2022-08-31-accounts

harity R¢glstrdtion No. 1103326 Company Registration No. 05011039 (England and Wales) WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2022

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED COMPANY INFORMATION Page Company information Directors, report lincortx)rating the Slrateyic report) Independent auditols report Financial slalemenls of the company 18 221055

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED COMPANY INFORMATION DIRECTORS AND ADVISORS 8t the date ofsigning the accounts Directors P Owslon LLB MBA (Chair and Custos) resigned 31st August 2022 J C Barnsdale MRICS (Chair and Custosl appointed 1st September 2022 K Muthukumarappan MBBS FRCOG M Med SCA C J Peake BA PGCE A M Pepper M C Phillip$ BA (Honsl PGCE K Truscott MA FCIPD reswJned 30th June 2022 M P Stephenson BA IHons} Msc N J Porter BSC MRICS R WG Ross BA IHon$l Msc N E Riley BA MBA FCA Charfty No. 1103326 Company No. 05011039 Principal Addrèss and Reyistered oifice Worksop College Worksop Nottinghamshire S80 3AP Key Manag•mènt P•rgoxnel Headmast•r DrJ M Price PhD, Bse Hons A Graha C E Tilley BA (Honsl I resigned 31st August 2022 D J Thtsr￿ Bsc (Honsl J Moulsdale BA {Honsl IACMAI Bursar Head- Senior School Head- Preparatory *hool Flnance Director Audltor RSM UK Audit LLP Central Square 5th Floor 29 Wellington Street Leeds LS14DL Bankers Santander plc Bootle Centre Merseyside L304GB SolScltors Veal8 Wasbrough Vizards LLP Narrow Quay Htsuse Narrow Quay Bri5191 BS14QA

WOOOARD SCHOOLS (NO￿1NG￿Am5HIRE} LIMITED COMPANY INFORMATION Investment Advlsers Caztnove Capital Managemenl ￿mited 1 London Wall Place London EC2Y SAU Insurance Brokers Marsh Insurance Brokgcs Limited Rockwood House 9-17 Peirymount Road H8ywaids Heath Wesl Su5SèX RH16 3DU

WOODARD SCHOOLS INOThINGHAMSHIREI LIMITED DIRECTORS, REPORT lincorporating the Strategic Report) YEAR ENDED 31ST AUGUST2022 The directors près8nl thèir rew)rt and financial statements for the year ended 31st August 2022 And confim they cornply with Ihe requirements ot ihe Charities Ad 2011, including the Directors, and Strategic Reports, under the Companies Act 2006. REFERENCE AND ADMINisfRAfwE INFORMA TION The charity was fomied in 2004 and is registered with the Charity Commission as charity number 1103326. The charity is a limited liability company and wholly owned Subsidiary of The Woodard Corporation (charity number 10952701. The charitable company is incorporated in the United Kingdom. Diieclors of the Company are also Fellows Imembersl of the Woodard Corporation and participate in the èlection ol ils board of managemenl and a￿ comrnitted lo its charitable objects. Note 33 provides details of connected charities. STRUCTURE, GOVERNANCE AND MANAGEMENr Governing Document The Company 15 govemed by Articles of Association as adopted by Special Resolution dated 20U) March 2013. replaang ihe Memorandum and Artides of Association d8ted 18tr M8r¢h 2004 amended by Special Resolutions on 25th January 2006 and 23rd June 20D9. They permit funds lo be rnanaged in such a manner as the directors see fit. provided that such powers are onty exercised for the purposes of attaining the objects and in a manner which is legally charitable. The Articles of Association forbid the distribution of any property or funds, which ale to be applied solely towards the promotion of the objects of the Company. Governlng Bc* The govemors are the directors and charitable trustees of the cornpany and comprise the governing body of Woodard Schools INottingharnshire} Limrted and are elected to hold office for five years. The ￿h0o1 Is governed by the goveming body which operates using 8 numbei of committees. Membership of each committee is outlined on page 15. The goveming body met S times during the year. Rèerultm•nt and Training of Gov•rno All governors are Corporate Fellows of the Woodard Corporation. Corporate Fellows are responsible for electing the Woodard Corporation Board. Govemors are recruited on the basis of nominations from school contacts and from selection when a post becomes available. The governing body took to ensure a mix of skills and select new govemors on the basis of background, competence, specialist skills and commitment lo the Church of England ethos of Ihe $¢hool. Govemors 8re provlded induction training by the Head and staff and a wider programme of training events is organised by the Woodard Corporation. The school also encourages governors to attend events run by the As50cialion of Goveming Bodies of Independent Schools IAGBISI. ￿ffie￿ ptss5ible the govemors consider that the skills and experience of the Board should ¢omprise the followtng-. A Governor with 8 legal background. A Governor with 8 finan¢iallaccounting background. A Govemor with ed￿tIon &xperIen￿. A Govemorwlth senior m8na9erial or business experience. A Govemor wth ex￿rIence of equal opportunities or thsability needs. At leasl one femafè Govemot and at least one male Govemor. One Govèmr may have one or more of Ihese skills. Volunteer¥ Govemors are voltjnleers prwding their time for free to support the governance of the s¢hool. The school also relies on a number of others to undertake volunteer roles induding fund ratslThJ. assisting with school evenis and providing other support where required.

WOODARD SCHOOLS INOTTINGHAMSHIREI UMITED DIRECTORS, REPORT (incorporating the Strateglc Report) YEAR ENDED 31ST AUGUST Z022 Volunteers l¢ontinuedl The Ranby Parents Group continued to support the 8¢tivilles of Ihe Preparatory Sthool through its programme of fundraising and Social aettvities. A variely of successful social and fundraising events for parents, puplls and staff took placè. Volunteers have continued to run the Preparatory School's second hand unrfom shop and assisted with various aclivrties, including school trips and the weekly forest school. Organlsational Management The school is governed by thfy governing body which delegates work lo a number of committees. Membership of each cornmittee is outlined on page 15. The directors deterrnine the gene[81 policy of the company. Educ81ion Cornmittee- lakes delegated ￿SpOnsIbl11ty on behalf of the Board for overseeing the agreed academic, urricular and pastoral provision of the School, including the making of recommendabons as appropriate l() the Board. so as lo provide assurarhce to the Board on the School's educ8tional provision and has lead responslbility for Safe9uarding. Finall￿ & General Purposes Committee- takes delegated responsibility on behalf of the Board lor overseelng all financial aspects of the School. working alongside the Finan￿ Director so as to provide assurance to the Board on the School's short and long-term viability. Estates S￿￿CommIttee- takes delegated responsibility on behalfofthe Finan￿ & General Purposes Committee {F&GPI for overseeing the School's Estate {including buildings, plant and vehides, grounds, gardens, roadways and securtyl.. and compliance with Health and Safety requirements relating to the Schotsl's Estsle. so as to provide assurance to F&GP and the Board on all Estsles matter$. Governance Audit and Risk Committee- takes delegated responsibilily on behaff ol the Board for implementing and advising on the exlemal audit., for examining and ￿VIewIng all systems and methods of control both financial and otherwise including risk management,. and for ensuring the School is ¢omplying with all aspects of the law. relevant regulations and good practice. Human Resour￿ Comrnittee-tskes delegated responsibility on behalfof thè Board of Govemors Ithe Board) for overseeing all Human Resources IHRI aspects of the School, working 8l¢ngslde the Head ol HR. so as lo provide assurance lo the Board on all HR matters. The key personnel are defined as those who attend full Board meetings and indude the Headmaster, and the Bursar. The day to day management of the company is delegated to the Headmaster, overseeing edu¢ational, pastoral and administrative fijnctions in consUltat￿n with th$ senior staff. The day lo day adminislralion Is undertaken wthin the policies and procedures approved by thè governors which provide for only $ignlflcant expenditure de(isitsns and major capital projects to be referred to the govemors for prior approval. The Headmaster oversees tt)e recruitment of all educati￿81 Staff whilst, under delegated authoity. The remuneration of key management personnel is set by the Human Resources Committe¢. with the policy objedive of providing approprtate incentives to encourage enh8n¢ed performan￿ and of rewarding them fairly and responsibly for their indimdual contributions to the school's 5u¢¢e$s. The 8ppropriateness and ye￿vanCe of the remuneration policy 1$ rgvlewed annually by Ihe Headmaster and the Bur58r, indkjding reference tr) compartson*wilh other independent schools to ensure that the sd)ool remaSns sensitive lo the broader issues of pay and employment conditions elsewhere. The Executive Team delemines individual salaries other than Ih()se of key management personnel wilhln approved budget limits and recommends general $818ry increases for approval by the HR Committee.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED DIRECTORS, REPORT (incorporating the Strat8gle Report) YEAR ENDED 3tST AUGUST2022 Group Structure and Relationshlps The s¢hool has a wholly owned non-charitable subshdiary. Woodard Schools (Nottinghamshire) Enterpris6s Limited, the activities and trading of which are described below. Note 33 FKovide5 details of connected charities. The school has developed links with 8 wide range of or9anisations to ensure Ihe wdest Possible a￿$$ lo our faalities and schooling. Through membership of HMC, IAPS, BSA, ISBA, AGBIS and AEGIS and through ne￿orkIng with peer groups we ensure thatwe are able lo attain the highest standards of quality and perfomiance. We encourage our pupils to devebp an 8warenes$ of the social eontext ol the all-round education they receNe at the school and they 8re engaged in 8 number of activities to enhance their understanding. We have a thriving alumni group. the Old Worksopians, who are generous in supporting the work of the school and whose support we greatly appreciate. We also seek to cooperate with many local charities in our ongtsing endeavours lo widen publi¢ a¢¢ess to the schooling we can provide, to optimise the educalitsnal use ol our cullural and sporting faalities and lo awaken in our pupiLs. in the public inleresL an 8Woreness of the SOCI￿ context of I all-round education they receive. CHARITABLE OBJECTS. AIMS. OBJECTIVES AND ACTIWTIES Charitable Oblects The charity's objects, as sel out in the Arti¢los of Association, are to promote and extend education linclLKling spiritual, rnoral, wci81, ¢(Jllural and physical education) in acCOrda￿e wth the doctrines and prinaples of the Church. The Church is defined as being the Church of England and churches in full communion with the See of Canlerbury. Intended impact Woodard schools strive for the best all round education of every aspect of each individual,. they ensure high standards of religious education., and they see themselves as cornrnunilie$ working together lor the benefit of all members, and of the Church and the nation. They are 5tiong Christian foundations which adhere lo ￿tholIC belief a5 found in thè Church. lo Chrisban worship fo¢xsed in the Eucharist, and to the care of each indiwdual and the whole school community part￿ularIsed in the ministry of the Chaplain. Aims Woodard Schools (Notts'nghamshirel Limited. incorporalin9 Worksop College and Ranby House Preparatory School. are boarding and day schools for pupils from the ages of 2 10 18. The sehtsols aim to support children in reaching their potential in all areas of their activity al the school, and in the wider community. Thi5 may be in academic subjects but could just as easily be reflected in success in art, drama, sport or music. We produce'well rounded, individuals who are able to rnake a positive contribution to soaety. All Woodard schools airn lo provide a rounded education to help the pupils to make their way in adult life. Primary objectives The prirnary objectives of Worksop College and Ranby House Preparatory School to fulfil these aims are.. develop resilient, adaptable, independent learners; support, ¢hallenge and extend the a¢ademlc and Indlvldual endeavour of every member of ils cornmunty, regardless of ability. background. gender. nationality or creed., develop strength of character through a diverse extr8-¢ufTicular programme, leadership and serwce, and the promotion of sound moral values for each individual., Provide a supportive comrnunily, based on the House system.. to act in loGo parenbs and to provide an environment th81 nurtures, encourages and guides pupils for their tirne al the sd)otsl and in pieparation for the fulure: buikd upon its charitable aims and grow Ils sound financial foundation for fttture generations.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED DIRECTORS, REPORT lincorporating the Strategi¢ Report) YEAR ENDED 3qST AUGUST2022 Prfncipal AetivitF8s of thè Year The prinapal activity of the school is the delivery of edu¢81it)n to pu￿lS ranging from 2 to 18 ytrars of age. We also faciliiate a number of summer school 8dDiilies and the school is open alolhertirnés for use by the local community. Pupil numbers at the sdKJoI during the year were as follows.. 202112022 391 {130 boarders) 122 {3 boarders} 2020r2021 369 Senior Sthool Preparatory School Pre-Preparatory School 1135 boarders) 11 boarder) 101 84 Total 614 548 202112022 Boys Girfs 2020r2021 Girls Boys Senior School Preparatory School Pre-Preparatory School 229 57 162 65 48 226 143 52 39 53 Total 339 275 314 234 Public Benefit thin the objects, the school 81rn5 to create an enwronment to nurture children. to get the best from them and lo allow them to develop and fulfil their potential. We provide them with a first cla55 independent edU￿tIOn and a wide range of sporting and art15tic opportunities. The aim is that the Preparatory School pupils will be sufficient 8elf-¢onfident lo flourish in the Senior School and that all Senior School pupils will be lully equipped forlheir chosen fvture. Our publ[¢ benefit aim and on an individual basis is that all pupils wlll be self-confidenl and desire lo conliibule to the wider wmmunily. In the furtherance of these aims the Worksop College and Ranby House Preparatory School governors. as the charity trustees. have complied with the duty in s.17 of the Charrtie5 Aet 2011 to have due regard lo the Charity Commission's published general and relevant sub-seclor guidan¢g Conceming the operation of Ihg public b￿￿rit Iequiieme￿t und¢r that A¢1. OUT school welcomes pupils from all backgrounds. To adrnil a pr05pedive pupil we need lo be $8fjsfied that our school will be able to edu(2te and develop a prospective pupil lo the best ol iheir potential and in line with the gèneral standards achieved by their peers. Entrance interviews and assessments are undertaken lo satisfy ouisdves and parents Ihat potential pupils can cope with the pace of learning and benefit from the education we provide. An individual's economic siatus, gender, ethnicity, race, religion or disability do not fom part of our assessment processes. Our school is a part of a wider community and we are keen that gur staff and pupils parficipate. Our school alsg offers a resource to support a range of educational activities for the bènefit of local children attending State schools and their teachers. Our governors are committed to developing our prograrnme of cooperation and joint working with local maintained sector junior and secondary schools. The aclivrties undertaken and the success of our programme are explained in the'review of achievements and perfomance for the year, seciion of this report. Woodard and ils 5th0915 provide 8 signlficant benefit to the pubftc. Th8 school strives to ensure that measures of public b&nefit are appropriate, and that significant sections of the public are not exduded from the opportunity to benefit from the education and facilities offered due to the need lo pay a fee. In addition to significant provision of bvrsaries and other forms of ffinancial support. the school provides 8 wide range of opportunities for community benefit and fa￿lItIeS 8nd events are oftén open to all. Further detail of the public benefit offered is included in the section entiUed'Review of Achievements and Perfomance for the Year, later in this ieport. It is a key requirement ol evidencing public benefit that any private beneffl to individuals or elements of the charity will be incidental lo the charity's objective5. An example ol private benefft may be the relmbursement of travelling expenses for trustees attending training courses.. any private benefit lo individuals or elements of Vvoodard are incidental lo delivery of the charilalAe objectives.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED DIRECTORS, REPORT lin¢orporating the Strateglc Report) YEAR ENDED 31sfAUGUST 2022 Bursaries & Scholarshlps 8ursaries The govemors view our bursary awards as important in helping lo ensure children from families who would othemise not be able to afford the fees can access the edu<zlion we offer. Our bursary awards are available lo all who meet ourgener81 entry requirements and are made solely on the basis of parental means 01 to relieve hardship where ¥ pupil's edu¢ation and future prospects would olherwse be al risk lor example in the case of redundanry. In assessing means we use the methodology promul9ated bythe Independent Schools, Bursar5 Association, which lakes 8 number of tactors into (x)nsideration induding family income, irwestments and savings and fami rcum5tance5. for example dependant relatives and the number of siblings. Our school does not have an endowment and in funding our awards we have to be mindful that we must ensure a balan¢e between full fee- paying parents, many of whom rnake considerable personal sacrifi￿3 lo fund Ihelr child's education. and those beneffiting from the awards. The bursary awards ranged from 5% 10 SOYO remission offees. Infomialion about fee assistan￿ through bursaries is provided to all applying to the school. We 8150 advertise the awards. Further details of our bursary policy and how lo apply are avai18ble on our web511e Iwww.wsnl.co.uk). Thi5 year, tot81 remissions were £1,541,349. The value ol means te51ed bursaries totslled £348,798 and represented 3.4'1g of our gross fees. This assisted 55 of our pupils. Scholarships The purpose of Ouf scholarship awards is to recognise high ac8demi¢ potential or ihe ability to excel in our c ¢urricular actlvities. Our scholarships are awarded on the basis of the individual's academic polenlial or evidence of exceptional abilities which will contrilyjte to our co-curricular activities. In addition, awards may be subject to conditions iJnposed by the Original domr. Scholarships are awarded with a fixed remission of fees. typi(zlly between 5% and 25°1ts. Where furthgr assistance is iequired, scholarship awards may be supplemented by a means le5t6d bursary. We adveriise the availability of $d)olarship awards each year. Further details of our scholarship policy are available on our website. The school awarded scholarships to 144 pupils, based on their educAtional merit and potential, lot811in9 £757.694 and representing 7.50/0 of our gross fees. Of this number, 32 81s0 quallfied for means-tested bursary 5UPPOrt and are InclLKled in the figures relating to bursary awards. The progress ol pupils receiving scholarships 15 reviewed at leèst annually to ensure their progTe$8 is in linè with their abilities. No scholarships were withdrawn in the year as 8 re$ull of reviews. The availability of all such awards for fee-8SSiStanee, together with the terms and conditlOll8 for each kind of award, is advertised on our website. Review The school includes detai15 of the various concessions in the prospecluse5 and on the website. All parents making enquiries about possible entry are provided with a description of the criteria for bursaries and stholarships. In most cases the budget for bursaries is allocated using a'needs blind" approach as far as possible. whilst giving pr￿rity lo the continuity of education of those pupils already at the school. All Criteria and policies relating lo concessions are kept under review and are updated when necessary. BLJrsary awards are reviewed annualty. Employment Policy We are an equal OpP￿Unty organisation and are committed lo ¥ working environment thaf is flee from 8ny forrn Idiscrimination on the giounds of colour, race, ethnicity. religion, sex, sexual orientation ordisability. Wewill make reasonable-adjustments to meet the needs of staff or pupiSs who a￿ or becorrie-dièabled.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED DIRECTORS. REPORT lincory)orating the Strategic Reporfi YEAR ENDED 31ST AUGUST 2022 Investsnent Policy and Objectives The company's Articles of Assorjation pemiil lunds lo be invested in such rnanner as the directors see ffit, providing that such powers of investment are only exercised forthe puryjose of attainlng the objects and in a manner that is legally charitable. Investment activities are managed in line with the Tequirements ol the Trustee Act 2000. The govemors have 8ppoint8d Cazenove Capital Management Limited as investment managers. Our investment policy is lo preserve the capital value of investments and maxirnise the return and income on all investments. The investment m8nagers have discretion about how the investments are managed within the policy parameters sel by the governors. The investment targets are to preserve the real value of investments against inflalton and to generate an income yield of 30A. The Board are satisfied with both the increase in the overall value of investments held and yield achieved al a time of econo￿1¢ un¢ertainty. STRA TEGIC REPOR T REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR The Promotion of Education During the year we educated 614 chi5dren between the ages of 2 and 18. The school providès a very high standard of education and this is validated in rovièw of the academic results, our measuremonts of added value and Ihrough extemal inspection. The schogl offers a broad currictjlum and èducates children with a wide range of ability. The school can dèmonstrate particular excellenc6 across not only the academic spectrum but also in sport, music and the arts. The aim of the school is to support children in reaching their F)Otential in all a￿a$ of their activity althe school. This holistic approach is reflected in Suc￿￿8 in art, drama, music or on the sports field. The schotsl produces'well rounded, individuals who are able lo make a positive contribution to society. Avery large majority rnove on lo higher education and athieve their ffirst or second Choi￿ of deslin81ion. Our value added data is irnpressive with a high proportion of pupils achieving more than expected at both GCSE and A level, resulting in many of the latter Irading UP. with regarding to uThversity admission. (￿er half of our vocational course entries were graded at Distinction" or Distinction. Improving Facilitie5 One of the classroom blocks at the Prep was cornpletely refurbished and we are in the process of completing a new well-being centie at the College. New IT hardware in the forrn of 150 computers and new Srnart Tv's have 81s0 been installed overthe last year auoss both sites.

WOODARD SCHOOLS {NOTTINGHAMSHIREI LIMITED DIRECTORS, REPORT lincorporatlng tho Strategic Report) YEAR ENDED 31ST AUGUST 2022 Commun5ty Through development of, and provision of access to naw facilities. the school remains 81 the heart of the community. Facilities made open to the public include.. The school swimming pool, which is made available to local swimming clubs and organised b(xlies such as Sparken Hill Academy, Splash and Worksop Dolphins swimming dub. Our Music facilities which are made available to 8 wide range ol local music societies. Our rnusic sthotsl is the venue for the p￿riMInary rounds ol the annual Worksop Music Festival. We are an ABRSM examination centre which enable5 mernbers of the local community to lake examinations locally without Iravelling to unknown venues. Our Director of Music is also the Director of the North Nottinghamshire Choir, a role h8 takés on a voluntary basis and the Choir rehearse5 and perfomis in the school facilities Our sports pitthes are recognised as being of particul8r quality and are regularly used by Nottingharn5hire County Cri¢kel Club (we hosted the 1 st Xl ￿l¢e this yea1}, Worksop Harr¢ers Athletics CILtb. numerous football groups, orienteering group5 and Worksop Cadets. Our wider sthool grounds n¢)w host the local Junior Park Run., a national iniliallve to promote sport and wellbelng to children in the communily. We have been awarded a Queen's Award for Voluntary Seryice, presented lo us by the Lord Lieutenant and recognisin9 the work done in the community by our students. This indudes after school clubs for omrnunily children, working in I￿1 maintained schools, charity shops and homes for the elderly. Thè Haadmastar has lust been appointed as a non.execulivg board member ofthe North Notts BID. Various drama, sport and music courses look place throughout school holiday periods whid) were open lo our puplls and members of the wider community. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Arts. Muslc and Drama Post pandernic the school returned tts near nomal with Prep and College theatre and music perforrnances. In addition the Worksop College Professional Music Concert serie5 resumed and was generally well attended by members of the sd)ool and wider ¢ommunity. The choir sang al a variety of locations in the UK, including Lichfield, Selby and Soulhwell. Sport Again thè programme retumed to normality post Covid with impressive results for all teams. Individual national success was achieved by pupils in iiding, swimming. table lennis, kick boxing and Cross Country. Numerous pupils gained representative honours in a number of sports and the College h(Isted the National independent Schools Cross Country Championships for the first time with arouThY 2000 visitors enjoying our beautiful grounds on glorious spring day. Slgntficant Events Following on from the significant and suc￿Ssful changes made with règard to the length of the school day and the structure of the week, the House structure has thanged to ensure that all Houses awmmodated day, tlexi. weekly and full boardèrs. This meant the Closu￿ of small day houses which was also necessary due lo the significant increase in pupil numbers at Year 7 and 8. This enabled a separation of year 7 and 8 into fv40 Separate Houses, (Portland 7 and Portland 81 to accommodate the burgeoning numbers in the lower part ofthe school. A decision was a150 made to sel up a Girfs F<)olball Academy in the sixth Form in conjunction with Euro winner Jill Scott. This opened in September 2022. The school has also become affiliated with the Roo166 cricket academy. The ¢oa¢hing videos and expertise of these f(>rmer pupils wlll benefit current pupils and this comiro year the sthool hopes to use this brand for community outreach in local state schools. Summary The school has increased signFficantty in number over the past 3 years with wailing lis15 now operating in a number of year groups. The decision to leave Ranby on ils current site continues to be well recaved resulting in the highest number of pupils for many years. 10

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED DIRECTORS. REPORT lincorporaling the Strateglc Report) YEAR ENDED 31ST AUGUST 2022 Charitsble Activities Each House undertakes specjfic fundraising for projects. These causes are promoted by students, voted for by their peers and then prornoted to the whole schotsl community. The school community lakes part in a wide range of sponsored events and other fundraising activilies including chapel collecbons. Separately £22,822 has been raised over two years for the Chapel roof appeal of which £19.988 has been used already lo pay for repairs. Investment Perfomance Against Objectives The company's investments are rnanaged by Cazenove Capital Management Limited and in the opinion of the advisers the perfomance has met expectations. The investment performance is measured against targets agreed with the investment advisers and, given continued e¢onomic uncertainty fuelled by ongoing Brexit negotiations and other factors, the cotnpany is sat15fied with the matkel value of its bursary and prize funds. Investments are held for the long-temi and represent amounts yel lo be spent on education. FINANCIAL REVIEW Results for the Year Thè net rèsourc6s for the yèar amounted to £278,71312021.. £282,246) profit position of which the operating profil on school activities was £278,71312021'. £265,507). Our trading company, Woodard Schools INottingham5hirel Enterprises Limited, continues lo operate the school shop and to hire out school facilities during holiday periods and school hours. as well as undertaking commeraal activity on behalf of the school and externally. The company (y)ntributed £103.904 to Ihe 8chool'5 operating ￿SUlts, an increase on last year's contribution of £4.926 and Included a large school shop write off of stock. The parents of our pupils often rnake Signifi￿nt sacrifus to pay the fees. In doing so they help to relieve the state of the financial burden of educalirig 584 UK based children. The saving is eslirnated lo have a value in the last year of£3,807.096. The school is unable to 18cov8r the VAT on purchases il makes. During the past year, Woodard Schools INottinghamshirel Limited has paid an estimated £453,091 in VAT on goods and seNices. In additk)nal to the very substantral benefits ourschool brings lo our puplls. the local cornmunity and society through the education we offer, our bursary programme Creates a social asset without cost lo the Exchequer. Woodard sd10￿s {Nottinghamshirel Limited provides a pension to sorne staff utyjer the terms of the PensK)ns Trust Growth Plan. As a result of this pension scheme being under funded, Woodard Schools (Nottinghamshirèl Limited is committed to contributing to a recovery plan. During the course of the year Woodard Schools INoltinghamshire} Limited made conlribulion5 to the recovery plan of £30,861 and the recognised liability under the plan reduced by £105.594, with this value being recogni5ed in the Ststement ol Financial ActNihes. Further details can be found in note 28. Reserv•$ La￿1 and Poliey* and Flnanclal Vlablllty 11 has been the scJ)ool's policy to ulillse funds to ensure that high quality up-lo-date faciliiies are provided for the benefit of pupils. The aim is to budget so to provide sufficientworking capital lo meet the present needs and future development requirements of the school without the requirement to have recourse lo sales of tangible fixed assets. unreSt￿ted funds increased by £282,690 to total £4.226,501, as shown in note 26. In previous years there has.been little invested into the old school buildings although there is a continuing prog18mmè set out for refuibishment. development and investment lo rnaintain excellent leaching facilities for our pupils. In common wth most independent schools. and due to having to fund their own captsl investment plans. free resetves are al a negative balan¢e illustrating the extent of the inveslmtrnt in our school. The schooj's total reserves of £4,427.044 at the year-end included £154,126 of endowed funds, £48,417 01 reslricled lunds and £4,226,501 unrestricted funds. Within unrestricted funds. Woodard Schools (Nottinghamshirel Limited has reserves of £50,897 for the pension-lunding deficit. Fixed assets held tor charity use tolalled £11.104,188 leaving negative free reserves of 26,877,144 (2021.. £6,991,923} 81 the year-er￿.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED DIRECTORS, REPORT lincorporating the Strategic Reporo YEAR ENDED 31ST AUGUST 2022 Reserves Level and Policy. and F5nancial Viability l¢ontinuedl The company's unrestricted reserves are primarily invested in tsngibltr r￿ed assets whid) are all used for its direct charitable activities. There is currently no reserves policy in place, but this is under review. Key performan￿ indicators are monttored and reported to the ExecLrtive Team and Governors on a monthly basis. These indicators cover Income, Expenditure. Operating expenditure per pupil, and target profrt or loss for the year. Please refer lo the tsble below on the main 3 of the KPI'S which are monitored.. Actual Budget £278,713 £165,946 Variance £112,767 0.37% 14 Financial Trading Profit Remissions il numbers 614 600 PRINCIPAL RISKS AND UNCERTAINTIES The governors consider the e￿noMIC turbulence of recent years and the affordability of fees by parents across the independent sector lo be the principal risk faced by the school. The governing body decided last year not to increase fees but have increased fees for September 2022. Health and Safety is always a significant area for risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the campus on trips and expeditions). The level and breadth of actwity at the school is impressive and the risks ass¢¢i8led with all a¢dvilies are minimised by thorough planning and risk assessment. The goveming body is responsib￿ for the idenlificalion and managemènt of iisks. The major risks lo which the charity is exposed, as identified by the directors, have been reviewed and systems or procedures have been established lo rnanage those risks. Detsiled examination of the risks and eslablishmenl of controls to rn￿gate them is delegated lo the Executive Officers and the process is overseen by the goveming body. A formal review of the risk management processes is undertaken annually by the relevant committees of the board. The school plans strategically having regard lo risk. The execub.ve provide the governing body with regular reports which include details of the principal strategic objeetives and the actions to achieve those objeclNes. The school 8lso ￿COrdS 8ignificanl achievements and updat8s the goveming body and Woodard on 8hort-term plans. The principal risks to which the school is exposed include those affecting prole¢lion ot pupils and security and preservation of charitable assets both now and in the future. Significant risk areas.. the rn8rkel in whith the school operates is highly competitive and we monitor developments in éducation to ensure that pupils always receive a first class, holistic and varied educational èxperience in our school we slrNe to ensure that all staff are able to work in a safe and supportive environment and poliaes, procedures and training in Human Rèstsurca management and Heatth and Safely help lo ensuie that the school meets expectations Ihe school operates in a highly regulated sector, including in matters of child protection, and we appoint appropriate professional advisers to ensure that we can keep up lo dale with 811 requirements.. school or individual membership of bodies being the constituent a5soctralions of the Independent Schools Council also ensure thal we have aC￿sS to up to date inform8tign and support the school operates in an increasingly liligious environment and we appoinl appropriate professional advisers and purchase insurance using specialist brokers and advisers lo ensure that we can keep up to date with all requirements and meet all challenges all 01ganisalions face difficult economic <y)nditions and directors and senior managers in the school keep abreast of economic conditions locally. nationally and inlemationally to identify trends and develop plans lo address issues Availability a￿1 continuatKsn of adequate banking or oiherfinance fa¢ilities 12

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED DIRECTORS, REPORT Ilneorporatlftg th¢ Strateglc Report) YEAR ENDED 31sfAUGUST2022 Th& key ￿ntrOl$ used by Ihg $¢hool Include.. formal agendas and minutes for all rneelings of the governing body and commillees terms of reference for all committees coMp￿hen81ve 51ralegi¢ planning. financial forecasting, budgeting and management accounting established and identifiable organisalional stwcturès and reporting lines which are regularty reviewed comprehensive formal written policies clear authorisalion limits vetting procedures, as required by law, for piotèction of the vulnerable The strategy is discussed between the governing body and the w0￿Jard Board and ￿gUlationS have been developed and agreed wh￿h wtline the refationship between the two b(yJies. Financial risk management objectives and policles Thè school uses financial instruments, other than derivatives. cornprising loans. cash and other liquid resources and various other items such as trade debtors, creditors and finance lease arrangements th81 arise directly from operations. The main purpose of these financial instruments Is to raise finance for the group's operations. The main issues aiising from the group's financial instruments are liquidity risk and currency exchange rate risk. The school's directors adopt poliries for managing each of the risks and these are summarised below.. Liquidity risk- the sclyjol seeks to manage financial risk by ensuring suffiaent liquidity is availaL4e to meel foreseeable needs by producing lorng-range f0￿Cast$ and negotiating adequate facilities with Ihe school's bankers. Currency exchange rale risk- the s¢hool welcomes a number of inlernalion81 puplls each year and manages currency exthange risk by accepting re¢elpls in pounds sterling only. Thè school recognises that in times when sterling is Comparatively strorKJ. intemaiional recruitment may be affected. GOING CONCERN After review of evidence. the Board of Woodard Schools INottingharn5hirel Limited has a reasonable expectation that thè group will be ab18 to continue operating for at least the next 12 months from the signing of these accounts and the financial statements have thus been prepared on a going concern basis. The Director8 have 8 reasonable expectation that the group have adequate resources to continue operating. The rnain tsctors Ihg Directors havè considered in making this decision are based on-. Confidence In predicted pupil numbers and that key stsktrholders i.e. the pa￿nIS and carer5 continue lo support the Schools The disposal of unused assets and a review of land utilisatvjn. Since thtr yaar end. the school has sold 2 properties realising total Pr￿eedS of £310,01)O. The current bank facilities are secured until at least 31 December 2023. The ltrnger term proposed re-structure of financial borrowings with a movement away Irom the current lender lo one with a more speciali5ed Education background and with opportunities to support the progress of the schools tumaround strategy financiallywhich is expected to be achievwj priorlothe expiry of the current facilibes. The Board is fully aware ol managing cash flow5 and this is monitored on a wee￿Y b851S Wlth the oversight of the Chair of the Finance and General Purposes Committee IF&GPI. The Finance Director reconciles Ibe bani(.on a .weeldpknasis.and this information iaiisknared wth the bank. Headmastertand Chaii of the F&GP. Committee. highlighting any issues or concems or positive impa￿$ on the cash flows compared lo the fore¢ast. Cash flows arè discussed al the F&GP meetings and sènt out together with Ihe monthly Managament Accounts for the Executive Team and F&GP Directors. The relationship with Santander remains positive with less regular meetings with the bank due lo confidenco of dellvery of the turnaround plan. Discussions around cash fltsws are reviewed with the bank regularfy. As rnentioned previously, the schools are worf(ing with a number of financial institutions currently to seek a new lender who will support the tumaround strategy of the SCho￿S and provide long term fjn8n¢ial stability. 13

WOODARD SCHOOLS {NOTTINGHAMSHIREI LIMITED DIRECTORS, REPORT Ilncorporatlng the Strategic Reporo YEAR ENDED 31ST AUGUST 2022 FUTURE PLANS From the previous June 2020 Strategic Tumaround Plan, all 5 points have been achieved in 2022 including achieving break-even, with Ihe recent house Sales at Ranby House Prep School being the fin81 actK>n to be completed for cash generation. In 2022 a pre-app application on a spe¢ific piece of land have been completed and our ojrrent bank facilities have committed to suppordng th¢ school to December 2023 where al this point a new lending facility will be found. A strategic planning day took pla￿ in May with Governor5 and the Senior Leadership Team to delemiine our new strategy for the s¢hod This wlll be communicated in due course and monitr)red by the Governors in the termly meetings held with the Senior Leadership Team. 14

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED DIRECTORS. REPORT lincorporating the Str8tegi¢ Repoi• YEAR ENDED 31ST AUGUST 2022 DIRECTORS WHO ARE ALSO TRUSTEES The dire¢tors who Served during the year. and the committees ofwhich they were members. are.. P Owston {Chairl Finance and General Purposes Committee Estates Sub-committee Education Committee Human Resour¢e committee Enterprise Committee J C Bamsdale Ivice Chairl Finance and General Purposes Committee Estsles Sub-committee Enterprise Committee S Cundy I￿signed 28 October 20211 Finance and General Purp¢se$ Committee Govemance Audil and Risk Committ8a K Mulhukurnarappan Educatron Commitlee Govemance Audit and Risk Committee C J Peake Lead Govemor for Public Benefit Govemance Audit and Risk Committee B J Peck (resigned 9 September 2021} A M Pepper Finance and General Purposes Comrnittee Eslales Su&Commrttee M C Phillips Education Committee Human Resources Commitlee N J Porter Eslales SutpC¢)mmittee Finance and General Purpose5 CommSttee Enterprise Committee N E Rilèy Finance and General Purposes Comrnittee RWGRoss M P Stephenson Finance and Genèral Purposes Committee K Truscott (resigned 30 June 20221 Safeguarding Governor Human Resources Cornmittee Education Committee 15

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED DIRECTORS. REPORT (incorporating th• Strategic Report) YEAR ENDED 31ST AUGusf2022 None of the dlrectors has any beneficial Inléresl in the company. Woodard Schools (Nottinghamshirel Lirniled buys Iwslees and officers insurance on behalf of the directors. Number of meetings held during the year lo 31st August 2022.. Board Finance and GenerBI Purposes Committee Education Committee Govemance Audit and Risk Committee Estates Sub-committee AUDITOR RSM UK AUDIT LLP, having expressed their willingness to continue In office. will be deemed reappointed for the next ffinancial year in accordance with section 487121 of the Companies Act 2006 unless the ¢ompany receives notice under section 48811} of the Companies Act 2006. 16

WOODARO SCHOOLS INOTTINGHAMSHIREI LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31sfAUGUST 2022 DIRECTORS RESPONSIBILITIES. STATEMENT The directors are respOr￿￿ble lor preparing the directors. report and the financial statements in accordance with 8pplicable law and regulations, Company law requires the directors lo prepare financial statements for each finanual year. Under that law the directors have elected to prepare the financial staternenls in accordan￿ with United Kingdorn Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl including FRS 102. the Financial Reporting Standard applicable in the UK 8nd Republic of Ireland. Under company law the directors must not approve the financial statements Unless they are satisfied th81 they give a true and fair view of the state of affai of the charitable company and the group and of the incoming resources and application of resources. including the income and expenditure. of the charitab1? company and group for that perud In preparing these financial statements, the directors are required to.. select suitable accounting policies and then apply them consislenlly.. ob58tve the methods and principles in the Charities SORP IFRS 1021., make judgernen15 and 8ccnunting estimates that are reasonable and prudent". slate whether applicable UK Accounting Standards have been followed, subjè¢t tr) any material departures disclosed and explained in the financial statefflenls.. and, prepare the financial 51alemenls on the going concern basis unless it is inappropriate to presume that the charitable company and group will continue in business. The directors are responsible for keeping adequat8 accounting records that are sufficient to show and explain the charitable cornpany's and group's Ir8n5actions and disclose with reasonable accuracy at any time the financial position of the company and group and enable them lo en51Jre that the financial stalemenl$ comply with thè Companies Act 2006. They are also responsible for salaguarding the assets of the charitable company and group and henc8 lor taking iea50nable steps for the prevention and detection ol fraud and other irregularities. The directors confim that.. 50 far as each director is aware. there Is no relevant audil inforrnalion of whlth the charitable company's auditor is unaware., and the directors have taken all the steps that they ought to have tsken as directors in order lo make themselves aware ol any relevant audit infomiation and lo establish that the charitable company's Buditor is aware of that information. Qualifying third party indemnity provisions The charitable cornpany has made qualifying third party indemnity provisions for the benefit of its Directors during the year. These provisions remain in force al the reporfyng dale wth an indemnity limit of £2.000.000.00. The directors are responsible for the maintenanc8 and integrity of the corporate and financial infomiation induded on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdicbons. Approved by the Board of Directors of Woodard Schools (Nottinghamshirel Limited on including, in their capacty as company directors. approving the Directors, and Strategie Repo and signed on its behalf by.. s contained therein, MrsPO Chairman ton 17

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OFWOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED YEAR ENDED 31ST AUGUST 2022 Opinion We have audited the financial statements of Woodard Schools (Nottinghamshirel Limited (the 'parenl charitable cornpany'l and ils subsidiaries Ilhe'group'l for the year ended 31 August 2022 which comprise the Consolidated and Charity Statements of Financial Activities, the Consolidated and Charity Balance Sheets, C¢Thsolid8ted Cash Flow Slaterngnls and the notes lo the finanaal statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, InclLJding FRS 102 Yhe Financial Reporting Stsnd8rd applicable Sn the UK and Republic of Ireland" {Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the financi81 slaternenls- gwe a true aftd fairvièw of the state of the group's and the parent charitable eompany's affairs as al 31 August 2022 and of the group's incoming resOur￿S and application of resoufces, induding its income and expenditure, for the year then ended., have been properly prepared in accordan￿ with United Kingdom Generally AC￿pted Accountsng PraclrE,' and have been prepared in accordance with Ihe requirefflents ofthe Companies Aci 20CE. Basrs for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS (UK)) and applicable law. Oui ie5ponsibilitie5 under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent ¢h8ritable ¢ompany in awordance with the ethic21 requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fU￿bIle￿ our other ethical responsibilities in acCOrd8r￿ with Ihese requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate lo piovide a basls for our oplnlon. Matsrial uncertainty related to going con¢ern We draw attention to note 1{bl in Ihe financial st81ements, which indicates that the parent Charitable company and group Currèntly do8$ not have banking facilities secured beyond December 2023. This, along with other matters set out in note 1 Ibl. indicates that a material un￿rtainty exists which may cast signifranl doubt on the Company and group's abilty lo continue as a goiThJ cOn￿M. Our O￿nIOn is not modified in respect ofthis matter. In auditing the financial statements, we have concluded Ihat the trustees, use of the going ¢onc•m basis in tha preparation of the finana81 statements is appropriate. Our responsibilities and the responsibilibes (rf the trustees with respect lo goiro concern are described in the relevant sections ol this rèport. Other Infomiatlon The other inforrnation comprises the information in¢luded in the Directors, Report other than the financial statements and our auditorfs report thereon. The Iruslee5 arè responsible forthe other infomiation contained within the Directors. Repcprt. Our opinion on the financial 5tatement5 does not cover the other inforrnalion and, except lo the extent otherwise explicjtly stated in our report, we d¢ not express any fomi of assurance conclusion Ihereon. Our responsibllity is lo read the other infomiation and, in doing so, consider whether the other information is materially inctsn51Stent with the financial statements or our knowtedge obtsined in the course of the audit or Othen￿lse 8ppe8rs to be mat61ially misstated. If we identify such rnaleiial inconsistencies or apparent material misstat8mentS. W6 arè rèquiréd to determine whether this gives rise to a material misstatement in the financial slalements themselves. If, based on the work we have performed, we ¢onclude that there is a material misslalernenl of this other information. we are required to report that fad. We have nothing to report in this regard. 18

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED ICONTINUEDI YEAR ENDED 31ST AUGUST 2022 Oplnlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the wtsrk undertaken in the COUT8e of the atKlIl'. the infomiation given in the Directors, Report and the incorporated Strategic Report prepared for the purpose of company law for the financial year for which the ffinanri81 statements are prepared is ￿nSIStent with the financial statements., and the Direct015' Report and the incorporated Strategic Repjrt have been prepared in accordance with applicable legal requ1￿mentS. Mattèr5 on whteh w• ar• raquired to report by exception In the light of the knowledge and understanding of the group and the pa￿rnt charitable company and their environmgnl obtained in Ihe couise of the audit. we have not identthed material misstslements in the Directors, Report and the incorporated Strategic Report. We have nothing lo report in respect of the f¢llo¥Mng matters where Ihe Companies Act 2006 require5 us lo report to yw if. in our opinion-. adequate accounting records have not been kept by the parent charitable company. or retums adequate for our audit have not been received from branches not visited by us.. or the parent charitable company financial statements ara not in agreernenl with the accounting records and returns., or ¢ertain dis¢losures of directors. remuneration speofied ty law are not made., or we have not re¢ehted all the Infomation and explanations we requlre for our audit. Responsibilities of trustees As explained more fully in the Statement of Directors, responsibilities sel out on page 21. the trustee$ Iwho are also the directors of the charilable company for thè purposes of company lawl ale responsible for the preparation of the financial statements and for bein9 satisfied that they give a true and fair view, and for such internal control as the trustees determine is neces58ry to ènable the preparation of financial statements that are free from material Missla￿Ment, whether due lo fraud or érror. In preparing the finanaal statements, the Directors are rèspthsible for assessing the group's and parent charitable company's ability to continue as a going concèrn, disclosing, as applicable, matters related to going concem and using the going concern basis of aC{￿￿nIng unless the Iruslees either intend to liquidate the group or parent charitable company orto cease operations, or have no realistlc alternative bul to do so. Audltorfs responsibilities for the audit of the financial statements Our objedives are to obtain reasonable assuran￿ about whether the financial statements as a whole arefree from material misstatement, whether due ID fraud IY error, and to issue an auditorfs report that includes our opinion. Reasonable assuiance is a high level of assuran￿. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when it exist5. Misstatements can arise from fraud or error and are considered material il. indivKlually or in the aggregate. they could reasonably be expecied to influen the economic decisions of users taken on thè basls of these financial statements. 19

WOODARD SCHOOLS INOTTINGHAMSHIREI UMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED ICONTINUEDI YEAR ENDED 31ST AUGusf2022 Th• extènt to whlch the audit was considered ¢apablè of detecting irregularities, including fraud Irregularities are instances of non-compliance with 18ws and regulations. The objectives of our audit are lo obtain sufficient appropriate audil evidence regarding compliance with laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in the financial slalements, to perfomi audit procedure5 10 help identify instances of non-complian￿ with other kws and regulations that may have a material effect on the ffinancial statements. and to respond appropriately to identified or suspected non-compliance with laws 8nd regul81ions identified during the audit. In relation to fraud. the objectives of our audit are to identify and a55e55 the risk of material mi5Stalemenl ¢f the fi￿ar￿la1 statements due to fraud, to obtsin suffi¢iènl appropriate audit eviden￿ iegarding the assessed r15ks of ateiial misstatement due to fraud through designing and implementing appropriate responses and lo respond oppropriately to fraud or suspected fraud identified during ihe audit. However. it is the primary responsibility of management, with the oversight of thtsse charged with governance, lo ensure that the entit￿S operations are condu¢lèd in accordance with the pfovisions of laws and regulation5 and for the prevention and deteclion of fraud. In identifying and assessing risks ol material misstatement in res￿et of irregularities, including fraud. the group audit engagement team.. obtained an understanding of the nature of thè sector. including the legal and regulatory framework that the group and parent charitable company operates in and how the group and parent charitable company are complying wth the legal and regulatory framework., inquired of management, and those chaiged with govemance, about their own ￿entIficatIon and ssessment of the risks of irregularitiès. including any known actual, suspecled or alleged inslan¢Ès of fraud.. discussed rnatlers about non-compliance with laws and regulations and how frau¢J might occur Induding assessment of how and where the finanaal statements may be susceptible to fraud As a result of these procedures, wè ci)nsider the most significant laws and regUlatior￿ that havè a direct impact on the financial statements are FRS 102, Charities SORP IFRS 1021, Companies Act 2005, Charities Act 2011, the parent charitable companys goveming document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial 51alernents whith included reviewing the financial statements including the Directors. Report, remaining alert to new or unusual transactions which may not be in accordance with the gov8rning documents. inspecting correspondence with l¢¢al lax authorities and evaluating advice received from extemal advisors. The mostsignificant laws and regulationsthal have an indirect impacion the financial Statements are The Education Ilndependent School Standards) Regulations 2014. Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Proledion Regulation (UK GDPRI. We performed audit procedures to inquir8 of management and those charged with govemance whether the Cha￿table company is in ¢omplian¢e with these law and regulations and inspected correspondence with regulatory authorities. The group audit engagement team identified the risk of management override of controls and income recognition as the areas where the finanaal statements were most susceptible to rnalerial misstatement due lo fraud. Audit procedures performed included bul were not limited to testing rnanual joumal entries and other 8djuslmants, evaluating the business rationale in relation to significant, unusual transactions and transadion5 ent&red into outside the normal course ol business, challenging judgments and estimates, performing substantive test of delai15 over a sample of donations and other trading in¢ome and substantively testing the income recorded around the year-ènd. A further description of our resptsnsibililies for the audit of the financial statements is provided on the Financial Reportlng Council's websile at http'.Ilwkw.fr¢.org.uklauditorsresponsibilities. This description foms part of our 8udito¢s report. 20

WOODARD SCHOOLS INOTfiNGHAMSHIREI LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED ICONTINUEDI YEAR ENDED 31ST AUGUST 2022 Use of our report This report is made solely to the charitable company's members. as a body. in accordance ￿th Chapter 3 of Part 16 of the Companies Act 2CX)6. Our audit work has been undertaken 80 that we might state to the charitable company's members those matters we are required lo stsle to them in an auditorfs report and for no other purpose. To the fullest extent pemiitled by law, we do not accept orassume responsibilityto ariyone tstherthan the charitable eompany 8nd the tharitable company's members as a body, for our audit work, for Ihis report. or for the opinions we have formed. Dale Thorpe Bsc FCA (Senior Statutory Auditor) Ftsr and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Central Square 5th Floor 29 Wellington Street Leeds LS14DL Dale.. 20 December 2022 21

WOODARD SCHOOLS (NOTTINGHAMSHIREI LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {Incorporating an In¢om• and Expenditure Accounti YEAR ENDED 31sfAUGUST 2022 Notes Unrestricted Funds Restricted Funds Endowed Funds Totsl 2022 Totsl 2021 Income arKI endowrnents from: Charitable Activitles School fees receivable Ancillary trading income Other trading activities Non-anallary trading income Investments Investment income Bank and other interest Donatlons Grants ènd donations Other income 8,528.442 341,280 8,528,442 341.280 7,372.242 348.866 298.248 298,248 196.302 13 1,252 35 1.769 1.817 1.252 24 7,121 58,870 7.121 58,870 687.goo 540.030 TOTAL INCOMING RESOURCES 9.235,226 35 1,769 9.237,030 9.145.364 Expenditure on-. Raising funds Non-ancillary trading Finan￿n9 costs Investment managernenl Fundraising and development Total 132,061 108,227 132,081 108,227 458 119,476 101,980 503 10 458 240,288 458 240,746 221,959 Charitable A¢tivitie5 Edu￿tiOn and grant making 8,715,498 8.715,498 8.857,898 TOTAL EXPENDITURE 8.955,788 458 8,956.244 8.879,857 Nel gain￿{loSSeS} on investment assets 15 {1.679) 13941 12,0731 16,739 Net 5ncomellexpenditur¥l 279,44CI {1,644) 917 278.713 282,246 Transfers between funds Net Movement in fvnd5 for th¢ year Fund bala)ces at 1st September 26 3.250 35 3.215 282,690 {1.679) 12,2981 278.713 282,246 3,943,811 48.096 156,424 4,148.331 3.866,085 FUND BAL4NCES AS AT 31ST AUGUST 4,226,501 154,126 4,427.044 4.148.331 All amounts.rdale lo.¢onlinuing a¢lfjviliktr. All*eiognised gains and10sses in the current and prior year are inclu(ied in the statement of financjal activities. The r￿te5 on p8ge$ 26 to 55 form part of these financial ststements. 22

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating an In¢om• and Expendlture Accounti YEAR ENDED 31ST AUGusf 2022 Notes Unreslri¢ted Funds Restricted Funds Endowed Funds 2022 2021 Income and endowments from.. Charitsble Activities School fees receivable An¢illary trading income other trading activities Non-ancillary trading income Investments Investment income Bank and other interest Donations Grants and donations Other income 8,528,442 341.280 8,528,442 341.280 7,372,242 348,866 2,490 2.490 13 1,252 35 1,789 1,817 1.252 24 111,025 58.870 111,025 58,870 879,902 540,030 TOTAL INCOMING RESOURCES 9,043,372 35 1.769 9,045,176 8,941,064 Expenditure on: Raising fund$ Non-ancillary trading F1rnan￿ng rosts Investment management Fundiaising and development 10 108,227 108.227 458 100.497 503 458 Total 108,227 458 108.685 101,000 Charitable Activities Education and grant making 8,655,705 8.655,705 8.574,557 TOTAL EXPENDITURE 8.763,932 458 8.764,390 8,675,557 Net Ilossesl on investrnent assets 15 11,6791 13941 12.073) 16,739 Net lexpenditurellincome 279,440 11.6441 917 278,713 282,246 Translers between funds 26 3.250 35 3,215 Net Movement in funds for the year 282,690 11.6791 12.2981 278.713 282,246 Fund balances at 1$1 September 3,943,811 48.096 156,424 4,148.331 3,866.085 FUND BALANCES AS AT 31ST AUGUST 4,226,501 46.417 154.126 4,427,044 4,148,331 All amounts relate to continuing activthés. All recognised gains and losses in the Current and prior year are included in the statement of finan(yal acthvilies. The note5 on pages 26 to SS form part of these financial slalements. 23

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS AS A T 31ST AUGUST 2022 Note Group 2022 Charity 2022 2021 2021 FIXED ASSETS Tangible assets Securities Investments 14 15 11,104,188 171,105 11.140.2S4 173622 11,103,697 171,205 11,139.640 173.722 11,275,293 11.313.876 11,274,9￿2 11,313.362 CURRENT ASSETS Stock Debtors Cash al bank and in hand 43,237 1,822,776 222,066 2.088,079 42,471 1.994,725 39,922 2.077,118 28.421 1,846.540 35.992 1.910.953 16 1,820.474 86.058 1,973.526 CURRENT LIABILITIES Crgdilors payable within one year 17 {8,843,3501 18,900,532) {8.831,998 18,837,445) NET CURRENT LIABIUTIES (6.755.271) 16,927.0081 16,754,880) 16,926.4921 TOTAL ASSETS LESS CURRENT LIABILITIES 4.520,022 4,386.870 4,520,022 4.386,870 LONG TERM LIABILITIES Creditors payable altei one year 18 141,9811 181,948} 141,9811 181,9481 TOTAL NET ASSETS EXCLUDING PENSION LIABILITY 4,478,041 4,304,922 4,478,041 4.304,922 Nel pension liability 150.8971 1156.4911 150.8971 {156,4911 NET AssErs 4,427,144 4.148,431 4,427.144 4.148.431 REPRESENTED BY: CALLED UP SHARE CAPITAL 23 loo 100 ENDOWED FUNDS RESTRICTED FUNDS UNRESTRICTED FUNDS General reserve 26 26 154,126 46,417 156,424 48,0 1S4.126 46.417 156.424 48.096 26 4,277,398 ISO,8971 4.100,302 {15S,4911 4.277,398 150.89n 4,1LX).302 1156,4911 Pension reserve 28 4.427,144 4.148,431 4.427.144 4,148.431 The financial statements were approved and aulhori8ed for Issue by the Board on.. d on ils behalf by Mrs P Ows Chaimian Company registrafyon numbèr 05011039 The notes on pages 26 to 55 fomi part ofthese financial 518lements 24

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMrrED CONSOLIDATED CASH FLOW STATEMENT AS A T31ST AUGUST 2022 2022 2022 2021 2021 Note NET CASH FLOW (USED INI PROVIDED BY OPEFIATING ACTIVITES 3S 786,145 1239,40n Cash flow from Investing 8¢tivities'. Dividends, interest and rents Irorn investments Proceeds from the sale of property, plant and equipment Purchase of property. plant and equipment Net cash provided byl (used inl investing activities Inve5tmÈnt managèment fèe$ Inveslmènl wrf(e off 3.(￿9 24 s.￿0 540.030 {275.961} (117,4311 5,786 503 458 {14) 1267,448} 428.912 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of borrowing Cash inflows from new borrowing Flnancing costs 193,1751 {101,9801 (93.175} 1101,9801 NET INCREASE IN CASH AND CASH EQUIVALENTS 425,522 87,525 CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 1ST SEPTEMBER {916,395} 11.003,9201 CASH AND CASH EQUIVALENTS AT THE END OF THEYEAR 31ST AUGUST 36 {490,873) 1916.395} 25

WOODARD SCHOOLS INorriNGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 ACCOUNTING POLICIES Woodard Sthools (Nottinghamshirel Limited is a privalo company, limiled by shares and incorporated in England nd Wales. The address ol the Registered Office is Worksop College, Wort(sop, Nottinghamshire, S80 3AP. The piincipal activity of the company is the provision of independent education for children aged 2 to 18. The principal accounting policies. all of which have been applied consistently throughout thè year and in the preceding year are.. a} Basis of Accounting The accounts of the group have been prepared under the Companies Act 2006 and in accordance with the Slalemenl of Recommended Practice for Charities I'SORP IFRS1021'1 and with applicable UK Accountin9 Standards. They are drawn up on the historic31 Gost accounting basis except that Share investments held as fixed assets are carried at fair value. Woodard Schools INottinghamshirel Limited meets the definition of a public benefit entity under Finanaal Reporting Stsndard IFRSI 102. Assets and liabilities are initially recognised at historical c051 or Ir8nsacl value unless othemise stated in the relevant 8¢¢ounting policy notes. The preparation of financial statements in conformity wrth FRS 102 requires management to make judgements. estimates and assumption$ that affect the application of policie5 and reported amounts of assets ond liabiliiTe5. incorHe and expenses. The estimate5 and associated assumptions are based on historical experience and various other factr)rs that are believed lo be reasonable under the circumstances, the results of which fomi the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual Fesults may differ from these estimates. Further details Bre prowded in note 34, and in the accounting policies for depre¢iab"on of fixed assets, for pensions and for bad debts. The financial statements are presentèd in sterfing 1£) and the functional currency is slerfing 1£). b) Golng Concern The Woodard Sthools (Nottinohamshirel Limited Board reviews the ffinancial information forthe company and the group and consKlers whether the group 8nd wmpany are a going concem for a period of at least 12 months from the date of approval of the accounts. The Group and school had a bank loan and oveidraft totalling £3.8m (2021- £4.Im} and net current liabilities as 8131 August 2022 of £6.8m12021 £6.9ml. As explained In the Directors. Report the Current bankers remain supportive and have re-extended facilities until 31 Decernber 2023, whilst the group looks to secure new-long term banking facilties with a new lender who will support the tumartsund strategy of the schools and provide long t&m financial stability. This position at the end of Ihe tem of the current farilities casts 5ignificantdoubt about the Group and School's ability to continue as a going concem.However, given the progress lo dale w¥th the strategic turnaround plan, the group forecasts including the reasonably expectèd pupil numbers over the next 12 months and expected irnpact of iising energy costs and inflationary pressures, thé directors have a reasonabte expectation that the company and group will be able lo secuie adequate appropn'ate b8nkiryJ facilities and will be able to continue in operational existence for the foreseeable future. Accordingly, despite this material uncertainly, they continue lo adopt the going concern basis in preparing the Annual Report and Atxounts. It Is Important to note that all of the debt is classified 8$ short term in these financial statements. This is due lo the bank loan facllities being due for repayment in October 2022 at the balance sheet dale. The lacililies have since been r8neg0ts"at6d in December 2022 for repayment in December 2023.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 cl Group Accounts The finanoal st8tements consolidate the finanaal statements of the company. and its subsidiary company with all inter-company balan￿$ being eliminated. Enlilies arè consolidated where Woodard Schoo15 {Nottinghamshirel Limited exercises overall control either through ownership of shares, or through hamng common trustees wth a common objectnfe. Accounting policies are consistenly applied belween group companies. dl School Fees Recelvable and Slmllar Income Fees receivable and othereducational income arè accounted for in the period in which Ihe service is provided. Fees ieceivable ale stated after deducting allowances, schol815hips and other remissions by the school, bul include contributions received from restricted funds for scholarships, bursaries and other grants. Fees in Advance Stheme Contracts are those fees re￿iVed in advance of education to be provided in future years under a speafic contract. The fees are held within the unrestricted rese¢ves of the school and are deemed to be repayable on demand. subjectto usual nots'ce provisions. Any surplus of assets over liabilities is held within the fund as 8 buffer. Bad debts aré provided for on a case-by-case basis based on the entity's knowledge of the customer. Bills are raised ￿ adVa￿e of the commencement of the term 8nd the fees should be paid on the first day of tem). el Ancillary and Non-Ancillary Trading Income Ancillary trading income represents amounts from activities lo generate tunds within the charitable objects. for example school shop sales, coaches to and from school and school trips. Non-ancli18ry trading in¢ome represents amounts from activities not directty related to the charitable objects, for example letlings of school faalities out of tem time and rental from spare school buildings. Income from these aclivsbes is recognised in the Statement of Financial Activities when the goods are sold or services provKded. D Voluntary sources. Grants and Donations Voluntary incoming resources are accounted for as and when entitlement arises, the amount can reliably be quantified and the economic benefit is considered probable. Voluntary incomè for general purposes is accounted for as unregtricted and is credited to the General Reserve. ￿￿ere the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the elevant restricted fund and incoming endowments are accounted foi as pemanent trustcapilal orexpendable trust capital. according lo whether the donor intends retention to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the ¢8se of assets for retention orconsumplion, or at the value lo th8 ￿h0¢>I in case of donated servKes or facililies. Govemrn8nl grants are recognised at the fair value of the asset re￿iVed or receivable when there is reasonable assurance that the grant ¢ondi1sons will be met and the grants will be reeeived. A grant that specifies perfomiance conditions is re¢ognised in Income when (he performance conditions are met. Where a grant does not specify performance conditions il is recognised in income when the proceeds are re￿IVed or re￿1Vable. A grant received before the rècognition criteria are satisfied is recognised as a gl ExpenditLSre Expenditure is accNed as soon as there is a conlr8¢tual obligation or a liability is considered probable, discounted lo present value foi longer term liabilities. Expenditure is allocated tts expense headings either on a direct cost basis or apFM)rtioned according to lime spent. The irrecoverable element of VAT is included wlh the item of expense lo which it relates. Bad debts are prOV￿ed for in e￿OrdanCe with the group bad debt policy. The cost of refurbishing and converting existing buildings is written-off in the year in which il is incurred except where the useful life has been exL8nded. h) Flnance and Other Costs Othw costs include amounts accrued in a¢¢orilance wlth the temis of Fees in Adv8ftce Scheme Contracts. 27

WOODARD SCHOOLS INOTTINGHAMSHIREI UMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 il Penslon Costs The school company participates in the Teachers, Pensions scheme, which is an unfunded govemment scheme, the Pensions Trust scheme and the Independent Schods, Penslons scheme. all of which provide benefits based on )Inal pensionable pay. The funds ofthe schemes are separate from the company. although the Company's share of the schemes cannot be identified as the schemes are multi-employer schemes. and so the pension costs are accovnled for as defined contribution schemes. The companies also ¢onlribule lo other defined contributlon pension schemes for non-teaching s18ff. The cornpany offers rnembership of the Pensions Trust Growth Plan and the Independent Schools, Pensions Scheme lo employees other than the fLJII-time academic staff. The Pension5 Trust Growth Plan and thÈ Independent Schools. Pensions Scheme are mulb-enployer pension schemes where the scheme assets are pooled for investment purposes and cannot be attributed to individual gmployeis. Benefits are paid from the lolal scheme assets. It is in m05t resptrcts a money purchase arrangement, bul has sotne guarantee5. As a result it is not possible or apwopriate lo identify the assets and liabilities of the scheme which are attributable lo the company. though, dve to the guarantees inherent in the s¢heme. the companies remain potentially liable for a debt on withdrawal from the scheme. In accordance with Financial Reporting Standard IFRSI 102 (section 28} therefore, the scheme is accounted for in a fashion which is similar lo a defined contribution scheme. The company must recognise a liability measured as the present value of the contributions payabl& that aiise from the defiat recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding ol the discount rale as a finance cost in the period in which it arises. More detail is given in notes 27 and 28. Il Tangible Fixed Assets and Dep￿ClatIon Tangible fixed assets are stated at cost less depr8¢ialion. Individual capital items, or projects, with a value greater Ihan £10.000 are Ixpitalised. Assets in the course of construction are stated atcost less any provision for impairment. They are transferred to completed assets when substantially all ol the actNilies necessary to gel the asset ready for use are complete. Where appropriate cost includes our own labour costs in relation to construction, and directly attrl￿jtabJe overheads. Where tangible fixed assets have been acquired with th8 aid of speaficgrantsthey are included in the balance sheet al cost and depreciated ov&r their expected useful economic life. The related grants are credited tts a restricted fixed asset fund (in the statement of financial activities and carried forward in the balance sheet). The depreciation on such assets is charged in the stalement of financial 8clivilies ovèr the expected useful economic life of the related asset on a basis consistent with the depreciation policy. Depreciation is provided at rates calculated to write off the cost, les5 Èstimated residual value of each asset based on Cufrent rnarkel prices. ovef Its expected useful life, as follows.. Freehold land Freeh¢kl buildings.. Not deprecialed Variable according to the building and wdlten off over the expected useful life (see note below) 20Q/o to 25% on cost 10% 10 25% on cost - 25% on cost - 25% on cost Cotnpuler equipment Plant and Équipmertl Fixtures and fittings Motor vehldes The company has reviewed its tangible assets, which ¢omprlse land, buildings and initial fixtures and fittings. The ¢ompany undertakes an annual review of all buildings assessirvJ Iheii usÈful economic life. In some cases the uselul economi¢ life of a building is antiapated to be of considerable length, often in excess of 100 years. The buildings are capitalised in the finanaal statements at historic cost. Where the calculated deprecialion charge is a material figtjre, it is charged in these financial statements but. where the carying value is not more than th¢ eslimaled recoverable amount and the depreciation on the building 15 riot material to these financial statements, it has been assessed, bul not charged on the basis that it is not material. The directors will Continue to catry tsLrt￿￿nUal assessments of the recoverable qrnount and the ,o,¥imat&,useful life of all buildings and where the depreciation is a material value. it will be charged. The reM8w is based on the direciors, assessments of the market value and the future èconomic benefit derived from an asset versus its ¢arrying value in tho financial statements. 28

WOODARD SCHOOLS INOThNGHAMSHIREI LllItITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 Tangible Fixed Assets and Depreciation leontirtuedl hen ffta company undertak8s a significant refurbi5hmenl project that will have an economic benefil, the cost of the refurbishment is capitalised, recorded Separately under 'Freehold Improvements,, its useful life is estimated and it 15 depreciated i)ver that useful life. Woodard Schools INottinghamshirel Limited exera5es judgement in seledion of appropriate rates for depreciation of r￿ed assets. and for mallers of impairrnenl. Financial Instruments k) Woodard Schools INottinghamshire} Limited only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at Iheir settlement value with the exception of bank loans which are subsequendy measured al amortised cost using the effectNe Interest method. Investment and Securities Investments are carried at fair value, whith is deerned lo be market value as at the balance sheet dale. Unrealised gains and losses orfsing on the revaluation of investments are credited or charged to the Slalement of Financial Activities and are alloG4t8d to the appropriate lund according lo the 'owner5hip' of the underlying assets. Realised gains and losses are the differenTr beiween sales proceeds and cost. The revaluation reserve reflects Ihe accumulated lolal of unrealised gains and losses. Uninvesled ¢8sh 15 the balan¢a of liquid cash, held as an investment, which has nol been invested in securities. Stocks Stoeks comprise raw maleThals, consumable stores and goods held for ￿Bale.. they are valued at the lower of cost and net r881isable value. Leasing Commitsnents Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives or the period of the lease whichever is the shorter. The interest element of the obligations is charged lo the Slalement of Financial Activities over the period of the lease. Rentals applicable to oper8ting leases where substantially all of the beneffls and iisks of ownership remain with the lessor are charged lo the Staternenl of Financial Activities on a straight line basis over the lease term. Lease incentives are accounted foi over the lease term on a slraighl-line basis. Fund Accounts Endowment funds are subject to specific conditions by d¢)nors that the capital must be maintained by the charity. Endowment funds are further sub-divided into pemianent and expendable, whèr8 requirad by tha tèrms of the Iiu$l. Restricied funds are sublect to specific conditions by donors as to how they may be used. The purposes and usès of thè restricted fijnds are set out in Ihe notes to the finaniial ststemenls. Designated funds comprisè funds which have been set aside at the discretitsn of Ihe directors for specific purposes. The purFM)ses and uses of the designated funds are set out in the notes to the financial slatemenls. p) Taxation WoodaTd Schools {Nollinghamshirè) Limited is a registered charity and as such exempt from income tax and corporation tsx under the Provisions of Section 478 01 the Corporation Tax 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 that is subject to taxes including corporation tax and VAT in Ihe same way as any commercial organisalion. The lax Charged lo the profit and loss account is based on Ihe subsidi8ry Cornpany's profrt for the year and lakes into account tax arisin&because of liming drfferences belween the treatment of certain Items for.tax and accounting purpose5. The subsidiary company distributes the majority of its profits to Woodard Schools {Nottingh8mshirel Limited under Gift Aid and lax liabilities are kept 19 8 minimum. Deposlts from parents Amounts received in respect of pupil deposits or fees for future lernis a￿ considered lo be repayable on demand and consequentty recognised as curient liabilities_ 29

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 2. CHARITABLE ACTIVITIES- SCHOOL FEES RECEIVABLE 2022 2021 The school fees income comprises Gross fees Less.. Total scholarships. bursaries, elc Less.. Discounts given 10.140.724 11,536,283) 175.9991 9,236,623 (1,544,386) 1320,0251 8,528,442 7,372,242 Further details ol scholarships and means-te5ted bursaries are i￿luded in the Directors, Report. Discounts given relate to earfy payment dis¢ounls. CHARITABLE ACTIVITIES- ANCILLARY TRAOING INCOME 2022 2021 Extras Entrance fees and regi51ralion fees Fees in lieu of notice Pupil transport Commissions and related income 206.551 24.493 189,537 23.107 21,667 66,634 135 113.772 13,5361 Sundry other income 47.786 341,280 348.868 4. OTHER TRADING ACTIVITIES 2022 2021 Non4nclllary tradlng Income Woodard Schools (Nottinghamshire) Enterprise8 Limited Rents receivable 295,758 156,887 39,415 Sundry recharges 2.490 298,248 196.302 S. INVESTMENTS- INVESTMENT INCOME Unrestricted Funds Reslrited Funds Endowed Funds Total 2022 Total 2021 Securitses investment incorne Fixed interest 13 1,769 1.817 13 1,769 1.817

WOODARD SCHOOLS INorriNGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 6. INVESTMENTS - BANK AND OTHER INTEREST RECEIVABLE Group Unieslricted Funds Restricted Funds Endowed Funds Total 2022 Total 2Q21 Bank interest Other interest 20 1,249 1.249 1,252 1,252 24 Company Unrestricted Funds Restricted Fut¥Js Endowed Funds Total 2022 Total 2021 Bank interest 20 Other interest 1,249 1,249 1,252 1,252 24 7. VOLUNTARY SOURCES - GRANTS AND DONATIONS Group Unrestricted Funds Restricted Furvjs Endowed Funds Total 2022 Total 2021 Worksop College Foundation General donations Ctsronavirus Job Rèt6ntion 7,121 7.121 401 Scheme grant 686,619 7,121 7,121 687,900 Donation income wilhln the comp8ry also includes a distributi)n of profits from the whdly owned subsidiary cornpany. Further details are included in note 29. 31

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 7. VOLUNTARY SOURCES - GRANTS ANO DONATIONS Icontinu&dl Company Unrestricted Funds Restn'cted Funds Endowed Funds Totsl 2022 Total 2021 Worksop College Foundation General donab"on5 Coronavirus Job Retention Scheme grant Gift aid donation from trading subsidiary 880 401 7.121 7.121 673,695 103,904 103.904 4,926 111,025 111.025 679,902 8. OTHER INCOME Unrestricted Funds Restricted Funds Endowed Fund$ Total 2022 Total 2021 Profit on sale of ￿ed assets Deposits not reclaimed Miscellaneous income 2.300 45.956 10.614 2,300 45,956 10.614 540,303 58.870 58,870 540,303 9. ANALYSIS OF EXPENDITURE Group al Total expendlture Staff costs Inole 111 Support Costs Deprecialitsn Total 2022 Total 2021 Costs of raising funds Non ancillary trading Financing cost (note 10) Investment managernenl Fundraising and development 23,072 108,866 108,227 458 123 132,061 108,227 4S8 119,476 101,980 503 Total cost of generating funds 23.072 217,551 123 240.746 221,959 Charitable expenditure Te8ehing Welfaie Premises School administralion 4,391,947 514,068 628,629 632.791 293,395 367,531 1.140,560 407,086 4,732,221 914.240 1,998,873 1,039.877 4,738,752 787.137 1,821,230 1,267,533 32,641 229,684 6,167.435 2,208,572 309,204 8,68S,211 8,614.652 Govèmane• Costs 30,287 30,287 43,246 Educatign and grant makin9 6.167.435 2,238,859 309,204 8.715,498 8,657,898 Totsl Expenditure 6.190.507 2,456,410 309,327 8.9S6,244 8,879.857

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITEO NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 9. ANALYSIS OF EXPENDITURE {Continued) Company a} Total expenditure Staff costs (note 111 Support Costs Depredallon Total 2022 Total 2021 Costs of raising funds Financing cost {nole 101 Investment management Fundraising and development 108,227 458 108,227 458 100,497 503 Total cost of generating funds f08,685 108,685 101,IJ)O Charltable expendlture Teaching Welfare Premlses School administration 4.391,947 514,068 628,629 632,791 293,395 367,531 1,140,560 407,086 46.879 32.641 229.e84 4,732,221 914,240 1,998,873 1,039.877 4.738.752 787.137 1,737.889 1.267.533 6,167.435 2.208,572 309.204 8,£85.211 8,531.311 Gov•rrtaneè costs 30,287 30,287 43.246 Education and grant making 6,187.435 2.238,859 3Q9.204 8.715.498 8,574,557 Totsl Expenditure 6,167.435 2.347.544 309.204 8,824,183 8.675,557 Group bl Total resources expended includ•'. Woodard Schools (Nottinghamshire) Limited reimburses trustees for out of pod(et expenses induding travel sub5i¥ter¢e and accornrnodalion. where a c1￿M is made. 1 trustees was reimbur$8d during the year 2500 P021'. 1 trustee reimbursed £509.96). 2022 2021 Fees payable to RSM UK Audit LLP and its associates in respect of both audit and non-audit services are as folk)ws'. Audf( Other seFvices Depieciation of tangible fixed 8ssets= - owned by Ihe Group held under finance leases aThY hire purchase contracts Operating lease rentsls.. other 8ssels 24.000 7.350 22.050 6.750 264.998 S4.329 255.693 38.206 131.213 500 125,999 510 Reimbursement of persoD￿eKpenses lo govemors

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 10. FINANCING COSTS Group 2022 2021 Bank tnlerÈst payable Bank loan interest payable Lease finance costs Bank chaiges Piovision for bad and doubfful debts Other finance costs 2,825 79,898 3,985 17.869 121.786) 1,052 24.384 22.054 84.237 332 16.102 13.936 Movement in pension recovery plan 134,681) 108,227 101,980 Company 2022 2021 Bank Interest payable Bank loan interest payable Lease finance costs Bank charges Provision for bad and doubtful debts Other finanTr cosis Movement in pension recovery plan 2,825 79.898 3,985 17,869 121,7861 1,052 24.384 22.054 84,237 332 14,619 13.936 134.681) 108,227 100,497 11. STAFF COSTS Group 2022 2021 The aggregate payroll costs for the year were.. Wages and salaries Social security Costs Other pension ¢osls Priv* medical insuran 5,036,643 467,651 678,097 8.116 4.923,053 449,070 762,542 15,954 6.190,507 6,150,619 ID.Gli Ided in staff costs are redundancy or temiination payments totalling £nil12021= £86,004). The amount ou151anding 81 the ￿aT-end was £nil12021.' £nill. The Heads, Senior Deputy Head, Bursar and Finance Director are dassified by Woodard Schools INottingh8mshirel Limited as being the Key Manag8menl Personnal. None ofthe governors re¢$lved remuneration or other benefrts from Woodard Schools {Nottingham$hirel Limited or from arby connected body.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 11. STAFF COSTS {Conlinuedl Company 2022 2021 The aggregate payroll costs for the year were.. Wages and salaries Soaal security costs Other pension costs Private medical insurance 5.014,355 467,061 677,903 8,116 4.887.630 445.700 761.479 15,954 6,167,435 6.110.763 2022 2021 Aggregate employee benefits of key management pèrsonnel 491,065 415.871 The number of higher paid employees whose annual emolL4nenls were £60,000 or more was.. 2022 2021 No No £60,(X)1 - £70,000 £70,tK)1 - £80,000 Over £120.000 The number with retirement benefits accruing.. in Defined Contributy'on schernes was Of which the contributions amounted lo in Defined Benefit schemes was Of which the contributions amounted lo £61,09S £41,440 For 2022 there was 1 employee (2021.. 11 eaming over£60,WO per year that has chosen not lo participate in a pension stheme. The averagg number of employees during the year calculated on a head count basis, was 20212021.. 202} 2022 2021 No No Teaching Other 8Ctivilie8 85 86 122 214 208 35

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 12. DIRECTORS None of the dire¢tors lor any persons connected with them) re￿Ned any remuneration during the year. Gross fees 101811ing £67,226 12021.. £39,859) were charged in respect of chIld￿n of directors attending the schoDI. Scholarships tolalling £1,499 (2021.. £3.3721 were awarded to children of directors in accordanTr with the school's scholarship process. Al the year-end, directors owed £14.758 in respect of these lees12021= nil). 1 director was reirnbursed £500 during Ihe year in relation lo expenses {2021.. 1 trustee reimbursed £510). 13. TAXATION The company rs a registered charity and therefore no liability lo taxation arises on its ehaTitable actThiities.

o oouj ¢0 G) ¢D pi

¢51 O L o) 9) r¢D OGJr ry) t ty) G) p e T>

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITEO NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 15. SECURITIES INVESTMENTS Securities Investments 2022 2021 Company investments At 1 September Amounts extracted Inveslrnent m8nagemenl fees Investment write off Realised gains on investments 173,622 155,957 (5,7861 15031 14581 14 5,801 Unrealised Ilossesl on investments 2.073 18,1S3 Group investments at 31 August 171,105 173,622 Investment in subsidiaries 100 100 Company investments at 31 August 171,205 173,722 Investments comprlse: Listed investhients Fixed interest Equitie5 Multi-asset 2.848 10.720 151,050 3.497 10.290 151,050 Cash 6.487 171,105 8.78S 173.622 Group Investments at 31 August Investment in subsidiaries 100 100 Company Investments at 31 August 171,205 173,722 Woodard School$ INottingh8rnshirè) Limited owns all of the share capital of Woodard S¢hoo15 (Nottinghamshire) Enterprises Limited. a company incorpoialed in Englandlwales. Further details are piovided in note 29. The main Securities Investmtrnls are managed lor Woodard Schools (Notlinghamshirel Limited by C8zenove C8pilal M8nagernent. All investments are managed and held in Ihe UK. Holdings at the ye8r-end comprising more than 5% of tho total are-. Charity Multi Asset Fund Cazenove 151.050 39

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 16. DEBTORS Group 2022 Company 2022 2021 2021 School fees receivable Trade debtors Other debtors Prepayment5 and accrued income Amounts due from subsidiary company 1,443.961 64.440 95.251 219.124 1.374,030 54,696 71,631 320,117 1,443,961 1,374,030 29,232 71,631 320,118 51,529 95,251 209,690 245,823 1,822.776 1,820,474 1.994,725 1,846,540 School fees receivable are net of £132,83912021.' £154.6251 provided for Iloltbtful debts. £5,50512021.' £5,505) is allocated against Enterprises Ltd. 17. CREDITORS: amounts falling due within one year Group 2022 Company 2022 2021 2021 8ank loans and overdrafts Net obligations under finance leases DepO￿ts from parents Trade creditors Taxation and 30cial security Other creditors Fees in Adv8n¢e Scheme A¢cruals Defèrred income 3.819,741 17,389 465,690 35,413 120,753 238,449 605,980 245,332 3,294,603 4.094,203 28,227 630,723 157,731 85,426 235,858 356,319 450,013 2,862,032 3,819,741 17,389 465,690 34,536 110,294 238,449 605,980 245,316 3,294.603 4.094,203 28,227 630,723 143,657 77,122 235,857 356,319 409,305 2,862,032 8,843.350 8,900,532 8,831,998 8,837.445 Woodard Schools (Nottinghamshirel Limited has 8 bank ltsan from Santander Bank Plc. The loan is Secured by charges on the company's assets at a rale ol interest of 1.75°1D over LIBOR and is repayable on demand. Summary of movements in d8ferr•d Income Balance at 1 Septembèr 2021 Additional amounts Amounts transferred to SOFA 2,862,032 3,294,603 12,862,032) Balance at 31 August 2022 3,294,603 Defefred income arises due to school fee invoices for the autumn tèrm being issued and applied to the fees ledger prior lo the year end. The income that rèlates to the following term is deferred until the term to which thè Incomè rèlalg$. 40

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 3tsrAUGusf 2022 18. CREDITORS= amounts falling due after one year Group 2022 Company 2022 2021 2021 Net obligations Under fjnance leases 41,981 81,948 41.981 81,948 41,981 81,948 41.981 81,948 19. BANK LOAN 2022 2021 The bank loan is repayable in instalments Due within 1 year 3.106,802 3,091,750 At the balance sheet date the bank loan was due for repayment within one year. The 108n is seCu￿d by fixed charges over the land and buildings and floating charges over property and the undertaking of the company and its subsidiary. Following the year end the group has secured the bank facAlities including the loan until 31 December 2023. 20. FEES IN ADVANCE SCHEME Parents and others may enter into aeontractto payforfixed conlributions towards putNI tuition fees for a number of years in advance. The money may be returned subject to specific conditions on the receipt of notice. Parents can request future paymen15 back at any time. Assuming pupil8 rem8in in the school. lees in advan￿ will be applied as fr)Ilows". 2022 2021 After 5 years Within 2 10 5 years Within I to 2 years 139,409 188,078 112,869 115,165 110,147 Due after more than one year ￿￿thIn 1 year 440,356 188,768 225,312 131.007 629,124 356.319 Summary of movements In liability Balance at 1 September 2021 New contracts Amounts used to pay fees 356,319 593,290 1320,4851 Balance at 31 August 2022 629.124 41

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 21. FINANCE LEASE OBLIGATIONS 2022 2021 Amounts falling due Within 1 year Within 1 to 2 years Ithin 2 to 5 years 17,389 17,389 28,227 81,948 110,175 Due wKthin 1 year Due after mole than one year 17,389 41,981 28.227 No security is held over these asset$ 59,370 110.175 22. COMMITMENTS UNDER OPERATING LEASES The future mlnimum commitment$ under non-cancellable operating leases are= 2022 2021 thin 1 year thin 2 tr) 5 years After 5 years 191,762 259,322 364.244 138,722 490.801 1,560 815328 631083 23. SHARE CAPITAL 2022 2021 Authorlsed 100 Ordinary Shales of £1 èad) 100 100 Allotted. called up and fully paid 100 Ordinary Sh8res of £1 each 100 100 All shares are regislered in the name of the Woodard Corporation. Woodard Schools INottinghamshirel Limited has no power to 155ue. allot or dispose of any other shares and the shares already issued are not transferable. Upon winding up or dissolution. and after satisfaction of all liabilities, any remaining propety shall be paid lo the Wwdard Corporation. 42

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGusf2021 24. FUNDS Woodard Sthools INottinghamshire} Limited's funds are analysed under the fdlowing headings.. al ENDOWED FUNDS The endowed funds of tho company include a number of individual trust and prize fvnds sel up by donors as permanent capital. The income generated is rest￿cted to funding scholarships, bursaries, grants and prizes. The funds We￿ donated to the company by Woodard Schools (Midland Dlvisionl Limited who had previously administered the funds on behalf of tre College. The revaluation reserve is required by the Companias Act 20( and repr85ents th8 atnount by which investments exceed their historic cost. bl RESTRICTED FUNDS The income funds of the company include restricted funds ¢omprfsing the following unexpended bal8n¢es of donations and grants held on trust for specific purposes. The Benefit and other minor funds provide or contribute towards Ihe provision of education. scholarships, bur58ries and prizes for the pupils at the College or in such a manner as the College Goveming Body shall consider lo be for the benefjt of the College. The Revaluaiion Reserve is required by the Cornpanies A¢1 2ts)6 and represents the amount by which investrnent5 extsed their historic cost. Realised gains and losses have been disclosed separatety as incoming resources or re80urces expended. e) UNRESTR]CTED FUNDS Unrestricted fund5 represent accumulatèd Income from theschool's activities and gthersources that are available for the general purposes of the school. Designated fund5 eontribute towards bursaries and scholarships. 25. GROUP ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted FLtnds Restricted Funds Endowed Funds Total 2022 Tangible fixed assets Securities investments Net ojrrent Iliabilities)lassets Long term liabilities 11.104,188 2,192 {6,678,3051 201 574 11,104.188 171.105 16.646.675) 201,574 16.648 29,769 152.265 1,861 4.226,501 46,417 154.126 4.427.044 Prioryear¢omp8r8five figur&s.' Unrestricted Funds Restricted Funds Endowed Funds Total 2021 Tangible fixed assets Securities investments Net current Iliabilitiesllassets Long lemi liabilities 11,140,254 2,178 {6.960,182) 238,439 11,140.254 173.622 16,927,106) 238.439 18.327 - 29.769 153,117 3,307 3,943,811 48,096 156.424 4,148.331 43

WOODARD SCHOOLS INOTTINGHAMSHIRE) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 26. GROUP SUMMARY OF MOVEMENTS ON MAJOR FUNDS Al31 August 2022 At 1 Sept 2021 Incoming re50ur¢ès Resour￿9 expended Gainsl Ilossesl Tran8fer$ Endowed Funds Revaluation Reserve Special Endowment 1.861 154,563 1,861 152,265 1.769 {4581 {3.2151 13941 156,424 1,769. 458 3.215 394 Restricted Fund$ Revaluation Reserve Benefit Fund Sheila Fletcher Fund Mountgarret Fund Simpsgn Smith Fund 29,769 771 2,308 2,684 12.584 29,769 771 2.308 2,187 11.382 35 {35} 14771 11,2021 48,096 35 35 1,679 46,417 Unrestrlcted Funds General Reserve Pension Reserve Revaluation Reserve Endowment Fund Worksop Foundation 3,933.045 9,235.226 19,061,380) 1156.4911 105.594 50,946 2,193 114.118 3,250 4,110.141 150,8971 50.946 2,193 114,118 3,943.811 9,235,226 , 8,955,786 3,250 4,226,501 Total Funds 4,148,331 9,237.030 18,956,244} {2,0731 4,427,044 A transfer has been made in the year from Endowed and Reslricled funds to Unrestricted fvnds lo contributo towards the bursaries granted in the year.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 26. SUMMARY OF MOVEMENTS ON MAJOR FUNDS Iconlinuedl Piioryearcomparative figures.. At31 August 2021 At 1 Sept Incoming 2020 resources Resources expended Gainsl (losses} Transfers Endowed Funds Revaluaiion Reserve Special Endtswment 1,861 151.357 1,861 154.563 14331 14.950 153,218 433 11.311 14.950 156,424 Restricted Funds Revaluation Re5erv8 Benefit Fund Sheila Fletcher Fund Mountgarret Fund Slmpson Smllh Fund 29,769 11,524 111.912) 1760) 10,496 29.769 771 2,308 2,664 12.584 125) 118) {10,7281 14.238 3,424 299 1.789 39.117 43 7.233 1,789 48,096 Unrestricted Funds General Reserve Pen5i0n Reserve Revaluation Reserve Endowment Fund Worksop Foundation 3.701,302 8.940.181 1191,172) 34.681 50,946 1560) 113,234 {8.709.735) 1,297 3,933,045 1156,4911 50,946 2,193 114,118 1281 2,781 884 3,673.750 8,975,746 8 709.763 4,078 3,943,811 Totsl Funds 3.866.085 8,975,746 18,710,239} 16,739 4,148,331 45

WOODARD SCHOOLS INOTTINGHAMSNIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 27. PENSION SCHEMES Teachers. Pension &heme The School partiupates In the Teachers, Pension Scheme I'ihe TPS'I for ils 18aching staff. The pension charge for the year Indudes contributions payable If) the TPS of £678,09712021- £662,632) and at the year- end £nil12021.. £nill was acctued in respect of contributions tr) this scheme. The TPS is an unfunded multi-employer defjned benefit5 pension scherne governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulati(M)s 2014 las amended). Members contribute on a'pay as you go. basis with contributions from members and the employ8r being credited to the Exth8quÈr. Retirement and other pension benefits are paid by public lunds provided by Padiament. The employer ryjntribulion rale Is sel by the Secretary of Ststs followng scheme valuations undertaken by the Govemment Actuary's Department. The most recent actuarial valuation ol 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 16.4Y¢ to 23.6Q/o from 1 September 2019. Employers are also reqUI￿d to pay a scheme admin￿tratIon levy of 0.08 /0 giving a total employer contribution rale of 23.68V.. The 31 March 2016 Valuation Report was prepared in accordance with the benefits sel out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumption5 were con5ideied and sel by the Department for Education prior to the ruling in Ihe 'McCloudlSargeant case.. This case has required the courts lo consider cases regarding the im ￿eMantation of the 2015 refoms to Public Service Pensions including the Teachers, Pensions. On 27 June 2Q19 the Supreme Court denied the government permission to appeal the Court tsf Appeal's judgment Ihattransilional provisions introduced lo the refomied pension schemes in 2015 gave rise lo unlawful age discrimination. The govemtnent is respecting the Court'5 decision and has said f(vAII engage fully with the Employment Tribunal as well as employer and member representslNes to agree how the discriminations will be remedied. The govemment announTrd on 4 February 2021 that it intends lo prts￿ed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme knefits in resped of their service during the pericxy be￿een 1 April 2015 and 31 March 2022 at the point they become payabl$. The TPS is subject lo a ¢o$l ¢ap mechanism which wa$ put In place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of thi5 Cost cap mechanism, in J8nuary 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there is ¢ertainty about the value of pensions to empbyees from April 2015 onwards. The pause was lifted in July 2020, and a consullalion was launched on 24 Junè on proposed changes lo the cost control mechanisrn following a review by the Govemment Actuary. Following 8 public consultation, the Government have accepted three key proposals recotntnended by the Govemment Actuary, and are aiming to implernenl these thanges in time for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022. and the resvlls indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer conliibution rate, and HM Treasury has confimied that 8ny changes lo the employer contribution rate resulting from the 2020 valuations will take effect In Aprll 2024. Until the 2020 valuation is o)mpleled il is not possible to conclude on any financial impact or future ¢hanges lo the contribution rates of the TPS. Accordingly, no provision for any addition81 past benefit pension costs is included in these financial slalements.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 27. PENSION SCHEMES (Continued) Pensions Trust Growth Plan The Company parboipates in The Pensions Trust's Growth Plan (thè Plan). The Plan is funded and is not contracte(kout of the State scheme. The Plan is a multi-employer pension plan. ContrSbutions pakl into the Plan up 10 8nd including Seplembei20D1 were converted lo defined 8mounts of pension payable from Norrnal Retirement Date. From October 2001 contributions wére invested in personal funds which have a capital guarantee and which are converted lo pension on retirement, either wthin the Plan or by the purchase of an annuity. The rules of the Plan allow forthe declaration of bonuses andlor investment credits if this is within the finanaal capacity of the Plan assessed on a prudent basis. Bonuseslinveslmenl crgdits are not guaranteed and are declared at the discretion of the Plan's Trustee. The Trustee commissions an actuarial valuation of the Plan every threè years. The purpose of the actuarial valuation is to determine the funding position of the Plan by comparing the assets with the past service liabilit185 as at th8 valuation date. Asset values are calculated by reference to market levels. Accrued past service liabilities are valued by discounting expected future benefit payments using 8 discount rate calculated by referen￿ to the expected fvture investment retums. The rules of the Plan give the Trustee the power to require enployers to pay additional contributions in order to ensure that the slalulory fvnding objective under the Pensions Act 2004 is met. The slalulory funding objective is that a pension scherne should have sufficient assets to meet its past setvice liabilitie5, known as Technical Provision5. Irthe actuarial valuation reveals a defiat, the Trustee will agree a recovery plan lo elimin8te the deficit over a specified period of time either by way of additional contribuiions from employers. Investment relums or a combination of Ihese. The rules of the Plan state that the proportion of obligatory contributions to be bome by the member and the memberfs employer shall be determined by agreement befv￿en Ihern. Such agreement shall require the employer to pay part ol such contributions and may provide Ihal the employer shall pay the whole of them. Woodard Schools (Nottinghamshirel Limtted paid contributions at the rate of 6Q/c or 8% for certain stsff members during the accounting period. Members paid contributions ot the rate of 5Y¢ during the accounting period. As at the balance sheet date there were 96 active members oflhe Plan employèd by Woodard Schools {Notbnghamshirel Limited. Woodard Schools (Nottinghamshirel Limited conlin¢Jes to offer membership of the Plan to its employees. It is not possible in the nomial course of events to identify on a reasonable and consistent basis the share of underlying assets and liabilities belonging to individual participating employers. The Plan is a mullpemployer Scheme, where the assets ore co-mingled for investment purposes. and benefits are paid out of the Plan's total assets. Ae¢ordingly, due to the nature of the Plan, the acwunling charge for the period under FRS102 represents the employer contribution payable. A fvll actuarial valuation for the scheme was carried out wlh an effective date of 30 September 2016. The valuation ol the Plan was perfomed by a professionally qual￿ed Actuary using the Projected Unit Method. The market value of the Plan's assets at the valuation dale was £794.9 million and the Plan's Technical Provision$ 11.e. past seNice liabilities} were £926.4 million. The valuation therefore revealed a shortfall of assets cOMpa￿d with the value of liabilities of £131.5 million. equivalent lo a funding level of 88%. In delemiining the investment reluin assumptions the Trustee considered advice from Ihe Scheme ActU8ry relating lo the probability of athieving particular levels of investment return. The Trustee has incorporated an element of prudence into the pre arKI post retirement investrnenl relum assumptions-, such that there 15 a 60% expectation that the relum will be in excess of that assumed and a 40Dh ¢hance that the return will be lower than that assumed over the next 10 years. 47

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 27. PENSION SCHEMES {Conlinuedl The financial assum tions underl the valuation as 8130 Se tember 2020 were as lollows.. % p.a. Annualised yield on the FTSE Actuaries. Government Securflies Over 15 Year Fixed Interest Yield Ind8x Market implied inflatK•n as Cal￿181ed by the difference between the annualised yield on lonTrdated lover 15 years) fixed interest Gilts and the annualised real yield lover S years) on index-linked Gills (assuming an average o12.5°/D p.a inflation) Pre retlremenl discount rate Post rètirement discount rate Inflation IRPI) When an employer withdraws from a MU￿-eMplOYer defined benefit pension scheme which is in deficit. Ihg employer is required by law to pay its share of the defi¢it, calculated on a slatulory basi5 {known as the buy- out basis). Duè lo a changa in the definition of rnoney purchase contained in the Pensions Act 2011 the calculation basis that applies to the Growth Plan will be amended to include Series 3 liabilities in the calojlation of an employerfs debt on wthdrawal. The Grow¢h Plan is 8 '18st rn8n $18nding" multi-employer 5chetne. This means that if a withdrawing employér is unable to pay its debt on withdrawal the liabilily is shared amongst the remaining employers. The participating employers are therefo￿, jointly and severally liable for the deficit in the Growth Plan. See note 28 for further details. If an actuarial valuation reveals a shortfall of assets compared to liabilities, the Trustee must wepare a recovery plan setting out the steps lo be takèn to make up the shortfall. See note 28 for further details. 28. PENSION SCHEME DEFICIT RECOVERY PLANS Pen¥ion¥ Trust Growth Plan Deficit Contributions The company participates in the Pensions Trust Growth Plan, which is a mulli-employer scherne providiro benefits lo over 1.300 non-associaled participating employers. Th8 scheme is a defined benefit sthemes in the UK. 11 is not possible for the school to obtain sufficient infortnation to enable il to account for the scheme as defined benefrt schemes. Therefore, it accounts for il as a defined contribution ￿heThe. The schemes are subject to the funding legislation oudined in the Pensions Act 2004 which came into force on 30 December 2005. This, together wth documents issued by the Pensions Regulator and Techn￿81 Actuarial Standards issued by the Financial Reporting Council, Sel out lh8 framework for funding defined benefit occupational pension schemes in the UK. The schemes are classified as'lasl-man standing arrangements.. Therefore. Woodard schools are potentially liable forolherparti¢ipating employers, obligations iflhose employers are unable to meet Iheirshare of scheme deficits followng withdrawal frtsm the scheme. Participating employers are legally Teouired lo meet their sha of the scheme deficits on an annuity purchase basis on withdrawal from the schémè.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 28. PENSION SCHEME DEFICIT RECOVERY PLAN (Continued) A full actuarial valualityn forthescheme was carried out at30 Seplember2020. This actuarial valuation showed assets of £800.3m. liabilities of£831.9m and a defKil of£31.em. To eliminate Ihisfunding shortfall, the truslees and the participating employeis have agreed that additional contributions will be paid to the scheme as follows.. From 1 Apnl 2022 10 31 January 2025.. £3.312m per annum (payable monthly and increasing by 3% aach on 1st April) To eliminate this ffijnding shortfall, the Trustee asked the participating eM￿0yerS to pay additional contribution5 lo the scheme as follows". From 1 April 2016 to 30 September 2025.. £12.945m per annum Ipayable monthly and increasing by 3% each on 1st April) From 1 Aptll 2016 to 30 September 2028.. £54,560 per annum (payal￿e rnonlhly and inctea5ing by 3Q/o each on 1st Aprill The recovery plan contributions are allocated to each partiapaling employer in line with their estimated sha ol the Series l and Series 2 scheme liabilities. Where the scheme is in deficit and where the employer has agreed to a deffial funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the defiut reduction contributions payable underthe agreement that relates lo the defidt. The present value is calculated using the discount fate detailed in these disclosuies. The unwinding of the discount rate is recognised as a finance cost. Present Values of Provision 2022 2021 Present value of provi8ion 7.594 109,486 Reconclllation of openlng and closing provision$ 2022 2021 Provision at 1 September Unwinding of the discount factor Deficit ¢ontribution paid Remèasuremènls - Impact of any ¢hange in assumptions Rèmeasuremenls- amendm8nl$ lo the contribution schedule Other 109.486 216 (7,63S) 1335) 122,702} 171.436} 139,299 677 {30,3431 11471 Provlslon at 31 August 7,594 109,486 Income and expendtturé Impact 2022 2021 Ut)winding of the discount factor Remeasuremenls- impact of any thang8 in assumpb'ons Remeasuiements- amendments to the contribulhjn 3thedule 216 677 {335} 122,702) 11471 Costs recognised in income and expenditure account 22,621 530 49

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31sfAUGUST 2021 28. PENSION SCHEME DEFICIT RECOVERY PLAN IConlinu8dl Assumpt5ons 2022 °A per annLrm 2021 %per annum Rale of discount 4.46% 0.630 The discount rates shown above are the equivalent single discount rates which. whèn used to discounl the future recovery plan contributions due. would give the same results as using a full AA corporate bond yield ￿[ve lo dlscount the same recovery plan contributions. Deficit Contributions Schedule The follomng sehÈdule shows the deficit ccffilribulions agreed between the company and the sd)eme at each year end period.. 2022 2021 Year 1 Year 2 Year 3 Year 4 31,254 32.191 33,157 14,054 3,305 1,377 7.987 110,656 The company musl recognisg a liability measured as the present value of the coniributions payable that arfse from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which 11 aiises. It 13 these ¢onl(ibulions that have been used to derNe the company's balance sheet liability- Pensior* Trust Independent Schools, Pension Schèmè Deficlt Contributions The company participates in the scheme, a mulli-employer scheme which provides banafits to some 66 non- associated ernployers. The sthème is 8 defined benefit scherne in the UK. It is not POS3ible for thè cotnpany to obtain suffiaent infomialion to enable il lo Èeeount for the scheme as a definèd beneffit scheme. Therefore, It 8ccounts for the scheme as a de)Ined contribution seheme. The scheme is subject lo the fundin9 legislation outlined in the Pen5i0ns Act 2004 which came into force on 30 Decernber 2005. This. together with d0￿MentS issued by the Pensions Regulator and Technical AclLJarial Standards ¢s5ued by the Financial Reporting Council, sel out the framework for funding defined benefit OCCUP81ional pension schemes in the UK. The scheme is classified as 8'18St-rnan standing arrangemenf. Therefore, the company is potentially liable for other participating ernployers, obligations il those employers are unable to meet their share of the scheme deficit following withdrawal from the scherne. Participating employers are legally required to meel their share of the scheme deficit on an annuity pur¢h8S8 basi5 on withdrawal from the scheme. Afull actuarial valuation forthe scheme was rArried out at 30 September2020. This actuarial valuation showed 8$sets of £201.1m, li8bilities 01 £256.3m and a defi¢il of £552m. 50

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 28. PENSION SCHEME DEFICIT RECOVERY PLAN Iconlinuedl To eliminate Ihls funding shortfall, the Trustee asked the paitipating employers to pay addit￿)nal contributions lo the s¢heme as follows.. From 1 September 2022 10 30 April 2032.. £2.687m per annum {payable rnonthly and increasing by 30/0 each on 1st Septemberl The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 stheme liabilities. W￿￿ere Ihe scheme is in deficgl and where thè employer has agreed lo a deficit funding arrangernent the company recognises a liability for thi5 obligation. The amount Tecognised is the nel present value ol the deficrt reduction contributions payable underthe agreement that relates to the deficit. The present value is calculaled using the discount rate detailed in these di8dosuies. The unwinding of the discount rate is recognised as a finance cost. P￿$•nt Valueg of Provlslon 2022 2021 Present value of provisijn 43.303 47,005 Reconclllatlon of openlng and closing provi$lons 2022 2021 Provision at 1 September Unwinding of the discount factor Deficit contribution paid Remeasurements- impaci of any change in assumptions Remeasurements- amendments to the contribution sthedule 47.005 485 15.0661 17.1881 8,067 51,873 442 14.9181 13921 Provislon at 31 Au9USt 43,303 47,005 Income and expen(liture 5mpact 2022 2021 Interest expense Unwinding of the discount factor Reme8$uremenls- impact of any change in assumpli()n$ RemeasurementS- 8mendmenl$ lo the contribution sthedule 485 442 17.1881 8,067 (3921 Costs recognised In In¢om6 and expenditure account 1,364 50 51

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2022 28. PENSION SCHEME DEFICIT RECOVERY PLAN {Continuedl A¥sumption$ 2022 %per annum 2021 %per annum Rate of discount 4.31% 1.09% The discount rates shown above are the equivalent single discount rale5 whid), when used to discount the futur8 recov8ry plan contributions due, would give the sarne results As using afull AA corporate bond yield curve to discount the same recovery plan contributions. Deficit Contribution5 Schedule The following schedule shows the deficit contribulSons agreed be￿een the cornpany and the scheme al each year end period.. 2022 2021 Year 1 Year 2 Year 3 Year4 Year 5 Year 6 Year 7 Year 8 Year 9 4,743 4,885 5,032 5,183 5,338 5.499 5.664 5.833 6.008 5.157 5,066 5,218 5.374 5,535 5,702 5.873 6.049 6,230 4,278 Year10 53,342 49,325 The company must recognise a liability measured as the present value of the contributions payable that arisè from the deficit recovery agreement and ihe resulting expense in the income and expendiluro awounl i.e. the unwinding of the discount rate as a finanTr cost in the period in which it arises. It is these contributions that have been used to derive the company's balance shegt liability. 29. SU8SIDIARIES The Company owns all of the share capital of Woodard Schools INottin9hamshirel Enterprises Limited. 8 ¢ompany incorporated in England and Wales (Company number.. 051819001 whose registered office 1$ Worksop College, Worksop. Nottinghamshire, S80 3AP. This company carries out trading activity on behalf of the school including cornmercial letting and sales from the school's luck shop. Woodard Schools INollingharn5hirel Enterprises Limiied had a tum(>ver of £327.72a12021= £278.1421. gross profit of £107.49812021. £10,070), and a profil before tax and gift aid of £103,904 (2021.. £4.926}. At 31 August 2022 the company had shareholderfs funds of £100 {2021.' £1001.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31sfAUGUST 2022 30. CONSOLIDATED STATEMENT OF FINANCIAL ACTIWTIES- COMPARATIVE FIGURES BY FUND TYPE Year Ended 31 August 2021 Unrestrict6d Restricted Endowed Totsl Income and endowments from Charltable actlvltles School fees receivable Ancillary trading income Other trading activitles Non-anallary trading income Investments Investment income Bank and other interest Voluntary sources Grants and donations Othér incorning iesour¢e$ Total Incoming ReSoU￿e¥ 7,372,242 348,8S6 7,372,242 348.866 196,302 196,302 24 24 687,900 540,030 9,145,364 687,900 540,030 9,145,384 Expendlture on: Raising funds Non ancillary trading ¢o$ts Financing costs Investment management Fundraising and development Totsl Charitable activities Educats"on and grant makln9 Total expenditure 119,476 101.980 27 119,476 101,980 503 43 433 221.483 43 433 221.959 8,657.898 8,657,898 8,879,381 43 433 8,879.857 Net Ilosses}gains on inveslrnent assets Net incomellexpenditurel Tiansfers be￿een funds Net movement in fvnds for the year 1,789 1,748 7,233 14,95 14,517 11,311 16,739 282,246 265,983 4,078 270,061 8,979 3,2 282,246 Fund balan¢es a11$1 September 2020 3.673,750 39,117 1S3,218 3,866,085 Fund BalatKes at 31st August 2021 3,943,811 48,096 156,424 4,148,331 53

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31sfAuGusf 2022 31. CONTINGENT LIABILITIES The Company has been notified by The Pensions Trust of Ihe estimated employer debts on withdrawal from the Plan based on the financial position of the Plan as at 30 September 2020. As of this date the eslimaled employer debt for Ihe Company for withdrawal from The Pensions Trust wa5 £382,525 (2021.. £382,525), including Series 3 liabilities. 32. ULTIMATE CONTROLUNG PARTY The Woodard Corporation Limited 15 the ultimate controlling pariy, a registered charity number 1096270. Company number 04659710. which is incorporated in England and Wales. Copies of the financi81 statements of the Woodard Corporation can be obtained from High Street, Abbots Brornley. Rugeley, Staffordshire. WS15 3BW. The accounts of Woodard Schools (Nottingharnshirel Limited a￿ induded within the consolidated financial statements of the Woodard Corporation Limited. 33. RELATED PARTIES As 51aled sn note 29, Woodard Schools {Nottingharnshirel Limited Is a whjlly owned subsidiary of The Woodard Gorporation. An amtsunt of £56,903 12021.. £83,341) was paid during the year l() Woodard Corporali¢)n by way of a lèvy to meet running costs. There 1$ no monies outslanding lo the Woodaid Corporation as al 31 August 202212021- £nill. The company also contrds a subsidiary trading company, Woodard Schools {Nottinghamshirel Enterprise Lirniled Iregister8d number 051819001, the results of which are induded in these financial Statements. During ihe year. Woodard Sthools (Nottinghamshirel Limited recharged costs to the subsidiary company amounting lo £119,684 12(r21 £83.341). The subsidiary company recharged costs to Woodard S¢hool$ (Nottinghamshire) Limited amounting to £31,982 12021 £68,918) and paid donations under Gift Aid lo Woodard Schools INotlingharn5hirel Limited of£103,904 (2021- £4.296}. An amount 01 £157.302, was owed by Woodard Schools {Nottinghamshire} Enterprise5 Limited at 31 August 202212021 - £30,559). Further infomiation in respect of transactions wlh rfir8ctrirs is given in note 12 to the finanaal statements. The￿ are no further third party related transactions lo report. 34. ACCOUNTING ESTIMATES AND JUDGEMENTS In preparing the financial slaterTien15. the directors are required to rnake estimates and judgements. The matters detsiled below are considered to be the most important sn understanding the judgernents that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations. financ?al position and c8$hflows. Accounting policies are shown at note 1 to the finanaal siatements. Provision for bad debts Debts should be provided for if not recovered within one terni. Nomially 10°h provision will be alk)cated against bad debts during the year and this is reviewed on a monthly basis. Depreciation, impainnènt and residual values of fixed assets Judgement is exercised in estimating the residual values of the fixed assets. the selection of appropriate rates for d8ptsciation and for matters of impaimienl. P￿SlOn scheme deficit ￿dUCtiOn payments As explained at note 28, there is a deficit reduction plan in place in rèspect of Woodard Schools INottinghamshire} Limiled's membership of the Pension Trust's Growth Plan. FRS 102 require5 8 liability to be racognised in ￿SpeCt of the present value of fvlure contributions payable under the terms of the defiat recovery plan. The incorporation of thi8 liability in the financial statements inVo￿e$ the exercise of judgernent -.in a number of a￿38, in¢luding the selection of an appropriate discount rate.

WOODARD SCHOOLS INOTTINGHAMSHIREI LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2022 Penslon scheme contingent liability As explained at note 31, there is a contingent liability in the event that Woodard S¢hools INottinghamshire} Limited were lo withdraw its membership of the Pension Trust's Growth Plan. The independent qualified actuaries advising the Pensions Twst in resP6¢t of the contingent withdrawal liability exercise significant judgernenl in dolermining the amount of that liability. Judgement is exercised in a number of areas, induding future changes in salaries and inflation, mortality rates and the selection of appropriate dis¢ount rates. 35. RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 Nel incomel(expenditurel for the reporting period las per the statement of financial activities) 278.713 282,246 Adjustments for. Depreciatitsn charges Lossesllgains} on investmen15 Dividends, interest and rents from iivestments Fin8ncing costs Profit on thè sale Of fLKgd a$sèls Decrease in stocks Increase in debtors Decrease in creditors Net cash provided by (used in) operating activities 309,327 2.073 13,0691 108,227 12,3001 23,757 12,3021 71.719 786,145 293,899 123,9541 1241 101,980 1540.0301 50,479 1169.1091 234.894 1239,4071 36. ANALYSIS OF CHANGES IN NET FUNDSIIDEBTI 2022 2021 Cash al bank and in hand 222,066 1712.9391 86,058 {1,002.4531 Overdraft facilily repayable on dernand Totsl cash and ca8h equiv81enl {490,8731 1916.3951 55