2022-08-31-accounts

Charity Number: 1101485 Company Number: 4931009 4Ius IN ARpuIS WELLINGBOROUGH SCHOOL ANNUAL REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 AUGusf 2022 www.wellin borou hschool.or

WELLINGBOROUGH SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Contents Introduction from the Headmaster............. Trustees, Offi￿rS, and Advisors...................... . Report of the Governing Body.......... Directors, Report................ Strategic Rewrt...... Independent Auditor's Report to the Members and Governors of Wellingtx)rough School . Consolidated Statement of Financial Activities......... .14 .18 Consolidat&l Income & Expenditure Account................. .19 Consolidated Balan￿ Sheet at 31 August 2022. .20 Schwl Balan￿ Sheet at 31 August 2022..,.......................... .21 Consolidated Statement of Cash Flows...................... .22 Notes to the Financial Ststements................

Introduction from the Headmaster The 2021-22 academic year marked, eventually, a retum to a great deal of normality for which we had hoped for a considerable time, but there wa5 much that had to hapFen before we reached that point. The year started in an uptEat manner, freed from many of the pandemic-related constraints pla￿d upon us before the summer.. no more online learning; fewer masks in classroom5; the end of spaced dining arrangements. There was no laxity, but the students and staff were able to breathe more easily and enjoy a much more natural school experien￿. 5eptemLEr also saw us welcome a record number of new students to the School - 110 in total- as we continued to attract more families to Wellingborough. The School was caught up as much as the rest of the country in the ernergen￿ of the Omicron variant of Covid in the winter. Most students and staff were absent at some point but, as ever, the collective will to overcome adversity Saw us through. During the Michaelmas Term, the School's confidence and desire to progress was encapsulated by the publication of its latest five-year Development Plan. This set out a number of bold and stretthing tsrgets, and allowed Wellingborough to re-a￿cUIate its core values of Ex￿llence, Independe￿, Empathyi Dynamism and Inclusivity. The Schcx)l also began a strategic masterplanning exercise, Project Copernicus, working alongside Pick Everard to reimagine the site through the next three decades. The plan itself was published in late 2022 and demonstrates how the School intends to develop a numtrer of its facilities whilst retsining what works and maintaining what IS treasured. The School did not, however, need Copernicus to kickstart its building prcgramme. Students of all ages became used to the scaffolding that accompanied the building of the Sixth Form Centre that came into SeN1￿ in the autumn of 2022, and the whole School community were already aware of the plans for a year-round Nursery and had received the news that the next projett would be a new Technology Centre. This accompanied a significant renovation of the Upper Prep Hall, made possible by a signifiont bequest by former teacher Mickey Prall. Project Chrysalis, the restrutture of the School, was now well embedded but the spark it ignited continued to deliver new developments. Every year group in the Senior School had now seen changes to its curriculum, most notably Year g, where the mini-options system was introduced in septernt￿r. The pupils, appreciation of this latest innovation was universal, acknowledging as it did their ability to tske ownership of a significant proportion of their subjects and to focus more on disciplines which they enjoyed. In the Prep Sthool, the launch of the Intemational Primary Curriculum and the International Early Years Curriculum was a resounding success. The pupils thrived within a system that enabled them to make links within their learning and to be far more explorative, creating a far greater degree of independence and generating a renewed love of leaming. The Schix)I felt that it was coming through the pandemic in g()cKI shape and had not allowed Covid to hinder its prcxJress. This was put to the test in March, when Wellingborough welcomed an ISI Inspection Team. As well as finding the School compliant in all regulatory matters, the Inspectors delivered a verdirt of Ex￿lIent- the highest wssible judgment- in both areas of the Education Quality Inspection.. pupils, academic and other achievements, and pupils, personal development. This was the first time in our history that the Schwl had re￿iVed such praise, and acted as vindication of all that it had done Sin￿ the previous Similar inspection in 2014. Importantly, the School recognised itself in the final report and was proud that what we hold dear was Wltnessed and evidenced by ISI. By Easter, almost all aspects of School life were able to take pla￿ again, making the Trinity term the busiest it had been for three years. Sport had been up and running for some time, and by the end of the year over 600 students in Years 3 and atK)ve had represented the Sch¢y)I; large scale Page I

music events were not far behind, with both the Rock, Pop and Blues Evening and the Spring cOn￿rt able to return. the summer saw Year 6 end the year with their Drama Festival, following on from public performances across the Prep School, and Years 7 to 9 showcased 'Treasure Island,; Duke of Edinburgh qualifying expeditions took Pla￿ at Gold, Silver and Bronze level; and there were trips galore including to Norfolk and Oxfordshire for Prep pupils and the opportunity for both Year 9 and 10 pupils to visit the First World War Battlefields. Years 13 and 11 sat public exams for the first time Sin￿ 2019, benefiting from all of the support put in place across the previous I￿0 years. At A level, students achieved record results with 250/0 of grades at A* and a IOOO/o pass rate. University destinations Stretched from Newcastle to Exeter, Belfast to Norwich, to undertake courses from Accountancy to Yacht Design. other students were able to tske up high quality apprenticeships or confirm their pla￿ in the workforce. At GCSE, 54 % of results were at Grades 9-7 and 980/0 at Grades 9-4 (both of which represent records in an exam-based year), a hugely impressive haul which allowed the vast majority of pupils to gain entry to their preferred courses. The ripples from Covid will undoubtedly continue to affect schools and studer)ts' Wellinglx)rough is not compla￿nt and is acutely aware of needing to maintain the excellen￿ of its pastoral care in order to underpin the progress made by the children in its care. It Is, however, buoyant and vibrant, alive to the opportunities that exist and how to ensure that its students are able to capitalise on them. The Schwl has made great strides in the most extraordinary of circUmstan￿S and is ready to develop even further in the coming years. A N Holman Headmaster Page 2

WELLINGBOROUGH SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Trustees, Officers, and Advisors The following 5ervd as Trustee5 during the year or through to the date of signing: Trustees Mr P R Tyldesley BA MRICS Mrs D A Line BA CA CA(SA) Mrs C A Bruce MA Mr I M Cantelo BEng ￿ng Ml Dr C F Dun(2n MBBS DRCOG MRCGP Mr N M LashbrcK)k Mr S J Marriott Mr J A Smith BSC MRICS Mr R H Thakrdr Bsc MBCS Miss R K Tumer BA Mr D A Waller MA (Oxon) Chairman Deputy Chairman offi￿r$ Mr A N Holman MA (Cantab) MEd Mr N A Johnson MA FCMI Headmaster Bursar I Clerk to the Q)vemor5 1 Company Secretsry Reglstered Offlce Wellingborough School, London Road, Wellingborough, Northamptonshire, NN8 2BX Advisors Bankers Svenska Handelsbanken AB (publ), Northampton National Westminster Bank plc, Northampton Aberdeen Stsndard, Aberdeen Handelsbanken Wealth Management Ltd, London 1825 (Stsndard Life Aberdeen plc), Edinburgh HCR Hewitsons LLP, Cambridge, Milton Keynes, and Northampton haysmaantrye LLP, London RSM UK Audit LLP, London (from I September 2022) HaNfood SuNeyors Ltd, Wellingborough Marsh Brokers Ltd, London Investment Managers Solicitor Auditor SuNeyor Insurantr Broker Page 3

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Report of the Governing Body The Trustees, who are also the School's Governors and Directors of the charity for the purposes of the Companies Act, present their report and financial statements for the year ended 31st August 2022 and ujnfirm they comply with the requirements of FR5102, the Charities Act 2011, and the Charities SORP (Second Edition, effective l January 2019). Objects, Aims, Objectives and Artivities Charitable Objects The objects of the Charity, as outlined in its Articles of Association , are'to advan￿ the education of children and young people by the provision of a co-educational day or boarding school in or near Wellingborough and by anallary or incidentsl education artivitie5 and other associated activities for the benefit of the community" Public Benefit Aims and Intended Impact The philosophy of Wellingborough School places learning at the heart of a challenging education that promotes achievement through active involvement. The School looks to meet its public benefit aim by providing a first-dass ￿UCation, independent of the State System, for 867 pupils (2021: 860 pupils) both through strong academic tuition and the development of wider skills through an extensive co-curricular programme. The philosophy seeks to develop self-awareness and a sense of responsibility, values both individuality and altruism and fosters the spirit of community and commitment that have been traditional to the School. Wellingborough School endeavours to create a safe and happy environment in which pupils are given the best possible opportunity to learn and develop. Our public benefit aim is that all pupils will be self-confident and desire to contribute to the wider community. In the furtheran￿ of these aims, the School Govemors, as the Charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidan￿ Con￿rning the operation of the public benefit requirement under that Act, Wellingborough School provides a significant benefit to the public. The total savings generated for the UK taxpayer, as a result of attendan￿ at Wellingborough School by pupils who could otherwise take up a free UK state school place, is £4,876,728 The School strives to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from the education and facilities offered due to the need to pay a fee. In addition to significant provision of bursaries and other forms of financial suptK)rt, the School provides a wide range of opportunities for community benefit and faalities, and events are often otEn to all. Educational Outreach and Community Involvement Through development of, and provision of a￿5$ to School facilities, Wellingborough School l Dated 17 March 2021, approved by the Charlty Commis&on 3 August 2021. 2 Oxft)rd Economics & Independent Schools Councll Economic Impart Survey for the year 2021-22. Page 4

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 remains at the heart of the community and a range of attivities are undertaken on site by the local community, in addition to voluntary artivities within the local community by pupils and staff. Structure, Governance and Management The School is registered as a charitable company limited by guarantee and was incorporated on 14 October 2003. The liability of the meMtr￿rs is limited by guarantee to £1. The company has condurted the operation of the school Sin￿ l April 2004. The School has one wholly owned subsidiaryi Wellingborough Schc(>l Enterprise Ltd (company number 1579353) whose principal activities throughout the year continued to the commercial letting of the School's sports facilities and the schwl shop. The Schcx)l is also special trustee for WeS1ingborough School Trust in respect of the permanentty endow￿ assets, comprising part of the land on which the school was built, some of the playing fields and cash which represents the proceed of various asset disposals. The Charity Commission granted permission for this charity, under a uniting direction dated 25 August 2004, to be treated as part of WellingLKsrough School charitsble company for the purposes of Part Il (registration) and Part VI (accounting) of the Charities Act 1993. Appointment and Induction of Trustees The Management of the School is the responsibility of the Govemors, whose appolntment is governed by the Articles of Association, dated 17 March 2021. The maximum number of Governors permitted is 20. The Old Wellingburian (OW) Club has the right to nominate one member (currently Miss R K Turner) with the rest being co-opted by the Board. Co-opted Governors serve for a period of four years and may be re*lected. The Representative of the OW Club serves for a period of four years. The Trustee5 who served during the year and Sin￿ the year-end are shown on page 3. Trustees are recruited as far as is possible to represent a cross-section of skills and experien Consider￿ most Useful in addressing the issues facing the School. The Chair interviews all proposed Trustees and presents their credentials to the Board, whose approval is required before they are invited to join. In addition to key documents, including the Association of Governing Bodies in Independent Schools (AGBIS) Guidelines for Governors, Trust& induction includes child protection training, a tour of the Schwl, and meetings with Headmaster and Bursar. Ongoing training of Trustees on topical subjects is made available on a regular basis, and a programme of annual Twstee day-long obseNations of the workings of the Sch(Ksl is in pla￿. Govemors give of their time freely and no remuneration other than dedared expenses, was paid in the 12-month perlod. Organisational Management The Trustees are legally responsible for the overall management and control of the School and meet routinely three time5 a year, to a planned schedule, with additional meetings if required. In September 2021, the Board invited the Association of Governing Bcdies of IndetEndent Schools (AGBIS) to review its governan￿ structures and make recommendations on best practi￿. As a result of the recommendations, the Ei)ard refined the sub<ommittee strutture into three Trustee sub-committees, which m&t prior to full Board meetings and report to it. Page 5

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Full Governing Body (Board) Meets three ￿Me5 a year Chair.. Mr P R Tyldesley strategic Planning Working Group Meets as required Chair.. Mlss R K Turner Finance & General Purpose Committee Neets four times a year Chair.. Mrs D A ￿ne Education Committee Governance & Nominations Committee Meets bi-annually Chair.. Mr l M Cantelo Neets four times a year Chair.. Mr N M Lashbrook The Finan￿ & General Purpx)se Committee meets four times a year and addresses matters relating to finan￿, internal controls, and the estste. The Education Committee also meets four times a year and addresses rnatters relating to the educational, academic, and pastoral agenda. The Governance & Nominations Committee meets twi￿ a year and is responsible for corporate governan￿, legal and regulatory complian￿, and risk management. The Strategic Planning Working Group is re5PDnsible for shaping the strategic direction of the School beyond the 4-year budget horizon (i.e. in the 4- to 30-year time frame). In addition, Dr C F Duncan is the nominated Governor with responsibility for Child prOt￿tIon and Safeguarding, whiSst Mr S A Marriott is the nominated Governor for Health & Safety. The Trustees are supported by a collective of individuals known as Counal Members, the purpose of which is to act as a consultative body representing the School's ￿)MMUnIty and interested parties. All Trustees are members of the Council, and in addition they admit for membership up to 15 other members who are not Trustees but a￿ members of the Council. In addition to the Trustees listed at page 3, the following served as Council members during the year ending 31 August 2022. Council Member Nominating Body Old Wellingburian Club Co-opted Co-opted Co-Opt&l Co-opted Co-opted Co-opted Mr J W Browne BA m.st {Oxon) Mr T Carlier Dr J K Cox MA (Cantab) MB Bchir FFCI Mrs J M A Howard Miss A B Jones BA MEd Mr C A Westley Mr J M Wcthing 3 The QJmmSttee may also meet at the start of the academic year to confirm budget assumptions. Page 6

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGusf 2022 In addition to the organisations listed, Cambridge, LeI￿Ster, and Wa￿iCk universities have the right to nominate one Member, and the Govemors await details of their nominated representatives. Council MemtrErs serve for a term of four years but may be re-appointed on the same basis as for Governors. The day-to-day running of the School is delegated from the Governing Body to the Senior Headmaster and the Bursar, both of whom attend meetings of the Goveming BcKiy, together with committees as appropriate. The salary of the Senior Headmaster and the Bursar is reviewed by the Senior Management Pay Review Board (SMPRB), a sub-committee of the Main Baard who present their recommendations to the Chairman for approval. The Sch(x)I supports the promotion of the highest standards in the Independent Schools sector and, to this end, maintsins memtrErship of Association of Governing Bodies in Independent Schools (AGBIS), the Heads, Conference (HMC), the Independent Schools Bursars, Association (ISBA) and the Independent ksociation of Preparatory Schwls (IAPS) in order that its members and Offi￿rS may contribute to and share best prdttices to further the Charity's Object. Equality Act Wellingborough School comtAies with the Equality Art 2010 and is committed to providing equal opwrtunities in employment. The School's p)licies 5￿k to avoid unlawful discrimination in all aspects of employment including recruitment, promotion, opportunities for trainingi pay and benefits, discipline, and selection for redundancy. statement of Trustees. Responsibilities The Trustees (who are also directors of the charlty for the purposes of company law) are responsible for preparing the Rewrt of the Trustees and the financial ststements in accordance with applicable law and United Kingdom Generally AC￿pted Accounting Practi￿ (United Kingdom Accounting Stsndards). Company law requires the Twstees to prepare financial statements ft)r each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resour￿ and application of resources, including the income and extenditure, of the charitsble group for that peri(xl. In preparing these financial ststements, the Trustees are required to.. selett suitable accounting policies and then apply them cons1Stently; observe the methC￿S and principles in the Charities SORP. make judgments and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subjert to any material departures disclosed and explained in the finanaal ststements; and prepare the finanoal statements on the going con￿rn basis unless it is inappropriate to presume that the charitsble company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial ststements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and the group and hen￿ for Page 7

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 tsking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that: 50 far as they are aware, there is no relevant audit infomation of which the company's auditors are unaware, and they have taken all the steps that helshe ought to have taken as Trustees to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that inft)rmation. This confirmation is given and should be interpreted in accordan￿ with the provisions of s418 of the Companies Act 2006. Strategies and Objectives The School has set out its Sthool Development Plan for the period 2021-26, based around five pillars (education, pastoral, finance, staff, community), and has determined how to build upon them 50 that the essence and ethos of the Schwl is maintained whilst the interests of the pupils are promoted. The academic year 2021-22 was Year l under the Development Plan. Mission To enable every individual at the School to became the best version of themselves. Vision To be the first-choice school for all pupils and parents within our area. Values Excellen Independence Empathy Dynamism Inclusivity Objectives Education Culture of learning focused an maximising the academic potential of each student Effective and inspiring teaching to deliver improved outcomes for all students Optimising learning and teaching through effettive enabling support functions A high quality, wide ranging co-curricular programme which enhan￿ the personal development of all students Developing personal character, moral leadership and promoting British values, diversity, equity, and inclusion within the academic and co-curricular elements of sthool life Pastoral Ensure safeguarding is at the heart ofeverything we do Delivery of outstanding pastoral care that ensures pupils are happy, safe & thrive Support transition at all stsges Ensure effettive complian Page 8

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Flnance Maximise surpluses Control cost base Explore & exploit bursary opportunities Staff Eth05 of progressive and focused professional development Develop provision for Early Career Teachers Development of middle leaders Support for staff wellbeing Ensure effective and inclusive recruitment and retention pro￿Se$ Community Develop a sense of Servi￿ and charity Develop pupils, understanding of their pla￿ in the workl and their responsibility to it Enhan￿ links with the Icral community Develop and strengthen the Old Wellingburian community Review of Achievements and performan￿ for the Year Project HERMES In January 2021, the Board detemined to achieve greater Trrtainty in the School's financial planning by removing the threat of future Government-imposed rises in TPS employer (E'er) contributions. To achieve this, Projett HERMES was consultstion with staff on a potential withdrawal from the TPS and consideration of FM)ssib5e alternative options. Consultation concluded in September 2021, as a result of which TPS became a closed pension scheme at Wellingborough School from 31 December 2021. The School has estsblished an altemative defined contribution (DC) scheme to run alongside the TPS, and all staff joining after I January 2022 are placed on the DC scheme and have no right of access to the Trs. All legacy staff have the choice bel￿een continued membership of the TPS or membership of the DC scheme. HERMES was always a risk-elimination exercise - not a cost-saving measure - and the School maintains the current level of total E'er contributions into an alternative scheme. In order to further adhere to the principle of risk mitigation, the Board also decided that the School would consult with legacy stsff over complete withdrawal from TPS when any one of the following trigger conditions 15 met: Any rise in TPS E'er contributions is announced, and before they become effective Financial rEnalties associated with TPS membership status emerge as a likely risk The Sdiool's business case changes Developments Having postponed all capital developments during the COVED lockdown, the School resumed planned projects. This included the refurbishment of the Upper Prep Hall, and the construction of the new 6th Form Centre, both of which were completed in late 2022. Project COPERNICUS In late 2021, the Board undertook a review of the estate in order to identify how best to develop 4 Announcement eXp￿d April 2023, for implementation in 2024. Page 9

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 the site for the future. The principal consideration was the physical manifestations to SUPFK)rt future ways of teaching and learning, but other factors included better optimising the balan between the'town, and 'field' areas, improving vehicular a￿ss, allowing the School to better play its part as a member of the community, and achieving a sustainable net zero carbon footprint. The work was wrdpped into a master planning exercise under the title Project Coperniajs, which set out a ststement of strategic intent of how assets will be delivered trj enhan￿ teaching and learning, and to underpin the School's vision. The purpose of this master planning exercise was to: Frame the vision and provide a commonly understcth pathway rooted within the ethos of the School that maintains a sense of direLtion, no matter how long the journey might be,. Deliver clarity and context. to Sequen￿ and prioritise redevelopment along the pathway and prevent incrementsl adhocdevelopment; Focus and inform robust financial planning; Demonstrate to stakeholders the longer-term ambitions for the School; and Provide support to planning applications and provide focus for fundraising The result of this work is a protx)sal that preserve5 and enhan￿S the best of welling￿)roUgh School whilst also adopting a strategic approach to developing the facilities. The n&d to sustain current operations whilst delivering Project Copernicus means it will be phased, broadly as follows: Phase l Technology ￿ntre Nursery l Lower Prep (with its own catering provision) Energy ￿ntre Gate House and new parking A'through site, ac￿55 road, linking London Road and Irthlingborough Road Phase 2 Sports centre and swimming pwl (including provision for community and local primary schwl use) Phase 3 CCF / Duke of Edinburgh facility / parking at the Embankment Phase 4 Science ￿ntre Pha* 5 Teaching and Research building Landscaping the quad Phase 6 Theatre / performing arts centre Phase 7 Refurbishment of existing building stock (including energy efficiency works) and landscaping - to run throughout as operdtions allow Whilst financing will ultimately dittate the precise timelines for the delivery of each phase, thi5 15 deliberately a long-term plan that envisages full delivery over a 30-year timeframe. Subject to planningi It is intended to Start Phase l in 2023. Pay 22 In February 2022, the School undertook a review to modernise its pay structures frjr teaching Staff, and to create a framework for wage progression under'Pay 22,. Pay 22 was implemented in full in September 2022, and resulted in: The creation of a totsl pay and benefit M(￿e1 for articulating teacher remuneration at Wellingborough School. Separating responsibility allowances (RAS) into 'managemenY RAS and 'other' RAS; The creation of a new middle-management pay scale which incorporates those Page 10

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 'management' RAS into base pay for the purposes of pension and pay awards. Bands are linked to levels of responsibility, tied to a job description and contract of employment, and allow for progressloll Wlthin the bands ksed upon performan￿. and The creation of input contribution FY)ints, which are awarded to remunerate extra- and co- curricular contributions. ICPS are remunerated at the point of input and are non- pensionable and not subject to a bespoke job description. ISI Inspertion The School was inspected in March 2022 by the Independent School Inspectorate (ISI). The findings were- Quality of pupils, academic and other achievements.. EX￿lIent Quality of pupils, personal development.. Excellent Complian￿. Compliant in all areas Prinapal Risks and un￿rtaIntieS The Governors have considered the risks and uncertainties that the Charity is exposed to in the ordinary course of fulfilling its objectives, and the Business Risk Management Model was updated and amended by the Board throughout the year. Adequate review systems have been estabSished which, under normal conditions, should allow these risks to be mitigated to an acceptsble level in day-to-day operations. RIS￿ previously identified continue to be reviewed by the Board and Sub- Committees on a rolling programme throughout the year. The principal risks faang the Charity (summari5￿￿ within the Business Risk Management Mcdel) are: Inability to adapt, at pace and with agilty, to an evolving hinterland (political, environmentsl, financial, etc) Invalid business planning assumptions and controls Loss of competencies in key staff or Board members Lack of appropriate educational and safeguarding procedural contro15 Legislative and regulatory Complian￿ failures Failure to meet charitsble obligations, induding those relating to public tEnefit Ensuring an appropriate balanTr of skills and knowledge within the Governing Body A combination risk- a number of operational risks being realised within a period of time which in tum generates a strategic shock Key controls used to mitigate principal risks include formal agendas for all Committee and Board meetings, detailed terms of referen￿ for all committ￿, comprehensive forward planning, budgeting & management accountingi measurement of performan￿ against pertinent KPIS, vetting Pro￿dureS as required by law for the protection of the vulnerable and adequate & appropriate training for Governors and key staff. Flnancial Review and Results for the Year Financial Review The Consolidated Financial Statements for the year ended 31 August 2022 show a surplus from all funds of £689,711 (2021: £789,063) after the unrealised105ses on investments (note 10) are taken into account. The total funds at the year-end stood at £26,385,366 {2021: £25,695,655} comprising unrestrltted Page 11

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGusf 2022 funds of £21,369,600 (2021.. £20,481,292), restricted funds of £1,491,885 {2021: £1,690,482) and endowed funds of £3,523,881 (2021: £3,523,881). Details of the funds are provided in note 18. The principal funding Sour￿ for the Charity is fee income and this year the net fee income was £12,680,611 (2021: £12,001,161). During the year the Group invested £2,210,142 (2021; £445,890) in Fix&J Assets detailed within note 9. The School's trading company, Wellingborough Sch(K)l Enterprise Ltd made a profit of £23,818 (2021: £18,160). The Governors are satisfied with the financial results disclosed in view of the continuing challenging economic times; they remain sensitive to the affordability of fees and the continuing control of expenditure. Reserves Policy It is the poliq of the Charity to hold reserves in its capital account and speaal reserve account that have not yet been committed or designated for any particular purpose. The Governors have set aside these reserves to protect the future operations of the Charity from the effects of any unforeseen variations in its income streams as part of a policy of good financial management practi￿. At 31 August 2022 the amount of these reserves in capital account and speaal reserve account amounted to £16,910,882, and £479,642 respectively {2021: £16,100,847 and £479,642). The capital account figure incorporates the tsngible fixed assets of the School (less the endowment land and assets held within restricted funds) and includes the revaluation reseNe figure of £6,609,065 (2021.. £6,609,065). While it is the Governors, intent to increase the value of the School's investment holdings, there is also a strategic intent to continue to invest in and enhan￿ the School's facilities and reSoUr￿s. The Governors aim to achieve this through an on-going programme of capital investment, which inevitably is achieved at the expense of creating fr￿ reserves. The Governors, desired intent to continue to invest in School facilities will therefore be balanced against the desire to increase the value of liquid funds held by the School. Aside from specific reserves for distintt projects, it IS the Governors, intention to build suffiaent free cash or near-cash reserves to cover stsff costs for one term. The policy has been estsblished at this level due to the nature of the underlying employment contracts. It is the Governors, intent to generate an annual investment surplus (defined as the surplus on unrestritted funds before depreciation but excluding the profit or loss on the disposal of fixed assets) in excess of 10 % of net income. This year the investment surplus was 11.3010 (2021: Fundraising Standards The Governors recognise the importance of meeting the highest standards of Practi￿ and care in relation to fundraising activities. The school keeps donors informed about fundraising activities through regular communication. All fundraising activity is carried out by school staff, who all have 5 After unrealised10sses on Investments are taken into account Page 12

WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 received training on fundraising standards. No complaints have been received. The school only raises funds from past studentsi parents, staff and those with a personal connection with the schwl and does not undertake fundraising campaigns to members of the public. Investment Powers, Policy and Portfolio The investment powers specified in the governing instrument allow the Governors to deposit or invest in any manner (but to invest only after obtaining advice from a finanaal expert and having regard to the suitability of investments and the nttd for diversification). The Governors receive termly utxjates from the Investment Managers and meet with them to review perf0rrnan￿ on (at least) an annual basis. Portfolio metrics and investment class allocation, performan￿ and other data is also available via the Investment Managers secure online portal. Future Plans Objectives for the Forthcoming Year The objectives for the forthcoming year are detailed in the Year 2 targets to the School's 2021- 2026 Strategic Plan, and may be summari58J as.. To maintsin academic momentum across the School. To invest in and develop our staff,. To initiate builds under Project COPERNICUS (including works to achieve carbon neutrality by 2040). and To strengthen our links with the community. In approving the Trustees, Report, the Trustees are also approving the StTrtegic Rerx)rt in accordance with Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2015 in their capacity as company directors. On Behalf of the Trustees: MrsDALI air of the Finance Committee Page 13

WELLINGBOROUGH SCHOOL INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Independent Auditorfs Report to the Members and Governors of Wellingborough School Opinion We have audited the consolidated financial statements of WellingtJ)rough School fr)r the year ended 31 August 2022 which comprise the Conso5idated Statement of Financial Activities, the Consolidated Income and Expenditure Account, the Consolidated and Charitsble Company Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial repo￿ng 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 AC￿pted Accounting Practi￿). In our opinion, the financial statements: give a true and fair view of the state of the group'5 and of the parent charitable company's affairs as at 31 August 2022 and of the group's and parent charitsble company's net movement in funds, including the income and expenditure, for the year then ended. have been properly prepared in accordan￿ with United Kingdom Generally Ac￿pte(l Accounting PraCtI￿- and have b￿n prepared in accordan￿ with the requirements of the Companies Att 2006. Basis for opinion We conducted our audit in accordanTr with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further desJib& in the Auditor's responsibilities for the audit of the financial statements section of our report. We are Independent of the group in accordan￿ 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 accordan￿ with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial ststements, we have concluded that the trust￿, use of the going concem 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 Un￿rtaIntieS relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going con￿rn for a period of at least twelve months from when the financial stBtements are authorised for issue, Our responsibilities and the responsibilities of the trustees with respett to going con￿rn are describ&l in the relevant settions of this report. Other information The trustees are responsible for the other information. The other information comprises the information induded in the Introduttion from the Headmaster and the Tru5tees' Report. Our opinion on the finanaal ststements does not cover the other information and, ex￿pt to the extent otherwise explicitly stated in our report we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other Page 14

WELLINGBOROUGH SCHOOL INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022 information and, in doing so, consider whether the other infomiation is materially inconslstent with the financial statements or our knowledge obtained in the audit or otherwise appea￿ to be materially misstated. If we identify such material Inconsistenci￿ or apparent material mi5Statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fatt. 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 the audit: the information given in the Trustees, Report (which indudes the strategic report and the directors, report prepared for the purposes of company law) for the financial year for which the financial ststements are prepared is consistent with the financial statements. and the strategic report and the directors, report included within the Trustees, Rewrt have been prepared in accordan￿ with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and its environment abtained in the course af the audit, we have not identified material misststements in the Trustees, Report (which incorwrates the strategic report and the directors, retX>rt). 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 accounting records have not been kept by the parent charitable company. or the parent charitable company 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 infomation and explanabons we require for our audit. Responsibilities of trustees for the financial statements As explained more fully in the trustees, responsibilities statement set out on page 7, 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 ft)r such internal control as the trustees detemiine is ne￿Sary to enable the preparation of finanaal 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 group's and the parent charitable company's ability to continue as a going cOn￿rn, disdosing, as applicable, matters related to going con￿rn and using the going concern basis of accounting unless the trust&s either intend to liquidate the group or the parent charitsble company or to cease operations, or have no realistic alternative but to do 50. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial ststements 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 assuran￿, 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 Page 15

WELLINGBOROUGH SCHOOL INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022 considered materlal if, irnlividually or in the aggregate, they could reasonably iR expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design Pro￿dureS in line with our reswnsibilities, outlined above, to detect material misstatements in respett of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the finanaal statements. We also considered those laws and regulations that have a direct impact on the preparation of the finanaal statements such as the Charities Act 2011 and Companies Att 2006 and consider other factors such as payroll tax. We evaluated managemenvs incentives and opportunities for frnudulent manipulation of the financial statements (including the risk of override of controls), and determined that the prinapal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit pr￿dureS performed by the engagement team induded: Inspecting correspondence with regulators and tsx authorities,. Discussions Wlth management including consideration of known or suspected instances of non-complian￿ with laws and regulation and fraud,. Evaluating management's controls designed to prevent and detect irregularities; Identifying and testing journals, in particular joumal entries Posted at the year end; and Challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent limitstions of an audit, there is a risk that we will not detect all irregularitie5, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instan￿5 of non-complian￿. The risk is also greater regarding irregularities fxcurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentstion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at- ww .or auditorsres nsibilities. This description forms part of our auditorfs report. Use of our report This reprt is made soSely to the charitsble company's memters, as a bodyi 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 ccept or assume responsibility to anyone other than the charitable company and the charitsble company's members, as a body, for our audit worK for this report, or for the opinions we have formed. Page 16

WELLINGBOROUGH SCHOOL INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Lee Stokes (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Ststutory Auditor 10 Queen Street Pla London EC4R IAG Date.. 21 March 2023 Page 17

WELLINGBOROUGH SCHOOL CONSOLIDATED sfATEMENT OF FINANCIAL ACTIvrrIES FOR THE YEAR ENDED 31 AUGUST 2022 Consolidated Statement of Financial Activities Total 2022 Total 2021 knte lknrestrirted Restricted Endownnt rwnds nds Funds OME FROM: Charitable Actlvlties Sch￿1 fees Inetl other ancillary tradlng income tknDat￿nS & Legacips tknnations & &ants JnYestm2nts tnterest re￿1vable Cher Inco￿ Total IrKome II680,611 11680,611 12,001,161 311,116 243,7&1 31¥116 7,770 267,660 275.430 121,354 275 159,224 13,15&721 25,000 292,660 184,224 173,463 13,451,381 12,539,957 Raising fur￿$ Trading expenses Fundraising tnterest payable Charitable Actwit￿S Scfv)ol ewenditure 7¥969 4¥184 11030 71969 72,717 44,042 14,435 4¥184 12,030 11324,314 74,096 11398,410 11,745,170 Total expor￿tUre 11449,497 74,096 11523,593 11,876,364 t inconp I (eypenditure) Transfers be￿een fund5 Unrealised gains I (losses) on Investrnents 709,224 218,564 927,788 663,593 18 417,161 (417,161) io (238,076) 125,470 (238,076) t n￿Ve￿nt in funds 888,308 (198,S97) 689,711 789,063 Funds Ixought forward 20,481.292 ¥690,482 3,523,881 25,695,655 24,906,592 nds carrRd forward 18 21,369,600 ¥491,885 3,523,881 26,385,366 25,695,655 The Chartsb￿ compary has m recognsed gans or bsses otFtr than tIE resuts for year as set out above. Al of the aCt￿￿ES of the Chartsb￿ company are ckssed as conthuing. DetaÈ of compardtve fbu￿S by fund are dscbsed n note 23. Page 18

WELLINGBOROUGH SCHOOL CONSOLIDATED INCOME & EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 Consolidated Income & Expenditure Account l)te 2022 2021 13,451,381 12,539,682 Total expenditure {12,511,563) (11,861,929) Operating surplus 939,818 677,753 Interest rLreivatAe Interest tN4yable Unrealised gains I (losses) on investments 275 (14,435) 125,470 (12,030) (238,076} io t retained surplus for the financial year 689,7LI 789,063 AH of the actvf(Es of the Charitab￿ company are ckssed as continung. Page 19

WELLINGBOROUGH SCHOOL CONSOLIDATED BALANCE SHEET AT 31 AUGUST 2022 Consolidated Balance Sheet at 31 August 2022 )te 2022 2021 rued assets Tangible assets Investrnents 20,792,876 3,102,614 23,895,490 19,178,104 3,340,690 22,518,794 io Current assets stock C*btDrs Cash at bank 12 13 14 99.793 450,569 4,032,674 4,583,036 71,227 316,017 4,536,650 4,923,894 rsed￿Or$. anx>unts falwng due wthln one year 15 11,692,511) {1,296,438) hÈt current assets 2,890,525 3,627,456 Total assets less current ablities 26,786,015 26,146,250 Credltors: afix•unts falkng due after n￿re than one year (450,595) 16 (400,649) t assets 26,385,366 25,695,655 Funds unrestrited Capitsl account SpEcial reserve rksignated funds IB 18 16,990,153 479,642 3,899,805 21,369,600 16,100,847 479,642 3,900,803 20,481,292 18 Restricted PernTrnent eTrdoWn￿nt 18 18 1,491,885 3,523,88L 1,690,482 3,523,881 To funds 26,385,366 25,695,655 Th al statements were approv 'gned on behalf of th Trustees by: ne Gove or over 20th March 2023 Company registration number 04931009 Page 20

WELLINGBOROUGH SCHOOL BALANCE SHEET AT 31 AUGUST 2022 School Balance Sheet at 31 August 2022 l)te 2022 2021 Fued assets Tawible assets Investrnents 20,T25,501 3,102,626 23,B28,427 19,C)92,660 3,340,702 22,433,362 io I￿rrent assets tkbtrjrs Cash at bank 13 14 591,802 3,957,764 4,549,565 385,488 4,449,886 4,835,374 editors: anwnts fairn9 due within one year 15 11,671,247) 11,262,976} Pt current assets 2,878,319 3,572,398 Total assets less current rmbifftips 26,706,744 26,005,760 edkors: anyjunts faifry due after nt)r¢ than one year 16 1400,649) (450,5951 Pt assets 26,306,095 25,555,165 nds unrestrKted Capitsl account Speaal resenie tÈsignated fvnds 18 18 16,910,882 479,642 3,899,805 21,290,329 15,960,357 479,642 3,900,803 20,340,802 18 Restrkted Perrnnent endownnt 18 18 1,491,885 3,523,881 1,690,482 3,523,881 Total funds 26,306,095 25,555,165 No separate SOFA has bn presented for the School alone, as pemiitted by Section 408 of the Companies Act 2006. The net income of the School for the year was £750,930(2021: £663,593). Th Ista were approved a sig on behalf of th Twstee5 by: esl GovernoF."- Lin Gover 20" March 2023 Company registration number 04931009 Page 21

WELLINGBOROUGH SCHOOL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 Consolidated Statement of Cash Flows 2022 2021 h infkw fr in AÈtcashprowdedbyoffrBUng acbwtss 1,836,798 1,264,987 Cash fk>ws from investing artivititys Interest received Invesbnent add￿OnS PayTnents for tanglble fixed assets addib.ons 275 {2,000,0001 {445,$901 (2,210,142) A&tcosh tjsedin investsng actiwt￿s {2,210,142) {2,445,615) Cash fk•vts fromfinancing actr4its Repayment on bank loans (130,632) {139,7641 Acash used/n flnanai7g athvlttes (130,632) 1139,7641 a)ange in cash and cash equivaknts in the repDrting perk>d (503,976) 11,320,392) Cash and cash equfvalents in the reportlng perK>d 4,536,650 5,857,042 Cash and cash equkyakrts at the end of the reporting period 4,032,674 4,536,650 Recon th)n of net inc net c&h 2022 2021 Trt in¢ome for the reportb)g Per￿ (a$ per the SOFA) 689,711 789,063 AdjUSt￿ntS for: preciation charges Profit or Loss on tisposal of Non Current Assets Unrealised losses / (gains) on investsments Interest re￿iVed lcrease / (increase) in sbxk tcrease l {Increase) in debtors Add Increase in (Teditr)rs 595,370 656,173 78,816 (125,470) {275) 12,029 8.822 {154,171) 238,076 (28,566) (134,S52) 476,759 t Cash provrfkd by operatvig activities 1,836,798 1,264,987 Reconclf4t￿n of net de At I SepteM￿r 2021 Cash flow Other movements At 31 August 2022 Cash Loans due wthln one year Loans due after one year Totsl 4,536,650 1149,3211 {43,911) 4,343,418 {2,340,774) 1138,061) (11,680) 12,490,515) 1,836,798 4,032,674 111,260) 132,2311 3,989,183 1,836,798 Page 22

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Notes to the Financial Statements l. Accounting policies The financial statements have been prepared in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended practi￿ applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - Seo)nd edition, effective l January 2019. The functional currency of the School is considered to be GBP because that is the cU￿encY of the primary economic environment in which the School operates. The School 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. The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee (company number: 04931009 and charity number: 1101485). Basis of Preparation The accounts present the consolidated statement of financial activities (SOFA), the consolidated statement of cash flows and the consolidated and School ￿lance sheets comprising the consolidation of the School and with its wholly owned subsidiary Wellingix)rough School Enterprise Limited. Going Concern Having reviewed the funding facilTties available to the School together with the expected ongoing demand for places and the School's future projerted cash flows, the Governors have an expectation that the Sch()ol has adequate resources to continue its activities for the foreseeable future and consider that there were no material ￿n￿rtaInt￿e5 over the School's financial viability. To provide further assuran￿, the School has stres5 tested several scenarios with further downside sensitivities, which consider the current economic effects of parental affordability calculations. The purpose of this exercise was to further assure the going concern ststus by adjusting strategic, operational, and financial risk mitigation strategies, whilst also ensuring the reserves tx)Iicy is frt for purpose. Accordinglyi the Governors also continue to adopt the going concern basis in preparing the finanaal statements as outlined in the Statement of Accounting and Reporttng Responsibilities. Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, Govemors are required to make judgement, estimates, and assumptions about the carying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experien￿ and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recojnised in the pericyj in which the estimate is revised if the revision affeLts only that period or in the pericKI of the revision and future periods if the revision affected current and future periods, Judgements made by the Governors, in the application of these accounting policies that have Page 23

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the depreciation rates of tangible fixed assets and are discussed below. In the view of the Govemors, no assumptions Con￿rning the future or estimation uncertainty affecting assets or liabilities at the balan￿ sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. Fee income Income is the total amount of income receivable on behalf of the School in the accounting year. Fees receivable are stated after deducting scholarships and allowances granted by the Sch[￿)1. Donations and Grants Voluntsry income is recognised upon entitlement to the income, when re￿Ipt is probable and the amount receivable can be measured reliably. Donations receivable for the general purposes of the charitable company are credited to unrestricted funds. Donations for pUr￿lSe5 restricted by the wishes of the donor are taken to restricted funds. The relevant expenditure will be charged against the appropriate fund as it occurs. Rental income Rentsl income is included when receivable and represents the income generated from the rental of the School's propety and land. All amounts receivable are committed to on-going School activitie5. Expenditure Expenditure is accounted for on an accrual basis and is allrKated to expense headings on a direct cost basis. The irrecoverable element of VAT is included with the item of expense to which it relates. Govemance costs comprise the relevant dirett costs of running the charitsble company, including strategic planning for its future development, also external audit, any legal advi￿ for the School's Govemors, and all the costs complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability. Funds Resources r￿1Vable are allocated to restricted funds according to the limitations on their use specified by the donors or other providers. Funds receivable in the dirett operation of the School are treated as unrestricted income funds. Other resources receivable without external restriction are designated by the Govemors for particular purposes as dttmed appropriate. Fixed assets and depreciation Tangible fixed assets are ststed at cost or valuation, net of depreaation. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows.. Freehold buildings 50 years Freehold improvements 10-25 years Equipment 7-10 years and information systems 3 years Minibuses and vehicles 4 years Page 24

WELLINGBOROUGH SCHOOL NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 The fr&hold buildings and land were valued as at 31 August 2017 by Martin Pendered and Co {Chartered Surveyors) of Wellingborough. In Ottober 2021, Handelsbanken PLC instructed Carter Jonas LLP of Chapel Pla￿, London, to condurt a valuation of the site, which allowed the Board to assure themselves that the carying value does not differ materially from the fair value for the purposes of these accounts. Investments Investments are a form of basic financial instruments and are initially shown in the accounts at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities. Profits and losses on the reali5ation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the differen between the fair value at the end of the year and their carying value. Capital expenditure Any capital expenditure in respect of building activities and minor works has been written off in the year of expenditure. ExFEnditure on suNdry furniture, fittings and equipment with a low unit value has been fully written off in the year of acquisition as consumable items. The costs of minor additions or those costing below £5,000 are not capitalised. Costs relating trj freehold buildings, infomation system and equipment, mini-buses and vehicles and the field lease have been capitalised. The School is responsible for keeping the buildings in a fit and usable condition and these costs are written off as incUr￿J. Financial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised with the exception of investments which are held at fair value, Financial assets held amorti5ed cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors ex￿pt social security and other taxes and provisions. stock stc£k is stated at the lower of cost or net realisable value, after making due allowan￿ for obsolete and slow moving items. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi highiy liquid investments. Creditors and provisions Creditors and provisions are rec(yJnised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settte 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. Page 25

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Fees in advance Fees re￿iVed in advance are held on behalf of parents and induded in the statement of financial activities only when utili*d in payment of school fees. The annual cost of the discount given to parents is accrued in accordance with their individual contracts. Operating lease agreements Rentals applicable to operating leases where substsntially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight-line basis over the ￿n(￿l of the lease. Employee benefits Short term benefits Short term benefits induding holiday pay are recognised as an expense in the period in which the service is received. Employee termination benefits Termination benefits are accounted for on an accrual basis and in line with FRS 102. Taxation The Schwl is a registered charity and as such, is exempt from income tsx and corporation tax under the provisions of section 478 of the Corporation Taxes Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate, The School has a subsidiary company, Wellingborough School Enterprise Limited that is SUb]￿t to taxes including corporation tax and VAT in the same way as any commercial organisation. The tax charged to the profit and loss account is based on the subsidiary company's profit for the year and takes into account tsx arising because of timing dIfferen￿S btheen the treatments of ￿rtain items for tax and accounting purposes. The subsidiary company pays over its profit to the School under Gift Aid and tax liabilities are kept to a minimum. Legacies The total amounts of legacies re￿iVed in the year, induding the relevant tax refunds, are shown in the financial statements as restricted funds. The relevant expenditure will ke charged against the fund as it C￿curs, Bad and doubtful debts The policy is to provide for all invoices relating to and extras incurred in excess of 12 month5 old, together with any within the period where doubt emerges that they will tE paid. Pension Defined benefits scheme cfeachers) The School contributes to the Teachers, Pension Defined Benefits Scheme at rate5 set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi- employer pension scheme and it is not possible to identify the assets and liabilities which are attributable to the School. The scheme is accounted for as a defined contribution scheme and the costs charged in the year represent the amount of contributions payable. Defined contribution scheme (Support stsffj The School contributes to a defined contribution scheme for Support Staff. The amount of benef is determined by the accumulated value of the contributions paid by and in respect of the member, and the cost of securing a pension according to age and sex. Page 26

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 The assets of the scheme are held separately from those of the Sch(Jol. The annual contributions payable are charged to the income and expenditure account. 2. School fees (net) - 2022 Lknrestrited Funds Restrkted ENlownnt Total Fknnds Funds Funds 2022 SC￿1 fees Igross) SC￿larshIps Jrsaries Hardship fund tiscounts- Siblings L)s(￿Unts- year in advan 13,503,968 154,642) {649,132) 154,023) 154,889) 110,671) 12,680,611 13,503,968 {54,642) (649,132) {54,023) {54,8891 110,6711 12,680,611 Sd￿1 fees (net) - 2021 iknrestrKted nds Restr￿ed EndOwTr￿nt Futxls nds Total ￿Thd$ 2021 Scho)I fees (gross) Sch)larships Jrsaries Pbrdship fiJrKJ ill TrLSt Scholarshi￿ and bursaries tlscnunts- siblings rJ'scounts- year in aokn 12,705,002 (73,246) (569,5181 12,705,002 173,246) {569,5181 150,2341 (10,8431 12,001,161 (50,2341 110,8431 12,(M)1,161 3. Donations and Legaaes - 2022 lknrestr￿ted Funds Restricted Funds EndowThnt Funds Total ￿ndS 2022 tknnations 7,770 7,770 267,660 267,660 275,430 275,430 Donatlons and Legacies- 2021 LknrestrKted Fund5 Restrited En(k)wnnt Funds Funds Total Funds 2021 l>ant income ICJRSI tk)natiot 19,660 2,575 22,235 19,660 101,694 121,354 99,119 99,119 Page 27

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 4. Tradlng actlvltie5 and other Income- 2022 iknrestrited nds Restrited nds EndownEnt Funds Total Funds 2022 (kher ancilary trading actriity Income- well1￿￿roUgh SchcK)I Enterprise Ltd Other anallary activibes 95,767 215,329 311,116 95,787 215,329 311,116 Cher inco Rentrl income 81,500 77,724 159,224 25,000 106,500 77,724 184,224 Other incorne 25,000 Expenditure- WellingbDrough SchcK)I Enterprise Ltd 71,969 71,969 Trading activitles and other income- 2021 iknrestrKted RtrKIs Restricted Endownrt Funds Total ￿ndS 2021 other anulbry trading artNity tncome- Wellingborough Sch(y)I Enterprise Ltd Other anallary aCtiV￿e$ 149,123 94,581 243,704 149,123 94,581 243,704 (kher incon Rentsl income Other income 88,531 59,932 148,463 25,000 113,531 59,932 173,463 25,000 EXrErKJi￿re- Wellingixyough SchcK)I Enterwise Ltr 72,717 72,717 Page 28

WELLINGBOROUGH SCHOOL NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 5. Charitable activities- 2022 staff costs DepreciatK>n other costs Total ￿ndS 2022 ndraising 27,494 13,690 41,184 School expenditure Tuiknon expenses tbmesty"c and cateriry e4En*s PAJildirYJs and grounds Management and administrab.on Markebng Mimr works tkpreaation Audit fees 6,959,125 1,399,859 739,925 T27,998 279,825 93,806 60,241 8,358,984 739,925 1,303,484 1,093,943 224,6S4 60,241 595,370 21,810 575,485 814,118 130,849 595,370 21,810 8,479,577 595,370 3,323,463 12,398,410 terest Payable 12,030 12,030 Subsidi)ry trading Costs 34,544 913 18,512 71,969 Total 8,541,615 614,283 3,367,695 12,523,593 Charitable activities - 2021 staff costs DeprecratiDn Lkher cost$ Total ￿ndS 2021 28,426 15,616 44,042 School expenditure Tuition eypenses tbmesbc and catering eynses PAJildings and grounds Management and admlnistration MarketirKJ MirK)r work tÈpreaation Audit f&s 6,298,500 1,504,004 583,954 650,682 299,866 76,092 99,248 7,802,504 583,954 1,233,177 1,071,609 208,073 99,248 637,330 26,130 11,662,025 582,495 771,743 131,981 637,330 26,130 3,239,976 7,784,719 637,330 Page 29

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 6. Staff Costs The aggregate payroll costs Mere.. The ¢>oup 2022 The Conwiny 2022 2021 2021 Wages & salarles Swal security costs Cther kEn5ion cos 6,688,OB5 752,501 I,IOL029 6,2L8,437 582,752 1,041,901 6,653,541 7L5,017 1,101,029 6,188,492 582,752 1,041,9)1 8,541,615 7,843,090 8,469,587 7,813,145 The School participates in the Teachers, Pension Scheme C'the TPS,) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £986,064 (2021.. £950,073) and at the yearend £nil (2021 £nil) was accrued in respect of contributions to this scheme. The TPS is an unfunded multimployer defined benefits pension scheme govemed by The Teachers, Pensions Regulations 2010 (as amend￿) and The Teachers, Pension Scheme Regulations 2014 (as amended). Memtrkrs contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension enefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of Stste following scheme valuations undertaken by the Govemment Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4D/D to 23.6¥0 from I SeptemtrEr 2019. Employers are also required to pay a scheme administration levy of 0.08010 giving a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Re￿rt was prepared in accordan￿ with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloudlSargeant case,. This case has required the courts to consider cases regarding the implementstion of the 2015 refoms to Public servi￿ Pension5 including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's Judgment that transitional provisions intrOdU￿d to the reformed pension schemes in 2015 gave rise to unlawful age discrtmination. The government is respecting the Courfs decision and has said it will engage fully with the Employment Tribunal as well as employer and member representstives to agr& how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred Choi￿ underpin under which member5 will be able to choose either legacy or reformed scheme benefits in respect of their Servi￿ during the period between l April 2015 and 31 March 2022 at the point they become payable. The TPS is subject to a cost cap mechanism which was put in place to protett taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 annoUn￿d a pause to the cost cap mechanism following the Court of Appeal's ruling in the Mcaoudlsargeant Page 30

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 case and until there is ￿rtaInty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism fallowing a review by the Government Actuary. Following a public consultation, the Govemment have accepted three key protx)sals recommended by the Government Actuary and are aiming to implement these changes in time for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or rnemt￿r contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024. Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements. Emoluments of the highest paid employees (which does not include employer pension contributions) fell within the following ranges: 2022 Number 2021 Number £60,001 to £70,000 £70,001 to £80,000 £80,001 to £90,000 £90,001 trj £lOO,000 £ioo,ooi to £llO,000 £140,000 to £150,000 £160,001 to £170,000 Total remuneration of key management personnel during the year, defined as the Headmaster and the Bursar (which incSudes employer Nl contributions and employer pension contributions}, was £330,004 {2021: £304,115). During the year, £4,750 was paid {2021- £4,500) in respect of contributions made to defined contribution pension schemes for the above employees. One member of staff (2021.. one) has been accruing retirement benefits under the defined contribution pension scheme and seven (2021.. seven) under the defined benefits pension scheme. No remuneration was paid to the Governors of the Schwl (2021.. none). During the year, ternination payments of £12,000 (2021: £204,084} were made. Page 31

WELLINGBOROUGH SCHOOL NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 The average number of employed by the charitsble group during the financial year amounted to: 2022 2021 Number Number 108 108 46 42 69 66 223 216 Teaching staff (including peripatetic) Academic Support Support Stsff 7. Payments to Governors and connected persons 2022 2021 Tralnlng and trave 1,894 1,046 1,894 1,046 8. Operatlng surplus OtErab"ng surplus is stated after chargiro: 2022 2021 Stsff pension contributions tkpreaatron Unrealised gain l (loss) on investments Audit￿, remuneration- Audit seNces Non-audit services 1,101,029 595,370 (238,076) 1,041,901 656,173 125,470 21,810 7,620 26,130 4,740 The School has taken an exemption from presenting its Unconsolidat￿ income statements under S￿l0n 408 of Companies Act 2006. Page 32

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 9. Tangible fixed assets ¢knup Freehold land Assets under and bultdlngs constru¢tKIti Freehold ￿nd Equipment and buildings information Improvement$ Syst￿ Minibus&8 and vehldes Total Cost or valuati￿rt 01-Sep-21 Add￿￿n$ 16,778.763 59.516 16.838,279 189,931 1,864,481 2,054,412 3,523,502 130,970 3,654,472 1,721,846 155,175 1,877,021 138.002 22,352,044 2,210,142 24,562,186 31-Aug-22 138,002 Depreciation 01-Sep-21 Charge for the year 31-Aug-22 832,351 208,504 1,040,855 827,821 252,876 1,080,697 1,432,345 106,167 1,538,512 81,423 27,822 109,245 3,173,940 595,370 3,769,310 P*t book value 31-Aug-22 15,797,424 2,054,412 2,573,775 338,508 28,757 20,792,876 31-Aug-21 15,946,412 189,931 2,695,681 289,501 56,579 19,178.104 Freehotd land Equwment and buldings Wbformatton knprovement5 systems Sthool Freehold land Assets under and bulldlngs Const￿CtION Minibusts and vehkks Total Cost or valuatlon 01-Sep-21 Addt￿n5 16,778,763 59,516 16,838,279 189.931 1,864,481 2,054,412 3,523.502 149,339 3,672,841 1,315,947 155,175 1,471,122 138,002 21,946,145 2,228,511 24,174,656 31-Aug-22 138,002 Depredatw)n 01-Sep-21 ¥ge for the year 31-Aug-22 832,351 208.504 1,040,855 827,821 252,876 1,080,697 1,111,890 106,167 1,218,057 81,423 27,822 109,245 2,853,485 595,370 3,448,855 Net book value 31-Aug-22 15,797,424 2,054.412 2,592,144 253,064 28,757 20,725,801 31-Aug-21 15,946,412 189.931 2,695,681 204,057 56,579 19.092,660 The freehold buildings and land were valued as at 31 August 2017 by Martin Pendered and Co (Chartered Surveyors) of Wellingborough. In Ottober 2021, Handelsbanken PLC instructed Carter Jonas LLP of Chapel Pla￿, London, to conduct a valuation of the site, which allowed the Board to assure themselves that the carrying value does not differ materially from the fair value for the purposes of these accounts. Page 33

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 If freehokl knd and bukings had not been revakjed, they have ￿en ￿Cknded on the h5t0￿1 cost bass at the fok)wi)g amounts: Land & buikl•ig$ Cost Accumulated depreciation Net book amount at 31 August 2022 Net book amount at 31 August 2021 8.203.888 1886,3931 7,317,495 7,400,878 10. Investfflents The (oup 2022 The Coiiyany 2022 2021 202L HaThlelsbanken Wealth and Asset Management Standard Life Aberdeen fyoup (see below) vestynent in subsidlary (see note 111 War stock- £2,508.15 War stock- E47.09 Nabonal 5aMngs b)r 1,242,519 1,335,874 1,855,279 2,000,000 1,242,519 1,335,874 1,855,279 2,OOD,000 12 12 1,800 16 1,800 16 3,000 3,000 3,102,614 3,340,690 1,800 16 1,800 16 3,000 3,000 3,102,626 3,340,702 The (oup & Conwny Valuatbn At I September 2021 Unreali5ed losses on rewdluats.ons At 31 August 2022 3,340,690 1238,076) 3,102,614 From I September 2012 the previously independent, but closely associated Nevill Trust was merged into the School accounts, introducing new freehold assets, investments, and cash balances to the school. sin￿ the Trust has specific purposes, these have been treated as restricted fund items. In August 2015 the School appointed CF Heartwood Investment Management (a wholly owned subsidiary of Svenska Handelsbanken) to invest monies in their Charities Defensive Multi-Asset Fund (now in a Cautious Fund). £lm was invested initially over three tranches and £88,619 was invested in 2016. In March 2021, the School appointed 1825 (1825 Financial Planning and Advi￿ Ltd, part of the Standard Life Aberdeen group) to invest in a general investment account. £2M was invested in August 2021. As at 31 August 2022, the balan￿ of funds invested was £3,097,798. Page 34

WELLINGBOROUGH SCHOOL NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. Subsidiary company Shar¢8 at cost 2022 2021 Investment- 9JbsKliary compHny 12 12 The above i)terest reLstes to the khools omed subsijpry company, Welr<Jixxough ￿hlY)1 Ente￿r5e Lrnted. The fo￿￿ extracts are f￿M the appn)ved accounts for the year ended 31 August 2022.. Con4)any nan Welngbon)ugh Ente￿rEe Ltnied Engiind & WaÈs Country of I￿orporation Class of share capital Ordinary Shares of £1 each iooo Proportion held Nature of busine Management and hr￿￿ of We￿bo￿LmJh ￿h0Or5 facttes £164,320 (2021.. £140,502) £23,818 (2021.. £18,160) Capitsl & reserves Profitl(105s) fty year A summary of the resuts of the tradir¥J subsdpry 5 set out LEbw. 2022 2021 Turnover 157,008 171,43n 85,571 149,123 172,7171 76,406 Cost of sales Gross profit ott￿r operats.ro charges and income FYofiV(loss) for the finandal year 161,753) 23,818 158,246) 18,160 12. Stodt The &oup 2022 Tht thnyany 2022 2021 2021 SIDck for resale 99,793 71,227 Page 35

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 13. Debtors The <knup 2022 The Cnnyany 2022 2021 2021 Trade debtors other debtor5 Prepayments Amounts owed from group undertaknng 254,252 38,163 158,155 83,775 52,140 IW,102 250,182 38,163 156,246 147,211 591,802 75,091 52,140 173,303 84,954 385,488 450,570 316,017 There B no 5ecurty provKled or ￿te￿5t payabk to the Chartab￿ company on ths bans from WSE 14. Cash at bank The (*oup 2022 The Conwany 2022 2021 2021 Special reserve account Permanent endowment account Bank accounts 478,719 23,879 3,530,076 4,032,674 478,719 23,878 4,034,053 4,536,650 478,719 23,879 3,455,166 3,957,764 478,719 23,878 3,947,289 4,449,886 15. Creditors: Amunts Pdlllng due Wbthin one year The (koup 2022 The CoEryxny 2022 202 2021 Bank loans FP loans Trade creditors Tay￿￿On and srtkil securty Other creditors 130,632 18,689 118,971 3,542 116,755 130,632 18,689 114,213 11,589 464,118 4,083 137,545 1,075,176 1,692,511 11,589 463,012 909 137,545 112,642 886,8(K) 1,262,976 Accruals and deferred income 7,849 1,296,438 1,058,192 1,671,247 16. Creditors: Amounts falling after more than one year (toup 2022 The Conyanv 2022 2021 2021 Bank loans HP loans Loan- Okl Well1ng￿rIan Club Advance fees Fee deFK)sits Lkferred income 11,680 32,231 113,711 292,973 11,680 32,231 113,711 292,973 32,231 113,H5 254,9n 32,231 113,445 254,973 400,649 450,595 400,649 450,595 Page 36

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Bank l¢)an Two loans were drawn down in 2012, £700,000 for the development of sports facilities and £600,000 for the Jubil& Entrance. Both were retkyable over the following ten years. The loan agreements both SFecified an interest rate of 2.25010 over LIBOR plus mandatory costs. These loans were secured by a first legal mortgage over the freehold land on which Equity House stands, as well as the element of the develO￿d part of the site, which is not classified as permanent endowment. In July 2017, the outstanding balance on these loans (£682,500) was re-financed into one facility for the remaining 5 years of the term, with a rate of 1.930/0 above base. The security schedule for the new loan released the charge element over the freehold land on which Equity House stands. with the developed part of the site, which is not classified as pemanent endowment remaining a5 security for the loan. The final repayment of this loan was made in July 2022. Loan - Old Wellingburian Club The loan has no fixed repayment date. 17. Commitments under operating leases At 31 August 2022 the chartabk company had total commtments under non<ancelkb operatng Èases as set out tEbw. The group and the conyany Assets other than land and bU￿ing5 2022 2021 Operating leases payments due: Within l year Within 2 to 5 years 68,508 68,508 137,016 71,941 71,941 Page 37

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18. Fund Analysis Total Funds- current year Total iknrestricted Perm?nent Total 2022 Restrited Reserves Balan￿ at I September 2021 Net income &alan￿ at 31 August 2022 13,872,227 B88,308 14,760,535 1,353,495 1198,597) 1,154,898 23,881 15,249,603 689,711 15,939.314 23WI Revaluat¥)n reserve Balan￿ at I September 2021 Surplu5 on révaluation in year Palan￿ at 31 August 2022 6,609,065 336,987 3,500,000 10,446,052 6,609,065 336,987 3,500,000 10,446,052 Total funds At 31 August 2022 At 31 August 2021 21,369,600 20,481,292 1,491,885 1,690,482 3.523,881 3,523,881 26,385,366 25,695,655 Totsl Funds- prior year Total iknTestrkted Pern*nent EndOWn￿￿t Total 2021 Restrkted Reserves Balance at I Septernber 2020 Net incx)me Balan￿ at 31 AugLL8t 2021 13,051,656 820.571 13,871227 1,385,003 {31,508} 1,353,495 23,881 14,460,540 789,063 15,249.603 23,881 Revaluatlon reserve Balance at I September 2020 Surplus on revaluats.on in year Bala￿e at 31 August 2021 6,609,065 336,987 3,500,000 10,446,052 6,609,065 336,987 3,500,000 10,446,052 Total funds At 31 August 2021 20A81,292 1,690882 3,523,881 25,695.655 Page 38

WELLINGBOROUGH SCHOOL NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted Funds- current year School Capital account consor￿ated Captal account Special reserve Designated funds iknrestr￿ed 2022 Reserves PAlance at I September 2021 NÈt income Transfer tfj deslgnated funds Transfer to and from restrthd funds Transfer from deslgnated funds Balan￿ at 31 August 2022 9,351,292 532,366 17,770) 9,491,782 471,147 (7,770) 479,642 3,5￿10,803 13,872,227 471,147 7,770 417,161 417,161 417,161 8,768 10,301,817 8,768 10,381,088 (8,768) 3,899,805 479,642 14,760,535 Revaknth)n reserve ￿313n￿ at I September 2021 Polan￿ at 31 August 2022 6,(￿,065 (6,EQ9,065) 6,609,065 16,609,065) 6,609,065 (6,609,065) Total funds At 31 Awust 2022 At 31 Awust 2021 16,910,882 15,960,357 16,990,153 16,100,847 479,642 479,642 3,899,805 3,900,803 21,369,600 20,481,292 * Set aside to protett the ScFKx)l from unforeseen adverse variations in near-term income streams. Unrestricted Funds- prior year School Captal account ConsofKlated Capltal account Special reser¥e* Desiynated funds Total iknrestrnted 2021 Reserves lance at I September 2020 Net Income Transfer to designated funds Transfer tJ) and from restricted funds Transfer from designated funds &Alan￿ at 31 August 2021 8,037,560 674,918 8,159,890 693,078 479,641 4,412,125 13,051,656 693,079 127,492 127,492 127,492 511,322 9,351,292 511,322 9,491,782 (511,322) 3,900,803 479,642 13,871227 Revaluath)n re5er¥e Blan￿ at I September 2020 Palan￿ at 31 August 2021 6,609,065 6,609,065 6,609,065 6,609,065 6,609,065 6,609,065 Totsl funds At 31 August 2021 At 31 August 2020 15,960,357 14,646,625 16,100,847 14,768,955 479,642 479,641 3,91X),803 4,412,125 20,481,292 L9,660,721 Page 39

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Designated Fu￿1S- currert year Designated Deskjnated DesvJnated De5iynated Fenton H)rdship rsery Found?tK>n Masterplan Total Deshjnated 2022 Reserves 31an￿ at I SeptemtEr 2021 Tncome 2,051,343 60,(K)O 22,049 7,770 18,768) 21,051 1,767,411 1,767,411 3,900,803 7,770 {8,768) 3,899,805 Exper￿lture Balano at 3L August 2022 1051,343 60,000 Designated Funds- wior year Designated tksignated Desvjnated Des*Jnated rertr•n HBfd5hip rsery Foundation Masterplan Total Desvjnated 2021 Reserves Palan￿ at I September 2020 Income E4Rnditure &lLin￿ at 31 August 2021 2,562,617 60,(x)O 22,097 1,767,411 4,412,125 1511,2741 ZOSi,343 {481 (511,322) 21049 1,767,411 3,900A03 60,000 Designated fund - Fenton Hardship This has been set up in order to provide help with school fees for pupils if requir￿, Designated fund - Nursery This fund has been set up to support NU￿ery operations. Designated fund - Foundation This includes general donations re￿iVed by WellinglJ)rough School Foundation, so that they (zn be used in future years. Designated fund - Mastsrplan This fund has been set up to fund the School's ongoing development plans. Page 40

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Restrlcted Funds- current year 25￿ I3.￿1 rB.w) IW 14ThJ YY3J72 lJ2•5 5XI t14.17• •.237 m523 25m S44 IS2￿ 325m 40J17 1.154M7 0 338JB7 I￿31￿ $59.372 SJ205 5.3Z7 451.165 11237 1552¥ •.trJ W79 3)4m5 5x6 415. .741 Sn 25m 514 5&551 335. 4021 E44 152x0 3ZSJZJ 1.72l * The sum of the transfers from Restricted Prall Legacy (£225,661) and Copemictjs (£191,5(K)) funds is the Transfers beiwn funds (£417,161) shown on the SOFA. Restricted Funds- prior year Pa￿rttat i 2020 4.895 63,28S S,605 IOB.919 8,￿ 30,741 L,2 25,D39 2,5 9,450 {1.2￿) 15,2941 12,5671 117.2961 333￿4> 61285 5W5 12fj664 8,923 21895 25,079 54 55,W 339,49 402,￿0 1,385.OD3 35D È5,5 124,158 13961 1127,4921 IL55.6f6) I￿23 IWJ79 544 I41￿$1 339￿9 174AO8 &353A95 pe￿a￿t￿rG[￿S tÈèt31 ALVt2021 RÈva￿atk)n re￿r￿8 ebl LSeMgrtr 336,987 202D &brKpat31 2021 0 336.987 336,987 Ttstalmestrkted At)LA￿￿t 2021 Al31AW￿ 2020 333,849 63285 5,605 465,651 1923 22A95 334,695 63.285 s,￿5 445,￿ 6,9W 30,741 ,61B Is￿74 544 I41￿51 339,969 I74￿￿6 I69DAII 9￿19 25,079 544 55,95F 339.969 402,0￿ L721,9 Permanent endowment The £3,500,000 permanent endowment reserve has arisen from the re-valuation of the freehold land and buildings. £16,182 represents the proceeds of Government St{￿k deposits held by the original Trust. £2,000 relates to historic proceeds from the sale of permanent endowment land, and the balance of £5,648 represents interest received on permanent endowment detx)sits to date. Page 41

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2022 Restricted Funds BU￿ary Fund Bursary supwrt from Foundation Fundraising initiatives. Support ft)r award made at the Annual Prize Giving funded by specific donations from inter alia, the Old Wellingburian Club, the Old Wellingburian Masonic Lodge, and from Mrs Jane Fisher. The aim of this incorporated Trust is to SUPPDrt School activitie5 through the annual provision of grants for either capitsl investment or assisted pla￿5. R￿e Giwng Fund Nevil/ Tnist Sugden Art Fellowship OW sponsored awards to supwrt Sixth Formers or recent leavers in the Arts (Art, Drama or Music). Foundation-generated support for Bursary awards to gifted pupils who otherwise could not afford a Wellingborough education, together with some small awards to leavers. Edwards Legacy A wards 5upprting music through annual grants and awards to outstanding pupils. Thatdied Pavilion Fund Monies raised by the Foundation to assist with the refurbishment of the Thatched Pavilion. Warmemonal Witham Fund Support to digitise the 1950's slide collection of Murray Witham. Funding towards the construction of the new 6th Form Centre. Funding to support 3 pupi15 over 21 years. Form Centre Fenton Butsary Prall legary Support to capital investment in the School. Page 42

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 19. Analysis of net assets between funds iknrestricted Fknnds RestrKted Endowment Total Funds I￿ndS nds 2022 Tangible flxed assets arKJ Investments Current assets Current liabilities Long term liabilities 19,991834 3,469,927 (1,692,511) (400,649) 21,369,600 402,657 ¥089.228 3,500,000 23,881 23,895,490 4,583,036 (1,692,511) (400,649) 26,385,366 1,491,884 3,523,881 Analysis of net assets between funds- prior year iknrestrKted RestrKted Endown*nt Total Funds nds nds nds 2021 Tangible fixed assets and Investsments Current assets Current liabilities Long term liabilities 18,627,882 3,600,+13 (1,296,438) (450,595) 20,481,292 390,912 1,299,570 3,500,000 23,881 22,518,794 4,923,894 (1,296,438) (450,595) 25,695,655 1,690,482 3,523,881 20. Transactions with Govemors and connected persons Clinical Oversight for the School Medical Centre is provided by The Redwell M&lical Practi (Wellingtrx)rough) of which Dr J K Cox, who was a Govemor until 9 July 2022, is a Partner. During the year costs of £5,877 (2021.. £5,548) were charged to the School for this servi￿. At the year- end £nil was owed to the Prattl￿ (2021: £1,259). Totsl donation5 re￿iVed from Govemors during the year amounted to £440 (2021., £665). 21. Controlling related party The Govemor5 are the charitable company's controlling related parties by virtue of their ststus direttors and trustees. 22. Company limlted by guardntee The charitable company has no share capitsl and is limited by guarantee. Every member promises, if the School is dissolved while he, she or it remains a member or within 12 months afte￿ards, to pay up to £1 towards the costs of dissolution and the liabilities incurred by the School while the contributor was a member. Page 43

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 23. Prlor year comparatives by fund Lknrestrtiéd Funds Restrkted EndowrrEnt Funds nds Totsl 2021 (haritabk Activtks Sckol fees (net) other arKillary tring income rvnation5 & Le9acks EK>natior6 & Grants Investnnts Jnterest recelvab (kher kncon Total Jncome I1￿1,161 11001,161 241704 21235 99,119 121,354 236 39 275 148,463 12,415,799 25.000 124,158 173,463 IA539,957 Rasing funds Trading expense5 FundraEirKJ ]nter￿t payab alarltabk Actwttles School exFenditure Project Pascal Total expend￿Ure 71717 44,042 14,435 72,717 44,042 14,435 11,711996 28,174 1¥745.170 11,848,190 28,174 11,876,364 Trt thcom? l (expendkure) 567,609 95,984 663,593 Transfers ￿tween furn Unrealsed galr6 I Ibsse5) on InvestsrEnts 127,492 125.470 {127,492) 125,470 t nw)veTrnt in funds 820,571 (31,508) 789,063 Rsnds brought forvArd 19.660,721 1,721.990 A524881 24.906,592 nts carrkd forward 20,481,292 1.690,482 3,523.881 25,695,655 Page 44