2023-08-31-accounts

Warwick Schools Foundation Enabling transformation through the power of education COMPANY NUMBER: 04252305 CHARITY NUMBER: 1088057 DIRECTORS, REPORT AND FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 AUGUST 2023 kttoois Foup¢atiO Nlion Qtsao 'èlhiWICkCV34 SIP ni926 735400 w•rwKkpr•p.¢om t￿kIng$1•Y￿h¢01.co.¥k king5highw•ryiick.to.vk wan¥K¥sCI￿jmg -. b4 No -'j52JDS

DIRECTORS, RF.PORT AND FINAN'CL4L STATENI EINTS FOR THF. YEAR ENDED 31 AUGUS'I 2023 DIRECTORS, OFFICERS AND ADVISORS Governors, Directors and Charity Trustees The Governors of Warwick Independent Schools Foundation {"the Company , 'Ihè Foundation., "the Group "the Charity") are the Directors and members of the Company and trustees 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 below. The total number of elected Govemors comprises three nominated and 12 co-opted Governors. Nominations are subject lo approval by the Board. All Governors may serve up to three terms of four years. In addition, th& Lord-Lieulenanl of Warwickshire and the Mayor of Vvatwick have the right to be ex-officio Governors should they choose to lake up the position. The Foundation merged with The Kingsley School effective 10th March 2021, to bring il into the Warwick Independent School Foundation family of schools. Governors nominated by thefollouying bodies.. The Charity of Sir Thomas While, WapNick The King Henry Vlll Endowed Trust, Warwick University of WapNick Co-npted Governor.s.' Mrs M B Ashe Mrs S M Austin (Chairl Prof S A Barnes Ito 1 March 20231 Ms J L Broughton Mr C R Gibbons Ilo 31 August 2023) Mr5 M P Hicks (to 13 February 2024} Dr F Jaffri (from 9 December 20221 Mr T H Keyes (to 31 August 20231 Mr A F Keeling. QC Mr S J Jobbum Prof D Griffin Mr J D Loudon Mrs J Mackenzie-Lawrie (from 1 September 2022) Mr D B Rankin Mr J N Wallis Mrs R A Weeks Mrs A E Vvilson Mr C White (from 18 April 20231 The Lord-Lieutenant of Warwickshire Mayor of Warwick MrTBCox INOI taken upl Officers.. Foundation Principal Mr R Nicholson Foundation Bursar" Headmaster, Warwick School Headmaster, King s High School for Girls Headmaslerl Headmistress, The Kir)gsley School Headmistress, WanNick Preparatory School Headmaster, Warwick Junior School Mts V Espley MrJ S Barker Df S J Burley Mr J Mercer-Kelly Ilo 31 December 20231 Dr S Howling (from 1 January 2024) Mrs H Dodsworth Mr A Hymer (to 31 December 20221 Mr J Bond (from 1 January 20231 '{Company Secretary) Page 2

.STRATEGIC RF.PORT FOR THE YEAR ENDED 31 ALGUST 2023 Addresses PrineipalAddress and Regislered Office.. Warwick Independent sch.ools Foundation Mylon Road WARWICK CV34 6PP Schools King s High School Banbury Road WARWICK CV34 6YE Day. girls l I-f 8 Warwick Preparatory School Bridge Field Banbury Road WARWICK CV34 6PL Day, boys 3-7 girls 3-11 Warwick School Mylon Road WARWICK CV34 6PP Day, boys 11-18 Warwick Junior School Myton Road WARWICK CV34 6PP Day, boys 7-11 8oarding, boys 13-18 The Kingsley School Beauchamp Hall Beauchamp Ave LEAMINGTON SPA CV32 5RD Day, boys 3-7 girts 3-78 Advisers Bankers Lloyds Ban< PIC 12 Swan Street WARWICK CV34 48J HSBC 6th Fk)or 120 Edmund Street BIRMINGHAM B3 2QZ .SoliL?tors Veale Wasbrough Vizards Narrow Quay House Narrow Quay BRISTOL BS1 4QA Insurers Marsh Brokers Capital House 1-5 Perymount Road HAYWARDS HEATH West Sussex RH16 3SY Auditors Crowe U.K. LLP 4th Floor, Sl James House St James, Square CHELTENHAM GL50 3PR InL•e.stmentAdiij.sers Evelyn Partr,ers 14th Floor 103 Colmore Row BIRMINGHAM B3 3AG Page 3

STRATEGIC REPORT FOR THE YL4R ENDED 31 AUGUST 2023 The Directors of the Company present their annual report for the year ended 31 AugLtst 2023. together with the financial slaternents for the year, which have been prepared in accordance with Company Law and in compliance W￿t￿ the Charities SORP 2015. Ref8rence and Admlnlstrative Information The Company was incorporated on 13￿ July 2001 and is registered in England under Company Number 04252305. It is also a Charity. registered with the Charity Commission under Charity Number 1088057. and is the Corporate Trustee of the WaNick Schools Foundation Trust I'lhe Trust"). The Directors and Governors of Warwick Independent Schools Foundation and the executive officers are listed on page 2 and the principal addresses and professional advisers are listed on page 3. Strudure, Governance and Management Govemin Document In 1875, a scheme was approved by the Endowed Schools Commission for the amalgamation of certain educational charities in WaMick. under the name King's School Foundation. The Scheme provided for the re- establishment of the old King's School in new buildings, lo be called the Grammar School Ifor boys), a Middle School (for day boys lo the age of 151, and a school for girls. A number of local charities contributed the whole, or a portion, of their annual income. A Charity under the name Warwick Schools was registered with the Charity Commissioners for England and Wales Iregistralion number 5287751 and was regulated by Schemes signed on 23rd December 1981, 26tn November 1991, 13tn June 1995, and 16th September 1998. On 29th August 2001, this Charity changed its name to Warwick Schools Foundation Trust. Under the Charity Commission Scheme made on 29tn August 2001 all trust funds other than the Trust's permanent endowrnent of the Schools. land were transferred lo a new Charity known as WaNick Schools, as property ol the Company. and the Trust itself was made a subsidiary Charity of the Company as ils Corporate Trustee. On 11th March 2003 the Charity and the Company changed its name from Warwick Schools to Warwick Independent Schools Foundation. At that lime, the Company was governed by its Memorandum and Articles of Association dated 13, July 2001 and amended by special resolution on 28tn March 2012. By way of special resolution, updated Articles of Association were adopted by the Foundation on 30 June 2023, to incorporate all previous amendments and to ensure Gompliance with all current Companies and Charity Laws. Govemin Bod The Govemors listed on page 2 are appointed as Governors of the Foundation and have overall responsibility for the operation of two Schools, namely King's High School for Gids lincorporating Warwick Preparatory School, which has separate DfE regislrationl and Warwick School (incorporating Warwick Junior Schooll. From 10tD March 2021, a third School was added, namely The Kingsley School. Subsidiary Committees of Govemors have been established. one for each School, with Govemors spread evenly across the School Commiltees. Page 4

STRATEGIC REPORT FOR THE YEAR F.P¥DF.D 31 AUGUST There are also four tactical Committees. each comprTsing one-third of the Governors. In thi5 way, Governance is delivered lo the individual Schools within an overall Foundation framework. The benefits of the approach are robust, inclusive governance, with all Governors taking equal responsibility for the effective running of the Charity. The full Board of Governors plu5 one ex-officio Governor are also the Directors and Members of the Limited Company and Trustees of the Charity. They are responsible for the overall management and control of the Cornpany and meet three limes a year. The Foundation Principal Is the executive lead across the Foundation. He is supported by a Principal's Group comprising the School Heads and Foundation Bursar. In his capacity as Foundation Principal, he has ultimate responsibility for the management of the individual schools and subsidiary trading company. He reports directly to th8 Trustees. anisation81 Mana efnent School Committees are responsible for overseeing the educational business and financial management of each individual School within the broader stralegic outline provided by the Foundation Govemors. Any matters with implications for the Foundation andlor the other Schools are referred to the Education andlor Resources and Estates andlor Finance and Regulatory Committees as appropriate. School Committees are chaired by the Foundation Principal. The Safeguarding Committee is responsible for considering all matters pertaining to safeguarding and child protection, including historic cases, and also the safeguarding responsibilities as sel aut by the Charity Commission. It has the power to recommend any decisions as it feels are necessary to fulfil its responsibility. The Education Comrnitteg is responsible for considering all matters pertaining to the educational side of the Foundation's business and has the power to make any decisiolls as it feels are necessary to fuffil ils responsibilities. The Committee is also responsible for liaising with the Resources Committee and the Finance and Regulatory Committee in ensuring robust and collective governance is delivered. The Resources and Estates Committee is responsible for ensuring the effective delivery of the operalional and capital resources required for educaliDnal and business activities. including oversight of the central Estates and Operations functlDn. It has the power to make any decisions as il feels are necessary to fuwil ils responsibilities. The Committee is also responsible for liaising with the Finance and Regulatory Committee in ensuring that robust and collective governance is delivered. The principal purpose ofthe Finance and Rggulatory Committee is lo advise and provide recommendations to the full Board of Foundation Governors on finance and regulatory mallers. It has éelegaled powers to act on behalf of the Fc)undation Governors in financial matters should the need arise. It can also make any decisions necessary to ensure compliance wilh currenl regulation and legislation. .The Appointments Committee is responsible for discussing and recommending to the full Board of Foulldalion Governors the appoir7tmenl of Governors and the Foundation Principal. The Foundation Principal is responsible, with appropriate support and oversight from Governors, for appointing the Heads. the Foundation Bursar and such other employees as are deemed necessary or expedient from lime to time. The Appointments Committee meets termly and consists of the Chair and Vice-chair of the Foundation. Chairs of the four Slrate9ic Committees and other Governors. Page 5

STRATEGIC REPORT FOR THE yE4RE￿,DED 31 AUGUST 2023 Remuneration Remuneration is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions lo the Foundation's SLJccess. The appropriateness and relevan￿ of the remuneration policy is reviewed annually. including references to comparisons with other independent schools to ensLJre that the Foundation remains sensitive lo the broader issues of pay and employment conditions elsewhere. Delivery of the Foundation's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure. Em lo ment Polic The Foundation is an equal opportunities employer, which treats all prospective and existing staff without favour. The Foundation is fully committed to providing the opportunity for people with disabilities to be employed whenever suitable work is available and to be able to fulf￿1 their career potenlial. Consultation with employees, or their representatives, has continued al all levels with the aim of taking the views of employees into account when decisions are made which are likely lo affect their interests. Communication with employees continues through normal management channels in a variety of methods to inform staff of current issues. Grou Structure and Relationshi The Company has a wholly owned subsidiary, WapNick Schools Enterprises Limited IWSELI, which carries out a number of trading activities to generate funds for the schools. WSEL aims to relain a small surplus each year so as lo build up working capital, but thereafter any surplus rèmaining Is gift-aided back lo the main Charity. Governor Recruitment Induction and Trainin Nominated Governors are selected by their respective Nominating Bodies (see page 21 but musl then be approved by th8 Governing Body. Co-opted Govemors are selected having regard to the particular skills required on the Governing Body at the time of appointment. All Governors follow an induction programme on appointment including meetings with the Foundation Principal. School Heads, Foundation Bursar and relevant Chairs. All Governors are encouraged lo attend extemal training courses to complement internal training provided. As standard, all Governors re￿1ve annual Child Protection and Safeguarding training. Objects, Aims, Objectives and Actlvltles Charitabl8 Ob'ecls The Objects of the Charity are set out in the Articles of Association and are llo advance education by carrying on in or near Warwick day and boarding schools for boys and girls" Within these Objects, the Charity and the Trust have various permanent endowments and unendowed trust fLtnds held forspecial purposes in connection with the development of the Schools. facilities and for scholarships, bursaries, prizes, and other educational purposes. Page 6

STRATEGIC IiEPORT FOR TEIE YEAR ETr4 DED 31 AUGUST 2023 Str te l Achieve the Year's Ob'eclives and ort Lon Term Goals Warwick Independent Schools Foundation is a leading educational charity in the Midlands, providing educats'on lo over 2,800 pupils from ages 3 10 18. Our fundamental aim is lo enable each individual pupil to achieve personal fulfilment and success, and we seek lo develop intelligent. responsible, resilient and compassionate young people of character lo succeed in a changing world. Our vision is lo create a world-class educational eslablishmenl based in the heart of Warwick, able lo contribute lo our community and society. The long-term strategic aims and priorities remain in place, as follows, with our core valLJes driving our priortties.. StralegiG Aims.- To oversee and develop outstanding interdependent schools, each with ils own unique cha@cter and ethos, as part of one supportive community. To deliver the 'best of both worlds, in education through single-sex teaching and learning alongside appropriately ifFtegrated eXt￿-cuffIcuI8r activitigs and social development_ To provide an equal opportunity for all pupils to develop their full potential through outstarpding facilities and resources across the Foundation. To promote social and cultural diversity by f8cilifaling access lo t81entedpupils from all backgrounds through the pmvision of means-tested bursaries and scholarships. To create an environment in which inspirational education can develop and gmw. To fulure proof the Foundation educational model against future change through the developm8nt of a wortd class educational campus. CO￿ Values.. Inspirational teaching inside and outside the classroom. A caring environment in which everyone can feel saf&, nurtured and valued as an individual. Academic excellence logefh8r with breadth of opportunity. Clos8 links to parents, former pupils and the wider community. Traditional values of respect. tolerance and integrity. A forward-looking Foundation which 'seeks for higher things,. Core to successful delivery of these objectives is a number of overarching strategies. Strategic application of estates master planning is complemented by robust strategic financial planning In the form of a regularly updated ten-year plan. incorporating sound arrangements for bursary funding. Furthermore, Governors are ever mindful of the challenges of both providing the outstanding education offered and fee affordability, thereby ensuring acces5ibi5ity lo the Schools for the maximum possible number of pupils. A clear pricing strategy has been adopted lo achieve this delicate balance. This Is further aided by termly consideration of risks and opportunities. Last, but probably most importantly given the importance of staff to our organisational success, focussed HR strategies are being rolled out lo ensure the efnployment and development of first<lass educational leaders and classroom practitioners. Following the change to the executive management structure that was initiated in 2019, the team has been further strengthened with the appointment of Mrs Victoria Espley as Foundation Bursar. Pa8e-,

STIL4TEGIC REPORT FOR THE YEAR ETriDED 31 AUGUST ty023 Princi al Activities of Ihe Year During 2022123, Warwick School had 98212021122.. 9741 boys in the Senior School, ofwhom 5312021122.. 571 were boarders, and 260 12021122: 2611 boys in the Junior School. King s High School for Gids had 796 (2021122. 7841 girls and Warwick Preparatory School had 459 {2021122'. 4491 children in the main School and 4612021122. 601 children in the Nursery School. The Kingsley School had 77 {2021122. 841 in the Prep School and 22912021122= 2401 in the Senior School. All the Schools continue to be popular choices amongst local parents and demand for places remains strong. Public Benefit Aims and Intended Im act Having been a significant participant in the Government Assisted Places scheme and its forerunner. the Direct Grant system, the Foundation has always operated with a strong emphasis on providing education lo pupils from a wide range of social backgrounds. Our aim is that pupils from all backgrounds are able to benefit frorn the excellent education provided, irrespective of the ability lo pay full fees. The Trustees of the Foundation are determined to rnaintain the philosophy of providing the rounded education synonymous with the Schools lo a5 wide a pupil base as possible, including those pupils who do not possess the means lo afford fees. A robust means tested bursary scheme is operated to ensure the effective and charitable delivery of this aim, with an annual review of the scheme carried out to ensure appropriate distribution of available resources. Although the main focus for bursary support ensures that free places are offered to a large number of recipients, the scheme also provides the opportunity for pupils with parents of moderate income to attend the schools. This is managed through the provision of a number of part-funded, means-tested places. thereby further widening access to potential beneficiaries. In addition to providing public benefit through the provision of bursaries, the Foundation is committed to playing a significant role within the local community, through a number of outreach initiatives. These include the sharing of facilities. running holiday clubs and revision courses that are open to pupils from all around Wanmickshire and its bordering counties. Across the Foundation there are 12312021122'.1441 pupils in receipt of means-tested bursaries, who between them achieve sorne outstanding academic results, with an overwhelming majority of boys and girls reaching the very highest grades on offer. With ever increasing financial pressures on parents we are doing more and more to generate further funds over th6 coming years, with the Development Office planning lo actively target fundraising for means-lested support. A Comrnunity Outreach Officer has been appointed to actively engage with the parents in the local area to identify who would most benefit. Offering financial support to those otherwise unable to afford to enjoy the education our Schools offer 15, however, just one way in which we offer public benefit. The Schools have an important role to play in their wider community, achieved through oulreach work and the provision of facilities for local clubs and associations, as well as the wider public. Many of these activities incorporate educalional benefits lo our own and wider pupil bodies. Individual members of staff serve in a variety of capacities for the benefit of the public, including as public examination examiners, sports coaches, school governors. and volunteers with local charities and in local churches. In addition, our leaching staff have made links with their peers in the maintained sector lo exchange expertise. resources and best practice ideas through local forums and social media groups, particularly in Politics, Food and IT departments. Page 8

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 There was continued wide-ranging use of the Foundation facilities by the local community. and we intend lo continue andlor develop them. We are always proud of the sense of social purpose we fosler in our pupils and the resulting enthusiastic fundraising and awareness initiatives, some of which also include our parent associations as well. In the last academic year, pupils across our Schools raised a total of £74.000 from charitable activities, distributed lo a wide range of beneficiary charities, with a strong emphasis on children. Donations were made to local, regional, national and international charities. These included Myton Hospices, Warwick District Foodbank, Save the Children, Show Racism the Red Card. a number of smaller local charities and continued support to Brass lor Africa. In the furtherance of these aims, the Foundation Governors. as the Charity Trustees, consider that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard lo the Charity CommissiDn's published general and relevant subsector guidance concerning the operation ol the Public Benefit requirement under that Act. Grant-makin Polic During the year. the value of scholarships, Foundation Awards, and Bursaries tolalled £2.520m (2021122. £2.413ml. Of this. the amount of unrestricted funds lotalled £1 .970m12021122'. £1 .891 ml with a further £55Cik 12021122.. £522kl contributed from reslricled funds. The Foundation Governors, policy is to increase further the means tested awards when opportunities arise and £1.669m12021122'. £1.616m) of the total was awarded on this basis. 53812021122. 5011 pupils benefited from these regular grants and awards, with the result that one in five pupils al the senior Schools receives some form of financial assistance. The Foundation Award Scheme. which was introduced in 1999, is a means-tested scheme and enables Governors lo widen access to as broad a group of pupils as possible. There are currently 7312021122-. 761 pupils attending the Schools who pay no tuition fees al all (as well as those who pay reduced fees). The Schools also operate scholarship schemes awarded on academic merit. Review of Achievements and Performance for the Year erational Perfomance of the Schools King's High School The School has enjoyed another year of outstanding success and it has been a great pleasure lo celebrate so many achieverllents. We were shortlisled for Girls, Independent School of the Year and selected as Finalists by the Independent Schools Association for their Awards for Future-Readiness, Outstanding Sport and Community Engagement. winning the national award for fLJture-readiness in recognition of our pioneering work on educational innovation. Within this, our new Future-Ready Courses, offered as alternatives to traditional GCSES, have been very popular, alongside our new Changemaker Award in Skills, Character and Wellbeing. This year, we also launched our new King's High Wheel, wh￿ch captures our School's vision and values, with the changemaker dispositions that are now embedded through the life of our School. Alongside tremendous achievements in Sport, Music and Drama, an important development this year has been the launch of our new boarding house for sixih-fomi girls. Page 9

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 We were delighted with academic results in August 2023. After two years of Centre Assessed and Teacher Assessed Grades and a year of nationally inflated post-covid grades, we received our first full set of exam results Ihal closely reflect pre-covid levels. At GCSE 54010 of grades awarded were al 9￿. alld 740/0 at grades 9-7, with the most common grade awarded being the top grade 9. Al A Level 510/0 of grades were at A'.A with 77 % al A'.B grades. 78°/o of students gained entry lo their first-choice instilulion, with well over 700k attending Russell Group universities. Pupils are heading off lo study 53 different university courses, with a strong mix of STEAM subjects and arts and humanities subjects147 /0 to STEAM courses). Pupils continue lo be ambitious and bold in their course choices, and in addition lo a number continuing their study of subjects such as History.. Languages and Biology, many are opting for vocationally-focused courses including Law141, Dentistry131, various forms of Design181. Fine Art, Liberal Arts. Pharmaceutical Sciences, Agribusiness Management. Neuroscience, Education. Conservation Biology, Sociology and Criminology, Theoretical Physics, Cognitive and Neuroscience Psychology and Computer Science. as well as the full range of Iradilion81 Arts and Science subjects. We continue lo grow as a leading Innovator and are a Founder-member of the School Directed Courses Consortium, joining four other schools who are shaping the conversation about the future of the GCSE yeats. Our GCSE replacement courses are titled the Global Changemaker Programme and the Innovation & Entrepreneurship Programme.. 70.10 of pupils in current Year 10 study for one or more of these instead of one of their GCSE options. The school is now represented on the Committee of the Independent School Examination Board. with a remit lo share its innovative work in combining the best of traditionally examined curricula with a more innovative. future-facing approach. We are now in the process of publishing our seventh annual Inspire Essay competition, with entries from Year 7, 8 and 9 pupils on diverse topics, including 'Could Black Holes be a Portal to a Parallel Universe? Copper and Coal Mines,, 'What will be on the School Curriculum in 2050? Does History Matter? Is Sewing Good for your Mental Health? An Examination of the Quaker Influence on the Cadbury Confectionary Firm,, 'Why are Prime Numbers Useful in Cryptography? Al and the Future of Humanity,, 'Notre Dame.. Will il ever really be the same again?, and much more. In laler years students complete the EPQ with enormous success.. a record 93 /0 of pupils achieved an A. or an A in their EPQS in 2023. Our pathways for pupils applying for elile academic courses requiring an interview Of pre-admissions test is now complemented by Degree Apprenticeship, Global, Law and Medical pathways lo help pupils meet the specifics requirements of these diverse destinations. Pastoral care continues lo be the centre-poinl of our school culture and we have continued lo refine and bolster bolh our resources and provision. The development of the Wellbeing Team has seen a focused, newly- furnished wellbeing space (The Oasis) be developed al the physical heart of our school lo support the mental health and wellbeing of our students. 'The Oasis is a supportive and positive space dedicated to providing a calm environment for our students with neurodiversity as well as those students in need of additional support. This designated space demonstrates the connectivity betmeen our Learning Support and wellbeing provision in one holistic, accessible place. Our Mental Health Laad continues to expand the provision available by signalling appropriate. responsive and bespoke support from a strong team of specialists and professionals including counsellors, CBT therapists. dietetic support, an educational psychologist and our resident wellbeing mentor. The Flourish Programme, which seeks to support self-esleem and self-confidence in young people, continues to benefit a range of students in small-group environments. Our targeted support continues to develop in response to need, bul we maintain and continue our support of all students by frequenting external speakers as well as tailoring form time and assemblies to address a range of topics. This year, we have developed our Connections Meetings, which facilitate every student being inviled to a conversation with members of the Senior Leadership Team to discuss the experience of being a student at Page io

STIL4TEGIC REPORT FOR THE YLiR DED 31 AUGUST 2023 School. The purpose of these meeting is lo reflect on the school experience and communicate any concerns and observations of how we can continue lo improve our school for all. This is then centralised and discussed at Leadership Team meetings to inform change, planning and development. In 2023, we launched the King's Ten Wellbeing surveys. These cornprise of a series of len reflective statements which students reflect on and submit their personal responses, as well as providing an opportunity lo share an open wellbeing reflection with a member of the pastoral team. These surveys provide a further layer of pastoral communication for every member of the school community as do the weekly one-to-one meetings that take place in form times through our co-tutor system in which a member of staff supports the lead tutor to facilitate individual conversations based on student need. We continue lo prioritise the joy of learning and fun in the classroom. as well as developing a co-curricular provision of fun, mindfulness and joy. We have a series of clubs focused on joy, fun and play such as 'Downtime Club., dedicated lo mindfulness, games and community fun as well as Art for Wellbeing which continues lo bè popular. On our school site, we have invested in the joy of connection and community by installing the ever-busy table tennis and table football tables that centre fun, play and gentle competition al the heart of every playtime for all age ranges. The provision of ts'me and resources to Mental Health prevèntion and support is purposefully combined with a prevalent, informative culture of joy, gratitude fun and self-awareness. Our school dog, Parsnip is a key member of the pastoral provision as well as the arrival of our school chickens which require our students to work together lo care for animals, promoting teamwork, compassion, learning and togetherness. Togetherness and inclusion are key priorities for us so our Ableism Group, LGBT+ Group and Interfaith Council continue to be prominent student voices, presenting ideas and reflections in assemblies, staff meetings and al Leadership Team meetings throughout the academic year. The annual Festival of Wellbeing continues lo thrive and turns the whole school focus more acutely to wellness, self-awareness and self-care for students and staff. We seek not only to provide opportunity for self-refleclion, gratitude and a student's knowledge of their individual needs, but we also want these skills lo be lifelong for every student when they leave our setting. Therefore, we provide time to give to the wider community as well as contribute lo our own with charitable fundraising enterprises from local care work Gharity, Kissing it Better. and partnership outreach work with local primary schools and special schools. Our students are encouraged to reflect and express gratitude as another way of putting into perspective life's challenges. National 'Thank a T&acher Day, always creates a wave of gratitude from students lo staff. These enterprises partner with our commitment lo Character Education which is led by our Head of Character Education and informs our school's core aims. At King s High, our pastoral culture is always shaped and informed by listening, noticing, and responding to the needs of our students and how we Gan best support them in leaming to thrive both in our school environment and beyond it. The co-curricular life of our school continues to expand and thrive, whilst developing our school aims. Our pupils excel across the board in their sports with both teams and individuals reaching county, regional and national levels. In the most recent season of competitive sport, King's High achieved National titles or runners up spots across 6 different sports and we have had Individual Independent Schools Association National Champions crowned in Table Tennis, Tennis, Athletics, Cross Country and Skiing. Individual students have been selected across many disciplines for regional and national training and to represent their country in Waterpolo, Netball, HoGkey, Golf, Equestrian and Athletics to name a few. Music al King's High has gone from strength to strength, with more than 35 ensemble rehearsals taking place in the department each week. These cater for all musical abilities and interests, as well as providing opportunities for the most able. Our partnership with Orchestra of the Swan has developed and our talented Page li

STRATEGIC REPORT FOR THE YLiR ENDED 31 AUGUST ty023 orchestral musicians have received mentoring, workshops and the opportunity to perform side-by-side with their professional counterparts in a public concert. Exam results have been consistently strong, with 1 OO0/D of Trinity exams graded al distinction or merit. Ovef 350 instrumental and vocal lessons lake place in the department each week. Drama has had another busy and exciting year with the continued provision of a variety of clubs. theatre trips and fantastic productions, including 'Jesus Christ Superstarf, 'The Musicians, and 'Alice's Adventures in Wonderland,. The LAMDA department once again enjoyed outstanding results with 126 pupils gaining distinctions and 28 gaining merits in their external exams. There continues to be a broad variety of co-curricular activities with over 200 activities available each week. New clubs for the year include a Wellbeing Club which gives students the chance lo meet the new King's High hens and lo chat and make friends with students in other year groups. King's High students continued to raise money for local, n81ional and inlemational charities this year and raised in excess of £6000. Students have chosen 6 new charities lo support in their houses and fund-raising for these included fairs and sales of food. They also collected over 100 shoeboxes for Teams 4 U and other ha￿est items for the local branch of the Tru5sell Trust. Lower Sixth students also raised funds for a school in Silent Valley, India. They were delighted to support them in the summer holidays with renovating classrooms and providing key resources for the school. We have enjoyed continuing our link with Evergreen Special School. Students in the sixth form have volunteered lo support classes on Friday afternoons and the school has used King's High facilities for events throughout the year. We have also started a new volunteering programme al Evergreen School with students from Year 11 working with younger pupils at the Deansway site. In the holidays, students from Evergreen benefited from the Foundation's summer play scheme, Holiday Action. We also piloted an innovative partnership between King's High, Evergreen School and the children's charity, Let's Play, lo provide holiday aclivities for local students with disabilities. Our staff have provided enrichment activities in Music. French, Cookery and Classics for pupils in Years 5 and 6 in Westgate Primary School. Older pupils supported classes in a variety of primary schools through the volunteering programme. Year 5 pupils from Wesigate and Coten End primary schools took part in our new Salurday School Project, receiving extra support in English and Maths from King s High teachers. Year 9 students on the Fr1day activity programme enjoyed weekly visits lo Park View Care Home. We have visited patients in Warwick Hospital on Monday and Tuesday evenings and Friday afternoon, liaising with the 'Kissing il Better, charity. Students in the whole school wrote cards, produced artwork, made Crafts and collected items for 'goodie bags, for staff and patients. During the summar holidays older students were ab18 to visit patients in Warwick Hospilal and work at Park View Nursing Home. As part ofThe Warwick Schools Foundation. we are proud ofourdiverse group of schools, each with ils unique identity. The experiences of pupils at our individual schools are enhanced by opportunities to work together across our wider Foundation community. Warwick Preparatory School The school has achieved great success in many areas during the course of 2022123. Following the award of places to all girls in Year 6 at King's High, fourteen scholarships and awards (academic, music. 5POrt, art and dramal were made. Thirty-two boys transferred successfully lo Warwick Junior School from Year 2. The school has continued lo be highly successful In maintaining its roll during 2022123 and the number of registrations for entry in 2023, 2024 and beyond remains high. Page 12

STRATEGIC REPORT FOR THE YLIR ENDED 31 AUGUST 0023 In English and Drama, we have enjoyed tremendous success in LAMDA examinations with over 100 entries across all year groups in the Prep department. with 85°/0 awarded distinction and the remaining 15010 awarded merit. Our Music department celebrated many exciting occasions during the year, including the launch of our Year 3 Woodwind Project, offering every child in Year 3 the opportunity lo learn a woodwind inslrumenl. Children have gained places in the National Orchestras and Choirs and a large number of children in Years 2 - 6 receive luilion in one or more instrumen15. Of the Associated Boards examinations taken, 66'/o were awarded merit or distinction. Sport Saw children competing at a national level in various sports with our U11 football and swimming teams reaching the IAPS National Finals. Cricket has grown enormously and our U11 team competed in a range of county and national events. The extra-curricular life of the School conlinues to grow, there now being well over seventy-five clubs for children to attend each week, with new clubs added to meet the needs of our children. To meet the needs of working parents, the school's After-school provision continues lo operate with over one hundred children in attendance at different sessions across the week. Residential visits undertaken this year included Year 4 camping in west Wales, Year 5 slaying in a chateau in Normandy and Year 6 spending a week at a science study centre in North Yorkshire. Educational visits have flourished with over thirty separate day visits enjoyed by children from Nursery upwards. The school has supported a variety of local, national and international charities through fund raising activities and special charity days. Funds were also raised by the school and Parents Association for Macmillan Cancer Research, Children in Need, Myton Hospice and the Warwick District Food bank. The fundraising by all schools in our Foundation enabled the purchase of a new van to support the work of the foodbank. Our community events saw the whole school enjoying a day of celebration to mark the coronation of His Majesty The King, with activities directly relating to the interests of His Majesty- Our PTA, WPSA. ran successful social events to raise additional funds for the school and new playground equipment was installed to complete their pledge of £50,000. Warwlck School Warwick School continued ils tradilion of excellence in the academic year 2022123, building on the successes of the previous year. The school continued to excel academically, artistically, and athletically In the academic year, fostering an environment that priorilizes well-being, collaboration, and holistic development something evidenced by the conlinued growth of applicants for 11+ entry and an overall increase in the pupil roll for September 2023. In the Michaelmas Term, Warwick School proudly received the title of Independent Boys School of the Year for 2022 at the Independent School Awards. The breadth of the school's sporting offer continued to grow and the U16 Ski team's qualified for the national finals, along with the Senior and Intermediate swimming teams reaching the ESSA finals. The school's commitment to it5 more traditional sports remains, with over 100 hockey fixtures. 238 rugby matches played by 38 teams, and success in cricket and tennis. The arts loo continued to flourish with oulslanding performances in theatre productions like Everyman, The Musicians, and Joseph and the Amazing Technicolour Dreamcoat. The National Concert Band Finals brought further success, with three bands receiving gold and three platinum awards. The biennial arts festival returned. themed 'Shared Spa￿S. Pase L3

STRAI'EGIC REPORT FOR THE YEAR ETr4DED 31 AUGUST 9023 Several noteworthy developments look place during the academic year. The appointment of the firsl Head of Food Science paved the way for the launch of the subject in years 7, 8 and 9 in September '23. The irilroduction of the Headmaster's Award (Scholarship} for Year 7 entry. and the introduction of AIP (Assessment and Interview Pathway) were significant changes, as was the introduction of the Floreal Diploma to all year groups after a successful Year 7 pilot. Dr. Simon Chapman, after 30 years of dedicated seNice, announced his retirement, leading to a restructuring of the senior school leadership team. Mrs. Kimberley Wyatt assumed the role of Senior Deputy, with Mrs. Alex Quinn appointed as Assistant Head Teaching and Learning and Mrs. Kale Poole appointed to the new role of Assistant Head Pastoral. The academic year 2022123 marked the opening of the Well-Being Hub, providing essential support lo pupils in need. The Pupil Voice underwent restructuring. creating five subacommittees focused on key pastoral issues. The school continued to prioritize well-beirig, introducing the Life Space Mentoring Programme. Warwick's ommitmenl lo pupil well-being was recognised by selection as a finalisl in the Talk Education Awards for Innovation in Education Pastoral and Well-Being category. The Design Thinking curriculum, produced in collaboration with the University of Wamick was also recognised as a finalist for the Independent School of the Year in the Outstanding New Initiative category. The summer term brought riotable achievements in university admissions, with a 100/0 increase in pupils securing a pla￿ at their 'Firm Choice, university, 92 Russell Group places, and a 100°/o Oxbridge conversion rate {9 places). Which built on another year of strong performance in public examinations. A Level resutts A". A grades 41.10 and A'_B 74 /.. GCSE resutts A"1918 43D/o and A'IA191817 65.1 %. Warnick Junior School The academic year 2022123 saw a return to a full school programme following the pandemic. The return to daily routines and the ability to provide a full range of opportunities across all aspects of school life has had a positive impact on the boys, the staff and the school Community. Academic perfomiance at the Junior School continues lo be well above the national average in Maths and English wilh all Year 6 boys achieving a place in Warwick School. The Junior School continues lo offer a broad and varied curriculum offering a range of opportunities both inside and outside the classroom. Our Developing Learning Strengths programme is well*stablished and embedded across the curriculum and through the WJS Diploma. To recognise and celebrate boys who are outstanding examples of, or who have made notable progress in, a particular Learning Strength, we introduced Learning Strengths Awards which are given to boys nominated by teachers and form tutors. Events like the Year 6 Young Enterprise project develop independence, collaboration and public speaking skills through the pupils designing and making their own snacks or drinks. The curriculum offer has also been enhanced with Philosophy for Children, a programme aimed at developing pupils, critical thinking, problem solving and creativity. Pupil wellbeing continues to be an important part of school life. A Junior School Pastoral Committee has been formed to discuss pastoral and safeguarding issues that have arisen over the week. Eleven members of staff have now been trained in Mental Heatth First ￿'d and fifteen pupils and three members of staff look part in the Diana Award Anlibultying training. Pupil voice is heard through the school prefects, house officials, digital leaders, school Gouncil and the Green Eco Team. Pupils continue to achieve beyond the school community. In Computational Thinkin9, all Year 6 boys entered the national BEBRAS Computational Thinking Challenge., nine boys scored in the lop 10 % nationally and were Pase 14

STRATEGIC RF.PORT FOR THE YLiR ETriDED 31 AUGUST 0023 invited to sit the Oxford University Computing Challenge IOUCCI. in which Year 6 and Year 7 pupils compete at the same level. One boy scored full marks in this and was one of just 20 pupils nationally to gel through to the Final, coming 16th. Chess is another activity that ig blossoming in the school with one boy representing England. The Junior School has entered the Coventry and Warwickshire Chess league, putting in some impressive performances against boys who ￿n some cases are twice their age. This year the school was recognised by the English Chess Federation IECFI, the governing chess organisation in England, for outstanding achievements in chess for 2023. In Sport, the U11 A Football Team just missed out on qu81ifying for the ISFA National Finals at Sl George's Park after agonisingly losing 1-0 in the semi-finals to the eventual winners. In swimming, the U11 Swimming team qualif1ed for the ESSA Primary Relays and IAPS National finals in both the freestyle and Medley relays. At the ESSA finals the boys finished second in the medFey relay and fourth in the freestyle relay. At the IAPS national championships, the boys finished sixth in the Medley relay and ninth in the freestyle relays at the IAPS national championship. Individually, one of our Year 6 came fourth in the freestyle final finishing 4 tenths of a second behind the winner. In Music, our chamber music group, eSQuires were finalists in the national Pro Corda Chamber Music festival. Over the year, there were approximately 100 music exam entries across arrange of instruments and voice. The co-curricular offering continue5 to provide a range ofopportunilies. We offer upwards of72 clubs perweek and new clubs this year included Podstars, Warhamrner, Robotics and Animation. LAMDA has also seen a growth in popularity across the age ranges. We have also introduced clubs such as critical thinking and maths in motion to stretch and challenge our more able pupils. Music remains a strength of the school with almost 200 boys having at least one individual music lessiJn a week. Three of our boys currently attend the Birmingham Junior Conservatoire and three play with the National Children's Orchestra. Throughout the year: pupils have had the opportunity to perform in a range of contexts including whole school concerts, instrumental corlcerts, the year 6 production of 'The Lion King Jr., the Year 4 production of 'Porridge', House Music Competitions and Rap Battles. New initiatives include keyboard club. piano parties and the Dynamix String group. Day Trips and residential continue to be an important part of school life. Pupils have visited Bletchley Park (Computing and History); Birmingham Bolanical Gardens (Geography), Hazard Alley (PSHEEI, Warwick Castle (History), National Space Centre (Science) and Blisl Hill (History). This year, all Year group5 had an adventurous residential trip ranging from 1 night for the youngest pupils to a four-nighl stay for Year 6. Venues include the Peak District and Plas-y4renin in Snowdonia. We continue to develop links with other schools in the Foundation as well as those in the local community. Link events be￿een the Junior School, Wamick Prep School and Warwick School take place IhroughDuI the year, especially to support transition between the schools. Last summer term saw the Year 2 boys from the Prep School invited over to the Junior School for a transition lunch, which culminated in the Year 3 pupils introducing the Year 2 boys lo popular playground games. As part of the enhanced transition programme for Y8ar 5 pupils, the year group was invited over lo the Senior School for a drama workshop. Over the year, each year group has completed a sports-based link activity with the equivalent year groups from the Prep School. these were either cricket or tennis, and proved very popular with the pupils involved. In music, the school'micro choir. sung at the 'Lighl up a Life Christmas Charity event for Myton Hospice. Our Head of Music is in the third year of supporting local primary schools in writing a new music curriculum for non-music specialists. Staff and pupils have also provided Orchestral Outreach experience days for Key Stage 1 pupils from local schools. The boys and the wider school community continue to support local and national charities. Throughout the year each house supported a chosen charity and by the end ofthe summer term over £2,500 had been raised. Page i.fj

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 0023 At the end of the summer term, the school joined with the 'Marathon Man , Gary McKee to raise money for Myton Hospice and Macmillian. The community raised over £16,000 to be split between the two charities. This year also saw the retirement of Headmaster, Andrew Hymer after 7 years at Warwick Junior School. The new Headmaster of the Junior School, John Bond, started in January 2023. The Kingsley School A number of new staff, including key middle managers, were recruited throughout the year. Academic results were again strong in August 2023. At A-level (or equivalent course), students achieved 14.6°/o A. grades, 40.6Q/. A'.A grades. 79.7 % A'_C grades and 100°/o pass rate. There was good performance at GCSE too with 10.1Q/o of grades al 9, 21.6°/o of grades at 94. 40.3°k at grades 9-7 and 92.6010 at grades 9- Destinations of Year 13 students leaving Kingsley included Economics, Law at Cardiff University, Mechanical Engineering at Newcastte University, Mathematics at Bimiingham University, Music al Lincoln University, Ancient and Medieval History at Birmingham University, Environmental Science al Kingston University. A number of students are taking a gap year. The enrichment programme in the Prep School has been updated to include a wider range of opportuntlies lo develop new skills outside the classroom, with horse riding, football, skiing, circus skills and debating all added into the offering. Further updates this year have been chosen to develop key fulure-ready skills. such as computer coding, Mad Science and the introduction of 8billionideas workshops. The Preparatory School has recently Tolled out the new 4D Curriculum to further build on the acquisition on these skills. The learning objectives are open-ended, and the activities and tasks designed to enhance independence and lo ignite a passion for learning. Themes are chosen to allow the staff to be creative in their approach and lo encourage collaboration acrDSS the year groups. There is a renewed focus into taking the learning out into the world with a comprehensive range of Forest School experience days, trips and visits alongside opportunities lo invite experts into the school to share their experiences and knowledge. Forest School is now fully integrated into the curriculum from Little Aviators lo Year 6. The curriculum design has also allowed staff to weave the strands of sustainability. diversity and inclusion through all areas of learning, promoting a wide range of role models from all areas of our diverse global community. Using the Round Square IDEALS of internationalism, democracy, environmentalism, adventure, leadership and service as a framework for learning has encouraged the children lo seek out and respond to opportunib'es lo serve their community, and the Year 6 Charity Prefects recently successfully and entirely independently organised a day of fundraising activities in aid of Guide Dogs Leamington. Other fundraising évents have raised funds for Leukaemia Research. Children in Need and Young Minds. An updated PSEHE curriculum sits along51de a number of initiatives to ensure that pupil voice is heard, and we were pleased that Year 5 pupils from all three of tho Warwick Schools Foundation JuniorlPreparatory Schools were able to present to Governors at the recent Education Committee meeting. A commitment lo the Diana Award and Girls on Board continues, with strategies from Working with Boys, another Andrew Hampton initiative. being rolled out in the Preparatory School. The Sixth Form enrichment programme includes a focus on A Level Mindset skills and techniques as students are encouraged to formLJlate their goals and realistic action plans. Students benefit from formulating their vision, applying effort, employing useful syst8ms, practising meaningful study and honing their attitudes to hard Page 16

STRATEGIC REPORT FOR THE YFAR ENDF.D 31 AUGUST 2023 work. Alongside this. the Extended Project Qualification taught skills are delivered and students are working towards finalising their exciting projects. Fitness activities and sports take place every Wednesday alongside volunteering with charity Kissing it Better, something our students thoroughly enjoy and value. PSHE is now taught in dedicated lessons rather than during enrichment time and this has enabled a fuller, more detailed approach which is appreciated by staff and students. Topics covered include life skills, finance. relationships and sex education and first aid skills. Sixth Form students continue to contribute to senior school fomi limes through the Form Ambassador programme. Students are attached to forms and deliver weekly sessions comprising of current affairs quizzes or information sharing. They also offer support to younger students and offer the benefit of their experiences. The Sixth Form Leadership Team continue to fund raise diligently fDr their nominated charity, Leukaemia UK, and recent events include a successful second-hand clothes sale organised by our Eco Prefect. The team is planning its final fundraising event before stepping down al the end of lemi to focus on their surnmer examinations. Year 12 students have been invited lo apply for leadership roles and the selection process begins soon. A focus for the new team is developing links across the Foundation schools. Careers events have resumed with successful partnerships with local business, parents arid alumnae al the annual careers fair. Year 12 students undertook work experience placemènts during June as part of their higher education and careers guidance programme. This also involved returning Kingsley alumnae sharing their reflections on university and the world of work. There was continued activity and engagernent with equality, diversity and inclusion issues wilh a full programme of events during the school's Diversity Week, including specific assemblies celebrating difference and on not being a bystander to prejudi￿. The recently founded pupil diversity and inclusion group continues lo actively meet and has been fundraising for local diversity charity groups each term. Co-curricular activities have continued lo develop. Highlights have included the Senior School musical in March 2023, 'Little Shop of Horrors, taking place at the Bridge House Theatre, and Preparatory School show in June. along with musical concerts in all three terms for Prep and Senior Schools. Students across the school participated in the Warwickshire Open Arts festival in June with the school acting again as a host venue to display work produced by students. Various GCSE students have had their athork displayed in a Learnington Café. Sporting success was seen with the school's equestrian and ski squads, as well as emerging success with inter-school netball, athletics. cricket and hockey fixtures. Rugby has also been Ifailed with pupils in Senior School. Adventurous activities were in full flow with Bronze, Silver and Gold Duke of Edinburgh expeditions. The school has continued to collaborate with international schools through the Round Square neMoTk, with the rnain focus being student-led virtual meetings looking at different cultural aspects. In-person conferences resumed in Sepiember 2023 with students attending Round Square Conference in Nairobi. Outside speakers are coming into Kingsley on a regular lunchtime basis to cover the IDEAL5 of Round Square- Internationalism, Democracy, Environmentalism, Adventure, Leadership and Service. Page 17

STRATEGIC REPORT FOR THE ENDED 31 AUGUST 0023 We were delighted to be able tojoin with the Leamington Spa Rotary Club once more and host the Community Spirit awards in May 2023. This valuable blend of ages across the local community proved lo be a most edifying event that promoted the work of selfless individuals from both the Leamington area and Kingsley School. The School look part in a great deal of fund raising for Leukaemia Research following the death of Head of Music. Collaboration The Foundation is proud of its diverse group of schools, each with it5 unique identity. The experiences of pupils at our individual schools are enhanced by opportunities to work together across our wider Foundation community. Key areas where collaboration has been taking place during the year include.. Our partnership with the Orchestra of the Swan. A local professional orchestra with a reputation for innovative programming with younger musicians. Thereby fulfilling our strategic aim to develop a national reputation in the Arts. Working in partnership with Warnick - A Singing Town, lo promote a positive and exciting project for all residents to celebrate the joy of singing. Major productions frDm Warwick School and King's High in the Bridge House Theatre. Fnday Afternoon Activities Programme. Oxbridge preparation and interview programrne. Sprint Finish revision programme. Open invitations to Sixth Form academic society meetings in respective schools. Drama and Music staging many joint events and running of the Saturday morning drama club. Page 18

STIL4TEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Financial Review and Results for the Year The Foundation achieved an investment surplus (the widely recognised and benchmarked performance measure in the sector) for the year of £2.930m (2021122: £6.125ml. This investment surplus includes the finance cost of the derivative of £0.522m. Owing to the accounting adjustment required in relation to the FRS102 for th8 pension valuation, the nel movement in funds for the year is £2.107m12021122 £9.652ml. Governors strive to ensure that fee increases are maintained at the lowest possible level. whilst mindful of the importance of generating sufficient returns for the development of facilities to ensure the continuous improvement of teaching and learning in the Foundation schools. The Foundation 15 grateful to the Trustees ofThe King Henry Vlll Endowed Tfust, Warwick and The Charity of Sir Thomas White, Warwick. for income provided exclusively for funding means tested bursaries lo pupils residing within the town of Warwick and other educational activities with local schools, and also to the Trustees of Old Warwickian Trust for income provided exclusively for bursaries to pupils attending Watwick School. The trading s￿bsidiary (Warwick Schools Enterprises Ltd WSELI resumed hiring out the Foundation's facilities during the year, as Covid-19 naturally had had an impact on opportunities to generate additional income. It contributed £Nil {2021122.' £Nil) to the Investment surplus. Reserves The Foundalian's Free Reserves at 31 August 2023 were in deficil by £21.595m, with unrestricted and designated funds standing at £67.922m at the end of the year. Unrestricted funds were made up of £74.608m representing funds deployed as part of the Schools. premises and £15.864m as Bursary Funds. with the balancing minu5 £954k being within the subsidiary company. Restricted funds were £3.120m al the end of the year. The Foundation's share of the Local Government Pension Fund deficit is shown in the Balance Sheet and at 31 August 2023. this positive reserve stood at £6.276m12021122.' £3.841 m). The Directors are satisfied that the schools, operating cash flows and external fin3nce facilities are sufficient to meet the Schools. day-lo-day working capwtal requirements. Investment Polic and Ob'ectives Under the Charity's Articles of Association, the Trustees have powers to invest in such securities or property as they may think fit, subject lo the appropriate legal considerations. In practice, the Board of Governors has delegatad responsibility to the Finance and Regulatory Committee lo make such decisions on its behatf. The Finance and Regulatory Committee in turn appoints an invest￿ent manager lo oversee funds under investment. The core objeGlive of the ir)vestment portfolio is to achieve a balance between income and capital growth, over a longer-lerrn15 years) time horizon. As at 31 August 2023, the Foundation had a total of £14.468m invested for the long term with an investment objective of achieving a balance of income and capital growth. In the year to 31 August 2023, the total return generated by the Foundation's main portfolio was -0.800/0 compared with +1.83'/, for the agreed benchmark, in light of the economiG conditions. Page 19

STRATEGIC REPORT FOR THE YEAR EliDED 31 AUGUST 2023 ndraisin Performance We are delighted to report that thanks to generous support from alumni, current and former parents and other partners across our Foundation community, we generated £310,906 in total from philanthropic income during 2023. Particular thanks goes to our donors who funded a new Food Science Lab for Warwick School, due to open in September 2023, which has enabled the provision of a new GCSE in Food Science snd other co- curricular classes across the school and to twenty-six Old WapNickians who contributed lo an appeal lo purchase a sel of drums lo re-8slablish a Corps of Drums for the Combined Cadet Force. Together with the Combined Cadet Force Association the group raised nearly £11,000 and there are plans for the reinstated Corps of Drums to parade again next Slkmmer now the appeal has concluded. Legacy giving contributed £96,000 of the total raised which goes lo our bursary endowment. whilst over 100 individuals continue lo support bursary provision through regular monthly gifts. Our bursary programme gives individuals from disadvantaged backgrounds access to an education they would not otherwiso be able lo realise. Over the next five years, we plan to increase the amount of income raised for bursaries and capital spend from philanthropy, with the recent recruitment of new Foundation Director of Philanthropy, a revamped strategy and a focus on major gifts. We can a150 confirm that no external fundraising individuals or companies were employed lo raise funds. The Foundation is signed up to the Fundraising Regulator which oversees the Code of Fundraising Practice and there were no incidences of failures to comply with fundraising standards, nor any complaints received. The Foundation adheres to the GDPR regulations and contacts only those for whom our communications will be relevant and of interest. Risk Mana emenl The Board of Governors is responsible for the managernenl of the risks faced by the Company. Risks are assessed and controls established throughout the year. A formal review of the Company's risk management processes is undertaken by the Finance & Regulatory Committee on an annual basis. The key controls used by the Company include. formal agendas for all Committee and Board activity. detailed Terms of Referenco for each Committee., comprehensive strategic planning, budgeting and management accounting., established organisalional structure and lines of reporting., formal written policies., clear authorisalion and approval levels.. and vetting Pro￿dureS as required by law. The most significant risks considered during the year were as follows.. Page 20

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 0023 Risk- Mitigation al fee affordability and increased compelilion from Robust budgeting. light cost controls and strong other local schools, leading to a potential fall in marketing presence lo ensure continued gr0￿h or at student numbers andlor demand for places. least static position of pupil roll. Strong academic performance. b) diminishing investment returns applying A balanced portFolio through a respected and trusted pressure lo supported places. investment partner. Regular reviews. c) the increasing and unpredictable cost of the Retention of actuarial advisors. Scheme closed to I final salary pension scheme for support staff. new enlranls in 2015 and then fully closed in November 2023 to existing members. dl the servicing of the debt of a significant major Regular briefing reports lo Governors al termly building project costing, now completed. Finance & Regulatory Comfflittee. Strong budget controls and regular production of 10 year cash flow plan. el the risk of 8 major cybersecurity attack on our There are a range of mitigation in place, network IT systems. security, malware prevention, removable media controls, secure configuration of devices and software, rnanaging user privileges, multi factor aulhentication, incident management and monitoring, user education and awareness and Cyber security risk management. the continuing financia5 pressure being applied Long-term financial planning in the form of a 10-year through Central government policy, via cash-flow, including horizon scanning for central pensions. teacher pay and the threat of loss of government cost increases and the impact on price I charitable reliefs including VAT. and demand for places. Membership of GSA and HMC. g) cost of Teachers Pension Scheme expected to Continue lo review affordability of the scheme. increase si9nificantl h) external factors such as pandemics and Cost of Debtors constantly reviewed and procedures living crises affecting school finances and fee followed. All costs reviewed as mitigation. affordability. Through the risk management processes established for the Schools, the Governors are satisfied that the major risks identified have been adequatety managed, with further mitigation applied to each of the key risks. However. it is recognised that systems can only provide reasonable bul not absolute assurance that major risks have been adequately managed. Future Plans Following thè completion of the Project One Campus project, Foundation Governors have overseen a review of facilities across the Warwick and Leamington Spa campuses to ensure that they fully support academic excellence and pastoral care for the whole community. Incorporated into thè estates strategy is a commitment to protecting our planet including the establishment of a pathway lo nel carbon zero across the Foundation. Foundation Governors launched an updated Strategic Plan for the Foundation in Spring 2023. Our Manifesto lor Education" setting out the overarching priorities for the Charity up until 2032. Page 21

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Section 172111 statement The Trustees have acted in accordance with their duties codified in law, which include their duly to act in the way in which they consider, in good faith, would be most likely to promote the success of the Foundation for the benefit of its members as a whole. having regard to the stakeholders and matters set out in section 17211 } of the Companies Act 2006. In discharging their duties above, the Trustees carefully consider, amongst other matters, the impact on and interest of other stakeholders in the Foundation and factor these into their decision-making process. All our pupils benefit from the Foundation schools. outstanding academic, pastoral, alld co-curricular provision. Pupils are actively encouraged lo offer suggestions on developing their school experience, for example through School Council or Pupil Voice committees. The Vol￿ of pupils is always actively considered in decision-making processes. The pupil-centric focus continued during the Govemment-mandated closure and Ihe move to remote learning. recognising the challenges faced by pupils during lockdown. More information as to how this was introduced and developeij during the year is included by School under the'Review of Achievements and Perforrnance for the Yearf. Em The Foundation recognises that the qualities, skills and commitment of its employees play a major role in the Foundation's success. More information as to how the Foundation ensures the interests of employees are considered is outlined in the Employment Policy on page 6. Parents The Foundation embraces engagement with parents. through both formal and informal means. For example, that may be via formal feedback events on pupil progress, or through parents, association events. Surveys are also undertaken lo support strategic developments. Most recently. owing lo the COVID-19 pandemic. means of communication have transferred to 'virtual' methods, for example through parents events via Microsoft Teams. Feedback from parents has also enabled the developmenl of the online learning provision. Communit The Foundation is proud of its place in the local community and rnore information about the engagement and partnership activities that have taken place are outlined under 'Public Benefit Airns and Intended Impact, on pages 8 and 9. The Foundation endeavours wherever possible lo enable local schools and sports clubs lo benefit from its academic and co-curricular facilities. Cenlral to Strategy 2025 we appointed a Faundalion Principal with effect from 151 September 2020. As well as creating a single point of executive accountability to the board and a fDCUS on strategic opportunities, this role will also release the individLA81 Heads to focus more on the individual Schools under their stewardship. Page 22

STRATEGIC REPORT FOR THE YEAR ENDED 31 .4UGUST 2023 UK reenhouse as emissions and ener use data The Foundation look the following measures during the year lo improve energy efficiency= Reviewing energy consumption on an houdy basis versus the hours ofoperation lo reduce any unnecessary consumption. Communication of electricity and gas consumption across the Mylon Road Campus schools environmental commillees lo increase awareness. Rolling programme of improving energy efficiency of all buildings and investigating alternative healing solutions available for possible future implementation. Education programme lo reduce energy use through behavioural changes. 2022123 kwh 2022123 tC02e 1,207 86 1.293 517 2022123 /D of total 66'1tr 510 710/. 29,/0 Type of emission Scope 1 Activlty Natural Gas Transport Iminibusl Sub Total Electricity (Imported) Eleclricity (Generation) Sub Total 6,611,889 347.156 6,959,045 2,498.423 73,029 2,571,452 9,530,497 Scope 2 517 1,810 Total Gross emissions 100/ 2021122 kwh 8,046,394 280,390 8,326,784 2,565,451 75,924 2,641,375 10,968,159 2021122 tC02e 1,473 71 1,544 545 2021122 •/• of total 70/. 40/. 74°/0 2610 Type of emission Scope 1 Actlvlty Natural Gas Transport (Minibus) Sub Total Electricity (Imported} Electricity (Generation) Sub Total Scope 2 545 2,089 26f/*o 100/ty Total Gross emissions Intensity melric= Number of pupils: 2,84212021122.. 2,8521 Tonnes of C02& per pupil.. 0.6412021122.. 0.73} Energy usage is calculated with reference lo gas and electricity meter readings. Pase 23

COMPANY NUIIBER.. 0425230) STATEMENT OF DIREcfoRS' RESPo￿'S]BlLITIEs The Directors are responsible for preparing the Directors, Report and the Financial Slalements in acwrdance with applicable law and regulaliori5. Company law requires the Directors to prepare financial slalemenls for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standardsl and applicable law. Under Company Law. the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Charity and the Group and of the surplus or deficit of the Group for that year. In preparing these financial slalements, the Directors are required to= select suitable accounting policies and apply them consi51enUy", observe the methods and principles in the Charities SORP., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been follawed, subjeGt to any material departures disclosed and explained in the financial slalemenls., and prepare the financial statements on the going concern basis unless it is inappropriate to presurne that the charitable Company will continue in business. The Directors are responsible for ensuring that adequate aGcounling records are maintained that are sufficient to show and explain the Charity s and the Group's transactions and disclose with reasonable accuracy at any time the financial Posltion of the Charity and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and the Group and ensuring their proper application in accordance with Charity Law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Directors is aware, at the time this report is approved.. there is no relevant audil infomiation of which the Company s auditors are unaware., the Directors have taken all steps they ought to have taken to make themselves aware of any re18vanl audit infomialion and to establish that the auditors are aware of that information. This report, incorporating the Strategic R8POrt. was approved by the Trustees as Directors of WarwiGk Independent Schools Foundation. Approved by the Board of Directors of Warwick Independent Schools Foundation on 15 March 2024 and signed on its b alf by.. DIRECTOR SALLLI AOS i ir Iprint name) DIRECTOR Iprint namel Page ?4

INDEPENDENf AUDITORS. REPORT TO Tlfl MEMBERS OF WARNVICK INDEPEf* DEYT SCHOOIS FOLYY D.4TIOIN Opinton We have audited the financial statements of Warwick Independent Schools Foundation I'lhe charitable company'l and its subsidiary I'the group'l for the year ended 31 August 2023 which comprise Consolidated Statement of Financial Aclivilies, Charity and Consolidated Balance Sheets. Consolidated Cash Flow Slalement and notes to the financial slalements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the stste of the group's and the charitable company's affairs as at 31 August 2023 and of the group s income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS IUK)) and applicable law. Our responsibilities under those standards are further described ir) the Audilorfs responsibilities for the audit of th& financial statements section of our report. We are independent of the charitable group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concém basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group s ability ta continue as a going concern for a period of at least iwelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the r81evant sections of this report. Other information The trustees are responsible for the other information contained within the annual report. The other information comprTses the information inGIEJded in the annual report. other than the financial statements and our auditor's report thereon. Our opinion on the financial slalemenls does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion th&reon. Page 2?

INDEPEliDENY AUDITORS. REPORT TO THE MEMBERS OF WARNVICK tNDEPEf*DEYf SCHOOIS FOUNDATION Other information (continued) Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenmise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstalemenl in the financial statemenls themselves. If. based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinions on olher matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the infomiation given in the trustees. report. which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by ex¢eption In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the trustees, report. We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate and proper accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made", or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial ststements that are free frorn material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the challlable company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic atternative but to do so. Page 26

INDEPENDE.Yr AUDITORS. REPORT TO TFIE MEMBERS OF WARWICK INDEPENDE,NT SCHOOLS FOLryDATION Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that arE audit conducted in accordance with ISAS IUKI will always delect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo Influen￿ the economic decisions of users taken on Ihe basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularilies, including fraud and nOn￿omplIance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsre5ponsibilities. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances Df non-compliance with laws and regulations. We identified and a55essed the risks of material misstalemenl of the financial slalements from irregularities, whether due lo fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks. including obtaining audit evidence sufficient and appropriate lo provid8 a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group Dperales, focusing on those laws and regulation5 that have a direct effect on the delerminalion of material amounts and disclosures in the financial slalemenls. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial slalement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charilable company's and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable cornpany and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education Ilndependent School Standards) Regulations 2014. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the grèatest risk of material impact on the financial statements from irregularities, including fraud. to be within bursaries, scholarships and other discounts, and the override of controls by management. Our audit procedures lo respond to these risks included enquiNes of management, and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedLJres over bursaries, scholarships and other discounts, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission. Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance. P￿e. 2ry

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WARWICK INDEPENDENT SCHOOLS FOUNDATION

Extent to which the audit was considered capable of detecting irregularities, including fraud

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations[(] irregularities[) ] is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, for[g] ery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company's members, as a bod[y] , 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[p] urpose. 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 4th Floor St James House St James S[q] uare Cheltenham GL50 3PR

Dated: 14 May 2024

Page 28

CONSOLIDATED STATEMEp<f OF FtNLNCLIL AcfIvITIES (INCORPORATING INCOME & EXPEND￿LlRE AccouNr) FOR THE YEAR ENDED 31 ALTGUS1' 2023 ,Notes LTnrestricted trunds Restrirted Endowed Schools Other unds Trunds Total l-otal unds 31 und.$ 31 Aug 20k.g Aug 2022 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo INCOME FROM: Donations Charitable Activities- School fees other income Other Trading Activities.. Trading turnover.. WSEL Investment Income Total Income 1,402 1,402 7,056 40.000 4,773 40,000 4,773 37,926 3,495 439 439 564 47,178 399 477 43, 353 564 45,337 439 1,402 EXPENDITURE ON. Raising Funds.. Cost of Devebpmenl Office Cost of trading activilies.- WSEL Other activities Charitable Activities.. Schools and grant-making Total Expenditure 283 283 526 46 257 528 23 526 46 45,397 45,680 722 722 27 27 46,151 47,006 39. 127 39, 935 577 Net losses on investments Net income l(expenditure} Transfers between funds Pension Scheme actuarial gain -507 45 -343 2,107 -507 -335 -429 2, 989 -343 343 680 -27 20 2,107 9, 652 NET MOVEMENT IN FUNDS 1.119 680 -27 1,772 12,641 Balance brought fO￿ard at 1 Septernber 2022 76.862 2.440 2.735 82,037 69.396 FUND 8ALANCES at 31 August 2023 77,981 3,120 2,708 83,809 82,03T All activities relate lo continuing operations. The notes on pages 32 to 55 forrn part of these accounts. Pag¥ 29

CONIPLNI h￿TrIBER.. 044kn39305 CHARITY AND CONSOLIDATED BALANCE SHEET AT 31 AUGUST 9023 40tes Group 31Aug 2023 £'ooo Charit 31 Au8 2023 £'ooo 31 Aug 2022 £'ooo 31 Aug £'ooo FIXED ASSETS Tangible assets Investments 76,103 18,842 94,945 76, 745 19,042 95,787 75,939 18,842 94,781 76,542 79,042 95,584 CURRENT ASSETS Stock Oeblors Cash al bank and in hand 2,187 7,091 3,461 6,292 9,756 -10,670 3.755 6,976 10, 136 -9,506 6.364 CREDITORS.. due within one year 12 -10,748 -9,642 NET CURRENT (LIABILITIES) I ASSETS -2,032 -356 -914 630 TOTAL NET ASSETS before pension deficit 92,913 95.437 93.867 96,214 CREDITORS.. due after more than one year 12 -15.380 -17,235 -15,380 -17,235 Pension Scheme funding surplus 20 6,276 3,841 6,276 3,841 TOTAL NET ASSETS 15 83,809 82.03T 84,763 82,820 ENDOWED FUNDS 2,708 2, 735 2.708 2, 735 RESTRICTED FUNDS 1s(b) 3,120 2,440 3,120 2,440 UNRESTRICTED FUNDS Designated & general funds Revaluation Reserve Pension Reserve Surplus Derivative Resepoe Nel Unrestricted Funds 1s(c) 15(c) 67,922 1.829 8,276 1,954 77.981 69,652 1,937 3,841 1.432 76,862 68.876 1.829 6,276 1,954 78,935 70,435 1,937 3,841 1.432 77,645 20 t5(c) TOTAL FUNDS 83,809 82,037 84,763 82,820 If yYwckn- ard on>x<2024 and signed on ils bèhalf by.. Approved ylh DIRECTOR SALLLI Aa i i (print namel DIRECTOR (print name) The notes on pages 32 to 55 forTn part of these accounts. Pa(Te 30

CONIPLNY N75￿1B&￿' 042j 305 cO￿'soLIDATED CASH FLOW STATE,NIEvr FOR THE I"EAR E.NDED 31 ALTGUST 2023 2023 2022 £'ooo £'ooo E'ooo CASH FLOWS FROM OPERATING ACTIVITIES 3,094 4.430 CASH FLOWS FROM INVESTING ACTIVITIES: Investment income & bank interesl Purchase of propety, plant and equipment Proceeds from sale of tangible fixed assets Change in fixed asset accrual Proceeds from sale of investment property Purchase of investments Proceeds from sale of inveslrnents Incfease in bank deposits NET CASH USED IN INVESTING ACTIVITIES 564 -2.230 477 -1,190 35 88 -2,155 2,055 -207 -448 526 -72 -616 -1,929 CASH FLOWS FROM FINANCING ACTIVITIES.. Other interest paid Loan repayments NET CASH USED IN FINANCING ACTIVITIES -559 -1,333 -615 -1,892 -675 CHANGE IN CASH & CASH EQUIVALENTS IN THE REPORTING PERIOD 23 -727 3,199 CASH & CASH EQUIVALENTS AT TblE BEGINNING OF THE REPORTING PERIOD 22 7.091 3.892 CASH IN HAND NOTICE DEPOSITS CASH & CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD 6,364 7,091 22 6,364 7,097 Note.. Charity Law requires separate administration of the cash flow of endowed and olher restricted funds of the Charity. This constraint has not adversely affected Group cash flows as slated above. The notes on page 53 form part of these accounts. Page 31

NOTES TO THE Accour(rs FOR THE YEAR ENDED 31 AUGUST 2023 Statement of Accounting Policies (a) Chari Slalus Warwick Independent Schools Foundation is a Charitable Company limited by guarantee (registered number 042523051, which is registered in England & Wales. Its Charity fegislration number is 1088057. The registered office and principal place of business is Warwick School, Myton Road, Warwick, CV34 6PP. Its principal activity is the provision of day and boarding schooling. O)) Basis of Accountin The financial slalemenls have been prepared under the historical cost convention with ihe exception of investments which are included at rviarkel value. The financial slalemenls have been prepared in accordari with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Companies Act 2006 and the State￿ent of Recommended Practice ISORP 20151 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- effective 1 January 2019. The dale of transition lo FRS 102 was 1 September 2014. Watwick Independent Schools Foundation meets the definition of a public benefit entity under FRS 102. The functional currency of the Charity is considered lo be GBP because that is the currency of the primary economic environment in which the Charity operates. The accounts present the consolidated slalemenl of financial acts'vities ISOFAI and the Charity consolidated balance sheets comprising the consolidation of the Charity and the Company and ils wholly owned subsidiary, Warwick Schoo15 Enterprises Limited (Company no.. 036175921. The results of the subsidiary are consolidated on a line by line basis. The Charity became the Corporate TNslee of the Trust on 29 August 2001 and the accounts, therefore, include the Trust as a subsidiary Charity for the accounting period commencing I September 2001. Under the Charity Commission Scheme of 29 August 2001 all trust funds other than the Trust's permanent endowment of the Schools land were transferred lo the new Charity known as Warwick Independent SchooEs Foundation, as propety of the Company, and the Trust itself was made a subsidiary Charity of the Company as its Corporate Trustee. No separat8 SOFA has been presented for th9 Charity alon8 as pgrmittgd by section 408 of Ihg Companies Act 2006 and paragraph 397 of the SORP. The Charity has taken advantage of the exernplion available lo a qualifying entity in FRS 102 from the requirement to present a charity only Cash Flow Ststemenl with the consolidated financial slalemenls. (c) Goin Concern Having reviewed the funding facilities available to the Schools together with the expected ongoing demand lor places and the Schools future projected cash flows, the Governors have a reasonable expectation that the Schools have adequate resources lo continue ils activities for the foreseeable future and consider that there were no material uncertainties over the Charity's financial viability. Accordingly, they continue lo adopt the going concern basis in preparing the financial statements as outlined in the Statement of Directors, Responsibilitres on page 24. Page 32

NOTES TO THE Accouyfs FOR THE YLIR EN'DED 31 AUGUST 2023 (d) Basis of Consolidation The financial ststements consolidate the accounts of Warwick Independent Schools Foundation and ils subsidiary, Warwick Schools Enterprises kn'mited. The surplus for the year deaA with in the accounts of the Charity was £1.942,38812021122: £12,845,639). (e) Charitable Income and Donations Voluntary incoming resources Including legacies are accounted for as and when enliugment arises. the amount can be reliability quantified and the economic benefit lo the Charity is Considered probable. Charitable income and donations received lor the general purposes ol the Charity ar8 credited to "other unrestricted funds. lo distinguish them from direct school income. Grants given for specific purposes are Irealed as income in the year of receipt and are taken lo 'reslricled funds" Unspent reslricled income Is included under restriGled funds as it is fullycommitled. Income received from the charities of The King Henry Vll l Endowed Trust, Vvarwick and The Chanty of Sir Thorllas While, Warwick is accounted for on a receivable basis. Government grants are credited to the consolidated statement of financial activities as the related expenditure is incurred. Investment income is recognised when re￿1Vable. (fi Fees and Similar Income Fees receivable and charges lor services and use of premises are accounted lor in the year in which Ihe service is provided. Fees receivable include conlribulions received from Restricted Funds for Bursaries and Awards. Trading income is exclusive of Value Added Tax and trade discounts. (g) Resour￿5 Ex Resources expended are accounted for on an accruals basis. Certain expenditure Is apportioned lo cost categories based on the eslimaled amount attributable lo that activity in the year. Teaching, weKare and premises costs are derived from activities classified in cost departments that are directly for the pupils, benefit. Support costs consist of the administration costs of rLJnning the Schools, Marketing & Recruilmenl costs for the Schools and expenditure in relation lo school expeditions. Govemance costs cornprise the costs of rLJnning the CharTty (including strategic planning for its future development). external audit, legal advice lor the Governors and all cosls of complying with statutory requirements. Liabilities are recogniseol when they can be measured reliably and there is a legal 01 constructive obligation committing the Charity to the expenditure. ended Termination payments afe accounted for as soon as the Schools are aware of the obligations to rnake payments. eratin Leases Rentals payable are charged on a lime basis over the le8se temi, even rf the payments are not made on such a L>asis. Benefits received and receivable as an incentive lo sign an operating lease are similarty spread on a slraigh14ine basis over the lease le￿. Page 33

NOTES TO THE ACCOUNfs FOR THE YEAR EliDED 31 AUGUST 2023 (i) Pension Schemes The Schools participate in a multi-ernployer pension scheme. the Government's Teachers Pension Defined Bengfits Scheme ITPSI, for Ihe1r leaching staff. The pension liability is the responsibility of the Teachers, Pension Scheme. As a r95uII, il is not possibl8 to identify the assets and liabili11gs of the schem8 that are allributable to the Schools. Accordingly. under FRS 102 the scheme is accounted for as rf it were a d8ff ned contributions scheme. The Charity also participates in a MU￿￿mplOYer pension scheme. the Local Government Pension Scheme ILGPSI, for Ils non-leaching staff. which is administered by VVarwi¢kshire County Council. The Charity is able to Identify ils share of the underlying assets and liabilities in the scheme on a consistent and reasonable basis. Accordingly. the scheme is Irealed as a defined benefit scheme under FRS 102. The scheme is being accounted for under FRS 102, with the annually calculated notional surplus or deficit on the funding of the Scheme shown in the accounts as a designated ftjnd enlilled "Pensions Reserve. which is deducted from Unreslricled Funds in the balance sheet. The Charity aulo-enrols employees into the National Employment Savings Trust INESTI. an independenuy njn defined contribution scheme. The Kingsley School also conlribules lo defined contribution pension schemes for non-teaching staff. The assets of the schemes are held separately from those of the School in independently administered funds. Payments lo the scheme are chaiged as an expense as they fall due. Pension costs form part of stsff costs and are allocated directly across activib.es and between restricted and unrestricted fvjnds on the basis of lime spent. (i} School Buildin sandE ui ment Capitalisution and Replacement The original lancl and buildings endowed to the Schoo15 together with all subsequent additions recorded by the Trust were professionally re-valued as at 31 August 2001. On 1 September 2001, all land and buildings. other than the original endowed propety. were transferred lo the Charity. In these accounts these transfers are treated as being al cost to the Charity. The Charity is also responsible for keeping the original building in fil and useftjl condition and these costs are written off as incurred. Buildings improvements and extensions and furniture and equipment costing more than £5.000 individually are capitslised and carried in the balance sheet al historical cost. The fixed assets brought in from The Kingsley Schc>ol as a gift, were t)roughl in al fair value. Depreciation Depreciation is calculated on a straight-line basis to write off the cost, less estimated residual value of fixed assets. over their estimated useful economi¢ lives. These rates are currently as follows." Buildings Sports con5truckn.ons Furniture, flxtures & equipment Motor vehicles 20 - 50 years 20 - 25 years 3-10years 4 years No dep￿CIall0n is charged on freehold land or assets under the course of conslruclion. Depreciation is charged when asse15 become in use. Page.34

NOTES TO THE AccouKfs FOR THE ITAR ENDED 31 AUGUST 2023 (k} Investments Invèstments. which includo listed investments and investment propertses, are stsled at market value. Investment properties are valved every five years and revi9wed for impairmgnl annually. Unit trust investments are slated at mid-markel price. Realised gains and losses on investments. calculated as the drfference be￿een the sale proceeds and their mark81 value at the start of the year. or subsequent cost. are credited or charged lo the SOFA in the year of gain or loss. Unrealised gains and losses represents.ng the movement in market values during the year are credited or charged lo the SOFA in the year of gain or loss. O) Slock Stocks are valued al the lower ol cost and nel realisable value after making due allowance lor obsolete and slow-moving stocks. uid Resources The Charity includes fixed term deposits of less than one year as liquid resourcgs. (n) Debtors Trade and other debtors are reeognised at the settlement amount aftor any trade discount offered. (o) Creditors Cfedilors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. (p) Financial Instruments Basic financial Instruments are initially measured al Irans3clion value and subsequendy measured al amortised Cost with the exception of investments which are held at market value. Financial assets held al amortised cost comprise cash al bank and in hand, together with all debtors other than prepayments. A specific provision is made for any debts for which recoverability is in doubl. Financial liabilities held al amortised cost comprise all creditors except social security and other taxes and fees received in advan￿. Derivalives. including interest rate swaps, are not basic financial instrument5. Derivatives are initial recognised al fair value on the dale a derivab've conlraGI is entered into and are subsequently re-measured at Iheir fair value. Changes in the fair value of derivatives are recognised in the Slalemenl of Financial AGlivilies within finance costs. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, Can￿lled or expires. (q) Fund Accountin Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity. Unrestricted funds are identified as e1ther Designated Funds or General Funds. Oesignaled Funds represent funds that the Trustees have sel aside for defined purposes. Certain elements of the Designated Bursary Funds are subject to feslrictions set out in the Memorandum and Articles of Association. Pa8e 35

NOTES TO THE Accouyfs FOR THE YEAR ENDED 31 AUGUST 2023 (q) Fund Accountin continued Each Designated Fund is disclosed separately in the notes lo the financial slalemenls. There is a commitment lo use these monies in future years. as designated. General Funds represent accumulated surplusesldeficit5 to dale, after transfers lo Designated Funds. Restricted Funds are funds subject to specific restricts'ons imposed by the donors. The Endowment Funds are permanent endowment funds, i.e.. the donors have stsled that the funds are lo be held as capitsl. nificanl Accountin Estimates and Jud emenls The Charity makes estimates and assumptions Conceming the future. The eslimales and assumptions that have a significant risk ol causing a material adjustment lo the carrying amounts ol assets and liabilibes within the next financial year a￿ discussed below. The present value of the Local Govemrnent Pension Scheme defined benefit liability depends on a number of factors Ih21 are detefmined on an 8cluarial basis using a variety of assumptions. The assumptions used in determining the nel cost lincomel for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 20. will impact the carrying amount of the pension liability. Furthermore, 8 roll forward approach which projects resulls from the lalesl full actuarial valuation performed al 31 March 2016 has been used by the actuary in valuing the pensions liebility al 31 August 2023. Any differences b¢￿een the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability. Fees Receivable 20 £'oDo 43,748 -1.228 -2.520 40,000 20￿2 É'ooo 41,475 -1,136 -2,473 31,926 Fees Less Staff Fee Remission Less Scholarships and Bursarie5 Other Income 2023 £'ooo 20•2 £'ooo Charltable Actlvltles Other educational charitable activities.. Entrance and registration fees Music luilion fees Holiday Action and Swim School Other 70 913 551 1,754 3,288 66 878 425 1.615 3.044 Other ancillary activities.. Insurance income Excursions Grant Income 70 436 1,485 4,773 3.495 Ptge 36

NOTF.S TO THE Accouyfs FOR THE YL4R ENDED 31 AUGUST 2023 Income from Subsidiary's Trading Activities The Charity owns the whole of the £1 ordinary share c8Pltal of Warwick Schools Enterprises Lirnited. The principal activity of the Company is that of letting the school facilities and the operation of a school clothing shop. The trading results for the year, extracted from the audited accounts, are summarised below.. 2023 £'ooo 439 -610 -171 2022 £'ooo 3g9 -608 -209 Turnover Operating costs Loss frofn continuing activities Covenanted donation gross Balan￿ carried forward -171 -209 Warwick Schools Enterprises Limited norrnally makes a gift aid donation of any surplus earned lo ils parent. Warwick Independent Schools Foundation. This amounted to £Nil (2021122.. £Nill lo the Charity durTng the year. 2023 £'ooo 325 -1,279 -954 20>2 £'ooo 533 -1,376 -783 Assets Liabilities Net liabilities The net liabilities of Warwick Schools Enterprises Limited at 31 August 2023 amoLinled lo £954,248 12022.. £782,951). Investment Income 2023 Restrktted £'ooo LTnrestricted £'ooo 'I'otal £'ooo Tntal £'ooo UK Fixed Interest UK Eouities Propety Fund Bank Interest Investment property 26 309 26 309 11 103 115 564 23 287 10 72 145 477 103 115 564 V38e 37

NOTES TO THE Accouwfs FOR THE YL4R DED 31 AUGUST 2023 Expendituro *0&3 £'oov 2032 £'voo Charitable expendrtura includes- Auditors remuneration For audit For audit of subsidiaries For other services Operating Leases payable For Motor Vehicles For Property Other Loss on sale of fixed assets Depreciation Bank Loan interest payable 46 165 34 15 20 2,758 559 144 34 75 2,707 675 Total staff costs comprised: Wages and salari&s Social security costs Pension conlribulions Compensation for loss of offi 24,739 2.333 22.435 2.737 4.2TO 99 28,935 80 31,736 Aggregate employee benèfits of key rnanagement personnel 1,502 1,373 Page 3fl

NOIES TO THE ACCOUYTS FOR THE YE￿ ETr*DED 31 AUGUST 2023 6. Expenditure (continued) During the year there were lerminalion payments made which amounted lo £80.126 12021122.. £99.4681. There was £46,94112021122.' Nil) outstanding al the year end. The average number of the Charity's amployges during the year calculated on an average headcounl basis was 92012021122. 8741. 2023 427 493 920 2022 426 448 874 Teaching Support Neither the Governors nor persons connected with them re¢eived any remuneration or other benefits from the Schoc>ls Dr any connected organisalion. other than one Governor whose son is in receipt of a Scholarship. Travelling and course expenses amounting lo £11,85412021122.' £4,7981 were reimbursed lo six Governors 12021122. 41. The number of higher paid employees was as follows. all of whom are accruing benefiis under Defined Benefit Pension Schemes lolalling £522,22912021122'. £418.8581. 2022 £60.000 - £70,000 £70.000 - £80,000 £80.000 - £90,000 £90.000 - £100,000 £100,000 - £110,000 £110,000 - £120,000 £120,000 - £130.000 £130,000- £140,000 £140,000 - £150.000 £150.000 £160,000 £180,000- £190,000 £190,000- £200,000 £200,000 - £209,999 14 15 Page 39

NOTES TO THE ACCOUNTS FOR THE YE4R ENDED 31 AUGUST 2023 Analysis of Total Resources Expended 2023 Other Depi*Liation £'ooo £'ooo Staff Costs £'ooo Total £'ooo Total £'ooo Costs of Generating Funds-. Other Activities Cost of Development Office Total for Charity Trading Costs of the Subsidiary Total for Group 35 66 101 294 395 11 46 283 329 526 855 23 257 217 217 182 399 280 528 808 50 61 Charitable Activities.. Teaching Welfare Premises Support Costs and Governance BanklPension Interest & Other Financing Prizes & Other Awards 24,258 2,113 ,2,240 2,786 3,292 1,694 3.128 3,861 27 27,550 3,807 8.115 6,647 27 25. 651 3,036 6. 896 5,117 -1,576 2,747 Sub-Total Total Resources expended Group Charity 31.397 31,796 31,614 12,007 12,402 12.108 2,747 2,808 2,758 46,151 47,006 46,480 39,127 39,935 39,407 Included in 8anklPension Inl8resl & Other Financing is £522,11512021122.- £2.473,2101 for the dgcre8se in fair value of the liability from the interest rate swap. Governance Costs included in support costs 202.8 £'ooo 2022 £'ooo 46 739 185 Auditors remuneration Liability insurance 126 180 Page 40

NOTES TO THE AccouKfs FOR THE YL4R ETr¥DED 31 AUGUST 2023 Tangible Fixed Assets Land & Tr'urnitllre. Buildings IotQT FehiclL Xssel.s IR Course of Construrtion £'oDo Total Equipment £'ooo £'ooo £'ooo £'ooo COST Al 1 September 2022 Additions Disposa15 Transfer Al 31 August 2023 71 30 99,166 2,219 -718 91.739 35 -36 7,156 1,254 200 41 15 7,784 -17 84 92,640 159 100.667 DEPRECIATION At 1 September 2022 Charge for year On Disposals Al 31 August 2023 17,505 1,919 4,944 820 413 5.151 175 19 41 153 22,624 2,758 54 24,728 19,424 NET BOOK VALUES Al 31 August 2023 Al 31 August 2022 73,216 74,234 2.633 2,212 84 71 75,939 76.542 25 Charity Total £'ooo Subsidiary Total £'ooo Group Tutal L'OOO COST Al 1 September 2022 Additions Disposals At 31 August 2023 99,166 2.219 -718 100,667 624 99.790 2,230 -718 101,302 635 DEPRECIATION Al 1 September 2022 Charge lor year On Disposa At 31 August 2023 22.624 2,758 54 24.728 421 50 23,045 2.808 -654 25,199 471 NET BOQKVALUES Al 31 August 2023 Al 31 August 2022 75,939 76,542 164 203 76.103 76, 745 Included in the net book value of land and buildings is £362,917 (2022.. £375,917) in respect of long leasehold buildings. The remainder Is freehold. Page41

NOTES TO THE ACCOUNTS FOR THE YEAR El*DED 31 AUGUST 2023 Investments Unrestricted Designated £'ooo Refjtricted Funds £'ooo T(rtal 2023 £'ooo Total 2022 £'ooo Group.. Balance al 1 September 2022 Additions Disposals at opening market valu Movements in cash deposils Rgv81ualion Ilossesl I gains Nel unrealised losses Balance al 31 August 2023 19,019 2.155 -2,055 207 -108 -399 18.819 23 19,042 2.155 -2.055 207 -108 -399 18.842 19.471 448 -526 72 479 -908 19.042 23 Securities Listed on the Stock Exchange Property Cash deposits 13,558 4,351 910 18.819 23 13.581 4.351 910 18.842 13,880 4.459 703 19,042 23 Listed Securities comprise= UK Fixed Intgrest UK Equities Property Fund S & W Investment Funds 911 11,828 595 224 13,558 911 11.851 595 224 13,581 589 12,719 793 379 13,880 23 23 Charity- as above Investment in subsidiary company {see note 41. Reconclllatlon of openlng and closlng Investments by class Seciirities Listed on Stock L¥change £'ooo Pr(Jperty Cash Deposit5 Total £'ooo £'ooo £'ooo Group: Balan￿ at 1 September 2022 Additions Disposals RevalLJalion Movement in cash deposits Nel unrealised losses Balance al 31 August 2023 13,880 2,155 -2,055 4,459 703 19.042 2.155 -2,055 -108 20[ -399 18.842 -108 207 -399 13,581 4,351 910 The Kingsby School investments were donated lo the group on the 10 March 2021 as part of the merger of The Kingsley School into the Foundation. The valuation on transfer of these investments lolalled £1,317.D69 at the 10 March 2021. These investments include two properties totalling £1,280.000 on valuation in March 2021 by Wareing and Company. The other investment properties held were valued as at the 31° August 2021 by Margetts Chartered Surveyors al £2.7m. The investment properties were reviewed as al 31 St August 2023 using a market price indicator resulting in a loss of £108k. All investments are held to provide a return. and all are held in the UK. Page 42

NOTES TO THE AccouNfs FOR THE ITAR ENDED 31 AUGUST 2023 io. Slocks Group 2023 £'oou Charity 2023 £'ooo 2022 £'oou 2022 £'ooo Goods for ￿sale and consumables Stocks recognised as an expense in the Statement of Financial Activities during the year were £252,413 {2022. £233,147). Debtors Group 2023 £'ooo Lharit) 2023 £'ooo 391 35 36 1,798 1,201 3,461 2022 £'ooo 373 226 75 7.633 2022 £'ooo School fees Trade debtors Other debtors Prepayments and accrued income Amount due from subsidiary undertaking 391 55 36 1,862 313 70 15 1,577 1,180 3.155 2,344 2,187 Creditors Group 2023 £'ooo Charity 2022 2029 £'ooo £'ooo Due within one year.. Fees received in advanGe and deposits Trade credilars Other creditors Taxation and social security Accruals and deferred income Bank loan 4,960 1,669 340 602 1.844 1,333 10,748 4.801 1, 137 408 560 1.403 1,333 9,642 4,960 1,655 276 602 1,844 1,333 10.670 4,801 1,082 327 560 1.403 1.333 9,506 Due after one year-. Bank loan Oerivative financial instruments 17.334 -1,954 15,380 18,667 -1,432 17,235 17,334 -1,954 15,380 18,667 -1,432 17,235 A 102n for £20m was taken out with HSBC lo support delivery of Project One Campus in August 2017. An interest rale swap arrangement was entered into lo pay a fixed rale 01301. 11.60/0 interest rale and 1.4Yo margin) over £20m of the oulslanding loan balance. The date of termination of the agreement is August 2027. The libor reference in the loan transferred lo Sonia with effect from Febnjary 2022. HSBC has security over the Shares held by the Foundation through a Mgmorandurn of Deposit made between both parties. dated 14 Seplernber 2017. Page 43

NOTES TO THE Accouprfs FOR THE YEAR ENDED 31 AUGUST 2023 2. Creditors (continued) The Bank Loan falls due as follows.. 2023 £'ooo 1,333 5,333 12,001 18,667 £'ooo 1,333 5,333 13,334 20.000 Within one year Between bNO and five years Over five years Deferred In¢omo- Group É'ooo 592 -592 895 895 Balance al 1 September 2022 Released in the year Deferred in current perio 8alanTr al 31 August 2023 Income has been deferred where cash has been received before the year end bul the event (mainly school Iripsl lakes place In the next f1nancial year. Financial Instruments- Group 2023 £'ooo 1.072 25,205 -26.571 1,954 1,660 2022 £'ooo 919 26, 133 -27. 157 1,432 7,327 Financial assets rneasured at amortised cosl Financial assels measured al fair value Financial liabilities measured al amortised cost Financial liabilities rneasured at fair value Net financial asselsllliabililieslmeasured at amortised cost 2023 2022 £'ooo Total investment Iossos for financial assets measured al fair value through income and expenditure Impairment Ilossesllgains Dn financial assets measured at amortised cost -527 -429 -167 93 Included in nel financial asselsllliabililiesl meaSU￿d 81 amortised cost are school fee debtors, lfftde debtors. other debtors and accrued income. Included in financial assets measured al fair value ar8 cash 81 bank and in hand and inveslmenls. Included in financial liabilities measured al amortised cost are bank loans, lees received in advance, fee deposits, trade creditors. othef creditors and accruaLs. Included in financial liabilities measured al fair value are derivative financial inslnJments linteresl fftle swaps). The group has entered into an interest rale swap lo receive interest al SONIA and pay Interest at a fixed 1.6Yo. The swap is based on a principal amount of £20m and matures in 2027 on the same dale as the loans. The fair value of the interest rale swap 15 -£1.953,83412022." 41.431,718}. Impairment of trade debtors during the year lotalled £544.78812022'. £505,442). Page 44

NOTES TO THE Accouyfs FOR THE YEAR EN'DED 31 AUGUST 2023 Net Assets of the Funds of the Charity The nel assets a￿ held for the various funds as lollows.. Fixed Investments Assets Net Current s'scts £'ooo Long Terrn Liabilities Pension sllrplus Total £'ooo £'ooo £'ooo £'oou Endowed funds Reslricled tunds Unreslricled funds Bursary lunds Other 2.f)05 703 23 2,708 3,120 3,097 18,116 18,116 60,819 84,763 -954 83,809 73,935 75,940 163 76,103 4,012 -915 -1,117 -2,032 -15,380 -15,380 6,276 6,276 Charity 18,842 Subsidiary ReseThes Group 18.842 -15,380 6.276 (a) Endowed Funds.. Movements in the Year Balance at 1 8cpt 2022 Income Expendi￿re Transfers & I1]￿estment Gains E'ooo Balance at 31.4ug 2023 £'ooo £'ooo £'ooo £'ooo Exhibitions & prizes fund 202 202 Legacy funds Fixed assets fund 501 501 2.032 -27 2.005 2,735 -27 2,708 Legacy. Exhibits'ons & Prizes - These Funds represent the capital value of amounts originally donated for the purpose of generating income tts be distributed as prizes. Fixed Assets The Endowed funds represent the value of land and buildings originally endowed to the Schools of the Charity. Page 45

NOTES TO THE Accouyfs FOR THE I￿AR ENDED 31 AUGUST 2023 Is. Net Assets of the Funds of the Charity {continued) (b) Restricted Funds.. Movements in the Year Balance at Inco￿e Expenditure 1 sept 4022 Investment Balance al Gainl 31 Aug 404.1 £'ooo E'ooo £'ooo £'aoo E'ooo Donations from Friends of Warwick School 15 10 Doralions from WPSA Dollations from KHAPS 47 47 Donations from Fnends of Kingsley Sundry 14 22 Machen Scholarships The Massie Scholarship 12 Donations for Sports Prol8cts 10 Donations lor WaDwick Food Technok)gy 80 -80 Donations lor Capital Building Project Borough Bursary Fund 123 35 158 1.415 1.115 -550 1.980 Warwick Scholarship Trust 31 31 Income from Legacy Funds & Prizes 825 99 839 2,440 1.402 -722 3.120 The Borougtt Bursary Fund relates lo the funds received from fv40 char￿table bodies, which are used primarily lo provide bursaries for pupils from the Old Borough of Warwick who would otherwise be unable lo attend the school, with the remainder used to support activilies for Warwick-based schools and other community aclivilies. The Machen Scholarships and The Massie Scholarship income relates lo donations from these linked charities ol The Kingsley School. Pase 46

NOTES TO THE AccouKfs FOR THE YLIR ENDED 31 AUGUST 2023 Net Assets of Ihe Funds of the Charity Icontinuedl (c) Unrestricted FLJnds Balance IneoTne Ewendiknre TTansfcTs ITivestEnent Balance at Gainl(Loss) 31.Iu8 i Sept 2022 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Designated Fund5 Bursary Fund Mary Hall Leg8cy Other Legacy Fixed Assets Repairs & Msint8nanc8 FLJnd 15.538 477 130 74.777 394 365 -1,074 827 -399 15,257 477 130 74,199 408 -578 24 -10 Unr•strlct8d Funds Free Reserves Charity Subsidiary Trading Funds -20,881 70,435 -783 69,652 1.937 3.841 1,432 76.862 44,948 45.337 439 45,776 45.497 46.581 -528 47,107 -165 -21.595 68.876 -954 67.922 1.829 6,276 1.954 77.981 -399 -399 -108 2,107 R8valuation Reserve Pension R8serv8 Surplus Derivative Reserve Group 328 522 46,257 45.776 1,600 Bursary Funds - These funds enable the Governors lo provide such number of free and assisted places in the Schools of the Charity as they shall determine, for the benefit of pupils who are in need of financial assistance. A number of unrestricted legacies were received during the year. There were transfers during the year from the Schools, free reserves into the Bursary Fund of £826,930. Governors have designated these funds lo be used for means-tesled Bursaries. Fixed Assets- These represent the nel book valLJe Dfthe unendowed assets available for use by the Charity. excluding assets funded out of Bursary Funds. The fixed asset transfer relates lo a donation from The School Playing Field. a linked charity of The Kingsley School. Repairs and Maintenance Fund - This fund is being accumulated from nel rental incoffle lo finance future repairs and maintènance. Net Assets of The Funds of the Charit asat37Au ust 2022 Fixed Investments Assets £'ooo Net Current Long Term Assets LTrabilities £'ooo £'ooo Pension Surplus £'ooo Total £'ooo 703 23 £'ooo 2.735 2.440 Endowed ftsnds Restricted ftsnds UnreslriGSed funds Butsary funds Other Charity Subsirliary Reserves Group 2.032 2.417 18.316 78.316 59,329 82.820 -783 82,037 74.570 76.542 203 76, 745 -1.187 63 -986 -356 -17.235 -17,235 3.841 3,841 19.042 19,042 -17,235 3,841 Pabe 47

NOTES TO THE ACCOUYTS FOR THE YEAR ENDED 31 AUGUST 2023 Is. Net Assets of the Funds of the Charity {continued} Endow&d Funds.. Movefflents in the Year475 t7131 Au ust 2022 BalanLY at I Sepi 2021 £'ooo 202 503 2,059 2. 762 Income Expenditure BalanLr ut 31 Aug 2022 £'ooo 202 501 2,032 2. 735 £'ooo £'ooo Exhibitions & pnzes fund Legacy fijnds FNxed assets fund -27 -27 Restricted Funds." Movem in th Ye8r8S8131 A 22 Ralancc at I Sept 2021 £'ooo Income F.xpenditurc ITIN'CStm¢nt ilalanee at aiiil(L055) 31 .4ug 2022 £'ooo £'ooo £'ooo £'ooo Donations from Friends of Warwick Sch¢￿1 Donations from WPSA Donations from KHAPS Sundry Machen Scholarships Thg Massi8 Scholarship Donations for Capital Building Project Borough Bursary Fund W8fwiGk SGholorship Trust Incoffle from Legacy Funds & Prizes 29 14 15 13 12 123 1.415 31 825 2,440 123 977 1.020 -522 893 1,997 -69 -6t2 1,056 Unr8slricl8d Funds as at 31 Au ust 2022 Balance at I Sept 2021 Incorning Resource$ Resources F.xpended Tran5fer5 InTr-e5tment Gain Balance 31 Aug 2022 £'ooo £'ooo £'uoo £'ooo £'ooo £'ooo 005Ignated Funds Bursary Furjd Mary Hall LEgacy Other Legacy Fixecl Assels Repai￿ & MaAntenanc8 fund 16,269 477 369 -983 790 -907 75,538 4T7 130 76.294 380 130 -1.517 74,777 394 22 unrestrfct￿ Funds Fw Rgsen/es Gharfty Subsidiary T@ding Funds -23.158 70.392 -573 47.507 47.898 399 -40.038 -41.J29 -528 808 -20.881 70,435 -783 69.652 1.937 3,84 1 1.432 81 -907 -81 69,819 1.458 -5,599 -1.041 42.397 41.557 -907 479 9.652 Revalualion Resen Pen510n Reserve Deficit -212 Deriv8tive Reserve 2,473 Group 64,637 42,297 -39,2g6 9,224 76,862 Page 48

NOTES TO THE AccouKfs FOR THE YL4R E￿WED 3 1 AUGUST 2023 Capital Commitments The￿ We￿ no capiial commitments for the year ended 31 August 202312022.. Nil) Operating Lease Commitments At 31 August 2023, the Group had the following future minimum lease payments under non-cancellabl8 operating leases. Group & Charity 2023 £'ooo 2022 £'ooo Operating leases which expire.. Within one year Within two to five years After five years 119 198 45 28 317 73 18. Taxatlon No corptsralion lax has been provided for in these accounts because Incorlle of the Charity is within the exemptions granted by Section 505 of the Income afjd Coiporation Taxes Act 1988. The Charity has borne VAT on ils expenditure where appropriate. The trading subsidiary provides for ¢orporalion tsx as applicable, nil Ihis year. 11 is also registered for VAT. Principal Subsidiarie5 Companv Trlame Prineipal Place of Business Percentage Share- holding Description Principal ActiTrryty WaNi¢k Schools Enterprises Limited IWSELI Myton Road, Warwick CV34 6PP 100.1 £1 Ordinary share Capital Letting of school (Registered number.. 03617592. incorpDratecl in England & Wales) The Charity is also the Corporate Trustee of the Warwick Schools Foundation Trust (Charity registration number.. 5287751. These financial slalements include the results of the above entibes. During the year the Charity charged £162,960 to WSEL for the provision ol staff and adminislralive services 12021122.. £132.6101. The balance owed lo the Gharity al 31 August 2023 was £1.201.171 12022.. £1,179,654). Inlercompany transactions of a management fee £73.830 12021122.. £68.8971. 8 licence fee £10,000 12021122.. £10,000) and interest on the inlercompany loan £852 12021122.. £1.0031 are eliminated on consolidation. Page 49

NOTES TO THE ACCOUTrtrs FOR THE YL4R ENDED 31 AUGUST 2023 20. Pension Schemes Teachers. Pension Scheme The Foundation participates in the Teachers. Pension Scheme I'lhe TPS'I for its leaching staff. The pension charge for the year includes contributions payable lo the TPS of £3.710.788 12021122." £3.420.1961 and al the year-end Ihore wefe no conlribulions12021122." no conlribulionsl accrued bul unpaid in respgct of this s¢heme. The TPS is an unfunded mutti-employer defined benefits pension scheme govemed by The Teachers. Pensions Regulations 2010 las amendedl and The Teachers. Pension Scheme ReguSations 2014 las amended). Members contribute on a pay as you go" basis with contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribukn'on ole is sel by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2020 and the Valuation Report, which was published in October 2023. Following the Mccloud judgemenl, (he remedy proposed that when benefits become payable, eligible members can select lo re￿1ve them from either the reformed or legacy schemes for the peNod 1 April 2015 10 31 March 2022. The actuarie5 have assumed that member5 are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the greater value, benefits for group5 of relevant members. The valuation confirned that the employer contribution rate for the TPS woul(l increase from 23.60/0 to 28.6Yo from 1 April 2024. Employers are also requifed lo pay a scheme administrakn'on levy of 0.080fi giving a lolal 8mployer contribution rale of 28.680/0. Local Government Pension Scheme Non-teaching members of s18ff, joining befo￿ October 2013 are enlilled lo belong lo the Warwickshire County Council Pension Fund ILGPSI. a multi-employer defined benefit scheme operated within the Local Government Pension Scheme, to which contributions are made by both employees and the employer. The basis of contribution to the Scheme is calculaled according to the advice of the Scheme actuary. The cost ol providing such pensions is charged on a systematic basis over the average remaining service life of the members. The last full actuarial v8luab.on of the Scheme was carried out on the effective dale of 31 March 2010 when the ass91s of the Scheme were not deemed sufficient to cover ils accrued liabilities. The employers have according￿ amended their rate of contribution to the scheme in line with advice from the actuary. The valuation method adopted was the Projected Unil Actuarial Cost Method and il was assumed that, In relation lo security ol both accrued and prole¢led rights. the Scheme WOLJld continue. The method of Calculating the discount rale al 31 August 2018 is based on the Consumer Price Index IGPII. In accordance with FRS 102 the pension valuation has been updated by the qualified a¢luary, Hymans Robertson LLP. The scheme's assets and liabilitie5 relating lo Warwick Independent Schools Foundation were found to be as follows.. QOQ>2 £'ooo 23,408 -17,132 6,276 É'ooo 22, 786 -18, 945 3,847 Total market value of assets Present valkje of scheme liabilities Surplus in scheme Page JO

NOTES TO THE Accouyfs FOR THE YEAR ENDED 31 AUGUST 2023 20. Pension Schemes Icontinuedl The main financial assum dale were as follows tions made b the actua at the be innin of the ear and al the balarn￿ sheet 2023 2022 Inflation Rale of in¢￿a$0 in salaries Rale of increase for pensions Discount rale for liabilities Life ex eclations on retirements a e65 2023 Years 2022 Male currently age 45 Fetnale Gurienlly age 45 Male curreatly age 65 Female currently age 65 22.5 25.8 21.2 24.2 22.7 25.9 24.1 Fair valug of assets and ex ected rale of return 31 Aug 2023 Fair Value Expeeted Rate ofAssets of Returii £'ooo 13,577 5,852 3,745 234 23,408 31 Aug 2022 Fair Value Expected Rate of Asset of Return £'ooo 73,672 6, 152 2,506 456 22,786 Equities Government bonds Propety CashlLiquidity Total The overall expected rale of return on the scheme assets is determined based on market expectations al the beginning of the year, lor investment relums over the entire life uf the related obligation. The assumption used is the average of the above assumptions appropriate to the individual asset classes weighted by the proportion of the assets in the particular asset class. 2023 £'ooo -205 £'ooo -998 The actual felurn on the scheme assets in the year Pa&e.%i

NOTES TO THE Accouyfs FOR THE YEAR ENDED 31 AUGUST 2023 Pension Schemes (continued) Chan es in the fair value of Ihe scheme assets are as follows.. 2023 £'ooo 22,786 -244 966 2022 £'ooo 23,780 -1.390 392 Opening value of scheme assets Return on assets less interest Net inlerost incorne on plan assets Contributions by employer Contributions by employees Conlribulions in resp&cl of unfunded benefits 447 68 488 Benefits paid -617 23,408 -557 22, 786 Chan es in the resent value of the scheme liabilities are as follows.. 2023 £'ooo 18.945 288 2092 £'ooo 29.379 591 18 485 71 -17.042 -557 18,945 Opening liabilities Current service cost Past service cost Interest cost Contributions by employees Actuarial gainslllossesl Benefits paid 799 68 -2,351 -617 17.132 The cha e lo the Statement of Financial Activities over the financial ear com rised.. 2023 £'oao 2022 £'()00 Schools and grant making Current service cost Past service cost Interest income on plan assets Interest on pension scheme liabilities Total charge lo expenditure in the SOFA 288 591 18 -392 485 702 -966 799 121 The actuarial ains and losses shown in the Statement of Financial Activities com rised.. 2023 £'ooo -1,181 -953 147 4,094 2,107 2022 £'ooo -1,390 -46 94 10,994 9,652 Return on assets less interest Experience gains and losses on scheme liabilities Changes in demographic assumptions Changes in financial assumptions Total arnounl recognised in the SOFA Pase 52

NOTES TO THE AccouTrrrs FOR THE Y￿R EliDED 31 AUGUST 2023 20. Pension Schemes (continued) Employers. contributions lor the year to 31 August 2023 were £446.50212021122.. £457,980) including deficit payments. The contributions until 31 March 2023 were 19.501.. The best estimate of employer contributions for the coming year lo 31 August 2024 is £110,596. The scheme applies onty to members of staff employed by the Foundation before 31 October 2013 who signed up prior lo that dale. The scheme closed lo existing members on the 30 November 2023. The Kin sle School Pension Scheme Employer contributions for the year lo 31 August 2023 were £30.738 12021122.. £29.3301 for The Kingsley School defined contribution scheme. The scheme closed to existing members on the 30" NoveThber 2023. All other staff are aulo-enrollecl onlo the National Employment Savings Trust INESTI, an independently run defined conlributioll scheme Etnployers, contributions lo the NEST scheme lor the year lo 31 August 2023 were £400,94412021122.' £340,948). The NEST scheme closed lo members on the 30 November 2023 and all support staff were enrolled onlo the Aviva Pension Trust for Independent Schools IAPTISI from 1 December 2023. 21. Reconciliatlon of Cash Flows from Operating Activities 2023 £'ooo -335 -564 559 2,808 £'ooo 2, 989 -477 815 2,707 Nel income for the reporting period Interest receivable Interest paid Depreciation Decrease In stock Increase in debtors IDecreasel in creditor5 Losses Ilgains} on investments (Gains) on investmenl property Loss on tangible fixed assets Defined benefit pension scheme cost less contributions payable Delin8d benefit pension scheme finance cost Nel cash provided by operating activities -157 -698 -3,347 908 -479 399 108 20 161 -167 3,094 119 93 4, 430 22. Anatysls of changes in net debt Balance at I Sept 2022 £'ooo Cash flo￿$ Fair I'alue moi'ements £'ooo Balance at 31 ..lug 2023 £'oo 6,364 -18.667 1,954 -10,349 £'ooo Cash and cash equivalents Bank loan Derivative financial instruments 7,091 -20.000 1,432 -11,477 -727 1,333 522 522 606 Page j3

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023

23. Related Party Transactions

Warwick Schools Enterprises Ltd is wholly owned by Warwick Independent Schools Foundation and has been incorporated in these accounts. Transactions with the subsidiary are disclosed in note 4.

The Foundation purchased £Nil (2021/22: £148) of packaging from Kite Packaging Limited. Mrs M Ashe is a Governor and a director of this company.

The Foundation purchased £500 (2021/22: Nil) of golf services from Julian Dodsworth Limited. Hellen Dodsworth is the Headmistress of Warwick Preparatory School and a director of this company.

Three Trustees were also Trustees of two other organisations which had transactions with the Foundation. One Trustee of the Foundation trustees had significant control of the other organisation. The other two Trustees did not have significant control of the other organisation. The value in the current year was £848,121 (2021/22: £974,403) for the two organisations which were King Henry VIII Charity and Charity of Sir Thomas White, Warwick.

The Charity received donations in the year from employees totalling £338 (2021/22: £867). Donations were also received from the families of one Governor totalling £1,200 (2021/22: £4,532).

The Ministry of Defence provides some funding each year for the purposes of the Combined Cadet Force (CCF). A separate CCF bank account is held by the Charity which is consolidated within these financial statements. The CCF bank account balance at 31 August 2023 was £3,984 (2022: £9,132).

Page 54

NOTES TO THE Accouf+rrs FOR THE ITAR ENDED 31 AUGUST 2023 CONSOI.IDATED STATEMENY OF FINANCLIL AcfivITIES - COMPARATtVE FIGURES BY FUND TITE Notes Unrestricted Fim(Ls Restrirted Endowed Funds Funds Total Fund$ 31.4ug Schools Other £'ooo £'oo £'ooo £'ooo £'ooo INCOME FROM.. Donation5 Charitable Activities.. School lees Other income other Trading Aclivili8s'. Trading turnover.. WSEL Investment Income Merger Donation Total Incoming Resources 1.056 1,056 37,926 3.495 37.926 3.495 399 399 477 477 47,898 399 1,056 43,353 EXPENOITURE ON.. Raising Funds". Cost of Developmenl Office Cost of Ir8ding activities.. WSEL Other activities Charitable Aclivilies.. Schools and grant-making Totsl Expended 25T 257 528 23 528 23 38,485 38,742 612 612 27 3g,127 39, 935 554 27 Nel Ilossesllgains on investments -428 -429 Net incomellexpenditurel 3,156 -583 443 -27 2,989 Transfers between funcls Pension Scheme actLJarial gain 16 -3.156 3.756 9,652 2t 9,652 NET MOVEMENT IN FUNDS 12.225 443 -27 12,641 BALANCE BROUGHT FORWARD at 1s1 September 2021 64,637 1.997 2. 762 69.396 FUND BALANCES at 315t August 2022 76,862 2.440 2. 735 82.03T Pa8e 35