**Charity -Registration No. 525616** ## **WILLIAM JONES'S SCHOOLS FOUNDATION** **Trustees' report and accounts for the year ended 31 August 2025** WILLIAM JONES'S SCHOOLS FOUNDATION CONTENTS PAGE L•g•l and admlnl•tr•tJve d•tsll• Tru•t•M' rnport Ind•p•nd•nt audltor•' r•port 17 CoMolld•t•d •tst•m•nt of Iln•n¢l•l actlvlll Bal•nc• •h••l• 21 Con•olidat•d c••h flow •t•t•ffl•nt 22 Not•• to th• ac¢ount• WILLIAM JONES'S SCHOOLS FOUNDATION LEGAL AND ADMINISTRATIVE DETAILS REGISTERED CHARifrf NUMBER 525816 TRUSTEES AND GOVERNORS The William Jones's Schoo15 Foundation rth• Foundab'on") has corporate trustees.. Haberdashers. Monmouth Estates Limited I'HMEL'I, Company number 09177858 and Haberdashers, Monmouth Schools Limtted I'HMSL"), Company number 09177946. The Haberdashers Company is the sole member of HMEL and HMSL. PRINCIPAL OFFICES Haborda8her8' Monmouth Estates Llmlted and the Foundatlon Haberdashers, Hall, 18 West Srnithfield. London, EC1A 9HQ Haberda8hern' Monmouth SchoolB Llrnlted Sl Catherine'ts House, 17 Hereford Road, Monmouth, NP25 3HG OFFICERS OF THE HABERDASHERS, COMPANY Clerk Brogadler H A Walson MBE Director of Flnanca H V M Sadlelr Director lor Schoo18 and Estates A L Gonzalez DIRECTORS OF HABERDASHERS, IAONMOUTH ESTATE8 LIMITED The Haberdashern. Company Chalr of the H8berda8hers' Education Commlttee Chalr of the Haberdashers, Educath)n Committee R G F Glover Ireslgned 21 Novambar 20241 C J A Penney lappoint¢d 21 November 20241 DIRECTORS OF HA8ERDASHERS' MONMOUTH SCHOOL LIMITED AND SCHOOLS, GOVERNORS Lord Moynihan {Ch8imMnl {r•￿gned 13 DKamb•r 20241 T Haynes (Chairman) lawolnt•d 19 Septem￿8r 20241 Mrs J M Booth Ire8*n&J 13 DO￿rn￿ 20241 Dame H Bouldlng lappolnted 23 J*nu•ry 20261 Prof R J ca￿ardine Prof A Davies Mr R Farrow lappoinled 1 S¢ptsmL*r 20251 Councillor S P Garratt R Glover lappointed 14 Febru•ry 20251 T Haden-scott , # Miss G Lavin (Appoirrted 20 M•rGh 2025) A Lock A Lloyd lappoint•d 28 FebNqry 20281 J A McLaren NGHManns A Mohindru KC Imigma 31 August 20251 N A J Waters Dr R A Week8 ,# IAdeWeymam , # Mrs R Vwlllams lrnilgmd 31 Juty 20251 appointed by the Haberdashers, Company member of the Court of Asslstsnts of the Haberdashers, Cornpany WILLIAM JONES'S SCHOOLS FOUNDATION LEGAL AND ADMINISTRATIVE DETAILS CLERK TO THE SCHOOL'S GOVERNORS Mrs C Stansfield THE SCHOOL Hab8rdashers' Monmouth School, St Catherlne'8 House, 17 Hereford Road, Monmouth NFY25 3HG Website.. www.habsrnonmouth.org KEY MANAGEMENT PERSONNEL M Roffe MBE S H Dorman Head, Haberdashers. Monmuth School lfrom August 2025) Executive Head, Haberdashers, Monmouth School luntll August 2025) Mr8 T A Norgrove Bursar PRINCIPAL ADVISERS TO THE FOUNDATION Bank?rn C Hoare & Co, 37 Fleet Stree( London, EC4P 40Q Indepond•nt Audltorn Saffery LLP, 71 Queen Victoria Street, London, EC4V 48E 8ollcltor• Stone lQng LLP, 8ound8ry House. 91 Charterhou8e Street, London, EC1 M 8HR PRINCIPAL ADVISERS TO THE SCHOOLS Bank•rn Lloyd8 Bank plc. 18 Monnow Street, MonmoLth, NP25 3XH Audltorn Saffery LLP, 71 Qu•en Vlctorla Street. London, EC4V 4BE Sollchor8 Veaia Wasbrough Vizards, Narrow Quay Hou6e, Narrow Quay, Brfstol, BS14QA WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES. REPORT The Trustees present the annual report and financial ststements of the Foundation for the year ended 31 August 2025. The financial stslen*nts have been prepared in a¢cordan¢e 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 account5 in a¢¢ordanGe with the FinanGial Reporting Standard appliGable in the UK and Republic of Ireland IFRS 1021. Leg81 and administrative infomiation Is ¥et out on pages 1 to 2 and fomis part of this reporL Th• Foundatlon and Corporats Trustee• In his will, Wlliam Jonos. Liv8ryman of Haberdashers, Company. made a bequest to establish a 'free school" al Monmouth and the Foundation was established by letters patent of King James I dated 19 March 1614, which authorfsed founding of a 'Free Grammar SGhool'. William Jones's Schools Foundation I'the Foundation'l 18 now conslituled as an unincorporaleé registered charity, governed by Schemes of th& Charlty Commisslon dated 12 November 1987, 21 Juty 1998. 25 May 2000, 30 Aprll 2009 and 23 November 2009. The Hab8rda$hers' Company was the Trustee of tha Foundation and was also the Eststes Governor unlil 1 April 2016. On 1 April 2016, the Hab8rda5hers' Company passed a resolution and appointed new companies. Haterdash8r3' Monmouth Eststes Limile¢J and Haberd8shers' Monmouth Schools Limited, to aGI a8 Trustees and Estates Govemor and SchixJl8' Govemor re8pectiv81y. Th• H•bO￿a*he￿, Company The Worshipful Company of Haberdashers I'the Haberdasher5' Company. or 'lhe Company.) 59 a Clty of London Livery Company which was fir8t irbcorporated ty Royal Charter In 1448 and is now govamod by Royal Chorter of Elttabeth I d8ted 1578. The alm of Iho Company Is lo remaln 8 fflourf8hlng I￿ery company, predomlnantly to oversee the promotlon 2nd furtherance of charlt8bl& and philanthropic aclfvity, Including by charitable glvlng and engaging its members In charltable work, reccgnlsing its role as a trustee of many ch8rili&s and chantable bequests. The strategic purpose of the Company is to empower young people from every background to fulfil their potential through the Haberdashers, schools and by 8upporting their communities. The narrative of the Company 18 as follows.. The Company is a welcoming and inclu$lve IFvery ¢ompany wilh a strong soclal purpose,. Members give th&ir time and skllls as 9chool govemors. mentors aftd volunteers to support th• wider Haberdashers, communty of schools. charities and ¢hurche8', The Company is proud of Ils roots, traditions and values that go back centuries,. The Company Is a modem organisaty'on committed to a vibrant and diverse future. The Company h88 8 clear prty.. educating young people, but has a wid&r Iniluence, too. Its principal activ￿e6 are.. For the schools, the Company delivers the Haberdashers, Advantage. This means we work In partnership with our schoo15 to support pupils from every background so they can receNe the best possible education and access a suite of enrichment a¢tivities that will broaden thelr horizons, Ixjost their confidence and develop their life skills. giving them the best chance to fulfil their potential. In philanthropy, the Company aims to be a trusted partner lo charities, principally In areas that underscore the work in education, thus enabling young people to thrive, and supports the needs of the broader Haberdasher community. For the churches, the Company seeks to be a role model patron and enable them to 8erve thelr communities, particularty young people. The Company plays 8n activ? role in the life of the Crty of London. WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT H•b•rd••hern' Monmouth Eslate8 Llmltfrd I'HMEL") HMEL Is a company, limlted by guarante8. which as the Estates Govemor Is the Sole tru8tee of Ihe land and buiklings of the Foundation. HMEL'S responslbllltles. as Trustee. are undertaken by Its 01￿ClorS, asslsled by the Educatlon Committee of the Haberdasbers, Company, while activities are managed on g day-to-day basis by the Clefk and Hatwda5hers' Company $taff. Members of the Education Commrtte8 are selected by the Haberdashers. Company to Provide a broad range of expertise. particularty in the aTras of governance and management. The Chair of the Educats"on Committee 1$ a director of HMEL and, u8U81ty. a former chair of 9¢￿8M¢r5 of Habercla5hers' Company schcd or schools. Members of the Education Committee all have experience a8 8¢hool govemors. Training for memtéfs of the Education Commlttee buikls on their prev￿￿5 exFenence 8$ 8chool governors and includes an Inductlon process for new men*)ers, proviswi of relevant readlng mRterkg1 and training days. The Education Commlttee is advi8ed on financlal matters by the Finan￿ Committee. on estate m8tt8rs by th• Property Commttte8 and on audrt and risk matters, including the provisKin of as8uran(x on the Foundation's report and a¢xounts, by the Audit and Risk Cijmmittee. Nelther the Trustee nor any ol the Directors recoive any remuneratlon ftjr 8eryices porfom)ed In th•lr capaclty as Tru8ts6 or Directors. Hab•rd••horn' Monmouth School• Llmlt•d ("HIASL"I HMSL18 a company, Ilmw ty guarnnt••, which is Ihe Sthool$' Govomor of the F￿ndation. The School'8 Govemor8 I'the Govemors"), who are director8 of HMSL, play an important itrateg￿ rol• in the life of the Sch¢)ol and are respon8ible for determlnlng its aims and overall conduct. Th8 Govemors have Shaped the overall strategy for the School with the Head, and review and approve the implementation of the indNidual $trategle¥, polirles and procedures developed by the Execubve Team, to ensure the be8t P0881ble educatK)n for presenl and fulure pupi18. The Govemors arè alw responsIb￿ for ensuring the prop•r rx*nlrol ol the School'8 finances and compliance with re￿vant regulatK?n, particulaty the 80feguardlng of puplls. Governors give their time voluntarily, receive no payment and for contlnuity are genefally expected to senie at least four years on the Board. They offer a blend of Skills and experience to help gulde and dlrect the Schwl, and the Board woukl nomMIty include indNiduo1$ wlth experience In business, law. accountancy, educallon, publi¢ ho•tih or the medical profession. and propety. 14Vhen selecting replacement govemors. the aim is to retain thls balanca of protss$itinal expertl¥e, as well 8¥ making every effort lo ensure that the diver81ty of the school communty is reflected on the Board. Govemors are appointed by the tthie$ listed on page 1. The Chalr of Govemor8 18 8 88nnr Haberda8her nornlnated by the Company and elecl•d nualty by the Govamor8. Tho Governors operale across the Sthool but divlde ro8ponsibility for key areas into smaller committe88 coverlng academt matters, finance. audrt and eststes. pastoral care and goveman¢e. On joining the Board. all Govemors undergo a thorough in¢Juclion prograrnme, compn'sing 8xtensNe written motenal in the form of a brlefing pack and al least a day'6 lamiliarisation visit lo the School. Govemors also receNe regulAr updates of the School's literature Ihrou9houl their tenure and can attend Iraining sesslon¥ on a vanety of subjects. either al Haberdashers, Hall, or run by frxtemal bodies 8uch 89 the Assoclatlon of Govemlng Bod￿1 of Independent Schwls I'AGBIS'I. M•rg•r of SGhool• and ProJ•ct Alph• Monmouth School for Boys was founded in 1614 by Wlliam Jones. a member ol the Haberdashers, Company of London, and was independent from 1973. Monmulh School Gid8 was frjunded in 1892 and was also independent from 1973. Having con¥ulted in October 2022 stskehohjers. induding staff, pupils. parents and Haberdashers. the Board of Governors agreed a merger of the three previous schools (Boys,, Girt5'. Prep) with the aim of delivering 8 compelllng ¢treduc8tKJnal offer. From 1 Septemt*r 2024 these schools amabgamaled to fomi WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Haberdashers, Monmouth School I'HMS.), a single CO￿ucatIonal school wlth P￿P, Senior and Sixth Form. The Foundation undertook to provlde support for the translomiation of the schools into a Single c educational school, HMS. This project, called Prolect Alpha, entsiled slgnificant capltal Invesbnent In transfomiing and enh8ncing several of the school buildings. The Project Alpha lunding provlded during the year was £4,164,000 {2024.' £22.400.000}, the majority of which has been invested in buildings on the School's estate. All the works have been undertaken with sustainability in Mind, focusing on conv8r5￿n and ￿fvrb18hmeftI rather than on new builds. As well as supporting the merger of the schools to provide an excellent co4ducational offer, the aim of Project Alpha was to deliver school facilf(ies of the highest standard. HMS now has a best-in-class Sixth Fomi complex, magnificent Strength and Condrtioning facilities in the fomi of the Eddie Buuer Centre, an enhanced and extended dining area and an addits'onal dance studio and performance area. The building previously used as the main building for the Girts, School has been converted into the Prep School. The Prep School now occupies its own srte 8nd has its own sporting 8nd perfomiing arts 8P8ces. Thè capital works for Project Alpha are now complele and the School and the Trustees are hugely proud of what has be8n achieved, which is testament to the hard work and vlsion of the School Govemors and the School'8 Senior Leadershlp Team. Or9anl•atlon•l M•nag•mant Mr TIM Haynes assumed the role of Ch8imwn on 8 December 2024. AS a highty experl•nced •duc8tor with a great understanding of the School and its ttimmunity, Mr Haynes ha8 been working closely wlth the Truste8s in developing th• School and tts educational offer. Following the departure of Mr Simon Dorman in August 2025, the Governors and Trustees welcomed Mr Melvyn Roffe, a huge￿ experienced and greatly respected educational leader. as his suGce880r. Wlh the appolntments of Mr Haynes and Mr Roffe, the Trustees belleve that the School has In place an xcepllonal leadership team and one whlch wlll be able to develop and deepen the Impresslve work undertaken by thelr predeces8ors. Th8 day-to-day running of the School is dfrlegatod lo the Head and Bursar, as key management personnel, who in tum are supported by tholr Senior Leadership Team. The remuneration of key management personnel 18 sel by the Remun8ration Committee, with the policy objective of providing approprlate in¢enlive$ to encourage enhanced performance and ol rewarding them fairly and respon¥lbly for their indfvldual contribulk)ns to the s¢hool's success. The approprloteness and rel8vanc8 of the remunerath)n pollcy 18 r8vlwMd annually, Including reference to comparisons with other Independent schools lo ensure that the School remains sensltive to the broader 188ues of pay and employmenl condrtKin8 e18ewhere. Delivery of the Foundation'5 charitable vlgion 8nd purposè is primarity dependent on the key management personnel. and staff costs are the largest single element of charitsble expenditure. Tru8tseB' mpon•lbllftle• The Trustees are responsible for preparing the Tru$tee$' Reih)rt and the finan¢lal statements in accordance with applicablg law and United Kingdom A¢￿￿ntIng Standards (Unrted ￿ngdorn generally aG¢epled Accounling Practice). The law applicable to ¢harftles in England and Wales requires the TnJste85 to prep8re financial ststements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of the resources of the Foundation for that period. In preparing these financial statements the Trustees are required to.. WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES. REPORT select suitable acttounting pollcles and then appty them consislenly., observe the methods and prinaples in the Charities SORP IFRS 1021., make judgements and esknmates that are reasonable and prudent., state whether applicable accounb'ng standards have been follow￿. subi8Ct to any malerial departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unles8 it Is Inappropriats lo presum that the Foundation will conts.nue in business. The Trustees are r8sponsible for keeping proper accounting records that dlsclose with re88onable accuracy the financial positton of the Foundation and which enable the Trustees to ascertain its financ￿1 position and to ensure that the financial statements comply with the Charities Act 2011, the Charitieg (Accounts and R8POrtsl Regulats'ons 2008 and the Foundation's conststutlon. The Truste8s are also responslble for Safeguarding the assets of the Foursdation and hence for taking reasonable stsps for th8 prevontlon and detectson of fraud and other irregularitles. HMEL is respons1b￿ for ￿MplianCe wlth these statutory obligations on behalf of the Foundation. Charltable Objoct Th8 oblect of the FouTrJallon. as set out in the revlsed June 2024 Scheme,18"the provlslon and conduct in or near Monmouth of a o>8du¢ational day and boardlng School glld a co4ducational day ond boarding preparatory school.. Maln activhl•• The charitable obj'ect Is 8peGIfic, 80 the prlmary activity of the Foundation Is to provide and operate the School. The School 18 constituted a$ gn independent school with the followSng ml$$h)n'. 'To extend the educatsonal facllities and opportunllles provided lo children INing In or near Monmouth so as lo maximise educational choice and opportunlty. This Is to be done by providing schooling of the highest qualty for Infant, primary anej secondary education on a fee-paying basis. whi15t enabling access to those who could not otheThvlse afford lo attend through the provlsion of ffinan￿aI support from bur¥8de$ and feé remission. The School welcomes joiners from both the Maintained and Independent Sectors at all stsges. The8e include, but are not limited lo, joiners at age 16+ wishing to lake advantsge of the outstanding opportunitles provlded in the Sixth Form, children wllh particular talent¥ or Sp￿81 needs and those who will benefit from more personalised education, and pupils wrth the abllity to reach more challenging levels and benefll from wider range of choice than would othewise be available to them. Others are motivated to join not just for th8 academ￿ attainments but because they wlsh to particlpate in the thrivlng swt drama, music and other extracurricular activities. The School also seeks to m8ximlse thé publlc benefflt It provid85 in other ways. such a$ by Sharing facilities with the local community and through links to other schools.. The Tnjslees hay? tsken into account the Charlty Commission's general guidance on publlc benefit and more specific guidance for charities whose aims include advancement of education and wh08e activlties Involve charging fees, in rnvlewing aims and objective$ for the Found*"on. Revlow of aGtivitiM and achlev•monts HMS has articulated its vision, purpose, philosophy and values as b81ow. WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT M188lon Statement for Haberdashern Monmouth School: To provlde a Ilfe Kindn08• We a￿ sensitsve to each othels needs and help ea¢h other whenever we can, especially those who a￿ diffe￿nt from us. We recognise that the strength of our community is our greatest asset and that this is promoted through kindness. 31 Re*lllenco- We persevere and keep tying even when things don't go our way. We recognise that failing is a powerful way to leam and embrace it. 41 Creatlvlty - We recognise that all students benefit from participatwjn in creathe actlvltles and are brave enough lo ernbra￿ new ways of thinking. 51 Int8grlty- We sland by our mornl principles and h8ve the courage to do the rfght thlng, even when it is diflicult to do so. HMS focuses on the qu•llty of tt• lfrachlng •nd loarnlng and its pa•tor•l carn 88 Its foundatSons. Boarding conunues lo be central to the School, offering the opportunity of an HMS educallon to those across the United Kingdom 8nd the wodd beyond, and supports the crealion of a diverse and vibrant community. The emphasis on four central pillars helps lo differentiate our school from Gompelltor ¥thools.' Fashion, D&$ign and T•xttl88 Performing Arts Sport and Outdoor Education Sustainability Flnally, the Haberdashers, Advantage, o programme overseen by tha Haberdashers, Company (further delalls on page 8), beneffts the whole school community, giving puplls a head start in their chosen courses and career8 when they leave the School. Acadfjmlc oXCo11gnc•.' HMS teach8rs are passionate about their subjects and teaching and leamlng and they enjoy access to training on best practice throughout their ca￿er$ wlth the School. Pupils of 811 abillty levels ar8 nurtured. challenged and inspiod. They a￿ encouraged to take advantage of the wide range of opportunitie8 available for academic enrichrnent outside the classroom, through intellectual clubs and societies, educational visris and outslde speakers on academlc and careers-relaled SLsbjecls. The School values academlc rigour, a tradits'onal 8chool curriculum and 8 8cholarly approach, bul creativity and Intellectual Curiosity are just as important. The School seeks to foster independencè in learning and to give the pupils confidence to take Intellectual risks and ownership of their own learning. HMS pupils become Ilfelong learn8r¥, well prepared for further study and a wlde variety of careers. Pa•toral ear• of the highast quality Is at the heart of work with HMS pupils. recogni8ing that no pupil will fulfil their potential unless they are happy and feel understood, respected and supported. HMS teachers know their pupils and care about their welfare. Al staff h8ve pastoral re¥ponsibilits'g$ and are supported in these by a team ol pastoral leaders. Pastoral support is sensitive and proactive and there 18 a ¥trong focus on safeguarding responsibilities st the School. The School also ￿cognIseS that dNerse and inclusive coMmunit￿S are stronger and happier ones. and celebrates achievement of all types. Puplls develop resilience through a wide range of school-led experien￿ by stepping Out oftheir Comfort zones. HMS pupils SUPPOrt ea¢h other and develop empathy through servu to others, both within and outside of the HMS Community. Sport and Outdc•or Educatlon is a central part of school lrfe. whether played ￿Mpet￿yely at a high level or on a more recreational basis to support fitness and provide enjoyment. The School recognises the silience and tolerance sport engenders in team environments. Working together is a key skill for success as young people move into adult Ilfe, and lifelon9 physical activity will contribute to healthy outcomes. Pupils experience adventurous actrvibes in the outdoors at various stages in their school career, includlng through invdvement in the Combined Cadet Force andlor the Duke of Edinburgh scheme. The School's WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT wonderful local landscap8s are used to provide opportunities for outdoor adventures. where pupils are pushed beyond their comfort zones and learn new skills and life lessons through outdoor education. Porfomilng arts". Opporlunities for pupils in music, drama and dance, ljoth for those who a￿ ¢onfHlent, skilled performers and for those who have little experience, foster confidence and presentation skills. There are concerts and productM?ns every year, giving opportunities for pupils from all key stages and abilities the chance to perform in tront of an audience. Sustslnablllty: The School educates pupil$ on sustainabilty and the environff*nt through our curriculum and through involving them in volunteering and initiatives Ic support our local environment. Our positlon on th& Rlver enables us to play an imp)rtanl role in stewarding th18 m06t precious of resources. H¥b•rda8h•rn' Advantag•'. Pupils and gtaff members benefft from being members of the wlder Haberdashers, family. Pupils gain access lo mentoring and careers advice through alumni and through events at Haberdashers. Hall. Links with other H8berda6h8rs' schools give pupilg OPPOrtunilie8 for competition, nefv￿rkIng and increaslng their knowledge of the wlder world and possible future careers. School staff benefit from ne￿orkIng opportunities, access to professional development and the sharing of good practice wlth colleagues from other Haberdashers, school¥. Haberdashers, Advantage further dlfferentiates HMS trom comp8tilors. HMS 15 a ￿rnMunty where pupils from all backgrounds feel at home. The School continues to provide generous bursary support, in lino Wlth the Christtan vision of the founder Willlam Jones, to enable young people from families of modest means to benefit from a life-changing education. As a Haberdashers, school, HMS conlribules to and b8nefll from the wlder Haberda$hers' famlty, offering pupils m8ntoring and wider eduGational experiences. Th• 8¢hool On 1 September 2024 Monmouth School for Girls, Monmouth School for Boys and Monmouth Prep and Pre-prep amalgamated to form Haberdashers, Monmouth School, a sin919 wducallonal s¢ho)I, based a8 follows.. Prep and Pre-Prep on th8 east side of Ihe previou8 Monmouth School lof Glrf8 8il& on the Hereford Road. Year8 7, 8, 9, 10 and 11 on the previous Monmouth School fof Boys Site on Almshouse Street. Years 12 and 13 on the w&st side of the previous Monmoulh School for Girls sile on the Hereford Road. Boys and glrfs often 8p&nd all their school years In the school. Starting In the Nursery or Reception at the PTrp School. moving on through the Senior School, beffft Completing thelr educab'onal joumey In the Ssxth Fomi. From 1 September 2024, the management structure con$i8ted of an Executive Head responsible lor the overall management of the School. plus a Head of Senior School, a Head of Prep School, a Foundats'on Bursar and 8 Head of Admissions and Marketing. From 1 Septernber 2025 this structure was replaced wlth a Head. a Head of P￿p School, a Bursar and a Director of Admissions and Marketsng. who work with the Deputy and A5si$tsnt Head5 in the Senior School to devglop and delNer the School's strategy. On 31 August 2025, the School had 931 pupils {Septernber 2024.. 1,0651. Day and boarding girfs and boys thnve and flourlsh with engaging subjecl-specialist teaching. Children are motivated to leam with a sense of fun, enjoyment and excitement, both in and out of the classroom. The Prep's teaching spaces encapsulate the best of a traditional, independent education. Boys and gid5 ¢an also immerse themselves in a breadth and range of educational opportunrties, trips and expedf(ions, $cci81 and cooI benefit from a po$itNe and inspiring communty within which they thrive and flourish. Education is c8refully planned to motivate and challenge. The academic curriculum enables boys and girls to engage in a broad ch0￿e of subjects. Pupils also benefrt from the many trips and expedltion$, events and community projects. There are many opportunhties to enjoy the area's wonderful natural re50urce5 and the excellent facilit￿ on offer for 5POrts, Cultu￿ and the arts. Following one academlc year as the ¢￿duCational Haberdashers, mon￿￿)Uth School, on 31 August 2025 the combined 8chool roll w8s 741 senior pupils. of whom 164 were boarders (2024 comblned total of predeces80r 8choo18.' 849. of whom 201 w8re boarders). Ixth Form Sixth Form students {257 students) are laught at thelr own Slxth Form Centre. Pa8toral care 58 dellvered, with Sixth Formers acting as leaders and role models for younger pupils. Students also benefit from a wid ranglng anrlchmenl programm6 Induding opportunities frjr volunteering, drama, sports lead•rship, academic courses and life Skills. The S¢hool'$ 8trategic intentions are underpinned by dedlcaled and hardworklng gtaff and the School focuse8 on encouraging its staff lo continue to develop their profession81 sklll8. The School Is proud of Its results in public eXamIna￿on3, and the majorlty of students take up places at thelr ffirst-choSce univer8ltie8 and subsequently go on to make tholr mgrk In dlverse areas includlng engineering, m8dlGine,18nguage¥, business 8nd the arts. A summary of the School's aGademiG results in 20251$ Set out b8low. The results for 2024 con8011date the results from the fomer Boys, and Girls. Schools. A*4 82.6% 87.3% Pa•• 98.8% 99.4% 2025 2024 12.9% 12.0% 37.7% 39.1% 64.0% 69.5% 92.7% 95.5% 94 29.4% 31.10 94 66.6% 68.6% 94 81.7% 84.6% 94 Pas• 91.1° 94.1% 2025 2024 13.7% 48.10 51.1% Marketlng and Admlsslons ovorvlew The School pursues larg&ted Marketing and Admlssions initiatives. noting Ihe challenge of malntalnlng pupil numbers In a very competitive envIron￿nt. In the local and wider region81 markets, the School enjoy8 a strong reputation, supported by Gonsistent outreach and community engagernenl. Imile VAT implemgntation from January 2025 introduced new affordability ¢hallenge8, particularly affec￿n9 new families. pupil enrolment taryets for SepteMber2025We￿ suttessfully m8t. In-year recnjitrnent efforts remain ongoing and productive. The internatlonal landscape contlnues lo evolve due to a range of external pressures, including geopolits'cal 8hrfts, de￿￿graPhIC changes, afft)rdability concerns Inotabty VATI. and rising competrtion. UK boarding WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT $¢hools are increasingly t8rgeting Intemational markets, Intensrfying Competition for overseas pupils. The School has sought to expand its international footprint by". Growing its netsvork of educational agents in existing and emerging markets. Establishing new recruitment markets. particularfy in Mexico, Japan, and South Korea. Hosting a greater number of agent visits and events bolh at the School and abroad. Intemational pupils now represent approxlmately 10% of the School population. The strategic objecb've ig to continue to grow the number of intemational boarders. enhanclng cuttural diversity and broadening global Awareness ofthe School remains robust across local. regional, and international markets through a blended approach of digital and traditional promotional activibes. Key achievements include.. Enhanclng the Schcx)I's dlgitsl footprfnt through video content and a padcast series highllghtlng its educational offer, Creating multilingual marketing materia18 to Improve accessibility for non-ErvJlish-sp8aklng familles. Strenglhening the School's Identity around its key 'offerings': highquality teaching and leaming, exceptional boarding faclllties. strong pastoral care, and holistic development. Admissions events have become moffj targeted and segmented, focusing on 8peclfic groups Buch 88 Prep and Military famllles, ensuring tailored engagement ond stronger converslon rates. Afflllatlons and In•poCtlon• The current Hèad of H8berdashers' Monmouth School18 a member of HMC (Th8 H&a¢Js' conferer￿81 and the School Is in membershlp of the Boardlng Schools Assoclalion IBSAI and WSC (The Welsh Independent Schools Council). Monmuth Prep School is afflli8ted to IAPS (The Incorporated Association of Preparatory Sohools). The Board of Governors Is a member of AGBIS (the A5$0ciation of Governlng Bodie$ of Independent Schools). The S¢hool follows the guidelines and policies recommended by the above organis81ion8, although these will 8om8tirnes be adapted to suit the School's particular needs when they are wnllen Into the S¢hool's own procedures. Stsndards sel by other bodies operaung In the Independent sector are also rglevallt, for example the ISC Ilndependent S¢hwls Council). The School follows the rules 8cc8pled in the sector on Setting dates for entrance exams Iso as not to gain unfair advantage over other schools) and on fee debt Inol accepting a pupll who ha8 outstsnding debt at anothèr school). The School was last inspected in fvll by Estyn {Ihe Welsh Schools, InsFeCtoratel In February 2028. The Inspection highlighted numerous signiflcant strengths, refflecting the School'$ rapid progress and strong plarfom for future development. There were several key areas of strength noted including the curriculum, teaching and exceptional sporting and performing arts provision. Estyn recognised "spotlights. at the School - areas of signifficantly strong prath'ce - the promotion of reading acro￿ the School and the new Future8 programme. The oport, of which the School is rightly proud, is available on the Estyn website. Tha Estyn report idenb'fied one area of statutory non-compliance relating to the frequ&n¢y of DBS checks. Tnls was ad¢Jressed Immediately by the School. before the report of the inspection was published. A re- inspection of that requiremont was undertaken on Wednesday 17 June when it was confirrned Ihal the required standard had been achieved and th• School was now fully ¢ompliant with the Indgpendent School Standards IW8lesl Regulats'ons 2024. Boarding facilitie$ are 8ubjecl to inspection by the Care Inspectorate for Wales and were last Inspected in February 2026. The positive report is available on the Care Inspectorate for Wa￿, website. The School h88 an active Frfends, Association, which 1$ run by parents on a voluntary basis. organising social and fundraising events. The School beneffts greatly from the Gommitment. enthusiasm and gifts provided by this association as well a$ the ¢onsiderable generosty and support of former pupils. 10 WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Public Benefit sin￿ the Ihllliam Jones's Schools Foundation and MonmoLrth School We￿ established over 400 years ago, and in accordance with the wishes of the founder, the Foundation and School have been deepty committed to serving the local community, primarily through the provision of education. The confidence, ba18nce and achievements of pupils and former pupils as students. citizens and members of the wider community provide ample evidence of the direct benefit to be gained from time Spent at the School. The School also recognises ils further responsibilities as a Charitab￿ institution, as gummarised belc>w. Throughoul 2024125, work continued on educational patherships, outreach and community service. F•0 Support Burnarl In 2024125 the value of rneans 18sled bursaries linduding A58iSted Places) totalled £2.291.715 12023124.. £2,431,007) and represented 14.7% of gross fees {10.1 % in 20231241. Thè bursaries assisted 274 of our pupils Ic.29% of pupils) of which 16 pupils12023124'. 211 benefitted from a full remission of fees. A number of families required temporary help due to financial difficulties. A proportion of this help came from a hardship fund established for this purp08è. Schol•rnhl In addition, the School awarded scholarships to 185 pupils, based on thelr 8cademlc, sportlng or creative abillty and p)t8nlal, totalling £564.56212024.' £538.140) and representlng 3.6% af gross fees. Of this number, many also qu81ified for means-tested bursary support and are included in the ￿gu￿9 relating to bursary awards. Educailonal partn•r•hlp• The School sustains r8lationships and undertakes joint aclNitie5 wllh malntslned bcal s¢hool8. Examples of such partneT5hip5 in 2024125 include.. The Senior School and Monmouth Comprehensive School host talks by visiting speakers to which pupils from both schools are invited. The Senior School invites pupils from local ¥tale xhool$ lo attend MMI {multiple mini- Interview) events as preparation for interviews for Oxbridge and medicalldentsvvelerinary school. Year 12 puplls volunteer at Osbaston Junlor School each Wednesday afternoon, helplng Mor8 Able and Talented pupils in Year 6 with English and M8th$, Others a$$i$l pupils with readlng In other local primary schools, Year 12 students lake part in a belrlendlng Kheme for Senior citizens WI￿ find them$&lve$ in hospital. Year 10 - 13 $ludenls volunte8r in local charity shops and wlth $portS ¢08¢hing in the Prep School and in local primary schools. The School help8 organise and provido the venue for Monmouth's Got Talent, invofvlng pupil$ from Monmouth Comprehenslve School, and senior pupils run Junlor Monmouth's Got Talent, invofving local primary schools. The School organlses s&veral sporting competrtions for local primary 8chools, using the School's facllities. The School allows local primary sGhools to u88 Ils facilities, including the 81ake Thaalre, sports facilities and swlmming pools, free of charge, and, where possible, offers minibu$ transport to and from their schools to acces5 these. Outreach Activitios The School offers a wide variety of outreach a¢llvltles throughout the year. Examp18s ol activities run in 2024125 include.. Monmouth Prep School hosts an annual xience fair to promote innovation and presentation skills amongst Year 6 pupils. Local primary schools submit teams and use this to extend project work within their ￿h0o1 curyicula. Senior S¢h¢X)I teaching staff deliver science workshops at local primary schools 11 WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Over 1,000 pupils from local state primary schools are hosted in the 81ake Theatre for excib.ng SGience workshops which are tied in wlth the KS2 curriculum. Communlty S•rvlc• •nd PartnorJhlps Pupil$ are involved in a wide variety of community service activities. in many cases as part ofl the School's Duke of Edinburgh Awards programme. Examples include.. volunteering In charity shops, befriending the elderly and lonely al the local 'Bridges' centre, helping at Brownies and Sctsjts, working on allotments and assi5tlng with coaching at local primary sGhools. In recent years, several CCF cadets have been cho¥en to b8 the Lord Lieutenanf8 Cade( assists'ng the Lord Lieutenant at offl¢lal function5. Pupils ¢ollect food for the Raven Hou88 Trust foodb8nk In Newport. South Wath. and vlsit the foodbank during service module 8ftemoons to 8SSiSt in the labelling and sorbng of donated food 85 well as the assembly of ft)od parcels. Pupils have helped transfer and set up equipment and supplies betsveen tho local churches participating in a night shelter xheme for rough s￿aPerS. Pupils record a newspaper for the blind every week. The School supports and provides facili￿￿$ for annual town events 8uch as the Remembrance $8rvlce, Monmouth Mayorfs Chaiity Concert, lanlem parade and charity raft race. The School Chaplain delivers assemblies at O$ba8ton Primary School and offers religious tulonng to pupils of primary schools in town. Monmouth Astronomical Research Society (MARS) is a joint venture be￿en pupils at the Senlor School and members of the public drawn from a radius of 30 miles. The soaety m8rnber¥hip is from 10 to 80 years of age and Includ￿ amateur astronomers. professionals and Students. Monthly m88tings Involve lectuffjs from experts, practical aGtivibe8 and observation work. A group of sixth form stLbdents regularly volunteers al a local dementia Ca￿ hom8. The Senlor Sch(>ol and MonffK)ulh Comprehenslve Sch¢)ol host Blood Donalion 8essions, at which pupils, staff, parents and members of the public can donate. Fundraising events for local charities, e.g, Swim for Tom for Cancer R8search Wales. Several rrKmbeTS ol gcademic staff serv? as governors at local primary schoolB or al other Haberdashers, schools. Communlty A¢cu• The School's facilitles a￿ well placed In Monmouth and are made 8vallable for several community acllvities, including sports clubs, drama and music groups, and holiday activity programmes for cal chlldren. The sports fa¢ililie$ are used extensively by local primary schools and sports clubs each week. In the Summer they are used for activrty camps for young people from the local area. The Performing Arts Centre and theatres are used regulorty ty amateur dramatics groups and musicians. Regular events in 2024125 included.. The Pre-Prep and Nursery hosts a fOrtnigh￿Y baby group which is open to local famllies and includes soft play. activitses and snacks. The VVRU Exlles programm8 use the Hltchcock Pavillon and Sport5 r￿k18 for rugby tralnlng. The School has also hosted junior county cricket matches and a Welsh match durlng the Summer. The School regularly hosts the Tegional heats of school compgb'tion8 and qulzze$ attended by local independent and maintained sector schools. The main h811 at the Sl Catherlne's Campus is regularly used by I￿al theatre companies to stage their productions Monmouthshire County Council makes use of the Conferenre Room at the Willlam Jones Campus for occasional meetings. Use of the Blake Theatre for public performarw. The Glover Music School 1$ used tsvice we8kW by outside community groups for rehearsal$. 12 WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Subsidiary comp•ny The Foundation has a wholly owned subsidiary which is committed to pay all rts tsxable profits as Gift Md donations to Haberdasheis, Monmouth School within nine mnths of each year-end. During the year. Haberdashers. Monmouth Schools Enterprises Limrted {HMSELI ran several operations for the benefit of the school,. a school shop selling school uniform and sports equipment. the Monmouth Schools Sports Club and Eddle 8utler Centre with gym and swimming facilities open to the publlc,. the Blake Theatre offering performing venue for use by both the school and the local community,. and several other diverse lettings opportunthes. HMSEL produced a profll in the year of £375,43612024'. profit of £385,000). Connoctod charltl88 Some pupils and activrties al the School receive financial support from the Haberdashers, Foundation IHFI, registered charity number 275067. Support is provided by HF for bursaries, scholarships and prrLes al the schools. In addition, the Foundation partly funded the cost of a member of staff at the School. Because the activities of HF are related to those of the Foundation and the H8berdashers' Company is trustee of HF. the Foundation and controls HMEL, they are regarded as connected charities. Neither HF nor the Foundallon subordinates ils Interests to elther of the others. The Foundation's investment in the Haberdashers. Charities Inveslment Pool (Total Relurnl. a common Investrnenl fund and part ol the Haberda¥hers' Charities Investment Pool. registered charity number 1097691. ￿Presents 66.0% of the value of the Total Retum Pool {2024.. 67.7Vol. The Haberdashers, Company is Iruslee of the Haberdashers, Charities Investment Pool. InvHtm•nt pow•rn, pollcy and p•rformanc• HMEL'8 Investment powers are set out In Its Article$ of A880clation. Sup&rvislon of Investrnent M8nagers Is exerclsed by the Se¢uriJes Committee of the Haberdash8rs' Company. HMEL has adopted the total retum approach lo Invesllng. The ba88 date for tha total return approach wa8 31 August 1976, at which point the v8lue of the endowm8nl was £6,314,000 and the School had just become independent, having been fom)efly direct grant grammar schools. Under the tot81 return approach, 811 investment retums are received Into the permanent endowment lund, whether in the fomi of income or realised or unrealised gains. Wlh fvll regard to the overriding duty to maintsin 8 fair balance be￿een the interests of current and all future beneficiaries, HMEL then makes transfers out of the accumulated unapplied total relum in the endowment fund lo a 'trusl for application, to meet grants and other costs formerty pald out of net incom8. The remoinlng unapplied lotal relum Is rgtained wllhln the Fernianent endowment fund. Transtsrs to the tNst for application are gulded by a wlthdraw81 rale of 3.5% of invested caprtal. Support for capitsl projects by the School - such as ProleLt Alpha- ale consKlered separately and funded from the unapplied lotal return. The permanent endowment fvnd inv8stmenl Is a holdlng In the Haberdashers, Charltles Investrn8nt Pool (rot81 Return), a common investment fund wllh the Haberdashers, Company as Truslae. The Investment objective is to rnaximise total relum Subject to loler8bl818vels of volab'lty. The investrnnts in the Total Relum Pool ar& managed by Partners Capital LLP. Both before and after adoption of the total return approach, stability of distributions to the School has been maintained. Details of the movement on unapplied total return can be 5egn at note 8 to the accounts. The Total R&tum Pool relumed 7.0% in the year ended 31 August 202512024.. 6.4%). The long-lerm total relum objective is 4.5% above CPIH, which anvjunted to 8.6% for the year ended 31 August 202512024.. 7.6%). Flnancial rnviow The Foundation's consolidated net expenditu￿ for the year before investment gains arybjunted to £6,850.000 {2024'. net expenditure £5,505,000). Nel gains on investments were £5,419,000 12024.. net gains £5,510,000), prim8rily arising within the Haberdashers, Charities Investment Pool (Total Retuml. Consolldated funds decreased by £1,072.000 to £132.792.000 {2024. decreased by £93,000 to £133,864.000}. 13 WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT The School's pupil roll has declined in recent year5, wlth the effects of Covid-19 on inlemational pupil numbers, broader demographic changes and economic pressures (many ofwhich have particularty affected the private school sector) being notable factors contrfbuling to this decline. The reduction in the size of the pupil body has put pressure on the School's operating results over the last few years. The School is enormously fortunate in that rt forms part of the Foundation, which, thanks to the generosity of William Jones, and the subsequent good Stewardship by generations of Haberdashers. ha5 a very substantial investment portfolio. Part of this Investment portfolio has been invested in the School's future through support of Project Alpha and the transformation of the School into a single, co-educatt.onal entity, while the remainder is able to continue to provide grants to the School and In pursuit of the Foundation's charitable objects. At a tlme when the S¢hool has re￿ntlY undergone a period of Significant Ghange, and when there are major heathvinds confronting th8 private education sector, the resour¢e8 of the Foundation allow the School to move forward with confidence. RMerv•s Thé Foundation's total reserves of £132.792,000 at the year-end included £130,299,000 endowment capital. £274,000 restricted funds and £2,219,000 unrestricted funds. The School does not seek to maintain a reserve in 118 general fund. subject to adequate cash flow for the School's nomial op8ralion. The Trustees consider the level of unapplied lotsl retum in the endowment fund to be 8ufficlenl to Cover unexpected Short-temi needs for which a ￿SerVe mlght oth8pN18e be maintsined. Unr••trkt•d fvnd• Fund Fund r•pre¥•nts Bal•nc• •t 31 August 2025 £'ooo Penslon8 reserve The Pension¥ reserve fund Is mainlalned to provide for the costs of maintaining the Jones Monmouth Schools Pen8ion Scheme Total Schoo18 dell nated fund• To maintain no reserve in these funds, sublect to ad uate cash flow for the School's normal o eralions. In previou8 years thls has reflected the Trustees, b8St 8811mate ol th& d&ficf( on the non-teaching staff defined benefit pension scheme at the year-end. A8 at 31 August 2025 thero is a Surplus on the scheme of £418,000, whl¢h in line wlth the Foundation's accounting policy and FRS 102 is not reco nised on the balance sheet. Total School lunds 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 unapplied total return oflhe endowment fund. Net reserves of tr8ding subsidiaries at year end Total unrestrfcted fund• School'8 genèral funds 2,495 Pension 8chem• fvrKI Foundation Incoma lund 1276) Non-charitable trading funds Fundrnlslng The Trustee5 take their resp￿81b11It1e9 under the Charities {Protectlon and Social Investment) Act 2016 seriously and have considered the implicaknons on any fundraising activities, The Foundation does not carry out any fundraislng activity to raise funds from the general publ￿. nor does it work direcly with ¢omrneraal sponsors or engage professional fundraisers. The Trustee5 a￿ not aware of any ¢omplaints made in respect of fundraising during the year. 14 WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES. REPORT Rlsk managemont Each year, HMEL and HMSL examine the major risks faced by the Foundation. in¢luOlng those relating to the School. The Governors are responsib￿ for overseelng the identification and management of the risks faced by the School. Detailed considerations of risk are delegated lo the senior management of the School. A formal review ofthe School's risk management pmcesges is undertaken on an annual basis by the Board and on an interim basis each tem by the individual Committees. Risks have been idèntified and assessed across all areas of the school. Systems and controls have been established lo mitigate the risks. The proces$ 1$ managed through the rggular review and updating throughout the year of a detailed matrix which covers the headings of political, legal. econom￿, social, environmental, technological. govemance, operational, academic, financial and human resources. The main nsks identified by the Tru$tee$, the School's management and Governors and the plans to manage those rlsks are: Brea¢he$ of statutory requirements e.g. health & safety. A serious breach of regulation¥ could lead to fines or even Closu￿. This risk is mitigated by having an extensive range of policies, clear job de5CriPtlons and regular staff training lo help create a safe culture. The School commissions extemal revlews of its practices, Including unannounced vlsits by tts Health & Safety advlsers. Los$ of reputation. The School's success is built on its reputation for the edu¢alion and well-belng of its pupi19. This risk is managed through safeguarding polici8s, s18ff recruitment policies. pastoral 8UPPOrt for both pupils and staff and actlve identification and earfy intervention when problems are idenllfied. In 8ddltion, the Sch¢)ol seeks to malntaln and enhan¢e the skills of Ils teachers, through regu18r professlonal development. the exploration of educational inS1iatives and emerging trends, and participation in the H8berdashers' Advantage programme. Financl81. The School'8 8bS1ity lo continue lo operate is ultimately reliant on maintsining pupll numbers and lee Income. enabllng It to pay salarles and bllls a8 they fall due. This risk to income is managed by markeb'ng activity, by maintaining the SGhool'5 reputation and the quallty of the delivery of its services. On a day-to4ay ba51S, th? School employs disciplined financial controls, including aGtive Ga¥h-flow rnanagement, management accounts and detailed forecasts. In addition, the School works dosely with the Foundation on long-lerm financial planning and the Trnstees have pul in place plans to supFort the School while il completes its Post-Apha transformation. Systems failure and cyber risk. The School is operationally dependent on its computer netr￿rk. Good systems, ne￿Ik documentation and robust back up procedures aTr in place. Disaster recovery 18 practised and firewalls are tested ￿gUlarlY by an extemal company. Key control8 applled by the Foundatson include-. An establl8hgd organisational Structure wlth clear lines of reportlng and individu81 Job descrlptlons for 811 staff. Terms of reference for the Board of Govemors and Its committees. Ragular tralning for govemors and staff. Robust vettlng procedures and safer recruitment of staff to protect Ihe vulnerable. Comprehensive 8lr8tegic planning, budgeting and management reporting. Regular monitoring of financial, investment and professbnal performance. Fomial written policies and a financl81 procedures manual which are reviewed regularly. Annual extemal audits of the S¢h¢)ol's finances and health & safety procedurea. Appropriate IT seGurity and d8ts protection policies. Regular extemal reviews of our safeguarding policy and procedures. Through the risk management processes and controls establi5hgd for the School. the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that Systems ¢an provide reasonable but not absolute assurance that major rlsks have been adequatety managed. WILLIAM JONES'S SCHOOLS FOUNDATION TRUSTEES, REPORT Golng concern The S¢hool's pupil roll has decreased in recent years due to a comblnation of factors, notably the ongoing effeGts of the Covid-19 pandemic on international pupil numbers. wKJer demographic shifts and broad economic pressures. To address these challenges. the Sthool's Govemors d8temiined to undertake transfomiattr?n of the School ar￿ its facilitw, a project that was supported by the Foundation's Trustees. The overall environment for independent schools ￿MaInS extremely challenging. The imposition of VAT on independentschool fees, although anticipated and planned for by the Governors. constituted a major shock to the sectorand one whi¢h has had a significant impact on pupll numbers. Private schools have also faced additional financial pressures through the removal of the business rates exemption and th8 increases of both the minimum w8ge and employerfs nstional insurance contributions. All of this means that the School expects to face several financially cttallenging years as it seeks to ¢on80lidat8 its position. In thls contert tho Trustees have revlewed the Foundatk>n's financial positron, includlng speciftc ¢onsideration of its cashflows, operatlons and hjture plans. The Tw6tees anticipate that the School wlll make opèrating losses over at least the next two to three years as it completes ils Iransformalion, after which the School will be targeting a relum lo surplus. The Trustees have pul in place plans lo support the School during this period. This means that the Truste0$ have a reasonable expectatson that the Foundation has adequate resources to continue operating for at least 12 months from the data of approval of these accounts. The Truste88 have therefore conlnued to adopt the going conc8m basis of accountlng In preparSng Ihe annual report and accounts. Futur• plan• The Govemr8 Intend to uphokl th8ir approach of malntsinlng the School's p08th.on In the market by continuing to provide an excellent educatlon for pupils 8t a competitive pnce. Bursary and 8Gholarship award8 remaln important in widenlng access to the oducation the School provides and form a key part of the School's 8tralegy The School rocognl8es its position in tho town of Monmouth and surroundlng areas and Intends to conllnue wlth an 8Xten$ive range of outrea¢h activities lo local primary school? and th8 local communlty. as well as further extending ts collaboration with Monmouth Comprehensive School and West Monmouth School in PontypciJI Iwhich was founded in 1898 by Ihe Haberdashers, Company, in line wrth Vbllliam JoneB's wishes). Audttor Saffery LLP have indlcated thelr wllllngness to rx*ntlnue ift offKe. In accordance with section 144 of the Charities Act 2011, the Trustees have consldered the reappointment of thè audllors and resofved Ihat Saffery LLP be reappolnted as audltors to the Charity. The annual report was approved and authorfsed for issue by the Tru8tees on 30 June 2028. For and on behalf of the Trustees Carollne Davi8 Prime Warden of the Haberdashers, Company (Corporate Director of H8berdashers' Monmouth Estates Limited) 16 WILLIAM JONES'S SCHOOLS FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES Oplnlon We have audited the financial state￿￿nts of Wr'lliam Jones's Schools Foundalton (the 'parent charity'} and its subsidiaries {Ihe 'group'l for the year ended 31 August 2025 whi¢h Compri￿ the Gon5olidaled statement of financial activiti•s, the consolidated and charity balance sheets, th8 consolidated cash flow statement and notes to the financial s18tements, including significant accounting poli¢ie$. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards. including Financlal Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Repltblic of Ireland {United Kingdom Generalty Accepted Accounting Practice). In our oplnlon the financial statements.. gNe a true and fair v￿W of the stato of the group and parent charty's affairs as at 31 August 2025 and of the group'8 and the parent charity's incoming rasourcas and applKation of r8s0urces for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared In accordsnce wlth the requirements of the Charbties Act 2011. B••1• for oplnlon We conducted our oudil in a￿Ordance with International Standards on Auditing IUK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described In th? Auditols responsibilities for the audll of the financlal statements 98clion of our report. We 8re independent of the group and parent charity in accordance with the ethical requirements that are ￿leVant to our audlt of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have fvlfilled our other ethical respon$lbilrtie$ in ac¢or(lance wlth these requlremenls. We believe that the audlt evidence we have obtalned 58 sufficlenl and approprlale to provide a basls for our opinlon. Con¢lu•lon• rol•tlng to golng conc•rn In auditrng the financial statements, w8 hav8 conclud8d that the trustees, use of the going ¢oncem basis of a¢¢ounting in the p￿Paration of the financial statements is appropriate. Based on the work we havo performed, wo have not identified any materlal unG8rtainties relatlng to events or condllons that, Indivldually or ¢olle¢livety. may ca818ignificant doubl on th8 group or the parent charlty's abllity lo contlnue as a golng concem for a perlod of at least tsvelve months from when the financral 8talemenls are authorised for Issue, Our respon8ibllltles and the responslbilili88 of the Iiustees with rospect lo golng concern are descrlbed in th8 relevant 8ection8 of thi8 rep)rt. Oth•r Inforniatlon The truste8s are responsible for the other infomwtlon. Tho other infomiallon comprises the Infofmation included in the annual report, other than the financial ststements and our audilorfs report thereon. Our opinion on the financial statements does not ¢over the other infomation and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance condusion thereon. Our responsibility Is to read the other InfO￿allOn and, In dolng go, con8lder whelfier the othor Informallon is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit or otherwise appears lo be materially mlsstated. If we identify Such material in¢onsislencies or apparent material mlsstatemenls, we are required to determine whether this gives rise to a material misstatement in the fin8nci81 statements themselves. If, based on the work we have performed, we Condude that there is material misstatemgnl of this other infomiatson.. we are required to report that fact. We have nothing to report in thTrs regard. 17 WILLIAM JONES'S SCHOOLS FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES MattofB on whlch w• are required to report by ex¢eptlon We have nothing to report in respect of the following matters in relation to wh￿h the Charities {A¢counts and Reports} Regulations 2008 require us to report to you if, In our opinion: the information given in the Trustees, Annual Report is Inconsistant in any material respect with the financial ststemenls., or the p8rent charty has not kept sufficient accounting record5', or the parent Charity's financial statements are not in agreement with the accounting records and retums,. or we have not recefv8d all th8 infomiation and explanations we require for our audit. R•spon8lbllliles ol trustee• As explained brK)re fully In the Trustees, Re8ponslbllltles state￿nt sel out on pages 5*, the trustees a responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparats'on of financial statements that are free from matenal misstatement. whether due to fraud or error. In preparing the financial $latemenls, the Iruslee5 are responsible for assessing the group and the parent charity's ability lo continue as a going concem, d15¢1osing. as applicable, matters related to going con¢em and using the going concern basis of a¢counling unless the trustees either intend to liquidate the group or the parent ch8rity or lo cease operallon$, or have no realistic altemallve but lo 00 80. Audltorn, ro•pon•lbllltlM for the •udli of th• flnan¢knl 8tat•mont• We have been appointed 88 audrtor8 underthe CharlllesAct 2011 and report In accordance wlth regulations rnade under that Act. Our objectives a￿ to obtain reasonable assurance aboutwhether the gTOUP and parent flnancial stat8ments as a whole are fre8 from material mlsstatemenl, whether due to fraud or error, and to issue an 8uditorf8 report that includes our oplnion. Reasonable assur8nce18 a hlgh level of assurance, but is not a guarantee that an audit conducted In accordane* with ISA5 IUKI will always delect a material mlsstatement wfien il exists. Misslatemenls c8n ari$e from fraud or error and are considered material if, individually or in the ag9￿gate, they could reason8bly b6 expected ta influen¢6 the economic decisions of users taken on the basls of these financlal statements. Irregulariti88, including fraud, are instances of non•compllanc• wllh laws and regulatlon8. We clesign procedures in line with our responsibilities, outlined above. to delecl material misstatements in respect of irregularities, including fraud. The speGlfic procedures for this engagement and the extent lo wh￿h theso are capable of detectin9 irregularitles. including fraud are detailed below. Identifylng and Bssessing rfsks related to Irr6gu18ri1ies'. We assessed the gusceplibility of the group and parent charty's flnancial statements to materfal rn155tatement and how fraud mighl occur, including through discussions wth inforrned management and presentatives of the trustees. discussions wllhln our audit team planning meeting, updating our record of Intemal ￿ntrOl$ and ensuring these controls operated as intended. We evaluated possible Incenknves and opportunities for fraudulent manipulation of the financial slalements. We identified laws 8nd regulatlons that are of significance in the context of the group an(J parent charity by discussions with Snfomed management and wpresentats've5 of the tfustees, communication with component auditors and updabng our understsnding of the sector in which the group and parent charfty operates. Laws and regulations of direct slgnlflc8nce in the context of the group and parent charty include the Charitw Act 2011, the Charitleg (Accounts and Reports) Regulations 2008 and guidance issued ty the Charity Commission for England and Wales. Further the charitable group is subjecl lo other laws and regulations where the consequences of non-compliancé could have a material effect on amounts or disclosures in the financial statements. through significant fine, litsgation or restrictions on the charitable group's operations. We identified the most significant laws and ￿gUlationS to be the Independent School standards as found in the Education and Skills Act 2008 and guidance issued by the Department for Education. 18 WILLIAM JONES'S SCHOOLS FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES Audit reSp￿se to risks identified.. We considered the extent of compliance with these laws and regulation$ as part of our audit procedures on the related financial statement items including a review of financial stal8m8nt disclosures. We reviewed the parent chartty's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material rnisstatements ansing. We discussed the parent charity's policw and procedures for compliance with laws and regulations with members of management responsible for compliance. Durlng the plannlng meeting with the audll team, the engagement partner drew attention to the key areas which might involve non-compliance wlth laws and regulations or fraud. We enqulred of managemenl whether they were aware of any instances of non-compliance with 18ws and regulations or knowledge of ny actual. suspected or alleged fraud. We addressed the risk of fraud through management override of Control$ by testing the appropriateness of journal entries and Ident￿Ing any signifiGanl transactions that were unusual Of outside the normal course of business. We a$6es$ed whetherjudgements made in making accounting estimates gave rise to a Fossible indication of management bias. At the completion stage of the audit, tha engagement partnerfs review included ensuring that the team had approached their work with 8ppropriale professional scepb"ci5m and thus the capacity lo identify non-¢ompliane& with laws and regulations and fraud. As group auditors, our assassm8nl ol matters relatlng to non-compliarbce with laws or regulations and fraud differed at group and component level according to their p8rticular circumstances. Our communications with component auditors Included a request to Identlfy in$tsn¢e$ of nonvcompliance with lawg and regulation8 8nd fraud that could glve fise lo a material misstatement of the group finanaal 8talem8nts in addition to our risk assessment. There are inherent limitations in the audit procedure8 de$¢rfbed above and Ihe fvrther removed non- cornpliance wlth 18W8 and regulations 18 Irom the events and transactions rellected In the flnan¢ial slaternents, the le56 likely we would becom8 awaffj of rt. A180, the rlsk of not detecting a material mlsslatemenl to fraud 18 highar than the risk of not detecting one resulting from error, as fraud may Invofve d81iberate concealment by, for example, forgery or intentional misrepresentatK>ns, or through collusion. A further description ol our rèsponsibilitres Is avai18ble on the Financial Reporting Council's websll& at. . Th18 de8cripb.on forms part of our auditols reporL U•• of our r•port This ￿port is made solety to the parent charity's trustees, as a b&Jy, In accordance with Part 4 of tho Charities (Accounts and Report¥) Regulation¥ 2008. Our aud51 work has been undertaken $0 thst we mlght slate to the parent charity trustees those matters we ar8 required to slate to tham In an auditorfs report and for no other purpos&. To the fullest extent pemiltted by law. we do not accept or assume responsibillty to anyone other than the parent chaTty and thè paront Charity's tru8tee6 as a body. for our audit work, for th18 report, or for th8 opinions we have forned. LL(, Saffery LLP 71 Queen VktOri8 Street London EC4V 4BE Statutory Auditors Date.. 30 June 2026 Saffery LLP is el￿1b18 to act as an auditor in terms of section 1212 of the Companies Art 2006 19 WILLIAM JONES'S SCHOOLS FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Year endod 31 August 2025 Unrostrlct•d Funds Porn￿nent Total Total School4 £'ooo Incomg £'iJoo Fund¥ £'ooo fund £'ooo 202S £'ooD 2024 £'ooo Income and ondowments Irom: Donations and lega¢le$ Charitable activities.. School fees Ancillary trading income Other incom8- educational Other trading activiues.. Trading in¢om& Investments.. Investment income Pension scheme interest 147 147 18.036 1.290 95 18,036 1,290 95 20,075 1,575 71 1,211 1,211 1,260 150 114 188 114 324 129 20,896 38 147 21,081 23,582 Expondlturn on: Raising funds.. Loan interest Fees in advance di8count Commission charges Advertising & PR Tradlng costs of subsldi8rl88 Charitable activitles.. Schoolg pens￿1n scheme intere8t cosl 206 89 130 313 318 50 190 342 875 89 130 313 838 24,402 89 440 105 1,321 26,268 89 27,215 97 28,065 440 105 1,321 27.931 29,087 N•t l•xp•ndlturelllncome bofor• galns on Inv•Atm•nt• {5,1691 14021 42 11,3211 (8,850) 15,5051 Not g•in81{108•MI on Inv•8tments 10 42 5,367 5.419 5,510 Not l•xpendltur•Vlncome T￿n￿•1$ between funds 15,1591 (402) 4,048 {1,431 > 8.565 (821) {7,7441 Other reeognl8od g•ln8: Actuarial gainsl{b8sesl on defined benefit scheme5 12 359 359 {98) Net mv•m¢nt In fund• 3,765 (402) (7371 (3.698) {1,0721 1931 Recoficlllatlon of Fund•: Total funds brought forward {1,2701 126 1.011 133,997 133.864 133,957 Totsl fund• carrled forward 2,495 (276) 274 130,299 132.792 133,884 Net lexpenditurellincome a118ro8e trom conllnulng act￿vi￿es. The notes on pages 24 to 47 fom part of these financial statements. 20 WILLIAM JONES'S SCHOOLS FOUNDATION BALANCE SHEETS As at 31 August 2025 Group 2025 £'ooo Foundation 2025 2024 £'ooo £'ooo Note 2024 £'ooo Fixed a88ets: Tangible asse18 Investments Investment in 8ub8idi8ry company 60.135 75,950 60.566 80,385 60,127 75,950 60,558 80.385 17 136,085 140,951 136,167 141,033 Non current u¥•ts: VAT recoverable 2,819 2,819 Current a8set•: stocks Debtors Investrnent cash Cash at bank and In hand 270 1,724 273 982 1,813 7,339 1,867 1,231 1.813 7,036 3,472 3.355 5,46 10,407 5,241 10,126 Llabllltl••: Creditors.. amounts falling due within one yeai 10 16,7481 {10.1231 (6.605) 19,924) Not currnnt Ill•bllltle•V•••ots 11,2821 11.364) 202 T*)tal •Mal• lo•• ¢urrent Ilabllltl•• 137,622 141,235 137,622 141,235 Crodltorn: amounts f•lllng du• •ft•r mor• than one ymr 11 (4,8301 17.371) {4,8301 {7,3711 132,792 133,864 132,792 133.884 Defined benefit penslon scheme liabilhy 12 Totsl not a8••ts 132,792 133,864 132,792 133,884 Th• Fund• ol th• Charlty: Permanent endowment fijnd Restricted funds un￿StrICted funds.. Designated funds General fund5 130,299 274 133.997 1,011 130,299 274 133,997 1,011 144 (1,288) 48 2,173 2,173 11,288} Total Charlty Fund8 132,792 133,864 132,792 133,864 The notes on pages 24 to 47 fomi part ofthese financial 51atsments. These financial statements We￿ approved and aulhorised for i9sue and signed on behalf of the Trustees on 30 June 2026. Caroline Davis Prime Warden of the Haberdashers. Company James Penney Chair. Haberdasher8' Education Commlttee 21 WILLIAM JONES'S SCHOOLS FOUNDATION CONSOLIDATED CASH FLOW STATEMENT Year ended 31 August 2025 2025 £,{￿0 2025 £'ooo 2024 £'ooo 2024 £'ooo M•t ush US￿ In operating actlvltl•8 C￿h Ilow8 from Invmtlng actlvltl•8: Investm8nt income received Purchase of tsngible fixed a8set8 Proceeds trom sale of investments Purchase of investments Drawn from Charities Inv8stment Pool (Total Rètuml (8,5881 (2,3441 188 14,5721 2,163 18751 8,566 324 117,7481 16) 24,970 Not ca•h provldod by IDv•stlng actlvltl•• 5,470 7,634 Ca8h flo￿ from financlng actlvftlo8: {Decreas81 l increase in fees in advance Repayments of borrowlng (838) (1.726) 2,131 {1,8861 N•t c••h provld•d by flnanclng actlvltl 12,5621 445 Chanq• In ca•h and c•ah equlval•nts In th• rnportlng p•rlod (5,680 5.735 Cash and cash 8quiv8lents at the beginning of the reporting pèrlod 9,152 3,417 C•sh and ca•h •qulv•l•nts at th• •nd of tho roportlng porlod 3,472 9,152 NET CASH USED IN OPERATING ACTMTIES 2025 £'ooo 2024 £'ooo Net MOVe￿￿t in fvnds {per StatemBnt of Flnancial Actlvlties) Adjustrnents for.. Gains on investr￿nts Investment in¢orrÈ Depreclation Loss on disposal of flxed asset Decreasellincreasel in stocks (Decreasellincrease in ¢￿dItorS (excluding fees In advance and loans) Ilncr8aselldecrease in debtors 11,0721 1931 (5,419) 1188) 1.782 15,509) {324) 1,321 {121 13.354) {345) 2,178 95 Net cash used in operating activities 18,588) (2,344) 22 LLIAM JONES'S SCHOOLS FOUNDATION CONSOLIDATED CASH FLOW STATEMENT Year ended 31 August 2025 ANALYSIS OF CASH AND CASH EQUIVALENTS 202S £'ooo 2024 £'ooo Cash al bank Investmant8 3,472 7,339 1,813 Totsl ¢a$h and equivalents 3,472 9,152 ANALYSIS OF CHANGES IN NEf FUNDSINET (DEBT) At1 S•pl•mbor 2024 £'ooo A131 Augu8l 2025 £'ooo Ca•h flo £'DOO Cash in hand Investment cash Loans falling due within one year Loans falling due after more than one yaar 7,339 1,813 11,7321 13,8671 (1,8131 270 3,472 (1,4621 12,8301 1,456 (1,3741 Tot81 4,590 13,954) 23 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 Accou￿nNG POLICIES 8a818 of prgparatlon The financial st*ements have been p￿pared under the htstorlc81 cost conVent￿n with items reco9ni$ed at cost or transaction value unless otherwise stated in the relevant note to these accounts. The financial slatements are prepared in accordance with the 'Stalement of R￿ornmended Practtce.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021,, and the Financial Reporting Standard appllcab in the UK and Republic of Ireland IFRS 102} and the Charities Act 2011. The financlal ststements have been prepared lo give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and falr vlew. This departu￿ has involved following the SORP (FRS 1021 rather than the Accounting and Reporting by Charities.. Statement of Re¢ommonded Pract4¢e {revi8ed 20051 whlch has been wlthdr8wn. The ac¢ounl8 are prepared In Sterting. which is the functional currency of the Foundation. Monetsry arrthnts in these fin8nGial 8talements are rounded to the nea￿81 £'OOO. The Foundation constitutes a public benefit entity as defined by FRS 102. Th• Foundation Is unincorporated. Its registered office is 18 West Smlthfield, London, EC1A 9HQ. The Truslees have reviewed the Foundation's flnancial position, Including specffic con81d8ration of Its cashflow8, operations and future plans. The Trustees antiGipats that the School will make operating losses over at least the next to three years as rt completes 118 transformation. They have put In pla¢e pl8n8 to support the School during this period. This means that the Trustees have a reasonable expectatson that the Foundation has adequate resources to continue operating for 8t least 12 mnlhs from the dale of approval of these accounts. The Trustees have therefore continued to adopt the going concern basis of accounting in preparing the annual ￿pOrt and accounts. Further detalls on the going concern assumption are provided on page 16 of the Trustees, Report. Gn)up a￿9￿nIS The financial slatements consolidate the results of the Foundatlon and Its wholly owned nonoharitable sub6idiary company on a Ilne-by-line basis. A separate Statement of Flnancial AclivS1ies ISOFAI for the Foundation Is not presented because thi3 l¥ not considered to be materiglly dlfferent from the consolldated SOFA. Further information on the subsidlary is disclosed al note 17. The School Governors appoint thelr own auditors and prepare separate ff nanclal statements lor the School. The Trustees prepare financlal statements for the Foundation which incorporates the results of the School, consolldated on a Ilne-by-line basis. Funds 8lructuro A statement113tlng all funds is at note 5. The funds are eAtegorised as folbws.. Permanent endowment fvnd.. Except to the extent perrnrited by the total Teturn arrangements, this fund may not be expended and represents the land and bulldings of the Foun¢Jation, plus investment assets used to generate incom8 for 8ppli¢atlon by the School Govemors. Restricted funds.. these funds were don8ted or Created for specific purposes and may onty be used for those purposes. Designated funds.. these are unreslricied funds set aside for Part￿Ular purpose5 by the Trustees, but they a￿ not subject to any formal restriction. 24 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2026 Unrestricted general funds.. These funds are not subject to any restriction other than the objects of the Foundation and are applied in furtherance of the objects. Incom• rocognition All income, including govemment grant income. is recogni8ed when the Foundation is legalty entitled to the income and there is reasonable assurance of receipt. School fee$ weivable a￿ accounted for In the period in which the service 18 provided. School fees are 6t8ted net of bursanes, scho18rships and fee rernission for children of schwl staff. Divld8nd incom& 18 taken Into account when dividends fall due for payment. Expondltur• r•cognltlon ReSoUr￿S expended are recorded on an 8c¢rual8 bas18 and include support Gosts whlch may bo allocated dSreGt or apportioned on the basis of stsff time. Raislng funds.. C08t8 Incurred in ralslng fvnds Includlng managing Ihe Foundallon's investment as8ets and servicing loans a￿ worded under thls headlng. Charitable a¢tfvlti•s.' Expendilure Incurred directty in meeting the objects of the Foundatlon Is recorded under this heading. Termination ￿￿ts.. 8everance and redundancy payments are ￿cOgnISed In the period In whlch the paymant becorres binding. AllorAtlon ol aupport and govomanc• costs Support CO815 have been allc¢aled betsveen govemance costs and other support C08ts. These Include salades and serrfl¢e ch8r9es relating lo specthG staff involved direcuy In facilitating charitsble activlles. Governance co818 relate to expenditure incurred In the general running of the Foundatlon and Includ• salaries and 5ervi¢e chsrges for Sp￿IfiC Staff InVo￿•d in compllan¢e wth con8tllutional and 8tstutory reqU1￿ments and audit fees. Irrecov•rnbl• VAT Irr8coVera￿e VAT Is charged against the expendlture heading for whkh h was Incurred. Pen•lon •chom8• The School contrtbute8 to Ihe Teachers, Pension Scheme at rates set by the S¢heme Actuary arKI advised by the Scheme Administrator. Th6 School also contribut69 to a group personal pension plan for non- teaGhing staff. The accounting policy adopted in re5PKt of the closed defined benefit non-teaching staff pension schem& Is that the amount charged lo the $t*emenl of financial a¢tivllles in ￿SPect of pension costs and other post- retirement benefits is the estimated regular cost of providing the benefits accrued in the year, adju8ted lo flect variations from that cost. Net Interest on the net defined benefit asset, being the interest inGome on plan assets offset by the interest c>)st on scheme obligations. is shown wilhln investment income in the statement of fin8nclal actNibes. Actuarial remeasurements are recognised in other recognlsed gains and h)sses. The assets of the scheme are held separatety from the Foundation in trustee-admini$tered funds. Full actuarial valuations. by a professionalty qualified actuary, are obtained at least every three years, and updated to refl￿t current condition$ at the balance shegt date. The pension scheme assets are me8sured at fair value. The pension scheme liabilit￿S are measured using the projected unit method and discounted 25 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Yaar ended 31 August 2025 at the currgnt rate of retum on a high-quality corporate bond of equiva18nt temi and CUT￿ncy. A penslon scheme asset is recognised in the balance sheet only to the extent that the surplus may be recovered by reduced futu￿ contributions or to the extent that the Trustees have agreed a refund from the xheme at the balance sheet date. A pension liability is recognised to the extent that the Group ha5 8 legal obligatlon to Settle the liabllity. Tanglblo tlx•d assèts and depreGl•tion The Foundation's fvnctional land and buildings at the School are vested In HMEL a8 Est*es Govemor. New school buildings form part of the Estates and are 8ssets of the permanent endowment fiAnd. Funding of new buildings from schools, funds is recorded 88 a transfer from unrestricted funds lo the permanent endowm8nt fund and depreciation of school buildings is treated as expenditure from th8 permanent endowment fund. HMEL1s responsible lor maintaining the bLtildings in a fit and usefvl condition and these Costs are written off as incurred. Land and buildings dating from before 1945 are not capitalised or depreciated as h15torfcal cost Infomiation is no longer available and no rellable values can be attributed. An estimate of expenditure on buiklings b8tsvean 1945 and 1983 wa8 C8Pitall88d In 1999 under the tran81tion81 provisions of Financial Reporting Standard 10. Itls now treated as deemed hlstoric cosL Expenditure on bulldlngs since 1983 h88 been capitallsed at hl8torfc cost. All other assets are capitalisod at historic oyJl. Depreciation Is provlded on fixed a$8ets other than ￿¢hOld land al rates calculated to write off the excess of cost Over eslimaled ￿sIdual amunt evenly over the estimated useful economic lives of each Class of a88el, subleGt to 8nnual revlew. These rates are currently as follows.. Freehold Bulklings Equipment and Fumlshings Computers Motor Vehicles 25-50 year8 10 years 3-5 years 5 years Flx•d a••ot Inv••tments lal Quoted securftles Quoted s8CUrities comprlse publlcly quoted, listed securilies including shares. bonds and unils. Quoted securities are stated at market value 8t the balance sheet date. Investment 5hare$ and purchases are ognised at the date of trade. {b} Unquoted Investments The vast majority of pdvate equlty and property ffijnd Investments are held through funds Managed by private equity 8nd propety groups. No readity identifiable maTket prlce is available for these unquoted funds. These funds are included at the most recént valuations from their respective managers. Stock is carri8d at the lower of cost or net realisable value. Financlal Instrumonts Financial instruments are recognised in the balance sheet of the Foundatlon when it becom8s paty to the ontractual provisions of the instrument. 26 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 (al Flnanclal assets Basic financial assets, whid) include trade and olher debtors and cash and bank balances, are initially recognised at transaction price including transaction costs and are subsequentty c8rried al amortised cost. At the end of each reporting period financial assets measured at am0￿Sed cost are assessed forobjeclNe evidence ot impaimient. The impairment losses are reccgnised in the Statement of Financial Activities. Other financial assets, including investments in equity instruments which are not subshliaries, are initially measured al fair value. which is nonnally the transaction price, SuGh assets are subsequently Camed at falr value and the changes in falr value are reco9ni5ed in the Ststement of Financial Activities. Flnancial assets are derecogn15ed when.. the contraGtual rlghls to the cash flows from the asset expire or are 8ettled, or substsnlL8lly all the risks and rewards of the ownership ar8 transferred to another party. or Gontrol of the asset has been transferred to another paty who has the pracli¢al abilty to unilaterally sell the asset to an unrelated third party without Smposlng additional restrictions. Ib) Flnanclal Ilabllltle8 Bas￿ finan¢i81 liabillles. whth In¢lud8 trade and other creditoT5, bank loans, school fees in advance and confirmation deposits, are initially reGogni8ed ot transact￿n price. Financial liabiliti88 are derecognised when the Ilabllity 58 extlngulshed, that is when the conlrActual obllgalion is discharged, Car￿lled OT expl￿$. Icl Off•ettlng Flnancl319588ts and liabilitles are offset and the net amounts presented In the nnancial 8tatements whèn thère Is a legally enforceable right to set off the recognised amounts and there18 an intention to settle on a net ba818 or to realr6e the a8sel and settle the liability simullaneousty. Crltlcal •ccountlng Judgo111onts and kay •ourc•• of Mtlmatlon un¢•rtalnty In the application of the Foundation's accounting pollGI85, the Tnsstee8 8re required to make judgements, estimates and assumptions about the carrylng amount ol assets and Ilabilllies that a￿ not readily apparent from other sources. The estimates ané assoclated assumpt￿nS are based on histortcal experience and other factor8 that are consldered lo be relevant. Actual results may dlffer from these estimates. The estlmate8 and underlylng assumptk)n8 aro reviewed on an ongoing basis. R8vislons to accounting ests'male3 are recognlsed In the perlod in whlch the estimate is revised and in future period8 wher• necessary. The critical estimate8 and ludgements madtr in pTrparing these accounts are oxplained In these accounting policies and relate particularly to.. • Valuation of unlSsted investm8nts held withln the Haberdashers, Tot81 Retum Pool; and • The actuarial assumpts'ons ￿lats'ng to the ValUat￿n of the pension deficit. 27 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 INVESTMENT INCOME Perman•nt Unrestrl¢ted Restrl¢ied Endowm?nt Fund Fund Fund £'ooo £'ooo £'ooo Totsl 2025 £'ooo Total 2024 £'ooo Interest from bank dep08its Income from listed investments 128 128 60 57 287 188 188 324 Pension 6ch&me int8re$l Income 114 114 129 302 302 453 TumoN FEE8 2026 2024 £'ooo Gr035 Fees Less S¢holar8hips & burnarle8 staff fee remisslon 21,907 24,095 (2,856) {1,0151 12,9691 11,051) 18,038 20,075 Numters of pupi15 bonefftlng from.. Scholar8hip8 Bursarles 185 274 203 274 28 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2026 TOTAL RESOURCES EXPENDED Other dlrect Staff ¢08ts Total 2025 Total 2024 R•state £'ooo £'ooo £'ooo £'ooo £'ooo Ralslng fund•: Loan interest Fee¥ in advance discount Commission charges Advertising & PR Trading cost9 of subsidiarfe8 2C6 89 130 313 836 318 50 190 342 875 89 130 313 585 248 248 1,323 1,574 1,775 Charltable oxpondtturn: Teaching costs School welfare School premises costs Support cos18 Governance ¢08ts Pen8ion schem8 Inter￿t costs 11,056 1.517 1,808 2,283 70 2.320 1,112 3,118 1,056 146 89 438 23 1,321 13,814 2,652 6,247 3,339 216 15,061 2.623 6.772 2,596 163 97 16,734 7,841 1.782 26,357 27,312 Total rnsourc•8 •xp•nd•d 16,982 9,164 1,785 27.931 29,087 2025 £'ooo 2024 £'ooo Charltsblo •xp•ndituv• Includ••: Remuneration of School's auditors for audlt gervices Remunerallon of Foundation's auditors for aud51 servke8- current year prior year Payment to the Haberdashers, Company for Foundation's expenses 38 20 24 29 35 24 31 In the prfor year, commission Charges 8nd the costs of advertising and PR were included within charitable expendlture. This year thes8 have been reclassified as expenses relating to ra￿Ing funds, as In the ¥￿W of the trustees this more appropriately reflects the 8Ctivty that they support The Foundation pay8 the Haberdashers, Company and the Haberdashers Operating Company la Subsidiary of the Haberdashers, Company) for office accommodation and facilities provided ty and shared with those companies and with other connected charlties. The payments rnade do not exceed the cost to those companies of provKling the service8. Support costs includ& admlnlstration and ground5 Staff, establishment costs, professional fees, travel and general costs. 29 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year endod 31 August 2025 TOTAL RESOURCES EXPENDED Iconllnuedl 2025 £'ooo 2024 £'ooo Staff costs ¢omprl8ed: Wages and salaries Social sec#Jrity costs Pension conlributions Payment of Haberdashers, Company stsff under paymaster arrangement 12,809 1,372 2.697 13,718 1,236 2.251 104 172 16,982 17.377 Under lolnt contracts of employment and a paymaster arrangement, salary costs for the Hab8rdash8rs' Company and its charitses are paid by Haberdashers, Operatlng Company and allocated to the various entiti88 on the basis of time sp8nt. No remuneration or reimbursed expenses were paid lo Ihe Trustees12024.. £Nill. Th8 School's Governors received no remuneration 12024., £NII). Expenses of £4,045 {2024', £9,669) were reimbursed during the year. 2025 £'ooo 2024 Aggregate 8mployee-b8nefrts of key management p8rsonn81 595 552 See page 2 lor the11st of Key Management Personnel. Termillation payments of £230,69712024.' £938,462) were made In the year. These amounts related to ogreements made wlth employees lo end employment contracts. Average numbers of employees in the year were.. 2023 2024 No. 277 262 Teaching 8taff Other stsff 445 539 The numbers of higher paid amployees eaming in excess of £80,000 were.. 2025 No. 2024 No. £60,001 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £90.001 to £100,000 £100,001 to £110,000 £110,001 to £120.oiN) 14 30 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 STATEMENT OF FUND MOVEMENTS AND TRANSFERS (a) Fund movements Balance oth•r Balanc• 31 August 2025 £'ooo gain N•t (losse8> Trnn8fer¥ £'ooo £'ooo 2024 Income ExpPnd￿rn £'ooo £'ooo £'ooo D•slgnated funds". Pensions ￿Serye (Note 1) 1198) 100 General fund8- Foundatlon: Schools {1,4141 19,571 124,4921 10 .774 2.449 Foundation income fund {Note 2) Pension scheme fund 126 38 14401 12761 114 15391 359 66 Tolal UnroStrlcl￿ fund¥- Found•tlon Non-charitable Iradlng fund¥ {1,1441 19.723 1,211 125,6691 18361 389 8,940 13751 2,219 Total unmtrlctod funth- Group (1.144) 20,934 126,5051 389 8.565 2,219 R••trfctsd fund• School scholarship fvnds Extraordinary repair fund (Note 31 Other re8tricled funds 150 789 147 11051 192 10 42 18211 72 72 Total re•trfcted fund• 1.011 147 {105) 42 {821) 274 P•rn)anant ondowment lund (Note 41 133,997 11,321) 5,367 17.744} 130,299 Total Fund• 133,864 21,081 127,9311 5,778 132,792 Notes.. 1. The pensions reserve fvnd 1$ malntalned to provide for the costs of malntaining the Jones Monmouth Schools Pension S¢heme. 2. The running costs of the Foundalion are rn8t from this fund. The reserves of the fvnd are periodically replenished via a transfer out of the unapplied total ￿turn of the endowment fund. 3. The extraordinary repair fund is for the repair, improvemenis or rebuilding of the property belonging to the Foundation. The fvnd Is maintained either by th& income it generates itself or by a transfer of Income generated by the pemianent endowrnenl. This year. the trustees detemiined to transfer the accumulated balance in the fund to the School in support of the Project Apha building work. 4. The permanent endcwment fund at 31 August 2025 consisted of £6,314,000 base value of endowment 8t 31 August 1976, £69.031,000 unapplied totsl retum. £54,954,000 land and buildings at the Schwl. net of bank loans used to fund school buildings. 31 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 STATEMENT OF FUND MOVEMENTS AND TRANSFERS (contlnu•d) (bl Trnn8fern b•twe•n funds Non- charltab tr¥ding fund• £'ooo Charbtab unre•trictsd lund¥ £'ooo P•rman•nt •ndO￿n8nt furtd £'ooo Dwign•tsd fund• £'ooo R••trlctsd fund• £'ooo Transfer from unapplied total return Funding from Schools for new bulldings Effect of capital goods scheme Addition lo penslons reserve Transfer fronvto extraordinary repair fund Trading company paym8nl under Doc 8.304 {3,815) (8,304) 3.815 3,216 13.216) 1100) 860 100 18211 1391 (3751 375 1375} 8,840 100 18211 17,744) A tran8fer of £8,304,000 was m&Je from the Investment In the Haberdash8rs Charftles Inve8tment Pool (Total Return) to the Monmouth Schools. Of thi5, £5,000,000 was the annual transfer from the unapplled total relum on tho endowment for 2024125, whila £3.304.000 was for Project Alpha. The School provided funding for new buildings of £3,815.000 lincludlng the repayment of relevant loan81, which is an investment in land and bulldlngs and therefore a tran8fer to the pemHnent endowment fund. The effect of the Capital Goods Scheme {a5 further deta1￿ in note 61 is that ther8 18 a transfer of £3.216.000 from the permanent endowrnent lo unrestricted fund8, as the School will now recover VAT on prnvlou$ty acquired assets. A transfer of £100,000 was made frorn the unrestrictsd fijnd to the designated fund, to top up the fund for th8 Costs of runnSng th& Jones Monmouth Schools Pension Scheme. Th& profits olthe trading 8ubsidiary, Hab&rdashers' Monmouth School Enterprises Limited We￿ transferred to the charitable unrestricted fund$ via a deed of covenant donatlon {8ee note 17). A transfer of £860,000 was made from the extraordln8ry repalr fund to unrestricted fvnds, in support of Project Alpha. £39.000 was transferred from the income generated by the permanent endowThnt fund to the extraordinary repair fund. 32 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 TANGIBLE FIXED ASSETS Foundallon ond Gft)up Froohold Equlwmnt land and and l)ulldings fumishings £'ooo £'ooo 8ub6kllary Charlty companles totsl WUiPT*nt £'ooo £'ooo Motor Vohicle$ £'ooo Group Total £'ooo Go•t 1 September 2024 Addikn'ons Disposals Adjustments 77,396 3,089 5,350 1.457 392 27 18) 83,138 4,573 {8) 13,2161 127 83,265 4,576 18} 13,2161 13,216> 31 Augu8t 2023 77,269 6,807 411 84.487 127 84,617 Deprnclatlon 1 September 2024 Charge for year Dlsposals 18.869 1,321 3,385 440 328 21 (2> 22.580 1,782 121 119 22.699 1,785 (21 31 Augu•t 2026 20,190 3.825 345 24,360 122 24.482 Not book valu• 31 August 2026 57,079 2,982 66 60,127 60,135 31 August 2024 58.527 1,965 66 60,558 60,566 Exp8nditure on bulldlngs botlveen 1945 and 1983 Is capila118ed al a Trustees, valuation of £6,095,000. Hi$lorlcal assets, belng land end bulldlng8 dating from belore 1945. are not capitalised. Tho value of non- capltalised buildings for insurance purposes is £19,200,000. Included within freehold land and buildings are assets undef ¢onstrLs¢Uon of£nil12024.' £20,037,000), relating lo the work undertaken for Proje¢tAlpha. The above adjuslment of £3,218,000 represents VAT pravlougly Pa￿ on ffixed assets that b now deemed recoverable under the Capital Goods Scheme I'CGS I, following VAT reglstration in December 2024. The corresponding recoverable atrL)unt has been recognised wllhin debtors as'CGS- VAT as5eY' and 1$ shown wrthin note 9, with £397.000 recoverable wthln one year and £2,819.000 recoverable after more than one year. WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Yoar ended 31 August 2025 INVESTMENTS Foundatlon & Group 2025 £'ooo 2024 £'ooo (al Listed investments {b) Haberdashers, Charitw Investment Pool ITotal Retuml Investment cash 1.473 74,473 2,710 77,671 76.950 80,385 (a) LIBtod Inv08tmonts Foundatlon and Group Extrnordln•ry r•pair lund £'ooo Gov•m¢r•' Inv••tm•nt fund £'ooo Total £'ooo Market value at 1 September 2024 Reinvestment Net gain on revaluatlon DigP0981 Mark•t v•lu• at 31 Augu•t 2026 828 1,882 875 10 11,304) 1,463 2,710 875 52 12,1641 1,473 42 {860) 10 The Extraordlnary repalr and the Govemors, investrnnt fund are hdd in Sarasln & Partners 8ndOwff￿nts funds whth are PT&lomlnanty invesby in equth'e&. Invesbrnnts are helj In the form of oJmffK)n Investrrtnt lun¢Js. (b) Invostmont In Haberda8h•rn' Ch•rltlo• Inve•tm•nt Pool (Total R•tuml Foundatlon and Group 2020 £'ooo 2024 £'ooo Market valuo at 1 September 2024 ￿thdr￿P1S Netw11￿)¥¥) on rovaluab 77,671 97,415 (8,565) 124,9701 5.387 5,226 Market valu• 74,473 77,871 The unlts held by the Foundatlon in the Haberdashers. Charftle8 Investment Pool (Total Retum) represent 66.0% (2024.. 67.7%101 the Pool untts in issue. 34 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 8. MOVEMENT ON UNAPPUED TOTAL RETURN Unapplied total return is calculated relative lo the value of the trust for Invest￿nt at 31 August 1976 {base value), that being the base date determined by the Trustees as appropriate for the Foundation's endowment fund. No new endowment gifts have been receNed since the base dale. Trust Unapplled for total Investment return £'ooo Total 2025 £'ooo Total 2024 £'ooo £'ooo Trust investryent at 1 Septemb¥2024 ,314 71.968 78.282 98,026 Investment r8turns.' Rea1k%ed and unrealls*J Inv88ln*nt galnpJ{Ioss8s1 Transferto tnjst for applKaK 5,367 5.367 5,226 (8.3041 (8,3041 124.9701 Tnmt for knve•tmont •t 31 AUg￿t 2025 6,314 69,031 75.345 78,282 . DE8TOR8 AND PREPAYMENTS Group 2025 £'ooo Foundatlon 2025 £'ooo 2024 2024 Prepayments other debtors School fees VAT control account Due from subsidiary compani85 579 478 208 461 357 322 303 579 265 208 461 354 337 51 303 520 1.724 982 1,867 1.231 Amounts falllng du• In morn than on• y•ar Group 2025 £'ooo Foundatlon 2025 £'ooo 2024 £'ooo 2024 £woo VAT recoverable ICGSI 2,819 2,819 2,819 2,819 The VAT recoverablo after one year relates io amounts recoverable under the Capital Goods Scheme, as de$cribad in note 6. 35 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 £'ooo Foundatlon 2025 £'ooo 2024 £'ooo 2024 £'ooo Bank loans Schcol fees in advance and COnfim￿tion derp)sits Taxabon and social security other G￿dItOrS Accruals and deferred Income 1,462 3.560 378 823 525 1,732 3.311 535 1,683 2,862 1,462 3,560 378 680 525 1,732 3.311 535 1,484 2.862 6,748 10.123 6,605 9,924 At 31 August 2025. the Group and Foundation had deferred income of £3,253,000, whlch is inGlu¢Jed within School fees in advance and Confim￿tIOn deposlls. This deferred Income relate5 to school fee5 received for services to be provlded in the following academic year. 11. CReDITORS,. AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR Group 2028 £'ooo Found•tlon 2025 £'ooo 2024 £'ooo 2024 £'ooo Bank loans School fees in advance and confirmation deposits 1,374 2,830 1,374 2.830 3,456 4,541 3.456 4,541 4.830 7,371 4,830 7,371 Maturity of debt.. Betsveen 1 and 2 year8 Be￿een 2 and 5 years After 5 years 1,981 2,787 102 2,981 3,753 837 1,981 2,787 102 2,981 3.753 637 4,830 7,371 4,830 7,371 Bank loans for school building projects are.. £5.0 million from Lloyds Bank P￿ drawn in 2007108, intere81 fixed at 4.75% repayable in March 2029 £0.8 milllon from Lloyds Bank plc drawn in 2010111. interèst at Var18b￿ rate, repayable over 15 years from September2011. £3.0 mlllion from Lloyds Bank plc drawn in 2011112, interest at base rate plus 2.51 % with 75% of the loan required to be at a fixed rate from Juty 2014, Trpayable over 15 years from July 2012. £1.5 Million from Lloyds Bank plc drawn in 2012113, interest fixed at 5.766%, ￿payable over 15 years from July 2013. liv) The above four loans are all unsecured. A £5.0 million CBIL loan from Lloyds Bank was taken out in May 2021, at a rate of 1.210h over base with no Inte￿$t in the first year. The loan is secured over existing building5 and the final repayment 1$ due In 2026. Bank loan rep8ym8nts of £1.462,000 due before 31 August 2026 are Shown at nole 10. WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 11. CREDrroRS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (continu•d) Fees in advance- parents may enter a contract to pay the School in advance for fixed contributions towards the ￿ltiOn fees for future year5. The rnoney May be retumed subject lo speGifiG conditions ¢Jn the receipt of not￿. 12. PENSION COSTS la) Dèfined contrlbutlon sehem•• The School operates a defined Conlribulion scheme for non-teaching staff. The assets of the non-teaching staff scheme are held separately from those of the School in a fund independ8nlly administered by Scottish dows. Addib'onal voluntary contributions for teachers are paid into a fvnd indapendently administered by the Prudential Assurance Company Limited. The pension cost charge represents contributions payabl8 by the Schools to the funds and amounlod to £534.85812024'. £525,462) (bl Muter tru•t •cheme- teachlng •taff In the prior year, the School introduced an optlonal APTIS master tru8t Scheme for teaching stsff. The assets of this scheme are held 38parately from those of the School in a fund independently administered by AVIVA, The pension charge for the year Includes wntribution8 payable by the School to the funds and amounted to £452,05412024'. £325,766) (cl Dofln•d b•n•fit •ch•m•- t•achlng •l•ff The School particlpates In the Tea¢hers' Pension Scheme (England and Wales) I'tho TPS'I, for Its teachlng stsff. The TPS is an unfunded multi-employer defined benefits pengion scheme governed by the Teachers, Pensions Regulations 2010 and, from 1 April 2014, the Teachers. Penslon Scheme Regulallons 2014. Member8 contribute on a pay as you go" basis with conlribulion8 from memb8rs and the employer belng credited lo the Exchequer. Retirement and other pension benefits are paid by publlc funds provided by Parliament. Under the definitions 8et out In FRS 102, the TPS is an unfunded multl-employer pension scheme. The School h88 accounted for its contributions to the scheme as if it were a defined ￿ntribUtIon $¢hem8. The penslon charge for the year Includes contrlbutlons payabl8 to the TPS of £1,244,474 (2024.. £1.397,677). The employer contribution rat• is sel by the Secretary of Slate following ¥Gheme valuats'ons undertaken by the Govemment Actuary Department. The 2020 valualton has now teen published and the employer Contributions rose by 50kn to 28.68% from 1 April 2024. A copy of the valuation report and supporting documentation Is on the Teachers, Pansion website.. https.'Ilww.teacherspensions.co.uklmemberslfaqslvaluation.aspx. 37 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 12. PENSION COSTS (continued> (dl Doflned bonofrt schem•- non-teaehlng Staff Haberdashefs. Monmouth School operates a deflned benefit s¢heme in the UK adminlgtered by the Prudential Assurance Company Limrted. Th8 scheme was closed for futu￿ accrual on 5 December 2022. A Iriennial valuation was performed as al 31 March 2024 resulting In a surplus of £668,000. The School also agreed to continue with annual employerfs contributions of £66,000 p.a., to be paid in equal monthty instalmenls untsl 30 June 2025. The next triennial valuation will be as at 31 March 2027. An actuari81 valuatlon lo meet the requirements of Flnancial Reporbng Standard 102 IFRS 1021 was carrled oul by the scheme's actuary, Quantum Advisory, as al 31 August 2025. This shows that the scheme is in surplus as at 31 August 2025. The surplus has not been recognized on the balar￿e shoet as it doe8 not meet the crileria ft)r recognition as an asset under FRS102. The Govemors have become aware that. due to an adminlstrative over51ght. there is a que$bon r8garding the application of pension increases withln the Scheme. The Governors are obtaining professional advice on the matter. The estimated p￿sent value of the Scheme's liabilllies as at 31 August 2025 in¢ludes a provisK)n ￿lating to this issue. While it 18 possible that the final impact wlll be higher or lower than the provision included in these accounts, It is not expeGted that the differonce will be material. The major assumption8 used In valuing the Ilabill￿85 are glven below wlth earller year comparatives.. Auumptlon• Asat A•at 31 Augu8t 2026 31 August 2024 D18count rate 5.1% 4.7% Inflation 3.2% 3.5% Increases to deferred wnslons (statutory revaluation) before retirement Rate of Increase to pen8lon8 in payment lflxedl Rate of increase lo pension8 In payment Icpl to 5%) 2.8% 3.1% 3.0° 3.0% 3.0% 3.0% Mortallty Based on the 8ssumptlon8, on Ihe balance sheet date the average fvture lile expectancles at age 65 are summarised below.. A•at 31 August 2026 31 August 2024 Life expectancy from age 65 years Retiring today Male Female 21.5 24.0 21,4 23.9 Retiring in 20 years Male Femal8 23.1 25.8 23.0 25.7 38 WILLIAPJI JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 12. PENSION COSTS {continu•dl 2025 £'ooo 2024 £'ooo Present value of fiJnded oblvJation8 Fair value of plan fijnds Net defin•d benefit a8sot Surplus on the scheme not a￿Ounted for 2,007 {2,4251 1,874 12,486} (4181 418 1612) 612 Not dellned bgnefft asset as recognlsed In tho Balanco Sheet 2026 £'ooo 2024 £'ooo Tho amounts re¢ognl•ed In Iho Incomo 8tatsm•nt Net interest income Pagt service cost 25 14501 14251 32 Total p•n•lon l•xp•n••ylncom• 32 2025 £'ooo 2024 £'ooo Tho amunts In th• •tst•m•nt ol oth•r r•cognl••d galn8 and lo•••• Actuarfal (lossllgain on plan assets Actuarial g8inlllossl on defined benefit obllgatlon Effect of change in the amount of the scheme surplus Totsl galnlllom) In •tst•m•nt of other rncognii•d galn• •nd IoM•• 1661 231 37 179) 156) 1981 359 2025 £'ooo 2024 £'ooo Ch•ng•• In.th• prn••nt valuo of th? defined ￿n•flt obllgatlon Liabilities al the start of the perfod Interest cost Actuarial (gainmoss Benefits pald Past servlce cost 1,874 89 {2311 {175) 450 1,894 97 79 {1961 Ll•bllltlM at tho •nd of the perlod 2,007 1,874 2025 £'ooo 2024 £'ooo Ch•ngu In the falr value of plan a8•8ts Fair valu8 of plan assets al the start of the period Interest income Actuarial (lossygaln Contributions by the employer Benefits paid Falr value of plan 188ets at the end of Ihe p8rlod 2,486 114 1661 2,450 129 37 (1751 2,425 1196 2,486 39 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year anded 31 August 2025 12. PEN510N COSTS Icontinuod) 2025 £'ooo 2024 £'ooo Anatygls of r•turn on plan a8Ut8 Interest income Actuarial {105sygain on plan assets Return on plan a880ts 114 1661 48 129 37 2025 £'ooo 2024 £'ooo )vemoni ln8urp1￿duty th• yo•r Movement in year: Emptyer's contn'buUon Net interest income Actuarial 98inlllos8) Past service cost 25 165 14501 {421 (DKr•u•ylncr•a•• In •urplu• Movement in surplus not recognlsed in the Balance Sheet 11941 1561 N•t dollnad b•n•flt a••et M re¢ognl•od In th• B•lan¢• She•t Major cat•gorl•• of plan •sut• *• • p•rc•ntag• ol total a8••ts Proportlon of portfollo 31 Augu•t 2025 V4lu• of a•••ts 31 Augu•t 2025 £'ooo PTOPOrtlon of portfollo 31 Augu•t 2024 Valu• ot 31 Augult 2024 £'ooo Annuities Propety Total m8rket value of assets 11.8 88.2 285 2,140 15.6 84.4 389 2,097 100.0 2,425 100.0 2,488 13. ANALYSIS OF GROUP NET ASSETS BETWEEN FUND8 Porm•ngnt Unr•8trlct8d Ro8trlct•d Endowment Funds Funds Funds £'ooo £'ooo £'ooo Total Fund8 £'ooo Tangible fixed assets Fixed asset investments Non-current assets Net current Iliabilitiesllassets Non-current liabilities Oefined benefit pension scheme 3,056 1,467 2,819 11.6671 (3,456) 57.079 74,473 60,135 75,950 2,819 (1,2821 {4,8301 10 264 121 (1.374) 2.219 274 130.299 132,792 40 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 14. RELATED PARTIES The Haberdashers, Company. a City LNery Company incorporated by royal Charter, Is the Sole member of HMEL. HMEL Is a Truslee of the Foundalicjn. Details of transactions beiween the Foundation, the Haberdashers. Company and connected entit￿ are set out below.. The Haberdashers, Company and its subsldiary were reimbursed for certain expenses incurred In the year on behalf of the Foundallon. Further details are set out in note 4. Monmouth Schc*)Is Charitsble Tru8t (charty no. 11616981 18 the charitable body th8t provides financial support to the School through grants and donations to asslsl with Its educalional objectives. MSCT provided £95,000 In support during the year. including £23,000 for the recrultment of a Development Oirector and £72,000 for pupil bursaries. Al year end. £15,130 remained outs18nding. The Foundation's endowment funds are invested predominantly in the Haberdashers, Total Relum Pool, a common investment fund whlch has the Haberd8shers' Company as Trustee. Note 7 provides fvrther details of relevant Ir8nsactlons and balances. In the ye8r, the Foundatlon r8¢elved £77.285 of grant fundlng from the Haberdashers, Educallonal Foundab'on, prlmarlly trj 8UPPOrt bursaries12024.. £61,000). The Haberdashers, Company is the Trustee of the Haberdashers, Educational Foundation. Delails of transact*)ns and balances befvmn the School and the Foundation's subsidlary are set out in notes 9 and 17. No remuneration or relmbursod expenses were paid to th8 Trustees or to any of the Schcols, Govarnor5. 16. CAPITAL COMMITMENTS The value of capital expenditure conlrscied for but not yet Inojrred was £nil12024.' £5,481,000). 18. OPERATING LEASES At the ￿pOrtIng date the School had total future mlnlmum lease payments under nonuncellable operotlng leases 88 follows.. 2025 £'ooo 2024 £'ooo Due not later than one ye8r Due later than one year and not later than f4ve years 77 118 119 146 193 265 41 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 17. TRADING SUBSIDIARY The Found8tion owns the whole beneficial interest in the share capital of a non-charitable trading subsidiary. Haberdashers, Monmouth School Enterprises Limited I"HMSEL'), for which the results are summari5ed below. Taxable proffts are donated lo the Foundation by deed of covenant IDOCI. During the year, the Foundation reimbursed HMSEL for costs and payments incurred on tts behalf totalling £217.000 12024.. £401.0001 HMSEL reimbursed the Founda1￿ for costs and paym8nts incurred on rts behalf totalling £225.00012024.. £180.000). HMSEL 2025 £'ooo 2024 £'ooo Turnover Cost of 88les 1,210 1449) 13871 1,258 1535) 1340) Operatlng profiU{bs$) Interest receivable Transfer to the Foundation IDOCI 374 383 (375} {385) Retained profrtlllos81 for the year 90 Fixed assets Current assats Craditor8 falling due wlthin one year 579 {4971 801 17191 Net assetB 90 90 8h•r• CApltaS Actlvltlo8 Haberdashers, Monmouth School Enterprises Llmiled (Company numbef.. 017270381 90.000 Sale ol school clothing and SF4y18 equipment at Monmouth School for Boys. Running the Monmouth School Sport8 Centre. 42 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 18. GROUP STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST2024 Unr•8trlet•d Funds Pèrman•nt Total S¢hool$ £'ooo Ineom• £'OOD Fund¥ £'ooo fund £'ooo 2024. £'ooo Income and •ndowm•nts from: Oonalions and legac￿8 Charitable activit￿8.. School fee5 Ancillary tradlng income Other income- educ4tional other trading activilie8'. Trading inGorno Investments.. Investm8nl income Pension scheme interest 148 148 20,075 1,575 71 20,075 1,575 71 1.260 1,260 85 129 234 324 129 23,195 234 153 23,582 EXpendI￿re on: Ralsing funds.. Loan Interest Fees in advance discount Trading costs of subsidiarie8 Charitable activilie$'. Schools Pension scheme interest cost 318 318 50 875 875 25,957 97 678 134 978 27.747 97 27.297 878 134 978 29,087 (4.1021 (444) 19 (978) 15.5051 Not galn•l{los•es) on Inv•8tm•nts 188 (31 5,226 5.510 Not (oxpondltur•)Ilncome 13,914) 14471 118 4,248 Trnn8f•rn b•tw•on fund• 8.581 670 (1171 17,014) Oth•r recognl•od galn•: Actuarial10sseB on defined benefit sGherne$ 198> (981 N•t movement in funds 2,549 123 {2,7661 (931 Roconclllatlon of Fund•: Total funds brought forward {3,8191 1,010 136.763 133,957 Total funds carri•d forward {1,270) 126 1,011 133,997 133.864 43 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 18. GROUP 8TATEMENT OF FINANCIAL ACTivrriES (contlnued) he prior year Ststement of Financial A¢tlvitie5 presented above InGorForates revisions lo the classification of commission charges1£190kl and adverb'sing & PR costs {£342k} from charitsble expenditure to raislng funds. In addition, it reflects the reclassification of items previously reported as other income {£412kl to ancillary Iradlng income. The reclassifica￿On of these Items has no impact on the overall ￿e1 of income. xpenditure or result reported for the prlor year. 19. INVESTMENT INCOME FOR THE YEAR ENDED 31 AUGUST 2024 P¢mian•nt Unra•trlet•d Rmtrlcted Endowm•nt Fund Fund Fund £'ooo £'ooo £'ooo Tolal 2024 £'ooo Intsrest from bank dep08its Income from listed investments 57 262 57 267 319 324 Pension 8cheme Interest incorne 129 129 448 453 20. TOTAL RESOURCES EXPENDED FOR THE YEAR ENDED 31 AUGU8T 2024 Oth•r dlroct Total costs D•FK•Sth 2024. £'ooo £'ooo £'ooo Slaff ¢00ts £'ooo R•l•lng fund•: Loan interest Fees in advance di8count Commission charges Advertising & PR Trading costs of 5ubsidlades 318 50 190 342 673 318 50 342 875 199 1.573 1,774 Ch•rltablè expondlturn: Teaching costs School wellare School premises costs Support costs Govemance costs Pension sGhem8 interest costs 12,078 1,446 1,848 1,741 65 2,867 1,153 3,946 855 318 24 978 15,061 2,623 6,772 2,596 163 97 97 17.178 8.816 1,318 27.312 Total rosourceg expended 17,377 10,389 1.321 29,087 44 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 20. TOTAL RESOURCES EXPENDED FOR THE YEAR ENDED 31 AUGUST 2024 (continu￿) he prior year expendllure in note 20 incorporate5 the reclassification of commission charges1£190k) and advertising & PR costs1£342k} Irom tharitable expendlture to raislng fvnds to be comparable with the current year presentstion. 21. STATEMENT OF FUND MOVEMENTS AND TRANSFERS YEAR ENDED 31 AUGUST 2024 (•) Fund movemont• Balanc? Other Balance 31 August 2024 £'ooo galn•l Nel (loss￿) Transforn £'ooo £'ooo 2023 Incom• Exp•Th11￿rn £'ooo E'OOO £'ooo Do8lgnatod funds: Pension5 r08erve (Not8 11 112 1881 100 144 G•n•fal fund•- Foundatlon: Schools 13.9311 21,805 {26,2561 6,780 {1.4141 Found8tion Income Fund (Note 21 Pension scheme fvnd 234 1878) (31 570 126 129 197) (981 66 Total unrestrlct•d fund•- Foundatlon Non-charilable trading fund8 13,816) 22,168 1,260 127,099) 1875} 87 7,518 (385) 11.144) Tot•1 unre•trlctsd fund•- Group 13.816) 23.428 127,9741 87 7,131 11,1441 R•8trl¢t•d fund• School scholafshlp luftds Extraordlnary repair fund othor restricted fund8 190 143 1134) 1491 150 789 72 105 135 1671 Total rn•tri¢t•d lund• 1,009 147 {134) 105 11161 1.011 P•rni•nent endowment lund (Note 31 136.764 {978) 5.228 (7,0151 133.997 Total Fund• 133,957 23,578 {29,087) 5.418 133.864 45 WILLIAM JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2025 21. STATEMENT OF FUND MOVEMENTS AND TRANSFERS (CONTINUED) (b) Transfers bth•en fundo Non- ¢h•rltabl• trading funds £'ooo Charit•bl• unre8trl¢tsd fund• £'ooo Penn4nont RoBtrlct•d end<)wment fund• fund £'ooo £'ooo 0￿19n0￿d lundg £'ooo Transfer from unapplied Total Return Funding from school$ for new buildings Addition to govemors. general reserve Scholarship awards Blake Legacy Tradlng companies payff*nt under grft aid 24,970 (24,970) 117,956> 17,956 (100) 49 67 100 (49) (67) 13851 385 1385> 7,415 100 {116) (7.014) 22. MOVEMENT ON UNAPPLIED TOTAL RETURN FOR THE YEAR ENDED 31 AUGUST 2024 Unapplied total return is calculated relaove to the value of the trust for Investrnent at 31 Au9USt 1976 Ibase value), that being the base dale determlned by the Trustees as appropriale for the Foundatlon's endowment fund. No new endowrnent gifts have been received since the base date. Tru•t UD•ppll•d Total Return £'ooo Total 2024 £YJoo Invo•tmont £'ooo Trust for knve8trnent at 1 SeptemLYr 2023 6.314 91,712 98,026 Invesbnenl retum8.' Real￿ed and un￿118@￿ invesfvnt galnsllSJsses) Transfer to trust for 3p￿1¢8ti0n 5,226 5.226 (24.970) 124,970) Tni•t for InvMtment at 31 Augu8t 2024 6,314 71.￿8 78,282 WILLIAPII JONES'S SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS Year ended 31 August 2026 23. ANALYSIS OF GROUP NEf ASSETS BEfwEEN FUNDS YEAR ENDED 31 AUGUST 2024 Pemianenl Unr••trlct•d Ro•trlct•d Endowmfrnt Funds Funds Funds £'ooo £'ooo £'ooo Totsl Funds £'ooo Tangible fixed assets Fixed asset investments Nel ¢urrenl Iliabilib'esllassets Creditors due after more than on& year Defined benefit pension scheme 2,038 1,887 12,2391 12,8301 58,528 77,671 2.340 (4,6421 60,568 80,385 285 {7,3721 827 {1,1441 1,011 133,997 133,864 47