 87 674 16 65 20 1671 60 1601 Total rgstrlctgd fund• 1,175 200 11811 1671 1811 1.046 Pernianent endowmgnt tund 135,698 19121 6,670 {1,3721 140,084 Total Funds 137,904 22,893 125,9481 6,461 141,310

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 20. STATEMENT OF FUND MOVEMENTS AND TRANSFERS leontlnuedl Ib) Transfers between funds Non- charltable Charltable Perman•nt trading unrestricted Deslgnated R8strlcted endowmont funds fund8 funds funds fund £'ooo £'ooo £'ooo £'ooo £'ooo Transfer from unapplied Total Return Funding from schools for new buildings Addllions lo cycli￿1 mainlenan¢e reserves Recruitment reserve Prospectus ￿SerVe Scholarsh1p awards Addition to govemors, general reserve Trading companles payrnenl und8r gift aid 2.000 {2,0001 1628} 628 (399} 120) 1101 81 399 20 10 (811 (1001 100 {83) 83 {83) 1,007 629 1811 {1,372) 21. MOVEMENT ON UNAPPLIED TOTAL RETURN FOR THE YEAR ENDED 31 AUGUST 2022 Unapplled total return is calculated relative to the valu8 of the Irust for investrnent al 31 Augu8t 1976 {base valuel. that being the base date determined by the Trustee5 as appropriate for the Foundation's éndowment fund. No new endowment glfts have been received sinGe the base dale. Tru•t Unapplled foi Total Investmgnt Retum £'ooo £'ooo Total 2022 £'ooo Trust for Snvestmenl al 1 Septembar 2021 6,314 93.044 99,358 Investment return5'. Realised and unreali5ed Investment gains Transfer to tru51 for appllcab'on 8,670 12,000) 6.670 12,0001 Trust for Investment at 31 August 2022 6,314 97,714 104,028 45

WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2023 22. ANALYSIS OF GROUP NET ASSETS BEtWEEN FUNDS YEAR ENDED 31 AUGUST 2022 Perniangnt Endowment Funds £'ooo Unrestrictsd Funds £'ooo Restricted Funds £'ooo Total Funds £'ooo Tangible fixed assets Fixed asset inv8slments Loan lo William Jones'8 Almshouse Charity Net current assets Creditors due after more than one year 2,000 2,785 40,207 102,665 42.207 106,163 713 1,795 {5,8691 333 173 13,493) 2,301 19,382) 711 1,046 139,553 141,310