2021-08-31-accounts

Registered number.. 2995266 Charity number: 1042783 TUDOR HALL SCHOOL IA company limited by guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

TUDOR HALL SCHOOL IA company limited by guarantee) CONTENTS Page Reference and administrative delalls of th8 School, its governors and advisors 1to2 Governors. report 3to16 Independent audilor's repofl 17to19 Consolidated slalernent ol financial activities 20 Consolidated balance sheet 21 School balance sheet 22 Consolidated cash flow statement 23 Notas to the consolidated financial slatemenls 24to47

TUDOR HALL SCHOOL (A company limited by guarantee) REFERENCE AND AOMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS ANO ADVISORS FOR THE YEAR ENDED 31 AUGUST 2021 GOVERNORS. DIRECTORS, OFFICERS AND ADVISORS Govèrnors The Governors of Tudor H811 School arè the School's charity trustees under charity law and the directors of the charitable company. The members of the Governing Body WFN) served in office as Governors during the year and subsequently are detailed below. Mr D Bailey, Chair of CarTdus Committee Mr S C W Beale Chair of Development Committ88 Mrs S E A Bowi8 3.4.6 Miss A Caison Mrs D J Chism, Chair, Chair of Nominations Committee 1.3,S6 Mrs A Darling, Chair of Education & Wellare Committee 2,4 MrSJDavis' Mr J A Elliot. Chair of Finance & Resourcas Committae 135 Mrs K E Fidgeon, Chair of Audit Committee Mr J R Hammond-chambers Mr N B Holliday, Health & Safety Govermr {appoinled 16 March 20211 Miss M Kinnear rB Lari 25 Mr C P S N&wsome Mrs J A Scarfe. Safeguarding Governor Mr M G Sewell S Miss E D Style Mrs N J Wilson, Equality Diversity & In¢lusN)n Governor 2.4 J.5.6 l Audit Committee 2 CarrdLJS Committe8 3 Development Committee 4 Education & Welfare Committ88 S Financ8 & Rasources Commitleo 6 Nominations Committee Mrs D J Chism. Mr J A Elliot and Mrs K E Fidgeon are directors of Tudor Hall School Enlerprises Limited. Officors and Kay Management Miss W J Griffilhs, Headmistress, Tudor Hall Ms E N B Bell, Deputy Head, Tudor Hall Mrs K H Simlett. Deputy Head (Paslorall. Tudor Hall Mr E Way. Headmaster. Carrdus hAr l A N Urquhart, Bursar and Clerk lo the Governors Company registered number 02995266 CharFty reglSter8d number 1042783 Page 1

TUDOR HALL SCHOOL (A company limited by guarants•) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISORS FOR THE YEAR ENOEO 31 AUGUST 2021 ICONTINUEDI Registerèd and prin¢ipal offi¢e Wykham Park, Banbury, OX16 9UR Indep￿dènt auditor Crowe U.K. LLP, Fourth Floor, Sl James House, Sl James. Square. Chellenham, GL50 3PR Bankers Svenska Handelsbanken, Seacourt Towgr, Wesl Way, Bot19y, Oxford, OX2 OJJ Sollcitors Hewilsons, Elgin House, Billing Road, Northampton. NN15AU Veale Wasbrough ViLards LLP, Narrow Quay House, Bristol BS14QA Investmènt Managers Sarasin & Pariners LLP, Juxon Housè, 100 Sl P8uI's Churchyard. London, EC4M 8BU Insurance Brokers Gallaghèr, 6th Floor Temple Circus House, Temple Way. Bristol, 8S1 6HG W•b$ites www.tudorhallschool.com www.carrdusschool.co.uk Pagè 2

TUDOR HALL SCHOOL IA company limitèd by guarant88} GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 INTRODUCTION Thè Tfustees, or 'Governors', who are also Directors of the charily for Ihe purposes of the Companies Act 2006, present their Annual Report with the financial statements of the charity for the year ended 31 August 2021. The Trustees have adopted the provisions of the Statemenl of Recommended Practice I'SORP'I 'Accounling and Reporting by Charities, FRS 102 issued in January 2019. The Annual Report in¢ofporales Tudor Hall School, Carrdus School Icolleclively referred lo as 'lhe School. and re5peclively referred lo as 'Tudor Hall. and 'Garrdus'l and Tudor Hall School Enterprises Limited. The iwo schools, which ar8 located close to Banbury. Oxfordshire. share the same ethos and vision yet retain their individual charactef and educational atmosphere. GOVERNORS, DIRECTORS, OFFICERS AND ADVISORS Governors The Board of Governors of Tudor Hall School is appointed in a¢¢ordance with the tarms and conditions laid down in the School's Mernorandum and Articles ol Association dated 18 January 2011. The Governors who sarvad in thè year, including details of the corllmittees they served on during the year, arè shown on Pa9e 1. Dlrèctors l Tudor Hall Schod Govemors are registered with Companies Housè as Dirèctors of the Company. OBJECTIVES AND ACTIVITIES OF THE CHARITY As set out in the Articles of Association. the School's objectives are the advancement of education, the advancement of the Christian religion. and the advancement of any other charlcable purposes including by-. Maintaining a school at Wykham Park. Banbury. Oxfoidshire providing a broad educalion and associated facilities for the spiritual, aGadomiG, cultural, physical, and cofflmunity dovelopment of pupils in an environment which encourages the Christian faith and valu8S Establishing, acquiring or maintaining any other school according to the principles set out above Advancing education orother charitable purposes in the community resident near any school maintained by the school or elsewhere. REPORT OF THE TRUSTEES- STRATEGIC REPORT The aims and activities of the charity remain Lsnchanged. TUDOR HALL A¢adomic achi?vgments The ethos of Tudor Hall is to foster the rndividual strengths of each of our pupils through the provision irf a broad and challenging curriculum and co-curriculum. Their success is rèflected not only in the grades thèy achievè trn national examinations. bul also in their ability lo be sell-molivaled. skille¢J and inqui511ive learners, in th8ir achievements beyond the classroom and as people. The 2019120 academic year was Challenging for all pupils. and this continued to be thè case in thé 2020121 acade￿iC year as public examinations were cancelled for a second year while the parsdemic continued to disrupt school routines for all pupils. The intrDduction of Teacher Assessed Grades ITAGI added a new level of unoortainly and cornploxity lo the oxaminalion years. The process of multiple assessmenl points has requir8d our stud8nts lo maintain a consistent effort as opposed to their final outcomes being dèpéndént on a narrow axamination window in MaylJune. Tudor girls always work hard, rèspond tts advicè and show exlraordinory det8miinatitsn. This has Page 3

TUDOR HALL SCHOOL IA company limited by guarantsel GOVERNORS, REPORT FOR THE YEAR ENDEO 31 AUGUST 2021 ICOfrrnNUEDI been a winning cornbination for the Teacher Assessed Gradès. We cannot fault the resilience and tenacity shown by our Upper Sixth students which has resulted in their achieving oulslanding results. 89.3°/o of all grades were A'-8, 73.3Vo of all grades were slraighl A'IA, and 40.50A of all grades were A,. 19 /0 of students achieved Ihr&e or more A. With these results it is no surprise that 88.10 of the girls were a¢cepled by their first- choi¢e university. Their dèstinalions were more varied than usual and included Exeler, Durham, Edinburgh, Newcastle, Oxford Brookes. Bristol, Bath, Warwick, Manchesler. Nollingham and UWE. AI GCSE 58.0 /• ol all grades were 918 and 76.3°/o were grades 918ll. Al bolh GCSE and A Level we are again able to evidence signif￿ant Value Added which demonstrates that our pupils are achieving above what has ba8n achieved by pupils with similar abilities in similar schools. Ther8 is m doubt that this is down lo the 8xcellgnt teaching. Achievements outslde tho Classroom A Tudor education offers girls a wide range of opportunities and experiences beyond the formal ¢urri¢ulum, enabling thern to broaden their knowledge and un¢YefStanding of the world. Although the p&ndemi¢ has continuèd to restrict opportunilies for trips and other gxperiences which the girls would usually enjoy. w8 have continued lo incorporate extra programmes such as the Post A Level Your Futur8 in Your Hands inilialive which proved so popular last year. In the last week of the Summer Term. a Curriculum Enrichment Weèk was inlroduced to give the girfs as many new experiences as possible. The entire school enjoyed a whole week of trying new things with their friends, bèing inspired by speakers, dèvèloping thèir personal skills and most imw)rtanUy- having fun togelh8r at sehool. The Nanette Godtrey Lecture Series aims lo broaden the girfs. horyzons and expose Iheffl lo topics beyond the curriculum. This year'5 lectures included a fabulous range of illspirational speakers and thought-provoking topics, including Or Guy Sutton, who spoke about the effects of drugs on the brain., award-winning hislorian, author and broadcaster, Professor Bettany Hughes. who spoke on the topic of 'Super-Heroines. Wisdom and Women of Ihe Anci8nt World,: and award-winning beauty journalist and filmmaker, Dr At8h J8w81. who spoke on the lopK of'Divèrsrty in the Beauty Industy,. Model United Nations IMUNI continues lo offer Tudor gids a fanlaslic opportunity lo research and debate current global problems and further develop their critical thinklng and communication skills. This year, Tudor's MUN team hosted a virtual conference in the Autumn Tarm. debating tOPiC5 including vaecinallons and arranged marriage5, and took part in a virtual Gonference hosted by Cheadle Hulme Sch¢x>l in the Spring Term, whère our delegates rèprèsented Russia and debatèd the right lo education and the right lo prolesl. The Summer Term's 'mini MUN,. again hosted virtually by Tudor Hall, gave girls in the lower School the opportunity to experience the excitement ol taking p8rt in a virtual inter-schDoI MUN Conference and dèvelop thèir public speaking and d8bating skills. Opportunities lo hone new skills and prepare forthe next stages in th8irjourney have a150 been made available to girls through a number of activities introduced since the pandemic. YourFuture in Your Hands. provides the UVI with the opportunity to focus on a range of issues and skills to Pf8pare for life beyond school whil8 Build Your Brand aims lo gnsura girls in the Vs are not only excited about the prospect of joining Tudoi Hall Sixth Form. bul also gives Ihern lime and tools lo prepare. Slep into your Future. a new programme Introduced this year for the Ivs, gave them an exciting opportunity lo delve into the busines5 world with a challenge inspired by The ApprèntlC8. gain insight into life at university, and learn how best to Pf8pare for th8 transition from GCSE to A Lev81. The girls even had Ihe opportunity lo sleepover in Ashtons to gel a fèel for lrfe a5 a membar of the UVI. Inevitably the pandemic disrupted oprx)rtunilies lo lake part in Ihe trips and residenlials which extènd the curriculum. However, we werE able to take the girls off timetable for the last week of the summer t8trll for Curriculum Enrichment week with each of four day5 devoted to Creative, STEAM, Sport and Drama aclivilies. A mixture of engaging speakers and interath.ve workshops encompassed topic8 ranging frorn the art of graff￿1, beatboxing, steel pan drumming and Chinese circus skills to building a business, engaging in sport and taking to the stage, ensuring the gids ended the academic year on a high note. Page 4

TUDOR HALL SCHOOL {A company limited by guaranteol GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 ICONTINUEDI Careers The quality of Careers education was not compromised by the pand8mic. with many events moving onlkne and offering a variety of speakers and opportunities lor a wider audience, including alumnae and parents. The ca￿erS neiwork dinners changed lorrnal and, although the meal was missed by all, hearing from OTS and professionals on areas such as Why Study the Humanities, Psychology. Comms & Management, Drama, Hospilalily. Sports Sciéncè, and the Visual Arts remained inspirational. Our tslk 'Preparing lor the World of Work. was p8rticul8rly well-receivèd with girts lollowing-up on opportunities offered and gaining valuable mentoring support. The Careers seclion of Contemporary Issues provided the same high level of advice and support with talks on Volunteering. Entrepreneurship, University and Alternatives lo University and workshops designed lo support the LVI w¢th 'cr&ating their own brand.. alongside thg traditional CV Writing and Porsonal Sla19mgnl Workshops delivered by external cornpaniès. Mindful that opportunities for work experience have been fleeting during the pandemiG, we were delighted lo initiate a work experiènce programme lor the LVI in association with OT Marina Pengilly. GTrfounder of the social wardrobe app. LBD. Many girls completed the programme. gaining a reference and certificate for their effort5. Some conlinued working with Marina and have enjoyed writing articles for fashion magazinos and the continued benefit of Marina's mentoring. The initiative was EO successful that il will now be a regular feature of our Care&rs Programm8. Our STEAM Conference was able lo lake place in person al the end of the Summer Term as part of the Curriculum Enrichment Weèk and gave all students an insight into potential careei paths throuyh engaging spèakers, interactive workshops and many creative aclivilies. Our opening speaker Clairè Young. fin81isl in Thè ApP￿ntIce, spoke aboul building a business and has since oflered her lime lo mentor girls interested in pursuing caieeis in businèss or economics. The final keynote speak8r, performance po81 Sophia Thakur, really engag8d wilh tha girls and was the perfect way lo end the year. Outdoor Education Outdoor education has continued to be a great way for girfs to experience new adventures, work collaboratively and rise to naw challengès. In Septembèr 2020, 12 gids from thè Vs ¢ompleled thèir Silvèr D of E Èxpèdition and 12 UVI completed thèir Gold expedition. Both &xp8dilions had been postponed from the pr8ViOUS academic year due to COVID and the r8quir8ments for the D of E Award chang8d. m8aning that the girls wer8 able to eomplète Ih&ir expeditions In envbronments closer lo home. The horizontal boarding system worked in our favour. as while many schools were unable to camp due lo restrictions with bubbles and sharing tents, our glrfs wèré still able lo cafflp as they worked with olhers in their year group. In the Summer Term 2021, 54 girls from th8 Ills completed their Bronze gxpedilion in the local area, 48 girls from Vs completed thair Silv8r expedition in the Colswolds and The Forest of Dean, and 13 LVI comp￿et￿rt their Gold expeditions in th9 Brecon Beacons. There were 67 girls who completed all secti(Ins (physical, skill, volunteering and residential (Gold onlyll of their D of E Award during Ihe 2020121 year. Art Every year, thè Art Department organises a residential trip to New York for thè A lèvèl finè art and photography students and a residential trip to a EuTopean City with the GCSE art students as well as a variety of UK gallery visits for all ages. Unfortunately. su¢h visits did not tske place during the 2020121 school year due to the COVID rèstrictions. How9ver. by the Summer Term. as restrictions Itfted, th8 Art Dgpartment look the opportunity lo lake all the Todds and Ils lo the Cotswold Wildlife Park for a day of sketching 'en plein air, and the Sixth Fomi enjoyed a trip to London to see the ASICÈ in Wondedand exhibition at the The Victoria and ￿bert MuseLJm as well as the permanent collection at The National Gallery. Back in school. the reslrietions did not hinder the numeTOUS clubs which the Art Department offer. Although now in bubblos, th8 KS3, KS4 and KS5 stud8nts enjoyed Ceramics Club, Etching Club, Photography Club and a general Art Club, where work for Iwo annual ¢ompelitions, the School Christmas card competition and Young Art Oxford. which raises money lor Cancer Research UK, t(x>k place. Thè nèw Housé Photography Competilion also prompted sotlle great entries. In addition, the Art Department made themselves available beyond lessons to help and guide students in the TAG process by selling up skill-based ¢liniGs. Pagè 5

TUDOR HALL SCHOOL {A company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 {CONTINUED) The Arl Department's Outreach Programme, through which workshops for primary schools and for the esderly are usually run at St Mary's Church. Banbury. had to be pul on holif due lo the pandemic. bul thesè are already roseha¢Julèd for thè ae8demie year 2021122. usic Activity in the Music Department continued apace as we tried to maintain as much of the co-curricular as possible. In the Autumn Teryll, we began wrfth two string groups and subsequently small ensernbles of iwo or three girls in slfings and woodwind. The choirs were rearranged into year group bubbles and we ran six ¢hoirs. ensuring that we had repertoire prepared for the ALJtumn Term ¢on¢erts. The gids really enjoyed this and embrac8d th8 Ghang95 with real positivity. O¢lobg¢s Music concerts included fabulous perfomiances from musicians across the School. Girls perforffled in bubbles, showcasing the dlvorsa ta18nls and musical genres that are represented across all year groups. The concerts were recorded and sent out to parents of the girfs involved. OLJr Music Scholars programme 6volved Èff¢¢lively. meeting on Zoom, and the Scholars were trealed to a useful talk on the topic of 'Applying for a Choral Scholarship and University Life Pre and Post Lockdown, from an OT law sludanl at Oxford Brookes who was awarded a scholarship al Worcester College, Oxford and now sings regularly with their Chapel Choir. They have also produced a song in bubbles and been induded in our concerts. Our choirs prepared for a 'r8cordèd' Carol Service and Christmas Assembly. The Music examinations were more ol a challenge, coping with su¢Jden lockdown of girts and isolation. and in the Autumn Term had to be a combination of lace-to-face and recorded examinations. Pfactical music results from the Autumn Term were excellent.. 11 Distinctions, 12 Merits and 8 Passes from our 31 entries. Standards remain high, with 17 of the entries al grade 5 and above. During the Spring Term, music 18ssons were laughl online throughout lo¢k¢lown by our dedicated team of peripatetlc music teaGhers, ir¢cluding girls abroad who continued with thoir lessons d&spite, in some cases. extreme tim8 diffÈrèn¢es. With everyone back al school, things progressed Tapidly in the Music Department during the Summer Term. Rehearsals and performances of 'bubble' groups became quite tha norm and 'PerfOrMan￿ Tuesdays,. designed to givè girts the opportunity to record their 5010 perfom)ances properly and share them with th9ir families al hDme. became increasingly popular. The annual 'Arts Showcase, look place in front of a live audience of Todd and Ils and was recorded lor parents and thè rést ol the school community. 11 was lanlaslic to seè the girls performing on stage again, and the performances from Ihe Toddllls Choir, Ills Ghoir, Ivs Choir and both Junior and SÈnior String groups wère excellenl, demonslraling a massive enthusiasm an commilment from 811 the performers. There were also two duet pèrformances from our Vs and LVI who had been working together throughout the term. The final ham term was packed with performances, including a 'Songs from tho Shows, Goncgrt and threo performances of the musical Annie, in conjunclion with the drama department, as well as an opan mic evening in proparatlon lor Tudor Fest in the autumn and preparation lor our Leavers, Day Service and pgrformanc8s afte￿ards. Drama The pandemic caused some disruption lo practical work this year, bul our drama students showed grèat iesilience and commitment, achieving an impréssive amount in a short pèriod. We continued to offer as many curricular and co-curricLJlai opportunities as possibl8 for the girls lo both dèvisè and perform. Highlights from the Autumn Terw includedduologuèsfrorn Shelagh Stephenson's play.Th& M8mory of Water. performed by LVI drama students who succeeded in generating an appropriate blend of humour and pathos. and the Todd Christmas Productions which offered plenty of festh've Gheer. Todd Drama Club has thrived, with the club seeing Ils highest numbers ever. The devising process is incredibly rewarding for any student of drama and there has been some outstanding work this year. In October, our Vs, created and performed their piece. 71￿ first Mother in Spa￿, which was Pagè 6

TUDOR HALL SCHOOL IA company limitgd by guarant991 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 (CONTINUED) postponed from last term, Thelvs GCSE girls created four original dramas as part of their devised componènt and our LVI drama students produced an entertaining and moving piece of original drama inspi￿d by Bai Luhrmann's Everybody's Fre& (to Wear SunscTren). Tudor girls have been involved in the National Theatre's New Views Playwriting scheme for three years. two of which have sèèn 9ids rècèFVÈ a special commendation for their plays. This year the scheme ran online.. number of girls from the Ivs and LVI enjoyed virtual workshops and individual one lo one coaching froffl American playwright, Brian Mu11in. The girls were required to write a short one4cl play and all the plays received excellent feedback from Brian, with one LVI girl receiving a special comfftendatitsn for her entry. In the Summ9r Torm. with Iivg thgalre back on th8 Gar¢fs. girts from across the School gave some fabulous porformancas. In the annual Art5 Showca58. our dramalisls were ablg to P9rforrn lo an audience of pupils and staff, taking them on an impressivg journey through a variety ol periods and genres of thèatre with pi8G&S including modern drama, Many Moons by Alice Birch. Ancient Greek tragedy. Iphigenia in Aulis by Euripides. and Roaring Twenb"es comedy, Fallen Angels by Noel Coward. Despite the Challenges ol virtual rehearsals through lockdown and performing in bubbles, Annie. the musical. wow8d th8 audi8n¢g - which Ihis lime was able lo include parents and the all-singing, all-dancing cast of girfs from Ills lo UVI did a fantastic job ol bringing Ihis leel-good show to life. The Vs also managed to complete a short extract from Sophie Treadwell's Machinal. which was an important piece of practical scripted work conlribuling towards their linal GCSE grade and the Ils celebrated completing their Bronze Arts Awards. Our Curriculum Enrichment Week in the tast week ol term culminated in House Drama which retumed juvenated and packing a theatrical punch. The usual 'play in a day. formal was made more exciting this year by having Iwo professional actors leading virtual workshops to launch the evenl, and a full day ol creating and hearsing Gulminaled in lour impressive dramas ranging from ￿lebritY murder to the loss of the worldwide wab which were a joy. The s¢reening of LVI drama student Iris's digital pr￿Uction of her own adaptation of MaGbelh was also a highlight al the and of the school year. Durlng lockdown she had Inillaled Ihls Greallve proj8Ct which she directed as well as playing the rolo ol Lady Macbeth alongslda a strong cast of Tudor gid8 and thrge boys from Slowe and klarrow. A fantastic achievement. Sport With no fixtures due to COVID restrictions. the Sports D9partmenl introduced an &l&menl of inler-house ownpelilion for the Autumn Term, with hockey, netball and lacrosstr matches played in inler-house bubbles. Our Sports Scholars werè treated to a series ol virtual talks- 'Meel the Athlete'_ which included opportunitiès for thè girls lo hear lirsl-hand the stories of professional sportswomèn. ask questions and even ty out their practical skills. Speakels included intemational hockey player, Danni Jordan, and England nelball inlernalional, Beth Cobden. Girls also had thé opportunity lo hear from inspirational Sports Mentor, OT Emma Fisher. who Is a Double World Champion at AG Triathlon Sprint and Dualhlon Standard Olyfftpic Distance, an International Three-Day Evenler and a gold medal winning GB and Ireland EqLJestrian Youth Goach. The Ivs also took part in sports leadership sessions. leading practical $8ssions in Small groups within th8ir bubbles before Christmas and ¢ompleting the theory element during lockdown. Despite lockdown, practical lessons continuèd throughout the Sp¥ing Temi. Girls in Todd were each sent a netball so that they could continue lo work on thèir balance. agility and hand-eye coordination during online lessons, which the girls adapted to wèll. Onlbng workouts for the Ills and Ivs and yoga for the Vs to UVI proved popular. the Ivs 8nioyed a virtual challenge to'clirnb Mount Kilimanjaro, and body-attack workoLJts for staff and pa￿nts were also a hil. With everyone back at school, the Sutnrner Term was full of activty. Fixtures began to be played again in tennis, cricket. and rounder5. giving girls great opportunities lo develop their 9ames. A triathlon for Todd gid5 became so popular il was extended to the Ils. Ills Ivs and LVI. A family tennis event for Todd girls and their parents and a staff football match lied in with thè UEFA European Football Championship. Both saw plenty of friendly competition. The highlight dur1ng thé last waék of term was the Festival of Sport in Curriculum Page 7

TUDOR HALL SCHOOL IA company lirnited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 {CONTINUEDI Enrichment Week, which enabled girls lo spend a whole day experiencing a wide range ol sporting activities and learning new skills. Kicking off with a keynotè speech from British whéèlchair racÈr, Hannah Cockcroft. the gids went on to enjoy a range of sportin9 activities including archery. climbing, croqLJet. jujitsu, water polo and rugby alongside a Ir8ditional Sports Day and several house sport events. Charity Like most organisalions, our charitable fundraising activities vwère limited by COVID, btjl the School's mollo, Habeo ul Dem, I have that I may give, was still very much in evidence.11 was not possible for the Charity Dog Show or Christmas Fair - two key annual fundraising events in the school calendar - to take plac8, bul the Charity Committee organised smaller events, such as a cake sale and a roller disco, to fundraise in aid of Ihelr choson Gharity. the Brrfcish Heart Foundation. Although the usual opportunity for LVI pupils and Tudor staff to pul Haboo ut Dom into practice by Iravelling to volunteer al the charitable orgaftisalions supported through thé Tudor in Thr¢e Continents, progrèmme was not possible this year. Tudor donated £1,000 to each of the overseas charities.. South Afr￿a (Sparrow School. Johannesburg), Cambodia IF88ding Dreams, Siem R8apl and India (HEAL Paradise, Vijayawadal. Reverend Alison succes8lully organised collections of food for the Banbury Young Homeless Proj&ct at Harvèst lime and a Teverse advent calendar al Christmas, again in aid of B YHP, through which the girls donated treats for families Ihat they may not have had the mtsney to buy Ihernselves 8t Christmas. The school Choir performed as part of a virtual Christmas Carol servi￿ to support local char(Éy. Let's Play Project, in their first online fundraising event a Silent Auction and Chflstmas Carols. Links with local schools TL+dor Hall formed a partnership with William Morris Primary School in 2016 and staff and pupils 81 both schods contlnue lo b6nefil from nurngrous shared activities. While the ongoing pand8mic continuèd to rgstrict our In p8rson activitios ￿ w&r8 abl8 lo contlnLJe whh some support. During the sècond lockdown. Tudor Hall raised enough money lo send 10 Chrornebooks lo Wiliam MoTris School which were given to childrgn and familiés who had no devices al home, allowing them lo conlinug their learriing al home. A French teacher from Tudor deliv8red wèekly sessions lo students from years 3 10 6, offering thè children a chance lo study French. and the teachers CPD on delivering MFL for younger agé groups. William Morris's partner school. Longford Park, also benefitted from a Frtrnch tèacher t88chirkg to Year 3 students over a three- week block in the Summer term. Tudor has an ongoing financial commitment covering leavers, hoodi8s. transport for re$￿ential3, tennis lessons, and places at Tudor Hall's Summer Camp awarded lo children with 100°/ts attendance records. In addition, another full lee bursary placg was offarad for a Williarn Morris pupil lor entry in S9plember 2021. Lockdown Ilfe was very challenging for childr8n and IheSr parents, particularfy around home schooling. Continuing on from the popular 'Five grè Live. sessions last year, we invited children from loeal primary and preparatory schools to attènd on8 or more from a ser￿S of virtual workshops covaring Science and the Arts. Saturday sèssions were delivered to mora than 60 partieipants on Zoom in Street Dance, Kitchen Chgmislry. Biology Bingo an(1 a Book Club, all hosted by OLJr teaching staff. Links with international schools We continue to maintain links with TsuGhiura Nihon Universily Secondary S¢hool, nearTokyo. Japan. Although pupils and staff usually viS￿t Tudor Hall and make use of our facilities for a month every summer. these activities were suspended again this year. Page 8

TUDOR HALL SCHOOL IA company limited by guarantgel GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 {CONTINUEDI Provision of facilitits andlor services Tudor Hall provides fa¢ililiès and servi¢es to a number of local schools. clubs and societies. both on a regular and on an occasional basis. ABRSM. Trinity Guildhall LCM exarninalion boards usa Tudor Hall as an approve¢J exleinal examination centrè for olher schools and individual music teachers. Two local dance academies used the halls and other lacililies for their danc8 shows and the Banbury Karate Club used the sports hall lor grading. CARRDUS Achievements and Performance Pupils al Carrdus continue lo make very good progress and rga¢h high standards. Leavers were successful in getting into the s¢hoo5s of their first ¢hoice with two pupils being awarded major academic scholarships and four olheTS being awarded visual art scholarships. all al Tudor Hall. Those18aving Carrdus are well-equipped lo join Tudor Hall and other leading independent and stste secondary schools around the country. Due lo school closu￿. there were fewer compelilive fixtures in 2020121. Again, all pupils in Years 3, 4, 5 and 6 participated in these fixture5. There weTe malche5 in Hockey, Netball and Cross-country bul not in Swirnming. Gymnastics and Tennis for the U8, U9. U10 & Ul 1 age gfOUPS. Pupils makg excellent progress in music. Thg number of pupils playing individual instruments or having singing lessons was 55°/o. slightly up on 2019120 bul this is down on previous years. rolling average of 6501. due to COVID-19 and school closure. Number5 learning instruments remain strong in Lower School. The number of Èxtèrnal music èxams was low as nearly all exams were cancelled in Spring and Summer terms due to COVID- 19. We tonlinue lo build on our May 2019 ISI Educational Quality Inspe¢tion and Focused Com￿lanCe Inspection, which judged the School lo be al the very highest grade of excellent in the two main areas of academic and other achievements, and personal development. Curricular and co-curricular provision Over the course of the year there have been many developments across the School and we continue lo locus on consolidating the Carrdus Pathway. This programme helps children develop their key life skills of confidence, ￿SI11enCe, independence, aspiration, empathy and imagination and has a noticeable irnpact on the pupils. Oultloor learning continues to develop and children throughout the School have Ènjoyéd at lèasl onè 'L•arning Outs￿• thè Classroom. session ovory waok, with tho young8st childron outdoors ovary day. Lèadèrship and tèamwork, as wèll as bushcraft and surviv31 skills, now form a kèy part of tha School's Gurricular and Go-curricular provision. This year, pupils have enjoyed a wide range of specialist leaching including Music. Art, Drama. Science, Sport, French. Latin and Learning Support. Staff have continued lo dev9Iop pupils, basic skills ol reading, writing and mathematics, resulting in high standards across these three areas. We continue lo develop our assessrnenl practice, particularly formative assessment, enabling children lo understand where they have been successful and what they rnust do to improve their work. This continues to tiave a big impact on standards across all year groups. We have also inlroduced more robust leaching assessment procedures based on rigorous moderation of pupils. work. The School continues to devel¢Jp ils C￿CUrriCUlar provision including trips, visits and after-school clubs. Every term outings and external visitors aTe arranged to support different curricijlum area5 and there are a wde range of school clubs on offer lo children of all ages Govering art, science, sport. fjraft. cooking. performan¢& lo name but a few. Page 9

TUDOR HALL SCHOOL {A company limitod by guarant991 GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 {CONTINUEDI The curriculum 15 enhanced by the support ol Tudor Hall specialists including Sport. French. ICT and Science. Due lo COVID-19, there have been no performances in 2020121. Carrdus pupils continue to excel al Art and a number won prizes and re￿iVed commendations in the Ashmolean Young Oxford Arl competition. Developments The major development in 2020121 has been the transition of Carrdus to co-ed from September 2020. We announced our plans lo our parents and the wider corllrnunily back in Decémbèr 2019 and have spent considerable lime marketing this inilialive,. up unlil Seplember 2020, boys had to leave al the end of Year 2. Wè hav8 continued lo improv9 our tgaching provision with the latest interactive Promethean AciivPaneJ whiteboards boing installgd in all dassrooms., th858 ar8 very powgrful resourc8S that support t8aching and lèarning across the curriculum. We have converted a former storeroom into a sports offic& and a room lor our kiln, which was purchased by the Fri8nds of Garrdu8 Schwl IFOCSI. This has enabled us to further improve our arts and crafts provision lor all pupils. Outdoors, we have crealed a nèw sports ground from an adjacent figld which has been taken on a lease. This provides us with two excellent new sports pitches lo deliver loolball and rugby. W8 have also introduced crickel with two OLJtd(K>r nels erected to support this. Community links The School continues to enjoy ck)sÈ lies with the Friends of Carrdus School IFOCSI, who play a vital role in helping the School to Teach out to the local community through concerts. visits and fLJndraising a¢tivilies including a very successful public Christmas Fair. The School continues lo f051er close lies with The Sparrow School Foundation, South Africa. Carrdus also supports a number of local and national charities selected by the school council and the School is also developing links with William Morris Primary School, Banbury. FUNDRAISING All fundraising activities for th6 School are Garried out by the school staff with assistanGe from the parents and pupS1s with the running of specific fundraSsSng events. The School doès not use professional fundraisers or have any commercial partl¢lpalors. All fundraising activities are managed by the Headmistress and th8 Head of Development & Alumnae Relations, with overall overslghl by the Board of Govermrs through the Daveloprnent Commilloe, which was astablished this y9ai. No complaints relating lo fundraising activities have been received by the School during thi5 financial period. However. the School has procedures in place that would be followèd in the event of a complaint being received, with Ihe initial resrK>nsÈ bèing the responsibility ol the Burs8r. Any continuing issues would then be passed lo the Board of Governors lo d@termine what further action might be required. The School is registered with the Fundraising Regulator. The Sch(x)I considgrs that its processes and controls should ensure that vulnerable people and other member5 of the public are prote¢ted frorn any unreasonable intrusion on a per50n's privaGy and that no fundraising activities would be unreasonably persislent or place undue pressure on a person to give money or olhgr pioperty. SCHOLARSHIPS AND BURSARIES Scholarships Scholarships are award8d to pupils who demonstrate abHlty and patenlial in the fields of acadèmia, music. art, drama and sports. The awards are a mark of m8rit and are either £500 annually as a half award or a full award of £1,000 each year. Scholarships were ay¥arded lo 129 pupils12020." 1151 Bursaries Bursaries are awarded lo the parents of new and current pupils who are in financial need. assessed on their individual circumstances. The School means tests all applications for bursarial assistance. The value of bursaries ranges from 10°/. 10 1000/0 of the annual fee and includes financial Support for essential extras for those receiving 1000/. bursaries. 14 Tudoi Hall and 2 Carrdus pupils received 100.1. bursaries12020.. 17 Tudor Page 10

TUDOR HALL SCHOOL IA company limitèd by guarantsel GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 (CONTINUED} Hall and 4 Carrdusl and an additional 44 Tudor Hall and 24 Carrdus pupils 12020.. 30 Tudor Hall and 17 Carrdus} recewed lèssèr awards. One William Morris pupil received a 100 /0 bursary day place at Tudor Hall in addition lo the two children now at the School already benefitting from full fee di5coun15. Total bursaries awarded were £1,135,20612020.' £965, 1601. The total concessions in 2021 amounted lo £1,496,320 (2020.- £1,268,4791 ol which £1,484,479 12020.. £1,256,224) was financed from unrèstrictèd funds and £11.841 12020.. £72,255) from income arisin9 from the Friends. endowment fund. FINANCIAL REVIEW The School's financos ramain sound, with total in¢omg of £11,488,71612020.' £11.553, 1581., net d8ficit of £415.211 12020." cleficit £213, 7661,. liquid resources of £2,632.099 12Q20." £2.297.6241". and total reserv85 of £15,798,681 12020.. £16,213,8921 after making Capital additions of £33,479 {2020.. £95,400) and repaying net £299,99912020.. £266.6661 of loans in the year. The total income was again lower than projected due lo the impacl of COVID-19. The agreed fee increase was t1elayed from Septefflber 2020 to January 2021. Then Ihe Tudor Hall and Carrdus sitès were closed lo pupils lor most of Spring term 2021. The Governors Ihereloie offered discounts on the Spring term f8es. more modest than the discount in Summèr tèrm 2020 due lo the lower receipts from the Government's job r8lention scheme Ifurloughl. This loss of income has been partially m8n8ged by controlling in-year expenditure. stat8m•nt of Financial Activitias The impact of COVID-19 makes it difficult to compare against the prior years. Gross fees shown at Note 5 are greater than Total Income in the Consolidated Statement of Financial Acbvities due to the effert of the Spring term fee discount and ￿dUCed income from commerrial activities. Additionally, the closure of the School in the Spring téim dve lo COVID-19 resulted in reductions in both educational income, with the ￿aSing of charg8ab18 activities and services. and other 8ducational costs. Gross fees receivable afflounted to £12,137,495 {2020.. £12,044,187) representing a 0.8Vo increase on prlor year. Pupil numbers war8 similar lo the previous year and the uThl8rlytng numbers in both schools are strong. The pupil number lolal was 42612020.. 4261, ol which 32212020.. 3251 attended Tudor Hall and 10412020." 1011 allendèd Carrdus lon a full-lime èquivalent basis)- Total concessions awarded were £1.912,748 12020.. £2,006,874> or 15.8¢k 1202Q.' 76. 7Y.l of gross fèe irhcome. Of this. £416,428 was the discount on Spring tèrm fees bul extra short-term financial assistance was provided lo some parents whosé ability to pay fees was affÈctÈd by the ongoing COVID-19 restrictions. Nèl fee income was £10.224.747 12020.. £10,037,313). Other educational income amountèd lo £997.622 12020." £876.5261 comprising disbursements, costs to pupils for '8xtras'. exam and other charges. Staff Gosts were £7,817,850, 1202Q.. £7. 722,0551, which r8pr8sents 64.3% of gross fee incomè 12020.- 64. Iyol. The overall number ol lull lime oquivalenl staff was 17212020.. 1671. with the number of t8ach8rs at 91 12020.. 891. Other educational c051s of 13,214,560 {2020.' £3, 109, 1531 were in line with èxpectations al 26.50/.12020.' 25.8Y.l of gross fee income. As a result, eorè 9ducalional activities ganaratèd a d8ficit of £369,03712020.' deficit £154,5531. Finance charges and interest paid on loans amounted lo £116,38712030.' £127,939). Earned inveslmenl income was £22,94112020.. £29.670) and nel gains on investments arnounled lo £78,781 12020.. £32.3741. The net trading surplus for the year was £Nil12020.' £Nill. There were no residential lets at Easter and thg main summer let was ¢an¢elled due to COVID-19 although the National Youth Choir GB did hold residential let lor two weoks in July. Page11

TUDOR HALL SCHOOL IA company lirnited by guarant991 GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 {CONTINUED) FundraFsing activities The School received donations in the year of £59,33312020.. £90,2641- The staff arid other costs incurred in development and alumnae relations activities were £90.842 12020.. £83,0011. Financing adivitiès During the year the School repaid £299,99912020.' £266,6661 of Song-lerm bank 108ns. This was funded by cash flow from operations. Liquid resources amounted to £2.632.099 {2020.. £2,297, 6231 comprisin9 cash al bank £1.806.12512020. £1.559.9951 and inveslm&nts £825,974 12020.. £T37. 6281 The School continues to invest in fixed assets to improve its boarding and educational facilities. sper)ding £33,47612020.' £95,400) in the year. The School has oulslanding loans of £3,733,335 12020 £4,033,334> and reserves amounting lo £15,798,681 12020.. £16,213,892). Taxation matters As an educational charity the School has lax èxemptions on its educational activil&s and ils investment income and is entitled to an 80Ok rèduction in businèss rates on the properties occupied for charitable purposes. The financial bènefits dèrived from thèsè tax exèmptions arè all appSied lor educational purposes. including Ihe provision of bursaries. The School is not able to reclarm VAT input tax on its costs as it 15 exempt for VAT purposes. INVESTMENT POWERS AND POUCY The School holds an investment porllolio made up of an expendable endowed fund known as The Friends and th& TLJdor Hall funds invested from past ygars, surpluses. The investment policy objective is to enhance both capltal and incorlle of the Tudor Hall portfolio and generate income from a broadly diversified porttolio. The long-term capital growth objeelivg Ss lo a¢hleve CPI +401.. Fund performance on a total return basis for th9 year to 31 August 2021 amount8d to 13.79/0 (2020.. 1.40A). The Governors have delegated the management of ils investments lo Sarasin and Partners, who report to the Finance and Resources Committee via lermly reports and, if necessary, additional mèelings between thè relationship manager and the representative of the Finance and Re50urce5 Cornmittee. The inveslmenls are held in the Alpha Common Inveslmenl Fund,. Ihe strategic asset allocalitsn Is largeled at 70 /0 equilies and 30.1) in fixed inlerest securities. properly, alternatives and cash. The investment portfolio increased in value with a net gain of £78.78112020.' £32,3741. Dividend5 received during the year arnounted to £21,81912020.' £22.2881. The dividends from The Friends, funds of £11,841 12020.- £ 12.2551. were us9d to fund bursaries and those from th& Tudor Hall fund of £9,97812020." £10,032) werg reinvested or held as cash al the year end. RESERVES POUCY The TrusleBs' policy is to examinè thè neèds, risks and chglleng9s faced by the School in both the short and medium term, along with thè r818vant financial plans and for9casls. lo establish sufficient reserves to meet these requirements. Tudor Hall does not hold any free reserves. bul the Trustees are satisfied with this position given the bank facTlities that are provided an<J the lulure cash flows. The Trustees have considered Ihe impact of COVID-19 and they as5es5 that it will not have a significant effect on the School s current salisfaclory financial position. Operatin9 surpluses are invested in fixed assets in order to ensure the continued d8velopmenl of the School. The Trustees do not anlicipale any difficulty in meeting the obligations of the Page 12

TUDOR HALL SCHOOL IA company lirnited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 ICONTINUED) Thé School has a mixture of other reserves. including reslricled funds which have been donated to the School for a spècific PLJrpose. and designated funds. which include donations without reslriclion and surpluses set aside by the T￿slee5 for a specific purpose. Restricted funds al the end of the year were £51.555 12020.. £6,265). The Governors review the rèsèrves poli¢y as part of their strategic planning and confirmed that the continued investment in the School'5 facilities remained essential lo strong pupil recruilmenl and relenlion. Total funds 81 the balance sheet dale were £15,798,68112020.' £16,213.8921. PLANS FOR FUTURE PERIODS Tho stratagic prioriti8s lor Ihe n8Xt five years romain-. Increase pupil numbers with associated study provlslon for Vs and LVI day glrls Re¢ruil and relain the besl teaching staff. including offering local housing Improve outcomes for pupils Improve sporting facilities {in¢luding dance and fitness facililiesl Improve buisary provision with dynarllic approach from Development Office Further davelopmgnl of Carrdus. bullding on Its co-8d structure These priorities will b8 reviewed by the Board of Governors with the new Headrni8lress, Miss Lodrick, who has been appointed from January 2022. PRINCIPALRISKS AND UNCERTPJNTIES The Board of Governors is responsible lor the management of the risks laced by the School, which they review termly. Governors delegate to the Head and the Senioi Management Team the task of identifying, assessing and controlling risk. Th8 Governors and the 8x8cutive have id9nlifi9d a number of potential risks lo the School of which th8 most significant concern the loss of r8v8nue. loss of facilities. and injury to or dealh ol pupils, staff or visitors to tha site. Th8se and all other linanGial, repulalional and operational risks are recorded and monitored in th8 School's Risk Register. Controls and saf&guards are in place to manage the major risks including such measures as.. appropriate levels ol insurance cover". terms of refeffjn¢e for all the Governors, committees.. strategic planning, bLJdgeting and managament accounting.. formal written policies," clear authorisalion and approval levels., strict adhar8ncè to Safer Ro¢ruSlmgnl and DBS velling procedures., completion ol appropriate risk assèssments on relevanl aspects ol the School's aclivilies., and disaster planning. All major and other risks being rnanaged by the School are reviewed al least lermly by the School's Risk Management Team and the School employs an independent risk managèmènt consultant to advise on health and safely and provide training. The Governors continue to monitor the School's response to the COVID-19 pandemic. Eff8ctiv8 online learning has been delivered during the periods of c105edown or for pupils who have had lo receive remote léarning. Both Tudor Hall and Carrdus have adapted their COVID procedures in response to changing guidance. The Govemors recognise there is an assotialed risk lo fee income if the School has lo close again or if commercial r8sid8ntial18ts arg again ¢an¢ellad. ThB Governors are of the opinion that the major risks identified have boen adgqualely mi119algd where practicable. It is r9wgnised that. while this process provides reasonable assurance that identified risks are belng miligaled. it cannot provide absolute assurance. The Governors consider the School is a going conc8rn. Pag¢ 13

TUDOR HALL SCHOOL IA company limitod by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 ICONTINUEDI STRUCTURE, GOVERNANCEAND MANAGEMENT Governing Document The charity is controlled by ils governing document. 8 deeLI of trL¢sI. and ¢onstitut&s a Ilmited company, limited by guarantee. as defined by the Companies Act 2006. Tudof Hall itself was established in 1850.11 was first incorporaled as Tudor Hall Limited in January 1944. this company being registered as 8 charity on 23 May 1963. Tudor Hall Sehool Limited, a company limited by guarantee, was incorporated on 28 November 1994 and registerecl as a charily on 13 December 1994. The company was created under a Memorandum of Association. which established the obj8cts and powers of tha charitable company. and is governgd under its Artidgs of AssoGiation. Tudor Hall Limited was dis501vgd on 10 October 1995. On the 18 January 2011 the charity updated its Articles of Association and Ghanged its nama from Tudor Hall School Limit8d to TLJdor Hall School. On 13 July 2011 Tudor Hall S¢hool Enterprises Limited ITHSE Ltd) was established lor commercial ￿ttingS. The company was crealed under a Memorandum of Association, which astablished the objects and pow9rs ol tho company. and is governed under ils Articles of Association. Details of related part￿S can be found in Note 28. Governanc The principal responsibility of the Board is lo ensure that the S¢hool is run in accorda￿9 with ils charitsble objectives and that all the functions of the School are aulhorised by Ihe powers provided by its Articles of Association, company and charity law and in relation to risk managèmènt and legal compliance. The strategy and development of the School is set by the Governors, who approve the plans and bLJdgets presented by the Headmistress, Headmaster and Bursar. Thé full Board requires a conslilulion of between 8 and 18 members, with a quorum 016 members. The full Board meets once a lerm and is supported by the Audit, Carrdus. Design Icurr8ntly suspèndèdl, Dev8lopm8nt Inèw committae which mèl lor the first lime on 8 June 20201, Education and Welfare, Finance and Resour￿5, and Nominations Gomrnittge5. Each Co￿[￿lItee rneets at least once a t8rm and submits reports and recornmendations lo the Board. wrth the exception of the Audit Committeg which convenes al least once a year. THSE Ltd papers are submrtted to the Tudor Hall School 8oard lor consideration. External professional advieo is sought as and wh8n nèc8ssary. Trustè6 Indemnlty insuranc8 Is in place. The Board completed a self-review in June 2021 using the Association of Governing Bodies of Independent Schools IAGBISI recomrnended questionnaire. The responses will be analysed by the Nominations Committee for presentation lo the Board. The Board members consider that the School's governance framework aligns with the Charity Governance Code Ithe "Code'l published in July 2017. Racrultmgnt, Inductlon and Tralnlng The Board seeks lo ensure that il has the necgssary breadth and dèpth ol Bxperience to carry out its dutios effectively and efficiently. 11 is considered essential that the Govemors have empathy wrth the objects. aims and ethos of the School. The Nominations Committee considers all potential governors with regard lo their skills and expèrienc8 and makes recomtTrendalions lo the Board lor all appoinlments. New governors receive an induction to their role as trustees, including a detailed handbook outlining their responsibilities. All governors are encouraged lo spend a day in school each academic year and to attend as many events as possible, although this has been curtailed due lo the COVID-19 restrictions. All govèrnors ar encouragecs and expected lo allend training courses as appropriate. Training and development also form part of the lermly Board rneelings and included a strategy meeting in February 2021 which considered the development of Carrdus School and the establishment ol a legacy bursary funding campaign. P8g8 14

TUDOR HALL SCHOOL {A company limited by gLtarant#•l GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 ICONTINUEDI A Governor has added responsibility for Equality, Diversity and Inclusion IEDII to their portfolio of respons&bilitbéS. Management The d8y-lo-day running of the School is delegated lo the Headmistress and the Bursar who both atiend meetings ol the Board and relevant committees, together with the Headfftaster of C8rrdus as appropriate. Other members of senior management atiend relevant meelings as reqUi￿d. The Governors have constituted a number of committees, as summ8rised on page 1, which work in close cdlaboration with the executive to ensure smooth operation of the School. Recommendations are made by the ¢Ofnrnittees to the Boaid in accorrtance with the terms of reference for each committee. The Governors are responsible for approving the remunoralion of all staff. In tho first Instance, the Financ& and Resourcos Committe@ is rasponsible lor r@comm8nding tha romunèralion of the Headrnislress and Bursar which. togelh8r with recommendations lor Senior Management Team and other staff pay received from the Headmistfess and Bursar. IS submitted for Board approval. The remuneration process seeks to ensure Senior Management are provided with appropriat8 incantivas to encourag8 8nhancèd p8rformance and arg. in a fair and rasponsible manner, rèwardèd for their individual contributions to the School's succes5. The appropriateness and relevance tsl senior staff remuneration is reviewed annually to ensure Tudor Hall School remains sensitive lo the broader issues of pay and emoluments elsewhere. Management Team and Staff The Gtsvornors would like formallylo recognise the hard work and commitment of the Headmaster of Carrdus, Senior Management Team, teaching. boarding, administrative and support staff of th8 School. Their commitment to the School and their Èxpèrtisè in thè wrfOm8n￿ of their rL4es is reflected in the individual successes of the pupils and of the School. In parbcular thay nolg Ihebr slncere thanks to Miss Grlffilhs, who has led the School for 18 years and will bg retiring in Decombar 2021. Sector The School is an active member of the Girts, Schools Association. Boarding Schools, Association, Ind8pendonl Association ol Preparatory Schools and Indapenaenl Schools, Bursars Assoclalion. STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are also directors of Tudor Hall School for thè purposes of comp8ny lawl are responsible for prèparing the Governors. Report and the financial stal6ments in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingtjom Gèn8r811y AC￿pted Accounting Practice). Corllpany law require$ the Governors lo prepare financial Statements foi each financial year. Under company. law the Governors must not approve the financial statements unless th@y ale 5atisfi8d that they give a true and fair view of the stale of affairs of th8 charitablo Gompany and the group and of the incoming resourc8s and application of resources, including the income and expenditure, of the charllable group for that period. In preparing these financial statements. the Governors are required to.. Salect surf(able accounting policies and then apply tham consislenlly. Observe the methods and principles in the Charities SORP. Make judgments and estimalès Ihal are reasonable and prudent. Stale whether applicable UK Accounting Stsndards have been followed, subject to any material deparlures disclosed and explained In the financial slalemenls. Page15

TUDOR HALL SCHOOL IA company limited by guarantso) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 ICONTINUED) Prepara th8 financial slalements on th8 going ¢oncern basis unlass il is inappropfiale lo presume that the charitable company will continue in businèss. The Govemors are responsible for keeping adequate accounting records that are suffi'cient to show and explain lh& charitable company's transactions, disclose with réasonable accuracy al any timè the financial position of the charitable company and enable them to &nsLJrg that the financial slatgm8nts comply with the Companiès Acl 2006 and the provisions of thè charills conslitulion. They are also responsible for safeguarding the assets of the charily and the group and hence for taking reasonable steps for the prevention and detection of fraL and other irregularilies. In so far as the Govemors are aware.. There is no relevant audit information of whiGh the charrtable wmpany's auditor is unaware. The Governors have taken all steps that they ought lo have taken to make themselves aware of any relevant audit information arld to estsblish that the auditor is aware of that information. AUDITOR Thè 8udilor, Crowe U.K. LLP, will be proposèd for reappointment in ac¢ordan¢e with seclron 485 of the Companies Act 2006. The Govgrnors, Report was approved by the Board and Headmistress 0￿ 30 Novamber 2021. rs J. Chism Chair of Govemors Mr J. A. Elliot Chair of Finance & Rosourcas Committee Page 16

TUDOR HALL SCHOOL A Company limited by guaranteè) INDEPENOENT AUDITOR'S REPORT TO THE MEMBERS OF TUDOR HALL SCHOOL Opinion Wa hav9 auLf(ted the financial statements of Tudor Hall School I'lhe charitable company'l and ils subsidiary I'the Group'l for the yoar ond8¢131 August 2021 whlch comprise the Consolidated Statement of Financial Aclivilles, the Consolidated Balance Sheel. the School Balance Sheet. the Consolidated Slalemenl of Cash Flows and notes to the finanGial slalements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is appli¢able law and United Kingdom Accountin9 Standards. including Finaneial Reporting Standard 102 Tha Financial Rèporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted AG¢ounling Piaclicel- In our opinion the financial statements.. gFve a true and lair view of the stale of tha Gmup's and the charitable company's affairs as at 31 August 2021 and of the Group's income and expenditure, for the year then ended.. have been properly pwpared In accordance with United Kingdom Generally A¢¢epted Accounting Practice., and have bggn prepared in accordance with the requirements of the Companies Act 2006. Ba$1$ for oplnion We ¢onducled our audit in accordance with Intèrnational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities und8r those standards are further descrtbed in the Auditor's responsibilities for the audll ol the financial statements section of our report. Wg are independent ol the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in thé UK. including the FRC'S Ethical Standard. and we have fulfillèd our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficiènt gnd appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Iruslee's use of thè going concern basis of accounting in the preparation of the financial statements is appropriate. 8asad on the work we hav8 pérformed. we have not idènlilie¢J any material uncertainties ￿1¥11￿9 lo events Of conditions that, individLially or collectively. may cast significant doubl on the charitable company's or thè Group's ability lo continue as è going concern for a period of al least twelve months from when the financial slalements are authorised for issue. Our responsibilities and the responsibilib"88 of the trustees with respect to going concern are described in the relevant sections of this report. Other infomiation The trustees a￿ rèsponsible for the othèr information containèd within the annual report. The other information comprises the information included in the annual report. other than the financial slatemonts and our auditor's report Ihergon. Our opinion on thè flnancial statements does not cover the olher information and, 8xc8pI to the axlant olhgrwise explicitly stated in our rerx)rt, we do not express any form of assurance conclusion Ihereon. Our responsibility is to r8ad the other informalion and. in doing so, consider whether the othèr information is matèrially inconsistent with Ihe financial slalemenls or our knowledge obtained in the audit or otherwise appears to tr)e materially misstated. 11 we identify such material inconsistenciès or appargnt material misslalgmenls, we are required to delermlne whether this gives rise lo a material misslal@m8nt in the financial statements themselvgs. 11, based on the work wo have performed, we conclude that there is a material misstatement of this othèr information, we are required lo report that fact. We have nothing lo report in Ihis r￿ard. Opinions on other matters prèscribed by the Companies Act 2006 In our opinion based on the work un(tertaken in the course of our audit the infoTmalion given in the trustees. raport, which includes thè directors, report and the strategic report prepared for the purp05es of company law. for the financial year for which the financial ststements are prepared is consistent with the financial statements.. and the slratogic rèport and the diroctors, rèport includod w￿￿1n th8 trustees, report have b98n prepared In aecordance with applicable legal requiremenls. Page 17

TUDOR HALL SCHOOL IA company limited by guaranteg) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TUDOR HALL SCHOOL {CONTINUEDI Mattèrs on which w• are Tequired to roport by exceptlon In Ilghl ot the kno￿odge and understanding of the Group and charitable company and their environmgnt obtained in the Course of the audit. we have not identified material mtsslalements in Ihe stratègic r8port or the directors, report included within the Iruslees. report. We have nothing to report in respect ofthe following matters in relation lo whi¢h the Cumpanie5 Act 2006 requires us lo report lo you if, in our opinion.. adequate and proper accounting records have not been kept or returns adeqLbalg for our audit have not been rèceived from branch85 not visited by us.. or the financlal slalements are not in agrèement with the accounbng records and returns., or certain disclosures of trustees. remuneration specified by law are not made., or we have not received 811 thè information and explanation5 we requi￿ for our audit. Responsibilltle5 of trustg As explained mora fully in Ihe trustees. rasponsibililies ststement set out on page 15. the Iruslees Iwho arè 8150 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 Irue and lair view, and for such internal ¢onlrol as the trusteas determine is necessary to ènable the preparation of financial statements that ar8 frsè fmm malgrial misstatèmgnl, whether duè to fraud or error. In preparing thè financial statements, tho trustees are responsibla for assessing the charitable company's abilty to continuè as a going concern, disclosing. as applicable, mattars ielaled lo going concern and uslng the going concern basis of accounting unless the Iruslees either int8nd to liquidate the charitable company or lo cease operations. or have no realistic altemalive but to dD SO. Audltorfs responslblllties for the audlt of the financial statements Our obj8¢t6ves ar9 to obtain reasonable assuranco about whgther the financial statèments as a whole aro frae from material misstatament, whelhgr due lo fraud or orror, and to issue an auditorfs report that inelLJdÈs our opinion. Reasonablo assuranc8 is a high level ol assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi5slalement when il exists. Misslalements ¢an ariso from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expect¥d lo influence the economic decisions ol users taken on the basis ol these financial statements. Details of the extent to which the audit was con5idgTed capable of detecting irregularities, includin9 fraud and non-complianGe with laws and regulations are set out below. A further description of OLJr rèsponsibilities for audit of the financial statements is located on the Financial Reporting Council's website at= www.frG or -uklauditOf5res onsibilities. This description forms part of our auditor's report. Extent to which tho audit was consid•red capable of detecting Irregularities, including fraud Irregularities. including fraud. are instances of non-complian¢o with laws and regLJlation$. We Identified and assessed the risks of material misstatement of the financial statements from irregularities. wholh9r due to fraud or error, and dlscussed these between our audit team members. We then designed and performed audit procedures rèsponsive to those risks, including obtaining audit evidence sufficient and appropriate to piovide a basis for our opinion. We obtained an understanding ol the 18gal and regulatory frameworks wlthln whSch thè charitable company and Group operates. fo¢using on those laws and regulations that have a direct effect on the delermbnalion of material amounts and disclosures in the financial slalements. Tha laws and regulations w8 considered in this conlaxt were the Companie5 Act 20Q6. taxation legislation, employment legislation, together with the Charities SORP IFRS 1021. We assessed the required Gompliance with these laws and regulaliolls as part of OUT audit procedures on the related financial statement items. In addition, we considered provisions of other law5 and regulations that do not have a direcl effect on the financial statemen15 bul compliance with which might be fundamental lo the Gharitable company's and the Group's ability to operate or lo avoid a material penalty. We also Considered the opportunities and incentive5 that may exist within the charilable company and the Group for fraud. The laws and regulations we considered in thi5 Context for the UK operations were The Education Ilndgpendenl School Slandardsl Regulations 2014. Pagg 18

TUDOR HALL SCHOOL

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TUDOR HALL SCHOOL (CONTINUED)

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to 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, to be within the timing of recognition of non-fee income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over non-fee income, 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.

Owing to the inherent limitations 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 with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non­ compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 the charitable company's 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: 10 December 2021

Page 19

TUDOR HALL SCHOOL {A company limited by guaranté•l CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021 Unro$triet•d funds 2021 R•striet funfls 2021 Endowmont funds 2021 Total funds 2021 Tolal fijnds 2020 Donation5 and grants 133,547 57,S76 191,123 604,047 Charitable activrties 11,222,369 11.222,369 10.913,839 Other trading a¢tivlties 52.284 52,284 5.6Q2 InvestTn8nts 22,940 22,940 29,670 Total income 11431 140 11 488716 11553 158 Expendtlure on: Raising funds= Dèvelopment offlc8 90.842 90,842 83.001 Tradtng costs 52.284 52.284 5,602 Ch8ritable aclivit18S 11,835,071 4,511 11,839,582 11.770.095 Total •xp•nditur• 11 978 197 ￿}11 11 982708 17 798698 Net gains on Investments Nèt lexpendlture)fintome 510 781 415211 213 166 Transfers betwaen funds 21 Not movomgnt In funds Reconclllation of fund$- Total Yunds brought forward 15.812.473 6,265 395.154 16,213.892 16,427.058 Net movement in funds 1503,0061 45.290 42,505 1415,2111 1213, 166) Total funds carrl8d forward IVIA8A2 The notes on pages 24 to 47 form part of these financial slalements. Page 20

TUDOR HALL SCHOOL (A company limited by guarantee) CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2021

Fixed assets Tangible assets Investments Current assets Stocks Debtors Cash at bank and in hand Creditors: amounts falling due within one year Not current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year Total net assets Charity funds Endowmenl runds Restricted funds Unrestricted funds Total funds Note 14 15 16 17 18 19 21 21 21	26,353 574,447 1,806,125		2021 £ 19,388,556 825,974	37.531 458,597 1,559,995 2,056,123 (2,407.038)		2020 £ 20. 146,068 737,628
			20,214,530 (726,699) 19,487,831 (3,689, 150)			20,883.696 (350,915)
	2,406,925 (3,133,624)
						20,532,781 (4,318,889)
			15.798.681 437,659 51,555 15,309,467			16,213.892 395. 154 6,265 15,812,473 16,213,892
			~~15,798,681~~

The deficit for the School dealt with in the financial statements was £415,211 (2020: £213, 166 deficit).

The financial statements were approved and authorised for issue by the Governors on 30 November 2021 -[.,.hJ?\9i][ed o][� ][their behalf by] � _((- Mrs D. J. Chism, Chair of Governors Mr J. A. Elliot, Chair of Finance & Resources Committee

The notes on pages 24 to 47 form part of these financial statements.

Company registered number: 02995266

Page 21

TUDOR HALL SCHOOL IA Gompany limitpd by guarantgel SCHOOL BALANCE SHEET AS AT 31 AUGUST 2021 2021 ?n?n Not8 Flxod 8$$ots Tgngible as58t5 14 19.388,558 20. 146.068 Investrnents 15 825.975 737,629 20,214,531 20,883.697 Curr•nt as$#ts Stocks 16 26,353 37,531 Debtors 601,912 466.475 ash at bank and in haThd 1,760.852 1,534.584 2.389.117 2,098,590 Creditors". amounts falling du9 Wlthin on8 year 18 13,115,817) (2,389,506J N•t eurr•nt Ilablliffj•$ 1726.7001 (350.916J Total assets l•ss currgnl liabilities 19,48f,831 20. 5J2. 781 redrtors.. arnounts falling duè after mora than one year 19 13.689.150) (4.318.889) Total net assets Charity funds Endow1￿￿nI luiids 21 437,659 395, 154 Reslrtclod funds 21 51,555 &265 Unrestricted funds 21 15.309.45T 15.812,473 Total funds The financial slatements were zpprov8d afhd 8Uthortsed for issue by Ihe Gove[r￿r5 on 30 Ngvembei 2021 and signed on their behalf by.. Mr5 D. J. Chlsm. Chalr of Gov•rnor5 Mf J. A. Elllot. Ghair of Flnance & Resow¢es Committ•e The notes on pages 24 to 47 fomi part ol thès8 financial 51alements. Com an re istered number.. 02995266 Page 22

TUDOR HALL SCHOOL IA company limited by guaranteg) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Cash flows from opgrating activities Net cash provided byllused in) operating activities 23 655,817 (430,913) Cash flows from investing activities Dividends and interèst from investmènts 22,940 29,670 Purchase of ianglblg flx8d assgts 16,6761 r5,218) Purchase of investments 124,9221 Movemenl in investment cash account 15.357 (10,032) Net cash provided byllused inl investing activities 6,699 14,420 Cash flows from flnan¢lng actlvltles Cash inflow5 from new borrowing 1,800,000 Loans redeemed in the year {299,999) (1,066.666) Financ8 costs paid {116,387} (127,939J Net cash lused inllprovld8d by financlng a¢tiviti•$ 1416,3861 605,395 Chan90 in cash and ¢a$h oquivalents in the year 246,130 188,902 Cash and cash equivalents al the beginning of the year 1.559,995 1.377,093 Cash and cash 8qulval•nts at thè ènd of yèar 24 ￿ _ 1.559,995 The note5 on page5 24 to 47 form part of these financial slalemenls Page 23

TUDOR HALL SCHOOL (A company limited by guarant•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Gon•ral Informatlon Tudor Hall School is a registered charity with thè Charity CommissK)n England and Wales Icharily number.. 1042783) and was incorporated as a company limited by guarantee (Company number.. 029952661 in January 1944. The address of its registered office is Wfvham Park, Banbury, Oxfordshi￿, OX16 9UR. This is also the registered address of ils subsidiary. Accountlng pollcle5 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounlino and Reporting by Charities. stalp.menl nf Rprnmmp.nd8d Practice aDDlicable to charities preparing their accounts in accoidance with tho Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021, the Companies Act 2006 and the Gharilies Act 2011. Tudor Hall School meet5 the definition ol a public benefit entily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slate(l in the relevant accountin9 policy. 2.2 Basis of consolidation These financtal statements cansolidale the resutts of the S¢hool and the wholly owned subsidiary, Tudor Hall S¢hool Enterprises Limited. All inlragroup transactions are fully eliminated on consolidation. The School has taken advantage ol the exemption allowèd undèr sèction 408 of thè Companies Act 2006 and has not presented its own Statement of Financial Activities In these financial slalemenls. The School ha5 also taken advantage of the exemptions in FRS102 from the requirement lo present charity only Cash Flow Statement. 2.3 Going con¢em The School currently holds significant cash balances supplemented, if needed, by an overdraft facility. Demand for places at Tudor Hall remains strong. Conservative cash flow modelling with sensitivity analysis indicates that the cash re5etves of the School are adequate to meet the School's obligations as they fall due. A¢cDrdingly. the Governors believe the School's financial resources are sufficient lo ènsure it will colllinue as a going concern lor the foreseeable future, being al least 12 months from thè date of approv81 of the financial slalemenls. and have therefore prepared the financial stalemenls on a going concern basis. 2.4 Income Income is included in the Statement of Financial Activities when the School has entiuemenl to the funds. any performance conditions attached lo the itemlsl of income have been mel. it is probable that the incorne will be received and the amount can be measured ￿lIablY. Fees receivable and charges for services are acGounted for in Ihe period in which the Service is provided. Fees receivable aTe stated after deducting allowances, scholarships and other remissions allowed by the School. Page 24

TUDOR HALL SCHOOL IA company limitèd by guarant•o1 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 Income from school fees received in advance is deferred in the fjnanclal statements until the commènc@mÈnt of the school year to which il relates. Donations and gifts rep￿sent amounts received in the year, together with any associated gsft aid. InccAme from investments and deposits are C￿drtèd tri the Statement of Financial Activilies on a receivable basis. Grants from governrllent bodies and other sources are received for 8P8crfic proj•ctsltosts and are rècognised in accordance with their individual terms and conditions. Incom? is recognised when the charity has antillemonl to the funds. which is wh9n any performance conditions altachgd are mal, il is probable that the income will be received and the arnounl can be raliably measured. Grant income will be deferred if received in advance of meeting performance conditions or if Ihe funder specifically stales that the income musl be spent in a future accounting period. 2.5 Exp•ndlturo Expenditure comprises expenditure direclly relating lo the activities of the School together with governan￿ costs. Costs are either specifically identified or apportioned aceording to time spènt befvleen expenditure headings for the purposes of charitable activities, costs of raising funds and govèrnance. All expenditure is accounted for on an accruals basis. The irrecoverablg 01gmgnl of VAT is inclLJd8d wiihin the item of expense to which rf( Telates. Charltable a¢tlvltles harilable activitie5 include expendrture on providing education an¢J include both direct costs and Support costs r91aling to the aclivlty. Costs af raising funds Costs ol raising funds a￿ those costs incurred in allracting donalv)ns and those incurred in trading activities that raise funds. Governance costs Gov8rnancg costs are included within support costs. This includes external audit, any legal advice for the Governor5 and all costs of complying with constitutional and slalulory requiroTNenls sijch as the ctssts of Board and Committee meetings and of preparing statutory aC￿￿￿ts and satisfying public accountability. Allocation and apportionment ol support costs Support costs include central functions and ar8 allo¢ated lo aclivily Gost ¢alegorisetl on a basis consistent with the use of resources 8.9. staff costs by th8 time spent and other costs by their usage. 2.6 Taxatlon The School 15 a registered charity, and a5 such is entitled to taxation exempliolls on all its income and gains properly ap￿led for ils charitable purposes. Page 25

TUDOR HALL SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 2.7 Tangiblg fixod assots and dèprneiation Assets are capilalised and subsequenlly held in the balance sheet at cost less depreciation and impairmenl. Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried al a revalued amount, being their fair value al the dale of revaluation less any subsequent accumulated depreciation and sub5equeJt aGcumulat&d impaimenl losses. Depreciation is provided al the following annual ratès in ord8r to writ8 off 8ach asset over it8 estimated useful life or, if held under a linanc818as8. over theloase term, whichever is the shortgr. Depreciation is provided on the following bases.. Fréèhold property Molo¥ vehicles Fixtures and fillings Computer equipmènt 2¢/D on cost 25 /0 on cost 2S¥o on reducing balance 25Y4 on cost Assets under construction are not depr&Glaled until brought into use. Where applicable, finance costs arg capitali59d gross. Freehold land is not depreciated. 2.8 Investmonts Investments ar8 valued in the balance sheet at their bid prlces value at the balance sheet date. All mov8menls In value arlsing from investment changes or revaluation are recognised in the Statement of Financial Activities. Cash deposits held by the investment managers are classified as liquid resources and are held wlhin fixed asset inv8stment5. These deposits are available for reinvestment. Investments in subsidiaries are valued al cost less provision for impairment. 2.9 Stocks Stocks ar8 valued al the lower of cost and net realisablè value after making duo allowancefor obsolete and slow-moving stocks. 2.10 Debtors Short term debtors are Inlllally measL¢red 8t transaction price, less any impairmont 2.11 Cash at bank and in haTrd Cash is represented by cash in hand and dèposits with fin8ncial inslilulions. 2.12 Cradltors Short lerm ¢redilor8 are initially measured at the transact'on price. Paga 26

TUDOR HALL SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 2.13 Flnancial instrum•nls The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instrumants. Basic financial instruments are initially recognised at tran$8clion v8lue and subsèquently measured at their sgltlement value. 2.14 Financelgases and hire pureha$• Assals oblainod undgr hiro purchase contracts OT linancelgases are capitalisèd in tha balance sheal. Those held under hire purchase contracts af8 dèpreciatèd over their estimalgd useful lives. Those held under finance leases are depreciated over thèir estSmal8d useful lives or the lease term. whichovar is shorter. The interest element of these obligations is charged lo the Statement ol Financial Aclivrties over the levanl period. The capttal element of the future payments is treated as a liability. Rentals payable under operating leases are charged in the Slalement of Financial Aetlviti6s on a straight lina basis over the lease term. 2.15 Pensions The Group operates fv40 defined conlribution ponsion schemes. Contributions payable to the defined contribution pension schemes arg ¢harggd lo the Slalement of Financial Aclivitias in th8 p8riod lo which they relate. R8tir8ment bèn8flts to certain èmployees of th8 School arg provlded by the Teachers. Pension Scheme I'TPS'I. This Is a d&flned beneflt scheme, contracted out of the Stsle Earnings R81algd Pension Schemg. All pensv)n costs are charged against unreslricled funds in line with the associated staff costs. TPS is an unfunded scheme and Contributions are calculated so a5 lo spread the cost of pen5K)ns over employees, working lives with the School in such a way that the p8nsion cost 15 a 5ubstanlially level percentage of cur￿rnt and future pen5ionab5e payroll. The conlribulions are determined by the Government Actuary on the basis of quinquennial valualions using a prospective benefit method. As stated in Note 26, the TPS is a mulli-employer scheme and the School is unablè to identify ils share of the undertwng assets and liabilities of the scheme on a consistent and reasonable basis. Th8 TPS is therefore Irealed as a delingd contribution schem9 and Ihs contributions recognisod as th8y become due each year. Pag8 27

TUDOR HALL SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 2.16 Fund accountlng Unrestricted funds Gan be used in accordance wilh the Gharilable objectives al the discretion of the Goveinors. Restricted funds comprise donations earmarked by the donors, or the terms of the gppeal, for specific purposes and are detailed in Ihe notes lo the financial statements. D8signat8d funds have been eamiarked by the Gov8rnofS for specific purposes. Expendable endowed funds comprise funds transferrgd lo Tudor Hall School In accordance wllh the Trust Deeds. The purposes and uses of the endowed funds are sel out in the notes lo the financial statements. Critical aecounting •stimat•s and aroas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under thè circumstances. The items in the financial statements where these eslimales and judgements have been rnade include the following". UsefLJI economic lives of tan ible fixed assets The annual depreGiation charges IDr tangible fixéd assets are sensitive to changes in thè éstimat8d useful economic lives and residual values of the assets. The useful e¢onomic Iwes and fftsidual values are r8-ass9ssod annually. They are am8nded when necessary to reflect CLJrr8nl estimates. based on lachnological adVan￿Ment, lulur8 investments, econofnic ulilisation and th8 physical Condltion of the assets. See Note 14 for the carrying amount of the tangible fi'xad ass8ts and Note 2.7 for Ihg useful lives for 8ach class of fixed asset. aimienl of dèbtors The Group make5 an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors. management considers factors including the agelng profile of debtors and historical experience. See Note 17 for the nel carrying amount ol the debtors and associated impairment provision. Page 28

TUDOR HALL SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 Incom• frorn donations and grants Unrestricted funds 2021 Rostrictod funds 2021 Total funds 2021 Total fiJnds 2020 Donations 1,757 57,576 59,333 90,264 Government grants 131.790 131.790 573,183 133.547 Total 2020 539,373 64. 734 604.047 Government grants represent amounts received under the Coronavirus Job Retention Scheme. Income from charitable actlvltles 2021 3020 Gross fees r•ceivablo Grc*ss fa8s r8c&iv8ble 12,137,495 12,044, 187 Total concessions 11,912,748) (2,006.874) 10.224.747 10.037,313 Disburs•m•nts and extras Disburs8mènts and extras 894.953 800.435 Regislfftlv)n fees 37,213 36,894 School shop income 1,146 14,404 Educational lelling income 64,31D 24, 793 70.913.839 Included in concessions are £416.42812020.' £738,395) In respect of Spring {2020.. Summer) tem fee discounts off8re¢J lo parents due lo the partial closur8 of Ihe School. All income from charitable aclrvilies was Ljnrestricted in both this and thè prior year. Pago 29

TUDOR HALL SCHOOL IA company limitgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Invostmont Incom• Unrestrictod funds 2021 Total fund$ 2021 Tolal funds 2020 Divid&nds rècèivable 21.818 21,818 22,288 Interest receivabl8 1.122 1,122 7,382 29,6TO Total 2020 Devolopmgnt offl¢e oxp•nditu¥e 2021 2020 Staff costs 78.068 74.734 Non-staff costs 12,774 8,267 All expendSlure on raising funds was unrestrlcted in both this and the prfor year. Exponditure on charitable actlvlti•$ Summary by fund type Unrestrictèd Restricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Charitable activities 11.835.071 Total 2020 aLZQQa22 9766 1171 09 Pago 30

TUDOR HALL SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Analysis of expenditure by activitiès Analysls of diraet costs Total funds 2021 Total funds 2020 Staff costs 7,739,782 7,643,381 D8pra¢ialion 764.188 828, 756 Other educational costs 3,214,060 3, 109, 153 Cost of educational lettings 5.165 866 Financ8 costs paKI 116.387 127,939 11.710.095 10. Support costs Inclijded within charitable activities above ara support costs, as detailed below- 2021 2020 Establishment costs 1,803,328 1,679,453 Adminislralion costs 510,824 475,870 Governance costs 20.125 20,075 -2 7 75.398 Gov•rnan¢? costs 2021 2020 Audit and accountancy -20,075 Page 31

TUDOR HALL SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 Auditorfs remuneration 2021 2020 Fees payable to the School's auditor for the audit of the School's annual accounts 15,100 15,100 F89s payable lo the School's auditor in rèspe¢l of.. All taxation advisory services not included abc*vo 750 750 All non-audil services not included above 25 12. Staff costs Group 2021 Group 2020 School 2021 SGhool 2020 Wages and salaries 6.231.880 6, 152, 739 6,226,880 6. 152, 739 Social security costs 610.300 582. 797 610.300 582.197 Contribution to defined contribution pension schemes 975.670 983. 179 975,670 983, 179 7.718.115 7.718,715 During the year the School ma(Je radundancy and termination payments totalling £37,34712020.' £32,268). The averag8 number of pgrsons employed by the S¢hool during the year w85 as follows.. Group 2021 No. Group 2020 Teachers 105 104 Other staff 136 134 238 Page 32

TUDOR HALL SCHOOL IA Company limited by guarante•l NOTES TO THE FINANCIAL STATEP4lENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 The number ol employees whose employee benefits (excluding employer pension cosisl exceeded £60,000 was.. Group 2021 No. Group 2020 No. In the band £60.001 - £70,000 In th8 band £70,001 - £80,000 In the band £80,001- £90,001 In thè band £190.001- £200.000 The r8muneralion of the Key Management Team amounted to £589,972 (2020.. £593,852). This indudes gross wages, employerfs national insurancè contribulions and employer pension contribLJlions. 13. Govemors. remuneration and expens During the year no Governors received any remuneration or other bonefits {2020- £NILJ. During the y88r Ènded 31 August 2021 no Governor expenses have been incurred {2020- £NILJ. Page 33

TUDOR HALL SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 14. Tangibl• Ilx•d ass•ts Group and School Freèhold land and property Motor Fixtures and vehs¢les fitting5 Computer equlpment Total Cost At 1 September 2020 25,888.602 54.122 Z,005,562 651,791 28.600.077 Addilions {26,8031 4.194 4.214 25.071 6,676 Disposals 110,334} 110,3341 At 31 August 2021 25,861.799 47,982 2,009,776 676.862 28.596,419 Deproclatlon Al 1 September 2020 6.378.810 35.328 1,565,378 474,493 8,454,009 Charge for the year 525,353 7.974 110,898 119.963 764,188 On disposals 110.3341 11Q,3341 Al 31 August 2021 6,904,163 32.968 1,676,278 594.456 9.207.863 N9t book value Al 31 August 2021 At 31 August 2020 Includ8d in freehold land and property is fr8@hold land of £302,000 (2020.. £302.OOOJ which is not depreciated. Th8 f￿ehOld property is a functianal asset and 15 shown al CA)$1 Sess doprociation on buildings. The valuè of the properly lo the Group Ss fflainlained by a full programme of repairs and mainlenance. Page 34

TUDOR HALL SCHOOL IA company limited by guarant•81 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 15. Fixed assgt Invg$tmènts Llsted Investments Group ost or valuatlon At 1 Sèptembèr 2020 737,628 Additions 24.922 Net investment gains 78,781 Mtsvglfent in cash hald 115.357 At 31 August 2021 Investment$ In subsidiary companigs Listed invesknents Total S¢hool Cost or valuation At 1 Sepl8mbor 2020 737,628 737.629 Addltions 24,922 24.922 N8t investment gain5 78,781 78.781 Movemènt In cash h81d {15.3571 115,3571 A¢ 31 August 2021 Principal subsidiarie5 The following was a subsidiary undertaking of the School.. Name ompany numb•r Règlstored office or principal place of bu$ines5 Class of $hare5 Holding Tudor Hall School Enterprises Limited 07703410 Tudor Hall School. Wykham Park, 8anbury, Oxfordshire. OX16 9UR Ordinary 100% The financial r8sulls of Ihe subsidiary lor the year w8r8'. Name Income Expenditu Net assets Tudor Hall Sch(x)l Enierprises Limited 52,284 152,2841 Page 35

TUDOR HALL SCHOOL IA company limlted by guaranto01 NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 16. Stocks Group 2021 Group 2020 School 2021 School 2020 School suppli8S 17. Debtors Group Group 2020 School 2021 School 2020 2021 Due within ono yga¥ Tradè debtors 242.729 170,804 242,153 170, 779 Amounts owed by group undertakings 28.041 7.904 Other debtors 30,018 1,997 30.018 1,996 p￿paY[nenlS and accrued income 301.700 285,796 301,700 285, 796 458,597 ￿ ...-466,475 Trade debtors are stated aftgr impairment provisions lolalling £55,107 (2020.- £21,040J. Page 36

TUDOR HALL SCHOOL IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 18. Creditor5= Amounts falling due within one year Group 2021 Group 2020 School 2021 School 2020 Bank loans 599.999 299, 999 599,999 299. 999 Deposits 133,200 102,063 133,200 102,063 Tradè crèditors 411,060 174,249 411.060 774.249 Other tsxalion and social socurity 156,369 151,322 156,273 151.202 Other credttors 248,574 792.092 248,574 192.092 Accruals and defeiieil incorne 1.584,422 1,487,373 1,566,711 7.469,907 Group 2021 Group 2020 School 2021 School 2020 Deferred income at 1 Septèmber 2020 1,190.476 1.442,822 1.190.476 1,442,822 Resources defEr￿d during the year 1,243.300 1,059,663 1,243,300 1,059.663 Amounts raleased from previous periods 11,190.476} (7.312,009) 11,190,476) (1,312,009) Deferred income relates to schod fees received in advance. Page 37

TUDOR HALL SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEO} FOR THE YEAR ENDED 31 AUGUST 2021 19. Creditors.. Amounts falling due after more than one year Group 2021 Group 2020 School 2021 School 2020 Bank loans 3,133.336 3, 133.335 3.133,336 3. 733.335 Dèposits 555.814 585.554 555.814 585.554 4,318,889 4.378.889 Included within the above are amounts falling due as follows= Group 2021 Group 2020 School 2021 School 2020 Between onè and two years Bank loans 599.999 ￿ . -. 599, 99.9 Betrrteen two and fNe year5 Bank loans 1099,997 ￿L.-: 1.099,997 Over fiv• yèars Bank loans 2.033.339 _- 2.033.339 A £500,000 bank loan was drawn down on the acquisition ol Carrdus School on 15 April 2011. A further £300.000 was drawn on 15 April 2012 and £200,000 on 15 April 2013 making the total debt £1,000.000. DLJring 2015116, th8 initial £500,000 drawdown was repaid. Interest only Is paid until thè maturity dale, 10 years after drawdown. IntÈre51 on the bank loan is payable quarterly on the £300,000 loan at a rate of LIBOR +1.75Y. per annum, and on the £200.000 loan al a fixèd rale of 3.66V. per annum. The amount oulslanding al the year end was £500.000. On 27 September 2018 a loan of £2,000,000 was drawn down to fund the Completion of the Teaching Centre with a fixed interest rale of 3.69°10 and repayable in £200.000 instalmenls over the n8xl 10 years. £1.600,000 was outstanding at the year end. On 30 September 2019 a furmer loan of £1,800.000 was drawn down with a fixed rale of 2.89Yo. of which £800.000 was used lo rgpay the balance oulslanding on a prewous loan. The remainder has been retained as working capital. Initial annual repayments are £99,999. payable lermly. £1,633.335 was outstanding at the year end. £3,733,335 (2020- £4,033,334) is secured against the Carrdus property. Page 38

TUDOR HALL SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEPAENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 20. Financial instrumonts Group 2021 Group 2020 School 2021 School 2020 Flnancial asset$ Financial assots measured at falr valu through Income and expendiluro 737: 628 737,628 Financial assèts measured at faiT value IhroL¢gh incoma and 8xpanditUFa cornprisg assgts held as investments. Paga 39

TUDOR HALL SCHOOL IA company limittd by guarant••l NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 21. Stat•m•nt of funds Statement of funds . current year Balance at 1 Sèptembei 2020 Transfers inlloutl Balance at 31 Gains August 2021 Ineom• Exp•nditur• Unr85trlct•d funds Tudor Hal 15,812.473 11,367,015 111,914,072) 7,775 38.276 15.309A67 The Frien(ts 11,841 111,8411 Tudor H711 School EnterprBes Lirnited 52,284 152.2841 15 8124n 11431 140 11978197 15309467 Endowm•nt funds The Friends Restrlctèd funds William Morris 5,137 {3,8971 5.184 Wendy Griffiths Bursary Fund 26.274 26.274 Toaching Centre 7.775 IY,7751 Junv)r Maths Club 238 333 $61 Carrdus Technok)gy 140 140 Carrdus Development 12.500 12.500 Piano Fund 750 750 Minerva Scholarship 3,125 3,125 2020 Leavers Fund 3,625 16041 3.021 Total of funds Page 40

TUDOR HALL SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 21. Statomont of funds - prior year l¢ontinuedl Balance at 1 Seplember 2019 Balance at 37 August 2020 Tr8nsfers in/(oul) Incomg Exp8nditure Gains Unrostrictgd funds Tudor Hall 16.047. 116 11.470.567 (11, 771,075) 57.245 14.620 75,812.473 Thè Friends 12,255 {12,255) Carrdus FOCS f.q31 (q, Y31) Tudor Hall School Enterpris8s Limited 5.602 (5,602) 16 042247 11488424 11 788 932 15 812 473 Endowment funds The Friends Restricted funds William Morris 4.186 1.475 (524) 5, 137 Stained Glass Window 3.225 (4,662) 7.437 Teaching Cèntre 57.551 (57.551J Junior Maths Club 583 (345) 238 Carrdus Technology 4,375 (4,235) 140 Piano Fund 750 750 Total of funds 76.427.059 11,553.758 L71.T98.698). Page 41

TUDOR HALL SCHOOL (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 21. Statement of funds Icontlnuod) The Friends In 2015 Tudor Hall created an Expendable endowed fund in accordance with the Trust Deeds. The invesfmenl portlolio Is separately identifiable from the School's holdings and the School intends lo maintain the capital and, in the first instance, use any ￿ncome to fund bLJrsaries in line with the Trust docurnent. Al the year end the Expendable endowment of £395,154 is r8pr8s8nt8d by inv8Stments h8ld In th8 Fri8nd5 sub4ecount of TLJdor Hall School's InvestrTkgnt portfolio. Teaching Cènlre A development fund was set up to raise funds for the Teaching Block. Wtlliam Morris This fund is lo support the ICT and sporls provision al William Morris School. Wendy Griffiths Bursary Fund This fund is lo support the provision of Bursaries al Ihe School. Junior Maths Cup This fund is to providè for a cup and annual prizes for Junior mathematics al Tudor Hall School. Carrdus Technology This fund is to support the technology provision and support at Carrdus School. Carrdus Dèvèlapment This fund is to support the development of Carrdus School. Piano Fund This fund is to provide funding for the replacement ol the School's pianos. Minerva Scholarship This fLJnd is to provide funding for 6th fomi students in the pursuit of their academic interest in STEM subjects. 2020 Leavers Fund This Iltnd is to support tha School with 5p8cific expendilurg spacifiad by tho laavars of th8 2020 academic year. Transf•rs Transfars out from r9strirted fltnds lo unrestricted funds reprasenl capilal116ms purchased or built in the year using the restricted funds. The reslriclions have beèth fU￿illed by purchasing and building these assets and Ihe asset has now beGome unreslricled. Page 42

TUDOR HALL SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 22. Analysis of net assets between funds Analysls of net assels ￿tween funds . current perlod Unr•striettd funds 2021 Restrictèd End<)wm•nt funds funds 2021 2021 Total funds 2021 Tangible fixed assets 19,388,556 19,388.556 Fixed asset investments 388,315 437,659 825,974 Current assets 2,355,370 51,555 2.406,925 Creditors due within one year 13,133,624) 13.133.624) Credltors duè in more than one year 13,689,150) 13.689,1501 Total -15.-309.4fi7_ 51&5& _ .4.37 659. Analysls of net a$$*ts between funds - prior period Unr&slriGted funds 2020 Restricted Endowment funds funds 2Q20 2020 Total funds 2020 Tangible fixed assets 20.146.068 20, 146,068 Fixed asset investments 342,474 395, 154 737.628 Current assets 2.049.858 6.265 2,056, 123 Creditors due within one year (2,40T,038) (2,407,038) Creditors dug in morg than one year (4,318,889) (4,318.889) Total Pago 43

TUDOR HALL SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 23. Reconciliation of net movement in funds to net cash Ilow from oporating activities Group 2021 Group 2020 Nel lexpenditurellincome for the period as per the Statement of Financial Activities 213 166 Adjustments for.. Depreciation charges 764,188 828. 756 Gains on investments 178.7811 (32.374) Investment income 122,9401 (29.670) Decreasè in strtks 11.178 4,230 Ilncreaselldecrease in debtors 1115,8501 38.348 Increaselldecreasel in ¢redilors 396,846 (1, 154,976) Finance costs 116,387 127.939 Nèt cash providèd byl{us•d in) oporating a¢tiviti¢s (430.913) Analysls of cash and cash 4urvalènts Group 2021 Group 2020 Cash at bank and in hand 1.806,125 1,559,995 Total cash and cash •qulval•nts 1,559,995 Page 44

TUDOR HALL SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 25. Analysis of ¢hanges in net debt At1 September 2020 Ca$h flows Other Tron-cash changès At31 August 2021 Cash at bank and in hand 1,559,995 246,130 1.806,125 Debt due within 1 year {299.9991 299.999 {599,9991 1599,9991 Debt due after 1 year {3,733,3351 599.999 {3,133,3361 2.473.339 546,129 26. P8nslon commltmènts Tèaeh•rs' P¢nsion S¢heme The School participates in the Teachers, Pension Scheme I'the TPS.) lor ils leaching slafl. The pension charge foi thg year inGludes Gonlribulions payable lo the TPS of £868,364 (2020- £884.573) and at the year-erKI £99,92812020- £702.448) was accrued in respect of contributions lo this scheme. The TPS is an unfunded mulli*mployer delined benefits pension scheme governed by The Te8ehers' 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 othar pansion benafits are paid by publi¢ funds provided by Parliament. The @mployer ¢ontribulion rale is set by the Secretary of Statg following schème valuations undertaken by the Government Actuary's Oepartment. The most rèeènt actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019. confirmed that the employer contribution rate for the TPS would increase from 16.4 1¢ to 23.6°h from 1 Septembèr 2019. Employers are also required lo pay a scheme administration levy of 0.080/0 giving a total employer ¢onlribulion rate of 23.68'/.. The 31 March 2016 Valuation Report wa6 prepared in accordance with the benefits sel out in the schèma regulalions and under the approach specified in the Directions, as they applied al 5 March 2019. However, the assumptions were Considered and sel by the Department for Education prior lo the ruling in the 'McCloud/Sargeanl case.. This case has required the courts to considèr eèses regarding the implèmeniation ol thè 2015 reforms lo Public servi￿ Pensions including the Teachers Pènsions. On 27 June 2019 the Supreme Court denied the government parmission to appaal th8 CoLJrt ofAppeal's judgment that transitional provisions introducèd to thè reformed pension schemes in 2015 gave rise lo unlawful age discrimination. The government Is respecting the Court's decision and has said il will 8ngage fully with the Employment Tribunal as well as employer and mèmbèr represgnlalives to agree how the disGrirllinations will be ramgdied. Tha governmant announGgd on 4 February 2021 that il intends lo proceed with a dgferrad choica underpin undèr whiGh membgrs will be ablg to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 al the point they become payable. Page 45

TUDOR HALL SCHOOL {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 The TPS is subject to a e(>sl cap mechanism which was pul in place to protect taxpayers against unforeseen changes in scheme costs. The Chief SeGrelary to the Treasury, having in 2018 annoLJnced that Ihèrè would be a review of this cost cap mechanism. in January 2019 announced 8 pause lo the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeanl case and until there is certainly about the value of pensions to employèés from April 2015 onwards. The pause was lifted in July 202CF, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following the public consullalion, the Gov8rnm8nt have accepted three key proposa15 recommended by th8 Government Actuary, and ar8 aiming lo implement Ihesg changes in tirne for the 2020 valuations. In view of the above rulings and decisions tho assumpllons used in th8 31 March 2016 ActLJari81 Valuation may become inappropriate. In this scenario. a valuation preparéd in acct)rdance with revised benefits and suitably revised assumptions would yield different resLJlls than those contained in the Actuarial Valuation. Until the cost cap mechanism rèvision is CoMpl8t￿ il is not possible to conclude on any financial impact or future changes lo the contribution rates of the TPS. A￿ordInglY no provision for any additional past benefit pension costs is included in thèse financial slalements. Defined Contribution Pansion Sch•mo$ The School also makès ¢orilributions into the personal pension fijnds of employ88s. Th@ p8nsion charge rèpresents the contributions payable by the School lo tha funds in resp8ct of th8 year of £107.306 (2020.- £98.396J The amount of employer contributions oulstanding at 31 August 2021 was £16,848 (2020.. £14,992J. 27. Operating lease ¢ommitments At 31 August 2021 the Group and the School had commitments to make future minimum lease payments under nDn-cancellable operating leases as follows.. Group 2021 Group 2020 Not later than 1 year 74,813 81,498 Later than 1 year and not later than 5 yèars 72,118 43,812 Later than 5 years 288 1,440 Page 46

TUDOR HALL SCHOOL {A company limited by guarantgel NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDEO 31 AUGUST 2021 28. R•lat•d party transactians The valug oflhe management recha¥ge with Tudor Hall SGhool Enterprises Limited in the yearwas £21,479 (2020 - £3,940) and Ihe debtor balance at Ihe end of the year was £28,041 (2020- £7,904). Four Governors are parents of children at the School (2020 - fotjr Govomors). They ar8 Chargèd school fees at the standard rate. 29. Controlllng party Th8 Govèrnors of Tudor Hall School aro tha ultimatè controlling party of th9 School arTrd the Group. Page 47