isJkni HALLFIELD SCHOOL Y)UNDED 1479 HALLFIELD SCHOOL TRUST (A company limited by Guarantee) THE GOVERNORS. ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2025 Company Number: 00631045 Charity Number: 528956 HALLFIEID SCHOOL TRUST CONTENT5 Page Governors, Annual Report Reference and admlnlstratfve Infomiatlon Govemors, Annual Report strateglc Report Governo¥s' Annual Report Structure, Governance and Management 12 Report of the Independent Audltors Statement of Flnanclal Actlvltle5 19 Balance Sheet 21 Cash flow Statement 22 Notes formlng part of the FInanc￿l statements 23 Page 2 HALLFIELD SCHOOL TRUST GOVERNORS, ANNUAL REPORT REFERENCE AND ADMINisfRATIVE INFORMATION The Directors and Trustees are pleased to present their report for the year ended 31 August 2025. Charity Name Hallfield School Trust Charlty Registration Number 528956 Company Reglstration Number 00631045 Reglstered Offlce 48 Church Road Edgbaston Birmingham B15 35J GovernoTS The Governors who served during the year and up to the date of this report are Set out below: G RH Ralphs (Chairman) K McEwen {Vice Chair) 3AJ S Aulak IA7 S Balfour 3.5.6 A Earnshaw M G8org8vK 3A7 P Gough L7 A Oliver L IYDonohue M R Plummer M Punt2 P Hadlinestoros R SonilÉ,8 L6.8 Finance and General Purposes Committee 2 Education and Safeguardin£ Committee Legal Compliance and Governance Committee Nominations Committee 5 Parent of former pupil Parent of current pupil Old Hallfieldian Appointed 5 December 2024 Resigned 5 D￿rnber 2024 The Chalrman and Vlce Chair are ex-officlo members of each of the Committees. Executlve Team from I September 2024 K B Morrow BA (Honsl QTS. PGCPSIEdl, NPQH, FRSA FCCT C Florida-james B Ed (Honsl E Sanderson B Ed IHonsl QTS 8 Patel FCA A Edwards E Cook MCIM ~ Head Master Deputy Head IAcademic) Deputy Head (Head of PrtrPrepl - Director of Finance and Operations, Company Secretary Director of Estates and Faciltties -Marketingand Communications Manager Audltors 8ankeTS Solicltors Crowe U.K. LLP Black Country House Rounds Green Road Oldbury B69 2DG Barc13ys Bank PIC 79- 84 High Street Birniingharn 84 7TE Veale Wasbrough Vi£ards LLP Narrow Quay House Narrow Quav Bristol BSI 4QA Page 3 HALLFIEID SCHOOL TRusr GOVERNOR5, ANNUAL REPORT STRATEGIC REPORT Achlevements and perforrna￿e Academlc The academicyearended 31 August 2025 saw manyoutstanding achI￿ements for our school leavers. Of the cohort of leavers 49 pupils, 94%12024- 61 pupils. 94%) secured places at highfy selertlve Lo¢al Authority Grammar and Independent SchcK*15. This year 30 pupils, 57%12024: 33 pupils, 51%) went on to places at one of the schools wf£hln the King Edwards Grammarschools, Group. The year ended 31 August 2025 was outstsnding forthe Il+ examination results. This year 56 pupils In Year 6 sat the Il+ grammar school exam with 92% achievtng the qualifying score and 89% of those who sat being offered a Pla￿ at a grammar School. This year we have seen a shift in preference for the independent sector with 54 and 10 places to Independent Senior Schools being accepted by our Year 6 and Year 8 pupils respectivety. The leavers cohort left tss to go to 1312024: 101 drfferent schools in the Bimiingham area, and further afield. We had a pupil secure entry into the prestigious Eton College this year having enjoyed their time at Hallfleld from our nursery setting up to the Hallfield Seniors year group. This year saw 5 pupils in the cohort choosinE to contlnue into our Hallfield Seniors year group. The school is delighted with the results and is keen to continue the growth and expansion of Hallfield Seniors to ellable pupils who desire to stay through to the end of Year The school is immensely proud of Its pupils and their achievements. Of the leavers cohort 18 scholarshlps to on8olng schools were offered; this included the King Edwards grammar schools, group, Edgba5ton Hlgh School for Girls and Solihull School. Muslc Music at Hallfield has been a vlbrant celebration of talent, expression. and community. The school talendar was filled with diverse musical events. from solo perfO￿nanCeS in Teatime Concerts to large-scale showcases such as the Music Prom, House Music Festival. and the Chlna-UK Cultural Exchange Gala Concert. The Music Scholars. Concert and the debLrt of the Year 5 jsax Ensemble were Standout momerrts. reflectlng the depth and breadth of musical development. This year also saw the launch of an exciting partnership with the Midland Chambef Orchestra, enhancing pupils. access to professional musical mentor5hlp. The Carol Service and other seasonal Ceiebratlons gave children further opportunities to perform with confidence and joy. Page 4 HALLREID SCHOOL TRUST GOVERNORS, ANNUAL REPORT srRATEGIC REPORT Achlevements and Performance lcontlnued) Sport Sport at Hallfield continues to flourish. offering pupils numerous opportunltles to challenge themselves, build resilience, and enjoy the splrit of teamwork. The school enjoyed strong performances across multiple disclplines. including distritt table tennis. jiu-jltsu, squash, and crlcket, wlth notable successes such as a hat trick In Year 3 cricket and a silver medal at an international jiu- jitsu competitlon. Sports Days across the Pre-prep and Prep phases provlded Joyful and memorable hlghlights, with puplls displaying enthusiasm. sportsmanship and detemiination. Team spirit was evident in House competitions and Inter-school events, vthlle regularfixtures enabled pupils to test thelr skills in competitive environments. Hallfield's approach to sport balances perfomiance wlth particlpation, ensuring all pupils benefit from physical education. Drama This was a year of exteptional creativity OD Stage. The production of The Liort King Jr. was a triumph. showcasinE pupils. actin& singing and technical skills in a stunning and heart-wamiing performance. Younger pupils shone In the Year 2 Fairy Tale Showcase and themed drama days such as Viking re- enactments and Florence Nightingale workshops. which brought classroom learning to IlfÈ. Opportuniti25 for performance were ernbedded acros5 the school through poetry recitals, class assemblies, and enrichmont clubs. nurturing confidence and communication from the earliestyears through to the Seniors. Extra-currkular and Resldentla15 Hallfield's commitment to holistlc development was evident in a rich and varied extra-curricular programme. Pupils enjoyed a broad" range of clubs and actiwties. from Batik art, chess, radio broadcasting and podcastin& to yoga, coding and cookery. HighllEhts Included the Great Brownie Bake-off, jewellery m3kingJ and creative challenges such 35 Stop-motion film-making and the Maths MascotT-shirt competttion. Resldentlal trfps were among the most enriching experiences of the year. Year 6 embrated Independence on their London advet)ture, while Seniors deepened their global awareness in Iceland. Year 3 explored historical and Scientific themes in Oxford. and younger pupi15 made magical memories at the SnowDome Wnter Wonderland. These experiences fostered personal growth. curiosity and independence. The careers proEramme further broadened horizons, with engaging talks from professionals In fields ranglng from neuro-ophthalmology to the amied forces. These real-world insights inspired pupils and supported their aspirations. This academic year has been characterised by joyful learnin& creatNe expression. and meaningful achievement. Hallfield continues to nurture well-rounded individuals who are curious, compassionate, and confident in themselves and their abilities. We look forward to another year of growth and success. Page 5 HAiLRELD SCHOOL TRUST GOVERNOR5, ANNUAL REPORT STRATEGIC REPORT Flnanclal Rw4lew Revlew of Transacdons and Flnanelol Posltlon As experted this year has been challenglng for the sector wlth VAT regulations coming Into force on the l January 2025. Th15 has had an Impact on pupil numbers, not Just for our school but the sector as a whole. The school had forecast a modest budget for the financlal year to ensure education is delivered to a hlgh standard during this transltlonal period. Whlle the schcol had a strong operational finance perfomiance, an adjustment for VAT has resulted In a deficit for the year of £204,43912024.- £453.238 profit exdudlng prloryearfairvalue adlustmentl. Costs continued to be tightly controlled and dlscretionary expenditure was targeted at priority areas durlng the year to ensure the children enjoyed the best experience possible. Opportunities to continually improve the facilities were focused on this year and significant capltal Investment of £393,473 was incurred. Pupll Numbers Pupll numbers have reduced in the year being due to changes in the UK economy as well as the Sntroduction on VAT on schcK*l fees. The uncertainty brought about by these two factors has m3de parents. choice of Independent schooling more cautious. The school has worked hard to steady the pupil numbers to ensure they remain at a consistent level throughout the academlc year. We attrart pupS15 through the quality of the education the school delivers Including sPOrtin& cultural, S¢xial and personal development as well as academic exts1len￿. We focus on deveSoping the talents of each child to reach their full potential. Fundralslng The charity had no fundraising 3Ctivities requlrtngdisclosure under s.162A of the Charlties Act 2011. All fundraising conducted by the school is done internally. We do not engage the services of professlonal fund-raiser or commerual participator to carry on any of these activities. The school is registered with the Fundraising Regulator- no complaints were received during the year about osjr attivities. Page 6 HAiLFIELD SCHOOITRUST GOVERNORS, ANNUAL REPORT STRATEGIC REPORT Objectlves and Alrns The prlmary object of the Trust is to advance education Including but not Ilmited to the provi51on of a preparatQry school In or near the City of Bimiingham. Our aim is to operate the most educationally suttessful independent Co-educatlonal junior and infant school in the Blrmingham area, providing the highest stsndard of day care and educatlon for children aged 3 months to 13 years old. The xhool aims to prepare children for competitlve entry to local secondary sch()ols in the state and independent sectors. It offers a rounded foundatlon for children under the age of 5 and a particularly academic. subject-based education for 7 to 13 year olds, also encouraging development of personal, sty)rts, sotial, spirltual, musical and artistic skills. The Achievements and Performance as shown above. demonstrate the School's continued meetlng of Its objectives and alms. Speclfft Plans for 202512026 The introduction of VAT regulatlons coming Into forte on the l January 2025 brought change to the sector: but it a150 brought certalnty to the parents who ch005e independent schooling. This Is expected to have a positive impatt on pupil numbers, as parents are better informed when maklng the decision to educate their thildren in an independent school setting. During this academic year the school annoUn￿d ivs strategic plan to expand the school beyond it's current year 8 cohort. This ensures that families can enjoy greater choice and flexibility, whlle younger pupils continue to benefit from the outstandine Il+ preparation and academic foundation that has been the School's hallmark for generations. From September 2026, Hallfield will welcome its first Year 9 cohort, followed by Year 10 in 2027 and Year 11 in 2028. This expansion meets growing parental demand for an academically selective school that combines small class slzes, flrst-class facilities, and a per50nalised approach to educatlon. It also fills a gap in the Bimiingham market for families seeknng a smaller. supportive senior school option. We will continueto support the success of Hallfield pupils across 311 year groups. Thls expanslon allows a wider choite of launch off points being Il+ entry or beyond. We are proud to continue to allow pupils to flourish providing time for academK and personal growth,. cementing Haiifield's reputstion for academic rigour and holistic development. Pupils leaving have secured places at some of the UK'S most distinguished schools, Including Eton College, King Ed¥vard's, Brom5grove, and Rugby sch¢￿1. Financial budgets have been prepared based on the staffing and resource needed to athieve our strategic aims. As such we have set budgets for a modest surplus in the year ahead. The School plans to continue to progress essential capttsl and maintenance spending. Page 7 HALIFIELD SCHOOL TRUST GOVERNORS, ANNUAL REPORT sfRATEGIC REPORT Charftles Act 20118nd Publlc Benefft The Trustees have considered the Charities Art 2011 on public benefit and have had due regard for Charity Commi55ion Guidance on the subject. The school is committed to funding the edLtcation at Haiifield Df members of the local communlty who would not nomially be In a position to afford the School fees bLrtwho demonstrate at assessment that they would benefit from the educational envlronment that Hallfield offers. The School has limited reserves and the asslsted plates scheme is funded through revenues generated by the School and not throuEh investment income. The Hallfield Insights programme. which Includes Inspira￿onal speakers including dancers, muslcians, and stlentists is available free of charge to local resldents in care homes and to pupils attending local state schwls. The A55iSted Places Scheme Is operated by the school to improve access for children from familles with limited resources for Independent schooling. During the 2024125 year. it funded the educatlon t Hallfield of 12 puplls. The value of this fundlng vffis £97,83312024- 17 pupils costlng £163.176). The school continues to create a public benefft by worklng wlth a network of local state schools. Charlty 6overn8nce Code The Go¥errKir5 are aware of the new guidan￿ and during the year have continued their revlew to produce recommendations and an action plan in order to ensure that the school tskes posltive steps towards working in line with the Qjde In all ways where it is practicable to do so. Investment Pollcy Due to the nature of the Trusts activities. surplus funds are not held for long periods of time and are not therefore available for long-temi Investment. Accordingly, its policy 15 to Invest such fund5 in deposit accounts offerlng a market rate of interest. The investment policy also requires deposits to be spread across a range of institutions in order to redu￿ the risk of capitsl loss. Reserves Pollcy The School's reserve5 policy relate5 to unrestritted readily realisable reserves freely avallable to be spent on the charivs purposes which are held to ensure that the core activities of the school could contlnue in the event of a period of unforeseen difficulty. Accordingly, the Governors consider that free reserves should be held in cash or assets which can be easlly convertible into cash should the need arise. A sum of £500,000 remain5 designated for future major development of the School site, in excess of routine capitsl expenditure. The assessment of the required level of reseNes is an integral part of the School's planning and forecastinE cyele and takes account of expected changes in the economic environment, demographic changes In the school's catchment area. expected operatlng results and askxiated risk factors. Page 8 HALLFIELD SCHOOL TRUST GOVERNORS, ANNUAL REPORT STIL4TEGIC REPORT Reserve$ Pollcy (Contlnued) Hlstorlcally, the major risk consldered in this respect Is a shortfall of annual income, but conslderatlon has also been given to Ltnexpected expenditure of both a routineand an unusual nature, and sltuations out of our control. Having taken into account of these risks, the Governors continue to believe that reserves held should steadlly be Increased over a period of one to hvo years to equate to one term's expenditure which ranges between £1,500,￿0 and £1.800,(KXI. At 31 August 2025, the charlty's free reserves amounted to £507,31712024: £1,059.7331. The shortfall of free reseNes will be addressed through the sale of Investment properties and a series of budgetary amendments in the years ahead. Golng toncern The school is faclng a number of uncertaintles followlng the change in Government; which has Imposed VAT on school fees as one of their central pollcles. The Governors have looked especlally carefully at the flnanclal Implications for Hallfield School. The School is in the fortunate position of havlng cash reserves and no borrowings. Fee income torthe 2024-25 remained Incredibly strongwhich enabled the Governors to offer selectNe 5UPPOrt to parents suffering short-term flnancial problem After making apprppriate enquiries and considering all available infomiation relatlng to the future, the Governorstonslderthatthe companyhas adequate resources totontlnue Inoperational existence for the foreseeable future. For this reason. (ontinuing to adopt the going concern basis in preparing the finanaal statement5 is considered appropriate. Furtherdetalls regardingthe adoption of the going concern basis can be found in the AccountinE Pollcies. Remuneratlon pollcy The remuneration of key management personnel is set by the governors, with the objertive of providing appropriate incentives to encourage ewstin8 Staff to stay, and to attract new staff when requlred. The appropriatene55 of the policy is reviewed regularly by the governors, and also compared with other independent schools, to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere. Page 9 HAIIREID SCHOOL TRUST GOVERNORS, ANNUAL REPORT STRATEGIC REPORT Strate8ic Risk Management There are a numberof Strategic Risks that the Governors are actlvely monStoring due to the slgniflcant level of impact they may have: Economlc Rlsk The impact on the economic cllmate. inflation rates have intreased throughout the year whlch has impacted on pay and costs. The cost of livlng increases wlll also affect the ability of parents to afford school fees. and the affordabllity of fees Is considered an important factor in the long-term financial planning of the School. Wider UK economlc cllmate changes also affect our frdmilies who have migrated to the UK. If the perceptlon that theiropportunities and earnings are not growingorflourishlngas preciously expetted, they are more like￿t0 relocate to another cityor country. This will tn turn impart our PLtpll population and financial out-turn. In terms of unexperted costs, the Governor5 ensure that Insurance is in place for known and insurable r15ks. With a large estate, the School also monltors and plans for foreseeable future bunding repairs. The management team also carefully monitor the level of Scholarships and bursaries to ensure that grant commitments are rnaintained at a sustsinable level. Teacher Penslons The school operate two dedicated tracher pension schemes. April 2024 saw an increase in the Employer Contribution rate to the Teacher Pension Scheme from 23.68% to 28.68%. The school currently is able to support this incre35e within the parameters of our cost base and the population of our legacy teaching staff. The school operates the AMS pension stheme for new employees. this wa5 done to ensure the 5chDoI remalned a competitive employer while making remaining in the Teacherfs Pension Scheme for existing employees affordable. Page 10 HALLFIEID SCHOOL TRusr GOVERNORS, ANNUAI REPORT STRATEGIC REPORT Risk Management Consideratlon has been given to the major risks to which the school is exwsed and systems or procedures are estsblished in orderto manage those rfsk% which Indude: Rlsk Mltl8atlns Factors Reduction in OLÈnt An unforeseen significant fall in pupil numbers could place the 5choDI under operatlonal and financial pressure wtthln an atademSc year. Regular parent dropins are held by the Senlor Leadership Team to enable parents to provide feedback. Parent survey5 eftsure that concerns are identified and appropriate actlon 15 taken. The School maintain5 reserves to provlde emergency funding. The new strategic aims of expandlng the school beyond year 8, offering more options for the local population and 311owing for gradual growth In pupll numbers. Ins ection Re ime Failure The Independent School's Inspectoratd5 ("ISI"I Inspection regime changes regularly as legislation and statutory guldan¢e are updated. We monitor changes to guidance and compllance. Senlor members of our team are ISI inspectors and underwent an 151 inspection In February 2019, wherethe school was judged to beoutstsndlng In all areas. IT S stem Failure As wlth most modem busine55e5. the Sthool is heavily reliant on InfonT)atlon TechnoloEY for tts day to day operations. Any form of cyber attack could see a stop In our daily operation and Increase the risk of 2ny data theft from our servers. The School's core infrastructure is well monltored and appropriate fail over system5 are in place. During the year further upgrades were made to the infrastructure for a more resilient network and to support our Di￿tal Learning Platfon7). Child Protection & Safe uardin Keeping children safe while they are atschool or on an actlvity organised by the SchcM)l 15 our hlghest priority. The School adheres to legislation and guidance on recnJltmenL thlld protettion and Health & Safety. A °ring of steer prevents entry to the site except at secure wints. The School operates a CCTV system to help maintain site security. Head, Assistant Head and GovemDr are trained as i￿pectorS In EYFS and above. They would be intune wlth proposed changes which can then be shared with the wider SLT to ensure amendments are actioned Page 11 HALLFIELD SCHOOL TRUST GOVERNORS, ANNUAL REPORT STRUCTURE. GOVERNANCE & MANAGEMENT Governln8 Document The Trustls a tharitable company limited by guarantee. It was itKorporated on 24 June 1959 and registered as a charity on 12 November 1963. Its Memorandum of Assoclation, which establlshed Its objects and powers provide that in the event of it being wound up, members are required to contrlbute an amount not exceeding £1. Membership of the Trust is revlewed at the Annual General Meetlng as appropriate. It is exempt trom using"Limited" under 5.60 of the Companies Act 2006. The Board of Govemors New Governors are glven appropriate induction about the school on appolntment. Disclosure and Barrlng Servlce disclosures are sought in each case. Appointments are made to the Board primarily with a view to enhancinE Its skill base. None of the governors has any beneficial interest in the school and all setve without remuneradon. Governors do not partlcipate In decisions which involve a personal conflict of interest,- in particular. govemors who are also parents do not particlpate in pricing decisions In respect of future fee levels. GovErnor5 are Involved in on-going general and specific training according to their areas of responsibility. A tailored training programme was organised during the year where Governors received training on Safeguarding, Health & Safety and risk management. Governors are a150 encouraged to vislt the school regularfy. during the worklng day and for special events. In accordance with normal commercial practice the school has purchased Governance Indemnity insurance. The Insurance provides cover up to £5m12024- E5m) on any one daim and the cost for the year ended 31August 2025 was £1.315 (2024= £1.195). Commlttee Structure Matters of policy and governan￿ Are determlned by the Board normalty at least once per term. In addition, the followinE commlttee5 consider policy issues in more detail and report trj the Board aecordingly- The Finance and General Purposes Committee monitors finaTr￿, admlssions policy, marketing the school capital expenditure, estates, health and safety. catering and rlsk management together with management accounting and public reporting; The Education & Safeguarding Committee is responsible for academit curriculum matter5; The Legal. Compliance & Govemance Committee is responsible for governance, varfous legal matter5 compliance with regulatlons and recommended practice- The Nomination5 Committee meets on an ad hoc basis to revlew the composition of the Board of Govemors and to recommend changes according to the requirements for appropriate sknlls and experience. Executlve Team The Governors are responsible for the overall management of the school but delegate Èts day-to-day running to the Head Master. the Director of Finance and Operations (both of whom normally attend the above meetinES) and other members ofthe Executive Team. Page 12 HALLFIELD SCHOIXTRUST GOVERNORS, ANNUAL REPORT STRUCTURE, GOVERNANCE & MANAGEMENT Compllance wlth laws and re8ulatlons The school is sublect to Inspectlon bythe Independentschools Inspectorate and is regulated by Ofsted for children underthe age of three. The School pro-actlvely manages tts legal compllance In respect of education. nursery provision. child protection. health and safety, and variou5 financlal, admlni5trative and regulatory matters. As a charitable company, the Sch¢Jol is regulated by the Charity Commission and by the Registrar of Companies. The School maintains a Register of Interests in respect of members of the Board of Governors. Related Partles Hallfield School is affiliated to the Independent Association of Prep3ratory Schools. Professional support is also specifically available from the Independent Schools, Bursars A550ciatlon, the Independent Schools Council and the A6sociation of Governing Bodies of Independent Schools. The members of the Friends of Hallfield provlde greatly valued voluntsry effort and funding. ststement of Governor< Responslbllltles The Governors (who are also the directors and the Trustees of Halltield School Trust for the purposes of company law and charity law respeciNelyl are responsible for preparing the Governors, Report, Including the strategic report and the finanaal statements In accordance with applicable law, and United Kingdom Accounting Stsndards (United Kingd<)m Generally Accepted Accounting Practlce} and the Charitles SORP. Company law requires the Governors to prepare financial 5tatÈments for each financial year. Under that law, the Governors have elected to prepare the finantial statements in accordance with United Kingdom Generally Accepted Accounting practi￿ (United Kingdom Accounting Standards) znd applicable13w. Under company law. the direttors must not approve the financlal statements unless they are satisfied that theygive a true and fairview of the state of affairs and of the Incomlng resources and application of resources. including the income and expendlture. of the charltable company for that period. In preparing these financial statements, the Governors are required to= select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charitie5 SORP- make judgements and estimates that are reasonable and prudent; state whethèrapplicable UK accountingstandards have been followed, subject to any material departures disclosed and explained in the financial statements,- and prepare the financial statements on the going concern basis unless it is inapproprlate to presume that the charltable company will continue in business. The Governors are responsible for keeping adequate a¢countlng records that are sufficient to show and explain the tompan(s transartions and disclose with reasonable accurary at any time. the financial positlon of the charitable company and enable them to ensu￿ that the financial statements comply with the Companie5 Act 2CO6. They are also responsible for safeguarding the Assets of the charltable company and hence for takinE reasonable step5 for the preventlon and detection of fraud and other irregularities. Page 13 HALLFIELD SCHOOL TRusr GOVERNORS. ANNUAL REPORT STRucfuRE, GOVERNANCE & MANAGEMENT Statement of Governor< Re$pon$lbllltles Icontlnued) The Governors are responslble for the Maintenan￿ and Integrity of the corporate and flnancial informatlon Included on the charitable compan¢s webslte. Legislation in the Unlted Kingdom governlng the preparation and di55emination of the flnanclal ststements may differ from legislation In other jurisdictions. Provlslon of Informatlon to audltors In so far as the Governors are aware- there is no relevant audlt infonnation of which the charitable company's audrtors a unaware; and the governors have taken all steps that they ought to have taken to make themselves aware of 8ny relevant 3udit infom)ation and to estsblish that the auditors are aware o* that Information. Audltor5 Crowe U.K. LLP contlnue to act as auditors. Approved by the Governors on 4th December, 2025 and signed on theSr behalf by: GRH R•lphs Chalmian of Govema Page 14 HALIFIELD SCHOIXTRUST Independent Audltorfs Report to the Members of Hallfield School Trust Independent Audltorfs Report to the Members of HallReld School Trust Oplnlon We have audited the financial statements of Hallfield School Trust I'the charfcable companll for the year ended 31 August 2025 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and note5 to the finanoal statements, including significant accounting policSes. The financial reportingframework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable inthe UK and Republicof Ireland {United knn£dom Generally Accepted Accountln8 Practice}. In our opinion the financlal statements: give a true and fair vlew of the state of the charitsble wmpanvs affairs as at 31 August 2025 and of Its income and expenditure, for the year then ended- have been properly prepared in accordance with United KinEdom Generally Accepted Accounting Practlce; and have been prepared in accordance with the requirements of the Companies Act 2W6. Basls for oplnlo We tonducted our audit in accordance wlth Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitles under those standards are further described in the Auditols responsibllities for the audit of the financial ststements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the finanaal statements In the UK, including the FRCS Ethical Standard, and we have tulfllled ourother ethical responsibilities in accordance with these requlrements. We believe that the audit evidente we have obtained15 sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to Bolng concern In auditing the financial statements, we have concluded that the trustee's use of the 80ing concern basls of accounting in the preparation of the finanaal 5tstements is appropriate. Based on the work we have performed, we have r￿t identified any material uncertalnties relating to events or conditions that, indlmdually or collectNety. may cast significant doubt on the charitable company's ability to continue as a golng concern for a period of at least twelve months from when the financlal statements are authorised for issue. Our responsibilities and the responslbilities of the trustees with respect to goingconcern are described In the relevant sections of this report. Other Informatlon The trustees are responsible for the other information contained within the annual report. The other Information comprises the Information included in the annual report, other than the financial statements and our auditorfs report thereon, Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise explicttly stated in our report, we do not express any form of assurance conclusion thereon. Page 15 HAIIFIELD SCHOOL TRUST Independent Audltorfs Report to the Members of Halltleld school Trust Our responslblllty is to read the other information and, in doing so. consider whether the other informatiot) is materially inconsistent with the financial statement5 or our knowledge obtained in the audit or otherwlse appears to be materially mi55tated. If we identify such material Incon515teneies or apparent material misstatements, we are requlred to determine whether this gives rise to a material misstatement in the financial statements themselve5. If. based on the work we have perfomied, we conclude that there is a material rnisstatement of thls other information, we a￿ required to report that fact. We have nothing to report in this regard. Oplnlon5 on otheT matters prescrlbed bythe Companles Act 2006 In our opinion based on the work undertaken in the course of our audit the Information given in the governors. report. which includes the directors. report and the Strategic report prepared for the purposes of company law. for the firsanclal year for which the financial statements are prepared is consistent with the financial statements- and the strate8ic report and the govemors. report included within the trustees, report have been prepared in accordance wlth applicable legal requirements. Matters on whlth we are requlred to report by exceptlon In light of the knowledge and understanding of the charitable cornpany and their environment obtained in the course of the audit, we have not identified material mlsststements in the stratwc report orthe director5, report induded within the governors, report. We have nothlng to report in respect of the following matters in relatlon to whlch the Companies Act 2006 requires us to report to you if. in our opinlon: adequate and proper accountlng records have not been kep¢. or the financial statements are not in agreement wlth the accounting records and retums- or certain di5c105ures of trustees, remuneration specified by law are not made,. or WÈ have not received all the informatton and explanations we require for our audit Resp)nslbllltles of Gov¢m¢)rs As explained more fully in the governots, responsibilities statement set out on page 14, the trustees {who are also the directors of the charÉtable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being 53tisfi.ed thatthey give a true and fair view, and for such internal control as the trustees detemlne is necessary to enable the preparatlon of financial sLitements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responslble for assessing the charitable companvs ability to continue as 3 going concern, d￿clOSIng, as applicable, matters related to going concem and using th2 Eoing con￿rn basls of accounting unless the trustees elther intend to liquidate the charttable company or to cease operattons, or have no realistic alternative but to do so. Page 16 HALLFIELD SCHOOL TRUST Independent Audltorfs Report to the Members of Hallfleld School Trust Audltorfs responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a Euarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement 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 to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulation5 are set out below. 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.or auditorsres onsibilities. This description forms part ofour auditorfs report. Extent to whlch the audlt was consldered capable of detectlng Irregularltles, Includlng fraud Irregularities. including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of mhterial mi5Statement of the financial statements from irregularities. whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks. including obtainingaudit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and reEulatory 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. The laws and regulations we considered in this context were the Companies Act 2006. taxation legislation, together with the Charities SORP IFRS 1021. 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 to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were The Education Ilndependent School Standards) Regulations 2014. General Data Protection Regulation IGDPRI, Health and Safety legislation and Employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management ènd inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance & Facilities Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted, and reading minutes of meetings of those charged with governance. Page 17 HALLREiD SCHOOL TRUST Independent Audltorfs Report to the Members of Hallfleld School Trust Owing to the inherent limtLitions of an audit, there is an Unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit In accordance with auditing standards. For example. the further removed non-compliance ￿th laws and regulatlons lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limlted procedures required by auditlng standards would identify IL In addition, as with any audit. there remained a higher risk of non-detection of irregularitles, as these may involve collu510n, forgery, intentional omissions, misrepresentstlons, or the override of Internal controls. We are not responsible for preventing non- compllance and cannot be expected to detert nonrycompliante with all laws and regulations. Use of our report This report is made solely to the charitable companrfs member5. as a bodyj In accordance with Chapter 3 of Part 16 of the CompaniesAct 2fKJ6. Our auditwork 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 audltorfs 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 the charitable company's members as a body, for our audit work. for this re￿r¢ or for the opinions we have fornied. Helen Blundell LLB FCA FCIE DChA Senlor Statutory Audltor For and on behalf of Crowe U.K. ILP Statutory Audltor Black Country House Rounds Green Road oldbury B69 2DG Date: IS Zoz& Page 18 HALLFIELD SCHOOL TRUST STATEMENT OF FINANOAL AcnvmES (Intorporatln8 an Income and Expendlture Account) Year ended 31 Au8ltst 2025 2025 2025 Unrestrkted Restrkted Funds Funds 2025 Totsl Funds 2024 Total Funds Note Income and endowments from: Donatlons and leEacles 12,104 14,088 20.968 Investment income 84,836 84,836 70.761 Charitable activities 7,712,151 7,712,151 8,524,677 Total Income and endowments 7.809.091 1,984 7BII,075 8,616,406 ExpendltUTe on: Charitable activities 8,013,035 2,478 8,015,513 8,163,168 Total expendlture 8.013,035 2,478 8,015,513 8,163,168 Net income / (expenditure) for the year [203,944) 14941 1204.4381 453.238 Transfers between fund5 Gainslllossesl on investments io. li 233,037 233,037 466,627 Net movement of funds 29,093 14941 28,599 919,865 Reconciliation of funds.. Funds brought forward at I September 2024 10.108.848 SO,185 10.159,033 9,239,168 Total funds earriÈd forward at 31 August 2025 10,137.941 49.691 10.187.632 10,159,033 There were no recognlsed gains or losses for 2025 or 2024 other than those included in the statement of financlal actlvities. All income and expenditure relates to contlnuing operations. The notes on pages 23 to 42 form part of these financial strdternents. Page 19 HALLFIELD SCHOOL TRUST STATEMENT OF FINANaAL AcfiviTIES (IncoTporatin8 an Income and Expendlture Account) Year ended 31 Au8USt 2024 2024 2024 Unrestrlrted Restrkted Funds Funds 2024 Total Funds 2023 Total Funds Nots Income and endowments from: Donations and legacles 4.337 16.631 20.968 13,018 Investment Income 70.761 70.761 61,492 Charitable actlvities 8,524.677 8,524,677 8,076,987 Totsl Income and endowments 8,599.775 16.631 8.616,406 8.151,497 Expendlture on: Charitsble adivities 8,161.294 1.874 8,163.168 7,582.302 Total expendltufe 8.161.294 1.874 8.163,168 7.582,302 Net income / lexpenditurel for the year 438,481 14.757 4S3,238 569,195 Transfers between funds 9,460 (9.4601 Gainslllossesl on investments io 466.627 466,627 Net movernentof funds 914.568 5,297 919.865 569,195 Reconclliètlon of funds.. Funds brought fonvard at l September 2023 9.194.280 44,888 9,239.168 8,669,973 Total funds carried forward at 31 August 2024 10,108,848 50.18S 10,159,033 9,239,168 There were no recognised gains or losses for 2024 or 2023 other than those included in the statement of Pinanclal actiVbtie5. All Income and expenditure relates to continuing operations. The notes on pages 23 to 42 form part ofthese financial statements. Page 20 HALLFIELD SCHOOi TRUST BALANCE SHEET Company Number: (X)631045 as at 31 August 2025 Note 2025 2024 Flxed assets Intangible Assets Tangible assets Assets Held for Sale Investment Property Investments 19,405 6,837,874 31,459 7.090,767 420,496 480,000 io li 1,150.0 357,029 8,364,308 8,022,722 Current assets Debtors due after more than oneyear Debtors due within one year Stock Cash at bank and in hand 12 12 713.143 1.910.S28 12.513 2.993,633 5.629.817 721,589 149,850 16.679 3.206,381 4.094,499 Credltors: amounts falling due within one year 13 (3.477.347) 11.571,292) Net CUTTent assets 2,152,470 2,523,207 Total assets less current Ilabllltles 10,516,778 10,54S,928 Credltors: amounts falling due fter more than one year 13 1329,147} 1386.895) 10,187.631 10.159,033 Restrlcted funds 15 49,691 50,18S Unrestrfcted funds 16 10.137.940 10,187,631 10.108.848 10.159,033 The flnancial statements were approved by the Govemors on 4 De￿Mber. 2025 and signed on their behalf bv GRH Ralph5 Chalrman of Governors Page 21 HAiLFIEiD SCHOOL TRUST CASH FLOW STATEMENT Year ended 31 August 2025 Reconclllatlon of net Income to net cash flow from operatln6 artl¥ltle5 2025 2024 Net income/ldefi¢itl for the year Interest receivable Depreciation and amortisatlon of flxed assets IG3inslllosses on investments Loss/{Profitl on disposal of fixed assets Ilncrea5el/Decrease in stock (Increaselloecrease in debtors Incre8sellDecreasel In credltor5 Net Cash Ilow from operatlng actlvhles 28,598 {84,8361 589,656 {233,037) {2.953) 4,166 {1.752.2321 1,848.306 397.669 919,865 {70,7611 578,920 1466,6271 17.748} 61,143 80,647 1,095,439 Cash tlowfram Imrestln8 actlv]tles Payments to acquire fixed assets Payments to acqulre Investments Proceeds from sale of investments Interest received Net cash flow from Investlng artmtles 1393,473) {631.542) 329,762 84,836 (610,4171 11,909.7571 70,761 {1.838,9961 Net decrease In cash and cash equlvalents 212,7481 1743,5571 Cash and cash equlvalents at I September 3,206,381 3,949.938 Cash and cash equfvalents at 31 Au8USt 2,993,633 3,206,381 Cash and cash equlvalents conslsts of: Cash at bank and in hand 2.993,633 3,206.381 Analys1$ of changes In net debt Balan￿ at I September 2024 Balances at 31 August 2025 Cash flow Cash Total 3,206,381 3,206,381 (212,7481 {212.7481 2,993,633 2,993,633 Page 22 HAiiFIEID SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 Accountlng pollcles 1.1 General Informatlon and basls of weparatlon Hallfield School Trust is a charitable company limited byguarantee (registered number 006310451 which is incorporated and reE15tered in England and Wales. Its charlty registration numher is 528956. In the event of the charitable company being wound up, the liability in respect of the guarantee Is limlted to £1 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charit¢s operation and principal activlty Is to advance edu¢atlon includlnE but not limited to the provision of a preparatory school in or near the City of Blmlngham. The financlal statements have been prepared in accordance with Accounting and Reporting by Charlties- Statement of Recommended Practice applicable to charitles preparing thelr accounts In accordance with the Financi31 Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 (effective l January2015)- (Charitie5 SORP IFRS 102}I, the Financial Reporting St3ndard applicable in the UK and Republic of Ireland IFRS102} and Companies Act 2006. Hallf121d School Tnjst meets the deflnitlon of a public benefrt entity under FRS102. Assets and liabilitie5 are Inltially recognised at historic31 cost or transaction value unless otherwise stated In the relevant accounting policy. The financlal statements are prepared on a Boing concern basis under the historical cost conventlon. The finanual statements are prepared in sterling which 15 the funrtlonal currenLW of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 1.2 Golng concern The Governors assess whether the use of golng concem is appropriate. i.e. whether there are any material uncertalnties related to events or conditions that may cast significant doubt on the ability of the school to continue as a going concern. The Governors make this assessment In respett of at least one year from the date of authorisation for issue of the flnanclal statements. With changes to pupil numbers, forecasts and budgets have been stress-tested to a55e55 how the School could cope under different scenarlos. After reviewing all information available relating to future periods the Governors have concluded that the Company 15 well placed to tope with the contlnuing uncertainties and has adequate resource5 to continue provlding first class education to Its pupils for the foreseeable future. After making appropriate enquirie5. the Governors tonslder that the Company has adequate resources to continue In operational Èxlstente for the foreseeable fvture and it is therefore approprlate to continue to adopt the golnE Con￿rn basis in preparing the financial ststements. Page 23 HAIiRELD SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 Accountln8 polkles Icontlnued 1.3 Fund accountln8 Restrictedfunds Restritted fund5 ￿p￿sent grants and donations which are subject to restrictions on their expenditure Imposed by the donor or through the tern15 of an appeal. Unrestrlctedfvnds ond designatedfvnd5 Unrestricted funds represent funds that are expendable at the discretion of the Governors in the furtherance of the objects ofthe charitsble company. Suth funds may be held in orderto flnance both worklng capitsl and capitsl investment. Designated funds are those funds which are unfestricted in nature butwhich have beendesignated bythe Govemors to be used In a particular manner. 1.4 Income retO8nltlon All incomlng resour￿ are induded in the Ststement of Flnandal ActNlties when the ¢harltable company is legally entitled to the income after any performance condition5 have been met, the amount can be measijred reliably and it is probable that the income wlll be received. The following spedfic poliues are applied to particular categories of income-. Fees and charges for servi￿$ are accounted for in the period In which tuition and services are provided at the expected level of income. Fees which have been physically received in advance are treated as deferred income. other Inctsme is recognised as it is receivable. Government grants are credited to the Statement of Financial Activities as the related expenditure 15 incurred. 1.5 Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. The following specific pollcies are applied to particular categories of expenditure- Rentals applicable to operating leases are charged tothe Statementof Financial AEtlvlties over the period in which the cost is incurred. Charitable expenditure comprises those costs Incurred by the charitsble company in the dellvery of its activÈties and services for its beneficlaries. All costs are allocated between the expendi￿re categorles of the Statement of Financial Actlyities on a basls designed to reflect the use of the resource. Costs relating to a partlcular activlty comprlse both coststhat can be allocated directly to such actlvlties and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meetlng the constltutional and statutory requlremènts of the charitable company and include auditfees and costs linked to the strategic management of the charitable tompany. Page 24 HALLFIELD SCHOOL TRusr NOTES TO THE FINANaAL STATEMENTS Year ended 31 August 2025 Accountlng pollcles Icontlnuedl 1.6 Leases I leases are operating leases and the annual rentsls are expensed on a straight line basis over the lease term with any deferred charges included within creditors. Lease premiums. including associated professional fees. are treated as prepayments and amortised on a straight line basls over the life of the lease with the unamortised balance disclosed within debtor5 due after more than one year. 1.7 Penslon5 Retirement benefits to employees of the Halffield School Trust who are qualified Teachers are provlded by the Teacher5, Pension Scheme ITPS'I. The TPS Is an unfunded scheme and contributions are calculated so as to spread the cost of penslons over employees, working lives with the school In such a way that the pension cost is a substsntlally level per￿ntsge of current and future penslonable payroll. The contribution5 are determined by the Government Actuary on the basis of quadrennial valuations uslng a prospective unit c￿d[t method. As ststed in Note 14, the TPS is a multi-employer scheme and there is insufficient infomiation available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme ft)r accounting purposes and the contributions Tecognised In the period to which they relate. The charlty also contribute5 to APTIS. a defined contribution pension scheme on behalf of teaching staff. All newly recruited teaching staff from l January 2024 have been enrolled into the scheme. Contributions payable for the year are charged in the Ststement of Flnantial Activlties. The charity also contrsbutes towards a defined contribution Group Personal Penslon Plan for its non-teachlng staff. Contributions payable for the year are charged in the Statement of Financlal Activities. 1.8 Intanglble fixed assets and amort15atlon IntanEtble fixed assets comprise the Itcence cost of the khool's trademark and the costs of the school's website. These assets are amorti5ed over ten years on a straight line basls, this being the period tovered by the licence and the usefvl economic life of the web51te. 1.9 Tanglble fixed assets and depTeclatlon Tangible fixed assets are stated at cost le55 accumulated depreciation. Additions over £500 are capitalised. Assets under construction are accounted for at cost incurred to 31 August. They are not depreciated until the accounting period in which they are brought into use. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value. over their expected useful lives on the followlng bases: Computer equipment over four years Fixtures and equipment - over seven years Leasehold property - over the lrfe of the lease or 50 years, vthichever Is the shorter LeaseFiold improvements - over 10 years Freehr)Id buildings - over Soyears Assets under construrtion - Nil Freehold land Is not depreciated. Page 25 HALLHELD SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 Accountln8 pollcles Icontlnued) I.IOAssets Held for Sale Freehold18nd and assets held for sale are not depreaated. 1.11 Investment Propertles Investment Properties are stated at Fair Value. Any gains or losses arising from a eh3nEe in the fair value of investment property shall be reco8nised in statement of financial pjsltion for the period in which it arises. The galns or losses shall be held as undistributable funds within the unrestricted resetve. 1.12 Flxed Asset Investments Fixed asset Investments comprise listed investment5 and other investmerrt assets held to generate income or capital growth in furtherance ofthe charity's objettives. Investments are Included inthe balance sheet attheirfairvalue atthe balancesheetdate. Quoted investments are valued at the mid-market price. Unquoted It)vestments are included at cost less any provislon for impalrment where fair walue cannot be measured reliably. Gains and losses arising on revaluation ordisposal of investments are recognlsed in the Statement of Flnanclal Activities (SOFA) as"Goinslllosses) on investment<. Investment income, induding dividends. interest. and reallsed gains or10sses. is credlted to the SOFA on an accruals basis as part of Investment Income. The charitvs Investment portfolio Is managed by an external investment manager in accordance with the investment policy approved by the trustees. Management fees and assoclated transaction cost5 are charged to the SOFA as part of investment management costs. The trustees review the investment perforniance and pollcy on a regular basis to ensure alignment wlth the charivs objectives. risk appetlte, and reserves wliry. Impairment reviews are carrled out where there is evidencethat aft investment may be impalred. and any resulting impairThent loss is recognised in the SOFA. Page 26 HALLFIELD SCHOOL TRusr NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 l. Accountlng pollcies (contlnuedl 1.13 Value Added Tax IVAT) Income, expenditure. and a55ets are recognlsed net of value added tax IVAT), except where VAT Is not recoverable from HM Revenue & Customs IHMRC). In such cases, the Irrecoverable amount of VAT is included wlthin the relevant expense or asset cost category. The ch3rlVs 2Ctlvities may include trM)th buslness and non-business actlvlttes for VAT purpose5. Income from no￿buSinesS activities (such as voluntarydonation5 and grants) is outside the Scope of VAT. Input VAT dlrectly attrlbutsble to these actiwties is generdlly irrecoverable. Where costs relate partly to business and partly to non-busine55 or exempt attlvltie5, the charity apportions input VAT in accordance with its partial exemption and non-business methodology agreed with HMRC. The net amount of VAT recoverable from. or payable to, HMRC is included withln debtors or creditors In the balance sheet. 1.14Debtors and uedltOT5 recelvable I payable wlthln one year Debtors and creditors wlth no stated interest rate and receivable or payable within Dne year are recorded at transaction pri￿. Any losses ari51ng from impaimient are ￿¢08ftised in expenditure. 1.15 Cash and cash equlvalents Cash is represented by cash in hand and deposits with financEal institutions repayable without penalty on notice. Cash equtvalents are highly liquid Investments that mature In no more than three months from the date of acqui51tion and that are readlly convertible Into known amounts of cash with insignificant risk of change in value. 1.16 Flnanclal In5truinents The tharitable company enters into only basit financial instrument transartions that result in the recognition of financial a55et5 and liabilitles. Baslc financial instruments are initlally reeognlsed at transaction value and subsequently measured at their settlement value. Judgements In applylng accountlng polkles and key sources of estlmatlon uncertalnty The charltable company makes estimate5 and assumptions conceming the future. Management are also required to exerc15e judgement in the prc(ess of applyin8 the charitable companvs accounting policie5. Estimate5 and judgements are continually evaluated and are based on historical experients and other factors. including expectstions of future event5 that are believed to be reasonable under the circumstances. The Èstlrnates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below,. Page 27 HAiLREID SCHOOL TRUST NOTES TOTHE FINANaAL STATEME1￿$ Year ended 31 Au8USt 2025 Judgernents In applylng accountlng polldes and key sources of estImatIc￿ uncertalnty Icontlnued) Leases All leases are deemed to be elther operating or finan￿ le35es, dependlng on whether the risks and reward5 Ot ownership have been tran5ferredfrom the lessortothe lessee on a leose by lease basis based on an evaluation of the terms and conditlons of the arrangements. In particular, in relation to the school buildings leased from Calthorpe Estates a number of judgements have been made that result In the conclusion that the agreement constitute5 an operating lease: the lease does not transfer ownershlp of the building to Hallfleld khDoI at the end of the lease, nor offers the optlon to purchase the buildings; the lease term (to 21101 has been assessed not to constitute the majority of the useful life of the buildin#s- the buildings are deemed not to be of such a specialist nature that they could not be used by an alternative lessor in the future. Falr Value Investment properties are measured Initially at thelr fatr value. Fair value gains and losses are retOBnised as they arlse in the Statement of Financial Position. "Market Value" 15 the estimated amount for which an asset or liabilFty should exchange, on the date of the valuation between a willing buyer and a ￿llEng seller, in an arm's length transaction. Factors taken into consideration are the condition of the property. comparable sales within close proximity to the property and the market condition5 for sale at the date of valuation. Contlngent Asset: VAT Reclalm under the Capltal Good5 Scheme The charitable company is due to make a daim to HM Revenue & Customs {"HMRC°I for a refund of Value Added Tax ('VAT"l ari￿ng from adjustments under the Capital Good5 Scheme I'CGS°}. The claim relates to capitsl expenditure incurred on property used to support the CharitWs educational objectives. Based on external VAT athlce and managemenys assessment, there are reasonable grounds to support the validity of the reclaim. However. as at 31 August 2025. the outcome of HMRVS revlew remains uncertain. and the timing of any potential repayment tannot be reliably detemilned. In accordance with the Charities SORP IFRS 1021 and Section 21 of FRS 102 (Provisions and Crjntingenciesl, the potential inflow of economic benefits Is considered possible but not yet probable. Consequently, no asset has been retognised In these financial statements. Page 28 MALLFIELD SCHOOL TRusr NOTES TO THE FINANaAL STATEMENTS Year ended 31 August 2025 Donatlons and Legacles 2025 2024 Donations- Unrestrlcted funds Donatlons- Restrirted funds Legacies ,104 1.984 4,337 16,631 14,088 20,968 Investment Income 2025 2024 Bank Interest- Unrestricted Funds Interest from Investments 78.551 6.285 84,836 70,761 70,761 5. Income l¢ontlnued) 2025 2024 Net Incoming resour￿5 are stated after charging= Depreciation- {note 91 Amortisation- Intanglble Asset (note 81 Amortisation- Lease Premium Ir)ote 121 Auditors. remuneration- audlt seNces ALtdltors' remuneration- non-audit seNces Operating lease rental- plant, machinery & vehicles 577,602 12.054 8,446 16,483 4.900 57,240 566,967 12,054 8,446 24,199 10.425 2025 2024 Income from Charltable ActlNltles- Unrestrlcted School fees Less.. Asslsted Places Net Fee IncomE Other educational income Other antSllary income 7,328,745 197.8831 7,230,862 398,434 82,855 7,712,151 8,246,051 1197,2361 8,048,81S 433.146 42,716 8,524,677 Included In school fees Is a Erant awarded by Binningham City Council to parents of 3 and 4 year old chlldren whlch is collerted by The School. This amounted to E286,83012024: £297,566) to provlde up to 15 hours perweek of free education to each pupil aged 3 or 4. Page 29 HALLFIELD SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 Analysls of resources expended 6.1 Total expendlture Year ended 31 August 2025 Other costs Staff costs Depredatlon Total 2025 charltable actmtles Teachlng Welfare Premises repair and maintenance SupportCOSts and Eovernance Grants and prize5 Tota1 charitable expendtture 3.692.872 805,099 528.497 805,933 79,367 29,655 477.026 4,577,338 558,152 1,642,515 359.556 904,106 313,311 12,054 1,229N71 8.037 8.037 4,956,534 2.460.877 598,102 8,015.513 Year ended 31 Au8USt 2024 Other Costs Staff costs Depredatlon Totsl 2024 Charltable actlvltles Teaching Welfare Premises repair and maintenance Supportcosts and governance Grants and prlzes Total charitable expendlture 3,768.681 677,965 576,044 840,802 182,531 26,611 378.215 4,629,177 602.655 I,S54,662 335,645 940,894 419.376 109 1,360.379 16.295 16.295 5.045,220 2,530,482 587,466 8,163,168 6.1 Grants, awards and prlze5 2025 2024 From restrfrted funds Maths prize From unrestrlcted funds Flowers, prizes and leaving presents 25 8,037 8.037 16,268 16,293 Page 30 HALLFIEU) SCHOOL TRU NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 6.2 Governance In¢luded In support costs 2025 2024 Remuneration paid to auditor for audit se￿￿5 Reimbursement of personal expenses to governors- travel costs Other governance costs 16.417 579 1.307 23.303 23,199 637 9,371 33,207 Staff ¢osts and numbers 2025 Total 2024 Total Salaries and wages Sodal security Pension costs 3.888,338 366,626 600,098 4.855,062 101,472 4,956,534 4.033,931 320,166 602,373 4,956.470 88,750 S,045,220 Aeency staff cost5 Included within In 5alarfes and vrdges are Staff termination costs of £35.698 for 3 members of staff (2024.. £20,130, 2 members of staffj wtth £Nil12024: £Nil} remain outstanding at the year- end. Also included wlthin salaries and wages is £14,23912024.- £16,206> of premlums for staff death in seNice benefit cover and £6,18612024- £5.3331 of premitsms for private health¢are cover for senior managers. The total amount of employee benefits received by key management personnel, including employer pension contributions. is £660,66312024: £638,446). The Governors consider that the key management personnel comprlse the Executive team. The average number of employees during the year w3S: 2025 2024 No. 42 45 16 23 126 Teaching staff Teathlng assistants and nursery nurses tjomestic staff Office and management staff 42 45 15 25 127 Page 31 HALLFIELD SCHOOL TRUST NOTES TO THE FINANCIAL STATEME￿5 Year ended 31 August 2025 staff costs and numbers Icontlnued) The table below shows details of employees who on an annualised basis received remunerdtlon, Including benefSts but excluding employer pension contributions, in excess of £60,CKNJ- 2025 2024 No. £60.001- £70,LN)o £70,￿1 - £80.1)Jo £80,001- £90,(KKS £150,001- £150.000 Three employees in the £60,IXIl- £70.OCO (2024: One). employees in the £70,001- £80.000 bracket12024: Two), one employee in the £80.IXII- £90,IJIO12024: Nil) and the employee in the £150,Crf)1- £160,00012024: One) are members of the Govemments. Teacher5, Pension Defined Benefits Scheme and the School pays standard contributions as detailed in note 14. The remaining employees are members of the defined contribution scheme set out in note 14. No Eovernor recelved any remuneration. During the year three (2024- four) governors recelved reimbursement of £579 for travel expenses12024- £637). I governor re￿iVed relmbursement of £8 for subsistence costs for Governors. meetings in 2025 {2024: £Nill. Intanglble flxed assets Trademark Llcence Webslte Totsl Cost As at I September 2024 Additlons At 31 August 2025 47,880 48,720 47,880 48,720 Depreclatlon As at I September 2024 Charge At 31 August 2025 273 84 357 16,988 11,970 28,958 17,261 12,054 29,315 Net Book Value At 31 August 2025 18,922 19,405 At I September 2024 567 30,892 31,459 The Ilcence to use the trademark of Hallfield School wll expire In five years. Page 32 PIOTESTOIHE FINANCL615TATEMEMrs Tanilblef￿ •9$*6 Freeh(Id Land& As*tsHe]d Iwsalo Total &Etytpme•t AtI*2024 gJ94 1.352,486 L,Y)5,158 519.179 Ll616,117 Athdltior Transfer5 DLsposal$ UA99 361738 11,93L9881 372,237 1365,1241 14.2391 Im6,043 1519.1791 14.2391 AT 31 Au£ust 2025 10.725J37 1.359.746 433 12,418,991 Dweclatlon AtISep 2024 3￿8529 47A3 109J)24 5,104A55 577,604 198.6831 12,6601 Tran5fetS Li5p)saL% t98M31 I2.E￿I At31 Au8U5t Z015 4.427.1 I.154.￿7 5,581.116 Net 8ookV•l At31 Al*￿t 2025 6298,228 333.9 6.837A75 At31 August 2024 4AW.765 i.￿5.158 420,496 7511,263 Included In Awt5Held Tof Sèk ts ¥I￿￿Unt0FEl9347{1Q14..£JY￿7) rElatingto Irethld knd whknl$rb)tdepr￿btr Page33 HALIFIELD SCHOOL TRUST NOTES TO THE FINANCIAL STATEME￿$ Year ended 31 AUg￿t 2025 Tan8lble flxed assets Icontlnued) Assets Held for Sale con5i5t of freehold property and land owned bythe Trust which was vacant and on open sale as at 31 August 2025. It is antiapated that thls will be sold within 12 months of the year end. The property is held at NBV as this Is less than the Fair Value less costs to sell. There have been no impalrments or rev31uation within the year. 10. Investment Propertles 2025 2024 As at I September2024 Additions Transfers In Fair Value Adjustment At 31 AuEUSt2025 480,OCK) 21,236 420,496 228,268 1.150,000 13,373 466,627 480,QK)O Investment Propertie5 held by the T￿$t atthe 31 AuEUSt 2025 consist of 2 properttes and associated land. The fairvalue of the investment properties has been based on the agreed Sale prices for the properties concerned. Fomial sale agreements were entered into with thlrd-party purchasers prior to the year end, and management consider these agreed prices to represent the most reliable evidence of fair value as at the reporting date. ND independent professional valuatlon5 We￿ commissioned. as the agreed sale prices were deemed to provide objectNe market-based ewdence of fair value. The carrying amounts of the inve5trnent properties have therefore been adjusted to reflect these agreed sale prices. 11. Investments 2025 2024 Value As at I September 2024 Additlons Disposal Proceeds Unrealised galns1{lossesl Rea5ised galnsl{losses1 Movement in cash 631,542 {329.7621 2.644 2.125 50,479 At 31 August 2025 357,029 Page 34 HALLFIEU) SCHOOL TRU NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 12. Debtors: amounts due wlthln one year 2025 2024 Trade debtors Other debtors {Lease Premluml Prepayments and accrued income 1,790,824 8.446 111,258 1.910,528 11,663 8,446 129,741 149,850 Trade debtors at 31 August 2025 include invoices raised in advance for the Autumn term beginning September 2025. This is a change in presentation as a re5Utt of the introductlon of VAT on school fees, In the prior year, the Autumn irhvoici￿ Invoiced in advan￿ was not induded in debtors at the year end. Debtors: amounts due after more than one year 2025 2024 Lease Premium 713,143 721,589 The lease premium represents amounts paid to the Trusys Landlord on completlon of the lease arrangementstogetherwith professlonal costs incurred in reachin8the agreement. The premium Is amortised over the life of the lease which expires on 24 March 2110. l* Credltors: amounts fallln8 due wiihln one year 2025 2024 Fee5 in advance Trade creditor5 other creditor5 Acuuals and deferred income Deferred rental charge Other tax and social securlty 2.173,698 288.687 300,853 189.017 4,054 521,038 3.477.347 730,692 158,796 198,729 479,021 4,054 1,571,292 Included WFthln deferred income Is the net fees invoiced in advance for the Autumn term beginning September 2025 with the related VAT on these invoices included in Social Securlty and Other Taxes. This is a change in presentatlon a5 a result of the introduction of VAT on school fees. In the prior year. fees from advanced Autumn invoiting were only Included in deferred income where the invoice had been paid. Included within other credltors are amounts relating to outstanding penslon contribution5 of £16,57012024- £9221 and an amount of £239,343 {2024- £193,(XIOI relating to deposits recelved frorn parent5 for pupils attending the Sthool- deposits are repaydble when the pupil leaves the School In Year 6 or Year 8. Page 35 HALiFIELD SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 Au8USt 2025 14. Credltoys Icontlnued): amounts falli￿ due wlthln one year The Governors have reviewed the contrart terms under which the Pupil fee deposits are held by the school. Although under normal circumstances these will be repaid over future years when the pupils complete thelr education at the school, pupils can leave at earlier dates. The school does not therefore have an unconditional right to retain the individual deposlts for at least 12 months after the balance Sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2025 has been included within current liabilities. 13. Credltors ." amounts falllnB due after more than one year 2025 2024 Fees in advance Deferred Aental Charges 177,458 151.689 329,147 206,152 180,743 386,895 These charges arise as the rent payable under the new lease arrangements step5 up over the period to 24 March 2029. Our policy ￿ to recogni5e the rent equally over this perlod and the amount 15 expected to reverse by 31 August 2029. 14. Penslon$ Teacherf Penslon Defined Beneffts Scheme The School participate5 in the Teacher￿ Pension Scheme 1.the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £466,813 12024.. £509,105) and at the year*nd £Nil12024.. £8631 was a¢crued in respect of contributions to this scheme. The TPS is an unfunded rnulti*mployer defined benefit5 penslon scheme governed by The Teachers, Pensions Regulation5 2010 las arnendedl and The Teachers, Penslon Scheme Regulations 2014 {as atnendedl. Member5 contribute on a "pay as you go" basis with contrlbutlons from members and the employer being credited to the Exchequer. Retlrement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of Stste following scheme valuations undertaken by the GovernmentAttuarfs Department. The most recent actuarial valuatlon ofthe TPS was prepared as at 31 March 2020 and the Valu3tion Report vias published In Ottober 2023. The Valuation Report shows notlonal assets of £2222bn and liabillties of £262bn, resulting In a 5cherne deficlt of £39.8bn. The employer contribution rate for the TPS is 28.6%. and employers Bre also required to pay a scheme administration le￿ of 0,08% glvlng a total employer contributlon rate of 28.68%. Page 36 HALLFIELD SCHOOL TRU NOTES TO THE FINANaAL STATEME￿5 Year ended 31 Au8USt 2025 14. pensI(￿S Icontlnuedl Other urrangements The school has contributed toAPTIS. a defined contributlon pension schemeon b2half of teaching Staff. All newly recruited teathing staff from l January 2024 have been enrolled into the scheme. The school also contributes to a defined contribution pension Scheme in respect of its non- teaching Staff. All eligible employees were enrolled in the defined contrlbution auto-enrolment scheme as of its staging date on l May 2014. The penslon statu5 of 311 employees is reviewed monthly to ensure that all employees who are eligible are enrolled in the scheme and that all non-eligible or entitled wtsrkers are aware of their right to opt to joln the scheme. The pension charge In the Statement of Financial Activities and reported In note 7 to the financial statements represents contributions payable to all of the penslon schemes of £600.09812024.. £602.3731. 15. Restrfcted funds The funds of the charitsble company indude re5trirted funds comprising unexpended ba13nces of donations and grants. held on trus¢ to be applied for Specif￿ purposes, as follows., At 31August 2025 Balances at Balances at31 August 2025 Incomlng September Resources 2024 Oul8oln8 Resource5 Transfers Pavilion Appeal Fund RIEby Bursary Hardship Fund Gifted and Talented Fund Stanley Owen Idlday Memorial Ranjeen Neelima Memori31 Award Make a Difference Fund 11,224) 5,120 14.213 25.451 3.357 {14,2131 18,390 13,3571 1,984 11.2541 44,571 {501 130 11301 16401 50.185 1,984 2,4781 49,691 Pa8e 37 HAiLFIELD SCHOOL TRUST NOTES TO THE FINANCIALSTATEMENTS Year ended 31 Au8U5t 21725 15. Re5trlcted funds (contlnued) At 31 August 20Z4 Balances at Balances at31 August 2024 In¢omln8 Resources Outgolng Resources Transfers September Z023 Pavilion Appeal Fund Rigby Bursary Hardship Fund Glfted and Talented Fund Stanley Owen Allday Memorial Ranjeen Neelima Memorial Award Make a Difference Fund 7,568 14,213 18.960 3,357 11.224) 6,344 14,213 25,451 3,357 16,601 1650) 19,4601 50 so 130 610 30 16.631 640 50,185 11,874) 19,4601 Capltal funds The Pavilion Appe31 Fund was created in the 125th Anniversary year, 2(K13, to supplement the 5thool's provision of ftinds for the new 5POrt5 pavilion, benefitlng from the generosity of varlous friends as well as the Old H311fieldian Soclety. The cash raised was fully utilised on the purchase of the pavilion which is Induded In fixed assets,. depreciation Is tharged on a straight line bas15 over the estimated remaining useful life of 10 years. The furld balance at the end of the year is represented by the attributable proportlon of the net book amount of the asset to the extent that it was funded by the donation. Hardshlp Fund The Hardship Fund wa5 created to provide short term assistancè to current pupils whose families run into financial difficulty. Thls money is to be used to support families that have had an unforeseen change of circumstances within an academle year. Page 38 HALLFIELD SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 August 2025 15. Re5trfcted funds (contlnued) Note on Transfer Between Restrlcted Funds During the finan¢lal year, the tnjstees approved the transfer of restricted funds from Rigby Bursary, Gifted and Talented Fund. Gifted and Talented Fund. Stanley Owen Allday Memorial, Ranjeen Neelima Memorial Award and Make a Difference Fund to the Hardship Fund. All funds are restricted to supporting the chariws educational objertlves. specifically relating to the provision of student bursaries. teaching resources, or educational outreath Programmes. The transfer was made to streamline the management of funds supporting the same educational activity and to ensure that resources are used efficiently and transparently. The trustees reviewed the terms and conditions of both restricted funds and confim)ed that: The purposes of all funds are substantiallythe same, and the transfer does not represent a change In the charltable purpose for whlth the original funds were given,. The transfer was made in accordance with donor intention5, and the Hardship fund remalns rÈstrfcted for use In advancing the charitrfs educational aSms- and The consolldation of funds is an adminlstrative adjustment onlyi designed to simplify reporting and ensure more effectlve oversight of expenditure within the same area, This transfer does not ￿lease or redesignate any restricted income to unrestrlcted ptjrposes. It 15 reported as a movement between restricted funds In the Statement of Financlal Artivities (SOFA) In line with the Charities SORP {FRS 102). Page 39 NOIESTOTHE FWIIOAiSTATEMEPlfS Ye#tnded 31Au8Wt Z025 16. Umlwrfcted fi]nd5 At31 Auwst 2025 S•ptember2024 Tr•nfvr BalnnLes•t31 AuBust2025 ILossl eTal Fund 9,600W ?xvJJ 1$.013.D351 233037 9,637940 fund Total 51N).(O) 10,108,848 500,000 ID,137,940 .0105551 16AS At BalanKe&•t I Balantès &t31 Au4ust2014 fj4lr General Fur De5ignarEd fund Total 8.594,2 &599.TJ5 18.16L1941 466,627 9,608,84B 5L¥J.(IJO 9,194.280 500.ODD 10,10&848 B.59Y,715 8.J6L294 466.S27 The Designated fund was e5tatrdL%hed f0r1uturedv￿talthe 4te. Pa80 40 HALLFIEID SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENtS Year ended 31 August 2025 17. Analygjs of net assets between funds At 31 Au8USt 2025 General funds Restrfcted funds Totsl Fixed assets Net current assets Long term debtors Long term liabilltles 8.356.740 1.397,204 713.143 1329.147) 10,137.940 7,568 42,123 8,364,308 1,439.327 713,143 1329,1471 10,187,631 49,691 At 31 August 2024 General nds Restrlcted funds Total Fixed assets Net current a55ets Long term debtors Long term liabilities 8.016.378 1.757,776 721,589 1386.8951 10.108,848 6,344 43,841 8,022,722 1,801,617 721,589 {386,895) 10,159,033 50.185 18. Commltments under leases Operotlng Leases The charitable company ha5 totsl future minirnum lÈase payments under non-cancellable operating leases are as set out below: 2025 Land and bulldln85 2024 Land and bulldln8S Other other Leases expiring- Within one year Withln 2- 5 years Over five years 125,000 500,000 27.266.S77 27,891,677 77,545 173.669 112,$00 5C().000 27.379,177 27,991,677 33,499 99,874 2,003 135,376 251.214 The land and buildings commitment relates to a rentsl lèaseon the school premises whlch expires on 24 March 2110. Page 41 HALiFIEiD SCHOOL TRUST NOTES TO THE FINANaAL STATEMENTS Year ended 31 Au8USt 2025 19. Capltal commltments At 31 August 2025. the charftable company had £Nil of capital commitments12024: £NIII. 20. Member5 The charity is incorporated as a company limlted by guarantee having no share capltal and, In accordance with the memorandum of association. every member is liable to contribute a Sum of £1 in the event of the company belng wound up. At 31 August 2025 there were 13 members 12024: 10}. 21. Related party transactlons At the year*nd there was a £Nil {2024- £1.348} creditor representing amounts due tothe Frlends of Hallfield Society ("the Friend<) in respect of thecombination of payments duefrom the School to the Society for annual subscriptions collected and other a550clated transactions made by the School on behalf of the Society. The Head Master is the President of the society and the Director of Finance and Operations is the Treasurer. During the year three Governors12024.- one Governor) had children at the school. Fees and extras were charged at a standard market rate and based on standard commercial terms. Page 42