2021-08-31-accounts

WARWICK INDEPENDENT SCHOOLS FOUNDATION COMPANY NUMBER: 04262306 CHARrrY NUMBER: 1088057 AND FINANCIAL ￿ATEmENtS FOR THE YEAR ENDED 31 AUGusf 2021 INDIVIDUALLY NURTURED EXCEPTIONAL TOGETHER RobJ YlliMt*. CV34 6PP Tel [phone]th) Ern4d DoveiThDiilSwor￿ckschOQ1sCOvk

WARWICK INDEPENDENT SCHOOLS FOUNDATION DIREcfoRS' REPORT AND FINANCIAL sfATEMENIS FOR THE YFAR ENDED 31 AUGU￿ 2021 DIREcfoRS, OFFICERS AND ADVISORS Govemorn, Dlrectors and Charlty Trustees The Govemors of WaThvick Independent s￿￿ls Foundation fihe Cobyp￿￿. Foundath)n" 'the Group.. 'Yhe Charty.) are the Directors and members ofth8 Company and tnjstees of the Charity and have all served in office throughout the financial year except where indicated. Those who have served during the year are shown bel¢)W. The total numter of elected Governors comprises four nominated and 14 co-opted Govemors. N¢)minations are subject to approval by the Board. All Govemors may seprfe up lo three tems of four years. In addition, thè Lord-Lieutenant of Warwickshire and the Marfor of Wartrvick have the IvJht to b8 ex-officio Govem¢)rs should they choose to tske up the ￿￿1th0n. The Foundation merged wtth The Kingsley School effeclive March 2021, to bring it into the WaThvick Independent School Foundation farnity of schooL8. The Charity of Sir Thomas Vvhite. Watwick The lfjng Henry Vlll End(V￿ TrusL Wa￿iCk University of Wawi¢k Warwck Town Council Cu-¢)i)Ic'¢l G()v<.'J'iii)i's.' Mrs M B Ashe Mrs S M Austin (Chairl Prof S A Bames Ms J L Brou9hton Mr R N Button (from 10 Marth 2021 to 31 August 20211 Dr A D Cocker {to 31 AwJust 2021) MrA C Firth (to 31 August20211 Mrc R GibtMs Mrs L M Greaves {from 10 March 20211 Mrs M P Hicks (from 10 March 2021) MrA F Keeling. QC Mr D B Stevens (to 31 August 20211 Mrs J jOb￿M Prof D Griffin Mrs M-A Grwnger (to 31 August 2021) Mr T H Keyes Mr J D Loudon (from 10 March 2021} Mr N M Peall (to 31 Augu$l 20211 Mr D B Rankin {from 21 January 20221 Mrs C Robbins lfrcm 10 March 2021) Mts CA I SaMS)n (to 31 Augusl 20211 Mr J W Strain (fr(￿ 10 March 2021 to 31 August 2021) Mr J N Wallis Mrs R Aweeks E Wlson The Lord-Lieutenant of Varwd(shire Mayor of Warwick ()IriLL￿f￿P.' Foundation Principal Foundation Secretary and Clerk to the Governors. Director of Operions arKI Clerk to Ihe Governo￿. Foundation Bursar" HeJ Master, WarwKk Schoc4 Heaj Master, lfj'ng's High scho￿ for Girfs Master, The lfjngsley SthLK Hemistress, Wa￿Ck Preparatory Schtr HeJmasler, WatV4th juni￿ Scho "(com￿nY Secretary) MrTBCox INot taken upl Mr R Nicholson Mr S T Jone5 (to 11 D￿eMtser 2020) Mr A E Flanagan lfr(Yn 18 January 202110 30 July 20211 Mrs V Espley (from 1 September 20211 Mr J S Barker Drs J Burfey Mr J Mercer-Kelly Mrs H Dodslwrth Mr A Hymer

WARWICK INDEPENDENT SCHOOLS FOUNDATION SniATEGIC REPORT FOR THEYEAR ENDED 31 AUGUST 2021 Warwck Independent Schools Foundation Myton Road WARWCK CV34 6PP SL.Iii)()1.5 King's High School Banbury Road WARWICK CV34 6YE Day, girts 11-18 WarKi¢k Preparatw SclM)ol Day. Bridge Field boys >7 Banbury Ro1 gihs3-11 WARWICK CV34 6PL Warnvick School Myton Road WARWICK CV34 6PP Day. boys 11-18 Vlartyc Junior SchL￿1 Myton R¢)ad WARWICK CV34 8PP Ix)ys 7-11 Booldiw, boys 1>18 The Kingsley School Day. Beauchamp Hall. boys >7 Beauchamp Ave. girfs ￿18 LEAMINGTON SPA CV32 5RD Advi8018 Lloyds Bank PIC 12 Swan Street WARWICK CV34 4BJ HSBC 6th FlcKJr 120 EdmuTrJ Street BIRMINGHAM 83 2QZ Si)liLilurs Veale Wasbrou9h V+zards Narrow Quay House Narrow Quay BRISTOL BS14QA liisurLpfs Marsh Biokers CaFital House 1-5 PerrynY)unt Road HAYWARDS HEATH West Sussex RH16 3SY liiuc'.sliiiL'iit Adui.%L'r. Smith & Williawn Investment m￿Jerr￿1 3rd Floor 9 Colmore Ro•V BIRMINGHAM B3 2BJ Crowe U.K. LLP 4th Flcor. St James Hcwse St James. Square CHELTENHAM GL50 3PR Pa8e 3

WARWICK INDEPENDENT SCHOOLS FOUNDATION The Directors of the Company present their annual reFat for the year ended 31 August 2021, together with the financial statements for the year. which have been prepared in ￿)rdance with c￿panY Law and in compliance with the Charilies SORP 2015. Reference and Admlnl8lrallve Infonnation The Company was incorporated on 13 July 2001 and is registered in England under Company Number 04252305. It is also a Charity, Wistered with the Charity Commissvjn under Charity Number 1088057, and is the Corporate Trustee of the warw￿ Sthcrt)Is Foundat)n Trust {Ihe Trusf). The Directors and Governors of Warwick Independent Schods Foundation and the execJJtive officers are listed on page 2 and the principal addresses and professional advisers are listed on page 3. Structure. Governance and Management Govemin In 1875, a scheme was approved by the End￿￿ed Schools for the amalgamation of certain educational chartlies in Warwick. under the name King's Foundat￿n. The Scheme provided the r￿StabliShMent of the old King's School in new t￿Ilding$. lo be Galled the Grammar School (for boys), a Middle Schwl (for day Iws lo the age of 15). and a school for girls. A number of local charities contributed the whole. or a portion, of their annual inccrfne. A Charity under the name Vlanlvyck Schools was registered with the Charity Commissioners England and Wales (registration number 528775> and was regulated by Schemes signed on 23" December 1981, 261h November 1991, 13 June 1995, and 16 September 1998. On 2V August 2001. this Charty changed its name to Warwick Schools Foundation Trust. Under the Chanty CommissN)n Scheme made on 291h August 2001 all trust funds other than the Trust's pen￿nent erthment of the Sthts)Is' larKI were transferred to a new Charity known as warwi￿ Schools, as property of the Company. and the Trusl itsew was made a subsidiary Charity of the Company as its Corp￿￿e Trustee. On 11th March 2003 the Charity and the Company thanged its name from Wvarvitk Schools to Warwick Independent Schools Foundation. At that time, the Company was govemed by its Memorandum and Articles of Association dated 13° Juty 2001 and aTr￿nded by wial resolutK)n on 28 March 2012. A further review was then carried out whth has resulted in a full update of the Articth of Association in order lo incorporate additional amendmenls and bring them up to date with ￿rrent Compan￿5 and Charity Laws. The changes were adopted by the FOundat￿n at its AGM on 1 ¥h February 2015 and were agreed by the Chanty Commission on 61h October 2015. and have s￿ce been amended on 1 Septemter 2016. 14 December 2018 arKI 11° C)ecember 2020. Gove The Governors listed on page 2 are appointed as Govemors of the Foundation and hav8 overall responsibilty the operalion of Iwo Schools. name￿ lQng's High Schod for Girls (incorp¢xating Warwick Preparatory School. which has separate DIE regls1rat￿n) and warW￿k School (incorporating INalw￿k Junior School). From 11yh March 2021, a third School was added. namely The Kingsley School. Subsidiary Committees of Govemors have been eSta￿lsh6d. one for each School. wth Governors spread evenly across the School Committe8s. There are also three Strategic Cornmiitees. each comprising one-third oflhe Governors. In this way, Govemance is delNered to Ihe iidividual Schtsjls within an overall Foundation Page 4

WARWICK INDEPENDENT SCHOOLS FOUNDATION srRATEGIC REPORT FOR THE YEAR ENDED 31 AUGusf 2021 framework. The beneffits of the approa( are rOt￿St. iThgusive govemanc£. wtth all Govemors tsking equal responsibilty for the effecaNe running of the Chwty. The full Board of Goveinots plus one ex￿￿10 Govemor are also the Directors and Members of the Lirrited Company and Trustees of the Charty. They are resp)nsible ts the overall management and control of the Company and meet three timès a year. On 1 September 2020, the management structure was changed with the appointment of a Foundation Principal as a single point of execulive lead. He is SUPFQrted by a Principal's Group Compri￿ng the Sch￿1 Heads and Foundation Bursar. In his capacty as Foundation Principal. he has ultimate responsibil.ty for the management of the indNidual schools and subsidiary trading corrpany. He reports to the Trustees and to Yarious sulthmfftees. During the year. the full b)ard increased to 24 govemors due to the merger wilh Kingsley. plus one ex officio Govemor. It reverted to 18 Governo￿ (plus ex-olfw) effectNe 1° September 2021. anisational Man emenl School Committees are responsible for overseeing the educalional business and financial management of each individual School within Ihe bfoader Strateg￿ oudine provided by the Foundation Govemors. Any matters with irnplications for the Foundalion andlor the olher Schools are referred to the Education andlor Resources and Estates andlor Finance and Regukw Commttlees as appropriate. Stht)ol C￿MItteeS ￿e Chaired by the Foundath)n Principal. The Educatlon Committee is respjnsible for ¢>)nsidering all matters pertaining to the edutAtional side of the Foundation's business and has the Fthver to make any decisions as it feeLs are necessary to fulfil its respon&bilities. The Committee is also reswnsible for liaising wilh the Resources Commtttee and the Finance and Regulatory Commtttee in ensuring robust and colleclive governance is delivered. The Resources and Estates Commfttee rs respjnsible for ensuring the effective delivery of the operational and capilal resources required for educational and business acti¥itw, including oversight of the central Estates and Operations function. It has the power to make any deCkS￿nS as it feels are neLessary to fulfil its reSpOn￿bIlItieS. The Committee is also res[￿sIble for lial￿ng with the Finan￿ and Regulatory Committee in ensuring that robust and collective governan￿ is delivered. The principal purpose oflhe Flnance and Regulatory Committee is to advise and provKle recommendations to the full Board of Foundation Governors on finance and regulatory matters. 11 has delegated powets to act on behalf of the F(yJndatw)n Govemors in financial matters should the need arise. It can also make any deosions necessary to ensure Complian￿ with current regulation and legislation. The Appolnfments Commlttee ts responsible for discussing and recommending to the full Board of Foundation Governors the appointment of GOVe￿￿)[S and the Foundation Principal. The Foundation Principal Is responsible. with appropriate support and oversight from Govemors. for appointing the Heads, the Foundation Bursar and such other empbyees as are deemed necessary or exFedient from time to time. The Appointments Committee meets tennly and consists of the Chair and ￿￿e£hair of the Foundation, Chairs of the three Strategic Commrtlees and two other G)vemors. Page 5

WARWICK INDEPENDENT SCHOOLS FOUNDATION srRATEGIC REPORT FOR THE YFAR ENDED 31 Aucusf 2021 Remuneration is set by the Board, with the policy obiedNe of FYOVhling appropriate incentr¥es to encourage enhanced perfomiance and of rewarding faity and ￿pOnsib￿ individual contributK)ns to the Foundation's success. The appropriateness and retevanct of Ihe rernuneration polw is ￿vIeWed annually, i￿luding referenc8S to comparisons with other independent schoob to ensure that Ihe Foundation remains sensitive to the broader issues of pay and employment condibons ebe¥¥there. Delivery of Ihe Foundati(￿'S charitatrAe visM)n and wrpose is primarity dependenl on our key management personnel and staff costs are th8 largest SirKj￿ ￿rnent of our thwitable expenditure. Em ment Poli The Foundation 1$ an equal opp￿JnI11frS employer. which treats all prosF￿￿rrfe and existing staff without favour. The Foundation is fulty committed to provhling the opportunty for people with disabilities to be empl¢)yed whenever suilable Work is available and to be able to fulfil their career potential. Consuttation with eM￿oYees. or their representatives, has continued at all levels wilh the aim of taking the vi8ws of employees into account when d￿l$lon$ are made which a￿ likely to affect their interests. Communication with employees continues through nom￿1 management channels in a variety of methods to inform stsff of current issues. Grou Structure and Relationshi The Company has a wholty-cmfned subsidkqry. warW￿k Schi)ols Enterkyises Limited {WSEL), which carries oul a number of trading activities to generate fijnds for the Schools. WSEL aims to retsin a small surplus each year so as to build up working caprtal. but thereafter any surplus remaining is gift-abjed back to the main Charity. G)vemcK Recruitment Induction and Traini Nominated Governors are selected by their resp&tive Nominating Bodies (see page 2) but must then be approved by Ihe Governng Body. Co-opted Govemors are se￿ted having regard to the particular skills required on Ihe Goveming Body al the time of appointment. All Governors follow an induction programme on appointment including n￿lIngS with the FoundatpJn Prinupal. School Heajs. Foundation Bursar and relevant Chairs. Al Govemors are encouraged to attend exiemal training courses lo complement inlemal training prov*Jed. As standard. all Govemots recer¥e annual Chikl Protection and Safeguarding training. Objects, Alms, Oblectlves and Actfvltles Ch The Objects of the Charity are set oul in the Articles of Association and are lo advan￿ education by carrying on in or near Warwick day and boarding schooL8 for boys and girls". Wrthin Ihese Objects. the Charity and the Trust have various pennanent endijwments and unendowed trust funds held for special purposes in connection wtth the development of the Schts)L8' fa¢ilrties and for scholarships. bursaries, prizes. and other educational purposes.

WARWICK INDEPENDENT SCHOOLS FOUNDATION STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGusf 2021 ives for the Year In March 2021, The Kingsley School joined the Foundation. The sthool was founded in 1884 in Leamington Spa and is a highty regarded school for gids {ages >18> and tws {ages 3-71, it currentty has 319 pupils. As the academic year got underway, Govemors and the ExecutNe were working towards the key tactical and operational objectives listed bebw. es and Su rtLo Tern Goals WaThvick Independent s￿￿15 Foundation is a Wnig educational charity in the Midlands. providing education to over 2.80) pupils from ages 3 to 18. Our fundamentsl aim is to enable each individual pupil lo achieve p8rsonal fuifilment and success. and we seek to devek)p intelligent, ￿Sk￿)nSibbe, resilienl and compassionate young people of character to Su￿eed in a changing world. Our vision is to create a woild- class educational establishment based in the he•1 of WaTrvick. able to contribute to our community and society. The I1)n￿terM strategr¢ aims and prioritss reffoin in place. as follcths. with our ￿re values driving our priorities particularfy while deVel￿Nn9 Strategy 2025.. Str8tegic Aims.. To oversee and develop outstandiThJ Inte￿ndent schoc4s, eath wrth its own unique char8Cter and elhos, 8S P8rt ofone sup[￿rtive communty. To deliverlhe 'best of both wortds, in eduCat￿n thmugh single-sex teaching andlearning alongside appropnafely integrated extra<unKular activits and ￿la1 development. To prov￿ an equal op[￿Unty for all pupils to devek)p their full ￿tential through outstanding facilities and resources acn)ss the Foundation. Topromote social8nd culturnl diver&fy by facKilatKw accessto talenledpupils from allbackgrounds through the provisiin of means4ested bursaiies and schOla￿hlps. To create an environment in which insprational eduCat￿n can dèvelop and grow. To Yulure proof the Foundation edUcat￿nal modBI against future thang8 through the creation of a wortd class educational campus by 2026. Cor8 Valu8S.' Inspirat￿n81 teaching insde a￿1 oulskde the classyoom. A caiing environmenl in whKh everyone can feel safe. nurtur8d aThY valued as an IndrV￿ua1. AGadern￿ excellence together with breadth of opm)rtunity. Close links to Parents, fornierpu￿1s and Ihe WKkrcLynmunty. TraditK)nal values of Trsp8Ct. toleran(% and integrity. A forward-looking Foundation whKh seeks f￿h￿￿er things.. Core to suc￿$s1U1 delivery of these objectives are a number of overarching strategies. strateg￿ application of estates master planning is complemented by robust Strateg￿ financial planning in the form of a regularly updated ten-year plan. incorporating sound arrangements for bursary funding. Furthermore, Govemors are ever mindful of the challenges of both proNiding the outstarKling education offered and fee affordability. thereby ensuring accessibilty to the Schools fLY Ihe maximum possible numt*r of pupils. A clear pricing strategy has been adopted to achieve this delicate balance. This is fvrther amyed by temily consideration of risks and opportunities. Last. but probabty most importantly gwen the importance of staff to our organisatiortal success. focussed HR strategies are being rolw out to ensure the empbyffEnt and development of firsi-class educattonal leaders and classroom pra￿llIonerS. Fage 7

WARWICK INDEPENDENT SCHOOLS FOUNDATION SlliATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The fundraising campaign continued apace until lockdthyn and then sh￿ved down asthe national economic dimate was felt by potential donors. This means some of the additional works desired to augment Project One Campus had to be delayed. The Govemors have commissioned an updated Estates Master Plan to be developed during 2021122 to S￿pe those W￿kS and stsrt planning for their eventual delivery. Govemors continued to update the Strategy 2025 fv the Found8￿n, f(ussiry on educational ¢JJlcomes with particular emphasis on technolog￿1 advancement and tts impacl on pupils in our Care. as well as the wider world. We had hoped to publish this at the start of the 2020121 academic year, but the intervenlion of the Covid-19 crisis has put this on hold. Following the change in 2019 to the executive management structure. the team has been further strenglhened with Ihe appoinlment of Mrs V￿toria Espley as Foundation Bursar and Mrs Nicola Valentino as Marketing & Admission Director. Princi l ActNities of the Year During 2020121. Vlarwick School had 970 {2019 r20: 96n boys in the Senior School, of whom 55 (2019120: 601 were boarders, and 264 {2019120'. 252) trws in the Junior School. King's High School for Girls had 773 (2019120: 714) girfs and WapHick P￿paratory School had 455 {2019120.' 457) chikjren in the main School and 59 {2019120.' 50) chiklren in the Nursery SchcM)l. The Kings School haj 87 in the Prep S¢hTr)l and 225 in Ihe Senior School. Ail the Schools continue to be popuLqr thices amongst local parents and demand for places remains strong. Public Benefrt Aims and Intend Im Having been a swnIf￿ant participant in the GovemThent Assisted Pla￿ sthme and its forerunner, the Direct Grant system, the Foundation has a￿ayS operated with a strong emphasis on providing edutstion to pupils from a wide range of social backgrounds. Otjr aim is that pupils from all backgrounds are able to benefit from the excellent education provided, irrespective of the ability to pay full fees. The Trustees of thè Foundation are detennined to maintain the philosophy of providing the rounded education synonymous with the Schools to as wide a pupil base as possible. including those wpils who do not possess the means to afford fees. A robust means tested bursary scheme is operated to ensure the effective and charitable delivery of this aim. with an annual revwi of the s(eme carried out to ensure appropriate distribution of available resources. Although the main focus for bursary SUPF#)rt ensures that free places a￿ offered lo a large number of recipients. the scheme also provides the opportunity for pupils with pa￿nIS of moderate income to attend the Schools. This is managed through the prov￿1￿ of a number of part-funded, means-tested places, thereby further widening a¢￿S to wtential bentharies. In addilion to provmjing public benefit through the provision of bursaries, the Foundation is ￿MmItted to playing a s￿nIficant role within the local community. through a number of outreach initiatives. These indude the sharing of facilit￿. running holiday clubs and revi8ion courses thal are open to pupls from all around wat¥￿kSh1re and tts bordering ￿untES. Across the Foundation there are 165 {2019120: 119) pupils in receipt of mns-tested bursaries. who between them achieve some outstanding a(ademic results. with an ove(whelming majority of boys and gids reaching the very hwJhest grades on offer. ￿￿th ever increasing financial pressures on parents we are doing more and more to generate further funds over the coming years, with the Development Office planning to actively target fundraising for means-tested SUPFQrt. Page 8

WARWICK INDEPENDENT SCHOOLS FOUNDATION STRATEGIC REPORT FOR THEYFAR ENDED 31 AUGusf 2021 Offering financial support to those othwwise unable to afford to enjoy the educalion our Schools offer is, however. just one way in whth we offer public benefft. The Schools have an important ro￿ to play in their wider cornmunity. achieved through outreach work and the provision of factltties for kxal clubs and associations, as well as the wider public. Many of these actwilies incorporate educational benefrts to our own and wider pupil bodies. Indpiidual mernbers of &aff serrfe in a var￿ty of capaoties for the benefrt of the public. including as public examination examiners, swrts c)athes. school govèmors. and volunteers with local charities and in local churches. In addition, our t￿%hing staff have made links wtth their peers in the maintained sector to exthange expertise, reSoUr￿S and best practice ideas through local forums and social media groups. particularly in Politics, Food and IT departments. There was continued wide-rangirvJ use of the FowdatK)n faiitslies ty the k)cal o)mmunty. arKI we intend to continu8 andlor develop them. We are always proud of the sense of social purpose we foster in our pupils and the resutting enthu￿astiC fundraising and awareness initiatives. some of which also include our parent associalions as well. Evèn during lockdown, fundrai&ng effcyts were maintained. wtth the Schools raising a total of £34,331 from charitable activities, distrtbuled to a wide range of teneficiary charit￿, with a strong emphasis on children. Donations were made to k¢al, regional, national and internat￿nal charities. These included Save the Children, Show Racism the Red Card. Young Epilepsy. Myton Hospice, a number of smaller local charities and supporting chiklren in Africa. In Ihe furtherance of these aims, the FC￿Th￿at10n Govemots. as the Charity Trustees, consider that they have complied with the duty in Seclion 4 of the Charities Act 2011 to have due regard to the Charity Commission's published general and rdevant subsedor guidan￿ conceming the operation of the Public Benefft requirement under that Act. Grant-makin During the year. the value of scholarships. Foundats'on Awards. and Bursaries totalbed £2.185m (2019120: £2.107m). Of this. the anv)unt of unrestrKted fuTrJs totalled £1.726m {2019r20: £1.485m) with a further £454k {2019120'. £622k) contributed from restricted funds. The Foundalion Govemors. policy is to increase further the means tested awards when opportunities arise and É1.520m12019120'. £1558m) ofthe total was awarded on this basis. 47712019120.. 356) PUFMIS beneffted from these regular grants and awards. with thè result that one in fve pupils at the senior Schools recer¥es some fom of financrdl assistance. The Foundation Award ScheffÉ. which byas introduced in 1999. is a m8ans-lested scheme and enables Govemors to widen access lo as broad a group of pupils as possible. There are currently 78 {2019120: 62) pupils attending th8 Schools who pay no tuition fees at all (as well as tIKise who pay reduced fees>. The Schools also operate scholarship schen￿$ awarded on academic nw. Page 9

WARWICK INDEPENDENT SCHOOLS FOUNDATION srRATEGIC REPORT FOR THE YFAR ENDED 31 AUGUST 2021 Revlew of Achlevements and Perfornianco for the Year erational Perfom)ance of the Schools King 8 High School The Sthool has enjwed another year of outstandwig $￿ceSS and it has been a great pleasure to celebrate so many remarkable student. group and whole-school a¢h￿veMentS. We were delighted lo be ranked 13th nationally for girls, sport and also to te sh(Kllisled for the Independenl Sthool of the Year Performing Arts Award. The start ofthe academic year saw the completion ofthe ffir￿1 phase of Project One Campus, a £43.5m strategic plan and the OFening of a new Music School for King's High and Warwick Preparatory School. EarlEr this year, King's High was awarded the RIBA West Midiands Award, with archrtect Paul Baxter taking the RIBA Project Archite(A of the Year Avmrd for his work on our new scho)l. Academic results in August 2021 were extren￿ty strong. After last yearfs process of Centre Assessed Grades. this year schools nationalty were required lo produce Teacher Assessed Grades. based on a holistic judgement of high qualty recent evidence. Designing and marking these assessments represented Significant work for teaching staff at King's, but the process was smooth and h￿hty successful. At A Level, students achieved 83.8% A'_A grades. and 95.30A A"_B grades. At GCSE, 91 % of grades were at 9-7. with 72% at grades 94, the equivalent of A's. Once again. over90% of students gained entry to their first-choice institution, with 82% attending Russell Group univer5iti8s. Eth of the three pupils with offers for Oxtord and Cambridge achieved their offer and was admitted. Pupbls have been accepted onto a wide variety of courses, including Neuroscience at UCL. PPE at Oxford, MUS￿ al the Royal Academy. and a Degree Apprenticeship al the Dyg)n Institute. Our top destinations this year are Bath, Bristol, Leeds, LiverpocA, Nottingham and UCL. We conlinue to be incredibly pr￿d of our academic enrichment wogramme, whth has the aim of inspiring pupils to be crealive thinkers who are cuiious a￿ut big ideas. In the List year the number of talks from top speakers has conlinued to grcw; in Autumn Tem. for example. we wekomed Dr Jess Wade {Imperial), Prof Angle Hobbs {Sheffieldl, and Gilliian Bishop (one of the UK'S leading famiky lawyers) to speak to pupils and staff. Due to Covid. we replaced our Tegular in-pefson trips with weekend masterclasses. including Saturday events on crtlical thinking for KS3 arKI three Kiry's Links events at vthich 15-20 fomèr pupils give talks on their experience at university. Attendan￿ at these remote events has averaged 50 students and represents growth in uptake compared wilh historic in-person trips. Our Inspire Research Program￿ offers pupils a cohesbve pathway through the schwl, as they leam about independent learning: stsrting with Inspire Homework in KS3. pupils then complete their Create projects in KS4 and then go on to EPQ at A Level. Uptake at EPQ conlinues to rise. from 15 pupils five years ago to over 65 pupils last year. and the Inspire Essay Competitp)n for KS3 continues to be extremety popular. Our focus on enabling pupils to have aJency within the sclM)ol also continues to trthr fruit". in the last year pupils have founded the Da Vinci Society. wrth a focus on Art and De￿gn, and the An￿Stry Society, with a focus on famity history. Our existing Sixth Form sccieties have had their mosl successful year. with pupils taking the lead on raising awareness about (amngst other things) equalty, disabilty and the environment at h￿hlY popular lunchlime and after-school session5. A cullure of pupil nwvslellers has grown. with our Café Saentifique Society and Hobbs Society both producing and sharing reports for the w*Jer school community. A new Inspire Into University Club has been very popular, with pupils in Year 10 and 11 wants'ng lo begin rellecting eady aboul Ihe kind of courses and course provNJers that mwJht suit them after A Levels. We have set up a link with Oxford University Physics Department. launching a competition for five schcols on the top￿ of stereotypes in science, with Oxford aC￿em￿S offemg supervSSM)n to entrants. The Priz￿1¥1ng event will take pla￿ in King's in Autumn 2021. Page io

WARWICK INDEPENDENT SCHOOLS FOUNDATION srRATEGIC REPORT FOR THE YFAR ENDED 31 AUGU￿ 2021 The pr(￿ramMe in SUPFth of highty competitive academic ￿urSes, particularfy those that require a pre- admissions test and interview, has continued. with weekty advice sessions, academic preparation sessions, pre-admissions test mocks, and ded￿￿ted interview preparation. A science extension group, Moventis Scientiam, has also invrted pupils in Year 10 arKI 11 to begin thinking earty about extending their leaming beyond the dassroom.. this too has been very wdl attended and received by pupils. King's High has continued lo adapt to the d)allenges of national lockdown, building on the success of our provision of renM)te education last year. Our BYOD strategi has conlinued to provide excepts'onal support for pupils whenever they are leaming at home. as well as within classrooms that are restricted by Covid regulations. During periods when teachers were una￿e to leave a small area at the front of the classroom in order to maintsin gxial distancing, shared documents and OneNote were instrumental in allowing teachers to provide live feedbxk. We continue to refiect on h￿￿we can use IT notjust to repEace and accelerate processes that were possible before. but to transfcym educalion, wilh staff engagiNJ in discussions and research of subject specific resources to be integrated into schemes of leaming. IT also enabled us to get ahèad with running the assessments that were used for Teacher Assessed Grades, wilh pupils using a secure system at home, whilsl invigilated through Teams. during the Spring. Summer intemal exam week, however. was conducted as nom)al. and we are now placing ernPhas￿ ￿ enabling leamwig through a combination of duital and on-paper workiThJ. well￿1ng is at the heart of everythng we do at King's and new Year 7s entered the school in September 2020 as confideni graduates of our innovatpie lockd¢yovn tranSIt￿n programme. Running for 14 sessions, sludents enjoyed a range of &ttvities and also benefrtted from our new pastoral system which saw the addition of Heads of Year to our Key Stage teams and a strengthening of the role of fomi officials. Evaluation via a student surrfey showed 100% fell settled academicalty and soGHlly by Chrisknas. A lack of 'drift' to other schools also resulled in Iwo 0Ve￿￿￿￿1bed fonns. Our strong partnership with the Diana Award continued to flourish wtlh over 80 students volunteering to be trained as antFbultying ambassad¢ys by the organisation last year, bringing the total number of wellbeing ambassadors in the school to 130. They lead in key areas of our wellbeirKJ work in s(ool, supporting younger students one-to-one via Teams during lockdown and even providing rekxation through art Iherapy for staff as part ofthe'#Hello Yellow, mental health campaign. Our arnbassadors have recentty interviewed Prince William, appeared on the national no•VS and recEived congratulations from the Under Secretary of State for Families and Children for the level of trust our Wellbeing Ambassador programme had created in the school. Already Diana Award Showcase School, we last year achieved th8 All Together Gold School Award from the Anti- Bu1￿1ng Alliance. During national lockdown, Vlellbeing Ambassadors reo)rded Videos linked lo ActM)n for HappKiess ten keys, lo help us countdown to the end of Lockd(rwn 3. From this we created our 'Every Day is Wellbeing Day, programme. We allocated lime out, from the curriculum, and students also made a series of podcasts sharing their personal wellbeing tips Parafympian medalli8t Kare Adenegan, talkgj about the importance of goals in maintaining positive mental health. After knkdown. all year groups had designated time to walk the 'mindful mile. around the school site. pausing at seven different reflection points to complete actP4ities. A new m8ntal heallh stralegy has now been devised for 2021-22 to buihj on last yearfs successes. In the wake of the murder of George Fbyd, our students have been a central, and drtving. part of the school's commitsnent to educate our community on issues of racial equalty. They formed a Joint Working Paty for Equality Wlth WanNick School. led regular 'equality thought for the day. slots in assembly, interviewed departments and have suggested curTiculum change. The most powerful messaging came during the question and answer forums where lived experiences of racism were bravety shared with the whole school. Exploring other forms of equalty, a new academic Universal Justice group has run form activit￿$ and the longer-eslablished Hobbs Society chose ab￿L$M as their then for visiting speakers in the Spring Tem and LGBTQ+ in the Summer Term. Our first 'Pride Fairf took place in schcol dtversity week raising over £400 for Page li

WARWICK INDEPENDENT SCHOOLS FOUNDATION srRATEGIC IIEPORT FOR THE YEAR ENDED 31 AUGUST 2021 charity. We also promoted equalty throughout the year by marking Black History Month, LGBT Htstory Month and Women's History Month. More recenty. the Equality Working Party led our tsvo Foundation senior schools to reflect on the murder of Sarah Everard in the firstver joint assembw and have spearheaded our 'Be InfoThed' campaign to address issues such as consent and street harassment. Our pupi15 Continue to excel across the board ￿ their S￿rtS with tK)th tearts and indivhjuals reaching county. regional and national levels. In the most recent season of competilrve sport our U13 were cross country National Finalisls, U18 Swimmers Warwick 100 Charnpions. U13 ISGA Gymnasts 4 Piece were placed 3rd place national￿, our U15 Waterpolo team reached national finals as dKI our Biathlon team. In addtlion, our teams won multiple county championships or were regional finalists across a range of age groups in hockey and netball. Individual students have been selected across many disciplines for reg￿nal and national training and to represent their country: for example, in Lawn Tennis Association Grade 2 NatM?nal Championships, English HcKkey U18, Senior England Rounders, National Cross County. British Dressage. Nati¢)nal Swimming relays, Waterpolo England Academy pathways, to name just a few. During lockdown in January and February 2021 all Games lesSc￿$ were taught virtually and live to Ihe girls. Weekty challenges were set induding climbing the equNalent of the Erffei tower up sels of stairs every day for a week. In the Summer Tenn we enjoyed tennis. uicket and athletics fixtures as well as a full competitive Sports Day. Drama has also continued to thrive. KS3 enjoyed three separate year group woduclions.. Year 7 ￿rfOrmed Fantast￿ Mr Fox: Year 8 put on The Tempest.. and Year 9 F￿￿JUced Mactth. The LAMDA department has continued to enjoy success with 170 students - there were 109 DIstinct￿n$ and 21 Merits in external examinations. There continues to be a broad variety of rJ)ryCurr￿lar activibes wilh over 130 actr¥ities aval￿ts1e week. A new 2020 dub was founded to SUPFth Year 7 students lo Sett￿ in and find new fr￿ds. This was extremety successlul and will be continued next year- with an AnNcus Group. Students set up a number of environment groups including Environment Action Today and the Wildlife Conservation and Suslainabilty Society. to raise awareness of IC￿al to national tssues. A range of speakers presented remotely to both students and parents and the School was awarded the Ec4)-Schools Green Flag award. In April 2021. the Beekeeping Society was estsblished and 62 sludents and 21 staff joined and a four hive apiary was created in WoodLand School. Students and staff buill the hNes and have tended the bees weekw and through the summer holidays of 2021. Ourfirst honey extraction will tske pla￿ in September 2021. King's High students conlinued to raise moneyfor ktal. national and international charbties thisyear and raised £5,000 in spite of a lockdown through the Spring Tern. They also ¢x)Ilected over 140 shoeboxes for Teams 4 U and other haNest rtems for the I￿1 tffanch ofthe Trussell Trust. In addtlion. stthts collected hand cream for NHS workers. Covid-19 meant that we were unable to visit WaThvick Hospital or local nursing 1￿MeS Ihrough last year. However. we continued our lnv0fven￿nt by writing letters. poems and sending drawings and photographs to these organisations to lift the spirits of patEnts and residents. We held Zoom meetiThJs with local nursing homes as well as telephoning okler Alumn* to check on their wellbeing. 36 of our sludents followed the Skills for Justice Course as part of our Friday afterno￿1 ￿tiVity programme. Al were successful in achieving the Level 2 Award in Creative Thoughthjlness. The Autumn and Spring temis saw our outre&h prograrnme FKovide a diverse range of workshops from designing a new socw and storytelling through n￿$￿. to exploring languages, the great Art quiz, and cuddty conundrurrts. Page 12

WARWICK INDEPENDENT SCHOOLS FOUNDATION STL4TEGIC REPORT FOR THEYFAR ENDED 31 AUGU￿ 2021 Wanvick ￿parntory School The sch￿1 has achiewj 9reat success in ffAny areas during the o)urse of 2020r21. Folk)wing the award of places to all girls in Year 6 at King's High. twenty-three scholarships and awards (academio mustc, sport. art and drama} were made. Forty Ws transferred successfulty to Vrfarwick Junwjr School from Year 2. The school has conlinued to be hwJhty successful in increasing its roll during 2020121 to 515 and Ihe number of regislrations for enty in 2021 and 2022 renwns high. In response lo the COVID-19 pandemic. we once again used mI￿50ft Teams and Seesaw as the Iwo main plaffomis for delivering lessons remotety during the second period of school dowre. Staff worked incredibly hard to adapt these new t￿hn￿OgieS resulb'ng in a I￿rtual sch￿1 which combined live sessions, videoed lessons and instant feedback to all the chiklren from Nursery to Year 6. In music, our Strings Prqect for 2 has again been h￿ty successful, showcased on this very stag8 this moming and continues to resuft in record numbers of children corrffiencing individual instrumental lessons. In the Prep department, rn0￿ girls than ever. 80%. receive weekty tuition in one or ff#xe instruments. Of the Associated Board examinations taken. there has been an inc%ease to 65% of our girL8 being awarded a merit or distinction. Desptie the restrictions in Fsace during the Autumn Temi. we were to mark and ￿lebrate the usual array of events, Ir￿UdIng Remembrance. Chih4ren in Need and Christmas. Adapted ￿ents included remote assemblies to enab￿ our school cornm￿1ty to continue to meet together. recordings of key events to share wilh parents and pupils. with Con￿rtS. Carol serrf1￿$ and productions being particular highlighls. Our ever popular'weekend w￿Uts, saw parents and chiklren rising to the challenges set by OUT SFX)rts Department and Swrts Caplains. We have grown in many ways, firstly in the fomi of our Forest School and Nursery Garden. In a short period of time these beautrful outdoor spaces have been transfom*d to becom8 an integral part of our provision for the children in Early Years. Transformational opportunities have continued with the opening of our new Music Schcd. including the opportunty for young organists to leam to play on the newty installed Lady Susi Jeans Organ. During the last year. we benefrted enomiousty frcffl Ihe thanges made to our schcM)I campus and, in particular, our bespoke play Spa￿ for all our child￿n. Even with the restrictpjns in place. children have enjoyed the freedom to be more creative in th￿r play and hav8 enjoyed very happy pwimes. Adapting. growing and changing are all key fealures of what we call 'Squirrel Spiriv at WarW￿k Prep., entering a further Feriod of school ck)sure in Spring 2021 required super-human reserves of our Squirrel Spirit and a most sucLwsful few weeks of acadeffl￿ excellence and ¢0-￿[rICUlar joy ensued. One of our school aims is f￿Se￿ on Character with the aim of devebpiThJ resilience and confidence. Whilst we did not plan this focus for the Summer Tem, it is safe to say it has been a silver linmg in the 'Co¥id Cloud., Year 6 children brought the Bridge House Theat￿ back to life with their fantast￿ production of'mulan., After the theatre had been closed for frfleen kmg months, il VRS a priviwe to wovide the first perf0m￿nCe on Ihe Page 13

WARWICK INDEPENDENT SCHOOLS FOUNDATION srRATEGIC REPORT FOR THE YFAR ENDED 31 AUGU￿ 202J boards to a live audtence. Similarty, Ihe Summer Con￿rtS held in the Uqst few weeks of the year in Wan*vick Hall not onty enabled us to welcome parents back to events but provKled a fftling showcase lo share the creative music making that has continued through school closure aThJ bubblin9 of our year groups. We wèr8 also thrilled to see the return of fixtures against other ￿htX)l$. Children at Warwick P￿p have continued to practice their instruments. kept fft and adive in a myriad of different ways and generalty kept everyone's spirits high. In addilion, we are blessed wilh the mosl special community of adulls at Warwick Prep: V4PSA ￿ntinUed to run events in person and virtually for us all to enjoy, and continued with their phe￿Menal fvndraising, erKling the year ty completing their pledge to raise £50,000 in celebration of their 50th year. Wa￿v￿k SclKK4 2020-21 was a second yew of dIsrupt￿n and uncertality that presented nu￿rouS challenges for our school community. None have fett these challenges more than those pupiis in public exafflinalion years. Exams were off, then they were on again, before finalty they were off and all grades were U￿1matety based upon teacher assessed grades. At both GCSE and A ￿Ve1 Teacher assessed Grades {TAGs) were awarded based on a school policy derived folkx¥ing set guidance from OtQual. JCQ. and examination boards. Grades were evidence based and used in schwl assessments taken dUrir￿ a perKMJ between March and May, plus non-examined assessments. and other work completed under timed Condit￿r$s. Where necessary, for example due to specpl circumslances, a holi8tic vitrw of rouline work was also a factor in the final grade awarded. Despite the challenges. we are immensety proud of our Upper Stxlh pupils and all Ihey have achieved during th8ir time at the FOUndatK￿ 8thcM)Is. Overall. 80.1% of A ￿Ve1 grades awarded at Warwick School were A'_ A arKJ 94.6% A'_B. A total of 116 pupils applied through the Universty and Colleges Admissions Service (UCAS), 106 of whom were successful in securing a place at their first-choice instttution, a further 8 at their insurance choice. and 2 gained a pl￿ through clearing. We are Incredib￿ pleased for all our Upper Sixth pupils. who have been an asset to their school and we wish them the best of luck for the next stage of their lives. After a hugely challenging and unusual til￿. our Year 11 pupils demonstrated impressNe resilience, flexibility and positivty. We saw just how hard tw have studied throughout their time al WaNiick School and were delighted that this was re(wnised in Ihe grades wlarded. Overall 84.9% of pupils were awarded A'1918 - and 95.5% A'1918-B16. They are righty proud of their achEvements and are Icrf)king forward to beginning their ChTh￿ of A-level programTr￿. Whilst many of our pupils were frustrated that they ￿re den￿d the opportunty to sit their examinations. the robust school policy and the integrity of the process resutted in greatef confidence in the TAGS awarded than evident in the previous year. Post-results there were a small number of requests for a breakdown of teacher assessed grades, there were however onty four appeals at A-￿Ve1 - three were resolved at Stage 1 and one progressed to Stage 2 where the exam board utheld the grades awarded by th8 sthool. Govemment guidance for schools from the l)IE ￿eant that the school year began w¢th pupils in year group 'bubbles'. This measure had significant implications for the day-to-day running of the school. Heads of House worked hard to contact boys who We￿ off-school ill, isolating or shielding to check on their wellbeing and verify that they knew how to access online leaming. Heads of House called home on the first day that each was off-schr￿1 and thereafter rrode weekty calls to check on wellbeing until the wpil Page 14

WARWICK INDEPENDENT SCHOOLS FOUNDATION srRATEGIC REPORT FOR THEYEAR ENDED 31 AUGusf 2021 retumed to ￿h0O1. Out of necessty, year group fonn roo￿ were I(￿ted in clusters in distind areas of the school. rather than dispersed across the schcol in teachers. usual teaching rooms. House. Section and Whole School Assemblies continued as well as ChaFet Servi￿$. Initialty all but Whole School Assembliés continued live, however they were broadcast on Teams when restrictions were thjhtened in the second half of term. Counselling support continued both in F￿rS￿. and via ph￿e rf required. To minimise the disruption to teaching arKI leaming. in years 10 and above, we began the Bring Your Own Devoice programme, originalty scheduled for launch in September 2021. earty. Pupils were able to wofk in virtual groups including those in the lesson and those isolating at home. One Note allows pupils to collaborate easily even when they are not physicalty iogether with the texher being able lo give feedback on this work. Hybrid teaching meant that boys who were isolaling at hcme had equal access to high-qualty education and INe lessons. Using Bluet(M)th headsets, staff were able lo teach from the front of the Classroom, whilst maintaining contact with those at home. The use of Teams and One Note meant that the teachers could have inslanl access to the boys at home and grve instant feedback. This meant that whole classes could effectivety work logether to achieve the goals. despite being physicalw distant. AII co-curricular clubs and activrlies became srngle year group options. It is testament to the school's commitment to delivering a holis￿ and broad education that 114 clubs, 46 Friday ActNities and 30 Academi Clinics were offered in the Michaelmas term and that over pupils regularly attended the intemal sporting programme offered to make up for the loss of cc¥npetitive fixtures against other sch(K)Is. As well as the challenges presented by Covid 19 during the Michaelmas term Wafwick School also had to contend with the tragic and sudden death of a member of the teaching staff, the much-loved Head of Mathematics. Bill Macro. In response to the Black Lives Matter protests in May and June. a working paty of King's High School IKHS) and Warwick School pupils met regularly. The Warwick School boys gave a presentation to the Senior Management Team and also to Foundabon Governors on the recommended next steps for fostering greater indusion in our schcd communty. Uju Asika, author of"Bringing Up Race". How to Raise a Kind ChihJ in a Prejudinl World" was invrted to gNe talks to all senior school pupiL8 at Wapwick School and King's High School and then to parents of pupils across the foundation. The Lent Term twan with another enforced period of schts)I ck>sure. The return to re￿te teaching went smoothly and the lessons leamt meant that the pupil experience was even better this time around and the harm done lo pupil learning was kept to a minimum. However, Or￿ again, school (knure created wellbeing COn￿mS and swJnbficant barriers lo providing our usual level of pasloral care. Once we retumèd to school. trws were asked to complete a detaiw pupil wellbeing survey. Over 800 students responded. The survty fiagged areas of concern that Form Tutors and Heads of Section were able to dixuss in one-tothone conversations with indr¥Trdual boys. A new lockdown programme of wrtual clubs and actsvit￿S was (Jeated with a total of 87 Clubs and Ensembles. 43 Friday Activities. and 27 Academic Clinu deliVe￿d via M￿r050ft Teams. Highlights included Photography Club. History Dig Schwl. An IntroduCt￿n to Sikhism and Sikh cuisine, The Baker Street Irregulars. and Getting Ahead in Com[￿ltIVe Careers. During bckdown one•tOThone instrumental less￿6 were delivered to over 700 boys remtety. There were also 44 drfferent ensembth that held online rehearsals every week. Following the return to in March the co-CUr￿￿1ar progr*nm& reverted to year group bUbb￿s. In resFonse to the prolests following the murder of Sarah Everard. the Deputy Head Pastoral spoke in whole-school assemblies at Warwick School and at KHS on the issue and how any allegalions would be dealt with. A working paty of KHS and Wary¥￿k Sthcol pupils vms set up. In the first meeting the group di￿￿$sed the attitudes of the girls al KHS and the boys at Warwick School to the issues of sexism and rnisogyny and reaction to the whde•sch¢)ol assemblies on the issue. Subsequent meetings have focused on Page 15

WARWICK INDEPENDENT SCHOOLS FOUNDATION STRATEGIC REPORT FOR THE YFAR ENDED 31 AUGusf 2021 next sleps, induding a pupil-led assembty on h(pw to be an aGtNe bystsnder, and greater collabo￿tIOn behveen boys and girfs in toth schwls of all age groups. The retum to face-tcpface schooling for pupifs for the summer temi was very welcom8 followlng the enfor¢ed isolation from January to March. Although Schwl remained dffterent with pupils kepl in year group bubbles and many extra-curricular aCtivit￿S curtailed as the tefm progressed there were nuffErous signs of a long- awaAed retum to normal. Pupils could sock?lise with their peers again which was extremety benef￿la1 for their ￿ental health and Fomi Tutors coutd see their tutees and mnitor and affect their Well￿1ng. The second half of the gjmmef temi saw the return of fixtures. This busy period saw the Ws playing many cricket malches. Frfieen months after the last c#)ncert. INe perfo￿nan￿S started again in June. We were able to put on a Summer Concert series consisting of eTrght-year group bubble cor￿rtS which gave 44 ensembles the chance to perfonr in front of a live audnce. Two superb FKoductions of Charlie and the Chocolale Fadory, one for Year 8 and one for Year 9. Y￿re sta3ed in the Bridge House Theatre. The Year 7 drama club produced a devised piece that expl￿1 the theme of Bravery. Thks was used as a curtain raiser for the main FKoductions. Our first LAMDA examination day look pkqce in May and of the 14 boys entered we achieved 3 merits and 11 distinctTrons. After half-tern we were ab￿ to squeeze in Duke of Edinburgh expeditions at Bronze, Silver and Gold levels. This meant that nearty 200 boys were able to complete their qualifications. 2020-21 has been a sea)nd year of disrupt￿ but the s(K)ol ccnmunity has worked tirelessly to minimise the impact of this disturbance on the educalion of the young people in its care. This report is testimony to the fact despite the circumstances Wapwick School has continued to educate in the broadest sense, delivering excellent results in public examinations but also woviding superb pastoral support and a ffirst-dass programme of Co<￿IrIcUlar actNities. W8ThvKk Junior Sch( There was a real joy to see the ￿h0o1 back open to all pupils in September 2020. Both staff boys soon became ￿ustomed to the changes school made as year group bubbles dictated the pattem of the day. When faced with challenges, the staff reswnded and found ingenious ways to make the most of situations. Until the summer tern. il was disappointing that the boys coukl not take part in concerts or sports fixtures. However. Ihere were many posrtives. Our games lessons and after school provision brought increased opportunty as boys were given greater chore of sporting &tivty. In the c￿ssrOom. without the rehearsals, plays and concerts that punctuate the term, teachers and boys were able to focus more on core curriculum content. This enabled us to address the ￿&Ming loss experEnced by soff￿ pupils during the first lockdown. When we were placed in lockdoT) in January, the staff responded with great professionalism to enhance our online provision. We increased the live content of our online timetable adding clubs and activities to our programme. Daity fonn time and sporting activities helped keep the boys engaged, connected and active. ilst the online provision was a success, there was a real joy when the iws retumed to sch¢)ol and we were finally able to restore many of the opportunilies and events we all enjoy. Earfier in the year all OUT Year 6 iws were given the opportunty to proceed to the Senior S¢h¢)ol. Folk)wing the entrance exams lo the Senior School. we were delighted to hear that seven ￿Jt of the top ten performing pupils came from the Jun)r School with six boys retuming to the Senior Sthool to take up ￿hOlarshIps. Our boys again entered the Oxford unr￿rSty Bebras Challenge. Thts is a challenge encouraging compLrtational thinking invofving over 50 C￿ntrS. One Year 6 was imiited to the finals, achieving 13 Page 16

WARWICK INDEPENDENT SCHOOLS FOUNDATION srRATEGIC REPORT FOR THE YEAR ENDED 31 AUGusf 2021 place overall ￿M[￿Ing against pupils a year okler. A fvrther pupil achieved a Distinction with Iwo additional Merits awarded. In our end of year exams. the boys took a range of standardised tests to measure oUtCo￿S against scores achieved at the slart of the year. were de1￿hted by the resulls. 94% of boys &hieved expected or higher progress in English and maths with over 500h achiewng higher or signiftantly higher scores than the stsrt of the year. This was an outstanding resull. particularfy in a year when the sch¢J)I was placed in l¢xkdown. Whilst this has been a most challenging year for the Arts, our leachers deserve great credit for maintsinirffJ music. art and drama. Our MUS￿ teachers kept the tws wacbsing arKJ working together throughout lockdown. The sessions online maintained interest and the boys contributed to a collection of lockdown music. the aptty named 'Bubble Sessions.. Once oul of loCkd￿¥n. staff arKJ tws worked together to showcase their music to a live awlience of parents in our SUMM￿ Conc£rt. In the coming year we are looking fO￿ard to re-establ￿hIng our links with the communtty. Once again. our Director of Junior Music will be supportiry mugc in our bcal school. Frustratingly, the 'Come SINJ. massed choir event we planned for local schools had to be can(aled as we approaced k¢kdown. W8 very much hope similar events will lake place in 2021-22. Whilst our Year 4 and 6 tws were Unab￿ to perform to an audiewE in the Bridge House Theatre, both year groups were given the opportunity lo perfomi a play in a week. Our Year 4 boys produced a wonderful version of Charlie and the Cho(x)late Factory. Our Year 6 pupils chose and then perfonned As You Like It. The qualty of both kycj￿tIOnS was out*anding.' we are very fortunate to have so many talented toys and staff. Earlier in the year we were fortunate to host the Young Shakespeare Company bringing their workshops and production of Macbeth. The boys have been encouraged to maintsin their interest in art throughout the year. The responded with great enthusiasm to the rnonlhty thallenges and comwiiions. The year ended with many boys entering the House art competition. Once restrictions eased in the latter part of the summer term, our boys again enjoyed fixtures against local schools. Together with a traditional S[￿$ day. this brought the year to a far more satisfactory close. Earlier in the year. the tws had the opp(Ktunty to come in at the weekend to enjoy the very first JunTh School aquathlon. Thts proved to be a huge s￿CesS and is set to be repeated at start of next year. Whilst we were unable to tske our boys on residential trips. we took our Year 5 and Year 6 boys on adventurous day trips. Our Year 5 spent a day at Top Adventure in Worcestetshire enjoying laser tsg, archery, climbing and water-based activiti'es. Our Year 6 trws spent their penultimate day in school at Aztec Adventure, a water park near Droitwth. Given the uncertainty surrounding residential trips. this nM)del is likety to be repealed in the year to come. The Warwick Junior Sthool Diploma, now in tls Ihird year. helps underpin and encourage boys to take part Ki all aspects of school life. Bronze, Sifver. Gold and Platinum Awards are presented to boys who provide evidence of participalion and commitment in four key areas of schojl life: Aiming for Higher Things, Exploring the Arts, Getting Active and Ser4Ying C￿r Communty. Pupils provide evidence of engagement in all four areas earning credits towards fulfilling the criteria at each ￿ve1. Pupils continued to work towards these whilst in lockdown. Boys &hieving Gold and Platinum received their awards at Speeth Day. Poge 17

WARWICK INDEPENDENT SCHOOLS FOUNDATION SIIiATEGIC REPORT FOR THE YEAR ENDED 31 AUGusf 2021 The ￿ngSleY School The Kingsley School has been through an exliting pericl of de¥eknp￿nL On March 2021 we joined the Warwick Independent sch￿15 Foundation to bel￿ the fifth school that ¢s part of that charity. This partnership promises to add great value to tx)th The Kingsley Schwl and to the FOundat￿n in terms of collaboration and development opportunities. A new Headteacher was appointed in July 2021, Mr James Meicer-Kelly. who took over from the ActiThJ Head in January 2022. Academic results were strong in August 2021. At A4evel. studenls achieved 37% A" grades, 68% A"_A grades. 97% A'_C grades and 100% pass rate. There was good perfomiance at GCSE too wrth 18% of grades at 9, 35% of grades at 9-8. 52% at grades 9-7 and 99¥0 at grades 94. Destinations of Year 13 students leaving Kingsley induded Modem Languages and Culture, History. mus￿, and Psychology at Durham. Politics at Bristol. History. Philosophy and E￿norn￿, and Music al Edinburgh. English Lit8fature al Warwick. and an apprenliceship in quantty suNeying. A breadth of academic supra-curricular actNrties took place: Sixth Forrn Polff(￿S students took part in live Q8A wilh Baroness Pitkeathy. Deputy Speaker of the House. member of the Labour Paty and House of Lords, and students ￿rosS the school iointy ￿lebrated Brttish Saence Week and International Women's Day by recognising female role mcxjels in science. Pupils ￿lebrated Worfd Book Day with aclivilies, poems and photographs. and the school was in￿fved in 'Foundation Stones. wopct for National Hothaust Memorial. with students across the school painting stones for o)mmemoiative pro1￿t. We are pro￿1 of our c￿ee[S EducK)n for pupils, which took the form of a range of events including participation in a virtual careers. fair during National Careers Vleek, working with Kingsley alumnae to l)old a 'Guess My Job. careers event for Years 7 to 8, and a 'Moving On V4eek' for Year 13s which included workshops and seminars on preparation for life after KirvJsley. Kingsley School prides itsew on offering opp¢)rtunities beyond the traditional c￿ssrOOM curriculum. A new Enrichment Programme launched in September 2020 continue to grow, destmte the limitations of Covid bubbles which hampered mixing of year groups. Over 60 dubs were offered to pupils across the Prep. Senior and Sixth Form. which a chotce of acadernic. wellbeing and fitness, ueatpie, STEM and perfomiing arts sessions. Co-curricular opportunities for pupils resumed n sumw 2021. with performing arts, advenlurous actlvities arKI sports laking ￿aCe. Musical h￿hluhtS induded the Senk?r School Choir performing at Ihe Royal Al￿rt Hall with Amonico Consort on Thursday 22rrfl Juty as well as Iwo Virtual concerts. Year 6 and KS3 pupils experienced drama through acling in and watching perfonnances of Shakespeare, with the lem culminated in a Celebration of the Arts Festival took place on Saturday 3 July. The schts)I's equestrian and ski squads started up again with participation in events, and the ever tK)puLqr Duke of Edinburgh expeditions also resumed. much to the delight of our students. A ¢o-curricular highlight the school's pathipthn in the Round Square network of intemational schools. In summer 2021 this provided opp￿unItieS for pupils to attend a virtual Confe￿nCe on sustainable ctties hosted by UWC sInga￿)re, and another on lou￿t attractM)ns hosted ty St Constantine's Intemational School in Page 18

WARWICK INDEPENDENT SCHOOLS FOUNDATION srBATEGIC REPORT FOR THE YFAR ENDED 31 AUGUST 2021 Tanzania. Kingsley wpils were involved in presentiTr3 ideas at seminars and participating in activities run by the crther international students. In March 2021 the Kingsley Scho(A was awarded the prestwious Welbeing Award Schools. Following a successfvl assesynenl and applution this award recognised the excellent thl of pastoral support and Pfovision v￿thin the sch¢Jol. opFortunities for student votss to be heard, and the approachable staff team. There was continued activity and erwement with equalty. diversity and inclusion issues with a fuu Programme of events during the school's Dr4eNty Vkek. induding $peoff￿ assemblies ￿lebrating difference and on not being a bystarKler to ryeiud￿. A pupil diversity and inclUs￿n group was sel up that meets weekty as well in summer 2021. Whilst many of the nomial charitable activities were limited by covid restriction. the s¢hool enjoyed partiapating in the COM￿ relief fund raising 'share a smile. intknatNe for Red Nose Day in March 2021. The school community together in other ways. for examp￿ at the Virtual Prize Giving event in July and lo contribute I￿￿ardS the Duke of Edinburgh memories website following the death of HRH Prince Philp. The Kingslty School continued to run admisSw￿$ events subject to Covid guidance with virtual open days and taster mornings. The school was shorllisted for Markeling Award in Independent School Parent School of the Year Awards 2021 in recognition of its c¥eative and dynamic pubkity. Collaboration The Foundation remains committed to Sing￿ sex ed￿t￿)n frorn ages 7-18. Having said that, Project One Campus provides a unique opportunity to collaborate in order to provide pupils with the 'best of both worlds,. Key areas where collatjoration has been taking place during the year irtlude: Our partnership wth the Orchestra of the Swan. A local professional orchestra with a repulati¢)n innovative programming with younger musiuans. Thereby fulfilling cwr strateg￿ aim to devebp a national reputation in the Arts. Working in partnership with wlaw￿ - A Sxiging Trywn. to promote a posthve and exciting project for am sidents to celebrate the joy of siThJing. Major productions from Warwick Schts)l and King's HwJh In¢￿￿ed Charfie and the Ck¢olate Factory, Everyman. The Cagebirds and Dogg's HamleL Friday Aftemtsjn Activities Programme Oxbridge preparation and interview Fn)gramme Sprint Finish revFsion prograff*ne Open invitations to Sixth Form academic sooety meelings in reswtive schods Drama and Music stsging many ￿)In1 events and running of the Saturday rrK)rning drama club Page 19

WARWICK INDEPENDENT SCHOOLS FOUNDATION srRATEGIC REPORT FOR THE YFAR ENDED 31 AUGUST 2021 Flnanclal Revlew and Results for the Year The Foundation achi8ved an investrnent surplus (the reLx)gnised and benchmarked performance measure in the sector) for the year of £8.417m (2019r20.' £1.735m). The Mai￿ increase is due to the donalion of £4.5m resulting from the with The Kingsley School. Tr financE cost in respect of the derivative has been excluded from the calculation of this benchmark. Cmiing to the accounting adjustment required in relation to the FRS102 the pension valuation. the net movement in funds for the year is £8.766m (2019120: minus £1.898m). Govemors strive to ensure that fee increases are maintained at the lowest possible level, whilst mindful of the Importan￿ of generating sufficient retums for the devebpment of facilities to ensure the continuous improvement of teaching and leaming in the Foundation Sch￿Is. The Foundation is gratefvl to the Tfustees of The King Henry Vlll Endowed Trust. Warwick and T1￿ Charity of Sir Thomas Wthite. War•v￿k, for income provided exdusivety funding means tested bursaries to pupils resijing within the town of WaThvick and other educational activities with bcal sch¢X)Is. and also to the Trustees of Old wa￿￿ckian Trust for income provided exdusiveky for Lxjrsaries to pupils attending Warw School. The trading subsidiary (warw￿ Schools Enterwses Ltd - WSEL) susr*nded hiring the Foundation's lacilities for most of the year, as Covid-19 naturalty has had an impact on opportunities to generate addits'onal income. It o)ntributed £Nil (2019120.. £Nil) lo the investrrent surplus. Reserves Largely as a result of the continued capital spend on Project One Campus during the year. the Foundation's Free Reseryes at 31 August 2021 were in deficit by £23.158m, with unrestricted and designated funds standing al £69.819m at the end of the year. Unrestitted funds were made up of £76.674m representing funds deployed as part of the SchooLs' premises and £16.876m as Bursary Funds. with the balancing minus £573k being within the ￿b$Id1ary company. Restricted funds were £1.997m at the end of the year. The Foundation's share of the Local Govemfflent Pension Fund defiat is slKAvn in the Balance Sheet at 31 Augusl 2021, this defjcit stood at £5.599m (2019r20: £5.853m}. The Directors are satisfied thal Ihe Schools. operating cash fi(hvs and extemal finance facilities are sufficient to meet the Schools day-tO•day vthirKJ capital reqUIre￿nts. Under the Charity's Articles of Assctithn, the Trustees have pcM8rs to invest in such securities or property as they may think fft. suw to the approwiate kgal conshlerations. In practice. the Board of Governors has delegated responsibilty to the Finance and Regulatory Committee to make such decish)ns on its behalf. The Finance and Regulatory Cornmitt& in tum app)ints an investment manager to oversee funds under investment. The Board's investment objectives remain to achieve. over the long term. an annual income yKqkl of 3%, with 3°A capilal growth. within a medium risk profile. Page 20

WARWICK INDEPENDENT SCHOOLS FOUNDATION STRATEGIC REPORT FOR THEYFAR ENDED 31 AUGU￿ 2021 As at 31 August 2021. t1￿ Foundation had a total of £15.473m investe(I fcy the bng tem) with an investment objective of achieving a balance of income arKI caprtal growth. In the year to 31 Augusl 2021. the total r8turn generated by the Foundation's main pothlio was +21.8% compared wilh +17.99% fcK the agreed benchmark. Fundraisin Perfom)an New fundraising acaivty was largety placed on hold due to the thallenges of the Covid-19 pandern￿ and furlough of most Develo[￿nI Office staff. The One Campus Plus capital campaign was conduded without reaching its target and the Govemors and senior leadership started a new review into capitsl devebpment priorities for the future. Stewardship of don¢Jrs continued, wilh incorrE being received for caprtal developments and the Bursary Fund. A tetephone fundraising appeal was held in Juky 2021. jointty between King's High School and Warwick School, emph)ying recent leavers to call alumni for support of the Bursary Fund. Risk Man ment The Board of Govemors is responsitAe for the management of the risks fxed by the Company. Risks are assessed and corrtrols established throughout the year. A f￿1 revi￿￿ of the Company's risk management processes is undertaken by the Finance & Regulatory COrmM￿ on an annual basis. The key controls used by the Company indude: formal agendas for all Committee and Board actNtty: detailed Temis of Reference for each Commttiee" comprehensive strategic planning. Weting and manageffent &counting,' established organisational strudure and lines of rep)rting'. formal written poli￿es. dear authorisation and approval levels., and vetting prwedures as required by law for the Votect￿n of the vulnerable. The most signiftant risks considered during the year were as follows: al fee affordability and increased comFelition from Rrt)usl budgeling, tight cost eontrols and strong other local schools, leading to a p)lential fall in markettrvj preser￿ io ensure cMinued grThvth or student ￿MberS andlor dern￿ for daces at static posibon of WFII roll. Strong academic b) diminishing investrnent retums apF4yiry A balanced throL4h a resFected and pressure lo supported places Irusled investm￿1 partner. Regular reviews. c> the increasing aThi unpredictle cost of the Retention of actuanal advisors lo control ffinal salary pension scheme for SUPFMNt staff negotiate prop￿ed triennial Ir￿reaSeS. Scheme closed to neN entrants in 2015. dl the financing of a significant majc* t￿lId1r9 Regular biiefing reF¥sts lo Govemors at lemily prq￿ costing. now completgj FinarKe & Regulatory Commrttee. i e) the risk of a major attack on our IT system8 There are a range of mitigation in pl￿, network secJJrity. mahvare preventK)n, removable media controls, secure o)nfourabon of devKes and P#ge 21

WARWICK INDEPENDENT SCHOOLS FOUNDATION srRATEGIC REPORT FOR THE YEAR ENDED 31 AUGusf 2021 sofNvare, man•3ing user privileges. mults. factor authenticatKm, incKlent management and monitc￿ng. user eduoalim and awareness and cyber security risk man4emenL the continuing financ4al pressure teirKJ apF4i&J LorNJ-tenn financial planniThJ in the fom of a 1￿year through central govemment pJi¢y, via cash-flow. inclLMSng horizcfft scanning for central pensio[￿, teather pay the threat of loss of govemmwt cost increases and the impxt on ¢hantsble business rate relief - of particular ¢onom 1$ recent central GOVe￿thent p)licy arKJ for MembeTship of GSA aThJ around tea¢hers' pensions. with an iMP￿ed HMC. uplift of around 43% for the 2019r20 budget. g) pandemic affecting xh￿1 finances and feé Debtors constanly revpApJ ￿ prO￿dureS affordability f01km￿l. All costs revith4vJ as mitsgation. h) pandemic affecting schools o￿nIng Specik parvJern￿ risk assessment map looking at intemalional tiavel for school trips potenlial imw on fee income and rewtats"on, ' C(Ynmunicable Dtsease Pdicy in pla￿ aTrJ currenty under revi￿, promotion of gC￿ hygiene practKeS Wlthin Schcd at all tsmes, adwee to parents and staff atr#￿t managirvJ sickness, dewent of remote beamirrfJ package in case of sthocls dosure. develordwit of delailed H&S risk assessment in case of re-opening wth additional OFeratK)nal ￿tr￿tiorts requir￿1. ensuring robjst suwy lir￿ of PP&hygiene wC#l￿ts. Through the risk management prO￿$se5 established for the Schools. the Governors are satisf￿1 that the rna￿)r risks identified have been adequalety managed. with further mitwjat￿n applied to each of the key risks. However. it is recc#3nised that syslems can only provide reasonable but not absolute assurance that major risks have been adequatety managed. Future Plans 'Project One Campus, was the core elemerrt of the Foundat￿'S V￿lon 2020 strategy, a fwe-year plan published in 2015. Whi15t acknowledgirvJ Ihe magnitude of decisions taken in recent years. Govemors and the Executpie recognise that facilities are merety the beginning of the delNery of the opwtunilies for further excellence promised by the relocation. In 2021 the Govemors began the development of the Strategy 2025 document, featuring a slTong emphask8 on the core obje(*ive of the ChaTty. the education of pupils, seeking to consolidate the changes already made and ensure continuing success now that our schools share a site. Financial stability remains a given. but the focus of the new strategy will be on educational outcomes in a rapidly changing world. bearing in mind the adjustments required for polttical. economic. sociobgical and perhaps most importantly, technological advancements. Pa8e 29

WARWICK INDEPENDENT SCHOOLS FOUNDATION STRATEGIC REPORT FOR THEYEAR ENDED 31 AUGusf 2021 Secllon 17211) sLthment The Trustees have acled in accordance with their dulles cc#Jified in law, which indude their duty to act in the way in which they consider. in gocKI faith, would be rTh)st likely to promote the SUc￿S of thè F¢)undation for the benefrl of its members as a who￿, having regard to the stakeholders and set out in section 172(1) of the Companies Act 2006. In discharging their duties above. the Trustees ¢arefvlty Ix)nsider. amongst other matters, the impact on and interest of other slakehokjers in the FoundalK)n and faaor these into their de¢ision4Th2king process. All our pupils benefft frorn the Foundation s(wls' oulslanding acadèmic. pastoral. and ￿>CUrricular provision. Pupils are activety encouraged to offer suggestions on developing their school experienr£, for example through School Counal or Pupil Voice committees. The of pupils is a￿ayS ivety considered in decision-making processes. The pupikcentric fccus continued during the Govern￿￿t4nandaIed clwre and the move to remote learning, recognising the challenges faced by pupils during lockdown. More information as to how this was introduced and deveknped during the year is W￿lUd￿l by Schcd under the 'Revitrw of Achieverrents and Perfomiance for the Yearf. The Found*ion recognises Ihat the qualities. ski115 and comfflilment of its enwoyees play a nwior robe in the Foundation's success. More infom)thn as to hu•V the Foundation enr￿re$ the interests of employees are considered is outlined in Ihe Employment Polry on page 6. Parents The Foundation embr￿ engagement with parents. through both fomial and infomwl means. For example, that may be via frnl feedba¢k events on pupil progress, or through parents, association events. Surveys are also undertaken to suP￿t strategic deYelokNnents. Most recentty, owing to the COVID-19 pandem￿, means of communication have transferred to 'virtual' methods, for eXarnp￿ through parents events via Microsoft Teams. Feedback fr￿n parents has also enabled the development of the online leaming provi8ion. ommuni The Foundation is proud of its place in the k)cal oynmunty and Infonna￿n about the engagement and partnership activities that have taken place a￿ oullined under'Public Benefft Aims and Intended Impact. on pages 9 and 10. The Foundation endeavours wherever possible to enable tocal sthoots and sports clubs to benefit from ts xademic and co-curricular facilities. Central to Strategy 2025 we apprynted a FoLAndath)n Principal with effect from 1" September 2020. As bvell as creating a single point of executive ￿oUntablIty to the board and a focus on strategic opportunities, thls role will also release the indNidual Heads to fc¢us more on the indmdual Schcols under their stewardship.

WARWICK INDEPENDENT SCHOOLS FOUNDATION srBATEGIC REPORT FOR THEYFAR ENDED 31 AUGU￿ 2021 UK greenhouse ga8 emlsslons and energy dats from 1 September 2020 to 31 August 2021 The increase in energy use year on year ￿ attributed to the inclusion of Tr llngsley School part way through the year and the pricy year being afferted ty CovpJ-19 buildin9 dosures. We took the follwing measures dwing the year to improve energy efficiency: Energy recovery dev￿e$ were incorporated into mechanical venti[at￿n systems. Refurbishment works included mofe energy efficnt desrgns for upgrades and repements. Regular service program so thal the pLqnt well maintained and not oveTrvorked. 2020-21 2020-2A 2020-2A % of iolal 72% T￿e of emission eope 1 Ael)￿ty Naturd Gas Tr?￿POrt {PélinilxBI Sub Total Electri¢ty (Imported EI￿btY (Generation) Sub Tolal kwh 7,878,122 94,174 7,972,296 2,304,284 78.000 1382.284 10.3H680 tC02e 1,453 1A79 537 73% 27% eope 2 $37 2.016 Total Grots emlsslons Inlensity metri¢'. Number of pupils Tonnes of C029 per wpil 2.83S 0.71 2019-20 2019-20 02e 1.018 42 1.060 504 2019-20 % of total 65% Ihie of emission Aetivlty Wh 5.538,098 174.000 5.712.098 2,160,202 78.735 2.238.937 7.951.036 Natural Gas Transport (Mini1￿$) Sub Total Electmty Ilrrported) Ewrvty IGewation) Sub Total 68% 32% Totsl Gross omlsslons Intensity metric.. Number of pupils Tonnes of C02e Fer wp 1.664 2.440 Energy usage is calculated wtth refere￿e to gas and electricty meter readings. Page 24

WARWICK INDEPENDENT SCHOOLS FOUNDATION COMPANY NUMBER: 04252305 srATEMENf OF DIREcfoRS' RFSPONSIBILrnFS The Directors are responsible for preparing the DirectLYs' Repcrft and the Financial Statements in cordance with applicable law and regulations Company law requires Ihe Directors to prepare financial staternents for eath finanaal year in accordance with Uniled Kingdom Genèralty Accepted Accounting Practice (United Kingdom Accounting Standards) and appl￿ble law. Under Company Law. the Directors must not approve th8 ffinancial stateffonts unless they are satisfied that they grve a true and fair view of the stale of affa'rs of the Charity and the Group and of the surplus or deficit of the Group for th* year. In preparing these financial statements. Directots are required to: select suitable accounting policies and apF4y them consistentty" obserye the metfK)Js and prirtiples in the Chartiies SORP: make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK A¢￿Unting Standards have been folk)wed, subject to any material departures disclosed and explained in the financHI statements.. and prepare the financial statements on the going 0)r￿M ba￿S unless rt is inappropriate to presume that the charitable Company y￿11 continue in business. The Directors we responsible for ensuring thal adequate accounting records are maintained that are sufficient to show and expkqin the Charity's and the Group's transaL#ions and disclose wilh reasonab18 accuracy at any lime the financial FK)Sitb)n of the Charity and the Group and enabbe them to ensure that the financial statements comply wtth the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and Ihe Group and ensuring thwr proper application in accordall￿ with ChaTty Law, and hence for taking reasonable steps fc￿ Ihe prevenlK)n and deteclion of fraud and other irregularities. So far as each ofthe Direct(XS 15 aware, at the time this rewrt is approved: there is no relevant audtt inf0m￿tiOn of wh￿h the Company's audilors are unaware., the Directors have taken all steps they oughl lo have tsken to make themselves aware of ary relevant audit infom)ation and to establish that the audrtors are aware of that infom￿110n. This report, incorporating the Strategic Report. was approved by the Trustees as Directors of INarwick Independent Schools Foundation. Approved ty the Board of Diredors of Warwick Independent sch￿}￿ Foundation on 1 April 2022 and signed on its behalf by: DIRECTOR (print name) DIRECTOR fiue. eo&JhbeffE (print name) Page 25

WARWICK INDEPENDENT SCHOOLS FOUNDATION COMPANY NUMBER: 04252305 INDEPENDEiYf AUDTfoRS' REpoirr TO THE MEMBERS OF WARWICK INDEPENDENT SCHOOIS FOUNDATION Opinion We have audited the ffinancial statements of Independent Schoob Foundation (Ihe charitable (x>mpany') and rts subsidiary ('the group,) for the year ended 31 August 2021 wh￿h comprise Consolidated Slalement of Financial AclNiknes. Charty and Consolidated Ba￿Tr￿ Sheets, Consolidated Cash Flow Statement and notes to the financial statements. including signtficant accounting pOI￿leS. The financial reporting framevK•rk that has been applied in Iheir preparation is applicable law and Unrted Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stsndard awicable in the UK and Republ￿ of Ireland (United Kingdom Generally Accepted Accounting Pradice). In our opinion the financial statements: give a true and fair view of the state of the group's and the charitabb company's affairs as al 31 August 2021 and of the group's income and expenditure. for the year then ended.. have teen propeity prepared in accordance Wbth United Kingdom Generalty Awted Accounting Practice,. arKI have been prepared in &cordanc8 wilh the requirernents ofthe c￿npanIeS Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Stsndards on Audittng (UK) {ISAs {UK)) and applicable law. Our reswnsibilities under those standards are further described in the Audrtor's responsibiif(ies for the audit of the financial Stateff￿nts section of our report. We are independent of the tharitable group in accordance with the ethical requirements that ar8 re￿vant to our audtt of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fu￿1￿￿ed our other ethical responsibilities in accordan￿ wrth Ihese requirements. We believe that the audit evNJence we Ik3ve obtained is suffrient and appropriate to provKle a basis for our opinion. oncluslons relatlng to golng concern In auditing the financial ststements, we have conduded that the truste85' use of the going concem basis of accounting in ihe preparation of the financial slalemenls is appropriale. Based on the work we have perfomd. we have not identif￿d any merial uncertainties relating to events or conditions that. indiNidualty or collectivety, may cast sunrfunl doubt on the charitable companys or the group's abilty to ¢(￿tinUe as a going concern for a period of at least Iwelve months from when the financial statements are auth(Kised for issue. Our resp)nsibiliti&s and the responsibilit*s of the trustees with respect to going concem are described in the relevant sections of this rewJrL Other Inforniatlon The trustees are responsible for the olher nfomialion contained within the annual report. The other infom)ation comprises the infonnation induded in the annual rewrt, olher than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other Information and. except to the extent ￿he￿ISe explicitty stated in our rewt, we do not express any fonn of assurance condusion thereon. Page 26

WARWICK INDEPENDENT SCHOOLS FOUNDATION COMPANY NUMBEIL. 04252305 Our responsibilty is to read the other Inform￿ and, in doing so. conshjer whether the other information is materialty inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materialty misstated. If we identify such material inconsistsncies or apparent material misstatements, we are required to detemine whether this gNes rise to a material misstatement in the financial statements themsew. If, based on work y￿ have performed. we )ndude that there is a material rnisstatemerrt of this other infonnation. we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrfbèd by the Companles Act 2006 In our opinion based on the work undertaken in the course of our audit the lnfomia￿n gNen in the trustees, report. which indudes the directOTS' report and the strategic report prepared for the purposes of company law. for the finanaal year for which the finaniial statements are prepared is consistent with the financial statements". and the ￿￿e91C ￿port and the directors, report included within the trustees, report have been prepared in accordance with applicable *al requireryents. Matters on which we are requlred to report by excepfjon In light of the knowledge and underslarKJing of the group and charitable company and thetr envIronn￿nI obtained in the course of the audit. we have not identffied material misstaterr￿nlS in the straiegic re￿rt or the directors. report included within the trustees, report. We have nothing to report in respect of the fo1bv￿ng matters in relat￿n to which the Companies Ad 2006 requires us to report to you rf. in our wnDn: adequate and proper accounting records have not twi kept.. or the financial statements are not in agreement with the ￿lUntIng reo)rds and relums; or certain di￿10$ureS oftrustees. remuneration Sp￿1￿ by law are not made" OT we have not r￿Ned all the inf0M￿lon and explanalions we require for our audit. Responslbllltles of trustees As explained rNre ful￿ in the trustees, responsibilittes statement [set out on page ...]. the trustees (who are also the directors of the tharttatrje company for the purwses of company law) are responsible for the preparati¢)n of the finanrial statements and being satIsf￿d that they gNe a true and fair Mew, and for such intemal ￿ntrol as the trustees detemine is necessary to enab￿ the preparation of financial statements that are free from material misslatement, whether due lo fraud or error. In preparing the financial statements. the trustees are resp)nsible for assessing the charitable company's ability to continue as a going concern, d1￿10$1ng, as appluble, matters related to going con￿rn and using the wng concem basis of acwunting unless the Iruslees either intend to liquidate the charitable company or to cease operations. or have no realistio atternative but lo do so. Audltorfs responslbllltles for the audlt of thè financial statements Our objectives are to obtsin reasonable assurance about whether the financial siatements as a whole are free from material misslatement, whether due to fraud or error. and to issue an audtior's report that includes our opinion. ReasonatAe assurance is a h￿h level of assuiance, but is not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will a￿layS delect a material misstatement when it exists. Misstatements can arise fraud or err(x and are considered malerial if. individually or in the 8ggregate, they could reasonab￿ be expected to influence the econom￿ decisions of users taken on Page 27

WARWICK INDEPENDENT SCHOOLS FOUNDATION COMPANY NUMBER: 04252305 the basis ofthese financial sterwts. Details of the extent to which the audrt was considered capable of detectiig irrgjularilies, induding fraud and non-compliance with laws and regulations are set OLrt below. A further desl￿ptiOn of our reSpOn￿bIlItIeS for the audit of the financial statements is located on the Financial Reporting Council's website at.. VMw.frc.org.uklauditorsresFx￿sb1lrt￿. This description forms part of our auditorfs reporL Extent to whlch the audit VAS con•idered upablo of dete￿n9 Irregularltles. Includlng fraud Irregulanties. including fraud. instances of non-cornplrance with laws and reguktions. We Nlentffied and assessed the risks of material misstatement of the financial ststements from irregularities, whether due to fraud or error, and discussed these belween our audit tearn members. We then desb3ned and performed audit procedures responsive to those risks. including obtaining audit evmJen￿ Suff￿lent and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and reguktory frameworks wilhin which the charitable company and group operates. fouJ&ng on those laws and regulations that have a direct effeca on the delemiination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this u)ntexl were the Companie5 Act 20C6. taxatKJn islation, It)3ether wtlh the Charities SORP IFRS 102). We assessed the required Com￿lance with these laws and regulations as part of our atmlit prwedures on the relaled financial statwnt items. In addition, we consmgered provisions ofother law5 and reguktw)ns that do have a direct effec on the finanaal statements but compliance with which might be fundamental to the charltable company'5 and the group's ability to operate or to avoid a material penalty. We also consKlered the opportunilies and Ir￿entiveS that may exist within the (arilable company and the group for fraud. The L8ws and regulations we considered in this context for the UK orerat￿nS were The Education Ilndependent School Standards) Regulations 2014. Auditing standards limit Ihe required audit pr(tedures to Jentify non-compliance with thwse laws and regulations to enquiry ol the Trustees and other manwJement and inspection of regulatory and legal correspondence, rf any. We identrfied the greatest risk of material impact on the financial statements from irregularities, including fraud. to be with the complelenvss and accuracy of non-fee income. arKI the oveffide of controls by management. Our audtt procedures lo resporKI to these risks included enquiries of management. and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of joumals. designing audit procedures over income and capital projects. reviewing accounting estimate5 for biases. rewvwing regulatory correspondence with the Charity Commission. Independent Schools Inspedorate. Otsted and reading minules of meetings of those charged with governar￿. ving lo the inherent limitatpjns of an audit. there is an unavoidable risk that we may not have detected some material misststements in the financial slatements. even though we have properly planned and perfomEd our audrt in accordance with auditing standards. For example. the further rerrK)ved non- compliance with and regulations (irregularities) is from the events and transactions refle￿ed in the financial statements. the ￿ likely the inherentty limited procedures required by auditing stsndards would identify it. In *lition, as with any audit. there remained a higher rtsk of non-delection of irregularities, as these may involve collusDn, forgery, intenthjnal omissions. misrepresentations. or the override of intemal Gontrols. We are not responsib￿ for preventing non-compliance and cannot be expected to detect norpcompliance with all laws and regulalions. Page 28

WARWICK INDEPENDENT SCHOOLS FOUNDATION

COMPANY NUMBER: 04252305

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin Senior Statutory Auditor for and on behalf of CROWE U.K. LLP Chartered Accountants and Statutory Auditors

Crowe U.K. LLP 4 th Floor St James House St James Square Cheltenham GL50 3PR

Dated: 22 April 2022

Page 29

WARWICK INDEPENDENT SCHOOLS FOUNDATION COMPANY NUMBER: 04252305 CONSOLIDATED ￿ATEmE￿ OF FINANCIAL AcfIviTIFS (INCORPORATING INCOME & EXPEND￿ A(fOUNT) FOR THE YEAR ENDED 31 AUGusf 20gl Fu¢Mts Funds Funds 31 Aug 31 Aug 2021 2020 £'ooo £'ooo É'ooo É'ooo rooo É'ooo INCOME FROM: Donations Charitable Activthes School fees Other income Other Trading Activities Trading tumover: INSEL Investment Inco￿ Merger Donation Total Income 1, 161 33.566 2.778 33,586 28,680 2,778 3,886 40 372 40 372 4,543 42.202 34,591 467 397 4,505 40.852 412 938 EXPENDITURE ON: Raising Funds Cost of Development Office Cost of trading activities.. l*VSEL other activities Charitable Activitse$ Schools and grant-makirKJ Totsl Expendlture 369 599 332 35.173 35.471 737 737 27 35.940 34,547 27 36,606 35,559 371 Net gainsllbsses) on investments Net incomel(expenditure) Transfers belween funds Pension Scheme ￿UarIal gainl{loss) 2,729 2,770 5,381 438 2.732 -330 8.328 -1.298 5,381 -5,381 204 -27 A6 2A 438 -600 NET MOVEMENT IN FUNDS 8,589 204 -27 8,766 -1.898 Balance brought forward at 1 September 2020 1,793 2.789 60.630 62.528 FUND BALANCES at 31 August 2021 64.637 1.997 2.762 69,396 60,630 l activities ￿late to conlinuing operations. The notes on pages 33 to 55 fomi part of these accounts. Page 30

WARWICK INDEPENDENT SCHOOLS FOUNDATION COMPANY NUMBER: 04252305 AT 31 AUGU￿ 2021 Group th#rlty 31 2020 £'ooo 31 Aug 2020 £'ooo 2021 £'ooo £'ooo FIXED ASSErs TangitAe assets Investrnents 78.353 19.477 97.830 76.IL 15.546 91.652 78,107 19,477 97,$84 75,871 15,546 91,357 io CURRENT ASSErs st￿k Debto Cash at bank and in li 12 2.045 12 1.489 3,892 5,389 -7,182 2.397 3.788 6.19) -7,164 2.620 1,617 3, 723 -7,170 CREDITORS.. due within one ythr -7,735 NET CURRENT ASSETS -1.793 -3.447 -974 -2,893 TOTAL NET ASSETS before pens￿ defiot 96,037 88,205 96.610 88.464 CREDITORS: due after nNJre lh￿ one year A3 -21.042 -21,722 -21,042 -21.722 Pertsion Sdwne funding deficit -5.599 -5,599 TOTAL NET ASs￿s 69.3￿ 60.630 69.969 f￿.889 ENfK)14lED FUNDS 16(4) 2,7&2 2,789 2,762 2, 789 RESTRICTED FUNDS 16(b) 1.997 1, 793 1,997 1.793 UNRESTRICTED FUNDS Designaled & general fvr￿s Revaluation Reserve Pension Reserve (Deficill Oerivative Reserve Net UnrestrKtsJ Funts 16(c) 16(e) 69,819 1.458 62.390 1,233 -5,853 -1,722 56,048 70,392 1.458 -5.599 -1.041 65,210 62,649 1.233 -5,853 -1.722 56.307 -1.041 64.637 TOTAL FUNDS 69.396 60,630 69,969 60.889 Approved by the rd on 1 Aw'l 2022 and sign&J on its t￿half by: DIRECTOR SA..LL.V.... AQS..I {prini na￿￿) DIRECTOR fntYE. eee&JLSErtE I(aF {prirrt narE) The notes on pages 33 to 55 fomi part of these xwJnt& Page31

WARWICK INDEPENDENT SCHOOLS FOUNDATION COMPANY NUMBEIL. 04252305 FOR THEYEAR ENDED 31 AUGU￿ 2021 2021 2020 £'ooo £'ooo £'ooo CASH FLOWS FROM OPERATING ACTIVITIES 8,731 473 CASH FLOWS FROM INVESTING ACTIVITIES Investment irtome & bank interest Other interest pa Purchase of prOF￿ty. plant ar¥] equiFXT PrcKe&Js from sale of tangible fixed assets Pr¢xeeds from sale of 1nvestrr￿t Purchase of investments Pr¢xeeds from sale of investrtwts {Increaseydecrease in ténk deFosits Charitable gift from The Kingsley Schc NET CASH PROVIDED BY {USED INI INVESTING ACTivmES 372 09 -1.118 39T -566 -7,328 25 290 -3,502 3.254 1.174 931 -174 -5,295 CHANGE IN CASH & CASH EQUIVALEfrtrs IN THE REPORTING PERIOD 2,226 4,073 CASH AND CASH EauWALE￿[rS AT THE BEGINNING OF THE REPORTING PERIOD 7, 739 CASH IN HAND NOTICE DEPOSITS CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD 3.892 1.666 3.892 1.666 Not•: Charity requires separate aJMinistrati￿ of ts cash Iltyy ofenththl arKI other restncled funds of the Charity. This ccmstraint has not ad¥prsely affgX&J Grwp cash flcws as stated atove The n¢tss on pages 26 to 45 fc¥m part of tlw acc*)unts. P￿e 32

WARWICK INDEPENDENT SCHOOLS FOUNDATION NOTF3 TO THE ACCOUTh FOR THE YL4R ENDED 31 AUGusf 2021 statement of Accountlng Polkles WaThyick Indepe￿￿nI ScJM)ols FtyJndatb)n i8 a CharitaNe Company limited by guarantee {registere(I number 042523051. is reg¢stered in Ewand & Vlales. Its Chanty regL%tration number is 1088057. The registered Off￿ and principal FAace of business is l•Var4k sd￿1. Road. 1111a￿l¢k. CV34 6PP. Its rrfiicip81 is the pr¢>vision of day and boardirvJ schodiTrJ. (b) ACC￿ntIn financial statements have been prepared ￿der the IN"slcrtK41 Cost convention the exception of investments which arg irKluded al Ma￿et vaue. The financial stslements have be￿ prepared in accordance th the Financial Reporting Stand¥d ap￿l￿bkn in the UK and Rewbknc of Ire￿￿d IFRS 1021. the Companies t 20CE and the Statement of Rec<¥nm￿ded Pra(e ISORP 2015) appl￿t4e to thanties prep￿n9 thelr accounts in 8ccordartt th the Finanaal RepNhng s￿dard applKat)le in the UK and Republ￿ of Ireland {FRS 102)- effective 1 January 2015. The date of transition to FRS 102 was 1 September 2014. Wa￿￿Ck IrKleFendent Schools FoLTh1￿.On meets the definiiion of a bwffit ￿lty Lmder FRS 102. The functional currww clthe Chrty is eC￿sId￿ed io b8 GBP because that is th8 cUrre￿Y of the yimary onomic ènvironment in tphith the Charity ￿￿￿8$. The accounls prewt ts consolidated statemert offnarKial &b"vilie8 (SOFA} the Ct• eonsdidaed balance sheets CoMw￿r￿j t￿ ofts Charity and the Ccnwy and its wholly own&J subsidiary 14Varwick SCK￿ls Ente￿riSeS LHniled IComFony ￿. 03617592). The resuks of the sthidiary we con801idated on a line ty line basis. The Charity became the Corp(Kate Truslee Oftt￿ Tnjst on 29 August 2001 and the accounts. thwetsfj, ir￿ude the Trust as a subsidiary C￿rity for ￿ accounbng tX)mme￿ing 1 September 2001. Under the Chanty Commission StrÉme of 29 August 2￿1¥11 trust ftmds other than the Trusi's permanent endowment of the Sch(K)Is were transfeThed to the new cth.ty knum as WaThvick Independent Schools Foundat#?n. as propty Of1￿ Company. and Tnkst itselfwas made a subs￿1Y Charty of the Company as its Corpryate Trus¢ee. No separate SOFA has tn Fwnted fortr￿ Chwity akne as permitted by Secti￿ 408 ofthe Companies Act 2006 and paragr￿ 397 ofthe SORP. The Chanty has taken advanlage of the exemptKffl available to a qualrfyirYJ entty in FRS 102 from thè requiremgnt lo w8sert a charity Cash FI￿ Stalemenl the consolKlaled finartial stst6m8nts. Having reviewod the funding ￿lIbe5 available to the SdKx￿S the expècted onplng demaThJ for aces and the Sthools. fiJture projected cash fi￿, Ihe Goverrws have a reasonable expectation that the School has adequate resources lo conknue its acvthes for the foreseeabbe fvtyre an(1 consider that there were Th) material uncertainties ovw the Charity's financia wabilty. Awdingly. they continue to adopt the g￿ng concem basis n pryirvj the financial stsleM￿ts as ouuined in tr Statement of Direct£￿, Re¥￿n¥￿I1rt1eS on page 25. (d) finwKial slatements c(Kwldate the ac¢>)unts ofWawKk Indep￿dent Sch¢)ols F¢yJndab"on and its subsldiary W8N1￿ Scthls Efrterprises ￿mited. Page33

WARWICK INDEPENDENT SCHOOLS FOUNDATION NOTFSTOTHE ACcOU￿s FOR THE YFAR ENDED 31 AUGusf 2021 The Charity has tsk￿ advantage of the exemptNJn coniain&J vthin Seclw 408 ofthe Cornpanies Act 2006 not lo present its ovm Inwne and Expenditure Account. The surKlu$ for the year dèall wth in the accounts of the Charity was £9,079.709 {2020'. £-1,645,420). (e) 8r#J Ch)n Voluntary incoming resources indtxling legacies a￿ accounted for as arKI when entittement arises. the amount can be reliabilty (pwtrfied the ec¢￿rn￿ benefrt to thè Charty is eCrf￿Idered probabb. Charitable income arKI re￿ived for the g￿￿al FWX)ses oftr Charrty are cradiled to"other unrestrthd funds" lo distinguish them from direcl schcd income. Grants gwen for specific purposes are treated as income in the year of receipt and are taken Io"res￿led funds.. Unspent restri¢Xed itome is inckmled under restn.cted funds as it Is lully committed. Income r￿e1ved from ￿ tharibes of The Kiry Henry Vlll Endcywed Trust, WarMd(8nd Thg Charity of Sir Th)mas Vbfvte. Vlar•lck is on a recepiable basis. Govemment ￿an18 are credite(I to the corndidd statement offinartial xtr¥ibes as thè relatgd oxpeThJiture is incuffed. Investment inccrfne is recogTh￿l w)en receivatAe. (n Fees and SimiLgr Ir Fees receivable and charges for seNices ￿ use of wemises are oco)unted fu in the year fft which the seryice is provided. Fees reeeN&)fe cortribulions rewed from Reslrtcted FuThJs for Bursaries and Awards. Trading income is exdusive of V￿ue A&led Tax trnde (Ascwrts. (g) Rescffjjrees E ReS￿j1Ces expended are ar£￿nt￿l ft on b acuuals basis. Certsin expenditure is aFWtic¢d to cost categories based on the estimated ￿n￿nI attributat49 to that adiwty in the year. Teaching, welfare and premi￿ costs are derived from actNilies dawfied in cost departrnenls that are direclly for the pupds, benefft. Supwrt cx)sts consist of the administratrn costs of runrnrrfJ the Sthools. Marketir4J & RecrLMtmenl costs for the Sthools and 8xp¢TrJrture in rolatk)n to schcxl expethtions. Govemance costs compri58 the costs of running the Charity {including strategic plannirKJ its ftrture devekwentl. extemal audit, legal adwce for the Govemors and all costs of conwlying with statutory requirements. are recogTrsed they can be measured rdiabty and there is a legal or constwctNe obligation Charity to the expendtture. Terminati¢)n payments are aCcOw￿ ￿ &s as the Schools are aware ofts oWigalyB lo make payments. Rentals payable are tharged on a time bws over the lease terni. even ifthe payments are not made on such a basis. Beneffts I￿ved and receiv8ble 8$ an intentive to W9n an operating lease are similarfy spread on a straight.line basis over ￿ lease term. (i) Pension S The &hcol$ participate in a mu￿-eMp￿yef pensiM scheme. the Govemmenl's Teathets Pension Defined Benefits &heme rrpsi, for ttrEir teachirvJ staff. The liab.lty is the responsbilty of the Teachers. Pensi¢)n Scheme. As a result, rt 1$ rKrt posSrf)￿ to identsfy the assets and liabil￿e$ of the YLheme thal are attribLtsble to the SLKx*. A¢eorthngty. urbjer FRS 102 ts scheme is accwnted for as rf rt were a defined contributions stheme. The Charity also pattcipates in a mUM￿emp￿Yer penwon the. Ihe Local Govemment Pension Scheme (LGPS), for ils nOn-te￿h1ng staff. whth FS admintstered by WaMththre County Council. The Charity is able Page 34

WARWICK INDEPENDENT SCHOOLS FOUNDATION NOTES TO THE A(Eouwrs FOR THE YFAR ENDED 31 AUGUST 2021 to identify Its share of the underfyiThJ assets and Sabililies in the scheme (m a consistent a￿1 reasonable basi$. A(xordingly. the scheme ts treated as a defined benefit sd￿me under FRS 102. The scheme is being accounted for undef FRS 102. th the annually calculat￿1 notwal SWF4us or defKit on the fvTrJing ofthe Stheme shown in the a￿oUnts as a designated fiJThl entthd"Pensions ReseNe". is d&ducled from Unrestricted FurKls in the bala￿e sheet. The Charity aulovenrds emF4oyges into Nati￿1 Emph)ymenl Sa4irss Trust (NEST). an indwndenty wn d&fined Contri￿110n scheme. The lfjng51ey School also contritxrtes lo defird e¢￿tri￿￿tiOn pe￿1￿ schemes for ncTrleaching staff. Th8 assets of the schemes arg held separalety from those of the SclKoI in ir#Jepen¢knty administered funds. Payments lo the 8cemé ¥e dwrged as an expense as fall d￿. Pe￿On costs form part of staff eosts and are aktated directy ￿)$8 activrt￿ 8rKI beh¥een restricted and unrestri¢te(l fijnds ￿ the basis of lime sk￿t. ihjin Copitolisotion and Replacement Th& onginal land and buildings erKlwd to the Schtxls Icytherwilh all SLJsequent addilicns recorded by the Trust were profeSs￿￿al￿ reD¥L￿ as at 31 Awst 2LN)1. On 1 Septemk4r 2001. all land aTra buildings, other than Ihe original erKkAved wopety. were tranSfer￿d lo the Charty. In these &counts these transfers are treated as being al cosl lo the Charity. The Chkn L8 also respon&ble for keeping the wiginal building in fft and Useful condition and these costs are vKitten off as irKurfed. Buildings imsxovements and extens￿n$ and fumilure and equipment costirrfJ more than £5.OCQ i￿1vKI￿a1Y are COprt￿lSed carried in the balance sheet al historica cost. fixfyj assets IKought in from The KI￿eY School as a gfft. were in at fair value (note 61. Deprethation Deweaation is Calculated on a Straight line baws to ￿ off the cost. less estimated residual Val￿ Off￿ed assets. over their estimated useful ecOnc￿EC lives. These rates are currently as fdlows." Buildings Sports constnKlions FurThture, fixtures & equiwient Motor vehKles 20. 50 years 20- 25 years 3- 10 years No depreclation is carged on freehokl larKI or assets the cowse of (x)nstruclI￿. Dewechqti"on is charged wthen assets become in use. kwestments. vkni¢h indude listed Yhyestrnerts investmem kYOFeths. are slatsd at mket value. Investment woperties are valued every fNe years aThJ reVie%￿d tr npairment annualty. Unrt trust investments are stated at mi&market prre. Realised gains and losses on investsnents. caknlated as the (fifference beiween the sale proceeds and their market value at the start ofthe yew. or suiwuent cost. are tThlTled or dmrged lo thè SOFA in thè year of gain or loss. Pay 35

WARWICK INDEPENDENT SCHOOLS FOUNDATION NOTES TO THE A(xx)uKrs FOR THE YFAR ENDED 31 AUGU￿ 2021 Unrealised galns arKI losses representing Ihe nW)Ver￿ in market values during the year arg ¥7¢(lited or charged to the SOFA in the year of gain or loss. Stocks are valued at the of cost net realisable value after making alkMan¢• for obsolete and slryw-moving stocks. Thè Chanty indudes fixed term (kposifs ￿ less than one year as ￿quid resoLxce$. Trade and other debtors we recLyJnised at setllement wn(yJnt after any trade (AS￿nI offered. Creditors wovisions We recTrJdsed Ythere the Charity has a present oblw'on rewlting from a past event that will probably result in the transfer of fijnds to a thwd paty and the amtyjnt due to settle the obligation Can te measured or estimated reliab￿. Credrtors and wovisiws are ￿malty Tecognised at th￿r settlement amounl 0ft8r allowing ts any trade discounts due. (p) Finanei81 Instrum Basic fin8nad instrumen15 are inthaly measured at transaci>)n value and subseqwitly measured al 8morti$ed cosl with the exception of investments which are hdd at market value. Financial assets held at amortisèd cost ompri80 cash at bank arKI in hand. tOgeth￿￿1th al det￿0￿ other than Fwayments. A speryfic provision is made for any debts for recoverthity is m ¢Jctht. Fina￿181 liakn.lilies ttdd at amcKbsgJ c05t CC￿prise all creditcKs except SO¢￿ secunty and other tsxe¥ foes received in advance. Derivatives. wiclL¥JirvJ intere81 rnte ￿ap$. we n( bx finar￿la1 i￿StrUments. DerivalNes are In￿'allY rerAgni8ed at fair value on the date a derivatwe contracl 18 entered into and are $Lb5equèntty re-measured at their fair Value. Changes in the fair value of derivatives we recognised in the SLement of Financbal Aclivilios within finance costs. Finawal liabilities are derecc#3nised hen the is exts"nwsW. that is when the contractual oblylion is disdwrged. eancelled C￿ exwre5. (q) Fund Acco Unrestricted funds we availatAe fry use al the discretion of the Trustees in furtherar)ce of the 9￿￿ra1 thje¢ts of the Chanty. UnrestrKted lurts are ￿￿ntsfied as eithei Dwnaled Furmts or General Funds. DeS￿nated Fund$ represent funds that the Trustees ￿ve set aSKle for ￿fined wrposes. Certain elements of the De￿nated rsary Funds are subj'ect to restrict#)r￿ set lxrt in ￿ Memornndun and Artde5 ofAsswalion. Each Designated Fund is disthsed separately in the notes to the finarKial slaterrnts. Trre is a commitment to use these monies in fLrture years, as dewgnated. Generd Funds rewesent a￿￿ulated Surpluses1def￿1lS lo date. after transfers to Designated Funds. Restricted Funds are funds su4.ect to specrfK Testrithr in1￿Sed by the th)nors. The Endowment FuTrJs are permanent gn¢knTnont funds, i.e. the (knnors Iwve stated that the funds are to ba held 89 wlal. Page 36

WARWICK INDEPENDENT SCHOOLS FOUNDATION N(yfFS TO THE ACCY)uNrs FOR THE YFAR ENDED 31 AUGUST 2021 (r) Estimates and The Chanty makes eimates and assumplions corKxning the f¥Jture. The estimates and assumptions that have a significant risk of causng a material 4'ustmenl lo the carying amounts of assets and liabilities wthin the next financi81 year are dtscussed bebx. The present value of the Lc¢al Govemment Pension Sckane defird liatrAIty deperKls on a number of factors that are delennined on an actuarial basis using a variety of aSSump￿n¥. The assumpklns used in delerminiThJ the net cost (income) for I￿lUde the d￿cc￿Jn1 fale. Amy cknanges in these assumptions. which are disdosed in note 21, ￿11 impad the amount ofthe pension liat￿lity. Furthermore, a roll forward appr￿h whith proJec15 results from the laiest full aduarial valuation performed at 31 March 2016 has been used by the actuary in valuiny the ￿rt￿n$ liabilty at 31 August 2021. Any differer￿S bethen the figures derNed from the roll fcThard apwoach and a fi￿1 aduarial w¢MAd impact on the carrying amount crf the ￿n$1￿ lialylity. F¢es R•¢¢fv4ble 2021 2020 £'ooo £'ooo 37,164 -1,￿8 -2.185 405 Less Teachers Fee Remission Less Stholarships and Bursaries Less Fee Discount -2. 107 -2.or7 28.680 Other Incom• 2021 £'ooo 2020 £'ooo Charft•bl• Actlvltl•s other educational tharrtable xtiwtie5 Entran￿ and reg￿trati￿ lees IAu$ic tuition fee5 HcAiday ktion arKI SdK Other 551 256 995 2.101 1,723 other ar￿llIary ¥tivities In$uranc8 income Excursions Grant income 10 48 619 2,778 35 416 1.712 Page 37

WARWICK INDEPENDENT SCHOOLS FOUNDATION N(yfFS TO THE AccouNfs FOR THEYEAR ENDED 31 AUGusf 2021 Income from Subsldlary's Tradlng Actlvll Tho Charity owns the Ithole of ￿ £1 ordsnwy share Ca￿81 of WaNick Schcols Entww"ses Limited. The prfncipal activity of the Company i8 that of letting the Sca￿01 tsalities and the operation of a school clothing shop. The trading rewjlls for the year, extracted audite(l a¢coLnts. are summarised tlch¥." 2021 £'ooo 2020 £'ooo 467 -673 Tumover Operating costs ILosslTrrofft from ethlinung acb Covenanted donation gross Balance carried foThvard -314 -314 Wa￿1￿( Schcds Enterwises Limrted rrtxmty m*s a gfft aKI of any sur￿5 earned to ils parent, Wa￿1￿£ Independenl Schools F￿rnlation. Thi$ to £Nil12020". £Nil) lo ts Charity during the year. 202A £'ooo 420 2020 £'ooo Liabilities Nel assets -763 -259 -573 ng1 liabilities of Wwwick Entwwses Limited at 31 August 2021 a)lo￿ted to £573.3ffi (2020. £258.931). knv8Stmènt Incomg 2021 2020 Total £'ooo 23 240 Total £'ooo 37 256 UK F￿ed Interest UK Equrties Propety Fund Bank Interest Investrnent wopwty 23 240 29 75 397 93 372 93 372 Page 38

WARWICK INDEPENDENT SCHOOLS FOUNDATION NOTFSTO THE A(￿OUr￿[S FOR THE YFAR ENDED 31 AUGU￿ 2021 Charltabl• Glft from Th• Klngsl•y School Gift feeO8nlsed £'ooo Tangible fixed assets Investments Debtors C$h Trade Creditors Bank loan Accruals Othef Creditors 3.978 1.317 9118 1,007 1381 {7671 18281 12461 4,543 The assets and liab￿rtieS of ￿ KKigsley SclKK)l ¥Me transferred over to WISF by way of a charitabl8 mgrggr 10 March 2021 ￿ nil tonsthrati￿. GNen the nature of ￿ Irans&Xion, the transfer has been refiected ui the School's fina￿181 ststements as a donatw)n. Thi5 0)nth"on refiects the assets and liabilrties lof ts school) as tranSfer￿d a￿1 the cperats.orts carri&J out by The KIng￿¢Y Sthw)J strKe 10 March 2021. Expondliuro 2021 £'ooo 2020 £'ooo Charltable expendlture Includ88: Auditors, remuneration For audit For audit of sut6idiarie$ For other services Operth'ng Leases payable For Motor veh￿leS For Propety Other IProfftyL¢)ss on $8le offtxed assets Depreciation Ba￿ Loan interest payable 39 34 73 15 24 2,821 15 (6) 2,657 566 Total staff costs comprkned: Wages and salaries Swal security costs Penwon conlitlutions compensati￿ fcY Loss of Office 19,721 1,815 3,833 301 25,670 18,249 1.657 3,577 241 21T24 Aggrègatè émpknyè• of kgy management pernonnel 1.367 1.224 During the year there were temiination paym￿ rnade ?￿hK arnwnted to £301,00712020'. £241,29fl. There was £14,303 oulslaTrJing at the yew end. Page 39

WARWICK INDEPENDENT SCHOOLS FOUNDATION NOTESTO THE A(￿Ou￿rS FOR THE YFAR ENDED 31 AUGUST 2021 The average number of Charity's emthees ¢JriryJ the year cak%kI￿1 on ￿ averagg heourt basis was 82712020.. 755). 2021 379 448 827 2020 337 418 755 Teachi SLPWrt Neither the Govemors nor petson¥ ry)nnecbJ with them received any remunerati￿ or other benefits frun the sch￿1$ ¢y any connected olg￿tsatiOn. other than onè Governor whose son is in receipt of a Scholarship. Travelling and course experw aM￿nkn"n9 to £3,951 (2020.. £2.7321 reimLwrsed lo 4 Govemors {2020'. 4). Thè numtor of higher paid employees vras as follo4tyS. all of whom are acAuiNJ b6r*fits LVKl¢r D8fined Bgnefft Pen&on Schemes lotallirKJ £299.14012020.' £249.655). 2021 2020 £60.000- £70.￿￿1 £70.000- £80,(¥)O £80,000- £90,1)xJ £90.000- £100,000 £100,000- £110,CI)o £110,000- £120,000 £120,000- £130,000 £130,000- £140.thJO £140,000- £150,000 £150,000- £160.000 £180,000- £190,IJ)o £300,000- £310.OC Page 40

WARWICK INDEPENDENT SCHOOLS FOUNDATION N{￿Ls TO THE ACEOUKTS FOR THEYFAR ENDED 31 AUGusf 2021 Anatysls of Total Resourc￿ Expgnd•d 2021 2020 Total £'ooo Totsl £'ooo £'ooo £'ooo £'ooo Costs of Generaling FLn OtherActivities Cost of Development Office Tolal for Charlty Trading Costs of the s￿Id T(A•l lor Group 25 11 369 413 599 1.012 226 171 397 97 112 49 60 332 charitab￿ Ath"vitie8 TeacN"ng fare Premises Suptort Costs and GovemaTh BanklPension Irtsest & (Xher Financing Prizes & Other Awards 19.359 1,257 2,220 2,437 2.348 1.127 2.126 2.150 152 21.707 20,519 2,053 6.986 4.115 870 2.761 7.107 4.587 152 Sub-Totsl Total R•sourc•s •xp•nded Group Charlty 25.273 25,670 25.499 2.761 2.821 2.772 35.940 36,61 26,274 34,547 35,559 8.115 8.003 Included in WIPe￿i0￿ Interest & Other Financing is-£640.552 for the decr&tse in fair value of t￿ liability the interest rate sy. Governanc• Costs Includ￿ In support costs 2021 £'ooo 2020 £'ooo Auditors remLW)eralion Llability insur 109 155 82 121 Page41

WARWICK INDEPENDENT SCHOOLS FOUNDATION N(yfFS TO THE ALfOUNTS FOR THEYFAR ENDED 31 AUGU￿ 2021 Tanglblg Flxod Assets Motor Bulldln8s Trlttings & Vehides Equipment A&%ets In Charlty CKurse of Total stru¢lion £'ooo È'ooo £'ooo COST At 1 September 2020 Addits'ms Charrt8ble gift frcn Tho ￿ngthY Sch￿1 DisF4)sals R￿laSSif￿110D Al 31 A￿￿$t 2021 79.341 8.851 181 7.885 94.258 1.118 3.978 3.714 256 -1,063 49 8.778 -7.885 91.324 189 98.291 OEPRECIATION Al 1 Septeml)er 2020 Charge for year On Dispos81$ Al 31 A￿￿$t 2021 13.778 1.911 4.543 18,447 2,772 -1.035 20,184 28 -1,035 4.341 15.689 154 NET 800K VALUES At 31 A￿l￿1 2021 At 31 AwtW20 75.635 2.437 2.308 35 78,107 75,811 7,885 arlty Total £'ooo Sub51dlary Total Group COST Al 1 Septsmber 2020 Athlib'LY*S Charilable gth from The Kingsley S￿￿￿1 Disw)sals At 31 Auwst 2021 94,258 1.118 3.978 -1.(63 98,291 617 94.875 1.118 3,978 -1,(ffi3 98.908 617 DEPRECIATION At 1 September 2020 Charge for year On Disposals Al 31 August 2021 18.447 2.772 -1.035 20,184 322 49 18,769 2,821 -1.035 20.555 371 NET BOOK VALUES At 31 August 2021 At 31 August W20 78,107 75.811 78.353 76, 106 295 Included in the net trthk value of larKI WKI I￿Ikting$ is £388.917 (2020." £476.￿2) in rèspect of long leasehold buildings. The remainder is frethold. Page42

WARWICK INDEPENDENT SCHOOLS FOUNDATION N(yfFS TO THE AcfouNtS FOR THE YEAR ENDED 31 AUGusf 2021 io. Inveslments Unrestrieted Restrlrt¢d Designated Fun¢ts £'ooo £'ooo Total 2020 £'ooo £'ooo Group: Balance at 1 September 2020 Addilions Charitable gift from The Kings Sch￿5 Disposals at opening markel value 14b)vemenls in cash dep)sits Revaluation gain$ Net unrealised gain5 Balance at 31 August 2021 15.546 15.548 906 1,317 -1,221 174 225 2.530 19.477 76,808 3,502 21 -1,221 174 225 2.527 19,453 -3,254 -t.175 -335 15,546 24 Se￿ntIes Lk8ted w the Slock Ex(an9e Property Cash depo&ts 14,842 3,980 631 19.453 24 14.866 3,980 631 19.477 12.324 2,765 457 75,546 24 Llsted Securthes cJ)mwise: UK Fixed Interest UK Equities Propety Fund S & W Inveslmenl F￿ 619 13.139 720 619 13.163 720 599 10.T50 632 343 12,324 24 14.842 24 14,866 Charlty.. as above Invesknenl in subsithary cc#npry lseo note 4). R•conclllatlon of openlng and closlng Inve81n￿ ty cla88 Totsl Stotk É'ooo £'ooo £'ooo E'ooo Group: Balance at 1 September 2020 Additir Chantsble gift fr(wn The King School Transfer from fixed assets Oi8rK)sals Revaluabon Movement in cash depo% Nel unrealised gains Balafi￿ at 31 August 2021 12,324 2,765 457 15.546 37 1,280 1.317 -931 -290 225 -1,221 225 174 2,530 19,477 174 2.530 14.866 3.980 631 The investrnent prowtes induded a wopwty assentsd as pwt ofa legary on the 1Jun& 2020 for £290,000.. this pro￿ty was sold during the year for Q90.000. The olh8r investment properties held at the start of the yoar were valLd as al the 31 ￿ August 2021 by l•largett3 Chartered Sweyors at £2.7m. a revaluati(￿ gain of £225.000. The I￿ng￿eY School inveslThnls V4Ere don￿ to Ihe group on 10 Mareh 202105 Part of the merger of The Kingsley School into the FoutNJatson. The valuatjon ￿ transfer ol these investments totalled £1.317,069 at the 10 March 2021. These rnvestments indude Iwo propert￿ tolalling £1,280.000 ￿ vakjatson in March 2021 by Wafeing and Company. All investrnents are held to r*ovrde a retum and am we hekl in the UIQ PBge 43

WARWICK INDEPENDENT SCHOOLS FOUNDATION NOTES TO THE Accou￿rS FOR THE YFAR ENDED 31 AUGU￿ 2021 Group 2021 £'ooo Charity 2020 £'ooo £'ooo £'ooo Goods for resafe consumabkns 12 stocks recagnised as an expww in Ihe statth)￿￿ of Financial Activrties during the year We￿ £18,82312020: £163,289). Do1)torn arlty 2021 £'ooo 2021 £'ooo 266 15 26 1,715 975 2,397 £'ooo £'ooo School fees Trade deblo Other debtors Prepayments and accnd irKL Amcmjnt d￿ from 8UbsJI￿ undertthThJ 187 65 134 1.659 187 37 1.659 728 2,620 1,143 1,489 2.045 Credltorn Group 20¥1 £'ooo Charlty 2021 É'ooo 2020 2020 £'o(bo Due wilhSn one yw. Fees received in adv￿ aTrJ deFo&ts Trade CTeditor$ Other credIt￿S Taxat￿￿ 8rKI social seeixity Accruals and deferred Incoff 4213 3.260 4,213 925 278 3,260 927 784 532 1,632 7, 135 291 532 1.632 7,170 1.245 7.182 1.245 7, 164 Due after one year.. Bank loan Derivative financial instrumerts 20,¢MI 1,042 21,042 20,IKQ 20,000 1,042 1, 722 21,042 21,722 1,722 21,722 A loan £20m was taken (Mrt wth HSBC to gJpwl delivery of One Campus in August 2017. An interest rate swap arrangement was entered into to pay a fixed rate of 3%11.6% interest rate and 1.4% margin over £20m of oulstarKling l¢)an bal4n￿. The date of termination of the agreement is A￿U$l 2027. The libor reference in the loan tran$ferTed to Sonia wilh effett from Febwary 2022. HSBC has securty over Ihe Shares hekl by the SclM)d through a Mernc￿ndth￿ of l)epo&l mth be￿98n both par￿e$. dated 14 September 2017. The Bank Loan fdls due as fdlcrt48". 2021 É'ooo 2020 fooo Betsveen tsvo and fNe years Over five years 5,333 14,667 20.000 3,999 16,CQ1 20,OCKI Page44

WARWICK INDEPENDENT SCHOOLS FOUNDATION N(7fFS TO THE Acrourifs FOR THEYEAR ENDED 31 AUGusf 2021 J4. D￿•r1•d Inc¢)m• - Group £'ooo 206 -206 190 Balan￿ at 1 September 2020 Released in the ye¥ Deferred in ￿Trent period Balance at 31 August 2021 Income has been deferred c05h has t)e￿ rec4i¥wJ beftKe the yew the ￿ent {manly sd)ool trips) lakes ￿ece in the next fin8￿jaI year. Js. Flnanclal Instruments- Gr<bup 2021 £'ooo 2020 000 1.023 18, 146 -26,426 -1,722 -8.979 Finaneial asset$ measured at amortisod cosl Financial assets Mea￿Jred at frair ¥￿ue Financial liabilit￿$ measured at amortised cost Financial liabilities measured at fw'r value Net finanaal assets measured at amortised cosi 659 24.285 -26,314 -1.042 -2.412 20111 £'ooo 2.755 2020 £'ooo .336 Total investment gains for finanoal assets measured ai fairva through income and expenditure Impairment gain¥lllosses) on fnancial assets Meas￿ at am0￿"Sed cost Induded in finarrial assets measured at amortised o)sl are FxlN)ol fee debtors, trade debtors. other debtors and accrued irKome. Inchjded in financial assets measured al fair value are cash al bank and in hand and investments. Induded in ffinancts￿ Ikqbilrbes meawed at amortised cost are bank loans, fees re￿Ned in IndLKled in finanoal liats"litss meawred * fair value are derivats￿ financial instrume￿6 linlerest rate swaps). group has ￿tered into an interest rate *wap to r￿eple interest at LIBOR aThJ pay interest at a fixed 1.6%. The swap is based on a ￿rt1paI amount of £20m and malures in 2027 on the same date as the loans. The fair value of the interest rate swap is £1,041,49312020= £1.722.216). Impairment of trade debt(Ys duriThJ the year tot8lled £￿.747 (2020.. £315.7281. Page 4S

WARWICK INDEPENDENT SCHOOLS FOUNDATION NufFS TO THE Acroupits FOR THE YFAR ENDED 31 AUGUST 2021 16. Not Assets of th• Funds of th• Charfty The net assets are hekl for the v•i(ws furKls as follm.. F4¢t i•n8Term (￿rrent Liabillties Totsl £'ooo £'ooo En(bwed fiJThJs Restricted fvnd$ Unreslricted frjnds 8ursary fur Other 2.059 703 24 2,762 1.997 1.973 18.912 -162 19.477 18.912 46,298 69,969 -573 76.048 78.107 246 78,353 -2,947 -974 -819 -1.793 -26,641 -28.641 Charfty Subsidiary Reserves Group 19.477 -26.641 (a) Ihe Year Bthlknee at In¢ome Exp￿dIt￿re Transfers & B￿ance at Investtnent 31 Aug 2021 £'ooo 2020 É'ooo É'ooo É'ooo £'ooo Exhibit￿￿$ & wizes fvnd Legacy fijnds Fixed asset8 fuNI 202 202 501 501 -27 2,059 2.789 -27 2,762 Legacy. EXhibit￿n$ & Prizes- Tlwe FuTrJs represent the value of am¢yJts c￿ginalty donated for the puryM)se (rf generab'rKJ irKome to be 1Sstributed as prizes. Fixed Ass¢ts- The Enth￿￿1 funds rewesent the Yalue of knd and I￿ik￿1ngs ￿l￿nalty ende)wed to the Sthools of the Charty. Page 46

WARWICK INDEPENDENT SCHOOLS FOUNDATION NcrrFSTO THE ALroU￿ FOR THEYFAR ENDED ￿ AUGusf 2021 (b) Restricted Funds: I Sept 2020 eooo eooo 31Au 2021 £'ooo (IAISS) eooo fooo t)onalJns from Friends of WaThY¢ck School 29 Mxhen sChdarSh￿>s Th8 mass￿ Scholarsh 10 11 11 13 DonatK)ns for Prwt Ong Borough Burwy Fund War4¥ick SclK>lar5h¥J Trust Income from Legacy Funds & 61 211 752 1,020 31 31 -16 893 1,793 -737 1,997 The Borough Bursary Fund relates to the fvnds from Iwo chwitabkg bod￿. wh¢h must be used to help PLwils who 8ttend Ihe Schcol and live wihin t￿ otd borwgh of War4wKk. The Schoi4rships and Tho Massie Scholar5hp income rdates to dl￿at￿S [r￿n these linkad th¥ities of The Kirysley School. i Sept 2020 £'ooo Gainl (kns) £'ooo 31Au 2021 Vooo £'ooo rooo rooo Doslgnatsd Fynds Butsary Fund Mary Hall Legacy Other Legacy Fixed Assets Repairs & M8inlenwKe Fund 13,914 477 130 74,746 S73 2.527 16,269 4T7 13) -23 7&294 1,571 -10 Unrnstricted Funds Free Reserves Charfty Subsid1￿ Tr•Jing Funds .26.983 62,649 -259 62,390 1.233 48S3 -1.722 56.048 40.891 41.224 -2,122 -23. 158 2,504 70.392 -573 2.504 69.819 225 1,458 438 -4599 -1.041 3.167 64.637 -36.007 41.264 46,339 Revaluation Reserve Pension ReseNe Def￿ D•rivatNe Reserve Group 41.264 -35.842 Bursary Funds- These lurKIs ￿able the GON￿m¢￿$ to tKOrfKle number ￿ fre8 and a$$isted plaw in th8 Sthools of the Charity as they shall determlne. for the benefft of pupils who we in need of financial assi¥tsnce. A number of unrestrthd legacies were receNed during the year. There wpre transfe￿ durirwJ the year from the Schtyjls. free reserth into the Bursary Fur¥J of£512.684. Govwnors have desNJnated these fund¥ to be used for rywnS-test￿1 BU￿188. Pa8e47

WARWICK INDEPENDENT SCHOOLS FOUNDATION NOTrSTO THE A(fOU￿ FOR THBYFAR FNDED 31 AUGU￿ 2021 Fixed Assets- These represent the net value of the un4rKlowpd assets avaiLible for use by the Charty, exduding assets fvnded oul of Bursary Furth. The assel transfer rel*es lo a don3￿ frcffl Tr School Playing Field, a linked charity of The King￿eY Schoob. Repairs and Maint￿3nCe FuThl- This fund is beiThJ ￿Mulat￿j frc¥n nd rentsl to fuiwe repairs and maintenarKe. of7heF Total U•bi]itieJ £'ooo Vooo £'ooo £'ooo Endowed funds R&stsFCted funds Unr&stfiCted funds Bursary funds other Charfty Subsidiary ReseNas Grnup 2789 1. 793 21 14881 15,881 40,426 60,889 -259 71704 7&811 295 74 106 -27.575 -27.575 14546 1&546 -a447 -27,575 x Sept 2019 £'ooo 3A Aug 2020 £'ooo 202 £'ooo Exh￿•t￿nS & prizes lund L8g8cy funds F￿ed assets fund Z113 Z816 -27 -27 2,086 2. 789 vemgnts iyi asat31A x Sept 2019 £'ooo 31 Allg 2020 £'ooo 40 £'ooo fooo Donations Irom FIle￿IS of Wartv￿k SGIKh Donations forPrqect On8 Bmgh BU￿ary Fund Memon81 EndowmentFu Wa￿{Ck SGInIa￿h￿ Tnjst Income from L8g8cy Fufftts & Prizes 292 -231 -622 61 752 31 31 119 1. 159 1.492 1.793

WARWICK INDEPENDENT SCHOOLS FOUNDATION NOTFSTO THE AccouNfs FOR THE YEAR ENDED 31 AUGusf 2021 2020 GaiTh 31 Aug 2020 £'ooo 2019 £'ooo £'ooo Bursary Fund Mary Hall Legacy OlherLegacy FrxèdA%sels & M￿ntenanCe Fun UnMtiYet•dFunds Fre& ReseTh&s Charlty Subsidiary Trading FuThYs 14.469 477 130 69.815 -1.219 -336 13,914 477 130 74, 746 365 4.925 -15 -21.247 63,966 32,572 32.965 467 33.432 -32. 792 -34.026 -599 -34,625 -5.516 T4 -T4 -26.983 62,649 -259 62,390 1.233 -5.853 -1,722 56.048 63.913 1.233 -5,250 -1,676 58.220 Rev81ualion ReseTh8 pens￿ Reserve Defttt Derivatrrfe ReseN8 Gn)up -46 33,432 -34,628 17. Capltal Commltments 2021 £'ooo 2020 £'ooo Propcl One Canyus 179 179 18. Operatlng Lease Commltments At 31 August 2021. the Group had the f￿10￿j luiwe mmimum lease payments under nOn￿￿ellable operating leases.. Group& Chatlty 2021 £'ooo 2020 £'ooo Op8rating Wes wfvch expire.. thin ￿e year in to fNe years After five years 33 79 74 A9. Taxatlon No corporalion tax has been wowded for in these ￿uSe irthme ofthe Charty is within exemplions granted by Section 505 of the Income arKJ Taxes NLt 1988. The Charty has bome VAT M ils expendrture wheie ap￿￿oPriate. tradmg subsidiary wtivides for wp(walion tsx as awlicable. nil this year. It Is aL80 registered for VAT. Page 49

WARWICK INDEPENDENT SCHOOLS FOUNDATION NOTES TO THE Accouwfs FOR THE YEAR ENDED 31 AUGU￿ 2021 20. Prfnclpal Subsldiarios Company Name Princip￿ Pereent•ge Description Principal Activity Place of Share- Businesg holding Warwick Schoofs Enterpnses Limitgd IWSEL) Mylon Ro&1. Wanick £1 Ordinary Lotting of xhool f&iltties (Registered numter. 03617592, incorporated in Englar￿ & Wales) CV34 6PP The Chanty is also the c￿ Trustee ofts Warwick Schocrfs FoUntst1￿ Trust (Charity reglstration mber: 528775>. These financial statements irKlud8 th8 resth oftr above entilies. Durir4 the year the Charty cttarged £170.481 to IASEL ts the FYVrfiSiW of aff and adMIn￿traINe services 12020.. £261,482). The balance oHed to the Charity at 31 AUg￿t 2021 w05 £975,49512020: £728,627). Intercompany tranSa￿on$ of a management fee £11.07312020.. É63,3481. a IKence fee £10.￿ {2020'. £10,000) and interest on the intercompany loan £1.15312020." £1.308} are eliminated on e4Jnsolidalion. Penslon Schemes Texhers. Pen￿On Scheme Fourthtion parlicipates in the Teachers. P￿￿10n Scheme fft TPS) for 6ts teathing staff. Tho pension charge for the year includes C(tht￿llionS Payab￿ to fv TPS of £2,987.28412020.. £2.731.8251 al year- e￿1 there were no eontributions12020.' ￿ (Thrtrilxrtions) xuu8d Ixrt unwd in respect Df this stheme. The TPS is an unfunded MU￿1.emFty1 defined benefits ren$￿ s(eme govemed by The Teachers. Pension8 Regulalicffls 2010 {as amended) and Tr Tethrs, PensM)n Scheme Regulat￿1n$ 2014 las amènded). MembefS contribute on a'pay as you go" trjaws th cortrrbutions from members and thè employer being crnliled to the Exchequer. Retirement aThJ other pensi(￿ benefits ar8 paid by public fiJnd8 provNJed by Parliamert. employer contribution rate is set ty the Secretary of Stsie fdl0￿"ng 5¢hemg vualw5 uTrJertaken by the Govemment Aduary's Department. The most recent aL#uanal valualH)n ofthe TPS was prepared as al 31 Marth 2016 and the Valuabon ReFXJt. which was publisfd in March 2019. eonfimièd that the employer onlrityjtion fate tor the TPS WO￿ increase frc)) 16.4% 10 23.6% from 1 September 2019. Empboyers are al80 reqUI￿d lo pay a $¢heme administJalicn kvy of 0.0￿￿ givirvJ a total emknr eonlnbub.on rate of 23.68%. The 31 Marth 2016 Valuth"on Rewt was wepared in acc￿larKe vthh the benefits sel OLrt in the scheme regulations and under the approath speufied in the DIr￿tV)n$. as they •pl￿ at 5 March 2019. However. the assumptions were considered set by the Department ftjr EdUCatic￿ prior to Ihe ruling in the 'McCloudlSargeanl case,. This case has required the Courts to ￿lder cases regarding the impk8menLqtion of the 2015 r8fcrns to Publ￿ ServKe Pensions induth.ry tr Teachers, Pen8K￿. Poge so

WARWICK INDEPENDENT SCHOOLS FOUNDATION N(JfES TO THE AccouNfs FOR THE YFAR ENDED 31 AUGUST 2021 On 27 June 2019 the Suprem¢ C¢JJrt dfjn￿d ￿ govemment pem)iss#)n to appeal Court of Appeal'$ judgnnt that tr8nsibonal provisw)ns intrrNJuced to ￿ reformed pension schemes in 2015 gave rise to unlawtul age discrimination. The goverrmneftt is respectiThJ Court's deciwon and has sahj it will enga￿ fully wth the Em￿oyMent TrI￿nal as well as em ￿0Yer and memljer rewesentstives lo agree IN)w thè discriminations will be reme(ked. A eonsultstion wa$ launched by the government on 16 ju￿ 2020 and dosed to response5 on 11 October 2020. As a result of the consultati￿, the govemment announc￿ on 4 February 2021 that il intends to proceed with a deferTed choKe urKkrw undw which members will be able lo choose ether legacy or reformed scheme benefits in respect of their ser￿• during ts perKKI betwwi 1 Awil 2015 31 March 2022 at the point they be￿ffle paya1￿6. The TPS is subject to a cost eap methanism vthith was pth in pe tt) wotect tsxpayeTS against unforeseen charoes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be iew of this eosl cap medwnism. in Janw 2019 anrK)U￿ed a pause to t￿ cost cap methanism follovmng the Court of Appeal's ruliro in the PthCbJLbJlSargeant until there is certainty atout the value of pensions to empk)yees from W 2015 onward$. Th8 pause was lfted in Juty 2020, and a consutstion wa8 launched on the 24 June on pr¢)Fosed thar4Jes to the cosl c¢ytrd mechanism folk￿ing a review by the Govemment Aduary. FdlowrKJ the conwltstion. ts Govemment have accepted three key propos81s recommended by the Go￿nment Actu￿ arKI e aimiry to irylement Its58 chaw in time for the 2020 valuations. In view of the aiM)ve rulngs and (kcs&c)s assum￿•￿$ used in the 31 Mwch 2016 Acluarial Valuation may beccTh inapproKYiale. In ths scenario. a valuation prepared in accrydance ￿th revised ￿nefft$ aThJ suitably revised assumptt'ons V•r￿d yiekl dffierent resutts than those Cc)￿"n￿I in the Actuarial Valuation. Until the nsLltstbJn and the cost cap mechanism review are o)mpled rt is possib￿ to ¢￿￿lUde on any final￿.1 impacl or futwe changes to the Contn.bub￿ rates of Ihe TPS. Accrydir#Jty. no Fyovision a(Jrtional past benefrt Pen￿On costs is inclLkled in these ffiancid statem￿ts. L al Govemment N¢JFteachino membets of staff. ￿￿nIng bgts9 Odobgr 2013 are enlilled lo belong to the 14VarwdKsPMre County Council Pension Fund ILGPS). 8 muRFemployer defined benefft stherrE operated within the Local Govemment Pension Scheme. to whth c(yrtritKrt#)ns are made by Lxrth emptyees and the er￿0Y￿. The basis of Contributie￿ to the Scheme is ulated xcrythng to the ath4ice of the Scheme actuary. The cDst of providing Jch pen￿oft$ is tharged on a systen￿ basis over the average remaining 8eNiee life of the members. last fvll actuarial valuation cothe Sdme was carried wt on the effec11￿ dale of 31 M￿ch 2010 vkn the assets of th& Scheff not deemed Suff￿lert to cover rts ac¢Jued liatllities. The employers have ¥cordingly amended ￿1r rale of c0ntn.butK￿ to the scfthie in line wth advi￿ from the xtuary. The valualion method adoplèj was the Projected Unil Actuarial Cost Melw and it was assumed that, in relation to se￿ntY of both accrued and proteded rights. the Scheme would contin￿. The meVK)d of Calc￿atire the discount rate at 31 AUg￿8t 2018 is based on ts Consumw PrKe lth {CPI). In accorda￿ V￿th FRS 102 the pension vafualion has twi Wed by ￿ qualifi•J actw, Hymans Robertson LLP. The scheme's assets and l￿bIlItIeS reL*ing to vkn￿¢k IndePe￿t SchcM)Is Foundation were found to be as folhyw8: 2021 £'ooo 23.780 -29,379 -5.599 2020 É'ooo 19,435 -25,288 -5,853 Tolal markel value of assets Present value of scheme liats.￿b.eS (Defiry'll n stheme Page 51

WARWICK INDEPENDENT SCHOOLS FOUNDATION NcyfFS TO THE Accou￿rS FOR THE YFAR ENDED 31 AUGusf 2021 The main fin were as follows Inni eel 2021 2020 Infflalion Rate of increase in salaries Rate of increase for pen8K>r Discount rale for liabilities Life expectations on retirements age 65 2021 Years 2020 Years 22.5 2&4 21.6 23.8 Male currentty age 45 Female ￿rrenty age 45 Male currently age 65 Female currenty age 65 23.0 21.8 24.2 Fair v and ex 31Aug202X Fair Expeeted Rale of Return 31 Aug 2020 Falt Expected Rate of Return £'ooo 14.744 5,707 £'ooo 11.661 Equities Govemment bonds Other ly)nds 2.5 2.616 713 2,52T 388 CashlLiquidty Other Total 23, 780 19.435 The overall expected rate of retum ¢)n ass is deternined based on mthet expe(ations al the beginning of the year. for imiestment relLwns over the entire life of the relaled obligatK)n. The assumption used is the avefage of the above asSLtmpt￿nS approprth to the indivKlual assel classes wevjhted by the proportic of the assets in the part￿￿lar asset class. 2021 £'ooo 4,217 2020 £'ooo The adual reium on the SCI￿& assets in the year In he fair value of the 2021 2020 £'ooo 19,583 -T45 £'ooo 19,435 3.886 331 Opening vaue ol scherne assds Return ¢)n assets less interest Nel inler6St income on plan assets Contributions by employer ContritAJlions by emp￿yeeS ContTibulions in respect of unfvnded benef 501 85 636 105 Benefits paid 460 23, 780 19.435 Page 52

WARWICK INDEPENDENT SCHOOLS FOUNDATION NOTES TO THE ACCOUNTS FOR THE YFAR ENDED 31 AUGUST 2021 esinthe senl value of the scheff Irdknlities are a$ folttr•ts: 2021 £'ooo 25,288 587 2020 £'ooo 24,833 547 Opening liatilities Current seryice cost Past service co81 Interest cost ContributrJn$ by employees Actu￿81 g8lnslllosses) Benefts pad 431 85 3,448 449 105 -145 -501 25.288 29.379 nt of FlnaTh>al h£b"vities ￿er thè finarrial 2021 £'ooo 2020 £'ooo Schods and want making Current seNice ￿$¢ Past servKe cost Inlere8t income on assds Interest on ￿e￿lon scheme h8￿"11t1eS Total tharge to exFwdttuTe in the SOFA 587 547 -331 431 -355 449 ins in the Statement of Financ￿1 ActNI1￿ com 2021 £'ooo 3.886 381 2020 £'ooo -745 468 219 -542 Retum on assets less intttest ExPer￿nce gains and losses on scheme fthiitie8 Char¥Jes in demogr￿1¢ assumrAions Changes in financial assumpbons T(rtal ar(xmt recognwd in the SOFA -3,465 Employers. conlributic4)s for ltr￿ year to 31 August 2021 were £501,¢)￿ {2020.. £552,104) induding deficit payments. The conlribuims until 31 March 2021 ere 19.S%. The best estimate of employer ￿ntrIbl￿10ns for the coming year to 31 August 2022 is £455,972. The scheme athies On￿ lo members of staff employed by the Foundation betse 31 Octob8r 2013 WF￿ signed up ￿1(￿ to thai date. The lfj'n Employer contnbutions for1￿ y to 31 Atyust 2021 were £15.513 ftr The Kingsley Sthool dgfined Contr*At￿n scheme. All Ot￿r staff are autoonrolled the N4￿n91 Employment Savings Trust (NEST), an independentty run defined Contributi(￿ scheme Enyloytts. Contritxrtio￿ to the NEST s¢heme for the year to 31 August 2021 wete £315,83912020: £290.￿). Page53

WARWICK INDEPENDENT SCHOOLS FOUNDATION Nof&s TO THE ACCOUFUS FOR THE YFAR ENDED 31 AUGU￿ 2021 . Reconclllallon of Cash Flows from Opernong Actlvltles 2021 É'ooo 8.328 -372 609 2,821 2020 £'ooo -1,298 -397 income ts the reFortiThJ pericrfj Interest reeeivab Interest paid Depreciation Decrease in stock Decrease in debtors (Decrease) in tfedilors (Gainslll¢)sses on in¥estmfjnts (Gains) on investmrt prop Loss on tarVJI￿e fixed assets Defined benefft pengon scheme cost less eontributrms payable Defined benefft pension scheme finance cost Net cash provTrded by operating activities 2,657 67 972 -2,432 68 -2,530 -225 24 -91 11 8,T31 473 Analy813 of changes In net debt Fairvalue Balanee 1 movtments 31 Au8 202J A Sept 2020 Gift from Kingsley Sehool £'ooo É'ooo £'ooo £'ooo 3.892 -20.000 -1.042 -17,150 Cash cash equivalwts Bank Icn Derivalive financial *￿trUments 1,007 -767 1,219 767 -20.IJ)O -1,722 -20.056 680 680 240 Pa8e 54

WARWICK INDEPENDENT SCHOOLS FOUNDATION N(yfFS TO THE ACCOUNfs FOR THE YFAR ENDED 31 AUGusf 2021 Rèlatsd Party Transactlons Wanhyck Sthools Entsrprises Ud is whouy thvned by Wawick Indepe1￿￿ent S￿￿￿$ Fcundati¢)n anil has been incNfrtYated in these accourts. Transadws wih the subsvjiary are dixk)sed in note 19. The Foundation purchased £10.650 (2020.. £11,71XI) of me{￿a Communi￿tionS from ADD Communications & Events Limited. Mrs Didlkk i8 a m￿t￿r of the senior managemenl team of King's HI￿ Schoc4. Mrs Didlick's husband is a director of this company. A balKe of £nil {2020'. £1.800) wa5 oulsIa￿1Ing al the year end. Foundati￿ purchased £2.4￿12020: £3251 of packagry frryn Kite Packag¥u Limited. Mrs M Ashe is a GoveryKJr and a direclor of this tX*nP8ry. The Charity received d￿tIOnS in Ihe year from employees totalliThJ £3.684121Y20: £1.0071. D￿all￿S were al¥0 re¢gNed frryn th8 families of three GO¥eM￿ t(rtaMitYJ £3,8(￿. Th6 Ministy of Defence wovides scrfne fuNJrg yew for the purposes of the Combined Cadet Fcrte ICCF). A separate CCF bank act￿nt is held by the Charity whith is consolidated wthin thes& financial statements. The CCF bank accourt ba￿ at the 31 AUgl￿ 2021 was £7.107 {2020'. £4.1271.

WARWICK INDEPENDENT SCHOOLS FOUNDATION N(JfES TO THE Accou￿rS FOR THE YFAR ENDED 31 AUGusf 2021 CONSOLIDATED ￿ATEMENT OF FllNANC￿L AcrIvrriFS- COMPARATIVE FIGUR￿ BY FUND TYPE Notes Unrestricted Restrirted Endowed Fwmls Fund5 Funds 31 Aug 2020 £'ooo £'ooo 000 £'ooo INCOME FROM. Donations Charitsble Acbwties Sthool fe8s Other income Other Trading A￿l¥It*S Trading tumover.. VISEL Inveslmenl Incom& Total IrKoming Resources 1.159 1, 161 28.680 28.680 3.886 46T 397 34.591 397 1.159 EXPENDITURE ON: Raising Funds Cost of Developmwrt OffKe C08t of trading athitses.. WSEL Other activib.es Charitabb Activibes Schools oThJ grant-making Tclal ExF￿ed 369 599 44 33,658 34.027 858 858 27 27 34,547 35.559 Net gains on investments Net ineomellexpendilurel Transfers between lunts -1.459 1,459 -113 301 -27 -1.298 pensi￿ Scheme actuwial gan 21 NET MOVEMENT IN FUNDS Balance brought forward at 1 September 2019 -2.172 301 -27 -1.898 58.220 1.492 2,816 62.528 FUNO BALANCES at 31 A￿ust 2020 56.048 1.793 2,789 60,630 PAse56