2021-07-31-accounts

CRANLEIGH EX CULTU ROBUR CRANLEIGH SCHOOL A COMPANY LIMITED BY GUARANTEE REGISTERED NUMBER 3595824 CHARITY NUMBER 1070856 ANNUAL REPORT AND ACCOUNTS 31 July 2021

CRANLEIGH SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS 2021 CONTENTS.. PAGE Governors, Officers and Advisors Annual Report of the Govemors Strategic Report Statement of Accounting and Reporting Responsibilities 15 Independent Auditorfs Report 17 Consolidated Statement of Financial Activities 20 Consolidated and School Balanc8 Sheets 21 Consolidated Cashflow Statement 22 Notes to the Financial Statements 24

CRANLEIGH SCHOOL CRANLEIGH SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS 2021 GOVERNORS. OFFICERS AND ADVISORS GOVERNORS. DIRECTORS AND CHARITY TRUSTEES The members of the Governing Body of Cranleigh School are the charity trustees of Cranleigh School and the Directors of Cranleigh School I'lhe Charily'l. The members of the Goveming Body are.. 121 (31 141 151 161 171 A J Lajtha MA. FCIB. {Chairmanl Mrs S E Bayliss, MA, PGCE Golonel J Boyd OBE MA (aP￿inted 21 September 20201 Mrs J A Brown MA Dr R Chesser MA, MB, 8Chir, MRCP" Mrs M M S Fisher MA (Deputy Chairl M Foster MA {retired 30 September 2020} P S P Going Bsc, MRICS. S Gunapala BEng, MEng, FCA Miss K J S Kerr BA (Honsl MCIPD (appointed 18 August 20211 J A M Knight BA D Khurshid BA QC (appointed 10 Sèplgmber 20201 MrsAJLyeBA C H Severs LLB (Honsl lappointad 14 June 20211 Mr5 E Stanton Bsc, ACA J J D C Tate BA (Hon5} DipArch MArch (appointed 6 November 20201 S J Watkin$on Bsc ACA (retired 12 April 20211 O A R Weiss MA {retired 21 November 2020) P M Wells BEd (Honsl D G Westcott BA BCL QC S J Whitehouse BA (Cantabl Prolessor R J Wilkins MA DPhil D A Ewilliams BA FCA Mrs M J Williatnson ' Strategy and Risk Committee Education Committee Buildings and Eslale Committee Finance Committee Risk Management Committee Overseas Committee Nominations Committee Parent of a pupil or pupils al the School {21 13) 14) (51 161 17)

CRANLEIGH SCHOOL Mr Weiss has special responsibility for Cranleigh Prep School. Mrs Fisher, Mr Watkinson and Mr Whitehouse are members of the management board of Cranleigh Abu Dhab￿. Mr Williams is a Trustee of Cranleigh School Pension Scheme. The Board is a self-appointing body. The normal term of office for governors is five years with further temis of three years each if elected by the majority of Governors to continue in office. Cranleigh Preparatory {Prepl School has the same Governing Body as Cranleigh School. EXECUTIVE OFFICERS.. Headmasters Cranleigh School Cranleigh Prep School Director of Operations Director of Finance Clerk to the Governing Body Mr M S Reader MA. MPhil. MBA, QTS Mr N R Brooks BA. QTS MrPADunnBA Miss J A Underdown BA {Hons} ACMA Mr P T Roberts MBE, DChA Principal address Cranleigh School and R￿IStered Offi¢e Horseshoe Lane Cranleigh Surrey GU6 8QQ wvM.cranlei Cranleigh Prep School Horseshoe Lane Cranleigh Surrey GU6 8aH Websites h.or vw.cranlei re schoo1.or ADVISORS: Bankers.. Handelsbanken Andrews House College Road Guildford GU14RG Solicitors.. Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS14QA Auditors.. Crowe U.K. LLP 55 Ludgale Hill London EC4M 7JW Investment Advisors.. Brewin Dolphin Limited 12 Smithfield Street London EC1A 9BD

CRANLEIGH SCHOOL ANNUAL REPORT OF THE CRANLEIGH SCHOOL GOVERNORS FOR THE YEAR ENDED 31 JULY 2021 The Cranleigh School Goveming Bi)dy presents the annual report for the year ended 31 July 2D23 under the Charities Act 2011 and the Companies Act 2006, together with the audited financial ststemenls for the year, and confirms that the latter comply with the requirements of the Acts. the Articles of Association and the Charities SORP 2015 in accordance wilh FRS 102 {as updated). DIRECTORS, REPORT CONSTirurioN AND OBJECTS The Charity was founded in 1865 and is registered with the Charity Commission under charity number 1070856. Cranleigh School is a company limited by guarantee, registered number 3595824. Cranleigh Schoo5 is governed by Articles of Association introduced in 2010 10 incorporate changes in legislation in the Companies Act 2006. These Articles replaced the previous Memorandum and Articles of Association dating from 2000. Cranleigh School's object and principal activity, as a charity and as set out in the Articles of Association, is the advancement of education by providing a boarding 8ndlor day hool or schools for boys andlor gids in accordance wÉth the principles of the Church of England. The Charity is slruclured with a single governing body for two schools known as Cranleigh School and Cranleigh Preparatory (Prep) School. The Charity, in furtherance of ils object, establishes and administers bursaries, grants, awards and other benefactors, and acts as the trustee and manager of property. endowmènts, bequests and gifts given or established in pursuance of the CharIt￿S objects. The Trustees are mindful of the long-standing need lo provide public benefit and of the requirements of the Charities Act 2011 and have had regard to Charity Commission guidance on public benefit. The Charity's govemance complies with the Code for the Voluntary and Community Sector, endorsed by the Charity Commission and other best-practice guidelines published by the Charity Commission. Further details of the Charity's activities are set out below in the strategic report section of this annual report GOVERNANCE AND MANAGEMENT Governlng Body There is one Governing Body for the schools. The members of the Governing Body and execub've officers of the School, together with the principal advisors are listed on pages 1 and 2. Recruitment and Tralnlng of Governors The Charity's elected members of the Governing Body are appointed at meetings of the Cranleigh School Goveming Body on the basis of ￿cOmMendatiOnS from the Nominations Committee. The Nominations Committee scrutinises candidates on behalf of the Goveming Body. Trustees and executive officers of the School put forward candidates to the Nominatr'ons Committee based on a candidate's professional qualities, experience, personal competences and local avallabilily. The Governing Body is mindful of the benefits of diversity in the widest sense and as noted in Principle 6 of Charity Commission guidance. New members of the Govern1ng Body are inducted into the workings of the Charity and its schools, including Governing Body policy and procedures, at briefings organised fof them by the Headmasters and Bursar. The new members also attend specialist external courses on the roles and responsibilities of charity trustees. Members of the Governing Body attend external Iruslee training and infomiation courses in order to ensure that the Governing Body is kept informed of

CRANLEIGH SCHOOL current issues and regulations in the education and charity sectors. Govemors may attend days al the School shadowng pupils or visiting support departments. Organisational Managernent The members of the Cranleigh School Goveming Bcxjy, as Iruslees of the Charity, are legally responsible for the overall management and control of both Cranleigh School and Cranleigh Prep School. The Governing Body takes note of guidance provided by the Charity Commission and speCif￿allY the principles set out in the Governance Code published in July 2017. Overall, the Charity meets a very significant proportion of the recommended and best practice for governance that is contained within the GoveTnan¢e Code across the seven principles and is comfortable there are no significant areas of review required. Arrangements will continue to be monitored against the best practice principles contained within the Code. The Chairnian of the Governing Body is Mr A J Lajlha and the Deputy Chair is Mrs M M S Fisher. The full Board meets each term, and so three times a year, and the work of implementing its policies is carried out by six sub-committees.. The Strategy and Risk Committee considers proposals for development of the School and advises senior management of the strengths and weaknesses of strategic options. A biennial strategy day is held for member5 of the Governing Body and senior executives lo review performance and consider future development. The last strategy day was in June 2039 with the next planned for March 2022, having been delayed by one year due to Cowd-19. The Strategy and Risk Committee is chaired Mr D G Westcott. The Education Committee considers educational and pastoral policy. Mrs S E Bayliss has special responsibility for Safeguarding and Mrs A J Lye has special responsibility for Special Educational Needs and Disabilities ISENDI. The Education Committee is chaired by Mrs M M S Fisher. The Buildings and Estate Committee supervises and monitors capital building projects and maintenance of the fabric ofthe School. The Committee has delegated responsibility for Health and Safety and il produces a report each term on Health and Safety matters for the Governing Body. Mrs M J Williamson has oversight of boarding on behalf of the Governing Body," in¢luding both the provision of facilities and pastoral support Ilhe latter is a responsibility of the Educatson Committee). The Buildings and Estate Committee is chaired by Mr P S P Going. The Overseas Committee was established in 2020 to monitor performance and risks of the School's overseas schools specifically Cranleigh Abu Dhabi and Cranleigh China. The Oversea5 Committee is chaired by Mr S J Whitehouse. The Risk Management Group IRMGI monitors risks facing the School. This Committee presides over an annual risk management prO￿sS that culminates with the production of a risk report in the autumn each year. Each sub-committee is responsible for considering the risks in its area of governance and each has appointed a member to lake the lead in risk management. The RMG is chaired by Mr J A M Knight. The Finan￿ Committee scrutinises revenue, the budget and capital expenditure. This Committee also supervises and finalises the audited financial statements and annual report for approval by the Governing Body. The Finance Committee is chaired by Mis E Stanton. The day-to-day running of the School is delegated to the respective Headmasters, supported by their Senior Management Teams. The Headmasters and representative members of senior management attend meetings of the Goveming 8ody sub-committees and together these groups are the key management personnel. ReMUneral￿n is determined by the Goveming Body which is mindful of the contribution of all staff to the School's success and. as such, it is right that remuneration of staff is the highest single cost incufred by the Charity. The Governing Body makes reference to comparisons of staff costs al other schools which are produced in various benchmark surveys that are anonymous and so compliant with competition law. The remuneration policy balances fair wages and a generous pension scheme for lower paid staff with the provision of incentives for senior managers who lake the

CRANLEIGH SCHOOL burden of responsibility for the School's complex operations. The School produced a gender pay report again this year as required of employers with more than 250 employees. The gender pay report for 2020 is available on the School's website. Group Structure and Relationships Cranleigh Foundation was set up in 2007 as a separale charity limited by guarantee with a registered charity number of 1122918 and a company number of 06452540. Cranleigh Foundation's slalutory financial statements are consol￿dated with the School's within this Annual Report and Financial Statements. Cranleigh Foundation is governed by 8 Memorandum of Association and Articles of Association produced in 2008. The Chaimian is a fomier governor, Mr M J Meyer and one member of the Governing Body. Mr A J Lajtha is also a Foundation Trustee. The Headmasters and Director of Finance attend Foundation Trustee meetings. Cranleigh School has I￿0 wholly owned non-charilable subsidiaries. Cranleigh Enterprises Limited ICELI is a trading company that arranges the letting of facilib'es when not in use by the School and it has a retail outlet within the School for the sale of items such as school uniform and sports equipment. CEL profit is donated under gift aid to the School. There are more details Con￿rning CEL at Note 3 to the financial slatemenls. The accounts of CEL are consolidated into the Cranleigh School accounts. Cranleigh Education Services Limited ICESLI was incorporated in September 2012. The Cornpany ha9 five directors who are members or former members of the Governing Body or executive officers of Cranleigh School. The Company's purpose is to facilitate the eslablishmenl of overseas schools and then monitor the operation of overseas schools once open. The Company was responsible for planning Cranleigh Abu Dhabi. working closely with joint venture partners and the firm eonlracled lo run the School. 'Cranleigh Abu Dhabi opened in September 2014 with 637 pupils from FS 1 to Year 9. The School now has 1,604 pupils and has expansion plans to increase the number lo around 1,800 pupils {il is now at full capacity) from FS 110 Year 13. The School's public exam results were, in common with other schools, based on Centre Assessed Grades bul nevertheless impressive with 75Q/o12020'. 790h. 2019.. 730/0) of pupils achieving GCSE grades 9-7 and atA Level 87Vo12020.' 73¥0. 2019.. 630kn1 achieved grades A"_B. Cranleigh China opened its first school in Changsha in September 2020. There are 476 pupils as of September2021. The first public exams were taken during 2020. The results were excellent with 42¥9 achieving GCSE grades AJA.. Stakeholder Engagement, Employment and Sustainability Policy The Trustees confirm that in accordan￿ with Section 172 11} of the Companies Act and Charity Commission guidanee they govern in order to achieve the obje¢ls of the Charity. The long-lerm financlal and operational sustainability of the School is considered by Trustees as set out in the Going Concern section of this report. Trustees assess financial projections and key risks that could impact the sustainability and reputation of the School. Assessments are made with the assistance ofthe executive and by reviewing management information, budgets. Capital expenditure plans, cash flow forecasts and progress against financial projections each school term and during the Covid-19 pandemic more often. Overarching the assessments of financial sustainability is a comprehensive risk management process that guides the executive and Trustees towards areas of risk and specifically the impact and likelihood of risks together with mitigation strategies. The fisk process and ¢urrenl assessments are explained in more detail later in this TeporL Cranleigh School is an equal opportunities employer. Full and fair considerallon is made of job applications from disabled persons and consideration of their training and employment needs is made as necessary. The School complies with modern slavery regulations. Consultation with employees, or their representatives, has contsnued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are aware of the financial and economic performance of the School. Communication with employees continues through normal management channels in a variety of fomis and through exceptional channels to apprise staff

CRANLEIGH SCHOOL of current issues. Examples of consultation are briefings to leaching staff at the start of each term by the respective Headmasters to oulline development options and seek the views of staff and engagement with staff regarding terms and conditions of employment through respective common room salaries committees which meet with the Headmasters, Director of Finance together with the Chairman of the Governing Body and Chair of the Finance Committee of the Governing Body. An equivalent for support staff is arranged by the Director of Operations who gives regular staff updates and briefings to staff in smaller meetings by department. Communication with staff, during the Covid-19 tock down and then subsequent restrictions to achieve bio-secure working conditions. has been of great importance for the monitoring of the morale for a second year. The School has briefed staff more frequently on the full range of operational issues including the continuing financial effects ofthe lock downs. Briefings were conducted during lock downs using Zoom and Google Meet and for wider audiences by video films and through a dedicated and closed Facebook account for staff. The School conts.nued to use the Government's flexible Job Retention Scheme at the start of the reportin9 period but the bulk of staff had returned lo full time work by end of March 2021. Al the time of writing in September 2021, the School is functioning al near lo pre-pandemic levels but under the operation of a comprehensive bio-security policy lo monitor and, where necessary, control the pandemic. The School's medical Centre has conducted circa 5,000 Covid tests during the pandemic, a figure excludes self-tests conducted twi￿ each week by pupils. The Company complies with the UK'S Equality Act 2010 Regulations 2017 that require the publication of infomiation on the gender pay gap for UK employees annually. The 2020 report is available on the School's website. The strategic development of the School has been in a period of transition during the last kn years because of the overriding requirement lo focus on the provision of the highest quality real time education of our pupils during the pandemic. The 2015 plan completed its implementation in September 2018 with the next three year cycle commencing in 2019 after a thorough review. Due lo the pandemic the completion date for this plan is now July 2023. The planning cycles seek lo involve staff al every level in the construction and implemenlalion of targets. This engagement seeks to achieve transparency, and through this, ownership of future plans by staff at all levels. This has been particularly important post pandemic, and with important adaptations having lo be made following the murders of George Floyd and Sarah Everard and a national focus on both racism and sexual violence in schools. More details of future plans are explained later in this report. The School is committed lo engagement with stakeholders. The main groups are pupils, parents. alumni. employees and conlraclors. There is significant communication using a full range of media with pupils and their parents or guardians. This is routine and extensive with the aim of ensuring a smooth passage for the eleven years of a pupil's education at Cranleigh. The alumni organisation, The Old Cranleighan Society IOCS), is based at the School and works on behalf of all alumni including those from Cranleigh Abu Dhabi. There is extensive engagement with the functional sub groups of the OCS and assistance is given wilh the organisation of events. Furthermo￿, during lock down the OCS staff at the School were in regular contact with older members of the Society to eheck on their welfare. The procurement of goods and services by the School is undertaken lo achieve a secure supply of high quality provisions and material with fair and timely payment. Local and smaller compan￿$ are favoured wherever possible and there are arrangements with a variety of sole traders in the local area. The School 15 conscious of its position as the largest employer in the area and aims to support local business wherever possible. Payment terms are thirty days but sole traders are able to requests earlier payment which is arranged on a ￿Se-bY-ca$e basis.

CRANLEIGH SCHOOL The School is committed to improving environmental sustainability. There is a pupil led environmental committee which developed ils strategy in 2019 and, pre lock down, was focusing on minimising food waste and ceasing the use of single use plasts-c. There had been good progress on both initl8tives which have been picked up again in the new school year now that school life has largely returned to nomal. The School recycles food waste for anaerobic digestion to generate energy from the waste. The School complies wth environmental regulation and specifically.. The School has complèted an Energy Savings Opportunity Scheme IESOS) assessment and is working to decrease energy consumption. Streamline Energy and Carbon Reporting ISECRI has been adopted. There is a commitment to improve energy eff￿lencY. The lolal energy consumption figures for the year were.. UK energy use (11 kwh 8,900,295 Associated Greenhouse gas emissions12} Tonnes CO2 equivalent 1,752 Intensity ratio Emissions IIC02el per £m Total Sales Revenue 66.89 The School is active in monitoring for risks of bribery, corruption, fraud and cyber-attack. The risk process is comprehensive and overseen by the Governing Body Risk Management Group. A more detailed explanation of the risk process is given later in this report. The School maintains a register of those executives and trustees in positions of Significant Control. Conflicts of interest are reviewed formally each year and attendees are required to de¢lare any change of conflict status al each sub committee and main board meeting of the Governing Body. AIMS AND OBJECTIVES Misslon Statement The purpose of Cranleigh School is lo provide, within a Christian environment. the necessary education and appropriate training to enable pupils to develop their potential as indiv5duals, and thereby to ensure that, on leaving, they will become confident members of society and effective conlribulors lo it. Alms The aims of Cranleigh School, for the public benefit, are to Bnable young people to flourish in a school where busy pupils lead fulfilled lives now while developing the personal skills and qualities that will enhance their adult lives. Cranleigh aims to provide young people with the strength lo succeed., the wisdom lo make infomied choices., resilience in the face of failure or difficulty.. and the insight lo recognise their privilege and to shape the future culture of the world through lives of service and leadership. With these skills, and in the context and heritage of their culture, Cranleigh pupils are encouraged to explore and ask central questions about their purpose and identity. A rigorous academic curriculum is reinforced by a commitment to a breadth of acts.vity that enhances personal development. Cranleigh is committed to being a medium-sized, co-educational boarding and day school, large enough to provide for breadth of opportunity and small enough to sustain a friendly. cohesive community in which there is a strong and active partnership between parents and the School. 'Pupils first, is a guiding principle for 811 decision making. Arising from the School's Christian heritage and cultural background, al the heart of a Cranl8igh education are four central values of Servi￿, Relationships. Leadership and Excellence.

CRANLEIGH SCHOOL Service.. All in the community are encouraged to adopt an attitude of service lo each other and the wider ommunily. Relat￿nshIps.. Strong relationships are fostered as a priority in a predominantly boarding ¢ommunity. Children flourish within safe, supportive environments. Le8dership.' Openness, integrity and thoroughness are characteristics of everything we do. Cranlelgh aspires to lead thinking and practice in holistic, boarding education. Cranleighans wll be equipped with the knowledge and skills lo shape future culture. Excellence.. Cranleigh will strive for excellence in everything it does and aspires to be recognised both for its education81 vision and for the personal qualities of Cranleighans. Primary objectives In order to achieve its aims the School has developed primary objecb.ves which are.. to provide a slimulaling learning environment in which pupils are encouraged to pursue and stretch their aeademr potential., to provide a happy and secLtre pastoral environment in which pupils can team lo live together and thus foster a sense of community, Co-education, respect for one another and good citizenship., the pursuit of best pracb'ce in safeguarding young people will always be a priority., to provide pupils with the opportunity to take advantage of a breadth of co-curricular activities in order lo develop positively all aspects of their character.. to provide pupils with the opportunity lo take decisions based on their own judgement and lo communicate those decisions appropriately and effectively.. 19 PTovide a clear, simple and effective management structure capable of taking timely decisions and allocating necessary resources appropriately., to provide the necessary administrative and logistical framework to meet the needs of members of Common Room and pupils alike. to encourage diversity within a predominantly local boarding Community through the expansion of the bursary programme. an increase in the number of Foundalioners, and regular monitoring of thg Admissions process. Strategies to achieve primary objectives The first objective is lo provide a slimulaling learning environment and this is achieved by 160 FTE teachers 12020." 151}. These teachers Strive to allow every pupil to develop their academic potential. This is achieved by focusing on each individual whilst fostering the broader ethos of the School's community as a whole. The School's structure enables lulors, and at the younger age groups form teachers, lo commit time and energy to their tutees and individual pupils in each form. The provision of a happy and secure pastoral environment is al the core of the School's approach lo education. Puplls are cared for within a close 'house' structure that provides foT comprehensive individual care based on Christian principles and a strong bond that cieales friendships throughout the School. The second element of this objective is lo foster a sense of community and ¢itizenship. This has been achieved through links with the local community and with international and regional organisations. The Senior Sehool has had close links with a charity assisting education in Zambia for decade and, pre-covid, during school holidays pupils and staff travel to Zambia where Cranleigh has assisted in building a primary school, sponsoring children and is involved with supporting teachers. It is planned to Testart these visits as soon as the pandemic silu8tion allows visits to Zambia. The Prep School supports local, national and international charities fostering empathy and responsibility in the younger years. The co-curriculum is broad. Leadership and decision-making are embedded in many activities. The number of actNities on offer lo pupils is too numefOUS to mention here. A clearer understanding of the

CRANLEIGH SCHOOL whole school approach lo the co-curriculum can be found al the School websites ww.cranlei and www.cranlei re sehool.or Readers are encouraged lo visit these sites. h.or Cr2nleigh Foundation Trustees, ReF)Ort and Financial Statements outline the wntinued progress in the development of the Foundation. The Foundation has received donakn'ons this year of £334k12020.. £328kl and total income of £371k12020.' £375kl. The Foundation supports pupils al Cranleigh School. The Trustees have decided lo focus activity on the development of an endowment which will be built up over decades whilst continuing to support Foundalioner pupils. The Charities had no active fund-raising activities this year requiring disclosure under S162A of the Charities Act 2011. The decision lo pause fund-raising was made eight years ago and modest resoUr￿S have been allocated since to establish the conditions for future fund-raising. This has involved friend-raising and data gathering. The School and Foundation are compliant with the General Data PTOtection Regulation IGDPRI. It had been intended to start a fund-raising campoign within the next year but with the uncertainty of Ihe Corona virus pandemic this decision is on hold. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Review of achievements and perfomiance for the year The principal aclivily. as specified in the Articles of Association, is the advan￿ment ol education and, in this, the School has had another successful, albeit unique. year Cranleigh School averaged 675 pupils {2020." 6631 of whom 19012020.'1931 were day pupils and Cranleigh Prep School averaged 338 12020.. 3381 pupils. At the Prep School the flexible boarding arrangements continued lo be Popular once boarding relufned post lock down in the summer term wslh, on average. circa 70 pupils boarding at the School each week in the newly refurbished boarding facilities which opened in September 2021. Waiting lists remain full for both schools and demand for places has increased again this year. The school year wa5 su¢cessfvl with many notable specific achievements, some of which are reported below, but the overriding theme for the year. as with last year, has been the impact of Covid-19 and the mitigation needed to limit transmi55ion of the virus whilst still providing a full and varied educational programme, often remotely. Benchmarked surveys compiled by the Independent Schoo15 Council demonstrated very high levels of satisfaction from parents at the remote education offered during lockdown. The School complied with the various requirements specified by Government to limit the spread of Covid-19 but, within this, il has functioned as close as possible to the pre Covid norm81. This has not been straightforward, particularly given that Cranleigh is predominantly a boarding school. For much of the year restrictions were placed on external activities such as educational visits and inter school sports fixtu￿S.. and internally w5th activities confined to year group bubbles. Nobwilhslanding this, staff provided alternatives that enabled pupils to experience the full educational benefit. These allemalives included virtua5 visits and internal co-educational sport which had the added benefit of allowing pupils to play sports that they would not normally experience. The mixed netball cornpeb"lions were, for example, highly competitive. The level of attainment for academic and co<urriculum work was generally good and in many cases excellent as shown in more detail below. The School's academie results in public exams were affected by the can¢ellation of exams and the subsequent grades awarded by OFQUAL for GCSES and A levels. The School developed a robust process in line with Government guidelines to afford pupils opportunities lo demonstrate their capabilities within the required holislicjudgement of the centre assessed grading. The excellent results continue to demonstrate the strong and improving academic performance with 290A of A level exams

CRANLEIGH SCHOOL achieving A'12020.' 220AI and 91Dh A'_ B grade12020.' 850/01. The entry lo university this year has been unique,. nevertheless, 99Yo of leavers were successful in securing places al their university of choice. The School continues lo be encouraged that for more academtcally able pupils, as well as the tradib.onal entry lo Oxford or Cambridge, students are gaining places and scholarships at Ivy League universities and other leading universities in America,. of those gaining places in the UK, 81 Vo gained entry into Rvssell Group or equivalent universities. Extended Project Qualification IEPQI exams were completed prior lo the Covid-19 Sock down al the start of the year and so grades based on actual work were awarded. The School continues to lake a national lead in the EPQ and11 is encouraging lo note that an increasing number of universits'es, including a significant number in the Russell Group, now recognise the value of EPQ by making a lower A level offer contingent on achieving an A" or A in the EPQ. This year 600k of Year 13 pupils achieved A. or A grades in their EPQ12020." 550AI. GCSE results were also awarded by centre assess￿ grades, using the same approach as used for A levels. The GCSE results were excellent and a leslament lo the hard work of both pupils and staff with 74Q/o of exams achieving grades 9- 7 (2020.70.￿l. Cranleigh School retains ils place amongst the best schools in the country for academic performance which, eombined with the breadth olthe education81 experience. enables pupils lo reach their potential. Al Cranleigh Prep School every Form 6 (Year 81 pupil again moved to their first Choi￿ senior school this year and many scholarships and awards were again granted lo Prep School pupils to their first choice senior school. The School ¢ontinues lo be regarded as one of the best preparatory sehools in the country. The School has a bro8d ethos and academic achievement is just one element of a pupil's education at Cranleigh. Reslriclions on extemal travel meant that there were few external sport fixtures during the year but staff were imaginative and joint inilialives lo develop sport and well-being were successful.. internal competitions replaced external fixtures and the 'Cranfit' initiative developed by the Director of Sport Increased activity levels for all pupils. 'Cranfil' was particularly SUC￿ssful delivered remotely. Thi$ meant that, as in previous years. all pupils continued to play sport al least three times each week and often daily, including atweekends. The internal competitions were a notable success with inter boarding house, cross year group and eo-educalional sport. The latter was particularly successful for netball and hockey. The competitive spirit of these internal competitions was impressive and level of attainment was extremely h￿h, often more so than for inter school fixtures. 11 also allowed pupils to play sports that they would not normally have experienced. One notsble increase in activity was for girls, cricket and with a new coach this sport is increasing in significance at Cranleigh. in line with global development of the sport. The success and depth of sport at Cranleigh continues therefore lo be impressive and this was demonstrated by representative honours and medals ft)r young Old Cranleighans in the England men's cricket team and at the Tokyo Olympics where two forTner pupils were part of the men's and women's hockey team with the women's team winning the bronze med81. The School lakes great pride in providing opportunities for all pupils to participate and recognises the strong link be￿een an active lifestyle and well-being which was al the core of the 'Cranfit' inilialive. In this context sport is just one part of a cohesive programme that includes provision of first class medical support, including specialist sports medicine provision, strength and conditioning for all pupils and a balanced diet. This is all part of the wider 'Cranleigh Being, initrative that provides pupils with the resilience for a healthy lifestyle beyond Cranleigh. The School gives high priority lo the performing arts. Lock down restrith'ons affected music significantly but, as with other areas of Cranleigh's educational and co-curriculum provision, the musie department devised a programme that enabled pupils to continue to practice and perfomi music al a level appropriate to their development. These induded several outstanding online concerts that were filmed and their broadcast had the added benefit of broadening the audience for musical events with all havlng over 1,000 views on YouTube. A virtual Big Band was organised, using recordings from pupils al home. and stitched together to create a complete perfofmance. There were a number of outstanding live 10

CRANLEIGH SCHOOL concerts during the summer term when reslriclions had been lifted, notably from Year 9 pupils. Ten pupils received Distinction al Grade 8 in a var¢ety of inslrumenls. One pupil at the Prep School successfully auditioned for the National Youth Choir, several other pupils auditioned for the National Children's Choir of Great Britain and one became a full-time Chorister at Guildford Cathedral. A significant achievement was that a Year 13 pupil was awarded scholarship offers from all four London Conservaloires. and after consideration. decided to aecept a major award from the Royal Academy of Music. The School has a rich history of drama and this year has seen another diverse range of productions. There were outdoor plays in garden settings when restrictions allowed that were a great succes$ and had the added benefit of a small audience largely comprising the parents of those pupils performing. The inability lo perform inside meant that pupils were given the opportunity lo develop media skills and particularly with the production of films. These were produced lo a very high standard and shown widely through the school. Three pupils secured places at drama schools and a further three at universitie5 to study drama. Away from sport and the arts, pupils have been involved in a broad range of activits'es lo develop their experience and exposure to leadership challenges. Outdoor ￿UCatIon retsins its important place in the life of both schools. It was unfortunate that al both the Prep School and Senior School exlemal activities were restricted. NO￿'thstandIng this the School's participation in the Duke of Edinburgh's Award IDOEI continued. albeit in a slightly restricted format, with 39 bronze, 16 silver and 2 gold certificates awarded. Furthermore, younger pupils were able lo experience camping and associated outdoor activities which proved highly popular. The CCF was able to operate and it continues to expand. It is stronger again this year than at any lime in the last decade with 174 eadels {2020.' 1391. During the lock downs CCF conlinsjed online for all cadets. The CCF also makes up the core of the newsy reformed shooting team which has entered teams into riffe competitions al Bisley for the first time in many years. This activity has broadened opportunities available to pupils. The majority of plans lo refurbish buildings at the Prep School that were put on hold al the start of the Covid-19 pandemic, as reported in the 2020 DiTectors' Report, commenced at the start of summer 2021 and have all now been completed. This includes the reorganisalion and refurbishment of boarding facilities and a new Learning Support department. The compleb.on of these projects leaves, at the Prep School, just the refurbishment of the gymlthealre (The Wyatt Hall) from pre Covid-39 development plans. Publle benefit Cranleigh School continues lo be committed lo the provision of public bener￿t in accordance with ils founding principles. The requirement to report public benefrt in more detail is formalised in the Charities A¢t2011. The awarding of bursaries is a measurable means of providing public benefit. The Trustees consider that bursaries, awarded lo those who would not otherwise be able lo afford the fees, are important, but not lo the exclusion of the much wider benefitthat Cranleigh provides within the local community. Those pupils who attend Cranlei9h and who receive this financial support contribute lo the School community in a variety of ways and so enrich the whole School and, in some cases, the community outside the School. The value of scholarships and bursaries to people who would not otherwise be able to afford the fees to allend Cranleigh School was this year £1,044k12020. £1.174kl. In addition to bursaries the School has engaged in many activities that provide public benefit in accordance lo the Charity's objectives and these are listed in a register maintained by the School. Examples of the types of benefit are partnerships with local maintsined schools so that teachers from Cranleigh School teach at local maintained schools if there is a need for enhan￿rnent in a particular

CRANLEIGH SCHOOL are8. Three members of staff are governors al local primary schools. The School's outreach programme into the community is active and has during the year involved activities such as the relief of hardship through support by Cranleigh Mission and support lo local sports clubs. Foty six local sports clubs use the School's sporting facilities and outreach assistance includes maintenance by the School's grounds departrnenl of the eslale at Glebelands School, the maintained secondary school bordering Cranleigh School In many cases the School's support is focused on providing support lo the youth sections of sports clubs. The School has formed a good relationship with the Surrey Virtual School supporting educational programmes for looked after children. This theme of sctial responsibility important as Cranleigh School aims to devek)p local Community projects. 11 is difficult, to measure accurately the financial cost lo the School of this public benefit. that is given in addition lo bursaries. but it is certainly well Into six figures. The benefit provided by bursaries and other activities can also be considered alongside the benefit of educating the 1013 pupils1191 in the primary school sector) which, in itself. has saved the exchequer some £5,925,200kl this year. Cranleigh Foundation is an integral element in the provision of public benefit. There are six Foundation bursary holders (Foundalionersl in the School in September 2021 each with a bursary covering either full fees or a significant proportion of full fees. The School continue3 to seek candidates to be Foundalioners. The financial benefit lo Foundab'oners this year was £214k12020..£192kl. FINANCIAL REVIEW Results for the year The School's consolidated net movement in funds in the attached financial statements is £10.S79k 12020.. {£931 kll. The surplus rnade by Cranleigh School (net incoming funds from operations before transfers and investment gains) was £7,301k for the year12020'. £904kl. Following a renegotiation of the School's overseas agreement with ils partner in Abu Dhabi, the School received a lump sum buy out of future profit share obligations tola51ing £4,805k. The School will continue to receive management fee income. The FRS 102 pension valuation is a non-cash item within the School's accounts and has Calculated that the scheme has a fvnding surplus of £2.248k and that the funding level is in surplus 12020.. deficit of £1,716kl. The Governing Body conducted regular reviews of the School's Tinancial performance throughout the Covid-19 lock down, starting in March 2020. It was decided to discount fees during those periods when remote learning for all pupils was implemented. The discount during these periods was 340/0 for boarders and between 20¥0 and 25 /• for day pupils. Furthermore. the School, wherever appropriate, were flexible with payment options for those families most effected by Covid-19 and in some cases Covid bursaries were awarded. Forecast for the ¢urrent year120211221 The Governing Body has considered several factors when fomiing their conclusion as to the use of the going concern basis for the basis of preparation of these financial statements including a review of updated forecasts lo 31 December 2023, a consideration of the key risks. inc5uding the impact of Covid- 19, that could negatively affect the charity and its working capital requirements. Recent Governing Body financial reviews have focused on the risks for the current school year and beyond, including the impact of Covid-19. The Iwo schools started the school year in September 2021 with 679 pupils al the Senior School and 330 at the Prep School. This is a significant increase on pre-covid level$ against a background of 2020 Annual Report on Education Spending in England by the Instiwte of Fis¢al Studie5 (page 8). £6,000 per pupil in secondary schools and £5,200 per pupil in primary schools. 12

CRANLEIGH SCHOOL continued interest during the summei together with repulab'onal gain built up from a further period of successftjl remote learning. Re-engagemenl with all pupils and parents, old. current and new is the theme for the new year. Fee income for the first term of the 2021122 school year has been strong with an indication that payment of fees will be consistent with previous years, albeit with a higher number than usual of short term bursaries because of temporary financial shock caused by Covid-19 reslricts'ons. The brakes on expenditure have been lifted as school life returns back to normal bul continues to be closely controlled. The School's cash flow forecast indicates that cash remains positive, without the need to liquidate reserves, for most ￿enarIOS bul were there lo be school terms of significantly lower income caused by another Covid-19 lockdown then reserves may need lo be realised to remain cash positive and thereby provide working capital and meet the requirements of bank covenants. Given this position the Governing Body concludes that School's finances at the start of the currenl year and for the year ahead are sound and so it continues to adopt the going concem basis in preparing the financial statements. Investment policy, objectives and performance The Governing Body has a balanced risk policy for investments. This is set out in the Statement of Investment Principles which is reviewed annually. The Finance Committee has delegated responsibility for investments to an Investment Committee. The Investment Committee comprises the Chair of the Finance Committee, two former members of the Governing Body who each have specialist knowledge and the Director of Finance. The Committee meet the School's investment advisors four times a yeaT and provide a brief for the Governing Body at each Finance Committee meeting. Investment performance is measured against appropriate benchmarks and the Finance Committee is satisfied that performan￿ is good when measured against benchmarts. This year perfomiance has again been ahead of inflation and the portfolio increased in value by 22.50A 12020.. 12.3YDII to £4,692k. The Governing Body considers the performance of investments over the year lo be tracking well and in line with benchmark total returns. Reserves lev¢1 and policy Cranleigh School has total reserves of £9,692k12020.' £6,830kl. The School's reserves policy is to maintain sufficient unrestricted funds to meet an unexpected shortfall of revenue in order to provide cash for three months operating costs al an average of £2,380k per monlh. The School's reserves comprise the investment portfolio valued at £4.692k, the unused bank facility of £2,OOOk and unused overdraft of £3.OOOk. Total reseTves at 31sI July therefore exceeded the £7,140k sum required by the policy. This position has been re-examined after the year-end and in light of the financial impact of Covid-19. Financial perfomiance remains strong at the dale of signing and the although the level gf reserves al the year exceeds the sum required by the policy, this is considered appropiiale in the current environment lo provide additional headroom for future potential challenges arising from Covid-19. The Charity has not conducted active fund-raising during the year and the staff associated with fund- raising were placed on the Government's Job Retention Scheme for much of the reporting year, NO￿lthS￿ndlng this Cranleigh Foundation (Charity Number 1122918) raised £371k 12020.. £374k) during the accounting year from donaltons and legacies. Principal risks and un¢ertainties Cranleigh School Goveming Body is responsible for the management of the risks faced by the Schwl. Risk Management is delegated lo the Risk Management Group IRMGI which reports formally to the Governing Body each autumn. This Committee comprises four members of the Governing Body and it is assisted in Its work by senior management and other staff a5 necessary, The process provides continuous assessment of risks through the auspices of the sub committees with each taking responsibility for risks, and where appropriate miligalion, in ils given area of expertise. The generic controls used by the Charity lo minimise risks include.. 13

CRANLEIGH SCHOOL oversight of key areas of risk, such as health and safety and safeguarding, by individually nominated governors", formal agendas for Committee and Board activity., formal strategic planning, reviewed annually and assisted by the Strategy and Risk Committee; comprehensive budgeting and management accounting., established organisalional structures and lines of reporting.. formal written policies., vetting procedures as required by law for the protection of the vulnerable., compliance with regulations that apply to the running of a school.. declaration of conflicts of interest, renewed at each Governing Body meeting, including sub committee meetings. The most signfficanl extemal risk facing the School is the financial effect of Covid-19 and the associated regulations to limil the spread of the virus. The School has opened successfully for the autumn term in 2021. The RMG is mindful that the situation could change. Measures therefore in place to miligale the Covid-19 risk are.. A comprehensive risk assessment to ensure that internal procedures limit the possibility of spreading Covid-19 within the School. Enhanced remote learning to enable either a full femote offer or a blended offer allowing some pupils to attend teaching whilst others are remote learning. Financial measures to balance income wlth expenditure. Regular Gov8ming Body meetings to review operations, plans and possible contingencies. The previous direction given lo the executive to place Safeguarding of pupils as the School's first priority remains and within this Covid-19 risks are an element of Safeguarding. Health and Safely is both a Safeguarding and more general risk and both risks are residual and so will endure. The RMG is mindful that with considerable effort devoted to mitigating Covid-19 risks there musl continue lo be emphasis on Safeguarding in its widest sense. Wfth this in mind, the School has embarked on a comprehensive programme of sex and relationships education, working closely with Teach Us Consent to address issues of sexual violence raised by the Otsled Enquiry followng the murder of Sarah Everard and the launch of Everyone's Invited. The School has also prioritised anti-racist education and a governors, working party fomed in 2021 will support the School leadership as it reviews and encourages diversity across the school The level and breadth of activity at the S¢hool is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment Sports, injuries are monitored carefully, each being tracked, to record trends in order lo identify those elements of sport most likely lo cause injury so that mitigating actions can be taken. To release any potential pressures on the NHS ambulance seNice, and prevent further risk of injury, all matches this term will have private medical facilities on the touch line. There continues to be interest in the wider education community about the risk of injury on the rugby fleld. The Governing Body seeks lo understand some individual risks in more detail and from time-lo-time initiates external scrutiny. There have been no external studies this year because resources have been devoted to mitigating Covid-19 risks. The Governing Body is satisfied that the major risks have been identified and controls put in place lo adequately manage risk. 11 1$ recognised that systems can provide reasonable but not absolute assurance that major risks ?re being managed. 14

CRANLEIGH SCHOOL Future plans The School Development Plan of 2015 is now complete. A new development cycle has commen and will be complete by 2023. The core work of this plan is that Cranleigh School will continue lo articulate and exlend its culture through Cranlelgh Thlnking, Cranlelgh Being and Cranleigh Giving. Cranlelgh Thinking leaches pupils to think beyond the tes( to become independent learners who know how to learn, adapting lo changing contexts. Cranlèigh Being promotes a cullijre in which who we are and how we are is as important as what we achieve and in which the well-being of all in the community is a priority. Cranleigh Giving eneourages all in the community to think beyond theMse￿eS and lo considef how they will share their resources. lime and expertise. It also seeks to widen access lo Cranleigh. offering opportunities to young people from a diverse range of backgrounds and experience. Together, these theme5 express the aspiration that all members of the community are encouraged to be thinking. being, giving individuals who are able lo consider who they are, what they will be and how they will be now and in the future. It is this aspiration that is lo be taken fO￿ard in the next school development plan. The Governing Body and senior executives are actively refining the development plan so that the School remains resilient and continues lo advance its tharilable objects post the coronavirus pandemic. These refinements will be considered during the current term and then in detail at the Governing Body strategy day in Maich 2022. STA TEMENf OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustees are responsible for the preparat￿In of the Tnjstees, Report and the financial statements in accordance with applicable law and regulations. Company law requires the Iruslees to prepare linancial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable18w. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of ils net incoming or outgoing resources for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them ¢onsistenlly', make judgments and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial ststemenls., prepare the financial slalements on the going concern bas￿ unless it is inappropriate to presume that the charity will continue lo operate. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable a¢cura¢y at any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detects'on of fraud and other irregularities. Insofar as ea¢h of the members of the Governing Body al the date of approval of this report is aware, there is no relevant audit infoTmalion (information needed by the Charity's auditor in Gonneclion with 15

CRANLEIGH SCHOOL preparing the audit report) of which the Charlly's auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order lo make himself or herself aware of the relevant audit information and to establish that the Company's auditor is aware of that informats'on. AufHORISA TION This Annual Report, prepared undèr the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of Cranleigh School on 27th November 2021, including in their capacity as company directors approving the Directors, and Strategic Reports contained therein, and is signed as aulhorised on ils behalf by the Chaiman of the Governing Body. Adrian Lajtha (Chairman of Governing Body) 16

Independent Auditor's Report to the Members of Cranleigh School Opinion We have audited the financial statements of Cranleigh School I'lhe charitable company'l and its subsidiaries I'lhe group'} for the year ended 31 July 2021 which compri$e Slalement of Financial Activities, Consolidated and Company only Balan￿ Sheets, Consolidated Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and United Kingdom A¢counling Standards, including Financi81 Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial ststements.. give a true and fair view of the slate of the group's and the ¢harilable company's affairs as at 31 July 2021 and of the group's income and expenditure, for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Aceounling Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006_ Basi5 for opinion We conducted our aLtdit in accordance with Inlemalional SlandaTds on Auditing IUKI IISAS IUKII and applicable law. Our iesponsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the group in accordance with the ethical reqU1￿MentS that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with thèse requirements. We believe that the audit eviden￿ we have obtained is suffic￿ent and appropriate lo provide 8 basis for our opinion. Conclu$ion$ relatlng to going concorn In auditing the financial statements, we have concluded that the trustee's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo event8 or conditions that, individually or collectively. may cast significant doubl on the charitable company's or the group's ability lo continue as a going concern for a period of al least ￿e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concern are described in the relevant sections of this report. othor informatton The trustees are responsible for the other information contained within the annual report. The other informatson comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not Gover the other information and, exeepl to the extent otherwise expliciuy stated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misststemenls, we are required lo determine whether this gives rise to a material misslalement in the financial slalements themselves. If. based on the work we have perfomied, we conclude that there is a material misslalemenl of this other information, we are required lo report that fact. We have nothing lo report in this regard. 17

Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustees, report, which includes the directors, report and the strategic report prepared for the purposes of company law. for the financial year for which the financial statements are prepared is Consislenl with the financial slalemenls.. and the strategic report and the directors, report included within the trustees. report have been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In light of the knowledge and undeTslanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included wlhin the trustees, report. We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate and proper accounting records have not been kept,, or the financial statements are not in agreement wlh the accounting records and relums., or certain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, sel out on page 15, the Iruslees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Iruslees delemine is necessary lo enable the preparation of financial ststemenls that are free from material misslatemenl, whether due to fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charitsble company or to cease operations, or have no realist￿ alternative but to do so. Auditorfs responsibilities for the audlt ot the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI always detect a rnalerial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of delecling irregularities. including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilitr'es for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklaudilorsres onsibilities. This description forms part of our audilorfs report. 18

Extent to which the audlt was considered capable of detecting irregularities. including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misststemenl of the financial statements from irregularities, whether due to fraud or error. and discussed these between our audit team members. We then designed and performed audit prO￿dureS responsive lo those risks, including obtaining audit evidence sufficient and appropriate lo provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial stslements. The laws and regulations we considered in this context were the Companies Act 2006. laxalion legislatr'on, together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations 85 part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's and the group's ability lo operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education Ilndependent School Standards) Regulations 2014, General Data Protection Regulation {GDPRI, Health and safety legislation and Employment legislation We also considered compliance with IcL81 legislation for the group's overseas operating segments. Auditing standards limit the required audit procedures lo identify non-cornpliance with these laws and Tegulalions to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any We identified the greatest risk of material impact on the financial statements frorn irregularities. including fraud, to be within the timing of recognition of voluntary income, the liming of recognition of other trading activities, and the override of controls by management. Our audit procedures lo respond to these risks included enquiries of management and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting eslimales for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate. Ofsted and reading minutes of meetings of those charged with governance. Owing lo the inherent limitats"on$ of an audit. there is an unavoidable risk that we may not have detected some material misstalemenls in the financial stslemenls. even though we have properly planned and perforrned our audit in accordance with auditing standards. For example, the further removed non-complian￿ with laws and regulations {irregularities} is from the events and transactions reflected in the financial statements, Ihe less likely the inherently limited procedures required by auditing standard5 would identify it. In addition, as with any audit, there remained a higher risk of non-deleclion of irregularities, as these may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- omplian¢e and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the tharitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 200S. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to stale lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a bLidy, for our audit work, for this report or for the opinions we have fomed. Nicola May, Senior Statutory Auditor For and on behalf of Crowe U K. LLP statutory Auditor London Date 20th December 2021 19

CRANLEIGH SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating an Income and Expenditure Accounti FOR THE YEAR ENDED 31 JULY 2021 Trading School Subsidiaries Unrestrictgd Unre$trlcted Restricted Funds Funds Funds 2021 2021 2021 £'ooo £'ooo £'ooo Group 2021 £'ooo Group 2020 £'ooo Note INCOME FROM.. Charitablo activltlgs School fees other income othar trading activities Facilities and trading income Other incoming ￿sOurceS Share of surplus from Joint Venture Investments Investment income Bank and other interest Voluntary sources Donations and lega¢ies Fundraising events 26.029 690 26.029 690 24,759 1.014 6,228 6,229 599 319 751 895 599 319 37 31 88 31 360 391 411 19 Total incomlng resources 27,387 6,547 397 34,331 28,101 EXPENDITURE ON: Raising fund$ Trading ￿5t8 Share of loss from Joint Ventu Other income-generating activities Financing costs Investment management Fundraising & developTnent Total deductiblè ¢o$ts 3S1 351 412 12 774 29 775 29 948 25 803 352 1,156 1,390 Charitable activities Education and grant making 2S,818 56 25,874 25.807 Totrl gxpenditure 26,621 352 57 27,030 27,197 NET INCOMING FUNDS FROM OPERATIONS BEFORE TRANSFERS AND INVESTMENT GAINS 6,195 340 7.301 904 Gainslllos$es} on investments 12 854 119 NET INCOME I IEXPENDITUREI 1,620 6.195 516 8.331 785 Transfers Othèr re¢ognls&d gains I (loss￿}. Pension scheme actuarial gainlllossl 5.276 {5.2761 20 2,248 1,716 NET MOVEMENT IN FUNDS FOR THE YEAR 9.144 919 516 10,579 {9311 FUNDS BIFWD 1 AUGUST 2020 36.462 387 1.468 38,317 39.248 FUNDS CIFWD 31 JULY 2021 45,606 1.306 1,984 48.896 38,317 The notes on page$ 24 10 40 form part of these account$ 20

CRANLEIGH SCHOOL BALANCE SHEETS AS AT 31 JULY 2021 School 2021 É'ooo Sthool 2020 £'ooo Group 2021 £'ooo Group 2020 £'ooo Note FIXED ASSETS Tangible assets Investmènts 58,288 4,692 59,764 3,830 58,309 6,770 59,796 4,913 12 62.980 63.594 66,079 64,709 CURRENT ASSETS Stocks Oebtois- due within on6 year dué after one year Cash and bank balances 36 5.677 85 2.868 8,666 46 755 115 196 1,112 202 398 85 9,268 9,951 232 481 115 1,120 1,948 13 13 CURRENT LIABILITIES Creditors payable wf(hin one year 14 8,3861 18,3861 7,970 17,9701 18.4801 (8,480) 18,0661 (8,0661 NET CURRENT ASSETS I ILIABILITIESI 280 6,858 1,471 {6,118 TOTAL ASSETS LESS CURRENT LIABILITIES 63,260 56,736 66,S50 58.591 LONG-TERM LIABILITIES Creditors payab￿ after one year 15 (17,654) 118,064} {17.654} 118,0641 TOTAL NET ASSETS EXCLUDING PENSION LIABILIT 45,606 38,672 48,896 40,527 Pension Scheme funding 20 12.2101 {2,210) TOTAL NET ASSETS 45,606 36,482 48.896 38,317 FUNDS Foundatson restricted funds 1,984 1.468 Trading subsidiaries 100 100 School unrestricted ftJnd8 45,606 38,672 46,812 38,959 Pension reserve 20 2.2101 2,210 TOTAL FUNDS 18 45.606 36,462 4B,896 38,317 The net movement In funds for the financial year dealt with in the financial statements of the parent company was £9,144k 12020.'1 £1,414k}I Approved and authorised for issue by the Govemors on 11 November 2021 ands ned on Ihair bf half by Adrian Lajtha (Chairman of Goveming 8odyl The notes on page5 24 to 40 form part of these accounts Company No.3595824 21

CRANLEIGH SCHOOL CONSOLIOATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2021 2021 £'ooo 2020 £'ooo Net cash inflow from operatlons Nel cash provided by I (used inl operating activities lal 10,865 3.125 Cash flows from investing actlvltles Payments for tangible fixed assets Proceeds on sale of tangible fixed assets Purchase of investments Withdrawals from investments Invoslmenl income and bank interest received 12841 1537} 29 37 12601 24 60 Net cash {used inl I providgd by investing activities 17551 1287) Cash flows from financlng activities Finance costs paid Advance fees.. {6S91 1.883 53 {1,6201 1.6191 {7191 994 48 11.9431 594 New contracts Accrued to contracts Appropriations Loan Facility Net ¢a$h provided by flnancing activities {1,9621 {2,2141 8,148 1,619 624 594 Debt repayment {netl Change in cash and cash equivalents in the reporting period 9,767 1.218 Cash and cash equivalents at the beginning of the reporting period 118,158) {19,3761 Cash and cash equivalents al the end of the reporting period Ibl 8.391 18,158 The notes on pages 24 to 40 fom part of these financial statements 22

CRANLEIGH SCHOOL NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2021 lal Reconciliation of net income lo net cash flow from operating activities 2021 £'ooo 2020 £'ooo Net incoming resources Elimination of non-operating cash flows.. Investment income Finance costs paid Pension gains less contributions paid Depreciation Profil from disposal of assets Ilncrease)IDecrease in stock Decreasel{InGreasel in debtors Increasel{Decreasel in c￿dItorS 7,300 904 1371 659 (2,210} 1,771 1601 719 1.685 1,878 30 115 3,237 15 99 2,113 3,565 2,221 10,865 3,125 Ib} Analysis of cash and cash equivalents 1 August 2020 £, 000 Cash Flow 31 July 2021 £. 000 £, 000 Cash al bank and in hand less overdraft Loan facility- Handelsbanken 1,120 19,278 8,148 1,619 9.268 17,659 118,1581 9,767 {8,3911 23

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES The School is a Public Benefit Entity registered as a charity in England and Wales and a eompany limited by guarantee. It was incorporated on 9 July 1998 (Company No. 35958241 and registered as a charity (Charity No. 1070856}. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffective 1 January 20151, the Financial Rewrting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies A¢1 2006. The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates. The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation ol investment properties and other investments. Having reviewed the funding facilities available to the School tO9elher with the expected ongoing demand for places and the School's future projected cash flows, the Governors have a reasonable expectation that the School has adequate resour￿$ lo continue ils activities for the foreseeable future and consider that there were no material uncertainties over the School's financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the linancial stslem8nts as outlined in the Slalement of Accounting and Reporting Responsibilities on page 15. The accounts p￿sent the consolidated statement of financial 8clivities ISOFAI, the consolidated cash flow statement and the consolidated and Charity balance sheets comprising the consolidation of the School and with ils wholly owned subsidiaries Cranleigh Enterprises Limited (Company No. 29021131, Cranleigh Foundation (Company No.11229181 and Cranleigh Education Services Limited (Company No. 82245451. Cranleigh Education Services Limited also has a 50,1¢ share in CR Education Ltd a United Arab Emirate Joint Venture. 500/0 of the Joint Venture profits are included in the Group accounts. No separate SOFA has been presented for the Chanty alone. as pemitted by Section 408 of the Companies Act 2006. The net incoming reSoUr￿S of the Charity are disclosed on page 28. The charity has taken advantage of the exemptions in FRS 102 from the requirements lo present a charity only Cash Flow Statement and certain disclosures about the charity's financial instruments. The charity ha5 taken advantage of exemption 408 of the Companies Act and as such a separate parent income statement has not been prepared. Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, Trustees are required lo make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not feadily apparent from other sOu￿es. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be re￿Vant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which Ihe estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. The School has recognised its liability in relabon to the Cranleigh School Pension Scheme which involves a number of estimations as detailed in note 20. 24

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEO} FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES Icontinuedl The following accounting policies have been applied consislenlly in dealing with items which are considered material in relation lo the School's financial statements. 1.1 FÈ0$ and similar earned income Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees, bul including contributions received from restricted funds, are accounted for in the period In which the service is provided. 1.2 Investment Income Investment income from dividends. bank balances and fixed interest securib.es is accounted for on an accruals basis. Income from investment properties is accounted for in the period lo whith the rental income ielates. Rental income lincluding in¢enlives received or paid) for operattng leases on investment property are recognised in profit or loss on a straight line basis over the lease teTm. 1.3 Donations. legacle59 grant$ and other voluntary incoming resources Voluntary incoming resources are accounted for as and when entitlement arises. the amount can be reliably quantified and the economic benefit to the School is considered probable. Voluntary income for the School's general purposos is accounted for as unreslricled and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust eapital, aecording to whether the donor intends retention is lo be permanent or not. Gifts in kind are valued al estimated open market Value at the dale of gift, in the case of assets for retention or consumption. or at the value to the Sohool in the case of donated services or facilities. 1.4 Advance F99 Scheme Interest is paid by the charity on the advance, in which case the transaction is in substance a loan and is classed as a basic financial instrument. The financing cost is the interest paid and this musl be l￿ated as an interest expense. Ilf the interest rate paid is below the market rate for an equivalent loan. then the loan may qualify for treatment as a concessionary loan) 1.$ Expenditure Expenditure is accrued as soon as a liability is considered probable. discounted lo present value for longer-term liabilities. Expenditure attributsble to more than one cost category in the SOFA is apportioned to them on the basi5 of the estirnated amount attributable to each activity in the year, either by referen¢e lo staff time or the use made of the underlying assets, as appropriate. The direct costs incurred in preserving the School's ancient buildings and their contents are shown as a charitable activity distinct from that of education and grant making. Irrecoverable VAT is included with the ilern of expendilufe to which il relates. Grants awarded are expensed as soon as they become legal or operational commitsmenls. Governan costs comprise the costs of complying with consts"tulional and statutory requirements. Intra-group sales and charges between the School and ils subsidiaries are excluded from trading ineome and expenditure 25

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES (continued} 1.6 Tangible fixed assets Expenditure on the acquisition, construction or enhancement of land and buildings costing more than £5,000 together with vehicles. fumiture, machinery, ICT infraslruclure and other equipment costing more than £5,000 are capitalised and carried in the balance sheet at historical cost. In certain circumstances, where the original costs of assets are not ascertainable, 8 ieasonable estimate of the cost, rf material, has been used. Cxher expenditure on equipment incurred in the normal day-lo-day running of the School and ils subsidiarie5 is charged to the Statement of Financial Activities as incurred. 1.7 Depreciation Depreciation is Provided lo write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annLbal instalments over their expected useful economic lives as follows.. School buildings, including major extensions Staff housing Furniture, machinery and equipment Motof vehicles 15-50 year5 50 years 3-30 years 5 years 4 years 1.8 Investments Investment properties are valued as individual investments al their maTkel values as at the balan￿ sheet dale. Rental income is recognised in thè period to which it relates. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investments are valued al market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the "owneiship of the underlying assets. Investments In subsidiaries are valued at cost less provision for impairment. 1.9 Stock Stock represents goods for resale and is valued at the lower of cost and net realisable value. 1.10 Fund accounting The charitsble trust funds of the School and Ils subsidiaries are awounled for as unrestricted or restricted income, in accordance with the terms of trust imF)osed by the donors or any appeal to which they may have responded. Unrestrlcted income belongs to the School's COTporate reserves, spendable al the discretion of the Governors either to further the School'5 Objects or lo benefit the School itself. Where the Governors decide to set aside any part of these funds to be used in future for some Specif￿ purpose. this is accounted for by transfer to the appropriate designated fund. Restricted income comprises gifts, legacie5 and grants where there is no capital retention obligation or power but only a tnjst law restriction to some specific purpose intended by the donor. 26

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENOED 31 JULY 2021 ACCOUNTING POLICIES (continued) 1.11 Pension costs Retirement benefits to employees of the School are provided through three pension schemes. defined benefit and one defi'ned contribution. The pension eosts charged in the Statement of Financial Activities are determined as follows.. (al The Teachers. Pension Scheme - This scheme is a mulli-employer pension scheme. It is not FK)ssible to identify the School's share of the underlying assets and liabilities of the Teachers, Pension Scheme on a consistent and reasor¢able basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School's contributions, which are in accordance with the recommendations of the Govemmenl Aclu8ry. are eharged in the period in which the salaries to whi¢h they relate are payable. {bl The Cranleigh School Pension Scheme - This is an occupab'onal defined benefit scheme. The defined benefit pension scheme current service costs are charged lo the Statement of Financial Activities within staff costs. The expected return on the scheme assets less the scheme interest Costs are credited within other interest. The scheme actuarial gains and losses are recognised immediately as other recognised gain5 and losses. The defined benefit scheme assets are measured at fair value at the balance sheet dale. Scheme liabilities are measured on an actuarial basis at the balance sheet date using the projected unil method and discounted al a rale equivalent to the current rale of return on a high quality corporate bond of equivalent term lo the scheme liabilities. The resulting defined benefit liability is presented separately after other nel assets on the face of the balance sheet. If the School cannot recover any pension scheme asset. It is not reeognised in accordance with FRS 102. Ic) The Cranleigh School Group Personal Pension Plan This is a defined contribution group personal pension plan with Aviva. Employer's pensions Costs are charged in the period in which the salaries to which they relate are payable. 1.12 Opgratlng leases Rentals under operating leases are charged on a straight-line basis over the lease term. even if the payments are not made on such a basis. Benefits received and receivable as an incentwe lo sign an operating lease are similarfy spread on a straight-line basis over the lease term. 1.13 Financial instruments Basic financial instruments are initially recognised al transaction value and subsequently measuied at amortised with the exception of investments which are held at fair value. Financial assets held al amortised cost comprise cash al bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverabi5ity is in doubl. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital_ Financial liabilities held al amortised cost comprise all cred￿tOrS except 59cial security and other taxes and provisions. Assets and liabilities held in foreign currency are translated lo GBP al the balance sheet dale al an appropriate year end exchange rate. 27

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 2. CHARITABLE ACTIVITIES- FEES 2021 £'ooo 2020 £'ooo Fegs receivable consist of: Gross fees Less.. Total bursaries. grants and allowances Add back.. Bursaries paid for by donations lo the Fee Relief Fund 30,059 {4,0551 2S 28,629 13,9251 55 The above educational awards were made lo 384 pupils {2020 ". 3881. 26,029 24,759 3. SUBSIDIARY COMPANIES Cranleigh Enterprises Limited, is a company in which the School owns all 100 £1 shares. and the aggregate amount of assets, liabilities and funds is £14.9k. The trading activities of Cranleigh Enterprises Limited comprise a retail operation (supplying school clothing, sportswear and sports equipment, for pupils, teathers and employees of Cranleigh School), and the leth'ngs of School facilits'es. The turnover was £320k and the net profil £22.3k with £46.2k of net funds. The net profit earned by this company Is donated annually to Cranleigh School under Gift Aid. The value of goods and services supplied lo the School by the company in the year was £47.4k 12020 £54.9kl and the value of services supplied to the company by the School in the year was £Ok 12020 £Nill. The Gift Aid donation for the year of £31 k12020 ." £85kl has been Shown on the Statement of FinanclaS Activities as a transfer lo the School. Cranleigh Education Services Lirniled is a company in which the School owns all 100 £1 shares and the aggregate amount of assets, liabilities and funds is £881k. The trading acb'vilies of Cranleigh Education Services Limited is lo facilitate the eslabli5hmenl of overseas schools and then monitor the running of overseas schools once open. The turnover was £5,908k and the not profil £5,852k. There were no services supplied to the School by the Company in the year and £27,7k services supplied lo the Company by the School in the year. The Gift Aid donation for the year tsf £5.245k 12020 . £214kl has been shown on the Statement of Financial Activities as a transfer lo the School. Both trading companies are now consolidated within the group financial statements as detailed In the Statement of Accounting Policies. Cranleigh School is also the sole member of Cranleigh Foundation, a company limited by guarantee established to promote and advance any charitable purpose directly conne¢ted with Cranlei9h School. The financial results of Cranleigh Foundation are induded as the Foundation restricted funds within these consolidated a¢¢oun15 2021 £'ooo 2020 £'ooo 4. CHARITABLE ACTIVITIES - OTHER INCOME Educational visits Activities Other 182 115 294 83 16 408 216 301 52 37 Rental income Registration fees Other 690 1,014 5. OTHER TRADING ACTIVITIES 2021 £'ooo 2020 £'ooo Facilities and trading Incomg Cranleigh S¢hool Cranleigh Enterprises Ltd Cranlelgh Education Services Ltd 31 432 288 320 5,908 6,229 751 OtheT incoming rg$ourcg$ Surplus on asset sales Foundation Irecoveriesl Other 599 891 599 895 Share of surplus from JV C R Education Ltd (see note 121 28 319 164

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 JULY 2021 2021 £'ooo 2020 £'ooo INVESTMENTS Invèstment income 88 Bank and other Interest Bank interest VOLUNTARY SOURCES 2021 £'ooo 2020 £'ooo Donatlons and legaci•5 Donations to Cranleigh School Donations to Cranleigh Foundation 57 334 83 328 391 411 Dufing the year Cranl6igh Foundation has awarded grants lo Cranleigh School totalling £Ok 12020.. £4kl to supwrt bursaiies and various capital projects being carried out by the School, a1101 which were completed In the year. Cranleigh Education Services donated £Ok12020.' Eokl lo the School durin9 the year. 2021 É'ooo 2020 £'ooo 19 Fundrai3ing events Cranleigh Foundation Lld 8. ANALYSIS OF EXPENDITURE Total 2021 £'ooo Toial 2020 £'(xJo staff Costs £'ooo Other £'ooo Deprecialk)n £'(M)o al Total expendlture Costs of generating funds Trading costs Cost of other aetivilies Financing costs Investment FundraSsing 70 270 351 412 775 29 775 29 25 Total costs of generatlng funds Charitable expenditure Education and grant making Teaching costs Wglfare Premises Support costs and governance Grants and awards 70 1.075 1,156 1,39) 12.629 2,594 1,015 812 1,777 1,280 2,430 1.521 102 13 1.458 187 14,508 3,887 4.903 2,520 56 14,858 3,532 4,710 2,625 82 Total charltable expendltur• 17,050 7.064 1.760 25.874 25.807 Total expended 17,120 8,139 1,771 27,030 27,197 2021 £'ooo 2020 £'ooo bl Grants and awards From R8Stricted Funds: From Unrestricted Funds.. Bursaries Bursaries 25 31 55 27 56 82 cl Governance Included In support Costs 2021 £'ooo 2020 £'ooo Remuneration paid to auditor fc* audit semces.. Schcx)I Subsidiarie8 Reimbursement of pgrson81 expense8 to Governors- travel costs Other governanco costs 26 25 125 261 159 294 Travel expenses were reclaimed by nil membÈrs12020.. 21 of the Goveming Body. In addition to the above audrt iernuneralion the auditor re￿1Ve￿ fee5 for tsxation compliance Services totalling £4.6k 12020.. £12.1kl 29

CPANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 2021 £'ooo 2020 £'OCM) FINANCING AND OTHER COSTS Bank Interest and Charges A4v8n¢ed fees discounts 722 53 900 48 775 948 10. STAFF COSTS AND REPLATED PARTY TRANSACTIONS 2021 £'ooo 2020 £'ooo The aggregate payroll costs for Ihe year were as follow3 Wages and salaries Social security costs Pension costs 13,393 1,307 2,420 13,087 1,278 2,287 17,120 16,652 No Govemor received remuneration in 2021 12020". £16.3kl from Cranleigh Educ31ion Services Ltd. The granting of a benefit to any Governor is consi51ent with the School's policie5 for benefits and no Governor receives any remun¢iation or benefit that would not be available to a parent. Aggrègat8 employetrbenefits of 1812020.. 181 key management personnel 1,904 1,911 The number of highèr paid employees in bands of.. £ 60.001 - £ 70,000 £ 70,001- £ 80,000 £ 80,001- £ 90,000 £ 90,001- £100,000 £ 100,001 £110,000 £ 110,001 £120,000 £ 120,001 - £130,000 £ 130,001 - £140,000 £ 140.001 - £150,000 £ 150.001 £160.000 £ 160,001 - £170,000 20 18 34 33 The nuinber with relirement beneffits accwing in Defined Contribuiion scheme5 was 31 of which the contrlbutlons amounted to £506,000 £493,000 The average number of the Schoofs employees during the year calculated on a fvll time eqU￿alent basis was 341 12020-. 3351. The average headcount for the year was 401 12020.. 4081 2021 £'ooo 2020 £'(x)o Teaching Welfare Premises Support Other activVÉies 166 80 32 14 49 165 74 33 14 49 341 335 Durtng the year no lerminatlon payments were made12020'. £NIII. Th6re ￿re none outslandlng at the year end. 30

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 11. TANGIBLE HXED ASSETS Freehdd Land & Buildings £'ooo Assets Unrler Con$lru¢lion £'ooo Motor Vehides £'ooo Fittings & Equipment IT Hardware £'ooo £'ooo School and Group Total £'ooo Cost lor frozen valuationl At 1 August 2020 Additsons Tiansfer8 Disposals Al 31 July 2021 Depreclation At 1 August 2020 Charge for year Disp05als Al 31 July 2021 Net book values Al 31 Juw 2021 56,284 783 Al 31 Ju5y 2020 57.687 670 The Sehool's fixed a53ets total £58,288k and Cranleigh Enterprises £21 k. All tangible fixed assets are held lor use on charitable activies. The freehold land and builrlixgs, gxcluding separate buildings, comprtsing Crankigh School and Cranleigh Preparatory School were revalued in 1999. Buildings were not prewously depreciated, bul with effect frorn l August 2005. depieciation is calculated over 50 years for all School buiEdings. WhÈn building projects are still in progress at the year erld, depreciation Is not Calculated until the financial year in which the asset is brought into full use. Land is not depreciated. School School Group Group 2021 2020 2021 2020 £'ooo t'ooo £'ooo £'ooo 72,339 670 93 238 4,138 52 2,192 134 79.577 284 441 1177 2,149 2271 79.634 72,344 763 14.652 1,428 205 3.003 152 1,921 180 177 1,924 19.781 1,771 227 21,325 16 210 16,080 3,111 22 33 1,035 1,135 225 271 58,309 59,796 12. SECURITIES INVESTMENTS Group rnvestments Balance al 1 August 2020 New money invested from rèalised gains New money invested Reiovesled Income Investment managemeTrt fees In¢reaselldecreasel in value of inves¢rnenls Group Investments at 31 Juty 2021 Balance at 1 August 2020 Inveslment in Subsidiary Subsidiary investment in Joint Venture 3,632 3.722 4,618 4.501 500 37 1291 1,030 6.156 295 200 60 1241 119 4.618 148 37 1291 854 4,494 198 60 1241 126 3.632 198 319 614 6,770 147 295 4.913 198 4.692 198 3.830 School Investments at 31 July 2021 Investmènts comprise: Listed investrnenls- Equities Cash Group investments Investment in Subsidiary Subsidiary investment Sn Joint Venture 4,480 14 4,494 198 3,595 37 3,632 198 6.142 14 6,156 4,581 37 4.618 614 198 198 614 295 4,692 3.830 6,770 4,913 In addition lo the above investments, cash baLgnces within the Fees in Advance Scheme a￿ included ir Current assets a5 cash deposits. The rnain Securities invastment5 are managed for the Sthool by 8rewin Dolphln Ltd. All Investments are managed 8nd held in the UK. Original cost of investrnents held al 31 July 2021 is £2.078m12020 .. £1.939ml The School has invested £198,001 in Cranleigh EdLSCatK)n Serv￿e5 Ltd purchasing all 100 shares. Cranleigh Education Servlces Ltd also has a 50°/o share in CR Education Ltd a United Arab Emirale Joint Venture in relation lo ￿e Construction. operation and management of a school in Abu Dhabi. Cranleigh Education Services Ltd holds 50 shares wilh a nominal value of Dirharns 1000 each. With the school having opened in Septernber 2014, Crallleigh EducatlDll Services Ltd now incorporales 50Vh of the Joint Venture profit to 31 August 2020 and 70¢A ol the Joint Venture profit from 1 September 2020 10 31 July 2021. The subsidiary's share ol tumover for the year ended 31 July 2021 was £6.635k12020.' £466kl with a net profit of £5,774k12020'. £164kl and the aggregate share of assets, liabilities and funds of the Joint Venture is £606k12020.' £287kl. School investments 31

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 School 2021 £'ooo School 2020 £'ooo Group 2021 £'ooo Group 2020 £'(K)o 13. DEBTORS Fees Sundry debtors Prepayments Staff loans Amounts due from Cranleigh Enterprises Ltd Amounts due from Cranleigh Education Services Ltd Gift aid donations from subsidiary companies 17 91 167 101 110 173 78 107 122 91 17 196 167 101 173 194 107 122 5,276 5,762 299 870 481 596 Al debtor5 are due within one year, except for £85k12020."£115kl of staff loans, which are due after more than one year. The abov@ fees are nel of bad debt provision £353k12020'.£394k)- School 2021 £'ooo Sct)ool 2020 £'ooo Group 2021 £'ooo Group 2020 £'ooo 14. CREDITORS . amounts falling due wlthin ono year Bank loans (see Note 17) Fees received in advance Final term deposits Taxation, social security and pension contributions Amounts due to Cranleigh Enterprises Ltd Overdraft Other creditors and accruals 1.626 751 2,049 726 2,604 615 1,822 692 1.626 751 2,049 72 2,604 615 1,822 692 1.969 7,121 1,265 8.386 1,056 6,789 1.181 7.970 2,063 7,215 1,26S 8,480 1,152 6.885 1,181 8,[￿6 Advance fees (see Note 161 School 2021 rooo School 2020 £'ooo Group 2021 £'ooo Group 2020 £'ooo 1 S. CREDITORS .. amounts falling due after on9 yaar Bank loans {see Note 17} Advance fees (see Note 161 16.033 1.621 17,654 16.674 1,390 18,064 16.033 1,621 17,654 16,674 1,390 18.064 32

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 16. ADVANCE FEE PAYMENTS Parents may enter into a contract lo pay lo the School up to the equivalent of len years, luilion fees in advance. The amounts Teceived are treated as deferred income and form part of the School's working capital. Fees 8re taken lo income for each term as the relevant pupils progress through the School. Advance payments may be relumed subject lo specific conditions on the receipt of one term's noti￿. 2021 £'ooo 2020 £'ooo Assuming pupils will Temain in the School, advance fees wi15 be applied as follows -. After 5 years Within 2 to S years Within 1 year (Note 141 1,621 1,265 1.390 1,181 2,886 2,571 The balance represents the accrued liability under the contracts, and the movements during the year were.. £'ooo £'ooo 2,571 1,882 53 4,506 Balance at 1 August 2020 New conlraGIs Amounts accrued lo contracts Amounts utilised in payment of fees.. To the School To other schools Refunds 11,564) 1521 1.6201 2.886 Balance at 31 July 2021 17. LOAN FINANCE Credit facilities with Handelsbanken are currently in place, on which interest is payable al normal cornmercial rates. The loan facilities are secured by separate First Legal Mortgages executed by the School over Certain freehold properties owned by the School. The structure is shown in the following table. £'ooo 3.080 1.259 2.482 3,000 2,205 2,260 2.232 2.210 931 5.330h Fixed late amortizing credit facility expiring 23 April 2022 Libor + 1.65010 amortizing credit facility expiring 25 July 2022 5.28% Fixed rate amortizing credit facility expiring 30 March 2024 Libor + 1.65OA revolving credit facility expiring 30 March 2022, £3m available, £1 m utilised 2.91 % Fixed rale 8mortizing credit facility expiring 17 July 2022 3.24% Fixed rale amortizing credit facility expiring 2 April 2023 2.95Vo Fixed rale amortizing credit facility expirin9 22 November 2022 2.770/0 Fixed Tale amortizing credit facility expiring 12 August 2022 3.070h Fixed rale amortizing credit facility expiring 29 March 2024 19,659 The facilities are repaid by quarterly installmenls with the exception of the revolving credit which is repayable on malurily. All facilities mature as follows.. 2021 £'ooo 13,305 2,728 1,626 2020 £'ooo 14.038 2,636 2,604 After 5 years Within 2 10 5 years Within 1 year 17,659 19,278 In addition there is a revo￿1n9 current account overdraft facility from Handelsbanken of £3m expiring on 30 September 2022. 33

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 18. STATEMENT OF FUNDS 8al8n 1 August 2020 £'ooo Gainsl Balance Ilossesl 31 July 2021 £'ooo £'ooo Income £'ooo Expenditure £'ooo Fees relief fund Foundation 25 372 1251 (321 1,468 176 1,984 Total restricted funds 1,468 397 {57} 176 1,984 Total unrestricted funds 36,849 33,934 126,973) 3,102 46,912 Total funds 38,317 34.331 127,0301 3.278 48.896 The funds of the Foundation are eonsidered to be restricted given the aims and objects are narrower than the Sehool and as such are accounted for as a restricted fund in the Group. 19. COMPARATIVE STATEMENT OF FUNDS Irestatsdl Balance 1 August 2019 £'ooo Gainsl Balance Ilossesl 31 July 2020 £'oiJo £'ooo Income £'ooo Expenditure £'ooo Fees relief fund Foundation 55 374 155} 1381 1,125 1,468 Total restricted funds 1,125 429 1931 1,468 Total unrestricted funds 38.123 27,672 127,1041 {1,8421 36,849 Totsl funds 39,248 28,101 (27,1971 11,8351 38,317 20. PENSION SCHEMES Retirement benefits to employees of the School are provided through defined benefit schemes and one defined contribution scheme, which aTe funded by the School's and employees, conlribulions. Deflned bengfit schemes Teachers. Pension Schemg The School participates in the Teachers, Pension Scheme {'Ihe TPS.) for ils leaching staff. The pension charge for the year includes contributions payable to the TPS of £1,738k {2020.' £1,654kl and al the year- end £144k12020'. £134kl was accrued in res￿1 of contributions to this scheme. The TPS is an unfunded mulli-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 la$ amendedl- Members contribute on a'pay as you go. basis with contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Padiament. The employer contribution rate is set by the se¢￿tary of Slate following scheme valuatsons undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Ret)0¢ which wa5 published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4DA to 23.6Q/o from 1 September 2019. Employers are also required to pay a scheme administrats'on levy of 0.08Yo giving a totsl employer contribution rate of 23 68°k.

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 20. PENSION SCHEMES {continuedl The 31 March 2016 Valuation Report was prepared in accordance with thè benefits sel out in the scheme regulations and under the approach specified in the Directions. as they applied at 5 March 2019. However, the assumptions were consideied and set by the Department for Education prior lo the ruling in the 'McCloudlSargeanl case,. This case has required the courts to consider cases regarding the implementation of the 2015 reforms lo Public Service Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government permission lo appeal the Court of Appeal's judgmenl that Iransilional provisions introduced lo the reformed pension schemes in 2015 gave rise lo unlawful age discrimination. The government is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer and member represenlalives lo agree how the discriminations will be remedied. The government annoUn￿d on 4 February 2021 that il intends to pro￿ed wllh a deferred choice underpin under which members will be able lo choose either legacy or refomied scheme benefits in respect of their Servi￿ during the period be￿een 1 April 2015 and 31 MaTch 2022 al the point they become payable. The TPS is subject to a cost Cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary lo the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause lo the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there is ￿rtaInty about the value of pensions lo employees from ApTiI 2015 onwards. The pause was lifted in July 2020, and a consullalion was launched on 24 June on proposed changes to the c951 Control mechanism following a review by the Government Actuary. The consultation closed to response on 19 August 2021 and the Government is currently analysing the responses. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation. Until the cost cap mechanism review is completed it is not possible to conclude on any financial impact or future changes lo the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial stalemenls. Cranlelgh School Pension Scheme The School operates a defined benefit scheme for non-leaching staff, the Cranleigh School Pension Scheme. The scheme was closed to new members wlh effect from 1 January 2013. though it remains open to existing members. As of 1 January 2013. the School established a generous defined contribution scheme for new employees Isee page 371. Contributions are made to the scheme in accordance with the recommendations of the scheme's actuary and are charged lo the Statements of Financial Activities. Following the signing of the latest valuation in May 2019 the School's contribution increased to 22.5D/o. In addition the School paid contributions l01811ing £89,400 in respect of the past service deficit. At 31 July 2021 £0 was accTued in respect of pension contributions to this scheme12020'. £0). Following the latest fvll Actuarial Valuats'on al 6 April 2018, the Trustees of the Cranleigh School Pension Scheme agreed with Cranleigh School, the employer, to continue with a recovery plan designed to eliminate the deficit from 6 May 2019 until 31 January 2028. Cranleigh SchcM)I will make lump sum contributions of £7,450 per Calendar month to fund the past service deficit. The School has provided £119k lo cover the potential cost of meeting the possible commitment lo pay additional guaranteed minimum pension IGMPI equalisation costs following the October 2018 ruling by the High Court in Ihe Lloyds Bank case The fair valu8 of the scheme asset5 exceeded the present value of future obligations at the 31 July 2021 by £233k. However, as the School will not recover this surplus through reduced contributions OT refund, the asset has not been recognised in these financial statement5 in ac¢ordan¢e with FRS102. 35

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 20. PENSION SCHEMES {continuedl 2021 £'ooo 2020 £'ooo (al The amounts recognlsed In the balance sheet are as follows . Present value of funded obligations Fair value of plan assets 126,8611 27.094 127,1361 24,926 less asset not recognised 12331 Defi¢it amount shown In the balance sheet (2,210} 2021 £'ooo 2020 £'ooo Ibl Changes in the present value of the defined benefit obligation Opening defined benefit obligation Service c05t nleresl cost Actuarial lossllgainl Benefits paid 27,136 558 389 15811 {6411 23,948 568 483 2,910 773 Defined beneflt obllgation at year end 26,861 27,136 2021 £'ooo 2020 £'ooo Icl Changes in the fair value of the Scheme assets Opening fair value of the s¢heme assets Interest on assetslExpected retum Actuarial gainllloss} Employer's contributions Employees, contributions Benefits paid 24,926 361 1.900 439 109 641 23,423 478 1,194 482 122 773 Closing defined benefit obligation 27,094 24,926 2021 £'ooo 2020 £'ooo Id} Amounts Included within the Statement of Flnanclal Actlvities Current service cost Past service cost IGMP equalisationl Expected return on scheme assets Interest on pension liabilities 233 12.210} 361 389 478 483 Total amount charged to the Statement of Flnanclal Actlvltles 205 2,2151 Net Actuarial gainslllosses) 2,481 1.716 s asset not reco9nised 233 Net Actuarial gainslllosses} recognised in the year 2,248 11,7161 Net Cumulative actuarial gainslllossesl The School expects to contribute £422k to the scheme in 2021122 36

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 20. PENSION SCHEMES Icontinuedl 2021 £'ooo 2020 £'ooo lel Reconciliation of movements in Present Value of Plan . Liabilities and Assets Net liability al the beginning of the year Movements in the year". Employer's ¢urrenl service cost Employer's past Servi￿ cost Employerfs contribution Net interest on the Defined Benefit AsseVLiabilily Actuarial gains less scheme asset not recoJnised {4491 14461 439 28 18 482 1,716 Net liability at end of the year 1.6751 The categories of scheme assets as a percentage of total assets 2021 2020 Equities Bonds Annuities Cash 47 52 Igl Principal assumptlons at the balance sheet date (expressed in percentages as weighted averages) Discount rate Expected return on plan assets Rale of increase in salaries Rate of increase in pensions in payment Rale of increase in pensions in defemienl RPI cpi 1.70 1.70 3.25 3.65 2.35 3.25 2.35 1.45 1.45 2.90 3.50 2.25 2.90 2.00 Assumes lif& expectations in years on reliremenls age 65 Retiring today- males Retiring today- females Retiring in 20 years- males Retiring in 20 years- females 22.4 24.3 23.7 25.5 23.4 25.3 Ihl The amounts for the current and previous periods are . 2021 £'ooo 2020 £'ooo 2019 £'ooo 2018 £'ooo 2017 £'ooo Defined benefit obligation Scheme assets Deficit Experience adjuslmenls on liabilities Experience adjustments on assets 126,8611 127.136} {23,9481 {20,9201 {21,942) 27,094 24,926 23.423 21,082 19,996 12,210) 1525} 11,9461 491 {1,1911 (2,6751 1253} 1.194 1,869 597 1,176 4,381 1,900 Defined contribution scheme The Cranleigh School Group Personal Pension Plan started in January 2013. This is a money purchase group personal pension scheme managed by Avwa. Basic contributions are 4Vo for the omployee and 80A for the employer. The employer's contributions are charged in the Slalemenl of Financial Activitie5 in the period in which the salaries lo which they relate are due. The employer's Contributions in the year amounted lo £250,98312020' £227.549). Al 31 July 2021 £0 was accrued in respect of pension conlributh)ns to this schem812020 ". £0}. 37

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 21. FINANCIAL INSTRUMENTS The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al amortised Cost using the effective interest method. Financial assets held al amortised cost compii5e cash and bank and in hand, together with trade and other debtors. Financial liabilities held al amortised ¢osl comprfse bank loans and overdrafts, trade and other creditors. At the balance sheet dale the charity held financial assets at amortised cost of £9,748k 12020.. £1,716k). Financial assets at fair value through income or expenditure of £Ok 12020.. £Okl and Financial liabilities at amortised cost of £26,134k12020'. £26, 130kl 22. RELATED PARTY TRANSACTIONS The Headmaster of Cranleigh School is also the Trustee of 1170. This charity has used the facilities of Cianleigh School for fundraising meetings. There was no charge for these services and there were no amounts owed to the Sehool al 31 July 2021 12020.. Nil) The School rents a residential property from the Chairman of Governors Imr A J Lajlhal for the housing of School staff. The school pays rent of £1.700 per month under an Assured Shorthold Tenancy ag￿ement. There were no amounts outstanding or owed lo the School al 31 July 2021 12020.. Nil) There have been no other related party transactions that requiro dis¢losure other than transactions with other group entities, a5 set out below.. In 2021 the Charity charged Cranleigh Enterprises Limited minibv$ njnning costs totalling £25,560 12020= £25.080). This is calculated as a fee per temi based tsn fuel and maintenance costs In 2021 Cranleigh Enterprises Limited charged the Charity minibus usage costs totalling £40.380 (2020.. £39.6001. This is calculated as a fee per term based on the reasonable wear and lear of the vehicles. In 2021 Cr8nleigh Enterprises Limited charged the CharSty stationery and book costs totalling £47,388 12020= £54,995). This is based on the recommended retail price. 23. CAPITAL COMMITMENTS As at 31 July 2023 the Group had no capitsl ¢ommitment5 for the construction works on the capital developrnent programme. 24. OPERATING LEASES As al 31 July 2021 the Group had the following non-cancellable operating leases, payable as follows.. 2021 £'ooo 2020 £'ooo Within 2 to 5 years Within 1 year 19 35 54 40 112 152 38

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUED} FOR THE YEAR ENDED 31 JULY 2021 2S. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES Unrestricted Funds 2020 £'ooo Restricted Funds 2020 £'ooo Total Funds 2020 £'ooo INCOME FROM: Charltable activities School fees Other income Other trading activitles Facilities and tra¢Ying income Other incoming resources Share of surplus from Joint V8nlur8 Investments Investment income Bank and other interest Voluntary sources Donations and legacies Fundraising events Total incoming resources 24.759 1,014 24,759 1.014 751 895 164 751 895 61 28 383 19 429 411 19 28.101 27,672 EXPENDITURE ON: Raising funds Trading costs Share of loss from Joint Venture other income-generaling activities Financing costs Investment management Fundraising & development Total deductible costs 412 412 948 25 25 1,385 1.390 Charitable activltles Education and grant making 25,719 88 25.807 Total expenditurg 27,104 93 27,197 NET INCOMING FUNDS FROM OPERATIONS BEFORE TRANSFERS AND INVESTMENT GAINS 568 336 904 Gainsl{lossesl on investrnents Transfers (1261 {1191 NET INCOME AND CAPITAL {INFLOW) Pension scheme actuarial gainl{lossl 442 1,716 343 785 1,716 NET MOVEMEMf IN FUNDS FOR THE YEAR FUNDS BIFWD 1 AUGUST 2Q19 11,2741 38.123 343 1.125 1931} 39,248 FUNDS CIFWD 31 JULY 2020 36.849 1,468 38.317 39

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 26. ALLOCATION OF NET ASSETS TO FUNDS Fund balances at 31 July 2021.. Unrestricted Funds £'ooo Restricted Funds £'ooo Total Funds £'ooo Fixed assets Current assets Current liabilities Long term liabilities Pension scheme assets 65,079 9,864 18,4801 117,6541 65,079 9,951 {8,4801 117,6541 87 Total net assets 48,809 87 48,896 27. COMPAIiATIVE ALLOCATION OF NET ASSETS TO FUNDS Fund balances at 31 July 2020 Unrestricted Funds £'ooo Reslricled Funds £'OfK) Totsl Funds £'ooo Fixed assets Current assets CU￿nt liabilities Long term liabilities Pension scheme liabilities 64.709 1.881 18,0661 {18,0641 12,2101 64.709 1,948 18,0661 118,0641 {2,210) 87 Total net assots 38,230 87 38,317 40