2021-07-31-accounts

Reglstered Company Number.. 03487651 Reglstered Charlty Number.. 1068256 SIBFORD SCHOOL (A Company Limited by Guarantee) GOVERNORS, ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

SIBFORD SCHOOL YEAR ENDED 31JULY2021 CONTENTS Page Legal and Admlnistratlve Information Annual Report of the Governors: 3-10 Dlreetorg Report 10-16 Strategic Report Independent Audltols Report 17-20 Consolidated Statement of Financlal Activlties 21-22 Con5011dated Balance Sheet 23-24 25-26 School Balance Sheet Consolidated Cash flow Statement 27 Notes to the Financlal Statements 28-52

SIBFORDSCHOOL LEGAL AND ADMINISTK4TIVE INFORMATION YEAR ENDED31JULY2021 BOARD OF GOVERNORS Sibford School Governors (School Committeel the Cha1￿Y Trustees of Sibford Sehool charlty I'the Charity"), have all seNed In office throuBhout 2020121 and up to the date of 51gnlng of the report: Jonathan Llngham (Chairl Richard Czlborra (Treasurer) RoBer Chaproan tryeasurerl Richard Bee Karlma Brooke Stuart Fowler Chrlstopher GreenPield Margaret Guy steven Kalm-caudle Cheryl Lewis Anita Mar¢h Hol￿ Ponclnl Slmon RLsley Fred Sessa Elllot Wassell from I"September2020J (unti131 December2020J om I'jonuury 2021) funtll 31st December2021) funt112h November2021J (unt112 November2021J Ifmm IStJanuory2021J (unti119 June 2021) (from 2￿ March 2021) KEY PERSONNE4 COMPANY INFORMATION AND PROFESSIONALADVISOR5 ¢ad: Toby Spence Buslness Manager and Company Secretary: Altson Lynch Prlnclpal address and Registered Office: Sibford School The Hill Sibford Ferrls Banbury Oxon OX15 SQL Webslte.. www.sibfordschool.co.uk Re815tered Company Number.. 03487651 Reglstered Charlty Number: 1068256

SIBFORD SCHOOL LEGALAND ADMINISTRATIVE INFORMATION YEAR ENDED 31JULY 2021 Auditor5: Crowe U.K LLP Statutory Audltor 41h Floor, St James House st Jame5 Place Cheltenham Glouce5tershlre GL50 3PR Bankers: Allled lrfsh Bank PIC Birmingham Clty offlce 61Temple Row Birmingharn B2 5LT Soli¢ltor5: Veale Wasborough Vizards Orchard Court Orchard Lane Brlstol BSI 5WS Investment Advisors: Redmayne Bentley Butler House 56 West street WArwlck CV34 6AW Surveyors.. Cluttons Style & Whitlock SeacourtTower West Way Oxford OX2 OJJ Insurance Brokers: David Edwards Insur4nce Brokers Stonebridge House, Kenilworth Road, Merlden, West Midlands, CV7 7U

SIBFORD SCHOOL LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED31 JULY2021 School Commlttee presents the annual report for the year ended 31 July 2021 under the Companies Art 2006. Including Dlrector5' and Strategic Reports together wlth audited financlal statements forthe year, and confimi thatthe lattercomplywlth the requlrements of the Art, the Memorandum of Artlcles and the Charlties SORP (FBS 1021. DIRECTORS, REPORT REFERENCE AND ADMINisfRAllvE INFORMATION The School was founded In 1842 and Is reglstered with the Charity CommLsslon under charlty number 1068256 and as a Ilmlted company number 03487651. School Cornmittee, executlve offlcers and princlpal gddresses of the Charfty are as listed on pa8e l. Partlculars of the School's professional advlsors are glven on page 2. The Sibford School Foundation b also reglsteRd with the Charty Commlsslon under charty number 1068256-1. Slbford School Is a reglstered charity governed by an Indenture. dated 6 January 1845. The stnitture of the School cunslsts of one governlng body (School Commltteel, the detalls of whlch are explalned below, together wlth Infomiatlon on how the members of School Commfttee are appolntedto Offi￿. The oblect of the Charity L% the provislon of education as set out In the rules of government. It Is the oblect of the School to advance the education of children and young people and In particularto provlde a school which operates In accordance with the principle5 of the Religious Society of Friends In Brltaln. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng documents The schooys rules of 8ovemment and Memorandum and Artlcles of Assoclatlon were fully adopted on 22 November 1997. Governing Body School Committee Is appointed by Sibford General Meetlng of the Religlous Society of Friends. Narnes are brought lo Sibford General Meetlng by a Nominations Committee appointed from the supportlng meetings. At any time at least 50% of the School Committee shall be members of the Religious Soclety of Frlends lQuakersl and all must promote and uphold Quaker values. In addition, Sibford Old Scholars Association {SOSAI nomlnates one member to servè on School Commlttee and a nominatlons commlttee wlth representatives of both the PSFA (the Parents, Staff and Friends Association) and the School Committee nominates up to two parent5 to serve on School Commlttee- these three members need not be members of the Society of Frlends.

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31JULY 2021 Members of School Commtttee are also members of Sibford School Foundation (Charity Number 1068256-11, the fundralslng body of Slbford School, and trustees of the Tomlinson bequest. The Chair, Treasurer, Clerk of Flnance and Premises Committoe and the Head are Dlrectors of Sibford Trading Limited - the tradln8 subsldiary of Slbford School. Members of School Committee serve for a period of four years and can be re-appolnted for one lurther term. The officers (Chair, Treasurer and clerks of Committees} can serve for further perlods whllst In office. RecNltment and Tralnin8 of Governors New Governors recelve an induction on the worklngs of School Cemmlttee, Including broad policy and procedures and Quaker Buslness Method. Thls Is organised by the Head, Buslness Manager and Clerl who also arrange an annual residentlal weekend to further develop training and att as a focus for strategic plannlng. A regular Governots, conference Is organised by Quaker schools In the UK for the purpose of on-going training and development. The School is a150 a member of the Assoclation of Governlng Bodles of Independent Schools IAGBISI, whlch provide5 addttlonal tralning for Governor5, funded by the School. Organlsatlonal Management Schnnl Commlttee, as the charity trustees of the Charlty, Is legally responslble forthe overall management of the School and meets at least three tlmeb a year. Tw9 5ub-¢ommlttoes meet approximately four weeks prior to each School Committee meeting. These are the Finance and Premises Commlttee and the School Lffe Committee. The Finance and Prem15è5 Commlttee conslder5 flnancial matters relatlng to the School, together wlth faclllties issues that include Health and Safety and Risk Management. This is currently clerked {chalred} by Alchard Bee. The School Lffe Committee conslders aspects relatlng directlyto the life of the School and Its pupils, Includlng the pollcies that relate to puplls, parents and staff. Th1515 currently clerked Ichalredl by Kat Davldson. Separate groups a150 meet to conslder school development, investment and risk management. The day.to-day running of the School is delegated to the Head, Toby Spence, supported by the School Leadershlp Team: Business Manager, Assistant Head (Dirertor of Studles}, ￿sIstant Head (Pastorall, and Head of Junior Schoc)l. Members of the School Leadershlp Team are appointed to attend Commlttee meetings. Remuneratlon of the Head and Business Manager15 set by School Committee Iclerk, T￿aSurer and chairs of Sub Cornmitteesl with the objective of providlng appropriate incentives to encourase enhanced performance, and of rewardlng fairly and responsibly individual contrlbutlons to the school's success.

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31JULY 2021 other appolntments are made by the Head or Bu51ness Manager In line with the sehoovs remuneiation poliry15alary policy), which Is reviewed and agreed by School Commlttee, including referen￿ to comparfsons wlth other Independent schools to ensure that the school remalns 5ensitlve to the broader Issue5 of poy and employment conditlons elsewhere. The school's salary pollcles for teachlng and assoclate staff currently reflect natlonally agreed pay scales. Delfvery of the school's tharit?ble vlslon and purpose is prlmarily dependent on our personnel: staff costs are the largest single element of our charitable expenditure at 68%165% In 2019/201. Group Strurture Ènd Relètionshlps The Ch&rity ha5 a wholly owned tradlng subsidiary, Slbford Tradlng Limited, whose artlvltles and tradlng performance are dlscvssed below. The School aiso has a fundralsing body, Slbford School Foundotlon. The School strlves to attaln the highest standards In Independent Educaiion based on a Quaker ethos. The School is a member of the Friend5, Schools, Council, the Quaker group of schools which together promote Quaker educatlon. The School networks wlth other Independent and state schools. It also co-operates wlth a number of other charlties in an on-golng endeavour to widen public acces5 to facllttSes and to prov5de a rounded educatlon for pupils withln a Quaker environment. The School also benefits from Slbford School Foundation, whSch acts as the fundra151ng body of the SchDoI. an established Old Scholars. hssoclatlon {SOSA) and an artlve Pa￿nt, Staff and Frlends, Associatlon IPSFAI. Charlty Governance code The Charlty Governance Code Is under conslderatlon by the school and Board of Trustees. Employment pollcy The School is an equal opportunltles employer. Full and fair conslderation Is glven to job applications from disabled persons and due conside￿tiOn15 given to theSrtralning andemployment needs. Consultation with employees, or thelr representatlves, has continued at all levels with the alm of taking the vlews of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and econc•mlc performance of the School. Communleatlon wit17 employees continues through normal management channe15 In a varlety of forms. Investment Polrcy and ObJe¢tives School Committee contlnue to pursue the Investment policy adopted for the management of current and fvture funds. OBJECTS, AIMS, OBJEcnvES AND ACTIVlllES Our core purpose

SIBFORD SCHOOL REPORT FROM TrIE GOVERNORS FOR THE YEAR ENDED 31JULY 2021 Sibford School exlsts to educate chlldren and young people In accordance with the prlnclples of the Religious Society of Friends In Brltain, The School's foundlng vision is still apparent In Its wlllingness to offer a mainstream education to those who could benefit from it but who might not otherwlse have access to It. The School also offers the use of its facilities and amenltles to the wlder community for adult education, community development and the advancemerit of amateur sport and recreation. Alms Withln the Objects, Sibford Schoofs public benefit aim ￿ to provlde a rounded Independent education, through Lxjth academlc tultion and by developin8 pupils within 3 Quaker ethog. The School alms to provide an environment in which each chlld Is encouraged to fulfil thelr Indlvidual potentlal and contrlbute to the wider commun￿. Slbford School nurtures Indlvidual talents in puplls of all abllitles including those with speclèl educational needs, and has been particulady successful in helping dyslexic puplls. The School has a strong focus on achieving success in creatlve and performing arts. Thi5 Is founded on Its commltmentto identlfylng and explorlng Indwidual capabilities in a supportive atmosphere. In recent years the School has also achleved Increaslng sportlng success In swimming and trfathlon as well as In the more traditlonal sports of rugby, football, hockeyi netball and cricket. The School Commlttee is mindful of the lan8-Standing need to providè public benefrt and of the r•qulrempnts of the Charlties Act 2011. In this connection the School Comrmlttee has monltored closely the guldanee on public beneflt produced by the Charlty Commlssion together with Its supplemental guidance on fee-charging. Our values Everythlng we do at Sibford Schoolls underplnned by Quaker values. Truth and honour, freedom and courtesy, are the words that appear on the school crest and are values we still uphold, over 175 years after the founding of Slbford School. In Bddition, we are committed to sound financial planning, Sustalnabllity and servicè. EQUALITY: As members of The Religlous Society of Frlends, Quakers are accustomed to referring to themsefves & 'Frlends" Frlends believe in the equallty of all human beings of whatever sex, race, clas5, age, sexual orlentation, or ablllty. PEACE.. Frlends, witness to peace means not only running the School without violence or coercion but producing young people who wlll feel a concem to reduce the level of vlolence In the world and will have the imagination to find alteTnat￿e responses to conflltt. RESPEcf.. Our School respects every pupll as an Individual and, withln resource constraints, trres to teach each one what she or he needs to learn, to draiv out his or her unlque talents, and to enable each one to dlscover her or his own purpose In Ilfe. We have found that periods of sllence In Meetlng for Worship are valuable opportunltles for reflection and afflrmation of 'that of God, wlthin. ACCEPTANCE: We accept that we are 811 human and that we all have weaknesses as well as strengths. We believe that children have the rlght to make mistakes and to learn from their fallure5 a5 well as

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31JULY2021 theSr successes. We do not always Itve up to our highest Ideals. We believe that when we fall short, we need to admlt It, apologlse to those affected, rnake amends, commit to leBrnlnB from the rnlstake, detem)ine not to repeat It. and move on. When others fall, we belleve that we are asked to sustaln ourfaith In them and to forgtve freely, readSly and unconditlonalty, without relaxing our Standards or compromislng ourselves. SUSTAINABILITY,. Friends In Brltain are commltted to becomlng a low-carbon. su5talnable eommunlty. We believe that we can play our part in that. SERVICE.. Friends belleve that °w@ are all crew" in theSoumey through Ilfe and that Introducing young people to maklng common cause and to se￿Ice to other5 In thelr communty is an Important part of thelr education for Ilfe. SHARING.. We know that we are fortunate In many of the facllitles we have et Slbford School. We believe that we should make the best use of thern, for our own Sttw)ol communlty and for the wlder communlty, to enrich the life of the communty, lo further Quaker outreach. and to contrfbute to Our marketSng and income. 51MPLICITY: We belleve that a simple life can be a good life, and that we need to live withln our means. Prlmary Objertlves tor the Year OLir strategic plans were $lgnific•ntty addpted wrrh the onset of Covld-19 and related lockdowns I Imparts upon education. One prlmary alm has continued to be the delivery of outstandlng teachln& learnin8 and pastoral care to our community over the course of the year. We have contlnued to develop our approach to educatlon In the face of the current Covid-19 pandemlc with adaptabillly and flexlbllity belng central to our modus operandi. Partl¢ularly mindful of wellbeing, we have centred our approèch upon strong pastoral care and support of every pupil especIal￿ the most vulnerable, at thls time. We have adapted our educational offerlnE to meet the needs of the community whilst also ensurlng the very best outcomes forour pupils in natlonal examlnatlons. As restrirtlon5 have permitted, we have also focused upon maintsinlng a rfch extra- curricular programme. Malntalning pupil numbers across the school, Includlng ? healthy number of full and flexi-boarders, remalns a prlorlty. Covid-19 has particulady Imparted the international market and we have needed to consolldate down to twL) boarding houses (from 31. We alm to grow all areas of the school with particular focus upon the lunlor School, Year 7 and the Slxth Form alongslde our'boardlng recovery plan,. Slxth Form retention (Year 11 Into Year 121 has been lower than normal due to a number of factors, however we have a Slxth Form of more than 50 pupils for the 2021122 academic year. We contlnue to focus upon a gold standard of pastoral care wlth well-being and mental health awareness being hLgh prioritles. Staff trainlng In sUPPOrt of ihls has been ernbedded. In preparatlon for a vlsit from the independent inspectorate IISII we have developed'spot checks, for pupi15 and staff and we are focusing upon a range of methods of ensuring that our puplls are safe and that we know our pupils well. Encouraglng feedback In the form of questlonnaires and small group se5slons 15

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31JULY2021 Important here. We have also focused our attentlons upon RSE IRelatlDnships and Sex Education) as well as Equaltty, Dwerslty and Incluslon wlth pupils taklng a lead with elements of the latter. Pupil progres5 (in academlc terms) remalns a key area of focus. We have developed both our reporting systems and management information systems to give fvrther sharpness to our support for every pupll and regular feedback I monitoring and interventlons give dear support to every ¢hlld. Each pupll In the Senlor School has a regular academlc meeting wlth their tutor who is the key polnt of contact for academic monitoring. Our Marketln8 Manager has contlnued to focus upon Internatlonal and UK full boarder5 w￿h a partlcularfocus upon web-based and soclal media strategies to'capture, the right audien￿$. Marketlng strategies continue to become more targeted and sophisticated. Our Head of Boardln leads upon devlsing the boarding recovery plan to support the strategic plannlng behind our boarding programme, Our comrnunity work has centred around provlding as51Stance locally to charltles and communlty groups. We have, through generous donatlons, been able to supply thousands of face masks to local charitles and we have also worked in partnership wtlh our caterers. Thoma5 Franks, to supplv thousands of meals to vulnerable youngsters in our locality through a Feeding Comrnunlties scheme. We have also been part of a local communlty group which has focused upgn ensuring contact and 5UPPOrt for local famllies. We m21ntain a primary focus upon Inspection readlness and are refiectlng upon best educatlonal practices as we asplre to achleve the hlghest ISI ranklngs posslble. In June 2021 we bmught In a cu￿ent Inspectorto cast hls eye over the school and develop a report for us- this ha5 proved m05t helpful in ènsuring that we offer the very highest quality of educatlon to our puplls. Support for Learnln8 ISENDI continues to be a shlnlng Ilght withln our school. Approximately one thlrd of the Sibford pupils have a recognised addltional need and they are very well supported wlthin our mainstream communlty. Sustalnabllity remalns a key school alm. Regular meetings of our Eco groups whhin both the 5enlor School and Junlor School ensu￿ that we remain envlronmentally consclou5 and we have Contlnued to develop themes around our'Green Flag, award. Puplls have slgned up to take part In a number of eco-InitiatNes such as a conference at a local school and we support a number of environn)ental charitle5. Professional Development for staff is a further priorlty for us with a regular system of appralsal via our PDR (Professional Development and Review) meetlngs becoming embedded and refined. STRATEGIES TO ACHIEVE THE YEAWS OBJEcfivES These Included: A refresh of the strategic plan whlch seeks to make us the first-cholce destinatlon for local, national and International parents. Promoting and celebratlng our alms, values and Quaker ethos as the bedrock of the education we offer. Ensurlng that we are on track to achleve our alm ol belng'Excellent' by ISI standards.

SI8FORD SCHOOL REPORTFROM THE GOVERNORS FOR THE YEAR ENDED31JULY 2021 Continued trainlng and support for staff durlng Covld-19. Monftorlng and supporting staff well-belng and ensurlng communication Is tlmefy, clear and considered, Contlnued development of the 5chool'5 webslte and social wnedla ir)duding 8reater use of Twltter, Instagram and Facebook. Outreach to our alurnni vla our Old Scholars ISOSAI to encourage friendship, contact and communlty engagement. Development of the role of the HR Advisor to ensure compllance and best prartlce. Further promotSon of Slbford a5 a malnstream Quaker Independent School with a strong Supportfor Leamlng department. A focused effort to bring more boarders- both from the UK and abroad to the school io benefit from the rich educational offering. Makin8 the most of our locatlon arbd our flexible boardlng pruvi51on. Developlng our attlvities offer to ensure that boarding remains an attractive offerln8 to our current communlty. Development ol our tracking and monitoring systems to ensure aceurate, measurable and achlevable goals for all puplls. Further staff trainlng as appropriate. Further updates and tralning regardlng inspectloh readiness. A clearfocus upon developlng our staff with further opportunltle5 for professional development and growth opportunltles. PRINapLE Acriviri The school's principal att5v￿, es specified In the Memorandum of As50clatlon Is to advance the •dueation of chlldren and yvung people and in particular to provlde a school Dr schools to be carrled on In accordan￿ wfth the prlnclples of the Rellglous Soclety of Friends In Brftaln Yearly Mèeting. To this end the 2020121 year has been a successful one wlth 398 puplls1292 in the senior school and 106 In theJunSor school) on the school roll as at June 2021. PUBUC BENEFIT Sibford remalns Committed to the alm of provlding publlc benefit in accordance wSth its Quaker prlnciples of equality and service. Furthemiore, charlty le8151ation includes a requirement to demonstrate public benefft for any charitable purpose and this In turn calLs for commensurate disclosure of our public beneflt aims. The awardlng of bursarles for those who would not otherwise be able to afFord fBes is a measurable form of publlc benefrt and one that School Committee supports fully: th15 Is but one way In whlch the School offer5 beneflt to the wider community. This year Slbford awarded bU￿arleS, scholarship5 and other fomis of support to pupils totalling £1,087,7291£1,390.902 in 2D19/201 and this Included a spring term dlseount ègalnst day and boarding fees In relation to the perlod of lockdown due to Covld-19 that term. Means-tested awards totalled £227.879 {£237,287 In 20191201. A means tested bursary pollcy and appllcation proce55 is used to assess award5 based on financlal cireumstance, need and educatlonal potential. The Bursary Group conslders bursary appllcations from existlng and new students seeklng 5UPPOrt In the funding of a place at Slbford.

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31JULY 2021 The School has Ilmited funds for bursaries through endowed funds and the Frlends, Schools, Joint Bursary scheme, which cover5 only a small proportlon of bursarles available. The remainder Is offered In the fom) of discounts and shown in the accounts. A loyalty scheme for existing pupils entering the 6th form was IntrodU￿d In 201312014. The dlscount rate forthe 2020121 academic year was 3% for each full year a pupil had attended the Senior School. In addltion to bU￿a￿leS, Sibford has engaged In a number of other activltles that provlde benefit within the school's oblectives. These include, but are not limlted to, local prlmary schools uslng our swimming pool for weekly term-time le550ns and clSmblng wall for PE le55ons. Further examples are Included In the review of activIt￿5 and achievements. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Summer 2021 saw 51bford once agaln celebratlng some eX￿lIent exam results. At A Level, results placed Slbford Sixth Form In the top 1% of all schools nationally. for the progress that our students made. We were dellghted wwth thi5 progress as 2020 had seen us arrNe in the top IO% of schoo15 nationally 50 this slgnificant accolade is a cause of great ￿lebrat10Th- most Importantly as it shows very strong progress made by our senior pup115. GCSE results in terms of value-adrjed achlevement were also very strong, students moved onto a typically wide range of universities such as York, Durham, Bath and Wawbck and some are furtherlngthelr careers In a wlde range of vocations such as Fa5hlon Buylng & Merchandlsing and Sports Coachlng reflecting the diverse and thriving cornmunity that is found at Slbford School. The Covid-19 pandemlc unfortunately meant that a variety of resldentlal visits for both 5enlor and lunlor puplLs could not go ahead as plarined, includlng the junior Ski trip to Italy. We have booked again for a ski trip to Austria at Easter 2022. The annual Curdculum Enrichment Weekthat encourages puplls to'live adventurousty, was able to take place In the Summer term 2021, bui wlth restrlction5 Still in place, the options for activitles and trips were limited but our teachlng staff worked hard to ensure they put together a week of fun for our pupils. Our Involvement with the Duke of Edlnburgh's Award scheme saw 9 puplls galning thelr Bronze award. 3 puplLs achlevlng Sllver and 4 Settlng their Gold awards. The School contlnues to encourage partlclpation In a number of sporting activitles. In partlcular 2020121 saw Sibford contlnuing to make a Significant Impact on the equestrlan scene, de5plte the P8ndemiL Rock climbing continues to grow In popularity and we have well-quallfied and eXperIen￿d Instructors on the staff team. Our involvement with the North Oxfordshlre School Sport Partnershlp has resumed with Sibford School retaining our prestigious Gold Mark Award. Wlth renewed competktion. thls enables us to 10

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31JULY2D21 benefkt from the competltion structure and coaching opportunities wh￿Ie at the same tlme belng able to put something back Into the community by offoring our premlses as venues for a variety of events, Prlorto the arrlval of Covld-19. events hosted included triathlon, cross-country, football. netball and swimming competitions. Since restrlctions have been lfftedj partnershlp act￿*t￿e5 have Induded cross country, 5wlrnmin8 and football events. Where Covld-19 restrlctions have allowed, we contlnued to hold events where we could Share our facilities/resources with puplls frorn local state schools. State primary swimming lessons and outdoor sportlns evevkts continued to be well receNed. The school's eommunlty adult education classes In Pottery contlnued to attract outslde users to the school. Classes were temporarily suspended durlng the helght of the pandemlc, with a full waiting Ilst for September. The hall Is used by a number of outslde organlsations including dance schools and orchestras at weekends, evenlngs and during the school holldays. We a150 operate our Fun in the Country Holldav Play Scheme In most of the major holldays and half terms. Many of the children attending are from local state prlmary schools. In line wlth government Euidelines we unfortunately had to cancel some external provblon this year. Wlth restrictlons easlng overthe summer months we were able to move fonvard with partnerlng with in an external provider and successfully ran a summer holiday play scheme, being able to offer a wider range ol activitfes and accommodate a larger age range attrarted record numbers of attendees and very posltive fee(Iback from our local communtty. The swimmlng pool contlnues to provide an exc•llent facllltyto bolh the schfy)l antl the publlc. The pool hosts regular swimmlng lessons for a number of local state primary schools and Is a regular trainln8 venue forthe Four Shires Swimming Club, Other users include Stratford Upon Avon Boat Club and Waterbabies. The sd)ool has eontlnued to further the use of it5 facilltles by other bodies through lets, whlch thls year have again been limited due the restrlctSons Imposed by the pandemlc but we were fortunate to be able to welcome the Britlsh Triathlon Association, Kaleldoscope Theatre and Dance School, the Sibford Communlty Orchestra, Yoga Focus Instrurtortrainln8 and as a centre for LAMDA exam5. We also welcomed a local primary school for a four day re51dentlal for their Year 6 group, something that we hope to expand next year. The staff and pupils of Slbford continue to support o large number of local and national ¢harttFes. During 2020/21 these have Included.. Thrlve Northox,. Save the Chlldren- Xrnas Jumper Day; 8anbury Young Homelessness Projett, QulET,- Helen & Douglas House, Young Llve5 vs Cancer and CLICSargent, Fundiaislng perfomiance Sibford School Foundatlon continues to operate as the fundraislng arm of the School, ènd lis actlvities form part of the School'5 fin4nclal statements. The Foundation has received a number of small donatlons throughout the year. The School had no fundralslng attivtties in the 2020/21 financlal year requirlng d￿closUre under 5162A of the Charlties Act 2011. Over the last yearthe school has undertaken fund rai51ng activlties as in previous Yea￿ using Its database. These fundralsing activitles have been undertaken by staff employed by the school and no external persons have been used. The school has voluntarily subscribed to the Fundraising Regul￿Or whlch holds the school to the Code of Fundraislng Practice. 11

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31JULY 2021 Overthe Course of thp financial year there have been no fallures to comply wllh the eode, nor have any complalnts being recefved. We are actively encouragi￿ donations to the School to be Gift Alded. Investment performance Whllst the school does not have slgnlficant investments or endowments it currentty hold5 a strong cash balance throughout the year and the school's investment group will reconvene during the forthcoming year to conslder how best to utilise this opportuiiitv. FINANCIAL REVIEW Results for the year The school made a small proflt after depreclation this year of É72,023 la defic￿ of £224,459 In 20191201. Day pupil numbers remained strong but the 8lobal pandemlc impacted on Internatlonal boarding and this resulted In overall fee income being 511ghtly lower that expected. However, In response, expenditure budgets were rigorously managed resulting In the overall positlve posltlon. During this perlod £70,880was spent on capltal works1£149,191 In 20191201 wlth thls funded Irom existing rèsources. Whilst the School planned to make further capital investment 2020121 it wa5 not possible to schedule all of these withln the flnancial yedi and several capltal projp.cts had to be carried forward into 202V22. Cash flow remalned posltfve with the school not having to use an overdraft facility throughout the year. A Covid Business Interruption Loan ICBILI was secured at the end of the financial year a￿hoUgh to date has not been requlred to support cashflow. School Commlttee will declde whether to retaln thi5 loan withln the flrst 12 month interested free period. The budget for 2021122 and beyond maintains a pragmatic reflection of increasing costs (particularly in relation to salary and on costs) but also reflerts planned efflclency Improvements and a cautlously optlmistic forecast In relation to pupil numbers leading to posIt￿e progress tOW8rds malntalnlng a b￿akeVen position. The School Is completlng a review of the flnancial relatlonship wlth Sibford Tradins Limited to ensure that arrangements from 2022 onwards better reflert the requlrements of the School. Reserves Pollcy It Is the policy of the School Committee (the Trustees) to seek lo generate a modest surplu5 of income over expenditure each year to protect the School and to provide funds to meet worklng capital and Infrastructure investment requlrements. The School Commlttee conslder it Important that reseNes are increased to support the long-term future of the School. Resetves are required to irnprove the School's re5111ence and capacity to 12

SIBFORD SCHOOL REPORTFROM THE GOVERNORS FOR THE YEAR ENDED 31JULY 2021 manage unforeseen circumstances in the future. Wherever possible the Trustees are trying to bulld such resillence and alm to increase reseThes to support the stability of the School. The Sehool Committee have estsbli5hed a policy whereby the free reserve5 should be equivalent to approxlmately thre@ months, annual expendlture. In thls respett there Is much work to be done but the almls to reach the target as soon as practlcable. subject to the wlder Interest of the school. At 31 July 2021, the unrestricted funds gf the Group were £5,477.6281£5.192,312 in 2019120). £6,061,6591£6,443,593 In 2019120)15 represented by fixed assets, wlth £66,6011£384,150 in 2019/201 of endowed funds whleh are held as investments. Therefore, the Group currently has neg3tlve free reserves. Durlng the year, £70,880 (£149,191 In 20191201 has been spent Improvin8 the fixed assets. Pjsk Man¥ement school Comm￿tee ￿ re5ponslble forthe management of the risks fa￿d by the School. Detailed conslderatlons of risk are delegated to three nomlnated Governors, Richard Bee, Rlchard Czlborra and Roger Chapman. They. alon8 Wlth the Head and the Business Monager, IdÈntfy and assess risks and establish tontrols throughout the year. Risk are reviewed under 51x categories of~ Governance Operatlons Flnanclal Externol Compllance Reputatlon A formal review of the Schoofs rlsk management policy includlng the Charlty Commlsslon CC8 controls checklist Ss undertaken annually and a programme of reviewlng rfsk mitlgatlon forms part of all committee meetings. COVID 19 PANDEMIC Following a further perlod of lockdown due to COVID-19 In the spring of 2021, the school bulldlnES were closed to most puplls for a short tlme durfng Spring term. A small number of key worker and vulnerable children continued to attend school during thls tlme, in Ilne wlth government guldance. The school continued to provide high Quality education remotely to all pupils, bulldlng upon the experlence of the first lockdown and rontlnuing to utillse e5tabllshed online communlcatlon platforms. Feedback from parents and pupils was onte aEaln extremely w)sitive as the School worked hard to ensure 8 continuity of both academlc and pastoral supporL The School Commlttee have contlnued to meet regulady. also utlllslng online communlcatlon platforms to facilitate a contlnuous dialogue and revlew of management informatlon. Robust buslness planning underpinned by In-depth Cash flow forecastSng and scenarlo plannlng across a period of more than 24 months ha5 been undertaken. Costs continue to be closely monitored and 13

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THEYEAR ENDED 311ULY 2021 rlsks contlnued to be managed. These Careful measures, alongslde 5UPPOrt from our bank, have resulted in us concluding that we are able to remain a going concern. GOING CONCERN In assessing the going concern of the School, School Committee have consldered the impact ot the COVID-19 pandemlc. A5 part of the assessment made to determine If going concem 15 the correct ba51s for the flnancbal statements, School Committee have considered financlal forecasting data spannlng at least 24 months from the end of the flnancial year. Current forecasts demonstrate that the adequate headroom remains with the School not Ilkely to have to make full use of the credit facllitles currently available. After due con51deratlon and as a yesult of the actions detalled. alongside support from the bank, the School Committee have a reasonable expectètion thatthe grDUP has adequate resource5 to continue Its activitles for the foreseeable future and have therefore considered ti approprlate to prepare the financial statements on a going concern bèsls. However, due to the ongoing efferts of the curreftt crlsis. School Commlttee acceptthat there15 a materlal uncertainty as to whether the school can continue to operate as a going concern. FUTURE PLANS In the next plannlng cycle, the school development plan5 will corstlnuc to be Bvldd by the followlng alms. We expect.. To provide a rlch and varied curriculum whlch inspires and challenges all of our pupils and which additlonally 5UPPOrtS students who need 'Support for Learninl within an adventurous. innovatNe and evolvlng malnstream curriculum. To promote Slbford School as a unlque learnlng environment in which our Quaker ethos and testimgnies can be f05tered and developed and the outstanding quality of our pastoral care and boardlng is wldely known and celebTated. To provide and promote opportunltles for staff, voung people and the wider school communlty to develop thelrtalents and to demonstrate a commltment to service tc others, locally and globally. To malntaln and improve the physlcal environment of the school In a 5UStainable, well planned and priorltised way, for our own use and for that of the commuftlty. To be a firantlally efflcient and ethlcal school: to seek to reduce waste and to generate sufficlent surpluse5 to allow development and continued improvement without excessive borrowlng. We know that to achieve these goals Slbford School Commlttee wlll need: 14

SIBFORD SCHOOL REPORT FROM THE GOVERNOR5 FOR THE YEAR ENDED 31 JULY2021 to provide the appropriate support and structures to acegrnpllsh our alms and to meet and overcome challenges and obstacles to our vislon. to ask ourschool Leadership Team to develop approprlate actlon plan5 to bring èbout the frultion of these strdtegic targets. to monltor and evaluate progress agalnst these targets at School Commlttee meetlngs and Sn our other contacts wlth the school. The School Le?dershlp Tearn will use the strateglc target framework to report to School Committee, School Lrfe Sub-committee and Flnance and PrernL8es SLTiFcommittee. Thls informatSon will sit alongslde the Head's report to School Committ&. Marketlng arbd Buslness Reports. °Spotlight° reports, departmental presentations and the flndlngs of school Inspettion5. survey5 anij questionnalres. GOVERNANCE AND MANAGEMENT STATEMEf+lT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governors (who are also the directors of Slbford School forthe purposes of company lawl are responsible for preparing the Governors, Annual Report and the financlal statements with appllcable law and Unkted lQngdom Generally Accepted Accountlng Practice {United Kln8dom Accounting 5tandardsl. Company law requlres the Govèmnrs to pr4pare flnancial stateri)ents ror each financlal year. Under company law the Governing Body members must not approve the financial statements unless thev are satlsfted that they give a true and fair view of the state ol affairs of the charlt?ble company and the group and of the Incomlng resources and applicatlon of resources, including the Income and expendlture, of the charitable group for that perlod. In preparing these flnanclal statements, the Governing Body mernbers are requlred to.. Select the most sultable 4ccounting policies and then appty them con5tstently.' Observe the wnethods and prlnclples in the Charitie5 SORP,. Make Judgernents and accountlng e5tlmates that are reasonable and prudent,. State whether applicable UK Accountlng Standards have been followed, Subject to any materlal departures dlsclosed and explained In the financlal statement5,' and Prepare the financlal statements on the going concem basls unless It is Inappropriate to presume that the charitable company wlll continue in busSness. The Governor5 are osponsible for keeping adequate accounting records that are sufficlent to show and explain the charltable companvs transattions, disclose with reasonable accurttcy at any tlme the financlal positlon of the charitable company and enable them to ensure that the financial statements comply with the Companies Art 2006 and the provislons of the chartvs constitution. They are also responsible for 5afeguardlng the assets of the charity and the group and hence fortaklng reasonable steps for the preventlon and detection of fraud and other Irregularitie5. Insofaras each of the Governor5. as member5 of the School, Bt the date of approval of thi5 report, Is aware, there is no relevant audlt Information Ilnformation needed by the Company's auditor In connection wlth preparlng the audit reportl of which the Company's auditor 15 unaware. Each 15

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31JULY 2021 member Governor has taken all steps that he or she should have taken as a member of the School In order to make himself or herself aware of the relevant audit informatlon and to establish that the Company's auditor is aware of that information. AUDITOR Crowe V.K LLP have expressed their willlngnes5 to continue in offlce as statutory audltor and resolution proposing thelr reappolntment wlll be submitted to the forthcomlng Annual General Meeting. This Annual Report, prepared under the Charlties Act 2011 and the Companles Art 2006, was approved by the Bo?rd of Governors of Sibford School on 19th March 2022, including in thelr Capacity as company dirertors approvlng the Strategic Report contalned therein, and is sl8ned as authoylsed on its behalf by.. Jonathan Ling Chair atKI Clerk of School Comm 16

SIBFORD SCHOOL {A Company Llmlled by Guarantee) INDEPENDEKf AUDITOR'S REPORT TO THE MEMBERS OF SIBFORD SCHOOL Oplnlon We have audited the financial $tal&ments of Sibford School (th& 'parent charitable company? and Its subsidiaries (the 'group') for the year ended 31 July 2021 which comprise the Consolida19d Slatemont of Financial Actlvilies, the Consolidated Balance Sheet, the Company Balance Sheol. the ConsolKlated Statement of Cash Flows and th& related notes, including a summary of significant acwunling pol￿1￿. The financiai reportlng framework that has boen applied in their preparation ￿ applicable law and Unlted Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financiql Reporting Standard applicable in tha UK and Republk of Ireland, (United Kingdom GenoraltyA¢cepled A¢countlng Pr8Ctico). In our oplnion the financlal statem&nts'. give a true and falr wgw of the state of the Group'8 and of the perenl Charitab￿ companV5 affairs as al 31 July 2021 and of the Group'8 incoming resourcos and 8pplkation of resou￿$, Including ils incorne and expendilure for the year th8n ended: hava bo8n pro￿rIY prepared in accordance with United KingdL)m Generally A¢cepted Accounllng Practlce,. an(1 have been prepared In ac¢ordan¢g vllh the rwulreM￿ts of the Companle8 Act 20C6. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UKI IISAS {UK)l and applicabltr law. Our respons￿)111¢18s under those standard$ are further described in tho AuditoV£ ￿BpOnsIbl11t1e5 foF (he auuil of tho financial ÈiatemenlJ 6ectioii of our report. We are independent of tho Group in accordance with the 8lhlcal requlrgmenls that are Teievant lo our audit of the financlal 81atements in Ihe United Kingdom. including the Financial Reporting Council's Ethic￿ Sl&ndard, and we have fulfilled our othèr ethical responsibilities In accordanco with thesg requlroments. We bell¢ve that th? audit evidence we havg tJbtainÈd is sufFicient and 8ppropriate to provld8 a basbs for our oplnion. Conclu8lons r8lating to yolng concern In auditing the financral statements, we have concluded that the Governors, use of the going concern basis of accountin9 in the preparation of the financial 5talemenls is appropriate. Based on the work we havè perfom7ed, we have not idenlrfi8d any material uncertainties rèlating lo events gr condillens that, indlvidualty or collectively, may tast 8ignificanl doubl on the Group's or thg parent Charilable company's abilty to continu? ès * going Goncein for a pericKI of at least ts¥e￿e months from whèn Ihfy financial 8tatemenl8 are aulhorised for issue. Our responsibilities and tho respon8ibllilies of the Governors with rospèct to going concem are described in th8 rel8vanl 8ection$ of this report. Page 17

SIBFORD SCHOOL IA Company Llmltod by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIBFORD SCHOOL {CONTINUEDI (Xher Inforniatlon The other information comprises the informatK)n in¢lud8d in the Annual Report other than the financial sta16m8nts and our Audilorfs Report thereon. The Governors are responslble for the other infomiation contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, oxcepl to the extent otherwse explicitly Stat￿ in our raporl, we do not express any fom of assuranca conclusion Ihefeon. Our responsibility is to read the other information and. in doing so, consider whether the other Infomiation is materially inconsistent WTih the financlal statements or our knowledge obtained in th8 cours8 of the audf(. or othewse appears lo be mat8rially mlsslated. If we identify such material incon8istencs or apparont materlal misstatements, we are reguired to delenmine whether this gNes rise to a material misstatement In the financial statembnis themselves. If, based on thè work we have performed, we concknde that th8re is a material misststemenl of this other informatlon, we are required to report that tsGt. We have nothing to report in this regard. Oplnlon on other matters prescribed by the Companle$ Act 2006 In our opinion, based on the work undertaken in the Gourse of the audlL" the information given In the Governor's Report including the Dlrector8' Report and the Stratsgic Report for the financ￿1 year for which the financi￿ stst&ments are prepared is consistent with the financial statements. the StiategiG Report and the Directors, Report included within the Governo¢s Report have bn prèpared In acGordanc8 with appli¢abl8 legal requirements. Mattèrs on which we ar8 requlred to raport by exGePtlon In the luht of our kno￿edge and understandlng of th& charrtabie company and its environment obtained in the course of the 8udil, we have not identified material misslatemenls in the Strategic Report or the Directors Report included ￿thin thè Govemorfs Repcirt. We have nothing to report in respect of the foll0v￿ng matters in relation to which Companies Act 200e requires us to report te you if, in our 0p1nic￿'. the parent charitable company has not kept adequate and 5ufficienl accounting records, or returns adequate foT our audit havo been recelv8d from branches not vlsited by us,. or the parent charf(abl8 Gompany financial statements ara not In agr8oment the a¢countlng records and Tèlums., or certain disclc)sures of Governors, remuneration specified by law are not mad8; or we have not received all the infomatbn and explanations we require for our audiL Responslblllties of Irustees As explained more fully in the GovèmoTS' ResP￿sIbilitieS Statement, the Govemors (who are also the diredors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being Satisfi￿ that they give a true and fair viaw, and for such interllal control as the Governors détermin6 is necessary to enabl? the preparation of financial statemenls that arè free from material misstatement, whèther due to frdud or eThor. In preparing the financial ststemenls, the Governor5 are ￿SPOnsible for assèssing the Group's and the parent charitable ccmpanls ability to continue 8$ a going con¢em, discloslng, as applicable, matters related lo going Page 18

SIBFORD SCHOOL (A Company Llmited by Guarnnteo} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIBFORD SCHOOL (CONTINUED) concern and using the golng con¢em basi8 of accounting unless the Govemors either Inland lo li4uidale the Group or tha parènt charltable ct)mpany or lo cease operations, or have no realislfc dlomalive but to do so. Audltofs r¢spon81bllltles for the audlt of the flnancial statomgnts Our oblgclives a￿ to obtain reasonabl8 assurance abo(rt whether the financlal Sts1￿￿ents as a who19 arg fr8e from material mlsslatemenl, whether due to fraud or error, 8nd to 18sue an Auditorfs Report that Includes our opinion. Reasonable assurance is a hlgh ￿Val of assurance, but is not a guaranlse that an audit Conducted in ordance with ISAS {UlQ will alway8 delect a materi8J mlsstatement when it exists. Misstatements can ari8e from fraud or error and ara ConS￿lered material rf, indlwdually or In th8 aggr8gale, they could reasonabty be oxpec18d to Influence the economic d￿S1onS of users taken on the b88is of these financlal 5tstemen&. Irre9ularitig8, in¢ludlr•J fraud, are instan¢e8 of nonwPl￿nce with law8 and regulati¢ns. We design procedure$ In line with our re5ponsibililies, outlined abov&, lo delecl material mS8Statemenls in rgspect of irregularities, including fraud. The extent to which our proee(lures aro cap&bb of detectlng irregularities, inclLKllng fraud is detailed balow.. W8 obtained an underslandlng of the 18gal and regulatory frameworks wlhin which the charity and group oper*s, focusing on those laws and regul8llons that havè a direct effect on the determination of material amounts and disclosures In the financial slalemenls. The laws and regulatKJns wè consld8red Ihls context were the Charities Act 2011 together with the Charities SORP {FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the relat¢d finan¢k?I statement items. In addition, we considered provisbns of oth&r Iqw8 and rogulalions that do not havo a dlrecl effect on the flnancial 8tatements but complianc& with whlch might be fundamental to the school's and the group's ability to oporalg or lo avoid a material penalty. We also considerod the opportunities and Incentives thot may oxlst wfthin the charity and tho group for fraud. The laws and regulations we considered in this context for the UK operations were rhe Education (Independent School Standards) Regulations 2014. We identifEd the greatest risk of materlal impact on the financlal statements from irregularities, including fraud to bg within the liming of recognition of fee extra8, donation, other incomg, CJRS income and the override of controls by management. Our audit procedures lo respond lo these risks included enquiries of management about their idenlifioallon and assessment of the risks of irregularities, pgrforming sample l&sling for each Cal￿Ory of income, pgrforming cut-off testing for income, sample teskn'ng on tho posting of joumals, revlowing accounting eslimales for biases, remewlng regulatory correspon4J&nce wth th8 Charity Commission, Independent Schools Inspecloral8, Ofsted and reading mlnules of meetings of those charged with govornance. Owi)g lo the inherent limltations of ar7 audL there is ?n unavoldable risk that we may not hav8 detected some material mlsslalemenls in the financial statements, ￿an though w& have prop$Hy planned and performed our audrf( in accordance with auditing standards. For example, the further removed non￿ompliance with laws and regulation8 (irregularities) Is from the ev8nts and transacllons reflected In the financial statements, the less likely the Inheronlly limited procedures rgquired by audtting stsndards would Idenlfy it. In addition, as with any audit, there remained a higher risk of non-deleclion of irrogularilie$, as these may involve colluskjn, forgery, intentional omls8lon8, misrepresontations, or the overylde of inlornal controls. We aro not résponsibl& lor preventing non- cLKnplianee and cannot b9 eXp￿ted lo d8tecl nonwcomplian¢& with all laws an¢J regulations. A further descripllon of our responsibilities for the audit of the financial statements 18 located on the Financial Reporting Councifs w8bsile al= I￿.frC or Audrtor's Report. .uklau ilorsrbs onsibilitie This dascrlpli¢Jn fomis part of our Pago 19

SIBFORD SCHOOL

(A Company Limited by Guarantee)

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

Use of our report

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

Guy Biggln (Senior Statutory Auditor) for and on behalf of

Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

Date: 29 April 2022

Page 20

SIBFORD SCHOOL (A Company Llmlted by Guarnntee) CONSOUDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2021 Unre5trlcted fund$ 2021 R6Strlcted Endowmgnt funds funds 2021 2021 Total funds 2021 Total funds 2020 Note In¢ome and endowments from: Donations and legac￿8 Charitable athitles.. School fees Other eduoauonal i￿rn Other ancillary trading Other charrtabl8 activitles Non ancillary tradlng income Inv6stments Total Incomo aTrd ndowments Expendlture on: Raislng funds Charitable activities 93,561 101.557 195,118 54,026 5￿97,770 5,397,770 &451,552 565,086 142.345 655,086 142,345 712,625 140,396 87,341 87,341 257,262 17 257,262 2,716 2.699 365,946 6,2T6 8,633,382 104,256 6,637,638 6,730,￿1 192A44 6,302.206 192,444 6,389.547 87,341 215,587 s, 725, 762 Total expendlture 6,494650 87,341 6,581,991 6,941,349 Net Incomel{expendlturg1 b￿ore n&t 9alnslllosses} on lftvestmènts Not gainslllosses} on Investments Net Incomelloxpendlture} Transfers btheen fund8 38,732 16,915 55.647 (210,528) 0,884 10,492 16,376 (13,931) 44,616 16,915 10A92 72.023 (224,459) ts28,041 Net movement In funds (328,041) 372,657 16,915 1317.549) 72.023 (224,459) Page21

SIBFORD SCHOOL {A Company Llmltgd by Guarantoel CONSOLIDATED STATEMENT OF FINANCIAL AcnviTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Unrestrlctod funds 2021 Rastrlcted Endowmont funds funds 2021 2021 Total funds 2021 Total funds 2020 Note Reconclllatlon of funds.. Total funds brought forward N8t movement in funds Total funds Garried forward 22 S,192,312 372,657 398,527 16.915 384,150 (317,5491 5,974,989 72,023 6. 199.448 (224,459) 66,801 ,047,012 5.974,989 5,564,969 415.442 The Consol￿ated Statement of Financial Activities Includes all gains and losses r￿gnIsed in the year. The notes on pages 28 to 52 form part of these liThgnGial stat8menl$. Page 22

SIBFORD SCHOOL {A Company Llmit8d by Guarantèg) REGISTERED NUMBER.. 03487651 CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2021 Not8 2021 2020 Flxed assets Tangible assets Investments 14 15 8,061,659 426.690 6,443,593 410,314 Current assets Stocks Debtor8 Cash at bank and In hand 6,488.349 6, 853,907 18 17 42,238 310,851 1,189,893 38,904 292,360 331.022 1.542,982 Creditors.. amounts falllng due ￿1h1n one year 662,286 18 (1,208,24n (1.376.875) Ngt currgnt assots I Ilabllltes 334,735 Total assets less Current Ilabllltl¢s Creditors.. amounts falling due after more than one year (714.589) 6.823.084 6, 139.318 19 1776,072) (164,329) Total net assets .047.012 4974,989 Page 23

SIBFORD SCHOOL (A Company Llmlted by Guarantee} REGISTERED NUMBER: 03487651 CONSOLIDATED BALANCE SHEET (CONTIMUED) AS AT 31 JULY 2021 2021 2020 Note Charlty lunds Endowment funds Restricted funds Unrestricted funds 22 66,601 415,442 6,564.969 384,1&) 398,527 5,192,312 22 6,047,012 5974.989 Total funds The Governors acknowledge I￿1r responsibilities for complying vrith the Tequirements of the Act wlth Tespect lo accounting r￿ordS and preparation ol financial statem6nts. The financlal statgments were approved and authorised for18sua by the Governors on 19 March 2022 and signed on Ihelr behalf by.. Jonathan L Chair and Cl&rk The notes on pages 28 to 52 fomi part of thes8 fin8nclal 8t?tements. Ro9¥r Cha Treasurèr mfln P?98 24

SIBFORD SCHOOL (A Company Limited by Guarantoel REGISTERED NUMBER: 03487651 COMPANY BALANCE SHEEr AS AT 31 JULY 2021 2021 Notg 2020 Flxed assets Tangible assets Invtstmenls 14 15 6,061,618 426,694 6,438,925 410,318 Current assets Sl¢Kk8 Debtors Cash al bank and in hand 6,478,312 6,849.243 16 17 42.238 308.321 1,118,797 38,904 381.893 234,615 1,469,356 Creditors: amounts falling due withln one year 655,412 18 {1,183.9501 (1,369,332) N&t current assets I Ilabllit8s 285,406 (713,920) To*al asbets less current IlablllUes ¢￿JitOrS.. aMr￿n15 fatling due after more than on8 year 6.763,718.. 6, 135,323 19 1776,072} {164,329J Net assets excludlng pension as$at 5,987,646 &970,994 Total net asset8 6,987,646 5,970,994 Page 25

SIBFORD SCHOOL IA Company Llmited by Guarantee) REGISTERED NUMBER: 03487651 COMPANY BALANCE SHEEf (CONTINUED} AS AT 31 JULY 2021 2021 2Q20 Nots Charity funds Endowmonl funds Restricted funds Unrestriclod funds 22 66,601 502,783 5,418.262 384, 150 398,527 5,188,317 22 5,970.994 Total funds 5,987,646 The Compan¥s n81 movement li funds for the ygar was £16,652 {2020- £(232,813)). The Govarnors 8Kknowl8dge their respon$lbS1ities for complwng with the requirementg of the Ad with respect lo accounting records and pr8p8ralion of financlal statemonts. The flnancial statements were approvéd and authorised for issue by the Govemors on 19Lts March 2022 and signgd on théir behalf by.. Jonatha Chair and Clerk The notes on pages 28 to 52 form part of these financiJ statement5. Roger Cha Trèasurer man Poge 26

SIBFORD SCHOOL (A Company Llmltèd by Guaranteè) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021 2021 Note 2020 Cash flows from operating actlvFtleg Net cash provKl8d by opgraling acti￿￿188 24 334,278 288, 711 Cash flows from Inv98tlng actlvltles Dlvldonds and interest from investments Purchase of tangible fixed assets 2,716 6,276 {70,8801 (149, 191) Net cash used In Investlng aGtlvltle8 168,164) (142,9q6) Cash flows from flnanclng actlvlties Cash inflows from new borrowtng Repaymants of hire purchase Finance costs pald 600,000 1527} 16,716) (2681) (2,958) Net cash provlded byl(u$ed Inl Ilnanclng actlvltl88 592,757 {5,6391 Changè In cash and ca$h •qulvalonts In thè yoar Cash and cash equivalents at the beginning of the year 858,871 331,022 140,157 190,865 Cash and ¢ash oqulvalents at the end of Ihe yoar 25 1,189,893 331.022 The notes on pages 28 to 52 form part of thesè financial stal8ments Page 27

SIBFORD SCHOOL IA Company Limited by Guarantael NOTES TO THE FINANGIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 General infomiatlon Slbford School is a registered charity wth the Charity Commission England and Wales lcharty number 10682561 and 18 Incorporated as a company limited by guarantee (company numb6r 03487651). The address of Ils principal address and registered officelg Sibford School, The Hill. Sibford Ferrls, Banbury. Oxon, OX15 SQL Accountlng policlès 2.1 Basis of preparatlon of financlal slatemonts The f￿ancial statements have been prepared under the hlstorical cost Conventitsn, wbth the exception of investments whth are held at market valu8. The financlal slal6menls have been prepared in accordance with the Charities SORP IFRS 1021 AccouDtiDg and Repottng by Charilles.. Slat8menl ol Recommended Prgcticg applicable to charities preparing their accounts in accordance wl(h the Financial Reporti￿ Standard applicable in the UK and Republic of Ireland IFRS 1021 leffèctivg 1 January 20191, the Finanoial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Companies Act 2006 and the Chsrities Act2011. Sibford School me6t8 the d6finition of a publlc benefit entty under FRS 102. The fundional currency of the School is consldeied to bo GBP boegusé that the Gurrency of the primary econ¢Jmic environment in which the School operates. Amounts are rounded to the nèarest £1. The principal a¢counting policies. which ha￿ been prepared ¢n a consist￿1 bo8ls within Ihat convention are se* out below. 2.2 Golng concern In as59ssing the going conceTn of the School, governors have Consider￿ the impact of the Covid-19 pandemic as detailed in the Iruslees, rgport. As part of the assessment mado to delemiine If going conc8rn is the corred basis for the financial statements, the govemors fvavè considered a range of dlfferent scenarios spanning 24 months frcm the end of the financial year. In the worst case scenario, which 18 not consKlered to be a likety outcome, the Schwl would have made full use of the cr8dit facilities currenlty available to the School. If any of thè early warning signals of this worst case scenario are triggered, the School will seek to lake a nurnber of mitigating actions lo seak to remain wthin ils banking facilit￿s. On this basis the Govemors have considered It appropriate lo prepare the financial slalemenls on a going concern basis, however due to the ongoing effect8 of the current crisls a¢cept there 18 a materfai uncertainty as to whether th8 School can continue to operate as a going concern. Page 28

SIBFORD SCHOOL IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accounting polle188 (contlnued) 22 Basls of con8011datlon The financial statemen18 Includg the r8sults of the Ch?rills own oporalions and of 118 wholty owned nO￿￿harItable trading subsidlary, Sibford Trading Limited and k8 con801idaled on a line-by-line basls The Charlty constilule8 Sibford School and Slbford School Foundation. All inter group saltrs and proflls are eliminal8d ful￿ on con801idalion. The School has taken advantage of the exemptions In FRS 102 from the requirements lo present a School only Cash Flow Statement and certaln disclosures about the charity's financial instruments. Sibford Trading Limited's prkncipal a¢tivity 18 th8 operation of th9 8hop on the campus and thè provislon of sports, art, music and leisure f￿lI￿e$. The School has a180 taken odvanl8ge of the gxèmption allowed under section 408 of the Companl Act 20CE and has not pr88ant￿ ts own Statement of Flnancial Acltvities in these flnanclal statements. 2.4 Fees and slmllar In¢omo Foes receivable and charges for semces and use of premises arè accounted for in the period in whlch the service is provlded. Fees receivable are slated after deductlng allowanc&s. scholarships nd other remissions granted by the School. bul include eDnlributiL>n? recoived froiii iestrfcteii funds for SEholar8hlP8. Bur8arie8 and other grants. Fe&$ recei￿￿ for education lo b8 provld8d in future years are Carr￿ forward a5 advance fees on the 8alanGe Sheet. 2.6 Donatlons Donolir>ns are ac¢ount6d for when the School has entittemenl lo the funds, any perfomianc8 conditions att￿hed lo the ilemlsl of income have been mel, it is probable that the income wlll be reeeNed and the amount can be measured reliably. Donations receivabl8 for the general purp08es of the School are crfjd￿ed to unrestricted funds or as a deslgnaled fund as albcaled by th& Ggvernors. Donah'ons for purposes restr￿ted by the wishe8 of the donor are taken to restricted funds wher& these wI8hes arg logally bindlng on the Govemors. Donations required lo bo retained as capital in accordanc6 with the donor's wishes are accounted for 88 endowed expendable or permanent funds according lo the nature of the restriction. 2.6 Expenditure Expondilure is included In the Slalgm8nl of Flnancial Activities on ￿ accNais ba$ls. Overhead and other costs not direclty attribulabk8 lo particular functional acliwty categories are apportioned over the relevant categories on the basls of management estimates of tho amount attributable lo that acllvity in tho year, either by refgrence to staff tirne or space occupied, as appropriate. Th& irrecovorable element of VAT 18 Included with the item of expense lo which f( rélates. Costs of raising funds Includes all financing and fundraising c081s. Charikble acb'vity expenses are alkcated to functional groups on a direct cost basis or apportioned on a staff time basis. Govemance costs arè included within 8UPPOrt costs and compris& the costs of running the School, including stra16gic plannlng for its future development, also external audit, any legal advice for the Pag8 29

SIBFORD SCHOOL IA Company Llmlted by Guarantoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 AcGountlng pollcles Icontlnuodl 2.6 Expendlture Icontlnuod) Govemors, and the cosi8 of complying with constitLrtional and statutory requiTements, such as th8 cctsts of Governor meetings and of preparing stalLrtory financial statements. Expenditur6 on charffable activ((ies is incurred on directly utKlertaking the aGtNitias wh￿h furtheT the Group's objectNes, a5 well as any associated support costs. 2.7 Intsrost re¢8iv8ble Intero8t on funds held on deposit is includad when rec#Nable and the amount can bg moasured reliably by the Group., this is normally upon notificaion of th8 intsrest paid or payable by the instilutlon with whorn the funds are deposited. 2A Taxa￿On As a ragistered Charity the SGhool is entitled lo laxalion eX￿PtIonS on all its Income and gains, as long as thoy ara properfy applied for its charitable purposé. 2.9 Tanglble flxed assgts and depreclatlon Assds are induded at theSr orlgirb31 c¢st at the date of acqulsition. The School ha5 a policy of capltalising ffixed assets, where expenditure on such assels is in 8x¢ess of £2,UOQ. Depreciation is charged $0 as lo allocate the cost of tanglbi6 fixed assats less their residual valu@ over their estimated useful lives as follows.. Freehold buildings Fixtures and frttings Motor vehicles Computer equipment Depreoiation is charged in the year ol acquisiiion pro-rated on a monthly basis. Freehold land is not depreciated. Assets it) the ccwrse of constnjclion 8r8 included al cost and are not depreciated until they are brought into Use. 2.101nvestmgnts Llsted investments are valued at thelr quot8d market prlce at tho yearnd. Gains and losses arising from the sale of investments are dlsclosed as gains or 10$888 in the Slalem@nl of Financial ACti￿lIes, being the difference btheen the sale pro¢eed8 and the market value al the last accountir¢g date. Changes In the valuotion of investments during the year are a180 shown as gains or losses In the Stat8menl of Financial Atttivlties. 2Yo- 8% per annum - 8traighl line 100/0 per annum- 8trai9ht line 20010 per annum- str8ight line 25QA per annum - straight line 2.11 Stocks stocks are vall￿￿ al the lower of cost and nel reali8ablè value aft8r making due allowance for obsolete and slow-moing stocks. Page 30

SIBFORD SCHOOL (A Company Llmlted by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accounting pollclas (eontlnued) 2.12 Debtors Short temi debtors are Initially measur8d at transaction prtC8, leBS any impaimignt. 2.13Cash Cash is represented by cash in hand and deposits wth fin8nci81 instilutlons. 2.14 Cigdltors Short lemi creditors are initially rneasUr￿ at tho transaGtron price. 2.15 Recognltlon of Ilabllltles Llablllties are recogn15ed once there Is a18gal or con8tructiv? obfigation that commits th& School lo the obligalron. 2.16 8a$lc flnanclal Instruments Th8 School has financial asBgts and financial liabilities of 8 kind that qualify as baslc financial instruments. Basic financial instruments are inllially recogni6ed at transaction value and subsequenuy mwured al their settlement valug. 2.17 Flnance leases and hlre puych Assgls oblalned under hire purehasa cDntracl8 and financo lèases are capilallsed as tangib￿ r￿èd assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful fives. Assets acquirgd by hire purchase are deprèGialed over their useful lives. Financè leas&s arg those where subslantialty all of Ihg beneftts and risks of ownership aro assumed by the School. Obligations under such agre8menls are included in eredilors not of the finance charge albCal￿ lo future perit)ds. Thg financè element of the rgnlal psymenl 18 oharged to the Statement of Flnancral Acliville8 so a8 to produce a con8tant peri￿11¢ rat8 of charge on the net obligation oulslanding in each poricd. 2.18 Operatlng leases Rèntals payable under operating leases are charged lo the Statement of Financial Acti￿leS on a stralghl lin2 basis ov8r the lease term. 2.19 Penslons The Charity contributes to the Teachers, PensKJn Defi'ned Ben6fits Scheme * ratss set by the Schemè Actuary and advised tts the Board by th@ S¢heme Administrator. The scheme is 8 multi- ompk)yer pension scheme and il 18 not possible lo id&ntify the assets and liabilities of the scheme, which are allributable lo the S¢hool. In accordance with FRS 102, the scheme is accounted for as d8fined contribution Scheme. The School also contributes to personal pension Schemès for non-leaching staff. As defin$d Contribution schemes, these contributions are accrued accordingty. Page 31

SIBFORD SCHOOL IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY 2021 Accounting policies {continued} 120 Fund accounting The general funds camprlse the accumulated Surplus. As 8uch, tho Governor5 considor Ih&se funds to be unrestrided funds *￿thin tha definitions contained In the Charities Act 2011 in that they are funds over which they have complete discretion a8 to thelr use in furthering the School's objectlves. Restricted funds ar8 subjecl to spacifK Gonditiong by donors as to how they may be used. The purposes and uses of the restr￿e￿ funds are Set out in the noteg to the financial statoments. As detailed in Nole 23 the School holds assets donat￿ under pemianent endowment. Where such an asset18 sold, the proceeds of th8 sale are treated as capltal receipts and are tsk8n directly tr) the pemian8nt endowment fund. Income arising on general pury)ose penmanent endowm6nt lund investrnents 18 treated as restricted ir￿8 of the Schwl. 2.21 Deposlts As the School d¢Jes not have an uncondf(h)nal right to retain Indi￿dual deposits for at least 12 tnonlhs after the Balance Shael date, in line with FRS 102. the balan￿ of deposits held 81 year-end has been Included within currant liabilities. Sncomg from donatlons Unro5trict8d Re$trlcted funds funds 2021 2021 Total funds 2021 Total ftinds 2020 Donations 93,561 101,557 195,118 54,026 23,921 30,105 54,026 Totsl 2020 Page 32

8IBFORD SCHOOL {A Company Llmlted by Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Feo Incomo anatysls Tho Schoofs fee Incomo comprlsed.. Gross fees Less.. Total bursaries, grants and 8llt7•vances 6,593,098 6,800,449 11,195,3281 fl,391,537) 5.397,770 5,4Q8.912 Add back.. Bur8ari88 and discounts paid for by restricted fund8 Total 187,341) (42,640) 5.485,111 5,451,552 Fee inc¢me all relat98 to unrestricleil funds durlng this and the prior year. Other educational Incomg Registration and assesssment fees Additional tultlon and activity f$e$ Educational support Fee extras 7,125 86,428 7, 719 91,284 427,839 185,783 96.307 655,086 712625 Other educatic￿al income dl relates to unroslricted funds dudng this and the prior year. Othfyr anclllary tradlng income Mlnibus in¢t)me Non-refundable depos118 427.689 14,656 130,856 9,540 142,34S 140.396 0th8r anclllary trading income all relates lo unrestricted fund$ during thi8 and the prior year. Page 33

SIBFORD SCHOOL {A Company Llmlted by Guarantgè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Non anclllary tradlng income Incomo from non charltable trading actlyitlgs Unr8Stricted funds 2021 Total funds 2021 Total fvnds 2020 Sibford Trading Limited income Conference letbngs incom8 Rents receivabl MisGellan6ou$ income 28,975 6,111 64,166 158,010 28,975 6,111 64,166 158,010 46,795 68,247 57,417 t93,487 257,262 257.262 365,946 365,946 365,946 Total 2020 Invgstmant Incom8 U￿r￿trIcted funds 2021 Rgstrlcted funds 2021 Total funds 2021 Total funds 2Q20 2,716 6,276 Investment income 17 2.699 1,475 4,60f 6,276 Total 2020 Pagè 34

SIBFORD SCHOOL (A Company Llmlted by Guarantw) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analysls of 6xpendlture on charrtable actlvltles Summary by fund ty Unrgstrlcted Restrictsd funds funds 2021 2021 Total funds 2021 Tot81 fvnds 2020 Teaching Welfare Premises Support costs 3,147,735 1,218,363 752,270 1,183,838 87,341 3.235.076 1,218,363 752,270 1.183,838 3.549,381 t, 184,343 849,171 1, 142,867 6,3L12,206 87,341 6.389,547 6, 725,762 Tot812020 6,682, 122 43,640 6.725,762 10. Analysls of expendlture by actlvltlgs Anajysls of dlrect costs T8aGhlng 2021 Wèlfarg 2021 Pr&mlses 2021 Support costs 2021 Total funds 2021 Tol81 funds 2020 Staff costs Depreciation other 2,855,321 741,387 159,127 399.129 194.014 499,059 38,816 645,963 4,254,874 437,945 1,696.728 4,487,721 463, 149 1,774,892 379,755 476.996 3,235,076 1,218,363 752,270 1,183,838 6.389.547 6, 725, 762 Total 2020 3.549,381 1, 184,343 849, 177 1, 142,867 6. T25. 762 Support costs include governance cost8 of £31.963 (2020.- £39. 183) which relate to the audit fee and other profèssional fees. Page 35

SIBFORD SCHOOL IA Company Llmlted by Guarnnteel NOTES TO THE FINANCIAL sTATEmE￿rs FOR THE YEAR ENDED 31 JULY 2021 11. Audltorfs remuneratlon 2021 2020 Fees payable to the Companls auditor for the audit of the Companls annual accounts Fee8 payable to tho Compan15 auditor in resp￿1 of: All taxation advlsory setvic8s not included above All noTraudil 86rvicè8 not included above 16,050 1&765 980 8,050 7,920 12. Staff costs Group 2021 Group 2020 Company 2021 Comp81Jy 2020 3,40S,088 346,377 3,615,469 361,895 3,342,213 341,675 3,532,668 357,958 Wages and salaries Social security Costs Contribulpjn lo dafined contribution pension sGht*nie5 597,095 670,986 597,095 570,9B6 4322,451 4,574,459 4,254,874 4.487,721 Duriong Ihe year the School m￿8 temination payments, including redundancy, totalling £5,791 (2020.. £NIL). The average number of persons employed by the Company during the year Wds as follows.. Group 2021 Group 2020 64 81 69 Teaching Support 145 158 Page 36

SIBFORO SCHOOL IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 12. Staff costs Icontlnuod) The number of ￿plOYeeS whoso employee benefits (excluding employer pension cos18) &xceeded £60,000 was". Group 2021 No. Group 2020 No. In the band £60,001- £70,000 In the band £90,001- £100.000 Senior management team remunfyration amounl8d ID £4e5,876 P020.. £540,486). 13. Governorn. romuneratlon and expenses During the year. no Governor8 received any remunerallon or other benefi18 (2020- £NIL). During ths year ended 31 Juty 2021. expenses lolaliing £#,OSS ￿re reimburse(l or paid dI￿¢11Y to 4 ¢￿Vernor$ (2020- £1,003 to 9 Govemors). Expen8es rdaled lo Iravd costs. Page 37

SIBFORD SCHOOL (A Company Llmited by Guarantee) NQTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 14. Tanglble flxed a3s&ts Group Fre8hold land and bulldings Motor Fixtures and vehlcles rittings Totsl Cost or valuatlon At 1 August 2020 Addllions DIspos￿5 1,918,019 12,165,T16 70,880 11,624 12,5851 {2,586} 10,186.740 S9.256 61,017 At 31 July 2021 10,245.996 61,017 1,927,058 12,234,071 Depreclatlon At 1 August 2020 Charge for the year On dl¢pogals 5,722,183 453,001 12.7721 4,067,296 326,217 34,169 5,160 1,620.718 121,624 (2,7721 39,329 1.739,570 6,172A12 At 31 July 2021 4,393,513 Not book valuo 6.061,859 At 31 July 2021 5,852,483 21,688 187,488 At 31 July 2020 6, t 19,444 26,848 297,301 6,443,593 The net book value ol a8sets held under finance Lgases or hire purthase contracts, Included above was £10,320 (2020.. £t5,480). Page 38

SIBFORD SCHOOL IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 14. Tanglble flxod assets (contlnued) Company Frgehold land and bulldlngs Motor Fixture8 and vehlcles fFttlngs Total Cost or valuatjon Al 1 August 2020 Additions Dlsposa18 10,186,740 59,258 61,017 1,778,673 12,026,430 3,407 62,663 12,6861 12,685) At 31 July 2021 10245,996 61,017 1,779.495 12,086,508 Depreclatlon At 1 August 2020 Charge for the year On dlsposa18 4,067,296 326.217 34,109 6,160 1,486JMO 118,780 (2,7721 &687,505 450,157 12,772} Al 31 July2021 4,393.513 39,329 1,602.048 6,034.890 Net book value At 31 July 2021 5,8S2,483 21.688 177,447 6.061,618 At 31 July2020 6, 119,444 26.848 292. 633 6,438,925 15. Fixed assot Investments other fixed Llstgd asset Investments Invgstments Group Total C05t or valuation At 1 August 2020 Revaluatlons 82,273 16,376 328,041 410.314 16,376 At 31 July 2021 98,649 328.041 426,690 Page 39

SIBFORD SCHOOL IA Company Llmitsd by Guardlltoe} NOTES TO THE FIMANCIAL STATEMENTS FOR THEYEARENDED 31 JULY 2021 15. Flxèd asset Investments Icontlnuedl Investments In otherflxed 5ubsldiary Usted ass0t compaDles Investments Inv&stments Total Company ost or valuatlon At 1 August 2020 Revaluations 82,273 16,376 328,041 410,318 16,376 At 31 July 2021 98.649 328,041 426,694 18. Stocks Group 2021 G￿up 2020 Company 2021 Company 2020 42.238 38,904 Finished goods aTrd goods for resale 42,238 38,904 17. Dèbtors Group 2021 Gmup 2020 Company 2021 Company 2020 School fees and trode debtors Amounts owed by group undertaklng8 Other debtors Prepayments and accrued Incom8 190.781 110,494 188,086 2,378 7,730 110,147 1lQ,37é 90,698 58,830 121,989 59,877 121,989 9,923 110,147 310,851 292,360 308,321 381,893 Interest is charged on the loan lo Sibford Trading Limited at 2% (2020.. 2%) per annum. Trade debtors are slated after impairm8nt totalling £94,894 (2020.. £93,491). The intercompany balanc8 is impaired by £1,255,422 {2020.. £1,018,729). P8g8 40

SIBFORD SCHOOL IA Company Llmited by Guardntoe) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY 2021 18. Creditors: Amounts falllng du& wlthln on& y&ar Group 2021 Gmup 2020 Company 2021 Company 2020 Advance fees Ise8 note 22) Trade creditors Deposits heh Othèr taxation and social security Obllgations under finance18ase and hire purchase ¢onlracls othgr creditors Accrual8 and deferrgd income 260,869 54.637 509,104 75,847 336, T94 132,316 593,IX19 f52,066 280.869 48,568 509,104 76,847 336, 794 131,431 593,009 152,066 5,729 176,588 125,473 6,256 96,734 59,700 5.729 164,649 119,184 6,256 96,098 53,678 1,208,247 1,376.875 1.183.950 1,369,332 hire pur¢hase liabiltty is secured on the ass8t il relates lo. Al the year end, the motor v?hi¢le had a carrying amount of £10,320 (2020.. £15,480J. 19. crgdlt0￿." Amounts fxlllno d￿0 aftor morè than one y¥ar Group 2021 Group 2029 Company 2021 Company 2020 Bank loans Advan¢e fe&s (see note 22) 600,000 176,072 600,000 176,072 164,329 164,329 776,072 164,329 776,072 164,329 Included within the above are amounts falllng due as follows- Group 2021 Group Company 2020 2021 Company 2020 Between ono and two years Bank loans 120,000 120,000 Between two and flve years Bank loans 360,000 360,000 Over flve years Bank loans 120,000 120,000 Page 41

SIBFORD SCHOOL IA Company Llmlted by Guarantoel NOTES TO THE FINANCIAL sTATEmE￿r$ FOR THE YEAR ENDED 31 JULY 2021 20. Advance fo& payments- Group and School Parents may enter Into a contract to pay the Schod tuil*)n fees in advance. Assuming pupils will remain in the s¢￿1, advan¢e feas will be applied as folbws.. 2021 2020 176,072 164,329 Due wfthin I￿0 to fNe years 176.072 164,329 260,869 336,794 Due within on8 year 436,941 501, 123 The movement during the year on advaneed fees was #s folk)ws: 2021 2020 501.123 582,309 227,607 305.664 1369,846) (30a793} 501, 123 Balanca al 1 August 2020 New advanced fees roceived in the yèar Amounts utilised in pawnent of fees 436,941 Balance at 31 July 2021 21. FlnanGlal Instruments Group 2021 Group 2020 Company 2021 Company 2020 Financlal assets Financial assets measur8d at falr value thrcugh income and expenditure 82,273 98,649 82,273 98,649 Fina￿la1 assets measured at fair value through incDm8 and expenditu￿ comprfse listed investments. Fage 42

SIBFORD SCHOOL IA Company Llmltèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 22. Statoment of funds Statement of funds- currgnl year Balance at 1 August 2020 Transfers Inlout Incomg Expgndlturg Galnsl Balanco at (Losses) 31 July 2021 Unrastrfcted funds General Fund- School Slbford T￿ding Consolidation adjustments Provtsion agalnsl Inlercompany loan 6,188,317 (1,014,734) 6.628,977 (6,308,837) 28,987 1210,3951 328,041 5,884 6,742,382 11,196.1421 1245821 24,582 1,018,729 1,018,729 5,192,312 ,533,382 (6,494,650) 328,041 6,884 5,564,969 P9rman8nt endowrnent tund$ Tomllnson Bequest Bursary Fund Sibford Old Scholars, Bursary Fund Bantam Fund F Brailhwaile Fund M8bel Harrod Fund Grupo Sanlander Flchardson Fund Reason Fund 328,041 132B,041) 44,643 7,887 609 8,298 1.466 113 52.941 9.353 722 47 301 119 760 164 258 383 1,528 71 454 1,812 384,160 1328,0411 10A92 66.601 Page 43

SIBFORD SCHOOL {A Company Llmited by Guarant￿) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 statement of funds Icontlnued) Balance al 1 August2020 Transfers Inlout Gainsl Balanc8 at (Lossès) 31 July 2021 Income Expendltuve Re$trl¢tod fund5 Income from other endowment funds Reckitt Family Music Department SLbPPOrt for Learning Sibford FOundat￿n Ardenhurst School Trust Edwards Famfiy Awar(Is Hardship Fund G Cadbury Bursary fund 20,638 81,299 2.699 2S,000 23,337 30,391 (75,9081 5,731 11,654) 4,OTI 3,500 260,632 260.632 1,894 1,694 19.928 3,097 2,008 14,7791 {6.0001 15.149 3,097 2,008 71,557 5.000 71,557 398,$27 104,256 {87.341) 415,442 6.047,012 Total of lunds 5,974,989 6.637,638 16,581,991) 16,378 Page 44

S18FORD SCHOOL Company Llmltod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 JULY 2021 8tatem8nt of ￿ndS Icontlnued) Statoment of funds . prior year. Bal8n¢& al l August 2019 G&in Balanca al (Loss88) 31 July 2020 Income Exp&nthlure Unrestrlcted funds General Fund- School Sibford Trading con801idation adjuslmenls Provision against Inlercompany ILxn 5,399, 755 (831,545) 6,670, T51 (6,880.899J 46,917 (230,106) (21,753) 21,753 (1.290) 5, 188,317 (1,014,734) 827,186 191.543 t.018,729 5,395.396 6. 695,915 (& 89T,709) (1.290) 5, 192,3t2 Permanant endowment funds Tomlinson Bequost Bursary Fund Slbford Old Scholars, Bursary Fund Bantam Fund F Braithwatte Fund ab81 Harrod Fund Grupo Santand8r Rkhardson Fund Reason Fund 328,041 328,041 54.581 9,642 745 310 (9,938) (1, 755) (136) (56) (t43) (188) (85) (340) 44,643 7,887 809 254 641 164 383 1.528 352 468 1,868 396, 791 (t2,641J 384, 150 Restrlctgd funds Tomlin50n Income from endowment fund Income from other endowrnent funds Reckitt Famity Music Deparbnent Support IOT Learnlng Sibfor(J Foundalltsn Ardenhurst School Trust 1,640 (1.640) 17.493 88,119 4731 3,500 261,616 1,694 3, 145 25,000 20,638 81,299 5,731 3,500 260,632 1,694 (31,820) 16 (1,000) Page 45

SIBFORD SCHOOL IA Company Llmlted by Guarantee) NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 202 22. Statemènt of funds lcontlnugdl ststement of funds. priory6ar (Gontlnuedl 8alanoe al l August 2019 Gainsi Balanoe al (Losses) 31 July 2020 Income Expgndilure Edwards Famity Awards Hardship Fund G Cadbury 29. 108 (9.180) 19,928 3,097 2,008 3,097 2,￿6 40T,26t 34,906 (43.640) 398,527 Total of funds 6, 199,448 6,730,W21 (6,941.349) (13,931) 5974,989 Pa9e 46

SIBFORD SCHOOL {A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 22. Statsment of lunds {contlnuod) Pèrmanent endowment fund$ The capital of thts Tomlinson Boquesl has been investèd and the income has been applied for the purpose of asslsting in thg educational fee8 of children that have at l&a$l on8 parent who is a practicing Quaker. The Bursary Fund and the Sibford Old Scholars, Bursary Fund consist of the donatlons heks on inveslmenl from whkh the income arising is lo be lo provide bursaries lo pupils at the &hool. The Income from the other endowment funds 1$ to be used for varlou$ purposes Including thé provlsion of Ilbrary books and other educational equipment, as well as to fund prrLes for sludènls for achi8vemènts in SGlence and Music. The income arislng fmm these fvnds 18 indud8d in re81rfcled funds. Restrlctgd funds The Reckitt Family Fund was offered for Ihe prov181on of edUca￿on for one pupil. who would for finanGial reason8 not olhewse be able lo attend Sibford S¢hoot. The donation will cover foe8 for tho agreed pupil and any remaining money wil be usad for the purpose of capital work& The Music Department fund ￿ donations re¢ew8d which are required to bo Utili8ed the bènefit of Ihe muslc department. Support for Leamiw funds is for resourcos ￿1¢h are required to be Spent on the support for learning seNices provKJed by the school. The inGcyno fi.om eli￿1¥￿rn8nt funds Is Inlorest remabl6 on iunds that are expendgd as 8xplained above. The Sibford Foundation funds are to be exponded on the advancèment of oducation for the pupils In Sibford Sch¢xsl. Thg Ardenhursl School Trust Fund is for the purchas8 of trophi￿ for Music and Science achievements. Ethrds FamityAwards was a donation for awards for pupi18 wlh promis& in crafts. Thg PSFA donation was for a climbing wall. G Cadbury fund is to bo used to support 8 bursary for a child who otherwise would not be able to attend the school. Funds We￿ donated durlng Iho year with th8 intention to covèr bur8arles. During the year, Charty CL¥nrsslon approval was obtained in order to release the Tomlinson Bequest lo unreslrided funds. Page 47

SIBFORD SCHOOL IA Company Llmlted by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analysls ol net assots betwoen frjnds Analysis of ngt assets between funds- current ygar Unre$trlctod funds 2021 Restrlctod Endowment funds funds 2021 2021 Total funds 2021 T2nglble fixed a$sets Fixed asset invesknenls Current assets Creditors due within one year Creditors du8 In more than onè year 6,061,659 360,089 1,127,540 {1,208,247} {778,072) 6,061.659 426,690 1,542,982 (1,208,247) {776,0721 66,601 415,442 Total 5.564,969 415,442 66,601 6,047,012 Analy$i8 of net assets between funds- prfor year UnTrstryct funds 2020 .Restf7Gled Endowmenl runds fund6 2020 2020 Total funds 2020 Tanglbte flxed assets Fixed asset investments Current assets Credftors due within one year Cr8dilor8 due In mora than one year 6,443,593 26,164 263,759 (1.376,875) (164,329) 6,443,593 410,314 661286 (1,376.875) (164,329) 384, 150 398,527 398,527 384. 150 5,974,989 Total 5, 192,312 Page 48

SIBFORD SCHOOL IA Company Llmltod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 R¢¢onclllatlon of net movgment In fund8 to net cash flow from oparatlng actlvltleg Group 2021 Group 2￿0 Net incomelexpeThditure for the year las per Statemenl of Flnanclal ActNities) 72,023 (224,459J Adjustmgnts for.. Depreciation charg85 IGains}Aosses on investments Invgstment income {ProfltllLoss on th& sale of ffted assets Decreasel{increase) in stocks Decrease in debtors (Decrease)fincrease In creditor8 Finance ¢osts 453,001 467,896 116.376} 13,931 12,716) (6,276) 187 1,115 13,334> 6,470 143,833 194,047 1319,056} (166.97t) 6,716 2,958 Ngt cash provlded by operatlng actfvitle¥ 334,278 288. 711 25. Analysis of cash and cash equlvalents Group 2021 Gmup 2020 Cash In hand 1.189,893 331,022 Total cash and cash equlvalents 1,189.893 331,022 Page 49

SIBFORD SCHOOL IA Company LI￿Tted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analysls of changes In net debt At 1 August 2020 Cash flows At 31 July 2021 Cash al bank and in hand Debt after 1 year Finance le8ses 331,018 858,675 1,189,893 1800,000) 1600,0001 627 15,7291 16,2561 324,762 259,402 584,164 27. Penslon commltments The School participates in the Teachers, Pension Scheme I the TPS'I for its leaching stsff. The pen81on charge for the year includes contributions paydljle to the TPS of £504,049 (2020.. £551,339) alld al Ihe year-end £58,135 (2020.. £nilJ was ￿rUed in respect of contributions to this Scheme. The TPS is an unfunded multi-emph)yer defingd benefits pension stheme governed by The Teachers. Pongiong Regulations ?_n10 {as amended) and The Teachers, Pension Scheme Regulations 2014 {as amendad)- Members contribute on a "pay as you go basis with contributions from members and the empT￿r being credited to the Ex¢hequ&r. Retirement and other pensvjt) benefrts are pakl by publ￿ funds provided by Parliament. The employ8r contribution rate is set by the Secrelgry of Slate followng scheme valuations undertaken by th6 Government Actuatys Depathent. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which wa8 publlshed in March 2019, conlimed that the employer contribution rate for the TPS would increase from 16.40h to 23.6Yo from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08°h giving a total &mployer contributltsn rale of 23.680A. The 31 MarGh 2016 Valuation Report was prepared in a¢cordance with the benèfi18 Set out in the scheme regulations and under the approach specified in the Dire¢tiDns. as they appliad at S March 2019. However, the assumpllons werè considered and 8et by the DepartmÈnl for Education prior lo the ruling In the 'McCloudlSargeant case.. Thi8 case has required the courts lo consider case5 regarding th implernenlal￿n of the 2015 T8lomis to Public Service Pensions including the T6achers' Pensions. On 27 June 2019 th8 Supreme Court denled the government permission to apped the Court of Appeal's judgmont that transitional provisions introduced lo the refomed pension schemes In 2015 gave rise to unlawful age discrimination. The government is respecting the Courfs decision and has said il wil engage fully y￿th the Employment Trlbunal as w@11 as employ@r and member representatlvos to agree how tha discriminations will be reM￿lled. The government announced on 4 February 2021 that it intands to proceed with a deferred choice underpin und8r which memb?r$ will be able lo choose either legacy or ref¢rmed scheme beneflts in respect of their during the period between 1 April 2015 and 31 March 2022 al the polnt they becomo payable. The TPS Is Subl￿t lo a cost cap mechanlsrn which was put in plac6 to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretsry lo Ihe Treasury, having in 2018 announced that there would be a remew of this cost cap me¢hanism, In January 2019 announced a paus& to the cost Gap mechanism following the Court of Appeal's rnling in the MGCloudlSargeanl ¢aso and until there is Page 50

SIBFORD SCHOOL IA Company Llmlt8d by Guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EPIDED 31 JULY 2021 27. Penslon commilmont$ {contlnuodl certainty abpul Ihg value of pensions lo employees from Aprtl 2015 onwards. The pause was lifted in July 2020, and a consuttallon was launched on 24 Jun8 on proposed changes ta the ¢osl controf mechanSsm folbwing 8 r8view by the Government Actuary. Followlng a public ¢onsuttaion, the Govemment have acceplecf Ihr$e koy prDPO8als recommended by thè Govemment Actuary. and are alming to implement these changas in tim6 for the 2020 valuations. In view of the above rulings and decision8 the assumptions used in th& 31 March 2016 Actuarial Valuatlon may become inappropriate. In this scenarlo, a valuation prep8red in accordan¢e with rewsed benefits and suitabty rewised a8sumplons would yield different results than thtsse contained in the Actuarial Valuation. Until tho CO81 cap meGhanlsm rewsion 18 completed it 18 not POS8ible to Gonclude on any flnancial impact or future ¢hangos lo the contribution rates of the TPS. Accurdingly no proM$ion for any additional p851 beneftt peTr5￿n c081s Is included in these financial stal8ments. The school dso runs a schem& for its non-toachlng staff, which 18 a defined contribulH)n schgme. AJnounts paid into the scheme for tha year wore £123,485 (2020.. £111,528). There were contributions of £9,914 (2020.. £4 763) (￿tstanding at lh¢ year ond. 28. Operating lea8e commitments At 31 July 2021 tho Group and the Company h&1 ￿mMitmentS to makg future minimum lease Pa￿nents undar non-Gano¢lknblo operating l¢a$es aa follows." Group 2021 Group 2020 Not lal@r than 1 year Later than 1 year not later than S years 608,662 105,574 514,099 86,306 614,236 600,405 Total lease payments mad6 during the year amounted to £448,516 (2020.. 418,920). Page 51

SIBFORD SCHOOL IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 JULY 2021 29. Related party transactlons During the year the School omployed the partner of a Govemor of the School, R Beo. Total remuneratlon was £57,401 (2020.. £27,059) and pension contributions were £6,489 (2020.. £6,264). Slbford Trading {comp8ny number 03735H9) is a wholly {100Qkl own& trading subsidiary of Sibford School. The entity exists to undertake any non-prlmary purp)se trading activty ¥Mlh any profits being donatsd back to the $¢hool under Gift Aid rules. Sibford Tradin9 Limited operates the unrform shop on the campus of Sibford School and promdes sports, art, music and leisur6 facilities and seNiw at the SchoDI. The company is registered in England and Wales. The balance owng from the company to Ihe School al 31 July 2021 for an inter(X)mpany loan was £1,233,218 (2020.. £1,109,427). During th8 year a provision for impaimenl of £1,255,422 (2020.. £t,018,729) was included in the School accounts. Int8re5t of £24,586 [2020.. £21, 753) was charged on this loan during the year. Fuèl and light re4harges tolalling £81,081 (2020.. £85, 120) were pa¥J by the School on behalf of the Company during the year. 118 trading results for the year, as extracted from the audited financial slal8menls, arè summari8ed in Notg 32. 30. Princlpal subsldiarles The following was a sUbs￿lary undertaking of th? Company.. Nama ompany Reg15tet¥d offlGe or prirt¢lpal Class of numbèr placo of business shares Holdlng Sibford Trading Limited 03735449 Siblord SchcM)l. Sibford Ferris, Banbury, Oxfordshir8, OX15 SQL Ordinary lo￿￿ The financ￿1 results of th8 sub8idi8ry for the year were.. lrtcome Name Expendlture Surplusl (Deflcltl for the year Net assets Sibford Trading Limiiad 28,988 (210,393) {183,1891 11,196,135} Page 52