2022-08-31-accounts

R•gistorod number. 04177718 Charlty nUm￿r. 1087124 THE PRINCETHORPE FOUNDATION (A company limited by guarnntae) TRUSTEES. REPORT AND FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022

THE PRINCEfHORPE FOUNDATION IA company Ilmlted by guarantoel CONTENTS Page Rofer•n¢e and admlnhtratiye d•tails of Ihe Cornpanyi Its Tru$tw and advls6r8 Trustoos. rnport Indopgnd•nt audltorf8 rfrixirt on tho flnan¢lal $tatsments Statemont of flnan¢lal ¥¢tlvltlès 3-12 13-17 18 Balanco 8heot 19 ststement of ca8h flow8 20 Notos to the Ilnanclal sLitom&nts 21-43

THE PRINCETHORPE FOUNDATION IA company Ilmlted by guaranto•1 REFERENCE AND ADMINISTRATIVE DEfAILS OF THE COMPA ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Tru•to08 Mr J S Blrdl Mrs C A E Cook Ire8or*d 24 Feb￿￿ 2022) MrA Q D Cornforth Mr J N Fisher Mr M W Fletcher Mrs B A Forster Mrs E M F Griffin, Chalr Mr R W Harajurt Mr D G Jackson Mr C H Jenkinson Mrs E C Kerhvard {resigned 28 June 2022) Mrs H M Knight (appointed 14 March 2022) Mrs C M McGrory Miss T M McNamara Mr C J Russell, Deputy Chair Mr K D Shaw MBE Comm¢xlore B J Wamer M￿S S C M Fry (appointed 7 N¢)vember 2022) Company r•gist•r•d number 04177718 Charity rogisterod number 1087124 Regl•ternd offlce Princ8thoTpe Colege Princ8th¢)t Rugby cir23 9PX Company ••cr•tary E J K Tolch8r Indop•nd•nt •uditor Crowe U.K LLP Black County House Rounds Greon Road Oklbury West Midlands B69 2DG Page 1

THE PRINCEfHORPE FOUNDATION (A company limited by guaranteè) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, rrs TRUSTEES AND ADVISERS ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 Sollcltors Stone ￿ng LLP Upper Borough Court Upper Borough Wall$ Bath BA1 1RG Wright Hossall LLP Olympus Avenue Leamington Spa Warwickshire CV34 6BF Bank•rs HSBC Bank P PO Box 24 55 Corporation Stregt Coventry CV11QJ The Ho•d Teach•r6 Mr E D H8Ster- Printelhorpe Collage Mr R P Duigan - Crackley Hall School Mr J P Thackway- Cre￿ent School Foundation BurBar Mr E J KTolcher Page 2

THE PRINc￿HORFE FOUNDATION IA ¢ompany Ilmltsd by gu4rant•g) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Trnste85 present thelr annual report together with the audited financial statements of the Company for the year 1 September 2021 to 31 August 2022. The Annual rewrt serves the purposes of both a Truslees, report and a directors, report under company law. The Tru81ee8 confimi that the Annual report and financial statements of the tharitablg company comply with the current statutory requlrements. the requlrements of the charitable company's 9)veming dlicumenl and the provisions of the Statemonl of Recommended Practice {SORPI applicable to charities preparing thelr aceounts in aco)rdance with th8 Financial Rewrting Standard applicablg in the UK and Republ￿ of Ireland IFRS102} (effective 1 January 2015) a8 amerwjed by Update Bulletins 1 and 2. CONSTrruTION The Princethorp8 FOUndatic￿ is a company limlted by guaranteo, registered number 417TT18. It Is a registered ¢harlty in England and Wales, numter 1087124. The goveming instrum6nt8 under which the charitable Ca)mpany operates comprise the memorandum and artrcles of asx¢iation of the company and the Instrument of government. The articles were amended in December 2019 to clarfy the requirements relating to the r8lirgmont and rearpointmant of trustees. STRUCTURE. GOVERNANCE AND MANAGEME The Dirgctors of the charitable ¢ompony I'the Foundation.) are ils Trustees for the purwse of charity law and throughout this report are ￿lleCtIVe￿ referred 10 88 the TN5tees. The Trustees are also mwnberyJ of th8 company for tho purpose of company law. The Tnkns who Bwved during the year are named on pa98 1. Mrs H M Knight and Mlss S C M Fry were pre¥entsd for appointrnant having becoffts a trust88 since the last Annual General Meeting. Mr M W Fletcher, Mrs B M Forster and Miss T M McN*nara r8tir8d and. b8ing eligibb. offored themsefves for reappolnth)enL Mts C A E Coc4( and Mrs E C Kenward have re5rgned as truste88. directors members of tho Found8tpJn during the 202122 year. Mr A Q D Cornforth. Mr D G Jackson and Mr C J Russell have reached the end <rf their tgnn of offi¢e and have stood down as trust8as, directors and members fi) the Foundation at the Annual General Mealng. Trustges are committed to the standards ¢)uUined in the Charity Commission's Charity Govemance Cod& A review of the Code and h¢)w the Foundation functions 15 currently undernay. Day to day rnanag￿nt of the F￿ndatIOn is delegated by the Trustees to Ihe folk)wing executive&" Mr E D Hester (Foundation Headl Mr R P Duigan (Head of CftGkley Hall) Mr J P Thackway IHead of Crescent School) Mr E J K Tolcher {Foundalion Bursar and Company Secrètary). Mr G d8 Toil has been appointed as Head of Princethorpe College from January 2023 at vthich time Mr E D Hester will b8￿me Foundation Pflncipal. Sel8ctlon and IndU￿10n of trustsos Trustees are selected with a vlew to malntslning on Ihe governing b(xty a balance of skills In a range OF di$￿p41n￿S including edwtion. finance. law, religit)u$ and pastoral i&wes and general business acumen. Individual qualities such as motivation and availability a￿ also important for what is an unpahl and time consuming commitment. Suitable tandidates are identif￿d by personal recommendations from members of staff. e￿$￿Th9 parerbts and trustees. Page 3

THE PRINCEfHORPE FOUNDATION IA Company limited by guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 New trustees receNe a comprehensfve Infornial￿n pa( detailing the Tole of a trustee, the FOU￿jabOn and its struthre. objectives and strategy. Ststutory obligations are also explained and copies of relevant Charity Commission guKlance are i88ued. In oddition. each new trustee is briefed by the Heads and the Foundation Bursar and, Subl￿t to availability, offered P￿CeS on bespoke training ses$b￿S Organised by I￿lOn81 bodles such as AGBIS (Asswation of Goveming Bodies in Independent Schools). AIana9ementstn￿turn The Foundation Consists of Ihre8 ￿h0o1$. prin￿thOrpe College. 8 co educational sènior school for pupils aged 11 to 18-, Cres￿nI Schc)I, a co educational junior schwl for pupils aged 4 to 11 in Rugty; Crackby Ham School. a co educational junior school for pupils aged 4 to 11 in Keniknrth. The school incoTrorates Little Crackers Nursery for pupils aged 2 10 4. The Trustees meet as a full b)ard on at least one occasion each temi and undertake the management of the Foundation through a stnjclure of sub committees. A finance commrttee at least terrnly and mnitors all aspects of Iho Foundation's finances including capital expenditure. making annual budgetary reeommendalfrjns to the governing b)dy and considering applications for butsaries. Other committees meet regularly to oversee such activiiies as edU￿tion. staffing, safeguarding, marketing and communications, premises, heatth and safety and governanco. The development board has teen established as a sub committee to oversee fundraising. Day to day management of the Foundation is del8gated to the Heads and Foundation Bursar who reFx)rt to the Trustees and to the varpJus sub committges relevant to their indiwdual responsibaities. There is a regular meeting of the Foundation's senior executives whith comprisè the Heads. the Foundab"on Bursar, the Deputy and Assistant Heads from Princethorpa College and the Foundation Assistanl Heads. The group, known as the Foundation ExecutNe Committee. are the key managament personnel. Rgmunvatlon Remuner*ion is set by the Board, with the pollcy objective of providing opprcyriate incentlves to encourag8 enhanced perfomance and of rewarding fairly and responslbty individual contributK>ns to the Foundats'on's success. Thè approprlatengss and relevan￿ of the remuneration policy is reVi￿￿d annually, induding reference to comparisons with other independent schcds to ensure that the F￿ftdat￿n remains sensitive to the broader is$u&s of pay and employment conditions elsewhere. Delivery of the Foundation's charitatle vision and purpose is prlmarfly dependent on our key managoment perscfinel and staff costs are the lar9esl slngle elemenl of our charitable expenditure. Employment policy The Foundation is an equal opportunities employer. Full and fair consideration 18 given to job akwlicalions from disa￿ad persons and due considerat￿n is given lo their training and employment needs. Consuhation wlth employees, or their repre$entaty'ves. has continued at all levels wth the aim of ithng the views of employees into account when decisions are m￿e that are likety to affect their interests. Communication wrth erry)loyees continu8s through nomial management channd8 in a variety of fornis to apprise staff of current tssues. OBJECTIVES AND ACTIVITIES Ch•Atable ObJ6cdves The FOUndat￿n,6 objectives are to estsbli5h. conduct and carry on an irKlependent school. ¢o11gge and nursery or any one or more thereof, for th8 education of boys. gids arKI young adults of all or no religious denominations and of such ages as the Trustees may from lime to time deleffliine. and to do all thing8 88 are or may be incidental or condudve to the attainmenl of the above otlects. Page 4

THE PRINCETHORPE FOUNDATION (A company Ilmltod by guarants•) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Alms Tha Foundation aims to provide a caring Christian environment to children with a broad range of ability wherein thgir needs csn bo met and their talonts devebped. The Found8lk)n pursues these objectives by creating healthy balance Eetsyeen fregdom and structure wlth an eM￿SiS on self disCip￿￿e thr￿gh responsibility and trust, supported by a high levgl of pastoral care. Cuffenty•arfs objectlves The moin oblectives for Ihe year were.. to ￿ntinue to improve on the hlgh levels of academic achievgmenL eEpeciaty when assessed in tem1$ of value added.. as a whole communty, to follow faithfulty the 8thos of the school, creating an en￿rOnment where eath child wlll flourish.. to continue lo enhan￿ the wide range of co Curr￿Ular activibes that are so onioyed by the pupils., to Continue the programme of refurbi8hmenl and eXpans￿n ofknlities. CunEnt￿￿$ stratogles to a¢hleve alms Strategies employed to achieve these objectives includg: attracting and recruiting high calibre stalP. optimising pupI1te￿er ratios.. improving training and staff development.. providing scholarships and bursar￿¥ to all(yw talgnled pupils from le$s well off backgrounds to enrol., managing finances so as to retain ￿MpO￿.t￿8 fees whilst m￿Mis1n9 fuThds availab￿ to improve qualtty of education and facilities for pupils. The Foundation Su￿sSfullY provBJed educatlon to over 1.400 pupils. A total of 30212021.. 325) pupils received help with fees to the total value of £1.209,44712021.. £1,189,058) and the 8dKJlarships and bursarvas fund is at a level equivalent to 6.7%12021.' 7.2%) offee income. The Trustees have been $uGGessful in raising some funds from exi8tin9 parents and others towards thè gèn¢ral bursary fund which is active￿ publicise(1. The Thornas More Scholarship is also activety publiGised and is means tested scholarship programm& which 18 avallable for Catholic pupi￿. The Trustees arg indebt&J to the parents. as￿lationS of all sch￿18 vthose organssalion of events bring together the wmler school communrtie5 and whose supFort of school events 18 Invaluable as well as raising signffKanl sums of money to support thg schools. PUBLIC BENEFft Chanltable alms, rnlevant beneffts andbenefielaries The Trusl89$ are salisfied that the s¢hcols' aims are tharitable, and that it8 operation was and is o)nsistenl with those aims. The Trustees havè al￿ given car8ful consKieration to the Charity Commission's general guidance on Publ￿ benefft and in pathular to its supplementary public beneffil guidance on advancing education and on fee eharging. In acccrfance with the govwning InstnJments of the Foundation. the chap81 at Prfncethorpg College Is provided to the local parish for 8ervi¢e$ induding we8kty Mass. baptisms, weddings and funerals without Charge. An I￿al donation is rgceNed from the parish lowafds rnnning costs. Page 5

THE PRINCETHORPE FOUNDATION (A company Ilmitod by guarnntsol TRUSTEES. REPORT IcoprfiNUEDI FOR THE YEAR ENDED 31 AUGUST 2022 s part of tho Foundation's educational provision, the schools encour&Je pupi18 to contribute to thè community: fundraising for o wide variety of charitias and other organisation$'. Christmas Lunch for senior citizens from local ￿re homes and from Ihe local parlsh; fundraising and pract￿01 help in local schools, care homes and in81ilutions through Youth St Vincent de Paul Society., Community Service as part of Sixth Fom General Studies. Chfvjren and young people who are not pupils at the sth¢)ol$ have ako bgngfrt•J from the Charity's actiwlie$ consistent with ils a￿.8¢1S.. tha facilitios of the Foundation are provlded free or at reasonable c08t to a wide varigty of external groups for functions for children and young Feople including youth sports groups, children's fun days and music festlvalg., the Foundation provides coachlng in hockey to external youth teams and to indivKlual extemal pupils- Ihe provision of training to teachern, including remedial tralnlng sessions. in maintsined 8chools'. teacher5 provide support for exam bJards for example as examination moderators, examiners, examination leadership, and in service tralnlng (INSET) forAQA for teachers for all sector5.' a MUS￿ Day, a Football Festival and a Hockey Festival are run annually for local schwls induding state schools., a nation8lly acdaimed cross country ￿U[S8 IS Used by pupils in the Independent and maintained sectors. There are also aclivlties that have provided other charitable benefic in oddltlon to benefits diro¢lly a¥$￿ted tyth the objects of th8 Charfty.. pupils complgting post 9raduate studies with various acadern￿ b)dies have the fa￿1[ty of carrying out teaching pract￿e.. a regular Reading Group is open to both parents and local pecple" the use of facilities by external groups", the schools, fac41ities are used by a variety of groups at no or l)w cost,. Princelhorpe College takes part in the annual Heritog? Open Day. The Trustees are satisfiad that there 18 no evidence of detriment or hami associal8d wlth thè schools, acbviiies. The Trustees are satisfied that any privale bènefits are incidental. tho fee remission provided for staff being part of the emphjyment tènns offerod to atlract and ietain high qualty $taff. The FoundalK)n applies appropriate academic 8ntran¢e requirements lo ensure that its pupils are ab￿ to b8nefil from the educ8tk)n provKled. The Foundation wshes to ensure that admission to the schools is not restrict8d by financial circumStan￿S ex¢wting that ovorall there has to be a propgr balance btheen income and costs such that thé continuation of tho Foundation will not b8 financially imperlled. Vvhen setting the fees for the schools Trustees are mindfijl of the need lo ensure accessibility for as widg a range of soep)économic background as posslble arKI therefore fee levels and increases *e kept as low as practicabl8. The Twstees ore satisfied that the opportunty to benefit from the Foundalion's atxivities is not unreasonabty restricted. The Bursary Fund is used to enable access to members of the public who might not be able to afford the full fees. Means tested bursaries were granted to 67 Pupbls totalling £473,775 wrth 19 pupils receiving fee remissions of 75% or more including 4 puplls receiving fvll fee reMi￿On8. Page 6

THE PRINCETHORPE FOUNDATION (A company limited by guarantse) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Thè provision of free plae85 and other financial assistance wllh féé$ rmany that people in povety are not excludgd from the opporiunity lo b8nefrt from ihe 6chool$' aGtivTties. Fundralsing The Foundation contacts the members of its community. namely alumni, currenl and past parents and friends of the sch¢)ols, regarding fundraising a(￿tIes. All fundraising efforts make clear that any donations are voluntary and do not place any undue pressure on an Indlvh4usl. We are registered wrth the Fundraising Regulator. we are an organisational member of the Chartered inslilute of FUrKIra￿lng and wo attend relevant ¢onfgrences to ensure best praGliGe is applied. In the last financial year there have not been any breaches or failure to comply with fundraising reguktory standards of any regulatory body goveming fundraising policies. There havg not been any forrnal complaints agalnsl th¢ FourKlation's fvndraising pr¢￿dure% STRATEGIC REPORT Review of achieveffnts ar￿ perfomance for year. The links belwe8n the junior and senk?r schoo15 are strong and continue to degpen. The FoUnd2￿n is the sole provider of irKlryendent ￿ucatiOn in Ken1￿￿orth up lo the age of 11 years. The Foundation has a len year building development plan for its schoots. The L*velopfflent offic8 continue5 its programme of ralslng awareness of its oims and objectives Cra¢kloy Hall: the sch1￿ continues to benefft from high qualty accommodation followng a substantial buiklwig programme in recenl years.. ae>Jemic results remain excellent with a hvJh percentage of schc4)I leavers securing scholarshlps at their swidary 8chts)Is ol thoice., new testing programmes heip to facAlitale c106e scrutiny of pupils, prtrjress. thereby impacting on value added and pupil achievement., after the impxl of the pandemic on the lrfe of the school. including co-curr￿ular and inter-sthool aclivities, it 1$ pleasing to nots that these have now S￿￿nifican￿Y increased and wults are, once again, outstanding with some pupils competing on a na￿Onal lovel" inter house sport continues to be an important forum of competition for the pupils. high18vels of passion and involvement and high levels of pupil participation al all levers of ability., Perfomiing Arts continued lo ex￿1 with a range of productions and all entrants to LAMDA examinations passed, wttt) pupil gaining distinGtion8 in most caBe$,' equalty all music grade candidates passed with outstanding r8sulls.' public perf0m18n￿$ increased this year, after the pandgmic and the school ￿mmunty enjoyed a range of perf0M￿nces, induding th8 annual production wh￿h includod gvery pupil in the school. various art antrtes prograss to the ISA national art finals w((h ona pigce jUd￿d as a nalonal nner. Cmcont School: the plannad programme of irnprovements and refuthshmenls to tha slte and related ￿￿litieS continues and recent improvements include improv8menl$ to the corridors, 8chool hau, speciali8t dassrooms. outdo¢x pl8y 8reas and extemal socur¢ty, as well as reception areas of the buikling., In September 2021 a building on the school campus re￿Med to our use after a period of time when it had bogn contracted out to a local nursery provlder. As a result. the Schod tho ￿h0o[ has gained a new classroom, MUS￿ and drama spaces and a w011b￿n￿edtCal area, establishing a 9ong0ry room for leaming support at the same time,. sport inside and outside of the curricJJlum has continued to play a major part In the 8XFerience of the thildren and the programme of fixtures was re-established during the year. AJI pupils in key stsge have partI￿pated in competitrve fixtures for the school Ihis term, a5 they do throughwt th? year Page 7

THE PRINCEfHORPE FOUNDATION IA company limitod by guarnte•) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 spe8ch, language and drama frjmi a key part of the thildren's development, both within the curriculum and in extracurricular clubs. We have achieved an extraordinary 90Yu password distinction rvJht in Lambda exams that are a dear indlcalion of the v8ry high levels Ihal thg hildren achieve in thi$ area. fundraising for charitable continues to b8 signrficanl within the ￿h￿l communty. The children's s¢hool council nominate a local, national and intemalional charity for us lo support each year. W8 have supported the Birmingham's Children's Hospital, the Warwid(shire Wldlife Trust 8$ well as building on our long-standing commitment lo Ihe village of Bwengu in Malawi. Childron actively participate in the fund raising by desiJning games a￿￿ competitions for each other to entsr. Prineèthorpe Collog•: the life of the sthool c4)ntinues lo Ilourish and the impacl of the pandemic on the day-to4ay life of the school has diminished over tha 2021-22 acadeTnic year., the school continues lo provwje comprehensive pastoral 8UPPOrt to pupils: hi&veThnt in Sixth Form and GCSE was impressive,. 44% ofA levels and L3 BTECS were A'A gr•Je$, with 71% grades A"_B. At GCSE. 33% of grades were grades ￿ and 54% grades 9-7. th a superb'value added. Score. For both age groups, these results mirrored th& natwjnal trend of being lower than those awardod via CAGS and TAGS but rgpr8s8nt an unprovement on Princethorpe's excelknt results of 2018 and 2019.. our co ¢urricular programme retumed to offering a huge raroe of activities. 8POrt. music and drama to accommodate 811 ages and abilities. Inter house competitions often rèplacad inter school fixlures. and our school Musi￿1 went ahead virtually during the period of hxkdown. Large and growng of puplls continue to take music exams and also athieve highty in thg London Academy of Mu8ic and Dramatic Art ILAMDAI awords. participation in ￿ curricular sport continues to be very svcwsful across a range of boys. and girls, sports with many pupds representing their county and some coM￿ted at national level. Our Junior Boys Athleti￿ team won Ihe Midlands Schools Combined Events Reg￿ft81 Championships and Glrls Under 18 hockey reached the National final$', the College communty conts'nues to show kindness and generosity in abundanca raising over eleven thousand wunds. through Pu￿1 led activities which ranged from %velly wanging. to 24 mile sponsor&8 walks. Outd¢)or educAtion is a ¢entral pillar of our offaring and despite the restrictions. wrth over 200 pupils working toward Gold. Silver or Bronze Duke of Edinburgh Awards, with 23 pupils ccmpleted their Gold and 54 pupils ￿mPlete their Silver &xpeditions. The number of awards achieved continues to increase eath year., Students in many areas comk*ted with sutte88 In national Gornpelitions including ArL Physics. Chemisty and Mathemallcs., Pupil numbers continue to be very strong in an yoar groups, wilh a grry4¥ing numbor of str external randidales In the Sixth Forrn., the College continues to benefit from the range of buikling projects and campus improvements over the la$1 ten years most recenty Thè Limes building which has proved to be a Superb addition to the teaching acecjmmodation providing 14 addrtional da8srooms, ICT suites, a language lab, tulorial and student resource and study a￿$ and refurbishment and upgrade to the Clarkson Theatre. Building wort< commenced in Febnjary 2022 ¢)n th8 College's rwi £8 milllon Science Centre. The SGienee Centre will open in September 2023 and features 10 brand-￿ew, state-of-the4rt Science laboratori&s and will ultimately IransfoTm the College's entlre ¢￿puS allowing other areas lo be redeveloped and departments dustered within the main School buikling. Flnanclal rnvlaw The resums for the year are shry￿ on page 18. Th8 overall re8ulb refiect an operating Surplus for the ygar of £1.058,67312021- £532.166}. Page 8

THE PRINCETHORPE FOUNDATION IA company lirnlt•d by guarantee) TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2022 R•servespollcy The Trustees have a responsibility to protect the Foundation •3ainst uninsurable risks and future uncertaint and to establish a level of reserv8$ which satisfies operating prudence. bearing in mind the imp8¢t of potenttal h8fflge in the economic. polltie41 and leglslative environment within whkh the Charity fun¢tions. The Foundation does not P)$8ess endo%wnenl reservos to genfjrale IrKome lo assist In the financing of the charty. The Fouftdations total reseNes of £20.947,182 at the year end induded £853,982 of restrirted fund$ and unre$trthd fvnds of£20.093.200. Restrrded and endowed funds are, because of the particular 8p8nding Gonstrainl$ attached to them. not available for fvnding the general operatlons of the 8choc4. The unrestricted funds are expendable in accordance with the Objects of the Foundat)n. However, thes8 unreslrithd funds have already been invested by the verning body in the building. development and ￿furbIShMent of school buildings and other fixed a&sets used by the Sch￿1. Accoidingty. there are no current fr99 reserves (unrestricted funds less the book value of fixed assets financed by those funds). GNen our plans for new buiklings. this nll bglance will corftnue for several years. The Tru$tee8 are of the vlew that it ts appropriate lo retaln a minlmum cash balance of £1m on rts bank ac£ounts. The Trustges have establlshed this reseNe. Prfneipal iisks and unGwtalntlo8 The Trustees are responsible for the managemant of risk tr) wh￿h the charity is exposgd. The major rigks to Ihe Foundation 05 identified by the Trustees hav& been reviewed and systems or wocedur6s have been establlshed to manage tho88 risk& An annual re awssment of risks is conducted a5 part of th8 strategy and business revw proc The principal risks and uncertainttes that the Trust face8 indude.. increased competi￿n,. adverse economic conditions" adverse governmènt pollcy and pracii¢es,' regulatory costs,. recruitment of staff and trustees: odveise publtrjty.. Increas8 in costs outside of the foundation's Mntrol: politi￿1 and èeonomic uncertainty. Each of these woulj b8 high iM￿t but thelr likglihoctyd 1$ monitored carefuny. Futurn plans The Foundation's strgtegy and business plan lth)ks forward five years and 18 reviev￿d and revisJ annualty. Strategic obj'ectivos for the period are: to attract and recruit high calibre leaching arHI 811PPQrt staff.. lo maintain and improve the academic perfonnance of the sthoo18'. to maintain optimum stafflpupil ratio$.' to grant scholarships and bursaries thereby enabling lalented pupifs from less well off backgrounds to onrol: to manage finances such that fee6 are kept al comFEtth lev* commgnsurate wlth the maintenance and improvement of a high quality learning and working gnvironmen( to improve the knlities at the schools through a programme of bLtibaing works and enhanGemgnts'. Page 9

THE PRINCETHORPE FOUNDATION (A ¢ompany Ilmlt¢d by guaranto• TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 to ¢￿tInue the fijnd raising initiative to support the provisi¢)n of bursaries lo widen access lo the Foundation and hyhlKJhl future plans including fund Taising for capital ard swal proiects, through the Fo¥Jndation's'Mak8 Possth)le' campaign. Golng concern Trustees ¢))nshJgr that the Foundatw 18 In a stroNJ positim to daal with the current d)allenges of inflatlon. increasing energy costs and a more diffiGult economic climatè. The number of pupils in the Foundation's sch¢Jols is very healthy In November 2022 and ther8 18 a strong level of enquiry for ¢urrent and future anty into all schools. Trustees have rgvwwed the Foundation's financial position including the budget and forecasts for 2022-23 and the Foundation's medium and long-tern financial plans and have every o)nfidence that the Foundation will continue to flourish as a resuli of its financial strength, quality of wovlsion of education and the supwt provlded to pup118 and Iheirfamilies and its reputation in the community Inv96tm•nt powern Under the memorandum and aft￿leS of a880ciion, the FoundalK)n has the pthver to invèst not immodiatety required for the furtherance of its objects in Such manner as the Tru8tees may from time to time detemiine. strnamllngd enoryy and ¢arbon reporting The Foundation's greenhouse gas emissions and energy consumpts"M ara as foll)vr. Summa Tc¢a En Total &￿nhOuSe G9s EnM8slon8 Tc4al SttTrdents Tot￿ Turnt)ver Intensty Flalo MJ. 1 (Students) Intensity Ralo MJ. 21£ ￿111￿ ttwnowl Data fvr 1" S8 mber 202110 31" Au ust 2022 2.855,093 kwh 391.67 tC02 £17.594,000 0.28 tc& per student 22.26 IC(1 Fer £m The Foundation has used the GHG Protocol Corporate Accountsng and Reporfing stan￿rd (revised edition). Further emission factors were used from UK Govemrnenvs GHG Conversion Factors for Company Reporting 2022. We have also used dats that was collected by the Foundath)n speclficalty fix the PUrp￿e ol SECR rewrting. Thè Foundat)n has measur9d Scope 1 and 2 emisslon5 and also induded Scope 3 ¥nlssbns relgted to employee use of Ihfrir ¢y*n vehlcle5. where they Glaim mileage allowante. We have also rep)rted on the renewable en&rgy generated and used on site. We havg discounted the emissions related to ebectricity supplied with RenewatrAe Energy Guarantee of Origin {REGOI Certif￿ales, whbch are applicable for the half hourty and non hair hourly suppkn'es for the enlire financial year. Over the lasl year, the FOundat￿n has Invested in a projeGts aiming at improving efficiency and reducing energy consuThplion continuing the rolling prtsgrammg of changing fluorgscent and tungsten light$ lo LED at all thfee sthools. These upgrade projects are prcyected to Save circa 20,30C6 kwh per annum. representing some 2.4% of total electrical consumption. Page 10

THE PRINCEfHORPE FOUNDATION (A company Ilmltsd by guarantso) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Soctlon 172 8tat•m•nt Th6 trustees have acted in aLtord8nce with Iheir duties codified In L4w, which inchjdes their duty to oct in the way they ￿nsId8r, in gc*)J faith, would be mo81 likely to promote the SLKces8 of the Foundation for the benefit of its member5 as a wholg, having rngard to the stakeholders and matters set out in section 172 of the Companle8 Act 21￿. In dixharging these duties. the trustees carefulty Con￿der. amongst other matters, tha impact on and interest of other Foundal'on stakeholders and factor these into their deGi5ion-maknng. Pupll• The puplls benefft from the 8chcds' focus on all4ound personal development supported by excellent pa¥toral provish)n, In addit￿ to wlde4anging acadamic opportunities and c¢>GuThKular actrvrbes, Empk+ye•s The qUali￿as, skills and dedication of our employees underpin the suttess of our schools and the wholo Foundation. R8gular bri&fings keep staff informed of devebjpments in their schcol and employee benèfits enhance their quality of life. Staff wdl4eing has bgen a key focus thi5 year and will continue to be so. Thg Foundation is committed to equality, diversity and indusion with oversight of this area being underlaken by a trustee. Parents The Foundation r8cogrikses the benefits of engaging with parents and has on ongoing programme of ccthmunicath)n$. Following feedback from parents it has been decided that some events will continue to bfr online rather than retuming to faC&tO-fa￿ and cartain events will continue to be streamed live. Communlty The Foundation recognises its place in tha local communities and each 8th001 is proud of its involvement tocally and conscKJus of the $ignrfi¢anl benefits it brings to the local economy and local cultural lrfe. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are 8180 directors of the Foundation for the pup?ses of Cp)mpany law) are responsible for preparing the Report of the Trustses and Ihe financial statements in accordance with applicable law and United Kingd)m Accounfjng Stsndards {United lfjngdom Acceptsd Accounting Piacbeel. Company law requires the Trustees to prepare finan￿al statements for eath ffinancFal year. Under cc4npany1gW th8 Tvustees musl not approve the financial ststements unless they are sati8fied that they give a true and fair view of the stats of affairs of the charitable company and of the incoming resources and aFpli¢ation of resources, includirwJ the inmme and expendriure. of the Gharitable company for that peritrj. In preparin9 these finanaal Statements, the Trustees are requirèd to.. select suitable accounting policies and than apply them consi$t?nlly.' <)bserve the meth¢)ds and wnciples in the Charities SORP IFRS 102). makejudgements and estimates that are reasonable and prud8nl'. State whether applicable UK accounting standards IFRS 102} h8¥e been followed, suty'ect to any material departures disclosed and explained in the financial statements., prepare the financial statements on a going concem basis unless it is inappropriate to presume that the charitth company will Continue in business. The Trustees are responsible for keepw￿3 thquate a0￿UntIng records that are surfi￿ent to sh¢yN and explain the charitable eornpany's transactions and discbse with reasonable accuracy at any time the financial position of the Foundation and to enable them to ensure that the financial ststemenls cotwly wlth the Companies Act 2006. They are also reswnsible for safeguarding th8 assets of the Foundation and hènce for taking reasonable stsps for the preventbn and detectKJn of fraud or other iTregularitle$. Page11

THE PRINCEfHORPE FOUNDATION {A Gompany Ilmlt•d by guarantw) TRUSTEES. REPORT {coKfiNUEDI FOR THE YEAR ENDED 31 AUGUST 2022 DISCLOSURE OF INFORMATION TO AUDITOR E8th of the persons who are Trustses at the lime when this Tru$ts8s' reF￿ is approved has Confirr￿ that so fw as oach Trustee is aware, there Is no relevant audit inlomation of which th¢ tharil8tAe company's a￿Jitor 15 unaware., and the Trustees have taken all steps that they ought to have tak8n to make thtms•lve$ aware ofany relevant audit Informat￿ and to èBtablish that the chafitabl8 ¢ompatys auditor are aware of that infomi•tlon. AUDITORS Cr04¥e U.K LLP have Indlcated their willingna68 to contlnuè in cfft•. oved by o(der of the membèrs ol the board ol Trustees and signed on thelr bahalf by.. iirn È M F Grlffin (Chair of Trustees) Date.. 12 December 2022 Mrc J RuM•ll (Deputy Chair of Trustees) Pag6 12

THE PRINCETHORPE FOUNDA TION {A Company limltgd by guarantgo) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION Oplnlon We have audtted the financial Statements of The Princethorpe Foundation (the 'charitabl8 company) for Ihe year ernled 31 August 2022 which comprise the Statement of financial activit￿8. the Balance sheet. the Statwnent of cash flows and the related notss. induding a Summary of signrficant accounting polrcies. The financial reporting framework that has been applied in their pr8paratlon Is applicable law and Unrted lfjngdom Accounting Standards, including Flnancial ReFQrting Stsndwd 102 The Financial Rep)rting Standard appI￿ab￿ in the VK arKI Republic of Ir8land' {United Kingdom Generally Accepted Accxjunting Practice). In our opinion the financial stal8ments- give a trua and falr view of the state of the charitablg compaty5 affalrs as al 31 August 2022 and of Its incoming Te8ource8 and apPl￿tIon of resources, includ￿9 its income aThJ expendltrjre for the year th8n ended., have been propedy kvepared In a¢¢ordance wrth United ￿ngdoM Generally Ac¢epted Accounting Practice." and have been prepared in a(￿or￿ance with the requirements ofthg Companigs Act 2006. B￿1% for oplTrlon We conductsd our audit in accordance with International Standards on AudrtFng (UK) {ISAs IUKII and applicable law. Our re8ponsibilthes under those standards arg further described in the Audrtorfs responsit)ilrties for the audrt of the financial stslemenls Section of our report. We are independent of the charitsble company in ¥￿rdance with the ethical requirements that are relevant to our audit of the financial ststements in the United lQngdom, including the Flnancial ReF)0r￿ng Councifs Ethical Standard. and we have fulfilled our olher ethical r8sponslbililies in accordanee with these r8quirement& We believe that the audit evidence we have obtain8d is sufficient and approprklte to provide a basis for our opinion. C¢ynclusions relatin9 to golng con¢ern In auditing the fin8nckg1 statements, we have conduded that the Twstee8' Use of the gcing concem baw of accounlng In the preparation of the financial statements is appropriate. Based on the work we have perfomied. wè have not fvjentrfied ary materl#l uncertainties relating to events or conditions tha( indivhlually or collectively, may cast svjnificant doubt on the charilable companvs ability io continue &s a going concem for a pèriod of al least mnths from when the financial statements Ère aulhorised for issue. Our responsibilitigs and responsibiutles of Ihg Tn￿tee8 with re8pecl to going C￿nCern are dgscnbed in the relevant sections of this report. Pa9e13

THE PRINCETHORPE FOUNDATION (A ¢ompany Ilmltsd by guarantso INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION ICONTINUED) Other Inform•llon The ot￿r infomiation comprises the infomalion induded in the Annual rwt other than the financial statements and oui Audilorfs report there￿. The Tru$t8es are responsiblè for the other information contained within the Annual report. Our opinion ￿ Ihe financkql statements ￿e$ not cover the other InfonnatK)n and, except lo the extent otheMi8e expliritly stated in our rewrL we do not express any form of assurance conclusion Ihereon. Our responsibillty is to ￿ad the other information and. in doiro so. consKJer whether the other infoTh8tion is malarrally inconsistent with the financial statements or our kn¢￿edge obtained in the course of the audit or othe￿iSe appears to be materialty misstsled. If we identify such matwial inconsi$tencie5 or apparent material misstatements. we are required lo delennine whethèr this gives rise lo a material misstatement in the financial ststements themsefves. If, basad on the work we have perfomed, we conclude that there is a material ml8Statement of thls other information, wg are required to rewrt that tsct W8 have nothing to report in this regard. Oplnlon on oth•r matt•rs prescrfbod by the Companlg8 Ad 21106 In our opinion. b88ed on the woth undgrtaken in the cOu￿e of the audlt. the infomialion given in the Tru8tees' Report including the Strategic Report for thg financial year for which the finanual statements are preparod is conslstent with the financial 5L*ment& the Twslee8' ReFort and Ihe Strategic Report have been prepared in accordance wilh applicabla legal requirements. MattorB on vthlch w9 ar• requlred to report by •xc•ptlon In the light of our knowledge and underslanding of the charilable ccfflpany and its enviTonm8nt obtained in the coursg of the audit, we have not identified material misststements in th& Twstees, Report Includin9 the Strategic Repo We have nothing to report in re¥pect of th8 folbwing matterg in relation to which Companies Act 2006 requires U5 to report to you if. in tyjr opinion.. adequate accounting re￿rdS have not been kopt. or retums adequate for our audbt have not been received from branches not visited by us,. or the financ¢al statements are not in agreement ￿th the accounting re￿rdS and r81uTns", or ¢ertain discb)sures of Twstees, remuneration specified by law are not made.. or we have not received all Ihe infom)ation and explanations we require for our audiL Pag8 14

THE PRINCEfHORPE FOUNDATION (A eompany Ilmltsd by guar•nto8) INDEPENDEKf AUDrroR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION (CONTINUEDI Ro8ponslbllltle8 of trusto08 As e>plained more fully In the Tru￿ee8, responsbllilies statement, the Truslees (who are al80 the directors of the tharitable ¢omp8ny for the purposes of company law} re roswnsible for the preparation of the financial statements and for beiThJ satisfied that they give 8 true and fair view. and for su¢h inlemal control as the Trustses detsmiine Is neCe￿ry to enable the preparation of flnancial statements that are free from material mi8Stat8m8nt, whether due to fraud or error. In preparing the financial slalgment8, the Tvuslees are responsible for as6¢wng the tharitable company's ability to contlnue as a going con￿M, disckn8ing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the Trustees either intend lo liqufrjate the ¢haritabk company or to cease operations. or have no realrsti¢ altematNg but to do so. Audltorfs respon$ibllltle8 for tho audh of Iho Ilnancial 8tatem•nts Our objectives are to obtain reasonable assurance about whelhei the financial statements as a Wha￿ are free from material mis5tstement, whether du8 to fraud or error, and to i88ue an Auditovs report that indudes our opinion. Reasonable assuranc6 is a hvJh level of assurance. but is not a guarantse that an audit conduded in a¢o)rdance with 1&4s {UlQ wlll always dotect a material mi5Statement when il exists. Misstatements Gan arise from fraud or error and are considered mal8rial if, individually or in the aggregate, they wuld reason8bty be expected to infiuenee thg economic decisN)ns of l￿18 taken on the basis ol these financial stat￿ments. Irregularities, including fraud. are instances of rbon<omplian¢e with laws and regulations. We d8sign proc4dures in Ine with our respon8ibililies, outllned above. to do18ct material mi88tatements in resped of irregularities, induding fraud. The extent to whith our pro¢edures are capable of d•tectirrfJ irregularities, including fraud 13 dotailed belovr. IEWanation as to what extent the audf( was cx)nsKlered capable of detecting irregulari11gs, including fraud.] A lurther descriplron of our responsibilities for the audit of the financial statements is located on the FinanGial Reporbng Countil's wgb&te at: Auditoffs report. This descfiption fom)s part of our PaJe 15

THE PRINCETHORPE FOUNDATION (A ¢ompany Ilmltod by guaranto•) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCETHORPE FOUNDATION (CONTINUED) Extgnt to which th• audlt was ¢on81dorod capablg of do1o¢ting Irr•gul•rltlos. Includlng frnud Irregularit￿. irtluding fraud, 8rg instances of non￿￿￿￿pIlance wth L9ws regulations. W? identified and assessed the risk5 of material misststement of the finan¢ial statements from irregularities. whether due to fraud or erroT, and discussed these be￿een our audit team membgrs. We then designed and perfomed audil procadures re5ponsivo to those rf8k8, induding obtsining audit evidence sufficient and 8pproprlate to provide a basis for our opinion. We obtalned an understanding of the ￿gaI and regulatory frameworts withln which the charitable company operates, foCu￿n9 on those laws and regula￿n8 that have a direct effect on the dalemination of material amounts and disclosures in the financial statements. The kws and regulations we considered in this eonlext were th8 Companies Act 2006, L2xation kglslabon, togeth8r with thg Charities SORP {FRS 102). We ossessed the required compliance with these laws and regulations as part of our audit procedures on the related financial StsI￿ent items. In addition. VIE carffjidered provisions of other laws and regulati)ns that do not have a direct effect on the finan￿al statements but compliance with which mlght be fundamentsl lo the charitsble company's abilty to operate or lo avoid a material penalty. We also wnsidered the OpWrtun￿es and incentNas that may axist thin the charitable company for fraud. The laws and regulations we o)nsderèd in this coniext for the UK OP8rations were The Education Ilndependent School Standard51 Regulations 2014, General Data Protection Regulation {GDPRI, Health and sty l&Jislation. and Employment legislation. Audrting $landard5 limit the wuir9d audit procedures to identfy non-compliance with these laws and regulations to enquiry of the Trustees ar￿ other management and inspection of regulatory and legal correspondence, rf any. We identifigd the greatest risk of maieria5 impact on the financial statements from irregularities. Induding fraud, to be within the override of controls by management. Our audit procedures to respond lo these risks Included enquiri8s of management. and the Finance Committe8 about thelr own identlfication and assessment of the rb5ks of irre9ularities. sample testing on the posting of joumals, revlewing accounting estimalgs for biases, reviewing regulatory Correspondence wth the Charity Commission, IndepgndMt Schools Inspectorate. Otsted and reading minutes of meetings of those charged wth Gfbvemance. ng lo the inh8rent limitations of an audit, there Is an unavoidable risk Ihat we may not have detectgd some material misstatements in the financial statements, even though we hav8 Proper￿ plenned and performed our aud￿ in accofdanGe wrth auditing standards. For example. the further removed non-compliance with laws and regulations (irregu18rities) is from the events and transactions reflected In the financial statements, the less likely the inheranlly limited pro¢8dures required by auditing Standards would Klenlify it. In addfLion, as with any audiL there remained a higher risk of non4etection of Irregulariti8s, as these may involve collusion, forgery, Intent￿nal omissions, mi5repr8sentstions. or the override of intemal controls. We are not re4)onsible for preventing nonrycomFdlance and cannot be expgd to dg*act notvcompliance wth all law$ and regUlat￿n$. Page 16

THE PRINCEfHORPE FOUNDATION (A company Ilmit•d by guarant•o) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PRINCEfHORPE FOUNDATION {CONTINUED) Lkno of our report This report 16 mad8 801ely to th6 th8rrtabl8 companys members, as a b)ty. in accordance with ChaplgT 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State lo the charitsble company's members those matters we are requlred to stal8 lo them in an Auditorfs re￿rt and for no otr*r purpose. To the fullest extent perrnrtted by law. we do not accept ￿ assume responsibility to onyone other than thg charltable awnpany and its members, as a body, for our audlt worK for this rwrt. or for the opinions p have forméd. K•rry Brown (S•nlor statutory audltor) for and on behalf of Crowe U.K LLP Statutory Auditor Black County House Rounds Green Road Oldlyjry West Midlands B692DG Dale= 23 February 2023 P4e 17

THE PRINCETHORPE FOUNDATION (A company limlt•d by guarante•) STATEMENT OF FINANCIAL ACTNMES (INCORPORATING INCOME AND EXPENDrruRE ACCOUNT) FOR THE YEARENDED 31 AUGUST 2022 Unrestrlct9d R•8trlcted fund¥ funds 2022 2022 Total funds 2022 Total funds 2021 Not? Incom• from: Donations ar￿ legacies Charttable actNities.' S¢hool fee8 recèivable Registration fees Other andllary trading Income Other trading activitie8 Investments Other income 202.150 202,160 110.199 16.074428 27,560 1.602,416 227.266 13.532 16,074,428 27.S50 1,502.415 227266 13,532 14,478.177 30,299 1,017,065 268,679 3.917 I￿.240 Total Income 17,846.191 202,150 18.047,341 16,010.576 Expèndlture on: Raising funds-. Trading activltie3 Financing costs Charitable actswlles.. Educgtion and grant m8king 10.11 160.019 156,164 160,019 156,164 139,300 175,103 12 16.576,058 96.427 16,672.486 15.164,CQ7 Total •xp•ndlture 16,892,241 96A27 16.988,668 15.4T8,410 Not Incomè bofor• nèt galns on Investmonts 952.950 105.723 1,058,673 532.166 Not movgmgnt in funds 952.950 105,723 1.058,673 532. 166 Roconclllatlon of funds: Total frjnds brought foThvard Net movement in funds 19,140.250 962,950 748,269 105,723 19.888,509 1,058.673 19,356,343 532, 166 Totsl funds ¢arrfed forward 20,093.200 853.982 20.947,182 19,888,599 The notes on page5 21 to 43 fom) part of these financial ststemènts. Page 18

THE PRINCEfHORPE FOUNDATION IA ¢ornpany Ilmlted by gu•rantso REGISTERED NUMBER: 0417T118 BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Not• Fix•d Tangiblfr assets Investments 16 17 20.567A38 20,416,670 20,667A39 20,416,671 Curr•nt a$sgts 18 19 143.676 598.950 6.363.002 122, 745 444,233 4,703,735 Debtors Cash at bank and In hand 7,095,627 &270,713 Creditors.. amounts falllng due wKhln one year 20 (3047.938 P.840.698) Net current a888ts 3247.689 2.430.015 Total a889ts currnnt Ilbllhl• 23￿15,128 22,846,686 Credltors.. amour)ts falling due after more than one yoar 21 (2067,946) (2,958, 177) T¢)tal not as*•t• 20,947,182 19,888.509 Charlty funds Restricted fUr￿S Unrestricted fu￿15 22 22 853,982 20.093,200 748,259 19,140,250 Total fund8 20,947,182 19,888.509 The Trustees ac&nowle&Je their raspon$ibiliti8s for complying with the requirements of the Act with respect to accounllng records and preparation of financial stalements. The finanoal statements were approv&1 and authorised for ISS￿ by the Trustees and signed on their behaff by.. MrnEMFGrfffln Ichair of Trustees) Dale.. 12 December 2022 MTrCIRu8sdl (Deputy Chair of Trustees) The notes on pagès 21 to 43 fomi part of these financkgl stalemenl8. Pgge 19

THE PRINCEfHORPE FOUNDATION {A company Ilmltsd by guaranto0) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Cash flows from opgr•ting actlvlti Net ¢a8h used in oper9t￿g ￿1V￿eS 25 2.863A75 280,206 Cash flowts frt)m Inve8tlng a¢tlvitie8 Dividends, interests ar￿ rents from investments Purchase oftangible fred assets Payments for assets undar construction 13,532 3.917 1187.9S1) (117.21t) 1867.327) (79,015) Not Cash usgd In Invgsling a¢tiYili08 11.031.756) (192.309) Cash flows from Ilnan¢lng a¢livltl•s Repayments of borrowThJ Inter8st pald on bO￿￿vIng5 168.4101 (86, 159) {114.042} (116,438) N•t cash in financlng activities 1182A62) 1202.697) Ch•ngè In cash and cash oqulvalonts In the ygar Cash and eash equivalents at the beginning of the year 1.649.267 (114,700) 4,818,435 4.703.735 Cash and c•sh èqul¥al•nts at Ihg •nd of the year 26 8,353,002 4.703.735 The notes on pagos 21 to 43 forn part of these financial statements Page 20

THE PRINCEfHORPE FOUNDATION {A ¢ompany Ilmltsd by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Genoral Informtion The Printsthoryja Foundation 18 a Company limited ty guarantee (registered numtfjr l)4177718), wh￿h is registered in England and Wales. IVS charity registration number is 1087124. Th& reglslered office and principal place of business is Prin¢elh￿￿ College, Princethorpe, Rugby, cir23 9PX. IV8 princpal aGlivity is the prOvi￿on of day schoollng. The company is a company Ilmlted by guarantee. The members ofthe company are the Trustee$ named on page . In the event of the company being wound up, the liabllfty In respact of the guarante& is limited to £1 per member of the company. Aceountlng polieit 2.1 Ba•lJ of preparatlon of flnanell 8tatements The financial statements have been wepargd in accordance wlth the Charities SORP IFRS 102} - Accounting and Reporting by Charities.. Statement of Recomménded Practice applicable to d)aritie¥ ppparing their a￿oUnts in aco)rdance the Financial Reporting Standard applicable in the UK and Rèpublic of Ireland {FRS 1021 (effective 1 January 20191, the Financral Reporting Standard applicable in the UK and Republlc of Ireland IFRS 102} and the CcAnpanies Act 2006. The PrincethorFe Foundation meets tho definition of a putlic benefit entity under FRS 102. Assets and liabilities are initialty rewgnised at historical cost or trans0Gtic￿ value unle8# ￿heTh¥1$e stat&J In the relevant a¢￿UntIng policy. 2.2 Golng conc•rn The Trusteès as8es$ whether the use of going concgm Is appropriate i,e. whether there are any material uncertainties relatsd to events or conditions that may cast s￿￿nIfiCant doubt on the ability of the Found81ion to continug 09 a going concern. The Trustees make this 88sessrnent in respect of a period of at least one year from the dale of aulhorisatlon for issue of the financial statements an have conduded that the Foundatkn has adequate resources to continuè in operational e￿$tenCe for the foreseeable future and there are no material uncertalnties aEoul the Foundation's abilty to continue as a going ccfflcem, thus they continue to adcs)t the 9)ing concem basis of aco)unling In preparing the finan¢ial Statements. Page 21

THE PRINCETHo￿lIE FOUNDATION (A company Ilmltod by guaTanteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollGlg$ {¢ontlnu•d) 2.3 Fund accounting General funds are unrestrida funds whth arg available for use at the discret)n of the Trustegs in furtherance of the general objeGtive$ of the Company and which have not been designated for other purposes. Designated fvnds eompfise unrestricted fvnds th81 have b88n sel aside by the Trustees for particular purposes. The aim and use of each desvJnated fund Is set out in thg notes to the financial stslemenl8. Restricted fvnd$ are funds which are lo b8 used in accordance with speemc restrfction8 imposed by donors or which have been r8isod by the Compary for particular wrposes. The eosts of raising and administering such fijnds are charged against the $peGrfic fund. The aim and usg of eath R$tri¢ted fund is set out in the n¢)tes lo the financial statements. Investrnenl income, gains and bsses are allocated to Iha apprcprigte fund. 2.4 F••s •nd similar Irb¢om• All income is recognksed one8 Ihe Foundation has entitlement to the income, it is probable that the In￿m6 wll be recewed aThJ the amount of income receivable can be measured r81iably. Fees receivable and charges for servTrs arK4 use cif the premises. less any allowances, scholarships, bursaries granted by the Foundation against those fees. but Inchjdlng contributions receNed from restricied funds. are accountèd for In tha period in which Ihe ¥ervrE is provlded. 2.S Donatlon8 and l•ga¢l•s Voluntsry incoming resources are aecounted for as and when entillement arises, tho amount cgn bg reliabty quantrfied and the economic benefft to the Foundation is ￿nS￿ler8d probable. Donations received for tha general purpose of the FoundatDn are credited tt) unrestricted fiJnds. Where the donor or appgal has Imposed trust law r8slriclions. voluntary incomè is credited to the relevant restricted fund and incoming endwnants are xcounted for as Femianenl trust capital or expendable trust caprtal, according to whether the donor intends restrictKn is to be permanent or not Gifts in kind ore valued at estimated open market value at the date of gift, in the case of assets for relention or consumption, or at the value lo the Foundation in the ￿se of donated seNices or facilities. 2.6 Int•rg* recelvable Interest on fvnds heid on deposlt is includ8d when re¢ervable and thg amount can be measured reliably by thg Foundation.. thi6 is nomalty upon notification of the interest paid or payable by the institvb'on whom the funds are deposited. P4e 22

THE PRINCETHORPE FOUNDATION {A company limited by guaranlg•) NOTES TO THE FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng polici•¥ (¢ontinued) 2.7 Gov•mm•nt grnnt8" Grants ara included in the Statément of FinanGial Activities on a reeeivable basis. Tho balance of income re(ived for 8pecrfic wrposas but not expended durfng the ￿riod is 8hown in the relevant funds on the Ba￿nce Sheet. Wh9re income 18 receNed in advanct ol meeling any performan related eonditions there is not unCOnd￿0nal entitlement lo the income and ts recognltion is deferred and induded in creditors as deferred Income until the perfomiano-relaled conditions are mel. Whore entiilemenl owjrs before income 13 re¢efved, the incune Is 8ccrugd. 2.8 Expendituro Expendlture Is rewiwj ￿c there is a al or constsu¢live obligat1￿ to transfer economic benerrt to a third paty, it 18 probable that a transfer of economic benefits will be required in settlement and the amount of the obllgallon can be measured reliably. Expenditure is classifièd activity. The costs of eaGh activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking activity. Direct c>)sts attributable to a single actiwty are alloGatod direcuy to that actrvity. Shared ¢osts which contribute to more than one activity arKI support costs which are not attributab￿ to a sing18 activity are apwrtioned bebveen th088 activities on a basis consistent wilh the use of resources. Central staff costs ar8 alk￿ted cffl the basis of twne spent. and depreciation charges allocated on the pOrt￿n of the as8efs use. Costs of geneTrtirg funds are costs incurred in attr¥ling voluntary Income. and those i1￿rred in tradlng activities that raise funds. Charitle activiti8s Govemarte costs ore costs Inc￿rred on the cs3mpanV$ edlKat￿n0l operations, including SUPF*Xt Costs and costs telatlng to the ￿￿&M8nee of the company apportKJned to charitable a¢tNits'es. Exp8ndlture on raising funds indudes all expenditure incurred by the Company to raise funds for Ils charitable purposes and includes costs of all furKlraising activities events and nO￿haritable trading. Expenditure on charilabb actwitw is incurred on directy undertaking the actfvilies which furtherthe Companrfs 0tr4ectwe$. •$ wo11 as any assocTat8d support costs. A]1 exFendlture indusrve of irrecoverable VAT. 2.9 Stocks stocks are valued at the lower of cost and net realisabb value aftèr making due allowance for Ob3￿te and slow-moving stocks. Cost includes all direct costs and an appwriate proportion of T￿ed and variable overheads. 2.10 Debtorn Tr•Je and other debtors are recognisèd at the $8tt18ment amount after any trade di8￿Unt offered. Prepayments ara valued at the am￿nt prepaid net of any trado discounts due. Page 23

THE PRINCETHORPE FOUNDATION IA company Ilmltsd by guarnntoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollcleB (contlnu•d 2.11 Tanglblo flxgd a•sots and d•prnGiation Tangible fixed as88ts cosiing £1,000 or more are capitalised and recogni8ed when future economi bgnefits are probable and the cost or value of Ihe asset can be measured reliab￿. Tangibte fixed assets are initially r￿OgnIsed at cost After recognition, under the c051 mcdel, tsngible fixed assets are measured at C•)St less 8ccumu18ted depfftciation and any accumulated impaimlent losses. All costs incurr8d lo bring a tangible fixed a￿t into tts intended working condth.on should be included in the measurement of cost Assets in the coutse of conslrudion are induded at easts ir*curred lo date. Deprtdatlon on these assets is not charged until they are brought into use. A review for impairynent of a fixed asset is carried out If events lx changgs in ¢i￿￿m$tan¢es indicate that the carying value of any fix9d asset may not be remverable. Shortfalls betsveen the carying vglue of fixed assets and their recovorabl8 amunts are retognised as #npairments. Impalmionl losses are recognised in the Statement of finan￿al activities ineorporatlng Income and exp8nditure account. Deprec4ation is charged a8 to alhxate the cost of tangible fLxed assets less their rasKluai value over thelr estimated useful Ilves, using the straighl-line metho Depreciation 1$ provided on th8 folkAving bases.. Freehold property Motor vehicles Fixtures and fittings Computer equipment 2% straight line 20% stralght lin8 5-20% straight ling 2￿33.3% straight line 2.12 C￿h at bank and in hand Cash at bank and in hand I￿ludeS tssh and short-term high￿ liquid inv&stm8nts with a short maturity of three month8 or from the date of acquisition or opening of the deposit or simlL8r a￿O￿nI. 2.13 Llablliti08 and provlslon¥ Liabilities are recogni88d when there is an obligation at the Balance sheet data as a result of a past event, it Is pr¢Jbable that a transfer of economic benefit will b8 required in settjement. and the amount of the settlement be estimated roliably. Liabilities ar8 recognised at the amount that the Company antkipales it will pay 10 8ettle the debt or the amount il has recewed as advanced payments for the goods or services Tt must prowde. Provitsion8 are measured at best estimate of the amounts required to sellle the obllgayon. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specrfic to the liability. Tho unwinding ot the discount is rwnised in the Ststement of finan¢pl activities a$ a finance eost. Paga 24

THE PRINCEfHORPE FOUNDATION IA tompany Ilmlted by guarantoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 A¢¢ounting pollcl95 (contlnued 2.14 Flnanclal InstThmonts The Company onty has financial assets and financial liabilities of a kind that qualfy as bas financial instruments. Basic financial instruments are In￿allY re¢ognlsed at transaction value and $ub¥equenUy measured al their Gelllement valug with the exceptlon of bank lJanB whith are subsequentiy measured at amorti8ed cost using thg gffothve interest rneth¢xl. 2.16 Operating I￿80￿ Rentals paid under oFerating leases are char￿d lo the Statement olfinancial activiti88 M a straight line basis over the lease term. 2.16 Taxatlon The Company is ccm$hdered to pass Ihe tests 681 out In Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definitK)n of a chaiitable ¢Cmpany for UK COfFJoration tax purposes. ordingty, the Company is potenlialty exempt from tsxation in resp¥1 of income or eapilal gains received within categories ts)vered by Chapter 3 Part 11 of the Corporation Tax Ad 2010 or Section 256 of the Taxatbn of Chargeable Gain8 Act 1992. to the extent that such incomg or gains are appl￿d exclusivaty to ¢harrtable purposes. 2.17 Pensions The Foundation participate8 In the Teachers, Pension Scherne {England and Wales) I'the TPS") for its tsoching staff. Thls is a Mu￿￿emPloYer defined benefits pension scheme and it is not possible to identify the assets or liabilities of the TPS whlch are attributabbe to the Foundation. As required by FRS102 the Foundation accounts for this scherrÈ as if it were a deffined contribU￿n scheme. The FoundatKJn$ contributions, which are in ￿e0rdan￿ with tha r￿)MMendationS of the Government Actuary, are charges in the ￿riod In whkh the salaries to wh￿h they relate are payable. Conlributlon8 are also made to Fension schemes for certain non4eaching Staff. Contributiong ar Charged to income and exponditure account as paid. cr111￿1 accountlThg 88tlmales and ar¢ai of judyment Estimates and judgements are conts'nualty evaluated and are based on historic81 experience and other factors. irbcluding expectstions of fvture events that believed to be reasonabk? under the circum$tsnces. Critical accounting 68lmates and assUmptK￿s. In the view of the Trustees. no assumptions con1￿mIng the future or estimation uncertainty affecting assets or liabiliti8s at the balanee sheet date are likely to result in a material adjustment to thr carrying amounts in the next financial year. Page 25

THE PRINCETHORPE FOUNDATION (A Gompony limited by guarantgo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Income from donations and l•g•¢le8 Total fund8 2022 Totsl funds funds 2022 Oonations 202,150 202.150 110,199 Total 2022 202.150 201160 110,199 Tot812021 110.199 110,199 Charltablo actlvhl•¥ - School fees recofvabl• 2022 2021 Gro￿ fèes Less: total $¢holarshps, bursaries and all¢)wances 18.062A83 16,401,498 {1.988.0551 (1.923.321) 16.074,428 14,478. 777 Stholarships. bursaries arKI othèr awards were paid lo 621 pupils {2021.' 598). Imthin thi5 means tssted bursar*$ totalling £473.775 were paid to 67 pupils (2021.. £510. 723 to 88 puwls). The total incom8 from school fees is all unrestricted in both years. Charitable a¢tlvttlM- Aneillary trading income 2022 2021 Tranyport Insurance income Trip income CatgrirvJ income Sundry rec8ipts $45A79 30.316 3S1,310 506,002 69A08 398,974 33,489 227.373 290,014 67,215 1.502.415 1,017.065 The totsl ancillary trading income is all unr8strthd in both years. Page 26

THE PRINCEfHORPE FOUNDATION {A company Ilmltsd by gyaraTrtO• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Income from other tradlng actfvitlos Income from non charltable trading *Ctiviti•B un￿trICt funds 2022 Tolal funds 2022 Tot81 funds 2021 Shop Letbng8 and other income 198,826 28,440 198,826 28.440 188,47T 80,2LV2 Total 2022 227,266 227,266 268.679 Total 2021 268.679 268.679 Inv••tment income Llnrestrfcted lunds 2022 Total funds 2022 Tolal funds 2021 Interest receiv 13.532 13.532 3,917 Total 2022 13,532 13.532 3,917 Tot812021 3,917 3,917 Page 27

THE PRINC￿H0RpE FOUNDATION {A Gompany limlted by guarantog) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Oth•r In¢oming rnsour¢o8 Unrestrfct•d funds 2022 Total funds 2022 Tot fvnds 2021 Govemmont grant 102.240 T¢>tal 2022 102,240 Total 2021 102,240 102,240 The government grant received during the prior year related to the Coronavirus Job Retention Schame. 10. Expondlture on rai$ing fund# Trndlng exp•ns Unr•strict fund$ 2022 Total fund8 2022 Total funds 2021 Trading ¢osts 160,019 160,019 139,300 Total 2022 160.019 160.019 139.3 Tolal 2021 139,30Q 139.300 Page 28

THE PRINCETHORPE FOUNDATION IA company limitsd by guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. Fln•nclny Unrnstrlctsd fund$ 2022 Total funds 2022 Total nds 2027 Bad debts Bank loan interest payable 42.122 114,042 42,122 114042 58.665 116.438 ToLg12022 156,184 166,164 175, 103 Totsl 2021 175,103 175.103 12. Analysls of oxp•ndltuM on Charftablg actlvltles Summary by fvnd typo Unr•strfcted Ro8trictod funds funds 2022 2022 Totsl 2022 Total 2021 Teachlng Welfare Premises, repair and malnlenance Supwrt Costs and governance 9.852.014 1,754,729 2.838,227 2,331,088 5,852.014 1,764.729 2.734,654 2.331.088 8.932,463 1,336,128 2,880,077 2,015,339 96,427 Total 2022 16,576,058 .427 16,672,485 15. 164,007 Total 2021 15,100.762 63,245 15. 164,007 Page 29

THE PRINCETHORPE FOUNDATION (A company Ilmit•d by guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDeD 31 AUGUST 2022 12. Analysls of expenditur• on charltablo actlvltl•• Icontinu•d) Summary by expendityrntype staff co#ts D•preclatlon Othor costs 2022 2022 2022 Total 2022 Totsl Teathing Welfare Premises, repwr and maintanance Support costs and governance 8,877,869 102.141 221,234 29,288 752,911 1.623,300 9,852,014 1.754,729 8.932.463 1.336,128 700,319 990,341 493.449 145,042 1,540,886 1,19S.705 2,734M4 2.880.077 1331.088 2,015.339 Total 2022 10,670,670 8e9,013 5.112,802 16,672A85 15,164,Ik17 Total 2021 9, 751,254 958.427 4,454,326 15,164,007 Govemance costs induded within support costs include auéitorfs remuneration as per note 13. trustees expen8es as per note 14 and oth&r govemance costs of £4,425 (2021.. £44,490). 13. Audltoe• rnmuneratlon 2022 Fees payabl& to thè Company's auditw for the audit of the c￿npan￿8 annual acrx)unts Fees payable to the Company'$ auditor in re8pect ot. Audit4elated assuran￿ services Taxation advisory servicgs AU non-audit $9rvice$ not induded a￿0ve 14500 14,250 860 7,170 1,900 825 5,250 8.250 1& TrustO08' romunoratlon and •xpon8 Ouring the year, no Trustees received ary remuneratb)n or other tenefrts f2021- £NILJ. During tho year ended 31 August 2022, expenses lotalling £1,330 Y￿re reimbursed or paid dlrectly for 6 TTUStees f2021- £998 to 6 Tnjstees). The expenses reclaim￿ were for trainit)g webinars. meeting rwm hire and miscellaneous gifts. Page 30

THE PRINCETHORPE FOUNDATION IA Company limitod by guarantw) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. Staff c08ts 2022 2021 Wages and 8afarfos Social security costs Pension costs 8.488,719 810.749 1,371,202 7, 772.259 710,CKg 1.268.986 10,670.670 9, 751,254 During tho year tem1lnatlc￿ payments were mad8 whlch amounted to £28,349 (2cr21.. £18.855). The averagg number of persons employed by the Company during the year was as follows.. 2022 2021 Teachers and teathor support Domest Maintenance and estate8 Administration 223 196 29 27 56 283 The number of employegs who80 employeg benefits {excluding employer pgn8ion costs) exceed £60,C(IO 2022 No. 2021 In the band £60.001- £70.000 In the band £70,001- £80,000 In the band £80.001- £90,000 In the band £90.001- £100,000 In the band £100.001-£110,000 In the band £110,000- £120,000 In the band £190,0(M)- £200,01)0 In the band £210.1)01- £220.000 The totsl employee beneffts of the key management personnel were £1,894,990 (2021.. £1,496.935). Page 31

THE PRINCEfHORPE FOUNDATION (A Gompany Ilmltod by guarant•ol NOTES TO THE FINANCIAL STATEMEP￿s FOR THE YEAR ENDED 31 AUGUST 2022 16. Tanglblo fixod assets Fr•èhold l•lotor Flxturns Comput•r under proporty vohlcl•s and fittings •qulpm•nl eonstru¢tlon Totsl Cost or valutlon At 1 Sgptember 2021 26.078,370 319.828 2.737,522 1,187,758 Additions 27,957 23,394 49.269 87,351 Disp95als (760) (18,631 17931 555.291 29,858,769 857A27 1.045,288 120.074) At 31 Augusl 2022 25.105,577 324,691 2,785,988 1,255,109 1A12.61B 30,883.983 Dèpr•clatlon At 1 September 2021 6,359.810 Charge for the year 536.169 On disposals 251.999 1,866,444 32.620 227.018 (14.667} 963,846 93.216 9A42,099 889,013 14.667) At 31 August 2022 6,895,969 270,062 2,093862 1,057.062 10,316.546 N•1 book val At 31 August 2022 18,209,608 $4.639 691526 198,047 1.412.618 20.667.438 At 31 August 2021 18,718,560 67,829 871,078 203,912 555,291 20.416.670 AJI tangible fixed assets were u8ed for tharitabte purwse$. Freehold land of£1,437.750 (2021.. £1,437,750) induded above has not been depreaated. The freehold land arKI buildings donated to the foundation by MSC Charity Trust with effect from 1 September 2001 were professionally valued pr￿f to thè donation by Ho￿{1n$ & Harrison for Princethorpe College and Innes England for CTa¢ley Hall. The value$ attributed to the68 propertie5 were £5.900,IJOO and £842.099 resFectively. Assets under construdion rglats to the Srye1￿e projecL Inallenablg and htstoric a•••t• In addition to the capitalised fixed assets held for the Foundation's own use. the FoundatDn 8180 has a substantial endowment of ass8ts bequeathed on trust for retention In Ferpeluity as 8 permanent record of the Foundation's history. These wmpriso a var￿ty of religious artifaets W￿$& intrlnsic value is ?Iso bound up with the Foundation's history. These are irreplaceable originals to which no reliabl& cost or value can be attribuled and accordingly these as8ets hove not been capitalised in the financial statements. Page 32

THE PRINCEfHORPE FOUNDATION {A company Ilmlted by guardnto•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17. FIX￿ a880t Inveotmgnts Inv•¥tm•nts In 8ubsldlary companles Cost or valualion At 1 September 2021 At 31 August 2022 Net book value At 31 August2022 At 31 August 2021 Princlpal subskliarigs The foNcthlng was a subsidiary undertaking of the Company: Nam• Company numb•r Roglstsred offtcv or prln¢ipal Prin¢lpal activity place of buslnes8 Princethorpe Ent&rpriw Limited 0712*98 Princethorpe Coll￿￿, Princethorpe, Rugby. CV23 9PX Domiant Cla8s of Holdlng •hares Ordinary 100% The finan￿al results of the subsidiary for th8 year were". N•mo Net ass•ts PrInCe￿rpO Enterpriw Limited P8ge 33

THE PRINCEfHORPE FOUNDATION {A company Ilmitsd by guarnnts81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18. Stocks 2022 2021 Finished gwds and goods for resale 143.675 122,745 19. Debtors 2022 2021 Dufj withln one y•ar Tradg debtors Other d8btors Prepayments and actrued inGcff 297.773 61.002 240,175 153,923 82,8CKI 207,510 598.950 444,233 An impaimH)t1088 of £42,122 (2021.. £58,665 loss) was reccgnised against fee debtors. CredltorJ: Amounts falling du• wlthln one yoar 2022 2021 Bank loans Trade creditors Final tsrm d8posits (see ￿￿)￿) Other taxation and soaal seeurity Other creditors and accrued tharges Fees r￿1Ved in advance and other deferred income 90.607 1,025.756 406,242 195,347 610,719 1.619,267 68, T86 414,584 361,060 170,162 1,266,921 559. 185 3.847,938 2,840,698 The bank loans are $￿ured by o debenture comprising fixed and Ilo*ing charges over all Ihg assets and undertaking of the Foundation and a first legal mortgage over the freehold proFerty at Princethorpe College. There are tsvo loan& The first loan has an interest rate of 3.56%pa untr'l OL#ob8r 2023 and then 1.5% above base rate thereafter. the loan 1$ repayable by October 2028 by Month￿ instalments. The second loan has an interest r8te of 3.86% unbl October 2023 and then 1.5% at¥)ve base rate thereaft&r. The loan 18 repayoble by octotr￿r 2033 y￿th monthly repayments commencing in October 2023. Paje 34

THE PRINCETHORPE FOUNDATIOII (A Company Ilmlt•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Fees r•celv•d In advance and othor deferred income t)eferred Inwme at 1 Seplemb8r 2021 Resources deferrgd during the year Amounts refe#s8d from prgvious periods 559.185 2,068,529 1.619,267 559. 185 1559.186) (2.068,529) Deferr￿ Income at 31 August 2022 1,519,267 559,185 Flnal l•rni dopo$lt• In tho nomal course of busine88 and based on the golng concern ba8rs. the profile of pupils leaving the school and therefore h8ving their depo￿ repaid, tha èxpected repayment of depostts will be.. 2022 2021 In ong year or less Betsve8n one and tsvo year5 Bets¥een ￿ and ffive years Ovei five years 60.600 55,500 186,600 103.542 31,2( 39.000 129,600 161.260 406.242 361.060 21. Cr•dltorn: Amounts falllng due after moro than one y•ar 2022 2021 Bank loans 2,867,946 2,958, 177 Included ￿thin the above are amounts falling due as folknvs: 2022 Botween on• and two yoars Bank loan$ 290,557 310,933 Beiweèn t4vo and ffvo years Bank loans 968.169 960,265 Ovèr I1￿ years Bank loans 1,609,220 1,686,979 P&a8 35

THE PRINCEfHORPE FOUNDATION (A company Ilmltod by guaranle&) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Statsmont ol funds Statsment of fund$- cUrr￿t y•ar Balance at 1 September 2021 B•lanc• at 31 Augu8t 2022 Tran$fer8 Inlout Incomo Expendlturn Unrnstrlctod fvnd$ Deslgnatad fund$ Tgngiblg r￿ed asset fund 19.816,670 170,768 19,987N38 Gen•ral funds General Funds- all fijnds (676.420) 17.845,191 (16.892.241) (170,7681 10S.762 Totsl Unrostrfcted funds 19,140.260 17.846,191 (16,892,241) 20,093,200 Rostrfctsd fund$ Re8tri(Xed Funds- all fvnds 81odun Olanrthvaju Memorial Prize PrirtethorFe Burs8ry Fund Princelhorpg Science Building Fund Princethorpe- other donation$ Craekley Hall- donations Crescent- donations 6fy).000 120,0001 6.038 74.259 10,000 23A31 11.000) (46,7251 15,038 57.753 125.226 5,064 25.000 13.429 182.979 (6,612 17.613) 114,$77 7,613 1,148 25,000 748259 202,150 {96.427) 853.982 Total of fvnds 19,888,509 18.047,341 {16,988.668) 20,947,182 Page 36

THE PRINCETHORPE FOUNDATION {A company Ilmitod by guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Statsment of fvnd• (contlnuod Stalemant of funds- prfor y•ar Balance at I September 2020 Balance at Transfers 31 August 2021 Incomg E¥pendltu Unre•trictfjd fund Deslgnatgd funds Tangible flxed asset knnd 20,577. 178 (760.$08J 19,816.670 Genèral funds General reserve (1,922.140) 15.900,377 (15,414165) 760.5Q8 (676.420) Total Unrestri¢t•d funth 18,655,038 15.900.377 (14415.165) 19,140,250 R￿trICt•d funds Prtncethorpe Chapel fixed asset fund BirJun Olanrewaju Memorfal Prize PrinGethorpe Bursary Fund Princethorpe s￿enCe Building Fund Princethorpe- other (knnallons Crackley Hall- donations Crescent- donatK)ns 620,C (20,IJOOJ 600,ChXI 7,038 49,427 (1,000) 6,038 74,259 24.832 22,799 34,954 6.203 44.110 100 57. 753 1,448 7,613 1, 148 (4,755) (37.390) (100) 1, 148 701,305 110.199 (63,245) 748,259 Total of funds 19.356,343 16,010.576 (1&478,410) 19.888,509 Page 37

THE PRINCETHORPE FOUNDATION (A company Ilmltod by guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 22. Statsmont of funds IGonllnuod) T•ngibie Flxod As8Ot Fund The tangible fixed assel fund represents th& net lyxk value of tsngble fixed assets exduding assets held as port of restricted fijnds. Princ•thorpo Chapol Flxed Asset Fund Under the lemis of the gift by the MSC Charity Trust and in accordanee with the memorandum of as8ttiation of the Foundation, this end¢)wment fund represents the gift of the chapel to the Found8th)n. The amount expend8d during the year represents the annual depreckatv)n charge. This fund does not represent incorne available lo be used on other projects. The chapel, wtt￿h forms part of the premi$e8, must be maintalned as a public place of worship whilsl owned ty the Foundation. Blodun Olanrowaju Momorial Priz8 This fijnd h09 been $91 up by three fomr pupils In memory of their fher to provlde an award to a Sixth Form leaver. Prln¢•thorp• 8ur8ary fund The Bursary fund wa8 established to enabl8 sbjdents to continu& to attend the college. Princethor￿ Sclence building fund The Science building fund has been established to raise funds to contribute to thè building of a new science building. Prlnc¢thorpo- oth•r donations fund This fvnd is to support act￿￿"e8 at the colleg8 . Crackley Hall - donatlons fund Thi¥ fvnd is to support activities at Cr￿￿eY Hall. Cr•scont- donation$ fund This fund is support activities at Crescent Scho¢A Page 38

THE PRINCETHORPE FOUNDATION A company Ilmltsd by guarant••) NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 AUGUST 2022 Summary of fi•nd Summary of funds . eurrent y•ar Balance at 1 Soptembor 2021 Balance •l 31 August 2022 Transffjrn Inlout Income Expgndlture DeÈrgnated fvnds General fiJnd8 Restricted fvnds 19,816.670 170.768 19,987,438 {676h20) 17,846,191 {l6￿92,241) (170.768 105,762 748.2S9 202,150 (96A27 853,982 19.888,509 18.047,341 (16,988,668) 20,947,182 Summary of fund$ - prlor yoar 8alance al I S&ptember 2020 Balants at 31 August 2021 Transfers Income Eypgnditurg Designated funds General funds Restricted fvnds 20.577,1 T8 {1.922. 140) 15.900,377 (15.415, 165) TOI,305 110, 199 (63.245) (760,508) 19.816,670 760,508 (676.420) 748.259 19,356,343 16,010.576 (15.478.410) 19,888,509 Analy818 of net •880ts ltw•on fund• Analylis of nat assets beiween fvnds . ¢urrent y•ar Unrnstrictsd R08trl¢ted nds lund8 2022 Total funds 2022 Tanglbio fixed assets Fixed asset inveskngnts Current assets Creditors due IMthin ono year Creditors due in more than one year 19.987.438 580,000 20,567A38 6.821,645 {3.847.938) (2,867,946} 273.982 7,095.627 (3.847.9381 12,887.946) Total 20.093,200 853.982 20,947.182 Page 39

THE PRINCETHORPE FOUNDATION (A company Ilmltod by guaranto•} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analy818 of not assots b•tw••n funds (eontlnuod) Antysls of Th•t a￿ets between fvndfj - prlor ye•r Unrestricted Restricted funds fvnds 2021 2021 fvnds 2021 Tangibla fixed assets Fixed assel irsvestsnonts Current assets Greditors due y￿thiN one year Cred'f(ors due in more than one yesr 19,816,670 600,&JO 20,416.670 5,122,454 (2,840,698) (2.958, 177) 148.259 5.270,713 (2,840.698) {2.958,17T) 19,140,250 748,259 19,888.509 Total Rocon¢iliallon of net movomont In lund$ to net Cash flow from op•ratlng acllYltie8 2022 2LY21 Net income for the ygar (as per Statement of Flnancial Aclivitses) 1,058.673 532, 166 AdJu8tm9nts for. Depwal)n charges DivKl8nd8, interests and rants from Investrn8nts Loss on the salè offLxed assets Increasé In St￿kS Ilncreaselldocrease in deblors Increaselldecreasel in creditors Interest paid on borrowings 889,013 958.427 {13.632 {3.917) 5.507 6,606 (20.9301 (6,565) 1154,717) 252,532 985A19 (1,575.481J 114N2 116.438 N•( ¢ash provided by op•rntlng aGtlvltlos 2.863N75 280,206 Page 40

THE PRINcETH0￿￿E FOUNDATION IA company Ilmlted by guarant••} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysls of c••h and cuh •qulv•l•nts 2021 Cash in haTh 6.353,002 4,703.735 Totsl cash and cash oqulvalents 6.353,002 4,703. 736 27. Analysls of chang06 In n•t debt At1 Septem￿1 2021 Cash Other non- cash hangea At31 August 2022 Cash al b8nk and In hand Dobt due wlhin 1 year Debt due after 1 year 4,703.735 168,7861 (2,958.ITI) 1.649.287 68A10 6.3S3.002 {90,2311 {90.6071 90231 (2,887.946) 1.676,772 1.717,677 3,394,449 2& Relat•d party transacllon The Company has not entered into any relal8d paty transaction during th& year, nor are Ihere any oulstsnding balances owing belween ralabg parties ond the Company at 31 August 2022. Capital commltm•nts 2022 2021 Contra¢tod for but not provldgd In Ihoso Ilnancl•l statem•nts ACquI￿tion of tang￿10 f￿ed assets 6,578,689 P•n8lon etsmmltm•nt T•ch•rn' Ponslon Schfrme The Teachers, Pension Scheme ITPSI ts a ststutory, contributory. defined benefit Sch￿￿, govemed by the Te8chers' Pensb)n Stheme Regulations 2014. Membgrship is automatic for full tim& teachers in academies. All teachers have thg OPtN)n to opt out of the TPS following enrolmenL Page 41

THE PRINCEfHORpe FOUNDATION (A company lim1t￿ by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Penslon Commlknents Icontlnu•d) The TPS 15 an unfunded 8chem8 to whith both the mwfiber and employer makes conthbul)ns, a8 a pgrcentage of sglary these contribut￿n$ are credited to the Exch¢quer. Retirerr£nt and other pension benefrts are paid by publK fvnds provvjed by Parfiament. valua￿On of the Teachers, Pension Scheme The Govomment Actuary. using nomal actuarial prlnciples. conducts a formal 8Ctuaiial review of the TPS in accordance wth the Public Sarvice Pensions (Valuations and Employer Cost Cap} Directlons 2014 putlished by HM Treasury every 4 years. The aim of the roview is to speofy the level of fulure contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benglits and many other factors. The latest 8¢luarbal valuation of the TPS was carried out as al 31 March 2016. The valuion rep)rt wa5 published by the Department for Educat￿￿ on 5 March 2019. The key elements of the valuation and subsequènt consultation are= empbyer contribution ratss set at 23.68Oh of pen￿Ortabl0 pay (including a 0.08% administration lewy) totsl scheme liabilities {Fensions Cuffenlly in payment and tha estimated cost of fu￿re beneffts) for servlce to the offective date of £218,100 million and notional assets lestimated fvtura contributsons together with the no￿o￿al investrnents held at the valuauon date) of £196.100 million, givin9 a notional past Seryice defiGit of £22,000 million the SCAPE rate. set by HMT, is used to determine the notbnal inveslment rgturn. The current SCAPE rale is 2.4% above the rate of CPI. assumed real rate of return is 2.4% in excess of prices and 2% in excess of gamings. The rate of real aamings growth is assumed to be 2.2%. The assumed nominal rate of return Including eamings growth is 4.45%. The next valuation result Is due to be implemented from 1 Aprll 2024. The 8mpbye¢$ pen6ion costs paid to TPS in the year amounted to £1,212,782 {2021 £1.133.072). A copy of the valuation report and supporting doryimentstion 15 on the Teachers, Pensions website {https.'Ihwrn.teachersp9nsions.co.ukJnewslemployers12019104fteatheTS PonsKins valuation reporLaspxl. Under the d&fin￿On$ set out In FRS 102, the TPS is an unfunded mufti employer pension scheme. The Foundation has accounted for its contributions to the Scheme a$ if il were a defined contribution 8cheme. The Foundation has $81 ¢)ut above the inforynation available on the sth8me. oth•r Pension Schbmos Contributtins are also madg to penwn sCh￿ne$ for certain non-teaching staff. Contributions ar8 charged as paid, this years eontributions payable were £158,440 (2021.. £135,914). At *he year4nd £21,691 (2021." £20,220) was 9￿rUed in respect of contributions lo this scheme. Page 42

THE PRINCETHORPE FOUNDATION IA company Ilmltgd by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 31. Op•ratln9 lome commltm•nts At 31 Augu812022 the Company had commitments to make fubjre minimum lease paynknls under non- ¢ancellable operating kases as follows.. 2022 2021 Not later than 1 year Later than 1 year and not lr than 5 y8ars 12,903 23,655 16,T87 36,557 36.65B 53.344 Oper8lng leases ftntals charged during the year were £16.787 (2021.. £23,607). 32. Flnandal In8trumonts 2022 2021 Fina￿141 asBgt8 Flnanaal assets measured al fair value through income and expendibJre Financial assets measured at fair value through income expenditure comprise invostment& The Schtr)I's income. expense, gains aTrJ b)sse5 in respect of financial instruments are summari 2022 2021 Total investment InC￿le for financial assets measured at fair value through incom8 and expendf(ure lryaimient losses on financial assets ￿￿ured 8t amortwd cost 13,532 156.1 64 3,917 175, 103 Page 43