2023-07-31-accounts

Srw CRANLEIGH EX CULTU ROBUR CRANLEIGH SCHOOL A COMPANY LIMITED BY GUARANTEE REGISTERED NUMBER 3595824 CHARITY NUMBER 1070856 ANNUAL REPORT AND ACCOUNTS 31 July 2023

CRANLEIGH SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 CONTENTS: PAGE Governors, Officers and Advisors Annual Report of the Govemors Strategic Report Statement of Accounting and Reporting Responsibilit16S 16 Independent Auditorfs Report 17 Consolidated Statement of Financial Activities 20 Consolidated and School Balance Sheets 21 Consolidated Cashflow Statement 22 Notes to the Financial Statements 24

CRANLEIGH SCHOOL CRANLEIGH SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 GOVERNORS, OFFICERS AND ADVISORS GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The members of the Governing Body of Cranlelgh School are the charity trustees of Cranleigh School and the Directors of Cranleigh School I'lhe Charity'l. The members of the Governing Body are". 12) 131 141 151 16) 171 A J Lajtha. MA. FCI8 Ichaimianl Mrs S E Bayliss, MA Colonel J Boyd" OBE. MA J A Brown MA (Oxonl Dr R Chesser MA. MB, 8Chir, MRCP F N Farrant. BA M M S Fisher MA (Deputy Chairl P S P Going BSC. MRICS S Gunapala BEng, MEng, FCA K J S Kerr BA (Honsl MCIPD D Khurshid MA, KC J A M Knight BA (Honsl (Retl￿d 31 December 20221 A J Lye BA (Retired 31 December 2022) J P Maskery. MEng C H Sever5 LLB (Honsl E Stanton Bsc, ACA J J D C Tate RIBA. FRSA P M Wells 8Ed {Honsl D G Westcott BA, BCL. KC S J Whilehouse BA Icanlabl Professor R J Wilkin5 MA, DPhil D A E wiifiatrs BA, FCA M J Williamson (1) {21 131 14} 15) {61 171 strategy and Risk Committee Education Committee Buildings and Estate Committee Finance Committee Risk Management Group Cranleigh International Committee Nominations Committee Parent of a pupil or pupils at Ihe School

CRANLEIGH SCHOOL Mrs Fisher and Mr Whitehouse are members of the management board of Cranleigh Abu Dhabi. 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 two lurther terms of three years each if elected by the majority of Governors lo continue in Ott￿e. Cranleigh Preparatory {Prepl School has the same Governing Body as Cranleigh Schcx)l. EXEcufivE OFFICERS.. Headmasters - Cranleigh School Cranleigh Prep School Director of Operations D1￿ctOr of Finan Clerk to the Governing Body M S Reader MA, MPhil. MBA, QTS N R Brooks BA. QTS PADunnBA J A Underdown BA (Honsl ACMA P T Roberts MBE, DChA Principal address Cranleigh School and Registered Office Horseshoe Lane Cranleigh Surrey GU6 8QQ w.cranlei Cranlelgh Prep School Horseshoe Lane Cranleigh Surrey GU6 8QH Websites wNvw.cranlei re school.or ADVISORS: Bankers.. Handelsbanken Andrews House College Road Guildford GUI 4RG Solicitors". Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS14QA Auditors.. Crowe U.K. LLP S5 Ludgale Hill London EC4M 7JW Investment Advisors.. Brewn Dolphin Limited 12 Smithfield Street London ECIA 9BD

CRANLEIGH SCHOOL ANNUAL REPORT OF THE CRANLEIGH SCHOOL GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 The Cranleigh School Governing Body presents the annual report for the year ended 31 July 2023 ursder the Charitie5 Act 2011 and the Companies Act 2006, together with the audited financial statements 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 accordan￿ wth FRS 102 las updated}. DIRECTORS, REPORT CONSTITUTION 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 School is governed by Articles of Association introduced in 2010 lo 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, 15 the advancement of education by providing a boarding andlor day school or schools for boys andlor girls In accordance with the principles of the Church of England. The Charity 1$ structured with a single governing body for two schools known as Cranleigh School and Cranleigh PreparaloTy (Prep) School. The Charity. in furtheran￿ of its object, establishes and administers bursaries, grants, awards and other benefactors, and acts as the trustee and manager of property, endowments, bequests and gifts given or established in pursuance of the Charity's objects. The Trustees are mindful of the long-standing need lo provide publ￿ benefit and of the requirements of the Charities Act 2011 and have had regard lo Charity Commission guidan￿ on public benefit. The Charity's governance 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 MAAIAGEMENT Governing Body There is one Governing Body for the two schools. The members of the Goveming Body and executive officers of the School, together with the principal advisors are listed on pages 1 and 2. Recruitment and Training of Govemors The Charity's elected members of the Governing Body are appointed at meetings of the Cranleigh School Governing Body on the basis of recommendations from the Nominations Committee. The Nominations Committee 5crulinises candidates on behalf of the Governing Body. Trustees and executive officers of the School put forward candidates to the Nominations Committee based on a candidate's professional qualities, experien￿, personal competences and local availability. 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 Governing Body are inducted into the workings of the Charity and ils schools, including Governing Body policy and procedures, at briefings organised for them by the Headmasters and Director of Operations and Director of Finance. The new members also attend specialist external courses on the roles and responsibilities of charity trustees. Members of the Goveming Body attend external trustee training and information courses in order to ensure that the Governing Body is kept informed of current issues and ￿gU￿atIonS in the education and charity sectors. Governors may attend days at the School shadowng pupils or vis11ing support departments.

CRANLEIGH SCHOOL Oryanisational Management The members of the Cranleigh School Governing Body, as trustees 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 specifically the principles sel out in the Govemance Code published in Juty 2017. Overall. the Charity meets a very significant proportion of the recommended and best practice for governance that is contained within the Governance Code across the seven prin¢iple$ and is comft)rtable there are no significant areas of review required. Arrangements will continue to be Monitored against the best practice principles contained within the Code. The Chairman of the Governing Body is Mr A J Lajtha and the Deputy Chair is Mrs M M S Fisher. The full Board meets each term, and so three limes 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 members of the Governing Body and senior eXeC￿1ve$ lo review performance and consider future development. The last strategy day was in June 2023. The Strategy and Risk Committee is chaired Mr D G Weslcott. The Education Committee considers educational and pastoral policy. Mis S E Bayliss has special responsibility for Safeguarding and Mrs A J Lye had special responsibility for Special Educational Needs and Disabilities ISENDI until she retired in December 2022 when Mrs Farranl took on this responsibility. The Education Committee is chaired by Mrs M M S Fisher. The Buildings and Eslale Committee supervises and monitors capital building projects and maintenance of the fabric of the School and its estate, The Committee has delegated responsibility for Health and Safely and 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. including both the provision of facilities and pastoral support Ilhe latter is a responsibility of the Education Committee). The Buildings and Eslale Committee is chaired by Mr P S P Going. Cranleigh International Committee was established in 2020 (under the name Oversea5 Committee) to monitor performance and risks of the School's international schools specifically Cranleigh Abu Dhabi and CTanleigh China. Cranleigh International Committee is chaired by Mr S J Whitehouse. The Risk Management Group {RMGI monitors risks facing the School. This Committee presides over an annual risk management process that culminates with the production of a risk report in the aulumn each year. Each sub-committee is responsible for considering the risks in its area of governance and each has appointed a mernber to lake the lead in risk management. The RMG was chaired by Mr J A M Knight until his retirement in December 2022 and il is now chaired by Colonel Boyd. The Finance Committee scruts'nises revenue, the budget and capital expenditure. This Committee also supervises and finalises the audited financial slalemenls and annual report for approval by the Govefning Body. The Finance Committee is chaired by Mrs E Stanton. The day-to-day running of the School is delegated lo the respective Headmasters, supported by their Senior Management Teams. The Headmasters and representative members of senior management attend meetings of the Goveming Body sub-commrttees and together these groups are the key management personnel. Remuneration is determined by the Goveming Body which is ¢onscious of the contribution of all staff to the School's Suc￿sS and, as such, it is right that remuneration of staff is the highest single cost incurred by the Charity_ The Governing Body makes referen￿ to comparisons of staff costs at other schools which are prOdU￿d in variou5 benchmark surveys that are anonymous and compliant with competition law. The remuneration policy balances fair wages and a generous pension heme for lower paid staff with the provision of incentives for senior managers who take the burden ol responsibility for the School's complex operations, The School complies with the UK'S Equality Act

CRANLEIGH SCHOOL 2010 Regulations. These require that companies with more than 250 employees publish information on the gender pay gap annually. The 2022 report is available on the School's website. Group Structure and Relatlonshlps Cranleigh Foundation was sel up in 2007 as a separate charity limited by guarantee with a registered charity number of 1122918 and a company number of 06452540. Cranleigh Foundation's statutory financial stslements are consolidated with the School's within this Annual Report and Financial Statements. Cranleigh Foundation is governed by a Memorandum of Association and Articles of Association produced in 2008. The Chairman is a former governor, Mr M J Meyer and one member of the Governing Body. Mr A J Lajtha is also a Foundation Trustee. The Headmasters, Director of Finance and Clerk to the Governing Body attend Foundation Trustee meetings. Cranleigh School has wholly owned non-charitsble subsidiaries. Cranleigh Enterprises Limited ICELI is a trading company that arranges the letting of facilities when not in use by the School and it has a rel8il 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 conceming CEL at Note 3 to the financial statements. The accounts of CEL are consolidated into the Cranleigh School accounts. Cranleigh Education Services Limited ICESLI was incorporated in September 2012. The Company has 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 establishment of international schools and then monitor the opemtion of international schools once open. The Company was responsible for planning Cranleigh Abu Dhabi, working closely with joint venture partners and the firm contracted to run the School. Cranleigh Abu Dhabi opened in September 2014 with 637 pupils from FS 1 to Year 9. The School now has 1,965 pupils and has oxpansion plans to increase the number to around 2,200 pupils with a new off-site purpose-built Pre-P￿p building currently under construction and lo be opened in January 2024. The School's public exam results were strong in the context of global readjustments post-pandemic with 72% of pupils achieving GCSE grades 7-9 and al A Level 90% achieved grades A"_C. Cranleigh China opened its first school in Changsha in September 2020. There are 116 pupils in the international high school section as of September 2023. Outstanding A-level exam results were recorded in 2023 with 73Yo of students recording A" grades. IGCSE results were also strong with 820/0 of students in the A. lo C ranking (Cambridge International use grades not numbers). A second Cranleigh China school opened in Wuhan in September 2022 with over 400 students on roll and Cranleigh opened ils third school in China with Cogdel Education in the city of Chengdu in September 2023. Stakeholder Engagement, Employmgnt and Sustalnablllty Policy The Trustees confimi that in accordance with Section 172 111 of the Companps Act and Charity Cornmission guidance they govern in order lo achieve the objects of the Charity. The long-term financial and operational suslainabilily of the School is considered by Trustees as set out in the Going Concern section of this report. Trustees assess financlal projections and key risks that could impact the sustainability and Teputation ol the School. Assessments are made with the assistance of the executive and by reviewing management information. budgets, capitsl expenditure plans, cash flow forecasts and progress against financial projections each school term. Overarching the assessments of financlal sustainability is a comprehensive Tisk management process that guides the executive and Trustees towards areas of risk and specifully the impact and likelihood of risks together with mitigation strategies. The risk process and current assessments are explained in more detail later in this report. Cranleigh School is an equal opportunities employer. The School has a comprehensive Ethnicity. Diversity and Inclusion IEDII policy and full and fair consideration is made of job applications from disabled persons and consideration of their training and employment needs is made a5 necessary. The School complies with modern slavery regulations. Consultation with employees, or Iheir

CRANLEIGH SCHOOL representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely lo affect their interes15. Employees are aware of the financial and economic performance of the School. Communication with employees continues thTough normal management channels in a variety of forms and through exceptional channels lo apprise stsff of current issues. Examples of consultstion are briefings to leaching staff at the start of each term by the respective Heads lo outline development options and seek the views of staff and engagement with staff regarding terms and conditions of employment through the common rooni salaries committee which meet with the Heads and Director of Finance together, once annually with the Chairman of the Governing BcKly and Chair of the Finance Committee of the Governing Body. An equivalent for support staff is arranged by the Director of Operations and D1￿clOr of Finance who gives regular staff updates and briefings to staff. The Governing Body held a strategy day in June 2023 to consider future plans. The emphasis of the day was an analysis of political scenarios and their potential mitigation. There was also consideration of future models for education to ensure that the School remains ￿leVant. It was announced in April 2023 that the Head of the Senior School, Mr Martin Reader. would retire in July 2024. The Governing Body conducted a thorough recruiting process between April- June 2023 to select his successor. The Governing Body made an announcement in late June that following a strong candidate list Mrs Samantha Price, the Current Head of Benend8n School in Kent, will be th8 next Head of Cranleigh School. The School is delighted with her appoinlmenl. In September 2023 it was announced that the Head of Cranleigh Prep School, Mr Neil Brooks. will retire in De￿rnber 2024. The process lo select his successor is currently taking place. The School is committed to engagement with stakeholders. The main groups are pupils, parents, alumni, employees and contractors. Thefft is significant communication using a full range of media with pupils and their parents or guardians. This is routine and exiensive with the aim of ensuring a smooth passage for the eleven years of a pupil's education al 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's international schools. There is extensive engagement with the functional sub groups of the OCS and assistance is given with the organisation of events. The procurement of goods and services by the School is undertaken to achieve a secure supply of high quality provisions and material with fair and timely payment. Local and smaller companies are favoured wherever possible and there are arrangements with a variety of sole traders in the local area. The School is conscious of its position as the largest employer in the area and aims lo support local business wherever possible. Payment terms are thirty days bul sole traders are able to requests earlier payment which is arranged on a case-by-case basis. The School is committed to improvin9 environmental sustainability. There is a pupil led environmental committee which lirsl developed strategy in 2019 and is now laking this forward. Their work has greater focus with the increase In fuel costs resulting from the invasion of Ukraine by Russia. The School recycles food waste for anaerobic digestion lo generate energy from the waste. The School complies with environmentsl regulation and specifically is currently undergoing the latest iteration of ils ESOS responsibilities which will see an updated report produced at the end of this calendar year. This is a matter close lo the front of the minds of pupils who have led a number of initiatives during the year. There is a commitment to improve energy efficiency. The total energy consumption figures for the year were.. Natural gas consumpts'on-. 7,964,011 kwh, +18.44% year-on-year Electricity consumption.. 2,197,744 kwh, +1.93Yo year-on-year Natural gas carbon intensity.. 44.15 IC02e per £m revenue, +14.94QA year-on-year Electricity carbon intens'rty." 13.39 IC02e per £m revenue, -1_070/0 year-on-year

CRANLEIGH SCHOOL The School is acb've in monitoring for risks of bribery, corruption, fraud and cyber-attack. The rlsk process is comprehensive and overseen by the Governing Body Risk Management Group. A more detailed explanation of the risk prO￿5S 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 declare any change of conflict sta￿$ al each sub committee 2nd main board meeting of the Governing Body. AIMS AND OBJECTIVES Mission Statement The purpose of Cranleigh School is to provide, within a ChTistian environment, the necessary education and appropriate training lo enable pupils lo develop their potential as individuals, and thereby to ensure that, on leaving, they will become confident members of society and effective conlribulors to it Aims The aims of Cranleigh Schoo5, for the public benefit, are lo enable young people lo 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 to succeed.. the wisdom lo make informed ¢hoices', resilience in the face of failure or difficulty,. and the insight to recognise their privilege and lo 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 1$ reinforced by a commitment to a breadth of 2Ctivily 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 slrtsng and active partnership be￿een parents and the School. 'Pupils first, is a guiding principle for all decision making. Arising from the School's Chflstian heritsge and cultural background, at the heart of a Cranleigh èducation are four central values of SeNice, Relationships, Leadership and Excellence. seN1￿.. All in the community are encouraged to adopt an attitude of service to each other and the wider community. Relat￿nShipS.. Strong relationships are fostered as a priority in a predominantly boarding community. Children flourish within safe, supportive environments. Leadarship.. Openness. integrty and thoroughness are characteristics of everything we do. Cranleigh aspires to lead thinking and practice in holistic, boarding education. Cranleighans will be equipped with the knowledge and skills to shape future culture. Excellence- Cranleigh will strive for excellence in everything il does and aspires lo be recognised both for its educational vision and for the personal qualities of Cranleighans. Primary objectives In order to achieve Ils aims the School has devebped primary objectives which are.. to provide a stimulating learning environment in which pupils are encouraged to pursue and stretch their academic polenlial. to provide a happy and secure pastoral environment in which pupils can learn to live together and thus foster a sense of community, co-education, respect for one another and good citizenship,. the pursuit of best practi￿ in safeguarding young people will always be a priority., to provide pupils with the opportunity to take advantage of a breadth of co<urricular activities in order to develop positively all aspects of their character.,

CRANLEIGH SCHOOL to provide pupils with the opportunty lo take decisions based on their own judgement and to communicate those decisions appropriately and effeelively., tr) provide a clear, simple and effective management structure capable of taking timely decisions and allocating necessary resources appropriately., lo provide the necessary adminislralive and logistical framework lo meet the needs of employees and pupils alike. lo encourage diversity within a predominantly local boarding community through the expansion of the bursary piogramme. an irscrease in the number of Foundationers, and regular monitoring of the Admissions process. Strategles to achleve primary objoctlves The primary objective is to provide a sb'mulaling learning environment and this is achieved by 169 FTE leachers12022'. 1661. 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 ommunity as a whole. The School's structure enables lulors, and at the younger age groups form teacheTS, to commit time and energy to their lutees arsd individual pupils in each form. The provision of a happy and secure pastoral environment is at the core of the School's approach to education. Pupils are cared for within a close 'house' structure that provides for comprehensive individual care based on Christian principles and a strong bond that creates friendships throughout the School. The second element of this objective is lo foster a sense of community and citizenship. This has been achieved through links With the local community and wth international and regional organisations. Over the past year the Prep School has hosted children from local primary schools lo join in when external providers, such as theatn.cal performers. have been in school. The children research and select charities which they wish to support throughout the year. The School supports library in a Socal primary school and Art teachers and DT teachers have been involved in outreach programmes in local state schools. There have been significant changes in the boarding provision both in tems of facilities and staffing. The Prep School has much better and rejuvenated boarding accommodation which has seen popularity of boarding and its community grow. The School has also invested in Learning Support facilities, placing them at the heart of the academic programme, physically and ideologically. The Prep School Code of Conduct clearly communicates expectations to pupils and helps them develop senses of responsibility, empathy and leadership. The cG<urriculum is broad. Leadership and decision-making aTe embedded in many activities. The number of activities on offer to pupils is too numerous to mention here. A clearer understanding of the whole school approach to the co-curriculum can be found at the School websites www.cranlei h.or and www.cran re .or Readers are encouraged to visit these siles. The School is committed lo improving equity, diversity and inclusion both as part of its social Purpose and to ensure pupils are better Prepared to be global citizens. The Governing Body has sel and published objectives to increase the number of international students to 1 OVO over the next five years., to increase the ethnic diversty of students from 7 /0 to a minimum of 100fi of the Cranleigh population over the next five years., to increase the ethnic diversity of staff in line with the ethnic diversity of pupils". to recruit to achieve an equitsble gender balance in middle and senior leadership positions over the next len years. Social purpose objectives are also partially met through the funding of bursaries from income from inlemational schools and the Cranleigh Foundation. Cranleigh Foundation Trustees, Report and Financial Statements outline the continued progress in the development of Cranleigh Foundation. The Foundation has received donations this year of £282k (2022.. £253kl. and total income of £397k12022'. £569kl. The Foundation supports Iransfom)alional bursaries for a number of pupils in year groups 7 to 13 al Cranleigh School. The Foundation Trustees decided pre-covid to focus activity on the development of an endowment which will be built up over decades whilst continuing to support Foundationer pupils through the award of Iransfom)ational

CRANLEIGH SCHOOL bursaries, often with assistance from external organisations such as Springboard. There is not currently a fund-raising strategy and in the medium term the School will be appointing a Development Director in this important area. The Charities therefore had no active fund-raising activities this year requiring disclosure under S162A of the Charities Act 2011. The School and Foundation are compliant with the General Data Protection Regulation IGDPRI. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Review of achievements and performance lor the year The principal activity, as specified in the Articles of Association, is the advancement of education and. in this. the School has had another successful. albeit unique, year. Cranleigh School averaged 698 pupils12022. 6771 of whom 18312022.'1831 were day pupils and Cranleigh Prep School averaged 319 12022.. 3331 pupils. At the Prep School the flexib5e boarding arrangements continued lo be popular with. on average, circa 70 pupils boarding al the School each week in the newly refurbished boarding facilities which opened in September 2021. Wailing lists remain full for both schools and demand for places has increased again this year. The school year was successful with many notable specific achievements, some of which are reported below. Cranleigh S¢hool and Cranleigh Prep School both received an Educational Qu81ity and Focused Compliance Inspection by the Independent Schools Inspectorate in November 2022. The Schools were found lo have met the Independent Schools Standards and Regulations and the National Minimum Standards for Boarding. The educational quality of both schools was found to be excellent in the two a￿88 inspected.. the quality of pupils, achievemenls and the quality of pupils, personal development. The detail of the reports highlighted the exceptionally high achievements of the pupils, in their academ stltdies and activities and the support of outstanding and innovative leaching, pastoral care, leadership and governance. Despite the well-publicised return to 2019 gTade distributions, the school's public examination results were very strong al every level. Al A Level, 170kn of A level exams were graded al A"12019'. 11 DAI and 81 Yo graded at A'_ B grade 12019.. 77%). Despite this year's grades being lower than lasl yearfs, the 2022 results should be viewed as a one-off. The approach the exam boards took to grading was to reflect a midpoint between summer 2019 and 2021. Schools were therefore asked to make more meaningful compaiisons with 2019 Tesults, which was when exams were last sal. Despite the concems portrayed by the media 950A of Cranleigh's leavers were successful in securing places al their university of choice. The School continues to be encouraged that for more academically able pupils students are gaining places and scholarships al Ivy League universities and other leading universities in Ameri¢a and of those gaining places in the UK. 78Yo entered Russell Group or equivalent unlversilies. The School continues to take a national lead in the EPQ and it is encouraging to note that an increasing number of universities, including a significant number in the Russell Group, now recognise the value of EPQ by making a lower A level offer conlingenl on achieving an A" or A in the EPQ. This year 60°k of Year 13 pupils achieved A. or A grades in their EPQ {2019'. 42QAI. The GCSE results were also strong and a teslamenl to the hard work of both pupils and staff with 730/0 of exams achievin9 grades 9 - (2019.. 65Yol. Cranleigh School retains its place arnongst the best schools in the wunlry for academic performance which, combined with the breadth of the educational experience, enables pupils to reach their potential. Cranleigh sport has flourished once again both al the high-performance level with national and regional success in a wide range of sports bul also at the participation level where we continue to put out more

CRANLEIGH SCHOOL teams than other schools of a similar sEe. In Cricket. Cranleigh reinforced ils reputation as one of the best boys and girls cricket schools in the county with the boys 1 St Xl winning 13 out of their 15 matches and a clear pathway for elite pupils lo reach professional level. Girls cricket is flourishing with more depth of numbers playing and the main 151 and U15A sides winning over 70Q/o of their matches. In rugby. the highlight of the year was the 1 st sevens side winning the Rosslyn Park Plate competition and in the main Michaelmas rugby term there were a record number of teams being put out from senior 5th XV to U14Ds playing regularly each weekend. A win rale across the club of over 70QA was hugely impressive and a clear. proven pathway exists for the elile players to follow a number of other re￿nI Ocs into playing professional rugby. Cranleigh continued its fine reputation for hockey with a record number of teams across the boys, and girls, clubs. The boys 1st team were undefeated in 811 home matches and the girls 1st team played SUC￿ssfUllY in the Tier 1 National competition and only lost three of the 16 matches they played over the season. There were a good number of boys and gids playing regional level hockey and several though to the National level age groups squads. There was also football success with the boys 1 $1 team reaching the final of the National ISFA shield in the first season that we entered the competition. The Netball club saw a record number of teams playing each Saturday121 teams from Years 9 to 131 and all the girls. enthusiasm brought much Suc￿sS as well. The 1 sl team won over 70'/o of their matches and had two players regularly playing for Surrey Storm U19 side. The breadth of other sports on offer is excellent and it was wonderful to See notable individual and team success at regional and national level in equestrian. golf, skiing and swimming. Sport al Cranleigh Prep School continues lo be strong at inter and inlra-school levels. Major team games Ifoolball, hockey, netball, rugby and cricket) allow all pupils to represent teams and attend fixtures. There are a vast number of other sports, for example riding, fencing. judo, tennis, swimming. athletics and badminton. Girls. football teams compete against local clubs and maintained schools. Boys, and girls, teams reached national finals levels in hockey. Sports participation beyond the level offered by the school is strong with pupils supported at county and regional level for cricket. hockey and swimming. Recently. three pupils swam for Guildford in the Arena Junior Relay Challenge finishing first.. they are the fastest nationally in their age group. The Chamber Choir were selected lo sing in the Finals of the National Youth Choir Competition in the ICC, Birmingham. Outdoor Education continues to thrive with high numbers of pupils completing the Bronze, Silver and Gold awards and enjoying the rewarding bul challenging expeditions from the local Surrey Hills lo the Welsh mountains. The Combined Cadet Force ICCFI has retained a very large contingent size with a notable feature being the impressive leadership of the Senior cadets this year. VaTiOUS camps and adventure weekends were enjoyed by pupils including a parachuting trip and the top shooting cadets performed with great credit at various national competitions including the highly regarded Bisley School EvenL The Contingent also proudly support the local branch of the Royal British Legion and an affiliation ceremony took place in November. All the Year 9 pupils enjoyed a wide-ranging introduction lo the Outdoor Education programme over the year which culminated in an adventure carnp for days at the end of the summer term with a wide variety of activlties and walking expeditions on and off- sile. Performing arts are highly celebrated and have provided many highlights at Cranleigh over the year. In Mu51c, there is strong participation across all genres and styles and over the year diversty in music was championed. There are a large number of small lea time and lunch lime concerts for developing musicians and a series of outstanding large set ple￿ events such as Choral Concerts with professional orchestras and Cranleigh Live contemporary music concerts. The drama department also ensure there are opportunities for all lo perform from LAMDA classes, drama Clubs and House plays lo the wonderfully received school plays including an innovative immersive production of "Neverland" compelling and hard-hitting products'on of'Thal Face" and an uplifting junior musical of Moana.. All of these, which wowed their audiences once again. with the professionalism of the a¢tSng and production. 10

CRANLEIGH SCHOOL The dance programme 1$ expanding rapidly and with a second new dance studio being opened this year there will be many more opportunities. This year saw a superb dance show in the summer which showcased the brilliant work of all the groups and there were various other opportunits.es for pupils to perform during the year, There were once again a huge number of wide-ranging House wmpeb'tions from the plethora of sports events to academic public speaking and general kno￿edge quizzes, right through to a Year 9 dance and House part-song singing competition al the House performance show in September. A rich and varied programme ef clubs and societies run each week and one notable highlight was the highly successful design club. A Cranleigh team was prepared for the National Robotics competition and surpassed all expectations in qualifying lo represent UK at the VEX Robotics World championship in Dallas, Texas and finished a very creditable 65th out of 800 sehools. An extensive range of educational visits took place this year with a rapid increase in demand for overseas trlps of all varieties from sports tours around Europe, volunteering and charitable ventures as far away as Zambia and many other ultural and academic enriching trips from London to USA At Cranleigh Prep School Year 8 produced film versions of Lord of the Flies, Noughls and Crosses and Romeo and Juliet. Year 7 staged Seussical the Musical and Year 5 impressed with A Funny Thing Happened on the way lo Camelot. Twenty nine pupils attempted LAMDA exams in the summer, all of whom attained Distinctions. The Chapel Choir Continues to be popular and the Chamber Choir sang in local care home. One pupil was selected to sing with the National Youth Choir. another with the National Children's Choir of Great Britain. There was a busy schedule of refurbishment work al the School during the latter part of this period, which saw over 90 smaller projects CoMp￿ted over the summer. Public beneflt Cranleigh Schtsol continues to be committed to the provision of public benefit in accordance with its founding principles. The requirement to report public benefit in more detail is formalised in the Charities Act2011. 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 notto the exclusion ofthe much wider benefit that Cranleigh provides within the local community. Those pupils who attend Cranleigh and who receive this financial support contribute lo the School commun'ty in 8 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 attend Cranleigh School was this year£1,141k12022.' £1.1 Ookl. The value of these bursaries has been met by funding from international schools. income from the Cranleigh Foundation and enterprises such as summer lets. In addition to bursaries, the School has engaged in many activities that provide public benefit in accordance to the Charity's objectives, and these are listed in a register maintsined by the School. The School was quick to offer support lo Ukrainian families fleeing the war and initially tCx)k in four pupils with two remaining in the longer term. Fund-raising activities lo those effected by the war have been held regularly since February 2022. There have been many other charitable events in support of the objects during the year. Some examples are.. partnerships with local maintained schools so that teachers from Cranleigh School teach at local maintained schools if there is a need ftir enhancement in particular area and three members of staff are governors at 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. Forty- eight local sports clubs used the School's 5POrting facilities. and outreach assistance includes maintenance by the School's Grounds department of the estate at Glebelands School, the maintained 11

CRANLEIGH SCHOOL 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 social responsibility is irnportanl as Cranleigh School aims to develop loeal communtty projects. CranIe￿h has focused its partnership activities on literacy outreach. The OECD report 'Reading for Change, suggests that literacy has the single biggest impact on social mobility and research from the National Literacy Trust illustrates the link between low literacy and poverty. Collaborating wf(h the National Literacy Trust and Cranleigh CofE primary school. a school which has a quarter of children on full school meals, Cranleigh has undertaken a number of initiatives as part of a Young Readers, Programme.. storytelling and reading for pleasure events., teacher training.. the provision of over 500 books and Cranleigh's Sixth Form pupils assisting with events and reading engagement aclivilies. A separate impact report highlights that the project has enhanced reading culture with positive changes in reading enjoyment, reading motivation, frequency and attainment. The School is also taking a leading ole in sharing this expertise through the West Surrey Schools Partnership which has taken literacy as its major focus. expanding the impact across a greater range of primary providers in the area. Continuing the focus on literacy. following the example of our partner school in Zambia. the charity the School collaborates with has rolled out the Jolly Phonics literacy programme across the Copperbelt Province in all 515 government and community schools in Grade 3, the point al which pupils are expected to start to read and write in English as guided by the Zambian National Curriculum. Over the last 6 years, over 3,500 teachers have been trained in Jolly Phonics, which has enabled them to go on to develop the literacy of over 150,000 pupils. Consistently. pupils using Jolly Phonics have scored or three limes higher than pupils in non-Jo11y Phonics classes. It is difficult, lo measure accurately the financial cost to the School of this public benefit. that is given in addition to bursaTies, bul il is certainly well into six figures. The benefit provided by bursaries and other activities can also be considered alongside the benefit of educating the 1.017 pupils1176 in the primary school sector) which, in itself, has saved the exchequer some £6.876,5001 this year. Cranleigh Foundation is an integral element in the provision of pubbic benefft. There are seven Foundation bursary holders (Foundalionersl in the School in September 2023 each with a bursary covering either full fee$ or a significant proportion of full fees. The School continues lo seek candidates to be Foundationers. The financial benefit to Foundationers this year was £253k (2022.. £237k). 2022 Annual Report on Education Spending in England by the Insti￿te of Fi%al Studies. £6,900 per pupil in Secondary schools and £6,100 per pupil in prinw sthools. 12

CRANLEIGH SCHOOL FINANCIAL REVIEW Results for the year The School's consolidated nel movement in funds in the attached financial statements is £2,639k12022'. {£1.496}. The surplus made by Cranleigh School (net incoming funds from operations before transfers and investment gains) was £3,138k for the year12022'. £2,032kl. The FRS 102 pension valuation is a non-cash item wthin the School's accounts and has calculated that the scheme has a nel actuarial loss recognised in the year of £450k. however the funding level is in surplus by £1,267k12022.' actuarial gain of £44kl. Forecast for the current year120231241 The Governing Body has considered several factors when forming their conclusion as to the use of the going concern basis for the basis of prep8ralion of these f5nancial statements including a review of updated forecasts to 31 December 2025. There has been comprehensive consideration of key risks that could negatively affect the charity and ils working capital requirements. The primary risks are considered to be inflation and fuel costs. There is some mitigation from these costs because there are a record number of pupils in the School at the start of the school year in September 2023. The Governing Body has concluded that School's finances and for the year ahead are sound and so it conb'nues to adopt the going concem basis in preparing the financial statements. Investment policy, objectives and perfomiance 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 Commrttee. 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 limes a year 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 performance is good when measured against benchmarks. This year performance has been below inflation and the portfolio increased in value by 0.8Vo {2022". ~12.0 /DI lo £4.159k. The Governing Body considers the performance of investments over the year are in line wlh benchmark total returns. ReseNes level and pollcy Cranleigh School has total reserves of £9,1 S9k12022.' £9,128kl. The School's reserves policy is to maintain sufficient unrestricted funds lo meet an unexpected shortfall of revenue in order to provide cash for three months operating costs al an average of £2,611 k per month. The School's reserves Comprise the investment portfolio valued al £4.159k the unused bank facility of £2,OOOk and unused overdraft of £3.OOOk. Total reserves at 31st July therefore exceeded the £7,833k sum required by the policy. The Charity has not conducted active fund-raislng during the year. NO￿lthStandIng this Cranleigh Foundation Icharity Number 1122918) raised £397k12022.. £569kl during the accounting year from donations, legacies and investment income. Prin¢ipal risks and uncertalntles Cranleigh School Governing Body is responsible for the management of the risks faced by the School. Risk Management is dele9aled to the Risk Management Group IRMGI which reports fomially to the Governing Body each autumn. This Committee comprises four members of the Governing Body and it is assisted ir4 its work by senior management and other staff as necessary. The process provides continuous assessment of risks through the auspices of the sub committees with each taking responsibility for risks, and where appropriate mitigation, in its given area of expertise. The generic controls used by the Charity to 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 Comm5ttee and Board aclivty.. formal strategic planning, reviewed annually and assisted by the Strategy and Risk Commtttee., comprehensive budgeting and management accounting.. established organisational structures and lines of reporting., formal written policies., vetting procedures as required by law for the protection of the vulnerable., Complian￿ 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 significant external risks facing the School are the conlinualion of inflationary pressures and, in the medium term. the potential for a future government to change the ways in which independent schools and their parents are taxed. In consideration of both of these financial risks. the RMG considers that, because inflation is now falling, it has a lower impact than last year and the possible imposition of VAT is dependent on politics and, as such, there are significant un￿rtaInlies. Both these financial risks are kept under regular review and mitigation strategies are both developing and adapting. Previous direction given to the executive lo place safeguarding of pupils as the School's first priority is enduring. Health and Safety is both a Safeguarding and more general risk. and both risks are residual and so will endure. The School continues lo priorilise safeguarding culture and education, refreshing and updating a comprehensive programme of sex and relationships education. The School has also priorilised anti- racist education and a governors, working party formed in 2021 supports the School's leadership in the introduction of more comprehensive EDI initiatives, in partnership with Flair Impact, the African Caribbean Education Network and Black Lives in Music. Work on decolonising the curriculum continues and the Assistant Head Pastoral. who sils on the board of the Schools Inclusion Nelmork. has involved pupil leaders in improvements to more inclusive practice and language and strengthened education and alliance activities wth all those with protected characteristics. An Independent Schools Inspectorate report carried out in November 2022 highlighted the inclusiveness of the school's culture and the strength of its safeguarding pr0￿dUreS. The level and breadth of activity at the School is impressive and the risks associated with all activities are minimised by thorough planning and risk asses$ment. Sports, injuries are monitored carefully. each being tracked. to record trends in order to identify those elements of sport most likely to cause injury so that mitigating actions can be taken. To release any potential pressures on the NHS ambulance servi￿, and prevent further risk of injury, all matches this term continue lo have private medical facilities on the touch line. There continues lo be interest in the wider education community about the risk of injury on the rugby field. The Governing Body seeks to understand some individual risks in more detail and from time-lo-time initiates external scrutiny. The Governing Body is satisfied Ihatthe major risks have been identified and controls put in place lo manage risk adequately. It is recognised that systems can provide reasonable, but not absolute. assurance that major risks are being managed. 14

CRANLEIGH SCHOOL Future plan$ The School Development Plan of 2015 has been completed. A new development cycle wlll Commence with the succession of the Heads al both schools who will work closely with the executive and Governing Body. It is anlicipaled that the enduring core work of planning is that Cranleigh School wll continue lo articulate and extend ils culture through Cranleigh ThiTnking* Cranleigh Being and Cranleigh Glvlng. Cranleigh Thinkingteaches pupils lo think beyond the test, lo become independent learners who know how lo learn, adapting to changing contexts. Cranleigh Being promotes a culture 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 Glvlng encourages all in the communlty lo think beyond themselves and lo consider how they will share their fesources, lime and expertise. It also seeks lo widen a¢￿sS to Cranleigh, offering opportunities to young people from a diverse range of backgrounds and experience. Together, these themes express the aspiration that all members of the community are encouraged to be thinking. being, giving individuals who are able to consider who they are, what they will be and how they will be now and in the future. It IS this aspiration that is to be taken fO￿ard in the next school development plan. 15

CRANLEIGH SCHOOL STA TEMENT OF ACCOUNTING AND REPOR TING RESPONSIBILITIES The Trustees are responsible for the preparation of the Trustees. Report and the financial statements in accordance with applicable taw and regulations. Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Slandardsl and applicable law. Under Cofnpany law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the charitable company and of its net Incoming or outgoing resourTrs for that period. In preparing these financial statemen15, the Trustees are required to.. select suitable accounting policies and then apply them consislenlly.. make judgments and eslimales that are reasonable and prudent.. state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial stalemenls.. prepare the financial ststements on the goin9 cortcern basis unless it is inappropriate to presume that the charity will continue to operate. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company's transactions and disc5ose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financia5 slalemenls 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 detection of fraud and other irregularities. Insofar as each of the membeTS of the Goveming Body at the dale of approval of this report is aware, there is no relevant audit information linformation needed by the Charity s auditor in eonneclion with P￿paring the audit report) of which the Charity's auditor is unaware. Each memlkr 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 him$elf or herself aware of the relevant audit information and to establish that the Company's auditor is aware of that information. AUTHORISA TION This Annual Report. prepared under the Charities Act 2011 and the Companies Act 2006. was approved by the Governing Body of Cranleigh School on 25th November 2023, including in their capacity as company directors approving the Directors, and Strategic Reports contained therein, and Is signed as authorised on its behalf by the Chairman of the Goveming Body. Monica Fisher (Deputy Chair of Governing Body) 16

Independent Auditorfs Report to the Members of Cranleigh School Oplnion We have audited the flnancial statements of Cranleigh School I'the chaTilable company'} and ils subsidiarie5 {'the group'l for the year ended 31 July 2023 which comprise Statement of Financial Activities, Consolidated and Company only Balan￿ Sheets, Consolidated Statement of Cashflows and notes to the financial stalemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland IUni(ed Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale of the group's and the charitable company's affairs as at 31 July 2023 and of the group's income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted A¢¢ounling Practice., and have been prepared in accordan(x with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUK} IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report. Vve are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the tru$lee's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's or the group's ability to continue as a going concern for a period of at least Imelve months from when the financial statements are authorised for issue. Our responsibilitr'es and the responsibilities of the trustees wlh respect to going concern are described in the relevant sections of this repott Other Informatlon The Iruslees are responsible for the other infomation contained within the annual report. The other infomiation comprises the information included in the annual report, other than the financial statements and our auditorfs report Ihereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assuran￿ conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenMise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misststement in the financial slalements themselves. If, based on the work we have performed. we conclude that there is a material rnisststemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. 17

Oplnions 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, repor( which includes the directors, report and the strategic report prepared for the purposes of cornpany law. for the financial year for which the financial statements are prepared is consistent with the financial statements.. and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we ale required to report by exceptSon In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors. report included within the Iruslees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept.. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made.. or we have rtot received all the information and explanations we require for our audit Responsibilities of trustees As explained more fully in the trustees, responsibilrties statement. set out on page 16, the trustees (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 trustees determinè is necessary to enable the preparation of financial ststements that are free from material misstatement, whether due lo fraud or error. In preparlng the financial statements, the tru8tees 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 trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but lo do so. AudltoVs responsibilities for the audlt of the flnanclal statements Our objeGb"ves are to obtain reasonable assurance about whether the financial statements as a whole aTe free from material misstatement. whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but 18 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl 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 lo influence the economic decisions of users taken on the basis of these financial ststemenls. Details of the extent to which the audit was considered capable of detecting irregularllies, including fraud and non-compliance with laws and regulations are sel out below. A further description of our responsibilits'es for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres nsibilities. This description foms part of our auditor's report. 18

Extent to which the audlt was ¢onsiderod capable of detectlng Irregularities, including fraud Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularits'es, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate lo provide 8 basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within whKh the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the delerminalion of material amount5 and disclosures in the financial stalemenls. The laws and regulations we considered in this context were the Companies Act 2006. tsxalion legislation, Icgether with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with whieh might be fundamental to the charitable eompany's and the group's ability to operate or to avoid a material penalty. We also considered the opportunf(ies 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 Ilndependenl School Slandardsl Regulations 2014. General Data Protection Regulation IGDPR}, Health and safety legislation and Employment legislation Vve also considered compliance wrth local legislation for the group's overseas operating segments. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial slalements from irregularities, including fraud, lo be within the timing of recognition of voluntary income, the liming of recognition of other trading aclivilies, and the override of controls by management. Our audit procedures lo respond lo these risks ineluded enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, analytical procedures and sample tesb'ng of income, reviewing accounting estimates for biases. reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing stsndards. For example, the further removed non-compli8n¢e with laws and regulations {irregularitiesl is from the events and transactions reflected in the financial stslements. the less likely the inherently limited procedures required by auditing standards would identify it. In addition. as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with 811 laws and regulations. Use of our report This report is made solely lo the charitable company's membeTS, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Nicola May Senior SlatutOTy Auditor For and on behalf of Crowe U.K. LLP Slatulory Auditor London Date 7th December 2023 19

CRANLEIGH SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {Incorporating an In¢omo and Exp&nditur8 Account) FOR THE YEAR ENDED 31 JULY 2023 Trddlng School Subsidiaries Unrestricted Unrestricted Restricted Funds Funds Funds 2023 2023 2023 £'ooo £'ooo £'ooo Group 2023 £'ooo Group 2022 £'o Note INCOME FROM: Charitable activitias School fees Othei in¢ome Other trading activities Facili15es and trading income Other incoming reSoUr￿S Share of surplus from Joint Venluro Investments Investment income Bank and other interest Voluntary Sources Donations and legacies Fundraising events 30.947 1,199 30,947 1,199 29.243 902 1,909 1,912 116 361 616 124 632 116 361 90 130 106 85 106 282 380 25 321 270 Total in¢oming resources 32,509 2.270 397 35.176 32.193 EXPENDITURE ON: Ralslng funds Trading Costs Share of loss from Joint Venture Other income%enerating activities Financing costs Inve51menl management Fundraising & development Totsl deductible costs 606 606 479 12 598 604 558 28 148 1,213 622 812 1,237 Charitablè actI￿tE•S Education and grant making 30,711 90 30.801 28.948 Total expenditura 31,333 612 93 31038 30,161 NET INCOMING FUNDS FROM OPERATIONS BEFORE TRANSFERS AND INVESTMENT GAINS 1,176 1,658 304 3,138 2,032 Gainsl{losses} on inv•stm•nts 12 1S 64 580 NET INCOME I (EXPENDITURE} 1.191 1.658 240 3.089 1,452 Transfers Other recognised gains I Ilossesl: Pension scheme actuarial gainlllossl 1,633 (1.6331 4SO 450 44 NET MOVEMENT SN FUNDS FOR THE YEAR 2.374 25 240 2.639 1.496 FUNDS BIFWD 1 AUGUST 2022 46.470 571 3,351 $0,392 48,896 FUNDS CIFWD 31 JULY 2023 48.844 596 3.591 53.031 50,392 The notes on pages 24 to 40 fom part of these aceounls

CRANLEIGH SCHOOL BALANCE SHEETS AS AT 31 JULY 2023 School 2023 £'ooo School 2022 £'ooo Group 2023 £'ooo Group 2022 £000 Note FIXED ASSETS Tangible assets Investments 56.631 4,159 57,139 4.128 58,664 8,790 57.149 8,463 12 60,790 61,￿7 65.454 65,612 CURRENT ASSETS stocks Debtors- due within one year due after one year Cash and bank balances 52 2,105 17 8,477 8,651 48 1,242 57 3,610 4.957 21S 822 17 7,428 8,482 216 517 57 3,857 4,647 13 CURRENT LIABILITIES Creditors p8y8ble within one year 14 8.948 {8.948} 18,0561 18,0561 9,2561 19,2561 8,169 18,1691 NET CURRENT ASSETS I ILIABILITIESI 1297 3.0991 774 3.5221 TOTAL ASSETS LESS CURRENT LIA81LITIES 60.493 58,168 64,680 62,090 LONG-TERM LIABILITIES Creditors payabla after one year {11,6491 111,698) {11,6491 111,6981 TOTAL NET ASSETS EXCLUDING PENSION UABILIT 48,844 46,470 $3,031 50,392 Pension scheme funding 20 TOTAL NET ASSETS 48,844 46,470 S3,031 50.392 FUNDS Foundats"on restricted funds 3,591 3,351 TradSng subsidlaries 100 100 School unrestricted funds 48.844 46.470 49,340 46,941 Ponsion resgrve 20 TOTAL FUNDS 18 48,844 46.470 53,031 50,392 The nel movement in funds for the flnan¢ial year dealt with in the financial ststements of the parent company was £2,639k 12022 .' £1,498kl Approved and authoris6d for issue by the Governors on 25 November 2023 and signed on their behalf by Monica Fl$her (Deputy Chair of Goveming Body) The notes on pages 24 to 40 fom part ofthese accounts Company No.3595824 21

CRANLEIGH SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023 2023 £'ooo 2022 £'ooo Net cash inflow from operations Nel cash provided by I (used inl operating activities la} 5,243 3,906 Cash flows frorn invosting activities Payments for tangible fixed assets Proceeds on sale of tangible fixed assets Purchase of investments Withdrawals from investments Investment income and bank interest received 11,2381 15851 1401 24 (1,6781 28 39 Net cash (used Inl I provlded by investing activities {1,2141 12,1961 Cash flows from financing activities Finance costs paid Advance fees". 15301 2,070 (5861 784 31 (1,6811 5,669 New contraels Accrued lo contracts Appropriations (1,6141 428 Loan Faality Net cash provided by financlng activltles {4581 (7,1211 3,571 428 15,4111 5,669 Debt repayment {nell Change in cash and cash equivalents in the reporting period 3,999 258 Cash and cash equivalents at the beginning of the reporting peril) {8,133} {8.3911 Cash and cash equivalents at the end of the reporting period {bl 4,134 8,133 The notes on pages 24 10 40 form part of these financial slalements 22

CRANLEIGH SCHOOL NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023 lal Reconciliation of net ineome to nel cash flow from operating activities 2023 £'ooo 2022 £'ooo Net incoming resources Eliminatr'on of non-operating cash flows.. Investment income Finance costs paid Pension gains less contributions paid Depreciation Profit from disposal of asset5 Decreaselllncreasel in stock {IncreasellDecrease in debtors IncreasellDecreasel in creditors 3.138 2,032 {40} 530 1391 586 1,723 1,745 1141 1931 311 {2651 152 2,105 1,874 5,243 3,906 Ib) Analysis of cash and cash equivalents 1 August 2022 £, 000 1 August 2023 £. 000 Cash al bank and in hand less overdraft Loan facility- Handelsbanken 3,857 11.990 3,571 428 7.428 11.5621 18,1331 3,999 4,134)

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES The School is a Public Benefit Entity registered as a cha¥ity in England and Wales and a company limited by guarantee. It was incorporated on 9 July 1998 (Company No. 35958241 and registered as a charity (Charity No. 10708561. The financial statements have been prepared in accordan￿ 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 1021 (effective 1 January 20151, the Financial ReFX)rting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. The functr'onal 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 eost basis of accounting. as modified by the revaluation of investment properties and other inveslmenls. Having reviewed the funding facilities available lo the School together 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￿S 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 financial statements as outlined in the Statement of Accounting and Reporting ResFonsibililies on page 16. The accounts present the consolidated statement of financial activf(ies {SOFAI, 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. 82245461. Cranleigh Education SerwTrs Limited also has a 500h share in CR Education Ltd a United Arab Emirate Joint Venture. 70QA of the Joint Venture profits are included in the Group accounts. No separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Companies Act 2006. The net incoming ￿sourCeS of the Charity are disclosed on page 28. The charity has tsken advantage of the exemptions in FRS 102 from the requirements to present a charity onSy Cash Flow Statement and certain disclosures about the charitls financial instruments. The charity has taken advantage of exemption 408 of the Companies Act and as such a separate parent income statement has not been prepared. Critical accountlng Judgements and key source5 of estimation uncertainty In the application of the accounting F)olictes, Trustees are required lo make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The eslimales and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. or in the period of the revision and future periods if the ievision affected current and future periods. The Schoo5 has recognised its liability in relation to the Cranleigh School Pension Scheme which involves a number of eslimalions as detailed in Note 20. 24

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES l¢ontinued) The following accounting policies have been applied con5iStenlly in dealing with items which are considered material in relation lo the School's financial statements. 1.1 Fees and similar earned Incomè Fees receivable and ¢harges for services and use of the premlses, less any allowances, scholarships, bursaries granted by the School against those fees. bul including contributions received from ffslricled 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 securities is accounted for on an accruaSs basis. Income from investment Ptoperties is accounted for in the perK)d to which the rental income relates. Rental income (including incentives received or paid) for operating leases on investment propety are recognised in profit or loss on a straight line basis over the lease term. 1.3 Donations, legaciesi grants and othervoluntary incoming rgsources Voluntary incoming resources are accounted for as and when enlillement arises, the amount can be reliably quantified and the economic benefit lo the School is considered probable. Voluntary income for the School's general purposes is accounted for as unrestricted and is credited to the General Reserve, Where the donor or an appeal has imposed trust law restrictions. voluntary income is credited lo the relevant reslricled fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according lo whether the donor intends retention is lo be pemianent or not. Gifts in kind are valued al estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value lo the School in the case of donated services or facilities. 1.4 Advance Fee &hgme Interest is paid by the Charity on the advance. in which Case the transaction is in Substan￿ a loan and is classed as a basic financial instrument. The financing cost is the interest paid and this must be treated 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) 1.5 Expenditure Expenditure is accrued as soon as a liability is considered probable. discounted lo present value for longer-term liabilities. Expenditure attributable lo more than one cost category in the SOFA is apportioned to them on the basis of the eslimaled amount attributable to each activity in the year, either by reference to staff lime or the use made of the undertying 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 wth the item of expenditure lo which It relates. Grants awarded are expensed as soon as they become legal or operational commitments. Governance costs comprise the costs of complying with constitutional and slatulory requirements. Intra-group sales and charges be￿en the Schcx)l and its subsidiaries are exduded from trading income and expenditure 25

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONnNUEDI FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES (continued) 1.6 Tanglble flxed assets Expenditure on the acquisition, constiuclion or enhancement of land and buildings costing more than £5,000 together with vehicles, furniture. machinery, ICT infrastructure and other equipment costing more than £5,000 are capilalised and carried in the balan￿ sheet al historical cost. In certain circumstances, where the original costs of assets are not ascertainable, a reasonable estimate of the cost. if material. has been used. Other expenditure on equipment incurred in the normal day-lo-day running of the School and it5 subsidiaries is Charged to the Statement of Financial Acts"vities as incurred. 1.7 Depreclatlon Depreciation is provided to wri(e off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annual instalmenls over their expected useful economic lives as follows.. School buildings, including major extensions Staff housing Furniture, machinery and equipment Motor vehicles 15-50 years 50 years 3-30 years 5 years 4 years 1.8 Investments Investment properties are valued as individual investments at their market values as al the balan￿ sheet date. Rental income is recognised in the period to which it relates. Purchases and sales of investment properb.es are recognised on exchange ol contracts. Listed investments are valued at market value as al the balance sheet dale. Unrealised gains and losses arising on the rgvaluation of investments are credited or charged to the Slalemenl of Financial Activities and are allocated lo the appropriate Fund according to the 'ownership" of the underlying assets. Investments in subsidiaries are valued at cost less provision for imp8irment. 1.9 Stock Stock represents goods for resale and is valued at the loweT of cost and net realisable value. 1.10 Fund accounting The charitable trust funds of the School and its subsidiaries are accounted for as unrestricted or restricted income, in accordan￿ wth the terms of trust imposed by the donors or any appeal lo which they may have responded. Unrestricted income belongs to the School's corwrate reseNes, spendable at the discretion of the Govemors either to further the School's Objects or to benefit the School itself. Where the Governors decide to sel aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer lo the appropriate designated fund. Restricted income comprises gifts. legacies and grants where there is no capital retention obligation or power but only a trust law restriction lo some specific purpose intended by the donor. 26

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES (continued) 1.11 P8nsion costs Retirement benefits to employees of the School are provided through three pension schemes. defined benefit and one defined contribution. The pension costs charged in the Slalemenl of Financial Activities are determined as follows.. lal The Teachers, Pension Scheme - This scheme is a mulli*mployer pension scheme. It is not possible to idents'fy the School's share of the underlying assets and liabilities of the Teachers, Pension Scheme on consistent and reasonable 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 Government Actuary. are charged in the period in which the salaries to which they relate are payable. Ibl The Cranleigh School Pension Scherne - This is an occupational defined benefff( scheme. The defined benefit pension scheme current service costs are charged to the Statement of Financial Activities within staff costs. The expected retum 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 gains and losses. The delined benefit scheme assets are measured al fair value at the balance sheet dale. Scheme liabilities are measured on an actuarial basis al the balance sheet dale using the PToiecled unil method and discounted at a rale equivalent to the current rale of return on a high quality corporate bond of equivalent term to the scheme liabilities. The resulting def1ned benefit liabilty is presented separately after other nel assets on the face of the balance sheet If the SGhool cannot recover any pension scheme asset, it is not recognised in accordance with FRS 102. Icl 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 Operating leases Rentals under operating leases are charged on a straight-line basi5 over the lease term. even if the payments are not made on such a basis. Benefi15 received and receivable as an incentive to sign an operating lease are similarly spread on a slraight4ine basis over the lease term. 1.13 Financial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held al fair value. Financial assets held at amortised cost comprise cash at bank and in hand. together with trade and other debtors. A speciflc provision is made for debts for which recoverability is in doubt. 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 at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated lo GBP at the balan￿ sheet dale al an appropriate year end exchange rate. 27

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 2. CHARITABLE ACTIVITIES - FEES 2023 £'ooo 2022 £'ooo Fees recoivable conslst of: Gross fees Less.. Total bursaries. grants and allowances Add back.. Bursaries paid for by donations to the Fee Relief Fund 35,539 4,5921 33,351 (4,1081 The above educational awards were made lo 357 pupils12022 .' 3491. 30.947 29.243 3. SUBSIDIARY COMPANIES Cranleigh Enterprises Limited, is a company in which the School owns all 100 £1 share5. and the aggregate amount of assets, liabilities and funds is £36.5k. The trading activities of Cranleigh Enterprises Limited comprise a retail operation (supplying school clothing, sportswear and 5POrt5 equipment, lor pupils. teachers and employee5 of Cranleigh School), and the lettings of School facilities. The turnover was £899.4k and the nel profit £444.Ok with £449.5k of net funds. The net profit oarngd by this ¢ompany 1$ donated annually lo Cranleigh School under Gift Aid. The value of goods and services supplied to the School by the company in the year was £74.4k 12022 .' £51.7kl and the value of services supplied to the company by the School in the year wa5 £Ok 12022 .' £Nill. The Gkft Aid donation for the year of £413k12022 £112kl has been shown on the Statement of Financial Activrties a5 a tsan5fer lo the School. Granleigh Education setvi￿s Limited is a company in which the School owns all 100 £1 shares and the aggregate amount of assets. liabilities and funds is £208.9k. The trading activities of Cranleigh Education Service5 Limited is to facilitate the establishment of overseas schools and then monitor the running of overseas schools once open. The lumover was £1,357.2k and the nel profil £1,207.4k. There were no servtces supplied to the School by the Company in the year and £22.6k services supplied lo the Company by the School in the year. The Gift Aid donation for the year of £1.220k {2022 . £1.384kl has been shown on the Ststement of Financial Activities as a transfer to the School. Both trading companies are now consolidated within the group financial statements as detailed in the Statement of Accountsng Policles. Cranleigh School is also the sole member of Cranleigh Foundation, a company limited by guarantee established to promote and advance any charflable purpose directly connected wilh Cranleigh School. The financial results of Cran5eigh Foundation are included as the Foundation restricted funds within these consolidated accounts 2023 £'ooo 2022 £'ooo 4. CHARITABLE ACTIVITIES - OTHER INCOME Educational visi15 Activities Other 529 224 318 127 339 191 290 72 10 Rental income Registration fees Other 1,199 902 S. OTHER TRADING ACTIVITIES 2022 £'ooo 2022 £'ooo Facilities and trading income Cfanleigh School Cranleigh Enterprises Ltd Cranleigh Education Services Ltd 899 1,010 1,912 129 616 Other incoming resources Surplus on asset sales Foundation Irecoveriesl Other 112 124 116 124 Share of surplus from JV C R Educatton Lld15ee note 12} 28 361 632

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THEYEAR ENDED 31 JULY 2023 2023 £'ooo 2022 £.￿0 6. INVESTMENTS Invèstment Income 130 85 Bank and othèr int8r¢¥t Bank interest 106 7. VOLUNTARY SOURCES 2023 £000 2022 £'(M)O Donations and 18gacies Donations lo Cranleigh School Donations lo Cranleigh Foundation 98 282 68 253 380 321 During the yeaT Cranleigh Foundation h85 awarded grants to Cranleigh School l01811ing £Ok 12022." £Okl lo support buisaiies and various capital projects being carried out by the School. all ol which were cornpleted in the y88r. Cranleigh Education Sètvices donated £Ok12022.' £659kl to the School during the year. 2023 £'ooo 25 2022 £'ooo 270 Fundraising events Cranleigh Foundation Ltd 8. ANALYSIS OF EXPENOITURE Total 2023 eooo Total 2022 £'ooo Staff Costs £'ooo Other £'ooo Depreckqlion £'ooo al Total expenditure Costs of generating funds Trading Costs Cost of other actwities Flnancing costs Invsslment Fundraising 81 513 12 606 479 604 24 604 24 558 28 Total costs of generating funds Chaiitable expenditure Education and grant making Teaching costs Welfare Premises Support costs arKI govemance Grants and awards 81 1,144 12 1,237 1,213 14,103 2,889 1,082 781 3,016 1.734 3.488 1,906 90 17,218 4,642 8,069 2,782 90 16,031 4,535 5,554 2,779 49 19 1.499 95 Total Charitable expenditur• 18,855 10,234 1,712 30.801 28,948 Total exp•nd•d 18,936 11,378 1,724 32,038 30,161 2023 £'ooo 2022 £'ooo bl Grants and awards From Restricted FLEnds: From Unrestrfieted Funds.. Bursaries Bursaiies 49 90 49 cl Gov•man¢e Included In support ¢Q8t$ 2023 £'ooo 2022 £'ooo Remuneration paid to auditor for aud(I services.. School Subsidiaiies Reimbursement ol personal expenses lo Govemors- travel Gosts Other governance costs 29 12 27 188 135 229 171 Travel expenses were reclalmed by two members12022.' 11 of the Governing Body. In addition to the above audit rèmuneration the auditor re¢dv¢d fe&3 lor taxation compliance servbces totallThig E5.Ok 12022.. £4.8kl and tsx advice £0.75k12022." £0.4kl 29

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 2023 £'ooo 2022 £'ooo 9. FINANCING AND OTHER COSTS Bank interest and charges Advanced fees discounts 560 527 31 604 558 10. STAFF COSTS AND RELATED PARTY TRANSACTIONS 2023 rooo 2022 £'ooo The aggregate payroll costs for the year were as follows Wages and salaries Soclal se¢urty costs Pension costs 15,253 1,542 2.139 14.345 2,529 18,934 18.338 No Governor received remuneration in 2023 12022.. £Nill from Cranleigh Education Services Ltd. The grantlng of benefit to any Governor is consistent wth the School's polic165 fgr beNefits ani5 no Governor receives any remuneration or benefit that would not be available to a parent. Aggregate employee-benefits of 20 {2022'.181 key management personnel 2,319 2,035 Thè number of hlgher paid employees in bands of.. £ 60.(KI1- £ 70.000 £ 70,(K>1- £ 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 £ 170,001 - £180.(x)o £ 180,001 - £190.000 £ 190.001- £200,000 29 10 23 49 37 The number with retiremant b8nèfitS accruing in Defined Contribution schernes was 47 of which the contributions amounted to £759,000 £571,000 The average numbe¥ of the School's employees durlng the year calculatad on 8 full time equivaknt basis was 348 12022.. 3421. The average headcounl for the year was 421 {2022 .' 4121 2023 £'ooo 2022 £'ooo Teaching Welfare Premises Support Other activilitrs q69 78 33 1S 53 78 33 18 49 348 342 During the year no lerminatK)n payments were made12022.' 11. There were none outstanding al the year end. 30

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICOtrThINUEDI FOR THE YEAR ENDED 31 JULY 2023 11. TANGIBLE FIXED ASSETS Freehold Land & Buildings £'cKJo Assets Undèr Construction £'o Motor Vehicles £'ooo Fittings & Equipment IT Hardware £'ooo £'ooo School and Group Total £'ooo Cost lor frozen valuatlonl At 1 August 2022 Additions Transfers Disposals At 31 JU￿ 2023 Dopreclatlon At 1 Augu512022 Charge for year Disposals At 31 Juty 2023 Net book values At 31 Juty 2023 54.063 1,548 At 31 Juty 2022 54,912 1,095 The School's fixed assets total £56,631 k and Cranleigh Enterprises £33k. All tangible fixed assets are held for use on charitable activies. The freehold land and buildings, excluding separate bulldings. comprising Cranleigh School and Cran18igh Preparatory School were revalued in 1999. Buildings weie not pieviously depreciated. but with effèct from l August 2005, depreciation s calculated over 50 years for all School buildings. When building projects are still in piogress at the yèar end, depreciation 15 not calculated untll the financial year in wh￿h the asset is brought into lull use. Land is not depreciated. School School Group Group 2023 2022 2023 2022 £'ooo £,￿0 £'ooo £'ooo 72,427 1.095 1,057 16041 232 53 4,128 128 2,226 80.108 1.238 1301 2S5 3821 1528 80,818 73,031 1,S48 4,140 17,515 1,453 221 16 1301 207 3.179 166 11161 3,229 2,044 88 382 1,750 22,959 1,723 528 24154 18,968 48 911 94 182 56,664 57,149 11 SECURITIES INVESTME￿8 Group investmerEts Balance at 1 August 2022 New money invested from realised gains New money invested Reinvested Income Investment management fees IncreasellDÈue85el in value of investments Group Investrnents at 31 July 2023 Balance at 1 August 2022 Investment in Subsidiary Subsidi8ry investment in Joint Venture 3,930 4,494 7.218 6,156 1,630 39 1281 580 7,217 614 40 1241 15 3,961 198 39 1281 575 3,930 241 7,185 1,246 359 1,605 8,790 632 1.246 8,463 q98 4,159 198 4,128 School inve¥tments at 31 July 2023 Investments comprls•'. Listed investments- Equities Cash Group Investments Investment in Sub5Kliary Subsidiary investment in Joint Venture 3.946 Is 3,961 198 3,928 7,170 15 7,185 7,215 3,930 198 7.217 1,605 1,24e 198 198 1,605 1,246 4,189 4,128 8,790 8,463 In additw)n to the above investrnents. cash balances within the Fee$ in Advan￿ Scheme are incluiJed in current assets as cash deposits. The main Securities investments are managed for the Sthool by Brewin Dolphin Ltd. All Inve51rllents are managed and held in the UK. Original cost of investments held al 31 July 2023 15 £2.079m12022 .' £2.079ml The School has invested £198,001 in Cr8nSeigh Education SeNices Ltd purchasing 811100 Shares. Cranleigh EduGat*on Servtces Ltd also has a 50DA share in CR Education Ltd a Unlted Arab Emirate Joint Venture in relation to the con51tuclion, operation and management of a school in Abu Dhabi. CTanleigh Education SeTvices Ltd hold5 So sh8ies with a nominal value of Dirhams 1000 each. With the school having opened in September 2014. Cranleigh Educatfon Services Ltd now incorporates 70% of the Joint Venture profit to the 31 July. The SLJbsidiary's share of turnover for the year ended 31 July 2023 was £938k 12022.. £782kl wrth a net profft of £453k12022.. £508kl and the aggregate share ol a55ets, li8bilities and funds of the Joint Venturo is £1,599k12022.' £1,238kl. School Investmènts 31

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 School 2023 £'ooo School 2022 £'ooo Group 2023 £'ooo Group 2022 £'ooo 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 86 374 57 287 79 37 416 374 40 287 79 1.633 2,122 837 1,299 839 574 All debtors are due wlhin one year, except lor £17k12022.. £58kl of staff loans. which are due after more than one year. The above fees are net of bad debt provision £198k (2022.- £203kl. School 2023 £'ooo School 2022 £'ooo Group 2023 £'ooo Group 2022 £'ooo 14. CREDITORS: amounts falling due within one year Bank loans (see Note 17) Fees received in advance Final term deposits Taxation, social security and pension contributions Amounts due lo Cranleigh Enterprises Ltd Overdraft Other creditors and accruals 1.438 552 2,318 772 26 1.297 366 2,105 769 1,438 552 2.318 772 1.297 366 2,105 769 2.849 7,953 995 8,948 2.504 7,041 1,015 8,056 3,183 8,261 995 9,256 2,617 7,154 1,015 8.169 Advance fees (see Note 161 School 2023 £'ooo School 2022 £'ooo Group 2023 £'ooo Group 2022 £'ooo 15. CREDITORS '. amounts falling due after one year Bank loans (see Note 171 Advance fees (see Note 161 10,124 1.525 11,649 10,893 1,005 11,698 10,124 1.525 11,649 10,693 1,005 11,698 32

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THEYEAR ENDED 31 JULY 2023 16. ADVANCE FEE PAYMENTS Parents may anter into a contract lo pay to the School up lo th8 equiv8bnt of ten years, tuition fees in advance. The amounts rerrived are treated as deferred incorne and form part of the School's wotking capital. Fees are taken to income for each term as the relevant pupils prog￿$$ through the School. A{jvan￿ payments May be returned subje¢t to specific conditions on the rece4Pt of one term's notice. 2023 £'ooo $5 1,470 995 2022 £'ooo Assuming pupils will remain in the School, advane8 faas will bè app1pd as follows '. After 5 years Within 2 to 5 years Within 1 year INote 141 1,005 1.015 2.520 2,020 The balance represents the accru6d1iability under the ¢ontracls. and the movements during tha year were.. £'cK)o £'ooo 2.020 2,070 Balance at 1 August 2022 New contracts Amounts accrued to contracts 4,134 Amounts utilised In payment of fees.. To the School To othei sehool$ Refunds 11.5801 1341 1.614 Balance at 31 July 2023 2.520 17. LOAN FINANCE Credit facilities with Hande1sbanken are currently in place. on which Inte￿$t rs payable at norrn81 commercial rates. The loan facilities are 58cured by separate First Legal Mortgages executed by the School over ￿rtain freehold properlies owned by the School. The structure is shown in the following table. rooo 2,302 1,000 869 5.28Q/4 Fixed rale amOrt￿Ing credit faolity expiring 30 March 2024 Bank of England base rate + 2.10% revolving ¢￿dit facility expiring 28 March 2025. £3rn available, £2m utilised 3.07% Fixed rate arnortizing ¢redil facility expiring 29 March 2024 4.22Uh Fixed rate amortizing credit facility expiring 26 July 2027 11.562 The facilities a￿ repaid by quarterly installrnents with the exception ol the revolwing credit which is repayable on maturity. All facilities mature as follows.. 2023 £'ooo 8,308 1,818 1,438 2022 £'ooo 9,367 1,326 1.297 After 5 years Within 2 to 5 years wrthin 1 year 11,S62 11,990 In addition there ts a revolving current accounl overdraft facility from Handelsbanken of £3m expiring on 30 September 2024. 33

CRANLEIGH SCHOOL NOTES TO ThE FINANCNL STATEMENTS IcowfiNUEDI FOR THE YEAR ENDED 31 JULY 2023 18. STATEMENT OF FUNDS Balance 1 August 2022 £'ooo Gainsl Ilossesl £'ooo Balancè Transfers 31 July 2023 £'ooo £'ooo Income £'ooo Expenditure £'ODO Foundation 3,351 397 1931 1641 3,591 Totsl reslricted hnds 3,351 397 1931 1641 3,591 Tol81 unreslricled funds 47,041 34.779 131.9451 14351 49,440 Total fvnds 50,392 35,176 132,0381 14991 53.031 The funds of the Foundation are considered to be restricted given the aims and objects are nairower than the Schotsl and as such are accounted lor as 8 restricted fvnd in the Group. 19. COMPARATIVE STATEMENT OF FUNDS alan Gainsl Ilossesl £'ooo Balance Transfers 31 July 2022 £'ooo £'ooo 1 August 2021 £'ooo Income £'ooo Expenditure £'ooo Foundation 1.984 569 1197) {51 1,￿0 3,351 Total restricted funds 1,984 569 11971 151 1,(M)O 3.351 Total unre5tiict8d funds 46,912 31,624 (29,9641 15311 11.0001 47,041 Total fund$ 48,896 32,193 130,1611 15361 50,392 Fo11owng a renegotiation of the School's international agreement with its partner in Abu Dhabi in 2020.21, the Schotsl donated £1m to the Foundation in 2021-22 frorn the funds received. 20. PENSION SCHEMES Retirement benefits lo employees of the School are provided through two defined benèfit sthemes 8nd one defined conlribution scheme, which are funded by the School's and employees, contributions. Defined benefit schemes Teachers. Pension Scheme The School participates in the Tead)ers' Pension Scheme {'the TPS'I for it5 teaching staff. The pension charge for the year indudes contributions payable to the TPS of £1,932k12022'. £1.849kl and at the year-end £221 k 12022.. £217kl W8$ accrued in Tespect ol contributions lo this scheme. Thè TPS is an unfunded rnu5t1-empl0y￿ defined benefts pension stheme governed by The Teachers. Pension5 Regulations 2010 las améndéd) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a °pay as you go. basis with contributions from members and the employer bèing Credited to the Exchequef. Retirement and other pension benèfits arè pad by public funds provided by Parfiarnenl. The employer contribution ral& 18 sel by the Secretary of Slate following scheme valuations undertaken by the Goveinrnenl Acluary's Department. The most recent actuarial valuation of thè TPS was prèpared as 8t 31 March 2020 and the Valuation Report. which was published in October 2023. 34

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 20. PENSION SCHEMES {continuedl Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 10 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits. and in preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The valuation confirmed that the employer contribution rale for the TPS would increase from 23.6tsk to 28.69kn from 1 April 2024. Employers are also required to pay a scheme adminislralion levy of 0.08'/v giving a total employer contribution rate of 28.68,￿. Cranleigh School Pension Scheme The School operates a defined benefit scheme for non-teaching staff, the Cranleigh School Pension Scheme. The scheme was closed lo new members with effect from 1 January 2013. though il remains open lo existing members. As of 1 January 2013. the School established a generous defined contribution scheme for new employees Isee page 361. Contributions are made lo the scheme in accordance with the recommendations of the scheme's actuary and are charged to the Statements of Financial Activities. Following the signing of the latest valuation in June 2022 the School's contribution remained al 22.5°h. In addition the School paid contributions tolalling £89,400 in respect of the past service deficit. At 31 July 2023 £0 was accrued in respect of pension contributions lo this scheme {2022.' £01. Following the latest full Actuarial Valuation at 6 April 2021, 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 2021 until 6 May 2027. Cranleigh School will make lump sum contributions of £7,450 per ealendar month to fund the past service deficit. The School has provided £119k to cover the potential cost of meeting the possible commitment lo pay additional guaonteed minimum pension IGMPI equalisation costs following the October 2018 ruling by the High Court in the Lloyds Bank case The fair value of the scheme assets exceeded the present value of future obligations at 31 July 2023 by £1,267,000. However, as the School will not recover this surplus through reduced contributions or refund, the asset has not been recognised in these financial statements in a¢cordance with FRS102. 35

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 JULY 2023 20. PENSION SCHEMES (continued 2023 £'ooo 2022 £'ooo {al The amounts recognised in the balance sheet are as follows: Present value of funded obligations Fair value of plan assets {15,993} 17,260 119,6161 21.297 le55 asset not reco9nised 11,2671 {1.6811 Deficit amount shown in the balance sheet 2023 £'ooo 2022 £'ooo Ibl Changes in the present value of the defined benefit obligation Opening defined benefit obligation Service cost Interest cost Actuarial lossllgainl Benefits paid 19,616 322 685 4,0081 622 26.861 559 443 16,6131 1,634 Defined benefit obligation at year end 1 S,993 19,616 2023 £'ooo 2022 £'ooo Icl Changes in the fairvalue ofthe Scheme assets Opening fair value of the scheme assets Interest on assetslExpected return Aclu8rial gainlllossl Employerfs contributions Employees, contributions Benefits paid 21,297 753 14,6391 380 91 622 27,094 451 (5,121} 408 99 1,634 Closing defined benefit obligation 17,260 21,297 2023 £'ooo 2022 £'ooo {dl Amounts included within the Statement of Financial Activities Current service cost Past service cost IGMP equalisalionl Expected return on scheme assets Interest on pension liabilities 1,267 1.681 753 (688 451 1443 Total amount charged to the Statement of Flnanclal Activities 1.335 1,689 Net Actuarial gainslllossesl 631 1.492 less asset not recognised 181 1,448) Net Actuarial gainsl{lossesl reccxJnised in the year 14501 44 Net Cumulative actuarial gainsl{k)sses) The School expects to contribute £386k to the scheme in 2023124 36

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 20. PENSION SCHEMES Icontinuedl 2023 £'ooo 2022 £'ooo (el Reconciliation of movements In Present Value of Plan . Liabilities and Assets Net liability at the beginning of the year Movements in the year.. Employer's current service cost Employer's past service c051 Employer's contribution Net interest on the Defined Benefit Ass8VLiability Aetuarial gains less scheme asset not recognised 12311 14601 380 1681 314 408 181 60 Net liability al end of the year 12331 In The categorles of scheme assets as a percentsge of total assets 2023 2022 Equities Bonds Annuf(ies Cash 38 58 36 60 Ig} Princlpal assumptions at the balance sheet date (expressed in percentagas as welghted averag8sl Discount rate Expected return on plan assets Rate of increase in salaries Rate of increase in pensions in payment RPI cpi Assumes life expectations in years on retirements age 65 Retiring today - males Retiring today - females Retiring in 20 years - males Retiring in 20 years - females 5.25 5.75 3.00 3.65 3.20 2.30 3.55 4.05 3.00 3.65 3.25 2.40 21.1 23.5 22.4 25.0 21.6 24.0 22.9 25.5 Ihl The amounts for tho Current and previous periods ara . 2023 £'ooo 2022 £'ooa 2021 £'ooo 2020 £'ooo 2019 £'ooo Defined benefit obligation Scheme assets Deficit Experience adjustments on liabilities Experience adjustments on assets {15,9931 119.6161 (26,8611 {27,1361 123,9481 17.260 21,297 27.094 24,926 23,423 12,2101 15251 491 {1,1911 1,194 1.869 15,2701 13,6291 {4,6391 15,1211 4,381 1,900 Defined contribytion ￿heme The Cranleigh School Group Personal Pension Plan started in January 2013. This is a money purchase group peTsonal pension scheme managed by Aviva. Basic contributions are 4V. for the employee and 8QA for the employer. The employer's contributions are charged in the Statement of Financial Activities in the per¢od in which the salaries to which they relate are due. The employerfs eontributions in the year amounted to £309,644 (2022.. £278.1301. AI 31 July 2023 £0 was accrued in respect of pension eontributions lo this scheme12022 . £01. 37

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 21. FINANCIAL INSTRUMENTS The charity has financial assets and financial liabllilies of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortlsed cost using the effective interest method. Financial assets held at amortised cost comprise cash and bank and in t)and, together with trade and other debtors. Financial liabilities held at amorb'sed cost comprise bank loans and overdrafts, trade and other creditors. At the balance Sheet dale the charity held financ(al assets al amortised cost of £8,268k {2022-. £4,432kl. Financial assets at fair value through income or expenditure of £Ok 12022.. £Ok} and Financial liabilities at amorti$ed cost of £20,905k12022.. £19.868kl 22. RELATED PARTY TRANSACTIONS The Headmaster of Cranleigh School is also the Trustee of 1170. This charity has used the facllilies of Cranleigh School for fundraisin9 meetings. There was no charge for these services and there were no amounts owed to the School at 31 July 202312022.. Nil) The School rents a residential propety from the Chairman of Governors (Mr A J Lajthal for the hoLbsing of school staff. The school pay5 rent of £1,700 per month under an Assured Shorthold Tenancy agreement. There were no amounts outstanding or owed to the School at 31 July 202312022.. Nil) There have been no other related party transactions that require disclosure other than transactions with olheT group entities. as sel out below.. In 2023 the Charity charged Granleigh Enterprises Limited minibu5 running costs lotalling £44,280 12022.. £41.4001. This is calculated as a fee per temi based on tuel and maintenance costs. In 2023 Cranleigh Enterprises Limited charged the Charity minibus usage costs lotslling £70,020 12022.. £65,430). This is calculated as a fee per term based on the reastsnable wear and lear of the vehides. In 2023 Cranleigh Enterprises Limited charged the Charity stationery and book costs lotalling £74,400 12022.. £51.6691. This is based on the recommended retail PTl¢e. 23. CAPITAL COMMITMENTS As at 31 July 2023 the Group had ¢apilal cornmitments of £1,097k for the construction works on the Squash Courts project. 24. OPEIiATING LEASES As at 31 July 2023 the Group had the followng non-cancellable operating leases, payable as follows-. 2023 £'ooo 2022 £'ooo Within 2 to 5 years Within 1 year 19 29 48 16 33 49 38

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 25. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES Unrestricted Funds 2022 £'ooo Restrlcted Funds 2022 £'ooo Totsl Funds 2022 £'ooo INCOME FROM: Charitable actlvities School fees Other income Other trading activltles Facilities and trading income Other incoming resources Share of surplus from Joint Venture Investments Investment income Bank and other interest Voluntary sources Donations and legacies Fundraising events Total incoming resources 29.243 29,243 902 616 124 632 616 124 632 39 85 68 253 270 569 321 270 32.193 31,624 EXPENDITURE ON: Raising funds Ttading costs Share of loss from Joint Venture Other income-generaling ackn'vilies Financing costs Investment management Fundraising & development Total deductible costs 479 479 558 28 558 28 148 1.213 148 148 1,06S Charitable actlvities Education and grant making 28,899 49 28.948 Total exponditure 29.964 197 30,161 NET INCOMING FUNDS FROM OPERATIONS BEFORE TRANSFERS AND INVESTMENT GAINS 1.660 372 2,032 Gainsl{lossesl on investments 157S) 15) {5801 NET INCOME AND CAPITAL IINFLOWI 1,085 367 1,452 Transfers Penslon schgme actuarlal gainlllossl 11,000) 1.000 NET MOVEMENT IN FUNDS FOR THE YEAR FUNDS BIFWD I AUGUST 2Q21 129 46.912 1.367 1,984 1,496 48,896 FUNDS CIFWO 31 JULY 2022 47.041 3,351 50,392 39

CRANLEIGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 26. ALLOCATION OF NET ASSETS TO FUNDS Fund balances at 31 Juty 2023.. Unrestricted Funds £'ooo Restricted Funds £'ooo Total Funds £'ooo Fixed assets Current assets Current liabilities Long term liabilities Pension scheme assets 65,454 8,395 19.2561 111,6491 65.454 8,482 19.2561 (11,6491 87 Total net assets 52,944 87 53,031 27. COMPARATIVE ALLOCATION OF NET ASSETS TO FUNDS Fund balances at 31 Juty 2022 Unrestricted Funds £'ooo Reslricle Funds £'ooo Total Funds £'ooo Fixed assets Current assets Current liabilities Long term liabilities Pension scheme assets 85,612 4,560 18,169} 111.6981 65,612 4,647 {8,169 {11,6981 87 Total net assets 50.305 87 50,392 40