2025-01-31-accounts

Registered number: 00232081 Charity number: 527513 MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (A company limited by guarantee) TRUSTEES. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the Charlty, Its Trustees and advlsers Trustees. report Independent auditor's report on the flnanclal statements Consolidated statement of financial activitigs 3-22 23-26 27-31 Consolidated balance sheet 32-33 Charity balance sheet Consolidated statement of cash flows 34-35 36 Notes to the financial ststomgnts 37-64

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Trustees Mrs N M Alkins lappoinled 19 June 20241 Mrs G Bruce, Chair of Truslees1.2.3.4.5.6 Mrs A M Capper (appointed 16 August 20241 Mrs S Doyle lappoinled 19 June 20241 Mrs A Coles3.5 Mrs W Ellis4 Mr M Hodgesi,5 Mrs M Hughes lappoinled 18 March 20251 Mrs H Lealhart18ppoinled 4 October 20241 Mrs J Thomas (appointed 29 April 20251 Miss C Kelly4,6 Ms S Palmer4 Mr R J Pearce, Vice Chair of Trusteesi,5 Mr R A Usher1.3 Mrs D Waltoni,6 Miss A C Warne, Vice Chair of Truslees2.4.5 Cdr S J Moran lappoinled 13 October 20231 Ms A C M Edward (resigned 20 May 20241 Mrs C L Freeman Iresigned 12 September 20231 Mr A Bouller Iresiqned 12 September 20231 Ms H M M Nicol (resigned 18 M8reh 20251 Mrs S J M Wynn Iresigned 12 September 20231 Finance and Estates Committee Remuneration Committee (Sub committee of the Finance and Estates Committee) Governance and Legal Committee Education and Pastoral Committee Strategy and Business Development Committee Development Committee Company registered number 00232081 Charity registered number 527513 Principal address and registered office 15 Avenue Road Great Malvem WR14 3BA Page 1

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Company secretsry Mrs L Glover Head Dr Gareth Lloyd Independent auditor Crowe U.K. LLP Fourth Floor St James House St James Square Cheltenham GL50 3PR Bankers HSBC Bank PIC 6 Broad Street wor￿Ster WR1 2EJ Solicitors Harrison Clark Rickerbys Solicitors LLP 5 Deansway wor￿Ster WR1 2JG Page 2

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 The Trustees present their annual report together with the audited financial statements of the school for the 1 September 2023 to 31 January 2025 lan extended accounting period). At the 3151 January 2025 the charity completed a sale of the business and associated assets. This report has been formulated on the basis that the operational activities of the charitable company ceased al the point of sale. Beyond this dale the school's operational activities became the responsibility of the purchasing entity, Malvern Education Limited. This report therefore serves the purposes of both a Trustees, report reflecting the nature of the school's operational activities up until the point of sale and a directors, report under company law. The Trustees confirm that the report and financial statements of the charitable company comply with the current stalulory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Objectives and activities a. Policies and objectives The school's Objects up to the 31st January 2025 are as set out in the Memorandum of Association. In furtherance of these Objects and for the public benefit, the school had established and administered bursaries, grants, awards and other benefactions, and acted as the Iruslee and manager of property, endowments, bequests and gifts given or established in pursuanTr of these Objects. Following the sale of the school, an application has been made lo the Charity Commission to modify the object to reflect the charity's changed circumstances from operational school lo grant making trust with a focus on the distribution of educational bursaries. Once confirmed revised policies and objectives will be established. Intended impacvvision Within ils charitable Obieclives, the school's intention has been to provide a first-class education through Inspirational teaching, ex￿lIent pastoral care and by developing broader skills that enable every pupil to realise her potential lo the full. This involves equipping every pupil with the skills required for the digital and technological age, fostering a global perspective and citizenship, and encouraging an appreciation of entrepreneurialism, as well as the arts, technologies, and sciences through a focus on the curriculum, underpinned by an emphasis at whole-school level on literacy and numeracy. Pupils, personal development has thus far been shaped by the emphasis on the co-curriculum through Cerebral, sporting, creative, team building, leadership and social skills. This poli￿ builds Self-confiden￿ and life skills in pupils who are inspired to follow their own unique path by building on their on their talents and passions. It seeks lo embed a desire to be a lifelong and reflective leamer, and a willingness lo contribute to the wider community while al school and in later life. The aim has been for pupils to leave school with so much more than a strong sel of qualifications which equip them well for the next stage of their educational or career journey. They also leave with self-belief, a firm set of soft skills. social and intellectual Confiden￿, and a 'can do. approach lo life. They are networked, purposeful and committed young women who embrace life's challenges, who will blaze a trail, and the kind of person you want on your team. Page 3

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Objectives and activities {continuedl Aims The aims of the School have been to.. Provide a high quality, innovative and forward-looking all-round education for pupils which will enable them lo discover their talents, maximise their potential and develop a lifelong love of learning. Encourage pupils lo be open, independent and engaged learners who seek challenge and are curious about the world around them, equipping them lo play an active part in global society. Promote the benefits of all%ids' education to prepare girls for leadership roles and lo instill a culture of achievement that sets no limits in order that girls pursue excellence, achieve success, acquire confidence and self-belief. Provide a caring and supportive boarding community where there Is a strong sense of teamwork and collective responsibility and which promotes for the individual, good manners, empathy, fairness, toleran￿, and honesty. Attract, train and relain high caliber teaching and non-leaching stsff to support the school's educational vision for providing a first<lass education for girls. Provide the best possible physical environment and infrastructure to maximise the learning potential for pupils. Promote p0511ive relationships with parents, the wider school community and local area for the benefit of the pupils, personal development and their awareness of their place in the world. Be a well subscribed school with an excellent reputstion locally, nationally and inlernab"onally that is financially sustainable and provides good public benefit. Following the sale of the school, the aims, objectives and activities of the charity are to be confirmed after our consultation with the Charity Commission has concluded. b. Strategies for achieving objectives In keeping with this overarching vision and aims of the school, we continued lo review the curriculum and made significant progress towards meeting the targets set for the latest development programme. The programme supports the continuing investment In six strategic areas which support the school's aims.. First Class Teaching and Learning in a digital and technological age Outstanding Pastoral Care with focus on pupil wellbeing, physical and mental health A Modern Boarding Environment and Character Programme lo develop the whole person Sporting Excellence encouraging team skills and leadership both on and off the field Enriching Community Partnerships Fundraising, Growth and Sustainability Page 4

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Objectives and activities {continuedl There has been significant ongoing investment in the school IT infrastructure, with significant upgrades to the network and fibre optic broadband environment completed and commissioned during the accounting period. The entire site benefits from a secure high speed WIFI network. The school aims to deliver a rich and varied learning experience through imaginative curriculum design and the provision of over 100 co-curricular Clubs. A pioneering mulli4isciplinary approach lo ¢urri¢ulum design to support the development of pupils, creative, logical and entrepreneurial thinking has been created. This is leading to the establishment of strong links with commerce and industry as well as universities, so the leaming stays future focused. The school took pupils to activities, including.. British Science Week 2024, which was celebrated in style with many opportunities for pupils to explore STEAM within and beyond the curriculum. This included hosting a guest speaker, George Dransfield, who had previously presented on B8C's Sky al Night, who talked to the school about her wide and varied career and how she is now studying exoplanets. The Institute of Physics again hosted a lecture al our school, and the topic was Explosives.. The Past, Present and Future. We also hosted guest speaker Dr Hannah Urbanski, an Old Girl who works as a Clinical Trials Director and who spoke lo Year 12 about pharmacology, pharmaceuticals and drug trial delivery. We invited over 90 pupils from Years 5 and 6 from local primary schools to join us for a day of Design Technology activities and followed up with a Year 7 STEM Workshop. Additional workshops in Physics, Biology and Chemistry were held during the week, covering respectively telescope building, chemistry magic and the dissection of a rat. We also ran a Science movie afternoon for Years 7 10 9, commemorating the role of Bletchley Park in World War Two through the film 'The Imitation Game,. Years 7 and 8 were also able to complete a Raspberry Pi Mission Zero challenge and have their messages transmitted to the International Space Stslion. The Art Department took Year 9 to the Ashmolean Museum to gain inspiration across history and multiple artisb"c genre5, the Malhemalics Department ran a Malhemalics Inspiration trip lo Bristol for Year 12 and Year 11 to listen lo a range of fascinating lectures that showed how Mathematics can be applied to daily life, and Year 8 competed in a STEM challenge day, working towards allaining a STEM Discovery Award. British Science Week 2024 ended with a merger of Red Nose Day and scien￿ Week celebrations through a themed dress-down day. A great buzz was created in the school for Science, STEM and STEAM and showed our pupils there are connections be￿een all their subjects. Years 7, 8 and 9 went on a science trip to RAF Cosford Museum, which included a lour of the hangars lo view different aircraft spanning the history of flight while also completing a workbook on aircraft design and engineering. The students also enjoyed competing in a challenge lo design a rocket that could fly the furthest. Year 10 GCSE Biology and Physics students took a trip to the West Midlands Safari Park where they enjoyed the safari as well as a discussion about animals from a safari ranger, followed by a leaming session in the Discovery Centre on evolution and adaptations. Additionally, the students were able to experience forces in motion in the theme park, while completing a worksheet on energy transfer and Newton's Laws of Motion. A great day out for all pupilsl Year 12 A-level Drama students directed the Year 10 GCSE Drama pupils in a production of 'The Play That Goes Wrong, a project unique lo MSJ. Having studied 'The Play That Goes Wrong, as part of the curriculum in Year 9, and seeing a production of the play, they were keen to create their own version, focusing on hilarious comedy created through the art of 'poor acting, and the slapstick use of a disintegrating sel. The Year 1 Os were highly committed to the rehearsal proTrss, learning much from their Year 12 role models, challenging themselves with the learning of a long script and the creation of physical theatre. Year 12 pupils found the process of directing much more complex than they had imagined,. the prO￿$S was intense and detailed, giving Page 5

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Objectives and activities {continuedl them a much greater understanding of the requirements of directing for the A-level Drama examination. The Sports Department ran a very successful Ski Trip lo Austria in February 2024. 48 pupils had the opportunity lo experien￿ the beauty of the Austrian mountains whilst being challenged lo develop their skiing skills. It was a wonderful opportunity for pupils to challenge themselves In a completely different way from anything they had previously experienced. Community service is well established in the Sixth Form, with Year 12 allending placements weekly from November lo February, including local care homes, primary schools and also organising and hosting the Malvem Special Families paty which takes place in January. All pupils benefit hugely from this lime spent working In the community, and many ulilise the experience to support their UCAS applications. The community service also contributes toward the Sixth Form Diploma. The school has focused on Ils strategic future whilst maintaining regulatory complian￿. The school had an RCI Inspection by ISI In January 2025. The inspection highlighted the exceptional quality of teaching and learning at MSJ and recognised the dedication of staff and the enthusiasm of pupils, noting the engaging and supportive learning environment we provide. A summary of the inspection findings were that.. leaders provide a well-rounded Curriculum and extensive cor the public benefit The Trustees can confirm that they have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission for England and Wales and have given due consideration to general guidan￿ published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running a charity IPB21'. The school has been committed lo providing means-tested bursaries. Such awards have been made to either enable pupils who would otherwise not be able to afford full fees to benefit from an independent education, or to enable pupils lo remain where financial circumstances have changed. In general, bursaries have been ranging from 50/0 10 500/0 and during 23124.. 82 pupils benefilled122123.' 72 pupils). Without such assistan￿, these pupils would not have been able lo attend Malvern St James. Page 6

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Objectives and activities {continuedl Sports Outreach and Other Events During the relevant reporting period the school enjoyed many opportunities where the school invited other schools lo come and enjoy sport at MSJ. The school hosted a number of events where schoo15 from both wOr￿stershIre and the Midlands were able lo come and visit MSJ. These events included.. U16 District Netball Tournament, District School Games Badminton competition, U11 Midlands ISA Tournament (attended by 24 schools), U11 ISA Midlands Cricket competition. In addition lo these events, the school hosted many local schools for fixtures in a variety of sport5 across a range of age groups including.. Hockey, Netball, Badminton and Cricket The school has been f051ering strong relationships with local maintained schools and their pupils benefit in a variety of ways. Local primary and secondary schools regularly attend events at the school. These have been designed lo give pupils the benefit of expertise and facilities that they may not otherwise be able to access. Members of the school's leaching staff have also served as governors to local maintsined ￿h0o18, thus sharing Insights and educational expertise. Some of the local groups and charities which have made use of the facilities al the MSJ Sports Centre throughout the year are listed below'.- Maintained schools who do not have the facilities lo provide ￿rtain sports. A number of local football and netball teams A Dan￿ School, Swim School, Junior Gym, Rugbylots, Little Kickers and a Taekwondo group. Raising Funds and Awareness During the reporting period the school raised a total of £7,911 funds for charities including Breathe la wellbeing charity), the NSPCC, Comic Relief, Birmingham Children's Hospital, Down Syndrome, Lupus UK, Cancer Research, Macmillian and the school's affiliated school in the Gambia, The school's Diversity Champions produce an annual EDI Calendar which each month focuses on raising awareness of a particular theme and ways in which individuals and the community can support this cause via fundraising or publicising. Strategic report Achievements and performance a. Review of activities 2024 GCSE and Level 2 Results The school reports that attainment across many subjects in the top grades 9-7 at GCSE was high, with 58°k of grades achieved al this level 12023.. 55 /ol. This is significantly higher than the JCQ National Cumulative of 220/. Grades 9-7. This Is very impressive since the school Is not highly selective. 81°k of Physics grades were 9-7, 58,/0 of Chemistry grades were 9-7, 65,/0 of Biology grades were 9-7, 63°A of Computer scien￿ grades were 9- 7, 600/9 of Mathematics grades were 9-7, 70°A of Drama grades were 9-7, and 78.￿ of Food and Nutrition grades were 9-7. Page 7

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Strategic report Icontinuedl Achievements and performance lcontinuedl The Value Added lo the school's pupils was also significant, with the overall Value Added across all subjects being +0.64 grade added. This means that most pupils will have achieved at least one grade higher on average than most pupils across Iwo thirds of their subjects. 2024 GCE and Diploma Results A. grades were up on 2023 at 8'/o 12023.. 3'/ol, with 39/0 Grade A"IA, 73°k Grade A"_8, 91'/o Grade A"_C and 1000/0 Grade A'_D. This is a strong performance with notable sucTrsses in Art1100'/o Grade A"IAI. DT Product Design 1100 /0 Grade A"IAI and German 11 OOO/D Grade A"). In addition, pupils tsking B TECS in Sport achieved 100 /0 Distinction. lo Merit. University destinations The school reports that 41 applications were submitted to UCAS in the 2024 cycle, which also included 4 former pupils re-applying. On results day, 35 candidates achieved offers and only five students were in clearing. Of those remaining, one withdrew for a confirmed place at Penn In the USA, one gained an offer for nursing In HK, and the others secured plaTrs in the UK through clearing. The range of courses was once again impressive.. Medicine al Sheffield, Veterinary Science at Bristol as well as Biomedical ScienTrs, and Psychology at the same institution, Biological ScienTrs at Leeds as well as Theatre Performance and Enterprise, Fashion Design Innovation and Computer Scien￿. Durham was also a popular destination for Geography, Accounting and Management and Biological Sciences. The breadth and depth of places across multiple disciplines was Impressive, and a testament to the hard work of the students and all the staff who have supported these girls. The cycle was successful in enabling MSJ students to progress beyond school. Academic Competitions Biology The school entered all Year 12 pupils into the prestigious British Biology Olympiad in March 2024, an International competition open to all pupils in the final years of study in Senior schools. One pupil was awarded a silver medal, one pupil was awarded a bronze medal and one was Commended, with the remainder re￿Iving participation certificates. During the academic year commencing September 2024 teams were entered for the Imperial College Science in Medicine School Team Prize. One team focused on the topic of Giant Cell Arteritis and the potential for developing an accurate and swift diagnosis kit targeting this at the al-risk population for the condition,. the other team focused on using Al with CT scans lo improve detection and diagnosis of arteriosclerosis which also using a nano-drug delivery system lo enhance treatment and patient outcomes. Both teams produced visually appealing and informative posters but unfortunately were not selected for the national final in either competition. They did, however, develop their research and collaboration skills and we understand that the school will continue to promote this competition as a very effective tool for developing scientific literacy and interest beyond the curriculum. Chemistry In January 2025, the school reports that eight Sixth Fomi pupils Ibolh Year 12 and Year 131 entered the prestigious Royal Society of Chemistry Olympiad. This is a rigorous assessment designed to test deeper understanding and problem-solving skills beyond the standard curriculum. One pupil achieved a silver award, and three pupils achieved bronze awards. This was good preparation for a similar challenge, the C3L6 Page 8

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Strategic report Icontinuedl Achievements and performance lcontinuedl Cambridge Chemistry Challenge which they sat later in the year. Physics In March 2024 the school entered Year 12 pupils into the prestigious Senior Physics Challenge, hosted by Oxford University. The school's contenders performed very well, achieving Bronze and Silver awards. In November 2024 the school's Y13 students entered Round 1 of the British Physics Olympiad. This is a challenging competition designed lo stretch and challenge pupils beyond the scope of the specification and a pleasing Bronze award was achieved. Computing In Computer scien￿ belween September 2024 and January 2025, pupils completed a range of challenges. In September, the school launched Code Club to Year 7 and Year 8 students, along with a new curriculum. Pupils completed CyberFirst Girfs Competition in November and throughout the academic year, the iDea Programme. Notable successes in Year 8 were seen with one Year 8 pupil achieving a Silver Award within the first couple of months, followed by two other Bronze Award achievers in the months after. Mathematics In Malhemalics, pupils from Year 7 to Year 13 have enjoyed the opportunity lo test their problem-solving skills and Ingenuity in mathematics challenges and competitions throughout the year. Highlights include the Malhemalical Olympiad for Girls where the school entered 6 girfs and were thrilled that be￿een them they collected 2 merits and 2 dislinclions. A pupil in Year 12 scored in the top 1°k of the country and went on to participate In the British Maths Olympiad. There was more success In the Senior Maths Challenge, including a pupil In Year 10 who attained a Gold certificate and went on to gain a merit in the Senior Kangaroo. In totsl, pupils of all ages have been awarded over 58 certificates at Gold, Silver and Bronze. There were also opportunities lo enjoy mathematics and celebrate its many applications including a visit lo Maths in Action at Warwick University. Years 7 and 8 also enjoyed a themed event with festive Merry Malhsmas held in school. Modern Foreign Languages In February and March 2025, pupils will take part in the Anthea Bell Prvze for Young Translators. This competition, run by Queen's College University of Oxford, aims lo promote language learning across the UK and Inspire creativity in the classroom. Pupils are required to translate poetry, fiction and literary non-fiction texts that a team of Oxford undergraduates and professional translators then judge. The MFL Department has continued lo encourage pupils to study extra-curricular languages in addition to their academic commitments and il is pleasing that pupils have embraced the challenge. Students studying Chinese as a foreign language or as native speakers take part in a myriad of competitions. The school's native Chinese students took part in the 24 World Chinese Composition Contest that attracted more than 3 million participants from 45 countries. The school is extremely proud of four Year 10 and Sixth Form students who achieved first and second prizes. 6 native pupils and non-native pupils also look part in the 14th Annual Calligraphy Competition run by the UK Association for the Promotion of Chinese Education. MSJ Pre-Prep lage 341 The Prep Department covers pupils from MSJ Minis lage 34 years) to Year 6 and Is comprised of 6 classes, each with a Classroom Teacher and Teaching Assistant support. Be￿een January 2024 and January 2025, Pre-Prep and Minis at Malvem St James delivered a rich and purposeful programme of learning and enrichment. Pupils made strong progress In early phonics and literacy Page 9

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Strategic report Icontinuedl Achievements and performance lcontinuedl skills, developed mathematical understanding through the White Rose scheme, and benefited from creative and STEM-based aclivilies. Highlights included performing in the Nativity. welcoming family members for Grandparents, Day, and memorable trips such as a visit lo Thinktsnk Birmingham Science Museum. Community engagement was strengthened through visits lo Mowbray Nursing Home, fostering inler-generalional connections. The pupils experienced lots of outdoor learning for cross curricular activities and leam-building experiences that supported resilience and collaboration, including their weekly trips lo Woodland School. Strong partnerships with parents were maintained through daily written and photo updates on Tapestry for Minis and regular updates on Teams for Pre-Prep. A broad range of co-curricular opportunities for Pre-Prep ensured a stimulating environment that nurtures curiosity, confidence and personal development. Prep Department The academic year commencing September 2024 has been a truly vibrant and inspiring one for the pupils at MSJ Prep. From the magical world of books lo unforgettable adventures beyond the classroom, the school's children have been fully immersed in opportunities lo read, write, explore, perform. and most Importantly, thrive. In the Upper Prep, pupils have increasing numbers of lessons with subject specialist teachers and at the lop end, a wealth of opportunity lo develop leadership skills In line with the school's MSJ values. The co-¢urricular programme afforded opportunity for pupils to play sports matches against other ￿hoolS and lo engage with older MSJ students collaboratively. English continues lo be a cornerstone of creativity, with pupils demonslraling a genuine love of language and storytelling. The Scholastic Book Fair proved to be a resounding success, Igniting excitement across all year group5. The buzz around the fair was electric, and thanks to the enthusiastic support of pupils, parents, and staff, the school raised an impressive sum which has been reinvested slraighl back into enriching our very own Prep Library. World Book Day was, as ever, a highlight of the year, filled with joy, creativity and imagination. Pupils designed and proudly wore their own personalised T-shirts, each one a unique reflection of their favourile books and characters. The day was filled with engaging activities that celebrated not only the fun of reading, but also the key literacy skills that underpin lifelong learning. The Creative Writing Club has continued to flourish, giving pupils the opportunity lo express their imagination and originality through storytelling. The school is immensely proud that several of Ils budding authors entered national writing competitions, with many having their work published in printl What a tremendous achievement for the school's young writers, who displayed true recognition of their tslenl, effort, and enthusiasm for creative writing. Rising Stsrs Assessments have once again reflected the high standards of leaching and learning at MSJ Prep. Results were particularly strong in Reading and Grammar, Punctuation and Spelling IGAPSI, showcasing the depth of understanding and progress being made across all key stsges. The school reports that mathematics curriculum in Prep provides a coherent, Well-sequen￿d foundation for learning from Early Years through to Year 6. The introduction of the new White Rose Maths booklets has been a particularfy valuable enhanTrment this year. Enrichment activities have played a key role in deepening pupils, engagement and enjoyment of the subjecL The Maths Immersion Day was a resounding success, with pupils across the school designing and creating their own mathematical games. This creative and practical approach helped pupils lo apply their mathematical understanding in a hands-on way, developing problem-solving, collaboration and reasoning skills. Page 10

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Strategic report Icontinuedl Achievements and performance lcontinuedl On Wodd Maths Day in March, pupils look part in a combined Mathematics and Music Day, exploring the natural connections between rhythm, pallern, structure and number. This cross-¢urricular approach enabled pupils to appreciate mathematics in a creative context and demonstrated the strong links between the two disciplines. The school also ￿lebrated NSPCC Number Day, where Year 6 pupils took on leadership roles by designing and running mathematics games for the younger Year groups. This initiative fostered a strong sense of responsibility and mentorship, while also providing an engaging way for pupils across the school to enjoy mathematics together. Online learning plaffomis continue to enhance the curriculum. Mathseeds supports the school's younger learners, while Mathletics provides a structured and Interactive leaming experience for Key Stage 2 pupils. Both programmes reinforce skills in fluency, reasoning and problem-solving. Pupils enjoy these platforms both at school and al home, benefitting from personalised feedback and opportunities for independent learning. Overall, mathematics leaching and leaming remain strong, combining academic rigour with creativity and engagement and this was reflected in strong end of year assessment results. Educational visits and residential experiences remain a vital part of the school's curriculum, offering pupils memorable, hands-on opportunities lo extend their learning and build confiden￿. In the 2024 Autumn Term, Years 3 and 4 travelled lo the Shropshire Hills Discovery Centre to enrich their Stone Age studies. Pupils took part in a range of exciting, practical activities that deepened their understanding of early human history In fun and meaningful ways. The 2024 Spring Term trip to Chedworth Roman Villa was equally Impressive, providing the perfect link to their topic on the Romans. The children enjoyed a guided tour of the ancient sile, marvelling at the mosaics and artefacls, before donning tunics and 'becoming Romans, for the day - a truly Immersive experience that brought history vividly lo life. In June 2024, Years 3 - 6 went on a 3-day residential visit to PGL at Osminglon Bay. The children took part in a wide range of adventurous activib.es Induding climbing, abseiling, ziplines, giant swing and orienteering. They also had the opportunity to explore rocks and fossils, in a session led by a Geology expert. The charity tea organised and led by the Year 6 pupils was a great success. The pupils used their PSHEEC lessons to plan and prepare for the event and on the day they sold baked goods lo raise money for the Support Dogs Charity. In November the school celebrated its annual Winter Warmer. The children displayed great entrepreneurial finesse making their own products lo sell lo help raise money. There was an Auction of Promises, which was a huge success, with some of the favourile promises being Head of the School for a day, choosing school lunch on your birthday and a free pass to be late to schooll After the event, we walked into Malvern to take part in the turning on of the Christmas lights, singing on the steps to get everyone in the Christmas spirit. Throughout the year, each class has taken centre stage lo share their learning and creativity with parents, peers and staff through their class assemblies. These delightful showcases offered a wonderful window into the classroom, featuring expressive acting, joyful singing, and confident public speaking. The assemblies not only celebrated academic leaming, but also highlighted each child's personality, teamwork, and enthusiasm. The school reports that the performing arts highlight of the year was the end-of-year production of All￿ in Wonderland. Every pupil contributed to this joyful performance, which showcased a high standard of acting, Page11

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Strategic report Icontinuedl Achievements and performance lcontinuedl singing and movement. The production reflected the pupils, commitment, creativity, and ability lo work together, and was a testament to the hard work of staff and the continued importance placed on performance across the school. Throughout the year the school reports that pupils also participated in a variety of concerts and choir performances, Including the Whole School Winter Con￿rt, which brought together the entire school community In a celebration of music and collaboration. The Young Performers, Platform IYPPI events provided valuable opportunities for solo and small-group performances, encouraging pupils lo lake ownership of their musical development and share their individual talents in a supportive environment. The Mini Sing event was another highlight, welcoming external nurseries to join our pupils for a morning of shared singing and musical fun. This outreach Initiative was an excellent way lo build relationships with the wider community and lo introduce younger children to the joy of singing t￿ether. Similarly, the Spring Sing outreach concert allowed our pupils to perform alongside other local schools, strengthening community Connections and broadening pupils, musical experiences. Across all these experiences, the school reports that pupils have continued to develop vitsl communication skills, creativity, and confidence - qualities that underpin the broader aims of the school. The Performing Arts remain an integral and much-valued part of school life. Expressive Arts Expressive Arts Week gave Year 7 and Year 8 students the opportunity to gain their Trinity Bronze Arts Award. The two Year groups stepped away from their normal curriculum lessons lo focus on a brand-new timetable, filled with opportunities to meet practitioners across the combined arts of Drama, Music, Art and Dance. They worked with 'Vamos Theatre Company,, the leading masked theatre company In the country, with Bollywood Dreams, experiencing the full Bollywood experience from costume lo dancing, with Drumlove for a Samba drumming experience and with Miss Amelia's Dance Academy for Contemporary Dance. Alongside the visitors, this year the school called on a range of homegrown practitioners Induding the school's very own Marketing Manager, who worked with the students on creating photographs and video content for the website, the school Stsge Manager who taught them how to use the lighting and sound equipment, the school's Drama Graduate and old girl, who tsught them stage fighting and current sixth formers with extensive experience in Musical Theatre, who worked on s￿neS from 'Malilda' and 'Six'. As part of the Bronze Award students are required to be members of an audience, and so the school took them lo Compton Verney to experien￿ a broad range of art work and to Worcester Art Gallery. The week ended with the Years 7 and 8 Drama Club performing their production of 'Jungle Book,, followed by an opportunity for parents and staff lo view the beautiful Bronze Arts portfolios created during the week. Sport The Physical Education Department continued lo offer a broad range of sporting opportunities. The extensive co<urricular sport programme provided many opportunities for pupils to pursue their passions and develop a lifelong love of physical activity. The school offered a comprehensive range of activib.es from both team to Individual activities. This programme was complimented by a busy fixture programme with fixtures happening most Saturdays and also mid-week. In addition to fixtures, pupils had many opportunities lo participate in the following lournamenls and competitions.. Page 12

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Strategic report Icontinuedl Achievements and performance lcontinuedl Hockey - U11, U13 and U15 ISA National Tournaments, U18 Tier 3 Midlands finals, U12 Tier 2 County finals 12nd pla￿) Netball - U9 ISA Midlands Netball Tournament (3rd place) U11 & U13 ISA netball tournaments, U13 & U14 District netball tournaments Cri¢ket- U11 ISA Midlands Tournament11 sl place), Internal Cricket Festival Athletics Junior, Intermediate and Senior Dislri¢l Athletics Championships (many pupils selected lo attend county championships), County Alhlelics Championships 12 silver and 1 bronze medall ISA Junior and Senior Athletics Championship$11 gold medal, 1 silver medal, 1 bronze medal- 1 pupil ISA National Champion) Swimming Junior and Senior ISA Championships11 pupil reached National finals) Cro$s-Country- District Championships, ISA Junior and Senior Championships Dance- School Games Dance, Gotta Dance, Ignite Festival The MSJ riding team have enjoyed considerable success, particularly in National Schools Equestrian Competitions INSEAI. A number of riders qualified for National Finals at both Hi¢kstead and Addinglon with the school's dressage team enjoying suuess by finishing In 8th place. Individual riders also enjoyed considerable success al European level and 3 pupils were selected to represent England. The school's senior Lacrosse team participated in the National Championships for the final lime in March 2024. Lacrosse has been phased out of the curriculum and competitive programme to ensure no conflicts with other sports and to maintsin easier access lo a range of more local fixtures. Pupils have also ex￿lled In sports that the school doe5 not offer on the Curriculum. These pupils have benefited from the support of the Performance Athlete Programme, where Identified pupils have a bespoke programme of strength and conditioning and mentoring lo help them achieve their future aspirations. These pupils have excelled in Football, competing in the Gotha Cup in Sweden. One pupil is also a member of the GB Luge programme competing in the European League and Championships and has aspirations lo represent Team GB at the Winter Olympics in Milan Cortina in 2026. In addition to the extensive programme of sports clubs and competitions, the school aims to provide pupils with as many opportunities to experience the wider world of elite sport. The Department ran trips to.. Wimbledon, International One Day cricket match and a super league netball match. Outdoor Education The Outdoor Education Department continues lo deliver the Duke of Edinburgh Award and a high-quality programme. The department maintains its ￿ntral role in the school culture and remains highly valued by pupils and parents. Academic Scholars and Library In October 2024, a group of Years 7 and 8 pupils visited the Cheltenham Literature festival for a session with 4 writers that specialize In writing tense thrillers - Simon Fox, Cynthia Murphy, Melinda Salisbury and Sharna Jackson who shared their tips on how lo create a story that is filled with suspense. We also welcomed seven local preplprimary schools to MSJ in November for a highly entertaining and interactive talk given by the comedian Russell Kane, on his first book for children Pel Selector. Pupils could then meet the author and get their book signed. On National Poetry Day, the school had the privilege of hosting Amerah Saleh, a Birmingham born and bred poet, with Muslim Yemeni roots. Amerah led an awe-lnspiring assembly in which pupils had the chance to hear some of her work and also more about the influences behind it such as her heritage and experiences as a Page 13

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Strategic report Icontinuedl Achievements and performance lcontinuedl Muslim. Her visit allowed students to learn more about her culture and life eXperien￿S. She also led writing workshops throughout the day with pupils from Years 7-9. The school were fortunate to welcome Chie Kulsuwada lo MSJ for World Book Day. Chie studied Fine Art at Central St Martin's College of Art and Design and then printmaking at the Royal College of Art in London. She now works as a professional Manga artist, writing and illustrating her own stories as well as Illustrating the work of other author5. Chie gave the whole school an insight Into the life and craft of a Manga artist during her assembly. She shared examples of her collaborations, the development of her style and how she builds her Ideas. During the morning Chie ran workshops for Year 8, Year 7, Year 6 and Year 5 pupi15 where everyone had the opportunity lo take part In a draw-a-long lo create their own standard character. This included opportunities for more experienced artists to add in greater detail and depth of expression. Overall, it was an excellent opportunity to learn a new style of story-telling, and lo develop different skills from an expert. Academic Scholars are actively encouraged lo lake part In essay, innovation and subject Competitions lo develop their skills, both inside and outside of school. A group of aspiralional Year 12s and Year 1 Os attended Oxford University open day in July 2024, to talk to admissions tutors and current students and lo visit the departments to gel a first-hand experience of life at the university. In addition, Somerville Academic Discussion suppers continued throughout the academic year for Years 9-13 and were supported by Academic members of the school alongside the Head of Learning and Enrichment and the Academic Prefects. Attendees had the opportunity to explore Oxbridge style questions including 'Everything Al. and 'Life is beautiful. Discuss, and develop their thinking and questioning skills. Academic Scholars ran their own whole school assembly in November, hosted by the Academic Prefects. Every half term a Young Academic Platform is held where all pupils can join the Academic Scholars in discussing challenging questions. During the academic year commencing September 2024 the school entered the Teen Tech Awards and Iwo of the school's teams progressed to the final al the IET London, In July 2025. In Year 10 the project that made it through was Medi-Trace in the 'Patienl Safety, category and in Year 8 it was Symp Trac in the category 'Best Use Of Al,. Both projects won In their categories, which was an amazing result, especially as the Year 10 student had further developed her project from the previous year as she was determined to win In her category. A group of Year 9 pupils allended the Wildhearts Global Youth Summit In November, in London al the head Offi￿ of BNP Paribas. The group spent an amazing day completing business tasks that had an environmental and sustainability focus that were presented by managers and project leaders from the Wildhearts global partners, BNP Parabi5, Nestle, Zurich and Linklalers. A team of Year g's also took part in the finals of the Wildhearts Micro-Tyco competition, as part of the London Hub with their product 'Fruitea.' where they had been challenged to develop an Idea that aligned with the UN sustainable goals and was relevant lo the school. Their innovation was a sustainable fruit tea brand that turns leftover fruit parts into eco-friendly lea blends. Part of their pitch was lo develop kits that include reusable tea bags, biodegradable packaging, simple recipes and infusers so people Can make their own teas at home while reducing food waste. This was along with the development of their own sustainable Fruitea blends made from local ingredients or food that would olhenNise go lo waste. The team had a professional mentor who supported them during the day and guided them through putting together a solid pitch. The team gave a confident presentation and secured a well-deserved 3rd place on the day. Student wellbeing remains the underpinning priority of all that the school does at MSJ. Mindful that a happy schoolchild will get the most out of all that the environment has to offer, staff work hard to ensure that every student is seen, heard and valued within the school's Inclusive community. Alongside the Gold Standard Mental Health and Wellbeing Award that was awarded to the school in 2021, the school now has over 30 Mentsl Health First Aiders on the staff and offer this useful qualification opportunity to Page 14

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Strategic report Icontinuedl Achievements and performance lcontinuedl Sixth Form students too. A student body of Pastoral Champions, led by the Pastoral Prefect and their Prep equivalent, Wellbeing Captain, ensured opportunities for peer support in both lessons and the boarding environment. The Hive, the school's bespoke wellbeing space, plays host to a number of health and wellbeing related clubs and opportunities for students of all ages. The school is committed to helping young people develop their own bank of wellbeing tools ready for life beyond school and promote the six school values - honesty, kindness, Integrity, courtesy, respect and toleran￿ - in lessons and wider school activities al all limes OGA The Development Office runs the Old Girls, Association office, providing day-to-day adminislralion, communications, and organising a programme of events across the year for its members. This includes the annual OGA Summer Reunion in June, plus other ad-hoc reunions, an Honorary Members, (former slaffl Coffee Morning in December with Carols, an address from the Head, a termly Book Club and facilitsling Old Girf-led reunions. Page 15

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025

Strategic report (continued)

Financial review

a. Results for the year

The School made a consolidated deficit of £7.183m (2023 - £933k), which includes a deficit of £Nil (2023: £140k) relating to its subsidiary Malvern St James Enterprises Limited. The net funds as at 31 January 2025 were £1,019k.

The above deficit is after charging depreciation on tangible fixed assets of £1,228,407 (2023 - £675,469).

The school thrives on its excellent admissions performance. Recruitment of a new Head with significant experience during the accounting period enabled a review and subsequent implementation of an international admissions strategy to further raise the profile of the school in international markets. Coupled with this approach, the new Head was encouraged to build relationships with parents of pupils at local schools to ensure that the school continued to enjoy a positive profile in Worcestershire and beyond. At the point of sale, the Trustees were pleased to be able to identify positive results from these activities.

The implementation of a judicious surplus asset disposal programme which, during the accounting period, saw the sale of the Mount, Ryall and Batsford boarding houses contributing significantly to these results. Net total sale proceeds during the accounting period amounted to £2.7m for these three sales. Sale income was 100% invested in the school - especially in the remaining boarding facilities.

At the point of sale, the Trustees were able to share a potential ongoing asset improvement and disposal programme with the new owners. This programme has the potential to enable the school to continue to rationalise its property holdings. Planning consents for surplus land adjacent to Greenslade Boarding House and at the music department at Avenue House were obtained during the accounting period and a strategy for the disposal of Hatfield House had also been formulated.

Following the sale of the school which was sold for £4.2m at the end of the reporting period, 31st January 2025, surplus funds generated are to be invested by the charity and, subject to receipt of approval to a change in the charity's object, restricted to the approved use.

Page 16

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 b. Going concem The Trustees have prepared the financial statements on a going concern basis, as defined by FRS 102 and the Charities Statement of Recommended Practice ISORPI, having concluded that the Charity will be able lo continue in operational existence and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial stalemenls. In forming this assessment, the Trustees have undertaken a thorough review of the Charity's financial position given the sale which has significantly reduced ils obligations and commitments. The charity moving forwards has minimum overhead expenditure forecasted, the charity will work within its working capital requirements lo provide charitable activities in line with new charitable objects. It is anticipated that the future overheads of the charity will reflect those of a grant making trust reliant on direction from volunteer Iruslees as before and with a small requirement for professional (legal, financial, accounting and administralivel support as required. Approval of amended objects by the Charity Commission will be required lo inform and facilitate the Charity's future activities. Based on this assessment, the Trustees believe that there are reasonable grounds to conclude that the Charity will, with appropriate management, continue in operation for the foreseeable future. Accordingly, the Trustees consider Il appropriate to prepare the financial statements on the going concern basis. The Trustees do not consider that any material uncertainties exist that would cast significant doubt on the Charity's ability to continue as a going COn￿rn. c. Reserves policy During the reporting period, the Trustees regulady reviewed the level and nature of the total funds of the School. The Charity's lotsl reserves of £1,019,948 at the period-end Included £1,019,948 of unrestricted funds. Due to the Continued Investment in fixed assets in the School, there were no free reserves in the School at the end of the reporting period (2024. £NNI). However, during the accounting period the Trustees were satisfied that external facilities provided an additional and adequate safety nel If Il were required. During the reporting period adequate arrangements were In pla￿ with the School's bankers to meet the forecast Cash Flow needs of the School. Awordingly, il was considered that the going con￿rn basis remains appropriate for the preparation of the School's accounts. Beyond the reporting period and following the sale of the school, the Trust's activities are now those of holding Investments. Looking lo the future, the Trustees will discuss and determine a new minimum reserves policy based on the likely future operational costs of the charity. d. Principal risks and uncertainties Up until the point of sale, the Goveming Body were responsible for overseeing the risks faced by the school and Ils subsidiary MSJ Enterprises Ltd. Up until the point of sale of 31st January 2025, the Governing Body had been continually assessing the major risks lo which the school and its subsidiary have been exposed. Through the risk management processes established for the school, the Trustees were, at the point of sale, satisfied that the major risks Identified were adequately miligaled where necessary. It is recognised that systems can only provide reasonable, not absolute, assuranTr that major risks have been adequately managed. At the point of sale, the school's risk register identified all major foreseeable risks lo the school, grading risks by likelihood and impact, including measures lo mitigate them. The risk of VAT on school fees and the affordability cOnsequen￿S for some parents were perceived lo have been on the increase. Associated with this is the risk of the cost-of4iving crisis and reduTrd Income from a reduTrd pupil roll. This Is being proactively addressed by the school's retention and enrolmenl plans. As with many organisations, the risk of cyberallacks and the loss of personal data remains a high risk and the ongoing training of staff and the improved IT infrastructure are measures implemented to manage this. The risks from fire and the infrastructure of the estate are reviewed and Page 17

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 identified as priorities for investment when funding permits. Health and safety is always a significant area for risk management. The risks range from fire and infrastructure lo personal risks (most notably when away from the school sile on trips and expeditions). The level and breadth of activity at the school is impressive and the risks associated with all activibes are minimised by thorough planning, risk assessments and a culture of safe operating. Detailed consideration of risk Is delegated to the Governance and Legal Committee, which reports formally to the Governing Body al each meeting. The risk management process and the resulting report Identifies risks, assesses their impact and likelihood and, where necessary, recommends controls to mitigate and monitor those risks that are assessed as high. The key controls used by the school to minimise risk include. Detailed terms of reference together with formal agendas for Committee and Board activity. Strategic development planning, reviewed annually by the Strategy & Business Committee. Comprehensive budgeting and management accounting. Established organisational structures and lines of reporting. Fomial written policies and plans, including clear aulhorisation and approval levels. Vetting procedures as required by law for the protection of the vulnerable. Up to the point of sale of the school, the Trustees had regularly been reviewing the effectiveness of plans and strategies for managing all identified major risks for both the school and ils subsidiary. Beyond the point of sale of the school, the Charity finds itself released from the benefits and burdens of administering the running of a school and is able to focus on its transition into a grant-making trust. Once approval for Ils future activities has been approved by the Charity Commission, the Charity will be able to properfy assess all principal risks and uncertainties. 11 is anticipated that these will Include r￿ulatOry reslriclions lo be imposed by the Charity Commission. Uncertainties In relation to future sources of income will be regularly monitored by the Trustees. Uncertainties in relation to investment income will also be monitored closely by the Trustees. Structure, governance and management a. Constitution Malvern Hills Education Trust is a charitable company limited by guarantee and was setup by a Memorandum of Association. Mafvern St James Limited was registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. ma￿em St James Ltd I'the school'l was registered with the Charity Commission under Charity No. 527513 and constituted as a company registered in England No 00232081. Each of its member's liability was limited lo £1 by guarantee The School was govemed by ils Memorandum and Articles of Association. Page 18

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Structure, governance and management Icontinuedl The principal object of the school was the advancement of education for the benefit of the public by.. the provision and conduct of a pupils, school to be known as "Malvern St James" established as an organisation with a Christian ethos lo further the education of ils pupils, such education lo Include social and physical training subject to any provision which may be made to meet the needs of pupils of different denominations or faiths.. and such incidental or ancillary educational activities or other associated activities for the benefit of the community in Malvern and the wider community beyond as the Trustees shall in their discretion determine from lime to time. Following the sale of the school, an application has been made lo the Charity Commission to modify the object to reflect the charity's changed circumstances from operational school to grant making trust with a focus on the distribution of educational bursaries. Subject to receipt of approval from the Charity Commission, the Trustees aim, within the constraints likely to be confirmed by the Charity Commission, to pursue a policy of financial investment disp05als lo fund a bursarial programme aimed al benefitting those students who would not otherwise have an opportunity to access the educational facilities they can demonstrate that they require to enable them to flourish. b. Methods of appointment or election of Trustees The Trustee Body of the charity is a self-appoinling group of trustees. Members are required lo retire after five years bul can be re-elected. The maximum term in office is ten years but can be extended by exception. Whilst the Governing Body of trustees has hitherto required breadth and depth of experience lo carry out ils duties effectively and efficiently, il Is anticipated that, in the future a new set of skills, such as fund raising and fund management may also be required. New members of the Trustees Body are elected based on nominations from the Trustees based on the candidates, professional qualities, experience, personal competence and local availability. The method of appointment or election of Trustees remains unchanged beyond point of sale. Oryanisational structure and decision-making policies Until the point of sale of the school, the members of the Governing Body, as the charity trustees, were legally responsible for the overall management and control of the school. Whilst the full board's requirement was lo meet a minimum of three limes a year, in fact during the period leading to the sale of the school a financial working group of trustees met weekly to monitor the financial requirements of the school and lo manage the sale procedure. During the year leading up to the point of sale, the Trustees appointed the Association of Governing Bodies of Independent Schools IAGBISI lo complete a review of G0Veman￿ of Malvern Sl James, the outcome of which was extremely positive and reported that the school is very well govemed and led by a strong Council which consists of a group of highly skilled Trustees. The work of implementing their policies was carried out by five Committees.. Finance and Estates Committee scrutinised revenue, the budget and capital expenditure. This Committee also supervised and finalised the audited financial stslemenls and annual report for approval by the Governing Body. During the year, the Committee was chaired by Mr Robert Pearce. Page 19

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Structure, governance and management Icontinuedl Remuneration Committee la subcommillee of Finance) oversees the remuneration of the Head and Senior Leadership Team. The Committee was chaired by Mrs Gemma Bruce. Education and Pastoral Committee supported the Head in executing the major function which is the education of ils pupils. The Committee monitored and reviewed the agreed academic, curricular, extra- curricular and pastoral provision of the school. The Committee was chaired by Miss Alison Warne. Governance and Legal Committee co-ordinated all aspects of corporate govemanTr, legal and regulatory compliance, and risk management. The Committee was chaired by Mrs Anne Coles. Development Committee oversaw the implementation of a strategic programme of fundraising, communication and relationship building aligned lo the Communications strategy. The Committee was chaired by Mrs Gemma Bruce. Strategy and Business Committee considers proposals for the development of the school and considers the strengths and weaknesses of strategic options with Senior Leadership. The Committee was chaired by Mr Roger Usher. Until the point of sale, the day-to-day running of the school has been delegated lo the Head, who was supported by the Senior Leadership Team and together this group were the key management personnel. The Head attended all meetings of the Governing Body's Commillees, and the relevant member5 of the Senior Leadership Team attended where appropriate. As previously mentioned, in addition to the above commillees, during the accounting period a more dynamic body was formed by the Trustees. This financial working group was formed to allow the committee structure lo remain undislurbed whilst the prO￿s$ of securing the long-term future of the school could be run efficiently and with the full participation of the Head and Committee Chairs. Under the chairmanship of Michael Hodges, who became Chair of Trustees in the Summer of 2024, this group met weekly. Following the successful completion of the sale, the Trustees continue to meet on a regular basis as determined by the Board. d. Policies adopted for the induction and training of Trustees It has been the practice of the Trustees to provide new Trustees with a comprehensive Induction Pack and Governance Manual which has links to other relevant documentation. Experienced Trustees acted as mentors for new Trustees and new Trustees have been offered the opportunity to attend specialist external courses on the role and responsibilities of charity trustees. This preliminary inft)rmation has hitherto enabled new Trustees to understand the overall administration and governance structure of the school and has helped them to play an active role. During the reporting year, members of the Trustees Body attended internal and external Trustees training and Information courses designed lo keep them informed and updated on current issues in the sector and regulatory requirements. In future, following the sale of the school, trustees will adopt and pursue those policies appropriate for a fund- raising and grant making trust. Trustees will receive training appropriate for this type of activity. Page 20

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Structure, governance and management Icontinuedl e. Employment policy Until the point of sale, the school has been an equal opportunities employer, and no employee or applicant has been treated unfairly by reason of a protected characteristic as defined within the Equality Act 2010. Full and fair consideration was given to job appli¢anls with disabilib.es and to their training and employment needs. The school ran a Staff Consultslion Group ISCGI, SCG roles were created ensuring these provided fair representation of all employees. The SCG purpose was lo enable the school to Inform the SCG representatives about developments in the school by means of regular meetings,. to allow SCG represenlalives lo express the opinions and concerns of employees to the school and to provide an appropriate forum for statutory consultation between the school and SCG representatives whenever the need arose. Communication with employees continued through normal management channels in a variety of forms. Following the sale of the school and in the absence of direct employees, it is anticipated that no specific employment policies will be required. f. Related party relationships During the reporting period, the school had one wholly owned subsidiary, Malvern St James Enterprises Limited, registered number 5851583. The trading activities of Malvem St James Enterprises Limited primarily comprised revenue from letting of sports facilities when not In use by the school. Following completion of the sale of the school, the Charity continues lo enjoy a warm relationship with the new owners of Malvern St James School and, subject to the approval of new charitable objects by the Charity Commission, the charity will seek to support the school lo the exlenl permitted. g. Pay policy for senior staff During the reporting period key management personnel were remunerated in line with the school's policy. Benchmarks, parameters and criteria used for setting the pay of key management personnel were reviewed by the remuneration committee. Following the sale of the school and the transfer of all staff employment commitments to the new owners, the charity retsins no employees. Senior staff pay policies are therefore no longer required. Plans for future periods Future developments Following receipt of approval by the Charity Commission regarding the new charitable objects reflecting the charity's changed circumstances from operational school to grant making trust with a focus on the distribution of educational bursaries, the former Trustees of the school shall, as Trustees of the charity, commit lime and resource to the fulfilmenl of the new objects. Charity Governance Code The Iruslees are constsntly reviewing their performance in relation to the charity governance code. The code ensures best practice, core principles and governance goals of charity trustee boards. Page 21

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 ststement of Trustees. responsibilities Up until the point of sale, the Trustees (who were also the directors of the school for the purposes of company lawl and the Trustees beyond the point of sale. have been responsible for preparing the Trustees. report Including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Awounting Standards (United Kingdom Generally AcTrpted Accounting Practi￿1. Company law requires the Trustees to prepare financial stslements for each financial . Under company law. the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Group and the Charity and of their incoming resources and application of resour￿$, Including their income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements", prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of Infomiatlon to audltor Each of the persons who are Trustees al the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and lo establish that the charitable group's auditor is aware of that information. Auditor The auditor, Crowe U.K. LLP, has indicated their willingness lo continue in office. The designated Trustees will propose a motion reappointing the auditor al a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mr M Hodges Ichair of Trusleesl Dale.. 0112912026 Page 22

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) Oplnlon We have audited the financial statements of Malvern Hills Education Trust (Formerly Malvem St James Limited) Ilhe 'parent charitable company'l and ils subsidiaries Ithe 'group'l for the Year ended 31 January 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the Group's and of the parent charitable company's affairs as at 31 January 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the Year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial slalemenls section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's or the parent charitable company's ability to continue as a going concern for a period of al least ￿e1ve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going con￿rn are described in the relevant sections of this report. Page 23

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED} ICONTINUEDI Other Informatlon The other infomialion comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contsined within the Annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misststemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report including the Strategic ￿port for the financial Year for which the financial statements are prepared is consistent with the financial stalemenls. the Trustees. report and the Strategic report have been prepared in accordan￿ with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitsble company and its environment obtsined in the course of the audit, we have not idents'fied material misstatements in the Trustees, report including the Strategic report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Page 24

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED} ICONTINUEDI Responslbllltles of Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is ne￿SSary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial ststemenls as a whole are free from material misstatement, whether due to fraud or error, and to issue an Audilovs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misststemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including fraud, are InStan￿S of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oudined above, lo delect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. We obtsined an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. Auditing standards limit the required audit procedures lo identify non-compliance with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be within the override of controls by management. Our audit procedures to respond lo these risks included enquiries of management, and the Finance & General Purpose Committee about their own identification and assessment of the risks of irregularities, sample lesling on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspeclorale and reading minutes of meetings of those charged with governance. Page 25

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin (Senior statutory auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

Date: 30 January 2026

Page 26

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (Acompany limitg(l ty guaranteel CONSOLIDATED STATEMENT OF FIPJANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDinJRE ACCOUNTI FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Unrestrfcted Restrlcted Endowment Conunulng Dlscontlnued Total funds funds funds owhtlons opèrAtlon$ funds 17 month 17 tnonth 17 motth 17 rnonth 17 month 17 month ppriod eDded period ended period ended period ended perioxl eniled p8riod ende¢l 31 January 31 January 31 January 31 January 31 January 31 January 2025 2025 2025 2025 202$ 2025 Continuing ￿6¢¢￿tinued opwaiws OP*¥lions Ye3rended Ygar&nded JI August 31 August 2023 2023 Tot81 fvnds Yearfnc18d 31 August 2023 Note Income and èndr>wmèn Donations and a￿e5 31,214 25,260 56,474 56rt74 642.787 642.787 Charitsble ivities. Scnool feès eivab Registration lees 11,892.152 11,892,152 11,892,152 9,23T,408 9.237,408 20,299 20,299 20,2 26,542 26.542 trading In￿rne 192,439 192N39 192,439 221,543 221.543 trading Profil on saleof fixed assetA 506,70 s￿.706 506.7 369,154 369, 184 2,361,84S 2,361,845 2,361,845 876 876 Page 27

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (Acompany limitg(l ty guaranteel CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Unrèst￿cted Réstrlcièd Endowmènt Conunulng Dlscontintsed TotAI fund$ fund¥ fvnd$ oF￿ationS opor$tiOrt8 fund$ 17 month 17 rnonth 17 motrth 17 rnonth 17 month 17 month ppriod ended periLxI ended period ended period ended perioKI ended ppriod ende(I 31 January 31 January 31 January 31 January 31 January 31 January 2025 2025 2025 2025 202$ 2025 Total fvnds Yearent18 31 January 2023 op9rat￿n5 Ye3rend8d 31 August 2023 Y8ar8nded 31 January 2023 Note Totsl Incom and endowments arried for¢+ar 15.004,655 25.260 56,474 14,973A41 15,029,915 fj42,787 9,555,553 10.498,340 Page 28

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (Acompany limitg(l ty guaranteel CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Unrèst￿cted Réstrlcièd Endowmènt Conunulng Dlscontintsed TotAI fund$ fund¥ fvnd$ oF￿ationS opor$tiOrt8 fund$ 17 month 17 rnonth 17 motrth 17 rnonth 17 month 17 month ppriod ended periLxI ended period ended period ended perioKI ended ppriod ende(I 31 January 31 January 31 January 31 January 31 January 31 January 2025 2025 2025 2025 202$ 2025 Total fvnds Yearent18 31 January 2023 op9rat￿n5 Ye3rend8d 31 August 2023 Y8ar8nded 31 January 2023 Note Totsl Incom and endowments brought forward 15,004,65S 25,260 56,474 14,973N41 15,029,915 642.787 9,855,553 10.498,340 ExF)wWituro Trading tivibes MSJE 10 675,1eo 675,180 675,180 52T,637 527,637 costs CP￿ritable CliVrtIèa' Edu¢¥11￿ 8nd grant rnaking Totsi expenditure 143,20S 143,205 143,205 349,312 349,312 15,868.219 n,000 1,036,204 14,9D5,015 15,941,219 614,518 9,939,407 10.553,925 16.686,604 73.000 1.036,204 15,723.400 16.759,604 614,518 10,815.356 11.430,874 Page 2

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (Acompany limitg(l ty guaranteel CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Unrèst￿cted Réstrlcièd Endowmènt Conunulng Dlscontintsed TotAI fund$ fund¥ fvnd$ oF￿ationS opor$tiOrt8 fund$ 17 month 17 rnonth 17 motrth 17 rnonth 17 month 17 month ppriod ended periLxI ended period ended period ended perioKI ended ppriod ende(I 31 January 31 January 31 January 31 January 31 January 31 January 2025 2025 2025 2025 202$ 2025 Total fvnds Yearent18 31 January 2023 op9rat￿n5 Ye3rend8d 31 August 2023 Y8ar8nded 31 January 2023 Note Nèt léxpondlturèl lin¢om• b•for8 not 10sse8 on investments Loss resulbn9 Irth dis(oniinv8d OF*f¥iion¥ Net lexpendlturewn comè 11,681,949] 147,7401 {979,7301 1749.9591 11,729,689> 2&269 (960,803J (932,534) 31 15,453,725> 1s.4S3,7251 15,453,72$1 17,135,674> 147,7401 1979,7301 16,203,£841 17,183,414> 28.269 1960.8031 1932,5341 Transfers betr￿een funds 23 1,310,748 11,188,889) Net movement In nds 16,824,9261 11,216,629) 1141,8691 1979,7301 I6,203,￿4) 17,183,414> 28.269 1960.8031 1932.5341 Page 30

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) (Acompany limitg(l ty guaranteel CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Unrèst￿cted Réstrlcièd Endowmènt Conunulng Dlscontintsed TotAI fund$ fund¥ fvnd$ oF￿ationS opor$tiOrt8 fund$ 17 month 17 rnonth 17 motrth 17 rnonth 17 month 17 month ppriod ended periLxI ended period ended period ended perioKI ended ppriod ende(I 31 January 31 January 31 January 31 January 31 January 31 January 2025 2025 2025 2025 202$ 2025 Total fvnds Yearent18 31 January 2023 op9rat￿n5 Ye3rend8d 31 August 2023 Y8ar8nded 31 January 2023 Note R￿Onell13￿0n of fvnds.. Total fU￿S brought forward 6,844,874 1,216,629 141,8S9 9,164,16S 1960,8031 8,203,362 9.t35.896 9,135.896 Net movement i fuDds 15,824.9161 11,Z16,6291 1979,7301 16,2W.6841 17,183,414} 28.269 1960,8031 (932,534J Total funds carried forward 1,019.948 8.184,435 17,1M4871 1,019,948 9 164.165 I960.￿} 8 203.362 The notes on pages 37 10 $4 form partof these finanoal stalemenls. Page 31

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) REGISTERED NUMBER: 00232081 CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2025 31 January 2025 31 August 2023 Note Fixed assets Tangible assets 14 11,975,002 Current assets Stocks Debtors Cash al bank and in hand 16 17 20,555 946,912 672,347 1.813.032 64,009 1,877,041 1,639,814 Current liabilities Creditors.. amounts falling due within one year 18 1857,093) (4,254, 175J Net current assets I liabilites 1,019,948 (2,614,361) Total assets less current liabilities 1,019.948 9,300,641 Creditors.. amounts falling due after more than one year 19 (1,097,279) Total net assets 1,019,948 8,203,362 Charity funds Endowment funds 23 141,859 7,216,629 Reslricled funds Unrestricted funds 23 General funds 23 1,019,948 6,844,874 Total unrestricted funds 23 1,019.948 6,844,874 Totsl funds 1.019,948 8,203,362 Page 32

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) REGISTERED NUMBER: 00232081 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 JANUARY 2025 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr M Hodges (Chair of Trustees) Dale.. 0112912026 The notes on pages 37 to 64 form part of these financial statements. Page 33

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) REGISTERED NUMBER: 00232081 CHARITY BALANCE SHEET AS AT 31 JANUARY 2025 31 January 2025 31 August 2023 Note Fixed assets Tangible assets Investments 14 15 8,562,465 3,059,399 11,621,864 Current assets Stocks 16 20,099 1,280,333 614.885 Debtors Cash al bank and in hand 17 1,813,032 64,009 1.877.041 1,915,37 7 Current liabilities Creditors.. amounts falling due within one year 18 1857,093) (4.236,540) Net current assets I liabilites 1.019,948 (2,321,223) Total assets less current liabilities 1,019,948 9,300,641 Creditors.. amounts falling due after more than one year 19 (1,097,279) Total net assets 1.019,948 8,203,362 Page 34

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) REGISTERED NUMBER: 00232081 CHARITY BALANCE SHEET ICONTINUED} AS AT 31 JANUARY 2025 31 January 2025 31 August 2023 Note Charity funds Endowment funds Reslricled funds Unrestricted funds 23 23 141,859 1,216,629 General funds 23 1.019.948 6,844,874 Totsl unrestricted funds 23 1,019,948 6,844,874 Total funds 1,019,948 8,203,362 The Charity's nel movement in funds for the Year was £17,183,414) (2023- £(932,534)). The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr M Hodges Ichair of Trustees) Dale.. 01129/2026 The notes on pages 37 to 64 form part of these financial statements. Page 35

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 17 month period ended Year ended 31 January 31 August 2025 2023 Note Cash flovts from operating activities Nel cash used in operating activities 25 15.746.734} (571,324) Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from disposal of operations 2.762.590 876 1326,753} (1, 152,921) 4,200,000 Net cash provided byllused inl investing activities 6.635.837 11,152.0451 Cash flows from flnanclng actlvltles Cash inflows from new borrowing Repayments of borrowing Repayments of finance leases and hire purchase contracts Interest Paid on borrowings 127.400 (203,405) (65,258) {126,644) 1794.908} 1558,634} 1143,899) Net cash used in financing activities 11.497,441} {267.9071 Change in cash and cash equivalents in the Year Cash and cash equivalents at the beginning of the Year 1608.338} 11.991.276) 672,347 2,663,623 Cash and cash equivalents at the end of the Year 26 64,009 672.347 The notes on pages 37 to 64 form part of these financial statements Page 36

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 General Infomiatlon Malvern Sl James Limited is a Company limited by guarantee Iregislered number 002320811, which is incorporated and registered in England and Wales. Il's charity registration number is 527513. The registered office and principal pla￿ of business is 15 Avenue Road, Malvern, Worcestershire, WR14 3BA. It's principal activity is the provision of boarding and day schooling. The members of the Company are the Trustees named on page 1. In the event of the School being wound up, the liability in respect of the guarantee is limited lo £1 per member of the School. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial slalements have been prepared in accordan￿ with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Malvern Hills EducationTrusl IFormedy ma￿em Sl James Limiledl meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy. The Consolidated statement of financial activities ISOFAI and Consolidated balan￿ sheet consolidate the financial statements of the Charity and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of financial activities in these financial statements. Page 37

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Accountlng pollcles Icontlnuedl 2.2 Going concern The Trustees have prepared the financial stslemenls on a going concern basis, as defined by FRS 102 and the Charities Statement of Recommended Practice ISORPI, having concluded that the Charity will be able to continue in operational existence and meet its liabilities as they fall due for a period of at least twelve months from the dale of approval of the financial statements. In forming this assessment, the Trustees have undertaken a thorough review of the Charity's financial position given the sale which has significantly reduced its obligations and commitments. The Charity moving forwards has minimum overhead expenditure forecasted, the charity will work within its working capitsl requirements to provide charitable activities in line with new charitable objects. 11 is anticipated that the future overheads of the charity will reflect those of a grant making trust reliant on direction from volunteer Iruslees as before and with a small requirement for professional (legal, financial, accounting and administralivel support as required. Approval of amended objects by the Charity Commission will be required to inform and facilitate the Charity's future activities. Based on this assessment, the Trustees believe that there are reasonable grounds to conclude that the Charity will, with appropriate management, continue in operation for the foreseeable future. Accordingly, the Trustees consider il appropriate lo prepare the financial statements on the going concern basis. The Trustees do not consider that any material uncertainties exist that would cast signifi'cant doubt on the Charity's ability to continue as a going concern. 2.3 Fund accountlng General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordan￿ with specific reslriclions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Page 38

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Accountlng pollcles Icontlnuedl 2.4 Income All income is recognised once the Charity has entillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. The rec￿nitIon of income from legacies is dependent on establishing entitlement, the probability of re￿Ipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy musl be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed to the Charity, can be reliably measured. Income lax recoverable in relation to investment income is recognised at the time the investment income is re￿1Vable. Other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the Se￿1￿. 2.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds Expenditure on charitable activities and governance costs are costs incurred on the School's educational operations, including support costs and costs relating to the governance of the School apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. 2.6 Government grants Government grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred. Page 39

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Accountlng pollcles Icontlnuedl 2.7 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tsngible fixed asset into its intended working condition should be included in the measurement of cost. Assets in the course of construction are included al costs incurred to date. Depreciation on these assets is not charged until they are brought into use. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straighl-line method. Depreciation is provided on the following bases.. Freehold buildings 20A straight line House refurbishments 2_10Q/o Straight line Plant, fixtures, equipment & IT 5-33Q/o Straight line infrastructure 2.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value al the Balance sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impaimient. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.9 Stocks Stocks are valued al the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.10 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.11 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 40

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Accountlng pollcles Icontlnuedl 2.12 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan￿ sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has re￿iVed as advanced payments for the goods or setvices it musl provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 2.13 Flnanclal Instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.14 Flnance leases and hlre purchase Assets obtained under hire purchase contracts and finance leases are capilalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged lo the Consolidated statement of financial activities so as to produce a constant periodic rate of charye on the net obligation outstsnding in each period. 2.15 Penslons The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the Year. The Charity also operates a defined benefits pension scheme. The scheme is a multi-employer scheme where it is not possible, in the normal course of events, to identify on a consislenl and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS102, the Charity accounts for the scheme as if it was a defined contribution scheme. The amount charged to the Statement of financial activib'es represents contributions payable lo the scheme in respect of the accounting period. Page 41

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Crltlcal accountlng estlmates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectstions of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the Trustees, no assumptions con￿MIng the future or estimation uncertainty affecting assets or liabilities at the balan￿ sheet date are likely lo result in a material adjustment to their carrying amounts in the next financial year. Income from donatlons and legacles Unrestrlcted Restrlcted Total funds funds funds 17 month 17 month 17 month Total period period period funds ended ended ended Year ended 31 January 31 January 31 January 31 August 2025 2025 2025 2023 Donations and gifts Leg8cies 31,214 25,260 56,474 52, 783 590,004 Total 2025 31,214 25,260 56.474 642, 78T Tol812023 10,050 632, 737 642. 787 Page 42

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Charltable actlvltles - School fees recelvable Perlod ended 31 Year ended January 31 August 2025 2023 Gross fees Less.. total scholarships, bursaries and awards 13.966.580 10,343,253 12,128,631) (1, 181,828) 11,837,949 9, 161,425 Add back.. Bursaries and other awards paid for by restricted funds 54,203 75,983 11,892,152 9,237,408 Scholarships and bursaries, and awards were paid for a total of 197 pupils (2023- 194). Within this means tested bursaries lotalling £635,476 were paid to 86 pupils (2023 - £483,205 to 72 pupils). In both periods the total income from school fees receivable all were unreslricled. Charitable activities - Ancillary trading income Period ended 31 Year ended January 31 August 2025 2023 Trips Commission Minibus income 61.469 10.478 120,492 135,473 8,978 77,092 192,439 221.543 In both periods the total income from ancillary trading income was to unreslricled funds. Page 43

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Income from other tradlng actlvltles Income from non charltable tradlng actlvltles Unrestrlcted Total funds funds 17 month 17 month Total period period funds ended ended Year ended 31 January 31 January 31 August 2025 2025 2023 Rents and letting's Trading income MSJE 384,169 122,537 384,169 122.537 128,333 240,851 Total 2025 506,706 506,706 369, 184 Total 2023 369, 784 369, 184 Expendlture on ralslng funds Flnanclng costs Unrestricted Total funds funds 17 month 17 month Total period period funds ended ended Year ended 31 January 31 January 31 August 2025 2025 2023 Bad debts 16941 143,899 (694) 143.899 222,668 126,644 Bank interest payable Total 2025 143,205 143,205 349,312 Total 2023 349,312 349,312 Page 44

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 Expendlture on ralslng funds - Tradlng actlvltles Unrestricted Total funds funds 17 month 17 month Total period period funds ended ended Year ended 31 January 31 January 31 August 2025 2025 2023 staff costs Depreciation Other costs 271,684 146,894 256,602 271.684 146,894 256,602 259, 703 106,945 160,989 Total 2025 675,180 675.180 527,63T Tol812023 527.63T 527.637 10. Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds Total 17 month 17 month 17 month period period period Total ended ended ended Year ended 31 January 31 January 31 January 31 August 2025 2025 2025 2023 Teaching costs Welfare Costs 6,790,819 3,193,482 2,348,496 3,535,422 6,790,819 3,193,482 2.348,496 3.608.422 4,646, 112 1,972,438 1,611,530 2,383,845 Premises Support costs and governance 73,000 Total 2025 15,868,219 73,000 15,941,219 10,553,925 Total 2023 10,477,942 75,983 10,553,925 Page 45

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 10. Analysls of expendlture on charltable actlvltles Icontlnuedl Summary by expendlture type Staff costs Depreclatlon Other costs Total 17 month 17 month 17 month 17 month period period period period Total ended ended ended ended Year ended 31 January 31 January 31 January 31 January 31 August 2025 2025 2025 2025 2023 Teaching costs Welfare costs Premises Support costs and governance 6,080,076 2,007,957 706,147 1,434,676 540,756 432,605 54,076 54,076 189,987 752,920 1,588,273 2,119,670 6,790,819 3.193.482 2.348.496 3,608,422 4,646, 112 1,912.438 1,611,530 2,383,845 Total 2025 10,228,856 1,081,513 4,630,850 15.941.219 10,553.925 Total 2023 6,861,413 568,524 3, 123,988 10,553,925 Govornancg included in support costs Support costs for schooling includes finance, HR, marketing, IT costs and governance costs of £28,250 (2023- £18,(K)OJ which relate to auditors fees. 11. Auditorfs remungration 17 month period ended Year ended 31 January 31 August 2025 2023 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 28,250 16,700 Fees payable lo the Charitys auditor in respect of. The auditing of accounts of subsidiaries of the School All non-audil services not included above 3.250 18,350 3,100 5,650 Page 46

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 12. Staff costs Group Charity 17 month 17 month period Group period Charity ended Year ended ended Year ended 31 January 31 August 31 January 31 August 2025 2023 2025 2023 Wages and salaries Social security costs Pension costs 8.551.835 759,255 1,189,450 5,860,323 511,068 749, 725 8.298.714 744,955 1,185,187 5,622,033 496,477 742,903 10.500.540 7, 121. 116 10.228.856 6,861.413 Remuneration as noted above for the period ended 2025 reflects 17 months of remuneration, and the year ended 2024 remuneration reflects 12 months. During the period there were termination payments made lotslling £15,188 10 2 employees (2023 £9, 823 10 f employge). The average number of persons employed by the Charity during the Year was as follows.. Group 17 month period Group ended Year ended 31 January 31 August 2025 2023 No. No. Teaching Welfare and premises Support and management and administration Coaches MSJE staff 67 703 102 94 56 27 24 22 11 IT 260 263 Page 47

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 12. Staff costs {contlnued} The average headcounl expressed as full-lime equivalents was.. Group 17 month period Group ended Year ended 31 January 31 August 2025 2023 No. No. Total staff 168 778 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 17 month period Group ended Year ended 31 January 31 August 2025 2023 No. No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001 £90.000 In the band £90,001 - £100,000 In the band £120,001- £130,000 In the band £170,001- £180,000 The key management personnel of the Charity comprise the Senior Leadership team which is formed of 10 (2023 - 8). The total employee benefits of the key management personnel were £1,086,054 (2023 - £694,099J. 13. Trustees. remuneration and expenses No Trustees were paid ￿Muneration during the period (2023." £Nil). During the period ended 31 January 2025, expenses totalling £5,405 were reimbursed or paid directly lo 5 Trustees (2023- £1,530 to 4 Tmslees). The Trustees reimbursement of expenses was for travel. Page 48

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 14. Tanglble flxed assets Group Plant, fixtures, Freehold House equipment & IT Assets under property refurbishments infrastructure construction Total Cost or valuation At 1 September 2023 Additions Disposals On disposal of tr8de and assets 12.839.667 4,658.085 29.819 (453,5081 6.263,275 293,662 15,6891 39.619 23,800,646 3.272 326,753 {39,617} {919,7161 (420,9021 17,689,156> 14,234,3961 {6,203,3641 13,274) 118,130,190) On disposal of subsidiary 14.729.609) 1347,8841 15,077.4931 At 31 January 2025 Depreciation At 1 September 2023 Charge for the Year On disposals On disposal of trade and assets 5,597.408 347,217 {166.0621 2,181.112 318,889 1321.9161 4,107,124 562,301 12,7491 11,885,644 1,228,407 {490.7271 14,250.733) 12,178.085) {4.329.6401 110.758.4581 On disposal of subsidiary 11,527,830) 1337,0361 11,864,866) At 31 January 2025 Net book value At 31 January 2025 At31 August 2023 7,242,259 2,476,973 2, 156, 151 39,619 11,915,002 Page 49

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 14. Tanglble flxed assets Icontlnuedl Group Icontlnuedl Charlty Freehold Plant, fixtures, Assets land and House equipment & IT under buildings refurbishments infrastructure construction Total Cost or valuation At 1 September 2023 Additions Disposals On disposal of trade and assets 8,110,058 4.658,085 29,819 1453.5081 5,922,375 286,678 15.6891 39,619 18,730,137 3,272 319,769 {39,617) {919.7161 {420.9021 17.689.156) {4.234.3961 {6.203.3641 13.274} {18.130.1901 At 31 January 2025 Depreclatlon At 1 September 2023 Charge for the Year On disposals On disposal of trade and assets 4,203,585 213.210 {166.0621 2,181,112 318,889 1321.9161 3,782,975 549,414 12.7491 10,167,672 1,081.513 {490.7271 14,250,733) {2,178,0851 {4,329,6401 {10,758,4581 At 31 January 2025 Net book value At 31 January 2025 At31 August 2023 3,906,473 2,476,973 2, 139,400 39,619 8,562,465 The nel book value of assets held under hire purchase at year end was £Nil (2023.. £608,295J. Page 50

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 15. Flxed asset Investments Investments subsidiary companies Charity Cost or valuation At 1 September 2023 Disposals 4,500,001 14.500.001) At 31 January 2025 Impaimient At 1 September 2023 Impairment on disposals 1,440,602 11.440.602) At 31 January 2025 Net book value At 31 January 2025 At31 August 2023 3,059,399 Malvem Sl James Enterprises Limited was disposed of at the balance sheet date. 16. Stocks Group 31 January 2025 Gmup Charity 31 August 31 January 2023 2025 Charity 31 August 2023 Goods for resale and consumables 20,555 20,099 Page 51

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 17. Debtors Group 31 January 2025 Group Charity 31 August 31 January 2023 2025 Charity 31 August 2023 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 243,005 479,991 243,005 479,991 358, 768 72.299 1.570.027 83.287 1.570.027 383,634 369,275 1,813,032 946,912 1,813,032 1,280,333 An impairment loss of £50,573 f2023- £413.3T3) was recognised against trade debtors. Included within Other debtors is £1.49m relating lo the net cash transfer on sale of trade and assets. Page 52

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 18. Credltors: Amounts falllng due wlthln one year Group 31 January 2025 Group Charity 31 August 31 January 2023 2025 Charity 31 August 2023 Bank loans Trade creditors Other t8xalion and social security Obligations under finance lease and hire purchase contracts Fee deposits Inole 211 Fees in advance (note 221 Other creditors Accruals and deferred income 271,813 350,898 140, 734 271,813 343,655 140, 734 381,531 57,309 381,531 57,309 79.343 1,694, 736 1,283,202 225,569 267.880 79.343 1,694, 736 1,283,202 215,177 267.880 371,653 46.600 371,653 46.600 857.093 4,254, 175 857.093 4,236,540 There were two bank loans in place al year end however note these balances were cleared as of 4th February 2025 utilising sale consideration. One was secured by a legal charge over the freehold properties, G￿enslade House and The Mount. The loan was repayable by April 2028 in monthly inslalments. The interest ote is 30/0 per annum over the base rate. The other loan was a CBIL loan which is secured by a legal charge as listed above. The loan was repayable by December 2027 in monthly instalments, which commenced in January 2022. The interest rate was 3.990/0 per annum, and for the first twelve months was funded under the CBIL loan scheme at no cost to the School. Included within other creditors of the Charity and the Group were outstanding pension contributions of £Nil (2023- £71,850). Page 53

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 19. Credltors: Amounts falllng due after more than one year Group 31 January 2025 Group Charity 31 August 31 January 2023 2025 Charity 31 August 2023 Bank loans Nel obligations under finance lease and hire purchase contracts Fees in advanee (note 221 583,095 583,095 479,291 34,893 479,291 34,893 1,097.279 1,097.279 Included within the above are amounts falling due as follows.. Between two and flve years Bank loans 583,095 583,095 Over flve years The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting dale is.. Group 31 January 2025 Group Charity 31 August 31 January 2023 2025 Charity 31 August 2023 Payable or repayable by instalments 105,835 105,835 Page 54

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 20. Fee deposlts In the normal course of business and based on the going concern basis, the profile of pupils leaving the school, and therefore having their fees deposits repaid, gives the expected repayment of acceptsnce fee deposits as follows.. 31 January 2025 31 August 2023 In one year or less Between one and tso year5 Be￿een and five years Over five years 595, 740 305. 830 662,978 130, 188 1,694, 736 21. Advance fegs Parents may enter into a contract with the School up to the equivalent of seven years, tuition fees in advance. The money may be returned subject lo specific conditions. Assuming pupils remain at the School, advance fees will be discounted at varying rates. Amounts fall due on advan￿ fees as follows.. 31 January 2025 31 August 2023 other creditors < 1 year Other creditors > 1 year 1,283,202 34,893 Balance at 31 August 7.378,095 Page 55

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 22. Flnanclal Instruments Group Charity 31 January 31 January 2025 2025 Charity 31 August 2023 Financial assets Financial assets measured al fair value through income and expenditure 64,009 64.009 3,059,399 Financial assets measured at fair value through income and expenditure comprise investments. Impairment losses charged on financial assets and liabilities measured al amortised cost in the period amounted lo £145,157 (2023- £349,312) for the Group and the Charity. Page 56

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 23. Statement of funds Statement of funds - current perlod Balance at 1 September 2023 Balance at Galnsl 31 January (Losses) 2025 Transfers Inlout Income Expendlture Unrestricted funds Unrestricted funds Bursaries 6,844,874 15,004,655 116,686,604) 290,800 1,019,948 15,453,725) 1,019,948 6.844.874 15.004,655 116.686.604} 1.310,748 15.453.725} 1.019,948 Endowment funds Endowment Funds 141,859 {141,8591 Restricted funds M Wamer Legacy Professor Billing fund Lynne Linder Bursary appeal Smart classrooms and library fund Mrs Croxton Legacy Bursary Fundraising H E Mammatt Legacy Elmslie Fund 496,479 110,1361 1486,3431 6.436 16.4361 30.116 {30.1161 3.960 1528) 13,4321 1,927 11,9271 85.075 144.0671 {41.0081 590.004 2.632 260 {5.022) 1585.2421 12,6321 (11,7531 Unuigbe Fund 25,000 113,2471 1,216.629 25,260 173.000) {1.168,8891 Totsl offunds 8,203.362 15.029,915 {16,759.604) 15,453.725) 1.019,948 Page 57

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 23. Statement of funds (contlnuedl The unrestricted fund held as at 31 January 2025 is in relation lo all carried funds which, subject lo approval of amended objects by the Charity Commission required to inform and facilitate the Charity's future aclivilies, will be held for the provision of bursaries which is the general object of the Charity and therefore unrestricted and in line with the sale agreement. Transfers be￿een funds reflect the sale of trade and assets and the subsidiary held during the period. The loss of £5.4m is denoted within the SOFA as a loss made as a result of discontinued operations. Further details are noted in note 31. Statement of funds - prlor year Balance al I September 2022 Balance at 31 August 2023 Income Expenditure Unrestricted funds Unrestricted funds 8,334, 162 9,865,603 (11,354,891J 6,844,874 Endowment funds Endowment Funds 141,859 141,859 Restrlcted funds M Wamer Legacy Professor Billing fund Financial aid COVID-19 fund Lynne Linder Bursary appeal Smart classrooms and library fund Mrs Croxton Legacy Bursary Fundraising H E Mammatt Legacy Elmslie Fund 497, 708 6,436 27,693 30,176 3,960 15,400 78,562 (1,229J 496,479 6,436 {27,693J 30,116 3,960 1,927 85,075 590,004 2,632 (13,473J {28,324J 34,837 590,004 7,896 (5,264J 659,875 632, 737 {75,983J 1,216,629 Total of funds 9, 135,896 10,498,340 (11,430,874J 8,203,362 Page 58

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 23. Statement of funds (contlnuedl Summary of funds - current perlod Balance at 1 September 2023 Balance at Galnsl 31 January (Losses) 2025 Transfers Inlout Income Expendlture General funds Endowment funds Reslricled funds 6.844.874 15.004.655 116.686.604) 1.310.748 15.453.725) 1.019.948 141.859 1,216,629 {141.8591 {73,000) 11,168,889) 25,260 8.203.362 15,029.915 116.759,604) 15.453,725) 1,019,948 Summary offunds - prior year Balance al I September 2022 Balance at 31 August 2023 Income Expenditurg General funds Endowment funds Reslricled funds 8,334, 162 141,859 659,875 9,865,603 (71,354,891) 6,844,874 141,859 1,216,629 632, 737 (75,983J 9, 135,896 10,498,340 (7 1,430,874) 8,203,362 The Endowment fund consists of current assets. 11 was originally established by a gift from Miss Edwards lo assist a British girl to attend Malvem Girls, College. Additional funds have come from donations from the Old Girls. Association. The Restricted Fund monies are gifts for express purposes as follows.. The Bursary fundraising fund consist of donations re￿iVed from various events with the common aim lo raise funds to support bursary pupils. The Warner legacy is a bequest from a former pupil lo be used to assist pupils who are the issue of former pupils of Malvem Girls College. The Professor Billing fund was a donation towards the purchase of science books for the library. The Financial aid COVID-19 fund was a bursary appeal following COVID-19 global pandemic, lo support families experiencing financial hardship due to the pandemic. The Lynne Linder Bursary appeal was a fundraising appeal to support outstanding music scholars through Sixth Fomi. Page 59

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 23. Statement of funds (contlnuedl The Smart Classroom and Library Fund is a fundraising appeal lo support the redevelopment of the School Library and the roll out of Smart Classrooms. The Mrs Croxlon Legacy is a bequest lo be used to support bursary pupils. The H E Mammall Legacy is a bequest lo be used to support bursary pupils. The Elmslie Fund is a donation lo provide 400/0 of a 1000/0 Founders, Award for a Sixth Fomi day pupil. 24. Analysls of net assets between funds Analysls of net assets between funds - current perlod Unrestricted Total funds funds 31 January 31 January 2025 2025 Current assets Creditors due within one year 1,877,041 1,877,041 1857,0931 {857,0931 Total 1,019,948 1.019,948 Anatysls of net assets between funds - prlor perlod Unrestricted funds 31 August 2023 Restricted Endowment funds funds 31 August 31 August 2023 2023 Tot81 funds 31 August 2023 Tangible fixed assets Current assets 11,915,002 281,326 (4,254, 175) {1,097,279J 11,915,002 7,639,814 (4,254, 175) (1,097,279) 1,276,629 141,859 Creditors due within one year Creditors due in more than one year Totsl 6.844.874 1,216.629 141.859 8.203.362 Page 60

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 25. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles Group 17 month period Group ended Year ended 31 January 31 August 2025 2023 Nel expenditure for the period las per Stslemenl of Financial Acliviliesl 17.183,414) (932,534) Adjustments for: Depreciation charges Profit on the sale of fixed assets Decreasellincreasel in stocks Increase in debtors 1,228,407 4.050.758 20.555 1866,120} 13,140,819) 143.899 675,469 (876) (3,330) (328,049) {108,648) 126.844 Decrease in creditors Interest paid on borrowings Net cash used in operating activities 15.746.734} (571,324) 26. Anatysls ofcash and cash equlvalents Group 31 January 2025 Group 31 August 2023 Cash in hand 64.009 672,347 Page 61

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 27. Analysls of changes In net debt At1 September 2023 Cash flows At31 January 2025 Cash al bank and in hand Debt due within 1 year Debt due after 1 year Finance leases 672,347 {211,8131 {583,0951 {558.6341 1608.338} 211,813 583,095 558.634 64,009 {681,1951 745,204 64,009 28. Capitsl commitments Group 31 January 2025 Group Charity 31 August 31 January 2023 2025 Charity 31 August 2023 Contracted for but not provided in these financial statements Repairs, maintenance or enhancements lo property 114,613 114,613 29. Pension commitments Teachers. Pension Scheme The School participates In the Teachers, Pension Scheme I the TPS I for its teaching staff. The pension charge for the period Includes contributions payable to the TPS of £1,049,700 (2023 - £644,477J and at the periodend £NIl (2023- £Nil) was accrued in respect of contributions lo this scheme. The TPS is an unfunded mulliemployer defined benefits pension scheme govemed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a 'pay as you go basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate Is sel by the Secretary of Stale following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published In October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn. resulting in a ￿heme deficit of £39.8bn. The employer contribution rale for the TPS Is 28.6'A, and employers are also required to pay a scheme adminislralion levy of 0.08,￿ giving a total employer contribution rate of 28.68'/o. Page 62

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 29. Penslon commltments Icontlnuedl Scheme for non-teachlng stsff The School operates a defined contribution pension scheme for non-teaching staff which is managed by the Pensions Trust. Contributions lo the defined contribution pension scheme during the period included in the pension charge for the period amounted lo £124,721 12023 - £80, 833) and at the period-end £Nil (2023 - £10, 869) was accrued in respect of contributions to this scheme. 30. Operatlng lease commltments At 31 January 2025 the Group and the Charity had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 31 January 2025 Group 31 August 2023 Not later than 1 year Later than 1 year and not later than 5 years 44.118 69,34T 113,465 The following lease payments have been recognised as an expense in the Statement of financial activities.. Group 31 January 2025 Group 31 August 2023 Operating lease rentals 45,168 31. Discontinued oporations On the 2nd January 2025 the Charity signed a sale of trade and assets agreement with Malvern Education Limited in which the trade and assets of the School and the entirety of Ils subsidiary Malvern Sl James Enterprises Limited would be transferred. The only balances not transferred as part of this agreement were the funds held or owed in bank accounts and book debts which remained In the name of Malvem Hills Education Trust Limited. The result of this transaction was a loss of £5,453,725. Of this amount, the portion attributable to the loss on the sale of trade and assets is £2,381,575. The remaining loss of £3,072, 150 is the investment element relating to the disposal of Malvern Sl James Enterprises Limited. Page 63

MALVERN HILLS EDUCATION TRUST (FORMERLY MALVERN ST JAMES LIMITED) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 JANUARY 2025 32. Related party transactlons There were no related paty transactions other than those disclosed in notes 12 and 13. Page 64

MALVERN HILLS EDUCATION TRUST (Formerly Malvern St James) 2025 - Final 290126 v2 Final Audit Report 2026-01-29 Creal&J'. 2026￿1-29 By.. Lauren Northwood [e-mail] Status.. Sign8d Transaction ID". CWCHBCA4BAA84Ma3gZgMQiMLNMTkOHVGaHkoFWd4Asl "MALVERN HILLS EDUCATION TRUST (Formerly Malvern St J ames) 2025 - Final 290126 v2" History DocLJment cxealed by Lauren Northwood [e-mail]} 2026-01-29- 11..31..00 AM GMT . Document emailed to [e-mail] for signature 2026-01-29- 11."35."44 AM GMT Email viewed by [e-mail] 2026-01-29- 12.'05.'09 PM GMT Signer [e-mail] entered name at signing as M. J. Hodges 2026-01-29- 12..07..44 PM GMT Document e-signed by M. J. Hodges [e-mail] Signature Date.. 202&01-29- 12'.07."46 PM GMT- Tim8 Sourcts". s8N8r Agreement completed. 2026-01-29- 12..07..46 PM GMT la Adobe Acrobat Slgn