REGISTERED COMPANY NUMBER.. OOSS4799 (Englaiid xiid Wale$l REGISTERED CHARITY NUMBER- 525919 Trusttts, Rtport xnd Audited FI￿#￿tIAl Stxtemen15 ror the Period I September 2024 10 31 July 2025 for Teria Nova School Triist Litnited IA Compgny Limited by GuArAnleel Banks Sh¢iid￿ Istalutory Auditor) Daium Huuse Electra Way CTeive Chesliii'e CWI 6ZF Terrx NthvA Sthool Trust Limited Content5 of the FinxneiAI StAtements for tht period I September 2024 to JI July 2025 PA¥e TtrustÈÈs' Report Rep￿￿t of ilit Indtpendtni Auditors Statement of Finaiicial Activities 15 BxlAllte Sheet Cash Flow Statenjertt Notes to the Cash Flow StRtemeHt Notes to the Financial Statemenls 19 to 30 DetAlltd Statement of Financial Activities 31 10 32 Ttrrx Sthool Trust Limited Trustee5' Report for the period I Seytembtr 2024 to 31 July 202S STRUCTURE. COVERNANCE AND MANAGEMBNT StAtUS And Hdmi]Ji5tration Teii'a Nol'a School ivas founded in 1897 and ivas ti'at)sfciird io Terra N()va School Triist Limilcd, a Lotnpdn), litniled by guaraniee Ji)d d regislered churily. in 1955. The iygislered company iiumbei. is 554799 and the regislei'ed chariry number 18 525919. riie coinpany is limited b), Euarajiiee and lis govert)ing docuineni is ils Memoi'andum and Articles r)f Ass()ciation. Each Governoi. has iinderlak¢n lo conli'¢bul¢ a maximum of Ll lo Ihe asseis ol'ihe Lultipatiy Iti th¢ ¢v¢nl of lis iyinding llp ond as siicli is a mLinbcr. The school h88 att eleLled Board ofGovernors ivlm) also 2LI ds Trustees uf the Charity aiid direciors for the purtM)8e5 of ompany law. A thi1￿ ot the liovei'nors iriii'e by ix)talion at eacli Anniial Gcneral Meeling and al'e able 10 oIfei' Ihemselves for re-election. The BuOTd of Governors meeis a niinitnutn ot 3 tinies a year ro con%ider tnatlers ot txilicy and slral¢gy. Tli¢ Finan¢¢ aiid G¢nei'al Purpos¢s Cominille¢ I'F & G P I, a sub-Lominiitce uf Ihe Board, also n)eets 3 limes a ytsr lu exei-Lise linunciul ovei'si8hi and lu preparL ddvice uihei. up¢ralional InallCI'S lor Ihe lull Bi)ku'd. The Board also opei?tes a Health & Satety Lommittee aiid a Safeguardiiig Comiiiittee Ivhich also tneet I linie% 4 year lo Inoiiiloi. the safety dnd ivellbeing ofihe school's pupils and siaIf. Respr>nsibilily for the running of the School lies with the Board of Gov¢riioi'%. In line iviih generally accepted be51 practice for corporate g0vel￿ance, regular review% of the Board's range of skills and liTriniiig <￿e uiidei'lakei) to d¢¢¢rniine Ilial Ilie Guvernois liav¢ lh¢ ii¢cessai'y biradili ot'skills experience. The Boaiyl ha8 appi'oi'td policies ¥vhich LY)ver contlici ot. inieirsi, GovcinDrg' code ol. cojiducl aiid the recruiiineni ol. Goverwr%. Role descriptions liai'e also been drawn up for the Chair of (iovernors. the CioveTnor ivlio is the noiiiinata safeguaiyling lead d￿1 normal G' goals 'rhe inslallalion (>f Ivindow% and specific roofing iv(Irkg Objective5 an(1 Rims 'Fhe Inain objcLriv¢s that th¢ Governors hoped ro focus upon that ivere detailed iii last year'5 Sti?l¢gic Reporl were as folloivs.. tli¢ continued development of the school and rai$iDg ot'pupil numbe¥s. the Ltsniinued devclopmenl of the bDJrding tsperaiion. to foLus on the curriciiluni delivered and Ili¢ c1&%51'00tn re%ourc¢s availablc in relation to tlie school's airn of ODliiiiiallv Lnhancing leaching and l¢aiTrin¥. to coniiniie to expaiid JCLess [() Ihe school aiid to off¢r bursaries. Irfurbi5hnieni ivoi'k iji Ilie maiii scliool building. Tli¢ Governor5 believe thai alihougji the 2024-25 financi81 y¢w' was a challertging one. progress has been made in almost all of these objecliv¢s'. Dc5piie a national decline in the dernand for pirp school boarding in I'eccnt y¢ar8. oiir boarding services ntinue to demonstrate resilience. In Sept¢mb¢i' 2024, th¢ Gvvernors &Lided Io susp¢nd full-iime bvarding l￿d introduLe ntwly designed daily and iyeekly flexi-boarding o￿lOn8. This cliange provides par¢nls iyilh (he tl¢xibslity to choo%¢ hoarding lime.$ that suit their needs.'I'he total income generated froill b(kaTding for the 2024-25 fiTrtsnLial s'ear amounl¢d to £39.5k The development of t¢aLliing and leart)ing has progr¢￿ed iviih a sliy)ng releiilion i'ale aiid oiigoing reci'uilinent ofuulslanding ieacljers. Our slrale8i¢ tocus Inainiains a￿deMiC rigoui- and high expeclaiions lotr all siudenis throughoiir the school, compl¢menied by exccllcnt pastoral care and a genuinely holistic approach to educating th¢ entiit Lhild.edl. Follviying the introduction ofvAT on ￿chOol ftts starting January 1, 2025, T¢rra Nova School observed significant de¢rea5e in pupil eni'olment diiring the aG￿e￿i¢ year. Th¢ %Ghonl 1% dedicated lo boosting ¢nrollm¢nl thrtsugh iargcted marketing initiatives. It ig expecied thai Ihe merger ii'iih Shrewsbuiy Schor)I will greaily enliance our In￿'k￿ling Lapabilili¢s ajid help us slay comp¢tiliv¢ in lh¢ local area. Given 111¢5¢ CiiLUffl51dnccs, il Ivas esseiitial to a55¢55 and udju5t our bw5ary suppoi1, Ivhirh ivas I'cdyccd 10 £67k this )'ear, doivn froin 1154k in 2023-24. Page 3 Terri NOVA School Trust Limited Trusttts, Report for the period I September 2024 to 31 July 2025 Public benefit Thc Governors h￿ve cornplied ivith the diity lo hai'¢ du¢ regard to the Chariry Commission'5 guid8nce on publie benefit in Ihe L()Iirse i)rL￿Ty1n8 oui IheiT respon¥ibililies. Th¢ schfiol, which is already eihniLally svLially diverse, has conliiiued to focus on inc￿0$1MB Ihe accessibility to a ii'ider l'ange of faniilies. Th¢ tees ot'8 childreii were means tested and subsidised. either iii fvll, ni- in part, in the 2024-25 academiG year ioialling £67k Icoinpai'ed to £154k in 2023-241. 'fher¢ wa5 a substantial reducsion in the affordability of bursaries and other disetsurtis. In pari. Iliis is due 10 th¢ ijnposilion of VAT oli liid¢t￿lidenI schwl fees fiuin Isi Jatjiiary 2025. The %clK)i)I'% taeililits are made availablc io spDrls clubs and other giDup5 when not required by Ihe pupils. Example5 Qr Ust ot'ihe Sports tacilities by local lootball and liorkcy club Evenis where the 8cliool have 5UPPDrt¢d the local ¢omtDunity &'e 3s folloivs; rood baiik relief Inoiher and baby clubs liosted by staff at the school EaLh ul. Ihe Lonsiilueiii parts ol- the SCI￿01 cDiitinu¢ lo be iDirolved iviih vaising awareness of and finJncial %uppTrrl for Ih05e I¢s8 foi'tUDl¢ le tlian Ihetn%elves both al h()mL and abroad. Dui'iiig the ye3T the folloii'ing Lharilies have b¢Jieliled trom Ili¢ care and geiierosity of our pupils. 81aff and famili¢5: BBC Childi'tn in Nced, Jea115 tor G¢ne5, BIIC Comic Reliel.. Si. Lukc's Hospice, One Projed Ukrnine. Save The Fainily. Silklife Food Bank, Macclesfield. The Big Clothes Movement, Conglelon. Windyway Aniiiial R¢Ku¢. MdLLleslield: Nonhivicli Hedgeliog R¢scu¢ Governors. respon5ibilitie5 s¢ateDien¢ I'he Govei'nuis, whu ai"c dlsu dircclors lor the puiposes of company llliv, aTe responsible for pirparing the Tru%tees rLPOrt and Ilie tinancial statements in accordaii¢¢ ivith applicablc laiv aJ]d United Kingdom Aecounting SI￿dards IUnil¢d Kingdom Genei2lly Accepted Accouiiiing Practice). (.'ornpany law I'equires the cliarity IrusiLLs 10 prepare tinancial stal¢ment5 for eacli year u'hich give a ti'ue and fair vieiv of the giate r>f affasrs of Ihc charitabl¢ coinpany and the incotning resources and application of resourcex, incliiding Ihe incom¢ and expendilUif, fui. ihai pei'iod. In pr¢paTing th¢5e fin4DGial siaiemenis, the Trusiees &re required to.. select 5Uitabl¢ accounting policies and then apply Ihem consislenilyj ohsci-vc ilie Inethods and principlcs in the applicable C'.hariti&4 £(JRP-. tnake judgments and a¢u)unting ¢stimaie$ ihai 8Te reasonable and pi'udent; sldle whether appliLablc UK Accounlii)g Standards liave b¢eti folloiyed. 5ubj¢¢t to any material departure5 disclosed clnd explained in the finaD¢ial stalemenls., piepaTe ihe financial siaiemenis on rhc going coiicern basi5 unle55 i¢ is inappropriate to piEsum¢ tha¢ the charity Ivill continue in business. Thc Governors are respon5ibl¢ for keeping adequate accoiinling rccords that ar¢ 5ufficieni io shoiv at)d explain th¢ ¢hai'iWs transactii)ns attd disclose iviih reasonablt accuracy al any lime Ihe fJnanLial posilion of th¢ cliarily and eiiablc Iliejn lo eiisuir that Ili¢ fiiiancial stdl¢ineiils cotnply wilh the Companics Act 2006. Tlicy are also rcsponsible for tegual￿Ing the a55¢1s ot the charity and h¢nce tor t8kitJg reasonable steps foT the prevention and deteciion of fiBud and otlicr iiTcgularilits. Child protection The sLliuol is committed 10 maintaining ihorough and cotLtinuin8 child protection policies and proceduirs in accordarKe Pag¢ 4 Terra Nova School Trust Limited Trustee5' Repor¢ for the period I Septtmbtr 2024 to 31 July 2025 Statemeiit of disclosure of inform4tioii to iuditors Th¢ Govei'n()i's i%,lio iver¢ in otYILe Dii the datL' ul'ihe approval ol'ihese linatibial siai¢menis ha¥¢ conlirmed Ihai as tai. as I1.¢ ￿7}¥,are Ihei'e 1.8 no Televdni aiidit intoi'ination ot. Ivliich the auditors are i)naivai'¢. Lach of the 6ov¢rnoi3 lias contirmed Ihat rhc), have taken all the steps that they oiighi 10 have iaken as Governors in ol'der 10 make ihemselves Tlie Cli￿ritY had no fun(Iraising aciiviiies requii'll￿ discl()suir undei. S162A of the Charilies Act 2011. Pag¢ 5 Terra Nova School Trust Limiled Triistees, Reyort for the period I Soptomher 21)24 to 31 July 2112S STRATEGIC REPORT PIAnfi fDI' fiitiire period5 In Marcli 2U25.1li¢ goi'cining body of Terra Nova School Trust Limired approved a motion lo merge T¢rra Nova School viih Slyeivsbury School. This rneigei. took place of l August 2025. On l August 2025 the &s%eis. liabilities. underlakinB% and activities of Terra Nova Schoul Trusi Limited iveTe Iranslerred to Shreivsbui), Scliool. Folloiving Ihis transfer the governors are io iviJ)d up ihe atlails ot. Terra Nova School TrLL8t Liniiled aiid apply fuT Il Ic) be dissolired. Finwncihl position Teira Nuvd SLhuul Triisi Litniled is iYporlin¥ a delicil of£216k foi. Ihe t1￿claI yedr 2024-25. 11 impuriani lu noie thai the accouiitiiig period has been shortened trom hvelve 1121 monilis 10 eleven I 111 moiilhs lo correspond with th¢ rinancial year of Shieii'%huiy SLhool. This linancial deticil Itporied alKive al%0 includes depTeciaiion amouniing 10 £127k tor the same el¢v¢Ji11 I I month duralioii. 11 is criicial lo highlighi Ihai diii'ing this financial year. Ttrra Nova School Trii%i Limiicd has expei'i¢nced sigiiificanl chdngex due 10 Ihe meT8¢r %Yiili Slireiysbury Schuol hys en¢uuniered unpretedertied goveTimieJiial Lhaiiges aloiig i'iih &nLr¢dsed opeiYiirt¥ expenses. These expen&e& in¥l￿e ihe iniruduLiion ol. VAT on school fees si&i*iiig (rom Isl January 21125. Beginning Isl A ￿.11 2025, tlie Governn]enl also ¢liilliE)al¢d business rate relief foT iiid¢pendetil xchools, i%'hi¢h wa pi'Li'iousIv SLI ai 8O0/ts. Furihem)oiY. the Governmeni at)nounLed in their Auiumn budget an increase iji Employei'8 National Insuraiice ¢ffeclive Irom 6th April 2025. SiimmAry At the begiiining ofihe 2024-25 financial year. Teiix Nova School Tiusl Limited aimed to achi¢v¢ a bTeakev¢n finaiJGial SLllUS. in eonlrasi to the previvu5 fin•icial y¢ar12023-24}, during ivhich ihe scMol iEcorded a modesi yet Lx>nun¢ndable N¢¥¢rtli¢lcss. Tcrra Nova School obscrvLd a decrcasc in pupil cnroltnenl throughout tli¢ 2024.25 financial year, atli'ihuled io the inlTodu¢lion of VAT on 5Ghvol f¢¢5. Medsu￿5 Iv¢re taken lo Lurlail expenses: hoivevei., li ivas Jioi eJ)iircly teasible 10 compensait tor the revenue loss resiiliing from the reduca student numbei?. After reviewingihe financial year of 2024.25 and reeognisin8 the challenges Ihai indepeiidenl schools have ¢nLounl¢r¢d, Ive reni?in oplimi51ic about our yeai'.¢nd 1'¢5ulis. We uDdei%13nd the 5i8nificance of niainlaining Ll 'viabl¢' busines8 moving tOTward aiid ii'ill collaborate with our ncw owner Islircwsbury Scliooll 10 achieve this in the upcoming academic y¢arlsl. Ont off eosllsl Dui'ing (he 2024-25 tinancial y&qr. Terra Nova School Trusi Limited incurred several large on¢-off LvsI$. Imcome and Eip¢nditur¢ for tlie 2024-25 Academie year.. fee incotne decr¢ased to £3.S6tn- compared to £4.26m in 2023-24. Primai'ily, this is a direct result ot'ihe inlroduclion ot'VAT on 5clinol fees %tsrtin8 trom Isi January 2025. Terra Nova School ha5 ob5¢rv¢d a d¢Glin¢ in pupil eniDltnenl during the 2024-25 financial year, reaching a maximu ot'230 siiidet]Is. This figure conlrasls with a ￿ak of 282 stud¢nls iii the 2023_24 fiiianLial year. While a I'eduction in pupil numbe1% iva% anlicipaled diie lo the inlrodiiciion of VAT on school lees, Ihe acti￿1 dcclinc cxce£dcd thc school's expe¢tation8. Desplte iM)plem¢nliiig m¢a5ures to cui operlliing costs. li was not t¢asibl¢ to fully cornp¢nsat¢ foi. the revenue loss I'esuliing from Ihe decre&se in student enrolmenl Tht bal8JJLe sheei shoivs 8ddiiions 10 fixed assets amounting lo £35k, tlii% cornpairs to1£69k} in the 2023-24 tinancial Y￿r. All of wliich ha5 been spent improving th¢ In#t￿gement of Ihe estaie. Page 6 Ttrra Nova School Trust Limited Trustees. Report for the period I September 2024 to 31 July 2025 Cash And c#sh eqllivftlerjts Tht ainoiinl of La511 and Lash e4uival¢nls ai Ihe yeai'.end was £534k- compaY¢d to E902k in 2023-24. Thc slight rediiction in ¢L%h equival¢nts al yellr end directly relates 10 a d¢creas¢ in parenls wishing Iv lake up eivolmeni in Ihe fees in advanLe scheme. Huivever. this conliiiue5 10 indicate financial stability, aiid promotes the work carried oul 10 sdlegii81'd Ilie tinanc¢5 Ot'ilie sLknol. credIt￿r5 Ci'ediiors #inounl fdlling %Yiiliin one yeai. li￿ siibslatilially decreased to £1 m ID 2024-25, compared ID £1.92tn in 2023-24. This is pi'edDiiiinantly due to a Irduciion in uptake in itlotion 10 the fees in advance schetne. £347k in 2024-25 con)partd ia £578k iii 2023-24.. Tiade iredilors have iiicreased lo £134k . compbred to £118k in 2023-24. These are accounted for, but do not r¢quiT¢ iinmediale paymtni. details IElating to these costs are a5 folloivs: insurance rates calei-in¥ Losls inl¢rnatlODal iour holiday8 foi. 2025 Sureties liave incirosed TO £131k, COTllPUTed 10 £124k in 2023-24. Thi5 is due to $eveTAI enrolling children for futuir years and a smaller ¢ohorl ol'Year-¥ leavers in conipoi'ison tu previous years. Reserve5 policy The GuvLI-nors hal'e historicall). esiablishcd a tK>licy lu keep available cash reserves al a Jiiinitlluin of £250k. This policy is tvaluated based on the aciivilies and the ￿Illre ot'lhe elwilable Loiiipany's income sources. Thc Governors will Inakc sure io maintain 5ufficieni cash reserves io tijlfil this obligation. Deieiinining the n¢c¢5sai?' reserves is a crucial aspect of Ihe Lliariiable company's plaiiniii& budg¢ting} aiid lorecasling activities. It Lonsiders th¢ risks associated wilh income and expenditure 51Team8 deviating from Ihc budget, anlicipaied studLnl niimbers across dilT¢renl sLhool s¢cti011s, and the schotsl's financial obligaiions. 'Fhe r¢serv¢s policy ivill U1￿¢rgv an annual r¢vithv. which will Lonsider w)jeLled sludenl and fee lei'els, ivell as futUTe necds upporiunilies. Page 7 Terra NOVA School Tribst Li￿lted Trustees, RtPDrl for the period I Sepleiiiber 2024 10 31 July 2025 STRATfie.IC.' RCPORT FinAnciRI risk iiihnagement objettive$ And polieies Risk inxii#gemeiit The B(?ard af liov¢riiors is respotisible lor overseeirtg the management of risks taced by the school. The opcraiional handling ot. Ihcsc I'isk% 1% delegated ID sub.comiiitttees, primarily Ilie FitianLe & Gcneral Purpuse5 Committee and Il)e H￿1th & Safety Committ¢¢. Esiablished proiocDls are place In identity, assess and tnanage risks. I'he key ¢oThtiol% used incliide.. F(Irtn31 agendas for all Board aiid Commiiiee meetings. A cleor or84D15alional sli'ucture and lines of rekN)riinB. DLxailed delegated pvivers. Fiiiaiicial caiitiDls includiiig long and short-term foreL*siing a[￿ ]nal￿geMent accounting. Vctting Lind intervi¢ii' procediires a% reqiiired by law tDI' IhL pioieciivn ul-Lhildren. Regular r¢vi¢iv of ihe siraiegic risks faced by the $chov15 al￿ the Control measures in place to deal ivith th￿￿. Mediurn I¥iTtI %lralegic planiiing. The Baèrd has wnsi(kred the major slrategic risks lacing the school and ha% pitpared a Tisk ?n8ly5is ii'hich 15 revieiY¢d al Board meetitw. The Governors consider Ihai the most significant i'isks facing th¢ school curirntly are Piipil enrolincni num￿r￿. PuliliLal Lliang¢s and V AT implications on school fees. loss of busirtess Vdie r¢li¢f and the ri5¢ in employer Naiional IiisiiranLe Lunli-ibulions effective fix)m 6111 ApL'iI 2025 CoTnplianc¢ ivitli regulations and ￿nSIOn obligations For ¢acli at. these categories. the poleniial risks have ￿en uuilined. the po55ible itnpdcl th¢ scknol 45S¢5s¢d. existing conliY)Is dDLiITnenled. Any additio[￿1 actions iequired to hiith¢r IrdiiLe Ihe i'isks have also been ideniifjed. Th¢s¢ inGlude.' Pupil numbers ThL sch()ol Luniinue% lo invest in lai'geted markeliiig lo tmprove Ircruiimenl ol'pupils. The schoul touuscs on rtlcnlion of existing families through iargeied communication and eKcell¢n¢ P¢irent partn¢r5hip. It 15 41llticipat¢d Ihat the merger with Skntwsbury Scknol ivill only ¢nI￿nce the school's ability lo ircruil piipils. Polili¢al change & VAT ImplÉ¢ations Tlie scliool lias presei'ved its contleLiions iviili both local aThi natiOT￿l oiEani5ations arKi 15 actively engaged in planiiii id prepai'iiig for upcoining challejiges and poliljldl shifts. On July 29, 2024. the Governmeni confjrmed ihai VAT would be applied 10 independ¢nl sGhool f¢¢5 starting Janugry 2025, whilst business 1?le reli¢f, whiGh was PT¢viousIy Sel al 80%, would be eliminated as ot'April 6. 2025. The rapid implementation of VAT Oll ind¢p¢ndellt school fees undoubiedly surprised ihc Govcrnors and leader8 of Terra No>va Scliool. 'I'lie BuiEar atid the Ftnance Team look proactive measuTe$ 10 conipithetjd ¢he requirernett15 atKi I'isks linkcd lo the execution of thi5 po>li¢y. li remain5 unc¢i%ain wh¢ih¢r this Government ivill impose any furnhti. financial measures on independeni schools in the future Regulatorv ¢ompliaiite The %chtsol ha% procedure5 fi)I' the Senior Leadei3hip Team and lh¢ Board to monitoi. and appmve regulator), Irquiremeiiis. Conipliance ii'iih pension sehen)es including Ihe'Te¥heTS PerK%inn Scheme, ¢ontinue5 to be A key PliOTity foi. Terra Nova SLh()ol. Thi5 includes the aiuiual revi¢iv and audii ot'ihese sch¢Jnes. STRUCTURE. GOVERIYANCE AND MANAGEMENT Retei- lu page I foT Ihe rel¢vJtLI detail5. Page 8 Terr& Nova Schtkol Trust Limited Tru5tees' Report for the period I September 2024 to 31 July 2025 REFERENCEAND ADMINISTRATIVE DETAILS Registered cOmp￿nY number 00554799 (Engldiid aiid Ivdlesl Registered Ch8rity number 525919 Rogistei'ed office Joilr¥ll Bank Hiilin¢s Cli, Creiv¢ Che%hire CWI 6ZF EVENTS SINCETHE END Ob THE PERIOD Infonnation relating ¢0 evems since the ¢iid ofihe pejiod is given in the notes lo the tinaJ]cial slalem¢nls. Page 9 Terra Novg Sthool Trust Limited Trustees, REport for the period I Septembtr 2024 to 31 July 2025 TRUSTEES, RESPONSIBILITY KfATEMENT Thc CJovcrnoi's, Ivho circ £ils(> director% for the piirtK>%e% nf cnmpany laiv. al'e re%￿nSible for pr¢pfii'iiig Ili¢ 'l-I'iisl¢¢s Report and the financial staleinents in accord1￿cC ivirli applicable laiv and lJniied Kingdorn ALcouiiling .Siandai'ds Iuniie' Accepted Accounting Pl￿¢11(*). In oiii. opilliot] the financial 51al¢meDIs'. give a Iri1¢ aiid fuii. VILIY ol- the slaie ot. tli¢ charitable company's aifair8 as al 31 Jiily 2025 and ot. lis Incvtnin8 IL'soiirLt8 ajid application ot'iEsouires, including lis income and expendilure, Ivr the period iheD elided; huve bcen propcrl), pr¢i)ai'ed in aCLurdance iviili Uiiiied Kingdojn Gcnerall), Accepied ALLx>iiniinB PrJLliLe,' lind 114ve been pitpartd iti aLiordaiiie iviili the requireiiiails ol'ihe Coinpanies ALI 2006, BASIS for opinioii We ¢x)nduLted t>ui' alldii it) accol.d￿¢t iiiih Inlei'nalional 8tandai'd5 on Auditing IUKI (ISA5 IUKII and appliLable law. financial %lalernenlS section ot'our report. We are independent of the chw'itabl¢ wiiipany in accordance witli the etliical requiremenis rlial are r¢l¢vant lo our audii ot. financial siaitincnis in Ihe UK. iiicliiding Ihe FRC's EihiLal stand￿d, and we liave fulfjlled uui, oiher eihiial responsibilities ID accordaiiL¢ ivitli thes¢ r¢quir¢inen15. We IKlieve Iliai Ilie audil evideiice we have oblaittd is suificient and appropriate to prf>vide a h8sis foT our opiniort. Conclusions i'el8tlllE to going toneern In a￿l¢lAg Ihe Iijiancial 51al¢rn¢iit% ive di'aiv your attention to note l of the tinancial statements which gives turthtr detai15 Ot the full niergei. ii'iih Shrcii'sbury School. Our audit Irwil is not Inodified in Ihis respect. All of the assets. liabilitL¢S, undeiiakings and aclivili¢s of the charitable company will be Iran8feired lo Shrewsbury Schoi)I, lulluivirtK Ihis transfer the gov¢rnois are lo ii'ind up the a¢livilie& ol. the Lhariiable cumpdny #nd dpply fuT It to be lormally dissolved. Oui" responsibililies and the r¢swnsibiliiies of Ihe Iruslees with respect to going concern are described ij) th¢ r¢levanl sections ot tliis reporl. Otlitr informatio Th¢ Ii'uytees Lily responsible foi. Ili¢ other information. The uiher infvrindiiun L￿mpriSeS the irtform&iiun included in the Annual Repoil, other than the financial siaiements and our Report of the Independent Auditors thereon. Oui. opinion on the financial slaletnenis does not covei. tlie oilier intoiinaiion ￿d. except lo the extenl oiherivise explicitly slated iii our retx)ri, Ive do noi expi'ess aiiy torm ot assuT4n¢e conclusion Ih¢i'eon. In connection iviih oui. alldii of the fIn￿CIal 51aternents, oiii. IrS￿n5ib1IIty is 10 itad the oiher information and, irt doing SO, Lunsider %4,helli¢i' the other infoi'fflaliun JnaieTiall)' inLonsisieni iYiilI 111¢ ljjiancial slaiemenls or our kTh)wledge oblained iii the audit or otherwise appeaiE to be ma¢eTiglly rni%siuted. It. ive ideniify %uch maierial incon8i.%ienci¢$ or appai'ent DIAierial missiatcmcnis. we are Irquired t¥ deiermine whether ihis gives rise 10 a maierial missiaiemetti in Ihe rinat)cial slaiemenis Ih¢m5elves. Ir, based oli the Ivork ive liav¢ p¢rtorin¢d, Ive ron¢lud¢ that Ih¢ir is a material misslalem¢nt of this other information. we are required to r¢poit that fad. We have nothing lo r¢port in this regai￿. Opinioths on other matters prestrlbtd by tlie Companie5 Act 2006 Iii ￿ur upiniott, bas¢d on Ilie ivoi'k undertaken in Ihc Luiirse ol'lhe audit.. the infrorination gii'en iii the TTuslees' Report tor tlie financial y¢aT for M4)ich th¢ financial 51at¢ments prepared is con51sl¢ni wilh ihe fin￿l¢la] statem¢nt5.' and the Trustees, Report has been prepared in accordance with applicable legal ￿qUirements. Pagell Report of the Independent Auditors to the Members of Terra Nova Sihool Trust Li￿lled Matter5 on whith we wre required to report by exceptio In Ihc light ul'ihc kn(>N%'ledge aiid uiidersln'. adequaie accoiinling iEcords have not kept OT returns ad¢qual¢ for oui. audit have not been irceived fiY)m the linancial slaicmcnl% are noi in agrecmenl Ivith the accounting records aiid retuiTrs', or eTlain disclosures ot'lrusiees. IrJniin¢raiion specitied b), laii, are noi made.. UT ve li*v¢ iioi received dll the iiiliirrnaliun aiid explanali011s iv¢ requiir lor our audit. Rt$poMsibilities of tru$lee5 As expligiiied more fiilly in the Ti'ustee$' Responsibilitie5 Statement, th¢ tl'U51¢es (who are also the directors of the charilable cnillp311y liir the pur￿5¢5 ofcoinpan), lawl are respoJisibl¢ foi. Ihe piyparalion ol'ihe linancidl sidieinenis and for ￿Ing Saiislitd that they give a true and tair vieiv, wid tOT suGli ii)lernal control as Ilie ti'uslees delermiiie is iiecessary lo ¢nabl¢ the preparation of financial statements rh818re free from materi81 misslaiemeni, Ivheiher due io fraud or eryoT. Iii prep￿rIng the tinancial sialements. Ihe Iriisiees arc resFK)nsiblc lor asse55iiig the charitable cumpaiiy'% ahilily lo )ntinue &$ a going coiicern. disclosing. as applicable. matters relalcd lo going conccrii and iising Ihc going coticcm basis ol-accouniillg iinless Ihe ITiiSILe& eiiher intend i() liquidate Ihe chdrildble ci)tnpany oi. Iv cease opeT81ions, oi. have realistic alteri)atiir¢ bul lo do so. Page 12 Reporl of the Independent Audito17 to tlie Members of Terr# NOVA SehoDI Trust Limite Our responsibilities for the audit of the finaneiHI statements Oiii. objeLIIvL% ale ID obiain Ira50nable a%%uranLe abDui %vheiher IhL tinancial siaicmcnls as a il'liole are tree trom material Inis8tatem¢nt, Ivh¢lh¢r due 10 fraud or ei'iDr. at]d to is5u¢ a Report vf the Independent Audilur& Ihal inLludes uur Ivjih ISAS IUKI Ivill alivays d¢l¢cl a tnalci-ial misslaiement wh¢n it exists. Misstalements can aris¢ fi'oin *raiid or eTiY>r and ar¢ considered Tnaierial it.. individiially or in the ag￿K￿le, they Ltsuld rtssonablj. be expeLied 10 influence Ihe econoinic decisions of user5 taken un the basis ofihese financial sialements. The exreni to which our procedures wt capable of dttecling irregulaiities. including fraud is detailed below.. Irregul#rltlts, liitluding Irhud, are iiisl¥nce5 of iion-compliantt with law xrtd rtgulAtions Wc design procedures in line iFith nui. i'cspunsibilili¢s, outlined above, ro delect material misslatem¢nts in restKa of ITr¢gularities, inLluding fvaud. Based on our undeTXtanding of Ihe LI1￿.liable Lompany. and indusiry, we ideniified Ihai Ihe principal risks of noii-cornpliaiiL¢ iviih laivs and regiilaiions I'elated 10 Charities Aci 2011. Chariiies SORP IFRS 102) peiision% le8islaliOll, tinploymenl regiilation and hedlih and salely Tegulaiiun. We ctsnsidertd IhL Lxieni 10 m.hich n-coinpliancc iiiighi gave a material effect on Ihc tinaiicial sralements. We also coiisidered iliose laivs and regulation8 that have a dsTecl impail on the pirparaiion of th¢ litwiiial slatejnenis, SULh as the Cotnpanies ALI 2006. We ¢valualed tlie tii]%lee% and managcment's inc¢iitiv¢s 4nd opportuiiilies tor traudulent manipulation i)f the financi&l siaiemenis lincludit)g the risk of uv¢rride uf conirolsl at)d determined thai the pj'ijicipal i'isks ii'ere irlaled lo posting nianual.jourtvJl enti'ieg lu njanipiilaie linancial pei'fortnanc¢, mar￿gement bias tliraugli.judgement and assutnplions in SlVJiitiLani dL*ounliiig esliinates aiid SI￿7r1£an1 unL'.off or iinusiial iransaciions. Our Judit pix)¢tdures iveir designed lo respond 10 Ihost ideniilied risk5-. ittcluding non-LoinpliaiiLe ¥i'iili laws and regul3lion% lii'i'egulai'ities} and liaiid Ihal are iiiatei'ial to Ilie financial stal¢in¢nt%. Our audit pi'OLedure% included bul wcr¢ not limited io.. DisLiissing iyiih iruslees and m4nag¢D]ent their policies athl procedures regarding compliance with laws and Irgulations.. Communicaiing identified laws atKi regu141ions Ihmughoui our engagement team and remaining aleri io atjy it]dicalions ofjion-iotnpliance Ikuuiighoiii Ollr al￿1(., and Considering Ihe risk of acis by Ili¢ chai'itable cotnpany ii'hich were tvntrary 10 applicahle laws and regulation% including fraud. Oui. audil proLedur¢s in relation lo traud included bui ivere not limited to.. Maknng enquiries of the tru51¢ts and martagetneni on whether Ih¢y had knowledge of any actual. suspected or all¢g¢d ITaud: Gaining an iindersiandingot'the int¢Tr￿1 cortirols established to miiigate risks rclaicd lo fraud. Discussing amongsi Ihe engagtineiii team the risks. urri*ud- and Addressing ihe i'isks ol-fraud IhiDugh t￿3￿(￿cMCAl oveiride ofLonlrols by performing journal entry lesiing. There are inhcirnr liJniraiion5 in the audit procedures described above ￿ld the prirnary responsibility toi. Ilie prevejition and detection of irr¢¥ularilies inLluding ti?ud rests wiih the trusle¢s. As iviih any audil, tli¢r¢ r¢m3in¢d a I'isk ot. t)Dn￿￿l￿tiOn ol. iiyegularilies. as these may involve collusion. forgery. inleniional omissiotts, misinierprdalions or the overi'ide tst'intei'nal controls. A tiiither description of oui. Irsponsibiliiics foi. the audit of the financial stal¢m¢nls is located on th¢ Financial Rcporting Council'% wctK%iie ai wwv.tir.org.ukJaudilor$responsibiliiies. This descripiion forms p￿1 of our Report of the Independent Auditor8. Page 13 Report of the Independeiil Audilors to tht Membtrs of Terr* Nova School Trust Limited Use of oui. report l-his rcpori is Inade solely to the charilahl¢ coiiipany's members. as a t¥)d)', in accurdance willi Chaptei. 3 of Parl 16 of Ihe CDtnpJDies Act 2006. Oiir aiidii woi'k ha8 been undert?k¢n so that we might siale ia Ihe thai'itlL blc coiiipany, members those llidller% we are Irquired lu slate lo Iliem in an audiiors, Teport fi)r no uiher piirpose. I'o ihc tiillesi ¢xl¢nt permitted by laiv, ive do not acccpl or &ssiitne re5pon5ibilily lo anyon¢ olhei. Ihan Ihe Lhaiitdbl¥ Lumpan). and th¢ chariltsble cotnpuny's Ineinbers as a body, for oiir audii i%Y)rk. fuT Ihis r¢porf, or for tlie opiii10￿s 11,¢ liave toixned. Darreii Walley FCCA Isettiur Sidluloiy Auditor) for and on behalf ot'Banks Shei'idan Isialiiiory Aiidiioi.) Daiuin House Electra Way CrL'WL' Cho%hii CWI 6ZF Dole.. Is Page 14 TerrA Novn Sehool Tr￿st Liniited StAtenient of FinHTrii>il Activities for the perivd I Septeinber 2024 to 31 July 2025 Period 1.9.24 to 31.7.25 Total fviids Year Ended 31.8.24 Total funds Unresiricied f￿ndS RestTicied fllnds Notes INCOME AND ENDOWMENTS FROM Donation5 and l¢ga¢ies 2,002 6,415 8,417 53.753 Oilier tTadin¥ activities 3,399,963 10,543 3,399,963 10,543 3,805,492 12,730 Tot*1 3,412,508 6.415 3.418.923 3,871,975 EXPENDITURE ON Clifiritablc activities Staff ¢osts Ediicfttion costs Motor & Ii?vel costs Prernises costs Geiieral adinini5tiTrtion costs Legal & profes5ioiial costs Depreciation costs Inleresi payable Governance c051S 2,305.254 582,256 24.079 378,079 13J.841 57.275 127.403 569 25.962 2.305.254 582,256 24.079 378.079 133,841 57,275 127,403 569 25,962 2,531,949 479.764 38,984 433,438 143.879 77.916 132,619 1,534 27.814 Total 3,634.718 3.634.718 3,867.897 NET INCOMEIIE.XPENDITURC) (222,2101 22,835 6,415 122,835) {215,7951 4,078 Ti'#ttsfers betweeii funds 17 Net movement in fiinds 1199.3751 (16.420) 1215,7951 4,078 RCCONCILIATION OF FUNJ)S Total flind% brouglii foi-ward 1,154.601 255,834 1,410,435 1,406.357 TOTAL FUNDS CARRIED FORWARD 955,226 239,414 1,194.640 1,410,435 The note5 forn) parl of these financiAI ststements Page 15 Tei'r8 Nova Scliool Trust Limited B4?IAtJce Sheet 31 July2024 2025 Total fund5 2024 Total Unrestricted fwids Restrieied funds Noles FIXED ASSETS Tangible assets 1,346,677 228,745 1,575.422 1,667,951 CURRENT ASSETS Stock5 Debtors Cash al bank ai?d in hand 12 20,671 119,058 523,740 20,671 20,279 899.297 J2,466 10,669 534.409 663,469 10,669 674,138 1,822,042 CREDITORS Aniounts falling due within oiie year 11,002,228) 11,002,228) 11,924,254) NET CURRENT ASSETS 1338,759) 10,669 1328.090) 1102,2121 TOTAL ASSF,TS LESS CURRENT LIABILITIF.S I,(K)7.918 239,414 1,247.332 1,565,739 CREDITORS Amount5 falling due after more than one year 152.692) 152,692) {155.3041 NCIT ASSETS 955,226 239.414 1,194.640 1,410,435 'UNDS lJnirstricted fvnds Restricted funds.. Old appeals Centenary appeal Ketjnedy fund SENCO New playgiDund 2024 OTN- School repair fund Airdome 17 955,226 1,154,601 73,547 38,581 67,840 29,408 19,369 4,354 6.315 78,645 48,603 69,960 30.273 24,099 4,254 239.414 255,834 TOTAL FUNDS ,194,640 1.410.435 The fJnan¢ial Statements were approved by th¢ Board of Twstees and aiiihorised for issue on 5 December 2025 and weTe signed on it5 behalf by.. E J Lees-Jones- Trustee The notes fom) part of these financial statements Page 16 Terra Nov# School Trust Limited C4sh Flow Stxltmenl for the period I Septembtr 2024 to 31 July 2025 Pei'iod 1.9.24 10 Year Ended 31.7.25 Nuie$ Casli floivs from optrating atttvitit5 Casli gLnei'aled fi'otn operaiions Inieresi ¢l¢tnenl ufiiiie pui'chas¢ payJneni8 pai 1322,4261 47,Y&7 11,5341 Nel cash Iiised in)Ipix)vided by opei'aliiig aGlivilies 1322.9951 46.433 Cash tlows from inve5tihg Aetivilies Purchase oflgngible fixed assets 134,8741 163,7441 Nel cash used in investing aciivitie5 134,8741 163,7441 Cash flows from finAncing Hctivities Capital Irpaymenls in ye8T {10,1881 19.5821 Net Lash iised in financing activities 110.188} 19,582} Cliaiige ill ¢Rsh equiv#ltnts in the reporting i)eriod C#sh eRsli equivJLlortt$ xt the begiibiiing of tliE repoi*ing i)eriod {368,0571 {26,8931 902,466 929.359 CASh ettslt equiv*ltnts at the end of tht reporlinR ptrlod 534.409 902.466 The noies form part of the5¢ financial statements Page 17 Terra Nova School Trusi Limited N￿tel to the Cllsh Fl(kw Statement for the period I Septeniber 2024 to JI Jiily 2025 RECONCILIATION OF NET (EXPENDITUREIIJNCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Period Yeai" F.1￿ed .11.8.24 31.7.25 Net leipenditui'ellin¢omt for the reporting yeriod la5 per the StAtement of f4inaiicial Activities) Adjustnients lor.. DepreLidliuii Lliai'ges Int¢ir%t el¢in¢ni ol'hire purchase and finance l¢a5¢ Iflllal payments Increa%e iii stocks D¢creasellinireabel in d¢brors IDeLreaseyiii¢rease iii credilvrs 1215,7951 4,078 127.403 569 {3921 780,239 {1.014.4501 132,619 17,8331 1708,8991 626,468 Net cash lustd invprovided by oper#tions 1322,4261 47.967 ANALYSIS OF CHANGES IN NET FUNDS Ai 1.9.24 C￿h flow Ai 31.7.25 Nel casli Cash at bank and in hatxi 902,466 {368.0571 534,409 902,466 (368,0571 534,409 Debt I'inaiice leases {22.3691 10,188 122,36YI 10,188 TotAI 880,097 (357.8691 522,228 Th¢ notes fomi part of these flnancial Siat¢tn¢nt5 Page18 Terra Nova School Trust Limited Notes to tht Fin&ncial Statements for the period I September 2024 to 31 July 202S ACCOUNTING POLICIES GeherAI iiiforniatio -I'li¢ ¢li&i'ity 1% 1£ publiL bcncfil cnlit), and n prii'atc comptsny limiied b>, guai'antee, Irglste￿d in EnglJnd and Wales and a rcgistered charity. in England Wales. Tlie address of Ili¢ I'egisl¢red offiLY is Teria Nova SchLN)I, Jodrell Bank. Holmes Chaptl, Cheshire, C.W4 8B T. Stxtemeiit of tomiTrliattce 'l-h¢s¢ financial slalLmenis have been pr¢p3red in compliance %viih FRS 102, 'The Financial R¢poAing 811¢ nd3rd chariti¢.5 1)r¢pai'ing their aceoiinls in accoiduiice iviih the Financial Reporling Standard appliable in the UK and Repiiblic of Ircland IFRS 1021 (Charilies SORP IFRS 10211 ajid Ilie Coinpanies Act 200C1. Ba$1$ of prepAring the fithAn¢ial statement$ The financial slatemenl% have been pi'epared in accordance iviih Acwunting and Reptsiiing by Chariiies.. Statement of R¢corntnended Plmciice applicabl¢ lo cliai'ili¢s prepoi'ing their dLLukinis in accordance iviih Ih¢ FinaiJLial Reporiitig Siaiidard applicable in Ilie UK and Republic ol-Ii'eland11.'ItS 1021 leff¢cliv¢ l January 20151 (Chariiies SORI, ITrII8 10211, the Financial Repoiting Standard appli¢ubl¢ sn the UK and Republic of Ireland IFRS 1021 and iht Compaiiies Act 2006. Going rnniern TciTa Nova School Tru51 Litnited merged fully with Shreiv8bury School on the 01 Augusl 2025. On l Aiigusl 2025 the as￿¢5, liabilities, undertakings and activities ot. Terra Nova School TTUSt LiTnil¢d were Iransferird to Shreiv5bury school. Following rhis transfer the governors ar¢ to ivind up th¢ affairs of Terra Novo S¢lK)ol Tru￿ Limited and apply for il tu be fumially di881)Ived. Ju¢lgem¢nls key source$ of estimxtion ￿nCertaInty The pitparaiion ot'tlie tinancial slatem¢nt5 requireg managemeThi to make J￿￿entS, estimates and as8umption5 Ihat affect th¢ amount5 repDrted. These esliinates and judgin¢nt5 ai'¢ conlipually I'evieived and ait based on experienLe dnd oiher laciors. incliiding ¢xp¢ctalions of tuture eveii15 thai 8rL beliLvcd 10 be reasonable undei. the circumstances. Useful e¢oiioinic lives of tangible assets 'he annual d¢pr¢ciation chargts t()r the tangible assets air sen51tive to changes in Ihc ¢*litn8ie useful eLI)rtomic live% And iEsidual valucs ot the a8￿ts. The useful economie lives and regidual i'alues are iE-assessed ￿lI7uallY. They are aill¢nd¢d Ivh¢n lleLess(uy its renecl ciii'rent estimal¢s, b￿¢d on technological advanc¢in¢nt. tuluir iiiveslrneiils, eLunumiu uiilisalion and the physical wndition of the assets, Set tHiie I I foi" the carrying amounl of Ihe tangible assets and I'angibl¢ fixed assei$' Jccounling policy tor the iis¢ful lii'es for each class of a55et. IfftpAimtnt of dtbtors Th¢ school Inakes an ¢stimale ot the rteoverable valuc of trade and other debioi3. Where a%s¢5sing th¢ ItnpaiTment of trade and othtr debioiE, tnanagetneni ctsnsideTS faLitsrs including Ihe ageing pixjfile of debloi% and hisiorical experiet)ce. See note 13 for the Trei CaTrying amount of the debtors. Fund Actoiintittg Unrestriettd fund5 These are dvdilable for iise ai the diserelion of the tru5t¢fs in fvrthei'an¢e of the geneTal objeciives of the ehariiy. Designwted funds These aTe unTesiiicied filnds earmarked by th¢ tru5t¢¢5 foi. paiticular puiptsse$. Reslrieted funds These are available for use subject to resiri¢¢ions imposed by the donor or through l¢rJlls oran appeal. Page 19 coniinued... TeTra N(bYa School Trusi Limiled Note% to ihe Financial SIAtements Continued for the ijeriod I Septembtr 2024 to 31 Jiily 202.$ ACCOUNTING POLICIES- tontinued Recogiiitbon of ineoine Iniutnr liDiii c(inl1'acl% for th¢ siippl), ot. s¢i'vic¢s is included in Ihe Siaiemeni of Financial ALllVjtie% {&IFAI be mea¥ured iyith sufticient reliability. Fec% Teceivahl¢8 are %laled aftei. deducting alloiyances. scholarships and oilier retnsssions granted by the schi)i>l. INcoine iyilli relAltd expenilitv WlieiE iiicume lia5 1'¢lai¢d ¢xp¢Ji(Jilure the incoin¢ and relai¢d expeiidiitire is repLTrlted in Ilie SOFA. Donations legacies Voluiilary inioint i"eLeived by way of gTanls, donation5 and gifts 15 included IE) the the SOFA ii,lien receivable nd only iYli¢n the Charity has iincondilion81 eniillemeni lo the iticotne. Imve%tnient in¢oiiie This is Included in tlie accounls ivlien r¢L¢ivable. Other in¢ome 'Fhis is reLugnised in the period in which il is ￿Ce1Vable atxi lo Ili¢ exl¢nl th¢ goods have ￿ell provid¢d or oji coinpletion ot'thc servicc. Expenditure RecogDilifin ofexpenilitiire ExpeiidiiurL is IrLI)￿ll%ed on an acGrual'$ ba515. Exwdituir iiiclud¢s any VAT wliich caniwt be full}. rewver atld ss rewrted a8 parl of the expendiiiire io ivhich li relates. Expenditure on rAising fiinds These compri3e tli¢ costs associal¢d ivith attracting voluntary income, furjdraising trading costs and invcstmcnt anag¢Di¢iil cosi8. Expenditurt on tli*ritAblt Attivitity These rotnprise the costs incurred b), the Charity in the delivery of its aciivities and sern'ices in the fvrtherance of ils objecis, iiicludinjj th¢ makin8 ul'gianls and gov¢rnanc¢ c051s GovtfJl#llCQ Costs These iiiclude Ilios¢ costs as8ocialed witli meeting ￿le consiiiuliona] and statutory re4Ulltmertis of the Chariiy, incliiding any audiVindep¢nd¢iil examiiialion fees, costs linked lo th¢ sli?iegie management ol- the Chariiy, together ivith a sliarc of oihcr adminisiraiion costs. Other expendilu Th¢8¢ are suppo11 w51s not allocated to a particular activity. TAngible fixed Assets I'an8ibl¢ fixed assets air slated al historical cost less accumiilaied depr¢ciaiion and 8c¢umiilaled impairmctjl losscs. Cosi includes costs diTecily atti'ibulable to making the asset capable of operating 45 intended. tkpirciaiion is provided at the following annual rate5 50 as to Ivril¢ off th¢ir c051 le55 residual ainouiit5 0I'ei' tli¢ir estimated usefi)I cconomic liwcs. Assets are also reviewed foT impairmeni ivhenever events or changes itj circumstances indieate thai the ¢4rrying amount tnay not b¢ r¢coverabl¢. An itnpaimienl Ioss i5 r¢wgllis¢d for the ainount by wliicli ili¢ assets carrying atnounl exceeds ils recoverable ainounl. Fr¢¢hold propety Ftxiurt & fittings (.'oniputer equipment Motor vehicles Various raies bettveen 2Yo and 33? 20Yo siraighi litJ¢ 25ts/fj 51raight line Pag¢ 20 conliniied... Terra Nova School Trllst Lirnited Nott5 to the Finanti41 Statements- continued for tht period I September 2024 to 31 July 2025 ACCOUNTING POLICIES- tontinutd TAngible fixed assets 'I'h¢ i'aliie and usefiil lives of ￿setS aLE r¢viei%'¢d and adJI￿ted if appl￿prI￿te at each %lat¢tnent of Sto¢ks 8toGk.% ure vdlued ai the loiver of cosi and net r¢ulisabl¢ value, pft¢r making do ?Iloivonce for obwlete $loiY movit)g iiems. Taiation 'Fhe charity is ex¢Jnpi from Lorporaiion lax on ils cliai'itable aclivities. Hiie i>iireh#se And leasing ¢ommilnJentS -Ihe inl¢irst ¢l¢ment of ihese obligaiions is charged to the Statement of Financial A¢livitse5 over the i-elev8nl period. The capiial element ot'ih¢ tului'¢ paytneiils is Ireaied d lidbiliiy. Rental% paid under Dpei?ling leaK8 are chaiE¢d to the Stat¢m¢ni ot. Fittancial Activities on a siraighi-line basis ovei. Ili¢ period ol-the le￿e. 'I'rade and other debtors are reeognistd ai the settlement arnounl due after any t17de disc￿UllI uffer¢d. Piypaytnenls are valued al th¢ wnouiit prepaid nei ofany Iiade disLounis diie. c.wsh CAsh equiv*lents Casli and cash equivalents LumpTise casl) ai bank on hand. dem￿ld deposits iyith banks and other sliorl-iei'in highly liquid iiivesim¢ni¥ with oi'iginal malui'iti¢s ot tlii'¢e Inonth% oi. less and bank overdixfts. In IhL 51atcmeni ot. rinancial posilioii, bank ovtTdrJfts are shi)ii'n within borroii'ings or currct)I liabilities. In the Slatemenr of Cash Plows, cash and Lash equivalents are shoivn nel of bank ov¢rdraft5 Ihal aTe repayable vn demattd and fvrm iiitegTal pari ol'ihe iojnpany'5 cash inanagernent. Tr8de other treditors Shori ierm credilors aye tnedsured ai Ihe li.an￿li0t) pi'ice. oiliei. creditors and proyisioiis are I'¢cogni5¢d i¥liere Ilie Lharily has a pres¢ni obligation r¢suliiiig troin J pa51 event that Ivill probably res1111 in thL' litnsfei. of tunds to a third party aiid the amount due lo %ellle the obligaiion can bc rncasured or estiinaled reliably. Creditors and prov15ion$ we nOTmk)Ily recognised 81 iheii. s¢ttl¢ment amount aft¢r alloiving for any Irade discounts due. Ftts in PaTents tnay, $ubject 10 eonlractual term5 and conditions, pay to the seh(x)I Wiiion tees in advance. The money may b¢ i'erui'ned, Subject l() 5peLifiL Londiiions. Lt#sed isstts Where ihe charity eniei"s inio a lease ii,liich entails taking 5ub51anlially all the risks and lEW￿%IS of u%Ynernhip vr ll dssei. (he lease is Irealed as a fi[￿nce lejse. l.¢a$e8 which do noi transfer substantially #ll ihe risks and rewards ot. ownership to ciwity are classified as operating leases. Assets held undei. finance leasts Are initially reco￿lSed &8 asset8 Ot the charity at their faiT value at tlie inception of the l¢as¢ or, if loiveT, di ihe preseiii value ot the illinimum leas¢ payments. Th¢ Lori'e5pDiidin8 liabilil>' lu ihe lessor is included in tlie balance sh¥ei dale as a linaiice lease obligation. Leas¢ paynienls are apportioiied between finance ¢xp¢nse5 and reduciion of Ihc lease obligation 50 as to achi¢v¢ a constant rate of Int¢￿st on the remaining balance of tli¢ liability. Finance expen8es are iEcognised iillmediaiely. ut)less ihey are direcily attributable lo qualifying a5sels. in i¥hiuh Case Ihey are capilalis¢d iii accordance with the charity's wlic>' on riDwin8 costs. Assels held under finance le&8e8 are depJEciat¢d in the 5arll¢ way as owned asset$. Page21 continued... Terri NOVA Sthool Trust Limited Notes to tht FithanciRI StAtement5- Colltinued for the period I September 2024 to 31 July 2025 ACCOUNTINC POLICILS- eontlEiued Op¢raling lease pgyme1118 ar¢ re£ognised as an expen%e tsn a siraighi.line bq5i% over the legs¢ term. li) tlie event Ihal lease inceniive5 ate received lo enlei. into op¢raling leases. siich incentiv¢s are reCO￿lsed as a liability. The aggirgale h¢Jietil ol. itiueiiiiveb is r¢Luxniscd as a ILduLlioii ofrenlal expeiise oi) a 511.aighi.liiie l)a51S. FinRn¢ial instrllments A linanLial a%sel t)t' a linancial liability is recognIs￿ only when Ihe charity becomes a pariy 10 Ihe LoniraLiual provisions of Ihe insirumenl. lJasi¢ finanLial inslrumeni8 dre iniii8lly recugnised al the atJK>Unt I'eceivable or payable including any r¢lal¢d Currertl assets ￿ld LurieDi liabilities are subs¢qii¢J)Ily tneasured al lh¢ cash or other iwnsideraiion expecied io be paid or receii'ed aiid not discounted. Debi inslrumeiils al'e subsequently measured at am<)riised cosi. Pension costs And other post-retirenjcnt hen¢fits R¢lir¢m¢nt benefits io emplo)'ees ot'lhe School are PTovided IhiY)uEh Iivo pension %chemes, one defiiitd beiielii aiid une detined Lonlribulion. Tlie p¢J)sion C051s charg¢d in tli¢ Stalein¢iil of Financial. Activities aTe delei'mined a% folloi4's'. The T¢acli¢rs' Peiisioii Sclieme- This scheme is d mulii-employer pension Scheme. It is not FK)ssible 10 identify the SLh[￿1's shdre of tlie undei'lyin8 a5sel£ aiid liabilities ol-llie-l ¢ach¢rs' Pension Scherne oli a coiisisi¢iii aiid reasonable basis and Ilicrcfore. ag requiTed by FRS102, &L*ounis for the stheme it. il were ll detin¢d Loniribuliun bLhetne. Th¢ Srhool'5 contributions, Ivhich are in accordance with the recomniendaiions ot. (he Goveriimenl ALluaiy. are chaiEed in the ptiiud in ivhich the salaries lo ii'hich they relate are payable. The School also operol¢s o defined contribiition pension scheme for non-leaching slah.. 'Fhe rtgiilar pension conli'ibiiiions arc charged lo the sialemeni of rtnancial activiiie$ as the}. 3r¢ inGuTr¢d. DONATIONS AND LEGACIES Period 1.9.24 10 Year Elided 31.8.24 -11.7.25 Dotialions 8,417 53,753 Included ivithin donations received are amounts ioiallin8 £1,￿0 relatin8 to ihe ivaiver of siirdies being Jepaid once iht children have left the school. OTHER TRADING ACTIVITIES S¢holor%hip& bursaTI¢5 and other awards were paid to 13 pupi1812024.. 261. Within thi5 means l¢sted bui3aries lolalling £67k were paid to 8 pupils120241.- £154lk for 10 pupils). Page 22 conliniied... Terra Nova School Trusi Limited Note5 to tht Fin&ncial StAtements- fontinued for tht period I Seplember 2024 to 31 July 2025 INVESTMENT INCOME Period 1.9.24 Yeai. Cnded 31.8.24 31.7.25 Bank inieirsi I'ecei¥able 10,543 12,730 CHARITABLE AcfIviTIES COSTS Siipport cusls (see DiTeci Cosls Tol815 Siotl'cosis Ediicalion costs Moloi. & Irk)vtl cosis Premises costs Gen¢ral 4dmini%traiion ¢0818 Legal & PTolessional costs 2.305.254 582.256 24,079 378,079 133.841 57,275 127,403 569 2,305,254 582.256 24.1179 378,079 133.841 57,275 127,403 569 25,962 Inlcresi payablc Governanc¢ costs 25.962 3.608.756 25,962 3.634,718 SUPPORT COSTS Govei'nance cosls Governance cost5 25,962 IYET INCOMEIIEXPENDITUREI Net inconK/{ex￿ndI¢U￿) is staled atler Ch￿BIng1(ClrdJtingI'. P¢i'ivd 1.9.24 Year Endcd 31.8.24 31.7.25 Auditors, remuneration D¢precidlion- owned ass¢ts Hir¢ ot'plant and niachin¢ry Auditors remuneTaiion- non audit servjc¢8 7,QOO 127,403 4,216 18.557 6.000 3.161 9,664 Page 23 coniinued... Terr* Nov* Sthool Trust Limited Notes to the Fin&ncial Stat¢men15- Continued for the period I Stpttmber 2024 to JI July 202$ TRUSTEES, REMUNERATION AND BENEFITS Ther¢ were no Irusiees. remuneTaiitsn UT oiher b¢n¢hts for the period ended 31 July 2025 nor tor the year elided 31 Al￿￿st 2024. TTrw5t¢es' expenses There iver¢ no Iriislees. expcnsts paid for the period ended 31 July 2025 noi. foT the yeai. ended 31 Augu%1 2024. srAFF COSTS Period Year Fnded 31.8.24 31.7.25 Wagcs and 8al%i'i&% &)cial ￿LUr11Y wsts Other pcnsion costs 1.797,5117 183.218 324.100 ,9()7.243 184,242 336,514 2.304.905 2,517.999 Tewchers, Pension S¢liemt 'Fhe sLhool PdriiLipales in Ilie Teacheis, Pen5iun Scli¢m¢ I"Ih¢ TPS'I tor ils leaching staff. nie pe115ioiI chai¥e for the year incliide% eonlribiitions payablc lo ihc TPS nf £313.763 12024.. £120,353) and al the yeai'.end £38.407. (2024- £36,892) Ivas acGrued in respect of contributions to thi5 schetne. Thc TPS is an untiinded Tnulii