2021-08-31-accounts

Roglster8d Company Number. 03228456 RggSstwgd Charfty Numb•r. 1057185 Monkton Combe School (a company limited by guarantee) Annual Report and Consolidated Financial Statements for the year ended 31 August 2021

Monkton Combe School Annual Report and Consolldated Flnanclal Statements for the year ended 31 August 2021 Contents AnThJal rewtofthe Govemors -Dire￿￿' Rewt........................................................................ . strateg￿ ReFMXt (nckKling Sec*￿)￿ 172(1) statement> ....................... Independent auditorfs rewl............................................................ .................... .21 Consolidated slateM￿t of finandal 8cUNltles..................................................................................24 Balancesheets.............................. . -25 Consolidated cash Ik)wstathent................................ .26 Notesto the finan(xal statsments...................................................................................... .27

Monkton Combe School Governors, Directors. Officers and Advlsors for the year ended 31 August 2021 Governors Chalr Prof H Langton Msc BA (Hons) RNT RCNT RSCN RCN ED,E Rev S Bames MA.BA QTS IHons} Cert Bk CPE R S Coales BA IHons) C B Fillingham E S K Hthbard A Lytlle J Perry Bpharni (Hons). MRPham)S, Di￿lI￿1Ynarni R J Prin¥e Bsc {FkJnsl AJ Reid D Rosser EJShaw M L S Thomas M R White S 8 M Young 8A FCA FCA EDC (Chairl EDC ED (Ch*) EDC ED E. F. P (Ctsy) ED EDC E, F (Chair). P Company So¢rotary Kempkn J D ED - member of Educ8tion Committee rn￿ober of Executive Committee EDC = manber of Eslale Development Committee F- member of Finarth & Ger￿al Purp¢ise5 Commiltee member of Part￿rshIp Committee

Monkton Combe School Governors, Directors. Officers and Advisors for the year ended 31 August 2021 Principl C Wheder BA PGCE cro￿ U.K LLP 4th Floor. St James House St James Square c￿et￿h￿￿ GL9) 3PR R¢gl$tered Offlce Monk¢on Combe SdK Monkton Combg Bath &42 7HG National Westmwts 8ank PIC 8ath 8A1 1QF Solicltorn Wansbrough$ Northgats House De￿z&S Wltshire SN10 1JX Baillie Gifford Calton Squa 1 Greenside Row Edinburyh EH13AN W•bsite

Monkton Combe School Annual Report of the Governors for the year ended 31 August 2021 The Govemor5. who the Oirectors crf th8 Schcd for tha puw ofts Crynpanigs AGt 2006. presenl their annual rewrt, induding the Directors. Rep(xt and strat￿ RepoFi and the audited finawal statements for tha y&ar ended 31 August 2021. The financi81 statements ccrfnply CLwrent slatuw requireM￿ts. the Memorandum ar￿ Art6des of Association. applicable PmxJntirvJ Siarvjards in the United lfjng(k¥n and the Statement of Rec(￿mended Practice {SORPI appli¢8tAe to chariiies tffeparing thew attounts in ￿)rdance the finana81 repo￿n9 starwjard applicable in the UK and Rewblic of Irdand IFRS102) (effective 1 January 20191. DIRECTORS, REPORT Constltutlon and Oblects Monkton Combe Sch￿1 Ilhe Sch[￿1 i8 a registered chaFity (registered number. 10571851 and ks incorpcraled under the Companies Act 2006 as a c*¥mpany limited by gUa￿ttee (registered number. 032284561. The address of Ihe School 1$ Sh￿ on page 3. The Company is govemed by its Memorandum and Arb¢les of Association dated 11 July 1996. as aMe￿Ied the ¢(￿Sent of the Charity Commission pursuant to Special Resolution ol the Company dated 5 March 2W1 arKI 30 Novemtw 2018. Th¢ primary object of the School. as stated in the Memwidum ofAssociatton. is th8 promotion of educat￿)￿ and the establishment and maintenance of ￿ independent co-educational school combined wlh sound religious training Wthin the evangelical Arylican trathb(m. The information wth respect to Govemors. Dir￿1(￿5. Officets Adbryscffs set out on page5 2 3 fomls t of this r8porL These financial statements also include the resuKs ofthe schwl.sw￿lIYO￿ed subsidiatM, Monklon Combe School Enterprises Limited and Monkton Intemational Limit&J. This reFM)rt and the consolidated financial statements for the ￿ar ended 31 August 2021 rdale to the total aCti￿tieS of the legal entities c(￿b￿6d. Govemanco and Management Govemlng Body The Govemors. all of vknom served throughoul ts yearto 31 ALhJUSt 2021, except where othervAse disclosed, are listed on page 2. Under the rewsed Athles (8dopleJJ 30 November 2018) Govern￿S can serve for up to three lemis of four years. Re¢rultmert. Inductlon and Tralnlng of Govèrnors New Governors are recwited, elected and Y￿uCted usiThJ th8 fotkThing wo¢ess: 1) The skills and exk)8rience required of any wtential rew candHlales are ideniffied aNI agreed. 2) The Sthcd ulilises the sermces of a Professional reuuibnent agent, as ￿11 85 Fts current Govemors and members of the Execulive Leadership Team (ELTI to identsfy and Th)minate Indi￿dUal5 to the ExeuAive Committee for consideration. The Executive Committee reviews the candvJat8s' CVslwFKatKJn fomis a￿1 statemonls of faith and a d￿sknn 15 made in eath case as to thether lo pre￿ed. After an affirmativè deeision. prospective G)vem(￿S are then invlted to meet one or iwo cJJrrenl Govemors and are also offwed the oppothnity for a t(w of the Sthool and to meet mwnbers of Ihe ELT. D8laiL8 of the r￿Thes are TrC￿fied to the Board vAlh a syr¥)psis frryn thè inteN￿WI￿ govemors. After the Board agree to proceed to ap￿IntMent a letter of appcrfnlmenl i5 Wt inviting ihè c8ndidat8 to become a Govemor, together with a pack of informalion on the School and the TespOnsibilit￿S of Govemors. 4} 5) 6)

Monkton Combe School Annual Report of the Governors (contlnued) for the year ended 31 August 2021 7) An Inductic￿ prog￿Nne, taik)r8d to match exh G¢)vernorf8 n86ds. ￿ then established. induding lh8 opporbjnty to shadow a le￿herI￿pIvothar M￿nber of slaff as approwiale and to attend training courses for new Govemors. Eyisting GovttTh)rs are also offered the opprytunty. poriodicalty. to shadow a pupllmember of staff. as above. and to attend rdevanl training courses, summaries of thich are then tirculated to oiher Govemors as part of a wider programme of GoVerr￿N training. Speakers are also ￿￿ted on c¢ca￿on5 to add￿sS the goveming body ￿ tcfi¢s of spg3fic intrt and to dellvw tralnlng In relerdnl areas. suth as safeguarding. 8) Organlsatlonal Managom•nt The Board of Governors. as Ihe chafitls Trustees. is legally responsbi Se for the overall mana9ement and control of the Schod. and meets on a temity bass. CtNnmittees oversee speofic areas of the Schctrjl's operation. These Commltteos act under ddegated wthorityand decAsNJns outsTrda thal aUth￿(ty are ratified by the 8oard. The Exe￿tive and FIna￿e and G8neral Pu￿SeS Committees meet at ￿ast three times a year and th8 Education & Partnership Committees meet three times a year. Th8 Estatgs Developmgnt Committee meets, as required. to review aThJ advise on the School's property assets and ensure that the estat8 is bging used and developed to best advanlage to support crye actiMties over the medium and longer lemi. The Govemors also 8ckncv•Aedge the Governan￿ Code published by Charity Commissi¢)n In 2017. The Govemors have due regard lo thls C(th 8$ well as information prov•Jed by the Assoaation of Goveming Bodies of Independent SdK)ols (AGBIS) 80 as to er￿￿9 thal the 8o¥d d8mon$tratss b8St pra¢ce in relation to its govemance processes. Day to day manag￿ent of the Sdwl is IW to the Exe¢uli & Senior Leadership T&wn$. The ExeGutive Leadership Team c>)mprises: Prlnclpal and Hoad of Senlor School - Chris Wheeler Vice Prin¢ipal- James Goo(Iman 8ur¥ar- Jame5 Kempl H•ad of Prnp School. Catherine Wrthccthbe Dlrector of Peoplo- L8ura Wamer Dlrnctor of Extemal Relatlons- ￿1 Mcl(nkqy The Senlor Lership Teom ¢￿PrISeS. Doputy Head L•arnlng-Joe SKSders Deputy Head Pas¢oral- Rob Youlten Assistant Head Leamlng- w￿l0T1a knand-smith Assistant Head CcCurrf¢ul¥- Rachd GW)w Deputy Hoad Co<Urr1￿1ar- Anna Cooke Asslstant Head - Prep School- ArKlrew Paf￿11 Asslstant H•ad Nursery to Yw 4- Jessica Wliuwoham Deputy Head A¢ad•mlc- J&k Champn8ss Doputy Head T•a¢hor- Engllsh PT- Prep ScKN)l- Jwnes Sertin (wAnted 111 Septembw 2021} Assistant H•ad of Wehre and Tutorfng- Prep S(wl- Beth (appoint￿ 1 September 2021)

Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2021 Employm￿tt Policy The Schrx)l is an equal OPFKYiunitses emtAoyer. Full and fair eonslderation Is given io job aFplicati¢Jns from disabled persons and due e4)nsidefation is given to their tsning arKI emPb￿ent needs. The School has been registered as a schTrS valh a relIgJ￿ dw8Cter by the Deparknenl for Educalion. As such, for cetsin rotes. the School is able to advertise for and appoint stsff vtho have specffic Evangelical Christian failh ihal Is centfal to the ethos and tradition of the School. NotwiihstsndiThJ this. the School values lh8 individual contribution of people wrespecbve of sex. age. marital Status. disabllity, sexual orientation, gender rea￿gnmen( race. ¢(kwr. relKJion. ethThc or naiK1￿1 origin. Arrangements for setiry the remuneration of key management Personnel In assessing the appr(yf￿te remu￿rat￿)n payabletothe Sch(K¥s keymanwent personnel, the Gowno draw upon the ewertise of extem81 professional ad￿SOr$ aryl Ihe information available from benchmarking reports produced for the sir. For the Pufposes of thi% Annual ReporL the Sthool's key management personnel are considered lo be the membws ofthe ELT. Statsment of Govemorn, Responslbllliles The Govemors Ivtho are also directors of Monkton Combe SclYNJl for the Fjwses of ttAnp￿y law) respOns￿le for preparirvJ the Annual ReP(￿t and the finarKial ststements in ￿1rdance applicab￿ law Company18w requlres the Governors to prepare finan(aal statements for each ffinanc￿ year. Under company law the Govemors must not appyove the fman¢ial statements unless they are satisfied that they give a trug and fair view of the stsle of affairs of the charltable company the group and of the incoming resources and application of resources, including the income and expendiiure. of the caritable group for that period. In prepartng these finanual stslements. the ￿¥￿n01$ are rewwed to.. select sultable ￿￿nting pdicw aTrJ then aF¢Ay them &)nslstenty. observe the mèthods and prln¢iples in the Chwilies SORP.. makeludgments and estimates that are rea50Trab￿ and pr￿nt., stste vknether applicable UK alxounting stsndards have been f01h)%￿d, sU￿.0¢t to any material departures disclosed arKI ex￿OIned n the finanual statements., and prepare the financid statements on the gryng concern basis urless it is ￿apprOprIate to presume that the charitable company will continue in business. The GovemoTS are responslble frkeeplng adequate8c￿Mting re¢￿d$1hatare suffidenl to showan(l exp￿in the charilabb company's transxtions. dts¢k3se with reasonable &cU￿Y at any time the financial position of the charitable company and enable them to ensure that the finanaal statements comply with the Companies Act 2006 and the provisions of the charitls constitubon. Theyare also re$ponsbie for safeguarding the assets of the charity and the group ttence taking rea$0￿ble steps for the prnvention aThJ dètecknn of frwd and other irregularslies. So far as eth of Ihe GovemoTS is aware. at the date of approval of this report. th￿8 is no relevant aLbJit inf(￿oI10n of ￿1¢h the charivs auditor is unaware. The Govermrs have taken all the steps that we should have tsken 8s Gover[￿r5 in order to make oursdves avrdre of ary T61eYant autht infcrfmation and to eS￿blIsh that the wxpanls audiws are aware of that ￿fO￿alI0n.

Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2021 STRATEGIC REPORT Ex•eutive Summa￿. Monklon Combe School is Prwd of all it has athiev&J desFrfte the global pandem￿. Monkton is a sthool b)arding and day pupils. The Prep SthcJ (indudiThJ Nursery) catets for 2-13 year olds. The soni￿ Sthool coters for 13-18 year okls. Ow tx)ard¥vJ exFwience combined wth ow Chrislian ethos enables us to know each and every child. supporting th￿r iTrdi¥idual iowrws and helping th&m find thgir way through our academic, ¢(H￿rriCular and past(YJ offering. We are a scho(￿ that thinks drffefenuy in our approach.. we celebrate suttess and failu￿ and adapt and thange th we need to. We inspire wpils to meet our values and model of Ser¥1￿ enables many examples of b￿efiL 1. Objectlvos and aclmd Our Vlslon: MOnktC￿ insFrn young to become ctyjragews. kind arvj amljbous adutts who lfve fulfilling lives Our Mission: Monk1￿ thinks differenuy. We start with a proactive pastoral en￿ronment to develop academically Strong enthusia5ts'c leamers vrilhin a living Christian ethos. Our Valu8s'. Confidence. Integrity. Humlity. Serrice Koy Sirataglc Alm: To define and delivw Monkton as 8 leJing boarding aTrJ day school at all ￿v￿S, regK)nally, nalionally aThJ intemationally. Our Vision and Mission wll be supwted by sector leading educational thinkM)g. awrational environmental stewdrdship. an entre[￿ne￿{1a1 business approach ond a wodd dass site. Goveming body is mirtdfrjl of the need to pmwde publ￿ benefft and of the requirements of Ihe Chafilvas Act 2011. The Govem¢ys have morutored dosdy the guidan￿ on wblic ￿efft produced by the Charity Commission together w￿th its suP￿emental guklan￿ on fee charging and confimis that they have complied Vlilh their dutie5 to have due fegard to INS guid￿. In addition lo its educaticfflal aims. the aims to provide a thar and effective management structuffj. capable of taking b'mely deas1￿S and all(Kaling necessary reSOUTtes appropriaiely. and lo provkle Ihe necessary odministrative and logistic infraslructure to meet the ne&Js of both staff arbj puprfs. Pupil Achiw•ments and pthmance: Audomlc Perfomiance: Des￿le the challenges of the pandem￿. our wpils achiabed the follov•grrfJ results.. GCSES - 2021.. 70.W• of gr&les V•we 7-9 and 88.3% ￿tre 6-9. A Levels 2021 . 83.5% of A ￿1 pupls achieved grades at A"4 as V•pIS a5 continuing the trend that has seen pupils achieve 1 in 5 grades at A" over the last fow years. Duke of Edlnburgh: Another huge sign up for both Bronze and Gold awards this p8sI year. With over 30 pupils in year 12 signing up for Gold arKI over50 in year9for Ponze. These number5 are ccffip8r8bie to some muth bigger schools in the Bath 8rea vthich is great for Monkton DolE. We are c#Jrrenlly FAanning lo run the expeditions as nomial again Ihls year, with the ￿nze heading to Mendip and Co15wolds. and the Golds trainlng in Dartmoor and bèing asseswj in Snothia. We will atso b8 laking the current year 13 Gc4d puplls lo Snowdonia to conthte their weviou4y carKelled assessed expeditK)n. Th¢s means Ihat we wil have o 50 Monklon sixth fomiers getting to the summit of Sno%l¢)n in JunelJuty 2022. Volunteering continues tr) b8 the hardest seeti¢)n to Comp￿. especlally for the t￿)8rd￿$. bul the academl mentor scheme cOntinl￿ lo be a great optKin ts Gokl st￿jents. vthilst w￿unteering wtth animal husbandry In the biology departsngnt 15 a populw Opti￿ at Bronza.

Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2021 Itvms great lo get 16 year 11 pupib out on a CWKing expmlitson 1astJUr￿- thertis￿ as a Gokl training. Ihe 16 pupils had a day Irainlng on a lake near sch¢yJl. before 0)mp￿ting 8 2 day de￿nI of the River Wye. The Students had a very Mem(rtI￿ experience. leamt some essential Drf skills and enjoyed the second day totally remote and independent fr(n aduft supeNsion. This trip ￿11 hoFdully become an regular trip for the year 11 DolE s￿dents each yw. Sport: The retrKn from Covtd I￿kdo￿ in Summer of 2020 led kn a yaar of further di5ruplion to sporL This ￿as the first ￿arat the Prep sth¢x)I for Trhwse ¢Jj￿Ie games foryear 10nd 2 pupils- tlw hod 2 ofthese each w￿k and were led by specIa￿'st PE staff. The introduction ofthe new model of Head's of Sport crossing both schools and leactMrvJ lessC￿S dovm to Ye8r3 4 first appeared ￿ action thi5 ￿. Despite the challenges imwsed by the parKlemic, the players develcped their non-wntsct, touch fugby skllls during Games sessions. Comd re$￿tIOnS mean that only one Rugby match vfas played ￿ tho Mi¢haelmas term - the fonnal was Touch Rugw. Monkton we1Wn￿ Wydiffe sChL￿ for this. For the maMty of the Mthaeknas tsmi. Girls, Hockey a150 trained to lJain in vaiious bubbles. soN￿lmeS Yr group specific ￿ at times 9-10111-13 deperKling C￿ govt. guidanee etc. There were lots of intemal matC￿S played to keep th8 girls competitive and also fwssed on skill development. We managed fixtures for the 1st team against Bath Buccs Ladies 3rds and Clrfion U16A's, and for iho Jnr A's against Clifton College U16B's. In the Lent lemi, a massive team effort proyided online games sessior6 to all wpils from Recepbon lo Y13 on a Y￿ekly basis for e8ch year group. plus rKe-rec(Y￿ ¢C￿le￿I and makFHlay challenges.. 100- mlle ￿0]e-Scho(￿ Challenge over half tsmi; We ￿$0 manageA to offer arKI provide in-person leaching to younger years+key vther pupil& The first half of the Lent twm 4Yas ¢)n￿ne ddibEry for Boys Hcckey and Nelball - Again the focus was on core skills for the younger year groups and game anaI￿lS for the older years and more established players. After haw term. students traird in year gmup l￿bbIeS as retumed to schcrfjl. In the last tsvo ￿￿ekS of term. managed to loin some ye¥ groLPS and play some w)tern81 c(rfnF¢tstsve matth¥. A number of girts and t)yS Flayed Hockey at external (most notsbly Team Bath &Kcaneers and Avon). We h8d a number ofsttKlents 8150 iTbluded in the England Hc¢key PerfO￿anCe Centre T￿nIng out of Bristol. The Summer tem 4was defiv8red a5 nr￿al as posslble thvwout the s￿￿. fiknjres. Sports Days. whole. school triothk>n for Prep. (2tth up hockey fixtures etc were all PToMded. The 1st Xl Crid(ei squad were able tra￿ In kntastic late ￿￿MerWeather for six and played m8iches alnst Clifton. lfjngs Brulon and the Monkton Cardliers as Ihe Summer pressures eased somevA18t and schools grew in confidence regarding the delivery of inter-schtr)I f￿ra$. This allowed a sense of team spirit to develop: some of the squad hadn't ￿Yed f￿ nearty eighteen months. The summer te￿ saw a f8idy full fixture list right through the temi kn U14 to 1st Xl and despite a v￿1 May the 1st Xl played ￿ matches In the term with a couple of Mctories over ￿lor Park arKI Dovmside. A young side picked up valuablg malth play experience which IKyefvlly will see them Flay some sYx)d uicket arKI take full *Jvantsge vknen dominant Frt)sitions under the l&adership of Matty Gatrod. At the National Sthools Rowing Regatta had a boys 8 and a girf5 double. 11 was a very difficult year as we uldnl mix our year groups and it meantwe only got to row as a ¢rew for a few times before racing. The girls missed the chance ofrowng at wt)men's Henley as ofthe cfewhad covid. The boyE Split down Into a quad for Henley Royal regatta but unfortunatdy (Idnl qualify. GB trials wgre cancelled so VKtoria Bro￿￿ mlssed her to represent GB and Wdes in fv summer.

Monkton Combe School Annual Report of the Governors (contlnued) for the year ended 31 August 2021 In Ihe summer tem also ran Summer Leawe Trxkey ￿ a Friday afterno￿ after vthich was supported across the year groups as as lunth time skll develowent sessions throughout the year (vthen in school). We also managed a competitive Ho¢keyfixture in the summer temi betr￿n Bath BUCS U14's and M¢)nkton U14'$. We also managed to hrjd an In Schcd quaffying event for the National SclK)ols Biathkn. y￿th qualifi￿¥ attending the National Schools Final at Bath un￿Er$4ty. Muslc: musi￿1 wtiwtses serkMJsly uJrt8ikd majortty of the academic duè to pandemlc. 47 pupils were entered for Ihe new onfjne mL￿1c e￿n$. Vlith nearly passing V•ith either merit C￿ distinction. We achieved 100% A" grades at A levd. ￿r excdent facilities and cfealive skills allowed us lo present other events, such as our SONG21 woiect. a musical advent calendar and the Card se￿ online. and the Muslc Department haslod the way in devekjping Monkton's li￿streaMIng capakilsbes. In the fwl few dayE of the summer lem we delivered a House &nging Competition and our Longmead cor￿ both on an out(kx)r fesliv81 stage, Invd￿n9 every ngl8 In the senwx s(knol. At the prep sclN)ol all MUSK recilals and concerts ent online. In the up to Christmas. Mr Scott created us a fantasltc Chriskn8s slryJle for the Prep Sthool-'Go Tell the Wortdl" Chikjren from Reception to Year 8 all ￿ayed a part in recording Ihis catchy ne•V number and fell it made the wfect scry lo lum into a charity 8lngleforThe GenesisTrust. Musicexamsweretaken online wth 85% ofpU￿lS achieving a meritordi51inction. In addillon a year 8 pupil was offered a place at the Royal Welsh College Junior Conservatoire advanced course. Wejoined W￿th the serllor sdwl frff the Longmead fmal 8¥ent of the year. Drnm: At the Senw)r Sd￿11 m¢yJnted full SIK)￿ COVID Lxmpliant. A Christmas In Decemttr 2020, and Ihe Dr￿￿0 Eff￿1 in Junè 2021. Students also took sFe￿h & Drama exams in person, and we rdn Infom1￿ Perfomiartces in larger %￿U8s outd(M)rs, as wdl as a MC￿kt0n Mid4omewt complete judges artd feedbadt, because thg fesliwal vras Car￿elled. For A Christmas Carol, we wt)rked wrth the Art Depwtrnenl and A leNEI sludents made ¢￿￿rne and seL We had four students ￿e$S￿l n appkations to the Nationd Youth Theatre: b¥0 for Acting and ft Backstage. At th8 Prep we Stag￿ an outdclir nativty 'SiEent Night. using the bdrop of Hation as the stsge set. This involved all pupils frcrfn years 14 and was fikned for parents to enjoy. Year 6 put on Tre three trees, based upon tho Easter story in lust three ￿￿kS in the lead up lo Easter. Year 7 sla9ed their show'Hagbane's Doom, Ihat had been Fdanned lo be staged live just as the sch)ol thsed at the start of the pandemic. This was rew0￿ed atKI filmed. Thg fina year 8 prodLKtw of the yew was'The Pirates of the Curry Bean,. This was not without its ups and downs and unfortunatety this also had lo be live Stream￿ due kj risiro levels of COVID al iha prep school in the final MEek of tem. Trlps: Trlps over the last 18 months have been notsLty by Ihe pand￿1c, IN)￿Ver are VDrking hard to retum to a rnore nomial ac£demk Lgndscape. Rec￿1 a¢adern￿ trips the &ology and Geography field trtps. Co-cvrricular trips i￿ude Duke of Edinburgh 12mp¥J and expedibons {th8 Senior Schwl camped al prep schts)111 and online theatre ttps. CCF and Year 9 mana&*d a of days residential activity camps at the end of the gjmmtt tem bul It was too difficult to ha¥E any residential lrips away from our own s6te ovemKJhL Social events: Fidd days V•we abte to conttywe during the Pandem￿ Ihe vth)le schcol made the most of our outdoor spaces under the'wthj Monkton. banner. These sp￿e¥ prwded a myrk?d ofopportunities for pupils engaging in CCF actiwties. conservation prr48cts. gardenlr¥J aThJ bulldirvJ as well as ouidoor ad￿tion based Én tsjr boat club at the tknd8s Aql￿d￿

Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2021 . Adaptlng to the COVID Pandemk Frcm the very first day of the eriforced sc41ool dowrg N) March 2020. PAonkton was r￿1 onty delivgring a full te¥hing prograrnme online. providing pastoral 5UPF(Yt and importantCtKu￿uIar activities to ensure our pupils, well-being and experiorKe Nvas as P￿ltI¥8 as possible. Th[5 hekj Irue for the academic year 2020- 21 thich saw ty￿ furiher k)ckd¢y•W)s ￿ Nownber and January we had to MO￿ back to onlino provision. Particular support was put in ￿ for ¢)verse8s boarders those travel arrangements were made extremely challenging. ProwsK)n wras put in fv over several of the hOl￿aYs for students to remain at scho If needed. The Graduate TeachirYJ A￿st8Thts Joined wilh the Medicd team to provide regular tesbn9 for th8 whole school commuw. ThroUg￿JIthe Pand￿niCther6were remewsand adjustrnenls made to the prowsion for and support of SI￿dents based on the hxal ￿l￿al￿)n and national guthr￿e. The Princpal maiTrtained Tegular and ¢yn ¢ommurMca1i￿ ￿1th all wents staff thr￿h(￿L C. School A¢hlevements and perforn￿: Publlc L¢¢turns: Fdlowng gO￿nment guKlartt durlng thè coronawrus pand8mi& ewits and w￿liC lectures ￿tre limited September 2020 to Aug 2021. The SeTr￿N School's MonkIc￿ Leclure programmè (designed for sixth fomi PUFxls. aimiryj to enlighten. inspire. and motivate pw)ils by presenliry leaders and experts in thelr fiek1s) wt ahead via GO(3￿ Meet In January 2021 Andy Parsons, our local Green￿at£ representatfve. Andy gave an inforfflative and wispiring lecture a￿ul dimale change and a full progrdmme of live Monkton Lectures Wds organised for the folkmng scholath year. Thts includes talks from Dr Angelina Osbome, Historian speoalising in Bribsh history, Sue Ch￿. awarrl winning author 8ntl illustrator; Aex Hibbert. Polar Explw and AnLJ Omidew, fom)ercrtyninal barrister & award wnning choir director. Our annual Knight Lecture was given by OK4 Bernard Comwdl. ￿ry)￿d rwtt)Ymed auth￿ best knowm for the shal￿ Books. At the Prep, pupils wptcomed Julie EthhBTds to SW ow t¥ealive WTrbng and FranfJ)Is Louw. Intemation81 rugby star. Capltsl ProJgGts: In order to SUP￿the Sch￿r$ otiectives and to enat4e the conlinued pursuitof excellence, induding Ihe reo¥uitrnent and retention of quality staff and pupils, the Govemors agreed to the next steps in the Sthool's Strateg￿ esLes c•tal projects FKogramme Total expendthre on capital projects during the year was £2.9m 12020.. £1.3ml. This expenditure induded Farm Boarding house refurtishmen( the Inner Quad development and Longmead Pavilv)n reslor81ion al Ihe SenK)r S¢hoc4 aTrJ access. dining hall and changing r¢)om refurbrthmfflts al the Prep Sthcwjl. Pross and medla: We were incredibly proud ￿ffien c￿e of our inspirational teachers. Rathd Glasgow. was selected from thousands of nominations as one of102 Pearson National TeaclHng SilverAwdrd winners acro55 the county. Rathel was hOn￿red wilh a Si￿r Award in The Avrard for Teacher of the Year in a Secondary School for her outstanding crmmitment to thanging the fves of the at Monkton. Rachel has now been shortlisled to wn one ofjust 15 Gold Awards. with the to be announced on The One Show on the BBC tn November. We V￿re delighted to haNE been annourK&J as the v&inrer of the Best work BSA'Cth Board. Inibative avtard al the annu￿ BoaTding School Association (8SA) Awards. We were also delightsd to t induded in the Tatler SclKols GuKle for the third ￿nSe￿jt￿e Jear. concluding its review with 'The dynamism is Igd by Chris Wheeler, whom parents describe as a '¢harismati¢ indw¢dual with seeminyly boundless energy.. The students are equally satisfied saying What I IDve most about Monkton Is the strong communty bond that ha- no is left cAJr. M￿kt￿ VAS 8180 thisted the Best New s￿K￿ lThliative in the Indep￿nt Schod Parent Awards. Inspectlon8: The Irth[￿dent Sth(M)Is Insp￿te (ISI) dKI noi c8fry any ￿Sp￿tIO￿ this year du8 10 COVID. We are anticapating a ¢))m￿lance Inspecti￿ In the year at MPS. io

Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2021 Flnanclal and E8tats managom•n¢: ethcd in the finaThxl reixrt Monklon has h•J to carefulty manage its firbances during this ts)ntinwJ peri(fvJ of Cowd-19. This vras the Sec￿ acmic year affected by pandemic and Monkton did see a reduction in pupil roll. The unpredthNe cirwnskn8s also caused thallenges for our parents and we Nyked ¢bsely with parents were experiemng financial difficulti¢s. In the previous year Several families aLso donated to $upp)rtthos8 vho y￿re struggling financially and we'd like to thank them forthis generous SUFWt. Ajorgside the educalional prowsM)n. were able to keep rèasonable momentum ￿th the estste projects induding Fann House f￿￿VatI)n$ al the Senlor School 8nd the thanging rooms. dining rooms and outdoor sp￿S at the Prq).S¢hool. We also renovaw the inner quad and sports pa￿lIon at the Senior S(*b)d as a of fuThJraisirKJ efforts (see secl#)n Fk D. Publ1¢ Ban•fft The School is committe(I lo promding public benefft In accordance chm law and the objects ststed in the Seh¢)ol's MemorandLNn and Arbdes ofA8sooation. Therefore. our wbllc benefft intstives continue to be directed at the promotim of education, W￿uding the avrard of bursaries tn cases of finanaal need. The

vemors set osde a Fryorbon of the School's unreslricled funds eath year to F￿0vIde for stholarships and bursarfes to support the education of a rarvje of p￿1]S in which emphasis ks place(1 on an assessment of finarKial means and ability to pay. This yw the S¢hcd ￿rded £1.7m I2￿20." £1.8ml of scholarships, bursartes and other fee remissIc￿S bthich is 11.5% (2020.. 11.6%) of gross fee inc¥)me. S¢holarshlp8: SchcAwthips are a￿￿rded at the Senk Prep Schools based on aGadern￿ achlevemenl and achievement in other specified fields. suth as Sp￿ts and Mus￿. in scknlarship ex8minalws sel by Schools. The value of Ihe award rnay be further ncreased via application fora maans tested ￿tsary. Bursarl•s: ￿r$a[h¢S FThide financial support to wpils vknose families ¢anrKJI afford private education, induding clergy and missionaryfamilies. Applicalh)ns for bur&ies 8R Considered by the Bursarand Principal. behalf of the Govemors. and a￿ awarded based on the fina￿la1 circumstan￿$ of the applicant. AJI bursaries are means tested arKI remewed annu811y. The￿ is 8 smatl number of en(lowmenl and restricted fijnds which prowde bursaries to enoble pupils vAK meet certaln specified criteria to come lo Monkton who wwld olherwise be unable to do YAJ. on ffina￿al gr(Kwth. A limited number of I￿r$arleS arg also offer&1 eath year CArt of School fwvts, vith ts level of assistance offered being means testetl and dep￿dent on comFAetion and assessment of a full confidential slatement of ffinancial Gircumstances. There is no fixed limit to the level of ￿lstsr￿ prowded in any single case, although the School monitorsthe total offered in 8nyone year, taking accountofthe resowces available. Priorfty is gwen to chiklren of Clergy or misshjnaries in line vith the Srthod's c&jects or where special arcumstsnce5 give rise to a part￿larfy deSe￿r￿j case. Othor Fw Romlsslons.. Th Sdwl conlinues to offw fee remissions to a of specific categories of wpils suth as ￿blingS. chiklren of HM Forces personnel (in addition to the MOD'S ovm Continuity of Education Allowance) and children of stsff. The efficacy of these schemes for meetiro 0￿"eCtiveS 1$ kept under regular review. Royal Sprlngboard Foundatlon: Kknrthton Is to bg a p¥ther of thg Ro￿1 sprin￿)08rd Founda￿￿ io off8r a full boarding posilion to at least disa(fvantaged pupil is free al the w)int of delNgry. Monkton works wth RSF to find a pupil that vrtll thrNe. Ths has ￿$0 encoLwed dwations to support these pupils. In ademic year 202Ck21 we had Spriryboarders at the School. Othw Publlc Benefft Inltlaflvos: In addilion to the awwd of Ixrnries and partnarSh￿ with ROYBI Naltonal Springboard, the SthrA engages in many OtheracU￿beS that promde benefit to the public. within the School's objectlves. The Govemors attach great impytarKe io the Schod's relationship wth the l¢xal community arKI actively seek Wa￿ in which the Scws fa￿￿{18S arKJ exwbse Can be used for the public ben8fiL li

Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2021 i) Actfvitlos aim•d at Inculc•ting a d￿lre in our pupils to contribut0 to the wldff ¢orMiunlty In ad(lition to the rKJnnal edivtiona prov[￿(￿. the School awns to incukaie a desire in ow pupils to contribute to the wider community. Monkton pupils in all year grovps takepart in a r8ng8 of actiwt+es that encourage them to be good citizens and to give charitably in accordance wlh Ihe Schthjl's published mtssK)n and values. Despite the pandemic, Monkkn pupils and staff raised over £11.500 for ¢)ver 6 different charitie$ as well as maklng donèirons of both books and fcmxl items, all as part ofa vide range of initiatives led by the ￿ole school pupil Giwng Committee. ￿)fiktOn has committed tr) a loroer temi partnership wth Genesis Trust in Bath. and pupils have benefited fr(Mn tslks and events organ￿d byGen￿S to help raise awareness and understanding. Monkton partnered with a growng rKRnber of kxal primary aThJ secorthyary soknols. as wel as engaging with a diverse rarrfJe of Irxal and intemational thwibes. 11) Actlvllles enthllng chlldr•n and young people who Jrn nol puplls at Monkton to benefft from our facllltlgs Children and young people vkn are not pupits al the have also been at4e to b￿￿fit from the Schoofs facilities in followry ways: Minis Muc&ers HolKlayCamps. National Lifeguard1ngtt￿9es. Svam Tea¢kn e>yJrses. Flus other chilthen's aclimly courses wn t1￿0￿gh the schcd holidays. Swim School enables app￿0x. 4S) thildren a Y￿ek to kam to swim orio improvg th&r svAnmirKJ skills. In addition to Ihis. yivate swmming lessons and intensive swimming lessons ern alxi available. Turue tots also have the poc4 for baby swimming lessons. Local ￿h0O15 and olher community group Ltse of F(x)I wKluding ￿Mbe t)0￿ Prlmary who hold lessons in C￿r pool. Team Bath aquasulis and TB s￿rOT￿sed swmmers train in our pool. Combe Dovm Primary SchocA 8tso uses the Prep Schoc4 playing fieth and Astro induding using11 for their Sports Day. Thi% offer is now open to cmjr parlnw thls. Music centr8 is let out to a variety of local groups. Ch8fitles and Church Groups make use ofthe Sthoc4 faciblies dwlng the summ8f- this V•gS 8 fum programme II¥s 5urnrner ¢kn lo Covid. English hockey courses inthding 8ath Bucc'$ Kft13 Courses are hehy * MonktorL BirthdaY"pO￿ parties. 8vai18ble to the local Community. The School continues to ftJrKI an education for a child in care Mthich is free at the point of delivery supported byjolnt partnership betw the sch(x)l and her I￿1 autt)ority. The SchLK)I wo￿$ with Royd National SprwtKJard pupms from disadvantaged or vulnerabla situations as fiJll boarders. We ran a six week rowing experience pr¢)Jramme Combe tkrdffl Primary School pwils for the second year running. We ralsed funds forarbj delred 8 community coc&ing proi&tdurrKJ the pandemlc. reuJrdYJ slmp cooking videos and distnbuting them. akry rye&nts. to bcal p¥ents of Y{￿ng children were struggling to make ends meeL We woduced short video ttrtoriaLs. ￿ryth resource pth. for young offenders to use with tWr case wcrfkers duriry Ihe pandemic. as part of a deveb)p¥vJ part￿TshiP ilh Bath Y(xth Offending Service. We began a new partnership with Cen Minds Active. allo￿ng t￿} to use facilities at Dundas for wild swimming various community groups. The agreement is Ihat they use tt for Gharitsble purp)ses free of Charge. Monkton hosted an online collaborative muslc prciect thwing l¢xkO)wYt called Lock Rock, thav+ing on the skills and expertise of our MUS￿ Departsnent We hosted and led the Bath stud￿ Partiam￿t initiative at Monkton In the summer tem), tfflnging 3elher a range of independent arKi slate sch)ois to pkn fora fL￿al kunth of a Bath-wide pupil.led initiative. 12

Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2021 111) Oth•r communty use s￿￿01.8 facdlties are abo made avallable ￿ ￿81 resldents ￿ other ways s￿h as: Sports club- around 480 active memtws frcrfn the I￿al commLftity. Personal fthess training and strength conthbMing coathing 15 aL%o available. Local groups hire the Knight sP￿s Centre for a variety of acbvities such as urcuit trainin9, youth basketball. youth football. frI￿d$. fve a wde. L￿al wps aL80 hire the (wket pitches and nets for matthes and training.. and Ihè artfftial bJrf ￿S for hwkey toumaments. Swin Slots are available to kol primary sch¢x)ts use the School's swmmiNJ pcd at a greatly d￿￿Trted rate. Thts yew we hosted h¥0 freè sesstons for PLpil$ fr￿ St Martin's Garden prtmary School as part of an onwrKJ pathers￿P rda11¢￿ShIp. Ilales, aquafit, hyjrofit and stretch and t(M)e aNI da￿e dasses are hdd In the Clarke Swirnming Centre. Local clubs are invited io part￿Ipate in a series of rowing rae£s and the SclKM)I's Trouse regatta" Is open to dl 8$ sE￿￿10rS. R￿lrIg sessw)ns for Okt Monklonians have aso been hostsd at the School. Alowing the l¢xal oynmunty to use car pthing I￿lIt￿e$ ts ¥ilkge events. thus re¢kning coruestion on the vi118ge streets. The School has maintained a successful mu11-b￿ shariThJ ajreement ￿[h Freshford primary school and Sl Michael's ChU￿h Wh￿ wll enab￿theM to use mOnkt￿ minibuses fortrips and sports fixtures. We also loaned minfouses and vdunleer drivers townsley ￿lMary Sthool kn support their school trip to a loc￿ farm. The sch￿)1 continues to make an indoor Sp￿ avallabk to Fre¥hford Primary SchLX)I for storlng Ihelr go-karts durlng the wnter. Monkltsn shares actess to an ￿$ne parent arKI pupil Supp￿ ￿lled Teen Tips as part of an ongoing partr￿l￿p rdationship between the ￿c￿S. Iv> Activiti￿ vAth other In¢ld•nt•l b￿•fitS that are dwltable The SCI￿01 engages with a variety ofolher &li441ies that. ththilsi n￿desIgned io be diredycharftsble, do hav8 a positive benefiifor the Ic￿1 area. Some exarnples are wovtsj below. A nU￿e$, cfflference is hosted al ￿)nkI(￿ once a year for local nurnes. Monk1￿ now roulinely open$ up in-l￿1$e first aid and wofessional coathing trainlrthj to I￿81 parknei schools and organisations, invtting staff to take part at a subsidised rate Work experience Opp￿11￿$ we provhjed a(¥oss both thè SthxA and swrts dub for local thildrenlstudents. Inducti¢￿ and training of18achers and ECTS. re<￿￿g th8 ￿5ttr) the stste. Dysloxia arKI special needs owsion al both Prep and Sen1￿ Soool. NVQ training courses are provided formonkion empbyees, bUtal0￿7rwj acc8s$tothe trakning byother kJco1 emFAoytts by arrarvJemenL The local community are inviied to the Sch(K)fs drama ￿0d￿tionS, alth)ugh thks was not possible during the patKlemic. Monkton is A Rocha UK'S fi￿t sch>)I to be a Partner in Ac1K￿. This M￿n$ ￿ continue to with A Rocha towards a series of ￿nSembL￿ goals. This yEar these have Nlcluded reg￿eration of the Mill Field site, 8nd ￿)n￿derable tregtyanting efforts (m the gte whtch PLpls have been fortunate to be invc4ved in. We have developed a fomial parknerslwp arrarrfJement Genesis Trust In Bath, worting them on funth8lsThw eV￿ts as as raisiTrJ and educa11￿ opr*knities our putAIs. 13

Monkton Combe School Annual Report ofthe Governors (contlnued) for the year ended 31 August 2021 L Future Plans The School's Strateg￿ deveb)pment and planning review is a live and dynamic exercise %thich f￿u$89 on educational Improvements. bu￿ne$S PerfO￿lanCe and estate5 developrnent. Key points from of thes8J ee areas are as follovB: 1. The Education plan A community committed lo self-knowfeOJe vthing together wlh faith as ils comerslone. aKvays as￿n9 questions, evalualing progress. aCkn￿edgIng failure. celebrating SLfLess. ar￿ making Im￿l¢ll1Y taught skills and charactistics explicAt b. A distinctNely proactive pastoral approach. wilh a commilment lo enhancir¥J the bOard￿g experience. ensuring our thild￿n leam in a safe a￿1 enjoyable environment c. Academic develop¥nènl that eonsistenuy adds value across a diverse range of disci￿lneS. aiming for ￿dI￿dua1S vtho athieve hi￿lY, evaluated against their own past performar d. A co-curricular programme hich offers both breadth and quality of opportunity. enhanclng indiwdual strengths, ensuring ex￿lIent piogres5 and developiThJ specialist achievements Strong use of technology lo enhance learning. aiming to er￿ourage all pupils to make thoughtful decisi¢xts aTrJ 8 heathy re181ionship V+ith technc4ogy 2. The 8uslnoss plan a. Well rewarded. effecbvety working. e￿i￿lly deployed. highly trained. sijfficienuy mobile and fulfilled staff supported by clear management stnJcture5. regular ongoing self-reflecbon and continuous feedback b. Agrowing fe& revenue maintsined al a suslainabte and affordable level. f￿￿$Sing on boardir@ numbers 8nd, over time. quality, capacity and b￿ance of provision c. A clear fee strategy YA)ich enu)urdges t*)arding growth V+ith largeted fee remission thich delivers value lo full fee paying parents and gNes a￿$$ to Monkton for high perfoming pupils. families working in Christian Msrustry andlor those would otherwtse be Unab￿ tr) afford independent schoding d. Extra revenue thr(yJgh development funds from alumni. parents and the wider communty developing fevenue streams frMI increasingly innovative commercial activiti'es Strategic mergers additional prepl pre-prep settings f. Seeking inlematKJnal opporbjniliès to hit the agreed tsrgets of Monkton Inlemalsonal 3. The Estates plan a. High quality facilslies n support of the atx)ve delivered thro(￿. Regular investment lo upgrade existing facilities, gr0￿r￿j b0￿dIng capacity %thi151 taknng a measured approach lo new laalities Rdling lorwj lemi Eslales Plan lo add￿$5 major developynent issues Published. planned ￿te improNEment projects to address both functional aTh aesthetic weaknesses An overall ambtbon that all areas of the ￿h0o1 inspire the delivery of our education and bu￿neSS plan5 ensuriThJ every employee is comfortable shtiwng any visitor to any part of the school. 14

Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2021 F. Financlal Rwlv•• A summary of the ffinancial resuifs lor the perKKI Is sel out in the ojnsoldated staiemenl of financAI 8cliviUes on p8ge 24 of ihe financial statements. Feg inwme. after scholarshijs and bursaiies. totaled £12.746.017 (2020 - £13.314,889}. Scholarships. bursaries, remiss¢ons and othergrants made to puprfs amounted to £1.934.98412020 - £1.792.36S). At 15.2% 12020.. 13.5Y•) of gross fees. Ihese remissions represent a swJnifThnt investrnent by th6 School in me&ting ts charitable objectNes and pro¥iding public benefL Tcrtal incoming resources of £15.197.021 {2020 £15,589,817- as restaledl are after donatN)ns receNed of £307,219 (2020.. £317.9991 and akn a￿gainS on disposal of fixed assets of £727.64112020.. £212.028). Total resources exp8nded decreased lo £14,629,83612020 -£15.008.47n. wrth an overalt I￿Se in funds of £1,010,522 12020 - £905.160), and effective management of the Schc¥)fs Work1￿ capltal lo fund Capital projects during the year. the Group baL8n￿ sheet as at 31 ￿￿U51 2021 shows nel current liabilities at £2,543.801 (2020.. £1,099,139} and an increase in totsl net asset b8￿nce to £25.149.464 from a prior year total of £24,138.942. Llke many Sch￿S. the Sc1K￿l ernls the year With a net liabih.t1￿ fvjure. The Mov￿en1 in fixgj assets duriTr3 the ypar are set (yjt in Note 10 to the finanual slatements. Th8 Scho SP8nt £2,915,333 12020.. £1,273,322) on fixed assets. irKludiNJ the refijthshment of puiNI boardlThJ accommodalioll and further develowment at the Prep School. Inv•stment Pollcy The Sch¢)ol's investment strategy, poI￿Y and investment perfmancg is monhored by the Finance & General Purposes Committee. The inve5th1ents are managed wthin a strategy tsrgets long term c8pitsI growth from investsnenls wth a mpjjium risk. In reviwng the performance of the investrnents during 2020121, the Govemors note that the capital gain of 17.1% on the prior year irwestmenl balance of £2,898.469 exce￿8 the gain seen in the FTSE 100 durfng ￿ same In 2021r22 the School wll be reviwng its investment policies and funds to en￿r0 Ihat they reman apFwiate to the kng tem needs of the Scho￿. The invesknenl$ arKI gains for the sear w be anatysed as follows: Valu• Capltal 88111￿ Gifford Mana ed Fund 88111￿ Gifford Strale ic Bond Fund Cash held b Investmenr Man Total 421919 71,298 2,319 495.536 2,319 The Sctrthl r￿￿¥¢d investment in)m8 cI£52,19912020.. £50.6071 tr£￿ ttwe fvnd8. Al the balance 8heet date, unre5tricled furth of thg Group iolaw £22,$88.904 (2020 - £21.952.1811. Unrestricled fvnds are committed to the fixed assets which are the operating assets of the Sd)ool. Notes 17 and 18 to the fwncial statements sel out an analysis of the assets attribuith to the various funds and dewiplion of the funds. The focus of the GovemoFS in rel8t)n to the le4d of ￿re5￿ted reseThes feqLNred is on V•Dthlng c¥tsl liquidity. With a yearnd cash fNJure of £2.646.318 (2020 £2.042.316), unrestrided investments of £1,396,775 {2020'. £1.192.841}, the Govémors are satksfied that the School has SUffic￿t financing av*lable to meet its working capital and investment requirements in during the 2￿2112022 financial year. 15

Monkton Combe School Annual Report of the Governors (contlnued) for the year ended 31 August 2021 The School's reserbes polw is to hold a minimum balance CA £1m of 1K1￿d unre8tfKted funds {cash and investmantsl throughout the fin8n(#al year. This levd of funds has delemiined through an assessment of the financ4al rtsks Ihe Schod manages (induding In relation to its borrowng and day to day operation requirements} arKI Is a level vthich is regularly assess￿ by the (>)vernors. As at the 31 August 2021 the School had mel this target reserves thl. HOW￿r. the year￿d level ol'free. reseNes as an Immed￿18 measure of liquhlity lo cover unexpected payments was negative at £1.510.357 {2020'. £173,899 negative}. It is expected Ihal this negalivg figure will be co￿ed by athjthnal borrthtyiThJ or by requesting a bank overdraft facilty. wrth regards to the restricted and endoTnent fund$ hebj by the &hool, these end the year at £2,560,560 12020.. £2.186.7611 and are principaly heky within the Sc￿￿'s investment portfolio. Fundralslng The School feceived £307,219 {2020". £317.939) in income from donations. gifts and legacies during the year. The School re¢Tuited a Director of Extemal Relations in May 2020 is half-wrdy through delivering a year fundraising strategy to evclve the School's fundraising xtNity. Wth regards to the additional dsdowres rda1¥￿ kn furKlraisirKJ are reqimred under the Charib8S IProtecli¢xL and SoLaal Investsnentl Act 2016. rewi that Thg SchoJfs fundraising activities are focussed primarily on tfvjse indNiduals and familyes ck)se connected to the le.g. parents. alumni or other rdations) and InLsI furKls whose objectNes are ck)sely aligned lo those of the Sch￿&1. In addition lo empbyees of the sch￿.$ Devebpmert Team. the Sch(x)l also has a Devebpment Board of Volwteers. Chaired by a tsjvrent Govemor. We have not r8¢%Ned any coM￿alnI$ regarding our fvndralSw￿ actswbes. AJI staff involved wlh fundraising are asked lo have due regard to the vray In whkh they cary out lundraising acti￿tieS associated with the Sch￿1 lo ensure that￿￿ protect member5 ofthe public from behaviour wh￿h represents an unreasonable intrusion on a person's privacy,. is unreasonably persbstent or wh￿h Fdaces uThJue wessure on a person to give money or other propety. The School is registered with Ihe Fundraising ReguL4tor and adheres to the code of fuTrlratsiThJ practice. The School has a FUndrai￿ng and Rec(wJnition Policy in ￿aCe to support thls best practice. The School's fundraising ￿t￿￿"eS are overseen by the GOVerr￿￿ Ihr(wh the Exe<yJtive Committae. The Director of Extemal Relations 15 line managed by the SthcK)I's PrirKipal. G. SKtlon 172111 statwn¢nt- Stak•hold•r Engag•rngnt The GOVerr￿ have ￿ted in y￿1h their duties Lzdifi￿ in law. thich indude their duty lo in the way in vthich they tsMsKter. in good f8llh, woukj be most likely to promote the success of ihe School for the benefit of its members as a VI￿18, haying ryd to the stakekK4ders )d matters sei out in section 172{1) of the Companles Act 2006. In dischwwng their dubes atK)ve. the Govemors carelulty c(ffisid8r. ￿ty￿j$1 other matters. the impact ¢)n and interest of other stakeholders in the School and factor these into their &isK)n4n8king rttess. Boarding and day pupli s alike benefrtfrryn the Sthoofs exceNenl pastoral provtsion with staff plac4ng as rn￿h importan¢e ¢)n PUp￿s. dl-round Person￿ development as they do on acaJemK Fryress. The School re￿JniseS that the qualittes. skils and commitrnmt of ts empbyge5 pky a major ro￿ in the School's su￿8$5. Regular bl￿fing$, in person and online keep staff infomied of Sthy)l-wde developments. and wd8-ranging employee benefits enhar￿ their qualty of life. We eA)ntinue to fwjs on wde ranging opp¢ytunities for personal and professional ¢velopment for all our staff abor¥J with a continued focus on staff wdlbeing including a greater on equality. dNeNty and irtIus￿ th8 coming year.

Monkton Combe School Annual Report of the Governors (contlnued) for the year ended 31 August 2021 Parents The School recognlses the many b8neffts of engaging with parents and has reimagined its communlcath)ns th parents over the past tr￿1Ve months. The continued use of digital innovations such as streaming live aTh recorded audio-visual events as wpll as the trlilional WTttten w)rd has enabled us to keep in ￿1th p8rents throughcmjt ihe many of the pandemK. Com The Sch¢Jol is proud of its F&ce in Ihe ￿1 ¢onMmLMNty oThJ c￿XiouS that it has a ￿ni￿nty ben8ficlal Impact on the local economy and on cultural knfe. reenhou Gas GHG and en During Ihe year. the School has continued to iM￿eMent changes and improVe￿ts in energy eff￿18t￿Y and enwronment81 acttons auoss the estate. using the Energy Samng opp￿ltieS (ESOS Phase 21 energy svrveys #s its basis. This Induded repla¢iTrJ lighth)g vAthin the toardirvJ hcxtses7•aih ewy-effioenl LED IvJhting. This replacement programme has also extended lo a￿dem￿ buildings and will progress during next academic yoar. In additi￿. we have re-assfjs￿ the aTKI mainlenaTr2 programme for existirrfJ h8ating Installations. providing Imwoved l(xal control an increawj level of energy moThtoring across the estate. We continue to V￿rk hard to Increase stsff awareness across the School t#)th in tern￿ of energy usage. bwdsla and enmronmentsl g(MxI practice. We continue to Monit￿ Ihe use of buildings. Oue to Ihe COVID p8ndemic. on-sts apwat?ns or the last year haNp begn ￿￿￿ced with virtual, functK>ning during the loc&down wod. The in(¥eased lo￿1 of wyking fr¢￿ Fh)me SVJnif￿n1IY redLKed the need for ommuling. 11 was deoyded to use totsl n￿ber of pu￿15 as the Int•nslty rntbo. The resullirKJ intensity ratio of tC02e per numbw of pupils will best rel￿1 tanges in operation and en￿gY &Y￿UMPbtyl over time. We have used the financlal control appro￿ as the orwisal•)nal t￿J￿Isry. Whilst we recognise that we have the option to exdude fr(￿n our report any energy and CarbC￿ Information relating lo a SUb￿diary which the gjbsidiarywoukl not itselfbeoblNJed to indLMJe ifrewbng on itsown account, e have decided not to exercise this opti￿. Energy and carbon information bknfore indudes that of M￿klon Combe School Enterprises Ltd, company number 03588426 Iwthich operatss the swmmir¥J pool al the Sp￿ centre al the Prep School Site). The methoddogy we have used is The GHG Prot￿01 Corporate A¢eJ)untlng and Rewrting Standard. W& have follo￿d the 2013 UK (>)NwNnent Environmental Reporbn9 Guidelines {wlaled Mwch 20191. We have used the 2021 UK GoverNn8rfs Conrsion Fxtrws for C￿nPanY Reporting. Thg energy efficw narrdtive meth(xS)hgy has been created based cffi en￿ management best practKo. We have measured scope 1 2 emissM)ns and Induded scope 3 emissb)ns related to emplo use oftheir own veh￿b&s. whern they claim miwe alkhVa￿ ('grey119gt'}. 17

Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2021 En and C rf>on Ca on vlty IC02e %¢rfto %oftot •mlgglon Scope 1 Natutsl gas Vehrdè floÈt total 1,252.52 21.61 1274.13 27% 1 4,802,074 1.38% 115.422 01.66% 4￿17￿96 72.24% 2.2P 74.51% 91.219 6,929,601 27.77 910.73 ¢Ari(ity 18.24% 1 1.327.&)S I ￿.52 1824% 1.317.605 25.32% 2532% 1.340A10 Gry fleet sU￿t0￿1 6.572 6.5n 0.10% 0.10% 8.2 0.17% 1.62 2.05 Total ¢onsurrWlon 8,27Q6 1.560.37 100AO% 8253.36Y 1222.30 100.1)0% M•trk used: 14umber ol puplls Intensltyfatlo: 718 tonn•s of C02• per Numb•r d pwll 1.70 H. Suhldlary Companlos Mt)nkton Combe School Entorwlw Ild The SchcK)fs wholly-owned trading subsidiary. Monkton Cc¥nbe School Enterprises Ltd, carries oul ncm. Charitab￿ trading acliviltes for the Schc(A. The company has rnade a gift aid Pa￿nent of £50.944 {2020'. £55,441) lo the School. thereby transferring all its taxat4e profits to Ihe School. The Schcrf)I has made an interesl&e8ring loan to the subsidkgry. secured on the assets ol the subsidrary. This amounted lo £311.5th) 12020 - £311.5C#)l at the peric&. Thè yjbsithary a160 the Sch￿1 £427.119 at 31 Augusi 2021 (2020: £297.079>. Monkton Internatlonal Ltd The S¢hocA is 8 100% sha￿hOlder in Ihis company set up tr) undertake Ihe intematitinal strategy of Monkton Combe School. The eompany had no income in the year an(1 inCu￿ed Costs of £2.14512020: £7.5991 In relalion to legal and Pfofesgon81 fees. These were paid by Ihe School. The company was incorporated on 18th January 2017 and was dormant until 31* August 2018. The subs#Jiary alw the School £10.632 at 31 August 2021 (2020- £8,720).

Monkton Combe School Annual Report of the Governors (continued) for the year ended 31 August 2021 Rlsk Managorn•nt The Gover￿￿$ give considwation to the Ma1￿ risks to wthich the Sch)d arKI its subshyiary are exposed. Processes have been established to identify. evaluate and mormtor major sts8Ieg￿. txjsiness and operational sks and to miligate these where possible. and prO￿UreS 8nd contingerty rlans are impb8mentsd to minimise any potential impact on th8 Schc(4 the Gro￿ sh)uld any of Ihose risks malerialise. Prlrtclpal Rlsks and Un￿rtaIn￿•S Through Ihe above protssses. the Governors are satisfied ihat the major risks identrfièd have been. ar￿ are continuing to be, adequately addressed. th appropriate conlmls put in pL9ce to M￿gate them and contingency plans where necessary. These risks Ir￿lude ￿n￿lance borrowing ts)venants and ensurfng that the &hool 8ddresses all of the requirements of Health & Safely bjislation. emplownent law and its regLtlators. Including tho IndepeThknl Schools Irw)edornte and Charity Commission. Thg Govemors reGognise that the COMD pandemlc. dedared by ts WHO as a pandemic on 11th March 2020, posed a risk to the School. especially following HM Govemmenys instruction that all schods Sh¢￿Id ckjse their buildirrfJs from 41h January 2021 until 8th March 2021. The financial implications for the Sthcrf)I were ￿gnifi¢8nL The nvmbgr of employees lud(yJghed r6ach6d 180 {$4Yo of the workforcel- mostly r￿r￿teaChlr4j support catsring staff and the amount of fvrlough inwme received from HMRC befv￿n Aprd 2020 and Jung 2021 vras £879.S47. Conversety. the fees for the Lent Term 2021 were discounted and reduced by £264.701 for boarding and day pupils whilst W￿Uring fv￿)U9hed staff were successfully re4ntwaled as they retumed tr￿} an extended ￿￿10d of abseTKe. The Go¥emors conshjwed a rerye ofpossible scenarlos relatirKJ to the imi)actofth8 pandwnic and the Sch)ol undertook a number of a￿￿)S &ined at mitKJaling ts risk These - Introduong a C￿Prehensive on4ine e(bJcat•)n provision so as to enable the School to ¢ontmue to be able to deliver educalional and pasloral SUFVYt to its pupils to the fullest extent p)ssible during any I￿kdO¥￿' - Reviewing all financial ¢X)mmrbnents. Inclu(thng q)wing expen(lure a￿1 capilal e))mmitments and. VA￿re possible and appropriate. canc4h'r¥J or FwIFwng these: and - Perft)miirwJ detailed finanual meddling for a of at least 12 months from the date these finan￿81 stslements are approved so as lo ￿￿0VIde reasonable a5wrance to GoverTr)rs that the Sthool remains a goirtg ¢oncem and retsins 8ccess to sufficient liquid reswrces. Gwi th& risks and the ￿anCIal modelling. the Goverrwjrs believe the has suffic4ent (ssh head1r￿ fr(wn its Cash reserves and banking fadmies. J. Audttxs A resolutim to reappoint cro￿ UK LLP as ￿titorS to the il be proposed at the annual general meeting. K. Apprnclthn The Govemors continue to appreaate the siwxrt both wactical and fin8nc481. of existirg and past parents. existing and past members of staff, and fomier of the Schcd and other dorKYs and b8nefactc￿s. Their conlribulions enable the School to do far more be possible rf all ac11￿be5 developments had to be fThnced solely from the Sthcty)Ys fee and trading income. 19

Monkton Combe School Annual Report of the Governors (contlnued) for the year ended 31 August 2021 L. Dg¢laratlon This Annual Rep¢y( prepared uThder the char￿eS 2011 and the Companies Act 2006, was approved by the Goveming Body of Monkt¢)n Combe Sthcol on 25kn March 2022. induding in their capa¢ity as company dlrectert appro￿n9 the Strategic Rewrt c￿lained therein. arvj 15 signed as aulhoriwj C￿ Its behalf by: Prof H Langton Ch8ir Date: zC/4/3 20

Monkton Combe School

Independent Auditor’s Report to the Members of Monkton Combe School

Independent Auditor’s Report to the Members of Monkton Combe School

Opinion

We have audited the financial statements of Monkton Combe School (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 August 2021 which comprise the consolidated Statement of Financial Activities, the consolidated and charity Balance Sheets, the consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’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 prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

21

Monkton Combe School

Independent Auditor’s Report to the Members of Monkton Combe School (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

• the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate and proper accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ directors’ report and from the requirement to prepare a strategic report.

Responsibilities of the Governors

As explained more fully in the Statement of the Governors’ Responsibilities statement, the Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the group and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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

22

Monkton Combe School

Independent Auditor’s Report to the Members of Monkton Combe School (continued)

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud

or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors 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 with the completeness and accuracy 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 Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, designing audit procedures over non-fee income, 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 noncompliance 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 4[th] Floor, St James House St James Square Cheltenham GL50 3PR Date: 31 March 2022

23

Monkton Combe School Consolidated Statement of Financial Activitles for the year ended 31 August 2021 (incorporatlng a Consolidated Income and Expenditure Account) funds nd$ Funds 2021 2020 Income fr¢m: - Donatlons and L•gaci4s Donations, gifts and lewes - Other trading actlvlties Trading incorne Gain on dlsFosal of fixfyj assets 140,032 167.187 307.219 317.999 317￿18 317,818 270,362 727,641 504.164 727.641 504,164 212.028 729,199 Olher Incomlng resow( - Investments Investment ir￿ome - CharEtable Activiti48 Fee irthme 21A82 30,717 S1199 50.607 12.746.017 541.963 12,741017 13,314.889 541,9fj3 694,733 Other educaUon81 inC(￿e Total Income 14.999.117 197.904 15.197.021 15,589,817 Expendlluro on: Ralslng funds Markglmg Trajing Finance costs 436,207 97.849 436.207 97,849 422.249 138,779 . Charitabl• acllvlt Costs of rovi(fjn 14.010.790 14,544,846 14,095,780 14,447,449 14.629.836 15.W8.477 Total o ¢ndltur• Net income before inveslment gains Gain on Invesknents 454271 182,452 112.914 567.185 443,337 581,340 323,820 168,419 Net In¢omo 636,723 168A19 1010.522 5.160 Transfers ttheen Not movement In lunds hl foiward fA6.n3 205.380 168.419 1,010,522 905.160 21.952,181 1,085.662 1.101099 24.138.942 23,233.782 588. 1042 1269 518 25.149.464 24.138.942 Fund balances 17 Fund balanGes ca¢rfed forward 17 The notes on pages 27 to g) form part of these finanoal Stat￿ents. 24

Monkton Combe School Registered number 03228456 Balance Sheets as at 31 August 2021 Group 2021 2020 2021 2020 Flxod as8•ts Tangible assets Investments 10 27381,721 25,416.523 3 394,￿5 2.898.469 30 675.726 28 314 W2 27.081.721 25.216,523 .008 2.898.472 11 75 729 28.114.995 Curronl ass•ts Stocks 12 17,187 21.256 331.083 641.175 2.646J18 2.042.316 2,994,588 2.704.747 16.176 20,113 1.013.192 1.240.559 2 542 555 1898 529 Debtors 13 Cash at bank In hand 3.571.923 3.159.201 Credltors.. amowlts fdliTrJ due one ar 14 3.W3.886 5.792.833 3.937.594 Not currnnt Ilabllltles 2.543.801 28.131.925 27.215.853 778.393 Total assets less cuffont Ilabllftles 28254,819 27,336,602 Credltovs: amounts fallin9 the afterone 8r 15 3.076.911 3076911 Net a$s¢ts 24 138942 25272 358 24 259 691 Capltsl and fa￿￿8. 17 1269,518 1.101.099 1291.042 1.085,662 588 904 21952.181 1.269.518 1.101,099 1291.042 1.085.062 22 711798 22.072.930 Unrestrlded funds Totsl funds 25 149 464 24 138 942 25 272 358 24 259 691 The net movement in funds forthe sth&)l £1.012.666 (2020: £912.7591. The financAal statanents on pages 24 lo ￿ V•ve apwfftd and authorised for issue by the board of ¢>)vem( aNI are sgned ￿ 6ts behdf ty. 25

Monkton Combe School Consolidated cash flow statement for the year ended 31 August 2021 2021 2020 Cash flows from owatlng artlvlti•s Net Cash provided by operating acts¥ities 2.944512 894,692 Ca8h flow from Investlng actlvltl88 Interest received 1.271 Investrn8nt Ir￿ome receibd 52.199 11915,333) 727.641 52.199 1.607 (1.273.322) 810,000 50.607 Purchase of tsngibiè fixed assets Proceeds on saK8 of tsngiile fixed assets Purthase of investsnents 10 11 Net cash wed in in￿511Thg activit (1187,692) (462.0511 Cash flows from Ilnanclng actl¥ftles Loan repayments Interest paid Receipt of 8(fvanced fees 1273,631) (97.849) 337,912 (119250 1276.358) (138,779) 321.017 (187.3331 16 Release of advanced fee5 16 Net ¢4gh used In flnanclng actlvltles I152￿18) {281.453} {Decreaso1 I Incrnasg In cash In th• yoar 604,(I02 151,188 Cash and cash •quival•nts at th• b•9innlThJ of the plod 1042.316 1.891.128 Cash and c4sh equlvalonts at the ènd of tho raportlng porfod 2,646,318 2,042,318 Analysls ol not d•bt 2021 2020 Total debt (see note 15) Net debt Itotsl debt less cash 8n(J cash equiyalents) (2.957.762) (311,444) (3.231,393} (1.189.077) 26

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 Princlpal accounting pollcles L•gal sLitus of Charlty The School is a Public Benefit Entity registered as a chaiity In EnglaThJ and Wales and a company limited by guarant&. Monklon Comb8 School is regwstered in Eryland & Wales wth Ihe Charity Commis&on (Reg No". 1057185) and ￿ Companses House (Reg No: 032284561. The charitth company was incw)orated on 11 July 1996 and has no share caprtsl. The members of the company are the Govemors named on page 2. In the event of the company b￿n9 V￿Und up, the lithlity in ￿SpeCt of the guarantee for each manber is linited to £1. At thé balance sheet date there pre 14 mwnbws. R¢glstsr•d and Principl• Offi¢• The regISte￿d and prinuple office of Ccrfnbe Sthcd is: Combe Sdol. Churth Lane. Monkton C(￿be. Bath. 8A2 7HG. The financial ststements have been prepared in acC￿danCe with the Finanryal Reporting Slandard appli￿ble in the UK and Republ￿ of IrelaTrJ (FRS1021, the Companies Act 2W6 the Ststemont of Recommended Practice appIl￿ble lo charities weparing their accounts in &xordance ith the Flnancial Repo￿ng Standard applKable in the UK and Rawbl￿ ol Irelarnl (FRS102)-effecbve 1 January 2019 {c￿tieS SORP FRS 102). Thefinancial statements have teen prepared under the histortca costcorNenlion. as mothfied bythe revaluation of listed invesbnents. The charfty has taken advantage ofthe exemption available to a quafifylng entity in FRS 102 from the rw4Ul￿fflen1 lo wesenl a charity ¢)nty Cash Flow Statementith the consoh'dated finandal stsIem￿ts. nk1¢￿ Combe Sth)I meets th8 ofa 8enefft Enttty uTrJer FRS 102. Golng conc¢m At the balance sheet date, the Sclwl hekl cash of £2,646.318 {2020.' £2,042.316) arKI unrestiicted Mivestments of £1.396,77512020.. £1,192.8411. Th￿e was therefore no requirement to avail of an ovordraft facilty at thè Balance Sheet date. The Governors have revievd forecasts for a period ending tsvelve months from the date of approval of these financial statements. Most notably. the Governo￿ have also considered the Impact of the COVID paTrlemic is highlighted in the Princpal Risks ￿ Uncertainties. Section ofthe Govemors Repo Fdlowng the completion of these revjews. the Govemors are e4)nfident Ih8t the group ￿11 be able lo satisfy its debts as they fall due and that sufficient action has and will be taken by ts Group to help erbsure there are no material uncertainties about the sChC¥￿'s abdity to conkn.nue as a wng concem. The fThncial ststements have therefore been prepared on a wng cO￿n basls. 8as1s of con8olldallon The consoltdated slalemenl of financial actiwties. the ￿n$￿Ida￿l baLqnce sheet and the consolidated cash flow ststemenl Indude the financial slalements of Ihe ￿ and its subsicfmry undertakings dètailed on page 33 made up to 31 August 2021, consolidated on o line by line basis. Intra group transactton5 and profits ar& eliminated fully on c(￿li￿atiOn. No separate SOFA has been wesenled for ihe WK)ol alone as pemitited by Section 408 ofthe Companiès Act 2006 and SORP FRS 102. Net inecffiing resources indudes £1.722 (2020.. £857.318) 8ttributsble to the School which includes investment gains of £443,337 (2020.. £323.8201 and exdudes gift aid income from subsidiary companies of £50.944 {2020.' £55,441). Th& incom8 for the Sehc¥Jl before investment gains was £15,241,4SS12020.. £16.130.7911 and the expenditure was £14.672.12612020.' £15,541,852}. Slgnlflcant Estimates and Judgemonts In the ap￿¢¢all9n of the Sehts)I's tLcounting whth are desc4i*ed li note 1. Gmmors are required to make judgements, estimates, assumptions aL¥)ut the ￿rying Values of assets and liabilities that are not readily apparent from Oth￿ sources. The estim8tes 8ThJ Undert￿ng assumpti(￿$ are based on historical experiènce 8Th other fact￿$ that are considered to be reteV8nl Pthal results may drfferfrom these eslimates. 27

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 (contlnued) Principal accounting policies (contlnued) The estimates and underlying assumpti￿1$ aro re￿%￿dOn an ongoing b￿$. Revisions to ac(xunting estimates are recognised in the perrod In vthich the estim8ts is ￿￿lSed rf the reM&on affects only that period. or in the pewj ol the wsion and future perio(Ls rf Ihe wsion affected CU￿ent and future periods. In the view of the GovemoTS. no assumptiors tc¥￿eMirKj the ftthre tr estimalion uncertainty affe¢Ong assels or liabilities at the balance sheet d8te a￿ Irrtely lo res￿￿ in a material a(fjusknent to their Ca￿ng amounts in ihe next ye¥. The followng accounting policies have been applied consislenty in dealing with items which are consldered Materi￿ wi ￿atIon lo the SchcA)Ys ￿anCIal Stat)￿￿. Donatlons, kgacl•s and glfts In klnd t)onations and legacies are credited to revenu8 on a receivable basts as and wknen entsuement arises and the amount be rel¢akAy rnea￿Jred and receipt is probable. Legacies are actsjunted for on receipt of correspondence from the pers￿￿1 reFKeserrtative indi&itirvJ that Pa￿nent of the legacy will be made. Gifts in klnd are valued al a reasM8ble eslimate of thwr value to the Scho(4. No amwnts are I￿luded in the ftnanclal statements for seTrices donated by vcAunieers. Feès Fee income rewnts gross fees. Itss sch￿. knarie$ arbj other remission$ for the wO￿l0n of education Including extra-curyicular ￿1￿1195. Inv•slment & tradlng Income Income from the Schod's in￿ents and trajing cperatsTh are T￿n￿l on a receivab￿ basi$. Advanced fee5 The School offers p￿ts the LWFKxbJnlty lo payfor tuiiion fe8s in in ￿rdance with a WTltten ￿ntraCt. The amount received is invesied until the fees fc￿ term are (tharged against the remaining balance and taken kn incomg. Flnal term depo$lts Final tenn deposits are deposlts Flaced ￿ pupils j(4n the SchocA trich are offset against fees and disbursements due for the last lem each pupil attends. Al dèposits are treated as deferred income arKI classified as cre(Itors. Resourc•s exp•nd•d AJI expenditure is accounted fcK on an accruals b￿S and has classified under heathngs that aggregate all costs retated to the eateyy. Overhead and other costs not dirttdy attributat4e to particular functional aclivity calewries are 4iportioned over the rdevant catewies cffl the basis of managemenl estimates of the amount attributable activity in the year. by reference to slaff time or other cost drivers as approprlale. Costs of generating funds are those incurred in seeking volwtary contribut•)ns and do not Indude the costs of disseminating infomialitin ￿ $w￿l0f &ilable acti¥ib8S. Bursarias, grants and allowancos payabl• Grants from restricted funds are included as exFwKliture in the for wthich lh8 wKard is gNen. Bursaries aTrJ allowances frcffl unrestrictsd funds towards School fees at the sd￿01 are treated a5 a reduction in those fees. Support Costs Support costs Gomwise ¢Jrect costs, I￿￿(￿r￿j ff V•hith we all attribuied to the costs ofprovithng educatlon. Taxatlon The School is a regislerwj charity and as such is ￿rfl￿ed to cwtsin lax exemptions on income and profits from investments and Sufpluses on any troding xtivities ￿rri￿ ￿ in furthoranGe of the chariws primary objectives. ff these proffts a￿1 surpluses are sO￿Y forcharitable pwjoses.

Monkton Combe School Notes to the financlal statements for the year ended 31 August 2021 (continued) Principal accounting pollcles (contlnued) Govwn•nu Gost$ Govemance costs i￿lude expendibjre on govemance of the Schc(trl ¢￿PIlance iih constilulional and statutory reqyirèments. 8ThJ an appropriate apwtionment of indirect costs. Irr•coverabl8 VAT Any irrecoverable VAT 15 charged to the Stat￿ent of FinaThid kntias, or captstised as part ofthe cost of tho related asset. vhwe approprtate. For•lgn currgnd GBP sletling 1£) is thefunctional and presentatThal rMrenCy.Transact￿Jr￿ kn foreign curr￿e$ are recor(led at the GBP rale ruling al the date of the tranSaCtM￿. hh)netary assets and liabilils are retranslated at the rale of exchange ruling at the Balan￿ Sheet dale. All differe￿ a￿ tthen to the Statement of Financ￿1 Activities. Credltors Creditors are reccgnised where the School has a present obligation vthich re>Jlts frcyft a past event that wll probably result in the transfer of furKis to a Ihird paty and ihe amount due to sellle the Obligat￿)n can be Mea$￿ed or roadily estmnated. Fund •¢countlng Unrestricted fundsare avablable for use al the thscretion of theGovemors Thi lurtherance ofthe general objectives of the SchorA and have not been designated for othw purposes. Designated funds comprise unreslricled funds that have been set ad8 by Ihe G0￿M0￿ for wti¢Adar ￿￿￿8$. Restrkted fund5 are funds vknth are to bè used in accordar￿e Spec￿ reKtiorts imposed by ¢Jn¢ys or which have been rais&Y bythe School forparbcajlarwr￿)ses. The costs of rydislng adminisiering such fU[￿S are charged against the Spe￿fiC fijnd. The aim and use of each restricbj fijnd is set out in Ihe notes io Ihe financial statem￿ts. Endowment funds are ffftds for V•hich the capitsl must be retained in a¢)xd￿ce with Ihe Specif￿ reslrtcllcffls nposed by donor& The aim and use ofe& en¢kn￿entfur>d Is set in the Th)t6s to the finaThial ststements. Investment irtome and galns are dlocatsl to the appropri furld. Penslon ¢ost# The hool contributes to the Teacherfs Superannuat•Jn Scheme 8t rates sel by the Scheme Actuary and advised to the Govemors by the Stheme AdMIn￿tratOr. The ￿effle is a mulli-employerdefined benefit scheme arKI it is not possible to identify the assets and lithlibes of the schane are attriiwtable to the School. 18nce. ¢ontributiOnS are charged in the year they are InCu￿ed as rf they ￿re lo a defined eontribuiion scheme as required by FRS 102. The GoVarr￿S decided to nO￿e of exitiry the Scheme ￿ 1st September 2021 in the test interests ofthe kn9 tem fubjre ofthe Sckn4. tn its pl￿. a new rnorwpwchase schemewas introduced toge1her￿a newenhmd sakryscaefcte&hwvJ stsff. The Schth)l also ccnknbules to a defined cortribub scheme for non-teaching staff. Ottw than these annu81 costs. rK* other liaknlities arise lo th8 School in relation lo penSI￿s. Operntlrry l•a8 Rentals applicable lo opgrating lease5 ￿ Ch￿ to the Statemert of Financ181 P£tlvlti8s ￿ a strai9ht4ine basis over the lease temis. Tanglble Ilxed as¥ets Capitalis8tion 8nd replacemgrt l tsngible fvxed assets are held 8t hisloric ￿$1 or deemed cost b8ss deprecialion. Assets wlh a eosl below £500 are not capits1ls￿. Certain Ina￿en￿>[e assets donated to th& S¢￿301 have been Induded on Ihe Balance Sh¢et Furniture & Plart at th￿r 20fK) va￿￿ of£2.200. is Ihe best estimate of co8L 29

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 (contlnued) Principal accounting policies {Gontinued) Tanglble Ilxed ass Icontlnued) Depr8clallt Land is not depredated. Deprec¥8tion of other assets L8 caloJ18ted so as to vnile off the (ost or valuation of tangible fixed assets. ￿$S their eslimated rewdual values. over the expacled useful eo)nomic Iwas of the assèts concemed. Fixed assets in the course of cons1r￿{lOn are not deFweciated unbl they are broughi into use. The PTwIGipal annud rates used forthis wrpose on a straight line basls are.. Inalignable assets Freehold18nd Buildings ant and equlpment Fumiture and fixtuTrs and motcr Nthides 10V• Compulw equipmenl Rowin ands 33113% ui 25% Investments Investments in subsK1iary undatskings we staled at cosL Lmjt are Wyitten dovm to their rgalisabl8 vakno rf il is considered that Ihere has been a pe￿anent diminulion in thèir ¥ahJe. Listed Investsnents are indwjed at closng mKI-market va￿e al Ihe Balan￿ Sheet date. kny rea￿Sed arKI unrealised gains losses on revaluation or disp)sals are Show￿ In the Statement of Finawal ActiNilies. IrKome frcrfn investsn&)ts is ind￿ed. tofv ryih the related tax CfediL in the year in whKh It is received. Stocks Stocks are slated at the lower of ￿￿1 net redisable wa￿. Debtors Short temi debtors we initsally measwed at ￿￿tion prte. tess any impairmenL Short-terni bank d•poslts and cash Short-tem bank deposits and cash indth cash in hand. deposits hekl ¥￿th banks and other trmghly liquid S￿rt- temi deposits. Flnanclal Irbstrumonts Basic finar￿la1 instruments are Riitially recognised at tran&Ktion vatue and subsequently measurefj al 8mortssed cost with the exception of investments vthith are held al fair val￿. Finanoal assets held al amortised cost comprise cash 81 bank and in hand, together V•ith trade and other debtors. A sp8cff￿ prow5￿n Is made for debts for which recoverabll￿Y is in dc¥Jbt Cash al bank and in hand is defined as 811 cash held in inslant access bank accounts 8ThJ used as working capital. Financial liabilities tr￿d al amorbsed cost comprise all creditors except social security and other taxes and pro￿s1on$. Assets and liabifilies hekl cwTW￿Y are translated to GBP al Ihe balartcg theet date at an appropriate year extharye rnte. Temilnatlon paym•nts Payments made io emrdoyees on teminaknn of empbwnent may be subiect to PAYE and NICS dependlng on whal the payment is for. The nattjre of the payment is detennined by rewewng the employ)nenl contract and any other rele￿t documentstion such as the staff handLKM)k 8nd any negotiations b¢fv4een empk¢yee and the School and any ¢￿￿proMise or setuement agreement

Monkton Combe School Notes to the financlal statements for the year ended 31 August 2021 (continued) Donations, glfts and legacles Group 2021 2020 lThJlvlduals 145.319 126,007 31893 Legacie5 Charitable foundaknns 5)0 223.853 19 317,999 3a Fee income Group 2021 2020 14596,011 15.011,324 1792 365 Less: schc4arshi bursaries and olher remissk)ns 12.661.027 13,218,959 Add bad(: schdarships. lyrnries and otsr ￿1￿51[ ranied, fundwj b restrirted fiJrKIs 95,930 13 314.889 12 746.017 2021 2020 Pupil N￿nber5 718 Average gross fees per pupl £21.982 £20,907 31

Monkton Combe School Notes to the financlal statements for the year ended 31 August 2021 (continued) 3b Other educatlonal Income 2021 2020 Regv6tralion fees occa￿on￿ bo&thng After ￿h(￿l Care 23,853 58A17 15.714 10,544 3,994 Prep ￿ti￿leS English as a secorvj larvJuage Leaming support Music 738 10,093 109.798 102.391 115,088 74.726 22.565 39,144 Irtstrumenl HSre Fees in lieu of noti 14.752 25200 s¢￿arshIP ew fee$ Tri)s. aclNities and consumables 2,080 2.180 168.173 395,478 541.963 694,733 Other Income 2021 2020 Overdue account interest 1,271 Gain on thsposal of fixed assets" Rent and lettings HMRC Job Reiention Scheme 727,641 212.028 60J56 55,235 273.095 .452 Sundry Income 170,713 66.241 1231,805 941,227 ' On 21￿ May 2021. a property owned by the Sch¢y)l in Cc¥nbe was sold for £735.000. The property vrds purchased in 1950 and had a nil net book valua Yknen sold. After deductlon of selling costs. the nel salo prcceed$ were £724.039. The bala￿ of the gain on disposal of fixed assets (£3,602> relates to the sale of equlpmenl owned by ts S￿￿. 32

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 (continued) 5 Tradlng income Tho School owns the ttt+olg of the ordinary share capitsl. tsJnsistiTwJ of ordinary shares of £1 exh. of M¢)nkton Combe School Entsprises Limited Icx)mp8ny numbw. 03588426). th0se priWI activlty Is to cary out trading &tiwties on thaff of Ihe Sthod. The School also the whole ofthe ordinary sharecapiI4. ￿l$tIng of ¢)ne rydinary share of£1. of Monkton Inlemational Limited (company numbgr. 10570416}. WI￿Se principal &livity Is lo carry outedu￿bc￿aI activities overseas on bfjhaw of the School. The comwy did not carry out educ4tiMal act¢viti&s in the year to 31 August 2021. Both >JbsKllaries th)nate all of Iheir tsxabfe woffts to the Sclh)ol each sear by gift aKI. The registered offi¢e of the subsidiaries is Monkton Combe sChc￿, Monkton Comte. Bath. BA2 7HG. Tr&thng income in the Statement of Fina￿101 kb¥ilies Indudes the fesuns ofthe SLthidiary rJ)mpanies. as well as the results ofthe School's (wm commeraal depathent. 8$ Sho￿ beknw. Subsldiary Sub8ldl)ry Erterprlyes Inlernattonal School Consolldatlon tradlng adjustmonts Group 2021 2020 Income 317.645 95,105 (50.667) (94.932) 36.420 317.818 (283,093 270,362 (294.910) Expenditure 1266,701) {2.145) Charitable contribution Retained Ideficill I su lus ft)r Ihe ear 2.145 44.438 ¥725 The assets and liabilities of Monklon CornLE Sctrh)ol Enterprises Limibj are as folh)ws: 2021 2020 Aggregate assets ate liabl1￿e$ 681,724 794.875 113 151 552.157 Net liabilities 113,151 The assets WKI 1[a￿l￿S of Monkton knternalional Llmited we as fol￿￿. Z>21 2020 Aggregate assets e Ilabilllies 1,122 Nel liabilities 7.598 33

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 (contlnued) Investment income Interest on investsnents &2.199 Analysis of expenditure (al Totsl Expendlture 2021 2¢y20 Cost of generatirvJ fijnds: Trading Flnance costs 197.7￿1 85.333 283.093 97,849 153.114 294,910 138,779 97.849 120.644 Marketin 32.470 230.230 303.826 Chari18ble a¢tlvilw: Costs of pffjwding e¢knatK)n Teaching Wellare S.￿21.183 1,723.786 J,629 797272 814.521 976,488 682.734 36.432 3r3.717 7,301,189 2.574.739 1269,834 1.950018 7.942.016 2.481.755 2,181.735 Premlses (yt costs & Goveman 865.335 1.084.683 9.379,933 3,672.964 1,042,883 095 780 14,447,449 Total ex ndlture 9.610.163 3.976.79) 1.042.883 14 629 836 15.008.477 (bl Gov•rnance irtlud•d in suppryt 2020 Govemors expenses Bursary govefflance eAJSt aFP)rtionment Auditorfs remuneration- audit services 7,413 59.919 78.012 28,220 29.640 Auditc¢$ remur*ration- non audit 5.145 2.240 96,642 117.305 34

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 (continued) Employee infomiation Gro 2020 Numb•r Number average heacknunt ofemployees. excknirvJ trect(Ks. t#Jt incluthng part-time staff empknsBd by the Group durirwJ the was: Ed￿tion 137 Suppryt Catering Fundraislng Marketing and publicity Tradln activlties 114 21 335 Group 2021 2020 Stsff costs Wages and $alSes Social security costs Penwon ojsts 7￿3.106 709,798 1027 259 7.804.131 677,086 992,272 9,473,489 9610 163 Lhjring the ￿Par there pre terminaliM pa￿￿ents mad8 to tsn (2020: five} emrAoyees amounted to £98,408 (2020.. £51,500). There was £nil outstsnding at the yearTrJ {2020.. £25.000). The numbgr crf wnpbyee8 whose a)N￿mentS exceeded £60.000 was: Gft>up 2021 2020 Numbor Jmber £60.￿1 - £70,000 £70.¢J)1 - £80.000 £80,IXI1 . £90.000 £90.001 - £11KI,000 £100.001- £110.000 £140 001- £150 fy)0 Aggr8gato rfjmunerat￿ and b￿efits of tho 14 (2020.. 10) key manwjement personnel tolalled £1.209.018 12020: £880,326}. This relates lo the PrirKiP￿. Princpal, Buw. Prep School Head, Prep School Assistant He&J. Deputy Head c0-cu￿&CUIar. ￿Stant Head ccpCu￿l(ajIar. Deputy Head Leaming. Assistant Head Leamir4J. Dewty Head Academic, Aswstsnl Head Nu￿ery. Deputy HeJ Past¢yal. Director of People and Dlreclor of Extemal Relations (2020.. PriThipal, VKe Ptincipal. 8ursar. Interim Bursar, Deputy Head Leaming. Deputy Head Pastoral. F*ep Sthod & Prg Prep Heads. Director of Extsmal Relaticffts and Director of People). No Govemors received any remur￿tiOn from the Group during the palc#J. Three Govemors reLeiv8d reimburnement totalling £908 (2020.. £2.511) for trwnl expenses. 35

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 (continued) Financing costs Group 2021 2020 Interest payablo and slmllar chary$ Discount on fees In advance 10,029 15.474 123.305 On bank overdrafts and bank loaThs 138,779 36

Monkton Combe School Notes to the financial ststements for the year ended 31 August 2021 (continued) 10 Tangible fixed assets Freehold Fumltur• A$8•ts undèr land Bulldlnp and plrt con$truGllon Cxoup Total Cost or valulon Al 31 August 2020 Additions 275.(KX) 30256.689 2,696,847 318.0 33.228.536 2.599.277 (877.342) 2.915.333 Transfers 877.342 15.964 sals 15.964 A131 ust 2021 275 000 31,118,067 012.9)3 1.721.935 36 127 90S Ooproclatlon At 31 A￿ust 2020 Charge in year Dis als 6.455.866 1.356,147 612.4 430,393 7,812,013 1,042.883 At31 ust 2021 7.059.644 1786.540 184 book amount At 31 Au usl 2021 275,1)00 24.058ArJ 1226 363 275 23.81]0.823 1340.71X) 1 n1.935 27 281.721 At31Au ust 2020 25416523 Fr••hold Fumrt￿￿ A•sets undor Bulldlnp •KI plant ¢on8truGilon S¢ho Cost or valuatkni At 31 August 2020 Additions 75.0(KI 30,139,837 2.670.629 316.056 2.599.277 (877,342) 32.885,466 2,915.333 Trarthr5 877.342 Dis als 15. 75 1)00 31.001.215 2,986,685 1.721.935 15.554 A131Au ust 2021 35,784,835 D•prnclatlon At 31 August 2020 Charge in year Ois osals 6.339,014 1.329.929 612.4￿ 430.393 7,668.943 1.042,883 8.712 At 31 Au ust 2021 6 942.792 1760 8703 114 Net book value At31Au ust 2021 75.000 24058,423 1.226.363 1,721935 75.000 23 8W.823 1 340.700 27.081.721 At31 Au ust 2020 25.216.523 37

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 (continued) 10 Tanglble fixed assets (continued) The net b￿k value of assets acquired uthler fin•￿e leases at 31 Augus12021 wa¥ £nil {2020'. £22,114). 11 Fixed asset investsnents Group Llstad Investments Market Valu9 At 1 September 2020 Additions 2m8A69 52,199 Disposal Revaluallon arns Net book value At31Au ust 2021 Nel book value At 31 Au ust 2020 School sted Inveslmenl in¥estmentsin subsidiartes Market Value At 1 September 2020 A(klltions 2.898,469 52.199 2.898,472 52.199 Dispos Revaluation ins 443.337 Net book valu• At31Au ust 2021 1394.005 Net book value At31Au ust 2020 1898.469 2.898.472

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 {contlnued) 11 Fixed asset investments (contlnued) All Investments are stsled at thelr market valu8 al 31 Augu512021. The historical cost of thè liste(l investsnents at 31 August 2021 was £1,729.146 {2020.' £1.233.6101 forthe Group and £1,729.146 {2020'. £1.233.610) for th& School. 68.OY• {2020: 65.1%) of the market value of wivesknents hdd in both the GroLP and the Scl)0018re in Baillie Gifford Managed Futyj B Irwme. The rwnaining 32% (2020: 34.9%) of the investments is hekl in the Baillie Grfford Strategic 8(￿d Fund B Income. All investme￿ts are held In the United KI￿d￿. Fcf d8tails of the subsidiary compwies see ncrte 5. 12 Stocks 2021 2020 2021 Catwing, stati(X￿ and consumat4es 17.187 20.113 13 Debtors Group D•btorn: amounts falllng due after more than one y•ar Loan to subsidiary 311,500 311,500 Dobtors: amounts falling due within ono yoar Fee debiors 137 222.191 88.391 86,137 27.936 222.191 Trade deLrtors 95.078 70,478 knounts due from substthary and assoGiated undertakwvJs Other debtors and prepayrner 437.751 305,799 149.868 331,083 33).593 641.175 149,888 1,013.192 330,591 1,240.559 Fees invoiced in advance are shovm wthin t￿￿torS WKI amounts previ￿$1y inwicgd but r#)t r￿e1Ved by th8 Balance Sheet dale are shown above as fee debtors. The loan to thè sub￿diary is repayable demarNI and bears interest at 6% w 8nnum. Monklon Combe School has c¢x)firmed that repayyrtent will nol be sought ly￿ year.

Monkton Combe School Notes to the flnancial statements for the year ended 31 August 2021 (continued) 14 Creditors: amounts falling due within one year Group School 2021 2020 2021 2020 Bank loan (see noie 15} Fees received in •Jvance (see note 16) Trade ere£&iors 283,892 137.$87 280.2J) 68.7 283.892 137,5B7 280,230 68.796 1.308.995 186,845 118.941 405.541 204.832 120, 1257.231 186.255 118.941 310.697 353.247 Taxation and soci81 seciffity Penslon contrlbulions due Amounts oed to subsidiary and associatad undertaklngs Other creditors 204,738 120.900 190,437 852.849 193.103 I456.1TI 5.037 177.308 1.641,242 4538J89 3.803.886 852.851 189,202 2,456,177 Y)5.037 172,967 1,641.242 3.937,594 Accruals Deferred iKome (seo note 14a) 5.792.833 14a Deferred income Brought fowdrd Uiillsed in year N￿Y deferred Carried f<Nward 1.641,242 (1.641.242) 2.4S8,177 2.456.17T 15 Creditors: amounts falling due after more than one year Group 2021 2021 2020 Fees recelved in advance (see note 181 Bank loan 308,591 125,748 308.591 125.748 see below 673.870 2.461 2951.163 3.076.911 673.870 2.951163 3,076,911 The bank loans and overdraft are secured by way of bgal ¢harg8s ovef several of the SchTh)I prop&Nes. The loans are repayable in equal montNy in5talments. until dates bets¥een 2022 and 2028. Interest Is payable on the loans at a fixed rate of 1Yo per annum above base rale for k)ans e%pwing in 2028 and al a fixed rate of 2.98% perannum expiring in 2030. The net tth( valueo¥prthth is hebj 15 £24.058,42312020.. £23,800,823).

Monkton Combe School Notes to the financial ststements for the year ended 31 August 2021 (continued) 15 Creditors: amounts falllng due after more than one year (contlnued) Maturlty of loans Group and School In 1 year or less, or on demand In more than 1 year, but not mc*e than 2 ye8TS In more than 2 years. but not more than fve years In morethan fve ars 283,892 289,081 903.604 28023) 285,343 887.893 1777 927 2 957 762 3 231.393 280.230 2 951 163 Induded In cr8ilitoTS" amounts fallin due wthin Included in creditors. amounts faul 870 16 Advanced fees Parents may pa to the School up to the ewivatent of se¥en rs. tulion fees in a(fvancè. Such paymgrts may be relumed, su ject to specrfic condfÉions, on the receyl o one term's notice. Assuming pupils remain in the advance fees payThent scheme. payments will bo applied to offset fees as follows.. Group and School 2020 Greater than 5 yews Within 2 to S years Withln 1 to 2 ars 82,815 225.776 308.591 137.587 446,178 88,382 39.366 125.748 68.796 Wiihin more than l year Wiifvn 1 Advance fees due wttlin one ￿ar are induded in note 14. wlith also indudes other fee inC￿e pald advance of future years. The b￿an￿ represents the a￿Ued liatifrty und& Ihe contracts. The capital Mo￿ents the period ￿tre. Group •nd SCI￿01 WJ21 al 1 September 2020 New ¢￿tracts 194.544 337.912 51.222 {119.2501 (18.250) Amounts accr￿1 to contracts Less amounts utilised in payment offees to ts Sthol Less amounts refunded lo parents Asat31Au ust 2021 448,178 41

Monkton Combe School Notes to the financial sLqtements for the year ended 31 August 2021 (continued) 17 Funds Balance 1 Sopt Income 2020 Invostmont 8alanca Expendltur• Galnsl 31 August (LOS￿$> 2021 Grou Permanent •1Mlown￿ funds Butler endovm)ent Govemorfs Bursary Fund Other schcAarship and bursary endowments 299.212 45.766 14.143 344,978 106.607 709,423 1.101.099 108 510 168.419 817,933 1269.518 Restrlcted funds Butler income Other ￿hOlarthp and butsary Income funds 13,431 {8,470) 5,389 623,449 10.( 10.4(M) 15,529 57.639 (31,522) 92.376 741,942 10.000 10.400 3220 I Weather Equestrian Centre For A Time sl￿ As This Kingsmill Prize Mount Pleasant Quary fund Random Acts of Garrod School Cricket Fund Sprfngboard Bursary Wessex Water Pond Pro Perfoming kn Centre Blueprint Developments Senior School Quad Development Prep Sthool Development Agpeal Christian Leadershi 113,959) 200,OOQ 14.770 14.eiJJ 10,328 193.968 2&1 4.100 (30) {17.837) 199,568 250 4.100 2,000 11,347 31.117 11.347 37.984 (6.867) 197.904 84.990 92,466 1291042 Unrestrlct•d fund$ Trading subsidiary ct)mpanies- note 5 Other unreslricted luTrJs." S¢hc Charitabte conlribjticfft: elimlnation (120.752) 317.645 (319.790) 1121897) 22.072.933 14.732.416 (l4.276.(￿) 182.452 22,711,801 21952.181 14,999.117 24.138.942 15.197.021 14.5M,846 14.￿9.836 182,452 22.588 904 443 337 25 149.484 Total funds The reserves relating to the Schod amcmjnt to £25,272,358121r20.. £24,259,691). The above funds are Ihosa of the Group. The pemian8nt endornent arose frcffl grfts vthith are invested 5uth that the income orislng can finance the award of bursaries ond scI￿18rshIps lo chibjren attending the School. income generated from such investments Is recogniwj ￿ll￿ft the felewant r8strthd fwd att8dd to the endovAnent. The unrestricted funds of the schr￿ exceed ihe Grwp ￿TeStr￿￿ funds due to the pro￿s1On for the net liabilities of the trading subsidkiry. 42

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 (continued) 17 Funds {¢ontinued) The reslrthd ftmd5 V•re wther gifted or granted to the SclK)ol for the foloing pwposa$.' All Weath•r Pltch - TIMS money was gi¥tn for th8 resurf•ing of the all-44pather pitth at the S￿111￿ sthool. Equestrlan C¢ntrn- A fv woNid8d by ts Naliona Lottery to build 8n Eqimne Assisted Leaming Centre. For A Tlm• Such as Thl$- t%)nal￿$ from dwing the C19 pandemic to ¥upp(Nt other parents. Klng$mill Prlzo- A fund ￿Ven by a fcmer pa￿t a GCSE Prlze. Mount Plea#ant Quarry Fund- This is the fdlue of the (knry near the Prep Sd￿[. Random Acts of Garrod: This fijnd vras created by a fO￿ner teacherto altow rjjrrent teachirg staff the thance to do something unexpected and ￿l)nderful for any pu￿] n the schcd for vA)om r( Vill make a diffwenGe. Sthool Crl¢l(& Fund . This fvnd was set the refurtmshmenl of the Pavih'on at the scho(s Longmead pltches. Sprfngboard Bursary. Afund to gJprrt)rt pupls frDm kn¥ lTh>)mes to (xffie to Monkton. Wossex Watsr Pond Proj•ct- A ￿￿tion to 8SSiSt with vihllrfe (r• 8t the schwl. P•rfom)Ing Arts Cen¢re- A fund for the tsWent of perf￿rnIng arts spaces at the school. Blueprint Developmonts- A fvnd to enable Ihe sch(w)I to *ilh young people and communtties to ¢yeate an indLtsive society in which everyone. regardless of their race. elhnicity or badtground can Ihrlve. Sonlor School Quad D•v•lopment- This fiJrKI was set up to devdop lh8 1)Jter lknd at the Senior school. Pr•p Sch¢¢l Developmenl Appeal- Thi8 fuThY is being used to suppryt at the Prep Sd￿01 vthich has so far included the new a￿$3 path and refurbislbng (rf the dining hail. Chrlstlan Le￿lershIP Fund- Thi5 furKI is to enth famffies in Chfistian ministries (overseas or UK baSed>￿th limited financial resources to t￿n9 their chihkn to Monkton for stxth fomi stuthes. 43

Monkton Combe School Notes to the flnanclal statements for the year ended 31 August 2021 (continued) 17a Comparative Funds (continued) Balance 1 Sept 2019 Inveslment Balance Galnsl 31 August (Losses) 2020 In¢omfj Expgndlturo Grou Pemianent endowment funds Butler endowment Govemorfs Bursary Fu￿1 Other scholarship and ￿rSary endowments 264.556 81.754 34,656 10.710 299.212 92,464 627.162 973.472 82,261 127,627 709.423 1101099 Rèstrlctgd funds Butler income Other scholarship and trtKsary Income funds 24.094 5.993 {33.440} 3,691 338 $44.918 57.444 10,OCKI (62,390) 83,477 623,449 10.000 10.400 15,529 500 200,000 14,800 10,328 193.968 250 4.100 2,000 87,168 1.085.662 All Weather Pitch Equestrian Centre For A Time Such As This Klngsmill Prize Mount Pleasant Quarry fund Random Acts of Garrod School Cricket Fund Springboard Bursary Wessex Water Pond Project Perforniing Arts Centre Blue rinl Develo ents 10.400 15.$29 500 14.900 (100) 10.328 193. 250 1(Kl 794,740 95.930 Unrestrlctsd funds Tiading subsidiary companies- note 5 other unreslricted funds: School Charitable ￿tribUtIOn. eliminatH)n 1113.153) 321.1 {328.795) {120.752) 21.578.723 15.819.941 115.434.756) 55.441 55.441 21,465.570 16,085,696 15.708.110 23,233,782 16,385,380 15.804.040 109.025 22,072,933 109,025 21,952,181 323,820 24.138.942 Totsl funds The reserves relating to the Schcx)l amount trj £24,259.691 {2019: £23.346,932}. The above funds are I￿se of the (ow>. The pemianenl endowment arose frcn gifts vthich are invested such that the income arising can finan¢e the award of bursaries and scholafships lo children atteThling the Schod. income ggneraled from such Investments Is recognlsed wthln thè rèlevant restrKèd fund attached to the éndowmant. The re$lricted funds V•re gtfted to the sca￿01 for th8 purposes detailed above. Th& unrestricted funds of the School oxtéed Ihè Group unrestricted funds du8 to the wovision for the net liabilities of the trading subsKliary. 44

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 (continued) 18 Allocation of the Group's net assets The net assets are hekj for the variws furKls as follows.. Tanglblg Net cmnt Long l•rm flxed assets Inv•stm•nts assatsllllabllltles (Ilabllltles) Total 2021 Endowmont fvnds 1.269.518 1,269.518 Restrlcted funds 2￿,1x￿) 727.712 1,291.042 Unrestricted funds 27,081,721 1.396.775 <2.￿7.131) {2.982.461) 22,588.904 At 31 Augusl 2021 27.281.721 3.394,005 12,543,801) 12,982.4611 25,149.464 18a Comparatlve Allocation of the Group's net assets Th8 net assets are hekj fcf Ihe various funds as follM.' Tanglbl• Net wrront Long tami fixed ass•ts knv•stsNnts As￿￿¢(1￿ab01IlseS (liabilities) Total 2020 Erthwment fuNIs 1.101.099 1.101.099 Restricted funds 2￿,LIV) 281,133 1,085.662 Unrestri¢ted funds 25,216.523 1.192,841 11.380.272) (3.076.911) 21.952,181 At 31 August 2020 25.41Q523 1898,469 (1,099,139) (3.076.911) 24.138.942 45

Monkton Combe School Notes to the flnancial statements for the year ended 31 August 2021 (continued) 19 Pensions commitments T￿Gher￿, Pen¥ion Schem• The School participates in the Teachers. PensKin Scheme llhe TPS.) for its teaching staff. The pension charge for the year indudes contributions payable to the TPS of £789.45012020: £765.2671 and al the year-end £91.362 (2020 - £90,343) was accrued in respect of contribulions to this stheme. The Govem(Ks decided to glve notica of e￿ts'ng the Stheme on 1st September 2021 in the best inlwgsts of ts bng lemi future of the School. The TPS is an unfunded MUlt￿eMp￿)Yer defined benefits pension scheme govémed by The Teachers, Pensions Regulations 2010 las amended} and The Teachers. Pension Schemè Regulations 2014 las amended). Members nlribute on a "pay as you go" basis with contributions from mombers arKI the employer beiryj credited to tha Exchequer. Retirement and other pension bonefits are paid by pUl￿1C funts Fyovided by Parliament. The employer contn'bution rate is set by the S¢eretary of State fcdknwng scheme valuations undertaken by th& Government ACtUa￿S Department. The most recent actuarial valuation ofthe TPS was prepared as at 31 March 2016 and the Valuation Report. which was wblished in March 2019, confiryned that the employer conlribution rate for the TPS would increase frcth 16.4% 10 23.6% from 1 September 2019. Employers are also requirod to pay a scheme administration18vy of 0.08% giwng a total empk)yeT contribution rate of 23.68%. The 31 March 2016 Valuation Rekh)rt was prepared in acC(￿anCe Vlith the benefits set tyjt In the scheme regulations and under the approaL spe¢rfied in the DIrec￿nS, as they applied at 5 March 2019. However, th9 assumptions were considered and set by Ihe Department for Education wor to the ruling in thè 'McCloud I Sarg8ant case,. This case has required the courts to consider cases rogardww the implementation of th8 2015 reforms to Public Service PonS￿)n$ including the Teachers. Pensions. On 27 June 2019 the Suprerng Court denied Ihe 9o¥emmenl permission to appeal the Court of Appeal's judgment that transiti￿81 provisions introduced lo the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The govemment is respecting the Court's decision and has said it will engage fvlty with the EmployThent Tribunal as well as empk)yer and member reFxesentatives to agree how the discriminations will be rernedied. The government annouvKed on 4 February 2021 that it inteThls to woGeed wth a deferred choice underpin under which members will be able io choose either legacy or refornied stheme benefts in respect of their serwce during the period between 1 April 2015 and 31 March 2022 at the point they become payab￿. The TPS is subject to a cost cap mechanism whith wa$ put in place to prole( taxpayers against unfcfeseen changes in scheme costs. The ch￿ Secretary to the Treasury, having in 2018 anTh)unced that there would be a review of this cost Cap mechanism. in January 2019 announced a pause to the cost cap mechanism folkjwing the Court of Appeal's ruling in the Mccloud I Sargeant case and until there is certainly al￿ut tha value of pensions io employees from April 2015 onwards. The pause was lifted in July 2020. and a consultation was launched on 24 June on proposed thanges to Ihe cost control methanism fc4bwng a review by the Government A¢luary. Following the Put￿1¢ wisultstK)n, the Govemment have accepted three key proposaL8 ftcommended by Ihe Govemment Actuary. and are aimirvJ to wnfvnl these changes In tlme for the 2020 valuations. In view of Ihe ab)ve rulings and decisions the assumplions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario. a vabjalion prepared in a¢¢oTdance with r8vised benefrts and suitably revised assumptions would yield differenl results than Ihose o)ntained in the Actuarial Valuation. Unbl the cost cap mechantsm revlsbjn Is o)mpleted it not possible to condud8 on anyfinanclal h)pact orfuture changes to Ihe contribution rates of the TPS. Accordingly no provision for any addltional past benefit pension ¢osis is Included In these financial ststements. (Xher Schem Certain non4cademic staff are members ofthe School's Pension Scheme. which is a money purchase scheme adminislered by a private pewons company to which LYJntributions are paKI as they become due. The pension sl charge for thg pgriod Payab￿ by the School in respect of non-academic staff was £227,260 (2020: £227,005}. The balance outstandiThJ al tho yw4nd was £27.579 (2020: £30.$58). 46

Monkton Combe School Notes to the financlal statements for the year ended 31 August 2021 (continued) 20 Reconciliation of net income to net cash inflow from operating activities 2021 2020 Net Income for the rep￿ng pericxj las per th? statoment of financial actsvbtses) 1.010.522 905.160 Adjuslments ft)r. Gain on investments (443,337) (323.820) 138.779 Interest payable Investrnent income (52.199) 74 (50,607) 11,271) 1212.028) 1.083.879 Intsrest (re¢•ivable) I repaid Profit C￿ disposal ol fixed assets Depreclation of tangible fixed assets {Decrease) I In¢raase in stocks Decrease l (Increase) in debtOTS (Decrease) I Increase in creditors N•t cash provld•d by op•iating a¢tivlll•$ 1727,641) 1.042.883 14,069) 310,092 6,136 473.322 1.710.336 (1.124.858} 894.692 1944512 21 Analysis of cash and cash equlvalents 2020 Cash In hand 2,646,318 2.042.316 47

Monkton Combe School Notes to the financlal statements for the year ended 31 August 2021 (continued) 22 Operatlng leases At 31 August the Group had future minimum Fease pahments under non-cancellablè operating leases as follows". Group and School 2021 2020 Explry date.. Less than one year Between one 2nd two years Between Iwo and five years Greater than five ars 71,331 $6,860 83,975 87,990 48.003 52.918 212.166 188,911 Th& 8mount expensed during the year was £77,058 {2020: £91,943). 23 Financial instruments Group 2021 2020 Flnancial assets measured al fair value including investmgnt assets 3,394.005 2,898,469 School 2021 2020 Financial assets measured al faK value inchjding investment assets 3.394,008 2,898.472

Monkton Combe School Notes to the financial statements for the year ended 31 August 2021 (continued) 24 Related party transactions Monklon Comb8 Enterprises LIME￿ is a wknlly owned subsidiary undtstsklro of Monkton Combe SchcM)I Llmlted. The companys primary object to cary on business as a general Commercial Company. This is primarily the management of functions and events held on the site of Monkton Combe School. The company gified115 taxable profil to the Schod of £50.944 {2020: £55.441) wh￿h indudes a management charge payable to the School of £36,420 {2020: £36,420). Al the yearnd. the Sch￿1 owed Monklon Combe Enterprise$ Llmited £310.697 (2020= 190.437) In ￿lation to the reallocation of prior year trading activities asso¢ialed with PK)liday lets and sports centre actmties. Conversdy, the company 0￿Ed the School £427.118 {2020.' £2g7,0791 for prlor year catering costs and audit fees anrl payroll costs incurred during the year. The School pays the mpanrfs payroll costs whi¢h are subsequently Charg￿ back to the company. Monkton Inlemational Limited was in¢orporaled on 18th January 2017 and was donnant untN 31Jt August 2018. The company is a wholly Own￿ $ubsKliary undertaking of Monklon Combe School. The companls primary objeot Is to carly out overseas educational activities. There Was no trading in¢ome during the year and the company made a loss during the yearof £2,145 {2020- £7,599) as a result of legal and professional fees incurred as part of the ¢ompantys start-up and ongoing operations. At the yearThd, the company owed the School £10,632 (2020.. £8,720) in relation to legal and wofessional fees ErK￿rred as part of the CoMpan￿S ongolng $tarl- up. During Ihe year, the School pald £450 (2020: £690) for membership of The Independent Schools Christian Allian¢e- TISCA {charily number 10470251. One of the schod's Governors- Mr A Reld - Is also on the Board of TISCA 25 Capltal Commitments Al the Balance Sheet dale, the School was Ix)mmitted to pay £47.172 (2020.. £11,527) in relation lo the value of refurbishment ￿ executed and of materials and goods in relation to one of the School's boarding houses and development work at the Prep Sthool. 26 Contingent liabilities In the ordinary course of business. the School either as claimant or d8fondant is involved from lime to tlme In disputes and proceedings against debtors for schod fees ￿tstandIng, suppliers for services rendered and olher counterpailies on a variety of issues. The Govemors of the School believe that any proceedings pending as al 31 August 2021 will not result in materrdl losses for the Sthool in addition to amounts already provided for in these financial Statements. Certain of Ih8se disputes and proceedings are in process at yearend and the School. whether as daimanl or (lefendanl considers it Is not in their interest to disdose the required detail as il may prejudice their position. The Govemors regulady review these matters the management of the Schod as part of their ongoing rkqk managemenl assessments. 27 Post Balance Sheet events On 24th January 2022. the Govemors agreed to mersE ￿th All Hanow5 Preparatory School In Somersel (Charity Number. 3102811 Company Number.. (K17229961. Prior lo the date of signing of these ￿lUnts the Schi)ol entered Into a fomal agreement to merge Al Hallows Into the Monkton family of schools. The School is monitoring closely Its exposure to the Ukraine l Russia situation and whilst the School is not anticipating this exposure to be signfftant. the outcome cannot be kyedicled with cwtslnty. 49

Monkton Combe School Notes to the financlal statements for the year ended 31 August 2021 (continued) 28 Comparative SOFA Unrestrlded Restrlcted Endowod funds funds Funds 2020 2019 Income from: - Donatlons and Legaclas Donatv)ns, gifts and lewi8s - Other tradlng dlviti•s Trading income Galn on diswsal offixed assets 51,867 266.132 317,999 273.416 270J62 754,095 211028 729,199 212,028 144,700 n9,199 299,859 Oiher resourcs - Investments Investment I￿orne 17,055 33.552 50,607 52.065 - Charltable Actlvltlfjs Fee income 14.055.011 694,733 14,055,011 13.374.647 694,733 893.973 Other ed￿alK)n￿ i￿ome Totil Incom• 16 030 255 16.329.939 15 792.755 Expendfture on: - Ralslng funds MarketiNJ and Trading Finance costs 422,249 939,864 138,T19 91.244 138.779 - Charltabl• adlvltlas Costs of 15091641 15 187 571 14 249 944 15 748 599 15 280.852 Total e 15,652.669 Net irwme befrye Yweslment gains Goin on knvestments 37T,586 109.025 203.754 87,168 581,340 323,820 511.903 92,414 11 127.tr Nat Incom? 611 905.1eO 604.317 Transfws beheen fvnds Net movamanl In funds 486.611 21.465.570 181 2W.922 794.740 127,827 905,100 604.317 973.472 23.233.782 22.629,465 1.085,662 1.101.099 24138 942 23233,782 Fund balances brou ht forward 17 Fund bala￿9$ carrled foThyard 17