2024-08-31-accounts

Warwick Schools Foundation Enabling transformation through the power of education COMPANY NUMBER: 04252305 CHARITY NUMBER: 1088057 DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31AUGUST 2024 Warwick Schools Foundation Myton Road Warivitk CV24 6PP 01926 735400 Warwickp￿P.cfjM thekingsleysehool.co.uk kln9$hl9hwarwi¢k.co.uk warwickschool.org A company limiied byguaraniee Company No 4?523C5 Rogjsiered O*li(o-IVHrwick School. Myion Roa¢.Warwick CV34 6PP Regisieied Chailt'i No 1088057 principali(i'warwickschools.co.LJk

DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 DIRECTORS, OFFICERS AND ADVISORS Governors, Directors and Charity Trustees The Governors of Warwick Independent Schools Foundation ("the Company" the Foundation", "the Group" "the Charity,) are the Directors and members of the Company and trustees of the Charity and have a51 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 14 co-opted Governors. Nominations are subject to approval by the Board. All Governors may serve up to three terms of four years. In addition, the Lord-Lieutenant of Warwickshire and the Mayor of Warwick have the right to be ex-officio Governors should they choose to take up the position. Governors nominated by thefolloiving bodi￿.. The Charity of Sir Thomas White, WaFwick Mr A F Keeling, KC The King Henry Vlll Endowed Trust, Warwick Mr S J Jobbum (to 16 January 2024> Ms V Bosworth from 1 September 2024 Prof D Griffin University of Wamick Co-opted Governors.. Mrs M B Ashe Mrs S M Austin (Chair) Ms J L Broughton Mrs M P Hicks (to 13 February 2024) Dr F Jaffti Mr P Ledgard (from 1 January 2025) Mr J D Loudon Mrs J Mackenzie-Lawrie Ms L Ramsell (from 1 September 2024) Mr D B Rankin Mrs C Robbins Ms. R Sandby-Thomas (from 1 January 2024 Mr J N Wallis (to 31 August 2024) Dr R A Weeks Mrs A E Wilson Mr C White The Lord-Lieutenant of Watwickshire Mayor of Warwick MrTBCox [Not taken up] Officers.. Foundation Principal Mr R Nicholson Foundation Bursar" Headmaster, Warwick School Headmaster, King's High School for Girls Headteacher The Kingsley School Headteacher, The Kingsley School Headmistress, Warwick Preparatory Schcrf)I Headmaster, Warwick Junior School Mrs V Espley Mr J S Barker Dr S J Burley Mr J Mercer-Kelly (to 31 December 2023) Dr S Howling (from 1 January 2024) Mrs H Dodsworth Mr J Bond '(Company Secretary) Warwick Schools Founclation Myton Road Warwick CV34 6PP 01926 735400 principal'(Lwarwickschools.co.uk wèrwlckprep.¢om thekingsleyschool.co.uk king5highwarwi¢k.co.uk i warwick5chool.org A coinpany Iifflited hy9iJaraDtee Conio6ny No. 4252305 fteg.sierèO Olfice Wi¢ Iwlck School. MyioD Rudd. Wdfwicx CV34 6PP ftegiStoireJ Charit,. No 1088057

STRATEGIC REPORT FOR THE YEAR F￿DED 31 AUGUST 2024 Addresses PrincipalAddress and Registered Office.. Warwick Independent Schools Foundation Myton Road WARWICK CV34 6PP Schools King's High School Banbury Road WARWICK CV34 6YE Day, girts 11-18 Warwick Preparatory School Bridge Field Banbury Road WARWICK CV34 6PL Day, boys 3-7 girts3-11 Boarding, gitls 73-18 Warwick School Myton Road WARWICK CV34 6PP Day, boys 11-18 Warwick Junior School Myton Road WARWICK CV34 6PP Day, boys 7-11 Boarding, boys 13-18 The Kingsley School Beauchamp Hall Beauchamp Ave LEAMINGTON SPA CV32 5RD Day, boys 3-7 girls 3-18 Advlsers Bankers Lloyds Bank PIC 12 Swan Street WARWICK CV34 4BJ HSBC 6th Floor 120 Edmund Street BIRMINGHAM B3 2QZ Solicitors Veale Wasbrough Vizards Narrow Quay House Narrow Quay BRISTOL BS14QA InvestmentAdvisers Evelyn Partners 14th Floor 103 Colmore Row BIRMINGHAM B3 3AG Insurers Marsh Brokers Capital House 1-5 Perrymount Road HAYWARDS HEATH West Sussex RH16 3SY Auditors Crowe U.K. LLP 4th Floor, St James House St James, Square CHELTENHAM GL50 3PR Page 2

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Directors of the Company present their annual report for the year ended 31 August 2024, together with the financial statements for the year, which have been prepared in accordance with Company Law and in compliance with the Charities SORP 2015. Reference and Administrative Information The Company was incorporated on 13th 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 Wa￿iCk Schools Foundation Trust <"the Trust"). The Directors and Governors of Warwick Independent Schools Foundation and the executive officers are listed on page 1 and the principal addresses and professional advisers are listed on page 2. Structure, Governance and Management Govemin Document In 1875, a scheme was approved by the Endowed Schools Commission for the amalgamation of ￿rtain educational charities in WaNick, under the name King's School Foundation. The Scheme provided for the re- establishment of the old King's School in new buildings, to be called the Grammar School (for boys), a Middle School (for day boys to the age of 15), 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 (registration number 528775) and was regulated by Schemes signed on 23rd December 1981, 26 th th th November 1991, 13 June 1995, and 16th September 1998. On 29 August 2001, this Charity changed its name to Warwick Schools Foundation Trust. Under the Charity Commission Scheme made on 29th August 2001 all trust funds other than the Trust's permanent endowment of the Schools, land were transferred to a new Charity known as Warwick Schools, as property of the Company, and the Trust itself was made a subsidiary Charity of the Company as its Corporate Trustee. On 11th March 2003 the Charity and the Company changed its name from Warwick Schools to Watwick Independent Schools Foundation. At that time, the Company was governed by its Memorandum and Articles th of Association dated 13 July 2001 and amended by special resolution on 28th 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 compliance with all current Companies and Charity Laws. Govemin Bod The Governors listed on page 1 are appointed as Governors of the Foundation and have overall responsibility for the operation of three Schools, namely King's High School for Girls (incorporating Warwick Preparatory School, which has separate DfE registration), Warwick School (incorporating Warwick Junior School) and The Kingsley School. Subsidiary Committees of Governors have been established, one for each School, with Governors spread evenly across the School Committees. Page 3

STIL4TEGIC REPORT FOR THE YLIR FNDED 31 AUGUST 2024 There are also four tactical Committees, each comprising a subset of the Governors. In this way, Governance is delivered to the individual Schools within an overall Foundation framework. The benefits of the approach are robust, inclusive govemance, with all Governors taking equal responsibility for the effective running of the Charity. The full Board of Governors plus 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 Company and meet at least three times 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 the Trustees. anisational Mana ement School Committees are responsible for overseeing the educational business and financial management of each individual School within the broader strategic outline provided by the Foundation Governors. 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 set out by the Charity Commission. It has the power to recommend any decisions as it feels are necessary to fulfil its responsi bility. The Education Committee is responsible for considering all matters pertaining to the educational side of the Foundation's business and has the power to make any decisions as it feels are ne￿SSary to fulfil its responsibilities. The Committee is also responsible for liaising with the Resources Committee and the Finan 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 operational and capital resources required for educational and business activities, including oversight of the central Estates and Operations function. It has the power to make any decisions as it feels are necessary to fulfil its 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 of the Finance and Regulatory Committee is to advise and provide recommendations to the full Board of Foundation Governors on finance and regulatory matters. It has delegated powers to act on behalf of the Foundation Governors in financial matters should the need arise. It can also make any decisions necessary to ensure compliance with current regulation and legislation. The Appointments Committee is responsible for discussing and recommending to the full Board of Foundation Govemors the appointment of Governors and the Foundation Principal. The Foundation Principal is responsible, with appropriate support and oversight from Govemors, for appointing the Heads, the Foundation Bursar and such other employees as are deemed necessary or expedient from time to time. The Appointments Cornmittee meets termly and consists of the Chair and Vice-chair of the Foundation and the Chairs of the four Strategic Committees. Page 4

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Remuneration Remuneration is set by the Board, with the policy objective of providing appropriate incentives to encourage enhan￿d performance and of rewarding fairly and responsibly individual contributions to the Foundation's Suc￿ss. The appropriateness and relevance of the remuneration policy is reviewed annually. 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 ment Polic The Foundation is committed to being an inclusive and diverse workplace and is proud to be an equal opportunities employer. It treats all prospective and Gurrent employees fairly and without discrimination, fostering an environment where everyone can thrive. The Foundation is dedicated to providing meaningful opportunities for all, regardless of age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation (Protected Characteristics). It is also committed to providing equitable treatment to all those we deal with as an organisation, including customers and suppliers. The Foundation prioritises open and transparent communication with employees, ensuring their views and feedback are considered when making decisions that may impact them. Engagement is facilitated through a variety of accessible and effective channels, supporting collaboration and inclusivity at all levels. Grou Structure and Relationshi The Company has a wholly owned subsidiary, Warwick Schools Enterprises Limited (WSEL), which carries out a number of trading activities to generate funds for the Foundation. WSEL aims to retain a small surplus each year so as to build up working capital, but thereafter any surplus remaining is gift-aided back to the main Charity. Governor Recruitment Induction and Trainin Nominated Governors are selected by their respective Nominating Bodies (see page 1) but must then be approved by the Governing Body. Co-opted Governors are selected having regard to the particular skills required on the Governing Body at the time of appointment. All Govemors follow an induction programme on appointment including meetings with the Foundation Principal, School Heads, Foundation Bursar, and relevant Chairs. All Govemors are encouraged to attend extemal training courses to complement internal training provided. As standard, all Governors receive annual Child Protection and Safeguarding training. Page 5

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Objects, Aims, Objectives and Activities Charitable Ob'ects The Objects of the Charity are set out in the Articles of Association and are "to advance education by carrying on in or near Wawick day and boarding schools for boys and girls" Within these Objects, the Charity and the Trust have various permanent endowments and unendowed trust funds held for special purposes in connection with the development of the schools, facilities and for scholarships, bursaries, prizes, and other educational purposes. Strate ies to Achieve the Year's Ob'ectives and Su ort Lon Term Goals Warwick Independent Schools Foundation is a leading educational charity in the Midlands, providing education to over 2,800 pupils from ages 3 to 18. Our fundamental aim is to enable each individual pupil to achieve personal fulfilment and success, and we seek to develop intelligent, responsible, resilient, and compassionate young people of character to succeed in a changing world. Our vision is to create a world-class educational establishment based in the heart of Warwick, able to contribute to our community and society. The long-tenn strategic aims and priorities remain in pla￿, as follows, with our core values driving our priorities.. Our Values: Together, we aspire to excellence. Together, we lead with courage. Together, we foster inclusivity. Together, we are respectful. Together, we draw on the best of each other. Page 6

STRATEGIC REPORT FOR THE YL4R ENDED 31 AUGUST 2024 Our Strategic Intents: l. We will put learning at the heart of all we do This intent will be fulfilled through the following strategic goals.. Facilitate outstanding outcomes for our pupils Stimulate intellectual curiosity and cherish the pursuit of scholarship Enable the acquisition of skills and encourage lifelong Seaming Attract, recruit and retain outstanding staff and volunteers 2. We will cultivate a healthy environment for the mental and physical self This intent will be fulfilled through the following strategic goals= Be a fulfilling place to study, work and live Nurture the wellbeing of our community Prioritise everybody's mental and physical health Promote lifelong healthy living 3. We will be forward-thinking and innovative This intent will be fulfilled through the following strategic goals: Prepare our pupils for the world of tomorrow Empower our pupils to be positive agents of change Hamess the best of our heritage whilst embracing innovation Be recognised for thought-leadership 4. We will inspire and excite imaginations, bringing joy to lives This intent will be fulfilled through the following strategic goals= Champion the '3 Ps, _ Participation, Pathway and Performance Establish excellence in artistic expression, and a platform for others to enjoy it I nspire creative thinking Curate a breadth of stimulating opportunities 5. We will build a connected local, national, and global community This intent will be fulfilled through the following strategic goals.. Have a meaningful impact in the local area and reflect the communities we serve Keep our schools as financially accessible as possible Extend the influence of our charitable purpose Instil the importance of social responsibility Create global opportunities Grow a giving community 6. We will take responsibility for protecting our planet This intent will be fulfilled through the following strategic goals= Raise awareness and engagement of the global climate imperative Devise a pathway to achieving carbon net zero Ensure all our stakeholders becomes advocates of change Champion environmental matters for the school sector. Page 7

STRATEGIC REPORT FOR THE TrEAR ENDED 31 AUGUST 2024 Princi al Activities of the Year During 2023124, Warwick School had 988 {2022123'. 982) boys in the Senior School, ofwhom 64 (2022123.. 53) were boarders, and 250 (2022123: 260) boys in the Junior School. King's High School for Girls had 827 (2022123: 796) girls and Watwick Preparatory School had 440 (2022123: 459) children in the main School and 58 (2022123.. 46) children in the Nursery School. The Kingsley School had 81 (2022123.. 77) in the Prep School and 216 (2022123.. 229} 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 I m 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 to pupils from a wide range of social backgrounds. Our aim is that pupils from all backgrounds are able to benefit from the excellent education provided, irrespective of the ability to pay full fees. The Trustees of the Foundation are determined to maintain the philosophy of providing the rounded education synonymous with the Schools to as wide a pupil base as possible, including those pupils who do not possess the means to afford fees. A robust means tested bursary scheme is operated to ensure the effective and charitable delivery of this aim, with an annual 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 Warwickshire and its bordering counties. Across the Foundation there are 114 (2022123".123) pupils in receipt of means-tested bursaries, who between them achieve some 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 the coming years, with the Development Office planning to actively target fundraising for means-tested support. A Community 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 is, however, just one way in which we offer public benefit. The Schools have an important role to play in their wider community, achieved through outreach work and the provision of facilities for local clubs and associations, as well as the wider public. Many of these activities incorporate educational benefits to 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 govemors, and volunteers with local charities and in local churches. In addition, our teaching staff have made links with their peers in the maintained sector to 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 2024 There was continued wide-ranging use of the Foundation facilities by the local community, and we intend to continue andlor develop them. We are always proud of the sense of social purpose we foster 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 £41,000 from charitable activities, distributed to 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, Leukaemia UK, Papyrus UK, Children in Need, a number of smaller local charities and continued support to Brass for 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 to the Charity Commission's published general and relevant subsector guidan￿ Con￿rning the operation of the Public Benefit requirement under that Act. Grant-makin Polic During the year, the value of scholarships, Foundation Awards, and Bursaries totalled £2.571 m (2022123.. £2.520m). Of this, the amount of unrestricted funds totalled £1.768m (2022123.. £1.970m) with a further £803k (2022123: £550k) contributed from restricted funds. The Foundation Governors, policy is to increase further the means tested awards when opportunities arise and £1 .674m (2022123: £1.669m) of the total was awarded on this basis. 466 (2022123.. 538) pupils benefited from these regular grants and awards, with the result that one in five pupils at 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 to widen access to as broad a group of pupils as possible. There are currently 79 {2022123.' 73) pupils attending the schools who pay no tuition fees at 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 Performance of the Schools King s High School The School has enjoyed another year of outstanding success and it has been a great pleasure to celebrate so many achievements. We have seen curriculum innovation, a deepening of our community work, a breadth of Co-curricular opportunity and enhancements to our pastoral and wellbeing provision. Our students achieved record GCSE results this year and our school roll grew further to a new record level. We were selected as Finalists for TES Independent School of the Year, Girls, Independent School of the Year and Finalists for the Independent Schools Association Award for Future-Readiness. Alongside tremendous achievements in Sport, Music and Drama, we have seen the development of our boarding provision for sixth form girls at Way House. Page 9

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Once again we were very pleased with academic results in August. At GCSE a record-breaking 58 % of grades awarded were at 9-8, and 78 % at grades 9-7, with the most common grade awarded being the top grade 9. At A Level 48 % of grades were at A'_A with 75 % at A"_B grades, with over 80 % of leaving students attending Russell Group universities. Our most popular university destination is Exeter (for the second year running), with 12 pupils, followed by Nottingham (11) then Leeds (6), Birmingham (4), Durham (4), York (4), Bath (3), Liverpool (3) and Newcastle <3),. 3 pupils are going to Scottish universities and 8 to Wales. Pupils are heading off to study 59 different university courses, with a strong mix of STEAM subjects and arts and humanities subjects (47 % to STEAM courses). Our most popular subject remains psychology, which mirrors the national picture. Five pupils will study medicine, dentistry, veterinary science and allied sciences. We continue to occupy space on the national stage as an innovator on the future of assessment. Our first cohort of pupils studying for our bespoke Global Changemaker Programme and Innovation & Entrepreneurship Programme achieved their certificates on GCSE results day, with 750/0 achieving grades 8 or 9. Members of staff at King's High write in the national press and have spoken to HMC Heads in Belfast and delegates at the Edge Conference in Manchester on GCSE reform. One of our Deputy Heads is now Chair for the Product Development Committee of the Independent School Examination Board. We have now published our eighth annual Inspire Essay competition, with entries from Year 7, 8 and 9 pupils on diverse questions including the following: 'How Effective are Placebos? Should Music be Compulsory in Schools? What is Love? Is Honesty Really the Best Policy? What is Success? Should Prisons be Banned? Could Black Holes be a Portal into a Parallel Universe?, and 'Why are Prime Numbers Useful in Cryptography?, In later years students complete the EPQ with enomious success: over 90% of pupils achieved an A. or an A in their EPQS in 2023. We continue to focus on a broad range of pathways beyond school, with programmes to support those considering not only UCAS applications but also Degree Apprenticeship, Global Universities and Creative Arts institutions. Pastoral care and wellbeing support continues to be the centre-point of our school culture and we have continued to refine and bolster both our resources and provision. The development of the Wellbeing Team has seen a focused, newly-furnished wellbeing Spa￿ (The Oasis) be developed at the physical heart of our school to 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 be￿een our Learning Support and wellbeing provision in one holistic, ac￿Ssible place enabling bespoke response to individual need and experience. Togetherness and inclusion are also key priorities for us so our Neurodiversity Club, Ableism Group, LGBT+ Group and Interfaith Council continue to be prominent student voices, presenting ideas and reflections in assemblies, staff meetings and at Leadership Team meetings throughout the academic year. This area has developed excitingly in 2024 with the appointment of our Equality, Diversity and Inclusion Lead who spearheaded the opening of our designated Prayer Room and our communal outdoor space dedicated to calm reflection: the Peace Pod. The Peace Pod is proudly fronted by the Pea￿ Pole, facilitated by the Rotary Club charity, which pronounces "may there be pea￿ on Earth" in the eight most prominent languages spoken in our school community. My Neurodiverse Self (a drop in club for students with neurodiversity) offers a safe Spa￿ to share experiences and make connections with others. This year, our students scripted and created a video outlining the experiences of the school day to be shared with staff to aid empathy and understanding. My Neurodiverse Self Club regulady host Q&A sessions with staff to strengthen the links between staff understanding and student experience and have also hosted the NeurodiversiTea where speakers and parents were invited into school to expand the links within the supportive community and celebrate the "dignity of difference,. Page io

STIL4TEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Connections Meetings continue to inform and enhance school practice - these are meetings which facilitate every student being invited to a conversation with members of the Senior Leadership Team to discuss the experience of being a student at School. The purpose of these meeting is to reflect on the school lived experience and communicate any concems and observations of how we can continue to improve our school for all. This is then centralised and discussed at Leadership Team meetings to inform change, planning and development. Our Mental Health Lead continues to expand the therapeutic provision available by signalling appropriate, responsive and bespoke support from a strong team of specialists and professionals. Our targeted support continues to develop in response to need, but 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. Bi- annual King's Ten Wellbeing surveys continue to provide individual and year group data from which we tailor ourwellbeing and pastoral support. 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 pla￿ in fonn 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 to prioritise the joy of leaming 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 as well as breaktimes encouraging the synchronicity of Just Dan￿. Our co-curricular provision has dedicated provision to incorporate mindfulness, games and community fun as well as Art for Wellbeing which continues to be popular. The provision of time and resources to Mental Health prevention 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 to care for animals, promoting teamwork, compassion, learning and togethemess. A new development this year is the installation of our Appreciation Station, encouraging personised "thank you" cards to be sent and delivered by our team of Wellbeing Prefects throughout the school year. National 'Thank a Teacher Day, always creates a wave of gratitude from students to staff. The annual Festival of Wellbeing continues to thrive and tums the whole school focus more acutely to wellness, self-awareness and self-care for students and staff. Our School Council provision has enjoyed a revamp and is now almost exclusively student-led and encourages debate, discussions and democratic voting. Students work as a council to address matters for change and development both within school and importantly, in the wider community. We also provide time to give to the wider community as well as contribute to our own with charitable fundraising enterprises from local care work charity, Kissing it Better, and partnership outreach worf( 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. The co-curricular life of our school continues to expand and thrive, whilst developing our school aims. A broad variety of co-curricular opportunities are on offer with over 300 activities each week. 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 reached National finals across 10 different sports and we have had Individual Independent Schools Association National Champions crowned in Table Tennis, Tennis, Athletics, Cross Country and Skiing and Swimming. Individual students have been selected across many disciplines for regional and national training and to represent their country in some circUmstan￿s. Music has gone from strength to strength, with more than 30 ensemble rehearsals taking place in the department each week. These cater for all musical abilities, levels and interests, as well as providing opportunities for the most able. Our partnership with Orchestra of the Swan has developed and our talented orchestral and jazz 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 1000/0 of Trinity exams graded at distinction or merit. Over 320 instrumental and vocal lessons take place in the department each week. The Year 7 instrumental scheme continues to be a highlight, with students learning an orchestral instrument from scratch. Page li

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 It has been another year of creative opportunities for the pupils in Drama, with fantastic productions including 'Sweeney Todd,, 'The Wardrobe, and 'The Addams Family,. The LAMDA department once again enjoyed outstanding results with 140 pupils gaining distinctions and 9 gaining merits in their extemal exams. King's High students continued to raise money for local, national and intemational charities this year and raised in eX￿sS of £9,000. Students have continued to support 6 charities in their houses. They also collected over 80 shoeboxes for Teams 4 U and other haNest items for the local branch of the Trussell Trust as well as collecting presents for the elderly at Christmas. We have enjoyed continuing our link with Evergreen Special School. Students in the sixth form have volunteered to support classes on Friday afternoons and the school has used King's High facilities for events throughout the year. We have also continued a volunteering programme at Evergreen School with students from Year 11 working with younger pupils. In the holidays, students from Evergreen benefited from the Foundation's summer play scheme, Holiday Action. We continued the innovative partnership be￿een King's High, Evergreen School and the children's charity, 'Let's Play,, to provide holiday activities 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. Our Saturday School project now includes students from Westgate, Coten End, All Saints, Brookhurst, St Margaret's, Whitnash and Newburgh Schools with children receiving extra support in English and Maths and Drama lessons from King's High teachers. We held our first Inspire School an outreach opportunity for gifted & talented pupils from local primary schools. We had 20 regular attendees who came for a 10-week programme covering English, Maths, Creative Thinking, Current Affairs, Public SpeakinglDrama, Environmental Issues and Science Experiment. We have visited patients in Warwick Hospital on Monday and Tuesday evenings and Friday afternoon, liaising with the 'Kissing it Better, charity. Students wrote cards, produced artwork, made crafts and collected items for 'goodie bags, for staff and patients. During the summer holidays older students were able to visit patients in Warwick Hospital and work at Park View Nursing Home. As part of WaNick Schools Foundation, we are proud of our diverse group of schools, each with its 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 Suc￿sS in many areas during the course of 2023124. Following the award of places to all girls in Year 6 at King's High, fourteen scholarships and awards {academic, music, sport, art and drama) were made. Thirty-four boys transferred successfully to Warwick Junior School from Year 2. The school has continued to be highly successful in maintaining its roll during 2023124 and the number of registrations for entry in 2024 and 2025 remains strong. 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 850/0 awarded distinction and the remaining 15 % awarded merit. Our Music department continues to inspire the next generations of instrumentalists with our Pre-Prep Strings Project and Prep Woodwind Project where every child has the opportunity to learn an instrument with the instruments funded in large part by our PTA. Children have gained places in the National Orchestras and Choirs and a large number of children in Years 2 6 receive tuition in one or more instruments. Of the Associated Boards examinations taken, there has been an increase to 75 % being awarded merit or distinction. Page 12

STRATEGIC REPORT FOR THE YL4R ENDED 31 AUGUST 2024 Our Sports teams enjoyed exceptional success, reaching national IAPS and other school finals in swimming, football, netball, hockey, skiing, equestrian, gymnastics and athletics, involving 37 children. Cricket has grown enomously and our U11 team competed in a range of county and national events. The extra-curricular life of the School continues to inspire interests, maintaining over seventy-five clubs for children to attend each week, with new clubs added to meet the needs of our children. This has included cookery and canoeing. To meet the needs of working parents, the school's After-school provision continues to operate with over one hundred children in attendance at different sessions across the week. Residential visits undertaken this year included a Year 4 PGL activity week, Year 5 staying 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, raising a grand total of over £5700. We were honoured to be asked to be part of Warwick's D-Day 80th anniversary commemorations, and our Squirrels in the Community initiative has seen children across the school supporting local care homes and ommunity groups. Warwick School Warwick School continued to build on its long tradition of educational excellence in the academic year 2023- 2024. The school maintained its commitment to academic, artistic, and athletic achievement, fostering an environment that prioritizes well-being and holistic development. This dedication was reflected in another year of strong demand for 11+ entry and a further increase to 1253 in the pupil roll for September 2024. In recognition of its continued excellence, Warwick School was a finalist in a range of different categories at several education awards. These accolades highlight the school's enduring reputation for providing an outstanding all-round educational experience. Academic Achievements The academic performan￿ of Warwick School remained exemplary. The summer term saw another improvement in results at both GCSE and A level. Outstanding results led to a successful university admission cycle , 103 pupils achieved a place at a Russell Group+ institution (75 % of the cohort) and 97 secured a place at their first-choice university, 8 pupils won places at Oxbridge. A Level.. A"_A 50.9 OA and A'_B 79.4 % . GCSE.. A'1918 grades 55.6 % and A'IA191817 grades 76.4 % Sporting Excellence The breadth and depth of the school's sporting programme expanded further. Highlights included the Ski Team's being crowned NSSA English Indoor Champions, the Under 13's being crowned National Hockey Champions, the 1 $1 Vl tennis squad reaching the finals of the national school's championship, the swim team qualifying for the ESSA Finals, and 4 pupils being selected for national rugby squads. Traditional sports remain Page 13

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 a cornerstone of the school's identity, with over 110 hockey fixtures and 250 rugby matches played by 40 teams including over 400 pupils. Artistic Achievements The arts continued to thrive at Wa￿iCk School and was recognised by the award of a platinum Artsmark. Theatre productions, including The Great Gatsby, showcased the exceptional talent of pupils. Music also flourished, all 131 Year 7 pupils played an instrument in annual Year 7 Music Scheme Concert, and Warwick's bands earned accolades at the National Concert Band Finals.. three bands received platinum awards, and one achieved gold. Three Warwick School groups reached the finals of the Pro Corda chamber music competition. The biennial arts festival, themed "Home," celebrated collaboration and creativity across the school community. Key Developments Several significant initiatives and appointments marked the 2023-2024 academic year: The introduction of Food Science as a core subject for Years 7, 8, and 9 was a resounding success, with enthusiastic uptake among pupils. The Mulley Programme was extended to years 9 and 10, embedding a culture of intellectual curiosity across the school. The launch of an educational project with Tata Steel including pupils from other local secondary schools. The launch of Project Ponta a fundraising and servI￿-1earnlng project supporting a school in Mozambique. The successful introduction of mixed-age tutoring to further enhance our ability to know every pupil. The school's leadership team underwent further evolution. With the appointment of Ben Miller to a new role, Assistant Head Character Education. Well-Being and Pastoral Care Wawick School's commitment to well-being continued. The Well-Being Hub provided invaluable support to pupils, while the Pupil Voice sub-committees continued to address key pastoral issues. There was a very positive response to the introduction of YONDR in an effort to tackle the challenges presented by mobile phones. These efforts were recognized nationally, with Wa￿iCk shortlisted for the Talk Education Awards for Innovation in Education - Pastoral and Well-Being category. Innovation and Collaboration The Design Thinking curriculum, developed in partnership with the University of WaNick, continued to gain acclaim. This innovative programme was named a finalist for the Independent School of the Year in the Outstanding New Initiative category. Conclusion The academic year 2023-2024 was another successful one for Warwick School. There was continued success in the classroom, on the sports field and in the arts, alongside a steadfast commitment to well-being and innovation, Warwick School continues to pursue its vision of becoming the most inspiring, rounded and caring boys school in the country and preparing pupils to thrive both now and in the future. Page 14

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Warwick Junior School The academic year 2023-24 saw the Junior School continue to prosper. Academically, the boys, attainment in English and Maths continues to be well above the national average, with all Year 6 boys offered a place at Warwick School. A total of seven scholarships for Year 7 were awarded in music and academics. We continue to offer a challenging, broad and varied curriculum providing our pupils with a range of opportunities. During the year, six Year 6 boys qualified for the Bonus Round of the Primary Maths Challenge, putting them in the top 3.5 % of entries nationally, and one achieved a Bronze award putting him in the top 1.8 % . In our Languages curriculum, we have introduced a wider range of European languages with the boys in Years 4-6 now enjoying a second language in the summer term" Spanish in Year 4, German in Year 5 and Italian in Year 6. In Computing, 12 of our Year 6 boys took part in the Oxford University Computing Challenge, having come in the top 10 % nationally in the annual Bebras Computational Thinking Challenge. Five boys were selected to form a team to enter the joint European Space Agency and Raspberry Pi Foundation Mission Space Lab Challenge for young people under 19 years (which largely attracts secondary school and university teams). We were delighted that Team WJSAstro's Python program to calculate the speed of the International Space Station using the onboard camera. successfully achieved flight status and ran on the ISS in April. We continue to develop our curriculum to ensure our pupils have the appropriate skills and knowledge for the next step in their education. With the ongoing development of Artificial Intelligence, we have worked across the Foundation to develop staff knowledge in this important area. We have also reviewed our curriculum to ensure Al is taught across the year groups from September 2024. Our Learning Strengths and Diploma programmes continue to provide a focus on character development and personal skills. The boys also continue to support a range of charities through our house system. Over the year over £3000 was raised for Save the Children, The Samaritans, the Dogs Trust and Guide Dogs for the Blind. A Pastoral Committee continues to meet on a weekly basis to review pastoral and safeguarding concerns about any pupils. Supporting children with early interventions, remains hugely important for the safeguarding of our pupils, mental health and wellbeing and we continue to support pupils both at an intemal school level via our mentoring programme and, where more expert professional intervention is needed, via our school counsellor from Snowford Grange. An important part of our focus on pupils, wellbeing is capturing pupil voice. We have established a systematic approach to ensuring all pupils, voices can be heard in both the academic and pastoral areas of school life. We also value pupil voice through the different roles and responsibilities available to pupils which include school council, the Green Team and food committees, as well as school leadership roles such as librarians, prefects and house officials. We have continued to develop links with our fellow foundation schools and our parent body. Curriculum presentations for parents were held in Maths, Reading, Staying Safe Online and PSHEIRSE. We continue to support the transition of our pupils be￿een the foundation schools including taster days, transfer meetings between staff, and information meetings for parents. We foster our links with the Prep School through a variety of Link Day activities across the year which included developing healthy relationships work, with joint sporting Page 15

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 activities. Year 6 pupils also took part in a joint PSHE drama workshop with the girls from the Prep School on the theme of Respectful Relationships. Curriculum-linked enrichment activities include trips to Bletchley Park, Birmingham Botanical Gardens, National Space Centre, Hazard Alley and Blists Hill. Year 5 and 6 pupils also had a Shakespeare themed day with a visit from the Young Shakespeare Company. We continue to offer pupils opportunities to develop their independen￿, self-confidence and teamwork through our extensive residential trip programme. This year the residential trips included Mount Cook in Derbyshire for Years 3 and 4, the Jurassic coast for Year 5 and Snowdonia for Year 6. A highlight of the Autumn temi was the U11 Rugby tour to London. 37 boys represented the school impeccably, playing two fixtures as well going on a tour around Twickenham and watching a premiership match between Saracens and Northampton. The boys also performed the guard of honour for the teams and met Fin Smith OW at the end of the game. We offer upwards of 70 clubs per week and review the offering temily. We have increased our clubs to include 'Maths in Motion,, 'Junior Journalists, and 'lnvitational Cricket training, to extend our Gifted and Talented provision. Chess continues to go from strength to strength in the Junior School. This year we entered the Coventry and Warwickshire senior school B team league. Recording victories and a draw against teams boasting sixth form boys. We have also made the finals of the midlands primary school chess championship. Kung Fu is also thriving with 3 Year 5 pupils receiving black sashes which is the youngest age at which their coach has seen such recognition. Our sporting provision continues to offer a wide range of opportunities for the boys with every boy representing the school at least 3 times during a term with the average across most years being closer to 7 fixtures per boy. Rugby, hockey, football and cricket continue to be the main team sports but over the year we offer boys the opportunity to play up to twelve different sports. We have had particular success in the swimming pool this year at both the ESSA and IAPS National Finals with the U11 s Freestyle Relay finishing 7th at the Essa and 8th at the IAPS. The U10s finished 12th in the Freestyle Relay and 4th in the Medley relay at the IAPS. Two boys also qualified for the National Prep Schools Athletics finals. In Music, participation levels remain very high with over 150 boys having individual lessons with over 200 Junior School lessons every week. Many boys also passed their Music Exams in a range of instruments which included a number of passes with Distinction and Merit. The boys perform extremely well with a range of opportunities throughout the year including termly concerts, the Carol Service, teatime concerts, instrumental concerts and Young Voices 2024. Other highlights from the year have included the Year 4 musical, Robin and the Sherwood Hoodies, and the Year 6 production of Oliver Jr. The strong sextet, eSQuires, were also finalists in the national Pro Corda Chamber Music festival. The Kingsley School The Kingsley School achieved significant milestones throughout the 2023-2024 academic year, reflecting its ongoing commitment to excellence, collaboration, and innovation. The school has benefited from strengthened partnerships with the Warwick Schools Foundation, particularfy through leadership, student, and staff collaboration, as well as substantial investment. Page 16

STRATEGIC REPORT FOR THE YEAR ll¥DED 31 AUGUST 2024 In September 2023, The Kingsley School and the Foundation announced the transition to a co-educational model in the Senior School. Building on its tradition of educating boys in the Prep School, the school will admit boys into Year 7 and Year 12 from September 2025, progressing to full co-education by 2029. Planning and preparations have commenced to ensure the successful implementation of this strategy. January 2024 marked the arrival of Dr Sarah Howling as Headteacher, bringing fresh vision and leadership for the school. Following consultation with staff, students, and parents, the school developed The Kingsley Way, a framework of four values and four educational pillars that underpin its ethos and ambitions. A three-year strategic plan was launched, focusing on five Strategic Intents to drive growth and improvement. The Senior Leadership Team was restructured to align with these objectives and enhance the school's capacity for innovation and development. The academic year began with outstanding exam results. At GCSE, 24 % of grades were awarded at level 9-8 (A" equivalent), and 44 % at level 9-7 (A" to A equivalent). At A Level, 61 % of grades were at A. to B, significantly above the national average. Students studying Cambridge Technical qualifications excelled, with 100 % achieving Distinction in Sport and Digital Media. Year 13 leavers secured placements at prestigious universities, including Cardiff for Economics, Winchester for Creative Writing, Salford for Sports Rehabilitation, Newcastle for Mechanical Engineering, Exeter for Law, and Warwick for Liberal Arts. Students continued to benefit from a strong extra-curricular programme, fostering personal growth and skill development. Highlights in sport included the development of the netball courts, enabling improved standards of play. The school achieved notable success at the PGL Netball Tournament, with Year 7 winning and Year 9 as runners-up. The Talented Athlete Programme was launched, and sports offerings were expanded to include equestrian, skiing, rugby, and cricket. These achievements were recognised through the Gold School Sports Mark and a shortlisting for the Sporting Achievement Award in the Independent School of the Year Awards. The Performing and Creative Arts departments also had an exceptional year. Productions included the Year 6 performance of Aladdin and the Senior School's double-cast musical Shrek. The Year 7 instrumental programme was launched, leading to student performances within five months and a diverse programme of solo and group PerfOrman￿S and concerts were held throughout the year. Collaborations across the Foundation included orchestral and choral events, culminating in summer concerts and an art exhibition as part of the Foundation's Home Festival. In collaboration with and with investment from the Foundation, the school worked closely with architects Noble and Eaton, staff, and students to redesign the library and garden area. These new and exciting spaces were realised over the summer, along with transfomiing the senior school gym into a state-of-the-art fitness suite, modernising the Prep library, and refreshing the Senior School hall and dining hall. These improvements have significantly enhanced the school's facilities, providing inspiring and functional environments for students and staff alike. The Kingsley School maintained strong ties with the international Round Square network. Students engaged in virtual cultural exchanges and participated in the Round Square conference in Kenya, enhancing their global perspectives. Visiting speakers enriched the curriculum by addressing the Round Square IDEALS of internationalism, democracy, environmentalism, adventure, leadership, and service. Page 17

STRATEGIC REPORT FOR THE IEAR ENDED 31 AUGUST 2024 Community and social responsibility remained at the heart of the school's ethos. Collaboration with the Leamington Spa Rotary Club to host the Community Spirit Awards celebrated the contributions of individuals and organisations within the local community. Fundraising initiatives, including the Santa Dash and Rose Ball, raised significant sums for charity, such as £2,000 for Leukemia UK. Other activities, like second-hand clothes sales and the Christmas Boxes project, further demonstrated the school's commitment to fostering a spirit of kindness and community engagement. Experiential learning played a significant role in broadening students, horizons. Duke of Edinburgh Awards saw students achieve Bronze, Silver, and Gold levels. Year-group trips included a geography expedition to Norway, a ski trip to Austria, and a Year 6 and 7 cultural visit to Madrid. Students from Kingsley also worked with Warwick Preparatory School and Warwick Junior School on student voice initiatives, culminating in a presentation to the Education Committee. The school continued to innovate its curriculum, moving beyond traditional exam-focused learning to equip students with skills for the future. The new 4-D curriculum in Prep inspired and engaged our youngest learners and workshops delivered in partnership with 8Billionldeas and opportunities like the FutureForward Conference for Year 12 exemplified this forward-thinking approach. These initiatives reflect the school's dedication to preparing students to thrive and make a meaningful impact on the world. The 2023-2024 academic year at The Kingsley School was marked by significant achievements across academics, co-curricular activities, leadership, and community engagement. These accomplishments underscore the school's unwavering dedication to fostering excellence, inclusivity, and a forward-thinking ethos, ensuring its continued success in the years to come. Collaboration The Foundation is proud of its diverse group of schools, each with its 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 Warwick - A Singing Town, to promote a positive and exciting project for all residents to celebrate the joy of singing. Major productions from Wa￿5ck School and King's High in the Bridge House Theatre. Friday Aftemoon Activities Programme. Oxbridge preparation and inteniiew programme. 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

STIIATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Financial Review and Results for the Year The Foundation achieved an investment surplus (the widely recognised and benchmarked performance measure in the sector which is calculated before depreciation, interest and realisedlunrealised gains and losses) for the year of £2.48m (2022123: £2.84m). This investment surplus includes the finance cost of the derivative of £0.896m. Owing to the accounting adjustment required in relation to the Foundation leaving the Local Government Pension Scheme (LGPS) during the year, the net movement in funds for the year is £- 6.276m (2022123. £2.107m). Govemors 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 is grateful to the Trustees of The King Henry Vlll Endowed Trust, Warwick and The Charity of Sir Thomas White, Warwick, for income provided exclusively for funding means tested bursaries to 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 Warwick School. The trading subsidiary (Wamick Schools Enterprises Ltd WSEL) continued hiring out the Foundation's facilities during the year and generated income from ticket sales for events. It contributed £Nil (2022123: £Nil) to the investment surplus. Reserves The Foundation's Free Reserves at 31 August 2024 were in deficit by £23.040m (2022123.. £21.595m), with unrestricted and designated funds standing at £68.133m (2022123.. £67.922m) at the end of the year. Unrestricted funds were made up of £74.532m (2022123: £74.608m) representing funds deployed as part of the Schools, premises and £17.744m (2022123.. £15.864m) as Bursary Funds, with the balancing minus £1.103m (2022123.. £954k) being within the subsidiary company. Restricted funds were £3.321 m (2022123.. £3.120m) at the end of the year. The Foundation left the Local Government Pension Fund during the year and so the share of the deficit shown in the Balance Sheet as at 31 August 2024, stood at nil (2022123.. £6.276m). The Directors are satisfied that the schools, operating cash flows and external finance facilities are sufficient to meet the Schools, day-to-day working capital 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 to the appropriate legal considerations. In practice, the Board of Governors has delegated responsibility to the Finan￿ and Regulatory Committee to make such decisions on its beha5f. The Finance and Regulatory Committee in turn appoints an investment manager to oversee funds under investment. The core objective of the investment portfolio is to achieve a balance between income and capital growth, over a longer-term (5 years) time horizon. As at 31 August 2024, the Foundation had a total of £18.616m (2022123.. £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 Page 19

STRATEGIC REPORT FOR THE YEAR FNDED 31 AUGUST 2024 2024, the total return generated by the Foundation's main portfolio was +12.93 % (2022123.. _0.80 % compared with +14.6 % (2022123.. +1.83 % ) for the agreed benchmark, in light of the economic conditions. Fundraisin Performance At the Foundation, we understand that everything we have today is thanks to the generations who have gone before we are already standing on the shoulders of those who believe in the transformational power of education. Contributions from alumni, parents, charitable trusts and other donors in the past have provided state-of-the-art science, music, and sports facilities and established a £19m investment fund. Thanks to this, across all our schools today, one in five students receives some form of financial support towards their school endeavours, including 129 means-tested bursaries. We are forever indebted to local charitable trusts, King Henry Vlll Charitable Trust and Sir Thomas White (Wa￿ick) Charitable Trust and all our alumni, parents, staff, friends and other associates whose ongoing financial support makes it possible for us to continue to help so many within our student community. During 2023124, our total philanthropic income received in gifts and pledges totalled £1,981,962. Just over half, £1,034,263, came from our ongoing relationship with King Henry Vlll and Sir Thomas White (Warwick}, whilst £947,700 was raised by 147 donors from our community of alumni, parents, staff and other associates. Of this, £352,000 was donated from legacy gifts, and the remainder given by individuals to support our bursary programme, expand the Year 7 music scheme or other projects. At Warwick Schools Foundation, our vision is of a future where education is democratised and merit is the key detemiinant of access, rather than ability to pay. A future where the brightest stars can fulfil their potential, irrespective of their background. Our bursary programme is the first step towards turning this vision into reality and over 2024125 and subsequent years we plan to increase the level of philanthropic investment we receive through a major donor focused fundraising campaign to double the number of bursaries we are able to offer in future so we are able to help even more incredibly talented young people to fulfil their potential in life. We can also confirm that no external fundraising individuals or companies were employed to 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 ement The Board of Governors is responsible for the management 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: fomial agendas for all Committee and Board activity., detailed Terms of Reference for each Committee; comprehensive strategic planning, budgeting and management accounting. established organisational structure and lines of reporting., formal written policies- clear authonsation and approval levels; and Page 20

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 vetting procedures as required by law. The most significant risks considered during the year were as follows: Risk a) fee affordability and increased competition from other local schools, leading to a potential fall in student numbe￿ andlor demand for places. Mitigation Robust budgeting, tight cost controls and strong marketing presence to ensure conb.nued growth or at least static position of pupil roll. Strong academic performance. A balan￿d portfolio through a respected and trusted investment partner. Regular reviews. Regular briefing reports to Governors at termly Finance & Regulatory Committee. Strong budget controls and regular production of 10 year cash flow plan. There are a range of mitigation in place, network security, malware prevention, removable media controls, secure configuration of devices and So￿are, managing user privileges, multi factor authentication, incident management and monitoring, user education and awareness and cyber security risk management. Regular briefing reports to Governors at termly Finance & Regulatory Committee. Strong budget controls and regular production of 10 year cash flow plan, continued promotion and mart(eting of the schools, understanding the local demographics, cost savings and prioritising addits'onal income streams, and an ongoing review of the Foundation structure. Continue to review affordability of the scheme. b) diminishing investment returns pressure to supported pla￿s. c) the seNicing and repayment of a significant loan taken out in 2017 for a major building project applying d) the risk of a major cybersecurity attack on our IT systems. e) the continuing financial pressure ￿Ing applied through central government policy, via pensions, teacher pay, National Minimum Wage and the incoming loss of business rate reliefs and VAT levied on fees in 2025. cost of Teachers Pension Scheme expected to increase si nificantl g) extemal factors such as cost of living crises and inflation affecting school finances and fee affordabili h) Litigation with parents (pupils) and staff. Debtors constantly reviewed and procedures followed. All costs reviewed as mitigation. Comprehensive insurance in place which is regulady reviewed by the Executive and the Finance and Resources Committee to ensure robustness. Specialist legal, financial and sector advisers available to consult, robust contracts in place for parents, pupils and stsff and memtErship of professional bodies. Through the risk management processes established for the Schools, the Governors are satisfied that the major risks identified have been adequately managed, with further mitigation applied to each of the key risks. However, it is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. Page 21

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Future Plans Warwick Schools Foundation is in the pro￿5$ of creating a multi-academy trust with four existing state schools in Warwickshire. The Warwick Schools Foundation (WSF) Multi-Academy Trust (MAT) will bring together Evergreen School, Westgate Primary School, Clapham Terrace Primary School and Exhall Grange Specialist School. The MAT will be a separate legal entity to the Foundation, but the two entities will be linked through Executive and Governance structures. Each of these schools has recently received approval from the Department for Education to become academies and to be the founding members of Wamick Schools Foundation Multi Academy Trust. The opening of the WSF MAT and academy convetsion date for the schools is scheduled for 1 September 2025. Section 17211) statement The Tnjstees have acted in accordan￿ with their duties codified in law, which indude their duty to act in the way in which they consider, in good faith, would be most likely to promote the Suc￿sS of the Foundation for the benefit of its rneMbe￿ as a whole, having regard to the stakeholders and matters set out in section 172(1) 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. Pu All our pupils benefit from the Foundation schools, outstanding academic, pastoral, and co-curricular provision. Pupils are actively encouraged to offer suggestions on developing their school experience, for example through School Council or Pupil Voice committees. The voice of pupils is always actively considered in decision-making proces*s. The pupIl-￿ntriC focus continued during the Government-mandated closure and the move to remote learning, recognising the challenges faced by pupils during lockdown. More infomiation as to how this was intrOdU￿d and developed during the year is includ&J by School under the 'Review of Achievements and Performance for the Yearf. Em lo ees The Foundation recognises that the qualities, skills and commitsnent 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 5. Parents The Foundation embraces engagement wth parents, through both fotmal and informal means. For example, that may be via formal feedback events on pupil progress, or through parents, association events. Surveys are also undertaken to support strategic developments. Most recently, as a result of changes originally implemented to the COVID-19 pandemic, means of communication have expanded to indude 'virtual' methods, for example through parents events via Microsoft Teams. Feedback from parents has also enabled the development of the online learning provision. Communi The Foundation is proud of its place in the local community and more information about the engagement and partnership activit'es that have taken place are outlined under 'Public Benefit Aims and Intended Impact, on pages 6 and 7. The Foundation endeavours wherever possible to enable local schools and sporls clubs to benefit from its academic and co-curricular facilities. Central to Strategy 2025 we appointed a Foundation Principal with effect from 1 $1 September 2020. As well as creatr'ng a single point of execLrtive accountability to the board and a focus on strategic opportunities, this role has also released the individual Heads to focus more on the individual Schools under their stewardship. Page 22

STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 UK reenhouse as emissions and ener use data The Foundation took the following measures during the year to improve energy efficiency.. A comprehensive metering and monitoring system was implemented, allowing for precise tracking of electricity usage on a building-by-building basis. By offering transparent, real- time data, the campus aims to encourage more energy*fficient behaviours and foster a culture of sustainability among occupants. The committees have now been provided with detailed report analysis on consumption patterns that can help them make more informed decisions on campus-wide initiatives, set targeted goals and track the effectiveness of energy-saving measures. To ensure the commitment to sustainable energy praCti￿S, the committee has established a maintenance agreement for the 270 kwp Photovoltaic solar installation to ensure it operates at optimal efficiency and prolong its lifespan. • There has been a decrease in Energy consumption (kwh), both electricity, natural gas and transport consumption of 2.70 % . This translates to an absolute reduction in carbon emissions of 3.19 %. There has been an increase in pupil numbers from the previous period with a revised TCo2elPupil pf 0.608, a relative emissions decrease pf 4.600/0 over the previous period. 2023124 kwh 6,380,189 192,920 6,573,109 2,611,279 88,321 2,699,600 9.272,709 2023124 tC02e 1,165 47 1,212 541 2023124 '/0 of total 66% Type of emission Scope 1 Activity Natural Gas Transport (Minibus) Sub Total Electricity (Imported) Electricity (Generation) Sub Totsl 690/0 31% O'/0 Scope 2 541 1,753 Total Gross emissions 2022123 kwh 6,611,889 347,156 6,959,045 2,498,423 73,029 2,571,452 9,530,497 2022123 tC02e 1,207 86 1,293 517 2022123 '/0 of total Type of emission Scope 1 Activity Natural Gas Transport (Minibus) Sub Totsl Electricity {Imported) Electricity (Generation) Sub Total Scope 2 517 1,810 Totsl Gross emissions Intensity metric.. Number of pupils: 2,885 <2022123: 2,842) Tonnes of C02e per pupil: 0.61 (2022r23.' 0.64) Energy usage is calculated with reference to gas and electricty meter readings. Page 23

COMPANY NUMBER: 04252305 STATEMENT OF DIRECTORS, RESPONSIBILITIES The Directors are responsible for preparing the Directors, Report and the Financial Statements in aGcordan with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) 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 state of affairs of the Charity and the Group and of the surplus or deficit of the Group for that year. In preparing these financial statements, the Directors are required to: select suitable accounting policies and apply them Gonsistently., 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 followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the haritable Company will continue in business. The Directors are responsible for ensuring that adequate accounting 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 position 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 hen￿ 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 audit information 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 relevant audit information and to establish that the auditors are aware of that information. This report, incorporating the Strategic Report, was approved by the Trustees as Directors of Warwick Independent Schools Foundation. Approved by the Board of Directors of Watwick Independent Schools Foundation on 25th March 2025 and signed on its behalf by.. DIRECTOR (print name) DIRECTOR (print name) Page 24

INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WARWICK INDEPENDENT SCHOOLS FOUNDATION Opinion We have audited the financial statements of Warwick Independent Schools Foundation {'the charitable company,) and its subsidiary ('the group,) for the year ended 31 August 2024 which comprise Consolidated Statement of Financial Activities, Charity and Consolidated Balance Sheets, Consolidated Cash Flow Statement and notes to the financial statements, 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 state of the group's and the charitable company's affairs as at 31 August 2024 and of the group's income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally AC￿pted 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 Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have 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 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group's ability to Gontinue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other information contained within the annual report. The other information comprises the infomiation included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assuran conclusion thereon. Page 25

INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WARWICK INDEPENDENT SCHOOLS 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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustees, 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 which we are required to report by exception 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 to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made. or we have 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 law) 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 statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 26

INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WARWICK INDEPENDENT SCHOOIS FOUNDATION 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 to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance 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.ukJauditorsresponsibilities. 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 of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a di rect effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable 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 withi n the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within bursaries, scholarships and other discounts, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures 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. Page 27

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 ouraudit 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, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsi bility 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. Tara Westcott 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 Square Cheltenham GL50 3PR Dated: ! ! April 2.Q.2.5............................... Page 28

CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES (INCORPORATING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Notes Unrestricted Funds Restricted Endowed Schools Other Funds Funds Total Total Funds 31 Funds 31 Aug 2024 Aug 2023 £'ooo £'ooo £'ooo É'ooo £'ooo É'ooo INCOME FROM. Donations Charitable Activities- School fees Other income Other Trading Activities.. Trading turnover.. WSEL Investment Income Totsl Income 1,516 1,516 1,402 44,160 5,557 44,160 5,557 40,000 4, 773 729 729 790 52,752 439 564 47,178 790 50,507 729 1,516 EXPENDITURE ON: Raising Funds: Cost of Development Office Cost of trading activities: WSEL Other activities Charitable Activities.. Schools and grant-making Total Expenditure 335 335 773 36 283 526 46 773 36 50,511 50,846 1,754 2,563 1,296 1,296 27 27 53,588 54,732 46, 151 47,006 Net gains l (losses) on investments Net income l (expenditure) Transfers between funds Pension Scheme actuarial (loss)I gain 45 -294 294 1,467 -367 -273 -6,276 1,514 466 -507 -335 222 -21 -27 20 -6,276 2,107 NET MOVEMENT IN FUNDS -6,916 201 -27 -6,742 1, 772 Balance brought forward at 1 September 2023 77,981 3,120 2,708 83,809 82,037 FUND BALANCES at 31 August 2024 71,065 3,321 2,681 77,067 83,809 All activities relate to continuing operations. The notes on pages 32 to 56 form part of these accounts. Page 29

COMPANY NUMBER: 04252305 CHARITY AND CONSOLIDATED SHEET AT 31 AUGUST 2024 Notes Group 31 Aug 2024 £'ooo CharAty 31 Aug 2024 £'ooo 31 Aug 2023 £'ooo 31 Aug 2023 £'ooo FIXED ASSETS Tangible assets I nvestments 75,969 23,012 98,981 76, 103 18,842 94,945 75,853 23,012 98,865 75,939 18,842 94, 781 CURRENT ASSETS Stock Debtors Cash at bank and in hand io li 2,640 18,106 20,757 -15,908 2,344 6,364 8,716 -10, 748 3,844 18,056 21,902 -15,834 3,461 6,292 9, 756 -10,670 CREDITORS: due within one year 12 NET CURRENT ASSETS I (LIABILITIES) 4,849 -2,032 6,068 -914 TOTAL NET ASSETS before pension deficit 103,830 92,913 104,933 93,867 CREDITORS.. due after more than one year 12 -26,763 -15,380 -26,763 -15,380 Pension Scheme funding surplus 20 6,276 6,276 TOTAL NEf ASSErs 15 77,067 83,809 78,170 84,763 ENDOWED FUNDS RESTRICTED FUNDS UNRESTRICTED FUNDS Designated & general funds Revaluation Reserve Pension Resenie Surplus Derivative Reserve Net Unrestricted Funds 15(a) 15(b) 2,681 3,321 2. 708 3, 120 2,681 3,321 2, 708 3, 120 15(c) 15(c) 20 15{c) 68,133 1,874 67,922 1,829 6,276 1,954 77,98q 69,236 1,874 68,876 1, 829 6,276 1,954 78, 935 1,058 71,065 1,058 72,168 TOTAL FUNDS 77,067 83.809 78,170 84,763 The deficit for the year sustained by the Charity was £6,592,741 (2022123: Surplus of £1,942,388). d by the Board on 25th March 2025 and signed on its behalf by.. DIRECTOR 'jA L(y A OSI /oi............................. (print name) DIRECTOR (print name) The notes on pages 32 to 56 form part of these accounts. Page 30

COMPANY NUMBER.. 04252305 CONSOLIDATED CASH FLOW STATFMENT FOR THE YFAR ENDED 31 AUGUST 2024 Notes 2024 2023 £'ooo £'ooo £'ooo CASH FLOWS FROM OPERATING ACTIVITIES 21 655 3,094 CASH FLOWS FROM INVESTING ACTIVITIES: Investment income & bank interest Purchase of property, plant and equipment Proceeds from sale of tangible fixed assets Change in fixed asset accrual Purchase of investments PrOC￿d5 from sale of invesbnents Increase in bank deposits NET CASH USED IN INVESTING ACTIVITIES 790 -2,815 564 -2,230 35 -2,155 2, 055 -207 -1,929 -2,125 2,041 -2,572 -4,681 CASH FLOWS FROM FINANCING ACTIVITIES: other interest paid Loan repayments Advance Payment Scheme NET CASH USED IN FINANCING ACTIVITIES -528 -1,333 17,629 -559 -1,333 15,768 -1,892 CHANGE IN CASH & CASH EQUIVALENTS IN THE REPORTING PERIOD 22 11,742 -727 CASH & CASH EQUIVALENTS AT THE BEGINNING OF THE REPORTING PERIOD 22 6,364 7,091 CASH IN HAND NOTICE DEPOSITS CASH & CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD 18,106 6, 364 22 18,106 6,364 Note: Charity Law requires separate administration of the cash flow of endowed and other restricted fvnds of the Charity. This constraint has not adversely affected Group cash flows as stated above. The notes on page 54 fomi part of these accounts. Page 31

NOTES TO THE ACCOUNTS FOR THE YL4R ENDED 31 AUGUST 2024 Statement of Accounting Policies (a) Charit status WaNick Independent Schools Foundation is a Charitable Company limited by guarantee (registered number 04252305), which is registered in England & Wales. Its Charity registration 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. sis of Accountin The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021, the Companies Act 2006 and the Statement of Recommended Practice ISORP 2015) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} - effective 1 January 2019. The date of transition to FRS 102 was 1 September 2014. Warwick Independent Schools Foundation meets the definition of a public benefit entity under FRS 102. The functional currency of the Charity is considered to be GBP because that is the currency of the primary economic environment in which the Charity operates. The accounts present the consolidated statement of financial activities {SOFA} and the Charity consolidated balance sheets comprising the consolidation of the Charity and the Company and its wholly owned subsidiary, Warwick Schools Enterprises Limited (Company no.. 03617592). The results of the subsidiary are consolidated on a line by line basis. The Charity became the Corporate Trustee of the Trust on 29 August 2001 and the accounts, therefore, inclLtde the Trust as a subsidiary Charity for the accounting period commencing 1 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 to the new Charity known as Warwick Independent Schools Foundation, as property of the Company, and the Trust itself was made a subsidiary Charity of the Company as its Corporate Trustee. No separate SOFA has been presented for the Charity alone as pemiitted by section 408 of the Companies Act 2006 and paragraph 397 of the SORP. The Charity has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only Cash Flow Statement with the consolidated financial statements. (c) Goin Having reviewed the funding facilities available to the Schools together with the expected ongoing demand for places and the Schools, future projected cash flows, the Governors have a reasonable expectation that the Schools have adequate resources to continue its activrties for the foreseeable future and at least 12 months from the approval ofthese financial statements and consider thatthere were no material uncertainties over the Charity's financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Directors, Responsibilities on page 24. Pase 32 Concern

NOTES TO THE ACCOUNTS FOR THE y￿1R ENDED 31 AUGUST 2024 (d) Basis of Consolidation The financial statements consolidate the accounts of Warwick Independent Schools Foundation and its subsidiary, Warwick Schools Enterprises Limited. The deficit for the year dealt with in the accounts of the Charity was £6,592,741 12022123.. Surplus of £1,942,388). (e) Charitable Income and Donations Voluntary incoming resources including legacies are accounted for as and when entitlement arises, the amount can be reliability quantified and the economic benefit to the Charity is considered probable. Charitable income and donations received for the general purposes of the Charity are credited to "other unrestricted funds. to distinguish them from direct school income. Grants given for specific purposes are treated as income in the year of receipt and are taken to "restricted funds" on the basis that there is nothing that would prevent income recognition from grant conditions imposed. Unspent restricted income is included under restricted funds as it is fully committed. Income received from the charities of The King Henry Vlll Endowed Trust, Vvarwick and The Charity of Sir Thomas White, Warwick is accounted for on a receivable basis. Investment income is recognised when receivable. Fees and Similar Income Fees receivable and charges for services and use of premises are accounted for in the year in which the Servi￿ is provided. Fees receivable include contributions received from Restricted Funds for Bursaries and Awards. Trading income is exclusive of Value Added Tax and trade discounts. (g) Resources Ex ended Resources expended are accounted for on an accruals basis. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. Teaching, welfare and premises costs are derived from aclivities classrfied in cost departments that are directly for the pupils, benefit. Support costs consist of the administration costs of running the Schools, Marketing & Recruitment osts for the Schools and expenditure in relation to school expeditions. Governance costs comprise the costs of running the Charity {including strategic planning for its future development), external audit, legal advice for the Governors and all costs of complying with statutory requirements. Liabilities are recognised when they can be measured reliably and there is a legal or constructive obligation committing the Charity to the expenditure. Termination payments are accounted for as soon as the Schools are aware of the obligations to make payments. eratin Leases Rentals payable are charged on a time basis over the lease tem, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similafly spread on a straight-line basis over the lease term. Page 33

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (i) Pension Schemes The Schools participate in a multi-employer pension scheme, the Government's Teachers Pension Defined Benefits Scheme (TPSI, for their teaching staff. The pension liability is the responsibility of the Teachers, Pension Scheme. As a result, it is not possible to identify the assets and liabilities of the scheme that are attributable to the Schools. Accordingly, under FRS 102 the scheme is accounted for as if it were a defined contributions scheme. The Charity closed the Local Government Pension Scheme (LGPS) and the National Employment Savings Trust INEST}, an independently run defined contribution scheme, on 30 November 2023. These were replaced with a new defined contribution pension scheme, administered by Aviva, from 1 December 2023. Employees are enrolled automatically into the scheme and can select to increase their contributions 8bove the minimum set amount if they so wish to a maximum %. The assets of the scheme are held separately from those ofthe School in independently administered funds. Paymenls to the scheme are charged as an expense as they fall due. Pension costs form part of staff costs and are allocated directly across activities and between restricted and unrestricted funds on the basis of time spent. (i) School Bu ildin sandE ment Capitalisation and Replacement The original land and buildings endowed to the Schools together with all subsequent additions fecorded by the Trust were professionally revalued as at 31 August 2001. On 1 September 2001, all land and buildings, other than the original endowed property, were transferred to the Charity. In these accounts these transfers are treated as being at cost to the Charity. The Charity is also responsible for keeping the original building in fit and useful Condition and these costs are written off as incurred. Buildings improvements and extensions and furniture and equipment costing more than £5,000 individually are capitalised and carried in the balance sheet at historical cost. The fixed assets brought in from The Kingsley School as a gift, were brought in at 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 economic lives. These rates are currently as follows.. Buildings Sports constructions Furniture, fixtures & equipment Motor vehicles 20 - 50 years 20 - 25 years 3- 10 years 4 years No depreciation is charged on freehold land or assets under the course of construction. Depreciation is charged when assets become in use. (k) Investments Investments, which include listed investments and investment properties, are stated at market value. Investment properties are professionally valued every five years and reviewed for impairment annually. Unit trust investments are stated at mid-market price. Page 34

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 O() Investments continued Realised gains and losses on investments, calculated as the difference between the sale proceeds and their market value at the start of the year. or subsequent cost, are credited or charged to the SOFA in the year of gain or loss. Unrealised gains and losses representing the movement in market values during the year are credited or charged to the SOFA in the year of gain or loss. o) stock Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. uid Resources The Charity includes fixed term deposits of less than one year as liquid resources. (n) Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. (o) Creditors Creditors 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 at their settlement amount after allowing for any trade discounts due. (p) Financial I nstruments Basic financial instruments are initially measured at transaction value and subsequently measured at amortised cost with the exception of investments which are held at Market value. Financial assets held at amortised cost comprise cash at bank and in hand, together with all debtors other than prepayments. A specif ic provision is made for any debts for which recoverability is in doubt. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and fees received in advance. Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the Statement of Financial Activities within finance costs. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Page 35

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (q) Fund Accountin Unrestricted funds are available for use at the discretion of the Trustees in furtherance ofthe general objects of the Charity. Unrestricted funds are identified as either Designated Funds or General Funds. Designated Funds represent funds that the Trustees have set aside for defined purposes. Certain elements of the Designated Bursary Funds are subject to restrictions set out in the Memorandum and Articles of Association. Each Designated Fund is disclosed separately in the notes to the financial statements. There is a ommitment to use these monies in future years, as designated. General Funds represent accumulated surplusesldeficits to date, after transfers to Designated Funds. Restricted Funds are funds subject to specific restrictions imposed by the donors. The Endowment Funds are permanent endowment funds, i.e., the donors have stated that the funds are to be held as capital. nificant Accountin Estimates and Jud ements The Charity makes estimates and assumptions concerning the future. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. The Charity came out of the Local Government Pension Scheme on 30 November 2023. Up until then, the present value of the Local Government Pension Scheme defined benefit liability depended on a number of factors that were detemiined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost {income} for pensions included the discount rate. Any changes to these assumptions, which are disclosed in note 20, would impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2016 was used by the actuary in valuing the pensions liability at 31 August 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact the carrying amount of the pension liability. Fees Receivable 2024 £'ooo 48,006 -1,275 -2,571 44,160 2023 £'ooo 43, 748 -t,228 -2,520 40,000 Fees Less Staff Fee Remission Less Scholarships and Bursaries Other Income 2024 £'ooo 2023 £'ooo Charitable Activities Other educational charitable activities.. Entrance and registration fees Music tuition fees Holiday Action and Swim School Other 84 1,024 651 1,837 3,596 70 913 551 1, 754 3,288 Other ancillary activities.. Excursions 1,961 5,557 1,485 4, 773 Page 36

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from Subsidiary's Trading Activities The Charity owns the whole of the £1 ordinary share capital of Warwick Schools Enterprises Limited. The principal activity of the Company is that of letting the school facilities and managing events at the Bridge House Theatre. The trading results forthe year, extracted from the audited accounts, are summarised below- 2024 £'ooo 2023 £'ooo Turnover Operating costs Loss from continuing activities Gift Aid donation gross Balance carried fotward 729 -878 -149 439 -610 -171 -149 -171 Warwick Schools Enterprises Limited normally makes a gift aid donation of any surplus earned to its parent, Warwick Independent Schools Foundation. This amounted to £Nil {2022123'. £Nil} to the Charity during the year. 2024 £'ooo 2023 £'ooo Assets Liabilities Net liabilities 235 -1,338 -1,103 325 -1,279 -954 The net liabilities of Warwick Schools Enterprises Limited at 31 August 2024 amounted to £1,103,482 (2023. £954,248) Investment Income 2024 Restricted £'ooo 2023 Total £'ooo Unrestricted £'ooo Total £'ooo UK Fixed Interest UK Equities Property Fund Bank Interest Investment propety 68 360 11 273 78 790 68 360 11 273 78 790 26 351 11 t03 73 564 Page 37

NOTES TO THE ACCOUNTS FOR THE YL4R ENDED 31 AUGUST 2024 Expenditure 2024 £'ooo 2023 £'ooo Charitable expenditure 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 and impairment Bank Loan interest payable 61 54 172 34 135 165 34 15 20 2, 808 559 2,946 528 Total staff costs comprised: Wages and salaries Social security costs Pension contributions Compensation for loss of office 27,742 2,525 5,031 34 35,332 24, 739 2,333 4,584 80 31,736 Aggregate employee benefits of key management personnel 1,447 1,502 During the year there were termination payments made which amounted to £34,003 (2022123.. £80,126}. There was £23,441 (2022123. £46,941 } outstanding at the year end. Page 38

NOTES TO THE ACCOUNTS FOR THE YL4R ENDED 31 AUGUST 2024 6. Expenditure (continued) The average number of the Charity's employees during the year calculated on an average headcount basis was 96512022123. 9201. 2024 429 536 965 2023 427 493 920 Teaching Support Neither the Governors nor persons connected with them received any remuneration or other benefits from the schools or any connected organisation, other than one Governor whose son was in receipt of a Scholarship. Travelling and course expenses amounting to £16,134 (2022123: £11,854) were reimbursed to three Governors {2022123'. 6) The number of higher paid employees was as follows, totalling £970,64812022123'. £522,229). 2024 35 2023 £60,000 - £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £100,001 £110,000 £110,001 £120,000 £120,001 - £130,000 £130.001 - £140,000 £140,001 - £150,000 £150,001- £160,000 £180,001- £190,000 £190,001- £200,000 £200,001- £209,999 £210,000 - £219,999 14 Page 39

NOTES TO THE ACCOUNTS FOR THE YL4R ENDED 31 AUGUST 2024 Analysis of Total Resources Expended 2024 2023 Total Staff Costs Other Depreciation and Impairment £'ooo Total £'ooo £'ooo £'ooo £'ooo Costs of Generating Funds.. Other Activities Cost of Development Office Total for Charity Trading Costs of the Subsidiary Total for Group 25 102 127 490 617 36 335 371 773 1,144 46 283 329 526 855 233 233 232 465 51 62 Charitable Actwities.. Teaching Welfare Premises Support Costs and Governance BanklPension Interest & Other Financing Prizes & Other Awards 26,835 2,406 2,555 3,071 3,597 1,697 3,536 5,253 30,432 4,103 8,975 8,324 27,550 3,807 8,115 6,647 2,884 1,750 1,750 27 Sub-Total Total Resources expended Group Charity 34,867 35,332 35,100 15,837 16,454 15,964 2,884 2,946 2,895 53,588 54,732 53,959 46,151 47,006 46,480 Included in BanklPension Interest & Other Financing is £895,944 {2022123.' £522,115) for the decrease in fair value of the liability from the interest rate swap. Governance Costs included in support costs 2024 £'ooo 61 166 227 2023 £'ooo Auditors remuneration Liabi lity insurance 126 180 Page 40

NOTES TO THE AccouNfs FOR THE YEAR FNDED 31 AUGUST 2024 8. Tangible Fixed Assets Charity Land & Buildings Furniture, Fittings & Equipment £'ooo Motor Vehicles Assets in Course of Construetion £'ooo Charity Total £'ooo £'ooo £'ooo COST At 1 September 2023 Additions Disposals At 31 August 2024 92,640 7,784 159 84 100,667 218 2,581 -264 10,101 2,811 -264 103,214 92,858 171 84 DEPRECIATION At 1 September 2023 Charge for year Impairment On Disposals At 31 August 2024 19,424 5,151 153 24,728 1,921 945 23 -262 5,857 2,872 23 -262 27,361 21,345 159 NET BOOK VALUES At 31 August 2024 At 31 August 2023 71,513 73,216 4,244 2, 633 12 84 84 75,853 75, 939 Group Charity Total £'ooo Subsidiary Total £'ooo Group Totsl £'ooo COST At 1 September 2023 Additions Disposals At 31 August 2024 100,667 2,811 -264 103,214 635 101,302 2,814 -264 103,852 638 DEPRECIATSON At 1 September 2023 Charge for year Impairment for the year On Disposals At 31 August 2024 24,728 2,872 23 -262 27,361 471 51 25,199 2,923 23 -262 27,883 522 NET BOOK VALUES At 31 August 2024 At 31 August 2023 75,853 75, 939 116 164 75,969 76, 103 Included in the net book value of sand and buildings is £349,91712023.. £362,917) in respect of long leasehold buildings. The remainder is freehold. Page 41

NOTES TO THE ACCOUNTS FOR THE YL4R ENDED 31 AUGUST 2024 Investments Unrestricted Designated £'ooo Restricted Funds £'ooo Total 2024 £'ooo 2023 £'ooo Group: Balance at 1 September 2023 Additions Disposals at opening market value Movements in cash deposits Revaluation gains l (losses} Balance at 31 August 2024 18,820 2,125 -2,041 2,572 1,512 22,988 22 18,842 2,125 -2,041 2,572 1,514 23,012 19,042 2,155 -2,055 207 -507 18.842 24 Securities Listed on the Stock Exchange Property Cash deposits 15,110 4,396 3,482 22,988 24 15,134 4,396 3,482 23,012 13, 581 4, 351 910 18,842 24 Listed Securities comprise.. UK Fixed Interest UK Equities Property Fund 1,273 13,397 440 15,110 24 1,297 13,397 440 15,134 911 12, 075 595 13,581 24 Charity: as above Investment in subsidiary company (see note 4). Reconciliation of opening and closing investments by class Securities Listed on Stoek Exchange £'ooo Property Cash Deposits Total £'ooo £'ooo £'ooo Group: Balance at 1 September 2023 Additions Disposals Movement in cash deposits Revaluation gains Balance at 31 August 2024 13,581 2,125 -2,041 4,351 910 18,842 2,125 -2,041 2,572 1,514 23,012 2,572 1,469 15,134 45 4,396 3,482 The Kingsley School investments were donated to 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 totalled £1.317,069 at the 10 March 2021. The investment properties were reviewed as at 31st August 2024 using a market price indicator resulting in a gain of £45,000. All investments are held to provide a return, and all are held in the UK. Page 42

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 io. Stocks Group 2024 £'ooo Charity 2024 £'ooo 2023 £'ooo 023 £'ooo Goods for resale and consumables Stocks recognised as an expense in the Statement of Financial Activities during the year were £315,336 {2023.' £252,413} ii. Debtors Group 2024 £'ooo 647 77 Charity 2024 £'ooo 647 62 2023 £'ooo 391 55 36 1, 862 2023 £'ooo 391 35 36 1, 798 1,201 3,461 School fees Trade debtors Other debtors Prepayments and accrued income Amount due from subsidiary undertaking 1,909 1,864 1,264 3,844 2,640 2, 344 12. Creditors Group 2024 £'ooo Charity 2024 £'ooo 2023 £'ooo 2023 £'ooo Due within one year= Fees received in advance and deposits Trade creditors Other creditors Taxation and social security Accruals and deferred income Bank loan Advance Payment Scheme 5,003 1,154 438 651 1,521 1,333 5,808 15,908 4,960 1.669 340 602 1,844 1,333 5,003 1,142 376 651 1,521 1,333 5,808 15,834 4,960 1,655 276 602 1,844 1,333 10, 748 10.6TO Due after one year. Bank loan Advance Payment Scheme Derivative financial instruments 16,000 11,821 -1,058 26,763 17,334 16,000 11,821 -1,058 26,763 17,334 -1,954 15,380 -1,954 15,380 A loan for £20m was taken out with HSBC to support delivery of Project One Campus in August 2017. An interest rate swap a￿angernent was entered into to pay a fixed rate of 3 % 11.60/0 interest rate and 1.4 % margin) over £20m of the outstanding loan balance. The date of termination of the agreement is August 2027. HSBC has security over the Shares held by the Foundation through a Memorandum of Deposit made between both parties, dated 14 September 2017. Page 43

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Creditors (continued) The Bank Loan falls due as follows.. 2024 £'ooo 1,333 5,333 10,667 17,333 2023 £'ooo Within one year Between two and five year5 Over five years 1,333 5, 333 12,001 18,667 a) Deferred Income - Group £'ooo Balance at 1 September 2023 Released in the year Deferred in current period Balance at 31 August 2024 895 -895 930 930 Income has been deferred where cash has been received before the year end but the event (mainly school trips) takes place in the next financial year. 13. b) Advance Payment Scheme £'ooo Balance at 1 September 2023 Released in the year Cash received in the year Balance at 31 August 2024 17,629 17,629 14. Financial Instruments - Group 2024 £'ooo 2023 £'ooo Financial assets measured at amortised cost Financial assets measured at fair value Financial liabilities measured at amortised cost Financial liabilities measured at fair value Net financial assetsl{liabilities)measured at amortised cost 1,342 41,028 42,075 1,058 1,353 1,072 25, 205 -26,571 1,954 1,660 2024 £'ooo 2023 £'ooo Total investment losses for financial assets measured at fair value through incorne and expenditure Impairment (lossesllgains on financial assets measured at amortised cost 1,514 -507 -167 Included in net financial assetsl{liabilities} measured at amortised cost are school fee debtors, trade debtors, other debtors and accrued income. Included in financial assets measured at fair value are cash at bank and in hand and investments. Included in financial liabilities measured at amortised cost are bank loans, fees received in advance, fee deposits, trade creditors, other creditors and accruals. Page 44

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Financial Instruments - Group (continued) I ncluded in financial liabilities measured at fair value are derivative financial instruments (interest rate swaps). The group has entered into an interest rate swap to receive interest at SONIA and pay interest at a fixed 1.6°/o. The swap is based on a principal amount of £20m and matures in 2027 on the same date as the loans. The fair value of the interest rate swap is £1,057,84012023= £1,953,834). Impairment of trade debtors during the year totalled £747,695 (2023.. £544,788). 15. Net Assets of the Funds of the Charity The net assets are held for the various funds as follows.. Fi¥ed Investments Assets Net IAbng Terni Current tiabilities Assets £'ooo Total £'ooo £'ooo £'ooo £'ooo Endowed funds Restricted funds Unrestricted funds Bursary funds Other 1,978 703 24 2,681 3,321 3,297 22,285 22,285 49,883 78,170 -1,103 77,067 73,875 75,853 116 75,969 2,771 6,068 -1,219 4,849 -26,763 -26,763 Charity 23,012 Subsidiary Reserves Group 23,012 -26,763 (a) Endowed Funds.. Movements in the Year Balance at I Sept 2023 Ineome Expenditure Transfers & Balance at Investment 31 Aug Gains 2024 £'ooo £'ooo £'ooo £'ooo £'ooo Exhibitions & prizes fund 202 202 Legacy funds Fixed assets fund 501 501 2,005 -27 1,978 2,708 -27 2,681 Legacy, Exhibitions & Prizes These Funds represent the capital value of amounts originally donated for the purpose of generating income to be distributed as pryzes. 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 ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Net Assets of the Funds of the Charity (continued) O)) Restricted Funds.. Movements in the Year Balanee at I Sept 2023 £'ooo Transfers Income Eypenditure Investment Gain/ (Loss) Balance at 31 Aug 2024 £'ooo £'ooo £'ooo £'ooo £'ooo Parents Associations Funding Donations from OGA TKS 15 21 -20 16 42 57 Scholarship Funds King Henry Vlll 200/0 for CV34 23 25 105 141 -148 98 King Henry Vlll MAT Set Up Bursary Funds Income from Legacy Funds & Prizes 200 -78 122 1,980 839 -249 1,332 -803 2,260 -10 12 -142 699 Sundry 221 -82 10 -105 44 3,120 -21 1,516 -1,296 3,321 Parents Associations Funding - monies raised by Schools parents fundraising for specified use. Donations from Old Girls Association (OGAI at The Kingsley School current students. monies from Old Girls for awards for Scholarship Funds - The Machen Scholarships and The Massie Scholarship income relates to donations from these linked charities of The Kingsley School. King Henry Vlll 20 % of the monies received from KHVIII to be used for activities specific to CV34. King Henry Vlll monies specifically for set up of Multi-Academy Trust. Bursary Funds funds received from ￿0 charitable bodies, which are used primarily to provide bursaries for pupils from the Old Borough of Warwick who would otherwise be unable to attend the school, with the remainder used to support activities for Warwick-based schools and other community activities. Income from Legacy Funds schools. monies left in legacy from various parties to be used for bursaries across all Sundry - all other smaller donations and monies received. Page 46

NOTES TO THE ACCOUNTS FOR THE YEAR FI¥DED 31 AUGUST 2024 15. Net Assets of the Funds of the Charity (continued) (c) Unrestricted Funds Balance at I Sept 2023 £'ooo Income Expenditure Transfers Investment Balance at Gain/(IAbS8) 31 Aug 2024 £'ooo £'ooo £'ooo £'ooo £'ooo Designated Funds Bursary Fund Mary Hall Legacy Other Legacy Fixed Assets Repairs & Maintenance Fund 15,257 477 130 74.199 408 398 -874 889 1,467 17,137 477 130 74,091 441 -108 41 Unrestrioted Funds Free Reserves Charity Subsidiary Trading Funds -21,595 68,876 -954 67,922 1,829 6,276 1,954 77,981 50,069 50,508 729 51,237 -50.859 -51,741 -773 -52,514 -655 126 -105 21 -23,040 69,236 -1,103 68,133 1,874 1.467 1,467 45 -6,276 Revaluation Reserve Pension Reserve Surplus Derivative Reserve Group -896 53,410 1,058 71,065 51,237 21 4,764 Bursary Funds - These funds enable the Governors to 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. There were transfers during the year from the Schools, free reserves into the Bursary Fund of £888,950. Governors have designated these funds to be used for means-tested Bursaries. Fixed Assets- These represent the net bookvalue ofthe un-endowed assets available for use by the Charity, excluding assets funded out of Bursary Funds. The fixed asset transfer relates to a donation from The School Playing Field, a linked charity of The Kingsley School. Repairs and Maintenance Fund This fund is being accumulated from net rental income to finance future repairs and maintenance. Page 47

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Net Assets of the Funds of the Charity (continued> Net Assets of The Funds of the Chari asa131Au ust 2023 Fixed Investments Assets Net Current Assets I￿n8 Term Pension Ijabilities Surylus £'ooo Total £'ooo 2,005 £'ooo 703 23 £'ooo £'ooo £'ooo 2, 708 3,120 Endowed funds Restricted fvnds 3,097 Unrestricted funds Bursary fvnds Other Charity Subsidiary Reserves Group 18,716 78,116 60,819 84, 763 -954 73,935 75,940 163 -4,012 -915 -15,380 -15,380 6,276 6.276 18,842 -1.117 -2,032 76,103 18,842 -75,380 6,276 83, 809 Endowed Funds.. Movements in the Year as at 31 Au ust 2023 Balanee at I Sept 2022 £'ooo 202 501 2.032 2. 735 Ineome Expenditure Balance at 31 Aug 2023 £'ooo 202 501 2,005 2, 708 £'ooo £'ooo Exhibitions & piizes fund Legacy funds Fixed assets fund -27 -27 Restricted Funds.. Movements in the Year as al 31 Au usf 2023 Balance at I Sept 2022 £'ooo Income Expenditure Investment Balance at Gain/(tA)ss) 31 Aug 2023 £'ooo £'ooo £'ooo £'ooo Donations from Friends of Wanvick School Donations from WPSA Donations from KHAPS Donations from Friends of ￿ngsleY Sundry Machen Scho18rships The Massie Scholarship Donations for Sports Projects Donations for Wanvick Food Technology Donations for Capital Building Project Borough Bursary Fund Wanvick Scholarship T￿st Income from Legacy Funds & Pnzes 15 to 47 47 14 22 11 12 12 10 70 80 35 1,115 -80 123 1,415 31 825 2,440 158 1,980 31 839 3,120 -550 99 1,402 -85 -722 Page 48

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Net Assets of the Funds of the Charity (continued) Unrestricted Funds as at 31 Au usf 2023 Balance at I Sept 2022 Incoming Resources Transfers Investment Resources Expended Gain Balance 31 Aug 2023 £'ooo É'ooo £'ooo £'ooo £'ooo £'ooo Designated Funds Bursary Fund Mary Hall L8gacy other Leg8Cy Fixed Assets Repairs & Maintenance fund Unrestricted Funds 15,538 477 365 -1,074 827 -399 15,257 477 130 74,777 394 130 -578 74, 199 408 24 -10 Free ReseNes Charity Subsidiary Trading Funds -20,881 70,435 -783 44,948 45,337 439 -45,497 -46,581 -526 -165 84 -21,595 68,876 -954 -399 -84 69.652 1.937 3,841 Y.432 76,862 45, 776 -47, 107 -399 -108 2,107 67,922 1,829 6,276 1,954 77,981 Revaluation ReseNe Pension Reserve Deficit Derivative ReseThe Group 328 522 46,257 45, 776 1,600 16. Capital Commitments There were no capital commitments for the year ended 31 August 202412023.. Nil). Page 49

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Operating Lease Commitments At 31 August 2024, the Group had the following future minimum lease payments under non-cancellable operating leases.. Group and Charity 2024 2023 £'ooo Motor Vehieles £'ooo Other Eqwpment £'ooo Totsl £'ooo Motor Vehicles £'ooo Other Equipment É'ooo Total Operating leases which expire.. Within one year Between 2 and 5 years 59 128 187 28 91 11g 202 152 354 195 198 After 5 years 261 280 541 31 286 317 18. Taxation No corporation tax has been provided for in these accounts because income of the Charity is within the exemptions granted by Section 505 of the Income and Corporation Taxes Act 1988. The Charity has borne VAT on its expenditure where appropriate. The trading subsidiary provides for corporation tax as applicable, nil this year. It is also registered for VAT. 19. Principal Subsidiaries Company Name Principal Place of Busin£ss Percentage Description Share- holding Principal Activity Warwick Schools Enterprises Limited (WSEL) Myton Road, Warwick CV34 6PP 100% £1 Ordinary share capital Letting of school facilities (Registered number.. 03617592, incorporated in England & Wales) The Charity is also the Corporate Trustee of the Warwick Schools Foundation Trust (Charity registration number. 528775). These financial statements include the results of the above entities. During the year the Charity charged £279,822 to WSEL for the provision of staff and administrative services (2022123.. £162,960). The balance owed to the Charity at 31 August 2024 was £1,264,454 (2023.. £1,201,171). Intercompany transactions of a management fee £94,868 {2022123'. £73,830), a licence fee £10,000 (2022123.. £10,000) and interest on the intercompany loan £704 (2022123. £852) are eliminated on consolidation. Page 50

NOTES TO THE ACCOUNTS FOR THE ITAR ENDED 31 AUGUST 2024 20. Pension Schemes Teachers, Pension Scheme The Foundation participates in the Teachers, Pension Scheme ("the TPS'I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £3,832,839 {2022123'. £3,710,788) and at the year-end there were no contributions (2022123.. no contributions) accrued but unpaid in respect of this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 (as amended}. Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set 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 at 31 March 2020 and the Valuation Report, which was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the refomed or legacy schemes fcf the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The employer contribution rate for the TPS increased to 28.6 % from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.080/0 giving a total employer contribution rate of 28.680/0. Local Government Pension Scheme The Charity came out of the Local Government Pension Scheme on 30 November 2023. Up unlil then, non- teaching members of staff, joining before October 2013 were entrtled to belong to the Warwickshire County Council Pension Fund {LGPS), 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 calculated according to the advice of the Scheme actuary. The cost of providing such pensions is charged on a systematic basis over the average remaining sefvice life of the members. In previous years, in accordance with FRS 102 the pension valuation has been updated by the qualified actuary, Hymans Robertson LLP. This year, as the charity was no longer in the pension scheme at the year end, there are no comparable figures for 2024.. 2024 £'ooo 2023 £'ooo 23,408 -17,132 6,276 Total market value of assets Present value of scheme liabilities Surplus in scheme Page 51

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Pension Schemes (continued) The main financial assum date were as follows.. tions made b the actuar at the be innin of the ear and at the balance sheet 2024 2023 I nflation Rate of increase in salaries Rate of increase for pensions Discount rate for liabilities Life ex ctations on retirements a e65 2024 Years 2023 Male currently age 45 Female currently age 45 Male currently age 65 Female currently age 65 22.5 25.8 21.2 24.2 Fair value of assets and ex ected rate of return 31 Aug 2024 Fair Value Eypeeted Rate of Assets of Return £'ooo 31 Aug 2023 Fair Value Expected Rate of Assets of Return £'ooo 13,577 5, 852 3, 745 234 23,408 Equities Government bonds Property CashlLiquidity Total The overall expected rate of return on the scheme assets is determined based on market expectations atthe beginning of the year, for investment returns over the entire life of 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. 2024 £'ooo 2023 £'ooo -205 The actual return on the scheme assets in the year Page52

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Pension Schemes (continued} Chan es in the fair value of the scheme assets are as follows.. 2024 £'ooo 23,408 2023 £'ooo 22, 786 -244 966 Opening value of scheme assets Return on assets less interest Net interest income on plan assets Contributions by employer Contributions by employees Contributions in respect of unfunded benefits 447 68 Benefits paid Write off of fair value of pension scheme asset -617 -23,408 23,408 Chan es in the fesent value of the scheme liabilities are as follows.. 2024 £'ooo 17,132 2023 £'ooo 18,945 288 799 68 -2,351 -617 Opening liabilities Current service cost I nterest cost Contributions by employees Actuarial gainsl{lossesl Benefits paid Write off of fair value of pension scheme liability -17,132 17,132 The char e to the Statement of Financial Activities over the financial ear com rised.. 2024 £'ooo 2023 £'ooo Schools and grant making Current service cost Interest income on plan assets I nterest on pension scheme liabilities Total charge to expenditure in the SOFA 288 -966 799 t27 The actuarial ains and losses shown in the Statement of Financial Activities com rised.. 2024 £'ooo 2023 £'ooo -1,181 -953 147 4, 094 Return on assets less interest Experience gains and losses on scheme liabilities Changes in demographic assumptions Changes in financial assumptions Write off of pension scheme Total amount recognised in the SOFA -6,276 -6,276 2, 107 Page 53

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Pension Schemes (continued) Employers, contributions for the year to 31 August 2024 were £48,347 (2022123.. £446,502} including deficit payments. The scheme applied only to members of staff employed by the Foundation before 31 October 2013 who signed up prior to that date. The scheme closed to existing members on the 30 November 2023, so the contributions are from September 2023 - November 2023 for the 2023124 year. The Kin sle School Pension Schemes Employer contributions for the year to 31 August 2024 were £8,779 {2022123.. £30,738) for The Kingsley School defined contribution scheme, the Royal London pension scheme. The scheme closed to existing members on the 30th November 2023 and so 2023124 contributions were for September 2023 - November 2023. other Pension Arrangements Up until 30 November 2023, all other eligible non-teaching staff were auto-enrolSed onto the National Employment Savings Trust {NEST}, an independently run defined contribution scheme. Employers, contributions to the NEST scheme for the year to 31 August 2024 were £117,181 {2022123.. £400,944) The NEST scheme also closed to members on the 30 November 2023 and so contributions for 2023124 were for September 2023- November 2023. All non-teaching members of staff were enrolled onto the Aviva Pension Trust for Independent Schools {APTIS) from 1 December 2023. Employers, contributions to the Aviva Pension Trust for Independent Schools (APTIS} for the year to 31 August 2024 were £58,928. 21. Reconciliation of Cash Flows from Operating Activities 2024 £'ooo 466 -790 528 2,946 2023 £'ooo -335 -564 559 2, 808 Net expenditure for the reporting period Interest receivable Interest paid Depreciation (Increase} in stock (Increase) in debtors (Decrease} lincrease in creditors - other Increase in creditors derivative instruments (Gains) I losses on investments (Gains) I losses on investment property Loss on tangible fixed assets Defined benefit pension scheme cost less contributions payable Defined benefit pension scheme finance cost Net cash provided by operating activities -295 -649 896 -1,469 -45 -t57 584 399 108 20 -161 -167 3, 094 655 Page 54

NOTES TO THE ACCOUNTS FOR THE YEAR FNDED 31 AUGUST 2024 22. Analysis of changes in net debt Balance at I Sept 2023 £'ooo Cv4$h flows Fair value movements £'ooo Balance at 31 Aug 2024 £'ooo 18,106 -17,334 1,058 1,830 £'ooo 11,742 1,333 Cash and cash equivalents Bank loan Derivative financial instruments 6,364 -18,667 1,954 -10,349 -896 -896 13,075 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 (2022123.. £500) 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 £1,034,264 (2022123. £848,121) for the two organisations which were King Henry Vlll Charity and Charity of Sir Thomas White, Warwick. The Charity received donations in the year from employees totalling £410 {2022123'. £338). Donations were also received from the families of one Governor totalling £1,200 (2022123: £1,200). The Ministry of Defence provides some funding each year for the purposes of the Combined Cadet Force (CCFI. 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 2024 was £7,819 (2023.. £3,984). 24. Post Balance Sheet Event Warwick Schools Foundation is in the process of creating a multi-academy trust with four existing state schools in Warwickshire. The Warwick Schools Foundation IWSFI Multi-Academy Trust (MATI will bring together Evergreen School, Westgate Primary School, Clapham Terrace Primary School and Exhall Grange Specialist School. The MAT will be a separate legal entity to the Foundation, but the two entities will be linked through Executive and Governance structures. Each of these schools recewed approval in December 2024 from the Department for Education to become academies and to be the founding members of Warwick Schools Foundation Multi Academy Trust. The opening of the WSF MAT and academy conversion date for the schools is scheduled for 1 September 2025. Page 55

NOTES TO THE ACCOUNTS FOR THE YEAR FNDED 31 AUGUST 2024 CONSOLIDATED STATEMENf OF FINANCIALACTtVITIES - COMPARATtVE FIGURES BY FUND TYPE Notes UnTestricted Funds Restricted Endowed Total Funds Funds Funds 31 Aug 2023 Sehoojs Other £'ooo £'ooo £'ooo £'ooo £'ooo INCOME FROM: Donations Charitable Activities.. School fees other income Other Trading Activities.. Trading turnover.. WSEL Investment Income Total Incoming Resources 1,402 1,402 40, 000 4, 773 40,000 4, 773 439 439 564 47,178 564 45,337 439 1,402 EXPENDITURE ON. Raising Funds.. Cost of Development Office Cost of trading activities.. WSEL Other activities Charitable Activities.. Schools and grant-making Total Expended 283 283 526 46 526 46 45,397 45,680 722 722 27 27 46,t51 47,006 577 Net (losses)Igains on investments -507 -507 Net incomel(expenditure) -343 -645 680 -27 -335 Transfers between funds 16 343 -343 Pension Scheme actuarial gain 21 2,107 2, 107 NET MOVEMENT IN FUNDS 1,119 680 -27 1, 772 BALANCE BROUGHT FORWARD at 1. September 2022 76, 862 2,440 2. 735 82,037 FUND BALANCES at 31st August 2023 77,981 3, 120 2, 708 83, 809 Page 56