2022-07-31-accounts

Registered Company Number: 03487651 Registered Charity Number: 1068256 SIBFORD SCHOOL IA Company Limited by Guarantee} GOVERNORS. ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

SI8FORD SCHOOL YE4R ENDED 31 JULY 2022 CONTENTS Page Legal and Administr￿ve Information Annual Report of the Governors: Directors, Report Striteglc Rewrt 10-15 Independent Auditorfs Report 16-19 Consolidated Statement of Finanaal Activfcies 2￿21 Consolidated Balance Sheet 22-23 School Balance Sheet 24-25 Consolidated Cash llow Statement 26 Notes to the Financial Ststements 27-53

SIBFORD SCHOOL LEGALAND ADMINISTIiATIVE INFORMATION YEAR ENDED 31 JULY 2022 BOARD OF GOVERNORS Sibford School Governors Ikhool Committee) the Charity Trustees of Slbford khool Charlty 1.the Charrfl, have all served in OfFI￿ throughout 2021122 and up to the date of signing of the report: Jonathan Lingham (Chair) Roger Chapman (Treasurer) Stuart Fowler David Fox Chris Gaskell Mèrgaret Guv Steven Kaim-caudle Anita March Richard Bee Sharon Brooke John Greenfield Holly Ponclnl Simon Risley Fred Sessa Elliot Wa5sell from March 2022) (from 19th March 2022) funtr131" December2021J funti126b November2021J funti12tr November 2021) {untJl 14 July2022) (untsl Oecember2022J (until PJufy2022) KEY PERSONNE4 COMPANY INFORWITION AND PROFESSIONAL ADVL50RS Head: Toby Spence Busine￿ Manager arKI Company Secretsry: Alison Lynch Prlncipal address and Reglstered Office: Sibford Schwl The Hill Sibford Ferns Banbury Oxon OX15 SQL Website: www.sibfordschool.co.uk i5tered Company Number. 03487651 Registered Charlty Number: 1068256

SIBFORD SCHOOL LEGALAND ADMINISTRATtVE INFORMATION YEAR ENDED 31JULY2022 Audltors: Crowe U.K LLP ststutory Auditor 4th Floor, St James House St James, Square Cheltenham Gloucestershire GL50 3PR Bankers: Allied Ir4sh Bank PIC Birmingham City Off￿e 61Temple Row Birmingham B2 5LT Solicitors: Veale Wasborough Vizards Orchard Court Orchard Lane Brlstol BSI 5WS Imiestment AdvlsoT5: Redmayne Bentley Butler House 56 West Street Wa￿iCk CV34 6AW Cluttons Style & Whitlock Seacourt Tower West Way Oxford OX2 OJJ Insurance Brokers: David Edwards Insuran￿ Brokers StonebridEe House. Kenllworth Road, Meriden, West Midlands. CV7 7U

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31JULY 2022 School Commlttee presents the annual report for the ye3r ended 31 July 2D22 under the Companles Act 2006. including Directors. and Stratebric Reports together with audlted financial statements forthe year, and confirm that the lattertomplywith the requirements of theAc¢ the Memorandum of Artlcles and the Charities SORP IFRS 1021. DIREcfoRS' REPORT REFERENCE AND ADMINISTRATIVE INFOR￿TIoN The School was founded in 1842 and is registered wSth the Qharity Commission under charity number 1068256 and as a limited company number 03487651. School Committee. executive officers and principal addresses of the Chariiy are as listed on page l. Partlculars of the School's professional dvisors are given on page 2. The Slbford School Foundation is also registered w￿h the Charity Comfflission under charity number 1068256-1. Sibford School is a registered charity govemed by an Indenture. dated 6 January 1845. The 5trurture of the School conslsts of one governing body Ikhool Committeel, the details of which are explained below, together with infomiation on how the members of School Committee are appointed to offi￿. The object of the Charity Is the provision of education as set out in the njles of government. It Is the object of the School to adwdnce the education of children and young people and in particular to provide a school which operates in accordance with the principles of the ReligÈous Soclety of Friends in Britain. STRucfuRE, GOVERNANCE AND MANAGEMENT Governlng documents The sthool's nJle5 ofgovernment and Memordndum and Artides of Association were fully adopted on 22 Novemlxr 1997. Governln8 Body School Committee is appointed by Sibford General Meetingof the Religious Society of Frlends. Names are brought to Sibford General Meeting by a Nominations Committee appglnted from the supporting meetlngs. At any time at least 50% of the school Commtttee shall be members of the Rellgious Society of Friends (Quakers) and all must promote and uphold Quaker value5. In addltlon, Slbford Old Scholars Assoclation ISOSAI nomlnates one member to serve on School Committee and nomlnations committee with representatives of both the PSFA (the Parents, Staff and Friend5 Assoclatlonl and the School Committee nominates up to two parents to serve on School Commlttee- these three members need not be members of the Soaety of Friends.

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THEYEAR ENDED 31 JULY 2022 Members of School Commfctee are also members of Sibford School Foundation {Charlty Number 1068256-11, the fundraising body of Sibford School, and trustees of the Tomlir)son bequest. The Chalr, Treasurer, Clerk of Finance and Premises Committee and the Head are Dirertors of Sibford Trading Limited- the trading subsidiary of Sibford Scknl. Member5 of School Committee serve for a period of fouryears and can be r&appointed for one further term. The officers (Chair, Treasurer and Clerks of Committees) can senrfe for further periods whi15t In office. Recrullment and Tralnin8 of Governors New Governors receive an Induction on the workings of School Commkltee, including broad policy and procedures and Quaker Buslness Method. This is organised by the Head. Business Manager and Clerk, who also arrange an annual residential weekend to further develop tralning and act as a focus for strategic plannlng. The School is also a member of the AssociatiDn of Governing Bodies of Independent Schools IAGBISI, vthich provides addltional training for Governors, funded by the School. Or8anlsational Management School Committee, as the trustees of the Charity, Is legally responsible for the overall management of the Schoul and meets at least three times a year. Two sub£ommittee5 meet approximate￿ four weeks prior to each School Committee meeting. These is the Finance and p￿mISeS subcommittee and the khool Ufe subcommittee. The Finance and Premlses subcommittee conslijers flnanclal mauet5 fElati¥i¥ Lo tlie school, together with facilities issues that Include Health and Safety and Risk Management. Thls Is currently clerked Ichairedl by Elliot Wassell. The School Lrfe subcommittee considers aspects relating dlrertw to the life of the SchcM)l and wts puplls. Including the policies that relate to puplls. parents and staff. This is currently clerked Ichairedl by Anita March. Day-to4ay running of the School is delegated to the Head. Toby Spence. supported by the School Leadership Team= Deputy Head, Busines5 Manager. A5SiStant Head (Director of Studies), Assistant Head IPastoral}, and Head of Junior Sch¢)ol. Members of the School Leadership Team are appointed to attend Committee meetings. Remuneratlon of the Head and Bu51ness Manager is set by School Committee (Clerk. Treasurer and Chairs of Sub Committees) with the objertNe of provldlng appropriate Incentives to encourage enhanced performance, and of rewarding faldy and responsibly individual contributlons to the school'5 success. Remuneratlon of other wsts Is set by the Head or Buslness Manager in Ilne with the school's remuneration policy Isalary policy), which is reviewed and agreed by School Committee, including reference to comparisons wtth other independent sthools to ensure that the school remalns sensitive to the broader issues of pay and employment conditions elsewhere. The school'5 salary policies for teachlng and associate staff currentty reflect nationally agreed pay scales.

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 Delwery of the school's charitable vision and purpose is primarily dependent on our personnel; staff Costs are the largest single element of our charitsble expendtture at 61x172% in 20201211. Group Structure and Relatlonshlps The Charity has a wholly owned tradlng subsldlary. Slbford Tradlng ￿mIted, whose activitles and trzding perfomanee are discussed bebw. The School also has a fundraising bodyi Sibford School Foundatlon. The School strives to attain the highest standards in independent education based on a Quaker ethos. The School Is a member of the Frfends, Schools, Council, the Quaker group of schools whlch together promote Quaker education. The School networks with other independent and state schools. It also c<Foperates wkh a number of other charities in an on-EOing endeavour to widen public acces5 to facilities and to provide a rounded education for pupils within a Quaker environment. The School also benefits from the work of the Sibford School Foundation, which acts as the fundralslng body of the School, an established Old Scholars, Association ISOSAI. and an active Parent. Staff and Friends. Association IPSFAI. Charlty Governanee code The Charlty Govemance Code 15 under consideration by the school and Board of Trustee5. Employment pollcy The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persorhs and due conslderation 55 gtven to their training and employment needs. Consultation with employees, ortheir representatNes, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their ir)terests. Employees are made aware of the finandal and economic performance of the School. Communication with employees continues through normal management channels in a variety of forms. Investment Pollcy and ObJertl¥es SchoDI Committee continue to pursue the investment polKy adopted for the management of current and future funds. OBJECTS, AIMS. OBjE￿1vE$AND AcrMriES Our core purpose Slbford School exists to educate children and young people In accordance with the principles of the Religious Society of Friend5 in BrFtain. The Schwfs founding vision is still apparent in its willingness to offer a mainstream education to those who could benefit from it but who might not otherwlse have access to It. The SchoDI a150 offers the use of its facilities and amenlties to the wider communitv for adult education, community development and the advancement of amateur sport and recreation.

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022 Alms Wlthin the Oblerts, Sibford Schooys publlc benefrt aim is to provide a rounded independent education, through both aeademic tuition and by deveSoping pupi15 Wlthin a Quaker ethos. The School aims to provide an environment In which each child is encourdged to fulfil their indivldual potential and contribute to the wider community. Slbford School nurtures individual talents in puplls of all abilities Including those with special educational needs. and has been particularly successful helping dyslexic pupil5. The School has a strong focus on achiÈving Suc￿sS in creative and perfO￿ing arts. Thls is founded on its commitment to identifying and exploring Individual capabilities in a supportive atmosphere. In recent year5 the sch￿)1 has also achleved increasing sporting Suc￿$ in swimmin& trlathlon. cross- country and rock climbing as well as in the more traditional sports of rugby, foothall. hockey, netball and cricket. The School Committee is mindfvl of the long-stsnding need to provide public benefit and of the requlrements of the tharities Act 2011. In this connection the School Committee has monltored closely the guidance on public ￿nefIt produced by the Chartty Commisslon together with its supplemental guidance on fee-charg4ng. Our values rLtth and honour, freedom and courterf are the words that appear on the school crest and are values we still uphold, over 180 years afterthe founding of Sibford School. In addition, we are committed to sound finanaal plannin& sustalnablllty. and serv1￿. EvewylSiing we do at 5ibford school Is underpinned by the key Quaker te5timonles Ivaluesl ofr. EQUAUTY.. A5 members of The Religious Society of Friends. Quakers are accustomed to referrfng to themselves as°Friends". Frlends believe in the equality of all human beings of whatever sex, race. dass, age, sexual orlentatlon. or ability. PEACE: Frlends. witness to peace means not onty njnning the Sch(M)I without violence or coercion but produclng young people who will feel a concern to reduce the level of violence In the world and will have the imagination to find alternative responses to conflict. RESPEcf: Our School respects every pupil as an individual and, within resource constralnts, tries to teach each one what she or he needs to learn. to draw out his or her unique talents. and to enable each one to discover her or his own purpose in life. We have found that periods of silence In Meeting for Worshlp are valuable opp)rtunitie5 for reflectKJn and affirmation of 'that of God, withln. ACCEPTAN￿.. We accept that we are all human and that we all have weaknesses as well a5 Strengths. We believe that children have the right to make mistakes and to learn from theirfailures as well a5 their successes. We do not always live up to our highest ideals. We believe that when we fall Short, we need to admlt it, apolo8i5e to those afferted, make amend5, commit to learning from the mistake, determine not to repeat it, and move on. When others frdil. we believe that we are asked to sustain our faSth in them and to forgive freely. readily and uncondltlonalty, without relaxing our standards or compromislng ourselves.

SIBFORD sa4C(JL REPORT FROM THE GOVERNORS FOR TrIE YEAR ENDED 31JULY2022 SUSTAINABILITY: Friends In Britain are committed to becomlng a Iow-carbon, sustainable communlty, We believe that we can play our part in that. SERVICE- Frfends believe that.we are all Cre￿ in the journey through life and that introducing young people to making common cause and to service to others in thelr community is an important pèrt of their education for Ilfe. SHARING.. We kl￿W that we are fortunate in many of the frdcllities we have at Sibford School. We believe that we should make the best use of them, for our own School community and for the wlder community, to enrich the life of the community, to further Quaker outreach, and to contribute to our marketirbg and Income. SIMPLICITY.. We belleve that a slmple life can be a good Itfe. and that we need to live withln our means. Prfmary Oblertlves for theyear Our primary aim has continued to be the delNery of outstsnding teaching. leaming and pastoral care to our community over the course of the year. This was recognised by the Independent School's Inspectorate who inspected Sibford School in December 20213nd found the school to offer an 'Excellent' Education- In terms of pupll achlevement and in pupll development. During the year the school decided to appoint a Deputy Head to support thè development of the school. A recrultment process took place at Easter 2022. attractlng a strong field of applicants. lThe new incumbent took up his post in September 2022.) Mlndful of the central imkN)rtance of wellbein& we have centred our approach upon strong pastoral eare and support of every pupil, especially the most vulnerable. Mindful of the continuing after- effects of Covid-19, we have adapted our educational offering to meet the needs of the community whllst also ensuring the very best outcomes for our pupils in national examinations. We have also focused upon maintainlng a rlch and Varied co-currlcular programme. Maintaining pupil numbers aCTOSS the school, induding a healthy number of full and flexi-boarders, remains a priorlty. Covld-19 has continued to impart the internatlonal market and we have needed to consolidate down to one permanent boarding houses (from 21. We have used a further boarding house for occasional boarders. We aim to grow all areas of the school with a particular focu5 upon the Junior School, Year 7 and the Sixth Fom) alongside our'boardlng recovery plan,. 51xth Form retention (Year 11 into Year 121 has been much improved this year. We continue to focus upon a gold standard of pastoral care with well-being and mental health awareness being hlgh prlorlties. Staff training in support of this has been embedded. We are focuslng upon a range of methods of ensuring that our pupi15 are safe and that we know our pupils well. Encouraging feedback the form of questionnaires and small group sessions remains Important. We have also focused our attentions upon RSE (Relationships and Sex Education) as well 3s Equality, Diversity and Incluslon wlth pupils taklng a lead with elements of the latter. Pupil progress remains a key area of focus. We have developed both our reporting systems and management informatloll Systems to give further sharpness to our support for every pupil and regular feedback I monitoring and interventions give clear support to every child. Each pupll in the Senior School has a regular academic meeting with their tutor who is the key polnt of contact for

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THEYEAR ENDED 31JULY 2022 academic monitoring. We have re-named our Support for Learning department a5 the Learning Development cent￿ for September 2022. We airn to bring pupils who speak English as an additional language under the umbrella of thi5 department as we move forwards. Our Marketing MartaEer has continued to focus upon internatlonal and UK full boarders with a particular focu5 upon web-based and social media strategies to reach out to the right audiences. Marketing strategies continue to become more tarEeted and 50phisticated. Our Head of Boarding leads upon devising the boarding recovery plan to support the strategic planning behind our boarding proBramme. Our community work has centred around providing assistsnce locally to charlties and comrnunity group5. We have plans to develop an outdoor community perfomance space with the generous help of a Quaker trust. We malnt31n a prlmary focus upon compliance and Inspertion readiness. A new inspection framework will be brought in for September 2023 and mindful of this we engaged fully with the draft proposals circulated by ISI in the summer of 2022. We have offered to be a pilot school forthe new framework. support for Learning ISENDI continues to be a shining Ilght wf(hin our school. Approximately one third of the &bford pupils have a recognised additional need and they are very wdl supported wlthin our mainstream community. Sustainabilr(y remains a key school aim. Regular meetings of our Eco groups ￿lIft both the Senior School and Junior School ensure that we remain erNironmentally conscious and we have continued to develop themes around our'(ireen Flag. award. Pup115 h3VE 51¥ned uy Lv Lake part in a nurnber of eco-lnltiatives such as a conference at a local school and we support a numberof environmental charltles. STRATEGIE5 TO ACHIEVE THE YEAR'S 08JECTIVES These included: A refresh of the strategic plan which seeks to make us the first-choi￿ destination for local, national and internatK>nal parents. Promoting and ￿lebrating our aims, values and Quaker ethos as the bedrock of the education we offer. Ensurlng that we celebrate, promote and sustain our'ExcellenV ISI recognition. Continued training and sUPPOrt for staff through a rich INS￿ and PDR programme. Continued development of the schooys website and social medla including greater use of Twitter, Instagram and Facebook Further promotion of Sibford as a mainstream Quaker Independentschool with a Strong Support for Learningdepartment. Outreach to our alumni via our Old SchoLars (SO￿) to encourage frfendshipi contact and community engagement. The appointment of a new HR Advisor and changing of job tttles to bring in support for the HR functlon- thereby ensurlng compliance and best practice. A focused effort to bring more boarders- both from the UK and abroad to the school to benefit from the rlch educational offering. Ensuring that our own PUFNIS have plenty of opportunities to enjoy 'tasterf sessions of boardin& L)eveloplng our activities offeAng to ensure that boardlng remains an attractNe offering to our current communlty.

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31JULY 2022 Development of middle-school curylculum to ensure that we uphold our tradttion as a progressive and forward-thinkn'ng educational establ￿hment. Further refinement of (and staff trainln8 for) our trackin8 and monitorin8 systems vla the Introduction of ALPS- to allow for a more user friendly and accurate Sixth Form monitoring system. A clear focus upon developing our stsff our'people Plan, with further opportunitles for professional development and growth opportunities. PRINCIPAL ACtMTY The school's prlnclpal attivty, as specified in the Memorandum of Association is to advance the education of children and young people and in particular to provide a school or schools to bo carrled on in accordance with the principles of the Religious Society of Friends In Britain Yearly Meeting. To this end the 202V22 year has been a successful one with 417 pupils1312 in the senior school and 105 in the Junior school) on the school roll 35 at June 2022. PUBLIC BENEF Slbford remains commltted to the aim of provlding publlc benefit in accordance with its Quaker prfnclple5 of equality and service. Furthemore. charty leglslation includes a requirement to demonstrate publlc benefit for any charitable purpose and this in turn calls for commensurate disclosure of our public benefit aims. The awarding of bursaries for those who would not otherwise be able to afftjrd full fees IS 3 measurable form of public benefit and one that School Committee supports fully,. this is but one way in which the school offers benefrt to the wider communty. This year Sibford awarded bursaries, scholarships and other forms of support to pupils totalling £9293961£1,195.328 In 20201211- Means-tested awards totalled £180.1731£227,879 in 2020121)- A means tested bursary policy and applitation process is used to assess awards based on financial circumstance, need and educational potential. The Bursary Group considers bursary applications from existing and new students seeking support in the funding of a place at Sibford. The School has limited funds for bursaries through endowed fund5 and the Friends, Schoo15' Joint Bursary Stheme, whlch covers only a small proportion of bur5arie5 avallable. The remainderls offered In the form of dist￿nts and shown in the accounts. The School provides multlple Sibling discounts and a loyalty scheme for existing pup115 entering the sixth form. The 51Xth form discount rate for the 2021122 academic year was 3% for each full year pupil had attended the Senlor School. In additlon to bursaries, Sibford has engaged in a number of other artivitles that provide benefit within the school's objectlves. These include. but are not limlted to, local primBry schools using our Swimming pool for weekly ternFtime lessons and climbing wall for PE lessons. Further example5 are included the review of actlwties and achievements.

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THEYEAR ENDED 31 JULY 2022 STRATEGIC REPORT ACHIEVEMEi¥fs AND PERFORMANCE We were pleased by the results for our puplls at both GCSE. A level and BTECS which held up well compared to 2019 (previous comparative yearl and largely mirrored or bettered the nation31 picture. GCSE results Of our 50 entrants. ICQ Erades were athleved at grades 9- 7. 418 grade5 were awarded at grades 4 9. Both these results were an improvement upon results in 2019. 16% of pupils achieved grade 7-8 in 5+ subjects. GCSE results in temis of value-added achievement were also very strong. Post 16 Just over37% of pupils achieved grdde5 at A or A. 56% of pupils achieved grades at A. _ B grades. ICrf)% of pupils passed all exams with A E lor equivalent at BTEC). Pupils surpassed themselves wtth achieving thelr first choice5 of next destinatk?n {26 out of 28 pupils). Typically. pupils are taklng up courses in a wide range of fields including: 81rmingham Universty- Materials Saence and Engineering University of Bristol- Social Policy Aberystwyth UnNerskty- Strategy. Intelligen￿ and Security University of Brighton- Animation Leeds Conservatoire- Music (Produttionl Universlty of Arts London- Fashion History & Theory Our annual 5kl trip to Austrla took place Sn December 2022 wtth a furthertrip booked for Easter 2023. A Junior School trip to France is booked for March 2023. The annual Curriculum Enrlchment Week that enwurages pupils to create new skills and friendships whilst'liwn8 adventurousv took place the Summer term 2022 and was a great success. Puplls still actlvely participate In the Duke of Edinbu¥gh's Award scheme whlch this year saw 32 pupils gaining their Bronze award, 8 pupils achieving Sllver and 6 gettlng their Gold awards. As we carne out of Cov1d-￿ restrlctlons the school has contlnued to thfive in a wlde range of sporting activitle5 With puplls representing the county and tountry in sports including saSllng, motor- sport. swimmin& rock-climbing as well as traditional sports such as football, rugby and netball. With Covid-19 restrirtions now at an end we have been 3ble lo reinstste our frjll programme of North Oxfordshlre Partnership activities including swimming, football, cross-country and mult sports. We have plans to host events in triathlon, netball and rugby 7's also. Our state primary swlmming lessons and outdoor sporting events continued to be well recefved. Our aim is to move from the prestigious Gold Mark Award to the Sporvs Mark platinum lachieved after four year5 of consecutive Sporvs Mark Gold achievements). The school's CDrnmunity adult education classes In Pottery contlnued to be very popular. 10

SIBFORD SCHOOL REPORT FROM T14E GOVERNORS FOR THE YEAR ENDED 31JULY2022 The swimming pool continues to pro￿de an excellent facility to both the School and the public. The pool hosts reBular swimming lessons for a number of local state primary schools and is a regular tr3ining venue for the Four shires Swlmming Club. Other user5 Include Stratford Upon Avon Boat Club and Waterbabie5. The school has continued to further the use of its facilitles ljy other bodie5 through lets and we have been able to weltome the British Triathlon Association, Kaleidoscope Theatre and Dance School, the Sibford Community Orchestra, Yoga Focus instructor training and as a ntre for L4MDA exams. We also welcomed Active Camps to the school through our school holldays- glving opportunitles for scores of children to benefit from our facllitles Induding our hall, Junior School, Sports, Hall* pool and dimbing wall. The stsff and pupils of Slbford continue to support a large number of local and natlonal charities. During 2021122 these have included.. AJnnesty International,. Save the Children- Banbury Young Homelessne55 Projert,. Red N05e Day. QUIET: Katharine House and CUC Sargent. Fundratsln8 performance Slbford School Foundation continues to operate as the fvndraising arm of the School, and its activities form part of the School's Ilnancial Statements. The Foundation has received a number of small donations throughout the year. The School had no fundraistng actNities in the 2021122 financial year requlring dlsclosure under 5162A uf the Charities Art 2011. Over the last year the school has undertaken fvnd raising activltles as In prewous years uslng tts database. These fundraising a¢tivities have been undertaken by staff employed by the school and no external persons have been used. The school has voluntarily subscribed to the FUTr￿￿1$1ng Regulator which hold5 the school to the Code of Fundraising Practice. Llver the course of the tinancial year there have been no failure5 to COMP￿ with the code, nor have any complalnts being received. We are artively encouraging donation5 to the School to be Glft Aided. Investment performance Whllst the school does not have significant Investment5 or endowments It currentty holds a strong cash balance throughout the year and the schoovs invèstment group will reconvene during the forthcorning year to consider how best to utilise this opportunity. FINANCIAL REVIEW Results fDr the year At the year end the School was in a deficit position after depreciation thls year at -£520,751 la surplus of £72,023 in 20201211. Day pupil numbers have remained strong, particularly so in our junior School where we have seen record numbers. Howeverthe global pandemic continued to affect international boarding and in tum the fee income from this pupil group. In response, expenditure bud8ets have continued to be rigorously managed to mitigate the impact on fee Income as far as possible. During this period £515,620 was Spent on capital works IE70.880 in 2020121> funded from existing resources. Wod< on a number of priority capltal projects began during 2021122 including the bulld of a new sports pavilion and rèfurbishment of the sixth fom ￿ntre. 11

SIBFORD SCHOOL REPORT FROM THEGOVERNORS FOR THEYEAR ENDED 31JULY 2022 Cash flow remained posltive with the school not having to draw down on the overdraft facility throughout the year. The budget for 2022123 and beyond maintains a pragmatic reflertion of increasing c05t5 Iparticularty in relatlon to salaries, utilities and food costsl but also reflects a cautiously optimistic forecast in relation to pupil numbers and a continuing commrtmentto capital Investrnent. The School has completed a review of its financial structures and in particular the relatlon5hip with Sibford Trading Limited to ensure that arrangements from 2022123 onwards better reflect the requlrements of the School. Reser¥es Polky It is the policy of the School Committee (the Trustees) to seek to generate a modest surplus of Income over expendlture each year to protect the School and to provide funds to meet worklng capltsl and infrastrurture investment requirements. The School Committee consider it Important that resefves are Increased to support the long-temi fijture of the SchTh)l. Reseryes are required to improve the School's resilience and capacity to manage unforeseen clrcumstances in the future. Wherever possible theTrusiees are trying to bulld such resilience and aim to increase reserves tD support the stability of the school. The School Committee have established a poliry whereby the free reserves should be equivalent to approximatelythree months, annual expenditure. In this respect there is mtjch work to be done but the aim is to reach the target as 500n as practicable. subject to rhe wider Interests of the school. At 31 july 2022. the unrestricted funds of the Group were £5,062,8071£5,564,969 in 20201211. £6,125.863 f£6,061.659 in 2020121? is represented by fixed a5set5. With £64.8761£66,601 In 2020/211 of endowed funds wh5ch are held as investments. The Group currently has negative free reserves totalling £1.063,05612020121: neEative free reserves of £496,690). During the year, £515,6201£70,880 in 20201211 has been spent improving the fixed a￿t5. Rl$k Management School Committee 15 responslble for the management of the risks faced bythe Sdiool. They, along with the Head and the Business Mana8er, identify and assess risks and establish contruls throughout the year. Risk are rewewed under SL¥ categorie5 of - Governance Operatlons Flnancial External Compliance Reputation 12

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED31 JULY 2022 A formal review of the School's rfsk management policy Including the Charity Commission CC8 controls checkllst is undertaken annually and a pro8ramme of reviewing risk mitigation forms part of all committee rneetings. GOING CONCERN As part of the assessment made to determine rfgoing concern is the correct basts forthe flnancial statements. School Committee have consldered financial forecasting data spanning at least 24 months from the end of the financlal year. Current forecasts demonstrate that the adequate headroom remains with the School not likety to have to make fijll use of the credit facllities currently available. After due consideration and as a result of the actions detalled. alongsl(le support from the banl the School Committee have a reasonable expectation that the Eroup has adequate resources to continue Its actfvities for the foreseeable fvture and have therefore consldered It approprlate to prepare the financial statement5 on a going concern basis. FUTURE PLANS In the next plannlng cyde. the school development plans wlll contlnue to be gulded by the following aims. We expect.. To provlde a rlch and varled curriculum which Insplre5 and challenges all of our pup115 and which additionally supports students who need 'Support for Leaminl wtthin an adventurous. innovative mainstream curriculum. Furthermore we aim to hamess the very best of our'all-through, capabllities wlth a stlmulatlng'middle-school curriculum.. To promote Sibford School as a unique learnlng Environment in which our progressive Quaker eth05 can be fostered and developed and the excellent qualtty of our pastoral care and boarding is widely known and celebrated. To give strong professional development opportunkties to staff to ensure that we are known as a good employer who look after the professitjnal gr0￿h and wellbeing of their staff team. To continue to give added benefit to the wider communtty outside of Sibford SchDDI induding local maintained Schools, local Quaker groups, community group5. groups such as the phoenix School I London and intemational links such as Brummana High School in Lebanon. To provlde and promote opportunltle5 for staff, young people. and the wider school commun1ty to develop their talents and to demonstrate a commitment to service to others. locally and globally. To maintain and Improve the physical environment of the school in a Sl￿aInable, well-planned and priorit15ed way* for our own use and for that of the community. To be a financially efficient and ethical school.. to seek to reduce waste and to generate sufficient surpluses to allow development and continued improvement without excessive borrowing. 13

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THE YEAR ENDED 31JULY 2022 We know that to achieve these goals Sibford School Commlttee w511 need: To be appropriate￿ trained and advised to give the best support possible to the Sibford School communtty. To have an appropriate skill set to achieve th15 aim with the recruitment of new govemors as appropriate. To e5tsblish clear and understood links to the khwl communty so that the governlng board are known to the school and can give appropriate guidance and support. lo provide the appropriate support and structures to accompllsh our aim5 and to meet and overcome challenges and obstacles trj ourvision. to ask our School LeadershipTeam to develop an appropriate strateglc plan to bring about the frultion of these strategic target5. to monitor and evaluate progres5 against these targets at School Commlttep meetings and in our other corbtacts with the school. The School Leadership Team will use the strategic target framework to report to School Committee, School Llfe Sutrkcommittee and Finance and Premises Sub-committee. This information wll sit alongside the Heacvs report to School Committee, Marketing and Business Reports, "Spotlighf reports, departmental presentatlons and the findings of school inspections, surveys. and questionnalres. GOVERNANCE AND MANAGEMEKr STATEMEKf OF ACCOUNTING AND REPORTING RESIIONSI8ILrnES The Governors (who are also the dlrectors of Sibford School forthe purtx)ses of company lawl are responsible for preparing the Governors, Annual Report and the financial statements wth applicable law and United Kingdom Generally Accepted Accounting practi￿ {United Kingdom Accounting Standard5}. Company law requires the Govemors to prepare financial statements for each financial year. Under company law the Govemlng Body members must rM)t approve the financial statements unless they are satisfied that they give a true and falr view of the state of affairs of the charltable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these flnancial statements, the Governing Body members are required to: Selectthe most Suitable accounting pollaes and then apply them consistently: Observe the methods and principles in the Charlties SORP: Make judgements and accounting eslimates that are reasonable and prudent, stste whether applicable UK Accountingstandards have been followed, subject to any material departures disclosed ind explained in the finanual statements,. and Prepare the financial statements on the going concem basis unle55 it is inapproprlate to presume that the charltable company will continue In busirtess. The Governors are responsible for keeping adequate accounting records that Show and explaln the charitable companws transactions, disclose with reasonèble accuracy ai any time the financlal posltlon of the charltable company and enable them to ensure that the financlal statements comply with the Companies Act 21x16 and the provision5 of the charl￿S constitution, They are also 14

SIBFORD SCHOOL REPORT FROM THE GOVERNORS FOR THEYEAR ENDED 31 JULY 2022 responsible for safeguarding the assets of the charity and the group and hence for taklng reasonable steps for the prevention and detertion of fraud and other irregularities. Insofar as each of the Governors. as members of the School, at the date of apprnval of this report, is aware. there is no relevant audlt information (information needed by the Compan￿5 auditor in connectlon with preparing the audit report} of which the Compan¢s auditor is unaware. Each member Governor has taken all steps that they should in order to make hlmself or herself aware of the relevant audit infonnatlon and to establish that the Companvs auditor i5 aware of that infomiation. AUDITOR Crowe U.K LLP have expressed thelr willingness to contSnue in office as statutory auditor and a re501ution proposlng their reappolntment will be submitted to the forthcomlngAnnual General Meeting. This Annual Report. prepared under the Charities Act 2011 and the Companie5 Act 2006, was approved by the Board of Governors of Sibford sd￿01 on 11th March 2023 includlng In thelr capacity as company directors approvin8 the Strdtegic Report contained therein. and is signed as authorised on its behalf by.. Jonathan Ungham Chalf and Clerk of School Commlttee 15

SIBFORD SCHOOL IA Company Llmtted by Guarantee) INDEPENDENT AUDrroRE REPORT TO THE MEMBERS OF SIBFORD SCHOOL Oplnlon We have audited the flnancial statements of Sibford {Ihe'parenl charitabl8 companll and Its subsidiarles {Ihe 'group'l for the year ended 31 Juty 2022 ￿1¢h Comp￿Se thg Consolldaled Statement of FlnaThcial Activllles, the Consolidated Balance Sheet, the Company Balanc Sheet, the ConsolidBted Statement of Cash Fk)ws and the related notes, including a summary of signific8nl accounting wlicies. The financial rapoitng framewofk that has been applied in th￿[ preparaliov is applicab￿ law and United lQwlom Acwunting Standards, including Financial ReportirKJ Standard 102 The FnaNial Re￿ting StandarLI applicable In the UK and Republic of Ireland. (Urmted Klngdom Generally A￿p1￿j Acccwnting Praclice). In our opinion the financial statements.. give a true and fair ￿eW of the stale of the Group's and of the parent tharltable companys affairs as at 31 July 2022 and of the GrrAJp's incomng resources and applicati￿ of resources. includiNg ils income 8n expenditure for the year then eN18d', have been propety prepared in ￿￿Tdanc United lfjn9Jorn Generalty Accepted Accounting Practice. and have been prepa￿d in a(xordarKe ￿1th 1he r￿lurements of the Companio5 Act 2QM)S. Basls for oplnion We conducted our a￿Tt in accordance with International Standards on Auditing (UK) (ISAS {UKII and appllcable law. Our responsibilities ur)der those slan(Jards are further describ￿ in the Audltorfs responsibl￿eS for bye audit ot the financial Statem￿1& of our rerM)rt We are indgpendent of the Group in accordance with the olhical r8quirements that are relevant to our audit ol the ffinan(aal statements in the United Klngdom, Including the Flnancial RetX)rting Counc4fs Ethical Standard. and we hav8 fijlfilled our other glhwl responsibilities in accordance with thèse requirements. We beleve that the a￿lt evKkn( we have c+Jtain8d is sufficiont and appropriate to prowda a basis fof our opinion. Conclusions rolatlng to golng conc•m In 8uditirE the ffinanual statements. we have CortI￿led that the GoverrK)rs' use of the going wicam basis of acc(MJnUng in the preparation of lh8 ffinanoal stateM￿ts is appropriate. B8S8d on Ihe work we hav8 perforrned. w8 have not identified any material uncertalnti¢s relating to èv8nts or C￿ditionS that, individualty or collectively, may cast signifLxnt doubt on the GroLP'S or the parent charitable C￿1pan￿$ a￿lty to continue as a g)ing con(xm for a park￿ of at least fvAv8 months from Iphn the )InanGial statements are autlKlwY for issue. Our responsibllues and the TesponslbRtbes of Ihe (%V8ml￿ wfth T￿peCt to going ¢oncem ar8 d8scribed In thè relevant sections of Ihls reporL Other Infomiatlon The other infc*m8tlon comprfses th8 information Included In th8 Annual Report other than the financ￿1 statements and our Auditr)rfs Report ther￿n. The Govemrs are reswnwble for the other knfcfftialK)n contained within the Annual Report. Our opinicfi on lh& finanoal statements d08s nol cover th8 Other information and, except to the extent othern￿e explialty stated In our report, we do not express any form of assurance conclusion thereon. Our ￿spOns￿l11ty is to read the olher infom7ati￿ and. in doing so, conslder wh8ther the other information Is materially inconsistent wilh the financial statements or our knoYledg8 obtained in the course of tho audiL or olherwlse appears lo be Material￿ misstaled. If we klentify sud) m8terk41 inconsistencies or apparent P8g0 16

SIBFORD SCHOOL (A Company Umllad by Guaran¢o91 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIBFORD SCHOOL {CONTINUEDI materlal misstatements. we are requlred lo d&tsmine whelh8r this gfves rfse to a material mlsstal8ment In the financial stat8m8nts thgmsolves. Ir, based ￿ the wcrfk we have performed. we cx)nclude that there18 a mal8rk31 misstatemenl of Ihls other Informakn. are requlr8d to rewt that fact We have nothlng to report In thls regard. Opinion on other matters presorlbgd by th Companles Aet 2006 In our opini￿, based on the undertaken in the course of the audit.. the informatKJn given in the Govermrfs RepKJrt indudirwd the Directors, Report and the Slraleglc Report for the finandal year for whth the fnanoal statements are prepared is (x)nslstent the financial statemgnts. the Str8lsgi¢ Report and t1￿ Directors. Reprfft induded ￿TthIn the Govemorfs Report have bèen prepare in acccirdance ￿th applicable legal requirements. Matters on which we are requlred to report by •x¢eptlon In the Ilght of our knO￿dge and underslanrfiNJ of Ihe Laritabbg company and Its enV[fL￿ment obtalnod in the course of th8 audi( w@ have not identified material misstatements in Ihe Strategic Report or the Dlreclors Reporl included vAthln the Govemorfs Report. We have nothlng to report in respeL* of the folk)wkng matters in relatiM to wthich Companies Act 2￿6 requlres tjs to report to you rf, in oui w¥nion: the parent charilable comp8ny h88 not kept adequate and Suffic￿ acr￿Unti￿j raccrds. or Mlurr adequate for our audll have rK)t betsn received from tmanches not visited by us.. or by8 parent ¢haritable company financial slatements are not in agreement wrth the acc¢wnllng rbths and retums,. or certain dlsclosures of Govemors. remurwatb)n Sptscrf￿d by law are not made,. or we have not receNed all the informatic￿ and exFlanalion8 we requir8 for our audit. Responsibilities of trusteas As explained more fvlly tii the Govemors. Responsibilities SlatemenL the Governors (W￿ are also the directors of the charitable company for the purposes of company law} are reswnsible for U)e preparation of Ihe financial statements and for being satisfied that they give 8 true aTrJ lair vigw. and for such internal conlrd as tho Governors determine is ne￿&sary to enabl8 Ihe preparation of financkgl ststements that are free from materlal misstatement, whether due to fraud or error. In preparfng the ffir7ancL31 statements, the &iverrK)rs are responsible for assessing the Group's and the parent aritable companvs abilty to continue 8s a g￿ng coneem. di8ck)sSng, as applcabFe. tnatlers related to going Concern and using the going ¢oncem basis of acwjnting Un￿$8 the Govemrs either intend to liquldate the Group or the parent charltable (xjmpany LY to Ce￿ yrations. ￿ have no real￿t￿ allwnative but to do go. Page 17

SIBFORD SCHOOL (A Company Llmited by Guarantse) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIBFORD SCHOOL (CONTINUED} Audltorfs rosponslbllltles forthe audit of the finan¢lal statemfrnts Our obleclivgs are to obtain reasonable assurance whether the finandal slalemenls as a ￿ole are free from materlal misslatement. wheth8r due to fraud (x error. and lo issue an Auditorfs Report that Indud6s our opinion. Reasonable assuran￿ is a Ngh level of assurance. bui is not a guararrtee thal an audtt conducted In accordance wth ISAS (UK) will aNvays d8tect a matsri81 misslalerTtent when it exists. Misstatements can arise from fraud or error and are consideroJ rnatersal if. indmdually or in the aggregate, they could r9asonably be expected to itrfluence the econom￿ detisions of users taken on the basi5 of these financial statements. Irregularil'es. ir￿lUding fraud, are instances of r￿D￿mpl￿9r￿e laws and regulations. We dosign procedur8S in line wlth our responsibilitie5. ouuined abov8, to detect material misstalemènts in respect of irregularities. including fraud. The extent to which wr w(K￿UTeS are capable of detectiru irrogularittes. includlng fraud is detailed below: We oblalned an understsnding of Ihe I￿JaI and regulatory fraMe￿￿)rkS within which the charity and group operates, fo¢uslng on Ihose laws and regulat￿$ Ihat have a direct effect on the determination of malerLg1 amounts and dlsclosures in the financial slatements. The kn and regulalb)ns we a)nsidered in this context wera Ihe Ch￿tieS Act 2011 toJetheT with Ihe Charitios SORP (FRS102). Ihle assessed tha required compliance with these kws and regulab'ons as part of our audit wocedures on the related financial statement items. In additk)n. we consldered rKovisi(￿s of other and regulallons that do not havè a dlrect effect on the fIna￿la1 statements tKrt o¥)mpllance with thch might be fimdatnental to the school's and Ihe group's ablllty to 0￿rat9 or lo avoid a matedal ￿nalty. We also consKJered th8 opportunlUe8 and incenuves that may exist wilhln the charlty and th8 gr(yJp for fraud. The laws and regulat￿)nS we o)rk8id8red in thls contexi for th& UK operadffls weie The Educatlon {Ind?￿ndOnt Standarils} RcguknlionÉ 2014. We ident￿1￿j the greatest rfsk of materlal impact on the finandal stat8ments from Irregularities, Includlng fraud, lo be withln fee schdarshlps, imjrsaries aTKI disC￿nts and Ihe overrldo of controls by m8nagernenl. Our audlt procedures lo respond to thes0 risks irKluded erKJuiries of management a￿)ut thoir own IdentrfKation and assessment of the risks of irregulariti8s. Samp￿ testing fee srJKJlarships, bursaries and discounts. sample les￿n9 on the FK)8ting of journals. reviwng ac(xJunting estimates for biases, re￿e￿n9 regulatory ccrfrespond8nce with the Charity CommissK)n and the Independent ScFK)ols Insp￿tOrate. and reading minutes of meetin95 of those charged goVWnan￿.. Owlng to tho inherent Ilmitations of an aLMJIt. Ihere is an urk1voidab￿ risk that we may have detected some materlal misslatemenls in the finan¢ral statements. even though we h￿0 property plan￿d and perforrN8d our audtt in accordance with audlting standards. examFAe. tho fijther removed rx)n-compliance with laws and regulations (irregul8ribos1 is from the events and transactions reflected in the financial statements, Ihg lass likely the inh8r8ntly limited procedures rfr4uired by avdibNJ stsndards woukl identfy it. In addition. as with any audi( there remalned a h￿Jher risk of non4etecb'on of irregularibes, as these may involve collusion, forgery, intentional omissKJns, misrepresentations, or the OVWTKle of internal C￿tro￿. We are not rasponsible for prevonting r￿n- complwn¢8 and cannot be exp8ct8d to detect n￿-CoM[￿lanFA with all laws and regulations. A further d&suipUon of our resp￿sIbIlItIeS for lh6 audit of th8 flnanual statements is l(xat8d on the Financial Reporting Council's w8bsit8 at.. ￿.frc. .uklathlilo nslbi11ti8s. (lescriptlon foms part of our Auditors Rawrt. Pag8 18

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.

Tara Westcott (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: 28 April 2023

Page 19

SIBFORD SCHOOL (A Company Umltsd by Guaranteè) CONSOLIDATED STATEMENT OF FINANCIPL ACTivmES (INCORPORATING INCOME AND ExPEND￿VRE ACCOUN FOR THE YEAR ENDED 31 JULY 2022 Unrestrictod funds 2022 Rostrlcted Endowment funds funds 2022 2022 Total funds 2022 Tot81 funds 2021 In¢ome and endovmients from: Donations and legac*s Charitable 8ciiwti8s= SchrA)I fees other educakn'onal i￿ome Other ancllkry tradlng Non ancillary trading Incom8 Investments 45,317 36,127 81,444 t95. 118 5,533255 5,533.255 5.485.111 707,272 179.316 707.272 179,316 555,086 142,345 215.459 641 215,459 3,677 257,262 2,716 3.036 Total income and endowments 6,681260 39,163 6,nofv23 6,637,638 Expendlture on.. Trading costs Charitable actMtie8 237.OS3 6,942.393 237.053 6,998.420 192,444 6,389,547 56.0 Total expendlture 7.179,446 56,027 7,235,473 6.581.991 Net {expenditur•)nncome before n•t Ilosses}Igains on investments Ng1 Ih)ssesygains on investments (498,186) (16.8641 (515,050) 55,647 13,976) (I,n5) (5,701) 16,3T6 Net mov•mgnl In funds {502.162) 116,864) (1.725) {520.7511 72,023 Pago 20

SIBFORD SCHOOL (A Company Llmlted by Guardntge CONSOLIDATED STATEMENT OF FINANCIAL ACTivrriES {INCORPORATING INCOME AND EXPENDrruRE ACCOUNT) (CONTINUED FOR THE YEAR ENDED 31 JULY 2022 unr￿l¢l•d funds Restrlcted Endovmignt funds funds 2022 2022 Totsl funds 2022 Total funds 2021 Note Reconclllatlon of fvnds: Total fLmds brought forward Nel movement in funds 5.564.969 (502,1621 415,442 116,864) 66,601 11,725) 6.047.012 (520,751) 5.974.989 T2,023 Total funds carrled forward 5.062.807 398.578 64,876 5,526.261 6,047,012 The consol￿ated Statement of Fin￿la1 ActiYth&s hidtMle8 all galns 2nd bsse5 recognlsed In the year. notes on p8g8s 27 to $3 f￿n part of these finan(aal statBm8nts. Page 21

SIBFORD SCHOOL (A Company Limlted by Guarantee? REGISTERED NUMBER: 03487651 CONSOLIDATED BALANCE SHEEr AS AT 31 JULY 2022 2022 2021 Note Flxod assèts Tangible assets Investments 14 Q12S863 92,948 ¢061,659 426,690 15 6.218.811 6,488,349 Current a$$ets stocks Debtors Cash at bank and in hand 16 17 48,158 499,343 n6.447 42,238 310,851 1. 189,893 1.273.948 1,542.982 Creditor8: amounts falling due ¥￿thin 18 11.453.9TI) (1,208,247) Nat current Illabllltles) l assets 1180.0291 334,735 Total a55pts l¥¥• ¢urrent Ilabllltles 6,038,782 6,823,084 Credllors.. amounts falng due after mor%9 than on8 year 19 {511521} (776,072) Ti>tal net as80ts 5.526,261 6,047,012 Pago 22

SIBFORD SCHOOL Company Llmlied by Guarantee) REGISTERED NUMBER: 03487651 CONSOLIDATED BALANCE SHEEf ICONTINUEDI ASAT 31 JULY 2022 2022 2021 Note Charfty funds Endowment funds Restrfcted furKIs UnreslriGted furKIs 64,876 398.578 5,062,807 66.601 415.442 5.564,969 Total funds 5.526.261 6.04T,012 The Govemors acknowledge their respmjnsibililies for compl￿￿ ts￿th the r4uirements of the Act vlth respect lo accounting records and preparation of financkql siatements. The financiol stataments were approved and authorised for issue by th8 Goverrnrs on 11th March 2023 and slgned on thelr behalf by.. Jonathan Lingham Chair and Clerk Roger Chapman Treasurer The rK)les on pages 27 trj 53 fomi part of these fina￿lar statemenLs. Page 23

SIBFORD SCHOOL (A Company Limited by Guarantee) REGISTERED NUMBER: 03487651 COMPANY BALANCE SHEET AS AT 31 JULY 2022 2022 2021 Flxed assèts Tangible ossets Investsnents 14 15 6.117.251 92.9S2 6,051.618 426,694 6,210.203 £478.312 Current assets stocks 16 17 48.158 492,838 726.447 42,238 308,321 1. 118.797 Debtors Cash al bank and in hand 1.267A43 1,469,356 Creditors.. amour)ts falling due wrylhin c 18 (1.442.463) (q,183.950) Net current Illabllltlos) l ass•ts (175,020) 285,406 Total a8set3 less Ilabllltks 6.035,183 6,769,718 Creditors." amounts faming dug after rn￿e than one year 19 {512.5211 (776.072) Total nèt assets 5,522,662 5,987,646 Paga 24

SIBFORD SCHOOL (A Company Umited by Guarants8) REGISTERED NUMBER: 03487651 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 JULY 2022 2022 2021 Charlty funds Endowmellt funds Restricted fvnds Unrestrlcted funds 64,876 398,578 86,601 415,442 22 Gentsral furKIs 5,059208 5,505,6Q3 Total unrestrioted funds 5,059,208 5,505,603 Totsl funds 5,522,662 5,987,646 The Companls nét movement in fLY the ypar was £{464,9841 (2021- £16,652J. Tha GDv8rnors at￿n0￿edge thelr os[Kr￿lbl1llI8S for c(Inpl￿ng ￿th the requwèmènts of the Act with r8SP8Ct to acC￿ntIng rocord8 and preparatk)n of finandal statements. The financlal ststements wer8 approvod and aulhorfsed for 1sts￿ by Ihe Govemors on 11th March 2023 and signed (ffi thelr behalf ty. Jonathan Llngham Chalr ond Clerk Roger Chapman TTea5urer The notes on pages 27 to 53 fomi part ofthese finawd statements. Page 25

SIBFORD SCHOOL (A Company Umlted by Guarantoe) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022 2022 202t Nots Cash flows from OPaTatlng aclfvllles Net cash provided by operating actlviti8S 24 {271,5071 334,278 Cash flows from Invostlng a¢tl¥llles Dividends and inlerestfrorn inveslments Purchase of tsngitAe fLxed assets Transfer out of Investments 3,677 (515,620) 328,041 2,716 (TO,880) Not cash usod In Invosttng activltles 1183.9021 (68.1641 Cash flows from financlng actlvllles Cash inftows from new borrowing Repa￿entS ol hire PLrchase Finance costs pak (527) (6,716) 19,389) Net cash lus￿ InYFxovlded by flnanclng actlviti08 {9,389) 592,757 Chango In cash and ¢ash 8qulvalents In the year Cash and cash oquivalents at the beglnnlrKJ of th& year {464.7981 1,189,893 858.871 331,022 Cash and Gash equlvalents at the ond of the year 25 725.095 t, 189,893 Thg nol88 on pag8s 27 to 53 forni part of th8s8 finaNial Stat￿entS Pago 26

SIBFORD SCHOOL (A Company Umlted by Guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Genoral Inforniatlon Slbford School 18 a reglstered charlty vAth the Charity Commisslon Eng￿n￿ and Wales Icharfty number 1068256} and is incorporated as a company lirnited by guarant88 (company numbgr 034876511. The address of its pn'ncipal aldr8ss and registe￿d office is Slbford School. The Hi15. Sibfc¢d F8rri8. Banbury, Oxon, OX15 SQL. A¢countlng policies 21 Bas1$ of proparatlon of finan¢lal statem?nts The flnanclal statements have been prepared under kne hLStori￿I cost o¥)nvenlJon, wth the oxoeption of investments whKh are hekl at market value. The financial Stat￿￿ts hav& been prepar￿j in acu)rdance Ihe Charflles SORP (FRS 102) - Accountlng and Rewrt(ng by Charities.. Staternent of RecommgrKlod Praclice applicable to charities preparing their ac￿Unts in accordance wlh the Financial Re￿￿ng Standard appIl￿ble In the UK and Republ￿ of Ireland IFRS 1021 leffectwe 1 January 2019). the Finanrial Reporting Stsndard applicab18 in ￿ UK and Republic ot Ireland (FRS 102), the Companies 2CM)6 and Charities Act2011. Sibford School meets the definition of a pub]ic benefrt entity under FRS 102. The funcoonal currency of the Schwl Ss I￿Sk￿ered to be GBP t￿AUs6 that is the currerw of the primary economic envirMmeni n which the Sthool operales. Amounts are rounded tr) the noaresl £1. The princxpd ac(x)unling polKvas. whkh have b88n prep8f8d on a conslstenl basis wllhln that Conventic￿ are set out belcrth. 2.2 Golng concern In ass8sslrwJ the going concom of lh8 Schwl, g)vemors have ￿sidere{l the impact of the Cowd-19 pandemlc as detsibd In the trustee8' repw)rt. As part of th8 assessment made to determlne rf going concem is the correct basis for the financAal statements, the govemors have prepared budg@ts and cashflow forecasts consider&1 a range of dilter￿t scenarios spanning 24 months from the end of Ihe financial year. Bawj on the workyus prepared armfi Ihe scenarios considerod. the School has sUffic￿nI resources in ord8r to meet its ongoing obligation. If there any eady Wdming signals of a downturn in the Schoofs position. the Sch￿1 wlll swk to take a number of Mit￿ating aotions to r8maln wlthln Its banklng lacllities. On this basis the Govemors have con5idere(J tt approprlate to prepare the financigl st8tem8nts on 8 golng concwn b8SiS. Page 27

SIBFORD SCHOOL (Acompany Umlted by Guarant¢e} NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 JULY 2022 Accountlng pollcles (contlnued) 13 Basis of ¢onsolldatl¢)n Tho fInar￿JaI statements include the results of th8 Charivs own ￿erationS ar￿ of Ils wholly owned rK)nrycharitable trading Subsidiary, Sibford Trwjww Llmited a￿1 is consolidated on a line-by-lln8 basls. Tho Chartty conslitut8s sIbf￿ SCI￿1 and SibfLYd SchcK>I Foundatlon. Al inter group sales and profrts are elimina1￿ fulty on consolmlalion. The SchoK)I has taken advantage of the exemptw)ns in FRS 102 from the wuiremenls to present a Sthool only Cash Fbw Statement arKI certaln discts)sures about the chariws finanial insthJmenls. Sibford Tradlng Limited's principal acttvity is the cy8ration of the shop on the campus and the ￿￿0vIsion of sports, a¢ music and leisure facalities. The Schcx)I has also laken advontage of the exemplion allowed under $e¢lion 408 of the Companies Acl 2006 and has Thjl present￿￿ its own Statement of Finanual Activities In these financial statements. 2.4 Feos and slmllar Income Fees re￿5vabl8 a￿1 charges for s￿viceS and u86 of premises are acrJLJnt8d for In the perfod In which the service Is provid￿. Fees re¢￿V8ble are stated after deductirKJ allowances. schdarshlps and other remissions granted by Ihe School, ￿1 include (x)ntributions racelved from reslricted funds for .qrthoiarships. ￿rsar1e$ atyl other grants. Fees received for ￿lUCat￿)n to be provkled in futrjre years are carried forward as advarKn tees on the Balance Sheet. 2.5 Donatlons Donations are accourrt&l for when the S¢F￿1 has enllllemenl to the funds, any perforniance conditions attached lo the item(s) (rf in¢(wne have be8n met. tt is probable that Ihe Income wll be received arml the am(KJnt can be measured raliabty. DonatN)ns receivable for th8 general purw5es of the Sth)ol are ¢xedited to unrestricted fund5 or as a designated fund as alloca1￿ by the Governors. Donations for purFM)ses restrictwl by the vrishes of the dorTror ￿ taken to reslrthd funds uthere these w5hes are legally bindiro on the Governor5. Donations requ￿￿ to be retained as capital in accordance with th8 dono¢s wishe5 are ac£ounted for as endowed expendabl8 or permanent funds accordirvj to the nature of the restridMJn. 2.6 Expendlture Expendi￿re 15 IrKluded in the Stslemenl of Financial AclivI￿aS C￿ an accruals basls. Overhead and other CL)sts not dlreclty attributable to particular func￿onal actiwty categories are apporboned over th8 relovant categories on th8 basis of management estimates of the a￿oUnt attiibutabkg to that a￿l￿ty In the ￿ar, 8ither ty reference lo stsff time or spa( (Keupled, as appropriate. The irreL>Jvernbl8 elgment of VAT is inchjded with the Item of expense to which11 r8iate8. Costs of raising fvnds IndudBs all flnanckw and fundrai￿ThJ costs. Charttable activity &xpenses ar8 allocated to functional groups on a dlrect cost bosls or apportioned on a staff tim6 basis. Govemance costs are incbxle(l Trmthin SUppC￿ cosis and comprise the costs of running Ihe SckK>ol, Induding strategic plannirvd fc its future deveh)pmenL also extemal audit, any legal advice for the Page 28

SIBFORD SCHOOL {A Company Limltad by Guarantge) NOTES TO THE NNANCW STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Accounllng poll¢le$ (¢ontInu￿) 2.6 Expendltur• Icontlnued) Goverr)rs, and the costs of cc4npMng ￿nStitUti(￿al and ststulory requirgments, such as the costs of Govwnor moetings arKI of prèparing statiilory financial statemonts. Expenditure on charitable actiwties ts incurred on urwjertaking the adwties whlch further th& Group's objectives. as wdl as any 8ssocAated supwwicosts. 2.7 Interest receivablo Interest on funds hekl on deposit is induded when receivable and the 8mounl can be measured reliably by the Group,. this 18 nornialty upon rntiffcation of the interest paid or payable by the institution ith whom the funds 8re de￿￿TLed. Z8 Taxatlon As a registered Charity tha sChlK￿ is entiljed to taxation ￿eMptionS on all ils Income and gains, as k11￿ as they are propwty aPp1K￿ for its charital￿e wrpose. 2.9 Tanglble flxad assèts and depreclatlon Assets ara induded at the4r cxiJinal cost al the date of acqulsltlon. The School has a pDliay of cApitalising fued assets. wh8rrt *s8ts Ig In ex￿89 of f.2,000. DepreciatiL￿ is charged so as to all)(ste the cost of tanu￿bla fLKed assets less Ihelr resldual valuè over Ihoir estimated useful Ilves as folkMs: Freehold buiklirgs Fixtures and f￿]ngS Motor vehicles Cotnputer equipment - 2%- 200/D per annum- stravJM Irie 10Yo per annum- straight line 20% per annum- straight line - 25% per annum- strakJht Ihe Depreciation is charged in th& year of acquisibon prcwated on a monthty basis. Freehold land is not depreuated. Assets in the (uwso of o)nslJuctk)n are induded at cost and are not depreciated uniil they are brwjhl into use. 2.10 Invgstments Listed iT)vestmwts are valued at lh￿r qu0￿1 mad(et wite at the ￿ar-and. Gains and k)sses arlsing from tha s￿e rrf investsnents are disclosed as gaiw or Ios8es in th8 Statement of Flnandal Actmhes. telng the differ&nc6 between thg sa18 pro¢8ed8 and thg markot value at Ihe last a￿untIng dale. Changes In the valuatIC￿ of Investments durlng fhe year are also shown as gains or losses in tho Statsment of F￿ancIal Actfvitles. 2.11 Stocks Stocks are valued at the lower of cy)8t and net rea1w1￿0 vaue after making duo allowdnce for Obso￿te and sk)w-movlng st￿kS. Pago 29

SIBFORD SCHOOL IA Company Umlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Acc¢)untlng pollcles (conllnu•d} 2.12 Debtors Sh)rt leryn debtor5 are inffj￿ty measured at transacti￿ prics, less any impalnnent. 2.13 Cash Cash is representexl by cash in hand and depThib ￿1h financial instiiutions. 2.14 Creditors Sh￿l t8rn1 Cr￿ltorS are inithally measured at the transaclkK) price. 2.15 Re¢ognltlon of Ilablllties abiliti&s are recognised rmce there ts 8 ￿jaI LY ¢￿$t￿ClIVe obligatKn that comrrits the School to the oblkJatK)n. 2.10 Baslc flnandal In$tNrn•nts The has thanclal ass8ts aThJ fina￿al liaÈiffties of a kind that qualtfy as basic financial slrumenl8. Basic financial InslTumenis are inlll81ty reryjgnised at transactrjn valu8 and subsequenlty measured al thelr setUem8nt value. 117 Flnonce leas•s and hlre purthase Assets obtained under hlre purchase contr and finance leases are Capltallsed os tang￿le fixed assets. A85915 acquired by finance lease are depreaaled over tha sh(￿ter of the lease 18mi and thelr us?fvl lives. Assets acquired by hlre purchase are depreciated over thelr useful lives. Finance leases are those where substantially all of the benefils and risks of own8rship are assumed by the School. Obligations under such agreements are Induded in creditors n81 of the finance charge allocatèd to future periods. The finan￿ eiemenl of Ihe Tertsl payment is charged to tha Statement of Financol Activities so as to produce a constsnl periodic rale of charge on the net O￿lgation outstanding in h perio(i. 2.18 Opgrnting Eeases R￿larS peyabk under operating leages are charged to the Ststement of Flnancial Activities on a stwhl Ilne basis overthe lease lemi. 2.19 Pènslons. The Charity cc)trfbut&s to the Teachers, Penskn Dofiwj Beneffts Schame at rdtes set by tha Schema Actuary and adY￿ed to the Board by the Scheme Administrator. The scheme 18 a mulO- employer pensbn scheme and it is not ￿SSiN8 to Klentify ihe assets and liabilltk8s of the stheme, whith are attributable io the Schwl. In aLurdance with FRS 102, the sch8m& is accoLmted for as a doflned rA)ntrlWlon stheme. The SchcKJl also c￿trit￿￿te8 to personal perrion schemes for M>n-t8athirvJ Staff. As defined contribution sthemes, t￿e LxintrfLxrth)ns are ac￿Ued accordingty. Paga 30

SIBFORD SCHOOL (Acompany Umlt8d by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Accounllng pollcles (contlnugd} 2.20 Fund accountlng Th& general funds comprise the aC￿mUlated surplus. As such. th8 Gov8rrrfxs consider these funds lo be unrestricted fuNts wittNn the definiti>ns contained in Ihe Charitios Acl 2011 in that they arg funds over which they have ￿)rnp￿e discreton as to their use in furthering the Schoofs objectives. R8Strthd fuThls are sut4.ect to Spec￿ ￿ndillOnS by donors as lo how they may be used. The purposes and uses of the restricled fuThts are set In the notes lo the financial statements. As detailed in Note 23 the School ￿)Id$ ￿Sets donated uThJor kxrmanenl endowment. Where suth an asset Is sokj, the proceeds of tho saie 8r8 treated as c8Pital receipts and aro taken dirady to fhe perwnallent endow￿ent fund. Income arising ￿ geneMI purposa pe￿anent end(yMnenl fund Investments is trealed as restricted income of the ScF¥)ol. 121 Deposkts As Ihe School does r¥)t hav8 an UncOndrt￿ Tbjhl to retaln I￿l1vkIUaI deposits for 8t ￿ast 12 months aft6r the Balance Sheet dale. In Ilne FRS 102. the b818nGe of deposits h&ld at ￿ar-end has been Included w7thin currenl ILqtrxlities. Income from donatlons Unreslrictod Re5trktod fund5 funds 2022 2022 Total funds 2022 Total funds 2021 Donalv)ns 45.317 36.127 81.444 t95.118 Total 2021 93,561 101,557 195, 118 Pagè 31

SIBFORD SCHOOL {AC4xnpany Llmlted by Guarantsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Fee Incomè analysls 2022 2021 The Schoofs fee Inc¢m• comwlsed: Gross fees Less: Total bLwsaiies, grdnts and 8lkwMncgs 6.406,624 6,593,098 (929.396) (1, 195,328) 5,4T7,228 &397, T70 Add back. BuThsarks th disc%￿ntS ft)r by restrictsd 56.027 87,341 Total 5,533,255 5,485,111 Fee In￿Me dl relates to unrestrKted funds during Ihis and Iho ￿lor Jpar. (Xhor odu¢afjonal in¢om• 2022 2021 eglsirati¢Jn ani assgssmenlfee Additional tuitbn and ￿tmtyfee5 Educatlonal support Fe& extras 1S,150 95,958 350.909 245.255 7.125 86,428 365,226 96,307 707.272 555,086 other educational income al relates to unrestricted fvnds durng this and th& prior year. Other an¢lllary trading IbKome 2Q22 2021 Minibus incom8 Nonryfofunda￿e depO￿ts 178.123 1,193 127,689 t4,656 179,316 142.345 Other 8nallary Ir&Jiro al rdotes to unrestrictsd fuTrJs durlng this and the wor year. PwJ8 32

SIBFORD SCHOOL IA Company Llmiied by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Non anclllary tradlng Income Income from non ¢harltable tradlng actlvtti88 Unre$trl¢ted funds 2022 Total fvnds 2022 Total fvnds 2021 Slbford Trddlng Umltèd Inc%)me Conference letbngs Income Rents r¢c&vable MIs￿l￿ne0￿8 Income 103,641 42,354 43,985 25.479 103.641 42.354 43.985 25,479 28,975 6,111 64,166 158.010 215,459 215.459 257.262 Totsl 2021 251.262 257,262 Investment Income Unrostsicted Rostrfcted funds funds 2022 2022 Total lunds 2022 Totsl fijnds 2021 Investment income 3,036 3.677 2,716 Tot812021 17 2.699 2.716 Pag8 33

SIBFORD SCHOOL (A Company Umltod by Guarnntso) NOTES TO THE FINPI4CIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Analysls of expendlture on ¢h¥ltable activhlos Summary by fund typg Unreslrfcted Restrl¢t8d lunds funds 2022 2022 Total 2022 Total 2021 Teaching Wdfare pr￿nIseS Suppc¥t wsts 2.981,230 1.708.295 854.242 1.398.626 56.027 3.037257 1.708.295 84242 1,398,626 3,235,076 1.218.363 752,270 1.183,838 6.942.393 56.027 6.998.420 6,389,547 Total 2021 6.30a206 87,341 6,389.547 10. knalysis of expendlturé by aGtl¥ltles Actfrthies undertakon dtrecdy 2022 Total funds 2022 rot81 ftmds 2021 Teaching W6lfare Premlses Support costs 3.037,257 1.708.295 854,242 1,398,626 3.037,257 1.708.295 654.242 1.398,626 3,235,OT6 1,218,363 752,270 1,183,838 6,998,420 6.998,420 8,389.547 Total 2021 6.389,547 6,389,547 Page

SIBFORD SCHI)OL (A Company Umltèd by Guarantse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 10. Analysls of expondllure by actlvlll8s {contlnuod) Analys18 of dlrect costs Support costs 2022 Total nd$ 2022 Total funds 2021 Teaching 2022 Walfare 2022 Pr•mlses 2022 Staff costs Depreclation Other 2.697244 850,T74 185,944 422.174 246.124 595.991 27,813 7T4.822 4,329.953 449,987 2,218,480 4.254.874 437.945 1.696, 728 340,013 857.521 3.037,257 1.708,295 854.242 1,398,626 6.998.420 6,389,547 2027 3.235.076 1.218.363 752.270 1.183.838 6.389.54T Support costs incI￿le govemance Lx15ts of £40,321 (2021.. £31.963) which rdate to the audit fee and other prof958ional fee8. 11. Audltorf5 Temuneratlon 2022 202t Fees payable to th8 Company$ audilor lor the audit of the Companys annual acwunts 21.500 16.050 Fees payable to the Companvs auditor in respect or: I t8xalJon athisory semces not included atrx)¥o Al non-audit Servic￿ not included a￿ve 2.600 3,000 8,050 Page 35

SIBFORD SCHOOL (A Company Llmhed by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY 2022 12. Staff costs Group 2022 Gmup 2021 Company 2022 Company 202t Wages and salaries SocAal security costs Contribution to defined contributN)n twbsi schemes 3,463,321 310,498 3,405.088 346.377 3.380.479 304,656 3,342,213 341.675 570,986 644,818 5T0.986 4A24413 4,322.451 4.329,953 4,254,874 During the year the SchcK4 made 18mlnation pa￿ents. Induding r8dundancy, totalliro £NII (2021." £5.79t}. The average number of persons empw byth6 Company during the year was as fdlowg: Group 2022 No. Group 2021 T88chi Supwrt 60 84 64 81 144 145 The number of 8mpbspes empkiyee beneffts (exduding employer ponston c08tsl exceeded £60,(KIO was: Group 2022 No. Group 2021 In the band £60,001- £70.(XXI In the band ￿1,001-£1￿.crfx} Senior managwnent team remunerati¢M aAnounted to £435,595 (2021.. £465,876). 13. Governors. rgmun•rafjon and gxpwws Durfng thg ￿ar. no GoverrK)rs recdved remur)8ratlon or other benefits (2021 . £NIL). During the year ended 31 July 2022. èxpenses totalling £12,830 were rglmbursed or paid dlrecuy to 4 GovemoTS (2021- £1.003 to 4 Govern￿S). Expènses felated to trwel costs. postag8 and subsIsten￿. Pag8 36

SIBFOFiD SCHOOL IA Company Llmlted by Guarantee) MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 14. Tanglblg flxod assets Group Freehold land and bulldlngs Motor Flxturgs and vghlclgs Ilttlngs Total Cost or valuatlon At 1 Auw8t2021 Additions Disposals 10.245.996 467.974 18,000) 61,017 18,338 1.927.058 12.234,071 29.308 515,620 (14,034) {22,034) Al 31 July 2022 10.705.970 79,355 1.942.332 12,727,657 DèprttIa￿on At 1 August 2021 Charge for the year On dlsposals 4.393.513 357.822 (8.000) 39.329 8,828 1,739,570 84.766 (14.0341 6,172.412 451.416 (22.0341 At 31 July 2022 4.743,335 48,157 1010.302 6.601.794 Net book val At31 Juty2022 5.962.635 31,198 132.030 6.125.863 A131 July2021 5,85Z483 21.688 187,488 6,061,659 The net LK)ok valu8 of assets h81d under finance18ases (r hire wrchase rA)ntr8cts, In￿ded abovo was £NII (2021.- £10,320). Page 37

SIBFORD SCHOOL IA Company Umltod by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 14. Tanglblè fixed assots (¢ontlnuod) Company Froahold land and buildings Motor Flxtur8s and vehiclas fittlngs Totsl Cost orvaluation At 1 August 2021 Addillons Dlsp¥)sals 10245.996 467,974 {8,000) 61.017 18.338 1.779,495 12.08&508 29.308 515.620 (14,034) 122.0341 At 31 July 2022 10,705.970 79.355 1.794,769 12.5BO.094 Dèpr•¢latlon Al l August 2021 Charge for the year On disposals 4393,513 357.822 18,000} 39,329 8.828 1,602,048 83,337 (14.034) 6.034,890 449,987 {22,0341 At 31 JU￿2022 4.743.335 48.157 1,671,351 6A62.843 Nat book valuo At 31 July 2022 5,962.635 31.198 123,418 117.251 At31 Juty2021 5,852,483 21.688 tfl,447 6,051.618 Page 38

SIBFORD SCHOOL (A Company Umited by Guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 15. Flxod asset Inveslmonts other flxed Listed a6Set Invèyirnents investments Total Group Cost or valuatlon At 1 August 2021 Revaluations Transfer to cash 98.649 (47011 328.041 426,690 15,7011 {328,0411 (328.0411 At 31 July 2022 92.948 92,948 Invthnts In other flxgd subsidiary Llstad asset companles Investm6nts Invèstments Total Company Cost or valuatlon At 1 August 2021 Revalualtons Transfer to Cash 98.649 15,701) 328,041 426,604 15,701) {328,041) (328,041) Al 31 Juty2022 92,948 02,952 16. Stocks Group 2022 Group 2021 Company 2022 Comp8ny 2021 Go¢)ds for resa 48,158 42,238 48,158 42,238 Pag8 39

SIBFORD SCHOOL (A Company Llmlted by Guarantsol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 17. D8btors Group 2022 Group 2021 Company 2022 Comp&ny 2021 Schod f88s and trade debtors Amounts owed by gr￿P undertaknJs Other debtors Prepawnents and accrued in￿rne 183.678 190.781 178.506 188,066 2.378 7, 730 110.147 13.910 301,755 9.923 110.147 12,$77 301.755 499,343 310,851 492,838 308,32t Interest is ¢harg8d on th& loan to Sibfcvd Tr￿ling Llmlled al 2% (2021.. 2%) per annum. Tradè debtors are staled after impairment lotslling £112,059 {2021.- £94,894). The Inlercompany baL4nce i8 Imp81rwl by£1.350,557 (2021.. £1.255,422). 18. Credltors: Amounts falllng due wlthin one yoar Group 2022 Group 2021 Company 2022 Company 2021 Bank overdraft Bank loans Advance fees (s8e note 201 Trade credllors DekKSSits held Other tsXatlC￿ and social seujiity Obligations under finance lease and hwe purchase contracts Other ￿editOrS A(xxuals and defere(l in￿& 1,352 120,000 1Q3,604 120,000 103.604 263.020 322.2 71.384 260,869 54.637 5Q9.104 T5,847 260.869 48,568 509, 104 r5,847 321200 71,384 5,729 296.242 269,018 5.729 IT6.588 125,473 5,729 291,008 265,518 5, T29 164,849 t 19,184 1,4S3,977 1.208,247 1,442,463 1,183,950 The hlre purchase lialxlity is secured on Ihe assel It relates to. At th8 ypar end, the motor vehicle had a carrying amount of £NII (2021.. £10.320). Page 40

SIBFORD SCHOOL (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEPIENTS FOR THE YEAR ENDED 31 JULY 2022 19. Credltors: Amounts falllng dug aftsr morn than ono ￿ar Group 2022 Group 2021 Company 2022 Company 2021 Bank bans Advance fees (see note 201 480,000 32,521 600,000 176,072 480,000 32,521 600,000 176,072 511521 716,072 512,521 776.072 Included within lh¢ al)ove are amounts falhng due as foll¢)WS: Group 2022 Group 2021 Company 2022 Gompany 2021 Belween one and two years Bank loans 120.OlXI 120.000 120,000 120,000 Bthaon Iwo and five y•arts Bank108ns 300,(100 360,000 360.000 36Q,000 Ov•r Ilv• y••rs Bank bans 120,000 120.000 The bank loan Is secured by a frrsl ￿gaI mortgag& over the freehokl pmperty of the School. And a guarantee w0vid￿j and propedy executed by Sibford Trading Limited in r&8pbct of all monies, debts and Ilabilities owed or Incurr8d by Borrower to t￿ bank up to £2mllll¢)n. Pag6 41

SIBFORD SCHOOL {A Company Umited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 20. Advance fee payments . Group and Sclwol Parents may enlgr into a c(mtraci to pay ts SCI￿ trjiti'cm fees in advance. Assuming wF41s will romaln in the Sch(￿, advance fees ￿11 be appled as folk)ws: 2022 2021 Due with(n ono year 103,604 260.869 Due wlthln two to five years 32.521 176,072 136,125 436,941 The movement during the year on advanwl fees was as folk)ws: 2022 2021 Baknoe al 1 August 2021 New ajvanced fees r￿fjd in Ihe yBar Amounts utilised in payM￿t of fees Amounts reclassffied to othei uedttL¥S 436,941 501,123 62,675 305,664 {269,327) f369.846) 194,164) Balance at 31 July 2022 136,125 436,941 21. Flnan¢l81 Inslruments Group 2022 Group 2021 Company 2022 Company 2021 Financial ass•ts Financial assets measured at far value through income and 8xp8ndth 92,948 98,649 Finanryal assets measured at fatr vakna through income and ex￿￿dIbjre eompri8e Ilsted inv&stments. Pago42

SIBFORD SCHOOL IA Company Llmited by Guarnnt•o) MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 stat&ment of ftinds Stat8m•nt of funds - cumnt year Balanco at 1 August 2021 Galnsl Balancè at {L06ses) 31 July 2022 Income Exp¢ndlture Unr8Strlctsd funds General Fund- SctrK)ol Sibford Tradi Consolidation adjustrnents Promsion against Inltrrc￿mPZny loan 5.505,603 {1.196.139) 6.604.415 17.046,834} 103.641 (2¥4601 126,7961 26.796 13,9761 1059,208 11.346.958) 1255.505 95,052 1,350,557 5.5W969 6,681,260 17,179.446) {3.976) &062,807 Pemianèn* endowmgnl fvnds Bursary Fund Sibford Old Scholars, Bursary Fund Bantam Fund F Braithwaite Fund Mabel Hamd Fund Group SgntarKl¢r Ri¢haTdson Fund Reason Fund 52.941 9.3S3 722 (1,333) (235) (18) (8) (19) 155) (11) 146) S1.608 9,118 704 301 760 258 454 1.812 741 203 443 1,766 66,601 (1,725> 64.876 Page 43

SIBFORD SCHOOL IA Company Umlled by Guarantga NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 22. Statement of funds Iwntlnued) Balanco at 1 Augusl 2021 Galnsl Balance at (Losses) 31 July 2022 In￿m• Expendlture Restrfctad fvnds Income from othgr erKlowm& funds Reckitt Farnily Music Department &Jptth for Leaming Sibford Foundation denhursl Sthcol Trust Edwards Family Awdrds Hardship Fund G Cadbury BurS8ryfv￿l M SmalKvood 23,337 30.391 4077 3.500 260,632 1,694 15,149 1097 1008 71,557 3.036 25.000 26,373 14,917 4,077 3,500 260.632 1.694 9,596 3,342 2,008 71.939 500 140,474} {5.$53) 245 10.000 110.000) 415.442 39.163 (56,027} 398,578 Total of fvnds 6,047.012 720.423 17,235.473) {5,701) 5.526.261 Pagè44

SIBFORD SCHOOL (A Company Umlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 StstsmoTrt of fvnds {conllnu8d) Statement of fvnds- prl¢x year Balan￿ at 1 Augusl 2020 Transf8rs W¢x4t Galnsl Balance al fLossesJ 31 Juty 2021 Income Expgnthlure Unr•strlct8d funds General Fund- SchiKII Simord Trading ConsolidatM)n adlustmenls Promsion against Inlercompany loan 5,188,317 (1.014.734J 6.528.976 (6,545,615) 28.988 (210.393) 328.041 5.884 5,505,603 (1,196. 139) (24,582) 24,582 1,018,729 236.776 1,255.505 5,191312 6,533.382 (6.494,650J 328,041 5,884 4564,969 Pemianent endowment funds Tomlinson Bequest Bursary Fund Sibford Old Scholars, Bursary Fund Bantam Fund 328,LHI {328,041J 44,643 T.887 8,298 1,466 113 52.941 9.353 722 F Braithwale Fund Mabel Hamxl Fund Group Santander chardson Fund Reason FurKJ 254 47 301 641 119 760 258 383 71 1.528 1,812 384,150 (328.041J 10,492 66,601 Pag8 45

SIBFORD SCHOOL (A C¢mpany Llmlted by Guarantee) NOTES TO THE FINANCTAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 22. Ststomgnt of funds Icontlnued) Balance 01 l Augusl 2020 Transfers in/out G8lnsJ Balanc& al (Losses) 31 July 2021 Restrict•d lunds Income from other endowmenl funds Reckntt Famuy Music Departsnent Support for Leamlng Sibford Found8tion Ardenhurst Sch(iol Trust Edwards Farnity Awards 20,638 81,299 2,699 25,0 23,337 30,391 (75.908) 5,731 (1.654} 4,077 3.5(Xl 260.632 260.632 1,694 19,928 3.097 (4,779) (S,￿K1) 15, t49 3,997 2,008 71.557 Hardship Fund G Cadbury Bursary fund 71.557 398,527 104.256 (87,341) 415,442 Total of funds 5.974,989 6.637,638 (6.581,991) 16,376 6.047,012 Page 46

SIBFORD SCHOOL Company Umlted by Guarnnts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 22. Statsmont of fund5 {contlnuad) mianènt endovnnant funds The capital of the Tornllnson Bequest has been Invested and Ihe irwme has been applled ￿ the purpose of asslsllng In th8 ￿luca￿'onal fees of clNkJren that have at lea5l one parent￿￿ is a p￿Cl￿Ang Quaker. The Bursary Fund and th8 Sibford Old Scholars. Bursary Fund constsl of the donatior)s held on investment from the income arising is to be used lo provKle bursariBs to pupils at the School. The incom8 from the ather endowment funds is to L used for various p¢Jrposes including thè provlsion of librdry bociks and other educational equipment. as well as to fvnd tXE85 f(Y students for achievements in Science and Muslc. The income arising from th￿ funds Indudwj In restricted funds. Restrfet￿ funds The Reckitt Famity FurKI was offer￿j for the promsion of educatton for one pupil, who would for finanolal reasons not othewdise be aljle to attend Sibford ScKd. The dcmats)n wlll cover fees for the agreed pupll 8rKI any remaining money be used for th& purwso of capital works. The Music Department fund is donations received whith are required to be utili8ed for the bonofrt of the musk departmenL Support f( Leaming funds i8 for resC￿re89 whlL are requiraj to be spent on tho support for learnlng 8ervic88 provlded by the sthod. Th8 N)come fr¢)m endowment funds is intwe5t recefvabl8 on funds th818re exp￿led as explpined abov8. The sibf￿d Foundatlon fur¥Js are to b8 expeThYed on lh8 advancement of educatKsn for pupils in Sibford School. The Ardenhurst School Trust Fund is for Ihe Purchase of trophies for MUS￿ aThJ Science achlevements. Edwards Family Awards Wds a th)nation for awards for puK¥ls V+ith prornlse in crafts. The PSFA donation was ts a climlmng Wdll. G Cadbury fvnd is to be used to supwrt o Pwrsary for a chikj othernAs6 would not be able to attend Ihe schcx)l. Funds we dr￿al￿d during the year wtlh fhe intention to cover bursaries. DuriNJ th8 year ended 31 Juty 2021, Charity Commi88ion approval vrds obtained in order lo release the Tomlinson Bequest to unrestricted funds. P8g8 47

SIBFORD SCHOOL IA Company Llmltod by Guarantee} NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 JULY 2022 Analysls of not assets botween ful￿$ Analysls of net asmts betweon funds- CUfTent year Unrnstrfcted Rostrlcted Endowment funds lunds funds 2022 2022 2022 Total funds 2022 Tangible fixed assels Flxed asset invastments C￿r￿nt assgts C￿lItorS due v41ttNn year Credliors due in more than i)ne yBar 6.125.863 28.072 875.370 {1,453.977) (512,521) 6.125,863 92.948 1,273,948 11,453,977) 1512,5211 64,876 398.578 Total 5.062.807 398,578 64.876 5,526.261 Analysis of net assets bgtw•en funds- prioryear Unresthcted Restncted Endowmsnf funds fijnds funds 2021 2021 2021 Total funds 21 Tangib￿ 055ats Fixed asset inve$trnents Current assets Creditors due within t￿9 year Creditors due in more than cne 061,659 360.089 1,127.540 (1,208.247) 1776.072) 6,061,659 426.690 1,542,982 (1,208,247) {776,072J 66,601 415,442 6,047,012 Totsl 5.564,969 415,442 66,601 Page 48

SIBFORD SCHDOL IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 24. Re¢onclllatlon ol net movement In funds to net cash flow from 0￿ratIng ￿￿VItIeS Group 2022 Group 2021 Nel inGomelexpendilure for the yEar (as w Slalement of Financlal Activlties} (520.7511 72.023 Adjustments for.. DepreCia￿n charges Lossesl1Gair￿) on inv8slments Investment income IProfit)ILoss on the Sa￿ of ￿ed &￿ets Increase In stocks 451A16 5.701 13.677) 453.OOt {16.3T6) (2, 716) 187 (3.334) 143.833 (319.056) 6,716 14920) (188A921 {19.1731 9,389 IlncreBs&ydecrease in debt￿S Decrease in credttors Flnance costs N8t ¢ash lusod Inyprovldod by opwallng a¢tfvltJes 1271.50n 334.2T8 25. Analys1$ of cash and cash oqulvalonts Group 2022 Group 2021 Cash In har Overdraft facilty repayab￿ on dema￿1 726.447 11,3521 1. 189,893 Total ￿$h and ￿$h •qulvalents 725.095 1, 189,893 Pagg 49

SIBFORD SCHOOL (A Company Limlted by GuaTanteg1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 alysls of changes in n•1 dobt At 1 August 2021 Cash flows At 31 July 2022 Cash at bank and in harKI Bank overdrafts repayable on demarKI Debt due wlhin 1 ypar Debt duè after 1 year Fina￿￿ leases 1,189.893 (463M461 11.352) n6.447 (1,352) 1600,000} 15.729) 16DO.000) {5,7291 584.164 {464,79B) 119,366 27. Capltal commitment$ Group 2022 Group 2Q21 Company 2022 Company 2021 Contraded for but fKI provld•d in these financlal statemènts AcquIS￿on of tangibie fixe(l assets 232,322 232,322 Pon￿0n commltments The Schrxjl part￿1pated in the Teachers. Pens7(￿ Scheme (Y)e TPS") for its teaching staff untll September 2021. The pension charge for the yèar indthes contrfbulions PByable to the TPS of £42,093 (2021.. £504.049J and al the yearryerKI £Nil (2021.. £58.135) was accrued In resP￿t of contrI￿tIOnS to Ihls scheme. The TPS Is an unfunded Mult￿eMp￿Ye1 defined bèn8fits pension scheme governed by Tha T￿0h￿￿' PensM)ns Regulations 2010 {as arnended) and The Teachers. Pen8￿Th Scheme Regulations 2014 (as amended). Members Contr1￿1@ on a "pay as go. basis ￿th Gontributlons from members and the employer bglng cr8dit8d to the Excequer. RetIr￿ent and other pensi￿ bgn8fits are pald by public funds provided by Parflament. The emplo￿r crmtritrKrtion rate L8 sel by the Se(xetary of Stste following stheme valuatlons undertak8n by the Govemmenl Actua￿8 Department. The most recènt acÈuarial valuatlon of the TPS was pwpared as at 31 March 2016 and the ValuatN)n Rewxl. which was publLshed in Mar( 2019, confirmed that tho empkjyer conlribubon rate for the TPS wY)uld in(¥ease from 16.4% to 23.wè from 1 September 2019. Employers ar8 also requir&J to pay a sc)em8 adminislration of 0.08% glving a total employer contribution rats of 23.68%. The 31 March 2016 valuatic￿ ReKK*t was prepared In acc￿lanCe vth the benefft5 sel out in the scheme regulations and under the approach in the DIrectic￿$, as they applled at 5 March 2019. However, the assumpticms were c(￿side￿j aThl set by tho Department f￿ EdutAtion prior to the ruling in the Page 50

SIBFORD SCHOOL IA Company Umltod by Guarant•o1 NOTES TO THE FINMCIAL STATEPAENTS FOR THE YEAR ENDED 31 JULY 2022 28. P￿slon commlbngnts (conllnuod) 'McCloudlSargeant case,. This caso has requlred tho C￿rtS to conslder Izses regardlng the Imp￿MentatIon of the 2015 refomis to Publk Servi( PernskN)s IndL¥JiThJ the Teachers, Pansions. On 27 June 2019 thg Supreme C(yJrt deni￿ the govemm8rt ￿mil$s1On to appeal Ihe Court of App&al'8 judgment that transitK)nal provisions Intr(xJucgJ lo the reformed pensSon schemes in 2015 gave rise to unlawful age dtscrimlnalion. The govemmant Is r8specting the Court's decision and has said it wlll engag& fully with the Employment Tribunal as well as e￿￿0￿Er and member representatives to agree how the dlscriminatM)ns will be remedied. The govemment announced on 4 February 2021 that it intends to proceed with a deferred choice undoypin under wh￿h mgmb8rs will be able to choose ehher legacy or reformed scheme benefits in respect of thelr servke durfTrJ Ihe wriod belween 1 April 2015 and 31 Moroh 2022 at the point they become payab￿. The TPS Is subject to a cost mechanlsm was In pl8C8 to protect taxpayors a9ainst unforeseen changes in sth8m8 costs. The Chief Secretary to the Tre8sury, having in 2018 8nrKxJnced that there would ￿ a review of this cost cap meLanisrn. in January 2019 announc8d a pause to the cosl cap mechanism fomowng the CiyJrt of Appeal's njliro in the Mccloudlsargeant case and until ther8 18 Certainty about the value of penSI￿S lo employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June ￿ proposed thanges to the cost contrDI mechanlsm followng a rwew by the Government Actuary. Foll)wwYJ a pu￿1￿ cx)nsultab"on, the Govèrnment hav acc8Pted thr88 key proposals recommended by the Govemment Acluary. and are aimlng to imFlem8nt Ihgse changos In time for the 2020 va￿atiOnS. Th& 2016 ¢x)st Control valuations have since been compl&led in January 2022. and the results indicated that there w(MJld be no changes 10 I)￿￿ts or member contribuuons r8quif&o. The resulis ol Iho Cost cap valuation are not used lo set the employer cOntr￿ul0n rat6. and HM Treasury has confimied that any hanges lo the employer ¢£￿t￿butiOn rate r8sulbrvJ from the 2020 Wdluations take effect In April 2024. Unlll the 2tr20 valuation is CoMp￿ted il is not P055ible to CDndud8 on any finanual impact or future changes lo the contribution rates of the TPS. Accordlngty no provlsKK) for any additional past benefrt PenS￿n costs Is Inciudod In these financial statements. Th8 Schod wtFKlrew from the Teachgrfs Pensiw Stheme from 31 August 2021 and teach5ng staff now contribute into a defined contribulion scheme. AJnounts paid into the scheme for the year wero £529.231 (2021." £NilJ. There w8re contributions of £47,803 (2021.. £N￿) ouistanding al the yoar end. The School a180 runs a scheme for ils nO￿tea￿1ng staff. is a defined contribution scheme. Amounts paid into the stheme f￿ th6 year wer& £118.679 (2021.. £123,485). There were contrfbution8 of £9,840 (2021.. £9,914) outstsnding al Ihe eThl. Page 51

SIBFORD SCHOOL {A Gompany Llmlted by GuaTantee} NOTES TO THE FINANCIAL STATEMEr￿s FOR TrIE YEAR ENDED 31 JULY 2022 29. Operatlng leas• commltments At 31 Juty 2022 tho Group and the Company had (x)rnmlknents to make luture mlnlmum lease payments under non-cancellable operating leasgs as folknws: Group 2022 Gmup 2021 Not later than 1 year Latw than 1 year and nol later than 5 ￿Or$ $11,411 110.795 508,662 105,574 682306 614.236 Totsl knse payments made during the year arnoun￿ to £568,188 (2021.. 448.516). 30. Related party transactions During the year the Sch(K>l ￿￿OYed the pther of a Govemor of the Schcxil. R Bee. Total ￿UneratIOn was £12,808 (2021.. £27,401) and pens￿ u)ntnl)ubons were £2.W9 (2021.. £6.489). &bford Trading Limitsd {rnmpany number 03735449) is a ￿t￿lty(loo%) owned tr8ding subsldiary of &bford School. The entity e￿sts to undertake any notFwmary purpose trading aGu￿ty with any profits being donated back to the under Gift Aid njles. Sibftyd Tradiw Limtted 0￿rateS the u￿rf{￿ shop on the campus of Sibford School and prowdes sports, art, musk and I8￿r8 lacililies and seNix at the sc￿1. The (x)mpany Is rfjgSstered In England and Wal8s. The balance oylng from th8 company to the SclN)ol at 31 July 2022 for an intgrGompany loan was £1.350,557 (2021.. £1.257,882J- At Ihe year end the provision for Impairment £1,350,557 (2021.. £1.255,422) with a provi￿0￿ reC￿Jnised In Ihe year of £95.135. Interest of £26,796 (202t.. £24.586) was charged on thls loan during the year. Fuel and I￿jht re-tharges totalling £81.125 (2021.. £81,061) were paid by the School on behalf of the Company during th& year. Its trading results for thg year, as extracted from th8 audite(I finandal statements. are summar￿￿ in Note 31. Paga 52

SIBFORD SCHOOL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2022 31. PrfnGlpal $ub$ldlarf•s The folkW￿.￿g wa8 a subsidiary undertaklng of ts C(Mnpany. Name Company numbgf Reg15tsred offlc& or prlnclpal Class ol place of buslnoss shares Holdlng Sibford Trading Limited 03735449 &bford S¢h(K)l. Sibfortj Ferris. Banbury. Oxfordshire. OX15 SQL Ordinary 100% The financial results of the subsKl18ry for the year were: Name Incomo Expenditure Surplusl (Dèficltl for the yaar Net assots Sibford Trading Umlted 103,641 (254,4601 1150,8191 11.346,9541 Pag8 53