2021-08-31-accounts

Regislered number: 0417T118 Charity numbor.- 1087124 THE PRINCETHORPE FOUNDATION IA company Ilmltod by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

ThE PRINCETHORPE FOUNDATION IA comp•ny limlted by guarants•) CONTENTS Page Reference and admlnlstratlve datalls of the Company. Its Trustegs •nd advise Trustees. report Indopondent audltorfs report on tho financial Statements statom•nt of financial activities 3-12 13-17 18 Balance shoot 19 Statèmont of cash flows 20 Notes to the flnanclal stalements 21-43

THE PRINCETHORPE FOUNDATION (A Ggmpany Ilmlted by guaranleo) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 TrustOè5 Mr J S Birdi lapwnted 27 August 2021) MrsCAECook Mr A Q D Comforth Mr J F Fisher (appointed 2 Septen*er 20201 Mr M W Fletch8r Mr5 B A Forster Mrs E M F Griffin, Chair Mr R W Harcourt Mr D G Jad(son Mr C H J8nkin80n Mrs E C Kenward Mrs M E Kerrigan (appointed 2 September 2020. resign&J 21 September 20211 Mrs C M McGrory Miss T M McNamara Mr C J Russell, Deputy Chair rKDShawMBE Commodore B J Wamer Company reglsterod number 04177718 Charlty rngl8tsr8d number 1087124 Reglstered office Princethorpe College Princethorp8 Rugby CV23 9PX Company secretary E J K Tolther Independ•nt audllor Crow6 U.K LLP Bknk Country House Rounds Green Road o￿JbUry Wost Midlands 869 2DG Page 1

THE PRINCETHORPE FOUNDATION IA company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Solicitors stone King LLP 13 Queen Square B*h BA12HJ Wright Hasfpall LLP Olympus Avenue Leamington Spa Wa￿ck$hirt CV34 6BF Bankers HSBC Bank PIC PO Box 24 55 Corporalron Street Coventry CV1 1QJ The H￿d T•a¢h•vs Mr E D Hester- Princethorpe Collegé Kqr R P Duigan- Cracklay Hall Schod r J P Thackway- Cre￿an1 S¢hod Foundation Bursar Mr E J K Tolch8r Page 2

THE PRINCETHORPE FOUNDATION IA company Ilfflltgd by guarantso) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The Trustees present thwr annual report ￿ether with the audited financial statements of the c(￿panY for thè ar 1 September 2020 to 31 August 2021. The Annual report sarvas the purposes of both a Trustees, report and a directors, report under company law. The Trustees confimi that the Annual report and financial stalgmenls of the charitable company compty with tho current ststutory requirements, the 1oquirement$ d the charitable companys governing dC￿UMent and the provisions of the Ststement of Recommènded Prartice ISORP) applicable lo charities preparing their account$ in ¥wordan¢¢ with the Financial Reportlng Standard applicable #i the UK and Republic of Ireland IFRS102> (effective 1 January 20151 as amended by Updats Bultelins 1 and 2. CONsllTUnON The Princelhorp8 Foundation 16 0 company limited by guarantee. registered number 4177718. 11 is a register8d charity in England and Wales, nurn￿r 1087124. The goveming in$lrumenl$ under which the Charitable company operates comprise the memorandum and 8￿CleS of asseciation of the Company and the instrument of govemmenl. The articles were amended in D￿nber 2019 to darlty the requirements relating to the retirement and reapwntment of trustees. STRUCTURE, GOVERNANCE AND MANAGEMENT The Directors of the charitable company I'lhe Foundation,) are its Trust88$ for the purpose of charty law and throughoui this report are coll&lively referred lo as the Twstees. The Trustees are also members of the Company for the purpose of company law. Thè TnJ$ièas Served during fhe year arg named on page 1. Mr J S Birdi was preserrted for appointment haviNJ become a trustee sinc8 the last Annual General Mgeting. Mrs C A E Cook, Mr8 E M F Grrffin. Mts E C Kermard, Mts C M M¢Grory and Mr C J Russ811 r&lired and. being eligible, offered thwnsefves for rèappointrnenL Mrs M E Kfjrrigan has resigned as a Ifustee, dwgctor aTrJ member of the Foundation during the 2021-22 year. Trustegs are committ&l to the standards outllned In the Charity Commission's Charity Govemance Code. A review of the Code and how the Foundation functions is currently UrK1e￿￿y. Day to day management of the Foundation 1$ delegated by the Tnjstees lo the followng exeojtives.. Mr E D Hester (Foundation Headl Mr R P Duigan (H88d of Crackley Hall) Mr J P Thackway (Head of Crescent School) Mr E J K Tclcher IFoundation Bursar and C¢Jnpany Secretary) Selection and Inductlon of trustees Trustees are sele¢te<l with a Mew lo maintaininy the goveming body a balance of skills in a range of ￿l￿1p11n9S including education. finance. Law. rellgl¢JUS and pastoral issues aNJ general business acumen. Indiwdual qualit*s such as motivation and availabilty are also importanl for what is an unpahl and tim consuming commitment Suitabb candidates ate identified by personal recclnmendations from members of staff, e￿$tIng parents and trustees. trustees receive a cerfnprehensive information pack detailing the role of a In4stee. the FOUndatic￿ and ils slnjcture. obJectNes and strategy. Statutory Obligat￿nS are a150 explained and copies of relevant Charity Comrnis5NJn guidanc8 are issued. In addition. each new trustee is briefed by the Heads and the FOundat￿n Bursar and. subj'ect to availabilty, 0￿r8d places on bespoke training se8Stons organised by national bodies $uch as AGBIS (Association of Governing Bodies in Independent Sthool81. P4e3

THE PRINCETHORPE FOUNDATION IA company Ilmlted by guarnnteg) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Managementstructurn The Foundation conststs of three $chods: Princethorpe Collegg, o co gducalional senior school for pupils aged 1110 18.. Crescent School, a co educational junior school for pupils aged 4 to 11 in Ruyby.. Crackley Hall SchocA. a co educational junior school for pupils aged 4 to 11 in Keni￿orth. Tho sch￿1 incorporates Littlè Crackers Nursery for pupils aged 2 to 4. The Trustees meet as a fvll boord on al least one occasion each tami and undertake the management of the FoundatK)n through a structura of Sub committees. A finance Committee moets at least t8mily and monitors all aspects of the Foundation's finances including capital expenditure, making annual budgetary reeomrr£ndalKJns to the goveming body and considering appliCat￿an$ for bursaries. Other committees meet regulady to oversee such activities as educats"on. staffing, safeguarding, marketing and communications, premise8, heaf(h and safety and govemance. The development b08rd ha8 been 08tabli8hed as a sub wmmrttee to oversee fundraising. Day to day management of the Foundation is delegated lo the Heads and Foundation Bursar who report to the Trustees and to the various sub committees relevarbt to their indNKlual rnsponsibllil￿s. There 13 a regular ma81ing of the Foundation's senior executives whlch ec¢nprise the Heads, the Foundation Bursar, the Deputy and Assistsnt Heads from Princethorpe College and the FtyJndatitin A88r8tsnt Head8. The group, known as th Foundation ExeeLrtNe Committee. are the key management personnel. Remuneratlon Remunerat￿ is set by tha Board, with the policy objectwe of providing appropriate incentives to encourage enhanced perfom)ance and of re￿ardIng faidy and responsibty indNidual contributions to the Foundation's success. The appropriateness and rel8vance of the remunoration pdicy is rewewed annu8lty, including T8fer8nc8 to comparison$ wrth other independent schools to ensure that the Foundation remairts sensitive lo the broader ISSU￿ of pay and employment CCrfKlitvJns elsewhere. Delivery of the Foundation's charitable vision and putpose is primarily dependgnt on our key management Pe￿Onnel and staff costs are the largest single ekmenl of our charitak)le expendf(ure. Employmentpoliey The Foundation is an equal opportunit￿6 empbyer. Full and fair consideration is given to jci) applications from disabled persons and duo consideralKJn is given to their training and emp￿￿nent needs. Consultation with employees, or th￿r repres9ntstThie$, has continued at all levels with the aim of taking the wews of employees into account when decisions are made that are liketyto affect Iheif Interests. Communication wth employees contlnu88 through r￿￿al management channels in a variety of forms lo gpprise 8taff of current issues. OBJECThIES AND ACTMTIES Cheritable Obj•¢tlvos The Foundation's oty'ectNes are to establish, Gonduct and cary on an independent 8chool, co1￿8 and nuT50ry or any one or moré thèreof. for the education of boy5, 9irfs and your¥J aduts of all or no religious denominations and of such ages as the Twslees may from time to time delemiine, and to do al things as are or may be incidental or conducive to the attainment of the above c*jects. P•Je 4

THE PRINCETHORPE FOUNDATION (A company Ilmltod by guarantse) TRUSTEES. REPOFrf (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Aim$ The FourK181h)n aims to provlde a carlng Chrlslian environment to children wth a broad range of ability whe￿In their needs can be met and their taknts developed. The Foundath)n pursues these objectives by creating a heahhy balance befv￿n freedom and slwcture with an emphasi5 on self4iscipline through responsibilty and trusL supportgd by a high level of pastoral care. Cunpntys oty•ctvv The maThi 0bjttt￿s for the year We￿.. to continue to improve on the high levels of academic achieveman( esF>eaallywhen 88sessed in tenr of value •Jded', as a Who￿ comnwnity, to follcw faithfulty thg ethos ofthg ￿h0O1, creating an enmronment where each child will flourish.. to continue to enhance the wide range of co currTcuLqr actsVIt￿ that are so w4oygd by the pupils,. to continue the programme of r¢furbishment aThJ expar18ion of facllities. Current year's strategles to xhievo aims str8legies employed to ￿hleve these 0￿eetNeS include.. attracting and recruiting hbJh calibre stsff; opts"mi5ing pupil1t￿her rgtios., improwng training and staff deveknpment; provkling schoiarships and bursaries to allow talented pupils from less w611 off bad(grounds to enrol., managing finances so as to retain competr(Ne fees whilst maximising fijnds available to improve quality education and facilities for pupils. Currentyear's prlnclpal adlvldes The Foundatkin successfully prowded educal)n to ¢)ver 1,300 pupils. A total of 325 {2020.' 3801 pupils recewed help with fees to Ihg totsl value of £1,189,05812020.' £1,385.5711 and the schotarships and bursaries fijnd is at a level equivalent to 7.2%12020.' 9.4%} offee income. The T￿￿te89 have bean successful In ralsing 80me funds from exiSt￿g parents and cthers towards the general bursary fund wh￿h is aciNety publicised. The Thomas More &holarshlp is also actively publKised and 18 mearbs tested schofarship programme which is availablo for Catholic pupils. The Trustee$ are indebted to the parents. associations of all schools whose organisation of events bring together the wder school communities and whose supp¢)rt of ￿001 events is Invaluab￿ as well as raising signrfKant sums of nK)n8y to 8UPPOrt the schoot8. Coronavin Th8 Schools have continue(I to provide effective teaching and leaming during periods of bckdtxn and have ensured the continuity of the life of the schools by holding on-line events such as assembli88 and parents, evenings. The schools have continued lo provide pastoral support to pupils during this time. The schools were ck)8ed for the majorty of the Lent temi. The Foundation has continued lo commit ting and resource to ensure safety megsures in line with tr)v￿nment gubJance. Twstees consider that the Foundation's re$￿se to the coronawrus continues to provide crucÉal SUPFQrt for PL4)ils and has 8trenglhened its relationship vAth current arKI pro¥JectNe parents and enhal￿e￿ its reputation. Page 5

THE PRINCEfHORPE FOUNDATION IA company limlted by guarantso) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 PUBLIC BENEFIT Charltable alm4 rnlevant beneffts andbeneficlarles The Trustees are satisfied that the schools. airns are eharitabl8. and that its operation was aTrJ is Consistent WT those aims. The Trustee5 have also given careful conshleralion to the Charrty Commission's general guKlance ¢3n public benefft and in particular lo its supplemerstary public benefit gu￿anCe on advancing education and on fee charging. In accordance with the govgming instruments of thè FoundatK)n, the chapel al Princgthofp8 Colleg8 is pro￿ded the local parish for servi￿5 including weekly Mass, baptisms, weddings and funerals wthout tharge. An casional donation is received from the parish towards runnlng costs. The Foundation provides free of charge teaching al Our Latys Primary School in Prlncelhorpe. The Foundation intends to extend arKI enhar￿e ts supp)rt for k)cal primary schools. As part of the Foundation's edu￿tiOnal prowsion, the Schools encourage pupils to ￿ntribute to the wder communty. The usual range of other Charitable activities in wh￿h pupils are irwolved has been impacted by the reslrielions resulting from the COVltk19 pandemic. The Foundatlon hopes that the followirw will be fully re- establishèj in full as soon as possible.. fundraising for a wide variety of charities and other organi$ations; Christmas Lun¢h for sonior citizens from local care homes and from the local parish.. fundraising and pr8cts.cal help in Ioc81 schts)Is, care homes and institutions through Youth St Vincent de Paul Souety. Communty Service as part of Sixth Fomi General Studies. Children and young people who are not pupib at the Schoo￿ have also benefited from the Charivs athvities i$istent wrth its obieGts'. the facilities of the Foundation are prowded free or at reasonable cost to a wNJe variety of extemal groups for functions for chiklren and young people Including youth sports groups, children's fun day5 and music festiv81s; the Foundation provKles ¢￿¥hIng in hock8y to 8Xtemal youth teams and to indiv¢dual extemal pupils; the provision of training lo leachers, including remedial tralning sesslons, in maintained schools., t￿herS provide support for exam boards for example as examination moderatotE, examiner8. examination leadership. and In service training (INSET) for AQA for teachers for all seclors,. a Music Day, a Fcotbal Festival and a Hockey Festival are run annualfy for local stho¢Js including State schco)Is," a not￿nalty acclaimd cross county coursa is used by pupils in the indepentjont and mainlainod sectors. There are also acbvities that have provlded other charitsble benofrt, in addits'on to benefrts dirEcty associated %￿h the obieds of the charit￿. pupils c¢mpleliNJ post gradu*0 Studies wlh Va￿U5 &ademic bc<lies have the facilty of ca￿￿ng teaching practice.. a regular Reading Group is open lo both parents and local people.. the use of facilities by external groups., th6 schools. faalities are used by a variety of groups at no or cost., Princéthorpe College takes part in the annual Herrtage Open Day. Th& Trustees are satisfied that there is no emdence of detriment or harm assockgled th the schools, activitie8. The Trustees are satisfied that ary private benefits are inodenlal, the f8& ￿mISSIOn provided for staff b&in9 part of the employment lemis offered to attract and retain high quality staff. P8ge 8

THE PRINCETHORPE FOUNDATION IA c¢)mpany limit•d by guarante•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGVST 2021 Access The FoundatKJn appl￿5 appr￿rIate entrance requirem•nts to en3ure that its pupils are abl8 to benefft from the education proMd8d. Tho Foundation wishes lo ensure that admission to th& Khools 1$ not restricted by financial circumstances excepting that overall there ha8 to be a proper balance betsyeen inc¢Th and costs such that the continuation of the Foundat¢on wll not be financtally imperilled. When setting fees for the schools Trustees are mindful of the negd to ensuft accessibility for as wide a range of socio ￿onoMiC bad(ground as F¥)s$ibb and therefore fee levels and increases are kept ag low as practicable. The TrLfStee$ are 8ati8fied that the OPFQrtunity to benefrt from the Foundation's activities 1$ not unreasonsbly rgstrictad. The Bursary Fund is used to enable acces5 to members of the publlc who might not be able to afford the full fees. Means lest8d bursaries were granted to 88 pupils lotslling £510,723 with 23 pupils receNing fee remissi¢)ns of 75% or rnore including g pupils rgcotving full fe8 remissions. The provision of free pL¥es and other financial 8SSiStance ￿th fees mean8 Ihal poople in poverty are not exclud&J from the opportunity lo benefit from the schools, actNitieB. The Foundation has continued to 8UPPOrt parents fa¢ing hardship a5 a resum of the inpact of national ltxkdowns in March 2020 thitwh ts normal Bursary and Hardship Awards. Fundralslng The Foundation ￿ltaCtS the members of tts communrty. namely alumni. euffent and past parents and friends of the schools, regarding fundraising ￿tIvIties. Ajt fundraising efforts make clgar that any donations are w)luntary and do nol place any undue pressure on an individual. We are registered with the Fundraising RegulatC￿, we are an organisational member of the Chartered instrtut8 of Fundraising and we attend re￿vant conferences to ensure tsl practice Is applied. In tha last fina￿ra1 ￿r there have not been any breaches or failure to compty w￿h fundraising regulatory Standards of any regulatory body goveming fundralslng pdiues. There have not been any formal complaint5 against the Foundalbjn's fundraising prrthdure& STRATEGIC REPORT Reviewof achiev￿nents and perfomiance for the year. The links betffi￿n the junlor and senlor seh¢)018 are strong and continue to dpen. The Foundation is th9 $019 provider of independent educab'on in Keniwth up to the age of 11 yearn. The Foundation has a ten year buildlng development plan for its $thools. Th& development office continues its programme of rnising awaranoss of its aim5 and objectives. Crackloy Hall.. the school continues to benefit from hlgh quallty ac£omrThJdation fo1bv￿ng a substantial building programmè in reont years., a¢ademic iesuts remain excellent with 8 high percentage of school leavers securing 8¢holar3hips at thwr Secondary schools of choice,. new testing programmes help to facilitate dose Scrutiny of pupils. progress, thereby impathng on value added and pupil achievomonl- the school year w88 again disrupted due lo the COVID-19 lockdown., Cm¢￿eY Hall 1$ pl￿ed to have offered a strong educational e￿erience for the Ghildren throughout the course of thi$ challenging academic year. The school remained open for all pupils with, when necessary, children being taught remotely, wnCuffen￿Y with children of 'key worker8, Ibetsveèn 30-50 pupils per dayl besng taught in $chcd. Foedback from the remote pericd parental SUNeys and general conversation was very suppottive and the school cc¥nmunily was kopl alive Ihnwghoul peri?ds of'lockdowm. via, inter al￿, mini Pag8 7

THE PRINCETHORPE FOUNDATION {A company limit•d by 9uarant8•) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 competitions for th& chiklren to keep a degree of excitement and engagement. As a result of lod(down, inter4thool sport fixtures were limited, yet results remained outstsndlng wth some pupils competing on 8 natK)nal level.. inlerthouse sport became the main forum ofcompelition for the pupils during 2020r21 and the usual passion and involvement remained evKlenl and allt)wed gregr pupil participation at all levels of ability: Perfomiing Arts conlinugd to excel ￿th a range of prcwjuclions and all entrants lo LAMDA examinations passed, with a high numb8r of distinctions in most cases., equalty all music grade candidates passed with outstanding resulls., whilst public perfomiances did rh)t take place over this year, the schocA communty dhj continue lo enjoy a rarvJe of perfomianees wa Mrtual and pre-recorded video media, induding the annual productlon which. this year, was'Joseph'. various art 8ntries wogress to the ISA nati?nal art finals wth one piece judggd as a national wnner. Cresont School.. A planned programme of improvements and refurbishments to the Site and rnlated fac11k￿ 18 well under way. This has seen significant work dona In tha Ilbrary, schLX)I hall, specialist ¢la8srctJms reception areas of the building., Follt)wing the closure of the onsite nursery, the buitding has been rede$ignad and reconfigured to incorporate a new classroom, music and drama spaces and a wellbeinglmedical area The staff worked lirelessty during the lockdowns to prowde ex￿lIent home Seafning for am of the ¢hildren . Five lessons a day We￿ provided many of them Ive taught and all of them through an interactive multimedia online platfomi. On their return lo school, detailgd assessments on the children sh¢)wed that more than 95% of Ihwn had mel or exceeded expected progress targets during the period of the lockdowns in 2020 to 21 . Sport insije and outside of th8 curriculum has continued to play a major part in the experien￿ of the hildren. despite the restrictions put in Pla￿ by the pandemic. Children competed in online competition$ whilst the lockdowns were in pl￿ and we have brought back a graduated pry)gramme of fixtures more recently. All pupils in key stwJe ty￿ have participated in competitive fixtures for the school this t￿n Speech, language and drama fom a key part of the children's development both within the curriculum and In extracurricular clubs. We have achwed an extraordinary 90% password distinction right in Lambda exams that arenl clear indication of the very high levels that the children 8¢hieve in this a￿. Fundraising for charitable cause$ has become increasingly significant within the school communty- Thè thildren's school council nominate a local. national and international Charity for us to support each year. We have supported local rrEntal heatth organisalicn¥, the Warwickshire Wildlrfe Trust as well as our I ongstanding wnmitment to the wllage of Bwengu in Malawi. Children actively participate in the fund raising by designing games and competitions for each other lo enter. Princethorpe College Despite the enforced govemment Cowd re5triction5 and further lockdown during the year. Princethorpe College flourished. New and effectNe ways of running Ihe school in these circumstances were successfully impkmented so that the full range of opportunitie8 were made availatrAe to pupils alber( sometimes in a ¢Jrfferent fomat than nomial; Our strong IT plattoms and robust infrastruclure meant that home leaming was exceptionally effective and normal timetables wgra fOlkw￿d during It¢kdowns an¢J periods of seif-isolatTOn; Due lo an éxceptional effort from the whole staff, control measures PLrt in place to reduce the risk off infgdion wore extremely effective wth a very small number of positive cases aGross the school., Pastoral support systems were maintained in ￿h0o1 and by using TEAMS to ensure pupils and familie8 received the core needed.. Achievement 8t A4evel and GCSE was oulslanding.. over h8ff of Alovels were A'l A grades and a remarkable 45% of GCSE gradas were al level 9 or 8 and 690A were bgfv4een18vel 9 7 (the old A. A), representing our finest resuf(s and showing exceptional'value adcled.; Our ￿<Ur[ICUlaT programme adapted tr) the ¢i￿uMStanCeS. maintaining a huge range of activitie5, $POrt. music and drama lo accommodate all ages and abilities. Inter-house compeif(ions often replaced inter- school fixtures which were rbot pemitt&J under DIE restrictions. and our school musical went ahead Virtual￿ during the period of lockdown. Large and growing of pupils continue to lake music exarTIS and Page 8

THE PRINCETHORPE FOUNDATION IA Company Ilmttod by guaranteol TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 also achwe highly in the London Academy of MUS￿ and Dramatic Art ILAMDAI awards. Part￿patiOn in crhcurricular sport continues to be very successful across a range of boys. and glrts, sports with many pupils representing their county and some compel8d 81 naliorl Iovgl. Our Junior B¢)ys Athletics team won th8 Midlands Schods Combined Events Regional Chompionships: In spite ofthe thallenges of fundraising that all Char￿(￿$ have fac&J. the Princethorpe College ccfflmunty has On￿ again shown kindness and genorosity in abundance raSsing over elevgn Ihou8and pounds, through pupil-fed activities which ranged from knIIyawanging' to 24-mile sponsored walks. Outdoor education is a eenlral pilL8r of our offering and daspila tho wtrictions, with over 200 pupils working toward Gold, Sifver or Bronze Duke of Edinburgh Aw8rds, wth 23 pupils tompleted t￿"r Gdd and 54 pupils ctrylete th8ir Sifvar 8XP8ditions. The number of awards &hieved ￿ntInueS to increase Students in many areas competed wlh sucrE5s in national ccfflpetitDns induding Art, Physics, Chamislry gnd Mathemalic8', With our success in n5ing the meet the chaNèngès of COVID widety recognis&J, th8 school becwne more oversubscribed and pupil number5 are optwnised in all year groups. wth a growing number of Strong extemal candidates in the Sixth Fomi., the College continues to benefit from the range of bullding projects campus improvements over the st ten years most T￿entlY The ￿Me5 building which ha5 proved lo b8 a superb addition to the leaching 8ccommod8tion providing 14 additional classrooms. two ICT suites. a language lab. tutorial and student resource and study areas and the refurbishment and upgrade lo the Clark￿n Theatre. Plans are al$0 bw'ng developed for the (¥eation of a new state-of-the-art Science wing. Financial review The result8 for the year are $h¢)wn on page 18. The overall resu115 refiect an operating Surplus for the year of £532,166 {2020.. £488,989). Resemspollcy The Trustees have 8 re8ponsibility lo prot￿1 th8 Foundation against uninsurable risks and future uncertainties and to establish a level of reserves which satisfies operating prudence, bearin9 in mind the impact of potential change In the ettfflomic. politul and legislative environment within which the Charity functbjns. The Foundation does not txissess large endowment reseNes to genèrate income to assist in th& financing of the charity. The Foundations total reserves of £19,888,509 at the year end induded £748.259 of ￿81￿Cied funds and unrestricted funds tsf £19,140.250. Restricted and endcAYed funds are, becau￿ of the particular spending constraints attached to them. not availabla foi funding the general operations of the schocl. The unrestricted funds are expendable in accordance with the Objects of the Foundation. However, these unrestricted funds have already bgen investgj by the 90veming bcrtjy in the building. d8vglopment and refurbishment of school buitdings and other fixed assets used by the school. Accordingly, there are no cuffent free reseNes {unmtricted funds1o$s the nel book value of fixed assets financed by those fund51. Given our plans for new buikllngs, thls nil balanc Vitl ￿ntInUe for several years. The Trustees are of tha viaw th it is appropriate to retain a minimum ¢ash balance of £1m on its bank awounts. The Tru*ees have established this reserve. Pthclpal rfsks and uncertalntles The TNstees are responsible for tha management of risk lo which the charity is exposed. Tho major risks to the Foundation as identified by the Trustees have been revi8w8d and systems or procedures have been 88tablished lo manage those risks. An annual ro o$ses$menl of risks is conducted as part of tha strategy and business review proces5. Page 9

THE PRINCETHORPE FOUNDATION (A company Ilmlted by guarant•el TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 The wincipal risks and uncertainties that the Trust faces include.. Increa8￿1 competition: 8dverse econ(Mnic conditions; adverse govemment policy anil pradices" rggulatory C03t5', rouuitment of staff and tru8tees', adverse publicity, increase in costs outside of the foundation's control- political and economic uncertainty. Eath of th8sa would be hiyh impact but their likelihtsod Is monltored carefirfly and none are I1￿ught Iil(ety. Future plans The Foundation's str8tegy and buslness plan b)cks forward fNe years and is revi8v4ed and revised annually. Strategic objectives for the period a￿.. to attrxt and recNit high calibre teaching and support stafF, lo maintain and improve the academic performance of the 8chwl8', lo maintsirb Optimum stafflpupil ratios; to grant schdarships and bursaries thereby enabling tlented pupils frcfft bss w811 off backgrounds to enrol., to manago finances such that fee$ are kept at competitwe levels commensurate with the maintenance and improvement of a high quality learning arKI worting environmènt., to restore the chapel-, to improve the facilities at the ￿h0o￿ through a wogranme of building work5 and enhancements., to continue the fund raising initiative to support the provision of bursaries lo wden access lo the Foundation and highlight future plans including fund raising for capitsl and special projects, one of which is a new scien￿ building 8nd improvements for Geography and Economic & Business Studies. Golng concern Whilst the coronavirus has caused sNJnrficanl uncertainty trustees consider the F￿ndalion is in a strong posrtion lo deal with the resuking impact. Thfr number of pupils in the Foundation's schools are ahead of budget in Novembgr 2021 and there is a heatthy18val of enquiry ft>r current and future entry into all schools. Trust8es have revbewed the Foundation's financial positson including Ihe budget and forecasts for 2021122 and has every confidence that the Foundation will continug to flourish as a result of ts fin8naal strength. quality of provision of education and the support Provid￿ to pupils and their families and its reputation in the community. Inve$lmont powers Under the memorandum and articles of associaticlb. the FourKlation has thg power to invest monies not imm8dk4tety required for the furtherance of ils objects in such manner as the Trustee5 may from time to tim8 detem)in8. Page10

THE PRINCETHORPE FOUNDATION {A company limitod by guarante• TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Strèamllned eneryy ènd carbon r•porting The Foundation's greenhouse gas emi88lon8 and energy consumption are as follow. Summa Data for 1 Se Total Ener Tota &eenhcMJ8e C Emtssi Totsl SILKlents Total Tur[K)￿r Intensity Patio M). 1 {sludents) InlwBity Ratio ￿. 21£ miifion bJrnw) ember to 31 Au ust 2021 2,819.558 kwh 395.8 ICII 1,335 £15,784.493 0.30 tCO2 Pgr PUF41 25.07 ￿(% p8r £m 2020 2,665,364 kwh 512.7 tc 1,313 £15,819,187 0.39 iC¢l Fer Fwil 32.41 icod per £m The Foundation has used the GHG Protocol Corporato Accounting and Rewrting Standard (rew5ed edition). Further emission factors were usgd from UK Government's GHG Conversion Factors for Company Reporting 2021. We have also used dat8 that was collected by the Foundation speaf1￿lty for the purpose of SECR reporting. The Foundatp)n has measured Swe 1 and 2 emission5 and also included Scopg 3 emi881on8 related to employee use of their own vehides, where they claim mileage allowance. We have also report8d on the rènewable energy generateJ and used on site. We have discounted the emi$sions related to electricity SUppl￿d with Renewable Energy Guarantee of Origin {REGOI certificates, whlch are applicable for the haff hourly and non-half ￿rIY supplies for Ihe entire financial year. Ovar the last year, the Foundation ha$ invested in a rc41ing prcgramme of changing fluorescent and tungsten lights to LED al all three seh¢XJls. These upgrade projects are projected to save circa 47,026 kwh per annum, presenting some 6.3% of total 818ctrical conslmption. Sgctlon 172 Statement The trustees have aeted in accordance with th8ir dutigs codrfigd in law, which inGludes their duty to act Mi the way they consider. in good faith. would be most likely to promte the success of the Foundation for the benefft of its member3 as a thole. having regard to the stskeholders and matters set out in s￿tIOn 172 of the COmpan￿S Act In discharging these duties, the trustees carefulty consider. amongsl other matters, the Thpact on and interest of other Foundation stakeholders and factor th9se into their doasion-making. Puplls The pupils benefit from the Sch￿1$. focu8 on all-round personal devel￿ment 8UPPOrted by excellent pastoral provision. in addition to wKlewrnngiThJ academic Opportunit￿ and co<urrKular actmtlos. Employees The qualitiès, skilL% and dedication of our empbyees underpin the 8ucttss of our Schools and the whc4e Foundat￿. Regular briefings keep sL2ff informed of dev81opments in their school end 8mploy88 benefits enhance their qualty of life. Staff well48ing has been a key focus this w and will continue to be so. The FoundatNJn is commrtted to aquality, divarsty and inclusion with oversight of this area being undertaken by a trustee. Page 11

THE PRINCETHORPE FOUNDAnON (A Gompany limit￿ by guarant8•) TRUSTEES. REPORT {coKfiNUED} FOR THE YEAR ENDEO 31 AUGUST 2021 Parents The FOUndatic￿ recognises lh& benefts of engaging with parents and has an ongoing PTcgranwne of communications. Folkpwing feedback from parents it has beèn decided that some events will continue lo be online rather Iharb ffjtuming to fac&tcpface and certain events will eontSnue io be streamed live. Community The Foundation re￿gniSeS its Pla￿ in the bc81 communities and each school is proud of its involvement localty and wnscious of the sianifKant ben8frts it brings lo the local economy and l¢xal ¢uttural lifa. STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Twstee$ (who are also dir￿torS of the Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in a￿ordanGe applicable and Unilgd Kingdom Accountlng Standards {United Kingdorn Accepted Accounting Practice). Company law requires the Trustees to preparg financial statements for each financial year. Under eompany law the Trustoes must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, induding the income and expenditure. of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select suitable gccounting policEs and thgn apply them consist9nt￿, observe the methods and prin¢ipl8s in th8 Charities SORP {FRS 1021- mak8 judgements and estimates that are reasonable and prudentr, stale whether applicable UK accounting standards IFRS 1021 have been fcAlowed, subject to any material departures disclosed and explained in the financial slaternents- prepare the financial statements on a going concern basis unkss it 15 inappropriate to presum& that tha charitable company will ￿ntinUe in business. The Trustees a￿ responsible for keeping adequate accounting records that are sufficlanl to show arKI explain the Charitable companls transactions and disclose y￿h reasonable accuracy at ony tirr￿ the financial position of the Foundation and to enabl6 them to ensure that the financial stslemenls comply with the C¢)mpanies Ad 201￿. They are also responsible for safeguarding the assets of the FOundat￿N and hence for taking raasonabl8 steps for the prevention and dotedion of fraud or other irrogulariti88. DISCLOSURE OF INFOR￿TIoN TO AUDITOR Each of the persons who are Trustees al the time when this Trustees, report is approved has eonfim*d that.. so far as each Trustee 15 aware, thern is no relevant audit infom)alion of which the tharitable companls auditor is unaware,. and the Tnjslees have taken all steps that they ought to have taken to ￿￿ke themsefves aware of any relevant audit infomiation and to establish that the charitable ccfflpanqs auditor are aware of that infomialion. AUDITORS Crowe U.K. LLP have indicated their willingness to continue in office. Akvroved by order of the ￿￿mberS ofthe board 0fTruSte￿ and signed on their beha Mrs E M F Grlffln. Chalr olTntstee8 Date.. 6December2021 Page 12

THE PRINCEThORPE FOUNDATION (A company Ilmlted by guaranlge) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION Oplnlon We have audited the financial statements of The Princethorpe Foundation (the'tharitabl8 C￿an￿) for the year end8d 31 August 2021 which comprise the Statement of Financial Activities. the 8aknce sheet. the Statement of C8sh and the related not8s. including a summary of sKJnfficant accounting poh'cies. The finan￿al reporting framework that has been applied in their preparation is applkable law and United Kingdom Accounting Stsndards. inefuding Finonual Repo￿.ng Standard 102 The Financial Reporting Stsndwd applicable In the UK and Republic of Ireland. (United Kingdom GeneraltyAceepled A￿UntIng Practice). In our opinion the financial stalemenl$'. give 8 true and fair V￿ of the state of the charitable companYs affairs as at 31 August 2021 and of its incoming rewurces and appliealion of resources, including its income and gxpend¢ture for the year then ndod., have been properly prepared in accordance wrfh Unitod lQngdc#n Generalty Accepted Accounting Practrce,. aTrJ have been prepared in accordance wrih the requlrements of the Companies Act 2006. Basls for oplnlon We conducted our audrt Sn accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditofs respon8ibililias for the aud(( of the financial stslements sedion of our reporL We are independent of the charitable company in accordan with th8 athical requirements that are relevant to our audit of the financial statements in Ihg United Kingdom, inclLKliro the Financial Reporting Council's Ethical Stsndard. and we have fvlfilled our other ethical responsibilities Hi accordance with these requirements. We baligve that the audiÈ evidenco we have obtrined k% SLrfficient and appropriate to provide a basis for our opinion. concl￿10￿5 r•lating to golng ¢oncgm In auditing the financial stslements, we have concluded that the Trusl&s' use of the going co￿eM basis of accounting in the preparation of the financial statemen15 is appropriate. Basod on the work we have perbrmed. we have not id8ntrfi8d any material Uncertaint￿ relating to events or conditions that. indiwdually or eollectivety. may cast Sb3nificanl doubl on the ¢hafitable companrfs ability to Continue a8 a g(Mng concern for a perh)d of at least twefve months from when the ffinanci￿ stai8mgnts are authorised for issue. Our r8sponsibililigs and the resp)ns￿lI￿leS of the Trustee¥ th respect to going con¢em are described In the Tekvanl sectK)ns of this report. Page 13

THE PRINCETHORPE FOUNDATION IA company limited by guarant￿) INDEPENDENT AUDrroR% REPORT TO THE MEM8ERS OF THE PRINCETHORPE FOUNDATION (CONTINUED) Other Inforniatlon The other information comprtses the Infoml)n included in the Annual repert other than the financial Statern￿ts and our Auditorfs report thereon. The Trustees are responsible for the other infomialion contained Y￿thin the Annuèl report. Our opin*)n on the financial statements does not cover the other information and, except to th& extent otherwise expliciuy stated in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so. ￿nSider thether the other information 13 materially I￿OnSI$l8nt wth the fin8ncial statements or our knowledge obtained in the ￿￿r$e of the audit. or othemse ¥pears to be materialty mi35tated. If we ￿entify such material inconsi81encies or apparent material misstslemerts. we are required to detamine whether this gives rise to a material misststement in the flrsancial Statements Ihemselves. If. based on the work we have perfomied, we conGlude that there is a material misstatement ofthis other information, we arg required to fftport that facL We have nothing to report in this regard. Oplnlon on other matters prnscribod by thfr Companlos Act 2006 In our opinion, based on the work undert8kon in the course of the gudlL the informatbjn gwen in the Trustees, Report including the Strategic Report for the financial year for which the financial statements arg prapared is consistent with the financial statements. the Trustees, Report and the StralegiG Report have been PTgpaf9d in aw)rdan¢e with applicable legal requirements. Mattws on whlch y￿ ar• requlred to roport by gxGeptlon In the light of our knoYAedge and understsnding of the eharilable company arKt Tis environment cl)18ined in the course of the audit. we have not identif￿d material mi$51atements In the Trustees. Report including thè Strategic Report. We have Mthing to report in r8SPfjrt of the following mattors in r8lation to vthith Compan¢es Act 20￿ requi￿$ us to report to you if, in our opinion= &Yequate accounting rècords have not been kept, or retums ￿equate for our audit have not been received from branthes not y1￿1ed by us.. or the financial stal&m8nts are not in agreement with the accounting r￿OrdS and retums., or certain disclosures of Trustees, remuneration specrfied by law are not made,. or we have not received all the information and explanations we require for oui audiL Pa9e 14

THE PRINCEThORPE FOUNDATION (A company limit•d by guarant99) INDEPENDENT AUtXYOR'S REPORT TO THE MEM8ERS OF THE PRINCETHORPE FOUNDATION IcofrmhlUEDI Re8ponsibilitie$ of tru$t•es As explained more fully in the TrusteeB' responsibilities $tstemenl, the Trustees (who ar& also the diredor5 of the chafitable company for the pu￿0$8$ of company lawl are re8pon8ible for the preparation of the financial statements and for being satisfied that they give 8 true an(1 fair vw. and for such intemal control as the Trustees determine is necessary lo enable the preparalion of financial slalements that are free from material mlsstatement. ￿ether to fraud or error. In preparing the financial statements, th8 Truste8s are responsible for assessing the charitable companY5 abilty lo continue as a going concem. disclosing, as applicabl&, matiers related to going concem and using the goiro ¢oncem basis of pLcounting unless tha Trustees either intend to liquidate the charilable company or to cea88 ¢¥8ration8, or have no realist￿ att8mative but to do so. A￿dIt0￿S responslbllttlgs for the audlt of the flnanclal ststements Our obj8ctwas aro to cbtsin reasonable assurance about wh¢ther the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Audito¢$ report that indudas our oplnion. Reasonable asstsrar￿ is a high level of assuranc8. but is not 8 guarantee that an audit conductsd in accordance with ISAS (UK) wlll alw delect a material misslatemenl when it e￿Sts. Misslalemants Can arise from fraud or errgr and are Gonsider8d Materi￿ rf, indiwdually or in the aggregate, they coukl reasonabty be eyFeCted to influence the e￿ncyniC decisions of users taken on the basis of these financial slalem9nts. Details of the exient to wh￿h the audit was considered capable of det￿tIng irregularities, including fraud and non<omplan¢e vthh laws and regulat￿)n$ are set r#Jt beknv. A furthw description of our responsibilTtias for the audit of the financial statements i¥ kKated on the Flnancral Reporting Counal's website at.. www.frc.or .uk1auditors￿ onsibilities. This description forms part of our Audito¢s report. Page 15

THE PRINCETHORPE FOUNDATION IA company Ilmlted by guarantee) INDEPENDENT AUDITOR% REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNOAnON ICONTINUEDI Extent to Yknlch the audlt wa$ ¢on8ldèred capable of detsctlng Irrogularities. Includlng fraud Irregularities. induding fraud. are instances of nonrycompliance with laws and regulations. We identffied and assessed the risks of m8ri31 misstatement of the financial statements from irregularities, whethèr due to fraud or error, and discussed these be￿een our audit team members. We then d8signed and performed audi( procedures responsiv8 lo Ihose risks, including obtaining audit evid8nce sufficiont and appropriate to provide a basis for our opinion. We obtained an understanding of the leg81 and regulatory frameworks within which the charitable compary operates. fe¢using on those laws and regulatvjns Ihal have a dired effect on the detémination of material amounts and disd05ures in the finan￿al stalemenls. Thé laws ané regulations we consKlered in this context were tho CompanEs Act 2006, tsxalion legislation, tO98ther ￿th the Charities SORP IFRS 1021. We assessed the required comp￿anCe with these laws and regulations as part of our audr( proce<lures on the related financ4al statement ileffts. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the finanryal Slalements but complianca wrth which might be fundamentsl to the charitable company's abilty to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014. Gerserd Data PTOteGtion Rojulgtion IGDPRI, Heglth and safety legisiatkin. and Employment legislat￿￿. Auditing 8t8ndards limit tha required audit procedures lo identify no￿￿0MplIanCe with these laws and regulations to enquiry of the Trustees and other management and inspection of rggulatory and al correspDndence. tl any. We ldentrfl￿ the greslest risk of material impact on the financial statements from irreguL8rilies, includlng frnud, to be within the lining of recognition of donation and ancillary income, procurement processes for sigrtificant capil81 proiecl$ arKI tha override of controls by monagement. Our audit procadur8s lo respond to these risks I￿luded enquiries of management, and the Financg Committe¢ about their own identffi¢ation and assessment of the risks of irregularities, sample testing on the posting of journals, reviewng accounting estimates for biases, reviewbng regulatory corre$pondonce with the Charity Commission, Independent sCh￿Is Inspectorate. Ofsted and reading minutes of meetings of those charged vlth govemance. ChYir@ to the inherent limtstions of an audit, there is an unavoldable rfsk that Wg may not have detected s¢)me material misstglemenls in the financial stalemonts, even though we have Proper￿ plannad and perfomied our audlt li accordance wth auditing standards. For oxamplg, the further rèmoved nor￿cOMplI?n￿ with laws and regulations {irregularitigs1 is from the events and trans8ction$ reflected in the financial statements, the less like the inherently limf(ed procedures required by auditing standards woukl identify ((. In additK)n, as with any audit, theTe remalned 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 connot be expected to detKt non-compliancfj with all laws and rggul*ions. Page 16

THE PRINCETHORPE FOUNDATION (A company Ilmlted by guarantso) INDEPENDE1￿ AUDITOR'S REPORT TO THE MEMBERS OF THE PRJNCEfHORPE FOUNDATION IcoKriNUED Use of our report This report is made solety to the charllable companws members, as a ts4)dy. In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stste to the charitable companys members those matters we are required to state to them in an Auditorf5 r8POrt and for no other purpose. To the fvllest exlenl Perrn￿ed by law. we do not accept or assume responsibilty to anyone other than the charitable company and its members, as ¥ W, for our audit work. for this report, or for the opinions we have fcimed. H￿an Drew IS8nior statqrtory auditor) for and on behalf of Crovrn U.K. LLP StatuloryAuditor Blad( County Hous Rounds Green Road Oldbury Wesl Midlands B69 2DG L4 Deceniber 2021 Page 17

THE PRINCETHORPE FOUNDATION IA CoM￿nY limited by guarantee) STATEMEwf OF FIMANCIAL ACTMfiES (INCORPORATING INCOME AND EXPENDITVRE ACCOUND FOR THE YEAR ENDED 31 AUGUST 2021 Unrestrl¢tod Rostrbcted funds funds 2021 2021 Total funds 2021 Total funds 2020 Income from: Donations and legacies Charitable actI￿tieS.. School faes receivable Registration f88S other ancillary trading income Other trading xtiMties Investments Other income 110.199 110,199 47,797 14.478.177 30,299 1.017,065 268.679 3.917 102.240 14478.177 13.284.517 22.550 1.689,477 227.794 21.258 525, 794 1,017,065 268.679 3.917 101240 Total Income 15.900.377 110,199 16,010.676 15,819, 187 Expenditure on: Raising fijnds.. Trading aclNitie8 Financing costs Charitable adivilies: Educatton and grant making 10.11 139.300 175.103 139JOO 175.103 12&057 142,427 12 15.100.762 63,245 15,164.007 15.062.714 Total expendllur• 15N15,165 1SN78,410 15,330, 198 Net Income beforo ngt galns on Investments 485,212 46,954 532.166 488.989 Ngt movement In funds 485.212 46,954 532,166 488,989 Reconciliatlon of funds: Totsl funds brought foTh¥ard Net movement in funds 13.655.038 485,212 701,305 46,954 19,356.343 532,166 18,867,354 488,989 Total funds carrfod forward 19,140.250 748.259 19.888.509 19,356,343 The notes on pag85 21 to 43 fomi part ofthese financial statements. Page 18

THE PRINCETHORPE FOUNDATION {A company limitad by guarantee) REGISTERED NUMBER.. 04177718 BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Note Fixed ass8ts Tangiblg assets Invesknents 16 17 20A16,670 21,18&47T 20A16,671 21,185,478 Currnnt ass Stocks Debtors Cash at bank and in hand 18 19 122,746 444,233 4,703,735 116. 180 696, 765 4.818,435 5,270.713 4631,380 Creditors". amounts falling due within one 20 12.840.698> (4,433,657) Not current assets 2N30,016 1. 197. 723 Total a$sets1oss cuiront Ilabllltles 22,846.686 22.383.201 CreditoTr.' amounts falling due after more Ihan one year 21 {2.968,1771 (3,026.858) Total net assets 19,888.S09 19.356.343 Charlty fund$ R8strKtsd fvnds Unrestricted funds 22 22 748.259 19.140,260 701,305 18,655,038 Totsl funds 19￿88￿19 19,356,343 The Twstees ad¢nowledge their re3ponsbilf(ies for complying with t￿ requiremgnts of the A¢1 with rospoct to accounting records and preparation of financial 8tatemenl8. The financial statemerrts were approved and aulhorised issue by the Truste8$ and signed on their behaW by. MrnEMFGrlffln (Chair of Trustees} Date. 6 De(ernber 2021 The notes on pages 21 to 43 form part of these financial statements. Page19

THE PRINCEfHORPE FOUNDATION IA company limited by guarantse) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Note Cash flows from opernting a¢tlvili08 Net cash usgd in op¢rating activtties 25 280,206 2.597.818 Cash flows from Invo$tlng aGtivities DNbJends, interests and rents from investments Purchase of tangible fixed assets PayThents for assets under construction 3.917 21,258 (97, 1ST) 179.015) (27Z708) Not cash used In Investing activiti•s 1192.309) 1348.6071 cash flow5 from tinanclng a¢tiviti08 RepayTnents of borrowing Interest paid on borrcwthngs 186.1591 (63,656J (116.4381 (119,OT5J Net cash used In financing actlvltles {202,597) 1182,7311 Changg In c￿h and cash oqulvalents In th¢ y•ar Cash and cash equIval￿ts at the beginning of the year 1114.700) 2,066A80 4.81B.435 2, 751,955 Ca8h and cash oqufvalents at the end of thg ygar 4,703,735 4,818,435 The Mtes on pagas 2110 43 form part ofthese financial ststements Page 20

THE PRINCETHORPE FOUNDATION IA company lim1t￿ by guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 General information The Princethorpe Found*ion is a Ccrfnpany limrted by guarantaa Irggistered number 04177718), which 1$ registered in Englartd and Wales. tt's charity registration number is 1087124. The registered offto an(1 principal pl￿8 of business is Princethorpe College, Princethorpe, Rugby, Wd3 9PX. If8 principal aclivty Is the provision of day schootirvJ. The company is a company Ilm6bJ by guarantee. Th6 mambgr¥ of the company are the Tntstees named on page . In the event of the company being Wou￿1 up, the Itability in respect of tho guarantee is limited to £1 per m8rrt)er of the Gompany. Accountlng policies 2.1 Basls of preparntlon of flnanclal statements The financial statements have been preparad in accordance wf(h the CharTtK8S SORP IFRS 1021- Accounting and Reporting by Charf(ies: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the FinancAal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffective 1 January 20191, the Finanual Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) and th8 Companies kt 2¢X6. The Princethorpe Foundation meets the definit￿n of a public benefit entty under FRS 102. Assets and liabilit￿5 are inilialw recognised at historical cost or tranSact￿n value unless otherw staled in the relevant accounting pc4icy. 2.2 Golng concern The Trustees assess whether tho use of going concem is approprigle i.e. whether there ore any material uncetsintie8 related to events 01 conditions that may cast significant doubt on the abilty of the Foundation lo continue as a goirg concem. The Trustees make this assessmgnt in respeci of a peri¢)d of at least one year from the date of authorisation for issue of the financial Statements and have conduded that the Foundation has adequate resources to continue in operational wstence for the foreseeable future ané there ale no material uncertoinlies about the Foun(lation'$ abilty to nlinue as a going concem. thus they continue to adcpl the going concem bas￿ of a¢counting in preparing the financial statements. Pagè 21

THE PRINCETHORPE FOUNDATION {A company limited by guarant•el NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies {eontinued) 2.3 Fund accountlng General funds are unrestrided funds which are avalable for use al the discrelion of the Trustees in furtherance of the general objectives of the Company and %thich have r￿1 been designated for other purpose$. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the finaneial statéments. Restrited funds are funds whith are to be used in accordance with $pethfic restrictions imposed by don¢ys or which have been raised by the Company for particvkqr purposes. The Costs of raisiNJ and adminisl8ring such funds are charged against the specific fund. The aim and use of each restricted fund is set out in tho notes to the financial $talem8nts. Investmerrt income, gain$ and losses are allocated lo the approprlate fund. 2A Fees and slmllar Income All income is re￿nised once tho Foundation has entitlement to Ihe intclne, 11 is probab￿ that the income will be received and the amount of income receivable can be measured reliably. Fees receivable and ¢harges for 8ervice8 and us8 of the premlses, less any allowances. Scholarships, bursaries granted by the Foundation against those fees, bLrt including ￿ntributIonS received from restrictgd funds, are accounted for in the period in which the semce is provided. 2.5 Donations and lega¢les Vduntary incoming resources are aCC￿nte<l for as and when entitkment arises, the amount be reli8￿Y quantified and the economk benefit to the Foundation is considered probabl?. Donations re￿Ned for the gen8ral purpose of the FoUndat￿n are tr￿lled to unrestricted fvnds. Whare the donor or aFpeal has imposed trust law reslriclions, voluntary incow£ 18 credited to the rdevant reslrieted fund and incoming end¢)wments are accounted for as pem)anent tfust caphal or expendable trust capital. according to whether the donor Intends restr￿tron 15 to bo permanent or not. Gifts in kind are valued al èstimated open market value at the date of gift, in the ca$& of assats for retention or consumption, or at the value to the Foundth"on in the case of donated ServI￿S or faCil￿e$. 2.6 Intorest recélvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by Ihe Foundation- this is nomially upon notification of the interest paid or payable by the inslrtution Y￿th whom the funds are deposited. Page 22

THE PRINCETHORPE FOUNDATION {A ¢ompany Ilmlted by 9uaranto9) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accountlng policiès I￿ntInued) 2.7 Govgmmgnt grants Grants are includèj in the Statement of Financial Activities on a ￿￿able basis. The balance of income recelved for speufic purposes but not exFended durfng the period is shown in the relevant funds on the Balance Sheet Where income is receNed in a￿anCe of me8ting any performance reLatod conditions there is not uncondrtional entitlement to the income and its recognition is deferred and inclLvJed in creditors as deferred income until the perfonnance-related ￿nd￿'on8 are met. Whore enliuemenl occurs bef¢ye income is received, the income is accnjed. 2.8 Expendrture Expenditure is recognised once thare is a legal or constructive obllgatv)n to transfer economie benefft to a third party, il is prcthbkry that a transfer of economic beneffts wll be required in settlemenl and the amount of the Obligh￿ can be measured reliab￿. Expendf(ure is classtfied by adivty. The costs of each activty are m￿e up of the lotsl of direct costs and shared costs, ￿lUdIng support costs inVo￿e￿ in undertaking each actiwty. Direct C08ts attributable to a single activty are allocated direct to that actiwty. Shareil costs wh￿h contn.bute to more than one actNity and support CO8t$ whith are not attributable to a single activity are apportioned be￿0&n those activities on a basis consistent with the use of resources. Central staff costs are all(%ed on the basis of time spent. and doprgciatK)n chargès alk)cated on the portion of the assefs use. Costs of generating funds are c0818 Incurred in attraGting voluntary Inttjme. and those incurr&J in trading activf(ies that raise furKI8. Charitable actNities and Govemanc8 costs are costs incurred on tho compan￿¥ educational op8r81ion8. including supwt costs and costs relating to the govemance of Ihe company apportioned io charitabl8 aclivili86. All expenditur& is inclusive of itre¢overab￿ VAT. 2.9 Stocks stocks aro valugd at tho lower of cost and net r¢alisable value after making due alknvance for obsdele and slow-moving stocks. Cost includes all dirert wsts and an appropriate proportion of fixod and variabl8 overt)ead8. 2.10 D•bto Trad8 and other debtors are recogni5ed 01 thg settlement anounl after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 23

THE PRINCETHORPE FOUNDATION {A Company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accountlng pollcles lcontinuedl 2.11 Tangible fixed assets and depreclatlon Tangible fixed assets costing £1,000 or more are capitalised and re¢))gnised when future econcynic benefits are probable and the Go5t or value of the asset can b8 Thasured relkqbly. Tangible f￿ed assets are in¢ti'alty rgcogni$ed at eost. After recognition, under the cost m¢)del. tsngible fixed assets are measur&Y at cost less accumulated depreciallon and any accumulated impairment losses. All cost$ incurred to bring a tsngible fixed asset into f(s intermled working condthon should be induded in the measurement of ¢081. Assets in the course of construction are included at costs incurred to date. Deprec￿lon on the8e assets is not tharged until they are brought into Use. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fLxed asset may not b8 recoverable. Shortfalls befv￿en the carrying value of fixed assets arKI thoir recoverable amounts ar& recognised as impaimients. Impairnent losses are recogniswl in the Statement of financAI aclmties incorporating income and expenditure account. Oepreoation is charged so as to allocal8 the cost of tangible fLxed assetsloss their residual value over their estimated useful lives. using the straight4ine method. DeprecIat￿)n is provided on the foll¢)wsn9 base8.' Fr8ehoW prop8ty Motor vehicles Fixtures and fittings Computer equlpment 2% straight line 20% straight line 5_209h straight line 20-33.3e/y Straight lina 2.12 Cash al bank and In hand Cash at bank and in hand indudes cash and short4erm highty liquid investmerbts wlh a short maturty of three months orlgss from the d*e of acquisition or opening of tha deposit or similar secount. 2.13 Liabiliti05 and Provlslons Liabilitses are recognised when there 18 an obligation at the Balance sheet date as a result of a past avenl. it is probable that a transfeT of economic benefrt will be required in settlemenL and the amount of the settlement can be 9slimatgd roliably. Liabilities are recognised at the amount that the Company anticipates it WIN pay to Settle the debt or the amount it has received as advanced payments for thè good8 or S￿vIC&S it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Whgrg the eff8Ct of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pra4ax discount rate that reflects the risks Specif￿ to the liabl￿. The ynwnding ofthe discoLbnl is recognised in the Statement of financial activit￿$ as a finance cost. Page 24

THE PRINCETHORPE FOUNDATION A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ALIGUST 2021 A¢¢ounting policios (continued) 2.14 Flnanclal instruments The Company onty has finandal assets and financial Ik?biliti8s of a klnd that qL￿Ify as ba8Ic finanual inslnjments. Basic financial insirum8nls are initially recognised at transaction value and subsequent measured at their settl8mgnl value with the exception ol bank loans which are subsequently measured at amortised wst using the effective interest rneth￿. 115 Oporatingloases Rentals pa￿ under operating leases aro tharged lo the Statemenl of financial ac*￿tIeS on a straight line basis over the lease term. 2.16 T&xatlon Th& Company Is considered lo pass the tests Sat out in Paragraph 1 Sthedule 8 of the Flnanee Act 2010 8nd therefore it meets the dgfinrtion of a charitable company for UK Corporation tax purw8es. Accordingty. the Company is potentialty gxgmpt from taxatts)n in respect of incom8 or Capital gains recewed within eate9￿1eS covered by Chapter 3 Part 11 of the Corporation Tax Ad 2010 or S￿l￿)n 256 of the Taxation of Chargoable Gains Act 1992. to the extent that 8uch inccrfne or gains are applied exdusively to charitable purposes. 2.17 Penslong The Foundation participates in the Teachers. Pension Scheme (England and Wa￿s) nho TPS'I for its te&hing staff. This is a mulli-employer defined benefrts pension scheme and it is not possible to identfy the as$els or liabilf(ies of the TPS which are altnbutable to the Foundation. AS required by FRS102 th& Fs)undation accounts for this schemo as rf it were a defined eonlriTr)ution scheme. The Foundations contributions, which are in aceordance ￿th the recerfnrnendations of the Government Actuary. are charyes In the pericd in which the salarie5 to whth they relatg are payab￿. Contributions af8 also madg to p9nsion schemes for certain 1Th-le￿hing staff. Contributions 8re hatged to inGome and expenditure account as pald. Crltlcal accountlng estlmates and arth￿ of judggmarrt Estlmates and judgements ara conlinualty evaluated and are based historical eXp￿ience and other factors, nduding expectations of future even18 that ara believed to be reasonable under the ircumstsnces. Critical accounting estimates #nd as5umptions'. In the of thg Trust99s, no assumptions conceming the ftrture of estinatlon uncertainty affecting assets orlobilities al the balance 8h8et date are likely to rgsult in a material adjustment to their carrying amounts in the next financ4al year. Pag8 25

THE PRJNCETHORPE FOUNDATION (A company Ilmit¢d by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Incomo from donations and l•gxies Totsl funds 2021 Tot funds 2020 funds 2021 Donations 110,199 110,199 47.797 Total 2020 47,797 47,797 Charflablo a¢tiviti¢s - School fees recoivable 2021 16,401A98 15,413,325 {1,923,3211 12 128,808) L8s8'. tcAal stholarships, bU￿arieS and allowances 14.478.177 13.284,517 S¢holarships. bursarigs and other awards were pard to 598 pupils (2020.. 624J. Within thi5 means tested bursarie5 totalling £510,723 werè paid to 88 pupi18 (2020.. £58T,922 to 94 pupllsJ- The total inccrtne from sthool fees is all unrestr￿ted in both years. Charftable actlv5tl8s- Ancillary trnding income 2021 2020 Transport Insurance income Trip income Catering income Sundry receipts 398,974 33,489 227.373 290.014 67,216 435.371 41.053 630, 756 s￿,249 32.048 1.017.065 1,689.477 The lolal ancillary trading income is all unrestrictsd in b)th years. Page 26

THE PRINCETHORPE FOUNDATION IA company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Income from oth•r trading actfvitlos Income from non charltablo tradlng actlvltles Unrostrictsd fundy 2021 Total funds 2021 fvnds 2020 Shop Lettings and other income 188,477 80.202 188A77 80.202 160.688 67,106 Total 2021 268,679 268,679 227,794 Total 2020 227. 794 227. 794 Invesknent Income Unrestricted funds 2021 Tolal funds 2021 Tol funds 2￿20 Interest received 3,917 3.917 21.258 Total 2020 2Y.258 21.258 Othèr incorning resources Unrestrlctod funds 2021 Total fund$ 2021 Total funds 202Q Government grant I￿2.240 102,240 525, 794 TO1￿ 2020 525.794 525,794 The govemment grant raceNad during the year related to the corona￿ruS Job Retention Scheme. Page 27

THE PRINCETHORPE FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 10. Ex￿ndItUre on ralslng funds Trading exponses Unrestrfcted funds 2021 Total fund8 2021 Tot funds 2020 Trading costs 139,300 139.300 12&057 Total 2020 12&057 125,057 Financing cosls Unrestrlcted funds 2021 Total funds 2021 fiinds 2020 Bad debts Bank loan intergst payable 58,e65 116.438 58,665 116,438 23.352 119,075 Total 2021 175,103 175.103 142,427 Total 2020 142,427 142,427 Page 28

THE PRINCETHORPE FOUNDATION IA Company limlted by guarantsg) NOTES TO THE FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 AUGUST 2021 12. Anatysl$ of ex￿ndIturn on ¢haritsblo activitie8 Summary by fund typo UnTestrtctod Restrlct fvnds nds 2021 2021 Total fund¥ 2021 Total funds 2020 Toaching We￿are Premises, repair and maintenance Support costs and governance 8.932,463 1,336.128 2,816.832 2,015.339 8,932A63 1,336.128 2.880.077 2.01S,339 8.8fj8,023 1,198,640 2,611.917 2.384. 134 63,245 Total 2021 15,100,W2 63,245 1S,164,007 15,062.714 Tofal 2020 15,010, 1T7 52,S37 15,062,714 Summary by exp8ndlture typ• Total funds 2021 Staff costs Dopreclatlon Other costs 2021 2021 2021 funds 2020 Teaching Weware Premtses, repair and maintenance Support costs and goveman¢o 8.062,612 89.853 238,508 31.575 631.343 1.214.700 8.932,463 1.336.128 8,868,023 1, 198.640 689.402 909,387 531.978 156,366 1.658,697 949,586 2,880.07T 2,016.339 2.611,917 2.384. 134 Tots12021 9,751.254 958.427 4,454.326 15,164,007 15,062,714 Tot* 2020 9.549.266 1,054, 780 4,458, 668 14062, 714 Govemance costs induded I￿1h1n support costs indude aLFditorfs remunerali¢)n as par note 13, trustees expènses as pèr note 14 and other govemance costs of £44,490 (2020.. £44,284). Page 29

THE PRIN¢ETHORPE FOUNDATION {A company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. Audltorfs romunerntlon 2021 2020 Fees payable to the Companys auditor for the audrt of the Compan￿$ annual acwunl$ 14250 13. Fees pay8ble to the Companls auditor in respect ot. Audit-relaled assurance services Taxation advisory Se￿IcES All non-audfÉ 8ervus not induded above 825 5.250 8,250 990 14. Trv5t•es' remunerntion and axponses During the year, no Trustees received any reMu￿ratIOn or other benefits f2020- £NIU. During year ended 31 August 2021, expenses lotslling £998 were reimbursed ci pakl dirady for 6 Trustees (2020 - £5, 169 to 17 Trustees). The eypgnses reclaimed were for travel expenses, seminar fee5, 8ubsislence costs and a laptop. 1S. Staff costs 2021 2020 Wages and salaries Sccial Security Costs Pensicfi costs 7.772,269 710.009 1,268,986 7.617.034 691.205 1.241.027 9,751.254 9,549,266 Durfng the year18rnination payTnents were made which amounted to £18.855 f2020.' £NilJ. Page 30

THE PRINCETHORPE FOUNDATION (A company Ilmltèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 15. Staff Costs (Contlnuedl The average numt¢r of porson5 employed bythe Company during the year was as follow8: 2021 2LY20 No. Teachars and teacher support D¢)mestic Maintenance and estates Administrat 27 43 282 The number of empl¢)yee3 whose employee benefts (exduding empk*yer pension costs) exceeded £80,000 wa$.. 2021 2(720 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001- £90.000 In the band £100.001- £110.¢XIO In the band £170,000- £180,000 In the band £210,001- £220.000 The total empbyee beneffts of th8 key management p8rscffin81 wgrg £1,496.935 (2020." £1.308.S)6). Page 31

THE PRIN¢eTHORPE FOUNDATION IA company Ilmltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 16. Tangible fixed assets Freehold Motor Fixtures Computer und•r property veh1¢￿$ and fittings equlpmenl conslructlon Total Cost or valuatlon At 1 September 2020 25,083,370 330.590 2,894.083 1￿37,666 Addrtion$ 15,499 101.712 Disposals Is,0001 126,2611 {156,$61} (471.6201 476,276 30.321.985 79,015 196,226 1659,442) At 31 August 2021 25,078.370 319.828 2.737,$22 1,167,758 566,291 29.868.769 Dgpreclatl¢)n At 1 September 2020 Charge for Ihe year On disposals 5.824,807 234,391 1,769,324 1,307,986 535,003 43,869 252,075 127.480 (26,261) I154,￿5> 1471,6201 9.136,608 958,427 1652,836} At 31 August 2021 6,359,810 251.999 1.866,444 963.846 9.442.099 Nèt book valuo At 31 August 2021 18.718.660 67,829 871.078 203,912 555,291 20,416,670 At 31 Augusl 2020 19.258,563 9a 199 1, 124.759 229.680 476,276 21,185.477 All tangible fued asse18 were Lts&J for charitable purposes. Freehold land of £1,437,750 {2020.. £t.437, 750) included above has not been depreaabj. The fr88hold land 8nd buiklings donated to the foundation by MSC Charity Trust wfth effect from 1 September 2001 were professionally valued prior to the donation by Howkins & Harrison for Princethorpe College and Innes England for Crackley Hall. The values attributed to these properties were £5,900,000 and £842.099 respeclivety. Asset5 under constructi)n relalg to th8 Science project. Inall•nable and hlstorlc assets In addition to the capilalised fixed assets hetd for the Foundation's own use, the Foundation also has a $ubstsntial endowment of assets bequeathed on tnJ8t for retentlon in perpetuty a5 a perynanenl record of the Foundation's history. These comprise a variety of religious artrfacts whose intrinsic value is also bc4Jnd up with the Foundab"on's history. These are irr9placgable Qriginals to whtch no reliable cost oi value can be attributed and aG￿rdinglY these assets ha￿ not b8on capitalised in the financial statfjments. Page 32

THE PRINCETHORPE FOUNDATION (A comp•ny lim1t￿ by guarantg?) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 17. Flxed asset investmonts Inve9tments in subsldlary companles Cost or valuation Al 1 September 2020 At 31 August 2021 Net bt)ok value At 31 August 2021 Al 31 Augusl 2020 Prlnclpal 6ubsldiariè8 The following was a subsidiary undertaking of the Company. Name Company numbor Reglstgrod office or prlnclpal Prlnclpal a¢tivity placo of buslness Princethorpe Enterprises Limtted 07129698 Princethorpe College, Princelhorpe, Rugby, CW23 9PX Dormant Class of Holding shares Included in Gonsolldallon Ordinary 100% Yos The financial results of the 5ub5idiary for th8 ygar worg: Name Net assets Pdncethorpo Enlerprises Limited Pag8 33

THE PRINCETHORPE FOUNDATION IA company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18. Stocks 2021 Finished goods and goods for res8k8 122.745 116, 180 19. Debtors 2021 2020 Dug Vdithin one year Trade deblors Other debtor8 Prepayments and acttued income 153,923 82,800 207,510 61.207 26.6&3 608,875 444.233 696. 765 An impairmnt loss of £58.665 (2020.. £23,352 loss) was recognised against fee deblofs. 20. Credltovs: Amounts falling due wlthln on• year 2021 2020 Bank hjans Tr&J8 creditor5 Final tami deposits (see below) other tsxation and social security Other creditcKs and accrued ¢h•rges Fees receNed In advance and other ¢Jeferred income 68,786 414.584 361,060 170,162 1,266.921 559.185 66,126 929,654 374,740 172.733 821.875 2.068.529 2.840,698 4.433.657 The bank loans are secured by a dgbenture comprising fixed and floating char9es over all the assets and undertakin9 of the Foundation aThJ a first legal mortgage over the freehold prcfjety at Prnicethlxpe Col*o. There are loans. The first loan has an interesl rate of 3.56%pa until October 2023 and then 1.5Y bove base rate thereafter, the loan is repayable by October 2028 by monlhty instslments. The second an has an Inte￿$1 rate of 3.86QA until October 2023 and then 1.5% above base rale thereafter. The loan is ￿paYable by October 2033 with monthly repayments commencing in Octob9r 2023. Page 34

THE PRINCETHORPE FOUNDATION IA Gompany Ilmlted by guardnlofr) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Fe¢s rKofvgd In advanc• and olher deferred Incom8 Dgfgrred income at 1 September 2020 Resources deferred during the y9ar Amount8 released from prgviou5 P8ri¢)ds 2.068.529 1.304,236 559,185 2.068,529 {2.068.529I (t,304,236J Def8rr￿ In￿Me at 31 August 2020 S59,186 2,068.529 Flnal tsmi deposits In the nomial course of business and based on the going concern basis, the Profile of pupih leaving the sGhool and Ih&refore hawng their deposit8 repald, the eXp￿ted rapayment of éeposits will be.. 2021 2tr20 In one year OT less Be￿¥een one and ￿ years B9tr￿en Iwo and five years Over five year¥ 31.2110 39,000 129,600 161260 28,800 32. 100 128. 1CQ 185.740 361,060 374, 740 21. Credltors: Amounts falllng du• aftor morn than one yoar 2021 2020 Bank l)an$ 2,958,177 3.026,858 Included wlhin tha above are amounts falling due as follows: 2021 2020 Bgtwogn one and two year6 Bank loans 310,933 68.519 Belween two and five yearn Bank loans 960,265 718. 139 Over flve yea Bank loan5 1.686,979 2,240.2LXI Page 35

THE PRINCETHORPE FOUNDATION (A company limitod by gu•rantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 22. Ststement of lund8 statemont of funds- ¢urrent y￿r Balance at 1 soptember 2020 Balance at 31 August 2021 Tran$f•rs Inlout In¢om• Expendlture Unrestricted funds DeSIgnat￿ funds Tangible f￿¢￿ asset fund 20.577.178 1760.6081 19.816.670 Gon8ral fund5 General reserve 11,922,140) 15,900,377 115.415.165 760.508 (676.420) Total Unrostrictgd funds 18,655.038 15,900,377 (15.416,166) 19.140.250 Restricted funds Princethorpe Chapel ffixed asset fund Biodun Olanrgwaju M8morial PrEe Princethc￿e Bursary Fund Princethorpe Science Building Fund Princethorpe- other donations Crackley Hall- donations Cres¢¢nt- d(￿at￿Ons 620.000 120.000) 61)0.000 7,038 49N27 11.0001 6.038 74.259 24B32 22.799 34.954 6,203 44.110 100 57.763 14,755} 137,390} 11001 893 1,148 7,613 1,148 701,305 110,199 {63.2451 748.259 Total of funds 19.356,343 16,010,576 {16.478A101 19,888,509 Page 36

THE PRINCETHORPE FOVNDATION (A company limit•d by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21 Ststement of ￿ndS (contlnuod} statement of funds- prlor y￿r Balance al I S8pt8mbgr 2019 Balance al 31 August 2020 Transf8 inlout Incomg Expondrfure UnrestriGted funds Deslgnatod funds Tangible frxed asset fund 21,230,392 (653,214) 20,57T, 178 Gènernl funds General reserva (1068,083) 15,771,390 (15,277, 661) 652,214 (1,922, 140) Total Unreslrlctsd fund$ ia 162,309 15,771,390 (15,27T,661J {1,(￿) 18.655.038 Restrict8d funds PrinCeth￿ Chapel fixed asset fund Biodun Olanrewaju M8morial Prrze PrinCeth0￿ Bursary Fund Prin￿t￿)rpo Science BuildirvJ Fund Princethorpe- other donat￿n$ cr￿*leY Hall- donations CTesGent- donations (20.000) 620.OLXI 8.038 2&229 (t,coo) (3, T62) 7,038 49.427 27,960 14,070 17,074 312 322 8. 729 9.858 1.2 22. 799 (26.932) (669J (174) 1. 148 705,045 47.797 (52,S37) 701,305 Total of funds 18,867,354 15,819, 187 f15,330. 198) 19,356,343 Page 37

THE PRINCETHORPE FOUNDATION IA company limited by guarant••l NOTES TO THE FINANCIAL sTATEmEP￿s FOR THE YEAR ENDED 31 AUGUST 2021 22. Ststement of fund8 Icontlnuedl Tanglble FI￿d Assat Fund The tangible fixed asset fund represents the net book value of tsngible T￿ed a88ets excludlng a88et8 held as part of restricted funds. Prfncgthorpe Chapel Fixed Asset Fund Under the term5 of the grfl by the MSC Charty Trust and in accordance the memorandum of associati￿ of tha Foundation, thi8 endowment fund represents the gift of the chapel to the Foundation. The amount expended during the year ￿preSentS the annual depreciation charge. This fund does not represent income available lo be used on other projects. The chapel. which forms part of the pr￿l$es, must be rrolntalned as a public plaGe of worship whilst owned by the Foundation. Blodun Olanrowaiu Memorlal Priz This fvnd has bean set up by three former pupils in memory of thelr ￿te father to prov•Je an award to a Sixlh Fomi leaver. Prln¢8thorpo Bursary fund The BuTSary fund wa$ establish8d to enable students to ￿ntinUe to attend the o)Il&¥. Prin￿thOrpe Science bullding fund The Science bulkling fund has been eslabliÈhed lo ralse fund8 lo contribute to the buildirvJ of a new science building. Princ•thorpe- Othgr donotlon5 fund This fund is lo support actwit18s at the college . Crackley Hall- donatlons fund This fvnd is to support 8Ctiwtie8 at Crackley Hall. Cresconl- donatlon$ fund This fund 1$ support actrvities at Crescent Sch¢)ol. Page 38

THE PRINCETHORPE FOUNDATION IA company limited by guarnnto• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 23. Summary of funds Summary of funds - curr8nt year Bal•n¢e at 1 S•ptsmbeT 2020 Balanco al 31 Augusl 2021 Transfèrs inlout In¢omo Expgndlture Designated funds General funds Restricted fund8 20,577,178 {1.922.140) 15.900,377 115,416,165) 701.305 110,199 163,2451 1760.608) 19,816,670 760.608 {678,4201 748.259 19,356,343 16,010,576 116.478.4101 19.888,509 Summary of funds - prior year 8818nce al t Septembe 2019 Balan￿ el 31 August 2020 T￿nsIOrS i￿out Income Expenditure Dè8lgnaled lunds General fijnds ReStr￿ted fund$ 21.230,392 (3.068.083) 15.771,390 (14277,661) 705,045 47.797 (52,537? (653,214) 20,577. 178 652,214 (1.922, 140) 701,305 1&867.354 t5.819.187 (14330.198? 19.356.343 X Anatysts of net assets betwe&n funds Anatysls of net assets between funds- current year Unr•strScted Restricted funds funds 2021 2021 Total funds 2021 Tangible fixed assets Flxed asset investments Current a88Ots Creditors due %wthin one ye Creditors due In more than one year 19,816,670 600,000 20A16.670 5,122.454 12,840,698) 12,958,177) 148.259 4270.713 2,840.698 12.958,17n 19.140.250 748.259 19,888,509 Page 39

THE PRINCETHORPE FOUNDATION IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysls of not ass8ts b8tween funds Icontlnuedl Analysls of net assots balween funds- prfor yoar Unrnslricted fvnds 2020 Resbicted funds 2020 Totsl funds 2020 Tangible Tix&J assets Fixed asset inve$tm8nts Current assets Credrtors due within one year Creditors due in mre than on& yaar 20.￿5,471 620,LiIO 21, 185,477 s,5￿1,075 (4.433, 657) (3.026,858) 81.305 5,631,380 (4,433,65T) (3.026,858) Totsl 18,655.038 701,305 I9,3￿,343 26. RoGoDGlllation of movement In funds to not ush flow from operatlng activitias 2021 2020 Net incc*ne for the year (as per Stslement of Financial Artivitie$) 632.166 488.989 Adjustments for: Depreciatb)n charges Di￿dends. interests and rents from investments Loss on tho sale of fixed assets D￿￿$@/(Incr0ase} in stocks {Increas&ydocreas8 in debtors Increaselldecreaso) in créditors Inierest paid on borrowing$ 958,427 (3,9171 6.606 {6.565) 252.532 (1.675A811 116.438 1,054, 780 {21.258) 30.672 (94.302) 1.019.862 119.OT5 Nat cash provided by operatlng activitie$ 280,206 2,597,818 Page 40

THE PRINCETHORPE FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Anatysis of cash and ¢a$h equivalents 2021 2020 Cash in hand 4,703.735 4,818,435 Total cash and cash equivalents 4,7Q3,736 4,818.435 AnalysiB of Chang￿ in net debt At1 September At31 2020 Cash flows August 2021 Cash al bank and in hand Debt due within 1 year Debt due after 1 year 4018A36 (66.1261 {3.026.868) 1114.7001 4703,735 12.660) {68,7881 68.681 (2,958,1TII 1.725.451 148.6791 1,676,772 28. Related party tr•nsactions The Company has not entered into any rekted paty transaGtion during the year. nor are there any outstandirvJ balances owing between relatod partw and the Company at 31 Au9USt 2021. Pen8lon commttments Toa¢hgrs' Penslon Scheme The Sch¢x)I part￿ipaleS in the Teachers, Pension S¢hgme ("Ihe TPS") for its leathing staff. The pension charga for the year includes contn"bLrtions payable to the TPS of £1,133,072 (2020.. £1.106.024J and at the year-end £Nil (2020.. £102) was aruued in respect of contributions to this s¢homo. The TPS 1$ an unfvnded multiryernpWr defined ￿efItS pension Scheme govemgj by The Teachers, Pensions Regulalp)ns 2010 las amended) and The Teachers. Pgnsion Scheme Regulati￿3 2014 las amended). Members contribute on a "pay a$ you go. basis with conlribub'on$ from members and the empktryer being credited to the Exch8quar. Retirement and other pensbn ￿n8ffl$ are paid by public fund8 provided by Padiament. Th8 employer Gontribution rate 18 sel by th8 Secretary of State following scheme valuations undertaken by th8 GOv￿Ment Actuary's DepartmenL Th? m05t recent aduarial valuation ofthe TPS was prepared as at 31 March 2016 and the valUat￿n Rèport, whith was published in March 2019, confimRd that the empb)yer contribution rate for tha TPS woukl incre88e from 16.4% to 23.6•h from 1 September 2019. Employers are also required to Pay a scheme admlnistr8tlon ￿ of 0.08% giviru o total empbyer ontribution rate of 23.68trA. Page 41

THE PRINCETHORPE FOUNDATION {A Company limited by guarnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 A￿UST 2021 29. Pènslon commlthients (contlnued) The 31 March 2016 V81u#lion ReM was prepar￿ in a¢¢ordance with the benefits 8et out in the scheme regulations an¢J under the approach specrfied in the Directions, as they applied at 5 March 2019. However. the assumptions were consklered and set ty the Department for Edu¢*ion prior to the ruling in the 'McCloudlSargeant case,. This case has required the courts to consider cases regarding the implementstion of the 2015 refom)s to Public servi￿ Pen$￿A$ including the Teachgrs. Pensions. On 27 June 2019 the Supreme Court denied the govemment permission to sppeal the Court of Appeal's judgment that transiti¢)nal proMsions introd￿ed lo the refomied pension 8chem6s in 201 S gave ri8e lo unlawful age discrimination. The g¢vèmment is respecting the Court's decision and has said (( wll èngage fully wlth the Employment Tribunal as well as employer and member representatives to agree hchv the discriminations will be remedied. govemrnent announced on 4 February 2021 that it intends to pro￿ed wrth a deferred choice Und8￿1n under which rnembers will be able lo chc4)se either legacy or rgform8d scheme benefits in respect of their seryice durlng the period betvfftn 1 April 2015 and 31 •Aarch 2022 at the point they become payab￿. The TPS 18 subject lo a cost mechanism vknich was put in place to protect taxpayers again8t unforeseen changes in scheme costs. The Chief Secretary to tha Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism foll¢)wing the Court of Appeal's ruling in thè McClou(VSargeant case and until there is ertainty about the valuè of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consukation was launched on 24 June on proposed changes lo the cost control mechanism folloswng a review by the Govemment Actuary. The consultation Gl¢)sed to response on 19 August 2021 and the Govemment 1$ CLtrrentty anatysing the reSp￿Ses. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this S￿nariO, a valuation piepawd in acco¥dan¢e with revised benefits and suitably revised assumptions would yk91d different results than those contained in the Acluarial Valuat￿n. other Pension Schemes Contributions are 8180 made to pension schemes for certain non4aaching staff. Contributions are char9ed as paid, this years contributions payable were £135,914 (2020.. £135,003). At th8 year￿end £20.220 (2020." £20,477) was accrue(l in respect of wntributions to this stheme. Operatlng lea$9 commitments At 31 August 2021 the Company had ctjmmitments lo make futuro minimum18ase payThents under non- an￿lIable operating leases as follows.. 2021 2020 Nol later than 1 year Later than 1 year and not later than 5 years 16.787 36,557 16.920 16,920 OperatirvJ leases rentals charged during the yearw9rg £23,607 (2020.. £22.5eii). Page 42

THE PRINCETrtORPE FOUNDATION (A company Ilmlted by guarnntO0 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 31. Financial instrumonts 2021 Fin•ncial assots Financial 855ets measur8d al fair value through income and expenditure Financial assets measured at fair walue Ihrough income aTra expenditure ¢omprise irwestment& The sc￿￿,$ income. expense. galns and losse$ in respect of financial instruments are 8ummari59J 2021 2020 Total invesknent income ft>rfinancial assets maasurad at fair value through incomè and expenditure Impairment losses on financial assets measured al an￿rtiSed cost 3917 176.103 21,258 142,427 Page 43